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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal period end: October 31, 2008

Date of reporting period: October 31, 2008

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

Table of Contents

Message to Shareholders	1
Explanation of Financial Statements	2
Management Discussions and Performance Summaries	3
Expense Examples	49
Report of Independent Registered Public Accounting Firm	57
Schedule of Investments	58
Statement of Assets and Liabilities	88
Statements of Operations	90
Statements of Changes in Net Assets	92
Financial Highlights	96
Notes to Financial Statements	124
Notice to Shareholders	140
EX-99.CERT
EX-99.906CERT

Mutual fund investing involves risk; principal loss is possible.

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders  December 8, 2008

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2008.

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

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

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

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

Sincerely,

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

First American Funds 2008 Annual Report   1

Explanation of Financial Statements  

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

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

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

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

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

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

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

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

2   First American Funds 2008 Annual Report

Balanced Fund

Investment Objective: maximize total return (capital appreciation plus income)

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Balanced Fund (the “fund”), Class Y shares, returned -29.30% for the fiscal year ended October 31, 2008 (Class A shares returned -29.47% without taking the sales charge into account). By comparison, the fund’s benchmarks, the Russell 3000 Index* and the Barclays Aggregate Bond Index*, returned -36.60% and 0.30%, respectively, for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis – the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal year, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What worked for the fund and why?

For the first nine months of the fiscal year, as global growth continued, with oil and basic material prices reaching all-time highs, our underweight in late-cycle sectors such as industrials, basic materials, and energy, was a drag on performance. The underweight position, however, turned beneficial during the latter part of the fiscal year, when oil declined sharply. We were also rewarded for good stock selection in late cyclicals; for example, steering clear of General Electric proved a prudent choice as both the company’s industrial business and its financial arm were significantly weakened by the financial crisis. In July 2008, as the commodity prices began to crack, we were quick to recognize the likelihood of further declines and therefore rapidly reduced the fund’s positions in energy and basic materials stocks. These timely reductions benefitted the portfolio.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

First American Prime Obligations Fund, Class Z	4.1	%
iShares MSCI EAFE Index Fund	1.9
Hewlett-Packard	1.8
Exxon Mobil	1.7
Home Depot	1.6
Wells Fargo	1.3
JPMorgan Chase	1.2
U.K. Government Treasury	1.2
Apple	1.2
Cisco Systems	1.1

Portfolio Allocation as of October 31, 2008¹ (% of net assets)

Stocks	49.6	%
Bonds	42.1
Investment Companies	2.3
Preferred Stocks	0.2
Short-Term Investments	5.4
Other Assets and Liabilities, Net 2	0.4
	100.0	%

1	Fund holdings and portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2008 Annual Report   3

Balanced Fund  

In the fixed-income portion of the fund, we were underweight in corporate bonds early in the fiscal year. As we saw cheaper valuations and substantial policy support for markets globally, we increased weightings in non-Treasury sectors. By the end of March, our fixed-income strategy was increasingly positioned for a gradual stabilization of the financial system and ultimate recovery in the value of structured securities and financial debt. This helped the fund in the spring and summer, but subsequent intensification of financial pressures has created a difficult market environment for the portfolio. However, to the extent that we have largely avoided permanent impairments in the form of mortgage and corporate credit-related losses, we anticipate a high potential for recovery in relative returns. The fund had relatively low exposure to Lehman Brothers and Washington Mutual, where bondholders were permanently impaired as the troubled companies were resolved. As a result, the net impact of these events on performance was low.

What did not work for the fund and why?

As the credit crisis worsened and the financial sector became the third worst-performing sector in the marketplace, our overweight in financial stocks detracted from performance. Although we invested in what we believed were stocks of higher-quality companies, the rapid pace of deterioration caused any stock that was not of the highest quality to suffer. Our holdings in Lehman Brothers proved the most notable detractor from performance, since, contrary to our expectations, instead of becoming the subject of a takeover or a federal rescue effort, the firm went out of business. Our positions in asset management firms Affiliated Managers Group, Invesco, and Alliance Bernstein also hurt performance as the profits of these firms shrank with the decline in the stock market.

With the economy in a recession, investors moved their money to relatively safe havens such as stable consumer staple stocks. The fund, however, was underweight in consumer staples and did not hold the more stable companies like Procter & Gamble, Philip Morris, or Annheuser-Bush, which was acquired by the Belgian brewing giant InBev.

Finally, our overweight in technology hurt performance at a time when the sharply slowing economic growth impeded this cyclical sector. A notable underperformer was MEMC Electronics, a solar chip maker, whose shares were hurt by operational issues and, later in the fiscal year, by a perceived decline in demand for energy-efficient chips.

In the bond portion of the portfolio, we underweighted Treasuries and Agency debentures and overweighted corporate bonds, commercial mortgage-backed securities, agency-backed securities, and non-agency mortgage products. As noted, non-Treasury sectors performed poorly amid heightened volatility and shrinking risk tolerance and balance sheets. Our exposure to financials was a particularly large drag on investment results, but with all issuers trading at extremely attractive risk premiums, we expect a high degree of price recovery in coming quarters as the market gradually recognizes the survivors in this sector. Overweights to high-yield and emerging-market bonds detracted from performance, but these weights are relatively low.

Our duration strategy — modestly underweighting the benchmark — detracted from performance, as rates fell sharply amid investors’ flight to quality. The portfolio’s foreign currency exposure detracted from performance when the spike in the dollar, driven by funding strains in the global system, erased gains made earlier.

What strategic moves were made by the fund and why?

The overall allocation strategy for the fund was to reduce allocations to equities. Equity allocations reached their lowest point, about 8% below normal, in spring 2008. In the final four months of the fiscal year, this allocation has been increased to a point near normal. Within the equity portfolio, we maintained a significant underweight to small domestic stocks throughout the fiscal year. Early on, we reduced the fund’s small position in foreign stocks from a level moderately above normal to a neutral, or normal, weight for the remainder of the fiscal year. To balance the fund’s equity allocation strategy, we allocated larger than normal amounts to the fund’s fixed-income portfolio. The performance of the overall allocation strategy added value to the fund’s results as the fixed-income portfolio produced higher returns than the equity portfolio, particularly at the end of the year. Within the equity portfolio, our strategy of emphasizing large-cap domestic stocks also added value.

The equity portfolio became more diversified across sectors in order to better manage risk as the world economy entered a severe recession. Although the significant worldwide policy response to the economic conditions should eventually reaccelerate economic growth, numerous risks are in store for the market and the portfolio before any improvements take effect, and diversification should help us manage such risks. We remained overweight in early cyclical areas, such as retail, consumer durables, and financials, but also overweight in more stable sectors such as healthcare. We maintained our underweight in utilities and late cyclicals. Given continued market volatility, the stable areas should perform well, while early cyclicals are likely to be the first beneficiaries of any economic growth produced by the policy stimulus.

4   First American Funds 2008 Annual Report

Our fixed-income strategy remains focused on overweighting high-quality, non-Treasury sectors. Portfolio activity has generally been centered on managing issuer-specific risk in the corporate sector and taking advantage of selected opportunities in the securitized sector. We have selectively added new-issue corporate bonds which have come at a considerable concession to the market. At the margin, mortgage exposure was lowered somewhat to fund more attractive holdings in other sectors.

First American Funds 2008 Annual Report   5

Balanced Fund  

Annual Performance^1,2

	October 31, 2008																		September 30, 2008*
										Since Inception																		Since Inception
	1 year			5 years			10 years			3/1/1999			11/27/2000			9/24/2001			1 year			5 years			10 years			3/1/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(33.33	)%		(0.70	)%		0.82	%		—			—			—			(21.69	)%		3.02	%		2.68	%		—			—			—
Class B		(33.08	)%		(0.66	)%		—			0.21	%		—			—			(21.34	)%		3.07	%		—			1.77	%		—			—
Class C		(30.68	)%		(0.35	)%		—			—			—			0.84	%		(18.44	)%		3.40	%		—			—			—			3.00	%
Average annual return without sales charge (NAV)
Class A		(29.47	)%		0.42	%		1.40	%		—			—			—			(17.15	)%		4.19	%		3.26	%		—			—			—
Class B		(30.02	)%		(0.35	)%		—			0.21	%		—			—			(17.75	)%		3.40	%		—			1.77	%		—			—
Class C		(30.06	)%		(0.35	)%		—			—			—			0.84	%		(17.72	)%		3.40	%		—			—			—			3.00	%
Class R		(29.68	)%		0.22	%		—			—			(0.84	)%		—			(17.34	)%		3.96	%		—			—			1.02	%		—
Class Y		(29.30	)%		0.65	%		1.66	%		—			—			—			(16.89	)%		4.45	%		3.53	%		—			—			—
Russell 3000 Index3		(36.60	)%		0.46	%		1.05	%		(0.14	)%		(1.80	)%		1.98	%		(21.52	)%		5.70	%		3.80	%		1.91	%		0.66	%		4.88	%
Barclays Aggregate Bond Index4		0.30	%		3.48	%		5.00	%		5.24	%		5.22	%		4.37	%		3.65	%		3.78	%		5.20	%		5.55	%		5.60	%		4.78	%

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

1	Mutual fund investing involves risk; principal loss is possible.
	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
	Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
	Investment performance reflects fee waivers that were in effect during the periods indicated. In the absence of such fee waivers, total returns would be reduced.
	As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.26%, 2.01%, 2.01%, 1.51% and 1.01%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2009 so that total annual fund operating expenses (excluding acquired fund fees and expenses) for Class A, Class B, Class C, Class R and Class Y shares do not exceed 1.10%, 1.85%, 1.85%, 1.35% and 0.85%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,5  as of October 31, 2008

Balanced Fund, Class A (NAV)		$	11,490
Balanced Fund, Class A (POP)		$	10,855
Russell 3000 Index3		$	11,098
Barclays Aggregate Bond Index4		$	16,290

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell 3000 Index³ and the Barclays Aggregate Bond Index⁴.

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

On September 24, 2001, the First American Balanced Fund combined with Firstar Balanced Growth Fund and Firstar Balanced Income Fund. Performance history prior to September 24, 2001, represents that of Firstar Balanced Growth Fund.

3	An unmanaged index that measures the performance of the 3,000 largest U.S. companies (98% of the investable U.S. equity market) based on total market capitalization.
4	An unmanaged fixed income index covering the U.S. investment-grade fixed-rate bond market.
5	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

6   First American Funds 2008 Annual Report

Equity Income Fund

Investment Objective: long-term growth of capital and income

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Equity Income Fund (the “fund”), Class Y shares, returned -32.29% for the fiscal year ended October 31, 2008 (Class A shares returned -32.51% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard and Poor’s 500 Dividend Only Stocks Index*, returned -34.70% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October of 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Exxon Mobil	4.2	%
Abbott Laboratories	4.1
Chevron	3.8
Wal-Mart Stores	3.2
Johnson & Johnson	3.1
ConocoPhillips	3.0
McDonald’s	3.0
BP – ADR	3.0
Microsoft	2.5
Praxair	2.4

Sector Allocation as of October 31, 2008¹ (% of net assets)

Energy	15.8	%
Financials	14.8
Information Technology	14.0
Healthcare	11.4
Consumer Staples	10.9
Industrials	8.8
Consumer Discretionary	6.9
Telecommunication Services	5.9
Materials	4.6
Utilities	4.5
Short-Term Investment	1.5
Other Assets and Liabilities, Net2	0.9
	100.0	%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments 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 2008 Annual Report   7

Equity Income Fund  

What worked for the fund and why?

In general, the fund’s sector allocation was modestly positive. The fund was overweight in energy, one of the best-performing sectors of the market, and underweight in three of the underperforming sectors — financials, industrials, and consumer discretionary. This sector positioning reflected the fund managers’ growing conviction during the period that the U.S. financial crisis was leading the global economy into recessionary economic conditions and that U.S. consumer spending was likely to remain challenged. Therefore, the fund maintained a relatively defensive posture throughout the period, with lower exposure to late-cycle industrial and materials companies and companies that rely on discretionary U.S. consumer spending, and it continued its emphasis across sectors on companies paying above-average dividends. Stock selection contributed positively to fund results in most sectors due to a general emphasis on companies with strong balance sheets and the ability to self-finance operations in a deteriorating credit and general global economic environment. In the consumer discretionary sector, McDonald’s was a standout performer, benefiting from its dominant global market position as well as strong new product introductions. In consumer staples, General Mills and Wal-Mart performed well, reflecting consumer efforts to stretch tight family budgets. In healthcare, Abbott Laboratories contributed positively to the fund’s return, delivering positive results in its pharmaceutical and stent product lines. In the materials sector, the fund’s emphasis on less cyclical companies such as Praxair, which operates in the relatively defensive industrial gas business, helped results as the stock price fell less than other more cyclical companies in the sector. In the information technology sector, QUALCOMM was the standout performer, holding up better than average due to a favorable legal settlement with Nokia. The fund’s holdings in utilities also outperformed as the higher-dividend-paying companies generally held up better than the lower-dividend-paying companies in the group.

What did not work for the fund and why?

The fund’s worst performers were concentrated in the financials sector, where the fallout from the global financial crisis was widely spread. Several of the fund’s holdings were impacted, including Wachovia and AllianceBernstein, two of the fund’s worst performers. The fund’s holding of FairPoint Communications was a very poor performer because of market concerns over subscriber losses in the landline business and delays in merging the operations of businesses acquired from Verizon.

What strategic moves were made by the fund and why?

The fund continued to maintain overweight positions in the information technology and telecommunications sectors and an underweight position in industrials. Throughout the fiscal year, we emphasized primarily large U.S.-based companies with growing global franchises and with dividend policies that support above-average current yields and dividend growth. At the close of the fiscal year, the fund began to reposition opportunistically for the eventual end of the global financial crisis and U.S. recession. The underweight position in the consumer discretionary sector has been reduced, funded by sales in consumer staples and a move to underweight in this defensive sector.

8   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008															September 30, 2008*
										Since Inception															Since Inception
	1 year			5 years			10 years			2/1/1999			9/24/2001			1 year			5 years			10 years			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		(36.23	)%		0.44	%		1.85	%		—			—			(24.66	)%		4.42	%		3.71	%		—			—
Class B		(36.02	)%		0.50	%		1.69	%		—			—			(24.54	)%		4.47	%		3.53	%		—			—
Class C		(33.56	)%		0.82	%		—			0.80	%		—			(21.60	)%		4.81	%		—			2.40	%		—
Average annual return without sales charge (NAV)
Class A		(32.51	)%		1.58	%		2.43	%		—			—			(20.29	)%		5.61	%		4.29	%		—			—
Class B		(32.95	)%		0.83	%		1.69	%		—			—			(20.92	)%		4.81	%		3.53	%		—			—
Class C		(32.95	)%		0.82	%		—			0.80	%		—			(20.88	)%		4.81	%		—			2.40	%		—
Class R		(32.64	)%		1.34	%		—			—			2.09	%		(20.52	)%		5.36	%		—			—			4.33	%
Class Y		(32.29	)%		1.83	%		2.69	%		—			—			(20.12	)%		5.86	%		4.56	%		—			—
S&P 500 Index3		(36.10	)%		0.26	%		0.40	%		(1.13	)%		1.34	%		(21.98	)%		5.17	%		3.06	%		0.76	%		4.04	%
S&P 500 Dividend Only Stocks Index4		(34.70	)%		0.78	%		1.25	%		0.11	%		1.05	%5		(20.98	)%		5.57	%		3.93	%		1.99	%		3.70	%5

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

¹ Mutual fund investing involves risk; principal loss is possible.

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.16%, 1.91%, 1.91%, 1.41%, and 0.91%, respectively.

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

Value of $10,000 Investment^1,2,6  as of October 31, 2008

Equity Income Fund, Class A (NAV)		$	12,714
Equity Income Fund, Class A (POP)		$	12,013
S&P 500 Index3		$	10,403
S&P 500 Dividend Only Stocks Index4		$	11,319

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the S&P 500 Index³ and the S&P 500 Dividend Only Stocks Index⁴.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.
4	The S&P 500 Dividend Only Stocks Index custom benchmark is composed of companies in the S&P 500 Index that have an indicated annual dividend.
5	The performance since inception of this index is calculated from the month end following the inception of the class.
6	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   9

Global Infrastructure Fund

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

How did the fund perform during the period from December 17, 2007 through October 31, 2008?

The First American Global Infrastructure Fund (the “fund”), Class Y shares, returned -35.70% for the fiscal period ended October 31, 2008 (Class A shares returned -35.70% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P Global Infrastructure Index*, returned -38.21% for the same period.

How did market conditions affect stock market performance during the reporting period?

It’s impossible to discuss the state of the equity markets during the fiscal period without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

Defensive stocks such as those contained in the fund outperformed during the fiscal period, especially toward the latter part. These companies were generally able to reaffirm the defensiveness of their cash flows in an environment of very little visibility in the economy. The market also rewarded defensive sectors like infrastructure because of their continued (albeit limited) access to the capital markets at a time when other companies were shut out.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

TransCanada	5.5	%
State Street GA Prime Fund	3.5
Enbridge	3.1
Northeast Utilities	3.0
Societe des Autoroutes Paris-Rhin-Rhone	2.8
National Grid – ADR	2.7
NSTAR	2.6
Ausnet	2.6
East Japan Railway	2.5
Abertis Infraestructuras	2.3

Country Allocation as of October 31, 2008¹ (% of net assets)

United States	22	.4%
Canada	10	.4
Australia	7	.6
France	7	.0
Spain	6	.4
Italy	5	.6
Great Britain	5	.4
Singapore	5	.1
Germany	5	.0
Hong Kong	4	.2
Other	16	.3
Short-Term Investment	3	.5
Other Assets & Liabilities, Net2	1	.1
	100	.0%

1	Fund holdings and country allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

10   First American Funds 2008 Annual Report

What worked for the fund and why?

The largest contributor to fund outperformance during the fiscal period was our adherence to a more defensive stance relative to the index during an exceptionally volatile market environment. In general, the fund was positioned with a focus on companies exhibiting a lower correlation to gross domestic product (“GDP”), as growth slowed around the globe. We emphasized companies with cash flows that tend to be more resilient in this type of environment because of the long-term nature of their contracts.

Strong stock selection was in evidence across the majority of the sectors in the portfolio, particularly in the pipeline sector. Our goal was to position the fund in pipeline companies that have consistent, stable cash flows without taking on significant exposure to commodity prices. Therefore, we underweighted our holdings in exploration and production as well as petroleum-processing companies. Conversely, we augmented our position in pipeline companies with fee-based contracts that provide more consistent revenue streams. These stocks performed relatively well as commodity prices fell.

The fund’s exposure to electric transmission also benefited performance. As we expected, stocks in this sector acted very defensively during the fiscal period because these companies are uniformly regulated entities with consistent cash flows. The market rewarded this defensiveness, benefiting the fund.

We also reaped positive performance from strong selection in the rail and toll road sectors. Even in a weakening economy, people tend to continue using mass transit, thereby helping the relative performance of investments in this area. In toll roads, once again our holdings were defensive, with a focus on companies with relatively low debt and those operating in favorable regulatory environments.

The logistics sector helped performance, primarily because of our holdings in privatized post offices. The fund was rewarded for holding two other defensive areas that are not part of the index: government outsourcing and waste-management stocks. We also benefited from the fund’s largely underweight stance in the shipping sector. Shipping tends to be highly correlated to GDP, so as the U.S. and Western European economies entered a recession, the shipping industry suffered.

What did not work and why?

The fund’s biggest negative contributor was its exposure to the construction and engineering sector, where companies are also highly correlated to GDP. Although our holdings are niche selections in the nuclear and electric transmission industries, which are not typical construction companies, the entire segment suffered with the economic downturn. While we believe this sector is attractive in the long term, we are likely to maintain a muted weighting in this area because of our primary focus on companies that own and operate long-lived assets with stable contractual cash flows.

Electric utilities also hurt fund performance despite very positive stock selection in this sector. Our considerable underweight in the sector (17% vs. 35% in the index), dictated by our efforts to maintain diversification, was the chief reason for underperformance relative to the index. Finally, the fund’s holdings of water utilities hurt results. Much of our exposure to water utilities came from emerging market stocks that were tied to the Chinese and Brazilian economies. These stocks are highly correlated with their markets, which dramatically underperformed. We have pared back our exposure to emerging market water utilities due to this trend.

What strategic moves were made and why?

As we’ve seen a significant deterioration in global economies, we’ve become even more defensive in the fund. We continue to focus on companies that have greater visibility in the marketplace than their peers. We have increased our exposure to regulated companies, because we believe they have much higher levels of unconstrained demand in their businesses and thus will do better in an economic downturn.

First American Funds 2008 Annual Report   11

Global Infrastructure Fund

Performance^1,2

	October 31, 2008†			September 30, 2008*†
	Since Inception			Since Inception
	12/17/2007			12/17/2007
Average annual return with sales charge (POP)
Class A		(39.22	)%		(26.75	)%
Average annual return without sales charge (NAV)
Class A		(35.70	)%		(22.50	)%
Class Y		(35.70	)%		(22.40	)%
S&P Global Infrastructure Index3		(38.21	)%		(24.09	)%

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

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

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

Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

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

As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers for Class A and Class Y shares was 1.89% and 1.64%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through October 31, 2009 so that the total annual fund operating expenses for Class A and Class Y shares do not exceed 1.25% and 1.00%, respectively. These fee waivers and expense reimbursements may be terminated at any time after October 31, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

*	This table represents average annual total returns through the latest calendar quarter – rather than through the end of the fiscal period.
†	Returns not annualized

Value of $10,000 Investment^1,2,4 as of October 31, 2008

Global Infrastructure Fund, Class A (NAV)		$	6,430
Global Infrastructure Fund, Class A (POP)		$	6,078
S&P Global Infrastructure Index3		$	6,179

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/17/2007 to 10/31/2008) as compared to the S&P Global Infrastructure Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	The unmanaged S&P Global Infrastructure Index in comprised of 75 of the largest publicly listed infrastructure companies from around the world that meet specific investability requirements.
4	Performance for Class Y shares is not presented. Performance for this class will vary due to the different expense structures.

12   First American Funds 2008 Annual Report

International Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2008?

The First American International Fund (the “fund”), Class Y shares, returned -43.68% for the fiscal year ended October 31, 2008 (Class A shares returned -43.82% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI EAFE Index*, returned -46.34% for the same period.

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

During the fiscal year, it became clear that the harmful effects of subprime mortgage loans and the lax lending standards they represented had spread throughout the developed world. Financial crises arose in England, Germany, Iceland, and a host of developing markets as valuations, credit quality, and counterparty risks brought the international financial system close to a standstill. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

As the U.S.-based financial crisis rapidly led to a global recession — and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings — hedge funds undertook a massive effort to repay the loans on which they relied for operations, and liquidation sales forced asset prices to plummet far below their fair value. By the end of the fiscal year, however, there were signs that the worst of the crisis in the financial system may be behind us. Still, the effects of the spreading global recession are yet to be seen. The coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there are now good values to be found for investors in some of the riskier asset classes.

What worked for the fund and why?

During the fiscal year, the larger, more diversified, and stable companies better weathered the crisis in the international stock markets. The fund held the stocks of several larger, more liquid companies that fared comparatively better than their smaller counterparts in this volatile environment. The portfolio was underweight in financial stocks, which proved beneficial at a time when the value of such stocks depreciated rapidly amidst the global financial crisis.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

State Street GA Prime Fund	12.9	%
Nestle	2.8
HSBC	2.8
U.S. Treasury Bill, 0.740%, 12/18/2008	2.7
Vodafone	2.3
Roche	2.1
Novartis	2.1
Eni	2.0
E.ON	2.0
Tesco	1.8

Country Allocation as of October 31, 2008¹ (% of net assets)

Japan	17	.8%
Great Britain	12	.2
France	12	.1
Switzerland	11	.1
Germany	7	.3
Hong Kong	4	.5
Italy	3	.7
Spain	3	.6
Netherlands	2	.5
Australia	1	.7
Other	7	.7
Short-Term Investments	15	.7
Other Assets & Liabilities, Net2	0	.1
	100	.0%

1	Fund holdings and country allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2008 Annual Report   13

International Fund  

In the summer of 2008, the fund’s advisor applied a new level of active overlay strategies to the fund. In our overlay approach, we typically use futures contracts to gain broad exposure to an equity market. This new overlay strategy proved beneficial to performance. For example, since Canada was the source of many of the commodities that were in short supply earlier in 2008, the fund gained access to firms that benefitted from high commodity prices through the Toronto Stock Exchange futures index. Another timely move was minimizing our exposure to emerging markets and overweighting U.S.-based investments. In the process, we reduced the portfolio’s sensitivity to the sharp downturn in all international markets, which was especially strong during the summer and fall of 2008.

What did not work for the fund and why?

Virtually all international equity investments performed poorly during the fiscal year. While we reduced the fund’s exposure to the riskiest segments and nations, the fund’s overall performance nonetheless suffered.

What strategic moves were made by the fund and why?

Having implemented a new level of our active overlay strategies in the summer of 2008, toward the end of the fiscal year we began preparing for the second major transition in the fund, from a single sub-advisor approach to manager-of-managers approach. This approach allows us to pool the market insights from several experienced managers (or “sub-advisors”) with in-depth expertise in their international investing niches. Within our First American oversight framework, each sub-advisor uses its own process for security selection and sector, and country allocation. The overarching management responsibilities for the fund, however, lie with the First American International Equity Fund Oversight and Management Team which selects the sub-advisors and is actively engaged in tactical asset allocation and risk management to make portfolio adjustments in pursuit of enhancing fund performance. As part of this change to a manager-of-managers approach, effective November 3, 2008, Altrinsic Global Advisors, LLC, and Hansberger Global Investors, Inc., were added as sub-advisors to the fund, replacing the fund’s then-current sub-advisor.

14   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008												September 30, 2008*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		(46.92	)%		(0.26	)%		0.74	%		—			(31.10	)%		5.92	%		3.85	%		—
Class B		(46.70	)%		(0.23	)%		0.56	%		—			(30.92	)%		6.00	%		3.65	%		—
Class C		(44.71	)%		0.13	%		—			1.66	%		(28.29	)%		6.33	%		—			5.03	%
Average annual return without sales charge (NAV)
Class A		(43.82	)%		0.87	%		1.32	%		—			(27.07	)%		7.12	%		4.44	%		—
Class B		(44.19	)%		0.13	%		0.56	%		—			(27.67	)%		6.32	%		3.65	%		—
Class C		(44.21	)%		0.13	%		—			1.66	%		(27.64	)%		6.33	%		—			5.03	%
Class R		(43.94	)%		0.50	%		1.12	%		—			(27.32	)%		6.71	%		4.23	%		—
Class Y		(43.68	)%		1.12	%		1.57	%		—			(26.89	)%		7.38	%		4.70	%		—
MSCI EAFE Index3		(46.34	)%		4.04	%		2.05	%		5.47	%		(30.13	)%		10.16	%		5.42	%		8.98	%

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

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

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers for Class A, Class B, Class C, Class R, and Class Y shares was 1.53%, 2.28%, 2.28%, 1.78%, and 1.28%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2009 so that the total annual fund operating expenses for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

International Fund, Class A (NAV)		$	11,396
International Fund, Class A (POP)		$	10,766
MSCI EAFE Index3		$	12,247

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the MSCI EAFE Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
	Effective December 8, 2004, J.P. Morgan was named the fund’s subadvisor and began managing the fund’s assets. On September 24, 2001, the First American International Fund merged with Firstar International Growth Fund and Firstar International Value Fund, both subadvised by Clay Finlay Inc. Performance history prior to September 24, 2001 represents that of the Firstar International Growth Fund.
3	An unmanaged index of common stocks in Europe, Australasia, and the Far East.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   15

International Select Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2008?

The First American International Select Fund (the “fund”), Class Y shares, returned -44.86% for the fiscal period ended October 31, 2008 (Class A shares returned -45.00% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI AC World Index Ex. U.S.*, returned -48.27% for the same period.

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

During the fiscal year, it became clear that the harmful effects of subprime mortgage loans and the lax lending standards they represented had spread throughout the developed world. Financial crises arose in England, Germany, Iceland, and a host of developing markets as valuations, credit quality, and counterparty risks brought the international financial system close to a standstill. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system. Emerging markets were particularly susceptible in this environment, as many of them had weak currency reserves and were at risk of experiencing runs on their central banks.

As the U.S.-based financial crisis rapidly led to a global recession — and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings — hedge funds undertook a massive effort to repay the loans on which they relied for operations, and liquidation sales forced asset prices to plummet far below their fair value. By the end of the fiscal year, however, there were signs that the worst of the crisis in the financial system may be behind us. Still, the effects of the spreading global recession are yet to be seen. The coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there are now good values to be found for investors in some of the riskier asset classes.

What worked for the fund and why?

First American active overlay strategies were the main source of positive performance during the fiscal year. In our overlay approach, we typically use futures contracts to gain broad exposure to an equity market. This new overlay strategy proved beneficial to performance. For example, since Canada was the source of many of the commodities that were in short supply earlier in 2008, the fund gained access to firms that benefitted from high commodity prices through the Toronto Stock Exchange futures index. Another beneficial move was reducing our exposure to emerging markets to the market level in the latter part of the fiscal year and overweighting U.S.-based investments. In the process, we reduced the portfolio’s sensitivity to the sharp downturn in all international markets, which was especially strong during the summer and fall of 2008.

International Select allocates fund assets to three sub-managers who specialize in value, growth, and emerging international stocks. The sub-managers emphasized careful stock selection in their areas of expertise. Though they focused on companies that tended to be lower-capitalization, less liquid, and potentially more susceptible to global disruptions, the stock picks nonetheless produced strong relative performance for two of the sub-managers, with the dramatic outperformance for the part of the portfolio allocated to the emerging markets.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

State Street GA Prime Fund	15	.7%
U.S. Treasury Bill, 0.948%, 12/18/2008	3	.3
Nestle	1	.5
PowerShares MENA Frontier Countries Portfolio	1	.3
GlaxoSmithKline	1	.2
Heineken	1	.2
Vivendi Universal	1	.2
Novartis	1	.1
Carrefour	1	.1
Vodafone Group – ADR	1	.1

Country Allocation as of October 31, 2008¹ (% of net assets)

Japan	14	.9%
Great Britain	13	.0
France	7	.7
Germany	6	.0
Switzerland	4	.9
Brazil	3	.8
South Africa	3	.0
South Korea	2	.9
Canada	2	.6
Hong Kong	2	.2
Other	24	.2
Exchange-Traded Fund	1	.3
Short-Term Investments	19	.0
Other Assets & Liabilities, Net2	(5	.5)
	100	.0%

1	Fund holdings and country allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

16   First American Funds 2008 Annual Report

What did not work for the fund and why?

Virtually all international equity investments performed poorly during the fiscal year. While we reduced the fund’s exposure to the riskiest segments and nations, the fund’s overall performance nonetheless suffered. Among the most notable detractors from performance was National Bank of Greece, whose operations extend to Central and Eastern Europe as well as Turkey. The stock sold off in the course of the fiscal year, in line with other financial stocks; however, its exposure to emerging markets further pressured its performance. Heineken, one of the world’s largest brewers, also lost ground. The company’s shares fell primarily because of fears that reduced consumption and consumers opting for lower-priced brands might hurt profits in the near term.

What strategic moves were made by the fund and why?

Toward the end of the fiscal year, we began structuring the portfolio to focus more on three major geographical regions: the Americas, Asia Pacific, and Europe, as we expect trading patterns to become somewhat more focused in those regions.

First American Funds 2008 Annual Report   17

International Select Fund  

Annual Performance^1,2

	October 31, 2008						September 30, 2008*
				Since Inception						Since Inception
	1 year			12/21/2006			1 year			12/21/2006
Average annual return with sales charge (POP)
Class A		(48.04	)%		(21.86	)%		(29.71	)%		(11.13	)%
Class B		(48.05	)%		(22.17	)%		(29.78	)%		(11.49	)%
Class C		(45.93	)%		(20.06	)%		(26.92	)%		(8.98	)%
Average annual return without sales charge (NAV)
Class A		(45.00	)%		(19.45	)%		(25.62	)%		(8.26	)%
Class B		(45.37	)%		(20.04	)%		(26.16	)%		(8.96	)%
Class C		(45.39	)%		(20.06	)%		(26.19	)%		(8.98	)%
Class R		(45.10	)%		(19.64	)%		(25.81	)%		(8.53	)%
Class Y		(44.86	)%		(19.27	)%		(25.48	)%		(8.07	)%
MSCI AC World Index Ex. U.S.3		(48.27	)%		(20.74	)%		(29.97	)%		(9.83	)%

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

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

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.91%, 2.66%, 2.66%, 2.16%, and 1.66%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2009 so that the total annual fund operating expenses (excluding acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.49%, 2.24%, 2.24%, 1.74%, and 1.24%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

International Select Fund, Class A (NAV)		$	6,687
International Select Fund, Class A (POP)		$	6,320
MSCI AC World Index Ex. U.S.3		$	6,490

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/21/2006 to 10/31/2008) as compared to the MSCI AC World Index Ex. U.S.³

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged index of stocks representing developed and emerging markets around the world that collectively comprise most foreign stock markets.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

18   First American Funds 2008 Annual Report

Large Cap Growth Opportunities Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Large Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned -34.65% for the fiscal year ended October 31, 2008 (Class A shares returned -34.81% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Growth Index*, returned -36.95% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Apple	3.9	%
Hewlett-Packard	3.5
Oracle	3.4
Philip Morris International	3.4
Cisco Systems	3.2
Abbott Laboratories	3.2
McDonald’s	2.8
Procter & Gamble	2.8
Gilead Sciences	2.5
Baxter International	2.5

Sector Allocation as of October 31, 2008¹ (% of net assets)

Information Technology	28.1	%
Healthcare	16.0
Consumer Staples	14.2
Industrials	12.7
Consumer Discretionary	10.4
Energy	7.1
Materials	5.2
Financials	4.0
Telecommunication Services	1.8
Short-Term Investment	1.1
Other Assets and Liabilities, Net2	(0.6	)
	100.0	%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2008 Annual Report   19

Large Cap Growth Opportunities Fund

What worked for the fund and why?

Throughout the fiscal year, investors were focused on the evolving financial crisis and the ensuing impact on global economic activity. Earlier in the year, energy stocks performed quite well on the belief that developing economies — China in particular — would be insulated from the slowdown in the United States and would, therefore, continue to support rising oil prices. Once that premise proved false (as developing economies experienced meaningful growth deceleration, too), energy prices collapsed, as did prices of other basic commodities. Our investment process emphasizes strong and improving earnings fundamentals and, by following our discipline, we were overweight in the energy sector during the first half of the year and underweight during the second half. In addition, as we reduced our exposure in energy, we significantly increased our weight in the healthcare sector and other companies with relatively secure earnings outlooks. These beneficial sector positions were the result of our traditional bottom-up, one-stock-at-a-time approach. Healthcare companies Abbott, Baxter, Celgene, and Gilead were all strong performers. Materials companies Monsanto, Praxair, and Ecolab performed well, and in financials, our investment in Charles Schwab supports our contention that there are outstanding franchise growth companies that can succeed even in the most challenging environments. Winners Oracle, C.H. Robinson, McDonald’s, Accenture, and Proctor and Gamble reinforce that point.

What did not work for the fund and why?

Among the biggest detractors from our relative performance was our underweight position in consumer staples. These stocks fell more modestly than those in every other sector. While we became concerned that the broad earnings outlook was weakening and recognized that the staples would offer relatively strong fundamentals, valuation held us back. From an individual stock standpoint, we didn’t sell formerly strong portfolio performers Goldman Sachs, Lehman Brothers, Research in Motion, and MEMC Electronic Materials quickly enough. Each of these companies experienced much less earnings stability and consistency than we had estimated.

What strategic moves were made by the fund and why?

The biggest changes made during the past fiscal year reflected our conviction that the global economy was weakening and that, accordingly, earnings would be pressured. We started out the year significantly underweight in healthcare and consumer staples and ended the year overweight in those sectors. Similarly, we reduced our investments in technology, financials, and energy.

We are always looking to invest in franchise growth companies with solid and/or improving fundamentals, a reasonable valuation, and an approaching catalyst. When we sell, it is the result of expected or actual deterioration of the fundamental earnings outlook, the realization or removal of the expected catalyst, or excessive valuation. The current positioning of the portfolio reflects this consistent approach.

20   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008																		September 30, 2008*
										Since Inception																		Since Inception
	1 year			5 years			10 years			3/01/1999			11/27/2000			9/24/2001			1 year			5 years			10 years			3/01/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(38.39	)%		(1.22	)%		(1.68	)%		—			—			—			(25.38	)%		3.17	%		0.61	%		—			—			—
Class B		(38.25	)%		(1.20	)%		—			(3.28	)%		—			—			(25.16	)%		3.22	%		—			(1.63	)%		—			—
Class C		(35.90	)%		(0.84	)%		—			—			—			(0.56	)%		(22.31	)%		3.56	%		—			—			—			1.81	%
Average annual return without sales charge (NAV)
Class A		(34.81	)%		(0.10	)%		(1.12	)%		—			—			—			(21.04	)%		4.34	%		1.19	%		—			—			—
Class B		(35.33	)%		(0.84	)%		—			(3.28	)%		—			—			(21.62	)%		3.57	%		—			(1.63	)%		—			—
Class C		(35.31	)%		(0.84	)%		—			—			—			(0.56	)%		(21.60	)%		3.56	%		—			—			—			1.81	%
Class R		(35.00	)%		(0.33	)%		—			—			(4.95	)%		—			(21.23	)%		4.11	%		—			—			(2.98	)%		—
Class Y		(34.65	)%		0.16	%		(0.87	)%		—			—			—			(20.83	)%		4.61	%		1.44	%		—			—			—
Russell 1000 Growth Index3		(36.95	)%		(1.29	)%		(2.10	)%		(3.87	)%		(6.13	)%		(0.08	)%		(20.88	)%		3.74	%		0.59	%		(1.94	)%		(3.85	)%		2.72	%

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

¹ Mutual fund investing involves risk; principal loss is possible.

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

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

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

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

As of the most recent prospectus, the fund’s total operating expense ratio (including acquired fund fees and expenses which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.20%, 1.95%, 1.95%, 1.45%, and 0.95%, respectively.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Large Cap Growth Opportunities Fund, Class A (NAV)		$	8,936
Large Cap Growth Opportunities Fund, Class A (POP)		$	8,445
Russell 1000 Growth Index3		$	8,089

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell 1000 Growth Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
	On September 24, 2001, the First American Large Cap Growth Opportunities Fund became the successor by merger to the Firstar Large Cap Core Equity Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001 represents that of the Firstar Large Cap Core Equity Fund.
3	An unmanaged index that measures the performance of those companies in the Russell 1000 Index (large-cap index) with higher price-to-book ratios and higher forecasted growth values.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   21

Large Cap Select Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Large Cap Select Fund (the “fund”), Class Y shares, returned -39.63% for the fiscal year ended October 31, 2008 (Class A shares returned -39.81% without taking the sales charge into account). By comparison, the fund’s benchmark, the Standard & Poor’s 500 Index* (“S&P 500 Index”), returned -36.10% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Hewlett-Packard	4.0	%
Exxon Mobil	3.7
Home Depot	3.4
Wells Fargo	2.8
JPMorgan Chase	2.7
Apple	2.5
Cisco Systems	2.5
Pactiv	2.5
Bank of America	2.4
Abbott Laboratories	2.3

Sector Allocation as of October 31, 2008¹ (% of net assets)

Information Technology	19.0	%
Financials	16.8
Consumer Discretionary	15.7
Healthcare	15.6
Energy	11.1
Industrials	9.6
Consumer Staples	6.0
Telecommunication Services	3.1
Materials	2.5
Short-Term Investment	1.0
Other Assets and Liabilities, Net2	(0.4	)
	100.0	%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

22   First American Funds 2008 Annual Report

What worked for the fund and why?

For the first nine months of the fiscal year, as global growth continued, with oil and basic material prices reaching all-time highs, the fund’s underweight in late-cycle sectors such as industrials, basic materials, and energy, was a drag on performance. The underweight position, however, turned beneficial during the latter part of the fiscal year, when oil declined sharply. We were also rewarded for good stock selection in late cyclicals; for example, steering clear of General Electric proved a prudent choice as both the company’s industrial business and its financial arm were significantly weakened by the financial crisis.

In July 2008, as the commodity prices began to crack, we were quick to recognize the likelihood of further declines and therefore rapidly reduced the fund’s positions in energy and basic materials stocks. These timely reductions benefitted the portfolio.

What did not work for the fund and why?

As the credit crisis worsened and the financial sector became the third worst-performing sector in the marketplace, the fund’s overweight in financial stocks detracted from performance. Although we invested in what we believed were stocks of higher-quality companies, the rapid pace of deterioration caused any stock that was not of the highest quality to suffer. The fund’s holdings in Lehman Brothers proved the most notable detractor from performance, since, contrary to our expectations, instead of becoming the subject of a takeover or a federal rescue effort, the troubled firm went out of business. The fund’s positions in asset management firms Affiliated Managers Group, Invesco, and Alliance Bernstein also hurt performance as the profits of these firms shrank with the decline in the stock market.

With the economy in a recession, investors moved their money to relatively safe havens such as stable consumer staple stocks. The fund, however, was underweight in consumer staples and did not hold the more stable companies like Procter & Gamble, Philip Morris, or Annheuser-Bush, which was acquired by the Belgian brewing giant InBev.

Finally, the fund’s overweight in technology hurt performance at a time when the sharply slowing economic growth impeded this cyclical sector. A notable underperformer was MEMC Electronics, a solar chip maker, whose shares were hurt by operational issues and, later in the fiscal year, by a perceived decline in demand for energy-efficient chips.

What strategic moves were made by the fund and why?

The fund became more diversified across sectors in order better to manage portfolio risk as the world economy entered severe recession. Although the significant worldwide policy response to the economic conditions should eventually reaccelerate economic growth, numerous risks are in store for the market and the portfolio before any improvements take effect, and diversification should help us manage such risks. The fund remained overweight in early cyclical areas, such as retail, consumer durables, and financials, and was also overweight in more stable sectors such as healthcare. We maintained our underweight in utilities and late cyclicals. Given continued market volatility, the stable areas should perform well, while early cyclicals are likely to be the first beneficiaries of any economic growth produced by the policy stimulus.

First American Funds 2008 Annual Report   23

Large Cap Select Fund  

Annual Performance^1,2

	October 31, 2008									September 30, 2008*
							Since Inception									Since Inception
	1 year			5 years			1/31/2003			1 year			5 years			1/31/2003
Average annual return with sales charge (POP)
Class A		(43.12)	%		(2.56)	%		1.21	%		(30.25)	%		2.39	%		4.65	%
Class B		(42.81)	%		(2.48)	%		1.29	%		(29.85)	%		2.46	%		4.74	%
Class C		(40.89)	%		(2.22)	%		1.40	%		(27.47)	%		2.74	%		4.86	%
Average annual return without sales charge (NAV)
Class A		(39.81)	%		(1.45)	%		2.21	%		(26.17)	%		3.56	%		5.70	%
Class B		(40.24)	%		(2.17)	%		1.43	%		(26.70)	%		2.79	%		4.89	%
Class C		(40.38)	%		(2.22)	%		1.40	%		(26.84)	%		2.74	%		4.86	%
Class R		(39.94)	%		(1.68)	%		1.98	%		(26.32)	%		3.32	%		5.46	%
Class Y		(39.63)	%		(1.17)	%		2.48	%		(25.96)	%		3.84	%		5.96	%
S&P 500 Index3		(36.10)	%		0.26	%		4.12	%		(21.98)	%		5.17	%		7.62	%

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

¹ Mutual fund investing involves risk; principal loss is possible.

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

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

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

As of the most recent prospectus, the fund’s total operating expense ratio (including acquired fund fees and expenses which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.20%, 1.95%, 1.95%, 1.45%, and 0.95%, respectively.

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

Value of $10,000 Investment ^1,2,4  as of October 31, 2008

Large Cap Select Fund, Class A (NAV)		$	11,337
Large Cap Select Fund, Class A (POP)		$	10,716
S&P 500 Index3		$	12,611

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 1/31/2003 to 10/31/2008) as compared to the S&P 500 Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

24   First American Funds 2008 Annual Report

Large Cap Value Fund

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

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Large Cap Value Fund (the “fund”), Class Y shares, returned -33.80% for the fiscal year ended October 31, 2008 (Class A shares returned -34.00% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Value Index*, returned -36.80% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October of 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Exxon Mobil	5.3	%
JPMorgan Chase	4.7
Chevron	4.3
Johnson & Johnson	4.0
Procter & Gamble	3.8
AT&T	3.5
Wells Fargo	3.4
ACE	3.3
Bank of America	2.7
Pfizer	2.3

Sector Allocation as of October 31, 2008¹ (% of net assets)

Financials	23.6	%
Healthcare	15.0
Energy	14.2
Consumer Staples	9.2
Consumer Discretionary	8.2
Industrials	7.5
Information Technology	6.4
Materials	5.4
Telecommunication Services	5.4
Utilities	3.5
Short-Term Investment	1.5
Other Assets and Liabilities, Net2	0.1
	100.0	%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments 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 2008 Annual Report   25

Large Cap Value Fund  

What worked for the fund and why?

The fund benefited from positive stock selection in several sectors. In the financial sector, banking companies JPMorgan Chase, BB&T, M&T Bank, and Wells Fargo outperformed, along with insurance company ACE Ltd., while the fund avoided several of the financial firms that declined dramatically. These outperforming financials generally enjoy stronger capital and liquidity positions and may benefit from the turmoil in the current capital markets environment by capturing market share from weaker competitors. In the industrial sector, railroad operator Norfolk Southern outperformed due to strong industry pricing and improving margins. Waste collection operator Waste Management outperformed due to stable volumes, strong industry pricing, and proposed consolidation activity within the sector. Several stocks in the materials sector also outperformed, notably packaging companies Owens-Illinois and Pactiv, which benefited from rising earnings expectations associated with improved operations and lower costs. Additionally, steel manufacturer Nucor positively impacted performance earlier in the period due to robust demand and rising steel prices. Other standouts include Procter & Gamble and grocery retailer Kroger, which both benefited from stable fundamentals in the face of declining economic activity.

What did not work for the fund and why?

Sector selection detracted from performance due to an overweight position in the technology sector that lagged the benchmark. Within technology, semiconductor manufacturers MEMC Electronic Materials and Texas Instruments underperformed due to lower earnings expectations as slowing end markets have led to reduced demand for semiconductors. Software provider Symantec also performed poorly because of market share losses in key end markets for its security software. In the consumer staples area, poor returns from agriculture giant Archer Daniels Midland and packaged food company ConAgra Foods detracted from performance. Both companies delivered earnings that were below expectations due to poor execution in their respective end markets. Other securities which negatively impacted performance included retailers Abercrombie & Fitch and J.C. Penney: both saw reduction in earnings due to slower consumer spending and excess inventories which caused additional markdowns.

What strategic moves were made by the fund and why?

The fund was overweight in the technology, materials, healthcare, and consumer discretionary sectors, while it was underweight in utilities, energy, industrials, and financials. We continued to implement our investment process of selecting companies that exhibit stable to improving fundamentals, sell at attractive valuations, and exhibit a near-term catalyst that could improve investor perception. We focused on opportunities to increase concentrations in companies that we believe will benefit from improving fundamentals not fully recognized by the market. Our basic view of the investment environment is constructive, as we look for the deleveraging of capital markets to moderate, and various stimulus initiatives to stabilize economic activity. We believe equity valuations are attractive, which should allow stocks to attain modest appreciation.

26   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008															September 30, 2008*
										Since Inception															Since Inception
	1 year			5 years			10 years			2/01/1999			9/24/2001			1 year			5 years			10 years			2/01/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		(37.64	)%		0.48	%		0.21	%		—			—			(25.98	)%		5.04	%		2.65	%		—			—
Class B		(37.34	)%		0.56	%		0.02	%		—			—			(25.61	)%		5.12	%		2.47	%		—			—
Class C		(35.03	)%		0.88	%		—			(0.91	)%		—			(22.91	)%		5.45	%		—			0.72	%		—
Average annual return without sales charge (NAV)
Class A		(34.00	)%		1.63	%		0.78	%		—			—			(21.67	)%		6.24	%		3.24	%		—			—
Class B		(34.51	)%		0.86	%		0.02	%		—			—			(22.25	)%		5.44	%		2.47	%		—			—
Class C		(34.46	)%		0.88	%		—			(0.91	)%		—			(22.24	)%		5.45	%		—			0.72	%		—
Class R		(34.13	)%		1.41	%		—			—			1.88	%		(21.84	)%		6.02	%		—			—			4.22	%
Class Y		(33.80	)%		1.89	%		1.03	%		—			—			(21.46	)%		6.51	%		3.50	%		—			—
Russell 1000 Value Index3		(36.80	)%		1.90	%		2.79	%		2.00	%		3.27	%		(23.56	)%		7.12	%		5.55	%		4.05	%		6.14	%

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

1	Mutual fund investing involves risk; principal loss is possible.
	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
	Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
	Investment performance in the table reflects fee waivers that had been in effect for certain portions of the periods indicated. In the absence of such fee waivers, total returns would be reduced.
	As of the most recent prospectus, the fund’s total operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 1.17%, 1.92%, 1.92%, 1.42%, and 0.92%, respectively.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Large Cap Value Fund, Class A (NAV)		$	10,806
Large Cap Value Fund, Class A (POP)		$	10,210
Russell 1000 Value Index3		$	13,166

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell 1000 Value Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged index that measures the performance of those companies in the Russell 1000 Index (large-cap index) with lower price-to-book ratios and lower forecasted growth values.
4	Performance for Class B, Class C, Class R and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   27

Mid Cap Growth Opportunities Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Mid Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned -42.59% for the fiscal year ended October 31, 2008 (Class A shares returned -42.75% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Growth Index*, returned -42.65% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October of 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

St. Jude Medical	2.8	%
Express Scripts	2.6
TJX	2.2
Juniper Networks	2.2
Thermo Fisher Scientific	2.1
American Tower, Class A	2.1
Family Dollar Stores	2.1
Kohl’s	2.0
Republic Services	2.0
DeVry	2.0

Sector Allocation as of October 31, 2008¹ (% of net assets)

Information Technology	18.7	%
Consumer Discretionary	18.3
Healthcare	18.0
Industrials	13.2
Energy	9.6
Financials	8.0
Consumer Staples	5.0
Telecommunication Services	4.9
Materials	3.6
Short-Term Investment	0.2
Other Assets and Liabilities, Net2	0.5
	100.0	%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

28   First American Funds 2008 Annual Report

What worked for the fund and why?

Good stock selection in the material and industrial sectors led to positive relative performance over the past fiscal year before taking into account fund expenses. Our process of investing in companies with franchise growth characteristics and improving fundamentals led us to sizeable overweight positions in companies with relatively predictable earnings, as well as those in the healthcare sector, an area that has defensive characteristics. Holdings in the materials sector include Ecolab, a maker of cleaning products and services, and packaging product manufacturers Sonoco Products and Pactiv. All three of these companies benefited from their defensive business models and from lower input costs due to falling commodity prices. Within the industrial sector, freight transportation companies Knight Transportation and C.H. Robinson increased in value, benefiting from lower diesel fuel prices and from many of their competitors’ leaving the business. Republic Services, a waste management company, and Dun & Bradstreet, a business information provider, also proved to be less sensitive to the overall economy than many of their peers.

What did not work for the fund and why?

Our primary challenge during the fiscal year was stock selection in the technology and energy sectors. Long-time holding MEMC Electronics, a manufacturer of a key material for the production of photovoltaic cells for the solar industry, declined significantly as the company had difficulty ramping new capacity to meet strong demand. Another technology holding, Fairchild Semiconductor, a provider of semiconductor devices used in power-management applications, declined in value as the weak economy caused order push-outs and cancellations. Energy holding Nabors Industries, an owner and operator of land-drilling rigs in North America, fared poorly as the outlook for drilling activity and drilling rates dimmed in concert with the fall in natural gas and crude prices.

What strategic moves were made by the fund and why?

Our approach emphasizes franchise companies that exhibit improving fundamentals and attractive valuations with an identifiable catalyst. As a result, we remained overweight in healthcare due to sustainable growth characteristics that are generally less affected by macroeconomic concerns. We also retained our overweight position in telecommunication services primarily due to our investments in wireless tower companies and the stable nature of their business models. Our investment approach also led us to pull away from the economically sensitive industrial sector over the course of the last fiscal year. Key sales in the industrial sector include Rockwell Collins, Precision Castparts, American Reprographics, Cooper Industries, McDermott International, and Cummins. The fund also increased the weight in consumer staples, a relatively defensive sector. Key purchases were H.J. Heinz, Kellogg, and Alberto-Culver. Earnings for these companies are likely to increase over the next year, unlike the significant declines we expect for the mid-cap growth universe on average.

First American Funds 2008 Annual Report   29

Mid Cap Growth Opportunities Fund  

Annual Performance^1,2

	October 31, 2008																		September 30, 2008*
										Since Inception																		Since Inception
	1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001			1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(45.90	)%		0.22	%		4.44	%		—			—			—			(33.01	)%		6.03	%		6.91	%		—			—			—
Class B		(45.69	)%		0.37	%		—			4.35	%		—			—			(32.76	)%		6.19	%		—			6.68	%		—			—
Class C		(43.67	)%		0.61	%		—			—			—			4.27	%		(30.27	)%		6.44	%		—			—			—			7.47	%
Average annual return without sales charge (NAV)
Class A		(42.75	)%		1.36	%		5.04	%		—			—			—			(29.11	)%		7.24	%		7.51	%		—			—			—
Class B		(43.18	)%		0.61	%		—			4.35	%		—			—			(29.65	)%		6.44	%		—			6.68	%		—			—
Class C		(43.16	)%		0.61	%		—			—			—			4.27	%		(29.64	)%		6.44	%		—			—			—			7.47	%
Class R		(42.88	)%		1.16	%		—			—			0.91	%		—			(29.28	)%		7.02	%		—			—			3.64	%		—
Class Y		(42.59	)%		1.63	%		5.30	%		—			—			—			(28.96	)%		7.51	%		7.78	%		—			—			—
Russell MidCap Growth Index3		(42.65	)%		(0.18	)%		2.19	%		0.74	%		(4.60	)%		3.46	%		(24.65	)%		6.53	%		5.51	%		3.38	%		(1.57	)%		7.23	%

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

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

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.22%, 1.97%, 1.97%, 1.47%, and 0.97%, respectively.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Mid Cap Growth Opportunities Fund, Class A (NAV)		$	16,347
Mid Cap Growth Opportunities Fund, Class A (POP)		$	15,447
Russell Midcap Growth Index3		$	12,425

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell Midcap Growth Index³.

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

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

3	An unmanaged index that measures the performance of those Russell mid-cap companies with higher price-to-book ratios and higher forecasted growth values.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

30   First American Funds 2008 Annual Report

Mid Cap Value Fund

Investment Objective: capital appreciation

How did the Fund perform for the fiscal year ended October 31, 2008?

The First American Mid Cap Value Fund (the “fund”), Class Y shares, returned -37.17% for the fiscal year ended October 31, 2008 (Class A shares returned -37.32% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell Midcap Value Index*, returned -38.83% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October of 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Pactiv	2.6	%
Aon	2.5
First American Prime Obligations Fund, Class Z	2.3
Republic Services	2.2
Sonoco Products	2.2
Wisconsin Energy	2.1
Arch Capital Group	2.0
Astoria Financial	2.0
Werner Enterprises	2.0
PG&E	2.0

Sector Allocation as of October 31, 2008¹ (% of net assets)

Financials	30.0	%
Consumer Discretionary	14.4
Industrials	9.4
Utilities	9.0
Consumer Staples	8.3
Materials	7.2
Information Technology	6.9
Energy	4.6
Healthcare	4.5
Telecommunication Services	1.8
Short-Term Investment	2.3
Other Assets and Liabilities, Net2	1.6
	100.0	%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2008 Annual Report   31

Mid Cap Value Fund  

What worked for the fund and why?

The fund benefited from positive stock selection in several sectors during the last year. Stock selection was favorable in the financial sector, as regional banks M&T Bank, City National, and TCF Financial, along with nonlife insurance related companies Arch Capital Group, W.R. Berkley, and Aon posted smaller declines, while the fund avoided several of the financial firms that declined dramatically. These outperforming financial companies generally enjoy stronger capital and liquidity positions and may benefit from the current turmoil in the capital markets by capturing market share from weaker competitors. Several stocks in the consumer discretionary sector also outperformed, including fast-food restaurant operator Burger King Holdings and discount stores Family Dollar Stores and TJX Cos. These companies are positioned to benefit from slower economic activity given their value positioning in their respective end markets. In the industrial sector, truckload carrier Werner Enterprises outperformed due to stable industry pricing, continued share gains, and improving margins. Waste-collection operator Republic Services outperformed due to stable volumes, strong industry pricing, and proposed consolidation activity within the sector. Continued share gains, fuel hedging benefits, and a strong balance sheet boosted the performance of low-cost airline Southwest Airlines. Other standouts included specialty chemical manufacturer Rohm & Haas, following its agreement to be purchased by Dow Chemical, and consumer packaging manufacturer Pactiv, which can benefit from lower input costs as a result of falling oil prices.

What did not work for the fund and why?

Sector selection detracted from performance due to an overweight position in several sectors that lagged the benchmark, including consumer discretionary, technology, and telecommunication services. Additionally, the fund was underweight within the energy sector, which outperformed during the period. Poor returns from managed-care organizations Coventry Health Care and Humana Stock detracted from the performance of the fund’s healthcare holdings. Both companies experienced reduced earnings expectations due to cost overruns from higher utilization and healthcare cost inflation. In technology, semiconductor manufacturers MEMC Electronic Materials and Fairchild Semiconductor underperformed due to lower earnings expectations, as slowing end markets have led to a reduction in demand for semiconductors. In telecommunication services, TW Telecom suffered from slowing conditions in its core enterprise communications end markets. Other securities that negatively impacted performance included multiline insurance provider Assurant and automotive airbag manufacturer Autoliv. Both companies experienced a reduction in earnings expectations.

What strategic moves were made by the fund and why?

The fund has been overweight in the consumer discretionary, industrial, and materials sectors, while it has been underweight in utilities, consumer staples, energy, and financials. We continued to implement our investment process of selecting companies that exhibit stable-to-improving fundamentals, sell at attractive valuations, and anticipate a near-term catalyst that could improve investor perception. We also focused on opportunities to increase concentrations in companies that we believe will benefit from improving fundamentals not fully recognized by the market. Our basic view of the investment environment is constructive, as we look for the deleveraging of capital markets to moderate, and various stimulus initiatives to stabilize, economic activity. We believe equity valuations are attractive given this view, which should allow stocks to attain modest appreciation.

32   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008															September 30, 2008*
										Since Inception															Since Inception
	1 year			5 years			10 years			2/1/1999			9/24/2001			1 year			5 years			10 years			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		(40.76	)%		1.41	%		3.71	%		—			—			(25.97	)%		7.27	%		7.12	%		—			—
Class B		(40.69	)%		1.46	%		3.53	%		—			—			(25.85	)%		7.38	%		6.95	%		—			—
Class C		(38.38	)%		1.80	%		—			3.51	%		—			(22.97	)%		7.67	%		—			5.83	%		—
Average annual return without sales charge (NAV)
Class A		(37.32	)%		2.56	%		4.30	%		—			—			(21.65	)%		8.50	%		7.74	%		—			—
Class B		(37.82	)%		1.79	%		3.53	%		—			—			(22.26	)%		7.68	%		6.95	%		—			—
Class C		(37.80	)%		1.80	%		—			3.51	%		—			(22.26	)%		7.67	%		—			5.83	%		—
Class R		(37.47	)%		2.35	%		—			—			5.91	%		(21.86	)%		8.26	%		—			—			9.20	%
Class Y		(37.17	)%		2.82	%		4.56	%		—			—			(21.47	)%		8.76	%		8.01	%		—			—
Russell Midcap Value Index3		(38.83	)%		2.97	%		5.74	%		5.47	%		6.46	%		(20.50	)%		9.97	%		9.19	%		8.38	%		10.54	%

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

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

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

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

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

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

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

Value of $10,000 Investment ^1,2,4  as of October 31, 2008

Mid Cap Value Fund, Class A (NAV)		$	15,230
Mid Cap Value Fund, Class A (POP)		$	14,393
Russell Midcap Value Index3		$	17,479

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell Midcap Value Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged index that measures the performance of those Russell mid-cap companies with lower price-to-book ratios and lower forecasted growth values.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   33

Real Estate Securities Fund

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

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Real Estate Securities Fund (the “fund”), Class Y shares, returned -37.56% for the fiscal year ended October 31, 2008 (Class A shares returned -37.71% without taking the sales charge into account). By comparison, the fund’s benchmark, the MSCI U.S. REIT Index*, returned -40.46% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October of 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc

solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

Commercial real estate is a capital-intensive industry and faces significant headwinds from the financial and economic environment described above. A slowing economy will adversely impact occupancies and rental rates for commercial properties. The capital-constrained environment has led to a dramatic reduction in the number of private market transactions occurring. Publicly traded real estate stocks outperformed broader equity markets through September 30, 2008, but had a dramatic sell off in October, the worst single monthly performance ever for real estate investment trusts.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Simon Property Group	8.3	%
Public Storage	6.1
Ventas	5.2
Boston Properties	5.2
Equity Residential Properties Trust	5.0
Kimco Realty	3.8
HCP	3.7
Vornado Realty Trust	3.6
Highwoods Properties	2.9
First American Prime Obligations Fund, Class Z	2.5

Sector Allocation as of October 31, 2008¹ (% of net assets)

Office	21	.8	%
Healthcare	16	.4
Apartments	15	.1
Malls	10	.3
Community Centers	9	.6
Industrials	6	.9
Self Storage	6	.3
Diversified	4	.1
Hotels	2	.9
Net Lease	2	.7
Manufactured Homes	0	.2
Real Estate Service Provider	0	.0
Private Real Estate Companies	0	.0
Short-Term Investment	2	.5
Other Assets and Liabilities, Net2	1	.2
	100	.0	%

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

34   First American Funds 2008 Annual Report

What worked for the fund and why?

The fund benefited from individual stock selection. The portfolio had a bias toward higher-quality companies (those with consistent, visible cash flows), and continues to invest on a relative-value basis (with a focus on individual stocks rather than economic or market cycles). This strategy helped the fund avoid several underperforming stocks. Reduced holdings in job markets with financial services industry exposure also proved beneficial. The fund’s best-performing sectors were regional malls, hotel REITs and industrial.

What did not work for the fund and why?

The healthcare REIT sector underperformed as the fund was underweight some of the better performing individual stocks.

What strategic moves were made by the fund and why?

Reducing exposure to the financial services industry employment proved to be a successful strategy. In addition, because the fund continued to invest on a relative-value basis, it garnered a fairly balanced position across the various property types, which benefited the fund by reducing the impact of any one negatively performing sector. The fund continued to use international stocks to supplement domestic holdings in an attempt to access more dynamic parts of the global real estate cycle. At the end of the fiscal year the fund had less than 3% of assets in nondollar denominated stocks.

First American Funds 2008 Annual Report   35

Real Estate Securities Fund  

Annual Performance^1,2

	October 31, 2008															September 30, 2008*
										Since Inception															Since Inception
	1 year			5 years			10 years			2/1/2000			9/24/2001			1 year			5 years			10 years			2/1/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(41.15	)%		5.67	%		9.48	%		—			—			(14.69	)%		13.89	%		13.15	%		—			—
Class B		(40.81	)%		5.82	%		9.28	%		—			—			(14.26	)%		14.07	%		12.94	%		—			—
Class C		(38.71	)%		6.07	%		—			11.22	%		—			(11.18	)%		14.33	%		—			15.98	%		—
Average annual return without sales charge (NAV)
Class A		(37.71	)%		6.87	%		10.10	%		—			—			(9.74	)%		15.18	%		13.79	%		—			—
Class B		(38.18	)%		6.06	%		9.28	%		—			—			(10.45	)%		14.31	%		12.94	%		—			—
Class C		(38.19	)%		6.07	%		—			11.22	%		—			(10.42	)%		14.33	%		—			15.98	%		—
Class R		(37.90	)%		6.61	%		—			—			10.59	%		(9.97	)%		14.93	%		—			—			16.45	%
Class Y		(37.56	)%		7.14	%		10.38	%		—			—			(9.53	)%		15.47	%		14.08	%		—			—
MSCI U.S. REIT Index3		(40.46	)%		4.49	%		8.37	%		10.09	%		8.78	%		(11.63	)%		13.18	%		12.38	%		15.17	%		14.99	%

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

¹ Sector funds such as the First American Real Estate Securities Fund are more vulnerable to price fluctuation as a result of events that may affect the industry in which they focus than are funds that invest in multiple industries. Share prices of sector funds also will fluctuate with changing market conditions, as will share prices of other stock funds. Sector funds should not be treated as a core investment; rather, their role is to round out the growth portion of a well-diversified investment portfolio.

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

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

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

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

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Real Estate Securities Fund, Class A (NAV)		$	26,172
Real Estate Securities Fund, Class A (POP)		$	24,736
MSCI U.S. REIT Index3		$	22,341

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the MSCI U.S. REIT Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged index of the most actively traded real estate investment trusts.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

36   First American Funds 2008 Annual Report

Small Cap Growth Opportunities Fund

Investment Objective: growth of capital

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Small Cap Growth Opportunities Fund (the “fund”), Class Y shares, returned -39.97% for the fiscal year ended October 31, 2008 (Class A shares returned -40.07% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Growth Index*, returned -37.87% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October of last year, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Freddie Mac, Fannie Mae, and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Intersil, Class A	2.7	%
Wolverine World Wide	2.4
NuVasive	2.4
Polycom	2.4
PMC-Sierra	2.1
First American Prime Obligations Fund, Class Z	2.1
Quest Software	2.1
Deckers Outdoor	1.9
F5 Networks	1.8
Wright Medical Group	1.8

Sector Allocation as of October 31, 2008¹ (% of net assets)

Information Technology	27	.0	%
Healthcare	23	.1
Industrials	16	.2
Consumer Discretionary	14	.8
Energy	8	.0
Financials	4	.6
Consumer Staples	2	.7
Materials	1	.7
Short-Term Investment	2	.1
Other Assets & Liabilities, Net2	(0	.2	)
	100	.0	%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments 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 2008 Annual Report   37

Small Cap Growth Opportunities Fund  

What worked for the fund and why?

Consumer Discretionary performed well for the fund with solid relative stock selection. Aeropostale, a mall-based teen retailer, continued to post impressive growth throughout the fiscal year despite the negative impact of the decelerating U.S. economy. Priceline.com, an online travel service, posted strong growth throughout the fiscal year as a result of market share gains in Europe. Wolverine World Wide, a manufacturer of footwear, held up relatively well during the fiscal year due to both strong brand momentum (Merrell) and strong penetration into European markets.

The fund’s technology holdings also fared well on a relative basis. F5 Networks, a provider of advanced application acceleration hardware and software, was the top performing technology stock, as the company exceeded expectations for the second and third calendar quarters. Tellabs, a provider of voice, data, and video transport equipment sold to telecommunication providers, reported a solid third calendar quarter, beating analysts’ expectations, resulting in share appreciation. Foundry Networks, a provider of networking equipment sold to enterprises and service providers, agreed to be purchased by Brocade Communications Systems for a sizeable premium. Also, the fund benefitted during the fiscal year by being underweight materials and telecommunication services, sectors that fared poorly during the fiscal year.

What did not work for the fund and why?

Industrials had a negative impact on performance due to an underweight position and poor stock selection. Evergreen Solar, a manufacturer of solar power cells, panels and systems, performed poorly in the latter half of the fiscal year as investor’s became concerned regarding potential industry over-capacity and financing needs. Advisory Board, a “best practices” research group dedicated to the health care industry, reported an unexpected slowing in revenue and profits for the June quarter, resulting in a significant pullback in the stock. The funds’ performance in industrials was also negatively impacted by the strong performance of many solar-related names not held, most notably Energy Conversions.

Energy stocks were also a detractor to the fund’s performance during the fiscal year due both to an underweight position and adverse stock selection. Among held names, Global Industries, a provider of deepwater services to the oil and gas industry, reported weak second quarter results on weather-related project delays in the Middle East, port clearance issues in West Africa and low utilization caused by dry-docked vessels. Shares of Oil States International were impacted by investor concerns that sharply falling natural gas prices late in the year would impact its tubular goods business. Finally, the fund’s performance was also impacted by its lack of exposure to coal, an atypical sector for growth investors, which created tremendous momentum among select, large names that subsequently were removed from the Russell 2000 Growth Index during the June 2008 rebalancing.

Healthcare stocks also weighed on results during the year, primarily due to stock selection. Regeneration Technologies, a small provider of orthobiologic implants, reported a temporary disruption in its sports medicine business and continued sluggishness for dental and spinal implants, which sent shares lower. Hologic, the nation’s leading provider of female diagnostic equipment and implants, lagged on integration issues with the acquisition of a major cytology company and as investors became concerned with capital equipment purchases. Finally, shares of Eurand N.V., a specialty pharmaceutical company, declined in response to uncertainties surrounding the approval of its lead product, Zentase, for cystic fibrosis. We find the valuations of each of these names very compelling and maintain positions in the portfolio.

What strategic moves were made by the fund and why?

We have been moving the portfolio toward sector exposures closer to the Russell 2000 Growth Index, as it is not clear which sectors are poised to outperform in this uncertain economic climate. As such, we have reduced our sector overweight position in technology and increased the fund’s weighting in health care, which is considered to be less economically sensitive. Although at October 31, 2008 the fund was overweight in the consumer discretionary sector, the overweighting was concentrated in the footwear manufacturing and retailing subsectors, which we believe may be somewhat less economically sensitive relative to other consumer discretionary subsectors, such as specialty retail and restaurants. At October 31, 2008 the fund was market weighted in late cycle sectors (energy, materials, and industrials), and underweight financials. Our investment strategy continues to be driven by our focus on long-term economic trends as a means to identify investment opportunities in companies with growth characteristics and reasonable valuations.

38   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008																		September 30, 2008*
										Since Inception																		Since Inception
	1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001			1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(43.37	)%		(5.11	)%		10.91	%		—			—			—			(24.26	)%		1.44	%		14.13	%		—			—			—
Class B		(43.27	)%		(4.99	)%		—			9.90	%		—			—			(24.15	)%		1.57	%		—			12.95	%		—			—
Class C		(41.08	)%		(4.76	)%		—			—			—			1.69	%		(21.16	)%		1.83	%		—			—			—			5.47	%
Average annual return without sales charge (NAV)
Class A		(40.07	)%		(4.03	)%		11.54	%		—			—			—			(19.86	)%		2.59	%		14.78	%		—			—			—
Class B		(40.55	)%		(4.76	)%		—			9.90	%		—			—			(20.52	)%		1.82	%		—			12.95	%		—			—
Class C		(40.53	)%		(4.76	)%		—			—			—			1.69	%		(20.43	)%		1.83	%		—			—			—			5.47	%
Class R		(40.24	)%		(4.22	)%		—			—			(0.52	)%		—			(20.07	)%		2.41	%		—			—			2.77	%		—
Class Y		(39.97	)%		(3.82	)%		11.81	%		—			—			—			(19.70	)%		2.84	%		15.07	%		—			—			—
Russell 2000 Growth Index3		(37.87	)%		(0.13	)%		1.63	%		0.47	%		(2.10	)%		3.50	%		(17.07	)%		6.64	%		4.67	%		3.07	%		1.00	%		7.22	%

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

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

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers (including acquired fund fees and expenses which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.60%, 2.35%, 2.35%, 1.85%, and 1.35%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2009 so that the total annual fund operating expenses (excluding acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 1.47%, 2.22%, 2.22%, 1.72%, and 1.22%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Small Cap Growth Opportunities Fund, Class A (NAV)		$	29,809
Small Cap Growth Opportunities Fund, Class A (POP)		$	28,171
Russell 2000 Growth Index3		$	11,750

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell 2000 Growth Index³.

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

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

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

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

3	An unmanaged index that measures the performance of those Russell 2000 Index (a small-cap index) with higher price-to-book ratios and higher forecasted growth values.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   39

Small Cap Select Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Small Cap Select Fund (the “fund”), Class Y shares, returned -36.86% for the fiscal year ended October 31, 2008 (Class A shares returned -37.00% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index*, returned -34.16% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October of 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

ESCO Technologies	2.0	%
ICU Medical	1.9
Coinstar	1.8
Bank of the Ozarks	1.8
Hain Celestial Group	1.7
K-V Pharmaceutical, Class A	1.7
Astoria Financial	1.7
Progress Software	1.7
Platinum Underwriters Holdings	1.7
Polycom	1.7

Sector Allocation as of October 31, 2008¹ (% of net assets)

Financials	18	.4	%
Information Technology	18	.4
Consumer Discretionary	16	.3
Industrials	15	.4
Healthcare	15	.4
Energy	5	.7
Consumer Staples	3	.9
Materials	3	.2
Utilities	1	.0
Telecommunication Services	0	.8
Short-Term Investment	1	.6
Other Assets & Liabilities, Net2	(0	.1	)
	100	.0	%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

40   First American Funds 2008 Annual Report

What worked for the fund and why?

Stock selection in the consumer sector was the most beneficial contributor to fund performance during the fiscal year. Shares of Aeropostale were up 27% during the period; all other stocks in the sector were down. Aeropostale benefited from being a price leader in the under-25 casual clothing retail category. PF Chang’s was a relative outperformer, being down only 29% as the rest of the sector was down 48%. PF Chang’s is a Chinese-themed restaurant that has used its strong brand to manage this downturn in the economy better than most other restaurants. In the financial sector, Bank of the Ozarks was a stellar performer, up 7% for this time period when the banking sector was down 15%. The bank operates in Arkansas, Texas, and Oklahoma — an area of the country that benefited from the strong energy prices.

What did not work for the fund and why?

Most companies came under increased pressure as the mortgage market meltdown and ensuing credit crunch dampened economic activity. The South Financial Group, a South Carolina bank, was down 78%, as it was exposed to the soft mortgage market of south Florida. Loan losses were much more severe than the bank had planned, which led to the use of reserves and dramatically reduced its capital adequacy. In healthcare, both KV Pharmaceutical and Pediatrix Medical were down more than 40% for the fiscal year. KV and Pediatrix were both hit by a sharp slowing of the birth rate in the United States, which led to a market decline during the period. Pediatrix has neonatal care centers that have seen their patient numbers decline as the birth rate moved lower, and KV’s prenatal vitamin franchise was negatively impacted by the same trends. In industrials, BE Aerospace had a negative return of 74% as the market took most cyclical company stocks to very low valuations. BE Aerospace manufactures seating for airplanes, and although their business has slowed only marginally, the market has sharply discounted the aerospace-related industries.

What strategic moves were made by the fund and why?

The fund has continued to be well-diversified and continues to execute its discipline of buying good companies with good valuations. It has been a very trying period for the fund to execute on the valuation methodology of its discipline, as almost all firms have been impacted negatively by slowing demand, higher interest costs, lower commodity costs, and general economic weakness. The fund continues to invest in those companies whose management teams take the right steps and have the right products and services to persevere through this incredibly volatile time. The fund has taken a more constructive view on the financial sector as the stocks have come down in price and their problem loans get identified and resolved. Having been underweight in financials for almost four years, the fund has been increasing the weight in that sector bringing it closer to a market weight. The fund has now become overweight in the consumer space, as we like the valuations in many consumer stocks at this point. The other sectors are very close to the index weight. The fund has been tilted toward early cyclical areas in the industrial space such as trucking and services. Most heavy construction and engineering stocks have been sold. The fund is also invested in more service-oriented consumer stocks, as we believe those companies may be best positioned to see the first improvements in economic activity. We have continued to stay away from home builders and other big-ticket consumer items, since the deleveraging of the consumer balance sheet looks to be just beginning.

First American Funds 2008 Annual Report   41

Small Cap Select Fund  

Annual Performance^1,2

	October 31, 2008												September 30, 2008*
										Since Inception												Since Inception
	1 year			5 years			10 years			9/24/2001			1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		(40.48	)%		(0.49	)%		6.42	%		—			(24.36	)%		5.73	%		9.39	%		—
Class B		(40.39	)%		(0.31	)%		6.25	%		—			(24.20	)%		5.96	%		9.22	%		—
Class C		(38.02	)%		(0.11	)%		—			5.18	%		(21.27	)%		6.15	%		—			8.40	%
Average annual return without sales charge (NAV)
Class A		(37.00	)%		0.65	%		7.03	%		—			(19.97	)%		6.94	%		10.01	%		—
Class B		(37.52	)%		(0.13	)%		6.25	%		—			(20.55	)%		6.16	%		9.22	%		—
Class C		(37.44	)%		(0.11	)%		—			5.18	%		(20.53	)%		6.15	%		—			8.40	%
Class R		(37.19	)%		0.42	%		6.94	%		—			(20.11	)%		6.73	%		9.92	%		—
Class Y		(36.86	)%		0.88	%		7.31	%		—			(19.71	)%		7.22	%		10.30	%		—
Russell 2000 Index3		(34.16	)%		1.57	%		4.90	%		5.80	%		(14.48	)%		8.15	%		7.81	%		9.45	%

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

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

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.24%, 1.99%, 1.99%, 1.49%, and 0.99%, respectively.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Small Cap Select Fund, Class A (NAV)		$	19,726
Small Cap Select Fund, Class A (POP)		$	18,635
Russell 2000 Index3		$	16,134

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell 2000 Index³.

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

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

3	An unmanaged small-cap index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

42   First American Funds 2008 Annual Report

Small Cap Value Fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Small Cap Value Fund (the “fund”), Class Y shares, returned -31.56% for the fiscal year ended October 31, 2008 (Class A shares returned -31.75% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Value Index*, returned -30.54% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October of 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

MFA Mortgage Investments	2.0	%
Bank of the Ozarks	1.9
Wolverine World Wide	1.8
Cathay General Bancorp	1.7
Spartan Stores	1.6
Independent Bank	1.6
Pinnacle Financial Partners	1.6
Ralcorp Holdings	1.6
Stifel Financial	1.6
First Midwest Bancorp	1.6

Sector Allocation as of October 31, 2008¹ (% of net assets)

Financials	35	.3%
Information Technology	14	.1
Consumer Discretionary	12	.7
Industrials	10	.7
Healthcare	7	.5
Utilities	5	.9
Consumer Staples	4	.7
Materials	4	.2
Energy	2	.5
Exchange-Traded Fund	0	.5
Short-Term Investment	0	.5
Other Assets & Liabilities, Net2	1	.4
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments 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 2008 Annual Report   43

Small Cap Value Fund  

What worked for the fund and why?

Strong individual stock selection within the consumer discretionary, financials, healthcare and materials sectors were the primary contributors. Being overweight in the healthcare sector was also beneficial. Aaron Rents, Inc., specialty lease-to-own retailer, and The Buckle, Inc., fashion-oriented apparel retailer, were standouts in an otherwise challenging environment for consumer-based stocks. Strong contributors within the financial sector were high-quality bank stocks — Bank of the Ozarks, Zions Bancorporation, and Pinnacle Financial Partners — located in relatively strong trade areas. Perrigo Co., an over-the-counter pharmaceutical company, and Vital Signs, a medical device company focused on the respiratory segment, were standouts in healthcare. The remaining top contributors were distributed across multiple sectors.

Notables were Schnitzer Steel Industries (metal recycling), Penn Virginia (oil and gas exploration and production), and Ralcorp Holdings (manufacturer of private label food products).

What did not work for the fund and why?

Stock selection within the industrial and utility sectors was the primary detractor. Being overweight in the energy sector post-Russell rebalance in June and being underweight in financials were slight detractors. Within industrials, Crane, a diversified manufacturer of engineered parts and subsystems, was hurt by the global slowdown. Additionally, Interface, Inc., a leading manufacturer of modular carpet products, was affected by both declining corporate office demand and higher raw material inputs despite taking market share with a superior product. Within the utility sector, PNM Resources, New Mexico-and Texas-based, was unsuccessful in its rate case attempt and consequently has undertaken a large restructuring plan. Additional business models affected by the transitional global economy were Delphi Financial Group (employee benefit services and insurance), Emulex (data storage subsystem provider), and Group One Automotive (diversified auto retailer).

What strategic moves were made by the fund and why?

The fund has reduced its position to underweight in commodities that thrive late in the economic cycle (materials and energy) with preference within materials for those business models that should benefit from the dramatic fall in raw material input costs. We continue to monitor the impacts of energy (positive) and housing (negative) on the consumer discretionary sector and are selectively adding to well-positioned business models. While maintaining an underweight position in financials, we are maintaining an emphasis on quality bank business models and capital market participants that stand to benefit from the substantial capital infusion and market volatility, respectively. We remain overweight in healthcare and technology.

We continue to focus on building a well-diversified portfolio of small-cap stocks with strong balance sheet and free cash flow characteristics that are trading at a discount to intrinsic value.

44   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008															September 30, 2008*
	1 year			5 years			10 years			2/1/1999			9/24/2001			1 year			5 years			10 years			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		(35.52	)%		0.96	%		5.86	%		—			—			(19.62	)%		6.69	%		8.19	%		—			—
Class B		(35.27	)%		1.16	%		5.63	%		—			—			(19.25	)%		6.88	%		7.96	%		—			—
Class C		(32.82	)%		1.37	%		—			5.27	%		—			(16.31	)%		7.10	%		—			7.51	%		—
Average annual return without sales charge (NAV)
Class A		(31.75	)%		2.12	%		6.46	%		—			—			(14.95	)%		7.90	%		8.81	%		—			—
Class B		(32.32	)%		1.34	%		5.63	%		—			—			(15.57	)%		7.07	%		7.96	%		—			—
Class C		(32.23	)%		1.37	%		—			5.27	%		—			(15.57	)%		7.10	%		—			7.51	%		—
Class R		(31.90	)%		1.92	%		—			—			6.23	%		(15.21	)%		7.69	%		—			—			9.37	%
Class Y		(31.56	)%		2.37	%		6.72	%		—			—			(14.79	)%		8.15	%		9.06	%		—			—
Russell 2000 Value Index3		(30.54	)%		3.05	%		7.40	%		7.27	%		7.67	%		(12.25	)%		9.45	%		10.14	%		9.84	%		11.25	%

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

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

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses, which the fund indirectly bears) for Class A, Class B, Class C, Class R, and Class Y shares was 1.27%, 2.02%, 2.02%, 1.52%, and 1.02%, respectively.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Small Cap Value Fund, Class A (NAV)		$	18,700
Small Cap Value Fund, Class A (POP)		$	17,666
Russell 2000 Value Index3		$	20,412

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell 2000 Value Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged index that measures the performance of those companies in the Russell 2000 Index (a small-cap index) with lower price-to-book ratios and lower forecasted growth values.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   45

Small-Mid Cap Core Fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Small-Mid Cap Core Fund (the “fund”), Class Y shares, returned -34.08% for the fiscal year ended October 31, 2008 (Class A shares returned -34.21% without taking the sales charge into account). By comparison, the fund’s benchmark during the fiscal year, the Russell 2500 Index*, returned -37.27% for the same period.

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

It’s impossible to discuss the state of the equity markets during the fiscal year without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Astoria Financial	2	.5%
Arch Capital Group	2	.5
DeVry	2	.5
Pediatrix Medical Group	2	.4
Burger King Holdings	2	.3
Knight Capital Group, Class A	2	.3
Family Dollar Stores	2	.3
Platinum Underwriters Holdings	2	.1
Pactiv	2	.1
Regal-Beloit	2	.1

Sector Allocation as of October 31, 2008¹ (% of net assets)

Financials	23	.8%
Consumer Discretionary	15	.9
Information Technology	13	.5
Healthcare	12	.5
Industrials	10	.8
Materials	7	.0
Consumer Staples	6	.5
Energy	5	.2
Utilities	4	.6
Short-Term Investment	0	.6
Other Assets & Liabilities, Net2	(0	.4)
	100	.0%

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

46   First American Funds 2008 Annual Report

What worked for the fund and why?

Although we added incremental relative returns through sector, style, and size allocations, the large majority of fund performance this year was due to individual stock selection and our bias toward quality. Within sectors, our opportunistic weightings in banks were, by far, the greatest contributors to performance. For the first nine months of the fiscal year, we were underweight in banks while the sector underperformed the market. In September we moved to an overweight position by buying shares of Zions Bancorp and Bank of the Ozarks. The financial sector turned upward sharply, and these stocks added significant performance to the fund. We also added value with our tilt toward defensive stocks and sectors. We made extensive use of our process to help us identify securities that should outperform on a relative basis in a downward-trending market. Based on this theme, we took overweight positions in packaging company Pactiv, grocery store chain Spartan Stores, and insurer Arch Capital Group, all of which contributed significantly to fund performance. The fund also benefitted by holding securities with lower volatility than the index.

What did not work for the fund and why?

The largest detractor from performance was Fairchild Semiconductor. As a whole, semiconductors underperformed the index due to continued pressure on cyclical stocks. Fairchild, however, underperformed the rest of the sector because of the company’s weaker balance sheet. The fund was also hurt by holdings of Crane, Lear, and Colonial BancGroup. Crane, an industrial engineering company, suffered from a slowing global economy. The high oil prices and credit concerns that affected the automotive industry also affected auto parts manufacturer Lear. Colonial, a bank that the fund held during the first nine months of the year, suffered along with other financials, due to subprime and credit concerns.

What strategic moves were made by the fund and why?

We increased our exposure to securities that we believe should continue to outperform in a challenging market. Having limited the number of tactical allocations based on sector, size and style, we continue to concentrate mainly on stock selection. We increased the number of overall holdings to reduce stock-specific risk. However, we still hold significant positions in a number of stocks about which we feel confident: discount retailer Family Dollar Stores, fast-food chain Burger King, and financial firms Knight Capital Group and Arch Capital Group. We continually look to add high-quality, less volatile stocks to the fund.

First American Funds 2008 Annual Report   47

Small-Mid Cap Core Fund  

Annual Performance^1,2

	October 31, 2008												September 30, 2008*
										Since Inception												Since Inception
	1 year			5 years			10 years			2/1/2000			1 year			5 years			10 years			2/1/2000
Average annual return with sales charge (POP)
Class A		(37.83	)%		(3.88	)%		(3.86	)%		—			(23.04	)%		2.77	%		(1.34	)%		—
Class B		(38.01	)%		(3.88	)%		(4.04	)%		—			(23.18	)%		2.81	%		(1.53	)%		—
Class C		(35.31	)%		(3.48	)%		—			(18.70	)%		(19.98	)%		3.15	%		—			(16.97	)%
Average annual return without sales charge (NAV)
Class A		(34.21	)%		(2.78	)%		(3.32	)%		—			(18.57	)%		3.93	%		(0.78	)%		—
Class B		(34.74	)%		(3.49	)%		(4.04	)%		—			(19.14	)%		3.16	%		(1.53	)%		—
Class C		(34.66	)%		(3.48	)%		—			(18.70	)%		(19.17	)%		3.15	%		—			(16.97	)%
Class Y		(34.08	)%		(2.53	)%		(3.05	)%		—			(18.30	)%		4.20	%		(0.50	)%		—
Russell 2500 Index3		(37.27	)%		1.44	%		5.86	%		2.92	%		(17.99	)%		8.12	%		9.04	%		5.87	%

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

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

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

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio before waivers for Class A, Class B, Class C, and Class Y shares was 1.49%, 2.24%, 2.24%, and 1.24%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through June 30, 2009 so that the total annual fund operating expenses for Class A, Class B, Class C, and Class Y shares do not exceed 1.41%, 2.16%, 2.16%, and 1.16%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Small-Mid Cap Core Fund, Class A (NAV)		$	7,136
Small-Mid Cap Core Fund, Class A (POP)		$	6,745
Russell 2500 Index3		$	17,668

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the Russell 2500 Index³.

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

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

3	An unmanaged small- and mid-cap index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index.
4	Performance for Class B, Class C, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

48   First American Funds 2008 Annual Report

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from May 1, 2008 to October 31, 2008.

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.

Balanced Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	731.50	$	4.79
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58
Class B Actual2	$	1,000.00	$	728.10	$	8.04
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.37
Class C Actual2	$	1,000.00	$	728.10	$	8.04
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.37
Class R Actual2	$	1,000.00	$	730.40	$	5.87
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.85
Class Y Actual2	$	1,000.00	$	731.60	$	3.70
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 (including waivers) 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 October 31, 2008 of -26.85%, -27.19%, -27.19%, -26.96%, and -26.84% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Annual Report   49

Expense Examples  

Equity Income Fund

	Beginning Account		Ending Account
	Value (5/01/08)		Value (10/31/08)		Expenses Paid During Period1 (5/01/08 to 10/31/08)
Class A Actual2	$	1,000.00	$	734.00	$	5.14
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.99
Class B Actual2	$	1,000.00	$	731.80	$	8.40
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.43	$	9.78
Class C Actual2	$	1,000.00	$	731.60	$	8.40
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.43	$	9.78
Class R Actual2	$	1,000.00	$	733.00	$	6.23
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.25
Class Y Actual2	$	1,000.00	$	735.00	$	4.06
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.18%, 1.93%, 1.93%, 1.43%, and 0.93% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended October 31, 2008 of -26.60%, -26.82%, -26.84%, -26.70%, and -26.50% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Global Infrastructure Fund

	Beginning Account		Ending Account
	Value (5/01/08)		Value (10/31/08)		Expenses Paid During Period3 (5/01/08 to 10/31/08)
Class A Actual4	$	1,000.00	$	644.90	$	5.17
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.34
Class Y Actual4	$	1,000.00	$	644.90	$	4.09
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.03

3	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 1.25%, and 0.99% 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 October 31, 2008 of -35.51% and -35.51% for Class A and Class Y, respectively.

50   First American Funds 2008 Annual Report

International Fund

	Beginning Account		Ending Account
	Value (5/01/08)		Value (10/31/08)		Expenses Paid During Period1 (5/01/08 to 10/31/08)
Class A Actual2	$	1,000.00	$	604.90	$	6.01
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.56
Class B Actual2	$	1,000.00	$	603.20	$	9.03
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.88	$	11.34
Class C Actual2	$	1,000.00	$	603.10	$	9.03
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.88	$	11.34
Class R Actual2	$	1,000.00	$	604.20	$	7.02
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.39	$	8.82
Class Y Actual2	$	1,000.00	$	605.90	$	5.01
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.29

1	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended October 31, 2008 of -39.51%, -39.68%, -39.69%, -39.58%, and -39.41% for Class A, Class B, Class C, Class R, and Class Y, respectively.

International Select Fund

	Beginning Account		Ending Account
	Value (5/01/08)		Value (10/31/08)		Expenses Paid During Period3 (5/01/08 to 10/31/08)
Class A Actual4	$	1,000.00	$	601.30	$	6.00
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.56
Class B Actual4	$	1,000.00	$	598.30	$	9.00
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.88	$	11.34
Class C Actual4	$	1,000.00	$	598.30	$	9.00
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.88	$	11.34
Class R Actual4	$	1,000.00	$	600.00	$	7.00
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.39	$	8.82
Class Y Actual4	$	1,000.00	$	602.00	$	4.99
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.29

3	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 1.49%, 2.24%, 2.24%, 1.74%, and 1.24% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended October 31, 2008 of -39.87%, -40.17%, -40.17%, -40.00%, and -39.80% for Class A, Class B, Class C, Class R and Class Y, respectively.

First American Funds 2008 Annual Report   51

Expense Examples  

Large Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	718.10	$	5.18
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.09
Class B Actual2	$	1,000.00	$	715.10	$	8.41
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.33	$	9.88
Class C Actual2	$	1,000.00	$	715.30	$	8.41
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.33	$	9.88
Class R Actual2	$	1,000.00	$	716.80	$	6.26
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.35
Class Y Actual2	$	1,000.00	$	719.00	$	4.10
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.20%, 1.95%, 1.95%, 1.45%, and 0.95% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended October 31, 2008 of -28.19%, -28.49%, -28.47%, -28.32%, and -28.10% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Large Cap Select Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual4	$	1,000.00	$	666.40	$	5.11
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.19
Class B Actual4	$	1,000.00	$	664.10	$	8.24
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.23	$	9.98
Class C Actual4	$	1,000.00	$	664.10	$	8.24
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.23	$	9.98
Class R Actual4	$	1,000.00	$	665.80	$	6.16
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.46
Class Y Actual4	$	1,000.00	$	667.40	$	4.07
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.26	$	4.93

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, and 0.97% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended October 31, 2008 of -33.36%, -33.59%, -33.59%, -33.42%, and -33.26% for Class A, Class B, Class C, Class R, and Class Y, respectively.

52   First American Funds 2008 Annual Report

Large Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	710.80	$	5.16
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.09
Class B Actual2	$	1,000.00	$	707.90	$	8.37
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.33	$	9.88
Class C Actual2	$	1,000.00	$	708.00	$	8.37
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.33	$	9.88
Class R Actual2	$	1,000.00	$	710.10	$	6.23
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.35
Class Y Actual2	$	1,000.00	$	711.80	$	4.09
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.20%, 1.95%, 1.95%, 1.45%, and 0.95% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended October 31, 2008 of -28.92%, -29.21%, -29.20%, -28.99%, and -28.82% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Mid Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual4	$	1,000.00	$	639.40	$	5.07
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.24
Class B Actual4	$	1,000.00	$	637.00	$	8.15
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.18	$	10.03
Class C Actual4	$	1,000.00	$	637.10	$	8.15
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.18	$	10.03
Class R Actual4	$	1,000.00	$	638.70	$	6.10
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70	$	7.51
Class Y Actual4	$	1,000.00	$	640.40	$	4.04
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	4.98

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.48%, and 0.98% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended October 31, 2008 of -36.06%, -36.30%, -36.29%, -36.13%, and -35.96% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Annual Report   53

Expense Examples  

Mid Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	685.10	$	5.29
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.34
Class B Actual2	$	1,000.00	$	682.30	$	8.46
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.08	$	10.13
Class C Actual2	$	1,000.00	$	682.50	$	8.46
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.08	$	10.13
Class R Actual2	$	1,000.00	$	684.40	$	6.35
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.61
	��
Class Y Actual2	$	1,000.00	$	685.90	$	4.24
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.50%, and 1.00% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended October 31, 2008 of -31.49%, -31.77%, -31.75%, -31.56%, and -31.41% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Real Estate Securities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual4	$	1,000.00	$	663.00	$	5.14
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.24
Class B Actual4	$	1,000.00	$	660.60	$	8.26
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.18	$	10.03
Class C Actual4	$	1,000.00	$	660.30	$	8.26
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.18	$	10.03
Class R Actual4	$	1,000.00	$	662.00	$	6.22
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.56
Class Y Actual4	$	1,000.00	$	663.90	$	4.10
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	4.98

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.49%, and 0.98% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended October 31, 2008 of -33.70%, -33.94%, -33.97%, -33.80%, and -33.61% for Class A, Class B, Class C, Class R and Class Y, respectively.

54   First American Funds 2008 Annual Report

Small Cap Growth Opportunities Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	703.50	$	6.25
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.41
Class B Actual2	$	1,000.00	$	701.00	$	9.49
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.98	$	11.24
Class C Actual2	$	1,000.00	$	700.90	$	9.49
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.98	$	11.24
Class R Actual2	$	1,000.00	$	702.50	$	7.36
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.49	$	8.72
Class Y Actual2	$	1,000.00	$	704.20	$	5.23
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.19

1	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 1.46%, 2.22%, 2.22%, 1.72%, and 1.22% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended October 31, 2008 of -29.65%, -29.90%, -29.91%, -29.75%, and -29.58% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Select Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual4	$	1,000.00	$	752.50	$	5.59
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.44
Class B Actual4	$	1,000.00	$	749.40	$	8.88
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	10.23
Class C Actual4	$	1,000.00	$	749.50	$	8.88
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	10.23
Class R Actual4	$	1,000.00	$	751.20	$	6.69
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.71
Class Y Actual4	$	1,000.00	$	753.20	$	4.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.18

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.27%, 2.02%, 2.02%, 1.52%, and 1.02% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended October 31, 2008 of -24.75%, -25.06%, -25.05%, -24.88%, and -24.68% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Annual Report   55

Expense Examples  

Small Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	771.10	$	5.92
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.75
Class B Actual2	$	1,000.00	$	768.00	$	9.24
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.68	$	10.53	��
Class C Actual2	$	1,000.00	$	768.90	$	9.25
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.68	$	10.53
Class R Actual2	$	1,000.00	$	770.00	$	7.03
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.01
Class Y Actual2	$	1,000.00	$	771.90	$	4.81
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.33%, 2.08%, 2.08%, 1.58%, and 1.08% 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 October 31, 2008 of -22.89%, -23.20%, -23.11%, -23.00%, and -22.81% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small-Mid Cap Core Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual4	$	1,000.00	$	723.90	$	6.11
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	7.15
Class B Actual4	$	1,000.00	$	720.60	$	9.34
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.28	$	10.94
Class C Actual4	$	1,000.00	$	721.70	$	9.35
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.28	$	10.94
Class Y Actual4	$	1,000.00	$	724.50	$	5.03
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.89

3	Expenses are equal to the fund’s annualized expense ratio (including waivers) for the most recent six-month period of 1.41%, 2.16%, 2.16%, and 1.16% for Class A, Class B, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended October 31, 2008 of -27.61%, -27.94%, -27.83%, and -27.55% for Class A, Class B, Class C, and Class Y, respectively.

56   First American Funds 2008 Annual Report

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Balanced, Equity Income, Global Infrastructure, International, International Select, Large Cap Growth Opportunities, Large Cap Select, Large Cap Value, Mid Cap Growth Opportunities, Mid Cap Value, Real Estate Securities, Small Cap Growth Opportunities, Small Cap Select, Small Cap Value, and Small-Mid Cap Core Funds (series of First American Investment Funds, Inc.) (collectively, the “funds”) as of October 31, 2008, and the related statements of operations, statements of changes in net assets and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008 by correspondence with the custodians and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of the First American Investment Funds, Inc. at October 31, 2008, the results of their operations, changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 19, 2008

First American Funds 2008 Annual Report   57

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Balanced Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 49.6%
Consumer Discretionary – 7.9%
1-800-Flowers.com, Class A =		23,318	$	125
Advance Auto Parts		27,688		864
Amerigon = 6		4,554		22
ATC Technology = 6		4,313		95
Burger King Holdings		58,026		1,154
Christopher & Banks 6		9,672		50
Coinstar = 6		5,394		129
Comcast, Class A 6		111,071		1,750
Cooper Tire & Rubber 6		13,859		106
D.R. Horton 6		88,501		653
FGX International Holdings Limited =		4,190		46
Fossil = 6		3,461		63
Guess?		32,260		702
Home Depot 6		115,879		2,734
Interface, Class A		5,534		39
Interpublic Group of Companies = 6		134,589		698
Jos. A. Bank Clothiers = 6		1,871		48
McCormick & Schmick’s Seafood Restaurants =		2		—
McGraw-Hill 6		34,263		920
Omnicom Group		27,495		812
P.F. Chang’s China Bistro = 6		5,101		104
Scientific Games, Class A = 6		4,491		81
Skechers U.S.A., Class A =		7,254		98
Texas Roadhouse, Class A =		13,845		97
TJX		54,264		1,452
VF		15,538		856
VistaPrint = 6		739		13
WMS Industries = 6		4,323		108
				13,819
Consumer Staples – 2.9%
Chattem = 6		1,275		96
Hain Celestial Group = 6		5,465		127
Molson Coors Brewing, Class B		20,440		764
Pepsi Bottling Group		58,374		1,350
Procter & Gamble		23,675		1,528
Ralcorp Holdings = 6		970		66
Wal-Mart Stores		20,167		1,125
				5,056
Energy – 5.3%
Arena Resources = 6		1,184		36
Atwood Oceanics =		1,635		45
Cal Dive International =		3,693		31
Cameron International = 6		27,415		665
Chevron		13,463		1,004
Comstock Resources = 6		1,284		64
Edge Petroleum = 6		10,567		6
Exxon Mobil		39,700		2,943
Holly		3,018		59
Penn Virginia		1,093		41
Petroleum Development = 6		589		12
Plains Exploration & Production =		24,398		688
Tesoro 6		5,778		56
TETRA Technologies =		10,694		75
Weatherford International = 6		65,545		1,106
Williams		66,900		1,403
XTO Energy		29,370		1,056
				9,290
Financials – 8.4%
ACE		17,408		999
Affiliated Managers Group = 6		1,524		71
Astoria Financial		6,407		122
Bank of America		78,855		1,906
Bank of the Ozarks 6		4,469		136
BB&T 6		29,544		1,059
BioMed Realty Trust		3,855		54
Cullen/Frost Bankers		1,275		71
Delphi Financial Group, Class A		6,504		102
Digital Realty Trust – REIT 6		1,074		36
Dime Community Bancshares		7,362		123
HCC Insurance Holdings		2,316		51
Hudson City Bancorp		49,193		925
Independent Bank		2,824		81
Invesco		70,553		1,052
JPMorgan Chase		52,686		2,173
Kite Realty Group Trust – REIT		3,643		22
Knight Capital Group, Class A =		7,958		115
LaSalle Hotel Properties – REIT		3,097		44
MFA Mortgage Investments – REIT		18,462		102
Platinum Underwriters Holdings		3,998		127
State Street		29,239		1,267
TD Ameritrade =		73,450		976
Umpqua Holdings 6		2,641		45
Wells Fargo		66,511		2,265
Zions Bancorporation		23,090		880
				14,804
Healthcare – 7.8%
Abbott Laboratories		33,905		1,870
Acorda Therapeutics =		1,299		26
Alexion Pharmaceuticals = 6		912		37
Amedisys = 6		1,002		56
Amgen =		23,068		1,382
Arena Pharmaceuticals = 6		6,103		22
Array BioPharma =		7,424		37
Baxter International		25,371		1,535
BioMarin Pharmaceutical = 6		804		15
Bio-Reference Laboratories =		1,275		31
Celgene = 6		25,166		1,617
Dexcom = 6		12,115		55
eResearchTechnology =		4,281		28
Exelixis = 6		4,165		14
Gilead Sciences = 6		27,689		1,270
Hologic = 6		1,156		14
ICU Medical = 6		4,140		133
Immucor = 6		4,171		111
Invitrogen = 6		27,271		785
IPC The Hospitalist =		1,750		36
Isis Pharmaceuticals = 6		1,821		26
K-V Pharmaceutical, Class A = 6		7,925		135
Magellan Health Services =		712		26
Masimo =		1,259		40
Medco Health Solutions =		31,586		1,199
Medtronic		41,553		1,676
Myriad Genetics = 6		546		34
Onyx Pharmaceuticals =		557		15
OSI Pharmaceuticals = 6		560		21
Pediatrix Medical Group = 6		882		34
RTI Biologics =		6,689		20
Senomyx = 6		7,470		19
SonoSite = 6		3,279		69
Thermo Fisher Scientific =		28,735		1,167
Thoratec =		1,919		47
TranS1 = 6		5,556		35
United Therapeutics = 6		219		19
				13,656

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

58   First American Funds 2008 Annual Report

Balanced Fund (continued)
DESCRIPTION	SHARES		VALUE
Industrials – 5.1%
3M 6		23,887	$	1,536
Advisory Board =		3,989		98
Ameron International		845		40
AMETEK 6		2,256		75
BE Aerospace =		8,486		109
CBIZ = 6		6,234		51
Con-way		1,631		56
Emerson Electric		35,096		1,149
EnergySolutions		3,947		18
ESCO Technologies = 6		4,361		150
Forward Air 6		4,334		113
IDEX		3,215		75
Illinois Tool Works 6		40,992		1,369
Interline Brands = 6		6,012		64
Kaydon		532		18
Knight Transportation 6		5,166		82
MasTec =		12,200		106
Old Dominion Freight Line = 6		1,277		39
Raytheon 6		28,704		1,467
RBC Bearings = 6		1,172		28
Southwest Airlines 6		70,405		829
United Parcel Service, Class B 6		25,656		1,354
Waste Connections = 6		1,698		57
				8,883
Information Technology – 9.5%
Accenture, Class A		32,805		1,084
Activision Blizzard =		64,381		802
ADC Telecommunications = 6		17,095		108
Advanced Analogic Technologies =		32,621		98
Apple = 6		18,870		2,030
Bankrate = 6		404		13
Belden		2,349		49
BMC Software =		51,783		1,337
Cisco Systems =		112,888		2,006
Cognex 6		239		4
Commvault Systems =		3,858		41
DealerTrack Holdings = 6		8,107		87
Digital River = 6		1,294		32
Emulex =		11,568		110
F5 Networks =		3,848		96
Hewlett-Packard		82,982		3,177
Hittite Microwave =		1,469		48
MEMC Electronic Materials =		43,758		804
Netlogic Microsystems = 6		1,274		27
Omniture = 6		6,194		71
Oracle =		98,614		1,804
Plexus =		1,589		30
Polycom = 6		5,970		125
Power Integrations =		802		17
Progress Software =		5,556		128
QUALCOMM		11,528		441
Silicon Laboratories =		3,040		79
Symantec =		60,801		765
Tessera Technologies =		6,441		111
Texas Instruments		48,166		942
TTM Technologies = 6		6,376		46
VASCO Data Security International =		5,738		65
				16,577
Materials – 1.3%
Albemarle		3,986		97
AptarGroup		2,469		75
Pactiv =		84,622		1,994
Terra Industries		3,139		69
				2,235
Telecommunication Services – 1.4%
American Tower, Class A =		37,984		1,227
Cogent Communications Group = 6		6,095		29
General Communication, Class A = 6		3,916		30
Verizon Communications		42,334		1,256
				2,542
Utilities – 0.0%
NSTAR		2,004		66
Total Common Stocks (Cost $105,134)				86,928
Investment Companies – 2.3%
iShares MSCI EAFE Index Fund 6		76,600		3,418
iShares MSCI Emerging Markets Index Fund 6		23,400		596
Total Investment Companies (Cost $4,900)				4,014
Corporate Bonds – 18.8%
Banking – 4.8%
Bank of America
5.750%, 12/01/2017 6	$	390		336
8.000%, 12/29/2049 6 Δ		585		438
Citigroup
6.125%, 05/15/2018		530		454
6.875%, 03/05/2038 6		350		290
8.400%, 04/29/2049 Δ		1,395		970
Citigroup Capital XXI
8.300%, 12/21/2057 Δ		955		656
Fifth Third Bancorp
6.250%, 05/01/2013		445		386
HSBC Holdings
6.800%, 06/01/2038		530		437
JPMorgan Chase
Series 1
7.900%, 04/29/2049 Δ		710		575
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		570		399
Lloyds TSB Group
6.267%, 12/31/2049 Δ n		340		154
National City Preferred Capital Trust I
12.000%, 12/29/2049 Δ		300		273
PNC Financial Services
8.250%, 05/29/2049 Δ		440		363
UBS Preferred Funding Trust V
6.243%, 05/29/2049 Δ		545		326
Wachovia
5.750%, 06/15/2017		290		250
5.750%, 02/01/2018		135		118
7.980%, 02/28/2049 6 Δ		545		412
Wells Fargo
5.625%, 12/11/2017 6		250		221
Wells Fargo Capital X
5.950%, 12/15/2036		230		150
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 Δ		1,250		1,022
Wells Fargo Capital XV
9.750%, 12/29/2049 Δ		105		102
				8,332

First American Funds 2008 Annual Report   59

Balanced Fund (continued)
DESCRIPTION	PAR		VALUE
Basic Industry – 1.7%
Arcelormittal
6.125%, 06/01/2018 n	$	470	$	324
Braskem Finance
7.250%, 06/05/2018 n		405		289
Celulosa Arauco y Constitucion
5.625%, 04/20/2015		345		288
Evraz Group
8.250%, 11/10/2015 n		190		80
FMG Finance
10.000%, 09/01/2013 6 n		195		132
Freeport-McMoRan Copper & Gold
8.375%, 04/01/2017		350		275
Georgia-Pacific
7.125%, 01/15/2017 n		190		132
Griffin Coal Mining
9.500%, 12/01/2016 n		200		82
International Paper
8.700%, 06/15/2038		185		142
Noble Group Limited
6.625%, 03/17/2015 n		255		115
Nova Chemicals
6.500%, 01/15/2012		200		158
Rio Tinto Financial U.S.A.
6.500%, 07/15/2018		265		205
Southern Copper
7.500%, 07/27/2035		190		125
Teck Cominco Limited
6.125%, 10/01/2035		280		153
U.S. Steel
7.000%, 02/01/2018		335		231
Vale Overseas
6.250%, 01/11/2016		175		146
Vedanta Resources
9.500%, 07/18/2018 n		195		86
				2,963
Brokerage – 1.5%
Bear Stearns
7.250%, 02/01/2018		290		273
Goldman Sachs Capital II
5.793%, 12/29/2049 Δ		1,015		466
Goldman Sachs Group
6.750%, 10/01/2037		780		508
Merrill Lynch
5.450%, 02/05/2013		305		275
6.050%, 05/16/2016 6		340		275
Morgan Stanley
5.375%, 10/15/2015 6		440		344
Series MTN
6.625%, 04/01/2018		650		541
				2,682
Capital Goods – 0.1%
Siemens Financiering
6.125%, 08/17/2026 n		225		183
Communications – 1.1%
British Sky Broadcasting
6.100%, 02/15/2018 n		510		430
British Telecom
5.950%, 01/15/2018		450		356
Deutsche Telekom
6.750%, 08/20/2018 6		370		308
Embarq
7.082%, 06/01/2016		215		166
Time Warner Cable
7.300%, 07/01/2038 6		370		310
Verizon Communications
6.900%, 04/15/2038		475		397
				1,967
Consumer Cyclical – 0.8%
CVS Caremark
6.302%, 06/01/2037 Δ		340		238
Duty Free International
7.000%, 01/15/2004 ⊡ ª		588		—
Galaxy Entertainment
9.875%, 12/15/2012 6 n ¥		175		67
Home Depot
5.875%, 12/16/2036		270		161
Lippo Karawaci Finance
8.875%, 03/09/2011		175		80
Marfrig Overseas
9.625%, 11/16/2016 n		290		139
Viacom
6.875%, 04/30/2036		365		255
Whirlpool
Series MTN
5.500%, 03/01/2013		435		403
				1,343
Consumer Non Cyclical – 0.6%
AmerisourceBergen
5.625%, 09/15/2012		500		452
Constellation Brands
7.250%, 05/15/2017		300		249
Fisher Scientific International
6.750%, 08/15/2014		220		192
Smithfield Foods
7.000%, 08/01/2011		250		175
				1,068
Electric – 0.8%
Dynegy Holdings
7.750%, 06/01/2019		305		204
Energy Future Holdings
10.875%, 11/01/2017 n		205		158
ISA Capital Brasil
8.800%, 01/30/2017 n		180		130
Oncor Electric Delivery
7.000%, 05/01/2032		225		168
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 6 n		370		247
Transalta
6.650%, 05/15/2018		290		251
Virginia Electric Power
5.950%, 09/15/2017		240		207
				1,365
Energy – 1.1%
Lukoil International Finance
6.356%, 06/07/2017 n		120		66
6.656%, 06/07/2022 n		460		230
Mariner Energy
7.500%, 04/15/2013		270		186
Petro-Canada
6.800%, 05/15/2038		270		182
Pioneer Natural Resource
6.650%, 03/15/2017		290		218
Suncor Energy
6.100%, 06/01/2018		195		155

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

60   First American Funds 2008 Annual Report

Balanced Fund (continued)
DESCRIPTION	PAR		VALUE
Tengizchevroil Finance
6.124%, 11/15/2014 n	$	344	$	220
Tesoro
6.625%, 11/01/2015		375		255
Weatherford International
7.000%, 03/15/2038		145		107
Whiting Petroleum
7.000%, 02/01/2014		295		209
XTO Energy
6.375%, 06/15/2038		205		144
				1,972
Finance – 1.2%
American Express Credit Series C
7.300%, 08/20/2013		335		296
Capital One Financial
6.150%, 09/01/2016		400		243
CIT Group
5.650%, 02/13/2017		110		53
Credit Agricole
6.637%, 05/29/2049 Δ n		275		132
ILFC E-Capital Trust I
5.900%, 12/21/2065 Δ n		405		136
International Lease Finance
6.375%, 03/25/2013		305		199
Janus Capital Group
6.700%, 06/15/2017		305		193
Rockies Express Pipeline
7.500%, 07/15/2038 6 n		200		151
RSHB Capital
7.750%, 05/29/2018 n		250		157
SLM
Series MTN
5.400%, 10/25/2011		350		248
Transcapitalinvest
5.670%, 03/05/2014 n		640		371
				2,179
Insurance – 1.3%
Allied World Assurance
7.500%, 08/01/2016 6		565		465
American International Group
8.175%, 05/15/2058 Δ n		680		108
Chubb
5.750%, 05/15/2018		560		465
Genworth Financial
Series MTN
6.515%, 05/22/2018		325		158
Hartford Financial Services Group Series MTN
6.000%, 01/15/2019		415		288
Liberty Mutual Group
7.000%, 03/15/2037 Δ n		235		126
MetLife Capital Trust IV
7.875%, 12/15/2037 n		330		185
ZFS Finance USA Trust V
6.500%, 05/09/2037 Δ n		755		408
				2,203
Natural Gas – 0.4%
Enterprise Products
8.375%, 08/01/2066		180		134
Kinder Morgan Energy Partners Series MTN
6.950%, 01/15/2038		290		213
NGPL Pipeco
7.119%, 12/15/2017 n		230		187
Southern Union
7.200%, 11/01/2066 Δ		155		96
Transport De Gas Del Sur
7.875%, 05/14/2017 n		235		96
				726
Real Estate – 0.5%
Health Care Properties – REIT Series MTN
6.300%, 09/15/2016		710		532
iStar Financial – REIT
8.625%, 06/01/2013		235		92
Prologis 2006 – REIT
5.750%, 04/01/2016		600		317
				941
Sovereign – 1.2%
U.K. Government Treasury
5.250%, 06/07/2012 ¬	GBP	1,200		2,035
Technology – 1.6%
Amkor Technologies
9.250%, 06/01/2016	$	285		170
Celestica
7.875%, 07/01/2011		295		265
Chartered Semiconductor
6.375%, 08/03/2015		250		196
Computer Sciences
6.500%, 03/15/2018 n		340		264
First Data
9.875%, 09/24/2015		200		128
IBM
8.000%, 10/15/2038		175		182
Jabil Circuit
5.875%, 07/15/2010		680		613
LG Electronics
5.000%, 06/17/2010 n ¥		340		308
National Semiconductor
6.600%, 06/15/2017		475		408
NXP BV/NXP Funding
9.500%, 10/15/2015 6		180		61
Seagate Technology
6.375%, 10/01/2011		290		258
				2,853
Transportation – 0.1%
Erac USA Finance
6.375%, 10/15/2017 n		265		163
Total Corporate Bonds (Cost $45,649)				32,975
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 8.9%
Adjustable RateΔ – 3.4%
Citigroup Mortgage Loan Trust Series 2004-HYB4, Class HAII
5.346%, 10/25/2034		1,860		1,340
Series 2005-7, Class 2A1A
4.862%, 09/25/2035		520		443
Countrywide Home Loans Series 2006-HYB5, Class 3A1A
6.041%, 09/20/2036		1,165		692

First American Funds 2008 Annual Report   61

Balanced Fund (continued)
DESCRIPTION	PAR		VALUE
Harborview Mortgage Loan Trust Series 2007-4, Class 2A1
5.540%, 07/19/2047	$	1,013	$	502
JPMorgan Mortgage Trust Series 2004-A1, Class 3A1
5.090%, 02/25/2034		1,052		869
Series 2006-A7, Class 3A4
5.962%, 01/25/2037		413		310
Residential Funding Mortgage Securities I Series 2006-SA2, Class 4A1
5.891%, 08/25/2036		904		708
Structured Mortgage Loan Trust Series 2004-11, Class A
7.195%, 08/25/2034		29		29
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1
4.995%, 10/20/2035		394		366
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1
4.931%, 02/25/2033		105		99
Series 2006-AR1, Class 2A2
5.551%, 03/25/2036		838		702
				6,060
Fixed Rate – 5.5%
Banc of America Mortgage Securities Series 2003-6, Class 1A30
4.750%, 08/25/2033		585		572
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		338		307
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		206		188
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		266		234
Series 2006-19CB, Class A15
6.000%, 08/25/2036		336		271
Countrywide Home Loans Series 2007-17, Class 1A1
6.000%, 10/25/2037		1,179		919
Credit Suisse First Boston Mortgage Securities Series 2005-3, Class 5A1
5.500%, 07/25/2020		453		445
Deutsche Alt-A Securities Series 2006-AR5, Class 22A
5.500%, 10/25/2021		639		528
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7
6.500%, 01/25/2035		456		417
GSMPS Mortgage Loan Trust Series 2003-1, Class B1
6.948%, 03/25/2043		816		665
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1
5.500%, 08/25/2019		335		317
Master Alternative Loans Trust Series 2005-2, Class 1A3
6.500%, 03/25/2035		220		195
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
6.206%, 11/25/2034		291		245
Residential Accredit Loans Series 2006-QS4, Class A9
6.000%, 04/25/2036		1,059		841
Residential Asset Mortgage Products
Series 2004-SL4, Class A3
6.500%, 07/25/2032		197		170
Washington Mutual Pass-Through Certificates Series 2004-CB1, Class 1A
5.250%, 06/25/2019		556		544
Series 2007-2, Class 3A1
5.500%, 04/25/2022		580		497
Series 2004-RA3, Class 2A
6.609%, 08/25/2038		337		318
Wells Fargo Mortgage Backed Securities Trust Series 2004-7, Class 2A2
5.000%, 07/25/2019		1,196		1,110
Series 2007-13, Class A8
6.000%, 09/25/2037		950		788
Westam Mortgage Financial Series 11, Class A
6.360%, 08/26/2020 ¥		1		1
				9,572
Total Collateralized Mortgage Obligation — Private Mortgage-Backed Securities (Cost $18,971)				15,632
Asset-Backed Securities – 6.8%
Automotive – 0.5%
Hertz Vehicle Financing Series 2005-2A, Class A6
5.080%, 11/25/2011 n		935		865
Credit Cards – 0.5%
Citibank Credit Card Issuance Trust Series 2006-A4, Class A4
5.450%, 05/10/2013		805		754
Discover Card Master Trust Series 2007-A1, Class A1
5.650%, 03/16/2020		275		196
				950
Home Equity – 0.0%
Saxon Asset Securities Trust Series 2004-1, Class A
1.361%, 03/25/2035 Δ ¥		4		3
Other – 5.8%
Banc of America Commercial Mortgage Series 2004-5, Class A3
4.561%, 11/10/2041		710		645
Series 2006-2, Class A4
5.741%, 05/10/2045 Δ		340		270
Bear Stearns Commercial Mortgage Securities Series 2007-T28, Class D
5.992%, 09/11/2042  n		270		95
Series 2007-PW18, Class AJ
6.413%, 06/11/2050 Δ		295		164
Citigroup Commercial Mortgage Trust Series 2008-C7, Class AJ
6.096%, 12/10/2049 Δ		355		196
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class A2B
5.205%, 12/11/2049		230		201
Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		585		539
Series 2004-RS1, Class A
4.018%, 03/03/2041 n ¥		414		333

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

62   First American Funds 2008 Annual Report

Balanced Fund (continued)
DESCRIPTION	PAR		VALUE
Crown Castle Towers Series 2005-1A, Class B
4.878%, 06/15/2035 n	$	630	$	597
GE Capital Commercial Mortgage Corporation Series 2005-C3, Class A2
4.853%, 07/10/2045		725		688
Global Signal Trust Series 2004-2A, Class A
4.232%, 12/15/2014 n		750		733
Greenwich Capital Commercial Funding Series 2003-C1, Class A2
3.285%, 07/05/2035		903		854
GS Mortgage Securities II Series 2006-GG8, Class A2
5.479%, 11/10/2039		500		450
Series 2007-GG10, Class A4
5.993%, 08/10/2045 Δ		310		233
Series 2006-RR2, Class A1
5.816%, 06/23/2046 Δ n ¥		359		144
JPMorgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class B
5.334%, 12/15/2044 Δ		245		158
Series 2007-CB20, Class AJ
6.099%, 02/12/2051 Δ		320		178
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2
3.086%, 05/15/2027		46		46
Series 2005-C7, Class A2
5.103%, 11/15/2030		800		752
Series 2008-C1, Class AJ
6.150%, 04/15/2041		200		109
Series 2007-C7, Class AM
6.374%, 09/15/2045 Δ		370		230
Merrill Lynch Mortgage Trust Series 2005-CIP1, Class C
5.128%, 07/12/2038 Δ		265		168
Series 2005-LC1, Class AM
5.264%, 01/12/2044 Δ		490		335
Series 2008-C1, Class A4
5.690%, 02/12/2051		120		89
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-8, Class AM
5.957%, 08/12/2049 Δ		645		399
Morgan Stanley Capital I Series 2005-HQ6, Class B
5.152%, 08/13/2042 Δ		115		74
Series 2005-HQ6, Class C
5.172%, 08/13/2042 Δ		110		71
Morgan Stanley Dean Witter Capital I Series 2002-TOP7, Class A2
5.980%, 01/15/2039		1,025		956
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class AJ
5.952%, 05/15/2046 Δ		430		236
Series 2007-C33, Class AJ
6.100%, 02/15/2051 Δ		420		231
				10,174
Total Asset-Backed Securities (Cost $14,614)				11,992
U.S. Government Agency Mortgage-Backed Securities – 5.7%
Adjustable Rate Δ – 0.9%
Federal Home Loan Mortgage Corporation Pool
5.771%, 07/01/2036, #1K1238 6		816		821
Federal National Mortgage Association Pool
6.164%, 04/01/2018, #070009		26		27
5.262%, 11/01/2034, #735054 6		653		653
				1,501
Fixed Rate – 4.8%
Federal Home Loan Mortgage Corporation Pool
5.500%, 03/01/2013, #E00546		57		57
4.500%, 05/01/2018, #P10032 6		310		303
6.500%, 11/01/2028, #C00676		360		368
7.000%, 12/01/2029, #G01091		68		70
6.500%, 07/01/2031, #A17212 6		215		219
6.000%, 05/01/2032, #C01361		85		86
7.000%, 08/01/2037, #H09059 6		734		742
Federal National Mortgage Association Pool
6.000%, 09/01/2017, #653368		144		145
4.500%, 06/01/2019, #045181		256		245
6.000%, 10/01/2022, #254513 6		323		325
7.000%, 04/01/2029, #323681		72		75
6.500%, 12/01/2031, #254169 6		240		243
6.000%, 04/01/2032, #745101 6		644		646
6.500%, 05/01/2032, #640032		546		558
7.000%, 07/01/2032, #545815		132		137
6.000%, 09/01/2032, #254447 6		274		275
5.500%, 06/01/2033, #843435		366		359
5.000%, 09/01/2033, #713735		188		179
6.000%, 11/01/2033, #772130		153		153
6.000%, 11/01/2033, #772256		175		175
5.500%, 04/01/2034, #725424		345		338
6.500%, 06/01/2034, #735273 6		573		584
6.500%, 04/01/2036, #852909		505		512
6.500%, 07/01/2036, #831683 6		511		518
6.500%, 08/01/2036, #893318 6		451		458
6.000%, 09/01/2037, #256890 6		534		526
Government National Mortgage Association Pool
6.500%, 10/20/2010, #002108		2		2
7.500%, 06/15/2027, #447728		4		5
7.500%, 09/15/2027, #455516		6		7
7.000%, 04/15/2029, #506639		143		147
				8,457
Total U.S. Government Agency Mortgage-Backed Securities (Cost $10,043)				9,958
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.9%
Fixed Rate – 1.9%
Federal Home Loan Mortgage Corporation Series 2763, Class TA
4.000%, 03/15/2011		430		434
Series 85, Class C
8.600%, 01/15/2021		63		67
Series 1136, Class H
6.000%, 09/15/2021		43		44
Federal National Mortgage Association Series 1989-2, Class D
8.800%, 01/25/2019		4		4

First American Funds 2008 Annual Report   63

Balanced Fund (continued)
DESCRIPTION	PAR/SHARES/CONTRACTS		VALUE
Series 1989-37, Class G
8.000%, 07/25/2019	$	64	$	69
Series 1990-30, Class E
6.500%, 03/25/2020		25		26
Series 1990-63, Class H
9.500%, 06/25/2020		13		14
Series 1990-89, Class K
6.500%, 07/25/2020		3		3
Series 1990-105, Class J
6.500%, 09/25/2020		40		42
Series 2005-44, Class PC
5.000%, 11/25/2027		1,139		1,144
Series 2003-81, Class MB
5.000%, 05/25/2029		960		964
Series 2005-62, Class JE
5.000%, 06/25/2035		616		604
Government National Mortgage Association Series 3, Class F
6.500%, 06/17/2020		5		5
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $3,384)				3,420
Preferred Stocks – 0.2%
Brokerage – 0.2%
Merrill Lynch		13,700		281
Sovereign – 0.0%
Fannie Mae 6		28,000		59
Total Preferred Stocks (Cost $1,043)				340
Options Purchased – 0.0%
Call Options Purchased – 0.0%
Euro Bund Futures December 2008 Futures Call Expires 11/21/2008
Exercise Price: $117.00		7		6
Euro Bund Futures December 2008 Futures Call Expires 11/21/2008		14		7
Exercise Price: $117.50
Total Purchased Options (Cost $13)				13
Short-Term Investments – 5.4%
Money Market Fund – 4.1%
First American Prime Obligations Fund, Class Z Å		7,230,226		7,230
U.S. Treasury Obligations – 1.3%
U.S. Treasury Bills o
1.640%, 11/20/2008	$	425		425
2.130%, 12/18/2008		600		598
0.288%, 01/22/2009		295		295
0.425%, 01/29/2009		40		40
0.799%, 04/02/2009		910		907
0.815%, 04/09/2009		70		70
				2,335
Total Short-Term Investments (Cost $9,563)				9,565
Investment Purchased with Proceeds from Securities Lending – 20.1%
Mount Vernon Securities Lending Prime Portfolio† (Cost $35,199)		35,198,700	$	35,199
Total Investments – 119.7% (Cost $248,513)				210,036
Other Assets and Liabilities, Net – (19.7)%				(34,631	)
Total Net Assets – 100.0%			$	175,405

=	Non-income producing security.
6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a value of $34,439 at October 31, 2008. See note 2 in Notes to Financial Statements.
Δ	Variable Rate Security – The rate shown is the rate in effect as of October 31, 2008.
n	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.” As of October 31, 2008, the value of these investments was $9,362 or 5.3% of total net assets. See note 2 in Notes to Financial Statements.
¥	Security is illiquid. As of October 31, 2008, the value of these investments are $856 or 0.5% of total net assets. See note 2 in Notes to Financial Statements.
⊡	Security is fair valued and illiquid. As of October 31, 2008, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
ª	Security is in default at October 31, 2008.
¬	Foreign denominated security values are stated in U.S. dollars. Principal amounts are U.S. dollars unless otherwise noted.
Å	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.
o	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of October 31, 2008. See note 2 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

GBP –  Great Britain Pound

REIT –  Real Estate Investment Trust

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

64   First American Funds 2008 Annual Report

Balanced Fund (continued)
Schedule of Open Futures Contracts
	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
Australian Dollar Currency Futures		5		$	333		December 2008	$	(11	)
British Pounds Currency Futures		(20	)		(2,013	)	December 2008		67
Canadian Dollar Currency Futures		23			1,915		December 2008		(214	)
Euro Bund Futures		25			3,694		December 2008		52
Euro Currency Futures		8			1,274		December 2008		(9	)
Eurodollar 90 Day Futures		27			26,232		December 2009		24
Japanese Yen Currency Futures		(16	)		(2,028	)	December 2008		30
S&P 500 Futures		14			3,386		December 2008		(724	)
Swiss Franc Currency Futures		18			1,949		December 2008		(106	)
U.S. Treasury 2 Year Note Futures		(98	)		(21,053	)	December 2008		(82	)
U.S. Treasury 5 Year Note Futures		(39	)		(4,417	)	December 2008		20
U.S. Treasury 10 Year Note Futures		65			7,350		December 2008		(177	)
U.S. Treasury Long Bond Futures		(36	)		(4,073	)	December 2008		227
								$	(903	)

Credit Default Swap Agreements

				Pay/						Unrealized
	Reference	Buy/Sell		Receive		Expiration		Notional		Appreciation
Counterparty	Entity	Protection		Fixed Rate		Date		Amount		(Depreciation)
Credit Suisse First Boston	Dow Jones CDX IG11 Index		Sell		1.500%		12/20/2013	$	4,200	$	(39	)
Deutsche Bank	Dow Jones CDX HVOL11 Index		Sell		3.850%		12/20/2013		4,100		(55	)
Deutsche Bank	Dow Jones CDX IG11 Index		Sell		1.500%		12/20/2013		6,600		(61	)
JPMorgan	Deutsche Bank AG		Buy		0.525%		09/20/2012		600		19
JPMorgan	Dow Jones CDX HVOL11 Index		Sell		3.850%		12/20/2013		1,400		(22	)
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index		Sell		6.500%		06/20/2013		3,700		(761	)
UBS	Dow Jones iTraxx Asia ex-Japan Index		Sell		6.500%		06/20/2013		1,200		(256	)
UBS	Dow Jones CDX IG11 Index		Sell		1.500%		12/20/2013		900		(9	)
UBS	Markit ABX AAA071 Index		Sell		0.090%		08/25/2037		650		(19	)
UBS	Korea Government Investment Bond		Buy		1.050%		09/20/2015		300		41
										$	(1,162	)

Balanced Fund (concluded)

Interest Rate Swap Agreements

Pay/

Floating

Receive

Unrealized

Rate

Floating

Fixed

Expiration

Notional

Appreciation

Counterparty

Index

Rate

Rate

Date

Amount

(Depreciation)

JPMorgan

3-Month LIBOR

Pay

4.135%

09/24/2013

$

2,000

$

27

JPMorgan

3-Month LIBOR

Pay

3.612%

09/19/2013

2,000

(19

)

UBS

3-Month LIBOR

Pay

4.070%

09/25/2013

1,000

10

UBS

3-Month LIBOR

Pay

2.795%

04/18/2010

3,000

(2

)

UBS

3-Month LIBOR

Pay

3.343%

07/18/2010

6,000

53

$

69

First American Funds 2008 Annual Report   65

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Equity Income Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.6%
Consumer Discretionary – 6.9%
Home Depot 6		468,022	$	11,041
McDonald’s 6		355,665		20,604
Time Warner 6		363,555		3,668
Yum! Brands 6		425,200		12,335
				47,648
Consumer Staples – 10.9%
Altria Group 6		332,471		6,380
General Mills 6		210,116		14,233
Kraft Foods, Class A 6		211,613		6,167
Philip Morris International 6		332,471		14,453
Procter & Gamble		181,408		11,708
Wal-Mart Stores 6		401,171		22,389
				75,330
Energy – 15.8%
BP – ADR 6		412,674		20,510
Chevron		352,577		26,302
ConocoPhillips		397,988		20,703
Enerplus Resources Fund		56,143		1,500
Exterran Partners		300,168		4,514
Exxon Mobil		389,224		28,849
Williams 6		304,893		6,394
				108,772
Financials – 14.8%
AFLAC 6		163,992		7,262
AllianceBernstein Holding		421,846		9,888
Annaly Capital Management – REIT 6		473,883		6,587
Bank of America 6		490,859		11,864
Barclays – ADR 6		102,020		1,099
BB&T 6		312,226		11,193
BlackRock 6		44,537		5,849
Citigroup		1,116,431		15,239
Goldman Sachs Group 6		81,983		7,583
ICICI Bank – ADR		120,481		2,059
Prudential Financial 6		44,822		1,345
TCF Financial		733,541		13,013
Travelers		212,383		9,037
				102,018
Healthcare – 11.4%
Abbott Laboratories 6		517,478		28,539
Allergan		49,222		1,953
Bristol-Myers Squibb 6		668,755		13,743
Johnson & Johnson 6		350,238		21,483
Medtronic 6		194,497		7,844
Pfizer		277,791		4,920
				78,482
Industrials – 8.8%
3M 6		163,737		10,528
Emerson Electric 6		450,766		14,754
General Dynamics		179,817		10,847
General Electric 6		665,323		12,980
United Parcel Service, Class B 6		219,672		11,594
				60,703
Information Technology – 14.0%
CA 6		695,624		12,382
Hewlett-Packard 6		271,473		10,392
IBM		121,759		11,320
Intel		710,642		11,370
Intersil, Class A		347,681		4,760
MasterCard, Class A 6		22,339		3,302
Maxim Integrated Products 6		330,571		4,496
Microsoft 6		768,936		17,170
QUALCOMM		387,742		14,835
Texas Instruments		325,248		6,362
				96,389
Materials – 4.6%
E.I. Du Pont de Nemours		460,487		14,736
Praxair 6		256,628		16,719
				31,455
Telecommunication Services – 5.9%
AT&T 6		594,940		15,927
FairPoint Communications 6		1,335,635		5,316
Verizon Communications 6		445,787		13,226
Windstream		871,379		6,544
				41,013
Utilities – 4.5%
Duke Energy		273,976		4,488
PNM Resources		672,213		6,554
Westar Energy 6		568,065		11,072
Xcel Energy 6		511,554		8,911
				31,025
Total Common Stocks (Cost $625,300)				672,835
Short-Term Investment – 1.5%
First American Prime Obligations Fund, Class Z Å
(Cost $10,644)		10,643,722		10,644
Investment Purchased with Proceeds from Securities Lending – 34.1%
Mount Vernon Securities Lending Prime Portfolio †   (Cost $234,846)		234,845,523		234,846
Total Investments – 133.2% (Cost $870,790)				918,325
Other Assets and Liabilities, Net – (33.2)%				(229,066	)
Total Net Assets – 100.0%			$	689,259

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a value of $230,352 at October 31, 2008. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR –  American Depository Receipt

REIT –  Real Estate Investment Trust

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

66   First American Funds 2008 Annual Report

Global Infrastructure Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 95.4%
Australia – 7.6%
Ausnet		757,174	$	558
DUET Group		120,136		192
Macquarie Airports		119,564		170
Macquarie Infrastructure Group		47,000		62
Spark Infrastructure Group		330,000		322
Transurban Group		88,689		318
				1,622
Austria – 0.4%
Oesterreichische Post		2,849		83
Belgium – 1.6%
Elia System Operator		11,142		349
Brazil – 0.7%
Companhia de Transmissao Energia Electrica Paulista =		5,174		98
Santos Brasil Participacoes =		12,000		54
				152
Canada – 10.4%
Boralex, Class A =		29,947		180
Brookfield Asset Management, Class A		4,681		84
Enbridge		19,271		667
TransCanada		2,000		61
TransCanada		38,282		1,160
Westshore Terminals Income Fund		5,566		51
				2,203
China – 0.5%
Dalian Port, Class H		466,000		106
Denmark – 0.4%
AP Moller – Maersk, Class B		16		92
Finland – 0.5%
Fortum Oyj		4,243		104
France – 7.0%
Areva		15		8
Electricite de France		872		52
Eutelsat Communications		7,836		168
GDF Suez – ADR =		719		31
GDF Suez		6,862		305
Rubis		2,000		111
SES		8,000		144
Societe des Autoroutes Paris-Rhin-Rhone		9,000		585
Suez Environnement =		1,211		23
Vinci		1,500		54
				1,481
Germany – 5.0%
E.ON		9,113		349
Eurokai KGaA		1,258		38
Fraport		8,500		271
Hamburger Hafen und Logistik		4,806		161
RWE		3,000		250
				1,069
Great Britain – 5.4%
Centrica		45,858		225
National Grid – ADR		10,138		580
Scottish & Southern Energy		6,000		118
Serco Group		37,923		226
				1,149
Hong Kong – 4.2%
Cheung Kong Infrastructure Holdings		45,000		165
China Water Affairs Group =		104,000		11
CLP Holdings		21,192		143
Guangdong Investment		948,000		290
Hutchison Whampoa		10,000		54
MTR		77,570		172
NWS		53,000		55
				890
Italy – 5.6%
Atlantia		26,514		485
Snam Rete Gas		77,255		391
Terna		99,492		321
				1,197
Japan – 4.1%
East Japan Railway		74		526
Japan Airport Terminal		1,550		19
Mitsubishi Logistics		242		2
Tokyo Electric Power Company		9,063		257
Tokyo Gas Company		16,000		69
				873
Mexico – 1.0%
Grupo Aeroportuario del Sureste – ADR		6,528		211
Netherlands – 1.0%
Koninklijke Vopak		6,245		203
New Zealand – 0.8%
Auckland International Airport		45,390		49
Port of Tauranga		16,696		64
Vector		50,000		60
				173
Norway – 1.0%
Hafslund, Class B		19,820		202
Portugal – 0.6%
Redes Energeticas Nacionais =		38,814		126
Russia – 0.0%
TGK-11 = ¥		139,193		—
Singapore – 5.1%
Cityspring Infrastructure		27,000		10
Hyflux		102,000		110
Hyflux Water Trust		421,000		98
Parkway Life – REIT		110,468		56
Singapore Post		986,835		473
SMRT		323,000		340
				1,087
Spain – 6.4%
Abertis Infraestructuras		28,467		489
Cintra Concesiones de Infraestructuras de Transporte		1,837		16
Enagas		7,706		151
Iberdrola		41,811		303
Red Electrica de Espana		9,019		395
				1,354
Switzerland – 2.4%
BKW FMB Energie		1,537		139
Flughafen Zuerich		1,393		371
				510
United Kingdom – 1.3%
United Utilities Group		24,879		281
United States – 22.4%
American Tower, Class A =		4,301		139
CenterPoint Energy		15,980		184
Corrections Corporation of America =		15,295		292

First American Funds 2008 Annual Report   67

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Global Infrastructure Fund (concluded)
DESCRIPTION	SHARES		VALUE
Covanta Holding =		10,650	$	230
Digital Realty Trust – REIT		13,214		442
El Paso		8,899		86
Enbridge Energy Management =		892		34
Exelon		1,896		103
FPL Group		3,073		145
Great Lakes Dredge & Dock		4,147		19
ITC Holdings		8,165		331
Kinder Morgan Management =		3,459		173
Northeast Utilities		27,814		627
NSTAR		17,000		562
ONEOK		1,412		45
Quanta Services =		8,159		161
Sempra Energy		3,668		156
Skilled Healthcare Group, Class A =		9,340		115
Southern Union		750		13
Southwest Water		17,387		139
Spectra Energy		16,602		321
WGL Holdings		2,983		96
Williams		1,717		36
Wisconsin Energy		6,983		304
				4,753
Total Common Stocks (Cost $24,926)				20,270
Short-Term Investment – 3.5%
State Street GA Prime Fund (Cost $732)		732,135		732
Total Investments – 98.9% (Cost $25,658)				21,002
Other Assets and Liabilities, Net – 1.1%				241
Total Net Assets – 100.0%			$	21,243

l	Non-income producing security.
¥	Security is illiquid. As of October 31, 2008, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

At October 31, 2008, sector diversification of the fund was as follows:

	% of
Foreign Common Stock	Net Assets			Value
Utilities*		44.3	%	$	9,415
Industrials*		31.2			6,620
Energy		13.0			2,763
Financials		3.6			756
Consumer Discretionary		1.9			406
Healthcare		0.8			171
Telecommunication Services		0.6			139
Total Foreign Common Stock		95.4			20,270
Total Short-Term Investments		3.5			732
Total Investments		98.8			21,002
Other Assets and Liabilities, Net		1.1			241
Net Assets		100	%	$	21,243

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

International Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 84.2%
Australia – 1.7%
BHP Billiton		543,276	$	10,437
Rio Tinto		28,252		1,462
				11,899
Belgium – 0.1%
Dexia		119,266		634
Brazil – 1.5%
Companhia Vale do Rio Doce – ADR		388,807		5,101
Petroleo Brasileiro – ADR		209,019		5,621
				10,722
Finland – 1.4%
Nokia Oyj		638,155		9,775
France – 12.1%
Accor		129,807		5,050
Axa		435,969		8,329
BNP Paribas		146,839		10,602
Compagnie de Saint-Gobain		97,075		3,746
GDF Suez		105,886		4,713
Imerys 6		100,427		4,572
Lafarge		89,769		5,934
Pernod-Ricard		108,802		7,085
Sanofi-Aventis		108,404		6,868
Suez Environment =		33,022		631
Total		465,601		25,614
				83,144
Germany – 7.3%
Bayer		155,492		8,697
Deutsche Post		241,536		2,645
E.ON		358,589		13,724
Linde		59,373		4,994
RWE		43,000		3,576
SAP		155,637		5,494
Siemens		129,028		7,751
Symrise =		283,626		3,447
				50,328
Great Britain – 12.2%
BG Group		643,428		9,461
British Land		308,116		3,072
Centrica		868,832		4,269
GlaxoSmithKline		575,477		11,063
ICAP		1,053,738		5,251
Morrison Supermarket		1,585,528		6,751
Royal Dutch Shell, Class A		1		—
Standard Chartered		572,672		9,465
Tesco		2,290,464		12,550
Vodafone		8,062,866		15,511
WPP Group		1,079,257		6,456
				83,849
Greece – 0.4%
Piraeus Bank		221,585		2,811
Hong Kong – 4.5%
China Mobile		369,500		3,253
Esprit Holdings		898,900		5,108
Hang Lung Properties		1,445,000		3,431
HSBC		1,627,200		19,369
				31,161
Israel – 1.1%
Teva Pharmaceutical Industries – ADR		170,120		7,295

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

68   First American Funds 2008 Annual Report

International Fund (continued)
DESCRIPTION	SHARES		VALUE
Italy – 3.7%
Banca Intesa		2,029,915	$	7,429
Eni		575,104		13,727
UniCredit		1,934,750		4,736
				25,892
Japan – 17.8%
Astellas Pharma		220,000		8,861
Canon		300,400		10,512
Daikin Industries		104,500		2,350
East Japan Railway		684		4,867
Honda Motor		422,700		10,511
Japan Tobacco		2,630		9,330
KOMATSU		484,700		5,329
Mitsubishi		448,500		7,518
Mitsubishi UFJ Financial Group		650,900		4,090
Mitsui Fudosan		271,000		4,727
Murata Manufacturing		190,000		6,548
Nidec		113,700		6,115
Nintendo		20,000		6,426
Nippon Oil		925		4
Nomura Holdings		270,400		2,562
Shin-Etsu Chemical		193,600		10,291
SMC		55,600		5,249
Sony		287,700		6,819
Sumitomo		741,100		6,520
Sumitomo Mitsui Financial Group		1,125		4,510
				123,139
Mexico – 0.9%
America Movil, Series L – ADR		94,193		2,914
Fomento Economico Mexicano – ADR		123,067		3,112
				6,026
Netherlands – 2.5%
ING Group		383,693		3,599
Philips Electronics		233,350		4,312
Reed Elsevier		392,097		5,241
Wolters Kluwer		229,202		4,057
				17,209
Norway – 0.3%
Norsk Hydro		460,493		1,924
South Korea – 0.7%
Samsung Electronics		10,830		4,566
Spain – 3.6%
Banco Bilbano Vizcaya Argentaria		573,966		6,662
Industria de Diseno Textil		181,908		6,149
Telefonica		641,277		11,873
				24,684
Sweden – 0.3%
Atlas Copco, Class A =		276,410		2,318
Switzerland – 11.1%
ABB		619,024		8,122
Adecco		146,780		5,106
Holcim		115,689		6,571
Nestle		504,890		19,634
Novartis		283,405		14,385
Roche		96,420		14,745
Zurich Financial Services		39,522		8,019
				76,582
International Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Taiwan – 1.0%
Taiwan Semiconductor Manufacturing – ADR		802,793	$	6,631
Total Common Stocks (Cost $669,148)				580,589
Short-Term Investments – 15.7%
Money Market Fund – 13.0%
State Street GA Prime Fund		89,204,936		89,205
U.S. Treasury Obligation – 2.7%
U.S. Treasury Bill
0.740%, 12/18/2008 o	$	18,900		18,882
Total Short-Term Investments (Cost $108,087)				108,087
Investment Purchased with Proceeds from Securities Lending – 0.0%
State Street Navigator Prime Fund †
(Cost $321)		320,627		321
Total Investments – 99.9%
(Cost $777,556)				688,997
Other Assets and Liabilities, Net – 0.1%				354
Total Net Assets – 100.0%			$	689,351

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $294 at October 31, 2008.
l	Non-income producing security.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2008.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested as noted in the schedule above.

ADR –  American Depository Receipt

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
Dow Jones Euro STOXX 50 Futures		(621	)	$	(20,516	)	December 2008	$	(921	)
E-Mini Emerging Markets Index Futures		(1,381	)		(40,035	)	December 2008		(5,171	)
E-Mini MSCI EAFE Futures		360			22,946		December 2008		899
Hang Seng Index Futures		38			3,415		November 2008		287
Financial Times Index 100 Futures		519			36,571		December 2008		(3,610	)
Nikkei 225 Futures		896			40,029		December 2008		(8,974	)
S&P 500 Futures		96			23,215		December 2008		631
S&P TSE 60 Futures		65			6,375		December 2008		84
								$	(16,775	)

First American Funds 2008 Annual Report   69

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

International Fund (concluded)

At October 31, 2008, sector diversification of the fund sector was as follows:

	% of
	Net Assets			Value
Foreign Common Stock
Financials		15.8	%	$	109,297
Healthcare		9.2			63,217
Industrials		8.9			61,522
Energy		8.8			60,620
Consumer Staples		8.5			58,462
Materials		8.4			58,060
Consumer Discretionary		8.3			57,149
Information Technology		8.1			56,067
Telecommunication Services		4.9			33,551
Utilities		3.3			22,644
Total Foreign Common Stock		84.2			580,589
Total Short-Term Investments		15.7			108,087
Total Investment Purchased with Proceeds from Securities Lending		0.0			321
Total Investments		99.9			688,997
Other Assets and Liabilities, Net		0.1			354
Net Assets		100	%	$	689,351

International Fund (concluded)

International Select Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 85.2%
Argentina – 0.2%
Tenaris – ADR 6		30,300	$	624
Australia – 1.6%
BHP Billiton		71,873		1,381
National Australia Bank 6		40,930		664
Rio Tinto		21,462		1,110
Woodside Petroleum		30,528		863
				4,018
Austria – 0.4%
Erste Bank der Oesterreichischen Sparkassen 6		34,974		932
Bahrain – 0.0%
Investcorp Bank – ADR =		12,100		130
Brazil – 3.8%
AES Tiete		54,014		334
Banco do Brasil		110,900		756
Banco Itau Holding Financeira – ADR 6		88,131		975
Cia Vale do Rio Doce		78,000		915
Companhia de Concessoes Rodoviarias		46,100		455
Companhia Energetica De Minas =		4,197		64
Companhia Vale do Rio Doce – ADR 6		99,183		1,301
Empresa Brasileira de Aeronautica – ADR 6		24,000		502
Iochpe Maxion =		23,317		137
JHSF Participacoes =		134,800		125
Klabin		121,400		198
Petroleo Brasileiro – ADR		54,688		1,471
Redecard		90,130		998
Souza Cruz		33,999		628
Suzano Papel e Celulose		52,410		319
Tam – ADR 6		37,700		399
				9,577
Canada – 2.6%
Cameco 6		97,259		1,578
First Quantum Minerals 6		7,700		162
Manulife Financial		85,438		1,716
Patheon =		64,460		106
Rogers Communications – Class B =		74,718		2,169
Suncor Energy		40,175		961
				6,692
China – 1.5%
China Communications Construction		1,288,000		912
China Merchants Bank		577,500		885
Focus Media Holdings – ADR 6 =		92,769		1,719
Shougang Concord International Enterprises		1,790,000		148
				3,664
Denmark – 0.5%
Vestas Wind Systems =		31,973		1,310
Egypt – 0.5%
Eastern Tobacco		8,765		339
Mobinil		20,165		395
Orascom Construction Industries =		9,811		328
Orascom Telecom Holdings =		39,283		228
				1,290
Finland – 0.4%
Nokia Oyj		72,601		1,112
France – 7.7%
Alcatel-Lucent – ADR 6 =		59,288		152
BNP Paribas		7,050		509
Carrefour 6		64,984		2,745
Electricite de France		23,713		1,425
Groupe Danone 6		23,220		1,293

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

70   First American Funds 2008 Annual Report

International Select Fund (continued)
DESCRIPTION	SHARES		VALUE
Iliad 6		23,981	$	1,897
L’oreal		17,618		1,334
LVMH Moet Hennessy Louis Vuitton 6		13,749		915
Sanofi-Aventis 6		35,960		2,278
Thales		32,700		1,312
Total 6		48,290		2,657
Vivendi Universal 6		112,210		2,933
				19,450
Germany – 6.0%
Adidas		23,073		790
Allianz		12,722		957
BASF		13,110		440
Deutsche Boerse		19,999		1,572
Deutsche Telekom		103,880		1,542
E.ON		41,395		1,584
Henkel KGAA 6		60,891		1,741
Metro		26,780		851
SAP 6		42,490		1,500
SAP – ADR		30,283		1,070
Siemens		13,061		785
Symrise		116,311		1,414
Wacker Chemie		8,712		948
				15,194
Great Britain – 13.0%
ARM Holdings 6		705,489		1,100
Autonomy =		121,111		1,920
BAE Systems		129,680		729
Benfield Group		219,248		1,204
BG Group		67,984		1,000
BP – ADR 6		50,360		2,503
British Sky Broadcasting Group		139,458		849
Cadbury		229,188		2,105
Dawnay Day Treveria =		695,980		74
Diageo		142,330		2,172
Experian Group		393,406		2,169
GlaxoSmithKline		156,090		3,001
ICAP		203,029		1,012
Kingfisher		235,680		435
Prudential		248,997		1,251
Scottish & Southern Energy		64,673		1,268
Smith & Nephew		150,948		1,382
Standard Chartered		98,713		1,631
Tesco		237,896		1,303
Vedanta Resources 6		88,464		1,225
Vodafone Group – ADR 6		138,550		2,670
WPP Group		313,240		1,874
				32,877
Hong Kong – 2.2%
Agile Property		3,042,000		1,011
Cheung Kong Holdings		89,490		859
Esprit Holdings		309,400		1,758
Foxconn International Holdings =		2,588,000		953
Li & Fung		444,000		891
				5,472
Hungary – 0.1%
OTP Bank 6 =		10,429		173
India – 2.1%
Grasim Industries – ADR =		9,100		189
HDFC Bank – ADR 6		15,383		1,009
Hero Honda		20,806		319
Infosys Technologies – ADR 6		40,164		1,177
Oil & Natural Gas		84,362		1,160
Punjab National Bank		34,329		299
Satyam Computer Services – ADR 6		56,400		887
State Bank Of India – ADR		4,032		187
				5,227
Indonesia – 0.8%
Astra International		566,500		471
Bank Mandiri Persero		4,327,000		621
Telekomunikasi Indonesia – ADR 6		43,500		872
United Tractors		468,166		136
				2,100
Israel – 1.2%
Bank Hapoalim B.M.		260,192		589
Delek Automotive Systems		25,300		159
Icl-Israel Chem		74,719		754
Teva Pharmaceutical Industries – ADR 6		36,217		1,553
				3,055
Italy – 1.7%
Alleanza Assicurazioni 6		138,770		925
Ansaldo STS =		63,880		818
Eni		48,930		1,168
Saipem		67,027		1,260
UniCredit		4,440		11
				4,182
Japan – 14.9%
Bank of Yokohama 6		272,321		1,321
Daiwa Securities Group 6		116,310		658
DENSO		45,700		891
FANUC 6		21,700		1,446
Fuji Television Network		905		1,083
The Joyo Bank 6		420,734		1,979
KEYENCE		5,749		1,102
Kose		89,183		2,317
Mid REIT =		210		281
Mitsubishi UFJ Financial Group		113,710		715
Mitsui Sumitomo Insurance Group		83,946		2,333
Mitsui-Soko 6		187,841		827
NGK Insulators		106,000		1,101
Nintendo		5,500		1,767
Nippon Commercial Investment 6 =		158		97
Nipponkoa Insurance		399,580		2,395
Nomura Holdings		85,078		806
Nomura Research Institute		104,180		1,667
ORIX 6		14,020		1,440
Seven & I Holdings		54,241		1,523
Shin-Etsu Chemical		30,600		1,626
SMC		22,809		2,153
Sugi Pharmacy 6		70,899		1,705
Sumitomo Bakelite 6		312,401		1,140
Sumitomo Trust & Banking		318,878		1,477
Suzuki Motor 6		70,521		1,035
THK 6		47,482		650
Toyota Motor		23,900		933
United Urban Investment		91		276
Yamada Denki 6		15,610		850
				37,594
Luxembourg – 0.4%
Millicom International Cellular – ADR 6		27,670		1,107
Malaysia – 0.4%
British American Tobacco		37,300		432
Plus Expressways		475,100		357
Sime Darby Berhad		164,861		291
				1,080

First American Funds 2008 Annual Report   71

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

International Select Fund (continued)
DESCRIPTION	SHARES		VALUE
Mexico – 1.0%
Desarrolladora Homex – ADR 6 =		17,800	$	414
Fomento Economico Mexicano – ADR		2,140		54
Grupo Televisa – ADR 6		21,200		374
Kimberly-Clark de Mexico		162,000		540
Wal-Mart de Mexico – ADR		37,279		1,018
				2,400
Netherlands – 2.2%
Heineken		87,504		2,952
ING Group		28,716		270
Koninklijke Philips Electronics – ADR		52,774		976
Philips Electronics 6		33,840		625
Unilever NV CVA 6		26,880		648
				5,471
Norway – 0.8%
Renewable Energy 6 =		97,453		919
Statoil 6		48,717		980
				1,899
Pakistan – 0.1%
Pakistan Petroleum		64,410		153
Philippines – 0.5%
Philippine Long Distance Telephone – ADR 6		29,300		1,198
Portugal – 0.4%
Energias de Portugal		262,690		895
Russia – 2.0%
Eurasia Drilling – GDR =		20,200		111
Evraz Group – ADR		12,600		194
Gazprom – ADR		72,155		1,476
LUKOIL – ADR		30,750		1,180
Mechel – ADR 6		35,800		328
Mobile Telesystems – ADR =		25,700		1,006
Oriflame Cosmetics 6		14,605		456
TNK-BP Holdings =		243,052		127
Vsmpo-Avisma		1,666		91
				4,969
Singapore – 0.6%
Cosco – ADR 6		49,600		129
DBS Group Holdings		66,650		509
Keppel		316,000		985
				1,623
South Africa – 3.0%
Aquarius Platinum		82,484		205
Gold Fields – ADR 6		96,622		643
Kumba Iron Ore =		47,516		626
Massmart Holdings		78,270		702
MTN Group		108,505		1,218
Murray & Roberts Holdings		48,237		327
Naspers		20,906		348
Nedbank Group		91,112		884
Pretoria Portland Cement		216,641		667
Sanlam =		359,692		590
Steinhoff International Holdings		286,710		418
Truworths International		291,567		991
				7,619
South Korea – 2.9%
AmorePacific		712		313
GS Engineering & Construction		6,066		288
Hite Brewery =		4,990		667
Hite Holdings 6		3,154		55
KB Financial Group – ADR 6 =		40,821		1,004
Samsung Electronics		2,500		1,054
Samsung Electronics – GDR		11,587		2,401
Samsung Electronics – GDR		700		144
Samsung Electronics – GDR		600		78
Shinhan Financial Group – ADR 6 =		13,000		647
Woongjin Coway		33,330		686
				7,337
Spain – 1.7%
Banco Bilbano Vizcaya Argentaria 6		113,790		1,321
Banco Santander Central Hispano 6		133,115		1,440
Telefonica 6		89,075		1,649
				4,410
Sweden – 0.7%
Ericsson		275,178		1,873
Switzerland – 4.9%
ABB		75,530		991
Credit Suisse Group		42,480		1,588
Nestle		97,248		3,782
Nobel Biocare 6		53,970		927
Novartis		55,825		2,834
Roche		14,417		2,205
				12,327
Taiwan – 0.7%
Advanced Semiconductor		575,233		245
Advantech		147,310		205
Hon Hai Precision Industry		202,700		489
Novatek Microelectronics, Fractional Shares = ⊡		0.67		—
Taiwan Semiconductor Manufacturing		557,812		812
				1,751
Thailand – 0.3%
Bangkok Bank		157,346		318
Banpu Public		72,500		347
				665
Turkey – 0.9%
Ford Otomotiv Sanayi =		49,670		156
Turkcell Iletisim Hizmet – ADR 6		108,800		1,335
Turkiye Is Bankasi =		266,145		757
				2,248
United States – 0.5%
Dr. Pepper Snapple Group =		1		—
Philip Morris International 6		30,390		1,321
				1,321
Total Common Stocks (Cost $324,049)				215,019
Exchange-Traded Fund – 1.3%
PowerShares MENA Frontier Countries Portfolio (Cost $5,133)		215,000		3,264
Short-Term Investments – 19.0%
Money Market Fund – 15.7%
State Street GA Prime Fund		39,678,542		39,679
U.S. Treasury Obligation – 3.3%
U.S. Treasury Bill o
0.948%, 12/18/2008	$	8,350		8,339
Total Short-Term Investments (Cost $48,018)				48,018

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

72   First American Funds 2008 Annual Report

International Select Fund (concluded)
DESCRIPTION	SHARES		VALUE
Investment Purchased with Proceeds from Securities Lending – 21.4%
State Street Navigator Prime Fund †
(Cost $53,892)		53,891,934	$	53,892
Total Investments – 126.9%
(Cost $431,092)				320,193
Other Assets and Liabilities, Net – (26.9)%				(67,953	)
Total Net Assets – 100.0%			$	252,240

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $51,467 at October 31, 2008.
⊡	Security is fair-valued and illiquid. As of October 31, 2008, the fair value of this investment was $0 or 0.0% of total assets. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2008.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested as noted in the schedule above. See note 2 in Notes to Financial Statements.

ADR –	American Depository Receipt
GDR –	Global Depository Receipt

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
Dow Jones STOXX 50 Index Futures		(207	)	$	(6,839	)	December 2008	$	(306	)
E-Mini MSCI EAFE Index Futures		133			8,477		December 2008		(1,680	)
E-Mini MSCI Emerging Markets Index Futures		(565	)		(16,379	)	December 2008		2,248
Hang Seng Index Futures		50			4,494		November 2008		378
Nikkei 225 Index Futures		204			9,114		December 2008		(1,077	)
S&P 500 Index Futures		70			16,928		December 2008		(1,054	)
S&P TSE 60 Futures		161			15,791		December 2008		(3,472	)
								$	(4,963	)

At October 31, 2008, sector diversification of the fund was as follows:

	% of
	Net Assets			Value
Foreign Common Stocks
Financials		17.1	%	$	43,182
Consumer Staples		13.1			32,996
Consumer Discretionary		9.2			23,331
Information Technology		9.0			22,707
Industrials		8.5			21,435
Energy		7.5			18,992
Telecommunication Services		6.9			17,287
Materials		6.0			15,234
Healthcare		5.7			14,285
Utilities		2.2			5,570
Total Foreign Common Stocks		85.2			215,019
Total Exchange-Traded Funds		1.3			3,264
Total Short-Term Investments		19.0			48,018
Total Investment Purchased with Proceeds from Securities Lending		21.4			53,892
Total Investments		126.9			320,193
Other Assets and Liabilities, Net		(26.9	)		(67,953	)
Net Assets		100.0	%	$	252,240

Large Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 99.5%
Consumer Discretionary – 10.4%
Advance Auto Parts		150,772	$	4,704
Family Dollar Stores		128,657		3,462
McDonald’s		235,888		13,665
Nike, Class B 6		108,301		6,242
Omnicom Group 6		202,887		5,993
Polo Ralph Lauren 6		103,917		4,902
Target 6		122,237		4,904
TJX		241,182		6,454
				50,326
Consumer Staples – 14.2%
CVS Caremark		188,254		5,770
H.J. Heinz		168,869		7,400
Kellogg 6		141,527		7,136
PepsiCo		196,803		11,219
Philip Morris International		374,163		16,265
Procter & Gamble		206,288		13,314
Wal-Mart Stores 6		129,654		7,236
				68,340
Energy – 7.1%
Cameron International 6 =		183,237		4,445
Exxon Mobil		67,669		5,016
Schlumberger 6		57,668		2,978
Transocean 6 =		104,362		8,592
Weatherford International 6 =		300,647		5,075
XTO Energy 6		223,644		8,040
				34,146
Financials – 4.0%
Bank of New York Mellon		137,235		4,474
Black Rock 6		18,502		2,430
Charles Schwab 6		574,257		10,980
Goldman Sachs Group 6		16,019		1,481
				19,365
Healthcare – 16.0%
Abbott Laboratories 6		277,970		15,330
Baxter International		196,127		11,864
Becton, Dickinson & Company		32,652		2,266
Celgene 6 =		150,328		9,660
Gilead Sciences 6 =		260,123		11,927
Invitrogen 6 =		131,671		3,791
Medco Health Solutions 6 =		140,471		5,331
St. Jude Medical =		207,197		7,880
Thermo Fisher Scientific =		136,287		5,533
Varian Medical Systems =		79,820		3,632
				77,214
Industrials – 12.7%
C.H. Robinson Worldwide 6		137,055		7,097
CSX		151,358		6,920
Dun & Bradstreet		96,663		7,123
Emerson Electric 6		175,069		5,730
Fastenal 6		140,319		5,649
Goodrich		104,084		3,805
Raytheon 6		175,477		8,969
Republic Services		286,518		6,791
United Technologies 6		161,682		8,886
				60,970
Information Technology ⊳ – 28.1%
Accenture, Class A		292,202		9,657
Activision Blizzard =		430,958		5,370
Amphenol, Class A		257,599		7,380

First American Funds 2008 Annual Report   73

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Large Cap Growth Opportunities Fund (concluded)
DESCRIPTION	SHARES		VALUE
Apple 6 =		174,508	$	18,775
BMC Software 6 =		234,169		6,046
Cisco Systems =		872,655		15,507
Dolby Laboratories, Class A 6 =		114,824		3,625
Hewlett-Packard		434,988		16,652
Intel		321,766		5,148
MasterCard, Class A 6		36,117		5,339
Microsoft 6		350,747		7,832
Oracle =		906,034		16,572
QUALCOMM		292,110		11,176
Research In Motion 6 =		53,396		2,693
Visa, Class A		65,515		3,626
				135,398
Materials – 5.2%
Ecolab 6		122,566		4,567
Monsanto 6		131,318		11,685
Praxair		135,535		8,830
				25,082
Telecommunication Services – 1.8%
American Tower, Class A =		262,718		8,488
Total Common Stocks (Cost $515,609)				479,329
Short-Term Investment – 1.1%
First American Prime Obligations Fund, Class Z Å (Cost $5,366)		5,366,069		5,366
Investment Purchased with Proceeds from Securities Lending – 22.9%
Mount Vernon Securities Lending Prime Portfolio ���   (Cost $110,081)		110,081,027		110,081
Total Investments – 123.5% (Cost $631,056)				594,776
Other Assets and Liabilities, Net – (23.5)%				(113,280	)
Total Net Assets – 100.0%			$	481,496

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $108,996 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
⊳	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

Large Cap Select Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 99.4%
Consumer Discretionary – 15.7%
Advance Auto Parts 6		73,361	$	2,289
Burger King Holdings 6		153,745		3,056
Comcast, Class A 6		294,268		4,638
D.R. Horton 6		234,488		1,731
Guess?6		85,474		1,861
Home Depot 6		307,029		7,243
Interpublic Group of Companies 6 =		356,600		1,851
McGraw-Hill 6		90,775		2,436
Omnicom Group 6		72,850		2,152
TJX 6		143,775		3,847
VF 6		41,144		2,267
				33,371
Consumer Staples – 6.0%
Molson Coors Brewing, Class B		54,159		2,023
Pepsi Bottling Group		154,666		3,576
Procter & Gamble		62,718		4,048
Wal-Mart Stores		53,426		2,982
				12,629
Energy – 11.1%
Cameron International 6 =		72,637		1,762
Chevron		35,671		2,661
Exxon Mobil 6		105,179		7,796
Plains Exploration & Production =		64,641		1,823
Weatherford International 6 =		172,795		2,917
Williams		177,229		3,716
XTO Energy 6		77,815		2,797
				23,472
Financials – 16.8%
ACE 6		46,122		2,646
Bank of America		208,898		5,049
BB&T 6		78,273		2,806
Hudson City Bancorp 6		130,329		2,452
Invesco 6		186,909		2,787
JPMorgan Chase		139,595		5,758
State Street		77,470		3,358
TD Ameritrade =		194,610		2,586
Wells Fargo 6		176,114		5,997
Zions Bancorporation 6		57,360		2,186
				35,625
Healthcare – 15.6%
Abbott Laboratories		89,777		4,951
Amgen 6 =		61,082		3,658
Baxter International 6		67,179		4,064
Celgene 6 =		66,678		4,285
Gilead Sciences 6 =		73,364		3,364
Invitrogen 6 =		72,256		2,080
Medco Health Solutions =		83,677		3,176
Medtronic		110,095		4,440
Thermo Fisher Scientific =		76,136		3,091
				33,109
Industrials – 9.6%
3M 6		63,291		4,070
Emerson Electric		92,989		3,044
Illinois Tool Works 6		108,611		3,626
Raytheon 6		76,052		3,887
Southwest Airlines 6		186,543		2,197
United Parcel Service, Class B 6		67,978		3,588
				20,412

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

74   First American Funds 2008 Annual Report

Large Cap Select Fund (concluded)
DESCRIPTION	SHARES		VALUE
Information Technology – 19.0%
Accenture, Class A 6		86,918	$	2,873
Activision Blizzard =		170,581		2,125
Apple 6 =		49,994		5,379
BMC Software 6 =		137,202		3,542
Cisco Systems =		299,102		5,315
Hewlett-Packard		219,867		8,416
MEMC Electronic Materials =		115,941		2,131
Oracle =		261,284		4,779
QUALCOMM		30,545		1,169
Symantec =		161,096		2,027
Texas Instruments 6		127,618		2,496
				40,252
Materials – 2.5%
Pactiv 6 =		224,211		5,282
Telecommunication Services – 3.1%
American Tower, Class A =		100,640		3,252
Verizon Communications		112,150		3,327
				6,579
Total Common Stocks
(Cost $253,450)				210,731
Short-Term Investment – 1.0%
First American Prime Obligations Fund, Class Z Å (Cost $2,063)		2,063,154		2,063
Investment Purchased with Proceeds from Securities Lending – 37.8%
Mount Vernon Securities Lending Prime Portfolio † (Cost $80,273)		80,273,115		80,273
Total Investments – 138.2% (Cost $335,786)				293,067
Other Assets and Liabilities, Net – (38.2)%				(81,024	)
Total Net Assets – 100.0%			$	212,043

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $79,185 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers 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.

Fund (concluded)

Large Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.4%
Consumer Discretionary – 8.2%
Autoliv		193,990	$	4,143
Burger King Holdings		234,503		4,662
Comcast, Class A 6		329,048		5,186
D.R. Horton		199,169		1,470
Gap 6		534,686		6,919
Home Depot 6		267,714		6,315
J.C. Penney 6		223,785		5,353
Omnicom Group 6		142,475		4,209
				38,257
Consumer Staples – 9.2%
ConAgra Foods 6		291,853		5,084
H.J. Heinz		144,051		6,312
Kroger 6		245,997		6,755
Procter&Gamble 6		278,423		17,970
Wal-Mart Stores 6		127,364		7,108
				43,229
Energy – 14.2%
Chevron		272,091		20,298
Devon Energy		63,926		5,169
Exxon Mobil 6		335,940		24,900
Occidental Petroleum		117,047		6,501
Transocean 6 =		47,702		3,927
Williams		268,345		5,627
				66,422
Financials – 23.6%
ACE 6		270,216		15,500
AON		136,551		5,776
Assurant		28,734		732
Bank of America		523,268		12,647
BB&T 6		220,407		7,902
Citigroup 6		456,389		6,230
Everest Re Group		28,461		2,126
Goldman Sachs Group 6		53,381		4,938
Invesco		377,220		5,624
JPMorgan Chase		535,894		22,106
M&T Bank 6		60,201		4,882
PartnerRe		33,012		2,235
Prudential Financial		34,360		1,031
State Street		62,082		2,691
Wells Fargo 6		468,061		15,937
				110,357
Healthcare – 15.0%
AmerisourceBergen 6		174,839		5,467
Amgen 6 =		145,656		8,723
Bristol-Myers Squibb		330,578		6,794
Johnson & Johnson 6		307,161		18,841
Medtronic		221,151		8,919
Pfizer		599,815		10,623
Quest Diagnostics		128,605		6,019
Wyeth		153,573		4,942
				70,328
Industrials – 7.5%
Emerson Electric		90,675		2,968
General Electric		483,922		9,441
Illinois Tool Works		72,468		2,420
Republic Services		212,380		5,033
Southwest Airlines 6		426,539		5,025

First American Funds 2008 Annual Report   75

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Large Cap Value Fund (concluded)
DESCRIPTION	SHARES		VALUE
W.W. Grainger		50,257	$	3,949
Waste Management 6		200,820		6,271
				35,107
Information Technology – 6.4%
BMC Software =		221,669		5,724
Cisco Systems =		397,472		7,063
Hewlett-Packard		254,413		9,739
Intel 6		212,342		3,398
Symantec 6 =		326,129		4,103
				30,027
Materials – 5.4%
Eastman Chemical 6		114,751		4,635
Freeport-McMoRan Copper & Gold 6		52,261		1,521
Pactiv =		447,547		10,544
Sonoco Products		352,160		8,867
				25,567
Telecommunication Services – 5.4%
AT&T		614,193		16,442
Verizon Communications		294,460		8,736
				25,178
Utilities – 3.5%
Edison International 6		170,970		6,085
FirstEnergy 6		92,154		4,807
PG&E 6		149,176		5,470
				16,362
Total Common Stocks (Cost $527,958)				460,834
Short-Term Investment – 1.5%
First American Prime Obligations Fund, Class Z Å (Cost $7,257)		7,257,376		7,257
Investment Purchased with Proceeds from Securities Lending – 26.0%
Mount Vernon Securities Lending Prime Portfolio † (Cost $121,818)		121,818,059		121,818
Total Investments – 125.9% (Cost $657,033)				589,909
Other Assets and Liabilities, Net – (25.9)%				(121,466	)
Total Net Assets – 100.0%			$	468,443

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $120,489 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund receives collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

Mid Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 99.3%
Consumer Discretionary – 18.3%
Advance Auto Parts		528,831	$	16,500
Aeropostale = 6		471,972		11,427
Burger King Holdings		756,920		15,048
DeVry 6		346,110		19,621
Family Dollar Stores 6		754,079		20,292
Guess? 6		475,952		10,361
Kohl’s = 6		560,631		19,695
Omnicom Group 6		300,295		8,871
Polo Ralph Lauren 6		344,520		16,251
TJX 6		822,800		22,018
WMS Industries = 6		177,973		4,449
Yum! Brands		545,425		15,823
				180,356
Consumer Staples – 5.0%
Alberto-Culver 6		641,385		16,503
Avon Products 6		318,188		7,901
H.J. Heinz 6		387,921		16,999
Kellogg 6		163,552		8,246
				49,649
Energy – 9.6%
Cameron International = 6		556,874		13,510
Nabors Industries =		633,438		9,109
Petrohawk Energy = 6		735,434		13,936
Pride International = 6		318,484		5,984
Quicksilver Resources = 6		913,726		9,567
Smith International 6		235,557		8,122
Southwestern Energy =		386,792		13,778
Weatherford International = 6		598,525		10,103
Williams		496,063		10,402
				94,511
Financials – 8.0%
Charles Schwab 6		725,660		13,875
Invesco		746,191		11,126
Janus Capital Group 6		553,235		6,495
Northern Trust		222,935		12,553
PartnerRe		71,885		4,866
TCF Financial 6		779,262		13,824
TD Ameritrade = 6		1,185,790		15,759
				78,498
Healthcare – 18.0%
Allergan 6		221,061		8,770
Applied Biosystems		548,828		16,920
DENTSPLY International 6		371,648		11,291
Express Scripts = 6		418,507		25,366
Henry Schein = 6		207,527		9,714
IDEXX Laboratories = 6		314,506		11,068
Invitrogen = 6		597,198		17,193
Quest Diagnostics		294,732		13,793
St. Jude Medical =		717,180		27,274
Thermo Fisher Scientific =		517,072		20,993
Varian Medical Systems =		207,229		9,431
Vertex Pharmaceuticals = 6		182,131		4,774
				176,587
Industrials – 13.2%
C.H. Robinson Worldwide 6		243,403		12,603
Dun & Bradstreet 6		213,919		15,764
Fluor 6		140,005		5,590
Goodrich		360,190		13,169
Kansas City Southern = 6		236,475		7,300
Knight Transportation 6		682,777		10,856
Republic Services		829,243		19,653

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

76   First American Funds 2008 Annual Report

Mid Cap Growth Opportunities Fund (concluded)
DESCRIPTION	SHARES		VALUE
Roper Industries 6		354,804	$	16,090
Ryanair Holdings – ADR = 6		514,255		11,452
SPX		174,312		6,753
W.W. Grainger 6		131,354		10,321
				129,551
Information Technology – 18.7%
Activision Blizzard =		1,477,648		18,412
Amphenol, Class A		493,152		14,129
ANSYS =		199,419		5,709
Avnet =		313,725		5,252
BMC Software = 6		676,331		17,463
Broadcom, Class A = 6		703,103		12,009
CA 6		894,846		15,928
Dolby Laboratories, Class A = 6		388,418		12,262
F5 Networks = 6		752,572		18,679
Fairchild Semiconductor International = 6		826,290		4,693
Global Payments 6		263,269		10,665
Intersil, Class A 6		715,459		9,795
Juniper Networks = 6		1,139,240		21,349
MasterCard, Class A 6		94,852		14,021
Mercadolibre = 6		220,932		3,020
				183,386
Materials – 3.6%
Ecolab 6		311,714		11,614
Pactiv = 6		526,678		12,409
Sonoco Products		461,294		11,615
				35,638
Telecommunication Services – 4.9%
American Tower, Class A =		638,767		20,639
NII Holdings = 6		612,616		15,781
SBA Communications, Class A = 6		539,504		11,324
				47,744
Total Common Stocks (Cost $1,159,580)				975,920
Short-Term Investment – 0.2%
First American Prime Obligations Fund, Class Z Å
(Cost $2,497)		2,497,068		2,497
Mount Vernon Securities Lending Prime Portfolio †
(Cost $345,289)		345,288,889		345,289
Total Investments – 134.6% (Cost $1,507,366)				1,323,706
Other Assets and Liabilities, Net – (34.6)%				(340,597	)
Total Net Assets – 100.0%			$	983,109

=	Non-income producing security
6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $341,010 at October 31, 2008. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR –  American Depository Receipt

Mid Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 96.1%
Consumer Discretionary – 14.4%
Advance Auto Parts		201,119	$	6,275
Autoliv 6		294,659		6,294
Burger King Holdings		506,724		10,074
D.R. Horton 6		611,316		4,511
Family Dollar Stores		276,733		7,447
Ford Motor 6 =		826,997		1,811
Gap 6		536,611		6,944
J.C. Penney 6		130,219		3,115
Omnicom Group 6		186,579		5,511
Sherwin-Williams 6		93,364		5,313
Stanley Works 6		176,269		5,771
TJX 6		321,593		8,606
Toll Brothers 6 =		334,114		7,725
VF		79,756		4,395
				83,792
Consumer Staples – 8.3%
ConAgra Foods 6		426,064		7,422
Corn Products International		85,646		2,083
H.J. Heinz		233,714		10,241
Hershey		75,920		2,827
Kroger 6		338,484		9,295
Lorillard		86,262		5,681
Pepsi Bottling Group		451,930		10,449
				47,998
Energy – 4.6%
BJ Services 6		201,219		2,586
El Paso 6		647,106		6,277
EOG Resources		63,634		5,149
Nabors Industries =		143,796		2,068
Noble Energy 6		200,143		10,371
				26,451
Financials ⊳ – 30.0%
ACE		98,469		5,648
Ameriprise Financial		110,406		2,385
AON		340,445		14,401
Arch Capital Group 6 =		170,523		11,894
Assurant 6		60,311		1,537
Astoria Financial 6		609,236		11,588
Boston Properties – REIT 6		104,430		7,402
City National 6		147,391		7,890
Discover Financial Services		287,151		3,518
Essex Property Trust – REIT 6		82,932		8,069
Everest Re Group		140,758		10,515
Federal Realty Investment Trust – REIT 6		120,006		7,353
Fifth Third Bancorp 6		224,920		2,440
Invesco		348,314		5,193
Lazard, Class A 6		95,995		2,896
M&T Bank 6		108,919		8,833
Northern Trust		120,680		6,795
PartnerRe		86,891		5,882
Public Storage – REIT 6		75,524		6,155
StanCorp Financial Group 6		204,763		6,978
TCF Financial 6		446,720		7,925
TD Ameritrade =		579,023		7,695
Vornado Realty Trust – REIT 6		82,601		5,827
W.R. Berkley		298,594		7,844
Zions Bancorporation 6		202,012		7,699
				174,362
Healthcare – 4.5%
AmerisourceBergen		351,272		10,984
Community Health Systems 6 =		138,196		2,833

First American Funds 2008 Annual Report   77

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Mid Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE
Forest Laboratories =		202,493	$	4,704
Quest Diagnostics		166,705		7,802
				26,323
Industrials – 9.4%
AGCO 6 =		120,284		3,791
Cooper Industries, Class A		23,662		732
Delta Air Lines =		306,130		3,361
Eaton 6		63,986		2,854
Illinois Tool Works 6		131,642		4,396
Republic Services		531,566		12,598
Southwest Airlines 6		617,520		7,274
W.W. Grainger 6		105,937		8,324
Werner Enterprises 6		578,434		11,349
				54,679
Information Technology – 6.9%
Amphenol, Class A		229,133		6,565
Avnet =		302,302		5,060
BMC Software =		295,724		7,636
CA		511,943		9,112
Harris 6		151,535		5,448
National Semiconductor		480,576		6,329
				40,150
Materials – 7.2%
Albemarle		45,804		1,115
Celanese, Series A		150,316		2,084
Eastman Chemical 6		124,180		5,016
Freeport-McMoRan Copper & Gold 6		87,004		2,532
Packaging Corporation of America 6		208,755		3,513
Pactiv =		635,827		14,980
Sonoco Products		496,155		12,493
				41,733
Telecommunication Services – 1.8%
Windstream		1,386,592		10,413
Utilities – 9.0%
American Electric Power 6		207,557		6,773
PG&E 6		310,419		11,383
SCANA		167,845		5,524
Sempra Energy		238,284		10,149
Wisconsin Energy 6		277,058		12,052
Xcel Energy		347,617		6,055
				51,936
Total Common Stocks (Cost $662,033)				557,837
Short-Term Investment – 2.3%
First American Prime Obligations Fund, Class Z Å
(Cost $13,133)		13,132,950		13,133
Investment Purchased with Proceeds from Securities Lending – 28.6%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $166,065)		166,064,845		166,065
Total Investments – 127.0%
(Cost $841,231)				737,035
Other Assets and Liabilities, Net – (27.0)%				(156,564	)
Total Net Assets – 100.0%			$	580,471

Mid Cap Value Fund (concluded)

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $165,710 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
⊳	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

ADR –  American Depository Receipt

REIT –  Real Estate Investment Trust

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

78   First American Funds 2008 Annual Report

Mid Cap Value Fund (concluded)

Real Estate Securities Fund
DESCRIPTION	SHARES		VALUE
Real Estate Common Stocks ⊳ – 96.3%
Apartments – 15.1%
American Campus Communities 6 ⊲		142,449	$	3,701
Avalonbay Communities 6 ⊲		241,546		17,155
Boardwalk Real Estate ⊲ = ¬		106,303		2,284
BRE Properties 6 ⊲		53,665		1,868
Camden Property Trust 6 ⊲		285,787		9,634
Equity Residential Properties Trust 6 ⊲		1,003,785		35,062
Essex Property Trust 6 ⊲		166,419		16,192
Home Properties 6 ⊲		91,333		3,698
Mid-America Apartment Communities 6 ⊲		319,316		11,253
Northern Property ⊲ ¬		90,267		1,346
Post Properties 6 ⊲		49,780		1,111
UDR 6 ⊲		86,014		1,700
				105,004
Community Centers – 9.6%
Eurocommercial Properties ⊲ ¬		66,153		2,191
Federal Realty Investment Trust 6 ⊲		281,849		17,269
Kimco Realty 6 ⊲		1,182,873		26,709
Regency Centers 6 ⊲		274,921		10,849
Saul Centers 6 ⊲		108,697		3,977
Urstadt Biddle Properties, Class A ⊲		16,808		275
Weingarten Realty Investors 6 ⊲		266,949		5,459
				66,729
Diversified – 4.1%
Brixton ⊲ ¬		592,055		1,593
Forest City Enterprises, Class A		42,472		505
Mission West Properties 6 ⊲		163,256		1,414
Vornado Realty Trust 6 ⊲		350,819		24,750
				28,262
Healthcare – 16.4%
Brookdale Senior Living 6		126,502		1,090
Capital Senior Living =		777,173		3,490
HCP 6 ⊲		870,457		26,053
Health Care 6 ⊲		329,279		14,656
Healthcare Realty Trust 6 ⊲		191,114		4,883
LTC Properties ⊲		454,372		10,982
Nationwide Health Properties ⊲		274,860		8,202
OMEGA Healthcare Investors 6 ⊲		365,657		5,510
Parkway Life ⊲ ¬		1,275,740		651
Skilled Healthcare Group, Class A 6 =		227,407		2,793
Ventas 6 ⊲		1,004,809		36,233
				114,543
Hotels – 2.9%
DiamondRock Hospitality ⊲		519,972		2,694
Hersha Hospitality Trust ⊲		121,024		510
Host Marriott 6 ⊲		1,017,830		10,524
LaSalle Hotel Properties 6 ⊲		267,557		3,767
Marriott International, Class A 6		127,473		2,660
				20,155
Industrials – 6.9%
AMB Property 6 ⊲		70,302		1,689
American Tower, Class A =		99,492		3,214
DCT Industrial Trust 6 ⊲		702,603		3,464
EastGroup Properties 6 ⊲		342,205		11,457
First Potomac Realty Trust 6 ⊲		252,615		3,102
Forth Ports ¬		21,920		347
Mapletree Logistics Trust ⊲ ¬		281,083		80
Mitsubishi Logistics ¬		61,482		559
Prologis 6 ⊲		773,340		10,827
PS Business Parks ⊲		294,763		13,344
				48,083
Malls – 10.3%
Macerich 6 ⊲		84,678		2,491
Simon Property Group 6 ⊲		866,999		58,115
Taubman Centers 6 ⊲		334,609		11,116
				71,722
Manufactured Homes – 0.2%
Equity Lifestyle Properties 6 ⊲		39,948		1,677
Net Lease – 2.7%
Entertainment Properties Trust 6 ⊲		80,389		3,011
National Retail Properties 6		466,483		8,317
Realty Income 6 ⊲		332,658		7,691
				19,019
Office – 21.8%
Alexandria Real Estate Equities 6 ⊲		104,000		7,230
BioMed Realty Trust 6 ⊲		426,375		5,990
Boston Properties 6 ⊲		509,452		36,110
Brookfield Asset Management, Class A 6		532,722		9,605
Brookfield Properties		264,979		2,674
Cogdell Spencer 6 ⊲		772,871		9,274
Corporate Office Properties Trust 6 ⊲		190,420		5,920
Digital Realty Trust 6 ⊲		483,620		16,192
Douglas Emmett 6 ⊲		786,160		11,871
Duke Realty 6 ⊲		379,600		5,356
Highwoods Properties 6 ⊲		810,594		20,119
Kilroy Realty 6 ⊲		74,283		2,388
Liberty Property Trust 6 ⊲		536,387		12,793
Mack-Cali Realty 6 ⊲		260,923		5,928
Parkway Properties ⊲		6,422		111
				151,561
Real Estate Service Provider – 0.0%
HFF =		49,192		125
Self Storage – 6.3%
Extra Space Storage 6 ⊲		149,141		1,717
Public Storage 6 ⊲		517,634		42,187
Sovran Self Storage ⊲		3,278		106
				44,010
Total Common Stocks
(Cost $781,942)				670,890
Private Real Estate Company – 0.0%
Newcastle Investment Holdings = ⊡
(Cost $153)		35,000		159
Short-Term Investment – 2.5%
First American Prime Obligations Fund, Class Z Å
(Cost $17,704)		17,704,348		17,704
Investment Purchased with Proceeds from Securities Lending – 44.0%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $306,836)		306,835,662		306,836
Total Investments – 142.8%
(Cost $1,106,635)				995,589
Other Assets and Liabilities, Net – (42.8)%				(298,494	)
Total Net Assets – 100.0%			$	697,095

First American Funds 2008 Annual Report   79

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Real Estate Securities Fund (concluded)

⊳	The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financial Statements.
6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $314,935 at October 31, 2008. See note 2 in Notes to Financial Statements.
⊲	Real Estate Investment Trust. As of October 31, 2008, the market value of these investments was $635,511, or 91.2% of total net assets.
=	Non-income producing security.
¬	Foreign denominated security values stated in U.S. dollars. Principal amounts are U.S. dollars unless otherwise noted.
⊡	Security is fair-valued and illiquid. As of October 31, 2008, the fair value of this investment was $159 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. Due to significant market movement on October 31, 2008, the value of the securities on loan increased. As a result, additional collateral was received from the borrower on the following business day. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

Real Estate Securities Fund (concluded)

Small Cap Growth Opportunities Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.1%
Consumer Discretionary – 14.8%
Deckers Outdoor 6 =		24,592	$	2,087
Dick’s Sporting Goods 6 =		119,552		1,832
Einstein Noah Restaurant Group 6 =		133,895		1,074
Gymboree 6 =		44,992		1,163
Iconix Brand Group 6 =		126,493		1,377
Skechers U.S.A., Class A =		81,454		1,106
Texas Roadhouse, Class A 6 =		202,094		1,419
Warnaco Group =		58,762		1,752
WMS Industries 6 =		63,158		1,579
Wolverine World Wide 6		110,532		2,597
				15,986
Consumer Staples – 2.7%
NBTY =		58,647		1,371
Nu Skin Enterprises, Class A 6		117,768		1,518
				2,889
Energy – 8.0%
Arena Resources 6 =		47,099		1,436
Carrizo Oil & Gas 6 =		43,213		1,011
Comstock Resources 6 =		19,689		973
Concho Resources 6 =		66,928		1,422
Dril-Quip 6 =		40,094		990
Oil States International 6 =		18,379		425
Penn Virginia 6		25,579		951
Superior Energy Services 6 =		65,994		1,407
				8,615
Financials – 4.6%
American Campus Communities – REIT 6		40,660		1,057
Boston Private Financial Holdings 6		140,177		1,239
First Commonwealth Financial		71,523		791
Investment Technology Group 6 =		92,220		1,882
				4,969
Healthcare – 23.1%
Alexion Pharmaceuticals 6 =		33,700		1,373
Alliance Imaging =		204,962		1,670
AMN Healthcare Services =		78,504		706
Array BioPharma 6 =		235,435		1,158
BioMarin Pharmaceutical 6 =		63,462		1,163
Durect 6 =		219,903		904
Eurand 6 =		130,376		1,239
Hologic 6 =		53,423		654
Immucor 6 =		63,937		1,698
Integra LifeSciences 6 =		25,680		964
NuVasive 6 =		54,806		2,581
Onyx Pharmaceuticals =		41,198		1,111
OSI Pharmaceuticals 6 =		29,858		1,133
Pediatrix Medical Group 6 =		28,882		1,116
Regeneron Pharmaceuticals 6 =		87,635		1,691
RTI Biologics 6 =		240,722		734
Skilled Healthcare Group, Class A =		96,984		1,191
TranS1 6 =		121,309		771
United Therapeutics 6 =		12,585		1,098
Wright Medical Group 6 =		84,365		1,956
				24,911
Industrials – 16.2%
Advisory Board 6 =		56,846		1,401
AMETEK		43,033		1,431
BE Aerospace =		123,303		1,587
Curtiss-Wright 6		43,257		1,596
ESCO Technologies 6 =		44,272		1,527
Forward Air 6		68,256		1,786

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

80   First American Funds 2008 Annual Report

Small Cap Growth Opportunities Fund (continued)
DESCRIPTION	SHARES		VALUE
Kaydon		50,039	$	1,672
Knight Transportation 6		105,852		1,683
Old Dominion Freight Line 6 =		40,754		1,236
RBC Bearings 6 =		34,219		812
Tennant 6		45,504		1,142
Watson Wyatt Worldwide, Class A 6		37,851		1,608
				17,481
Information Technology ⊳ – 27.0%
ADTRAN 6		68,758		1,045
ATMI =		98,007		1,192
Belden 6		85,993		1,792
Ciena 6 =		195,489		1,879
Commvault Systems =		96,583		1,034
DealerTrack Holdings 6 =		126,572		1,358
F5 Networks =		78,814		1,956
Forrester Research =		34,765		975
Hittite Microwave =		41,934		1,374
Intersil, Class A 6		214,666		2,939
Lawson Software 6 =		273,566		1,455
MICROS Systems 6 =		74,081		1,262
Plantronics 6		71,367		1,031
PMC-Sierra 6 =		493,815		2,311
Polycom 6 =		120,819		2,538
Quest Software 6 =		168,978		2,239
Tellabs =		396,921		1,683
Verigy 6 =		70,360		1,020
VideoPropulsion = ⊡		780,460		—
				29,083
Materials – 1.7%
GrafTech International =		130,158		1,056
Terra Industries 6		36,899		811
				1,867
Total Common Stocks
(Cost $127,986)				105,801
Warrants – 0.0%
Hollis-Eden Pharmaceuticals, Warrants = ⊡		70,545		—
Kuhlman Company, Warrants = ⊡		281,680		—
Lantronix, Warrants = ⊡		11,236		—
(Cost $434)				—
Short-Term Investment – 2.1%
First American Prime Obligations Fund, Class Z Å
(Cost $2,302)		2,301,956		2,302
Investment Purchased with Proceeds from Securities Lending – 44.6%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $48,170)		48,170,207		48,170
Total Investments – 144.8%
(Cost $178,892)				156,273
Other Assets and Liabilities, Net – (44.8)%				(48,381	)
Total Net Assets – 100.0%			$	107,892

Small Cap Growth Opportunities Fund (concluded)

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $47,103 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
⊳	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
⊡	Security is fair-valued and illiquid. As of October 31, 2008, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

First American Funds 2008 Annual Report   81

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Small Cap Growth Opportunities Fund (concluded)

Small Cap Select Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.5%
Consumer Discretionary – 16.3%
1-800-Flowers.com, Class A =		1,501,340	$	8,032
Amerigon = 6		297,781		1,429
ATC Technology = 6		321,370		7,048
Christopher & Banks 6		728,970		3,805
Coinstar = 6		381,045		9,141
Cooper Tire & Rubber 6		890,447		6,794
FGX International Holdings Limited =		302,341		3,326
Fossil = 6		223,413		4,055
Interface, Class A 6		363,983		2,566
Jos. A. Bank Clothiers = 6		121,314		3,090
McCormick & Schmick’s Seafood Restaurants =		95		—
P.F. Chang’s China Bistro = 6		326,711		6,685
Scientific Games, Class A = 6		292,744		5,269
Skechers U.S.A., Class A = 6		480,745		6,529
Texas Roadhouse, Class A = 6		920,094		6,459
VistaPrint = 6		49,628		847
WMS Industries = 6		279,111		6,978
				82,053
Consumer Staples – 3.9%
Chattem = 6		85,092		6,439
Hain Celestial Group = 6		377,021		8,762
Ralcorp Holdings = 6		66,388		4,493
				19,694
Energy – 5.7%
Arena Resources = 6		77,326		2,357
Atwood Oceanics = 6		108,657		2,986
Cal Dive International = 6		246,201		2,095
Comstock Resources = 6		89,025		4,400
Edge Petroleum = 6		761,792		449
Holly		200,996		3,946
Penn Virginia 6		74,552		2,771
Petroleum Development = 6		40,515		839
Tesoro 6		385,695		3,730
TETRA Technologies =		713,832		4,968
				28,541
Financials – 18.4%
Affiliated Managers Group = 6		110,219		5,112
Astoria Financial 6		460,057		8,750
Bank of the Ozarks 6		295,986		8,998
BioMed Realty Trust – REIT 6		257,202		3,614
Cullen/Frost Bankers 6		94,706		5,301
Delphi Financial Group, Class A 6		426,962		6,725
Digital Realty Trust – REIT 6		70,993		2,377
Dime Community Bancshares 6		486,435		8,123
HCC Insurance Holdings		154,457		3,407
Independent Bank 6		206,516		5,941
Kite Realty Group Trust – REIT		245,761		1,494
Knight Capital Group, Class A = 6		574,830		8,312
LaSalle Hotel Properties – REIT 6		200,042		2,817
MFA Mortgage Investments – REIT 6		1,193,111		6,562
Platinum Underwriters Holdings 6		266,398		8,456
Umpqua Holdings 6		189,432		3,224
Zions Bancorporation 6		94,285		3,593
				92,806
Healthcare – 15.4%
Acorda Therapeutics = 6		87,294		1,781
Alexion Pharmaceuticals = 6		60,097		2,449
Amedisys = 6		65,428		3,691
Arena Pharmaceuticals = 6		416,423		1,533
Array BioPharma = 6		485,319		2,388
BioMarin Pharmaceutical = 6		52,152		955
Bio-Reference Laboratories = 6		83,759		2,060
Dexcom = 6		843,017		3,811
eResearchTechnology = 6		274,501		1,773
Exelixis = 6		291,848		1,004
Hologic = 6		83,018		1,016
ICU Medical = 6		295,296		9,458
Immucor = 6		277,300		7,362
IPC The Hospitalist =		116,664		2,375
Isis Pharmaceuticals = 6		119,578		1,681
K-V Pharmaceutical, Class A = 6		514,704		8,750
Magellan Health Services = 6		57,443		2,122
Masimo =		83,252		2,663
Myriad Genetics = 6		39,293		2,479
Onyx Pharmaceuticals =		36,597		987
OSI Pharmaceuticals = 6		39,658		1,505
Pediatrix Medical Group = 6		58,846		2,274
RTI Biologics = 6		430,152		1,312
Senomyx = 6		494,337		1,236
SonoSite = 6		177,707		3,744
Thoratec = 6		126,923		3,125
TranS1 = 6		383,334		2,438
United Therapeutics = 6		14,624		1,276
				77,248
Industrials – 15.4%
Advisory Board = 6		266,334		6,565
Ameron International		55,898		2,627
AMETEK 6		148,892		4,951
BE Aerospace =		557,860		7,180
CBIZ = 6		410,047		3,321
Con-way		107,271		3,652
EnergySolutions		262,960		1,186
ESCO Technologies = 6		286,813		9,895
Forward Air 6		289,893		7,587
IDEX 6		211,467		4,902
Interline Brands =		389,306		4,142
Kaydon		34,986		1,169
Knight Transportation 6		340,761		5,418
MasTec = 6		788,279		6,874
Old Dominion Freight Line = 6		84,025		2,549
RBC Bearings =		77,053		1,828
Waste Connections = 6		111,665		3,780
				77,626
Information Technology – 18.4%
ADC Telecommunications = 6		1,141,118		7,235
Advanced Analogic Technologies = 6		2,166,286		6,520
Bankrate = 6		27,734		913
Belden 6		156,488		3,261
Cognex 6		15,732		252
Commvault Systems =		255,578		2,735
DealerTrack Holdings = 6		523,394		5,616
Digital River = 6		92,678		2,297
Emulex = 6		747,223		7,099
F5 Networks = 6		260,900		6,476
Hittite Microwave = 6		99,082		3,247
Netlogic Microsystems = 6		84,211		1,778
Omniture = 6		410,527		4,721
Plexus = 6		104,842		1,956
Polycom = 6		396,631		8,333
Power Integrations =		53,017		1,113
Progress Software = 6		379,227		8,699
Silicon Laboratories = 6		200,629		5,208
Tessera Technologies = 6		428,877		7,411

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

82   First American Funds 2008 Annual Report

Small Cap Select Fund (concluded)
DESCRIPTION	SHARES		VALUE
TTM Technologies = 6		459,876	$	3,293
VASCO Data Security International =		375,010		4,249
				92,412
Materials – 3.2%
Albemarle 6		262,040		6,381
AptarGroup		164,953		5,001
Terra Industries 6		211,612		4,653
				16,035
Telecommunication Services – 0.8%
Cogent Communications Group = 6		412,760		1,973
General Communication, Class A = 6		265,211		2,037
				4,010
Utilities – 1.0%
NSTAR 6		145,355		4,804
Total Common Stocks (Cost $640,349)				495,229
Warrants – 0.0%
Lantronix, Warrants = ⊡ (Cost $0)		5,143		—
Short-Term Investment – 1.6%
First American Prime Obligations Fund, Class Z Å (Cost $8,081)		8,081,427		8,081
Investment Purchased with Proceeds from Securities Lending – 45.7%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $229,670)		229,669,555		229,670
Total Investments – 145.8% (Cost $878,100)				732,980
Other Assets and Liabilities, Net – (45.8)%				(230,217	)
Total Net Assets – 100.0%			$	502,763

=	Non-income producing security.
6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $224,819 at October 31, 2008. See note 2 in Notes to Financial Statements.
⊡	Security is fair-valued and illiquid. As of October 31, 2008, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

Small Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.6%
Consumer Discretionary – 12.7%
Aaron Rents 6		121,872	$	3,021
Ameristar Casinos 6		95,476		879
CBRL Group 6		52,692		1,050
Charlotte Russe Holding =		51,452		435
Domino’s Pizza 6 =		223,200		1,328
Ethan Allen Interiors 6		109,363		1,956
Group 1 Automotive 6		101,848		1,023
Interface, Class A		235,160		1,658
Jack in the Box =		114,189		2,295
Jos. A. Bank Clothiers 6 =		69,718		1,776
Monro Muffler Brake 6		117,370		2,527
Skechers U.S.A., Class A =		153,905		2,090
WMS Industries =		38,744		969
Wolverine World Wide 6		151,017		3,549
				24,556
Consumer Staples – 4.7%
Alberto-Culver		58,174		1,497
Darling International 6 =		96,447		727
Nu Skin Enterprises, Class A 6		37,490		483
Ralcorp Holdings 6 =		46,737		3,163
Spartan Stores 6		118,436		3,197
				9,067
Energy – 2.5%
Dril-Quip 6 =		31,043		767
Oil States International 6 =		61,885		1,431
Penn Virginia 6		16,244		604
PetroQuest Energy =		73,720		734
Swift Energy 6 =		43,702		1,402
				4,938
Financials  – 35.3%
Alexandria Real Estate Equities – REIT 6		20,093		1,397
American Equity Investment Life Holding 6		145,824		659
Aspen Insurance Holdings		123,287		2,831
Astoria Financial 6		144,410		2,747
Bank of the Ozarks 6		123,745		3,762
Cathay General Bancorp 6		134,197		3,285
Colonial BancGroup 6		92,455		375
Delphi Financial Group, Class A 6		176,147		2,774
First Midwest Bancorp		141,004		3,132
FPIC Insurance Group 6 =		49,724		2,226
Highwoods Properties – REIT 6		82,243		2,041
IBERIABANK 6		52,461		2,672
Independent Bank 6		110,326		3,174
Knight Capital Group, Class A 6 =		191,920		2,775
LaSalle Hotel Properties – REIT 6		88,771		1,250
MFA Mortgage Investments – REIT 6		706,554		3,886
Mid-America Apartment Communities – REIT 6		45,295		1,596
National Retail Properties – REIT 6		158,426		2,825
optionsXpress Holdings 6		86,491		1,536
Pinnacle Financial Partners 6 =		108,415		3,172
PS Business Parks – REIT		34,386		1,557
Selective Insurance Group 6		108,670		2,581
Sterling Bancshares 6		347,880		2,769
Stifel Financial =		71,791		3,134
TCF Financial 6		77,645		1,377
Texas Capital Bancshares 6 =		173,306		3,094
WSFS Financial 6		59,587		2,852
Zions Bancorporation 6		78,930		3,008
				68,487

First American Funds 2008 Annual Report   83

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Small Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE
Healthcare – 7.5%
CONMED 6 =		80,663	$	2,113
Greatbatch 6 =		125,170		2,723
Healthspring =		150,509		2,486
Merit Medical Systems =		45,140		826
Pediatrix Medical Group 6 =		39,918		1,543
Res-Care =		162,866		2,510
STERIS 6		33,295		1,133
Varian 6 =		30,479		1,123
				14,457
Industrials – 10.7%
Apogee Enterprises 6		68,987		680
Brady, Class A 6		72,530		2,249
Con-way 6		68,141		2,320
CRA International 6 =		62,462		1,690
Deluxe 6		69,434		844
EMCOR Group 6 =		94,513		1,680
ESCO Technologies =		33,489		1,155
Heartland Express 6		123,507		1,895
Nordson 6		47,869		1,768
Regal-Beloit 6		46,725		1,521
SkyWest		100,804		1,553
Triumph Group 6		38,186		1,675
URS =		57,362		1,686
				20,716
Information Technology – 14.1%
Amkor Technology =		217,132		882
CACI International, Class A 6 =		69,219		2,850
Emulex =		195,618		1,858
Epicor Software =		152,333		1,074
Ixia 6 =		421,772		2,809
Macrovision Solutions 6 =		112,505		1,247
Pericom Semiconductor =		87,062		679
Perot Systems, Class A =		78,967		1,136
Plantronics		114,953		1,660
Polycom 6 =		147,433		3,098
Progress Software =		98,908		2,269
TriQuint Semiconductor 6 =		553,335		2,479
TTM Technologies 6 =		318,320		2,279
United Online 6		267,075		1,976
Verigy 6 =		70,117		1,017
				27,313
Materials – 4.2%
Albemarle		63,319		1,542
AptarGroup		76,674		2,325
Arch Chemicals 6		69,884		1,982
Commercial Metals 6		74,756		830
Innophos Holdings 6		33,680		901
Myers Industries		49,887		527
				8,107
Utilities – 5.9%
Black Hills		69,332		1,751
El Paso Electric 6 =		121,445		2,249
Northwest Natural Gas 6		51,522		2,621
Portland General Electric 6		109,868		2,254
Westar Energy 6		137,023		2,671
				11,546
Total Common Stocks (Cost $235,519)				189,187
Exchange-Traded Fund – 0.5%
SPDR S&P Biotech (Cost $1,303)		19,977		1,073
Small Cap Value Fund (concluded)
DESCRIPTION	SHARES		VALUE
Short-Term Investment – 0.5%
First American Prime Obligations Fund, Class Z Å (Cost $1,043)		1,043,098	$	1,043
Investment Purchased with Proceeds from Securities Lending – 37.6%
Mount Vernon Securities Lending Prime Portfolio † (Cost $72,934)		72,934,425		72,934
Total Investments – 136.2% (Cost $310,799)				264,237
Other Assets and Liabilities – (36.2)%				(70,285	)
Total Net Assets – 100.0%			$	193,952

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $72,588 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
	The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

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

84   First American Funds 2008 Annual Report

Fund (concluded)

Small-Mid Cap Core Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 99.8%
Consumer Discretionary – 15.9%
Advance Auto Parts		37,022	$	1,155
ATC Technology 6 =		28,605		627
Autoliv		22,512		481
Burger King Holdings		69,290		1,378
DeVry		25,566		1,449
Family Dollar Stores		49,836		1,341
Stanley Works 6		31,558		1,033
WMS Industries 6 =		44,873		1,122
Wolverine World Wide 6		32,343		760
				9,346
Consumer Staples – 6.5%
Alberto-Culver 6		34,757		894
Darling International 6 =		48,285		364
Pepsi Bottling Group		21,819		504
Ralcorp Holdings =		12,952		877
Spartan Stores 6		43,776		1,182
				3,821
Energy – 5.2%
BJ Services 6		53,498		688
Penn Virginia 6		14,226		529
PetroQuest Energy =		47,450		472
Quicksilver Resources 6 =		41,491		434
Superior Energy Services 6 =		22,200		473
Swift Energy 6 =		15,590		500
				3,096
Financials – 23.8%
Arch Capital Group =		20,798		1,451
Astoria Financial		76,827		1,461
Bank of the Ozarks 6		39,738		1,208
BioMed Realty Trust – REIT		44,080		619
First Midwest Bancorp 6		33,045		734
FPIC Insurance Group 6 =		19,032		852
Knight Capital Group, Class A 6 =		93,902		1,358
LTC Properties – REIT 6		28,691		693
MFA Mortgage Investments – REIT 6		133,081		732
Mid-America Apartment Communities – REIT 6		19,050		671
National Retail Properties – REIT 6		38,514		687
optionsXpress Holdings		26,310		467
Platinum Underwriters Holdings		39,252		1,246
Sterling Bancshares 6		152,822		1,217
Zions Bancorporation 6		15,705		599
				13,995
Healthcare – 12.5%
Applied Biosystems		23,252		717
ICU Medical =		22,752		729
IDEXX Laboratories 6 =		12,735		448
Immucor =		23,613		627
Intuitive Surgical 6 =		4,957		857
Magellan Health Services =		17,369		642
OSI Pharmaceuticals 6 =		23,395		888
Pediatrix Medical Group 6 =		35,862		1,386
SonoSite 6 =		24,318		512
United Therapeutics 6 =		6,080		530
				7,336
Industrials – 10.8%
Cooper Industries, Class A		19,230		595
EMCOR Group =		29,773		529
ESCO Technologies =		14,829		512
Fluor		11,008		439
Forward Air 6		41,992		1,099
Regal-Beloit		37,498		1,221
SPX		10,536		408
Watson Wyatt Worldwide, Class A 6		14,598		620
Werner Enterprises 6		49,177		965
				6,388
Information Technology – 13.5%
ANSYS =		25,943		743
Avnet =		48,740		816
Digital River 6 =		18,733		464
Dolby Laboratories, Class A l		17,014		537
Emulex =		127,556		1,212
F5 Networks 6 =		41,440		1,029
Fairchild Semiconductor International =		158,135		898
Polycom 6 =		31,100		653
Progress Software =		30,769		706
Quest Software 6 =		65,640		870
				7,928
Materials – 7.0%
Eastman Chemical		10,398		420
Innophos Holdings		23,281		623
Pactiv =		52,527		1,237
Sonoco Products		37,049		933
Terra Industries		40,699		895
				4,108
Utilities – 4.6%
NSTAR		31,306		1,035
SCANA		21,168		696
Westar Energy 6		50,750		989
				2,720
Total Common Stocks (Cost $73,953)				58,738
Warrants – 0.0%
Lantronix, Warrants ⊡ (Cost $0)		746		—
Short-Term Investment – 0.6%
First American Prime Obligations Fund, Class Z Å (Cost $374)		374,197		374
Investment Purchased with Proceeds from Securities Lending – 30.5%
Mount Vernon Securities Lending Prime Portfolio † (Cost $17,930)		17,929,608		17,930
Total Investments – 130.9% (Cost $92,257)				77,042
Other Assets and Liabilities, Net – (30.9)%				(18,205	)
Total Net Assets – 100.0%			$	58,837

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $17,773 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.

First American Funds 2008 Annual Report   85

Schedule of Investments  October 31, 2008, all dollars rounded to thousands (000)

Small-Mid Cap Core Fund (concluded)

⊡	Security is fair-valued and illiquid. As of October 31, 2008, the fair value of this investment was $0 or 0.0% of total net assets. See Note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See Note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

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

86   First American Funds 2008 Annual Report

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Statements ofAssets and Liabilities   October 31, 2008, all dollars and shares are rounded to thousands (000),

except per share data

	Balanced			Equity			Global						International
	Fund			Income Fund			Infrastructure Fund			International Fund			Select Fund
Unaffiliated investments, at cost	$	206,084		$	625,300		$	25,658		$	777,235		$	377,200
Affiliated money market fund, at cost		7,230			10,644			—			—			—
Unaffiliated investment purchased with proceeds from securities lending, at cost (note 2)		—			—			—			321			53,892
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		35,199			234,846			—			—			—
Cash denominated in foreign currencies, at cost		116			—			9			12,494			6,666
ASSETS:
Unaffiliated investments, at value* (note 2)	$	167,607		$	672,835		$	21,002		$	688,676		$	266,301
Affiliated money market fund, at value (note 2)		7,230			10,644			—			—			—
Unaffiliated investment purchased with proceeds from securities lending, at value (note 2)		—			—			—			321			53,892
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		35,199			234,846			—			—			—
Cash denominated in foreign currencies, at value (note 2)		—			—			9			—			—
Cash		936			—			501			13,366			6,393
Receivable for dividends and interest		1,290			2,774			27			2,512			718
Receivable for investments sold		3,107			9,128			1,165			731			21,517
Receivable for capital shares sold		88			103			79			154			4,414
Receivable for foreign withholding tax reclaim		—			—			2			1			110
Receivable for variation margin (note 2)		—			—			—			219			—
Receivable from advisor (note 3)		—			—			37			—			—
Prepaid expenses and other assets		36			34			47			36			33
Total assets		215,493			930,364			22,869			706,016			353,378
LIABILITIES:
Bank overdraft		—			—			—			—			—
Cash denominated in foreign currencies, at value (note 2)		110			—			—			12,282			6,579
Payable for investments purchased		2,738			4,762			1,542			2,643			39,328
Payable upon return of securities loaned (note 2)		35,199			234,846			—			321			53,892
Payable for capital shares redeemed		147			894			5			659			657
Payable for swap agreements (note 2)		1,687			—			—			—			—
Payable for variation margin (note 2)		40			—			—			—			320
Payable to affiliates (note 3)		135			550			26			631			234
Payable to custodian (note 3)		—			—			34			104			127
Payable for distribution and shareholder servicing fees		19			34			1			11			1
Accrued expenses and other liabilities		13			19			18			14			—
Total liabilities		40,088			241,105			1,626			16,665			101,138
Net assets	$	175,405		$	689,259		$	21,243		$	689,351		$	252,240
COMPOSITION OF NET ASSETS:
Portfolio capital	$	235,668		$	652,576		$	29,999		$	771,140		$	392,588
Undistributed (distributions in excess of) net investment income		1,153			2,097			210			7,434			5,358
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, and swap agreements		(20,943	)		(12,949	)		(4,309	)		15,881			(30,042	)
Net unrealized appreciation or depreciation of:
Investments		(38,477	)		47,535			(4,656	)		(88,559	)		(110,899	)
Futures contracts		(903	)		—			—			(16,775	)		(4,963	)
Foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			(1	)		230			198
Swap agreements		(1,093	)		—			—			—			—
Net assets	$	175,405		$	689,259		$	21,243		$	689,351		$	252,240
* Including securities loaned, at value	$	34,439		$	230,352		$	—		$	294		$	51,467
Class A:
Net assets	$	61,222		$	100,824		$	4,022		$	25,342		$	1,904
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,048			9,989			626			2,918			291
Net asset value and redemption price per share	$	7.61		$	10.09		$	6.43		$	8.68		$	6.53
Maximum offering price per share1	$	8.05		$	10.68		$	6.80		$	9.19		$	6.91
Class B2,3:
Net assets	$	4,422		$	9,113			—		$	2,499		$	257
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		586			915			—			316			40
Net asset value, offering price, and redemption price per share	$	7.54		$	9.96			—		$	7.92		$	6.46
Class C2,3:
Net assets	$	1,612		$	4,625			—		$	3,232		$	226
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		212			464			—			392			35
Net asset value, offering price and redemption price per share	$	7.59		$	9.98			—		$	8.25		$	6.46
Class R2,4:
Net assets	$	342		$	535			—		$	2		$	48
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		45			53			—			—	**		7
Net asset value, offering price, and redemption price per share	$	7.67		$	10.08			—		$	8.67		$	6.52
Class Y:
Net assets	$	107,807		$	574,162		$	17,221		$	658,276		$	249,805
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		14,125			56,401			2,676			74,689			38,129
Net asset value, offering price, and redemption price per share	$	7.63		$	10.18		$	6.43		$	8.81		$	6.55

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

2	Class B, Class C, and Class R were not offered by Global Infrastructure Fund during the period. The fund began offering Class C and Class R on November 3, 2008.
3	Class B and Class C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.
4	Class R is not offered by Small-Mid Cap Core Fund.

**  Due to the presentation of the Financial Statements in thousands, the number rounds to zero.

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

88   First American Funds 2008 Annual Report

Large Cap Growth			Large Cap			Large Cap			Mid Cap Growth			Mid Cap			Real Estate			Small Cap Growth			Small Cap			Small Cap			Small-Mid Cap
Opportunities Fund			Select Fund			Value Fund			Opportunities Fund			Value Fund			Securities Fund			Opportunities Fund			Select Fund			Value Fund			Core Fund
$	515,609		$	253,450		$	527,958		$	1,159,580		$	662,033		$	782,095		$	128,420		$	640,349		$	236,822		$	73,953
	5,366			2,063			7,257			2,497			13,133			17,704			2,302			8,081			1,043			374
	—			—			—			—			—			—			—			—			—			—
	110,081			80,273			121,818			345,289			166,065			306,836			48,170			229,670			72,934			17,930
	—			—			—			—			—			—			—			—			—			—
$	479,329		$	210,731		$	460,834		$	975,920		$	557,837		$	671,049		$	105,801		$	495,229		$	190,260		$	58,738
	5,366			2,063			7,257			2,497			13,133			17,704			2,302			8,081			1,043			374
	—			—			—			—			—			—			—			—			—			—
	110,081			80,273			121,818			345,289			166,065			306,836			48,170			229,670			72,934			17,930
	—			—			—			—			—			—			—			—			—			—
	—			1,223			—			—			9			522			—			—			1			—
	568			175			1,015			559			503			726			65			381			250			41
	3,177			4,733			3,021			16,985			29,256			10,952			5,910			14,079			3,894			1,869
	379			121			159			631			532			6,431			42			684			46			16
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	28			27			37			41			52			49			36			42			32			26
	598,928			299,346			594,141			1,341,922			767,387			1,014,269			162,326			748,166			268,460			78,994
	1,098			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	4,653			6,216			3,097			11,015			19,464			8,350			6,097			13,981			1,265			1,917
	110,081			80,273			121,818			345,289			166,065			306,836			48,170			229,670			72,934			17,930
	1,154			610			364			1,595			807			1,322			59			1,208			102			234
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	417			188			386			835			516			597			90			465			183			60
	—			—			—			—			—			—			—			—			—			—
	21			1			18			71			52			53			9			65			12			8
	8			15			15			8			12			16			9			14			12			8
	117,432			87,303			125,698			358,813			186,916			317,174			54,434			245,403			74,508			20,157
$	481,496		$	212,043		$	468,443		$	983,109		$	580,471		$	697,095		$	107,892		$	502,763		$	193,952		$	58,837
$	616,764		$	324,380		$	586,436		$	1,329,413		$	790,346		$	941,355		$	174,984		$	763,479		$	265,802		$	522,500
	1,882			727			3,618			(11	)		1,332			(8	)		(7	)		(9	)		1,164			(6	)
	(100,870	)		(70,345	)		(54,487	)		(162,633	)		(107,011	)		(133,206	)		(44,466	)		(115,587	)		(26,452	)		(448,442	)
	(36,280	)		(42,719	)		(67,124	)		(183,660	)		(104,196	)		(111,046	)		(22,619	)		(145,120	)		(46,562	)		(15,215	)
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
$	481,496		$	212,043		$	468,443		$	983,109		$	580,471		$	697,095		$	107,892		$	502,763		$	193,952		$	58,837
$	108,996		$	79,185		$	120,489		$	341,010		$	165,710		$	314,935		$	47,103		$	224,819		$	72,588		$	17,773
$	53,430		$	3,608		$	60,870		$	209,052		$	124,275		$	133,162		$	29,022		$	166,698		$	28,344		$	12,848
	2,484			409			4,725			8,753			7,705			10,512			2,427			20,163			3,491			1,835
$	21.52		$	8.83		$	12.88		$	23.88		$	16.13		$	12.67		$	11.96		$	8.27		$	8.12		$	7.00
$	22.77		$	9.34		$	13.63		$	25.27		$	17.07		$	13.41		$	12.66		$	8.75		$	8.59		$	7.41
$	5,907		$	331		$	3,750		$	7,241		$	4,133		$	3,276		$	1,978		$	6,249		$	2,964		$	2,512
	296			39			303			341			271			264			186			941			420			418
$	19.93		$	8.58		$	12.39		$	21.22		$	15.22		$	12.39		$	10.62		$	6.64		$	7.05		$	6.01
$	4,368		$	180		$	2,643		$	13,011		$	13,154		$	11,458		$	1,104		$	17,062		$	2,373		$	3,068
	214			21			210			584			844			921			99			2,237			329			468
$	20.38		$	8.56		$	12.59		$	22.26		$	15.58		$	12.44		$	11.13		$	7.63		$	7.22		$	6.56
$	454		$	20		$	174		$	21,246		$	23,423		$	22,813		$	433		$	23,069		$	2,159			—
	21			2			13			902			1,461			1,783			37			2,840			270			—
$	21.26		$	8.78		$	12.85		$	23.56		$	16.04		$	12.79		$	11.83		$	8.12		$	8.00			—
$	417,337		$	207,904		$	401,006		$	732,559		$	415,486		$	526,386		$	75,355		$	289,685		$	158,112		$	40,409
	18,711			23,450			30,965			28,651			25,588			41,152			5,881			32,404			18,915			5,526
$	22.31		$	8.87		$	12.95		$	25.57		$	16.24		$	12.79		$	12.81		$	8.94		$	8.36		$	7.31

First American Funds 2008 Annual Report   89

Statements ofOperations   For the year ended October 31, 2008, all dollars are rounded to thousands (000)

																Large Cap
							Global									Growth
	Balanced			Equity			Infrastructure			International			International			Opportunities
	Fund			Income Fund			Fund3			Fund			Select Fund			Fund
INVESTMENT INCOME:
Interest from unaffiliated investments	$	8,229		$	6		$	7		$	718		$	1,172		$	—
Dividends from unaffiliated investments		2,364			34,285			325			44,530			8,432			7,775
Dividends from affiliated money market fund		158			535			—			—			—			314
Less: Foreign taxes withheld		(7	)		(4	)		(23	)		(4,060	)		(676	)		(34	)
Securities lending income		307			1,021			—			2,312			351			888
Total investment income		11,051			35,843			309			43,500			9,279			8,943
EXPENSES (note 3):
Investment advisory fees		1,711			6,430			89			12,681			3,133			4,594
Administration fees		630			2,186			35			2,843			728			1,566
Transfer agent fees		216			286			63			192			124			315
Custodian fees		17			50			84			386			390			36
Legal fees		15			14			13			14			15			14
Audit fees		33			26			30			26			26			27
Registration fees		52			52			19			52			52			52
Postage & printing fees		21			70			13			92			25			46
Directors’ fees		28			28			23			28			28			29
Other expenses		20			21			21			34			26			20
Distribution and shareholder servicing fees:
Class A		217			362			2			111			8			198
Class B1		66			134			—			49			4			92
Class C1		24			72			—			55			4			69
Class R1,2		1			4			—			—			—			3
Total expenses		3,051			9,735			392			16,563			4,563			7,061
Less: Fee waivers (note 3)		(508	)		(14	)		(291	)		(544	)		(646	)		(8	)
Less: Indirect payments from custodian (note 3)		(2	)		(2	)		—			(74	)		(16	)		(1	)
Total net expenses		2,541			9,719			101			15,945			3,901			7,052
Investment income (loss) – net		8,510			26,124			208			27,555			5,378			1,891
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized gain (loss) on:
Investments		(21,140	)		(12,130	)		(4,310	)		43,357			(24,099	)		(52,117	)
Redemptions-in-kind (note 9)		—			4,349			—			23,282			—			—
Futures contracts		782			—			—			(12,795	)		(2,901	)		—
Options written		367			—			—			—			—			—
Swap agreements		391			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		12			—			2			(796	)		181			—
Net change in unrealized appreciation or depreciation of:
Investments		(65,261	)		(379,560	)		(4,656	)		(666,682	)		(148,884	)		(229,507	)
Futures contracts		(1,285	)		—			—			(16,775	)		(6,171	)		—
Options written		(7	)		—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(1	)		—			(1	)		138			186			—
Swap agreements		(1,575	)		—			—			—			—			—
Net loss on investments, redemptions-in-kind, futures contracts, options written, foreign currency transactions, and swap agreements		(87,717	)		(387,341	)		(8,965	)		(630,271	)		(181,688	)		(281,624	)
Net decrease in net assets resulting from operations	$	(79,207	)	$	(361,217	)	$	(8,757	)	$	(602,716	)	$	(176,310	)	$	(279,733	)

1	Class B, Class C, and Class R were not offered by Global Infrastructure Fund during the period. The fund began offering Class C and Class R on November 3, 2008.
2	Class R is not offered by Small-Mid Cap Core Fund.
3	For the period December 17, 2007 (commencement of operations) through October 31, 2008.

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

90   First American Funds 2008 Annual Report

															Small Cap
						Mid Cap Growth									Growth
Large Cap			Large Cap			Opportunities			Mid Cap			Real Estate			Opportunities			Small Cap			Small Cap			Small-Mid Cap
Select Fund			Value Fund			Fund			Value Fund			Securities Fund			Fund			Select Fund			Value Fund			Core Fund
$	—		$	—		$	—		$	—		$	—		$	1		$	—		$	—		$	—
	5,392			16,386			8,579			17,101			34,010			767			5,248			4,779			885
	92			356			637			592			368			190			688			66			32
	—			—			—			(27	)		(155	)		—			—			—			—
	403			690			3,194			1,172			1,404			541			2,081			808			240
	5,887			17,432			12,410			18,838			35,627			1,499			8,017			5,653			1,157
	2,249			4,351			11,060			6,192			5,543			2,310			5,061			1,917			633
	773			1,483			3,486			1,957			1,752			520			1,603			615			210
	126			252			464			335			225			184			386			185			226
	22			34			79			47			41			12			38			18			8
	14			14			13			14			14			15			14			15			15
	27			27			27			27			27			26			27			26			26
	51			52			62			63			73			60			70			52			43
	27			52			113			66			60			41			76			27			12
	28			28			28			28			28			28			28			28			28
	20			20			22			21			21			20			21			20			19
	15			225			871			515			409			282			504			102			46
	5			59			125			66			53			32			97			44			45
	3			37			228			207			146			17			261			32			45
	—			1			141			145			104			3			166			14			—
	3,360			6,635			16,719			9,683			8,496			3,550			8,352			3,095			1,356
	(3	)		(10	)		(18	)		(20	)		(12	)		(404	)		(21	)		(2	)		(173	)
	—			(2	)		(11	)		(3	)		(4	)		(1	)		(3	)		—			—
	3,357			6,623			16,690			9,660			8,480			3,145			8,328			3,093			1,183
	2,530			10,809			(4,280	)		9,178			27,147			(1,646	)		(311	)		2,560			(26	)
	(68,940	)		(53,971	)		(139,560	)		(107,430	)		(128,631	)		(40,776	)		(93,456	)		(26,457	)		(7,982	)
	—			—			—			—			—			247			—			—			—
	—			—			—			—			—			305			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
										—
	—			—			—			—			(31	)		—			—			—			—
	(93,774	)		(214,939	)		(635,741	)		(268,835	)		(281,542	)		(52,783	)		(234,746	)		(77,076	)		(26,410	)
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	(162,714	)		(268,910	)		(775,301	)		(376,265	)		(410,204	)		(93,007	)		(328,202	)		(103,533	)		(34,392	)
$	(160,184	)	$	(258,101	)	$	(779,581	)	$	(367,087	)	$	(383,057	)	$	(94,653	)	$	(328,513	)	$	(100,973	)	$	(34,418	)

First American Funds 2008 Annual Report   91

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

													Global
	Balanced						Equity						Infrastructure			International
	Fund						Income Fund						Fund			Fund
	Year Ended			Year Ended			Year Ended			Year Ended			12/17/071			Year Ended			Year Ended
	10/31/08			10/31/07			10/31/08			10/31/07			to 10/31/08			10/31/08			10/31/07
OPERATIONS:
Investment income (loss) – net	$	8,510		$	6,838		$	26,124		$	26,412		$	208		$	27,555		$	20,766
Net realized gain (loss) on:
Unaffiliated investments		(21,140	)		36,857			(12,130	)		91,683			(4,310	)		43,357			165,689
Affiliated investments		—			—			—			—			—			—			—
Redemptions in-kind (note 9)		—			—			4,349			—			—			23,282			—
Futures contracts		782			(712	)		—			—			—			(12,795	)		—
Options written		367			(163	)		—			—			—			—			—
Swap agreements		391			916			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		12			2			—			—			2			(796	)		(871	)
Net change in unrealized appreciation or depreciation of:
Investments		(65,261	)		(7,616	)		(379,560	)		69,097			(4,656	)		(666,682	)		122,521
Futures contracts		(1,285	)		317			—			—			—			(16,775	)		—
Options written		(7	)		7			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(1	)		1			—			—			(1	)		138			52
Swap agreements		(1,575	)		478			—			—			—			—			—
Net increase (decrease) in net assets resulting from operations		(79,207	)		36,925			(361,217	)		187,192			(8,757	)		(602,716	)		308,157
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,782	)		(1,878	)		(3,201	)		(3,199	)		—			(504	)		(467	)
Class B		(159	)		(104	)		(204	)		(238	)		—			(16	)		(15	)
Class C		(59	)		(29	)		(110	)		(128	)		—			(9	)		(13	)
Class R		(6	)		—			(16	)		(10	)		—			—			—
Class Y		(5,641	)		(4,784	)		(19,995	)		(22,721	)		—			(17,791	)		(18,658	)
Net realized gain on investments:
Class A		(10,035	)		(7,413	)		(11,805	)		(15,114	)		—			(4,764	)		(948	)
Class B		(790	)		(926	)		(1,124	)		(1,748	)		—			(604	)		(136	)
Class C		(275	)		(207	)		(605	)		(982	)		—			(611	)		(149	)
Class R		(4	)		(2	)		(63	)		(47	)		—			(1	)		—
Class Y		(21,214	)		(17,359	)		(67,897	)		(99,232	)		—			(133,882	)		(29,782	)
Total distributions		(40,965	)		(32,702	)		(105,020	)		(143,419	)		—			(158,182	)		(50,168	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		4,164			7,514			7,241			14,413			5,363			6,019			11,786
Reinvestment of distributions		12,406			9,001			13,962			17,020			—			4,612			1,277
Payments for redemptions		(19,471	)		(20,902	)		(31,641	)		(30,354	)		(272	)		(14,884	)		(16,840	)
Increase (decrease) in net assets from Class A transactions		(2,901	)		(4,387	)		(10,438	)		1,079			5,091			(4,253	)		(3,777	)
Class B2:
Proceeds from sales		382			299			411			1,217			—			341			580
Reinvestment of distributions		909			992			1,248			1,875			—			597			143
Payments for redemptions (note 3)		(2,103	)		(6,855	)		(3,181	)		(6,493	)		—			(2,149	)		(2,230	)
Decrease in net assets from Class B transactions		(812	)		(5,564	)		(1,522	)		(3,401	)		—			(1,211	)		(1,507	)
Class C2:
Proceeds from sales		199			411			595			788			—			462			872
Reinvestment of distributions		319			225			666			1,026			—			556			142
Payments for redemptions (note 3)		(605	)		(912	)		(2,522	)		(4,021	)		—			(1,585	)		(2,984	)
Increase (decrease) in net assets from Class C transactions		(87	)		(276	)		(1,261	)		(2,207	)		—			(567	)		(1,970	)
Class R2:
Proceeds from sales		410			27			78			613			—			3			3
Reinvestment of distributions		10			2			79			56			—			1			—
Payments for redemptions		(2	)		(19	)		(193	)		(287	)		—			(3	)		—
Increase in net assets from Class R transactions		418			10			(36	)		382			—			1			3
Class Y:
Proceeds from sales		21,293			23,664			77,778			80,545			32,934			210,818			167,696
Reinvestment of distributions		25,617			21,029			39,603			56,726			—			101,831			29,171
Payments for redemptions		(82,249	)		(75,193	)		(216,514	)		(242,377	)		(8,025	)		(597,730	)		(512,210	)
Increase (decrease) in net assets from Class Y transactions		(35,339	)		(30,500	)		(99,133	)		(105,106	)		24,909			(285,081	)		(315,343	)
Increase (decrease) in net assets from capital share transactions		(38,721	)		(40,717	)		(112,390	)		(109,253	)		30,000			(291,111	)		(322,594	)
Increase in net assets from regulatory settlement proceeds (note 10)		—			—			—			—			—			—			—
Total increase (decrease) in net assets		(158,893	)		(36,494	)		(578,627	)		(65,480	)		21,243			(1,052,009	)		(64,605	)
Net assets at beginning of period		334,298			370,792			1,267,886			1,333,366			—			1,741,360			1,805,965
Net assets at end of period	$	175,405		$	334,298		$	689,259		$	1,267,886		$	21,243		$	689,351		$	1,741,360
Undistributed (distributions in excess of) net investment income at end of period	$	1,153		$	768		$	2,097		$	(490	)	$	210		$	7,434		$	18,037

1	Commencement of operations.
2	Class B, Class C and Class R were not offered by Global Infrastructure Fund during the period. The fund began offering Class C and Class R on November 3, 2008.

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

92   First American Funds 2008 Annual Report

International						Large Cap Growth						Large Cap						Large Cap
Select Fund						Opportunities Fund						Select Fund						Value Fund
Year Ended			12/21/061			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
10/31/08			to 10/31/07			10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
$	5,378		$	2,427		$	1,891		$	454		$	2,530		$	2,112		$	10,809		$	11,387
	(24,099	)		2,639			(52,117	)		96,005			(68,940	)		64,920			(53,971	)		119,358
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(2,901	)		(26	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	181			(316	)		—			—			—			—			—			—
	(148,884	)		37,985			(229,507	)		85,008			(93,774	)		(1,889	)		(214,939	)		(27,940	)
	(6,171	)		1,208			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	186			12			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(176,310	)		43,929			(279,733	)		181,467			(160,184	)		65,143			(258,101	)		102,805
	(19	)		—			—			—			(21	)		(17	)		(844	)		(1,259	)
	(1	)		—			—			—			—			—			(26	)		(52	)
	(1	)		—			—			—			(1	)		—			(15	)		(28	)
	—			—			—			—			—			—			(1	)		(1	)
	(2,254	)		(49	)		(464	)		(1,284	)		(1,853	)		(2,107	)		(6,296	)		(10,065	)
	(58	)		—			(8,176	)		(1,037	)		(1,002	)		(116	)		(13,581	)		(8,885	)
	(7	)		—			(1,066	)		(159	)		(87	)		(11	)		(962	)		(738	)
	(6	)		—			(757	)		(93	)		(42	)		(4	)		(561	)		(404	)
	—			—			(50	)		(7	)		(5	)		(2	)		(23	)		(13	)
	(5,572	)		—			(61,331	)		(8,372	)		(55,522	)		(7,569	)		(86,486	)		(62,201	)
	(7,918	)		(49	)		(71,844	)		(10,952	)		(58,533	)		(9,826	)		(108,795	)		(83,646	)
	1,504			3,236			7,836			13,170			888			1,953			3,879			8,622
	67			—			7,846			986			817			113			13,370			9,390
	(1,162	)		(339	)		(19,590	)		(26,532	)		(2,403	)		(2,094	)		(20,859	)		(22,821	)
	409			2,897			(3,908	)		(12,376	)		(698	)		(28	)		(3,610	)		(4,809	)
	202			296			407			827			18			70			161			432
	7			—			1,032			156			88			10			964			768
	(61	)		(3	)		(2,852	)		(5,385	)		(117	)		(133	)		(2,115	)		(3,166	)
	148			293			(1,413	)		(4,402	)		(11	)		(53	)		(990	)		(1,966	)
	244			267			706			1,235			54			80			319			817
	5			—			707			90			38			4			510			387
	(105	)		(8	)		(2,155	)		(2,802	)		(70	)		(40	)		(741	)		(1,866	)
	144			259			(742	)		(1,477	)		22			44			88			(662	)
	62			16			231			104			13			21			105			45
	—			—			50			7			5			2			24			14
	(8	)		(1	)		(89	)		(221	)		(15	)		(111	)		(36	)		(39	)
	54			15			192			(110	)		3			(88	)		93			20
	201,444			322,481			111,241			88,407			108,988			51,891			74,224			52,221
	4,127			48			32,809			4,913			23,632			3,629			59,454			45,777
	(116,875	)		(22,856	)		(172,512	)		(285,174	)		(159,401	)		(136,802	)		(146,403	)		(213,481	)
	88,696			299,673			(28,462	)		(191,854	)		(26,781	)		(81,282	)		(12,725	)		(115,483	)
	89,451			303,137			(34,333	)		(210,219	)		(27,465	)		(81,407	)		(17,144	)		(122,900	)
	—			—			—			—			—			—			—			—
	(94,777	)		347,017			(385,910	)		(39,704	)		(246,182	)		(26,090	)		(384,040	)		(103,741	)
	347,017			—			867,406			907,110			458,225			484,315			852,483			956,224
$	252,240		$	347,017		$	481,496		$	867,406		$	212,043		$	458,225		$	468,443		$	852,483
$	5,358		$	2,063		$	1,882		$	455		$	727		$	66		$	3,618		$	(8	)

First American Funds 2008 Annual Report   93

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

	Mid Cap Growth						Mid Cap						Real Estate
	Opportunities Fund						Value Fund						Securities Fund
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
OPERATIONS:
Investment income (loss) – net	$	(4,280	)	$	(6,938	)	$	9,178		$	7,546		$	27,147		$	20,209
Net realized gain (loss) on:
Unaffiliated investments		(139,560	)		219,650			(107,430	)		82,464			(128,631	)		78,326
Affiliated investments		—			—			—			—			—			—
Redemptions in-kind (note 9)		—			—			—			—			—			—
Futures contracts		—			—			—			—			—			—
Options written		—			—			—			—			—			—
Swap agreements		—			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			—			—			(31	)		—
Net change in unrealized appreciation or depreciation of:
Investments		(635,741	)		162,820			(268,835	)		24,636			(281,542	)		(95,107	)
Futures contracts		—			—			—			—			—			—
Options written		—			—			—			—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		—			—			—			—			—			—
Swap agreements		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from operations		(779,581	)		375,532			(367,087	)		114,646			(383,057	)		3,428
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			(1,408	)		(1,522	)		(3,653	)		(3,489	)
Class B		—			—			(22	)		(14	)		(78	)		(76	)
Class C		—			—			(63	)		(40	)		(217	)		(197	)
Class R		—			—			(175	)		(111	)		(409	)		(229	)
Class Y		—			—			(5,086	)		(6,390	)		(14,270	)		(11,675	)
Net realized gain on investments:
Class A		(42,869	)		(30,495	)		(16,522	)		(12,946	)		(22,068	)		(21,330	)
Class B		(1,753	)		(1,525	)		(565	)		(528	)		(816	)		(722	)
Class C		(3,115	)		(1,884	)		(1,759	)		(1,175	)		(2,036	)		(1,281	)
Class R		(3,185	)		(1,645	)		(1,982	)		(1,102	)		(2,193	)		(931	)
Class Y		(137,824	)		(106,455	)		(48,932	)		(42,784	)		(68,467	)		(65,821	)
Total distributions		(188,746	)		(142,004	)		(76,514	)		(66,612	)		(114,207	)		(105,751	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		59,598			113,868			48,087			154,646			96,399			105,664
Reinvestment of distributions		41,285			29,160			17,368			14,057			24,612			22,640
Payments for redemptions		(104,324	)		(87,910	)		(94,410	)		(81,184	)		(85,724	)		(127,551	)
Increase (decrease) in net assets from Class A transactions		(3,441	)		55,118			(28,955	)		87,519			35,287			753
Class B:
Proceeds from sales		738			1,912			357			1,235			517			3,037
Reinvestment of distributions		1,643			1,419			554			513			773			730
Payments for redemptions (note 3)		(3,120	)		(4,702	)		(1,801	)		(2,298	)		(2,144	)		(2,757	)
Decrease in net assets from Class B transactions		(739	)		(1,371	)		(890	)		(550	)		(854	)		1,010
Class C:
Proceeds from sales		4,282			9,743			2,358			9,914			6,738			16,692
Reinvestment of distributions		2,677			1,764			1,585			1,083			1,755			1,193
Payments for redemptions (note 3)		(8,531	)		(4,958	)		(6,416	)		(4,006	)		(6,111	)		(9,390	)
Increase (decrease) in net assets from Class C transactions		(1,572	)		6,549			(2,473	)		6,991			2,382			8,495
Class R1:
Proceeds from sales		16,036			13,492			16,462			22,611			24,530			23,035
Reinvestment of distributions		3,185			1,645			2,152			1,204			2,601			1,152
Payments for redemptions		(9,288	)		(6,431	)		(9,556	)		(13,287	)		(8,819	)		(13,301	)
Increase in net assets from Class R transactions		9,933			8,706			9,058			10,528			18,312			10,886
Class Y:
Proceeds from sales		150,690			200,629			57,392			102,337			388,360			200,077
Reinvestment of distributions		104,398			78,118			39,960			34,548			49,830			42,649
Payments for redemptions		(286,403	)		(221,866	)		(140,793	)		(127,700	)		(198,925	)		(275,626	)
Increase (decrease) in net assets from Class Y transactions		(31,315	)		56,881			(43,441	)		9,185			239,265			(32,900	)
Increase (decrease) in net assets from capital share transactions		(27,134	)		125,883			(66,701	)		113,673			294,392			(11,756	)
Increase in net assets from regulatory settlement proceeds (note 10)		—			—			—			—			—			—
Total increase (decrease) in net assets		(995,461	)		359,411			(510,302	)		161,707			(202,872	)		(114,079	)
Net assets at beginning of period		1,978,570			1,619,159			1,090,773			929,006			899,967			1,014,046
Net assets at end of period	$	983,109		$	1,978,570		$	580,471		$	1,090,713		$	697,095		$	899,967
Undistributed (distributions in excess of) net investment income at end of period	$	(11	)	$	(10	)	$	1,332		$	(7	)	$	(8	)	$	(7	)

¹ Class R is not offered by Small-Mid Cap Core Fund.

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

94   First American Funds 2008 Annual Report

Small Cap Growth						Small Cap						Small Cap						Small-Mid Cap
Opportunities Fund						Select Fund						Value Fund						Core Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
$	(1,646	)	$	(2,579	)	$	(311	)	$	(813	)	$	2,560		$	4,450		$	(26	)	$	(151	)
	(40,776	)		29,255			(93,456	)		81,194			(26,457	)		42,939			(7,982	)		9,015
	—			—			—			(2,200	)		—			—			—			—
	247			—			—			6,598			—			—			—			—
	305			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	(52,783	)		11,753			(234,746	)		(12,056	)		(77,076	)		(29,588	)		(26,410	)		3,441
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
				—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(94,653	)		38,429			(328,513	)		72,723			(100,973	)		17,801			(34,418	)		12,305
	—			—			—			—			(573	)		(94	)		—			—
	—			—			—			—			(24	)		—			—			—
	—			—			—			—			(20	)		—			—			—
	—			—			—			—			(33	)		(3	)		—			—
	—			—			(290	)		—			(3,749	)		(1,306	)		—			(108	)
	(10,823	)		(8,975	)		(14,448	)		(33,807	)		(5,182	)		(9,082	)		—			—
	(340	)		(443	)		(980	)		(2,398	)		(645	)		(1,323	)		—			—
	(169	)		(178	)		(2,230	)		(2,921	)		(434	)		(764	)		—			—
	(39	)		(81	)		(2,457	)		(578	)		(336	)		(321	)		—			—
	(9,817	)		(10,242	)		(34,350	)		(94,474	)		(27,249	)		(52,686	)		—			—
	(21,188	)		(19,919	)		(54,755	)		(134,178	)		(38,245	)		(65,579	)		—			(108	)
	17,198			42,677			111,735			169,005			2,653			9,352			3,246			5,584
	10,653			8,788			13,800			24,845			5,531			8,932			—			—
	(101,235	)		(49,599	)		(89,826	)		(161,596	)		(12,847	)		(15,854	)		(5,139	)		(12,536	)
	(73,384	)		1,866			35,709			32,254			(4,663	)		2,430			(1,893	)		(6,952	)
	103			235			324			1,987			44			183			118			294
	325			412			937			2,264			642			1,220			—			—
	(1,039	)		(2,909	)		(3,322	)		(4,115	)		(1,622	)		(1,975	)		(2,833	)		(2,885	)
	(611	)		(2,262	)		(2,061	)		136			(936	)		(572	)		(2,715	)		(2,591	)
	214			807			4,504			21,138			477			1,120			696			1,179
	154			151			2,068			2,706			411			736			—			—
	(583	)		(1,431	)		(10,197	)		(6,772	)		(869	)		(1,648	)		(1,120	)		(1,497	)
	(215	)		(473	)		(3,625	)		17,072			19			208			(424	)		(318	)
	299			449			13,319			39,652			1,187			2,573			—			—
	39			81			2,457			578			369			323			—			—
	(127	)		(1,395	)		(14,269	)		(5,019	)		(1,207	)		(1,268	)		—			—
	211			(865	)		1,507			35,211			349			1,628			—			—
	12,641			15,021			70,683			200,087			19,705			39,919			17,744			27,632
	7,546			7,633			26,896			71,615			27,122			46,881			—			38
	(35,529	)		(60,378	)		(259,101	)		(270,010	)		(78,089	)		(100,232	)		(32,921	)		(23,844	)
	(15,342	)		(37,724	)		(161,522	)		1,692			(31,262	)		(13,432	)		(15,177	)		3,826
	(89,341	)		(39,458	)		(129,992	)		86,365			(36,493	)		(9,738	)		(20,209	)		(6,035	)
	2,103			177			—			—			—			—			—			—
	(203,079	)		(20,771	)		(513,260	)		24,910			(175,711	)		(57,516	)		(54,627	)		6,162
	310,971			331,742			1,016,023			991,113			369,663			427,179			113,464			107,302
$	107,892		$	310,971		$	502,763		$	1,016,023		$	193,952		$	369,663		$	58,837		$	113,464
$	(7	)	$	(6	)	$	(9	)	$	(7	)	$	1,164		$	3,082		$	(6	)	$	(5	)

First American Funds 2008 Annual Report   95

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions									Net Asset
	Value		Net		Gains			Total from			from Net			Distributions						Value
	Beginning		Investment		(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Distributions			Period
Balanced Fund1
Class A
20082	$	12.44	$	0.32	$	(3.57	)	$	(3.25	)	$	(0.33	)	$	(1.25	)	$	(1.58	)	$	7.61
20072		12.27		0.22		1.04			1.26			(0.21	)		(0.88	)		(1.09	)		12.44
20062		11.27		0.20		1.00			1.20			(0.20	)		—			(0.20	)		12.27
20053		11.43		0.01		(0.17	)		(0.16	)		—			—			—			11.27
20054		10.12		0.15		1.31			1.46			(0.15	)		—			(0.15	)		11.43
20044		9.47		0.13		0.66			0.79			(0.14	)		—			(0.14	)		10.12
Class B
20082	$	12.34	$	0.24	$	(3.54	)	$	(3.30	)	$	(0.25	)	$	(1.25	)	$	(1.50	)	$	7.54
20072		12.18		0.13		1.03			1.16			(0.12	)		(0.88	)		(1.00	)		12.34
20062		11.18		0.11		1.00			1.11			(0.11	)		—			(0.11	)		12.18
20053		11.34		—		(0.16	)		(0.16	)		—			—			—			11.18
20054		10.04		0.07		1.30			1.37			(0.07	)		—			(0.07	)		11.34
20044		9.41		0.05		0.65			0.70			(0.07	)		—			(0.07	)		10.04
Class C
20082	$	12.42	$	0.24	$	(3.57	)	$	(3.33	)	$	(0.25	)	$	(1.25	)	$	(1.50	)	$	7.59
20072		12.25		0.13		1.04			1.17			(0.12	)		(0.88	)		(1.00	)		12.42
20062		11.22		0.11		0.99			1.10			(0.07	)		—			(0.07	)		12.25
20053		11.38		—		(0.16	)		(0.16	)		—			—			—			11.22
20054		10.08		0.07		1.30			1.37			(0.07	)		—			(0.07	)		11.38
20044		9.44		0.05		0.66			0.71			(0.07	)		—			(0.07	)		10.08
Class R5
20082	$	12.54	$	0.30	$	(3.61	)	$	(3.31	)	$	(0.31	)	$	(1.25	)	$	(1.56	)	$	7.67
20072		12.35		0.19		1.07			1.26			(0.19	)		(0.88	)		(1.07	)		12.54
20062		11.29		0.17		1.01			1.18			(0.12	)		—			(0.12	)		12.35
20053		11.45		0.01		(0.17	)		(0.16	)		—			—			—			11.29
20054		10.14		0.11		1.32			1.43			(0.12	)		—			(0.12	)		11.45
20044		9.49		0.14		0.64			0.78			(0.13	)		—			(0.13	)		10.14
Class Y
20082	$	12.47	$	0.35	$	(3.58	)	$	(3.23	)	$	(0.36	)	$	(1.25	)	$	(1.61	)	$	7.63
20072		12.30		0.25		1.04			1.29			(0.24	)		(0.88	)		(1.12	)		12.47
20062		11.31		0.23		0.99			1.22			(0.23	)		—			(0.23	)		12.30
20053		11.46		0.01		(0.16	)		(0.15	)		—			—			—			11.31
20054		10.15		0.17		1.32			1.49			(0.18	)		—			(0.18	)		11.46
20044		9.50		0.16		0.66			0.82			(0.17	)		—			(0.17	)		10.15

1	Per share data calculated using average shares outstanding method.
2	For the period November 1 to October 31 in the fiscal year indicated.
3	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Prior to July 1, 2004, Class R shares were named Class S shares.
6	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

96   First American Funds 2008 Annual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(29.47	)%	$	61,222		1.10	%		3.12	%		1.30	%		2.92	%		143	%
	10.97			103,818		1.10			1.79			1.24			1.65			144
	10.73			106,565		1.10			1.67			1.23			1.54			143
	(1.40	)		112,557		1.10			0.90			1.21			0.79			12
	14.51			114,388		1.06			1.35			1.21			1.20			147
	8.39			119,292		1.05			1.27			1.19			1.13			110
	(30.02	)%	$	4,422		1.85	%		2.37	%		2.05	%		2.17	%		143	%
	10.08			8,212		1.85			1.06			1.99			0.92			144
	9.93			13,809		1.85			0.92			1.98			0.79			143
	(1.41	)		19,409		1.85			0.15			1.96			0.04			12
	13.64			20,657		1.81			0.60			1.96			0.45			147
	7.46			28,101		1.80			0.54			1.94			0.40			110
	(30.06	)%	$	1,612		1.85	%		2.37	%		2.05	%		2.17	%		143	%
	10.15			2,785		1.85			1.06			1.99			0.92			144
	9.86			3,030		1.85			0.92			1.98			0.79			143
	(1.41	)		4,787		1.85			0.15			1.96			0.04			12
	13.61			5,528		1.81			0.60			1.96			0.45			147
	7.53			5,890		1.80			0.55			1.94			0.41			110
	(29.68	)%	$	342		1.35	%		3.11	%		1.55	%		2.91	%		143	%
	10.82			33		1.35			1.54			1.49			1.40			144
	10.49			23		1.35			1.38			1.61			1.12			143
	(1.40	)		1		1.35			0.65			1.61			0.39			12
	14.16			1		1.31			1.06			1.61			0.76			147
	8.22			1		1.05			1.39			1.19			1.25			110
	(29.30	)%	$	107,807		0.85	%		3.34	%		1.05	%		3.14	%		143	%
	11.21			219,450		0.85			2.05			0.99			1.91			144
	10.92			247,365		0.85			1.92			0.98			1.79			143
	(1.31	)		254,534		0.85			1.15			0.96			1.04			12
	14.76			262,557		0.81			1.60			0.96			1.45			147
	8.62			283,005		0.80			1.55			0.94			1.41			110

First American Funds 2008 Annual Report   97

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions									Net Asset
	Value		Net		Gains			Total from			from Net			Distributions						Value
	Beginning		Investment		(Losses) on			Investment			Investment			from Net						End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Total Distributions			Period
Equity Income Fund1
Class A
20082	$	16.43	$	0.33	$	(5.28	)	$	(4.95	)	$	(0.29	)	$	(1.10	)	$	(1.39	)	$	10.09
20072		15.90		0.29		1.96			2.25			(0.29	)		(1.43	)		(1.72	)		16.43
20062		13.67		0.20		2.32			2.52			(0.21	)		(0.08	)		(0.29	)		15.90
20053		13.89		0.01		(0.22	)		(0.21	)		(0.01	)		—			(0.01	)		13.67
20054		12.77		0.20		1.15			1.35			(0.22	)		(0.01	)		(0.23	)		13.89
20044		11.56		0.18		1.23			1.41			(0.20	)		—			(0.20	)		12.77
Class B
20082	$	16.23	$	0.22	$	(5.19	)	$	(4.97	)	$	(0.20	)	$	(1.10	)	$	(1.30	)	$	9.96
20072		15.75		0.17		1.94			2.11			(0.20	)		(1.43	)		(1.63	)		16.23
20062		13.57		0.09		2.30			2.39			(0.13	)		(0.08	)		(0.21	)		15.75
20053		13.79		—		(0.22	)		(0.22	)		—			—			—			13.57
20054		12.68		0.10		1.14			1.24			(0.12	)		(0.01	)		(0.13	)		13.79
20044		11.49		0.08		1.22			1.30			(0.11	)		—			(0.11	)		12.68
Class C
20082	$	16.26	$	0.22	$	(5.20	)	$	(4.98	)	$	(0.20	)	$	(1.10	)	$	(1.30	)	$	9.98
20072		15.78		0.17		1.94			2.11			(0.20	)		(1.43	)		(1.63	)		16.26
20062		13.59		0.10		2.30			2.40			(0.13	)		(0.08	)		(0.21	)		15.78
20053		13.81		—		(0.22	)		(0.22	)		—			—			—			13.59
20054		12.70		0.11		1.13			1.24			(0.12	)		(0.01	)		(0.13	)		13.81
20044		11.51		0.08		1.22			1.30			(0.11	)		—			(0.11	)		12.70
Class R5
20082	$	16.41	$	0.29	$	(5.26	)	$	(4.97	)	$	(0.26	)	$	(1.10	)	$	(1.36	)	$	10.08
20072		15.88		0.23		1.98			2.21			(0.25	)		(1.43	)		(1.68	)		16.41
20062		13.66		0.17		2.31			2.48			(0.18	)		(0.08	)		(0.26	)		15.88
20053		13.88		0.01		(0.23	)		(0.22	)		—			—			—			13.66
20054		12.78		0.11		1.20			1.31			(0.20	)		(0.01	)		(0.21	)		13.88
20044		11.56		0.19		1.22			1.41			(0.19	)		—			(0.19	)		12.78
Class Y
20082	$	16.55	$	0.36	$	(5.30	)	$	(4.94	)	$	(0.33	)	$	(1.10	)	$	(1.43	)	$	10.18
20072		16.00		0.33		1.98			2.31			(0.33	)		(1.43	)		(1.76	)		16.55
20062		13.76		0.24		2.33			2.57			(0.25	)		(0.08	)		(0.33	)		16.00
20053		13.98		0.01		(0.21	)		(0.20	)		(0.01	)		(0.01	)		(0.02	)		13.76
20054		12.85		0.24		1.15			1.39			(0.25	)		(0.01	)		(0.26	)		13.98
20044		11.63		0.21		1.24			1.45			(0.23	)		—			(0.23	)		12.85

1	Per share data calculated using average shares outstanding method.
2	For the period November 1 to October 31 in the fiscal year indicated.
3	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Prior to July 1, 2004, Class R shares were named Class S shares.
6	Total return does not include sales charges. Total return would have been lower had certain expenses not been waived.

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

98   First American Funds 2008 Annual Report

								Ratio of Net			Ratio of			Ratio of Net
								Investment			Expenses			Investment
					Ratio of			Income			to Average			Income (Loss)
			Net Assets		Expenses to			(Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(32.51	)%	$	100,824		1.17	%		2.45	%		1.17	%		2.45	%		32	%
	15.24			179,379		1.16			1.83			1.16			1.83			20
	18.66			171,814		1.18			1.40			1.18			1.40			23
	(1.53	)		171,998		1.20			0.70			1.20			0.70			—
	10.65			176,878		1.16			1.51			1.19			1.48			27
	12.26			184,381		1.15			1.39			1.19			1.35			12
	(32.95	)%	$	9,113		1.92	%		1.69	%		1.92	%		1.69	%		32	%
	14.40			16,893		1.91			1.09			1.91			1.09			20
	17.76			19,845		1.93			0.65			1.93			0.65			23
	(1.60	)		21,003		1.95			(0.05	)		1.95			(0.05	)		—
	9.86			21,639		1.91			0.78			1.94			0.75			27
	11.37			23,869		1.90			0.65			1.94			0.61			12
	(32.95	)%	$	4,625		1.92	%		1.69	%		1.92	%		1.69	%		32	%
	14.37			9,241		1.91			1.09			1.91			1.09			20
	17.80			11,225		1.93			0.68			1.93			0.68			23
	(1.59	)		15,313		1.95			(0.05	)		1.95			(0.05	)		—
	9.84			16,128		1.91			0.79			1.94			0.76			27
	11.34			19,300		1.90			0.66			1.94			0.62			12
	(32.64	)%	$	535		1.42	%		2.20	%		1.42	%		2.20	%		32	%
	14.98			940		1.41			1.48			1.41			1.48			20
	18.33			511		1.43			1.14			1.57			1.00			23
	(1.55	)		418		1.45			0.45			1.60			0.30			—
	10.33			415		1.41			0.83			1.59			0.65			27
	12.18			1		1.15			1.52			1.19			1.48			12
	(32.29	)%	$	574,162		0.92	%		2.70	%		0.92	%		2.70	%		32	%
	15.54			1,061,433		0.91			2.09			0.91			2.09			20
	18.89			1,129,971		0.93			1.65			0.93			1.65			23
	(1.50	)		1,169,267		0.95			0.95			0.95			0.95			—
	10.94			1,206,483		0.91			1.80			0.94			1.77			27
	12.54			1,404,431		0.90			1.65			0.94			1.61			12

First American Funds 2008 Annual Report   99

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Global Infrastructure Fund1
Class A
20082	$	10.00	$	0.05		$	(3.62	)	$	(3.57	)	$	—		$	—		$	—		$	6.43
Class Y
20082	$	10.00	$	0.16		$	(3.73	)	$	(3.57	)	$	—		$	—		$	—		$	6.43
International Fund1
Class A
20083	$	17.15	$	0.26		$	(7.14	)	$	(6.88	)	$	(0.14	)	$	(1.45	)	$	(1.59	)	$	8.68
20073		14.80		0.15			2.59			2.74			(0.13	)		(0.26	)		(0.39	)		17.15
20063		12.01		0.12			2.80			2.92			(0.13	)		—			(0.13	)		14.80
20054		12.24		0.01			(0.24	)		(0.23	)		—			—			—			12.01
20055		10.19		0.09			2.02			2.11			(0.06	)		—			(0.06	)		12.24
20045		8.99		0.03			1.22			1.25			(0.05	)		—			(0.05	)		10.19
Class B
20083	$	15.78	$	0.14		$	(6.52	)	$	(6.38	)	$	(0.03	)	$	(1.45	)	$	(1.48	)	$	7.92
20073		13.65		0.03			2.39			2.42			(0.03	)		(0.26	)		(0.29	)		15.78
20063		11.09		0.02			2.58			2.60			(0.04	)		—			(0.04	)		13.65
20054		11.31		—			(0.22	)		(0.22	)		—			—			—			11.09
20055		9.43		—			1.88			1.88			—			—			—			11.31
20045		8.34		(0.05	)		1.14			1.09			—			—			—			9.43
Class C
20083	$	16.36	$	0.15		$	(6.79	)	$	(6.64	)	$	(0.02	)	$	(1.45	)	$	(1.47	)	$	8.25
20073		14.13		0.03			2.48			2.51			(0.02	)		(0.26	)		(0.28	)		16.36
20063		11.47		0.02			2.67			2.69			(0.03	)		—			(0.03	)		14.13
20054		11.70		—			(0.23	)		(0.23	)		—			—			—			11.47
20055		9.76		—			1.94			1.94			—			—			—			11.70
20045		8.63		(0.05	)		1.18			1.13			—			—			—			9.76
Class R6
20083	$	17.17	$	0.19		$	(7.10	)	$	(6.91	)	$	(0.14	)	$	(1.45	)	$	(1.59	)	$	8.67
20073		14.81		0.10			2.61			2.71			(0.09	)		(0.26	)		(0.35	)		17.17
20063		11.94		0.05			2.82			2.87			—			—			—			14.81
20054		12.17		(0.02	)		(0.21	)		(0.23	)		—			—			—			11.94
20055		10.11		0.09			1.97			2.06			—			—			—			12.17
20045		8.98		(0.01	)		1.19			1.18			(0.05	)		—			(0.05	)		10.11
Class Y
20083	$	17.38	$	0.30		$	(7.24	)	$	(6.94	)	$	(0.18	)	$	(1.45	)	$	(1.63	)	$	8.81
20073		14.99		0.19			2.62			2.81			(0.16	)		(0.26	)		(0.42	)		17.38
20063		12.16		0.16			2.83			2.99			(0.16	)		—			(0.16	)		14.99
20054		12.39		0.01			(0.24	)		(0.23	)		—			—			—			12.16
20055		10.31		0.12			2.05			2.17			(0.09	)		—			(0.09	)		12.39
20045		9.10		0.06			1.23			1.29			(0.08	)		—			(0.08	)		10.31

1	Per share data calculated using average shares outstanding method.
2	Commenced operations on December 17, 2007. All ratios for the period ended October 31, 2008 have been annualized, except total return and portfolio turnover.
3	For the period November 1 to October 31 in the fiscal year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	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.

100   First American Funds 2008 Annual Report

														Ratio of Net
								Ratio of Net			Ratio of			Investment
								Investment			Expenses			Income (Loss)
					Ratio of			Income			to Average			to Average
			Net Assets		Expenses to			(Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(35.70	)%	$	4,022		1.25	%		0.80	%		4.16	%		(2.11	)%		304	%
	(35.70	)%	$	17,221		0.99	%		2.18	%		3.90	%		(0.73	)%		304	%
	(43.82	)%	$	25,342		1.49	%		1.92	%		1.54	%		1.87	%		18	%
	18.92			56,705		1.49			0.97			1.53			0.93			14
	24.50			52,489		1.51			0.89			1.54			0.86			17
	(1.88	)		48,439		1.51			0.58			1.55			0.54			—
	20.80			48,851		1.56			0.77			1.61			0.72			74
	13.91			44,851		1.60			0.31			1.64			0.27			77
	(44.19	)%	$	2,499		2.24	%		1.16	%		2.29	%		1.11	%		18	%
	18.05			6,668		2.24			0.22			2.28			0.18			14
	23.50			7,172		2.26			0.15			2.29			0.12			17
	(1.95	)		6,632		2.26			(0.17	)		2.30			(0.21	)		—
	19.94			6,819		2.31			—			2.36			(0.05	)		74
	13.12			7,371		2.35			(0.48	)		2.39			(0.52	)		77
	(44.21	)%	$	3,232		2.24	%		1.20	%		2.29	%		1.15	%		18	%
	18.09			7,173		2.24			0.20			2.28			0.16			14
	23.53			8,049		2.26			0.16			2.29			0.13			17
	(1.97	)		7,520		2.26			(0.17	)		2.30			(0.21	)		—
	19.88			7,915		2.31			(0.01	)		2.36			(0.06	)		74
	13.14			8,542		2.35			(0.52	)		2.39			(0.56	)		77
	(43.94	)%	$	2		1.74	%		1.40	%		1.79	%		1.35	%		18	%
	18.66			4		1.74			0.60			1.78			0.56			14
	24.04			1		1.76			0.39			1.91			0.24			17
	(1.89	)		1		1.76			0.33			1.95			0.14			—
	20.38			163		1.81			0.77			2.01			0.57			74
	13.16			1		1.60			(0.11	)		1.64			(0.15	)		77
	(43.68	)%	$	658,276		1.24	%		2.19	%		1.29	%		2.14	%		18	%
	19.23			1,670,810		1.24			1.21			1.28			1.17			14
	24.81			1,738,254		1.26			1.16			1.29			1.13			17
	(1.86	)		1,516,510		1.26			0.83			1.30			0.79			—
	21.12			1,523,057		1.31			1.07			1.36			1.02			74
	14.13			1,145,409		1.35			0.59			1.39			0.55			77

First American Funds 2008 Annual Report   101

Financial Highlights   For a share outstanding throughout the indicated periods.

		Net Asset				Realized and						Distributions									Net Asset
		Value		Net		Unrealized			Total from			from Net			Distributions						Value
		Beginning		Investment		Gains (Losses) on			Investment			Investment			from Net			Total			End of
		of Period		Income		Investments			Operations			Income			Realized Gains			Distributions			Period
International Select Fund1
Class A
20082		$	12.15	$	0.15	$	(5.52	)	$	(5.37	)	$	(0.06	)	$	(0.19	)	$	(0.25	)	$	6.53
20073			10.00		0.09		2.07			2.16			(0.01	)		—			(0.01	)		12.15
Class B
20082		$	12.07	$	0.08	$	(5.47	)	$	(5.39	)	$	(0.03	)	$	(0.19	)	$	(0.22	)	$	6.46
20073			10.00		0.02		2.05			2.07			—			—			—			12.07
Class C
20082		$	12.07	$	0.09	$	(5.48	)	$	(5.39	)	$	(0.03	)	$	(0.19	)	$	(0.22	)	$	6.46
20073			10.00		0.03		2.04			2.07			—			—			—			12.07
Class R
20082		$	12.12	$	0.08	$	(5.46	)	$	(5.38	)	$	(0.03	)	$	(0.19	)	$	(0.22	)	$	6.52
20073			10.00		0.07		2.06			2.13			(0.01	)		—			(0.01	)		12.12
Class Y
20082		$	12.17	$	0.17	$	(5.52	)	$	(5.35	)	$	(0.08	)	$	(0.19	)	$	(0.27	)	$	6.55
20073	��		10.00		0.13		2.05			2.18			(0.01	)		—			(0.01	)		12.17

1	Per share data calculated using average shares outstanding method.
2	For the period November 1 to October 31 in the year indicated.
3	Commenced operations on December 21, 2006. All ratios for the period ended October 31, 2007 have been annualized, except total return and portfolio turnover.
4	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

102   First American Funds 2008 Annual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income (Loss)
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return4			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(45.00	)%	$	1,904		1.49	%		1.52	%		1.70	%		1.31	%		63	%
	21.58			3,228		1.49			0.95			1.89			0.55			45
	(45.37	)%	$	257		2.24	%		0.79	%		2.45	%		0.58	%		63	%
	20.75			324		2.24			0.24			2.64			(0.16	)		45
	(45.39	)%	$	226		2.24	%		0.92	%		2.45	%		0.71	%		63	%
	20.75			287		2.24			0.30			2.64			(0.10	)		45
	(45.10	)%	$	48		1.74	%		0.90	%		1.95	%		0.69	%		63	%
	21.27			17		1.74			0.77			2.14			0.37			45
	(44.86	)%	$	249,805		1.24	%		1.72	%		1.45	%		1.51	%		63	%
	21.78			343,161		1.24			1.36			1.64			0.96			45

First American Funds 2008 Annual Report   103

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions												Net Asset
	Value		Net			Gains			Total from			from Net			Distributions			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			from Return			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			of Capital			Distributions			Period
Large Cap Growth Opportunities Fund1
Class A
20082	$	36.27	$	0.02		$	(11.65	)	$	(11.63	)	$	—		$	(3.12	)	$	—		$	(3.12	)	$	21.52
20072		29.58		(0.05	)		7.08			7.03			—			(0.34	)		—			(0.34	)		36.27
20062		27.86		(0.02	)		1.74			1.72			—			—			—			—			29.58
20053		28.02		(0.01	)		(0.15	)		(0.16	)		—			—			—			—			27.86
20054		25.00		(0.01	)		3.08			3.07			(0.04	)		—			(0.01	)		(0.05	)		28.02
20044		22.84		(0.03	)		2.20			2.17			(0.01	)		—			—	(6)		(0.01	)		25.00
Class B
20082	$	34.08	$	(0.19	)	$	(10.84	)	$	(11.03	)	$	—		$	(3.12	)	$	—		$	(3.12	)	$	19.93
20072		28.01		(0.27	)		6.68			6.41			—			(0.34	)		—			(0.34	)		34.08
20062		26.58		(0.22	)		1.65			1.43			—			—			—			—			28.01
20053		26.75		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			26.58
20054		24.02		(0.20	)		2.96			2.76			(0.02	)		—			(0.01	)		(0.03	)		26.75
20044		22.10		(0.21	)		2.13			1.92			—			—			—	(6)		—			24.02
Class C
20082	$	34.77	$	(0.19	)	$	(11.08	)	$	(11.27	)	$	—		$	(3.12	)	$	—		$	(3.12	)	$	20.38
20072		28.58		(0.28	)		6.81			6.53			—			(0.34	)		—			(0.34	)		34.77
20062		27.12		(0.23	)		1.69			1.46			—			—			—			—			28.58
20053		27.29		(0.03	)		(0.14	)		(0.17	)		—			—			—			—			27.12
20054		24.51		(0.20	)		3.00			2.80			(0.01	)		—			(0.01	)		(0.02	)		27.29
20044		22.55		(0.21	)		2.17			1.96			—			—			—	(6)		—			24.51
Class R5
20082	$	35.97	$	(0.05	)	$	(11.54	)	$	(11.59	)	$	—		$	(3.12	)	$	—		$	(3.12	)	$	21.26
20072		29.41		(0.12	)		7.02			6.90			—			(0.34	)		—			(0.34	)		35.97
20062		27.78		(0.09	)		1.72			1.63			—			—			—			—			29.41
20053		27.94		(0.02	)		(0.14	)		(0.16	)		—			—			—			—			27.78
20054		24.98		(0.16	)		3.17			3.01			(0.05	)		—			—	(6)		(0.05	)		27.94
20044		22.85		(0.02	)		2.16			2.14			(0.01	)		—			—	(6)		(0.01	)		24.98
Class Y
20082	$	37.42	$	0.10		$	(12.07	)	$	(11.97	)	$	(0.02	)	$	(3.12	)	$	—		$	(3.14	)	$	22.31
20072		30.48		0.03			7.30			7.33			(0.05	)		(0.34	)		—			(0.39	)		37.42
20062		28.64		0.05			1.79			1.84			—			—			—			—			30.48
20053		28.79		(0.01	)		(0.14	)		(0.15	)		—			—			—			—			28.64
20054		25.63		0.07			3.15			3.22			(0.04	)		—			(0.02	)		(0.06	)		28.79
20044		23.38		0.03			2.25			2.28			(0.02	)		—			(0.01	)		(0.03	)		25.63

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

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

104   First American Funds 2008 Annual Report

														Ratio of Net
								Ratio of Net			Ratio of			Investment
								Investment			Expenses			Income (Loss)
					Ratio of			Income			to Average			to Average
			Net Assets		Expenses to			(Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(34.81	)%	$	53,430		1.20	%		0.07	%		1.20	%		0.07	%		92	%
	24.01			96,514		1.19			(0.15	)		1.19			(0.15	)		102
	6.17			90,285		1.19			(0.07	)		1.19			(0.07	)		94
	(0.57	)		104,960		1.21			(0.47	)		1.21			(0.47	)		6
	12.30			107,079		1.17			(0.03	)		1.20			(0.06	)		103
	9.52			112,379		1.15			(0.13	)		1.19			(0.17	)		113
	(35.33	)%	$	5,907		1.95	%		(0.68	)%		1.95	%		(0.68	)%		92	%
	23.13			11,955		1.94			(0.90	)		1.94			(0.90	)		102
	5.38			13,990		1.94			(0.82	)		1.94			(0.82	)		94
	(0.64	)		19,601		1.96			(1.22	)		1.96			(1.22	)		6
	11.47			20,239		1.92			(0.77	)		1.95			(0.80	)		103
	8.69			25,633		1.90			(0.87	)		1.94			(0.91	)		113
	(35.31	)%	$	4,368		1.95	%		(0.68	)%		1.95	%		(0.68	)%		92	%
	23.09			8,506		1.94			(0.90	)		1.94			(0.90	)		102
	5.38			8,424		1.94			(0.82	)		1.94			(0.82	)		94
	(0.62	)		10,739		1.96			(1.22	)		1.96			(1.22	)		6
	11.44			11,147		1.92			(0.78	)		1.95			(0.81	)		103
	8.69			12,811		1.90			(0.87	)		1.94			(0.91	)		113
	(35.00	)%	$	454		1.45	%		(0.18	)%		1.45	%		(0.18	)%		92	%
	23.70			566		1.44			(0.39	)		1.44			(0.39	)		102
	5.87			558		1.44			(0.32	)		1.57			(0.45	)		94
	(0.57	)		290		1.46			(0.72	)		1.61			(0.87	)		6
	12.04			290		1.42			(0.57	)		1.60			(0.75	)		103
	9.38			1		1.15			(0.08	)		1.19			(0.12	)		113
	(34.65	)%	$	417,337		0.95	%		0.32	%		0.95	%		0.32	%		92	%
	24.32			749,865		0.94			0.11			0.94			0.11			102
	6.42			793,853		0.94			0.18			0.94			0.18			94
	(0.52	)		849,194		0.96			(0.22	)		0.96			(0.22	)		6
	12.58			849,382		0.92			0.26			0.95			0.23			103
	9.76			1,188,261		0.90			0.13			0.94			0.09			113

First American Funds 2008 Annual Report   105

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Large Cap Select Fund1
Class A
20082	$	17.05	$	0.06		$	(6.04	)	$	(5.98	)	$	(0.04	)	$	(2.20	)	$	(2.24	)	$	8.83
20072		15.18		0.03			2.12			2.15			(0.03	)		(0.25	)		(0.28	)		17.05
20062		14.30		0.06			1.48			1.54			(0.06	)		(0.60	)		(0.66	)		15.18
20053		14.47		—			(0.17	)		(0.17	)		—			—			—			14.30
20054		12.52		0.06			2.15			2.21			(0.06	)		(0.20	)		(0.26	)		14.47
20044		11.45		0.04			1.19			1.23			(0.05	)		(0.11	)		(0.16	)		12.52
Class B
20082	$	16.69	$	(0.03	)	$	(5.88	)	$	(5.91	)	$	—		$	(2.20	)	$	(2.20	)	$	8.58
20072		14.94		(0.09	)		2.09			2.00			—			(0.25	)		(0.25	)		16.69
20062		14.12		(0.05	)		1.48			1.43			(0.01	)		(0.60	)		(0.61	)		14.94
20053		14.30		(0.01	)		(0.17	)		(0.18	)		—			—			—			14.12
20054		12.41		(0.05	)		2.15			2.10			(0.01	)		(0.20	)		(0.21	)		14.30
20044		11.41		(0.06	)		1.18			1.12			(0.01	)		(0.11	)		(0.12	)		12.41
Class C
20082	$	16.69	$	(0.03	)	$	(5.90	)	$	(5.93	)	$	—		$	(2.20	)	$	(2.20	)	$	8.56
20072		14.95		(0.09	)		2.08			1.99			—			(0.25	)		(0.25	)		16.69
20062		14.13		(0.05	)		1.48			1.43			(0.01	)		(0.60	)		(0.61	)		14.95
20053		14.31		(0.01	)		(0.17	)		(0.18	)		—			—			—			14.13
20054		12.43		(0.05	)		2.14			2.09			(0.01	)		(0.20	)		(0.21	)		14.31
20044		11.42		(0.06	)		1.19			1.13			(0.01	)		(0.11	)		(0.12	)		12.43
Class R5
20082	$	16.97	$	0.03		$	(6.00	)	$	(5.97	)	$	(0.02	)	$	(2.20	)	$	(2.22	)	$	8.78
20072		15.12		—			2.11			2.11			(0.01	)		(0.25	)		(0.26	)		16.97
20062		14.26		0.01			1.49			1.50			(0.04	)		(0.60	)		(0.64	)		15.12
20053		14.43		(0.01	)		(0.16	)		(0.17	)		—			—			—			14.26
20054		12.49		0.02			2.15			2.17			(0.03	)		(0.20	)		(0.23	)		14.43
20044		11.44		0.02			1.18			1.20			(0.04	)		(0.11	)		(0.15	)		12.49
Class Y
20082	$	17.10	$	0.09		$	(6.05	)	$	(5.96	)	$	(0.07	)	$	(2.20	)	$	(2.27	)	$	8.87
20072		15.22		0.07			2.13			2.20			(0.07	)		(0.25	)		(0.32	)		17.10
20062		14.33		0.10			1.49			1.59			(0.10	)		(0.60	)		(0.70	)		15.22
20053		14.49		—			(0.16	)		(0.16	)		—			—			—			14.33
20054		12.53		0.09			2.16			2.25			(0.09	)		(0.20	)		(0.29	)		14.49
20044		11.45		0.07			1.19			1.26			(0.07	)		(0.11	)		(0.18	)		12.53

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

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

106   First American Funds 2008 Annual Report

														Ratio of Net
								Ratio of Net			Ratio of			Investment
								Investment			Expenses			Income (Loss)
					Ratio of			Income			to Average			to Average
			Net Assets		Expenses to			(Loss)			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(39.81	)%	$	3,608		1.21	%		0.49	%		1.21	%		0.49	%		210	%
	14.36			7,998		1.19			0.20			1.19			0.20			138
	11.07			7,152		1.20			0.41			1.20			0.41			112
	(1.17	)		5,682		1.19			(0.20	)		1.19			(0.20	)		8
	17.83			5,299		1.17			0.41			1.22			0.36			176
	10.82			714		1.15			0.30			1.21			0.24			67
	(40.24	)%	$	331		1.96	%		(0.26	)%		1.96	%		(0.26	)%		210	%
	13.52			664		1.94			(0.55	)		1.94			(0.55	)		138
	10.32			643		1.95			(0.34	)		1.95			(0.34	)		112
	(1.26	)		573		1.94			(0.95	)		1.94			(0.95	)		8
	17.02			567		1.92			(0.36	)		1.97			(0.41	)		176
	9.89			270		1.90			(0.44	)		1.96			(0.50	)		67
	(40.38	)%	$	180		1.96	%		(0.26	)%		1.96	%		(0.26	)%		210	%
	13.45			325		1.94			(0.57	)		1.94			(0.57	)		138
	10.36			248		1.95			(0.35	)		1.95			(0.35	)		112
	(1.26	)		180		1.94			(0.95	)		1.94			(0.95	)		8
	16.91			182		1.92			(0.35	)		1.97			(0.40	)		176
	9.98			59		1.90			(0.45	)		1.96			(0.51	)		67
	(39.94	)%	$	20		1.46	%		0.24	%		1.46	%		0.24	%		210	%
	14.09			37		1.44			0.02			1.44			0.02			138
	10.79			118		1.45			0.08			1.57			(0.04	)		112
	(1.18	)		2		1.44			(0.45	)		1.59			(0.60	)		8
	17.54			2		1.42			0.14			1.62			(0.06	)		176
	10.60			1		1.32			0.18			1.38			0.12			67
	(39.63	)%	$	207,904		0.96	%		0.74	%		0.96	%		0.74	%		210	%
	14.65			449,201		0.94			0.45			0.94			0.45			138
	11.37			476,154		0.95			0.66			0.95			0.66			112
	(1.10	)		341,061		0.94			0.05			0.94			0.05			8
	18.14			329,656		0.92			0.67			0.97			0.62			176
	11.10			291,807		0.90			0.57			0.96			0.51			67

First American Funds 2008 Annual Report   107

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Large Cap Value Fund1
Class A
20082	$	22.61	$	0.25		$	(7.02	)	$	(6.77	)	$	(0.16	)	$	(2.80	)	$	(2.96	)	$	12.88
20072		22.12		0.23			2.19			2.42			(0.24	)		(1.69	)		(1.93	)		22.61
20062		19.56		0.21			3.19			3.40			(0.21	)		(0.63	)		(0.84	)		22.12
20053		20.06		—			(0.50	)		(0.50	)		—			—			—			19.56
20054		17.21		0.17			2.85			3.02			(0.17	)		—			(0.17	)		20.06
20044		14.97		0.15			2.24			2.39			(0.15	)		—			(0.15	)		17.21
Class B
20082	$	21.92	$	0.11		$	(6.77	)	$	(6.66	)	$	(0.07	)	$	(2.80	)	$	(2.87	)	$	12.39
20072		21.54		0.07			2.12			2.19			(0.12	)		(1.69	)		(1.81	)		21.92
20062		19.12		0.06			3.11			3.17			(0.12	)		(0.63	)		(0.75	)		21.54
20053		19.62		(0.01	)		(0.49	)		(0.50	)		—			—			—			19.12
20054		16.87		0.03			2.78			2.81			(0.06	)		—			(0.06	)		19.62
20044		14.70		0.03			2.20			2.23			(0.06	)		—			(0.06	)		16.87
Class C
20082	$	22.21	$	0.11		$	(6.86	)	$	(6.75	)	$	(0.07	)	$	(2.80	)	$	(2.87	)	$	12.59
20072		21.81		0.07			2.14			2.21			(0.12	)		(1.69	)		(1.81	)		22.21
20062		19.35		0.06			3.15			3.21			(0.12	)		(0.63	)		(0.75	)		21.81
20053		19.85		(0.01	)		(0.49	)		(0.50	)		—			—			—			19.35
20054		17.07		0.03			2.81			2.84			(0.06	)		—			(0.06	)		19.85
20044		14.87		0.03			2.23			2.26			(0.06	)		—			(0.06	)		17.07
Class R5
20082	$	22.57	$	0.20		$	(6.99	)	$	(6.79	)	$	(0.13	)	$	(2.80	)	$	(2.93	)	$	12.85
20072		22.10		0.17			2.17			2.34			(0.18	)		(1.69	)		(1.87	)		22.57
20062		19.55		0.12			3.23			3.35			(0.17	)		(0.63	)		(0.80	)		22.10
20053		20.06		(0.01	)		(0.50	)		(0.51	)		—			—			—			19.55
20054		17.22		0.12			2.85			2.97			(0.13	)		—			(0.13	)		20.06
20044		14.96		0.17			2.23			2.40			(0.14	)		—			(0.14	)		17.22
Class Y
20082	$	22.69	$	0.29		$	(7.04	)	$	(6.75	)	$	(0.19	)	$	(2.80	)	$	(2.99	)	$	12.95
20072		22.19		0.29			2.18			2.47			(0.28	)		(1.69	)		(1.97	)		22.69
20062		19.62		0.26			3.21			3.47			(0.27	)		(0.63	)		(0.90	)		22.19
20053		20.12		—			(0.50	)		(0.50	)		—			—			—			19.62
20054		17.26		0.22			2.86			3.08			(0.22	)		—			(0.22	)		20.12
20044		15.01		0.20			2.24			2.44			(0.19	)		—			(0.19	)		17.26

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

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

108   First American Funds 2008 Annual Report

								Ratio of Net			Ratio of			Ratio of Net
								Investment			Expenses			Investment
					Ratio of			Income			to Average			Income (Loss)
			Net Assets		Expenses to			(Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(34.00	)%	$	60,870		1.19	%		1.41	%		1.19	%		1.41	%		90	%
	11.60			113,223		1.17			1.05			1.17			1.05			81
	17.93			115,438		1.19			1.05			1.19			1.05			55
	(2.48	)		118,443		1.21			(0.17	)		1.21			(0.17	)		2
	17.62			121,809		1.17			0.90			1.20			0.87			61
	16.01			113,683		1.15			0.91			1.19			0.87			104
	(34.51	)%	$	3,750		1.94	%		0.65	%		1.94	%		0.65	%		90	%
	10.76			7,973		1.92			0.31			1.92			0.31			81
	17.04			9,815		1.94			0.32			1.94			0.32			55
	(2.55	)		13,826		1.96			(0.92	)		1.96			(0.92	)		2
	16.70			14,876		1.92			0.15			1.95			0.12			61
	15.19			21,829		1.90			0.19			1.94			0.15			104
	(34.46	)%	$	2,643		1.94	%		0.66	%		1.94	%		0.66	%		90	%
	10.71			4,587		1.92			0.31			1.92			0.31			81
	17.05			5,174		1.94			0.30			1.94			0.30			55
	(2.52	)		5,399		1.96			(0.92	)		1.96			(0.92	)		2
	16.75			5,710		1.92			0.15			1.95			0.12			61
	15.21			6,344		1.90			0.18			1.94			0.14			104
	(34.13	)%	$	174		1.44	%		1.18	%		1.44	%		1.18	%		90	%
	11.25			188		1.42			0.78			1.42			0.78			81
	17.63			164		1.44			0.58			1.55			0.47			55
	(2.54	)		7		1.46			(0.42	)		1.61			(0.57	)		2
	17.34			7		1.42			0.61			1.60			0.43			61
	16.05			1		1.15			1.00			1.19			0.96			104
	(33.80	)%	$	401,006		0.94	%		1.66	%		0.94	%		1.66	%		90	%
	11.83			726,512		0.92			1.30			0.92			1.30			81
	18.23			825,633		0.94			1.29			0.94			1.29			55
	(2.47	)		740,511		0.96			0.08			0.96			0.08			2
	17.92			764,679		0.92			1.17			0.95			1.14			61
	16.31			1,021,197		0.90			1.17			0.94			1.13			104

First American Funds 2008 Annual Report   109

Financial Highlights   

						Realized and
	Net Asset					Unrealized									Net Asset
	Value		Net			Gains			Total from			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Loss			Investments			Operations			Realized Gains			Period
Mid Cap Growth Opportunities Fund1
Class A
20082	$	46.57	$	(0.16	)	$	(17.86	)	$	(18.02	)	$	(4.67	)	$	23.88
20072		41.43		(0.24	)		9.19			8.95			(3.81	)		46.57
20062		40.77		(0.11	)		5.04			4.93			(4.27	)		41.43
20053		41.55		(0.02	)		(0.76	)		(0.78	)		—			40.77
20054		38.19		(0.24	)		9.65			9.41			(6.05	)		41.55
20044		33.68		(0.30	)		5.88			5.58			(1.07	)		38.19
Class B
20082	$	42.21	$	(0.38	)	$	(15.94	)	$	(16.32	)	$	(4.67	)	$	21.22
20072		38.15		(0.51	)		8.38			7.87			(3.81	)		42.21
20062		38.12		(0.38	)		4.68			4.30			(4.27	)		38.15
20053		38.87		(0.05	)		(0.70	)		(0.75	)		—			38.12
20054		36.31		(0.51	)		9.12			8.61			(6.05	)		38.87
20044		32.30		(0.55	)		5.63			5.08			(1.07	)		36.31
Class C
20082	$	44.03	$	(0.40	)	$	(16.70	)	$	(17.10	)	$	(4.67	)	$	22.26
20072		39.65		(0.53	)		8.72			8.19			(3.81	)		44.03
20062		39.46		(0.40	)		4.86			4.46			(4.27	)		39.65
20053		40.23		(0.05	)		(0.72	)		(0.77	)		—			39.46
20054		37.40		(0.53	)		9.41			8.88			(6.05	)		40.23
20044		33.24		(0.57	)		5.80			5.23			(1.07	)		37.40
Class R5
20082	$	46.11	$	(0.24	)	$	(17.64	)	$	(17.88	)	$	(4.67	)	$	23.56
20072		41.15		(0.34	)		9.11			8.77			(3.81	)		46.11
20062		40.61		(0.23	)		5.04			4.81			(4.27	)		41.15
20053		41.40		(0.03	)		(0.76	)		(0.79	)		—			40.61
20054		38.15		(0.31	)		9.61			9.30			(6.05	)		41.40
20044		33.66		(0.30	)		5.86			5.56			(1.07	)		38.15
Class Y
20082	$	49.40	$	(0.07	)	$	(19.09	)	$	(19.16	)	$	(4.67	)	$	25.57
20072		43.62		(0.14	)		9.73			9.59			(3.81	)		49.40
20062		42.61		(0.01	)		5.29			5.28			(4.27	)		43.62
20053		43.42		(0.02	)		(0.79	)		(0.81	)		—			42.61
20054		39.58		(0.16	)		10.05			9.89			(6.05	)		43.42
20044		34.78		(0.21	)		6.08			5.87			(1.07	)		39.58

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

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

110   First American Funds 2008 Annual Report

											Ratio of			Ratio of Net
								Ratio of Net			Expenses			Investment
					Ratio of			Investment			to Average			Loss
			Net Assets		Expenses to			Loss			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(42.75	)%	$	209,052		1.22	%		(0.43	)%		1.22	%		(0.43	)%		113	%
	23.36			425,995		1.21			(0.56	)		1.21			(0.56	)		96
	12.69			322,385		1.23			(0.26	)		1.23			(0.26	)		75
	(1.88	)		314,830		1.23			(0.72	)		1.23			(0.72	)		9
	26.25			317,906		1.21			(0.62	)		1.24			(0.65	)		107
	16.88			173,436		1.20			(0.79	)		1.24			(0.83	)		135
	(43.18	)%	$	7,241		1.97	%		(1.18	)%		1.97	%		(1.18	)%		113	%
	22.47			15,820		1.96			(1.31	)		1.96			(1.31	)		96
	11.83			15,605		1.98			(1.02	)		1.98			(1.02	)		75
	(1.93	)		14,586		1.98			(1.47	)		1.98			(1.47	)		9
	25.29			14,922		1.96			(1.40	)		1.99			(1.43	)		107
	16.03			10,974		1.95			(1.54	)		1.99			(1.58	)		135
	(43.16	)%	$	13,011		1.97	%		(1.18	)%		1.97	%		(1.18	)%		113	%
	22.42			28,891		1.96			(1.31	)		1.96			(1.31	)		96
	11.84			19,540		1.98			(1.02	)		1.98			(1.02	)		75
	(1.91	)		15,435		1.98			(1.47	)		1.98			(1.47	)		9
	25.27			17,079		1.96			(1.40	)		1.99			(1.43	)		107
	16.03			12,356		1.95			(1.54	)		1.99			(1.58	)		135
	(42.88	)%	$	21,246		1.47	%		(0.69	)%		1.47	%		(0.69	)%		113	%
	23.06			29,490		1.46			(0.81	)		1.46			(0.81	)		96
	12.41			17,853		1.48			(0.57	)		1.61			(0.70	)		75
	(1.91	)		5,502		1.48			(0.97	)		1.63			(1.12	)		9
	25.95			5,501		1.46			(0.77	)		1.64			(0.95	)		107
	16.83			1		1.20			(0.81	)		1.24			(0.85	)		135
	(42.59	)%	$	732,559		0.97	%		(0.18	)%		0.97	%		(0.18	)%		113	%
	23.68			1,478,374		0.96			(0.31	)		0.96			(0.31	)		96
	12.98			1,243,776		0.98			(0.02	)		0.98			(0.02	)		75
	(1.86	)		1,238,595		0.98			(0.47	)		0.98			(0.47	)		9
	26.57			1,273,320		0.96			(0.40	)		0.99			(0.43	)		107
	17.18			1,168,220		0.95			(0.54	)		0.99			(0.58	)		135

First American Funds 2008 Annual Report   111

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions			Distributions						Net Asset
	Value		Net			Gains			Total from			from Net			from Net						Value
	Beginning		Investment			(Losses) on			Investment			Investment			Realized			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Gains			Distributions			Period
Mid Cap Value Fund1
Class A
20082	$	27.83	$	0.21		$	(9.92	)	$	(9.71	)	$	(0.16	)	$	(1.83	)	$	(1.99	)	$	16.13
20072		26.65		0.14			2.78			2.92			(0.16	)		(1.58	)		(1.74	)		27.83
20062		24.04		0.14			3.89			4.03			(0.16	)		(1.26	)		(1.42	)		26.65
20053		24.88		(0.01	)		(0.83	)		(0.84	)		—			—			—			24.04
20054		20.09		0.13			4.76			4.89			(0.10	)		—			(0.10	)		24.88
20044		16.30		0.08			3.77			3.85			(0.06	)		—			(0.06	)		20.09
Class B
20082	$	26.48	$	0.03		$	(9.39	)	$	(9.36	)	$	(0.07	)	$	(1.83	)	$	(1.90	)	$	15.22
20072		25.50		(0.05	)		2.65			2.60			(0.04	)		(1.58	)		(1.62	)		26.48
20062		23.12		(0.03	)		3.71			3.68			(0.04	)		(1.26	)		(1.30	)		25.50
20053		23.94		(0.02	)		(0.80	)		(0.82	)		—			—			—			23.12
20054		19.39		(0.05	)		4.60			4.55			—			—			—			23.94
20044		15.81		(0.06	)		3.65			3.59			(0.01	)		—			(0.01	)		19.39
Class C
20082	$	27.05	$	0.03		$	(9.60	)	$	(9.57	)	$	(0.07	)	$	(1.83	)	$	(1.90	)	$	15.58
20072		26.02		(0.06	)		2.72			2.66			(0.05	)		(1.58	)		(1.63	)		27.05
20062		23.57		(0.04	)		3.80			3.76			(0.05	)		(1.26	)		(1.31	)		26.02
20053		24.40		(0.02	)		(0.81	)		(0.83	)		—			—			—			23.57
20054		19.77		(0.03	)		4.66			4.63			—			—			—			24.40
20044		16.12		(0.06	)		3.72			3.66			(0.01	)		—			(0.01	)		19.77
Class R5
20082	$	27.72	$	0.15		$	(9.87	)	$	(9.72	)	$	(0.13	)	$	(1.83	)	$	(1.96	)	$	16.04
20072		26.56		0.06			2.78			2.84			(0.10	)		(1.58	)		(1.68	)		27.72
20062		24.00		0.05			3.91			3.96			(0.14	)		(1.26	)		(1.40	)		26.56
20053		24.83		(0.01	)		(0.82	)		(0.83	)		—			—			—			24.00
20054		20.09		0.12			4.70			4.82			(0.08	)		—			(0.08	)		24.83
20044		16.31		0.07			3.76			3.83			(0.05	)		—			(0.05	)		20.09
Class Y
20082	$	27.98	$	0.27		$	(9.99	)	$	(9.72	)	$	(0.19	)	$	(1.83	)	$	(2.02	)	$	16.24
20072		26.77		0.22			2.80			3.02			(0.23	)		(1.58	)		(1.81	)		27.98
20062		24.14		0.22			3.89			4.11			(0.22	)		(1.26	)		(1.48	)		26.77
20053		24.98		—			(0.84	)		(0.84	)		—			—			—			24.14
20054		20.17		0.18			4.78			4.96			(0.15	)		—			(0.15	)		24.98
20044		16.36		0.12			3.79			3.91			(0.10	)		—			(0.10	)		20.17

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

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

112   First American Funds 2008 Annual Report

								Ratio of Net			Ratio of			Ratio of Net
								Investment			Expenses			Investment
					Ratio of			Income			to Average			Income (Loss)
			Net Assets		Expenses to			(Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(37.32	)%	$	124,275		1.23	%		0.90	%		1.23	%		0.90	%		93	%
	11.47			254,342		1.22			0.58			1.22			0.58			95
	17.36			156,576		1.24			0.50			1.24			0.50			70
	(3.38	)		56,125		1.23			(0.48	)		1.23			(0.48	)		10
	24.38			54,360		1.21			0.59			1.25			0.55			101
	23.65			28,561		1.20			0.41			1.25			0.36			83
	(37.82	)%	$	4,133		1.98	%		0.14	%		1.98	%		0.14	%		93	%
	10.67			8,360		1.97			(0.13	)		1.97			(0.13	)		95
	16.45			8,590		1.99			(0.17	)		1.99			(0.17	)		70
	(3.43	)		9,252		1.98			(1.25	)		1.98			(1.25	)		10
	23.47			10,157		1.96			(0.21	)		2.00			(0.25	)		101
	22.69			9,928		1.95			(0.35	)		2.00			(0.40	)		83
	(37.80	)%	$	13,154		1.98	%		0.14	%		1.98	%		0.14	%		93	%
	10.66			26,141		1.97			(0.18	)		1.97			(0.18	)		95
	16.47			18,162		1.99			(0.24	)		1.99			(0.24	)		70
	(3.40	)		7,439		1.98			(1.24	)		1.98			(1.24	)		10
	23.43			7,426		1.96			(0.15	)		2.00			(0.19	)		101
	22.69			3,342		1.95			(0.33	)		2.00			(0.38	)		83
	(37.47	)%	$	23,423		1.49	%		0.64	%		1.49	%		0.64	%		93	%
	11.18			29,752		1.47			0.29			1.47			0.29			95
	17.06			17,724		1.49			0.15			1.61			0.03			70
	(3.34	)		785		1.47			(0.69	)		1.62			(0.84	)		10
	24.04			380		1.46			0.52			1.65			0.33			101
	23.51			1		1.20			0.37			1.25			0.32			83
	(37.17	)%	$	415,486		0.99	%		1.14	%		0.99	%		1.14	%		93	%
	11.79			772,178		0.97			0.86			0.97			0.86			95
	17.63			728,014		0.99			0.81			0.99			0.81			70
	(3.36	)		598,428		0.98			(0.24	)		0.98			(0.24	)		10
	24.68			621,172		0.96			0.80			1.00			0.76			101
	23.95			433,879		0.95			0.66			1.00			0.61			83

First American Funds 2008 Annual Report   113

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions									Net Asset
	Value		Net		Gains			Total from			from Net			Distributions						Value
	Beginning		Investment		(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income		Investments			Operations			Income			Realized Gains			Distributions			Period
Real Estate Securities Fund1
Class A
20082	$	23.99	$	0.60	$	(8.78	)	$	(8.18	)	$	(0.40	)	$	(2.74	)	$	(3.14	)	$	12.67
20072		26.49		0.47		(0.24	)		0.23			(0.36	)		(2.37	)		(2.73	)		23.99
20062		21.42		0.47		7.77			8.24			(0.58	)		(2.59	)		(3.17	)		26.49
20053		21.81		0.03		(0.42	)		(0.39	)		—			—			—			21.42
20054		18.62		0.69		4.47			5.16			(0.55	)		(1.42	)		(1.97	)		21.81
20044		16.00		0.63		3.21			3.84			(0.62	)		(0.60	)		(1.22	)		18.62
Class B
20082	$	23.53	$	0.46	$	(8.60	)	$	(8.14	)	$	(0.26	)	$	(2.74	)	$	(3.00	)	$	12.39
20072		26.08		0.27		(0.22	)		0.05			(0.23	)		(2.37	)		(2.60	)		23.53
20062		21.14		0.29		7.66			7.95			(0.42	)		(2.59	)		(3.01	)		26.08
20053		21.53		0.01		(0.40	)		(0.39	)		—			—			—			21.14
20054		18.41		0.54		4.40			4.94			(0.40	)		(1.42	)		(1.82	)		21.53
20044		15.85		0.50		3.17			3.67			(0.51	)		(0.60	)		(1.11	)		18.41
Class C
20082	$	23.62	$	0.45	$	(8.63	)	$	(8.18	)	$	(0.26	)	$	(2.74	)	$	(3.00	)	$	12.44
20072		26.17		0.26		(0.21	)		0.05			(0.23	)		(2.37	)		(2.60	)		23.62
20062		21.21		0.28		7.70			7.98			(0.43	)		(2.59	)		(3.02	)		26.17
20053		21.61		0.01		(0.41	)		(0.40	)		—			—			—			21.21
20054		18.47		0.54		4.42			4.96			(0.40	)		(1.42	)		(1.82	)		21.61
20044		15.89		0.50		3.19			3.69			(0.51	)		(0.60	)		(1.11	)		18.47
Class R5
20082	$	24.20	$	0.54	$	(8.85	)	$	(8.31	)	$	(0.36	)	$	(2.74	)	$	(3.10	)	$	12.79
20072		26.72		0.38		(0.21	)		0.17			(0.32	)		(2.37	)		(2.69	)		24.20
20062		21.61		0.35		7.90			8.25			(0.55	)		(2.59	)		(3.14	)		26.72
20053		22.00		0.02		(0.41	)		(0.39	)		—			—			—			21.61
20054		18.80		0.72		4.43			5.15			(0.53	)		(1.42	)		(1.95	)		22.00
20044		16.00		0.61		3.24			3.85			(0.45	)		(0.60	)		(1.05	)		18.80
Class Y
20082	$	24.18	$	0.64	$	(8.84	)	$	(8.20	)	$	(0.45	)	$	(2.74	)	$	(3.19	)	$	12.79
20072		26.67		0.53		(0.24	)		0.29			(0.41	)		(2.37	)		(2.78	)		24.18
20062		21.54		0.53		7.82			8.35			(0.63	)		(2.59	)		(3.22	)		26.67
20053		21.92		0.03		(0.41	)		(0.38	)		—			—			—			21.54
20054		18.71		0.74		4.49			5.23			(0.60	)		(1.42	)		(2.02	)		21.92
20044		16.06		0.69		3.22			3.91			(0.66	)		(0.60	)		(1.26	)		18.71

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

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

114   First American Funds 2008 Annual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(37.71	)%	$	133,162		1.23	%		3.31	%		1.23	%		3.31	%		150	%
	0.78			203,101		1.22			1.87			1.22			1.87			210
	43.25			228,186		1.23			2.06			1.23			2.06			161
	(1.79	)		133,339		1.23			1.48			1.23			1.48			11
	28.99			135,745		1.23			3.43			1.25			3.41			118
	24.98			86,996		1.23			3.63			1.26			3.60			127
	(38.18	)%	$	3,276		1.98	%		2.57	%		1.98	%		2.57	%		150	%
	0.00			7,391		1.97			1.12			1.97			1.12			210
	42.17			7,288		1.98			1.30			1.98			1.30			161
	(1.81	)		4,419		1.98			0.74			1.98			0.74			11
	27.98			4,700		1.98			2.69			2.00			2.67			118
	24.06			4,412		1.98			2.91			2.01			2.88			127
	(38.19	)%	$	11,458		1.98	%		2.56	%		1.98	%		2.56	%		150	%
	0.03			18,403		1.97			1.06			1.97			1.06			210
	42.16			12,281		1.98			1.25			1.98			1.25			161
	(1.85	)		4,669		1.98			0.75			1.98			0.75			11
	28.00			4,954		1.98			2.68			2.00			2.66			118
	24.12			4,247		1.98			2.92			2.01			2.89			127
	(37.90	)%	$	22,813		1.48	%		3.01	%		1.48	%		3.01	%		150	%
	0.52			18,493		1.47			1.52			1.47			1.52			210
	42.87			9,423		1.48			1.50			1.60			1.38			161
	(1.77	)		57		1.48			1.23			1.63			1.08			11
	28.60			36		1.48			3.37			1.65			3.20			118
	24.94			1		1.23			3.57			1.26			3.54			127
	(37.56	)%	$	526,386		0.98	%		3.51	%		0.98	%		3.51	%		150	%
	1.01			652,579		0.97			2.12			0.97			2.12			210
	43.58			756,868		0.98			2.31			0.98			2.31			161
	(1.73	)		504,655		0.98			1.74			0.98			1.74			11
	29.25			525,196		0.98			3.66			1.00			3.64			118
	25.33			414,544		0.98			3.95			1.01			3.92			127

First American Funds 2008 Annual Report   115

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized									Net Asset
	Value		Net			Gains			Total from			Distributions			Value
	Beginning		Investment			(Losses) on			Investment			from Net			End of
	of Period		Income Loss			Investments			Operations			Realized Gains			Period
Small Cap Growth Opportunities Fund1
Class A
20082	$	21.65	$	(0.14	)	$	(7.97	)	$	(8.11	)	$	(1.58	)	$	11.96
20072		20.49		(0.19	)		2.67			2.48			(1.32	)		21.65
20062		22.79		(0.18	)		2.37			2.19			(4.49	)		20.49
20053		23.75		(0.02	)		(0.94	)		(0.96	)		—			22.79
20054		21.74		(0.32	)		5.28			4.96			(2.95	)		23.75
20044		21.95		(0.35	)		0.27			(0.08	)		(0.13	)		21.74
Class B
20082	$	19.56	$	(0.23	)	$	(7.13	)	$	(7.36	)	$	(1.58	)	$	10.62
20072		18.76		(0.31	)		2.43			2.12			(1.32	)		19.56
20062		21.36		(0.31	)		2.20			1.89			(4.49	)		18.76
20053		22.27		(0.03	)		(0.88	)		(0.91	)		—			21.36
20054		20.69		(0.45	)		4.98			4.53			(2.95	)		22.27
20044		21.05		(0.50	)		0.27			(0.23	)		(0.13	)		20.69
Class C
20082	$	20.41	$	(0.24	)	$	(7.46	)	$	(7.70	)	$	(1.58	)	$	11.13
20072		19.53		(0.33	)		2.53			2.20			(1.32	)		20.41
20062		22.05		(0.32	)		2.29			1.97			(4.49	)		19.53
20053		23.00		(0.04	)		(0.91	)		(0.95	)		—			22.05
20054		21.28		(0.48	)		5.15			4.67			(2.95	)		23.00
20044		21.65		(0.49	)		0.25			(0.24	)		(0.13	)		21.28
Class R5
20082	$	21.49	$	(0.17	)	$	(7.91	)	$	(8.08	)	$	(1.58	)	$	11.83
20072		20.39		(0.24	)		2.66			2.42			(1.32	)		21.49
20062		22.75		(0.23	)		2.36			2.13			(4.49	)		20.39
20053		23.72		(0.03	)		(0.94	)		(0.97	)		—			22.75
20054		21.74		(0.48	)		5.41			4.93			(2.95	)		23.72
20044		21.95		(0.42	)		0.34			(0.08	)		(0.13	)		21.74
Class Y
20082	$	23.03	$	(0.10	)	$	(8.54	)	$	(8.64	)	$	(1.58	)	$	12.81
20072		21.66		(0.15	)		2.84			2.69			(1.32	)		23.03
20062		23.81		(0.13	)		2.47			2.34			(4.49	)		21.66
20053		24.81		(0.02	)		(0.98	)		(1.00	)		—			23.81
20054		22.55		(0.27	)		5.48			5.21			(2.95	)		24.81
20044		22.70		(0.32	)		0.30			(0.02	)		(0.13	)		22.55

1	Per share data calculated using average shares outstanding method.
2	For the period November 1 to October 31 in the fiscal year indicated.
3	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
6	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.
7	During the period, the fund received a regulatory settlement, which had an impact on total return of 0.75% for Class A, Class C, and Class Y, 0.79% for Class B, and 0.76% for Class R.
8	During the period, the fund received a regulatory settlement, which had an impact on total return of 0.05% for Class A, Class R, and Class Y and 0.06% for Class B and Class C.

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

116   First American Funds 2008 Annual Report

								Ratio of Net			Ratio of			Ratio of Net
								Investment			Expenses			Investment
					Ratio of			Income			to Average			Loss
			Net Assets		Expenses to			(Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(40.07	)%7	$	29,022		1.46	%		(0.82	)%		1.63	%		(0.99	)%		138	%
	12.81	8		149,231		1.47			(0.89	)		1.59			(1.01	)		118
	9.91			138,786		1.47			(0.88	)		1.58			(0.99	)		209
	(4.04	)		78,357		1.47			(1.17	)		1.56			(1.26	)		14
	24.21			84,567		1.82			(1.42	)		1.87			(1.47	)		190
	(0.39	)		101,031		1.93			(1.42	)		1.96			(1.45	)		178
	(40.55	)%7	$	1,978		2.21	%		(1.57	)%		2.38	%		(1.74	)%		138	%
	12.03	8		4,467		2.22			(1.65	)		2.34			(1.77	)		118
	9.03			6,540		2.22			(1.62	)		2.33			(1.73	)		209
	(4.09	)		8,271		2.22			(1.93	)		2.31			(2.02	)		14
	23.27			8,760		2.57			(2.16	)		2.62			(2.21	)		190
	(1.13	)		9,063		2.68			(2.16	)		2.71			(2.19	)		178
	(40.53	)%7	$	1,104		2.21	%		(1.56	)%		2.38	%		(1.73	)%		138	%
	11.96	8		2,295		2.22			(1.64	)		2.34			(1.76	)		118
	9.11			2,664		2.22			(1.63	)		2.33			(1.74	)		209
	(4.13	)		2,962		2.22			(1.93	)		2.31			(2.02	)		14
	23.28			3,152		2.57			(2.20	)		2.62			(2.25	)		190
	(1.14	)		4,669		2.68			(2.07	)		2.71			(2.10	)		178
	(40.24	)%7	$	433		1.72	%		(1.04	)%		1.89	%		(1.21	)%		138	%
	12.56	8		522		1.72			(1.17	)		1.84			(1.29	)		118
	9.62			1,323		1.72			(1.16	)		1.95			(1.39	)		209
	(4.09	)		5		1.72			(1.43	)		1.96			(1.67	)		14
	24.06			5		2.07			(2.14	)		2.27			(2.34	)		190
	(0.39	)		1		1.93			(1.67	)		1.96			(1.70	)		178
	(39.97	)%7	$	75,355		1.22	%		(0.56	)%		1.39	%		(0.73	)%		138	%
	13.10	8		154,456		1.22			(0.64	)		1.34			(0.76	)		118
	10.16			182,429		1.22			(0.63	)		1.33			(0.74	)		209
	(4.03	)		210,769		1.22			(0.92	)		1.31			(1.01	)		14
	24.47			220,772		1.57			(1.15	)		1.62			(1.20	)		190
	(0.11	)		224,432		1.68			(1.25	)		1.71			(1.28	)		178

First American Funds 2008 Annual Report   117

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Small Cap Select Fund1
Class A
20082	$	14.06	$	(0.02	)	$	(4.92	)	$	(4.94	)	$	—		$	(0.85	)	$	(0.85	)	$	8.27
20072		15.12		(0.02	)		1.04			1.02			—			(2.08	)		(2.08	)		14.06
20062		15.33		(0.05	)		3.05			3.00			—			(3.21	)		(3.21	)		15.12
20053		15.82		(0.01	)		(0.48	)		(0.49	)		—			—			—			15.33
20054		15.95		(0.08	)		3.10			3.02			—			(3.15	)		(3.15	)		15.82
20044		14.52		(0.12	)		2.60			2.48			—			(1.05	)		(1.05	)		15.95
Class B
20082	$	11.56	$	(0.08	)	$	(3.99	)	$	(4.07	)	$	—		$	(0.85	)	$	(0.85	)	$	6.64
20072		12.88		(0.11	)		0.87			0.76			—			(2.08	)		(2.08	)		11.56
20062		13.58		(0.13	)		2.64			2.51			—			(3.21	)		(3.21	)		12.88
20053		14.02		(0.02	)		(0.42	)		(0.44	)		—			—			—			13.58
20054		14.56		(0.17	)		2.78			2.61			—			(3.15	)		(3.15	)		14.02
20044		13.42		(0.22	)		2.41			2.19			—			(1.05	)		(1.05	)		14.56
Class C
20082	$	13.13	$	(0.09	)	$	(4.56	)	$	(4.65	)	$	—		$	(0.85	)	$	(0.85	)	$	7.63
20072		14.36		(0.12	)		0.97			0.85			—			(2.08	)		(2.08	)		13.13
20062		14.79		(0.16	)		2.94			2.78			—			(3.21	)		(3.21	)		14.36
20053		15.28		(0.02	)		(0.47	)		(0.49	)		—			—			—			14.79
20054		15.60		(0.19	)		3.02			2.83			—			(3.15	)		(3.15	)		15.28
20044		14.32		(0.24	)		2.57			2.33			—			(1.05	)		(1.05	)		15.60
Class R5
20082	$	13.86	$	(0.04	)	$	(4.85	)	$	(4.89	)	$	—		$	(0.85	)	$	(0.85	)	$	8.12
20072		14.98		(0.05	)		1.01			0.96			—			(2.08	)		(2.08	)		13.86
20062		15.24		(0.09	)		3.04			2.95			—			(3.21	)		(3.21	)		14.98
20053		15.73		(0.01	)		(0.48	)		(0.49	)		—			—			—			15.24
20054		15.91		(0.08	)		3.05			2.97			—			(3.15	)		(3.15	)		15.73
20044		14.49		(0.13	)		2.60			2.47			—			(1.05	)		(1.05	)		15.91
Class Y
20082	$	15.10	$	0.01		$	(5.31	)	$	(5.30	)	$	(0.01	)	$	(0.85	)	$	(0.86	)	$	8.94
20072		16.06		0.01			1.11			1.12			—			(2.08	)		(2.08	)		15.10
20062		16.06		(0.01	)		3.22			3.21			—			(3.21	)		(3.21	)		16.06
20053		16.57		(0.01	)		(0.50	)		(0.51	)		—			—			—			16.06
20054		16.54		(0.04	)		3.22			3.18			—			(3.15	)		(3.15	)		16.57
20044		14.98		(0.09	)		2.70			2.61			—			(1.05	)		(1.05	)		16.54

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

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

118   First American Funds 2008 Annual Report

								Ratio of Net			Ratio of			Ratio of Net
								Investment			Expenses			Investment
					Ratio of			Income			to Average			Income (Loss)
			Net Assets		Expenses to			(Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(37.00	)%	$	166,698		1.26	%		(0.15	)%		1.26	%		(0.15	)%		92	%
	7.35			238,129		1.23			(0.22	)		1.23			(0.22	)		97
	22.46			222,293		1.24			(0.38	)		1.24			(0.38	)		111
	(3.10	)		104,568		1.25			(0.92	)		1.25			(0.92	)		14
	20.46			107,270		1.22			(0.53	)		1.25			(0.56	)		122
	17.64			97,775		1.21			(0.76	)		1.24			(0.79	)		116
	(37.52	)%	$	6,249		2.01	%		(0.90	)%		2.01	%		(0.90	)%		92	%
	6.51			13,720		1.98			(0.97	)		1.98			(0.97	)		97
	21.59			15,077		1.99			(1.14	)		1.99			(1.14	)		111
	(3.14	)		13,406		2.00			(1.67	)		2.00			(1.67	)		14
	19.45			14,023		1.97			(1.28	)		2.00			(1.31	)		122
	16.88			13,050		1.96			(1.51	)		1.99			(1.54	)		116
	(37.44	)%	$	17,062		2.01	%		(0.90	)%		2.01	%		(0.90	)%		92	%
	6.46			34,505		1.98			(0.95	)		1.98			(0.95	)		97
	21.64			18,794		1.99			(1.14	)		1.99			(1.14	)		111
	(3.21	)		13,453		2.00			(1.67	)		2.00			(1.67	)		14
	19.58			14,418		1.97			(1.28	)		2.00			(1.31	)		122
	16.79			13,841		1.96			(1.50	)		1.99			(1.53	)		116
	(37.19	)%	$	23,069		1.51	%		(0.40	)%		1.51	%		(0.40	)%		92	%
	6.99			38,181		1.48			(0.43	)		1.48			(0.43	)		97
	22.23			2,697		1.49			(0.59	)		1.62			(0.72	)		111
	(3.11	)		333		1.50			(1.14	)		1.65			(1.29	)		14
	20.16			312		1.47			(0.53	)		1.65			(0.71	)		122
	17.60			19		1.21			(0.81	)		1.24			(0.84	)		116
	(36.86	)%	$	289,685		1.01	%		0.10	%		1.01	%		0.10	%		92	%
	7.58			691,488		0.98			0.03			0.98			0.03			97
	22.81			732,252		0.99			(0.15	)		0.99			(0.15	)		111
	(3.08	)		682,088		1.00			(0.67	)		1.00			(0.67	)		14
	20.73			715,496		0.97			(0.28	)		1.00			(0.31	)		122
	17.98			770,981		0.96			(0.52	)		0.99			(0.55	)		116

First American Funds 2008 Annual Report   119

Financial Highlights

						Realized and
	Net Asset					Unrealized						Distributions									Net Asset
	Value		Net			Gains			Total from			from Net			Distributions						Value
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total			End of
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions			Period
Small Cap Value Fund1
Class A
20082	$	13.52	$	0.08		$	(3.97	)	$	(3.89	)	$	(0.14	)	$	(1.37	)	$	(1.51	)	$	8.12
20072		15.38		0.12			0.48			0.60			(0.02	)		(2.44	)		(2.46	)		13.52
20062		16.34		0.03			2.86			2.89			(0.04	)		(3.81	)		(3.85	)		15.38
20053		16.78		0.01			(0.45	)		(0.44	)		—			—			—			16.34
20054		16.84		0.03			2.63			2.66			(0.06	)		(2.66	)		(2.72	)		16.78
20044		14.28		0.03			3.13			3.16			(0.04	)		(0.56	)		(0.60	)		16.84
Class B
20082	$	11.94	$	—		$	(3.48	)	$	(3.48	)	$	(0.04	)	$	(1.37	)	$	(1.41	)	$	7.05
20072		13.93		0.02			0.43			0.45			—			(2.44	)		(2.44	)		11.94
20062		15.19		(0.07	)		2.62			2.55			—			(3.81	)		(3.81	)		13.93
20053		15.61		—			(0.42	)		(0.42	)		—			—			—			15.19
20054		15.92		(0.09	)		2.47			2.38			(0.03	)		(2.66	)		(2.69	)		15.61
20044		13.60		(0.08	)		2.96			2.88			—			(0.56	)		(0.56	)		15.92
Class C
20082	$	12.19	$	—		$	(3.54	)	$	(3.54	)	$	(0.06	)	$	(1.37	)	$	(1.43	)	$	7.22
20072		14.17		0.02			0.44			0.46			—			(2.44	)		(2.44	)		12.19
20062		15.39		(0.07	)		2.66			2.59			—			(3.81	)		(3.81	)		14.17
20053		15.82		—			(0.43	)		(0.43	)		—			—			—			15.39
20054		16.10		(0.09	)		2.50			2.41			(0.03	)		(2.66	)		(2.69	)		15.82
20044		13.74		(0.08	)		3.00			2.92			—			(0.56	)		(0.56	)		16.10
Class R5
20082	$	13.35	$	0.05		$	(3.91	)	$	(3.86	)	$	(0.12	)	$	(1.37	)	$	(1.49	)	$	8.00
20072		15.24		0.10			0.47			0.57			(0.02	)		(2.44	)		(2.46	)		13.35
20062		16.29		(0.01	)		2.84			2.83			(0.07	)		(3.81	)		(3.88	)		15.24
20053		16.74		0.01			(0.46	)		(0.45	)		—			—			—			16.29
20054		16.83		(0.01	)		2.64			2.63			(0.06	)		(2.66	)		(2.72	)		16.74
20044		14.27		0.03			3.12			3.15			(0.03	)		(0.56	)		(0.59	)		16.83
Class Y
20082	$	13.87	$	0.11		$	(4.08	)	$	(3.97	)	$	(0.17	)	$	(1.37	)	$	(1.54	)	$	8.36
20072		15.71		0.16			0.49			0.65			(0.05	)		(2.44	)		(2.49	)		13.87
20062		16.62		0.07			2.90			2.97			(0.07	)		(3.81	)		(3.88	)		15.71
20053		17.06		0.01			(0.45	)		(0.44	)		—			—			—			16.62
20054		17.05		0.07			2.67			2.74			(0.07	)		(2.66	)		(2.73	)		17.06
20044		14.44		0.08			3.16			3.24			(0.07	)		(0.56	)		(0.63	)		17.05

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

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

120   First American Funds 2008 Annual Report

								Ratio of Net				Ratio of			Ratio of Net
								Investment				Expenses			Investment
					Ratio of			Income				to Average			Income (Loss)
			Net Assets		Expenses to			(Loss)				Net Assets			to Average			Portfolio
Total			End of		Average			to Average				(Excluding			Net Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets				Waivers)			Waivers)			Rate
	(31.75	)%	$	28,344		1.31	%		0.75	%			1.31	%		0.75	%		49	%
	4.18			53,498		1.26			0.90				1.26			0.90			63
	20.78			57,922		1.26			0.21		��		1.26			0.21			96
	(2.62	)		46,467		1.25			0.78				1.25			0.78			15
	16.78			48,128		1.24			0.19				1.26			0.17			72
	22.70			43,192		1.23			0.21				1.25			0.19			34
	(32.32	)%	$	2,964		2.06	%		0.00	%			2.06	%		0.00	%		49	%
	3.41			6,213		2.01			0.14				2.01			0.14			63
	19.88			7,855		2.01			(0.53	)			2.01			(0.53	)		96
	(2.69	)		8,913		2.00			0.03				2.00			0.03			15
	15.90			9,325		1.99			(0.56	)			2.01			(0.58	)		72
	21.76			9,901		1.98			(0.51	)			2.00			(0.53	)		34
	(32.23	)%	$	2,373		2.06	%		0.00	%			2.06	%		0.00	%		49	%
	3.42			4,006		2.01			0.14				2.01			0.14			63
	19.89			4,405		2.01			(0.53	)			2.01			(0.53	)		96
	(2.72	)		4,590		2.00			0.03				2.00			0.03			15
	15.92			4,808		1.99			(0.56	)			2.01			(0.58	)		72
	21.83			4,609		1.98			(0.52	)			2.00			(0.54	)		34
	(31.90	)%	$	2,159		1.56	%		0.50	%			1.56	%		0.50	%		49	%
	3.96			3,263		1.51			0.72				1.51			0.72			63
	20.44			1,849		1.51			(0.09	)			1.63			(0.21	)		96
	(2.69	)		4		1.50			0.59				1.65			0.44			15
	16.60			4		1.49			(0.04	)			1.66			(0.21	)		72
	22.69			1		1.23			0.22				1.25			0.20			34
	(31.56	)%	$	158,112		1.06	%		1.00	%			1.06	%		1.00	%		49	%
	4.45			302,683		1.01			1.15				1.01			1.15			63
	21.01			355,148		1.01			0.47				1.01			0.47			96
	(2.58	)		348,166		1.00			1.03				1.00			1.03			15
	17.08			363,261		0.99			0.44				1.01			0.42			72
	23.02			367,774		0.98			0.50				1.00			0.48			34

First American Funds 2008 Annual Report   121

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions			Net Asset
	Value		Net			Gains			Total from			from Net			Value
	Beginning		Investment			(Losses) on			Investment			Investment			End of
	of Period		Income (Loss)			Investments			Operations			Income			Period
Small-Mid Cap Core Fund1,2
Class A
20083	$	10.64	$	(0.01	)	$	(3.63	)	$	(3.64	)	$	—		$	7.00
20073		9.57		(0.02	)		1.09			1.07			—			10.64
20063		8.03		0.01			1.53			1.54			—			9.57
20054		8.31		(0.01	)		(0.27	)		(0.28	)		—			8.03
20055		7.40		(0.07	)		0.98			0.91			—			8.31
20045		7.05		(0.07	)		0.42			0.35			—			7.40
Class B
20083	$	9.21	$	(0.07	)	$	(3.13	)	$	(3.20	)	$	—		$	6.01
20073		8.34		(0.08	)		0.95			0.87			—			9.21
20063		7.06		(0.04	)		1.32			1.28			—			8.34
20054		7.31		(0.01	)		(0.24	)		(0.25	)		—			7.06
20055		6.55		(0.11	)		0.87			0.76			—			7.31
20045		6.29		(0.11	)		0.37			0.26			—			6.55
Class C
20083	$	10.04	$	(0.08	)	$	(3.40	)	$	(3.48	)	$	—		$	6.56
20073		9.09		(0.09	)		1.04			0.95			—			10.04
20063		7.69		(0.05	)		1.45			1.40			—			9.09
20054		7.97		(0.01	)		(0.27	)		(0.28	)		—			7.69
20055		7.14		(0.12	)		0.95			0.83			—			7.97
20045		6.86		(0.12	)		0.40			0.28			—			7.14
Class Y
20083	$	11.09	$	0.01		$	(3.79	)	$	(3.78	)	$	—		$	7.31
20073		9.95		—			1.15			1.15			(0.01	)		11.09
20063		8.34		0.04			1.57			1.61			—			9.95
20054		8.63		—			(0.29	)		(0.29	)		—			8.34
20055		7.66		(0.05	)		1.02			0.97			—			8.63
20045		7.28		(0.05	)		0.43			0.38			—			7.66

1	Per share data calculated using average shares outstanding method.
2	The financial highlights for Small-Mid Cap Core Fund as set forth herein include the historical financial highlights of the First American Technology Fund. Effective October 3, 2005, the fund’s name and strategy changed.
3	For the period November 1 to October 31 in the year indicated.
4	For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund’s fiscal year end was changed from September 30 to October 31. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the year indicated.
6	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

122   First American Funds 2008 Annual Report

								Ratio of Net			Ratio of			Ratio of Net
								Investment			Expenses			Investment
					Ratio of			Income			to Average			Income (Loss)
			Net Assets		Expenses to			(Loss)			Net Assets			to Average			Portfolio
Total			End of		Average			to Average			(Excluding			Net Assets (Excluding			Turnover
Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(34.21	)%	$	12,848		1.41	%		(0.13	)%		1.60	%		(0.32	)%		170	%
	11.18			21,817		1.41			(0.20	)		1.49			(0.28	)		151
	19.18			26,190		1.39			0.12			1.46			0.05			110
	(3.37	)		22,339		1.34			(0.86	)		1.34			(0.86	)		80
	12.30			23,016		1.42			(0.83	)		1.50			(0.91	)		197
	4.96			27,356		1.23			(0.86	)		1.28			(0.91	)		51
	(34.74	)%	$	2,512		2.16	%		(0.88	)%		2.35	%		(1.07	)%		170	%
	10.43			6,883		2.16			(0.94	)		2.24			(1.02	)		151
	18.13			8,689		2.14			(0.58	)		2.21			(0.65	)		110
	(3.42	)		10,054		2.09			(1.61	)		2.09			(1.61	)		80
	11.60			10,685		2.17			(1.59	)		2.25			(1.67	)		197
	4.13			13,445		1.98			(1.60	)		2.03			(1.65	)		51
	(34.66	)%	$	3,068		2.16	%		(0.88	)%		2.35	%		(1.07	)%		170	%
	10.45			5,190		2.16			(0.96	)		2.24			(1.04	)		151
	18.21			4,986		2.14			(0.64	)		2.21			(0.71	)		110
	(3.51	)		4,253		2.09			(1.61	)		2.09			(1.61	)		80
	11.62			4,485		2.17			(1.59	)		2.25			(1.67	)		197
	4.08			6,000		1.98			(1.60	)		2.03			(1.65	)		51
	(34.08	)%	$	40,409		1.16	%		0.12	%		1.35	%		(0.07	)%		170	%
	11.62			79,574		1.16			0.02			1.24			(0.06	)		151
	19.30			67,437		1.14			0.35			1.21			0.28			110
	(3.36	)		31,381		1.09			(0.61	)		1.09			(0.61	)		80
	12.66			33,537		1.17			(0.58	)		1.25			(0.66	)		197
	5.22			43,758		0.98			(0.60	)		1.03			(0.65	)		51

First American Funds 2008 Annual Report   123

Notes to Financial Statements   October 31, 2008, all dollars and shares are rounded to thousands (000)

1 > Organization

Balanced Fund, Equity Income Fund, Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Small-Mid Cap Core 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. Global Infrastructure Fund commenced operations December 17, 2007. As of October 31, 2008, 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 other than Real Estate Securities Fund is a diversified open-end management investment company. Real Estate Securities Fund is a non-diversified, open-end management investment company. Prior to October 3, 2005, Small-Mid Cap Core Fund had different investment strategies, was named Technology Fund, and also was non-diversified. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

FAIF offers Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class R shares are not offered by the Small-Mid Cap Core Fund. Prior to November 3, 2008, Class C and Class R were not offered by Global Infrastructure Fund. Prior to the close of business on June 30, 2008, each fund except Global Infrastructure Fund offered Class B shares. Subsequent to this date, no new or additional investments are allowed in Class B shares, except through permitted exchanges and any reinvested dividends. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years.

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

2 > Summary of Significant Accounting Policies

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

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

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

124   First American Funds 2008 Annual Report

options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s exchange rate, and the 30-, 60-, 90-, 180-, and 360-day forward rates provided by an independent pricing service.

When market quotations are not readily available, securities are 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; security’s previous price and/or trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. As of October 31, 2008, Balanced Fund, International Select Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Small-Mid Cap Core Fund held fair valued securities with a total value of $0, $0, $159, $0, $0 and $0, respectively, or 0.0%, 0.0%, 0.0%, 0.0%, 0.0%, and 0.0% of total net assets, respectively. The fair values of foreign securities held by Global Infrastructure Fund, International Fund, and International Select Fund are determined on each business day by an independent third party based on factors such as price changes for futures contracts, sector indices, American Depository Receipts, and currency exchange rates that occur between the close of the local market and the close of the New York Stock Exchange. The use of daily fair value pricing by the Global Infrastructure Fund, International Fund, and International Select Fund may cause the net asset value of their shares to differ significantly from the net asset value that would be determined without fair value pricing. Foreign securities are valued at the closing prices on the principal exchange on which they trade unless they are fair valued as described above. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

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 security on the transaction date.

DISTRIBUTIONS TO SHAREHOLDERS – Balanced Fund, Equity Income Fund, and Real Estate Securities Fund declare and pay income dividends quarterly. Global Infrastructure Fund, International Fund, International Select Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, and Small-Mid Cap Core Fund declare and pay income dividends annually. Distributions are payable in cash or reinvested in additional shares of the funds. Any net realized capital gains on sales of a fund’s securities are distributed to shareholders at least annually.

Real Estate Securities Fund receives substantial distributions from holdings in real estate investment trusts (“REITs”). Additionally, other funds also invest in REITs. Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Real Estate Securities Fund, and other funds that invest in REITs, must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a fund shareholder may represent a return of capital.

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

Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“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. As of October 31, 2008, 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

First American Funds 2008 Annual Report   125

Notes to Financial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

authority. Generally, tax authorities can examine all tax returns filed for the last three years.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. These differences are primarily due to deferred wash sale and straddle losses, foreign currency gains and losses, investments in limited partnerships and REITs, and the “mark-to-market” of certain passive foreign investment companies (“PFICs”) for tax purposes. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the fiscal period that the differences arise.

On the Statement of Assets and Liabilities, the following reclassifications were made:

	Accumulated			Undistributed
	Net Realized			Net Investment			Portfolio
Fund	Gain (Loss)			Income			Capital
Balanced Fund	$	(16	)	$	522		$	(506	)
Equity Income Fund		(4,338	)		(11	)		4,349
Global Infrastructure Fund		(1	)		2			(1	)
International Fund		(34,253	)		(19,838	)		54,091
International Select Fund		(192	)		192			—
Large Cap Select Fund		(6	)		6			—
Large Cap Value Fund		1			(1	)		—
Mid Cap Growth Opportunities Fund		1			4,279			(4,280	)
Mid Cap Value Fund		1,085			(1,085	)		—
Real Estate Securities Fund		9,227			(8,521	)		(706	)
Small Cap Growth Opportunities Fund		19			1,645			(1,664	)
Small Cap Select Fund		1,635			599			(2,234	)
Small Cap Value Fund		79			(79	)		—
Small-Mid Cap Core Fund		1,494			25			(1,519	)

The character of distributions made during the fiscal 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 period in which the amounts are distributed may differ from the period that the income or realized gains (losses) were recorded by the fund. The funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amounts necessary to reduce earnings and profits of the funds’ related to net capital gain to zero for the tax year ended October 31, 2008. The distributions paid during the fiscal periods ended October 31, 2008 and October 31, 2007 were as follows:

	October 31, 2008
	Ordinary		Long Term
Fund	Income		Gain		Total
Balanced Fund	$	24,384	$	16,581	$	40,965
Equity Income Fund		30,036		74,984		105,020
International Fund		21,018		137,164		158,182
International Select Fund		6,421		1,497		7,918
Large Cap Growth Opportunities Fund		13,656		58,188		71,844
Large Cap Select Fund		35,710		22,823		58,533
Large Cap Value Fund		34,901		73,894		108,795
Mid Cap Growth Opportunities Fund		27,657		161,089		188,746
Mid Cap Value Fund		30,903		45,611		76,514
Real Estate Securities Fund		45,177		69,030		114,207
Small Cap Growth Opportunities Fund		17,232		3,956		21,188
Small Cap Select Fund		9,296		45,459		54,755
Small Cap Value Fund		18,134		20,111		38,245

126   First American Funds 2008 Annual Report

	October 31, 2007
	Ordinary		Long Term
Fund	Income		Gain		Total
Balanced Fund	$	8,951	$	23,751	$	32,702
Equity Income Fund		30,078		113,341		143,419
International Fund		19,153		31,015		50,168
International Select Fund		49		—		49
Large Cap Growth Opportunities Fund		1,284		9,668		10,952
Large Cap Select Fund		2,124		7,702		9,826
Large Cap Value Fund		30,236		53,410		83,646
Mid Cap Growth Opportunities Fund		—		142,004		142,004
Mid Cap Value Fund		28,183		38,429		66,612
Real Estate Securities Fund		74,531		31,221		105,752
Small Cap Growth Opportunities Fund		17,479		2,440		19,919
Small Cap Select Fund		58,806		75,372		134,178
Small Cap Value Fund		21,986		43,593		65,579
Small-Mid Cap Core Fund		109		—		109

As of October 31, 2008, the funds’ most recently completed fiscal year-end, components of accumulated earnings (deficit) on a tax-basis were as follows:

			Accumulated
	Undistributed		Capital and			Unrealized			Other			Total
	Ordinary		Post-October			Appreciation			Accumulated			Accumulated
Fund	Income		Losses			(Depreciation)			Gains (Losses)			Earnings (Deficit)
Balanced Fund	$	—	$	(19,256	)	$	(40,887	)	$	(113	)	$	(60,256	)
Equity Income Fund		3,293		(11,961	)		45,361			—			36,693
Global Infrastructure Fund		211		(3,174	)		(5,791	)		(1	)		(8,755	)
International Fund		7,587		—			(89,594	)		230			(81,777	)
International Select Fund		5,364		(30,787	)		(114,948	)		29			(140,342	)
Large Cap Growth Opportunities Fund		1,892		(96,931	)		(40,205	)		(14	)		(135,258	)
Large Cap Select Fund		734		(63,928	)		(49,084	)		(52	)		(112,330	)
Large Cap Value Fund		3,627		(45,994	)		(75,521	)		(96	)		(117,984	)
Mid Cap Growth Opportunities Fund		—		(151,432	)		(193,487	)		(1,374	)		(346,293	)
Mid Cap Value Fund		1,341		(101,786	)		(108,047	)		(1,375	)		(209,867	)
Real Estate Securities Fund		—		(98,570	)		(145,682	)		—			(244,252	)
Small Cap Growth Opportunities Fund		—		(34,593	)		(31,979	)		(513	)		(67,085	)
Small Cap Select Fund		—		(100,606	)		(160,101	)		—			(260,707	)
Small Cap Value Fund		1,171		(26,281	)		(46,733	)		—			(71,843	)
Small-Mid Cap Core Fund		—		(448,284	)		(15,373	)		—			(463,657	)

The differences between book and tax basis unrealized appreciation (depreciation) are primarily due to the tax deferral of losses on wash sales and investments in limited partnerships, the amount of gain (loss) recognized for tax purposes due to mark-to-market adjustments on open futures contracts, and the mark-to-market for certain PFICs for tax purposes.

As of October 31, 2008, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the funds’ fiscal year-ends as follows:

	Expiration Year
Fund	2009		2010		2011		2012		2013		2014		2015		2016		Total
Balanced Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	19,256	$	19,256
Equity Income Fund		—		—		—		—		—		—		—		11,961		11,961
Global Infrastructure Fund		—		—		—		—		—		—		—		3,174		3,174
International Select Fund		—		—		—		—		—		—		—		30,787		30,787
Large Cap Growth Opportunities Fund		47,305		—		—		—		—		—		—		49,626		96,931
Large Cap Select Fund		—		—		—		—		—		—		—		63,928		63,928
Large Cap Value Fund		—		—		—		—		—		—		—		45,994		45,994
Mid Cap Growth Opportunities Fund		20,168		—		—		—		—		—		—		131,264		151,432
Mid Cap Value Fund		—		—		—		—		—		—		—		101,786		101,786
Real Estate Securities Fund		—		—		—		—		—		—		—		98,570		98,570
Small Cap Growth Opportunities Fund		—		—		—		—		—		—		—		34,593		34,593
Small Cap Select Fund		19,442		—		—		—		—		—		—		81,164		100,606
Small Cap Value Fund		—		—		—		—		—		—		—		26,281		26,281
Small-Mid Cap Core Fund		334,032		102,106		4,320		—		—		—		—		7,826		448,284

First American Funds 2008 Annual Report   127

Notes to Financial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryovers is limited on an annual basis for Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Select Fund, and Small-Mid Cap Core Fund to $23,652, $10,084, $9,721, and $1,524, respectively.

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

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

As of October 31, 2008, Balanced Fund, International Fund, and International Select Fund had outstanding futures contracts as disclosed in their Schedules of Investments.

OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon exercise of the option. As of October 31, 2008, the funds had no outstanding written options.

Options purchased are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchased put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid. As of October 31, 2008, Balanced Fund held options purchased as disclosed in its Schedule of Investments.

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

Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal). As of October 31, 2008, Balanced Fund had outstanding interest rate swaps as disclosed in its Schedule of Investments.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a specified reference entity on its obligation (typically a corporate issue or sovereign issue of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of particular issuers (i.e., to reduce risk where the fund owns an issuance of or otherwise has exposure to the issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. A “seller’s” exposure is limited to the total notional amount of the credit default

128   First American Funds 2008 Annual Report

swap contract (shown as sell protection in the Credit Default Swap Agreement table on the Schedule of Investments). As of October 31, 2008, Balanced Fund had outstanding credit default swaps as disclosed in its Schedule of Investments.

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

FOREIGN CURRENCY TRANSLATION – The books and records of Balanced Fund, Global Infrastructure Fund, International Fund, International Select Fund, and Real Estate Securities Fund relating to the funds’ non-U.S. dollar denominated investments are maintained in U.S. dollars on the following bases:

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

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

The funds do not isolate the portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The funds report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. As of October 31, 2008, Balanced Fund, Global Infrastructure Fund, International Fund, and International Select Fund had foreign currency holdings consisting of multiple denominations.

FORWARD FOREIGN CURRENCY CONTRACTS – The funds may enter into forward foreign currency contracts as hedges against either specific transactions or fund positions. The aggregate principal amount of the contracts are not recorded because the funds intend to settle the contracts prior to delivery. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The funds realize gains or losses at the time the forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes.

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. As of October 31, 2008, the funds had no outstanding forward currency contracts.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. As of October 31, 2008, the funds had no when-issued or forward-commitment securities outstanding.

In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical, securities on a specified future date. As an inducement for the fund to “roll over” its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. As of and for the fiscal period ended October 31, 2008, the funds had no dollar rolls.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be

First American Funds 2008 Annual Report   129

Notes to Financial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. As of October 31, 2008, Balanced Fund, International Select Fund, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, and Small-Mid Cap Core Fund had investments in illiquid securities with a total value of $856, $0, $159, $0, $0, and $0, respectively, or 0.5%, 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%, respectively, of total net assets.

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

			Dates		Cost
Balanced Fund	Par		Acquired		Basis
Duty Free International	$	588		1/99-11/02	$	588
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A		414		2/07		403
Galaxy Entertainment		175		3/06		181
GS Mortgage Securities II, Series 2006-RR2, Class A1		359		7/06		353
LG Electronics		340		6/05		338
Saxon Asset Securities Trust, Series 2004-1, Class A		4		1/04		4
Westam Mortgage Financial, Series 11, Class A		1		10/02		1

			Dates		Cost
Global Infrastructure Fund	Shares		Acquired		Basis
TGK-11		139		9/08	$	130

			Dates		Cost
International Select Fund	Shares		Acquired		Basis
Novatek Microelectronics		—*		3/08	$	—

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

			Dates		Cost
Real Estate Securities Fund	Shares		Acquired		Basis
Newcastle Investment Holdings		35		6/98	$	153

			Dates		Cost
Small Cap Growth Opportunities Fund	Shares		Acquired		Basis
Hollis-Eden Pharmaceuticals Warrants		71		2/06	$	161
Kuhlman Company Warrants		282		1/06		273
Lantronix Warrants		11		5/08		—
VideoPropulsion		780		12/99		—

			Dates		Cost
Small Cap Select Fund	Shares		Acquired		Basis
Lantronix Warrants		5		6/08	$	—

			Dates		Cost
Small-Mid Cap Core Fund	Shares		Acquired		Basis
Lantronix Warrants		1		5/08	$	—

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

U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. With respect to Global Infrastructure Fund, International Fund, and International Select Fund, a portion of this amount is paid to State Street Bank and Trust (“State Street”) for acting as sub-lending agent. For each fund other than Global Infrastructure Fund, International Fund, and International Select Fund, collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets. For Global Infrastructure Fund, International Fund, and International Select Fund, collateral for securities on loan is invested in a money market fund administered by State Street.

130   First American Funds 2008 Annual Report

Securities lending fees paid to U.S. Bank by the funds during the fiscal period ended October 31, 2008, were as follows:

Fund	Amount
Balanced Fund	$	114
Equity Income Fund		392
International Fund		405
International Select Fund		29
Large Cap Growth Opportunities Fund		343
Large Cap Select Fund		161
Large Cap Value Fund		273
Mid Cap Growth Opportunities Fund		1,190
Mid Cap Value Fund		449
Real Estate Securities Fund		555
Small Cap Growth Opportunities Fund		204
Small Cap Select Fund		783
Small Cap Value Fund		304
Small-Mid Cap Core Fund		89

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

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses. Adjustments made during the fiscal period ended October 31, 2008, were as follows:

Fund	Amount
Balanced Fund	$	343
Equity Income Fund		586
International Fund		1
Large Cap Growth Opportunities Fund		1,602
Large Cap Select Fund		69
Large Cap Value Fund		1,797
Mid Cap Growth Opportunities Fund		368
Mid Cap Value Fund		25
Small Cap Growth Opportunities Fund		2,732
Small Cap Select Fund		1,495
Small Cap Value Fund		281
Small-Mid Cap Core Fund		263

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal period ended October 31, 2008.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds, preselected by each director. All amounts in the Plan are 100% vested, and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for each fund is as follows:

	Advisory Fee
	as a % of Average
Fund	Daily Net Assets
Balanced Fund*		0.65	%
Equity Income Fund*		0.65
Global Infrastructure Fund		0.90
International Fund		1.00
International Select Fund		1.00
Large Cap Growth Opportunities Fund*		0.65
Large Cap Select Fund*		0.65
Large Cap Value Fund*		0.65
Mid Cap Growth Opportunities Fund		0.70
Mid Cap Value Fund		0.70
Real Estate Securities Fund		0.70
Small Cap Growth Opportunities Fund		1.00
Small Cap Select Fund		0.70
Small Cap Value Fund		0.70
Small-Mid Cap Core Fund		0.70

*  The advisory fees for Balanced Fund, Equity Income Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, and Large Cap Value Fund are equal to an annual rate of 0.65% of the average daily net assets up to $3 billion, 0.625% of the average daily net assets on the next $2 billion, and 0.60% of the average daily net assets in excess of $5 billion.

FAF Advisors has agreed to waive fees and reimburse other fund expenses for the following funds through at least

First American Funds 2008 Annual Report   131

Notes to Financial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

June 30, 2009 (October 31, 2009 for Global Infrastructure Fund), so that total fund operating expenses, excluding acquired fund fees and expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
Balanced Fund		1.10	%		1.85	%		1.85	%		1.35	%		0.85	%
Global Infrastructure Fund1		1.25			N/A			2.00			1.50			1.00
International Fund		1.49			2.24			2.24			1.74			1.24
International Select Fund		1.49			2.24			2.24			1.74			1.24
Small Cap Growth Opportunities Fund		1.47			2.22			2.22			1.72			1.22
Small-Mid Cap Core Fund		1.41			2.16			2.16			N/A			1.16

N/A = Not Applicable

¹ The fund began offering Class C and Class R on November 3, 2008.

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

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

SUB-ADVISORY FEES – During the year ended October 31, 2008, J.P. Morgan Investment Management Inc. (“JP Morgan”) served as investment sub-advisor to the International Fund pursuant to a sub-advisory agreement with FAF Advisors. For the services under its sub-advisory agreement with FAF Advisors, JP Morgan was paid a monthly fee by FAF Advisors equal, on an annual basis, to 0.34% of the first $100 million of the fund’s average daily net assets, 0.30% of the next $250 million of the fund’s average daily net assets, 0.24% of the next $1.25 billion of the fund’s average daily net assets, and 0.22% of the fund’s average daily net assets in excess of $1.60 billion.

As of the close of business on October 31, 2008, JP Morgan no longer serves as an investment sub-advisor to International Fund. Effective November 3, 2008, Altrinsic Global Advisors, LLC (“Altrinsic”) and Hansberger Global Investors, Inc. (“HGI”) each serve as investment sub-advisor to International Fund pursuant to separate sub-advisory agreements with FAF Advisors. Altrinsic, HGI, and Lazard Asset Management, LLC (“Lazard”) each serve as investment sub-advisor to the International Select Fund pursuant to separate sub-advisory agreements with FAF Advisors. Each sub-advisor has discretion to select portfolio securities for its portion of the respective fund. FAF Advisors pays monthly fees to Altrinsic, HGI, and Lazard for the services provided under their respective sub-advisory agreements with FAF Advisors.

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

CUSTODIAN FEES – U.S. Bank serves as the custodian for each fund other than Global Infrastructure Fund , International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. The fee for each fund (except Global Infrastructure Fund, International Fund, and International Select Fund) is equal to an annual rate of 0.005% of average daily net assets. State Street Bank (“SSB”) serves as the custodian for Global Infrastructure Fund, International Fund, and International Select Fund pursuant to a custodian agreement with FAIF. Global Infrastructure Fund, International Fund, and International Select Fund pay SSB various asset-based fees and transaction charges based on the issuer’s country. All fees are computed daily and paid monthly.

Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. Global Infrastructure Fund, International Fund, and International Select Fund have also entered into agreements with SSB to receive certain credits to reduce the amount of custody fees incurred. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash

132   First American Funds 2008 Annual Report

overdrafts incurred, which increases the fund’s custodian expenses. Effective January 1, 2008, the agreements were amended and the funds no longer receive custody fee credits.

For the fiscal period ended October 31, 2008, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned (and other custodian credits for Global Infrastructure Fund, International Fund, and International Select Fund) as follows:

Fund	Increased		Decreased
Balanced Fund	$	3	$	2
Equity Income Fund		—		2
Global Infrastructure Fund		—		—
International Fund		—		74
International Select Fund		—		16
Large Cap Growth Opportunities Fund		1		1
Large Cap Select Fund		5		—
Large Cap Value Fund		—		2
Mid Cap Growth Opportunities Fund		—		11
Mid Cap Value Fund		4		3
Real Estate Securities Fund		1		4
Small Cap Growth Opportunities Fund		—		1
Small Cap Select Fund		2		3
Small Cap Value Fund		4		—
Small-Mid Cap Core Fund		4		—

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

Under the distribution and shareholder servicing agreement, the following amounts were retained by affiliates of FAF Advisors for the fiscal period ended October 31, 2008:

Fund	Amount
Balanced Fund	$	188
Equity Income Fund		318
Global Infrastructure Fund		—
International Fund		60
International Select Fund		7
Large Cap Growth Opportunities Fund		151
Large Cap Select Fund		12
Large Cap Value Fund		140
Mid Cap Growth Opportunities Fund		398
Mid Cap Value Fund		130
Real Estate Securities Fund		171
Small Cap Growth Opportunities Fund		59
Small Cap Select Fund		298
Small Cap Value Fund		71
Small-Mid Cap Core Fund		27

OTHER FEES AND EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal period ended October 31, 2008, legal fees and expenses of $83 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.

First American Funds 2008 Annual Report   133

Notes to Financial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

For the fiscal period ended October 31, 2008, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund
Balanced Fund	$	42
Equity Income Fund		84
Global Infrastructure Fund		3
International Fund		32
International Select Fund		15
Large Cap Growth Opportunities Fund		44
Large Cap Select Fund		7
Large Cap Value Fund		26
Mid Cap Growth Opportunities Fund		66
Mid Cap Value Fund		23
Real Estate Securities Fund		27
Small Cap Growth Opportunities Fund		17
Small Cap Select Fund		32
Small Cap Value Fund		18
Small-Mid Cap Core Fund		11

4 > Capital Share Transactions

FAIF has 366 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

													Global
	Balanced						Equity						Infrastructure			International
	Fund						Income Fund						Fund			Fund
	Year			Year			Year			Year			12/17/07*			Year			Year
	Ended			Ended			Ended			Ended			to			Ended			Ended
	10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/08			10/31/07
Class A:
Shares issued		435			631			526			931			664			436			753
Shares issued in lieu of cash distributions		1,168			769			973			1,124			—			317			85
Shares redeemed		(1,902	)		(1,737	)		(2,431	)		(1,942	)		(38	)		(1,141	)		(1,079	)
Total Class A transactions		(299	)		(337	)		(932	)		113			626			(388	)		(241	)
Class B1:
Shares issued		38			25			30			79			—			25			40
Shares issued in lieu of cash distributions		86			86			87			125			—			45			10
Shares redeemed		(203	)		(580	)		(243	)		(423	)		—			(177	)		(152	)
Total Class B transactions		(79	)		(469	)		(126	)		(219	)		—			(107	)		(102	)
Class C1:
Shares issued		19			34			49			51						36			59
Shares issued in lieu of cash distributions		30			19			47			68						40			10
Shares redeemed		(61	)		(76	)		(200	)		(262	)					(122	)		(200	)
Total Class C transactions		(12	)		(23	)		(104	)		(143	)		—			(46	)		(131	)
Class R1:
Shares issued		41			2			6			39			—			—			—
Shares issued in lieu of cash distributions		1			—			5			4			—			—			—
Shares redeemed		—			(1	)		(15	)		(18	)		—			—			—
Total Class R transactions		42			1			(4	)		25			—			—			—
Class Y:
Shares issued		2,063			1,971			5,895			5,150			3,662			16,723			10,532
Shares issued in lieu of cash distributions		2,398			1,790			2,716			3,727			—			6,896			1,920
Shares redeemed		(7,929	)		(6,272	)		(16,341	)		(15,349	)		(986	)		(45,063	)		(32,299	)
Total Class Y transactions		(3,468	)		(2,511	)		(7,730	)		(6,472	)		2,676			(21,444	)		(19,847	)
Net increase (decrease) in capital shares		(3,816	)		(3,339	)		(8,896	)		(6,696	)		3,302			(21,985	)		(20,321	)

*	Commencement of operations.
1	Class B, Class C, and Class R shares were not offered by Global Infrastructure Fund during the period. The fund began offering Class C and Class R shares on November 3, 2008.

134   First American Funds 2008 Annual Report

	International						Large Cap Growth						Large Cap
	Select Fund						Opportunities Fund						Select Fund
	Year			12/21/06*			Year			Year			Year			Year
	Ended			to			Ended			Ended			Ended			Ended
	10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
Class A:
Shares issued		143			295			271			413			71			121
Shares issued in lieu of cash distributions		6			—			248			33			59			7
Shares redeemed		(124	)		(29	)		(696	)		(837	)		(190	)		(130	)
Total Class A transactions		25			266			(177	)		(391	)		(60	)		(2	)
Class B:
Shares issued		19			27			14			29			1			4
Shares issued in lieu of cash distributions		1			—			35			6			7			1
Shares redeemed		(7	)		—			(104	)		(183	)		(9	)		(8	)
Total Class B transactions		13			27			(55	)		(148	)		(1	)		(3	)
Class C:
Shares issued		23			25			25			40			4			5
Shares issued in lieu of cash distributions		—			—			23			3			3			—
Shares redeemed		(12	)		(1	)		(79	)		(93	)		(5	)		(3	)
Total Class C transactions		11			24			(31	)		(50	)		2			2
Class R:
Shares issued		7			1			8			4			1			1
Shares issued in lieu of cash distributions		—			—			1			—			—			—
Shares redeemed		(1	)		—			(4	)		(7	)		(1	)		(7	)
Total Class R transactions		6			1			5			(3	)		—			(6	)
Class Y:
Shares issued		21,338			30,297			3,761			2,632			8,815			3,283
Shares issued in lieu of cash distributions		374			5			1,002			158			1,699			234
Shares redeemed		(11,780	)		(2,105	)		(6,090	)		(8,796	)		(13,334	)		(8,527	)
Total Class Y transactions		9,932			28,197			(1,327	)		(6,006	)		(2,820	)		(5,010	)
Net increase (decrease) in capital shares		9,987			28,515			(1,585	)		(6,598	)		(2,879	)		(5,019	)

*  Commencement of operations.

	Large Cap						Mid Cap Growth						Mid Cap
	Value Fund						Opportunities Fund						Value Fund
	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
Class A:
Shares issued		226			393			1,612			2,690			2,107			5,728
Shares issued in lieu of cash distributions		711			443			1,029			747			708			541
Shares redeemed		(1,221	)		(1,045	)		(3,036	)		(2,071	)		(4,248	)		(3,006	)
Total Class A transactions		(284	)		(209	)		(395	)		1,366			(1,433	)		3,263
Class B:
Shares issued		10			21			21			49			16			48
Shares issued in lieu of cash distributions		53			37			46			40			23			21
Shares redeemed		(124	)		(150	)		(101	)		(123	)		(84	)		(90	)
Total Class B transactions		(61	)		(92	)		(34	)		(34	)		(45	)		(21	)
Class C:
Shares issued		19			38			120			241			105			377
Shares issued in lieu of cash distributions		28			18			71			47			66			43
Shares redeemed		(43	)		(87	)		(263	)		(125	)		(293	)		(152	)
Total Class C transactions		4			(31	)		(72	)		163			(122	)		268
Class R:
Shares issued		6			2			449			318			731			847
Shares issued in lieu of cash distributions		1			1			80			43			88			47
Shares redeemed		(2	)		(2	)		(267	)		(155	)		(431	)		(488	)
Total Class R transactions		5			1			262			206			388			406
Class Y:
Shares issued		4,518			2,404			4,000			4,461			2,573			3,775
Shares issued in lieu of cash distributions		3,150			2,150			2,437			1,889			1,620			1,321
Shares redeemed		(8,720	)		(9,744	)		(7,712	)		(4,936	)		(6,204	)		(4,689	)
Total Class Y transactions		(1,052	)		(5,190	)		(1,275	)		1,414			(2,011	)		407
Net increase (decrease) in capital shares		(1,388	)		(5,521	)		(1,514	)		3,115			(3,223	)		4,323

First American Funds 2008 Annual Report   135

Notes to Financial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

	Real Estate						Small Cap Growth						Small Cap
	Securities Fund						Opportunities Fund						Select Fund
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
Class A:
Shares issued		5,449			4,146			991			2,066			10,356			12,088
Shares issued in lieu of cash distributions		1,377			921			572			449			1,153			1,842
Shares redeemed		(4,781	)		(5,215	)		(6,028	)		(2,397	)		(8,283	)		(11,692	)
Total Class A transactions		2,045			(148	)		(4,465	)		118			3,226			2,238
Class B:
Shares issued		29			119			7			12			34			171
Shares issued in lieu of cash distributions		44			30			20			23			97			203
Shares redeemed		(123	)		(114	)		(69	)		(156	)		(377	)		(358	)
Total Class B transactions		(50	)		35			(42	)		(121	)		(246	)		16
Class C:
Shares issued		398			659			13			42			420			1,625
Shares issued in lieu of cash distributions		100			49			9			8			186			213
Shares redeemed		(356	)		(398	)		(36	)		(73	)		(996	)		(520	)
Total Class C transactions		142			310			(14	)		(23	)		(390	)		1,318
Class R:
Shares issued		1,378			911			18			22			1,227			2,900
Shares issued in lieu of cash distributions		144			46			2			4			209			43
Shares redeemed		(503	)		(546	)		(7	)		(67	)		(1,350	)		(369	)
Total Class R transactions		1,019			411			13			(41	)		86			2,574
Class Y:
Shares issued		22,570			7,923			701			688			5,975			13,513
Shares issued in lieu of cash distributions		2,761			1,720			380			368			2,082			4,956
Shares redeemed		(11,162	)		(11,037	)		(1,906	)		(2,772	)		(21,448	)		(18,273	)
Total Class Y transactions		14,169			(1,394	)		(825	)		(1,716	)		(13,391	)		196
Net increase (decrease) in capital shares		17,325			(786	)		(5,333	)		(1,783	)		(10,715	)		6,342

136   First American Funds 2008 Annual Report

	Small Cap						Small-Mid Cap
	Value Fund						Core Fund
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	10/31/08			10/31/07			10/31/08			10/31/07
Class A:
Shares issued		255			680			341			550
Shares issued in lieu of cash distributions		496			670			—			—
Shares redeemed		(1,217	)		(1,160	)		(556	)		(1,238	)
Total Class A transactions		(466	)		190			(215	)		(688	)
Class B:
Shares issued		4			15			14			33
Shares issued in lieu of cash distributions		66			103			—			—
Shares redeemed		(171	)		(161	)		(344	)		(327	)
Total Class B transactions		(101	)		(43	)		(330	)		(294	)
Class C:
Shares issued		52			90			77			123
Shares issued in lieu of cash distributions		41			61			—			—
Shares redeemed		(93	)		(133	)		(126	)		(155	)
Total Class C transactions		—			18			(49	)		(32	)
Class R:2
Shares issued		116			193			—			—
Shares issued in lieu of cash distributions		34			24			—			—
Shares redeemed		(124	)		(94	)		—			—
Total Class R transactions		26			123			—			—
Class Y:
Shares issued		1,837			2,860			1,776			2,627
Shares issued in lieu of cash distributions		2,360			3,430			—			4
Shares redeemed		(7,102	)		(7,072	)		(3,428	)		(2,229	)
Total Class Y transactions		(2,905	)		(782	)		(1,652	)		402
Net decrease in capital shares		(3,446	)		(494	)		(2,246	)		(612	)

² Class R is not offered by the Small-Mid Cap Core Fund.

Class B shares converted to Class A shares (reflected above as Class A shares issued and Class B shares redeemed) during the fiscal period ended October 31, 2008, and the fiscal period ended October 31, 2007, were as follows:

	Fiscal		Fiscal
	Period		Period
	Ended		Ended
Fund	10/31/08		10/31/07
Balanced Fund		62		407
Equity Income Fund		55		223
International Fund		99		47
International Select Fund		1		—
Large Cap Growth Opportunities Fund		52		99
Large Cap Select Fund		—		1
Large Cap Value Fund		68		76
Mid Cap Growth Opportunities Fund		17		71
Mid Cap Value Fund		23		34
Real Estate Securities Fund		14		13
Small Cap Growth Opportunities Fund		1		66
Small Cap Select Fund		67		125
Small Cap Value Fund		41		39
Small-Mid Cap Core Fund		219		106

5 > Investment Security Transactions

During the fiscal period ended October 31, 2008, 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
Balanced Fund	$	47,554	$	89,093	$	322,120	$	350,015
Equity Income Fund		—		—		317,896		515,250
Global Infrastructure Fund		—		—		62,712		33,671
International Fund		—		—		227,378		771,734
International Select Fund		—		—		234,814		173,229
Large Cap Growth Opportunities Fund		—		—		645,117		738,020
Large Cap Select Fund		—		—		726,118		808,385
Large Cap Value Fund		—		—		597,525		708,572
Mid Cap Growth Opportunities Fund		—		—		1,776,069		1,952,417
Mid Cap Value Fund		—		—		806,705		923,874
Real Estate Securities Fund		—		—		1,377,612		1,180,746
Small Cap Growth Opportunities Fund		—		—		311,154		414,502
Small Cap Select Fund		—		—		652,590		806,999
Small Cap Value Fund		—		—		134,765		206,983
Small-Mid Cap Core Fund		—		—		153,220		173,131

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased

First American Funds 2008 Annual Report   137

Notes toFinancial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

with proceeds from securities lending) for federal tax purposes at October 31, 2008, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Balanced Fund	$	2,106	$	(42,993	)	$	(40,887	)	$	250,923
Equity Income Fund		133,425		(88,064	)		45,361			872,964
Global Infrastructure Fund		314		(6,105	)		(5,791	)		26,793
International Fund		94,799		(184,393	)		(89,594	)		778,591
International Select Fund		4,695		(119,643	)		(114,948	)		435,141
Large Cap Growth Opportunities Fund		26,609		(66,814	)		(40,205	)		634,981
Large Cap Select Fund		3,187		(52,271	)		(49,084	)		342,151
Large Cap Value Fund		26,365		(101,886	)		(75,521	)		665,430
Mid Cap Growth Opportunities Fund		76,967		(270,454	)		(193,487	)		1,517,193
Mid Cap Value Fund		27,912		(135,959	)		(108,047	)		845,082
Real Estate Securities Fund		48,295		(193,977	)		(145,682	)		1,141,271
Small Cap Growth Opportunities Fund		4,341		(36,320	)		(31,979	)		188,252
Small Cap Select Fund		19,091		(179,192	)		(160,101	)		893,081
Small Cap Value Fund		9,541		(56,274	)		(46,733	)		310,970
Small-Mid Cap Core Fund		1,181		(16,554	)		(15,373	)		92,415

6 > Options Written

Transactions in options written for the fiscal period ended October 31, 2008, were as follows:

	Put Options Written						Call Options Written
	Number of			Premium			Number of			Premium
Balanced Fund	Contracts			Amount			Contracts			Amount
Balance at October 31, 2007		—		$	—			41		$	10
Opened		573			296			560			276
Expired		(210	)		(90	)		(253	)		(114	)
Closed		(363	)		(206	)		(348	)		(172	)
Balance at October 31, 2008		—		$	—			—		$	—

7 > Sector Risk

Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. Real Estate Securities Fund primarily invests in income-producing common stocks of publicly traded companies engaged in the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional, and national basis in the past and that may continue in the future. Global Infrastructure Fund concentrates its investments in infrastructure-related securities of companies in the industrial and utility sectors. The securities of these companies in the industrial and utility sectors have greater exposure to adverse economic, regulatory, political, legal, and other changes affecting the issuers of such securities. As of October 31, 2008, Large Cap Growth Opportunities Fund and Small Cap Growth Opportunities Fund each had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. As of the same date, Mid Cap Value Fund and Small Cap Value Fund had significant portions of their assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence and spending.

8 > Indemnifications

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

9 > Redemption-in-Kind Transactions

On November 29, 2007, $1,595 was redeemed from the Small Cap Growth Opportunities Fund as a redemption-in-kind transaction, on March 14, 2008, $13,066 was redeemed from the Equity Income Fund as a redemption-in-kind transaction, and on June 11, 2008, $84,930 was redeemed from the International Fund as a redemption-in-kind transaction. In each transaction, the fund paid redemption proceeds by distributing a proportionate amount of securities in the fund’s portfolio. Remaining shareholders in the fund did not recognize any additional capital gains from the transaction.

10 > Regulatory Settlement Proceeds

Small Cap Growth Opportunities Fund received $2,103 during the fiscal year ended October 31, 2008 from Bank of America and $177 during the fiscal year ended October 31, 2007 from Veras Capital Partners in settlements of administrative proceeds involving findings by the Securities and Exchange Commission of market timing and late trading of mutual funds. The settlements are presented in the fund’s Statement of Changes in Net Assets for the years ended October 31, 2008 and 2007, respectively. Neither the fund nor its affiliates were involved in the proceedings.

11 > New Accounting Pronouncements

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 October 31, 2008, the funds do not believe the adoption of FAS 157 will materially 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.

138   First American Funds 2008 Annual Report

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133,” (“FAS 161”), which requires enhanced disclosures about a fund’s derivative and hedging activities. In addition, FASB issued Statement of Financial Accounting Standards Staff Position No. 133-1 and Interpretation No. 45-4, (“FSP FAS 133-1” and “FIN 45-4”) on September 12, 2008 which amends FAS 133 and FIN 45 and provides additional clarification and disclosure related to the credit risk of derivative instruments and guarantees. Funds are required to provide enhanced disclosures about (a) how and why the fund uses derivative instruments, (b) how derivative instruments are accounted for under FAS 133 and its related interpretations, (c) how derivative instruments affect the fund’s financial position and financial performance, and (d) the current status of the payment/performance risk of the credit derivative. FAS 161, FSP FAS 133-1, and FIN 45-4 are effective for financial statements issued for periods beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161, FSP FAS 133-1, and FIN 45-4 to have a material impact on the financial statement amounts; however, additional disclosures will be required.

First American Funds 2008 Annual Report   139

Notice toShareholders   October 31, 2008 (unaudited)

RESULTS OF A SPECIAL MEETING

A special meeting of the shareholders of the International Fund was held on September 18, 2008, for shareholders of record as of July 31, 2008, to vote on the following proposals, the results of which are provided below. The shareholders of the fund voted on whether to approve an investment sub-advisory agreement between Altrinsic and the fund’s investment advisor, FAF Advisors, Inc. (the “advisor”); whether to approve an investment sub-advisory agreement between HGI and the advisor; and whether to approve a “manager-of-managers” structure for the fund.

To approve an investment sub-advisory agreement for the fund with Altrinsic (not rounded):

For	Against	Abstain
75,129,595	112,247	71,499

To approve an investment sub-advisory agreement for the fund with HGI (not rounded):

For	Against	Abstain
75,122,215	112,628	78,498

To authorize a “manager-of-managers” structure for the fund, whereby the advisor, subject to certain conditions, will be able to add or replace sub-advisors to the fund, or materially amend existing sub-advisory agreements, without obtaining shareholder approval (not rounded):

For	Against	Abstain
75,055,602	185,309	72,430

TAX INFORMATION

The information set forth below is for each fund’s fiscal period as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal periods of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2008 on Form 1099. Please consult your tax advisor for proper treatment of this information.

For the fiscal period ended October 31, 2008, each fund has designated long-term capital gains, ordinary income, dividends qualifying for the corporate received deduction, and qualified dividend income with regard to distributions paid during the period as follows:

	Long Term			Ordinary
	Capital Gains			Income			Total Taxable
	Distributions			Distributions			Distributions
Fund	(Tax Basis)1			(Tax Basis)1			(Tax Basis)
Balanced Fund		40	%		60	%		100	%
Equity Income Fund		71			29			100
International Fund2		87			13			100
International Select Fund2		19			81			100
Large Cap Growth Opportunities Fund		81			19			100
Large Cap Select Fund		39			61			100
Large Cap Value Fund		68			32			100
Mid Cap Growth Opportunities Fund		85			15			100
Mid Cap Value Fund		60			40			100
Real Estate Securities Fund		60			40			100
Small Cap Growth Opportunities Fund		19			81			100
Small Cap Select Fund		83			17			100
Small Cap Value Fund		53			47			100

1	Based on a percentage of the fund’s total distributions.
2	The International Fund and International Select Fund have elected to pass through to shareholders foreign taxes under Section 853 of the Internal Revenue Code. Foreign taxes paid for the funds were $4,038,296 and $670,701, respectively, and foreign source income for the funds was $47,276,257 and $8,477,972, respectively.

140   First American Funds 2008 Annual Report

Shareholder Notification of Federal Tax Status:

Each fund has designated the following percentages of the ordinary income distributions during the fiscal period ended October 31, 2008 as dividends qualifying for the dividends received deduction available to corporate shareholders:

Fund
Balanced Fund	17.35	%
Equity Income Fund	100.00
Global Infrastructure Fund	0.00
International Fund	0.00
International Select Fund	0.00
Large Cap Growth Opportunities Fund	100.00
Large Cap Select Fund	20.89
Large Cap Value Fund	58.37
Mid Cap Growth Opportunities Fund	28.46
Mid Cap Value Fund	55.98
Real Estate Securities Fund	0.82
Small Cap Growth Opportunities Fund	3.82
Small Cap Select Fund	0.00
Small Cap Value Fund	0.00
Small-Mid Cap Core Fund	0.00

In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal period ended October 31, 2008 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:

Fund
Balanced Fund	17.96	%
Equity Income Fund	100.00
Global Infrastructure Fund	0.00
International Fund	100.00
International Select Fund	52.87
Large Cap Growth Opportunities Fund	55.36
Large Cap Select Fund	21.26
Large Cap Value Fund	58.83
Mid Cap Growth Opportunities Fund	29.18
Mid Cap Value Fund	56.18
Real Estate Securities Fund	1.15
Small Cap Growth Opportunities Fund	3.81
Small Cap Select Fund	59.56
Small Cap Value Fund	39.24
Small-Mid Cap Core Fund	0.00

Additional Information Applicable to Foreign Shareholders Only:

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

Fund
Balanced Fund	19.40	%
Equity Income Fund	0.10
Global Infrastructure Fund	0.00
International Fund	0.44
International Select Fund	0.00
Large Cap Growth Opportunities Fund	2.27
Large Cap Select Fund	0.56
Large Cap Value Fund	0.97
Mid Cap Growth Opportunities Fund	0.00
Mid Cap Value Fund	0.32
Real Estate Securities Fund	0.31
Small Gap Growth Opportunities Fund	0.60
Small Cap Select Fund	0.55
Small Cap Value Fund	0.79
Small-Mid Cap Core Fund	0.00

First American Funds 2008 Annual Report   141

 Notice to Shareholders  October 31, 2008 (unaudited)

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

Fund
Balanced Fund	65	%
Equity Income Fund	22
Global Infrastructure Fund	0
International Fund	13
International Select Fund	65
Large Cap Growth Opportunities Fund	97
Large Cap Select Fund	95
Large Cap Value Fund	79
Mid Cap Growth Opportunities Fund	100
Mid Cap Value Fund	78
Real Estate Securities Fund	0
Small Cap Growth Opportunities Fund	100
Small Cap Select Fund	79
Small Cap Value Fund	75
Small-Mid Cap Core Fund	0

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at firstamericanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.

FORM N-Q HOLDINGS INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Directors of the Funds (the “Board”), which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds’ advisory agreement with FAF Advisors, Inc. (“FAF Advisors”). In addition to determining whether to renew the Agreement with FAF Advisors, the Board also is responsible for determining whether to approve sub-advisory agreements for the Funds.

At a meeting on May 5-7, 2008, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”) and: (i) with respect to the International Fund, information relating to the sub-advisory agreement between FAF Advisors and J.P. Morgan Investment Management Inc. (“JP Morgan”), (ii) with respect to the International Select Fund, information relating to each sub-advisory agreement between FAF Advisors and Altrinsic Global Advisors, LLC (“Altrinsic”), Hansberger Global Investors, Inc. (“HGI”), and Lazard Asset Management LLC (“Lazard”) (collectively the “Sub-Advisory Agreements” and the “Sub-Advisors”). In advance of the meeting, the Board received materials relating to the Agreement and the Sub-Advisory Agreements, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 17-19, 2008, the Board concluded its consideration of and approved the Agreement and the Sub-Advisory Agreements through June 30, 2009.

Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of FAF Advisors’ services to each Fund, (2) the investment performance of each Fund, (3) the profitability of FAF Advisors related to the Funds, including an analysis of FAF Advisors’ cost of providing services and comparative

142   First American Funds 2008 Annual Report

expense information, (4) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale, and (5) other benefits that accrue to FAF Advisors through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement and the Sub-Advisory Agreements.

Before approving the Agreement and the Sub-Advisory Agreements, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by FAF Advisors and the terms of the Agreement and the Sub-Advisory Agreements. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund and that the Sub-Advisory Agreements are fair and in the interests of the shareholders of the International Fund and of the International Select Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services

The Board examined the nature, quality and extent of the services provided by FAF Advisors to each Fund, and the nature, quality and extent of the services provided by the Sub-Advisors to the International Fund and to the International Select Fund.

For each Fund other than the International Fund, which is sub-advised by JP Morgan, and the International Select Fund, which is sub-advised by Altrinsic, HGI and Lazard, the Board reviewed FAF Advisors’ key personnel who provide investment management services to the Fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for the Fund within the framework of the Fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that FAF Advisors’ duties with respect to each Fund include: (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund’s investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the Fund, including the Fund’s distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered FAF Advisors’ representation that the services provided by FAF Advisors under the Agreement are the type of services customarily provided by investment advisors in the fund industry.

With respect to the International Fund and the International Select Fund, the Board examined the nature, quality and extent of the services provided by each Sub-Advisor and reviewed each Sub-Advisor’s key personnel who provide investment management services to the Funds. The Board noted that, under the Sub-Advisory Agreements, the Sub-Advisors have the authority and responsibility to make and execute investment decisions for the Funds within the framework of the Funds’ investment policies and restrictions, subject to the supervision of FAF Advisors and review by the Board. The Board further considered that the Sub-Advisor’s duties with respect to the International Fund and the International Select Fund include investment research and stock selection and adherence to the Funds’ investment policies and restrictions. The Board noted that, under the Agreement, FAF Advisors is responsible for monitoring the performance of the Sub-Advisors as well as various organizations providing services to the International Fund and to the International Select Fund, including the Funds’ distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered FAF Advisors’ representation that the services provided by the FAF Advisors under the Agreement are the type of services customarily provided by investment advisors in the fund industry.

The Board considered compliance reports about FAF Advisors, JP Morgan, Altrinsic, HGI and Lazard from the Fund’s Chief Compliance Officer (“CCO”).

Based on the foregoing, the Board concluded that: (i) each Fund is likely to benefit from the nature, extent and quality of the services provided by FAF Advisors under the Agreement, and (ii) the International Fund and the International Select Fund are likely to benefit from the nature, extent and quality of the services provided by their respective Sub-Advisors under the Sub-Advisory Agreements into which each of them has entered.

Investment Performance of the Funds

The Board considered the performance of each Fund, including how each Fund performed versus the median performance of a group of comparable funds selected by an independent data service (the “performance universe”) and how each Fund performed versus its benchmark index. The performance periods considered by the Board ended on January 31, 2008.

The Board also considered that, in reviewing the comparative performance of the Funds, the different expense levels of a Fund’s share classes can result in different net performance results for each of those classes. Thus, while the Board considered the performance of all classes, it focused on Class Y shares, which, because they have the lowest total expense ratios, offered the most meaningful data on performance. For this reason, the discussion below relates to the performance of the Class Y shares.

First American Funds 2008 Annual Report   143

 Notice to Shareholders  October 31, 2008 (unaudited)

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

Equity Income Fund. The Board considered that the Fund outperformed or performed competitively versus its performance universe median for the one-, three-, five- and ten-year periods. The Board also considered that the Fund’s performance exceeded that of its benchmark index for all periods. The Board concluded that, in light of the Fund’s competitive performance it would be in the interest of the Fund and its shareholders to renew the Agreement.

International Fund. The Board noted that the Fund has underperformed both its benchmark index and its performance universe for the one-, three-, five- and ten-year periods. The Board also considered, however, that for the first quarter of 2008 the Fund ranked in the 26th percentile of its performance universe. Further, the Board considered that the Fund’s sub-advisor, JP Morgan, did not begin managing the Fund until December 2004 and that JP Morgan, therefore, is not responsible for the long-term performance record of the Fund. While the Board concluded that it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreement, it also decided to aggressively pursue strategic alternatives to address Fund performance, including sub-advisor replacements.

International Select Fund.  The Board considered that the Fund outperformed its performance universe median for the one-year period. The Board also noted that the Fund matched its benchmark performance for the same period. The Board concluded that, in light of the Fund’s competitive performance it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreements.

Large Cap Growth Opportunities Fund. The Board considered that the Fund outperformed its performance universe for the one-, three- and five-year periods (although the Fund underperformed its performance universe for the ten-year period) and outperformed its benchmark for all periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Large Cap Select Fund. The Board considered that the Fund outperformed its performance universe for the three- and five-year periods, though it underperformed its performance universe for the one-year period and its benchmark for all periods. The Board concluded that, in light of the Fund’s competitive performance against its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Large Cap Value Fund. The Board considered that the Fund outperformed its performance universe for the one-, three- and five-year periods, though it underperformed its performance universe for the ten-year period. The Board also considered that the Fund outperformed its benchmark index for the one- and three-year periods, though it underperformed its benchmark index for longer periods. The Board noted FAF Advisor’s assertion that the Fund’s underperformance over longer periods could be attributed primarily to a former management team. The Board concluded that, in light of the Fund’s competitive performance relative to its performance universe for the one-, three- and five-year periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Growth Opportunities Fund. The Board considered that the Fund outperformed its performance universe for the three-, five- and ten-year periods, and performed comparably to its performance universe for the one-year period. The Board considered that the Fund outperformed its benchmark index for all periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Value Fund. The Board considered that the Fund outperformed its performance universe for the one-, three- and five-year periods, though it underperformed its performance universe for the ten-year period. The Board also considered that the Fund outperformed its benchmark index for the one- and three-year periods, though it underperformed its benchmark index for longer periods. The Board noted FAF Advisor’s assertion that the Fund’s underperformance over longer periods could be attributed primarily to a former management team. The Board concluded that, in light of the Fund’s competitive performance relative to its performance universe for the one-, three- and five-year periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Real Estate Securities Fund. The Board considered that the Fund outperformed its benchmark index and its performance universe for the one-, three-, five-, and ten-year periods. The Board concluded that, in light of the Fund’s competitive performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Growth Opportunities Fund. The Board noted that the Fund underperformed both its performance universe and its benchmark index for the one-, three-, and five-year periods, though it outperformed its performance universe and benchmark index for the ten-year period. The Board considered that FAF Advisors recently implemented changes in the Fund’s management team to address the Fund’s underperformance. The Board noted that the Fund outperformed or

144   First American Funds 2008 Annual Report

performed competitively versus its performance universe and benchmark index during the one-, three- and six-month periods ended April 30, 2008. The Board concluded that, in light of the Fund’s changes in management and the recent improvement in the Fund’s performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Select Fund. The Board noted that the Fund outperformed or performed competitively against its performance universe for the three-, five- and ten-year periods, though it underperformed its performance universe for the one-year period. The Board also noted that the Fund underperformed its benchmark index for the one-, three-, and five-year periods, though it outperformed its benchmark index for the ten-year period. The Board considered that FAF Advisors recently implemented certain measures to improve the Fund’s performance. The Board noted that the Fund outperformed or performed competitively against its benchmark index and performance universe for the one- and three-month periods ended April 30, 2008. The Board concluded that, in light of the recent improvement in the Fund’s performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Value Fund.  The Board noted that the Fund outperformed its performance universe for the three- and five- year periods while it underperformed its performance universe for the one- and ten-year periods. The Board also noted that the Fund outperformed its benchmark index for the one-year period, though it underperformed its benchmark index for all other periods. The Board concluded that, in light of the Fund’s competitive performance versus the performance universe for the three- and five-year periods, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small-Mid Cap Core Fund.  The Board noted that the Fund outperformed its benchmark and performed comparably to its performance universe for the one-year period, though it underperformed its benchmark index and performance universe for the remaining periods. The Board considered FAF Advisors’ assertion that the Fund has operated as a small-mid cap core fund only since October 3, 2005, therefore comparisons of the Fund’s performance against a mid-cap core performance universe and the Russell 2500 benchmark index for the three-, five- and ten-year periods are not meaningful. In light of this and of the Fund’s competitive short-term performance, the Board concluded it would be in the interest of the Fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by FAF Advisors

The Board reviewed FAF Advisors’ costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the profitability of FAF Advisors and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by FAF Advisors and of comparable funds managed by other advisors. The Board found that while the management fees for FAF Advisors’ institutional separate accounts are lower than the Funds’ management fees, the Funds receive additional services from FAF Advisors that separate accounts do not receive.

Using information provided by an independent data service, the Board also evaluated each Fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each Fund’s expense ratio after waivers compared to the median expense ratio, after waivers, of comparable funds. In connection with its review of Fund fees and expenses, the Board considered FAF Advisors’ pricing philosophy. FAF Advisors attempts generally to maintain each Fund’s total operating expenses at a level that approximates the median of a peer group of funds selected by an independent data service. In addition, FAF Advisors has committed to waive its investment advisory fees to the extent necessary to maintain the Funds’ total expense ratios at levels generally in line with their respective peer groups.

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

Balanced Fund. The Board considered that, after waivers, the Fund’s advisory fee and total expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Equity Income Fund. The Board considered that the Fund’s advisory fee and total expenses are higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the advisory fee and total expense ratio are reasonable in light of the services provided.

International Fund. The Board noted that the Fund’s advisory fee and total expense ratio, after waivers, are higher than those of its peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the advisory fee and total expense ratio are reasonable in light of the services provided.

International Select Fund.  The Board considered that, after waivers, the Fund’s advisory fee is lower that the peer group median. The Board also considered that the Fund’s total expense ratio, after waivers, is equal to that of the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

First American Funds 2008 Annual Report   145

 Notice to Shareholders  October 31, 2008 (unaudited)

Large Cap Growth Opportunities Fund. The Board considered that the Fund’s advisory fee is equal to the peer group median. The Board also noted that the Funds’ total expense ratio is lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Large Cap Select Fund. The Board considered that the Fund’s advisory fee and total expense ratio are higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Large Cap Value Fund. The Board considered that the Fund’s advisory fee and total expense ratio are higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the advisory fee and total expense ratio are reasonable in light of the services provided.

Mid Cap Growth Opportunities Fund. The Board considered that, although the Fund’s advisory fee is higher than the peer group median, the Fund’s total expense ratio is lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Mid Cap Value Fund. The Board considered that the Fund’s advisory fee and total expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Real Estate Securities Fund. The Board considered that the Fund’s advisory fee is higher than the peer group median, though the total expense ratio is lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Small Cap Growth Opportunities Fund. The Board considered that, although the Fund’s advisory fee, after waivers, is higher than the peer group median, the Fund’s total expense ratio is nearly the same as that of the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Small Cap Select Fund. The Board considered that the Fund’s advisory fee and total expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Small Cap Value Fund. The Board considered that the Fund’s advisory fee and total expense ratio are lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Small-Mid Cap Core Fund. The Board considered that the Fund’s advisory fee, after waivers, is lower than the peer group median. The Board also considered that the Fund’s total expense ratio, after waivers, is higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the Fund’s advisory fee and total expense ratio, after taking into account waivers, are reasonable in light of the services provided.

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund’s investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by FAF Advisors, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although most Funds do not have advisory fee breakpoints in place, FAF Advisors has committed to waive advisory fees to the extent necessary to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The Board considered FAF Advisors’ assertion that the median total expense ratio of a Fund’s peer group should reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. Therefore, by capping a Fund’s total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to FAF Advisors

In evaluating the benefits that accrue to FAF Advisors through its relationship with the Funds, the Board noted that FAF Advisors and certain of its affiliates serve the Funds in various capacities, including as advisor, administrator, transfer agent, distributor, custodian (except with respect to International Fund and International Select Fund) and securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that

146   First American Funds 2008 Annual Report

each service provided to the Funds by FAF Advisors or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

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

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

First American Funds 2008 Annual Report   147

 Notice to Shareholders  October 31, 2008 (unaudited)

Directors and Officers of the Funds

Independent Directors
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †
Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997	Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Advisor/Consultant, Future FreightTM, a logistics/supply chain company since August 2004; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 until retirement in June 2004	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Investment consultant and non-profit board member since 2001; Board Chair, United Educators Insurance Company	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006	Retired; Principal from 1983 to 2004, William Blair & Company, LLC, a Chicago-based investment firm	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and Chief Executive Officer, RKR Consultants, Inc., a consulting company providing advice on business strategy, mergers and acquisitions, and non-profit board member since 2005	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	Cliffs Natural Resources, Inc. (a producer of iron ore pellets and coal)
Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning, and public relations organization; Owner, Chairman and Chief Executive Officer, ExcensusTM LLC, a strategic demographic planning and application development firm	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987	Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Chair, Saint Paul Riverfront Corporation, Since 2005	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None

148   First American Funds 2008 Annual Report

Independent Directors – concluded
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and President, Jim Wade Homes, a homebuilding company	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None

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

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800.677.FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

First American Funds 2008 Annual Report   149

 Notice to Shareholders  October 31, 2008 (unaudited)

Officers
	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years
Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President & Vice President – Investments	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007
Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000	Senior Vice President of FAF Advisors, Inc.
Charles D. Gariboldi, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since October 2004	Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans
Jill M. Stevenson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc.
David H. Lui FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005	Chief Compliance Officer for First American Funds and FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to March 2005; prior thereto, Vice President, Charles Schwab & Co., Inc.
Mark D. Corns FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1963)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since September 2008	Director of Compliance, FAF Advisors, Inc. since June 2006; Compliance Manager, FAF Advisors, Inc. from January 2005 to June 2006; prior thereto, Compliance Manager, OppenheimerFunds, Inc.
Kathleen L. Prudhomme FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998 through December 2004	Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James D. Alt Dorsey & Whitney, LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James R. Arnold U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC
Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; prior thereto, Counsel, FAF Advisors, Inc.

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

150   First American Funds 2008 Annual Report

Board of DirectorsFirst American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; Chair of Saint Paul Riverfront Corporation;

former Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President,

Chief Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; Chair of United Educators Insurance Company;

former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

First American Investment Funds’ Board of Directors is comprised entirely of
independent directors.

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers only through the period ended October 31, 2008. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR

FAF Advisors, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

FAF Advisors, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIANS

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55101

State Street Bank and Trust Company

2 Avenue de Lafayette

Boston, Massachusetts 02111

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

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

0182-08  12/2008  AR-EQUITY

Table of Contents

Message to Shareholders	1
Explanation of Financial Statements	2
Management Discussions and Performance Summaries	3
Expense Examples	12
Report of Independent Registered Public Accounting Firm	14
Schedule of Investments	15
Statements of Assets and Liabilities	40
Statements of Operations	41
Statements of Changes in Net Assets	42
Financial Highlights	44
Notes to Financial Statements	50
Notice to Shareholders	57

Mutual fund investing involves risk; principal loss is possible.

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders  December 8, 2008

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2008.

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

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

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

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

Sincerely,

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

First American Funds 2008 Annual Report   1

Explanation of Financial Statements  

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

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

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

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

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

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

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

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

2   First American Funds 2008 Annual Report

Equity Index Fund

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

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Equity Index Fund (the “fund”), Class Y shares, returned -36.18% for the fiscal year October 31, 2008 (Class A shares returned -36.35% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P 500 Index, returned -36.10% for the same period.

How did market conditions affect stock market performance during the reporting period?

It’s impossible to discuss the state of the equity markets during the fiscal period without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Exxon Mobil	4	.5%
General Electric	2	.3
Procter & Gamble	2	.3
Microsoft	2	.0
Johnson & Johnson	2	.0
AT&T	1	.8
Chevron	1	.8
JPMorgan Chase	1	.8
First American Prime Obligations Fund, Class Z	1	.5
Wal-Mart Stores	1	.5

Sector Allocation as of October 31, 2008¹ (% of net assets)

Information Technology	15	.6%
Financials	14	.5
Healthcare	13	.5
Energy	12	.9
Consumer Staples	12	.7
Industrials	10	.7
Consumer Discretionary	8	.1
Utilities	3	.7
Telecommunication Services	3	.3
Materials	3	.1
Short-Term Investments	1	.8
Other Assets and Liabilities, Net2	0	.1
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2008 Annual Report   3

Equity Index Fund

Fund Overview

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

The best-performing sectors during the fiscal year were consumer staples, healthcare, and utilities, having fallen by 12%, 24%, and 29%, respectively. The sector that declined the most over the same period was financials, falling by 52%. In October 2008, the overall financial sector lost 22% with its constituent real estate and insurance industries falling one-third each.

4   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008															September 30, 2008*
										Since Inception															Since Inception
	1 year			5 years			10 years			2/01/1999			9/24/2001			1 year			5 years			10 years			2/01/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		(39.85	)%		(1.38	)%		(0.72	)%		—			—			(26.50	)%		3.46	%		1.93	%		—			—
Class B		(39.89	)%		(1.37	)%		(0.91	)%		—			—			(26.56	)%		3.52	%		1.74	%		—			—
Class C		(37.45	)%		(0.99	)%		—			(2.43	)%		—			(23.56	)%		3.86	%		—			(0.56	)%		—
Average annual return without sales charge (NAV)
Class A		(36.35	)%		(0.25	)%		(0.16	)%		—			—			(22.23	)%		4.64	%		2.51	%		—			—
Class B		(36.82	)%		(1.00	)%		(0.91	)%		—			—			(22.81	)%		3.86	%		1.74	%		—			—
Class C		(36.83	)%		(0.99	)%		—			(2.43	)%		—			(22.81	)%		3.86	%		—			(0.56	)%		—
Class R		(36.51	)%		(1.48	)%		—			—			0.65	%		(22.41	)%		4.41	%		—			—			3.35	%
Class Y		(36.18	)%		(0.01	)%		(0.09	)%		—			—			(22.04	)%		4.90	%		2.76	%		—			—
S&P 500 Index3		(36.10	)%		0.26	%		0.40	%		(1.13	)%		1.34	%		(21.98	)%		5.17	%		3.06	%		0.76	%		4.04	%

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

¹ Mutual fund investing involves risk; principal loss is possible.

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class B, Class C, Class R, and Class Y shares was 0.76%, 1.51%, 1.51%, 1.01% and 0.51%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2009 so that total annual fund operating expenses for Class A, Class B, Class C, Class R and Class Y shares do not exceed 0.62%, 1.37%, 1.37%, 0.87% and 0.37%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Equity Index Fund, Class A (NAV)		$	9,844
Equity Index Fund, Class A (POP)		$	9,301
S&P 500 Index3		$	10,403

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 10/31/1998 to 10/31/2008) as compared to the S&P 500 Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged, market capitalization-weighted index based on the average weighted performance of 500 widely held large-cap common stocks.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   5

Mid Cap Index Fund

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

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Mid Cap Index Fund (the “fund”), Class Y shares, returned -36.31% for the fiscal year ended October 31, 2008 (Class A shares returned -36.46% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P MidCap 400 Index, returned -36.46% for the same period.

How did market conditions affect stock market performance during the reporting period?

It’s impossible to discuss the state of the equity markets during the fiscal period without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

First American Prime Obligations Fund, Class Z	6	.1%
U.S. Treasury Bill, 1.578%, 12/18/2008	0	.7
McAfee	0	.7
New York Community Bancorp	0	.6
Stericycle	0	.6
Cephalon	0	.6
Everest Re Group	0	.6
DENTSPLY International	0	.6
Equitable Resources	0	.6
Health Care – REIT	0	.6

Sector Allocation as of October 31, 2008¹ (% of net assets)

Financials	18	.2%
Industrials	14	.4
Consumer Discretionary	12	.1
Information Technology	11	.9
Healthcare	11	.1
Utilities	7	.8
Energy	6	.5
Materials	6	.1
Consumer Staples	3	.8
Telecommunication Services	0	.6
Short-Term Investments	6	.8
Other Assets and Liabilities, Net2	0	.7
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

6   First American Funds 2008 Annual Report

Fund Overview

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

The best-performing sectors during the fiscal year were utilities, consumer staples, and healthcare, having fallen by 24%, 27%, and 30%, respectively. The sector that declined the most over the same period was telecommunications, falling by 60%. Between the end of July 2008 and October 2008, the decline in commodities prices helped to explain the 45% to 50% fall in materials and energy firms.

First American Funds 2008 Annual Report   7

Mid Cap Index Fund

Annual Performance^1,2

	October 31, 2008															September 30, 2008*
							Since Inception															Since Inception
	1 year			5 years			11/04/1999			11/27/2000			9/24/2001			1 year			5 years			11/04/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(39.94	)%		0.31	%		3.40	%		—			—			(21.35	)%		6.88	%		6.30	%		—			—
Class B		(39.71	)%		0.39	%		3.30	%		—			—			(21.01	)%		6.98	%		6.21	%		—			—
Class C		(37.47	)%		0.71	%		—			—			4.25	%		(18.16	)%		7.27	%		—			—			8.00	%
Average annual return without sales charge (NAV)
Class A		(36.46	)%		1.46	%		4.05	%		—			—			(16.78	)%		8.09	%		6.98	%		—			—
Class B		(36.90	)%		0.70	%		3.30	%		—			—			(17.34	)%		7.28	%		6.21	%		—			—
Class C		(36.91	)%		0.71	%		—			—			4.25	%		(17.42	)%		7.27	%		—			—			8.00	%
Class R		(36.66	)%		1.21	%		—			1.82	%		—			(16.96	)%		7.83	%		—			5.07	%		—
Class Y		(36.31	)%		1.69	%		4.30	%		—			—			(16.54	)%		8.35	%		7.25	%		—			—
S&P MidCap 400 Index3		(36.46	)%		1.96	%		4.94	%		2.73	%		5.69	%		(16.68	)%		8.65	%		7.92	%		6.02	%		9.52	%

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

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

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares was 0.82%, 1.57%, 1.57%, 1.07% and 0.57%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2009 so that total annual fund operating expenses (excluding acquired fund fees and expenses) for Class A, Class B, Class C, Class R and Class Y shares do not exceed 0.75%, 1.50%, 1.50%, 1.00% and 0.50%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Mid Cap Index Fund, Class A (NAV)		$	14,289
Mid Cap Index Fund, Class A (POP)		$	13,505
S&P Mid Cap 400 Index3		$	15,427

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 11/04/1999 to 10/31/2008) as compared to the S&P MidCap 400 Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged, market value-weighted index of 400 mid-cap companies.
4	Performance for Class B, Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

8   First American Funds 2008 Annual Report

Small Cap Index Fund

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

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Small Cap Index Fund (the “fund”), Class Y shares, returned -33.95% for the fiscal year ended October 31, 2008 (Class A shares returned -34.15% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 2000 Index, returned -34.16% for the same period.

How did market conditions affect stock market performance during the reporting period?

It’s impossible to discuss the state of the equity markets during the fiscal period without addressing the impact of the subprime loan debacle and the ensuing financial crisis on stock market performance. Concerns about the proliferation of subprime mortgage loans and the lax lending standards they represented arose as early as February 2007. By October 2007, the threat of large-scale defaults became more pronounced, as did their potential effect on various highly complex securities into which subprime mortgages had been converted. What caught most market participants off guard was the severity of the crisis — the sheer volume of assets that were impaired, the extent to which the holders of those assets were hurt, and the effect of these assets on the financial system.

The financial crisis that followed gradually brought most credit activity to a halt and drained liquidity out of the markets, prompting the federal government to stage several interventions to save ailing financial institutions whose vulnerability suddenly became apparent. The takeovers of Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and of AIG, however, were ad hoc solutions rather than consequences of any broad-based policy. In the absence of such policy, the government actions tended to cause more uncertainty than calm, and the markets lost trust in this approach. Prolonged volatility ensued.

What began as a U.S.-based financial crisis rapidly led to a global recession and with it the collapse of commodity prices and the prospect of sharply reduced corporate earnings. As hedge funds undertook a massive effort to repay the loans on which they relied for operations, liquidation sales forced asset prices to plummet far below their fair value. In this environment, the outlook for financial markets appeared bleak indeed. By the end of the fiscal period, however, there were signs that the worst may be behind us. For one thing, the coordinated policy response to the crisis by governments worldwide began to introduce a measure of ease to the financial and credit markets, restoring badly needed liquidity. And because forced liquidations brought asset prices into the bargain territory, there is good value now for investors to be found in the riskier asset classes.

What will be the likely developments in the equity markets in the coming fiscal year?

We expect the more defensively positioned sectors (healthcare, consumer staples) and sectors that tend to thrive early in the economic cycle (financials, consumer discretionary, retail) to make gains, while late-cycle sectors (energy, basic materials, industrials) will most likely remain under pressure. Clearly, conditions will remain challenging for some time to come, but as the most acute stages of the crisis recede into the past, we anticipate a gradual return of opportunities.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

First American Prime Obligations Fund, Class Z	6	.5%
U.S. Treasury Bill, 2.074%, 12/18/2008	0	.9
Ralcorp Holdings	0	.4
Alexion Pharmaceuticals	0	.4
Myriad Genetics	0	.3
Waste Connections	0	.3
Realty Income – REIT	0	.3
Flowers Foods	0	.3
Comstock Resources	0	.3
Piedmont Natural Gas	0	.3

Sector Allocation as of October 31, 2008¹ (% of net assets)

Financials	20	.8%
Information Technology	15	.2
Industrials	15	.0
Healthcare	13	.3
Consumer Discretionary	10	.9
Energy	4	.9
Materials	3	.9
Utilities	3	.8
Consumer Staples	3	.7
Telecommunication Services	1	.0
Short-Term Investments	7	.4
Other Assets and Liabilities, Net2	0	.1
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2008 Annual Report   9

Small Cap Index Fund

Fund Overview

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

The best-performing sectors during the fiscal year were utilities and consumer staples, having fallen by 13% and 15%, respectively. The sector that declined the most over the same period was telecommunications, falling by 55%. Between the end of July 2008 and October 2008, the decline in commodities prices helped to explain the 35% to 45% fall in materials and energy firms.

10   First American Funds 2008 Annual Report

Annual Performance^1,2

	October 31, 2008															September 30, 2008*
							Since Inception															Since Inception
	1 year			5 years			12/30/1998			12/11/2000			9/24/2001			1 year			5 years			12/30/1998			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(37.75	)%		(0.19	)%		3.39	%		—			—			(19.58	)%		6.18	%		5.88	%		—			—
Class B		(37.52	)%		(0.17	)%		—			1.53	%		—			(19.27	)%		6.22	%		—			4.58	%		—
Class C		(35.25	)%		0.13	%		—			—			3.92	%		(16.35	)%		6.49	%		—			—			7.42	%
Average annual return without sales charge (NAV)
Class A		(34.15	)%		0.94	%		3.99	%		—			—			(14.90	)%		7.39	%		6.49	%		—			—
Class B		(34.64	)%		0.11	%		—			1.53	%		—			(15.54	)%		6.52	%		—			4.58	%		—
Class C		(34.67	)%		0.13	%		—			—			3.92	%		(15.60	)%		6.49	%		—			—			7.42	%
Class R		(34.33	)%		0.67	%		3.78	%		—			—			(15.17	)%		7.09	%		6.28	%		—			—
Class Y		(33.95	)%		1.13	%		4.20	%		—			—			(14.66	)%		7.59	%		6.71	%		—			—
Russell 2000 Index3		(34.16	)%		1.57	%		4.06	%		2.55	%		5.80	%		(14.48	)%		8.15	%		6.62	%		5.69	%		9.45	%
																	��

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

1	Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies, and they may be expected to do so in the future.
	Total returns at net asset value (“NAV”) reflect performance over the time period indicated without including the fund’s maximum sales charge and assume reinvestment of all distributions at NAV.
	Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares in the first year, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.
	Investment performance reflects fee waivers that were in effect during the periods indicated. In absence of such fee waivers, total returns would be reduced.
	As of the most recent prospectus, the fund’s total annual operating expense ratio (including acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares was 1.14%, 1.89%, 1.89%, 1.39%, and 0.89%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2009 so that total annual fund operating expenses (excluding acquired fund fees and expenses) for Class A, Class B, Class C, Class R, and Class Y shares do not exceed 0.83%, 1.58%, 1.58%, 1.08%, and 0.58%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,4  as of October 31, 2008

Small Cap Index Fund, Class A (NAV)		$	14,692
Small Cap Index Fund, Class A (POP)		$	13,887
Russell 2000 Index3		$	14,790

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 12/30/1998 to 10/31/2008) as compared to the Russell 2000 Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
	On September 24, 2001, the Small Cap Index Fund became the successor by merger to the Firstar Small Cap Index Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar Small Cap Index Fund. The Firstar Small Cap Index Fund was organized on December 11, 2000, and, prior to that, was a separate series of Mercantile Mutual Funds, Inc.
3	An unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 2000 Index.
4	Performance for Class B, Class C, Class R and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

First American Funds 2008 Annual Report   11

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from May 1, 2008 to October 31, 2008.

Actual Expenses

For each class of each fund, two lines are presented in the table below — the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Equity Index Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	705.50	$	2.66
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.02	$	3.15
Class B Actual2	$	1,000.00	$	703.00	$	5.86
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	6.95
Class C Actual2	$	1,000.00	$	703.10	$	5.86
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	6.95
Class R Actual2	$	1,000.00	$	704.70	$	3.73
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.42
Class Y Actual2	$	1,000.00	$	706.60	$	1.59
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.62%, 1.37%, 1.37%, 0.87%, and 0.37% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended October 31, 2008 of -29.45%, -29.70%, -29.69%, -29.53%, and -29.34% for Class A, Class B, Class C, Class R, and Class Y, respectively.

12   First American Funds 2008 Annual Report

Expense Examples  

Mid Cap Index Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	684.40	$	3.13
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.76
Class B Actual2	$	1,000.00	$	681.90	$	6.30
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.56
Class C Actual2	$	1,000.00	$	681.60	$	6.30
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.56
Class R Actual2	$	1,000.00	$	683.40	$	4.23
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08
Class Y Actual2	$	1,000.00	$	684.60	$	2.07
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.67	$	2.49

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74%, 1.49%, 1.49%, 1.00%, and 0.49% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
2	Based on the actual returns for the six month period ended October 31, 2008 of -31.56%, -31.81%, -31.84%, -31.66%, and -31.54% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Small Cap Index Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual4	$	1,000.00	$	756.40	$	3.62
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.17
Class B Actual4	$	1,000.00	$	753.40	$	6.92
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	7.96
Class C Actual4	$	1,000.00	$	753.60	$	6.92
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	7.96
Class R Actual4	$	1,000.00	$	755.50	$	4.72
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.43
Class Y Actual4	$	1,000.00	$	757.80	$	2.52
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.27	$	2.90

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.82%, 1.57%, 1.57%, 1.07%, and 0.57% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/366 (to reflect the one-half year period).
4	Based on the actual returns for the six month period ended October 31, 2008 of -24.36%, -24.66%, -24.64%, -24.45%, and -24.22% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Annual Report   13

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Equity Index, Mid Cap Index, and Small Cap Index funds (series of First American Investment Funds, Inc.) (the “funds”) as of October 31, 2008, and the related statements of operations, changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at October 31, 2008, the results of their operations, changes in their net assets, and their financial highlights for the periods indicated therein in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 19, 2008

14   First American Funds 2008 Annual Report

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Equity Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 98.1%
Consumer Discretionary – 8.1%
Abercrombie & Fitch, Class A 6		10,882	$	315
Amazon.com 6 =		40,831		2,337
Apollo Group, Class A 6 =		13,575		944
AutoNation 6 =		21,139		145
AutoZone 6 =		5,703		726
Bed Bath & Beyond 6 =		37,214		959
Best Buy 6		44,050		1,181
Big Lots 6 =		12,504		305
Black & Decker		8,185		414
Carnival 6		52,729		1,339
CBS, Class B 6		96,582		938
Centex 6		15,891		195
Coach 6 =		45,198		931
Comcast, Class A 6		377,277		5,946
D.R. Horton 6		34,821		257
Darden Restaurants 6		16,442		364
DIRECTV Group 6 =		74,875		1,639
Eastman Kodak		34,812		320
Expedia 6 =		25,586		243
Family Dollar Stores 6		19,220		517
Ford Motor 6 =		285,672		626
Fortune Brands		17,424		664
GameStop, Class A 6 =		19,943		546
Gannett 6		29,548		325
Gap 6		57,193		740
General Motors 6		71,194		411
Genuine Parts		21,361		840
Goodyear Tire & Rubber 6 =		27,449		245
H&R Block 6		41,173		812
Harley-Davidson 6		30,317		742
Harman International Industries		7,669		141
Hasbro		17,202		500
Home Depot 6		200,861		4,738
International Game Technology		41,450		580
Interpublic Group of Companies 6 =		50,590		263
J.C. Penney 6		27,917		668
Johnson Controls 6		73,947		1,311
Jones Apparel Group		14,826		165
KB Home 6		9,785		163
Kohl’s 6 =		37,769		1,327
Leggett & Platt 6		22,790		396
Lennar 6		17,676		137
Limited Brands 6		38,276		458
Liz Claiborne		13,221		108
Lowe’s 6		190,937		4,143
Macy’s 6		56,618		696
Marriott International, Class A		40,157		838
Mattel		47,644		716
McDonald’s 6		145,192		8,411
McGraw-Hill 6		44,086		1,183
New York Times, Class A 6		17,773		178
Newell Rubbermaid		33,258		457
News, Class A 6		291,378		3,100
Nike, Class B 6		46,470		2,678
Nordstrom 6		20,375		369
Office Depot =		34,600		125
Omnicom Group 6		40,811		1,206
Polo Ralph Lauren 6		7,691		363
Pulte Homes		27,166		303
RadioShack 6		17,354		220
Scripps Networks Interactive, Class A 6		9,227		262
Sears 6 =		7,271		420
Sherwin-Williams		13,302		757
Snap-On		7,192		266
Stanley Works 6		9,952		326
Staples 6		90,021		1,749
Starbucks 6 =		92,986		1,221
Starwood Hotels & Resorts Worldwide 6		23,763		536
Target 6		99,195		3,980
Tiffany & Company 6		18,480		507
Time Warner		457,860		4,620
TJX		53,424		1,430
VF 6		10,746		592
Viacom, Class B 6 =		80,626		1,630
Walt Disney 6		246,524		6,385
Whirlpool		9,640		450
Wyndham Worldwide 6		22,470		184
Yum! Brands		63,582		1,844
				89,066
Consumer Staples – 12.7%
Altria Group 6		262,846		5,044
Anheuser-Busch		95,813		5,943
Archer-Daniels-Midland 6		80,841		1,676
Avon Products 6		59,268		1,472
Brown-Forman, Class B 6		11,725		532
Campbell Soup		21,692		823
Clorox 6		18,574		1,129
Coca-Cola Enterprises		26,763		269
Coca-Cola		254,463		11,212
Colgate-Palmolive		63,556		3,989
ConAgra Foods		65,901		1,148
Constellation Brands, Class A =		23,627		296
Costco Wholesale 6		54,806		3,125
CVS Caremark		182,129		5,582
Dean Foods 6 =		16,082		352
Dr. Pepper Snapple Group 6 =		26,543		608
Estee Lauder, Class A 6		8,765		316
General Mills 6		39,918		2,704
H.J. Heinz 6		41,312		1,810
Hershey Foods		22,475		837
Kellogg 6		31,539		1,590
Kimberly-Clark 6		53,371		3,271
Kraft Foods, Class A 6		192,857		5,620
Kroger		89,344		2,453
Lorillard		20,583		1,356
McCormick 6		16,523		556
Molson Coors Brewing, Class B 6		12,756		477
Pepsi Bottling Group		16,970		392
PepsiCo 6		203,459		11,599
Philip Morris International		262,793		11,424
Procter & Gamble		389,981		25,169
Reynolds American		21,393		1,047
Safeway 6		55,078		1,172
Sara Lee		93,796		1,049
SUPERVALU 6		25,925		369
Sysco 6		82,214		2,154
Tyson Foods, Class A		30,681		268
UST		20,199		1,365
Walgreen 6		124,160		3,161
Wal-Mart Stores 6		286,626		15,997
Whole Foods Market 6		17,691		190
				139,546
Energy – 12.9%
Anadarko Petroleum 6		59,397		2,097
Apache 6		41,530		3,419
Baker Hughes		42,538		1,487
BJ Services 6		37,016		476
Cabot Oil & Gas		12,401		348
Cameron International 6 =		27,579		669

First American Funds 2008 Annual Report   15

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Chesapeake Energy 6		65,411	$	1,437
Chevron		263,803		19,680
ConocoPhillips		201,736		10,494
CONSOL Energy		22,876		718
Devon Energy		56,950		4,605
El Paso 6		87,499		849
ENSCO International 6		18,224		693
EOG Resources 6		31,389		2,540
Exxon Mobil		664,097		49,223
Halliburton 6		117,733		2,330
Hess 6		34,489		2,077
Marathon Oil		87,108		2,535
Murphy Oil		21,766		1,102
Nabors Industries =		36,528		525
National-Oilwell Varco 6 =		53,350		1,595
Noble Energy		21,670		1,123
Noble		34,625		1,115
Occidental Petroleum 6		103,171		5,730
Peabody Energy		33,273		1,148
Pioneer Natural Resources 6		15,272		425
Range Resources 6		19,814		836
Rowan 6		13,580		246
Schlumberger 6		151,301		7,815
Smith International 6		24,457		843
Southwestern Energy 6 =		44,682		1,592
Spectra Energy		73,494		1,421
Sunoco		15,223		464
Tesoro 6		17,185		166
Transocean 6 =		40,147		3,305
Valero Energy		68,719		1,414
Weatherford International 6 =		87,003		1,469
Williams		74,956		1,572
XTO Energy 6		70,216		2,524
				142,107
Financials – 14.5%
AFLAC		61,604		2,728
Allstate		71,258		1,880
American Capital Strategies 6		24,660		346
American Express 6		149,768		4,119
American International Group 6		342,599		654
Ameriprise Financial		28,761		621
AON		40,413		1,709
Apartment Investment & Management – REIT		13,643		200
Assurant		12,445		317
AvalonBay Communities – REIT 6		9,976		708
Bank of America 6		640,701		15,486
Bank of New York Mellon		142,234		4,637
BB&T 6		66,257		2,375
Boston Properties – REIT 6		14,867		1,054
Capital One Financial 6		50,266		1,966
CB Richard Ellis Group =		23,477		165
Charles Schwab		119,365		2,282
Chubb		44,477		2,305
Cincinnati Financial 6		19,197		499
CIT Group		35,841		148
Citigroup		693,686		9,469
CME Group 6		8,577		2,420
Comerica 6		20,549		567
Developers Diversified Realty – REIT		15,662		206
Discover Financial Services		61,626		755
E*TRADE Financial 6 =		68,381		124
Equity Residential Properties Trust – REIT 6		36,605		1,279
Federated Investors, Class B		10,246		248
Fifth Third Bancorp 6		73,160		794
First Horizon National 6		25,775		307
Franklin Resources		20,665		1,405
General Growth Properties – REIT 6		34,048		141
Genworth Financial, Class A		55,409		268
Goldman Sachs Group 6		55,504		5,134
Hartford Financial Services Group		34,799		359
HCP – REIT 6		31,326		938
Host Hotels & Resorts – REIT 6		65,522		677
Hudson City Bancorp		65,878		1,239
Huntington Bancshares 6		46,547		440
IntercontinentalExchange 6 =		9,631		824
Invesco 6		49,410		737
Janus Capital Group 6		22,239		261
JPMorgan Chase		470,046		19,389
KeyCorp 6		61,865		757
Kimco Realty – REIT		31,638		714
Legg Mason 6		15,174		337
Leucadia National 6		20,498		550
Lincoln National 6		37,739		651
Loew’s		52,244		1,735
M&T Bank 6		9,867		800
Marsh & McLennan 6		64,289		1,885
Marshall & Ilsley 6		33,144		598
MBIA 6		25,287		249
Merrill Lynch		194,931		3,624
MetLife		90,126		2,994
Moody’s 6		27,942		715
Morgan Stanley		138,905		2,427
Nasdaq Stock Market =		17,352		563
National City 6		267,385		722
Northern Trust		28,239		1,590
NYSE Euronext		33,016		996
Plum Creek Timber – REIT 6		22,988		857
PNC Financial Services Group 6		43,115		2,874
Principal Financial Group		38,285		727
Progressive 6		90,659		1,294
ProLogis – REIT		32,038		449
Prudential Financial 6		58,695		1,761
Public Storage – REIT 6		15,832		1,290
Regions Financial 6		90,796		1,007
Simon Property Group – REIT 6		27,915		1,871
SLM 6 =		56,646		604
Sovereign Bancorp 6		69,465		201
State Street		52,286		2,267
SunTrust Banks 6		44,811		1,799
T. Rowe Price Group 6		33,536		1,326
Torchmark 6		12,971		542
Travelers		78,570		3,343
U.S. Bancorp 6 Å		224,405		6,690
UnumProvident 6		42,020		662
Vornado Realty Trust – REIT 6		16,270		1,148
Wells Fargo		422,961		14,402
XL Capital, Class A 6		32,640		317
Zions Bancorporation		14,657		559
				160,077
Healthcare – 13.5%
Abbott Laboratories		192,052		10,592
Aetna		64,247		1,598
Allergan		38,437		1,525
AmerisourceBergen 6		22,686		709
Amgen 6 =		135,802		8,133
Applied Biosystems		24,780		764
Barr Pharmaceuticals =		13,741		883
Baxter International 6		81,643		4,939
Becton, Dickinson & Company		31,192		2,165
Biogen Idec =		36,982		1,574

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

16   First American Funds 2008 Annual Report

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Boston Scientific 6 =		191,816	$	1,732
Bristol-Myers Squibb		245,813		5,051
C.R. Bard		12,823		1,132
Cardinal Health 6		47,232		1,804
Celgene 6 =		57,710		3,708
CIGNA		36,061		588
Coventry Health Care 6 =		19,635		259
Covidien		61,678		2,732
DaVita =		9,184		521
Eli Lilly		123,879		4,190
Express Scripts 6 =		32,283		1,957
Forest Laboratories =		39,816		925
Genzyme 6 =		32,398		2,361
Gilead Sciences 6 =		116,793		5,355
Hospira 6 =		20,392		567
Humana =		20,193		598
IMS Health		24,637		353
Intuitive Surgical 6 =		5,048		872
Johnson & Johnson 6		358,478		21,989
King Pharmaceuticals =		30,382		267
Laboratory Corporation of America 6 =		14,182		872
McKesson 6		37,554		1,382
Medco Health Solutions 6 =		64,565		2,450
Medtronic		146,984		5,928
Merck 6		273,710		8,471
Millipore 6 =		5,941		308
Mylan Laboratories 6 =		37,921		325
Patterson Companies 6 =		17,100		433
PerkinElmer		16,809		302
Pfizer		859,258		15,218
Quest Diagnostics		19,603		917
Schering-Plough		207,677		3,009
St. Jude Medical =		42,239		1,606
Stryker		30,401		1,625
Tenet Healthcare 6 =		59,443		260
Thermo Fisher Scientific =		49,878		2,025
UnitedHealth Group 6		156,559		3,715
Varian Medical Systems 6 =		15,955		726
Watson Pharmaceuticals =		13,640		357
WellPoint =		65,948		2,563
Wyeth		168,198		5,413
Zimmer Holdings 6 =		30,769		1,429
				149,177
Industrials – 10.7%
3M 6		90,144		5,796
Allied Waste Industries =		34,405		359
Avery Dennison 6		13,371		468
Boeing		96,284		5,033
Burlington Northern Santa Fe 6		36,079		3,213
C.H. Robinson Worldwide 6		21,392		1,108
Caterpillar		78,922		3,012
Cintas 6		16,601		393
Cooper Industries, Class A 6		22,970		711
CSX		52,798		2,414
Cummins 6		26,118		675
Danaher 6		28,793		1,706
Deere & Company 6		55,049		2,123
Dover 6		19,857		631
Eaton		17,992		802
Emerson Electric		101,486		3,322
Equifax 6		15,844		413
Expeditors International of Washington 6		23,931		781
Fastenal 6		10,012		403
FedEx 6		37,563		2,456
Flowserve		7,331		417
Fluor 6		22,605		903
General Dynamics		47,538		2,867
General Electric 6		1,319,960		25,752
Goodrich 6		14,762		540
Honeywell International 6		97,898		2,981
Illinois Tool Works 6		50,005		1,670
Ingersoll-Rand, Class A		43,438		801
ITT		22,565		1,004
Jacobs Engineering Group 6 =		15,422		562
L-3 Communications Holdings 6		15,627		1,268
Lockheed Martin 6		43,175		3,672
Manitowoc 6		15,665		154
Masco 6		47,365		481
Monster Worldwide 6 =		15,823		225
Norfolk Southern		47,827		2,867
Northrop Grumman 6		43,839		2,056
Paccar 6		46,916		1,372
Pall		15,516		410
Parker Hannifin 6		21,633		839
Pitney Bowes 6		21,011		521
Precision Castparts 6		17,072		1,106
R.R. Donnelley & Sons		27,316		453
Raytheon 6		54,492		2,785
Robert Half International 6		20,186		381
Rockwell Automation 6		21,043		582
Rockwell Collins 6		21,743		809
Ryder System 6		7,509		298
Southwest Airlines 6		94,334		1,111
Textron		33,050		585
Tyco International 6		61,802		1,562
Union Pacific		66,632		4,449
United Parcel Service, Class B 6		132,822		7,010
United Technologies		123,793		6,804
W.W. Grainger		9,583		753
Waste Management 6		65,354		2,041
				117,910
Information Technology – 15.6%
Adobe Systems =		68,625		1,828
Advanced Micro Devices 6 =		76,195		267
Affiliated Computer Services, Class A 6 =		12,410		509
Agilent Technologies 6 =		49,503		1,098
Akamai Technologies 6 =		21,437		308
Altera		42,962		745
Amphenol, Class A 6		22,588		647
Analog Devices		37,126		793
Apple 6 =		113,159		12,175
Applied Materials		172,936		2,233
Autodesk 6 =		28,225		601
Automatic Data Processing 6		66,057		2,309
BMC Software =		25,613		661
Broadcom, Class A 6 =		58,935		1,007
CA 6		51,711		920
Ciena 6 =		10,768		104
Cisco Systems =		757,448		13,460
Citrix Systems 6 =		23,846		615
Cognizant Technology Solutions, Class A =		35,909		689
Computer Sciences 6 =		21,039		635
Compuware =		38,324		245
Convergys =		17,458		134
Corning 6		196,534		2,128
Dell 6 =		222,787		2,707
eBay 6 =		141,959		2,168
Electronic Arts =		37,926		864
EMC 6 =		262,355		3,091
Fidelity National Information Services		20,348		307

First American Funds 2008 Annual Report   17

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Equity Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Fiserv =		23,246	$	776
Google, Class A 6 =		30,547		10,977
Harris		17,114		615
Hewlett-Packard		313,318		11,994
IBM		170,601		15,861
Intel		718,534		11,497
Intuit 6 =		43,823		1,098
Jabil Circuit		26,037		219
JDS Uniphase =		27,651		151
Juniper Networks 6 =		66,539		1,247
KLA-Tencor 6		21,668		504
Lexmark International, Class A 6 =		11,815		305
Linear Technology		27,745		629
LSI Logic 6 =		97,169		374
MasterCard, Class A 6		9,277		1,371
MEMC Electronic Materials 6 =		28,702		528
Microchip Technology 6		23,522		579
Micron Technology 6 =		96,004		452
Microsoft 6		1,007,657		22,501
Molex		17,732		256
Motorola 6		289,793		1,556
National Semiconductor		24,907		328
NetApp 6 =		46,024		623
Novell =		47,871		223
Novellus Systems 6 =		12,666		200
NVIDIA =		68,794		603
Oracle 6 =		493,624		9,028
Paychex		41,007		1,170
QLogic =		20,217		243
QUALCOMM		208,548		7,979
Salesforce.com 6 =		13,225		409
SanDisk =		28,515		254
Sun Microsystems 6 =		108,077		497
Symantec =		113,128		1,423
Tellabs =		56,939		241
Teradata =		22,572		347
Teradyne 6 =		24,056		123
Texas Instruments		167,694		3,280
Total System Services		16,935		233
Tyco Electronics 6		61,799		1,201
Unisys =		39,973		61
VeriSign 6 =		24,679		523
Waters 6 =		13,894		609
Western Union 6		96,924		1,479
Xerox 6		118,086		947
Xilinx		35,584		655
Yahoo! 6 =		177,040		2,270
				171,687
Materials – 3.1%
Air Products and Chemicals 6		28,085		1,633
AK Steel Holding 6		14,261		198
Alcoa		109,326		1,258
Allegheny Technologies 6		12,834		341
Ashland 6		8,729		197
Ball 6		12,796		438
Bemis		13,031		324
CF Industries Holdings		6,653		427
Dow Chemical 6		120,850		3,223
E.I. Du Pont de Nemours		113,261		3,624
Eastman Chemical 6		8,980		363
Ecolab 6		22,810		850
Freeport-McMoRan Copper & Gold 6		48,829		1,421
Hercules 6		13,306		224
International Flavors & Fragrances 6		8,446		269
International Paper 6		54,530		939
Massey Energy 6		10,209		236
MeadWestvaco 6		22,350		313
Monsanto 6		69,644		6,197
Newmont Mining		57,852		1,524
Nucor		37,699		1,527
Pactiv 6 =		18,227		429
PPG Industries		20,834		1,033
Praxair 6		40,656		2,649
Rohm & Haas		17,026		1,198
Sealed Air 6		20,164		341
Sigma-Aldrich 6		16,551		726
Titanium Metals 6		10,779		100
United States Steel		14,835		547
Vulcan Materials 6		12,529		680
Weyerhaeuser		27,727		1,060
				34,289
Telecommunication Services – 3.3%
American Tower, Class A =		51,545		1,665
AT&T		757,030		20,266
CenturyTel 6		13,702		344
Embarq		18,723		562
Frontier Communications 6		42,986		327
Qwest Communications International		201,037		575
Sprint Nextel 6		362,227		1,134
Verizon Communications		360,390		10,693
Windstream		59,478		446
				36,012
Utilities – 3.7%
AES 6 =		85,947		685
Allegheny Energy		20,704		624
Ameren 6		26,384		856
American Electric Power		48,025		1,567
CenterPoint Energy		39,667		457
CMS Energy		28,618		293
Consolidated Edison		33,292		1,442
Constellation Energy		22,599		547
Dominion Resources 6		72,148		2,618
DTE Energy 6		20,166		712
Duke Energy		157,451		2,579
Dynegy, Class A =		64,621		235
Edison International 6		39,652		1,411
Entergy 6		29,138		2,274
Exelon		83,988		4,555
FirstEnergy		40,731		2,125
FPL Group 6		50,600		2,390
Integrys Energy Group 6		9,713		463
Nicor 6		5,696		263
NiSource		34,270		444
Pepco Holdings 6		24,910		514
PG&E 6		48,159		1,766
Pinnacle West Capital		12,531		397
PPL 6		48,256		1,584
Progress Energy		29,873		1,176
Public Service Enterprise Group 6		63,369		1,784
Questar		21,958		757
Sempra Energy 6		33,031		1,407
Southern		98,394		3,379
TECO Energy		26,192		302
Wisconsin Energy		4,151		181
Xcel Energy		50,912		887
				40,674
Total Common Stocks
(Cost $907,212)				1,080,545

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

18   First American Funds 2008 Annual Report

Equity Index Fund (concluded)
DESCRIPTION	SHARES/PAR		VALUE
Short-Term Investments – 1.8%
Money Market Fund – 1.5%
First American Prime Obligations Fund, Class Z Å		16,845,124	$	16,845
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill o
2.130%, 12/18/2008	$	3,000		2,992
Total Short-Term Investments
(Cost $19,837)				19,837
Investment Purchased with Proceeds from Securities Lending – 32.8%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $360,899)		360,899,202		360,899
Total Investments – 132.7%
(Cost $1,287,948)				1,461,281
Other Assets and Liabilities, Net – (32.7)%				(359,942	)
Total Net Assets – 100.0%			$	1,101,339

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a value of $353,304 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. As of October 31, 2008, the market value of these investments was $23,535 or 2.1% of total net assets. See notes 3 and 4 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2008. See note 2 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of		Notional
	Contracts		Contract		Settlement	Unrealized
Description	Purchased		Value		Month	Depreciation
S&P 500 Futures		77	$	18,621	December 2008	$	(2,906	)

First American Funds 2008 Annual Report   19

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Mid Cap Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 92.5%
Consumer Discretionary – 12.1%
99 Cents Only Stores = 6		12,059	$	147
Advance Auto Parts		24,344		760
Aeropostale = 6		17,196		416
American Eagle Outfitters		55,083		613
American Greetings, Class A		15,091		176
AnnTaylor Stores = 6		15,762		198
ArvinMeritor 6		18,515		110
Barnes & Noble 6		9,468		179
Belo, Class A		22,502		48
BLYTH		7,178		62
Bob Evans Farms		9,065		189
Borders Group		16,072		54
BorgWarner		29,765		669
Boyd Gaming 6		14,383		98
Brinker International		27,071		252
Callaway Golf 6		17,160		180
CarMax = 6		55,321		588
Cheesecake Factory = 6		18,318		161
Chico’s FAS = 6		44,971		153
Chipotle Mexican Grill, Class A = 6		8,453		429
Coldwater Creek = 6		15,661		56
Collective Brands =		16,848		215
Corinthian Colleges =		21,675		310
DeVry		15,288		867
Dick’s Sporting Goods = 6		21,245		325
Dollar Tree = 6		24,160		919
DreamWorks Animation, Class A =		18,051		507
Foot Locker 6		39,923		584
Furniture Brands International 6		12,809		73
Gentex 6		37,797		362
Guess?		13,941		304
Hanesbrands =		24,582		429
Harte-Hanks 6		12,816		90
Hovnanian Enterprises, Class A = 6		13,050		56
International Speedway, Class A		7,947		249
J. Crew Group = 6		11,505		233
John Wiley & Sons, Class A		10,912		380
Lamar Advertising, Class A = 6		20,185		306
Lear =		19,753		40
Life Time Fitness = 6		8,611		164
M.D.C. Holdings 6		8,928		300
Marvel Entertainment = 6		12,592		405
Matthews International, Class A 6		8,025		358
Media General, Class A 6		6,371		49
Modine Manufacturing 6		8,818		65
Mohawk Industries = 6		13,879		671
Netflix = 6		12,528		310
NVR = 6		1,319		647
O’Reilly Automotive = 6		32,093		870
Pacific Sunwear of California = 6		17,725		61
PetSmart 6		33,050		651
Phillips-Van Heusen		13,191		323
Priceline.com =		9,543		502
Regis		11,927		148
Rent-A-Center = 6		18,211		266
Ross Stores 6		35,126		1,148
Ryland Group 6		11,280		212
Saks = 6		35,300		212
Scholastic 6		6,534		121
Scientific Games, Class A = 6		16,688		300
Service International 6		69,176		477
Strayer Education 6		3,698		837
Thor Industries 6		9,126		163
Timberland, Class A =		12,887		156
Toll Brothers = 6		32,534		752
TravelCenters, fractional share = ⊡		0.70		—
Tupperware 6		15,313		387
Under Armour, Class A = 6		8,876		231
Urban Outfitters = 6		28,782		626
Valassis Communications = 6		12,464		55
Warnaco Group =		11,874		354
Wendy’s/Arby’s Group, Class A 6		119,000		431
Williams-Sonoma 6		22,625		187
				24,226
Consumer Staples – 3.8%
Alberto-Culver 6		21,583		555
BJ’s Wholesale Club = 6		16,645		586
Church & Dwight 6		16,281		962
Corn Products International		19,200		467
Energizer Holdings = 6		14,891		728
Hansen Natural = 6		19,032		482
Hormel Foods		18,660		527
JM Smucker 6		15,084		672
Lancaster Colony 6		5,566		175
NBTY =		13,182		308
PepsiAmericas		15,563		295
Ralcorp Holdings =		13,638		923
Ruddick		8,644		248
Smithfield Foods = 6		28,350		298
Tootsie Roll Industries 6		7,190		179
Universal		6,949		275
				7,680
Energy – 6.5%
Arch Coal 6		37,056		793
Bill Barrett =		8,497		173
Cimarex Energy 6		20,577		833
Comstock Resources = 6		11,817		584
Denbury Resources = 6		62,881		799
Encore Acquisition = 6		13,722		427
Exterran Holdings = 6		16,344		366
FMC Technologies = 6		33,234		1,163
Forest Oil = 6		22,557		659
Frontier Oil 6		27,167		359
Helix Energy Solutions Group = 6		23,666		250
Helmerich & Payne 6		26,664		915
Newfield Exploration = 6		33,200		763
Oceaneering International =		14,384		405
Overseas Shipholding Group 6		6,989		263
Patriot Coal = 6		16,228		257
Patterson-UTI Energy 6		39,700		527
Plains Exploration & Production =		28,918		816
Pride International =		41,796		785
Quicksilver Resources = 6		28,660		300
Superior Energy Services = 6		20,805		444
Tidewater 6		15,092		658
Unit =		12,212		458
				12,997
Financials – 18.2%
Affiliated Managers Group = 6		10,559		490
Alexandria Real Estate Equities – REIT 6		8,007		557
AMB Property – REIT 6		25,615		615
American Financial Group		17,612		400
AmeriCredit = 6		30,449		178
Apollo Investment 6		32,171		424
Arthur J. Gallagher 6		24,123		588
Associated Banc 6		34,129		753
Astoria Financial 6		21,082		401
BancorpSouth 6		18,634		452

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

20   First American Funds 2008 Annual Report

Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Bank of Hawaii 6		13,566	$	688
BRE Properties – REIT 6		12,922		450
Brown & Brown 6		29,001		595
Camden Property Trust – REIT 6		14,291		482
Cathay General Bancorp		10,346		253
City National 6		10,384		556
Colonial BancGroup		46,017		187
Commerce Bancshares		16,401		775
Cousins Properties – REIT 6		11,464		166
Cullen/Frost Bankers		13,077		732
Duke Realty – REIT 6		36,507		515
Eaton Vance		32,183		708
Equity One – REIT 6		9,549		167
Essex Property Trust – REIT 6		6,584		641
Everest Re Group		16,388		1,224
Federal Realty Investment Trust – REIT 6		15,117		926
Fidelity National Title Group		55,466		500
First American 6		24,113		492
First Niagara Financial Group		27,475		433
FirstMerit		21,947		512
GATX 6		12,542		358
Hanover Insurance Group		13,282		521
HCC Insurance Holdings		29,271		646
Health Care – REIT 6		26,256		1,169
Highwoods Properties – REIT		16,266		404
Horace Mann Educators		11,053		88
Hospitality Properties Trust – REIT 6		23,366		237
Jefferies Group 6		30,908		489
Jones Lang LaSalle 6		10,405		342
Liberty Property Trust – REIT 6		22,972		548
Macerich – REIT 6		18,585		547
Mack-Cali Realty – REIT 6		17,315		393
Mercury General 6		9,169		471
Nationwide Health Properties – REIT 6		23,875		712
New York Community Bancorp		83,132		1,302
Old Republic International 6		58,884		542
PacWest Bancorp 6		5,593		140
Philadelphia Consolidated Holding =		14,898		871
PMI Group 6		20,911		52
Potlatch – REIT 6		9,902		329
Protective Life		17,907		149
Raymond James Financial 6		24,136		562
Rayonier – REIT 6		20,209		668
Realty Income – REIT 6		25,770		596
Regency Centers – REIT 6		17,046		673
Reinsurance Group of America, Class A		18,427		688
SEI Investments		32,262		570
StanCorp Financial Group		13,251		452
SVB Financial = 6		9,656		497
Synovus Financial 6		77,914		805
TCF Financial 6		28,555		507
UDR – REIT 6		34,495		682
Unitrin		13,325		280
W.R. Berkley		38,243		1,005
Waddell & Reed Financial, Class A		21,774		316
Washington Federal 6		23,667		417
Webster Financial 6		14,652		272
Weingarten Realty Investors – REIT 6		21,304		436
Westamerica Bancorporation 6		7,626		437
Wilmington Trust 6		17,531		506
				36,539
Healthcare – 11.1%
Advanced Medical Optics = 6		15,492		96
Affymetrix =		17,734		65
Beckman Coulter		15,892		793
Cephalon = 6		17,131		1,229
Cerner = 6		16,803		626
Charles River Laboratories International = 6		17,538		628
Community Health Systems = 6		24,525		503
Covance = 6		16,215		811
DENTSPLY International		39,530		1,201
Edwards Lifesciences = 6		15,032		794
Endo Pharmaceuticals Holdings = 6		31,538		583
Gen-Probe = 6		13,528		637
Health Management Associates, Class A =		62,127		130
Health Net =		28,200		363
Henry Schein = 6		22,551		1,056
Hill-Rom Holdings 6		15,697		357
Hologic = 6		65,224		798
IDEXX Laboratories = 6		13,831		487
Invitrogen = 6		24,768		713
Kindred Healthcare = 6		8,130		118
Kinetic Concepts = 6		13,760		333
Lifepoint Hospitals = 6		14,926		358
Lincare Holdings =		18,851		497
Medicis Pharmaceutical, Class A		13,192		188
Mine Safety Appliances 6		6,722		181
Omnicare 6		28,673		790
PDL BioPharma 6		30,083		293
Perrigo 6		19,938		678
Pharmaceutical Product Development 6		28,273		876
Psychiatric Solutions = 6		14,117		470
Resmed = 6		19,471		667
Sepracor = 6		28,696		382
STERIS 6		16,631		566
Techne		9,690		669
United Therapeutics = 6		5,877		513
Universal Health Services 6		13,666		575
Valeant Pharmaceuticals International = 6		23,584		443
Varian =		8,202		302
VCA Antech = 6		21,043		381
Vertex Pharmaceuticals = 6		38,259		1,003
WellCare Health Plans =		10,659		258
				22,411
Industrials – 14.4%
AGCO = 6		23,679		746
AirTran Holdings = 6		23,284		95
Alaska Air Group =		9,801		242
Alexander & Baldwin		10,639		339
Alliant Techsystems = 6		8,622		712
AMETEK		27,530		915
Avis Budget Group =		26,590		44
BE Aerospace =		23,594		304
Brinks		11,475		556
Career Education =		19,294		305
Carlisle Companies		15,329		356
Clean Harbors =		5,151		338
Con-way		11,611		395
Copart = 6		18,507		646
Corporate Executive Board		9,110		272
Corrections Corporation of America =		32,116		614
Crane		13,028		213
Deluxe 6		13,393		163
Donaldson 6		20,253		712
Dun & Bradstreet		14,921		1,100
Dycom Industries =		10,837		96
Federal Signal		12,290		105
Graco 6		16,158		400
Granite Construction		8,779		313
Harsco 6		21,352		505

First American Funds 2008 Annual Report   21

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Mid Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Herman Miller 6		15,727	$	346
HNI 6		11,819		217
Hubbell, Class B 6		14,891		534
IDEX		20,383		473
ITT Educational Services = 6		7,960		698
J.B. Hunt Transport Services 6		22,832		649
JetBlue Airways = 6		45,563		253
Joy Global 6		27,687		802
Kansas City Southern = 6		23,421		723
KBR 6		43,502		646
Kelly Services, Class A 6		5,117		73
Kennametal		20,181		428
Korn/Ferry International = 6		11,475		159
Lincoln Electric Holdings 6		11,073		478
Manpower 6		20,813		648
MSC Industrial Direct, Class A 6		12,037		432
Navigant Consulting =		11,770		190
Nordson		8,707		322
Oshkosh Truck		18,846		144
Pentair 6		25,642		709
Quanta Services =		45,196		893
Republic Services		41,284		978
Rollins		10,974		193
Roper Industries 6		22,407		1,016
SAIC = 6		45,990		849
Shaw Group =		21,130		378
Sotheby’s Holdings, Class A 6		17,096		159
SPX		14,305		554
Stericycle = 6		22,209		1,298
Teleflex 6		10,147		538
Thomas & Betts =		13,096		311
Timken 6		24,144		383
Trinity Industries 6		20,776		351
United Rentals =		12,090		124
URS =		21,498		632
Werner Enterprises		11,588		227
Westinghouse Air Brake Technologies 6		12,409		493
YRC Worldwide = 6		14,710		67
				28,854
Information Technology – 11.9%
3Com =		102,416		280
ACI Worldwide = 6		9,519		130
Acxiom 6		17,333		136
ADC Telecommunications = 6		29,973		190
ADTRAN 6		15,658		238
Advent Software = 6		5,314		100
Alliance Data Systems = 6		17,362		871
ANSYS =		21,025		602
Arrow Electronics =		31,145		543
Atmel = 6		122,636		509
Avnet =		38,402		643
Avocent = 6		13,119		197
Broadridge Financial Solutions		35,050		424
Cadence Design Systems =		69,562		283
CommScope = 6		18,092		266
Cree = 6		21,709		426
Diebold		17,018		506
Digital River = 6		10,453		259
DST Systems = 6		11,925		484
F5 Networks = 6		21,574		535
FactSet Research Systems 6		9,400		365
Fair Isaac		12,922		201
Fairchild Semiconductor International =		31,275		178
FLIR Systems = 6		34,648		1,112
Foundry Networks = 6		38,701		575
Gartner, Class A = 6		15,228		280
Global Payments		20,537		832
Imation		8,382		103
Ingram Micro, Class A =		37,440		499
Integrated Device Technology =		44,182		281
International Rectifier =		18,469		285
Intersil, Class A		33,633		460
Jack Henry & Associates 6		19,428		369
Lam Research = 6		32,067		717
Lender Processing Services		20,180		466
Macrovision Solutions = 6		20,536		228
McAfee =		41,179		1,340
Mentor Graphics =		22,950		168
Metavante Technologies =		22,730		381
MPS Group = 6		27,021		211
National Instruments 6		14,424		366
NCR = 6		43,129		788
Palm = 6		26,653		106
Parametric Technology = 6		29,414		382
Plantronics		12,385		179
Polycom = 6		22,904		481
RF Micro Devices =		73,363		146
Semtech = 6		16,874		205
Silicon Laboratories =		12,564		326
SRA International, Class A = 6		9,394		174
Sybase = 6		22,262		593
Synopsys =		35,941		657
Tech Data =		14,149		304
Trimble Navigation =		28,776		592
ValueClick = 6		25,218		187
Vishay Intertechnology =		48,208		208
Western Digital = 6		56,102		926
Wind River Systems =		19,509		171
Zebra Technology, Class A = 6		17,709		358
				23,822
Materials – 6.1%
Airgas		21,087		809
Albemarle		23,554		574
AptarGroup		17,514		531
Cabot Microelectronics 6		17,384		460
Carpenter Technology 6		13,105		237
Chemtura 6		63,772		110
Cliffs Natural Resources 6		27,496		742
Commercial Metals		30,029		333
Cytec Industries 6		10,758		305
Ferro 6		10,910		169
FMC 6		19,505		849
Greif, Class A 6		8,796		357
Louisiana Pacific		27,041		130
Lubrizol 6		17,779		668
Martin Marietta Materials 6		11,053		866
Minerals Technologies 6		5,156		293
Olin 6		18,195		330
Packaging Corporation of America 6		23,751		400
Reliance Steel & Aluminum 6		16,560		415
RPM International 6		30,589		434
Scotts Miracle-Gro, Class A 6		11,109		290
Sensient Technologies 6		11,847		299
Sonoco Products		26,017		655
Steel Dynamics 6		48,204		575
Temple-Inland		25,503		151
Terra Industries		23,852		525
Valspar 6		25,472		521
Worthington Industries		16,895		204
				12,232

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

22   First American Funds 2008 Annual Report

Mid Cap Index Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Telecommunication Services – 0.6%
Cincinnati Bell = 6		62,851	$	150
NeuStar, Class A = 6		19,351		381
Telephone & Data Systems		27,297		733
				1,264
Utilities – 7.8%
AGL Resources 6		19,926		606
Alliant Energy		32,258		948
Aqua America 6		33,961		611
Black Hills 6		9,228		233
DPL 6		30,339		692
Energen		18,502		621
Equitable Resources 6		33,713		1,170
Great Plains Energy 6		28,803		560
Hawaiian Electric Industries		21,142		563
IDACORP 6		10,983		293
MDU Resources Group 6		46,855		853
National Fuel Gas 6		20,415		739
Northeast Utilities 6		39,441		890
NSTAR		28,007		926
OGE Energy		22,054		602
ONEOK		27,622		881
PNM Resources 6		19,657		192
Puget Energy		30,902		724
SCANA		29,908		984
Sierra Pacific Resources		58,995		489
UGI		28,005		668
Vectren		19,935		502
Westar Energy		26,642		519
WGL Holdings 6		12,634		407
				15,673
Total Common Stocks
(Cost $222,249)				185,698
Short-Term Investments – 6.8%
Money Market Fund – 6.1%
First American Prime Obligations Fund, Class Z Å		12,269,203		12,269
U.S. Treasury Obligation – 0.7%
U.S. Treasury Bill o
1.578%, 12/18/2008	$	1,470		1,467
Total Short-Term Investments
(Cost $13,736)				13,736
Investment Purchased with Proceeds from Securities Lending – 45.1%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $90,544)		90,544,049		90,544
Total Investments – 144.4%
(Cost $326,529)				289,978
Other Assets and Liabilities, Net – (44.4)%				(89,168	)
Total Net Assets – 100.0%			$	200,810

=	Non-income producing security.
6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $89,533 at October 31, 2008. See note 2 in Notes to Financial Statements.
⊡	Security is fair valued and illiquid. As of October 31, 2008, the value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

Mid Cap Index Fund (concluded)

Å	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.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2008.
†	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.

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of		Notional
	Contracts		Contract		Settlement	Unrealized
Description	Purchased		Value		Month	Depreciation
S&P Mid Cap 400 Futures		52	$	14,778	December 2008	$	(3,366	)

First American Funds 2008 Annual Report   23

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Small Cap Index Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 92.5%
Consumer Discretionary – 10.9%
1-800-Flowers.com, Class A =		1,917	$	10
99 Cents Only Stores = 6		3,439		42
Aaron Rents 6		3,323		82
Aeropostale = 6		4,929		119
AFC Enterprises =		1,940		9
AH Belo, Class A		1,500		5
Ambassadors Group		1,404		15
American Apparel = 6		2,495		15
American Axle & Manufacturing Holdings 6		3,373		12
American Greetings, Class A 6		3,533		41
American Public Education =		787		35
America’s Car-Mart = 6		717		12
Amerigon = 6		1,601		8
Ameristar Casinos 6		1,838		17
Andersons 6		1,309		35
Arbitron		1,940		63
ArvinMeritor 6		5,430		32
Asbury Automotive Group		2,282		7
ATC Technology = 6		1,555		34
Avatar Holdings = 6		437		15
Bally Technologies = 6		4,031		89
Beazer Homes USA = 6		2,891		9
Bebe Stores 6		2,828		25
Belo, Class A		6,528		14
Big 5 Sporting Goods		1,718		11
BJ’s Restaurants =		1,135		10
Blockbuster, Class A = 6		13,248		20
Blount International =		2,851		25
Blue Nile = 6		987		30
Bluegreen =		934		5
BLYTH		1,782		15
Bob Evans Farms		2,114		44
Borders Group		4,325		15
Brookfield Homes 6		966		9
Brown Shoe 6		3,147		33
Brunswick 6		6,454		22
Buckle		1,709		45
Buffalo Wild Wings = 6		1,311		37
Build-A-Bear Workshop =		1,170		6
Cabela’s = 6		2,894		23
Cache =		853		3
California Pizza Kitchen =		1,737		17
Callaway Golf 6		4,844		51
Capella Education Company = 6		1,042		49
Carters = 6		4,170		89
Casual Male Retail Group =		2,664		5
Cato, Class A		2,032		32
Cavco Industries =		462		16
CBRL Group		1,632		33
CEC Entertainment =		1,581		41
Champion Enterprise =		5,620		11
Charlotte Russe Holding =		1,536		13
Charming Shoppes = 6		8,347		9
Charter Communications, Class A = 6		30,059		13
Cheesecake Factory = 6		4,795		42
Cherokee 6		594		12
Chico’s FAS = 6		12,925		44
Children’s Place Retail Stores = 6		1,710		57
Christopher & Banks		2,583		13
Churchill Downs		684		26
Cinemark Holdings 6		1,951		16
Circuit City Stores 6		12,070		3
Citadel Broadcasting = 6		12,466		3
Citi Trends =		1,051		18
CKE Restaurants		3,893		33
CKX =		3,806		17
Coinstar = 6		2,012		48
Coldwater Creek = 6		4,193		15
Collective Brands =		4,710		60
Columbia Sportswear 6		895		33
Conn’s = 6		699		9
Cooper Tire & Rubber		4,340		33
Core Mark Holding =		598		12
Corinthian Colleges =		6,237		89
Courier		801		14
Cox Radio =		2,105		11
Crocs = 6		6,096		15
Crown Media Holdings, Class A = 6		1,767		6
CSS Industries		538		12
Cumulus Media, Class A = 6		2,367		2
Dana Holding = 6		7,250		14
Deckers Outdoor = 6		956		81
Denny’s =		7,982		14
DG Fastchannel = 6		1,091		19
Dillard’s, Class A 6		4,079		22
DineEquity 6		1,282		23
Dolan Media =		1,567		6
Domino’s Pizza = 6		2,890		17
Dorman Products =		784		9
Dover Downs Gaming & Entertainment		942		5
Dover Motorsports		1,083		2
Dress Barn =		3,295		32
Drew Industries =		1,425		17
Drugstore.com =		5,974		11
DSW = 6		1,048		14
Einstein Noah Restaurant Group =		314		3
Entercom Communications 6		2,069		1
Entravision Communications =		4,525		9
Ethan Allen Interiors 6		1,813		32
Exide Technologies =		5,511		26
FGX International Holdings Limited =		994		11
Finish Line, Class A		3,105		30
Fisher Communications =		409		15
Fleetwood Enterprises = 6		5,619		3
Fossil = 6		3,322		60
Fred’s 6		2,924		36
Fuel Systems Solutions =		885		25
Fuqi International =		697		6
Furniture Brands International 6		3,338		19
Gaiam, Class A =		1,277		10
Gaylord Entertainment = 6		2,992		64
Genesco = 6		1,396		35
GenTek =		618		11
G-III Apparel Group =		968		13
Global Sources = 6		1,242		10
Gray Television		3,058		2
Great Wolf Resorts =		1,961		4
Group 1 Automotive 6		1,677		17
GSI Commerce = 6		1,730		18
Gymboree = 6		2,097		54
Harte-Hanks 6		2,624		18
Haverty Furniture		1,350		13
Hayes Lemmerz International =		7,228		10
Helen of Troy = 6		2,079		37
hhgregg =		892		5
Hibbett Sports = 6		2,187		39
Hooker Furniture		657		6
Hot Topic =		3,202		21
Hovnanian Enterprises, Class A = 6		3,356		14
Iconix Brand Group = 6		4,223		46

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

24   First American Funds 2008 Annual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Idearc 6		10,538	$	4
Insight Enterprises =		3,434		33
Interactive Data 6		2,697		64
Interface, Class A		3,856		27
iRobot = 6		1,279		13
Isle of Capri Casinos = 6		1,132		6
J. Crew Group = 6		3,103		63
Jack in the Box =		4,304		87
JAKKS Pacific =		2,006		45
Jo-Ann Stores =		1,869		36
Jos. A. Bank Clothiers = 6		1,341		34
Journal Communications, Class A		2,895		7
K12 = 6		449		12
Kenneth Cole Productions		692		9
Kimball International		2,283		17
Knology =		2,053		10
Krispy Kreme Doughnuts = 6		4,526		12
K-Swiss, Class A		1,927		29
Landry’s Restaurants 6		849		11
La-Z-Boy 6		3,520		20
LeapFrog Enterprises =		2,610		18
Lear =		5,079		10
Lee Enterprises 6		3,185		8
Libbey		1,077		4
Life Time Fitness = 6		2,551		49
Lin TV, Class A =		1,865		3
Lincoln Edl Svcs Corp. =		315		5
Live Nation = 6		5,584		63
Lodgian = 6		1,271		6
Luby’s =		1,542		7
Lululemon Athletica = 6		1,328		19
Lumber Liquidators = 6		672		6
M/I Homes		1,015		14
Maidenform Brands =		1,611		18
Marcus		1,450		20
Marine Products		1,141		7
MarineMax = 6		1,205		3
Martha Stewart Living =		1,824		10
Marvel Entertainment = 6		3,605		116
Matthews International, Class A 6		2,384		106
McClatchy 6		4,068		12
Media General, Class A 6		1,536		12
Mediacom Communications =		3,768		17
Men’s Wearhouse		3,781		58
Meritage Homes = 6		2,262		31
Midas =		1,017		13
Modine Manufacturing 6		2,364		17
Monarch Casino & Resort = 6		901		8
Monro Muffler Brake		1,248		27
Morgans Hotel Group = 6		1,989		9
Movado Group 6		1,174		18
National Cinemedia		3,082		25
National Presto Industries		321		21
Nautilus =		2,239		5
Netflix = 6		2,974		74
New York & Company =		1,725		5
NutriSystem 6		2,238		32
O’Charleys		1,902		14
Orbitz Worldwide = 6		2,649		9
Outdoor Channel Holdings =		1,164		9
Overstock.com = 6		1,122		14
Oxford Industries		1,030		14
P.F. Chang’s China Bistro = 6		1,638		34
Pacific Sunwear of California = 6		5,199		18
Palm Harbor Homes = 6		836		7
Papa John’s International =		1,462		33
PC Mall =		791		4
Pep Boys – Manny, Moe & Jack		3,091		15
Perry Ellis International =		897		9
PetMed Express = 6		1,697		30
Pier 1 Imports =		6,562		9
Pinnacle Entertainment = 6		4,392		25
Playboy Enterprises, Class B =		1,742		4
Polaris Industries 6		2,466		83
Pool 6		3,503		61
Prestige Brand Holdings =		2,247		16
PRIMEDIA		3,018		4
Quantum Fuel Systems Technologies Worldwide = 6		6,070		5
Quiksilver =		9,232		24
R.H. Donnelley & Sons = 6		4,919		4
Raser Technologies = 6		3,301		14
RC2 = 6		1,283		16
RCN =		2,692		17
Red Robin Gourmet Burgers = 6		1,294		20
Regis		3,037		38
Rent-A-Center = 6		4,888		71
Retail Ventures =		2,067		4
Rex Stores =		636		6
RHI Entertainment =		602		8
Rick’s Cabaret International =		432		3
Riviera Holdings =		743		3
Ruby Tuesday =		3,747		9
Russ Berrie and Company =		1,236		3
Ruth’s Chris Steak House =		1,344		3
Ryland Group 6		3,105		58
Sally Beauty Holdings = 6		6,952		35
Sauer-Danfoss		850		9
Scholastic 6		2,087		39
Sealy 6		3,259		11
Shoe Carnival =		669		9
Shuffle Master = 6		3,898		15
Shutterfly =		1,407		11
Sinclair Broadcast Group, Class A 6		3,477		11
Six Flags = 6		5,265		2
Skechers U.S.A., Class A =		2,405		33
Skyline		507		11
Smith & Wesson =		2,686		6
Sonic Automotive, Class A 6		1,985		10
Sonic = 6		4,360		47
Spartan Motors		2,375		11
Speedway Motorsports		948		15
Stage Stores		2,808		22
Stamps.com =		1,192		12
Standard-Pacific = 6		9,137		26
Steak ’N Shake =		2,025		10
Stein Mart 6		1,838		4
Steiner Leisure =		1,201		31
Steinway Musical Instruments =		658		15
Steven Madden =		1,294		28
Stoneridge =		1,079		6
Superior Industries International 6		1,647		24
SYMS = 6		475		5
Systemax 6		797		11
Talbots 6		1,769		17
Tempur-Pedic International 6		5,504		43
Tenneco Automotive =		3,414		17
Texas Roadhouse, Class A = 6		4,031		28
thinkorswim Group =		3,836		31
Timberland, Class A = 6		3,502		42
TiVo =		7,510		52
Town Sports International Holdings =		1,266		3

First American Funds 2008 Annual Report   25

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Tractor Supply = 6		2,441	$	101
True Religion Apparel = 6		1,250		21
Tuesday Morning = 6		2,107		5
Tupperware 6		4,485		113
Tween Brands =		1,774		15
Ulta Salon, Cosmetics & Fragrance = 6		1,452		13
Under Armour, Class A = 6		2,414		63
Unifi =		3,228		16
UniFirst		1,027		34
Universal Electronics =		1,031		22
Vail Resorts = 6		2,306		77
Valassis Communications =		3,477		15
VistaPrint = 6		3,234		55
Visteon =		9,599		7
Volcom = 6		1,331		17
Warnaco Group =		3,334		99
Wendy’s/Arby’s Group, Class A 6		26,547		96
Westwood One = 6		4,797		1
Wet Seal, Class A = 6		6,785		20
Weyco Group		519		14
Winnebago Industries 6		2,198		13
WMS Industries = 6		3,215		80
Wolverine World Wide 6		3,601		85
Wonder Auto Technology =		1,051		4
World Wrestling Entertainment		1,609		23
Xerium Technologies 6		1,483		6
Zale = 6		2,617		45
Zumiez = 6		1,439		14
				7,038
Consumer Staples – 3.7%
Agfeed Industries =		1,419		6
Alico		330		13
Alliance One International =		7,019		23
American Dairy =		520		6
American Oriental Bioengineering = 6		4,521		28
Arden Group, Class A		83		12
B & G Foods		1,437		5
Boston Beer, Class A = 6		602		23
Cadiz = 6		796		11
Calavo Growers		741		8
Cal-Maine Foods 6		938		28
Casey’s General Stores 6		3,715		112
Central Garden & Pet, Class A =		4,657		15
Chattem = 6		1,258		95
China Sky One Med =		530		5
Chiquita Brands International = 6		3,132		43
Coca-Cola Bottling 6		346		15
Darling International = 6		5,969		45
Diamond Foods		1,147		34
Elizabeth Arden =		1,799		31
Farmer Brothers		456		11
Flowers Foods		5,697		169
Fresh Del Monte Produce =		2,999		63
Great Atlantic & Pacific Tea =		2,599		22
Green Mountain Coffee Roasters = 6		1,308		38
Griffin Land & Nurseries		244		7
Hain Celestial Group =		2,897		67
HQ Sustainable Maritime Industries = 6		476		2
Imperial Sugar		903		11
Ingles Markets, Class A		889		17
Inter Parfums		1,004		12
J&J Snack Foods		1,047		33
Lancaster Colony		1,422		45
Lance 6		2,118		44
Lifeway Foods =		346		3
M & F Worldwide =		911		21
Mannatech 6		1,380		6
Maui Land & Pineapple =		372		6
Nash-Finch 6		912		36
National Beverage =		714		7
Nu Skin Enterprises, Class A		3,472		45
Omega Protein =		1,313		10
Pantry =		1,637		36
Peet’s Coffee & Tea = 6		1,034		23
Pilgrim’s Pride 6		3,304		4
PriceSmart		1,032		15
Ralcorp Holdings =		4,143		280
Reddy Ice Holdings		1,278		3
Ruddick 6		3,010		86
Sanderson Farms		1,495		47
Schiff Nutrition International =		684		4
Seaboard		27		36
Smart Balance = 6		4,479		32
Spartan Stores 6		1,780		48
Spectrum Brands = 6		2,951		2
Star Scientific = 6		4,711		15
Susser Holdings =		556		9
Synutra International = 6		765		11
Tootsie Roll Industries 6		2,104		52
Treehouse Foods = 6		2,300		70
United Natural Foods = 6		3,141		70
Universal		1,977		78
USANA Health Sciences = 6		592		22
Vector Group		2,243		38
Village Super Market		208		10
WD-40 Company		1,116		32
Weis Markets		808		26
Winn Dixie Stores =		3,961		60
Zhongpin =		1,319		11
				2,353
Energy – 4.9%
Abraxas Petroleum =		3,001		7
Allis Chalmers Energy = 6		2,052		14
Alon USA Energy 6		792		7
American Oil & Gas =		2,622		5
APCO Argentina		276		8
Approach Resources =		658		7
Arena Resources = 6		2,788		85
Arlington Tankers		416		4
Atlas America		2,542		58
ATP Oil & Gas =		2,035		24
Aventine Renewable Energy = 6		2,082		4
Basic Energy Services = 6		2,985		41
Berry Petroleum, Class A 6		3,126		73
Bill Barrett = 6		2,683		55
BMB Munai = 6		2,668		7
Bolt Technology =		616		5
BPZ Energy = 6		4,395		43
Brigham Exploration = 6		3,708		29
Bristow Group = 6		1,783		44
Bronco Drilling =		1,754		14
Cal Dive International =		3,238		28
Callon Petroleum =		1,634		17
Cano Petroleum =		4,971		3
Carbo Ceramics 6		1,449		63
Carrizo Oil & Gas = 6		2,001		47
Cheniere Energy = 6		3,577		13
Clayton Williams Energy =		400		19
Clean Energy Fuels =		1,576		12
Complete Production Services = 6		3,516		44

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

26   First American Funds 2008 Annual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Comstock Resources = 6		3,356	$	166
Concho Resources = 6		3,997		85
Contango Oil & Gas Company =		962		53
Crosstex Energy		2,909		30
CVR Energy =		1,644		7
Dawson Geophysical =		607		15
Delek US Holdings		959		5
Delta Petroleum = 6		4,551		43
DHT Maritime 6		2,620		14
Double Eagle Petroleum =		583		5
Dril-Quip =		2,211		55
Endeavour International =		8,129		6
Energy Partners =		2,281		10
Energy XXI (Bermuda)		8,835		17
Evergreen Energy = 6		6,122		2
EXCO Resources = 6		11,002		101
FX Energy =		2,970		14
Gasco Energy =		6,906		6
General Maritime		1,959		30
GeoGlobal Resources = 6		2,798		5
Geokinetics =		470		3
Geomet =		1,182		3
Georesources =		447		7
GMX Resources = 6		1,228		46
Golar LNG		2,418		17
Goodrich Petroleum =		1,662		46
Gran Tierra Energy = 6		7,639		19
Greenhunter Energy = 6		307		3
Grey Wolf = 6		13,835		89
Gulf Island Fabrication 6		870		17
GulfMark Offshore = 6		1,662		61
Gulfport Energy =		1,875		13
Harvest Natural Resources =		2,602		22
Hornbeck Offshore Services = 6		1,707		41
Houston American Energy 6		1,066		4
ICO =		1,980		9
International Coal Group = 6		9,373		44
Ion Geophysical =		6,194		41
James River Coal =		1,983		38
Kayne Anderson Energy		681		10
Knightsbridge Tankers		1,181		21
Lufkin Industries 6		1,117		58
Matrix Service = 6		1,882		23
McMoRan Exploration = 6		4,224		60
Meridian Resource =		6,277		7
Mitcham Industries =		701		4
Natco Group = 6		1,430		30
National Coal = 6		1,892		8
Natural Gas Services Group =		865		11
Newpark Resources =		6,582		38
NGP Capital Resources 6		1,594		19
Northern Oil & Gas = 6		1,402		8
Oilsands Quest = 6		12,940		21
Pacific Ethanol = 6		3,162		3
Panhandle Oil And Gas		524		13
Parallel Petroleum =		2,994		12
Parker Drilling =		8,173		42
Penn Virginia 6		3,065		114
Petroleum Development = 6		1,075		22
PetroQuest Energy =		3,444		34
PHI =		947		20
Pioneer Drilling = 6		3,648		28
PrimeEnergy =		67		4
Quest Resource =		2,031		1
RAM Energy Resources = 6		2,577		3
Rentech = 6		12,145		9
Resource America, Class A		938		5
Rex Energy =		1,228		8
Rosetta Resources = 6		3,791		40
RPC		2,370		25
Ship Finance International		2,976		41
Stone Energy =		2,314		70
SulphCo = 6		3,853		8
Superior Well Services =		1,193		20
Swift Energy = 6		2,237		72
T-3 Energy Services = 6		914		22
Teekay Tankers, Class A 6		965		12
Toreador Resources = 6		1,239		9
Tri Valley = 6		1,603		8
Trico Marine Service = 6		777		7
TXCO Resources = 6		2,535		13
Union Drilling =		1,004		5
Vaalco Energy =		4,626		24
Venoco =		1,484		6
VeraSun Energy = 6		7,561		4
Warren Resources =		4,295		23
Western Refining		2,135		14
Westmoreland Coal =		680		7
Willbros Group =		2,846		44
World Fuel Services		2,118		45
				3,127
Financials – 20.8%
1st Source		1,092		23
Abington Bancorp		1,748		18
Acadia Realty Trust – REIT		2,239		40
Advance America Cash Advance Centers		3,222		9
Advanta, Class B		2,737		12
Agree Realty – REIT		571		11
Alexander’s – REIT = 6		167		58
Ambac Financial Group 6		21,138		57
AmCOMP =		920		11
AMCORE Financial		1,761		8
American Campus Communities – REIT 6		2,850		74
American Capital Agency – REIT 6		714		13
American Equity Investment Life Holding 6		4,405		20
American Physicians Capital 6		647		26
American Safety Insurance Holdings =		759		8
Ameris Bancorp		906		10
Amerisafe = 6		1,303		22
Ames National 6		460		12
Ampal-American Israel, Class A =		1,441		3
Amtrust Financial Services		1,154		11
Anchor Bancorp		1,490		9
Anthracite Capital – REIT 6		4,613		20
Anworth Mortgage Asset – REIT		5,897		34
Apollo Investment 6		10,418		137
Arbor Realty Trust – REIT 6		1,014		4
Ares Capital 6		7,159		56
Argo Group International Holdings = 6		2,250		72
Arrow Financial		660		17
Ashford Hospitality Trust – REIT		8,560		14
Aspen Insurance Holdings 6		6,071		139
Associated Estates Realty – REIT		1,036		8
Assured Guaranty		4,230		48
Baldwin & Lyons, Class B		550		10
BancFirst		539		27
Banco Latinoamericano de Exportaciones		1,861		20
BancTrust Financial Group 6		1,253		16
Bank Mutual 6		3,874		45
Bank of the Ozarks 6		901		27
BankFinancial		1,176		14

First American Funds 2008 Annual Report   27

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Banner		1,028	$	13
Beneficial Mutual Bancorp =		2,341		28
Berkshire Hills Bancorp		767		20
BGC Partners, Class A		2,475		10
BioMed Realty Trust – REIT		5,190		73
Blackrock Kelso Capital 6		929		10
Boston Private Financial Holdings 6		4,022		36
Broadpoint Securities =		1,727		5
Brookline Bancorp		4,351		51
Bryn Mawr Bank		491		10
Calamos Asset Management		1,764		14
Camden National		550		16
Capital City Bank Group 6		1,147		32
Capital Southwest		231		24
Capital Trust – REIT 6		1,192		9
Capitol Bancorp 6		1,110		11
CapLease – REIT 6		2,222		15
Capstead Mortgage – REIT 6		3,832		39
Cardinal Financial 6		1,727		11
Cardtronics =		859		5
Care Investment Trust – REIT		949		11
Cascade Bancorp 6		1,769		17
Cash America International 6		2,134		75
Castlepoint Holdings		2,392		22
Cathay General Bancorp 6		3,607		88
Cedar Shopping Centers – REIT		3,171		30
Centerstate Banks of Florida		660		12
Central Pacific Financial 6		2,122		33
Chemical Financial		1,723		45
Chimera Investment – REIT 6		2,440		7
Citizens & Northern 6		641		15
Citizens Banking 6		7,607		22
Citizens = 6		2,670		23
City Bank 6		984		10
City Holdings		1,384		58
Clifton Savings Bancorp 6		1,222		13
CNA Surety =		1,289		18
CoBiz 6		1,442		17
Cogdell Spencer – REIT		754		9
Cohen & Steers 6		1,228		22
Colonial BancGroup 6		14,785		60
Colonial Properties Trust – REIT 6		3,390		36
Columbia Banking System		1,333		21
Community Bank System		2,554		64
Community Trust Bancorp		1,051		35
Compass Diversified Trust		1,756		21
CompuCredit = 6		1,406		4
Consolidated-Tomoka Land 6		423		16
Corporate Office Properties Trust – REIT 6		2,824		88
Corus Bankshares 6		2,682		6
Cousins Properties – REIT 6		3,367		49
Crawford & Company = 6		1,725		25
Credit Acceptance = 6		438		7
CVB Financial 6		4,874		62
Danvers Bancorp 6		1,275		16
DCT Industrial Trust – REIT		12,410		61
Delphi Financial Group, Class A 6		2,987		47
Diamond Hill Investment Group =		147		9
DiamondRock Hospitality – REIT		6,776		35
Dime Community Bancshares		1,714		29
Dollar Financial = 6		1,732		20
Donegal Group, Class A 6		1,291		21
Doral Financial = 6		389		4
Downey Financial 6		1,204		2
DuPont Fabros Technology – REIT		1,148		7
East West Bancorp 6		4,675		81
EastGroup Properties – REIT		1,634		55
Education Realty Trust – REIT		1,971		8
eHealth =		1,836		23
EMC Insurance Group		450		11
Employers Holdings		3,642		46
Encore Bancshares =		460		8
Encore Capital Group =		1,132		11
Enstar Group = 6		485		37
Enterprise Financial Services 6		746		14
Entertainment Properties Trust – REIT 6		2,189		82
Epoch Holdings		730		6
Equity Lifestyle Properties – REIT 6		1,712		72
Equity One – REIT 6		3,212		56
Essa Bancorp		1,214		17
Evercore Partners 6		721		9
Extra Space Storage – REIT 6		5,679		65
Ezcorp =		2,851		45
F.N.B. 6		5,955		78
Farmers Capital Bank		443		9
FBL Financial Group, Class A		916		16
FBR Capital Markets = 6		2,112		12
FCStone Group = 6		1,662		10
Federal Agricultural Mortgage, Class C		746		4
FelCor Lodging Trust – REIT 6		4,551		14
Financial Federal		1,891		44
Financial Institutions		784		13
First Acceptance =		1,440		4
First Bancorp – North Carolina 6		966		17
First Bancorp of Puerto Rico 6		5,209		53
First Bancorp		619		11
First Busey 6		1,816		34
First Cash Financial Services = 6		1,445		22
First Commonwealth Financial – Pennsylvania 6		5,095		56
First Community Bancshares – Nevada		765		24
First Financial – Indiana		904		38
First Financial Bancorp – Ohio 6		2,605		35
First Financial Bankshares 6		1,545		84
First Financial Holdings		1,054		23
First Financial Northwest		1,634		13
First Industrial Realty Trust – REIT 6		3,127		32
First Marblehead 6		4,941		8
First Merchants		1,254		28
First Mercury Financial =		847		9
First Midwest Bancorp		3,578		79
First Niagara Financial Group		8,036		127
First Place Financial		1,254		9
First Potomac Realty Trust – REIT 6		1,507		19
First South Bancorp		581		8
FirstBank, fractional shares = ⊡		0.29		—
FirstFed Financial = 6		1,008		9
FirstMerit		5,958		139
Flagstar Bancorp 6		3,832		7
Flagstone Reinsurance Holdings		1,004		11
Flushing Financial 6		1,930		30
Forestar Real Estate Group =		2,624		23
Fox Chase Bancorp =		452		5
FPIC Insurance Group =		667		30
Franklin Street Properties – REIT		4,352		51
Friedman Billings Ramsey Group – REIT =		11,028		7
Frontier Financial 6		3,443		23
FX Real Estate & Entertainment =		705		—
GAMCO Investors		541		21
Getty Realty – REIT		1,760		34
GFI Group 6		5,525		18
Glacier Bancorp 6		3,952		80
Gladstone Capital		1,544		18

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

28   First American Funds 2008 Annual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Gladstone Investment		1,578	$	9
Glimcher Realty Trust – REIT 6		2,748		14
Gramercy Capital – REIT		2,976		8
Greene County Bancshares 6		929		18
Greenhill & Company 6		1,385		91
Greenlight Capital = 6		2,123		27
Grubb & Ellis		2,662		4
Guaranty Bancorp =		3,790		16
Guaranty Financial Group = 6		2,662		5
Hallmark Financial Services =		433		3
Hancock Holding 6		1,846		82
Hanmi Financial 6		3,239		13
Harleysville Group		1,040		33
Harleysville National		2,310		32
Harris & Harris Group =		1,667		8
Hatteras Financial – REIT		821		18
Healthcare Realty Trust – REIT 6		3,922		100
Heartland Financial USA		1,121		27
Hercules Technology Growth Capital		2,349		20
Heritage Commerce		1,036		13
Hersha Hospitality Trust – REIT		3,028		13
Highwoods Properties – REIT		4,002		99
Hilltop Holdings =		3,446		32
Home Bancshares		947		25
Home Properties – REIT 6		2,556		103
Horace Mann Educators		3,646		29
IBERIABANK		833		42
Independence Holdings		507		3
Independent Bank		1,157		33
Infinity Property & Casualty		1,202		48
Inland Real Estate – REIT 6		4,007		46
Integra Bank		1,495		9
Interactive Brokers Group = 6		2,974		64
International Assets Holding =		301		5
International Bancshares 6		3,690		96
Investors Bancorp = 6		2,843		41
Investors Real Estate Trust – REIT 6		3,398		34
IPC Holdings 6		3,902		108
JER Investment Trust – REIT 6		1,665		5
Kansas City Life Insurance		327		16
KBW = 6		2,023		59
Kearny Financial		1,474		17
Kite Realty Group Trust – REIT		2,157		13
Knight Capital Group, Class A =		7,102		103
Kohlberg Capital		1,238		7
LaBranche =		4,010		25
Ladenburg Thalman Financial Services = 6		7,472		9
Lakeland Bancorp 6		1,778		20
Lakeland Financial		897		20
LandAmerica Financial Group 6		1,087		11
LaSalle Hotel Properties – REIT 6		2,895		41
Lexington Corporate Properties Trust – REIT 6		5,078		41
Life Partners Holdings		424		17
LTC Properties – REIT		1,445		35
Maguire Properties – REIT 6		2,929		10
Maiden Holdings 6		3,380		15
MainSource Financial Group		1,361		24
MarketAxess Holdings = 6		2,237		13
Max Capital Hamilton		4,182		67
MB Financial 6		2,484		74
MCG Capital 6		5,407		4
Meadowbrook Insurance Group		4,103		22
Medallion Financial		1,062		9
Medical Properties Trust – REIT 6		4,862		36
Meridian Interstat Bancorp =		761		7
Meruelo Maddux Properties =		3,137		3
MFA Mortgage Investments – REIT		14,517		80
Mid-America Apartment Communities – REIT		1,899		67
Midwest Banc Holdings		1,607		5
Mission West Properties – REIT		1,231		11
Montpelier Holdings 6		7,019		100
Move =		9,457		16
MVC Capital 6		1,791		22
Nara Bancorp		1,612		18
NASB Financial 6		347		10
National Financial Partners 6		2,914		19
National Health Investors – REIT		1,598		48
National Interstate		372		7
National Penn Bancshares, fractional shares = ⊡		0.50		—
National Penn Bancshares 6		5,937		101
National Retail Properties – REIT 6		5,252		94
National Western Life Insurance, Class A		153		29
Navigators Group =		878		44
NBT Bancorp		2,367		66
Nelnet, Class A 6		1,222		18
NewAlliance Bancshares		8,222		113
Newcastle Investment – REIT 6		3,774		15
Newstar Financial =		1,711		9
Northfield Bancorp =		1,407		17
NorthStar Realty Finance – REIT 6		4,349		25
Northwest Bancorp 6		1,420		38
NYMAGIC		305		5
OceanFirst Financial		632		10
Ocwen Financial = 6		2,817		19
Odyssey RE Holdings		1,946		77
Old National Bancorp 6		4,879		92
Old Second Bancorp 6		995		13
OMEGA Healthcare Investors – REIT 6		5,338		80
optionsXpress Holdings		3,102		55
Oriental Financial Group		1,737		28
Oritani Financial =		928		16
Pacific Capital Bancorp 6		3,398		67
Pacific Continental		763		11
PacWest Bancorp 6		1,747		44
Park National 6		832		61
Parkway Properties – REIT		1,228		21
Patriot Capital Funding		1,498		7
Peapack-Gladstone Financial		594		19
PennantPark Investment		1,365		6
Pennsylvania Commerce Bancorp =		371		11
Pennsylvania Real Estate Investment Trust – REIT 6		2,203		28
Penson Worldwide =		1,239		9
Peoples Bancorp – Ohio		807		15
Phoenix Companies		8,431		55
Pinnacle Financial Partners =		1,616		47
Piper Jaffray Companies =		1,416		56
Platinum Underwriters Holdings		3,553		113
PMA Capital =		2,454		11
PMI Group 6		5,986		15
Post Properties – REIT		3,232		72
Potlatch – REIT 6		2,911		97
PremierWest Bancorp 6		1,385		11
Presidential Life		1,469		14
Primus Guaranty = 6		1,696		1
PrivateBancorp 6		1,586		57
ProAssurance = 6		2,133		117
Prospect Capital 6		1,875		24
Prosperity Bancshares 6		2,803		93
Provident Bankshares 6		2,443		26
Provident Financial Services 6		4,183		61

First American Funds 2008 Annual Report   29

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Provident New York Bancorp		3,080	$	37
PS Business Parks – REIT		1,199		54
Pzena Investment Management		451		2
Radian Group 6		5,751		21
RAIT Financial Trust – REIT 6		4,540		17
Ramco-Gershenson Properties Trust – REIT		1,645		22
Realty Income – REIT 6		7,466		173
Redwood Trust – REIT 6		2,349		36
Renasant		1,498		31
Republic Bancorp – Kentucky, Class A		764		18
Resource Capital – REIT		1,478		7
Riskmetrics Group =		1,574		24
RLI		1,442		83
Rockville Financial 6		971		13
Roma Financial		627		9
S&T Bancorp 6		1,703		58
Safety Insurance Group		1,045		40
Sanders Morris Harris Group		1,434		11
Sandy Spring Bancorp 6		1,195		26
Santander Bancorp		334		3
Saul Centers – REIT		835		31
SCBT Financial 6		721		24
SeaBright Insurance Holdings =		1,563		16
Seacoast Banking 6		1,295		12
Selective Insurance Group 6		4,103		97
Senior Housing Properties Trust – REIT 6		8,437		162
Shore Bancshares		601		15
Sierra Bancorp 6		538		11
Signature Bank = 6		2,283		74
Simmons First National, Class A		962		30
Smithtown Bancorp		704		14
South Financial Group 6		5,362		31
Southside Bancshares 6		956		23
Southwest Bancorp – Oklahoma		1,168		17
Sovran Self Storage – REIT		1,398		45
State Auto Financial		1,276		34
State Bancorp		1,024		13
StellarOne		1,615		27
Sterling Bancorp		1,615		25
Sterling Bancshares 6		5,158		41
Sterling Financial – Washington 6		3,824		32
Stewart Information Services		1,490		25
Stifel Financial =		1,754		77
Strategic Hotels & Resorts – REIT		5,451		27
Stratus Properties =		443		11
Suffolk Bancorp		794		26
Sun Bancorp – New Jersey =		1,288		13
Sun Communities – REIT 6		1,748		26
Sunstone Hotel Investors – REIT		3,681		24
Susquehanna Bancshares 6		6,221		96
SVB Financial = 6		2,364		122
SWS Group		1,820		34
SY Bancorp		1,072		30
Tanger Factory Outlet Centers – REIT 6		2,691		97
Tejon Ranch =		827		24
Texas Capital Bancshares = 6		1,931		34
Thomas Properties Group		1,639		11
Thomas Weisel Partners Group = 6		1,512		9
Tompkins Trustco		446		22
Tower Group 6		1,607		34
Townebank Portsmouth 6		1,485		32
TradeStation Group =		2,326		18
TriCo Bancshares		1,308		28
TrustCo Bank Corporation of New York 6		5,134		62
Trustmark		3,649		75
UCBH Holdings 6		8,141		43
UMB Financial 6		2,222		101
Umpqua Holdings 6		4,402		75
Union Bankshares		1,167		28
United American Indemnity =		1,464		18
United Bankshares 6		2,774		88
United Capital =		131		3
United Community Banks 6		2,896		38
United Community Financial		1,817		9
United Financial Bancorp		1,271		18
United Fire & Casualty		1,628		38
United Security Bancshares 6		577		8
Universal American Financial =		2,851		25
Universal Health Realty Income Trust – REIT		1,196		42
Univest Corporation of Pennsylvania 6		1,071		33
Urstadt Biddle Properties, Class A – REIT		2,213		36
US Global Investors		916		7
U-Store-It Trust – REIT 6		3,628		25
Validus Holdings		4,654		83
Viewpoint Financial		800		14
W Holding Company 6		7,958		5
Washington Real Estate Investment Trust – REIT 6		3,637		109
Washington Trust Bancorp		774		17
Waterstone Financial =		509		4
WesBanco		1,921		52
West Bancorp		1,245		16
West Coast Bancorp – Oregon		1,397		12
Westamerica Bancorporation 6		2,073		119
Western Alliance Bancorp = 6		1,406		21
Westfield Financial		2,271		24
Westwood Holdings		384		15
Wilshire Bancorp		1,643		18
Winthrop Realty Trust – REIT 6		3,125		8
Wintrust Financial 6		1,671		43
World Acceptance = 6		1,192		22
WSFS Financial		479		23
Yadkin Valley Financial		820		12
Zenith National Insurance 6		2,736		90
				13,360
Healthcare – 13.3%
Abaxis =		1,568		24
Abiomed =		2,176		32
ACADIA Pharmaceuticals = 6		2,388		5
Accuray = 6		2,659		17
Acorda Therapeutics =		2,725		56
Acura Pharmaceuticals = 6		583		3
Adolor =		3,291		10
Affymax =		749		10
Affymetrix =		5,085		19
Air Methods =		832		14
Akorn = 6		4,076		13
Albany Molecular Research =		1,825		23
Alexion Pharmaceuticals = 6		5,628		229
Alexza Pharmaceuticals =		1,757		5
Align Technology =		4,540		31
Alkermes =		7,041		70
Alliance Imaging =		1,869		15
Allos Therapeutics =		3,903		29
Allscripts Healthcare Solutions 6		4,179		27
Almost Family =		455		22
Alnylam Pharmaceuticals = 6		2,605		60
Alpharma, Class A =		3,000		94
Alphatec Holdings =		1,782		7
AMAG Pharmaceuticals =		1,244		38
Amedisys = 6		1,952		110

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

30   First American Funds 2008 Annual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
American Medical Systems = 6		5,361	$	58
AMERIGROUP = 6		3,945		99
Amicus Therapeutics =		317		3
AMN Healthcare Services =		2,528		23
Amsurg, Class A =		2,068		52
Analogic		965		43
AngioDynamics =		1,729		22
Ardea Biosciences =		892		9
Arena Pharmaceuticals = 6		5,280		19
Ariad Pharmaceuticals =		5,117		10
ArQule =		2,970		8
Array BioPharma =		3,439		17
ArthroCare = 6		2,009		42
Assisted Living Concept =		4,140		21
Athenahealth = 6		1,521		47
Atrion		107		11
Auxilium Pharmaceuticals = 6		3,032		60
Biodel =		767		2
BioForm Medical = 6		1,563		3
Biomimetic Therapeutics =		948		8
Bio-Rad Laboratories, Class A =		1,395		119
Bio-Reference Laboratories =		923		23
BMP Sunstone = 6		2,066		14
Bruker BioSciences =		4,212		17
Cadence Pharmaceuticals = 6		1,440		9
Caliper Life Sciences =		3,416		5
Cantel Medical =		814		8
Capital Senior Living =		1,767		8
Caraco Pharmaceutical Laboratories =		1,095		11
Cardiac Science =		1,390		13
Cardionet =		321		8
Catalyst Health Solutions = 6		2,356		40
Celera = 6		5,787		65
Cell Genesys = 6		6,139		1
Celldex Therapeutics = 6		1,067		8
Centene = 6		3,198		60
Cepheid = 6		4,195		50
Chemed		1,769		77
Chindex International =		789		7
Clinical Data = 6		741		8
Columbia Labs = 6		3,347		5
Computer Programs & Systems		596		17
Conceptus = 6		2,159		35
CONMED = 6		1,936		51
Corvel =		620		17
Cougar Biotechnology = 6		1,098		28
Cross Country Healthcare =		2,180		25
CryoLife =		1,989		27
Cubist Pharmaceuticals = 6		4,079		104
CV Therapeutics =		4,475		42
Cyberonics = 6		1,739		22
Cynosure =		683		6
Cypress Bioscience =		2,683		15
Cytokinetics =		2,451		7
Cytori Therapeutics =		1,424		6
Datascope		922		46
Dendreon = 6		6,868		34
DepoMed =		3,434		7
Dexcom =		1,875		8
Discovery Laboratories = 6		7,082		13
Durect = 6		6,028		25
Dyax =		3,975		13
Eclipsys = 6		4,006		59
Emergency Medical Services = 6		639		21
Emergent Biosolutions =		967		17
Emeritus = 6		1,407		16
Ensign Group		594		10
Enzo Biochem =		2,297		13
Enzon = 6		2,983		15
eResearchTechnology =		3,166		20
ev3 = 6		5,179		34
Exactech =		503		10
Exelixis = 6		7,700		26
Five Star Quality Care =		2,275		4
Genomic Health =		952		18
Genoptix = 6		594		20
Gentiva Health Services =		1,992		54
Geron =		5,636		22
Greatbatch = 6		1,632		35
GTx = 6		1,347		19
Haemonetics =		1,819		107
Halozyme Therapeutics =		4,451		21
Hanger Orthopedic Group =		1,917		32
Hansen Medical = 6		1,219		11
HealthSouth = 6		6,483		81
Healthspring =		3,641		60
Healthways =		2,521		25
HMS Holdings =		1,786		44
Human Genome Sciences = 6		9,982		32
ICU Medical =		880		28
Idenix Pharmaceuticals = 6		2,157		12
Idera Pharmaceuticals = 6		1,469		14
I-Flow =		1,701		10
Immucor = 6		5,130		136
ImmunoGen = 6		3,738		17
Immunomedics =		4,672		7
Incyte = 6		5,532		23
Indevus Pharmaceuticals = 6		5,608		15
Inspire Pharmaceuticals =		3,018		11
Insulet =		1,311		7
Integra LifeSciences = 6		1,242		47
InterMune =		2,329		34
Invacare		2,320		42
inVentiv Health = 6		2,436		23
IPC The Hospitalist =		405		8
IRIS International =		1,316		15
Isis Pharmaceuticals = 6		6,610		93
Javelin Pharmaceuticals =		3,561		5
Jazz Pharmaceuticals = 6		438		1
Kendle International =		968		17
Kensey Nash =		801		20
Kindred Healthcare = 6		2,051		30
K-V Pharmaceutical, Class A = 6		2,604		44
Lexicon Pharmaceuticals =		5,742		9
LHC Group =		1,047		37
Life Sciences Research =		625		12
Ligand Pharmaceuticals =		6,368		13
Luminex =		3,038		57
Magellan Health Services = 6		2,685		99
MannKind = 6		3,367		13
Map Pharmaceuticals =		559		2
Marshall Edwards = 6		1,384		2
Martek Biosciences = 6		2,378		71
Masimo =		3,395		109
Maxygen =		2,189		9
Medarex =		9,350		66
MedAssets =		1,108		16
MedCath =		1,138		18
Medical Action Industries =		1,107		13
Medicines = 6		3,764		66
Medicis Pharmaceutical, Class A		4,084		58
Medivation = 6		1,879		35

First American Funds 2008 Annual Report   31

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Mentor 6		2,443	$	41
Meridian Bioscience		2,960		73
Merit Medical Systems =		1,956		36
Metabolix =		1,399		13
Micrus Endovascular =		1,037		12
Middlebrook Pharmaceutical = 6		2,563		3
Mine Safety Appliances 6		2,218		60
Molecular Insight Pharmaceuticals =		1,265		6
Molina Healthcare = 6		1,064		24
Momenta Pharmaceuticals = 6		1,901		17
MWI Veterinary Supply = 6		656		23
Myriad Genetics = 6		3,290		208
NABI Biopharmaceuticals =		4,477		18
Nanosphere =		922		5
National Healthcare 6		484		20
National Research		127		4
Natus Medical =		1,972		30
Nektar Therapeutics =		6,770		37
Neogen =		1,031		30
Neurocrine Biosciences =		2,560		11
Nighthawk Radiology Holdings =		1,794		8
Novavax =		3,729		8
Noven Pharmaceuticals =		1,743		20
NPS Pharmaceuticals =		3,376		24
NuVasive = 6		2,619		123
NxStage Medical =		1,398		6
Obagi Medical Products =		1,269		11
Odyssey Healthcare =		2,672		26
Omnicell =		2,382		26
Omrix Biopharmaceuticals =		1,035		18
Onyx Pharmaceuticals =		4,072		110
Opko Health = 6		3,432		5
Optimer Pharmaceuticals =		1,730		7
OraSure Technologies =		3,432		16
Orexigen Therapeutics =		1,433		7
Orthofix International =		1,252		17
Orthovita =		4,734		13
OSI Pharmaceuticals =		4,188		159
Osiris Therapeutics = 6		1,081		16
Owens & Minor		3,013		130
Pain Therapeutics =		2,406		22
Palomar Medical Technologies =		1,305		15
Par Pharmaceutical Companies =		2,622		26
PAREXEL International = 6		4,097		43
PDL BioPharma 6		8,741		85
PharmaNet Development Group = 6		1,416		2
Pharmasset = 6		1,119		20
Pharmerica =		2,175		45
POZEN =		1,905		12
Progenics Pharmaceutical =		1,905		19
Protalix Biotherapeutics =		771		1
PSS World Medical = 6		4,629		84
Psychiatric Solutions = 6		4,060		135
Questcor Pharmaceuticals = 6		3,973		31
Quidel =		2,020		32
Radnet = 6		1,526		5
Regeneron Pharmaceuticals = 6		4,571		88
RehabCare Group =		1,322		23
Repligen =		2,221		9
Res-Care =		1,688		26
Rexahn Pharmaceuticals = 6		2,088		2
Rigel Pharmaceuticals = 6		2,673		23
RTI Biologics =		3,843		12
Salix Pharmaceuticals = 6		3,519		32
Sangamo BioSciences = 6		2,618		20
Savient Pharmaceuticals = 6		3,973		19
Seattle Genetics = 6		4,464		46
Sequenom = 6		4,170		75
Sirona Dental Systems =		1,337		21
Skilled Healthcare Group, Class A =		1,517		19
Somanetics =		919		17
SonoSite = 6		1,306		28
Spectranetics =		2,418		7
Stereotaxis = 6		2,000		8
STERIS 6		4,440		151
Stewart Enterprises, Class A 6		6,960		36
Sucampo Pharmaceuticals =		653		5
Sun Healthcare Group = 6		3,152		36
Sunrise Senior Living =		3,248		10
SurModics = 6		1,046		28
Symmetry Medical =		2,448		32
Synovis Life Technologies =		891		16
Synta Pharmaceuticals = 6		1,197		8
Targacept =		1,297		8
Theravance = 6		3,814		26
Thoratec =		4,015		99
TomoTherapy = 6		2,928		10
TranS1 =		873		6
Triple-S Management =		1,015		10
U.S. Physical Therapy =		849		12
United Therapeutics = 6		1,660		145
Valeant Pharmaceuticals International = 6		5,473		103
Varian =		2,110		78
ViroPharma =		5,125		64
Virtual Radiologic = 6		500		4
Vision-Sciences = 6		1,203		4
Vital Images = 6		1,245		16
Vivus =		4,439		27
VNUS Medical Technologies =		930		14
Volcano = 6		3,478		54
West Pharmaceutical Services 6		2,377		95
Wright Medical Group = 6		2,690		62
XenoPort = 6		1,842		77
XOMA = 6		9,749		12
Zoll Medical = 6		1,531		37
ZymoGenetics = 6		2,965		9
				8,581
Industrials – 15.0%
3D Systems = 6		1,275		14
A.O. Smith		1,462		46
AAON		937		15
AAR = 6		2,838		45
ABM Industries 6		3,202		52
ACCO Brands =		3,991		11
Accuride =		2,533		1
Aceto		1,747		15
Actuant, Class A 6		4,092		73
Acuity Brands		3,010		105
Administaff		1,677		33
Advanced Battery Technologies = 6		2,970		8
Advisory Board =		1,228		30
AeroVironment =		732		26
Aircastle 6		3,439		24
AirTran Holdings = 6		8,619		35
Akeena Solar = 6		1,493		4
Alamo Group		442		6
Alaska Air Group =		2,650		65
Albany International, Class A 6		2,147		31
Allegiant Travel = 6		1,006		40
Altra Holdings =		1,888		17
Amerco = 6		773		35

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

32   First American Funds 2008 Annual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
American Commercial Lines =		2,653	$	20
American Ecology		1,199		21
American Railcar Industries 6		690		8
American Reprographics =		2,603		28
American Science & Engineering		743		47
American Superconductor = 6		3,211		40
American Woodmark		943		17
Ameron International		676		32
Ampco-Pittsburgh		606		14
Amrep =		147		4
Apogee Enterprises 6		2,092		21
Applied Industrial Technology 6		3,117		63
Applied Signal Technology 6		900		16
Argon ST =		1,015		21
Arkansas Best 6		1,668		49
Ascent Solar Technologies = 6		533		3
Asset Acceptance Capital =		1,224		10
Astec Industries =		1,305		33
Atlas Air Worldwide Holdings = 6		979		19
Axsys Technologies =		643		42
AZZ =		877		26
Badger Meter		1,068		27
Baldor Electric 6		3,378		59
Barnes Group 6		3,503		51
Beacon Power = 6		6,341		6
Beacon Roofing Supply = 6		3,263		45
Bowne & Company		1,871		15
Brady, Class A 6		3,678		114
Briggs & Stratton 6		3,652		58
Builders FirstSource = 6		742		3
CAI International =		525		4
Capstone Turbine = 6		10,666		14
Cascade		704		23
Casella Waste Systems =		1,589		8
CBIZ = 6		4,189		34
CDI		952		12
Celadon Group =		1,610		17
Cenveo = 6		3,676		18
Ceradyne =		1,940		46
Chart Industries =		2,074		28
China Architectural Engineering =		1,332		5
China BAK Battery = 6		2,161		6
China Direct =		487		1
China Precision Steel =		1,227		3
China Security & Surveillance Technology = 6		1,968		21
Circor International 6		1,232		38
CLARCOR 6		3,698		131
Clean Harbors = 6		1,414		93
Coleman Cable =		561		4
Colfax = 6		1,579		13
Columbus McKinnon =		1,399		20
Comfort Systems USA 6		3,251		30
Commercial Vehicle Group =		1,692		2
COMSYS IT Partners =		1,183		7
Consolidated Graphics =		712		9
Cornell =		794		18
CoStar Group =		1,396		50
CRA International =		848		23
Cubic		1,127		25
Curtiss-Wright 6		3,297		122
Deluxe 6		3,795		46
Dollar Thrifty Automotive =		1,591		3
Ducommun		755		15
Duff & Phelps, Class A =		776		15
DXP Enterprises =		512		7
Dycom Industries =		3,039		27
Dynamex =		790		19
Dynamic Materials 6		936		18
DynCorp International =		2,014		27
Eagle Bulk Shipping 6		3,344		33
Electro Rent		1,558		19
EMCOR Group =		4,971		88
Encore Wire 6		1,593		31
Ener1 = 6		2,647		21
Energy Conversion Devices = 6		3,348		114
Energy Recovery, Inc. =		486		3
EnergySolutions		2,374		11
EnerSys =		2,013		27
ENGlobal =		1,994		9
Ennis Business Forms		2,093		25
EnPro Industries = 6		1,589		35
ESCO Technologies =		1,911		66
Esterline Technologies =		2,154		78
Evergreen Solar = 6		10,553		40
Exponent =		1,015		30
Federal Signal		3,537		30
First Advantage =		734		8
Flanders =		1,149		7
Flow International = 6		2,753		11
Force Protection = 6		4,999		14
Forward Air 6		2,075		54
Franklin Electric 6		1,685		71
FreightCar America		897		23
FuelCell Energy =		4,962		24
Fuel-Tech = 6		1,280		15
Furmanite =		2,604		21
Fushi Copperweld = 6		1,030		5
G&K Services, Class A		1,351		30
Genco Shipping & Trading 6		1,627		34
GenCorp = 6		4,200		21
Genesee & Wyoming, Class A =		2,249		75
Geo Group = 6		3,735		66
GeoEye =		1,326		29
Gevity HR		1,655		6
Global Cash Access Holdings =		2,956		8
Global Traffic Network =		846		4
Gorman-Rupp 6		1,051		33
Graham		726		15
Granite Construction 6		2,561		91
Great Lakes Dredge & Dock		2,846		13
Greenbrier Companies 6		1,170		10
Griffon =		2,480		21
GT Solar International = 6		2,231		10
H & E Equipment Services =		1,182		7
Harbin Electric = 6		447		4
Hawaiian Holdings =		2,910		20
Healthcare Services Group 6		3,113		52
Heartland Express 6		3,970		61
HEICO		1,603		62
Heidrick & Struggles International		1,381		33
Herley Industries =		965		13
Herman Miller 6		4,136		91
Hexcel = 6		7,070		93
Hill International =		1,674		10
HNI 6		3,275		60
Horizon Lines, Class A 6		2,322		11
Houston Wire & Cable 6		1,311		15
Hub Group = 6		2,723		86
Hudson Highland Group =		1,834		10
Hurco =		472		11
Huron Consulting Group = 6		1,406		76
ICF International =		475		9

First American Funds 2008 Annual Report   33

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
ICT Group =		640	$	3
II-VI =		1,764		50
IKON Office Solutions 6		5,969		103
InnerWorkings = 6		2,260		16
Insituform Technologies, Class A =		2,031		27
Insteel Industries		1,288		13
Integrated Electrical Services = 6		563		7
Interline Brands = 6		2,315		25
International Shipholding		432		11
Jackson Hewitt Tax Service		2,053		28
JetBlue Airways = 6		12,756		71
Kadant =		1,020		17
Kaman		1,874		48
Kaydon 6		2,029		68
Kelly Services, Class A		1,877		27
Kenexa =		1,758		16
Key Technology =		403		6
Kforce =		2,259		18
Knight Transportation 6		4,291		68
Knoll		3,462		50
Korn/Ferry International = 6		3,398		47
K-Tron International =		174		16
LaBarge =		872		12
Ladish = 6		1,110		19
Lawson Products		284		8
Layne Christensen = 6		1,405		37
LB Foster = 6		818		22
Learning Tree International =		640		8
LECG =		1,850		9
Lindsay Manufacturing 6		873		42
LMI Aerospace =		621		9
LSI Industries		1,688		13
Lydall =		1,187		8
Marten Transport = 6		1,265		23
MasTec =		3,165		28
McGrath Rentcorp		1,708		39
Medis Technologies = 6		2,304		3
Mercury Computer Systems =		1,667		12
Met Pro 6		1,076		13
Metalico = 6		1,772		6
Michael Baker =		538		13
Microvision = 6		5,013		9
Middleby = 6		1,243		50
Mobile Mini = 6		2,577		43
Moog, Class A = 6		3,123		110
Mueller Industries		2,719		62
Mueller Water Products, Class A 6		8,435		59
Multi Color		679		13
NACCO Industries, Class A 6		430		26
Navigant Consulting =		3,560		58
NCI Building Systems =		1,446		27
Nordic American Tanker Shipping 6		2,456		73
Nordson 6		2,468		91
Odyssey Marine Exploration = 6		3,438		13
Old Dominion Freight Line = 6		2,252		68
Omega Flex		223		5
On Assignment =		2,533		16
Orbital Sciences = 6		4,314		88
Orion Energy Systems = 6		650		3
Orion Marine Group =		1,542		8
Pacer International		2,562		29
Park-Ohio Holdings =		568		4
Patriot Transportation Holdings =		115		8
PeopleSupport =		1,735		21
Perini =		3,425		65
PHH =		3,918		32
Pico Holdings =		1,157		29
Pike Electric =		1,210		11
Plug Power =		5,729		6
PMFG = 6		942		10
Polypore International =		1,140		10
Portfolio Recovery Associates = 6		1,050		38
Powell Industries =		565		10
Power-One = 6		5,244		6
Powersecure International =		1,210		5
Preformed Line Products 6		194		8
Pre-Paid Legal Services =		620		24
PRG-Schultz International =		1,072		5
Princeton Review =		956		5
Protection One = 6		444		3
The Provident Service =		893		1
Quanex Building Products 6		2,718		25
Raven Industries		1,172		38
RBC Bearings =		1,577		37
Regal-Beloit		2,371		77
Republic Airways Holdings =		2,576		38
Resources Connection =		3,523		61
Robbins & Myers		2,101		43
Rollins		2,929		51
RSC Holdings =		3,402		25
Rush Enterprises =		2,431		23
Saia =		992		10
Schawk		1,277		17
School Specialty = 6		1,342		28
SI International =		961		28
Simpson Manufacturing 6		2,742		63
SkyWest		4,300		66
Sotheby’s Holdings, Class A 6		4,963		46
Spherion =		4,043		13
Standard Parking =		804		17
Standard Register		1,174		10
Standex International		842		22
Stanley = 6		647		22
Sterling Construction =		824		11
Sun Hydraulics		854		18
TAL International Group		924		15
Taleo, Class A = 6		1,612		22
TBS International = 6		768		7
Team =		1,320		37
Tecumseh Products, Class A =		1,166		22
Teledyne Technologies = 6		2,597		118
Teletech Holdings =		2,891		26
Tennant 6		1,201		30
Tetra Tech =		4,337		95
Textainer Group Holdings		685		8
Thermadyne Holdings =		957		9
Titan International		2,525		29
Titan Machinery = 6		524		6
TransDigm Group = 6		2,435		73
Tredegar		2,189		32
Trex = 6		1,113		18
Trimas =		1,072		4
Triumph Group 6		1,218		53
TrueBlue =		3,247		27
TurboChef Technologies = 6		1,688		8
Twin Disc		635		5
UAL 6		9,268		135
Ultralife Batteries =		898		8
Ultrapetrol Bahamas = 6		1,842		8
United Stationers =		1,702		64
Universal Forest Products		1,217		29
Universal Technical Institute = 6		1,684		28

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

34   First American Funds 2008 Annual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Universal Truckload Services =		437	$	7
US Airways Group =		8,387		85
Valence Technology = 6		3,626		8
Viad		1,513		33
Vicor		1,335		9
Volt Information Sciences =		1,061		8
VSE		287		9
Wabash National		2,250		14
Waste Connections = 6		5,180		175
Waste Services =		1,698		10
Watsco 6		1,722		71
Watson Wyatt & Company Holdings 6		3,088		131
Watts Water Technologies, Class A 6		2,139		57
Werner Enterprises 6		3,217		63
Westinghouse Air Brake Technologies		3,568		142
Woodward Governor 6		4,327		139
YRC Worldwide = 6		4,183		19
				9,644
Information Technology – 15.2%
3Com =		29,536		81
3PAR =		1,947		12
Accelrys =		1,915		9
ACI Worldwide = 6		2,560		35
Acme Packet =		1,942		9
Actel =		1,763		21
Actuate =		4,413		13
Acxiom 6		4,501		35
Adaptec =		8,911		29
ADTRAN 6		4,064		62
Advanced Analogic Technologies =		3,263		10
Advanced Energy Industries =		2,414		26
Advent Software = 6		1,281		24
Agilysys		1,632		7
Airvana =		1,723		8
American Software, Class A		1,610		7
Amkor Technology =		7,984		32
ANADIGICS = 6		4,584		8
Anaren =		1,201		15
Anixter International = 6		2,187		73
Applied Micro Circuits = 6		4,868		25
Arcsight =		492		3
Ariba =		6,262		67
Arris Group =		9,099		63
Art Technology Group =		9,317		18
AsiaInfo Holdings =		2,505		28
Asyst Technologies =		3,572		2
Atheros Communications = 6		4,372		79
ATMI =		2,365		29
Audiovox =		1,192		7
Authentec =		1,791		3
Avanex = 6		961		3
Avid Technology =		2,551		38
Avocent =		3,277		49
Axcelis Technologies =		7,076		3
Bankrate = 6		938		31
BearingPoint = 6		16,058		3
Bel Fuse		771		17
Belden 6		3,224		67
Benchmark Electronics =		4,941		59
Bidz =		414		3
Black Box		1,192		36
Blackbaud 6		3,275		50
Blackboard =		2,265		55
Blue Coat Systems =		2,426		33
Bookham = 6		7,203		4
Bottomline Technologies =		1,569		12
Brightpoint = 6		3,652		21
Brooks Automation =		4,651		32
Cabot Microelectronics =		1,630		47
CACI International, Class A = 6		2,219		91
Callidus Software =		2,153		7
Cass Information Systems 6		488		17
Cavium Networks = 6		2,218		28
Ceva =		1,439		12
Checkpoint Systems =		2,882		36
China Fire & Security Group =		1,031		9
China Information Security Technology = 6		1,638		6
Chordiant Software =		2,277		8
CIBER =		3,951		21
Cirrus Logic =		5,257		30
Cogent = 6		2,965		27
Cognex 6		3,087		49
Cogo Group = 6		1,841		10
Coherent =		1,688		43
Cohu		1,539		22
Commvault Systems =		3,056		33
Compellent Technologies =		1,009		11
comScore =		1,316		16
Comtech Telecommunications = 6		1,784		86
Comverge =		1,560		7
Concur Technologies =		3,156		80
Constant Contact = 6		1,453		17
CPI International =		697		7
Cray =		2,299		7
CSG Systems International =		2,573		43
CTS		2,494		17
CyberSource = 6		5,083		62
Cymer =		2,181		53
Daktronics 6		2,372		24
Data Domain = 6		2,362		44
DealerTrack Holdings = 6		3,122		33
Deltek =		899		5
DemandTec =		1,403		10
Dice Holdings = 6		1,144		5
Digi International = 6		1,826		19
Digimarc =		413		4
Digital River = 6		2,719		67
Diodes = 6		2,060		20
Dionex =		1,307		70
Divx =		1,926		13
Double-take Software =		1,234		9
DSP Group =		1,925		12
DTS =		1,490		31
Eagle Test Systems =		990		15
EarthLink =		8,087		56
Ebix =		432		11
Echelon = 6		2,172		18
Electro Scientific Industries =		2,096		18
Electronics for Imaging =		3,940		42
Elixir Gaming Technologies = 6		4,841		1
EMCORE = 6		5,374		19
Emulex =		6,182		59
EnerNOC = 6		691		5
Entegris =		8,167		22
Entropic Communications =		666		1
Entrust =		4,380		6
Epicor Software =		4,516		32
EPIQ Systems = 6		2,557		35
Euronet Worldwide = 6		3,409		41
Exar =		2,751		18
Exlservice Holdings =		1,034		8

First American Funds 2008 Annual Report   35

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Extreme Networks =		6,509	$	12
Fair Isaac		3,583		56
FalconStor Software =		2,761		8
FARO Technologies =		1,192		18
FEI = 6		2,687		56
Finisar =		28,971		18
FormFactor = 6		3,597		63
Forrester Research =		1,227		34
Foundry Networks = 6		10,749		160
Gartner, Class A = 6		4,362		80
Gerber Scientific =		1,786		9
Globecomm Systems =		1,441		11
Guidance Software =		666		2
Hackett Group =		2,943		9
Harmonic =		6,894		49
Harris Stratex Networks, Class A =		1,926		13
Heartland Payment Systems 6		1,745		30
Hittite Microwave =		1,397		46
HSW International = 6		1,993		2
Hughes Communications =		513		8
Hutchinson Technology =		1,911		13
Hypercom =		3,673		7
i2 Technologies = 6		1,101		16
iBasis =		2,265		5
ICx Technologies = 6		979		8
iGATE =		1,773		12
Imation		2,303		28
Immersion =		2,251		12
Infinera = 6		6,797		53
Infogroup 6		2,509		11
Informatica =		6,483		91
InfoSpace		2,519		22
Integral Systems =		1,280		31
Interactive Intelligence =		1,024		8
Interdigital =		3,322		72
Intermec =		4,537		59
Internap Network Services =		3,693		11
Internet Brands =		1,585		10
Internet Capital Group =		2,835		16
Interwoven =		3,335		42
Intevac =		1,644		13
IPG Photonics =		1,373		19
Isilon Systems = 6		1,815		6
Ixia =		3,040		20
IXYS		1,785		14
J2 Global Communications =		3,253		52
Jack Henry & Associates 6		5,630		107
JDA Software = 6		1,749		25
KEMET =		6,190		4
Keynote Systems =		988		10
The Knot =		2,043		14
Kopin =		4,933		11
Kulicke & Soffa =		4,267		13
L-1 Identity Solutions =		4,768		39
Landauer		708		38
Lattice Semiconductor =		8,530		16
Lawson Software = 6		9,403		50
Limelight Networks =		2,061		5
Liquidity Services =		1,046		9
Littelfuse = 6		1,531		29
LoopNet = 6		2,118		16
Loral Space & Communications =		860		10
LTX-Credence =		9,216		6
Macrovision Solutions =		6,040		67
Magma Design Automation =		3,244		8
Manhattan Associates =		1,870		31
ManTech International =		1,486		80
Marchex 6		1,947		15
Mattson Technology =		3,640		10
Maximus 6		1,250		40
Maxwell Technologies = 6		1,305		12
Measurement Specialties =		1,108		12
Mentor Graphics =		6,649		49
Mercadolibre =		1,867		26
Methode Electronics, Class A		2,784		21
Micrel		3,801		28
MICROS Systems = 6		5,966		102
Microsemi = 6		5,761		125
MicroStrategy =		655		26
Microtune =		4,026		10
Midway Games = 6		1,434		1
MIPS Technologies, Class A =		3,287		9
MKS Instruments =		3,672		68
ModusLink Global Solutions =		3,611		20
Monolithic Power Systems =		1,923		33
Monotype Imaging Holdings =		1,078		7
MPS Group = 6		7,093		55
MRV Communications =		11,239		8
MSC.Software =		3,312		28
MTS Systems 6		1,212		39
Multi-Fineline Electronix = 6		630		7
NCI = 6		465		11
Ness Technologies = 6		2,804		21
Net 1 UEPS Technologies =		3,294		46
Netezza =		2,820		27
NETGEAR = 6		2,560		28
Netlogic Microsystems = 6		1,266		27
NetScout Systems =		2,107		20
NetSuite =		483		5
Neutral Tandem =		1,191		21
Newport =		2,637		19
Nextwave Wireless =		3,465		1
NIC		2,940		16
Novatel Wireless =		2,293		12
NVE =		332		9
Omniture = 6		4,598		53
OmniVision Technologies = 6		3,962		32
Online Resources =		2,061		7
OpenTV = 6		6,377		8
Oplink Communications =		1,330		11
OPNET Technologies =		943		12
Opnext =		1,406		6
Orbcomm = 6		2,261		7
OSI Systems =		1,237		14
OYO Geospace =		317		9
Palm = 6		7,854		31
Parametric Technology = 6		8,486		110
Park Electrochemical 6		1,374		30
ParkerVision = 6		1,644		8
PC Connection =		639		4
PC-Tel		1,492		9
Pegasystems		934		12
Perficient = 6		2,343		13
Pericom Semiconductor =		2,098		16
Perot Systems, Class A =		6,374		92
Phase Forward = 6		3,153		45
Phoenix Technologies =		1,968		9
Photronics =		3,166		2
Plantronics		3,607		52
Plexus =		3,168		59
PLX Technology =		2,075		7
PMC-Sierra = 6		16,117		75

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

36   First American Funds 2008 Annual Report

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
Polycom = 6		6,380	$	134
Power Integrations =		2,200		46
Powerwave Technologies = 6		9,626		9
Presstek =		1,973		8
Progress Software =		3,043		70
PROS Holdings =		920		5
QAD		1,086		6
Quality Systems 6		1,283		49
Quantum =		14,750		4
Quest Software =		5,332		71
Rackable Systems =		2,187		16
Rackspace Hosting =		1,273		7
Radiant Systems =		1,920		10
RadiSys =		1,565		10
RealNetworks =		6,510		28
Renaissance Learning		576		8
RF Micro Devices =		19,271		38
RightNow Technologies = 6		2,049		13
Rimage =		691		10
Riverbed Technology = 6		4,108		51
Rofin-Sinar Technologies =		2,175		48
Rogers =		1,298		39
Rubicon Technology =		948		5
Rudolph Technologies =		2,212		7
S1 =		3,862		24
Safeguard Scientifics =		9,654		8
Sanmina – SCI =		38,889		29
Sapient =		6,471		36
SAVVIS = 6		2,770		24
ScanSource =		1,902		38
SeaChange International =		2,075		16
Secure Computing =		3,785		21
Semitool =		1,632		10
Semtech = 6		4,523		55
Shoretel =		3,097		15
Sigma Designs = 6		1,955		22
Silicon Image =		5,959		27
Silicon Storage Technology =		6,863		22
SiRF Technology Holdings = 6		4,337		4
Skyworks Solutions = 6		11,941		85
Smart Modular Technologies =		3,468		9
Smith Micro Software =		2,201		14
Solera Holdings = 6		3,802		95
Sonic Solutions =		2,098		4
SonicWALL =		4,376		20
Sonus Networks = 6		16,382		36
Sourcefire =		1,431		9
Spansion =		9,120		6
SPSS =		1,264		30
SRA International, Class A = 6		3,134		58
Standard Microsystems =		1,674		30
Starent Networks = 6		2,179		22
STEC = 6		2,302		13
Stratasys =		1,512		18
SuccessFactors = 6		1,634		13
Super Micro Computer =		1,581		10
Supertex =		818		20
Supportsoft =		3,308		8
Switch & Data Facilities = 6		1,467		14
Sybase = 6		5,842		156
Sycamore Networks		14,007		47
Sykes Enterprises = 6		2,359		38
Symmetricom =		3,733		17
Synaptics = 6		2,491		77
Synchronoss Technologies = 6		1,618		13
SYNNEX =		1,245		19
Syntel 6		923		23
Take-Two Interactive Software =		5,631		67
TASER International = 6		4,612		23
Technitrol		3,039		18
Techtarget =		995		5
Techwell =		1,055		9
Tekelec =		4,778		61
Telecommunication Systems =		2,407		17
Terremark Worldwide =		3,825		17
Tessera Technologies =		3,543		61
TheStreet.com 6		1,404		6
THQ =		4,913		37
TIBCO Software = 6		13,741		71
TNS =		1,921		27
Transmeta = 6		869		14
Trident Microsystems =		4,469		8
TriQuint Semiconductor = 6		10,586		47
TTM Technologies =		3,088		22
Tyler Technologies =		2,709		37
Ultimate Software Group =		1,814		24
Ultra Clean Holdings = 6		1,286		4
Ultratech =		1,713		26
Unica =		1,011		5
United Online 6		5,566		41
Universal Display = 6		2,119		23
UTStarcom = 6		8,093		19
ValueClick = 6		6,832		51
VASCO Data Security International =		1,968		22
Veeco Instruments =		2,349		18
VeriFone Holdings = 6		5,005		57
ViaSat =		1,856		34
Vignette =		1,981		16
Virtusa =		631		3
Vocus = 6		1,149		19
Volterra Semiconductor =		1,813		17
Web.com Group =		1,976		10
Websense = 6		3,307		65
Wind River Systems =		5,275		46
Wright Express = 6		2,843		39
Zoran = 6		3,818		31
Zygo =		1,164		10
				9,775
Materials – 3.9%
A. Schulman 6		1,997		36
A.M. Castle & Company 6		1,209		15
AbitibiBowater = 6		3,894		8
AEP Industries =		383		8
Allied Nevada Gold =		3,218		11
AMCOL International		1,889		46
American Vanguard 6		1,515		22
Apex Silver Mines = 6		4,014		5
Arch Chemicals		1,798		51
Balchem		1,293		33
Boise =		2,614		2
Brush Engineered Metals =		1,494		18
Buckeye Technologies =		2,888		17
BWAY Holding Company =		534		4
Calgon Carbon = 6		3,015		40
Cambrex =		1,941		9
Coeur D’Alene Mines = 6		40,597		29
Compass Minerals International 6		2,373		130
Deltic Timber		764		35
Ferro 6		3,202		50
Flotek Industries = 6		1,659		8
General Moly = 6		4,622		9

First American Funds 2008 Annual Report   37

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Small Cap Index Fund (continued)
DESCRIPTION	SHARES		VALUE
General Steel Holdings =		769	$	4
Gibraltar Industries		1,981		26
Glatfelter		3,333		34
GrafTech International =		8,792		71
Graphic Packaging Holding = 6		10,649		20
H.B. Fuller 6		3,824		68
Haynes International =		872		22
Headwaters = 6		3,076		33
Hecla Mining = 6		9,364		23
Hercules		8,335		140
Horsehead Holding =		2,557		9
Innophos Holdings 6		761		20
Innospec		1,713		15
Kaiser Aluminum 6		1,154		39
Kapstone Paper & Packaging =		1,282		6
Koppers Holdings 6		1,526		36
Landec =		1,699		16
Louisiana Pacific		7,566		36
LSB Industries =		1,281		11
Mercer International = 6		2,206		6
Minerals Technologies 6		1,384		79
Myers Industries		2,086		22
Neenah Paper 6		1,044		9
NewMarket Group		987		37
NL Industries		706		10
NN		1,134		8
Northwest Pipe = 6		670		19
Olin 6		5,476		99
Olympic Steel		662		15
OM Group = 6		2,238		48
Penford		804		10
PolyOne =		6,833		32
Quaker Chemical		735		14
Rock-Tenn, Class A		2,793		85
Rockwood Holdings = 6		3,054		38
Royal Gold		2,063		59
RTI International Metals = 6		1,685		27
Schweitzer-Mauduit International		1,109		19
Sensient Technologies 6		3,186		80
ShengdaTech = 6		2,181		11
Silgan Holdings 6		1,825		85
Solutia =		6,394		62
Spartech		2,179		14
Stepan		454		16
Stillwater Mining = 6		2,903		12
Sutor Tech Group =		545		1
Symyx Technologies =		2,478		11
Texas Industries 6		1,776		56
United States Lime & Minerals =		128		3
Universal Stainless & Alloy =		485		9
Uranium Resources =		3,559		3
US Concrete =		2,912		9
USEC = 6		8,144		34
Verso Paper =		1,002		2
W.R. Grace & Company =		5,314		48
Wausau-Mosinee Paper		3,341		31
Westlake Chemical		1,413		26
Worthington Industries		4,712		57
Zep		1,649		35
Zoltek Companies = 6		2,016		24
				2,480
Telecommunication Services – 1.0%
Alaska Communications Systems Group		2,892		27
Aruba Networks = 6		3,853		12
Atlantic Tele-Network		676		16
Bigband Networks =		2,349		9
Cbeyond = 6		1,764		21
Centennial Communications, Class A =		4,815		17
Cincinnati Bell = 6		18,188		44
Cogent Communications Group = 6		3,505		17
Consolidated Communications Holdings		1,555		16
EMS Technologies =		1,218		26
FairPoint Communications 6		6,365		25
Fibertower = 6		8,601		6
General Communication, Class A =		4,070		31
Global Crossing =		2,326		16
GlobalStar =		1,402		1
Hungarian Telephone & Cable =		221		2
ICO Global Communication Holdings =		7,490		12
IDT =		3,472		4
Iowa Telecommunication Services 6		2,146		32
iPCS =		1,256		21
NTELOS Holdings 6		2,190		57
Paetec Holding =		9,052		8
Premiere Global Services = 6		4,672		47
Shenandoah Telecommunications		1,724		41
Syniverse Holdings =		3,759		71
Terrestar =		4,157		3
tw telecom = 6		10,777		76
USA Mobility		1,561		15
Virgin Mobile USA, Class A =		2,197		2
Vonage Holdings = 6		4,420		4
				679
Utilities – 3.8%
Allete 6		1,749		61
American States Water		1,467		50
Avista		3,909		78
Black Hills		2,766		70
California Water Service		1,437		54
Central Vermont Public Service		710		14
CH Energy Group		1,173		48
Chesapeake Utilities		486		15
CLECO 6		4,410		101
Connecticut Water Service		303		8
Consolidated Water 6		1,001		14
El Paso Electric =		3,146		58
Empire District Electric 6		2,277		44
IDACORP 6		3,303		88
ITC Holdings		3,620		147
Laclede Group		1,862		97
MGE Energy 6		1,789		64
Middlesex Water		949		16
New Jersey Resources 6		2,971		111
Nicor 6		3,327		154
Northwest Natural Gas 6		1,701		87
NorthWestern 6		2,652		52
Ormat Technologies		1,312		32
Otter Tail		2,227		52
Piedmont Natural Gas 6		4,996		164
PNM Resources 6		5,636		55
Portland General Electric		4,472		92
SJW 6		1,269		35
South Jersey Industries		2,417		82
Southwest Gas 6		2,896		76
Southwest Water 6		1,726		14
Synthesis Energy Systems =		1,869		4
UIL Holdings		1,936		64
UniSource Energy Holding 6		2,522		70
US Geothermal =		4,435		4
Westar Energy 6		7,586		148

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

38   First American Funds 2008 Annual Report

Small Cap Index Fund (concluded)
DESCRIPTION	SHARES/PAR		VALUE
WGL Holdings 6		3,580	$	115
				2,438
Total Common Stocks
(Cost $69,017)				59,475
Warrants ⊡ – 0.0%
Greenhunter Energy, Warrants		30		—
Lantronix, Warrants		39		—
Pegasus Wireless, Warrants		604		—
(Cost $0)				—
Short-Term Investments – 7.4%
Money Market Fund – 6.5%
First American Prime Obligations Fund, Class Z Å		4,155,641		4,156
U.S. Treasury Obligation – 0.9%
U.S. Treasury Bill
2.074%, 12/18/2008 o	$	600		598
Total Short-Term Investments
(Cost $4,754)				4,754
Investment Purchased with Proceeds from Securities Lending – 42.6%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $27,423)		27,423,472		27,423
Total Investments – 142.5%
(Cost $101,194)				91,652
Other Assets and Liabilities, Net – (42.5)%				(27,340	)
Total Net Assets – 100.0%			$	64,312

=	Non-income producing security
6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $26,956 at October 31, 2008. See note 2 in Notes to Financial Statements.
⊡	Security is fair valued and illiquid. As of October 31, 2008, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2008. See note 2 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of		Notional
	Contracts		Contract		Settlement	Unrealized
Description	Purchased		Value		Month	Depreciation
Russell 2000 Futures		89	$	4,775	December 2008	$	(568	)

First American Funds 2008 Annual Report   39

Statements ofAssets and Liabilities   October 31, 2008, all dollars and shares are rounded to thousands (000),
except per share data

	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund
Unaffiliated investments, at cost	$	905,151		$	223,716		$	69,615
Affiliated investments, at cost		21,898			12,269			4,156
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		360,899			90,544			27,423
ASSETS:
Unaffiliated investments, at value* (note 2)	$	1,076,847		$	187,165		$	60,073
Affiliated investments, at value* (note 2)		23,535			12,269			4,156
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		360,899			90,544			27,423
Cash		34			—			—
Receivable for dividends and interest		1,809			225			86
Receivable for investments sold		261			1,344			48
Receivable for capital shares sold		1,379			747			34
Receivable for variation margin		112			214			180
Receivable from advisor (note 3)		—			—			27
Prepaid expenses and other assets		34			41			35
Total assets		1,464,910			292,549			92,062
LIABILITIES:
Payable upon return of securities loaned (note 2)		360,899			90,544			27,423
Payable for investments purchased		179			811			56
Payable for capital shares redeemed		2,066			304			203
Payable to affiliates (note 3)		370			70			46
Payable for distribution and shareholder servicing fees		48			10			4
Accrued expenses and other liabilities		9			—			18
Total liabilities		363,571			91,739			27,750
Net assets	$	1,101,339		$	200,810		$	64,312
COMPOSITION OF NET ASSETS:
Portfolio capital	$	945,222		$	226,604		$	66,726
Undistributed net investment income		2,285			806			281
Accumulated net realized gain (loss) on investments (note 2)		(16,595	)		13,317			7,415
Net unrealized appreciation (depreciation) of:
Investments		173,333			(36,551	)		(9,542	)
Futures contracts		(2,906	)		(3,366	)		(568	)
Net assets	$	1,101,339		$	200,810		$	64,312
* Including securities loaned, at value	$	353,304		$	89,533		$	26,956
Class A:
Net assets	$	114,654		$	11,374		$	6,043
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		6,509			1,288			678
Net asset value, and redemption price per share	$	17.61		$	8.83		$	8.91
Maximum offering price per share1	$	18.63		$	9.34		$	9.43
Class B:
Net assets	$	12,856		$	1,140		$	685
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		741			132			80
Net asset value, offering price, and redemption price per share2	$	17.35		$	8.61		$	8.56
Class C:
Net assets	$	9,784		$	3,101		$	1,531
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		560			359			177
Net asset value, offering price, and redemption price per share2	$	17.46		$	8.64		$	8.66
Class R:
Net assets	$	9,463		$	8,157		$	1,121
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		538			931			128
Net asset value, offering price, and redemption price per share	$	17.58		$	8.76		$	8.76
Class Y:
Net assets	$	954,582		$	177,038		$	54,932
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		54,208			20,019			6,161
Net asset value, offering price, and redemption price per share	$	17.61		$	8.84		$	8.92

1	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
2	Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

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

40   First American Funds 2008 Annual Report

Statements ofOperations   For the year ended October 31, 2008, all dollars are rounded to thousands (000)

	Equity			Mid Cap			Small Cap
	Index Fund			Index Fund			Index Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments	$	34,695		$	4,054		$	1,190
Dividends from affiliated investments		1,394			368			166
Interest from unaffiliated investments		87			25			14
Less: Foreign taxes withheld		(1	)		—			—
Securities lending income		1,992			676			346
Total investment income		38,167			5,123			1,716
EXPENSES (note 3):
Investment advisory fees		4,044			713			360
Administration fees		3,578			652			262
Transfer agent fees		454			128			134
Custodian fees		82			15			5
Legal fees		13			15			15
Audit fees		27			27			27
Registration fees		64			57			51
Postage and printing fees		107			20			7
Directors’ fees		28			28			28
Other expenses		74			32			65
Distribution and shareholder servicing fees:
Class A		418			38			19
Class B		216			18			10
Class C		149			44			22
Class R		39			34			5
Total expenses		9,293			1,821			1,010
Less: Fee waivers (note 3)		(2,516	)		(273	)		(439	)
Less: Indirect payments from custodian (note 3)		(3	)		(2	)		—
Total net expenses		6,774			1,546			571
Investment income – net		31,393			3,577			1,145
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 6):
Net realized gain (loss) on:
Unaffiliated investments		11,988			19,413			11,307
Affiliated investments (note 4)		254			—			—
Redemption-in-kind (note 8)		33,430			—			—
Futures contracts		(14,113	)		(3,523	)		(1,568	)
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		(721,395	)		(134,758	)		(46,893	)
Affiliated investments		(1,060	)		—			—
Futures contracts		(3,051	)		(3,623	)		(577	)
Net loss on investments and futures contracts		(693,947	)		(122,491	)		(37,731	)
Net decrease in net assets resulting from operations	$	(662,554	)	$	(118,914	)	$	(36,586	)

First American Funds 2008 Annual Report   41

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

				Equity						Mid Cap						Small Cap
				Index Fund						Index Fund						Index Fund
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
OPERATIONS:
Investment income – net	$	31,393		$	31,846		$	3,577		$	4,582		$	1,145		$	1,583
Net realized gain (loss) on:
Unaffiliated investments		11,988			37,487			19,413			38,080			11,307			13,831
Affiliated investments (note 4)		254			767			—			—			—			—
Redemption-in-kind (note 8)		33,430			121,979			—			—			—			—
Futures contracts		(14,113	)		1,031			(3,523	)		1,065			(1,568	)		231
Net change in unrealized appreciation or depreciation of:
Unaffiliated investments		(721,395	)		75,164			(134,758	)		12,962			(46,893	)		(3,070	)
Affiliated investments		(1,060	)		(966	)		—			—			—			—
Futures contracts		(3,051	)		(447	)		(3,623	)		(65	)		(577	)		(89	)
Net increase (decrease) in net assets resulting from operations		(662,554	)		266,861			(118,914	)		56,624			(36,586	)		12,486
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,631	)		(2,903	)		(126	)		(145	)		(63	)		(82	)
Class B		(193	)		(253	)		(5	)		(5	)		(3	)		(2	)
Class C		(132	)		(134	)		(11	)		(10	)		(6	)		(5	)
Class R		(101	)		(56	)		(42	)		(35	)		(6	)		(3	)
Class Y		(25,572	)		(28,278	)		(2,674	)		(3,806	)		(785	)		(1,322	)
Net realized gain on investments:
Class A		(3,893	)		(2,670	)		(1,774	)		(684	)		(947	)		(1,272	)
Class B		(552	)		(488	)		(232	)		(119	)		(132	)		(166	)
Class C		(351	)		(235	)		(548	)		(207	)		(311	)		(336	)
Class R		(144	)		(42	)		(602	)		(197	)		(86	)		(37	)
Class Y		(31,878	)		(20,073	)		(32,293	)		(15,634	)		(10,301	)		(17,014	)
Total distributions		(65,447	)		(55,132	)		(38,307	)		(20,842	)		(12,640	)		(20,239	)
CAPITAL SHARE TRANSACTIONS (note 5):
Class A:
Proceeds from sales		20,758			40,302			4,704			6,269			1,928			1,987
Reinvestment of distributions		6,237			5,055			1,717			781			975			1,274
Payments for redemptions		(49,679	)		(83,782	)		(4,543	)		(5,602	)		(1,862	)		(4,270	)
Increase (decrease) in net assets from Class A transactions		(22,684	)		(38,425	)		1,878			1,448			1,041			(1,009	)
Class B:
Proceeds from sales		770			1,244			122			218			156			413
Reinvestment of distributions		720			711			225			120			131			163
Payments for redemptions (note 3)		(10,397	)		(17,733	)		(499	)		(992	)		(320	)		(598	)
Decrease in net assets from Class B transactions		(8,907	)		(15,778	)		(152	)		(654	)		(33	)		(22	)
Class C:
Proceeds from sales		1,128			1,794			797			938			127			428
Reinvestment of distributions		449			338			502			197			285			301
Payments for redemptions (note 3)		(4,643	)		(5,352	)		(1,051	)		(636	)		(585	)		(339	)
Increase (decrease) in net assets from Class C transactions		(3,066	)		(3,220	)		248			499			(173	)		390
Class R:
Proceeds from sales		9,125			4,337			8,117			2,240			1,239			598
Reinvestment of distributions		244			98			644			232			92			40
Payments for redemptions		(2,841	)		(1,177	)		(2,163	)		(1,070	)		(379	)		(216	)
Increase in net assets from Class R transactions		6,528			3,258			6,598			1,402			952			422
Class Y:
Proceeds from sales		303,124			299,763			34,746			52,493			22,782			22,880
Reinvestment of distributions		32,635			29,030			17,958			10,219			5,060			9,132
Payments for redemptions		(464,413	)		(732,535	)		(68,345	)		(95,477	)		(44,407	)		(46,440	)
Decrease in net assets from Class Y transactions		(128,654	)		(403,742	)		(15,641	)		(32,765	)		(16,565	)		(14,428	)
Decrease in net assets from capital share transactions		(156,783	)		(457,907	)		(7,069	)		(30,070	)		(14,778	)		(14,647	)
Total increase (decrease) in net assets		(884,784	)		(246,178	)		(164,290	)		5,712			(64,004	)		(22,400	)
Net assets at beginning of period		1,986,123			2,232,301			365,100			359,388			128,316			150,716
Net assets at end of period	$	1,101,339		$	1,986,123		$	200,810		$	365,100		$	64,312		$	128,316
Undistributed (distributions in excess of) net investment income at end of period	$	2,285		$	(11	)	$	806		$	371		$	281		$	84

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

42   First American Funds 2008 Annual Report

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Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions
	Value		Net		Gains or			Total from			from Net			Distributions
	Beginning		Investment		(Losses) on			Investment			Investment			from Net			Total
	of Period		Income		Investments			Operations			Income			Realized Gains			Distributions
Equity Index Fund1
Class A
20082	$	28.67	$	0.42	$	(10.57	)	$	(10.15	)	$	(0.38	)	$	(0.53	)	$	(0.91	)
20072		25.80		0.37		3.16			3.53			(0.36	)		(0.30	)		(0.66	)
20062		22.59		0.33		3.21			3.54			(0.33	)		—			(0.33	)
20053		23.00		0.01		(0.40	)		(0.39	)		(0.02	)		—			(0.02	)
20054	��	20.91		0.34		2.09			2.43			(0.34	)		—			(0.34	)
20044		18.70		0.23		2.22			2.45			(0.24	)		—			(0.24	)
Class B
20082	$	28.27	$	0.24	$	(10.42	)	$	(10.18	)	$	(0.21	)	$	(0.53	)	$	(0.74	)
20072		25.47		0.17		3.11			3.28			(0.18	)		(0.30	)		(0.48	)
20062		22.31		0.15		3.17			3.32			(0.16	)		—			(0.16	)
20053		22.72		—		(0.40	)		(0.40	)		(0.01	)		—			(0.01	)
20054		20.66		0.18		2.06			2.24			(0.18	)		—			(0.18	)
20044		18.48		0.08		2.19			2.27			(0.09	)		—			(0.09	)
Class C
20082	$	28.45	$	0.24	$	(10.48	)	$	(10.24	)	$	(0.22	)	$	(0.53	)	$	(0.75	)
20072		25.62		0.17		3.14			3.31			(0.18	)		(0.30	)		(0.48	)
20062		22.44		0.15		3.19			3.34			(0.16	)		—			(0.16	)
20053		22.85		—		(0.40	)		(0.40	)		(0.01	)		—			(0.01	)
20054		20.78		0.18		2.07			2.25			(0.18	)		—			(0.18	)
20044		18.59		0.08		2.20			2.28			(0.09	)		—			(0.09	)
Class R5
20082	$	28.63	$	0.35	$	(10.54	)	$	(10.19	)	$	(0.33	)	$	(0.53	)	$	(0.86	)
20072		25.77		0.29		3.17			3.46			(0.30	)		(0.30	)		(0.60	)
20062		22.57		0.26		3.21			3.47			(0.27	)		—			(0.27	)
20053		22.98		0.01		(0.40	)		(0.39	)		(0.02	)		—			(0.02	)
20054		20.91		0.26		2.11			2.37			(0.30	)		—			(0.30	)
20044		18.70		0.23		2.20			2.43			(0.22	)		—			(0.22	)
Class Y
20082	$	28.66	$	0.48	$	(10.56	)	$	(10.08	)	$	(0.44	)	$	(0.53	)	$	(0.97	)
20072		25.79		0.44		3.16			3.60			(0.43	)		(0.30	)		(0.73	)
20062		22.58		0.39		3.21			3.60			(0.39	)		—			(0.39	)
20053		22.99		0.02		(0.41	)		(0.39	)		(0.02	)		—			(0.02	)
20054		20.91		0.40		2.08			2.48			(0.40	)		—			(0.40	)
20044		18.69		0.29		2.22			2.51			(0.29	)		—			(0.29	)

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

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

44   First American Funds 2008 Annual Report

																Ratio of Net
										Ratio of Net			Ratio of			Investment
										Investment			Expenses			Income (Loss)
Net Asset							Ratio of			Income			to Average			to Average
Value					Net Assets		Expenses to			(Loss)			Net Assets			Net Assets			Portfolio
End of		Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Period		Return6			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
$	17.61		(36.35	)%	$	114,654		0.62	%		1.74	%		0.78	%		1.58	%		4	%
	28.67		13.93			213,957		0.62			1.37			0.76			1.23			4
	25.80		15.76			229,185		0.62			1.36			0.77			1.21			3
	22.59		(1.70	)		234,629		0.62			0.69			0.79			0.52			—
	23.00		11.69			238,379		0.62			1.53			0.79			1.36			4
	20.91		13.12			234,349		0.62			1.13			0.79			0.96			1
$	17.35		(36.82	)%	$	12,856		1.37	%		0.99	%		1.53	%		0.83	%		4	%
	28.27		13.05			31,343		1.37			0.63			1.51			0.49			4
	25.47		14.94			43,369		1.37			0.63			1.52			0.48			3
	22.31		(1.78	)		56,097		1.37			(0.06	)		1.54			(0.23	)		—
	22.72		10.86			58,857		1.37			0.79			1.54			0.62			4
	20.66		12.31			69,828		1.37			0.38			1.54			0.21			1
$	17.46		(36.83	)%	$	9,784		1.37	%		0.99	%		1.53	%		0.83	%		4	%
	28.45		13.09			19,585		1.37			0.62			1.51			0.48			4
	25.62		14.93			20,714		1.37			0.62			1.52			0.47			3
	22.44		(1.78	)		24,195		1.37			(0.05	)		1.54			(0.22	)		—
	22.85		10.84			26,258		1.37			0.79			1.54			0.62			4
	20.78		12.28			30,111		1.37			0.38			1.54			0.21			1
$	17.58		(36.51	)%	$	9,463		0.87	%		1.49	%		1.03	%		1.33	%		4	%
	28.63		13.65			7,230		0.87			1.07			1.01			0.93			4
	25.77		15.47			3,419		0.87			1.08			1.15			0.80			3
	22.57		(1.72	)		1,715		0.87			0.44			1.19			0.12			—
	22.98		11.38			1,663		0.87			1.14			1.19			0.82			4
	20.91		13.00			333		0.62			1.13			0.79			0.96			1
$	17.61		(36.18	)%	$	954,582		0.37	%		1.99	%		0.53	%		1.83	%		4	%
	28.66		14.22			1,714,008		0.37			1.62			0.51			1.48			4
	25.79		16.07			1,935,614		0.37			1.61			0.52			1.46			3
	22.58		(1.69	)		1,882,517		0.37			0.94			0.54			0.77			—
	22.99		11.92			1,940,567		0.37			1.78			0.54			1.61			4
	20.91		13.45			1,979,198		0.37			1.38			0.54			1.21			1

First American Funds 2008 Annual Report   45

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions
	Value		Net			Gains			Total from			from Net			Distributions
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions
Mid Cap Index Fund1
Class A
20082	$	15.69	$	0.13		$	(5.30	)	$	(5.17	)	$	(0.10	)	$	(1.59	)	$	(1.69	)
20072		14.25		0.15			2.08			2.23			(0.13	)		(0.66	)		(0.79	)
20062		13.52		0.11			1.55			1.66			(0.11	)		(0.82	)		(0.93	)
20053		13.82		—			(0.30	)		(0.30	)		—			—			—
20054		11.84		0.09			2.40			2.49			(0.09	)		(0.42	)		(0.51	)
20044		10.36		0.05			1.67			1.72			(0.05	)		(0.19	)		(0.24	)
Class B
20082	$	15.36	$	0.04		$	(5.17	)	$	(5.13	)	$	(0.03	)	$	(1.59	)	$	(1.62	)
20072		13.98		0.04			2.03			2.07			(0.03	)		(0.66	)		(0.69	)
20062		13.28		—			1.53			1.53			(0.01	)		(0.82	)		(0.83	)
20053		13.59		(0.01	)		(0.30	)		(0.31	)		—			—			—
20054		11.67		(0.01	)		2.37			2.36			(0.02	)		(0.42	)		(0.44	)
20044		10.25		(0.03	)		1.64			1.61			—			(0.19	)		(0.19	)
Class C
20082	$	15.41	$	0.04		$	(5.19	)	$	(5.15	)	$	(0.03	)	$	(1.59	)	$	(1.62	)
20072		14.03		0.04			2.03			2.07			(0.03	)		(0.66	)		(0.69	)
20062		13.32		—			1.55			1.55			(0.02	)		(0.82	)		(0.84	)
20053		13.63		(0.01	)		(0.30	)		(0.31	)		—			—			—
20054		11.70		(0.01	)		2.38			2.37			(0.02	)		(0.42	)		(0.44	)
20044		10.28		(0.03	)		1.64			1.61			—			(0.19	)		(0.19	)
Class R5
20082	$	15.60	$	0.10		$	(5.27	)	$	(5.17	)	$	(0.08	)	$	(1.59	)	$	(1.67	)
20072		14.19		0.11			2.07			2.18			(0.11	)		(0.66	)		(0.77	)
20062		13.48		0.07			1.55			1.62			(0.09	)		(0.82	)		(0.91	)
20053		13.78		—			(0.30	)		(0.30	)		—			—			—
20054		11.83		0.04			2.41			2.45			(0.08	)		(0.42	)		(0.50	)
20044		10.36		0.06			1.65			1.71			(0.05	)		(0.19	)		(0.24	)
Class Y
20082	$	15.70	$	0.17		$	(5.31	)	$	(5.14	)	$	(0.13	)	$	(1.59	)	$	(1.72	)
20072		14.27		0.19			2.07			2.26			(0.17	)		(0.66	)		(0.83	)
20062		13.53		0.15			1.56			1.71			(0.15	)		(0.82	)		(0.97	)
20053		13.83		0.01			(0.31	)		(0.30	)		—			—			—
20054		11.84		0.12			2.41			2.53			(0.12	)		(0.42	)		(0.54	)
20044		10.37		0.08			1.66			1.74			(0.08	)		(0.19	)		(0.27	)

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

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

46   First American Funds 2008 Annual Report

													Ratio of			Ratio of Net
										Ratio of Net			Expenses			Investment
Net Asset							Ratio of			Investment			to Average			Income (Loss)
Value					Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
End of		Total			End of		Average			to Average			(Excluding			Net Assets			Turnover
Period		Return6			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate
$	8.83		(36.46	)%	$	11,374		0.74	%		1.04	%		0.84	%		0.94	%		15	%
	15.69		16.32			17,868		0.75			1.02			0.81			0.96			15
	14.25		12.70			14,722		0.75			0.77			0.81			0.71			7
	13.52		(2.17	)		14,318		0.75			0.26			0.80			0.21			1
	13.82		21.43			14,827		0.75			0.68			0.82			0.61			15
	11.84		16.80			11,987		0.75			0.47			0.80			0.42			14
$	8.61		(36.90	)%	$	1,140		1.48	%		0.29	%		1.58	%		0.19	%		15	%
	15.36		15.41			2,248		1.50			0.32			1.56			0.26			15
	13.98		11.87			2,678		1.50			0.03			1.56			(0.03	)		7
	13.28		(2.28	)		3,485		1.50			(0.49	)		1.55			(0.54	)		1
	13.59		20.57			3,546		1.50			(0.08	)		1.57			(0.15	)		15
	11.67		15.88			3,133		1.50			(0.27	)		1.55			(0.32	)		14
$	8.64		(36.91	)%	$	3,101		1.48	%		0.30	%		1.58	%		0.20	%		15	%
	15.41		15.39			5,287		1.50			0.28			1.56			0.22			15
	14.03		11.96			4,320		1.50			0.02			1.56			(0.04	)		7
	13.32		(2.27	)		3,388		1.50			(0.49	)		1.55			(0.54	)		1
	13.63		20.60			3,533		1.50			(0.08	)		1.57			(0.15	)		15
	11.70		15.83			2,653		1.50			(0.27	)		1.55			(0.32	)		14
$	8.76		(36.66	)%	$	8,157		1.00	%		0.80	%		1.10	%		0.70	%		15	%
	15.60		16.01			5,913		1.00			0.78			1.06			0.72			15
	14.19		12.40			4,032		1.00			0.47			1.17			0.30			7
	13.48		(2.18	)		131		1.00			0.01			1.20			(0.19	)		1
	13.78		21.09			122		1.00			0.28			1.22			0.06			15
	11.83		16.62			1		0.75			0.49			0.80			0.44			14
$	8.84		(36.31	)%	$	177,038		0.49	%		1.29	%		0.59	%		1.19	%		15	%
	15.70		16.52			333,784		0.50			1.29			0.56			1.23			15
	14.27		13.05			333,636		0.50			1.03			0.56			0.97			7
	13.53		(2.17	)		342,072		0.50			0.51			0.55			0.46			1
	13.83		21.82			353,354		0.50			0.92			0.57			0.85			15
	11.84		16.97			313,403		0.50			0.73			0.55			0.68			14

First American Funds 2008 Annual Report   47

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset					Unrealized						Distributions
	Value		Net			Gains or			Total from			from Net			Distributions
	Beginning		Investment			(Losses) on			Investment			Investment			from Net			Total
	of Period		Income (Loss)			Investments			Operations			Income			Realized Gains			Distributions
Small Cap Index Fund1
Class A
20082	$	15.37	$	0.13		$	(4.88	)	$	(4.75	)	$	(0.10	)	$	(1.61	)	$	(1.71	)
20072		16.23		0.14			1.13			1.27			(0.12	)		(2.01	)		(2.13	)
20062		14.12		0.07			2.56			2.63			(0.10	)		(0.42	)		(0.52	)
20053		14.57		—			(0.45	)		(0.45	)		—			—			—
20054		13.38		0.07			2.17			2.24			(0.06	)		(0.99	)		(1.05	)
20044		11.47		0.04			1.98			2.02			(0.03	)		(0.08	)		(0.11	)
Class B
20082	$	14.86	$	0.04		$	(4.70	)	$	(4.66	)	$	(0.03	)	$	(1.61	)	$	(1.64	)
20072		15.77		0.03			1.09			1.12			(0.02	)		(2.01	)		(2.03	)
20062		13.76		(0.04	)		2.48			2.44			(0.01	)		(0.42	)		(0.43	)
20053		14.21		(0.01	)		(0.44	)		(0.45	)		—			—			—
20054		13.15		(0.03	)		2.08			2.05			—			(0.99	)		(0.99	)
20044		11.33		(0.06	)		1.96			1.90			—			(0.08	)		(0.08	)
Class C
20082	$	15.02	$	0.04		$	(4.76	)	$	(4.72	)	$	(0.03	)	$	(1.61	)	$	(1.64	)
20072		15.92		0.03			1.10			1.13			(0.02	)		(2.01	)		(2.03	)
20062		13.88		(0.04	)		2.51			2.47			(0.01	)		(0.42	)		(0.43	)
20053		14.34		(0.01	)		(0.45	)		(0.46	)		—			—			—
20054		13.26		(0.03	)		2.10			2.07			—			(0.99	)		(0.99	)
20044		11.43		(0.06	)		1.97			1.91			—			(0.08	)		(0.08	)
Class R5
20082	$	15.16	$	0.10		$	(4.81	)	$	(4.71	)	$	(0.08	)	$	(1.61	)	$	(1.69	)
20072		16.04		0.11			1.11			1.22			(0.09	)		(2.01	)		(2.10	)
20062		13.97		0.03			2.53			2.56			(0.07	)		(0.42	)		(0.49	)
20053		14.43		—			(0.46	)		(0.46	)		—			—			—
20054		13.31		0.04			2.11			2.15			(0.04	)		(0.99	)		(1.03	)
20044		11.41		0.03			1.97			2.00			(0.02	)		(0.08	)		(0.10	)
Class Y
20082	$	15.37	$	0.16		$	(4.88	)	$	(4.72	)	$	(0.12	)	$	(1.61	)	$	(1.73	)
20072		16.23		0.18			1.13			1.31			(0.16	)		(2.01	)		(2.17	)
20062		14.12		0.11			2.55			2.66			(0.13	)		(0.42	)		(0.55	)
20053		14.57		0.01			(0.46	)		(0.45	)		—			—			—
20054		13.43		0.11			2.12			2.23			(0.10	)		(0.99	)		(1.09	)
20044		11.51		0.07			1.99			2.06			(0.06	)		(0.08	)		(0.14	)

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

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

48   First American Funds 2008 Annual Report

													Ratio of			Ratio of Net
										Ratio of Net			Expenses			Investment
Net Asset							Ratio of			Investment			to Average			Income (Loss)
Value					Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
End of		Total			End of		Average			to Average			(Excluding			Net Assets			Turnover
Period		Return6			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate
$	8.91		(34.15	)%	$	6,043		0.82	%		1.09	%		1.31	%		0.60	%		19	%
	15.37		8.56			9,109		0.83			0.92			1.12			0.63			12
	16.23		19.02			10,639		0.83			0.47			1.08			0.22			17
	14.12		(3.09	)		10,067		0.83			0.27			1.01			0.09			—
	14.57		17.08			10,323		0.90			0.53			1.03			0.40			23
	13.38		17.71			8,749		0.93			0.30			1.02			0.21			25
$	8.56		(34.64	)%	$	685		1.57	%		0.33	%		2.06	%		(0.16	)%		19	%
	14.86		7.78			1,245		1.58			0.17			1.87			(0.12	)		12
	15.77		18.07			1,333		1.58			(0.28	)		1.83			(0.53	)		17
	13.76		(3.17	)		1,498		1.58			(0.48	)		1.76			(0.66	)		—
	14.21		15.82			1,555		1.65			(0.23	)		1.78			(0.36	)		23
	13.15		16.83			1,494		1.68			(0.46	)		1.77			(0.55	)		25
$	8.66		(34.67	)%	$	1,531		1.57	%		0.34	%		2.06	%		(0.15	)%		19	%
	15.02		7.78			2,916		1.58			0.17			1.87			(0.12	)		12
	15.92		18.15			2,662		1.58			(0.28	)		1.83			(0.53	)		17
	13.88		(3.21	)		2,068		1.58			(0.48	)		1.76			(0.66	)		—
	14.34		15.84			2,256		1.65			(0.23	)		1.78			(0.36	)		23
	13.26		16.77			1,939		1.68			(0.46	)		1.77			(0.55	)		25
$	8.76		(34.33	)%	$	1,121		1.08	%		0.87	%		1.57	%		0.38	%		19	%
	15.16		8.34			703		1.08			0.71			1.37			0.43			12
	16.04		18.75			280		1.08			0.23			1.47			(0.16	)		17
	13.97		(3.19	)		23		1.08			0.02			1.41			(0.31	)		—
	14.43		16.45			11		1.15			0.30			1.43			0.02			23
	13.31		17.65			1		0.93			0.24			0.99			0.18			25
$	8.92		(33.95	)%	$	54,932		0.57	%		1.33	%		1.06	%		0.84	%		19	%
	15.37		8.84			114,343		0.58			1.16			0.87			0.87			12
	16.23		19.32			135,802		0.58			0.72			0.83			0.47			17
	14.12		(3.09	)		153,572		0.58			0.52			0.76			0.34			—
	14.57		16.93			164,156		0.65			0.78			0.78			0.65			23
	13.43		18.02			156,411		0.68			0.54			0.77			0.45			25

First American Funds 2008 Annual Report   49

Notes toFinancial Statements   October 31, 2008, all dollars and shares are rounded to thousands (000)

1 > Organization

Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of October 31, 2008, 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. Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund are each diversified open-end management investment companies.

FAIF offers Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Prior to the close of business on June 30, 2008, each fund offered Class B shares. Subsequent to this date, no new or additional investments are allowed in Class B shares, except for permitted exchanges and any reinvested dividends. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years.

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

2 > Summary of Significant Accounting Policies

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

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

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

50   First American Funds 2008 Annual Report

trading on the New York Stock Exchange, the securities will be valued at fair value. As of October 31, 2008, Mid Cap Index Fund and Small Cap Index Fund held fair valued securities with a total market value of $0 or 0% of each fund’s total net assets.

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 security on the transaction date.

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

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

Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“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. As of October 31, 2008, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all tax returns filed for the last three years.

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

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

	Accumulated			Undistributed
	Net Realized			Net Investment			Portfolio
Fund	Gain (Loss)			Income			Capital
Equity Index Fund	$	(31,367	)	$	(468	)	$	31,835
Mid Cap Index Fund		(915	)		(284	)		1,199
Small Cap Index Fund		(1,625	)		(85	)		1,710

The character of distributions paid during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period or year in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) are recorded by the fund. The tax character of distributions paid during the fiscal years ended October 31, 2008 and October 31, 2007, were as follows:

	October 31, 2008
	Ordinary		Long Term
Fund	Income		Gain		Total
Equity Index Fund	$	29,606	$	35,841	$	65,447
Mid Cap Index Fund		3,585		34,722		38,307
Small Cap Index Fund		1,739		10,901		12,640

	October 31, 2007
	Ordinary		Long Term
Fund	Income		Gain		Total
Equity Index Fund	$	31,624	$	23,508	$	55,132
Mid Cap Index Fund		4,340		16,502		20,842
Small Cap Index Fund		2,149		18,090		20,239

First American Funds 2008 Annual Report   51

Notes toFinancial Statements   October 31, 2008, all dollars and shares are rounded to thousands (000)

As of October 31, 2008, the components of accumulated earnings (deficit) on a tax basis were as follows:

					Accumulated
	Undistributed		Undistributed		Capital and						Total
	Ordinary		Long Term		Post October			Unrealized			Accumulated
Fund	Income		Capital Gains		Losses			Appreciation			Earnings (Deficit)
Equity Index Fund	$	2,298	$	—	$	(3,675	)	$	157,506		$	156,129
Mid Cap Index Fund		815		11,208		—			(37,809	)		(25,786	)
Small Cap Index Fund		287		7,475		—			(10,169	)		(2,407	)

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

As of October 31, 2008 Equity Index Fund had capital loss carryforwards of $3,675 which if not offset by subsequent capital gains, will expire in 2016.

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

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

The funds’ outstanding futures contracts as of October 31, 2008, are disclosed in the Schedule of Investments.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At October 31, 2008, Mid Cap Index Fund and Small Cap Index Fund had investments in illiquid securities with a total value of $0 and $0 or 0% and 0%, respectively, of total net assets.

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

			Date		Cost
Mid Cap Index Fund	Shares		Acquired		Basis
Travelcenters, Fractional Share		—*		10/01	$	—

				Dates		Cost
Small Cap Index Fund	Shares			Acquired		Basis
FirstBank, Fractional Share		—	*		8/05	$	—
Greenhunter Energy, Warrants		—	*		8/08		—
Lantronix, Warrants		—	*		5/08		—
National Penn, Fractional Share		—	*		10/05		—
Pegasus Wireless, Warrants		1			6/06		—

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

SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund’s policy is to receive collateral from the borrower in the

52   First American Funds 2008 Annual Report

form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such money market fund’s average daily net assets. Securities lending fees paid to U.S. Bank by the funds during the fiscal year ended October 31, 2008, were as follows:

Fund	Amount
Equity Index Fund	$	777
Mid Cap Index Fund		258
Small Cap Index Fund		127

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

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses when cash is received. Adjustments made during the fiscal year ended October 31, 2008, were as follows:

Fund	Amount
Equity Index Fund	$	336
Mid Cap Index Fund		50
Small Cap Index Fund		646

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended October 31, 2008.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, preselected by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund is 0.25%, 0.25%, and 0.40%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses through June 30, 2009, so that total fund operating expenses, excluding acquired fund fees and expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
Equity Index Fund		0.62	%		1.37	%		1.37	%		0.87	%		0.37	%
Mid Cap Index Fund		0.75			1.50			1.50			1.00			0.50
Small Cap Index Fund		0.83			1.58			1.58			1.08			0.58

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

First American Funds 2008 Annual Report   53

Notes toFinancial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

related money market funds that is attributable to the assets of the investing fund. This reimbursement is included in “Fee waivers” in the Statement of Operations.

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

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

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

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from the custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the fiscal year ended October 31, 2008, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were increased by $1, $0, $1, respectively, as a result of overdrafts and decreased by $3, $2, and $0, respectively, as a result of interest earned.

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

Under the distribution agreement, the following amounts were retained by affiliates of FAF Advisors for the fiscal year ended October 31, 2008:

Fund	Amount
Equity Index Fund	$	280
Mid Cap Index Fund		33
Small Cap Index Fund		12

OTHER FEES AND EXPENSES – In addition to investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended October 31, 2008, legal fees and expenses of $16 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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

	CDSC as a Percentage
	of Dollar Amount
Year Since Purchase	Subject to Charge
First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—

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

54   First American Funds 2008 Annual Report

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

For the fiscal year ended October 31, 2008, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Equity Index Fund	$	96
Mid Cap Index Fund		11
Small Cap Index Fund		4

4 > Investment in Common Stock of Affiliate

As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For the fiscal year ended October 31, 2008, Equity Index Fund recorded a net realized gain from the sale of U.S. Bancorp common stock of $254 and $411 of dividend income from U.S. Bancorp common stock. At October 31, 2008, Equity Index Fund had an unrealized gain of $1,637 with respect to its investment in U.S. Bancorp common stock.

5 > Capital Share Transactions

FAIF has 366 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

	Equity						Mid Cap						Small Cap
	Index Fund						Index Fund						Index Fund
	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
Class A:
Shares issued		868			1,499			387			428			168			131
Shares issued in lieu of cash distributions		244			189			130			55			77			87
Shares redeemed		(2,065	)		(3,108	)		(368	)		(377	)		(160	)		(281	)
Total Class A transactions		(953	)		(1,420	)		149			106			85			(63	)
Class B:
Shares issued		31			47			9			15			12			28
Shares issued in lieu of cash distributions		28			27			17			9			11			11
Shares redeemed		(427	)		(668	)		(40	)		(69	)		(27	)		(40	)
Total Class B transactions		(368	)		(594	)		(14	)		(45	)		(4	)		(1	)
Class C:
Shares issued		47			66			67			64			11			29
Shares issued in lieu of cash distributions		18			13			39			14			23			21
Shares redeemed		(193	)		(200	)		(90	)		(43	)		(51	)		(23	)
Total Class C transactions		(128	)		(121	)		16			35			(17	)		27
Class R:
Shares issued		398			160			685			151			107			40
Shares issued in lieu of cash distributions		10			4			49			16			7			3
Shares redeemed		(123	)		(44	)		(182	)		(72	)		(32	)		(14	)
Total Class R transactions		285			120			552			95			82			29
Class Y:
Shares issued		12,669			11,085			2,915			3,523			1,954			1,488
Shares issued in lieu of cash distributions		1,273			1,087			1,357			722			400			623
Shares redeemed		(19,533	)		(27,413	)		(5,510	)		(6,374	)		(3,632	)		(3,040	)
Total Class Y transactions		(5,591	)		(15,241	)		(1,238	)		(2,129	)		(1,278	)		(929	)
Net decrease in capital shares		(6,755	)		(17,256	)		(535	)		(1,938	)		(1,132	)		(937	)

Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the fiscal years ended October 31, 2008 and October 31, 2007, as follows:

	Fiscal		Fiscal
	Year Ended		Year Ended
Fund	10/31/08		10/31/07
Equity Index Fund		188		397
Mid Cap Index Fund		4		41
Small Cap Index Fund		4		4

6 > Investment Security Transactions

During the fiscal year ended October 31, 2008, purchases of securities and proceeds from sales of securities other than temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Equity Index Fund	$	60,560	$	269,139
Mid Cap Index Fund		42,722		74,289
Small Cap Index Fund		16,594		47,369

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased

First American Funds 2008 Annual Report   55

Notes toFinancial Statements  October 31, 2008, all dollars and shares are rounded to thousands (000)

with proceeds from securities lending) for federal income tax purposes at October 31, 2008, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Equity Index Fund	$	372,616	$	(215,110	)	$	157,506		$	1,303,775
Mid Cap Index Fund		30,680		(68,489	)		(37,809	)		327,787
Small Cap Index Fund		13,221		(23,390	)		(10,169	)		101,821

7 > Indemnifications

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

8 > Redemption-in-Kind Transaction

On August 1, 2008, $65,171 was redeemed from Equity Index Fund as a redemption-in-kind transaction. In this transaction, the fund distributed a proportionate amount of securities in the fund’s portfolio to the U.S. Bancorp Pension Plan. Remaining shareholders in the fund did not recognize any additional capital gains from the transactions.

9 > New Accounting Pronouncements

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of October 31, 2008, 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.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133” (“FAS 161”). FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Funds are required to provide enhanced disclosures about (a) how and why the fund uses derivative instruments, (b) how derivative instruments are accounted for under FAS 133 and its related interpretations, and (c) how derivative instruments affect the fund’s financial position and financial performance. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on their financial statements; however, additional disclosures will be required.

56   First American Funds 2008 Annual Report

Notice toShareholders   October 31, 2008 (unaudited)

TAX INFORMATION

The information set forth below is for each fund’s fiscal period as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal periods of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2009 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended October 31, 2008, each fund has designated long term capital gains, ordinary income, and tax exempt income with regard to distributions paid during the period as follows:

	Long Term			Ordinary
	Capital Gains			Income			Total
	Distributions			Distributions			Distributions
Fund	(Tax Basis) 1			(Tax Basis) 1			(Tax Basis)
Equity Index Fund		55	%		45	%		100	%
Mid Cap Index Fund		91			9			100
Small Cap Index Fund		86			14			100

¹ Based on a percentage of the fund’s total distributions.

Shareholder Notification of Federal Tax Status:

Each fund has designated the following percentages of the ordinary income distributions during the fiscal year ended October 31, 2008 as dividends qualifying for the dividends received deduction available to corporate shareholders:

Fund
Equity Index Fund	100.00	%
Mid Cap Index Fund	97.35
Small Cap Index Fund	69.76

In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal year ended October 31, 2008 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:

Fund
Equity Index Fund	100.00	%
Mid Cap Index Fund	98.19
Small Cap Index Fund	72.68

Additional Information Applicable to Foreign Shareholders Only:

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

Fund
Equity Index Fund	4.96	%
Mid Cap Index Fund	2.99
Small Cap Index Fund	5.87

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

Fund
Equity Index Fund	3.64	%
Mid Cap Index Fund	21.30
Small Cap Index Fund	51.15

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities is available at firstamericanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.

First American Funds 2008 Annual Report   57

Notice toShareholders  October 31, 2008 (unaudited)  

FORM N-Q HOLDINGS INFORMATION

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

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

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

At a meeting on May 5-7, 2008, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 17-19, 2008, the Board concluded its consideration of and approved the Agreement through June 30, 2009.

Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of FAF Advisors’ services to each Fund, (2) the investment performance of the Funds, (3) the profitability of FAF Advisors related to the Funds, including an analysis of FAF Advisors’ cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale, and (5) other benefits that accrue to FAF Advisors through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement with respect to any Fund.

Before approving the Agreement, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by FAF Advisors and the terms of the Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality, and Extent of Investment Advisory Services

The Board examined the nature, quality and extent of the services provided by FAF Advisors to each Fund. The Board reviewed FAF Advisors’ key personnel who provide investment management services to each Fund as well as the fact that, under the Agreement, FAF Advisors has the authority and responsibility to make and execute investment decisions for each Fund within the framework of that Fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that FAF Advisors’ duties with respect to each Fund include: (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund’s investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the Funds, including the Funds’ distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered FAF Advisors’ representation that the services provided by FAF Advisors under the Agreement are the types of services customarily provided by investment advisors in the fund industry. The Board also considered compliance reports about FAF Advisors from the Funds’ Chief Compliance Officer.

Based on the foregoing, the Board concluded that each Fund is likely to benefit from the nature, quality and extent of the services provided by FAF Advisors under the Agreement.

Investment Performance of the Funds

The Board considered the performance of each Fund, including comparative information provided by an independent data service regarding the median performance of a group of comparable funds selected by that data service (the “performance universe”) and how each Fund performed versus its benchmark index. The performance periods reviewed by the Board all ended on January 31, 2008.

The Board also considered that, in reviewing the comparative performance of the Funds, the different expense levels of a Fund’s share classes can result in different net performance results for each of those classes. Thus, while the Board considered

58   First American Funds 2008 Annual Report

the performance of all classes, it focused on Class Y shares, which, because they have the lowest total expense ratios, offered the most meaningful data on performance. For this reason, the discussion below relates to the performance of Class Y shares.

Equity Index Fund. The Board noted that the objective of the Fund is to provide investment results that correspond to the performance of the Standard & Poor’s 500 Composite Index and that the Fund’s prospectus states the goal of attaining “at least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the Fund performed below its benchmark index (which has no fees) for all periods. The Board also considered that the Fund outperformed its performance universe median for the one-, three-, five- and ten-year periods. The Board concluded that, in light of the Fund’s close tracking of its benchmark index and competitive performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Index Fund. The Board noted that the objective of the Fund is to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400 Composite Index and that the Fund’s prospectus states the goal of attaining “at least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the Fund performed below its benchmark index (which has no fees) for the one-, three- and five-year periods. The Board also noted that the Fund outperformed its performance universe median for the one-, three- and five-year periods. The Board concluded that, in light of the Fund’s close tracking of its benchmark index and competitive performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Index Fund. The Board noted that the objective of the Fund is to provide investment results that correspond to the performance of the Russell 2000 Index and that the Fund’s prospectus states the goal of attaining “at least 95%” correlation with the Index. The Board considered that results over the past three years on a gross-of-fees basis have a correlation to the Index of over 99%, even though, net of fees, the Fund performed below its benchmark index (which has no fees) for the one-, three- and five-year periods. The Board noted that the Fund outperformed its performance universe for the one-, three- and five-year periods. The Board concluded that, in light of the Fund’s close tracking of its benchmark index and its competitive performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by FAF Advisors

The Board reviewed FAF Advisors’ costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the profitability of FAF Advisors and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by FAF Advisors and of comparable funds managed by other advisers. The Board found that while the management fees for FAF Advisors’ institutional separate accounts are lower than the Funds’ management fees, the Funds receive additional services from FAF Advisors that separate accounts do not receive.

Using information provided by an independent data service, the Board also evaluated each Fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each Fund’s total expense ratio after waivers compared to the median total expense ratio of comparable funds. In connection with its review of Fund fees and expenses, the Board considered FAF Advisors’ pricing philosophy. FAF Advisors attempts generally to maintain each Fund’s total operating expenses at a level that approximates the median of a peer group of funds selected by an independent data service. In addition, FAF Advisors has committed to waive its investment advisory fees to the extent necessary to maintain the Funds’ total expense ratios at levels generally in line with their respective peer groups.

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

Equity Index Fund. The Board considered that the Fund’s advisory fee and total expense ratio, after waivers, are higher than the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Mid Cap Index Fund. The Board considered that the Fund’s advisory fee, after waivers, is lower than the peer group median and that the Fund’s total expense ratio, after waivers, is slightly higher that the peer group median, though consistent with FAF Advisors’ pricing philosophy. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

Small Cap Index Fund. The Board considered that the Fund’s advisory fee, after waivers, and the Fund’s total expense ratio, after waivers, are lower than the peer group median. The Board concluded that the Fund’s advisory fee and total expense ratio are reasonable in light of the services provided.

First American Funds 2008 Annual Report   59

Notice toShareholders  October 31, 2008 (unaudited)  

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund’s investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by FAF Advisors, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although the Funds do not have advisory fee breakpoints in place, FAF Advisors has committed to waive advisory fees to the extent necessary to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The Board considered FAF Advisors’ assertion that the median total expense ratio of a Fund’s peer group should reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. Therefore, by capping a Fund’s total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to FAF Advisors

In evaluating the benefits that accrue to FAF Advisors through its relationship with the Funds, the Board noted that FAF Advisors and certain of its affiliates serve the Funds in various capacities, including as advisor, administrator, transfer agent, distributor, custodian and securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by FAF Advisors or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

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

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

60   First American Funds 2008 Annual Report

Directors and Officers of the Funds

Independent Directors
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †
Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997	Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Advisor/Consultant, Future FreightTM, a logistics/supply chain company since August 2004; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 until retirement in June 2004	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Investment consultant and non-profit board member since 2001; Board Chair, United Educators Insurance Company	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006	Retired; Principal from 1983 to 2004, William Blair & Company, LLC, a Chicago-based investment firm	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and Chief Executive Officer, RKR Consultants, Inc., a consulting company providing advice on business strategy, mergers and acquisitions, and non-profit board member since 2005	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	Cliffs Natural Resources, Inc. (a producer of iron ore pellets and coal)
Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning, and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus(TM) LLC, a strategic demographic planning and application development firm	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FAIF since September 1987	Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Chair, Saint Paul Riverfront Corporation, since 2005	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None

First American Funds 2008 Annual Report   61

Notice toShareholders   October 31, 2008 (unaudited)  

Independent Directors
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and President, Jim Wade Homes, a homebuilding company	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None

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

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800.677.FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

62   First American Funds 2008 Annual Report

Officers
	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years
Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President & Vice President – Investments	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007
Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000	Senior Vice President of FAF Advisors, Inc.
Charles D. Gariboldi, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since October 2004	Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans
Jill M. Stevenson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc.
David H. Lui FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005	Chief Compliance Officer for First American Funds and FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to March 2005; prior thereto, Vice President, Charles Schwab & Co., Inc.
Mark D. Corns FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1963)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since September 2008	Director of Compliance, FAF Advisors, Inc. since June 2006; Compliance Manager, FAF Advisors, Inc. from January 2005 to June 2006; prior thereto, Compliance Manager, OppenheimerFunds, Inc.
Kathleen L. Prudhomme FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998 through December 2004	Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James D. Alt Dorsey & Whitney, LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James R. Arnold U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC
Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; prior thereto, Counsel, FAF Advisors, Inc.

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

First American Funds 2008 Annual Report   63

Board of DirectorsFirst American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; Chair of Saint Paul Riverfront Corporation;

former Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President,

Chief Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; Chair of United Educators Insurance Company;

former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

First American Investment Funds’ Board of Directors is comprised entirely of
independent directors.

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers only through the period ended October 31, 2008. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR

FAF Advisors, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

FAF Advisors, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55101

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

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

0182-08  12/2008  AR-INDEX

Table of Contents

Message to Shareholders	1
Explanation of Financial Statements	2
Management Discussions and Performance Summaries	3
Expense Examples	9
Report of Independent Registered Public Accounting Firm	11
Schedule of Investments	12
Statements of Assets and Liabilities	23
Statements of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	26
Notes to Financial Statements	28
Notice to Shareholders	35

Mutual fund investing involves risk; principal loss is possible.

First American Funds’ quantitative funds are actively managed using our proprietary macro quant process, which projects individual stock performance based on multiple factors and current economic conditions. Stocks selected using this process could underperform if the current performance of the factors differs from their historic performance. Turnover, expenses, and taxes will be similar to other actively managed funds.

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to Shareholders  December 8, 2008

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended October 31, 2008.

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

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

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

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

Sincerely,

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

First American Funds 2008 Annual Report   1

Explanation of Financial Statements  

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

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

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

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

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

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

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

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

2   First American Funds 2008 Annual Report

Quantitative Large Cap Core Fund 

Investment Objective: to provide, over the long term, a total return that exceeds that of the S&P 500 Index*

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Quantitative Large Cap Core Fund (the “fund”), Class Y shares, returned -36.93% for the fiscal year ended October 31, 2008 (Class A shares returned -37.08% without taking the sales charge into account). By comparison, the fund’s benchmark, the S&P 500 Index*, returned -36.10% for the same period.

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

As we entered this fiscal year, financial markets were already severely disrupted. Investors watched the housing and mortgage downturn deteriorate into a broad financial and economic crisis. The floundering housing market caused an uptick in loan delinquencies and more mortgage credit-related losses for financial institutions. The ensuing turmoil tripped up some of the largest mortgage, bank, financial, and insurance companies around the globe.

Despite the failures of high-profile brokerages and significant losses for large banks, overall stock market returns were relatively contained until the failure of Lehman Brothers in September 2008 exposed the sensitivity of the broad market to the financial system. Market volatility soared, liquidity evaporated, and broad equity indices were down sharply by the end of the fiscal period.

In the current capital-constrained environment, corporate and consumer credit, employment growth, corporate earnings, and consumer confidence are likely to weaken further. These issues and potentially others will likely continue creating headwinds for the stock market. However, we believe the domestic markets have already discounted, to a significant degree, the negative economic environment that is likely to prevail in the coming fiscal year.

What worked for the fund and why?

Throughout the fiscal year, we generally stayed below index-level investments in the financial industry, and this approach produced a major positive contribution to performance during the first and second quarters of 2008, although it turned negative in the third quarter, when it appeared briefly that the financial system was stabilizing. Our concern about the financial sector caused us to reduce the portfolio’s sensitivity to broad equity market conditions, and at various times we allowed cash to accumulate in the portfolio. When invested, those monies were put into lower-volatility sectors. Virtually all our style strategies – a tilt away from value stocks and momentum stocks (i.e., those with recent relative strength); emphasis on stocks with lower volatility and higher-quality earnings – were successful. In the middle of the fiscal year, our emphasis on the small-cap end of the benchmark range added value (we de-emphasized that position before the decline in small-cap returns).

What did not work for the fund and why?

As noted above, our efforts to limit the fund’s exposure to financials proved to have a negative effect on performance toward the end of the fiscal year. One of the sectors where we placed more weight to compensate for the defensive position in financials was energy. Energy stocks, however, experienced weak performance as global demand slackened. The disappointing performance from consumer staples – typically a sector where activity does not stall in response to a financial crisis – also had a negative effect.

What strategic moves were made by the fund and why?

Throughout the fiscal year, we re-evaluated the risks in the financial sector, and as they increased, we redeployed assets elsewhere. As credit markets continued to price in high risk levels and economic output remained weak, we shifted even further away from momentum stocks. Additionally, we have shifted our focus from the large-cap end of the benchmark range to the mid-cap end of the range.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

First American Prime Obligations Fund, Class Z	9	.3%
Exxon Mobil	4	.9
Chevron	2	.3
Microsoft	2	.2
Johnson & Johnson	2	.2
Pfizer	2	.0
Procter & Gamble	1	.8
AT&T	1	.7
General Electric	1	.7
U.S. Treasury Bill, 1.761%, 12/18/2008	1	.2

Sector Allocation as of October 31, 2008¹ (% of net assets)

Information Technology	16	.0%
Healthcare	14	.3
Energy	13	.0
Industrials	10	.5
Consumer Staples	10	.0
Financials	9	.0
Consumer Discretionary	7	.2
Utilities	3	.6
Materials	2	.9
Telecommunication Services	2	.9
Short-Term Investments	10	.5
Other Assets and Liabilities, Net2	0	.1
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments 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 2008 Annual Report   3

Quantitative Large Cap Core Fund  

Annual Performance^1,2

	October 31, 2008						September 30, 2008*
				Since Inception						Since Inception
	1 year			7/31/2007			1 year			7/31/2007
Average annual return with sales charge (POP)
Class A		(40.55	)%		(29.86	)%		(27.18	)%		(19.75	)%
Class C		(38.19	)%		(27.18	)%		(24.29	)%		(16.38	)%
Average annual return without sales charge (NAV)
Class A		(37.08	)%		(26.61	)%		(22.95	)%		(15.75	)%
Class C		(37.58	)%		(27.18	)%		(23.53	)%		(16.38	)%
Class R		(37.22	)%		(26.79	)%		(23.11	)%		(15.93	)%
Class Y		(36.93	)%		(26.45	)%		(22.77	)%		(15.57	)%
S&P 500 Index3		(36.10	)%		(26.20	)%		(21.98	)%		(15.50	)%

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

¹ Mutual fund investing involves risk; principal loss is possible.

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

Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

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

As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class C, Class R, and Class Y shares was 1.40%, 2.15%, 1.65% and 1.15%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2009 so that total annual fund operating expenses for Class A, Class C, Class R and Class Y shares do not exceed 0.70%, 1.45%, 0.95% and 0.45%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment ^1,2,4 as of October 31, 2008

Quantitative Large Cap Core Fund, Class A (NAV)		$	6,789
Quantitative Large Cap Core Fund, Class A (POP)		$	6,414
S&P 500 Index3		$	6,836

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 7/31/2007 to 10/31/2008) as compared to the S&P 500 Index³.

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged, market capitalization-weighted index based on the average weighted performance of 500 widely held large-cap common stocks.
4	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

4   First American Funds 2008 Annual Report

Quantitative Large Cap Growth Fund 

Investment Objective: to provide, over the long term, a total return that exceeds that of the Russell 1000 Growth Index*

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Quantitative Large Cap Growth Fund (the “fund”), Class Y shares, returned -34.27% for the fiscal year ended October 31, 2008 (Class A shares returned -34.41% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Growth Index*, returned -36.95% for the same period.

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

As we entered this fiscal year, financial markets were already severely disrupted. Investors watched the housing and mortgage downturn deteriorate into a broad financial and economic crisis. The floundering housing market caused an uptick in loan delinquencies and more mortgage credit-related losses for financial institutions. The ensuing turmoil tripped up some of the largest mortgage, bank, financial, and insurance companies around the globe.

Despite the failures of high-profile brokerages and significant losses for large banks, overall stock market returns were relatively contained until the failure of Lehman Brothers in September 2008 exposed the sensitivity of the broad market to the financial system. Market volatility soared, liquidity evaporated, and broad equity indices were down sharply by the end of the fiscal period.

In the current capital-constrained environment, corporate and consumer credit, employment growth, corporate earnings, and consumer confidence are likely to weaken further. These issues and potentially others will likely continue creating headwinds for the stock market. However, we believe the domestic markets have already discounted, to a significant degree, the negative economic environment that is likely to prevail in the coming fiscal year.

What worked for the fund and why?

Throughout the fiscal year, we generally stayed below index-level investments in the financial industry, and this approach produced a major positive contribution to performance during the first and second quarters of 2008, although it turned negative in the third quarter, when it appeared briefly that the financial system was stabilizing. Our concern about the financial sector caused us to reduce the portfolio’s sensitivity to broad equity market conditions, and at various times we allowed cash to accumulate in the portfolio. When invested, those monies were put into lower-volatility sectors. Virtually all our style strategies – a tilt away from value stocks and momentum stocks (i.e., those with recent relative strength); emphasis on stocks with lower volatility and higher-quality earnings – were successful. In the middle of the fiscal year, our emphasis on the small-cap end of the benchmark range added value (we de-emphasized that position before the decline in small-cap returns).

What did not work for the fund and why?

As noted above, our efforts to limit the fund’s exposure to financials proved to have a negative effect on performance toward the end of the fiscal year. One of the sectors where we placed more weight to compensate for the defensive position in financials was energy. Energy stocks, however, experienced weak performance as global demand slackened. The disappointing performance from consumer staples – typically a sector where activity does not stall in response to a financial crisis – also had a negative effect.

What strategic moves were made by the fund and why?

Throughout the fiscal year, we re-evaluated the risks in the financial sector, and as they increased, we redeployed assets elsewhere. As credit markets continued to price in high risk levels and economic output remained weak, we shifted even further away from momentum stocks. Additionally, we have shifted our focus from the large-cap end of the benchmark range to the mid-cap end of the range.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

Microsoft	4	.0%
Exxon Mobil	2	.4
IBM	2	.2
Cisco	2	.2
Intel	1	.8
Hewlett-Packard	1	.7
Apple	1	.7
Google, Class A	1	.7
Abbot Laboratories	1	.6
U.S. Treasury Bill, 1.014%, 12/18/2008	1	.6

Sector Allocation as of October 31, 2008¹ (% of net assets)

Information Technology	29	.3%
Healthcare	15	.9
Industrials	12	.6
Consumer Staples	11	.6
Energy	10	.3
Consumer Discretionary	6	.9
Materials	3	.9
Utilities	3	.6
Financials	2	.5
Telecommunication Services	0	.7
Short-Term Investments	2	.4
Other Assets and Liabilities, Net2	0	.3
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments 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 2008 Annual Report   5

Quantitative Large Cap Growth Fund  

Annual Performance^1,2

	October 31, 2008						September 30, 2008*
				Since Inception						Since Inception
	1 year			7/31/2007			1 year			7/31/2007
Average annual return with sales charge (POP)
Class A		(38.01	)%		(26.24	)%		(23.77	)%		(16.14	)%
Class C		(35.55	)%		(23.41	)%		(20.73	)%		(12.61	)%
Average annual return without sales charge (NAV)
Class A		(34.41	)%		(22.82	)%		(19.34	)%		(11.96	)%
Class C		(34.91	)%		(23.41	)%		(19.93	)%		(12.61	)%
Class R		(34.61	)%		(23.04	)%		(19.54	)%		(12.18	)%
Class Y		(34.27	)%		(22.66	)%		(19.12	)%		(11.73	)%
Russell 1000 Growth Index3		(36.95	)%		(25.64	)%		(20.88	)%		(14.10	)%

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

¹ Mutual fund investing involves risk; principal loss is possible.

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

Total returns at public offering price (“POP”) reflect performance over the time period indicated including maximum sales charges of 5.50% for Class A shares and the contingent deferred sales charge (“CDSC”) for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

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

As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class C, Class R, and Class Y shares was 4.70%, 5.45%, 4.95%, 4.45%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2009 so that total annual fund operating expenses for Class A, Class C, Class R and Class Y shares do not exceed 0.70%, 1.45%, 0.95%, and 0.45%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment^1,2,4 as of October 31, 2008

		Class A
Quantitative Large Cap Growth Fund, Class A (NAV)		$	7,230
Quantitative Large Cap Growth Fund, Class A (POP)		$	6,831
Russell 1000 Growth Index3		$	6,900

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 7/31/2007 to 10/31/2008) as compared to the Russell 1000 Growth Index³.

Class A

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged growth index that tracks the performance of companies within the Russell 1000 Index with greater-than-average growth orientation.
4	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

6   First American Funds 2008 Annual Report

Quantitative Large Cap Value Fund 

Investment Objective: to provide, over the long term, a total return that exceeds that of the Russell 1000 Value Index*

How did the fund perform for the fiscal year ended October 31, 2008?

The First American Quantitative Large Cap Value Fund (the “fund”), Class Y shares, returned -34.63% for the fiscal year ended October 31, 2008 (Class A shares returned -34.79% without taking the sales charge into account). By comparison, the fund’s benchmark, the Russell 1000 Value Index*, returned -36.80% for the same period.

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

As we entered this fiscal year, financial markets were already severely disrupted. Investors watched the housing and mortgage downturn deteriorate into a broad financial and economic crisis. The floundering housing market caused an uptick in loan delinquencies and more mortgage credit-related losses for financial institutions. The ensuing turmoil tripped up some of the largest mortgage, bank, financial, and insurance companies around the globe.

Despite the failures of high-profile brokerages and significant losses for large banks, overall stock market returns were relatively contained until the failure of Lehman Brothers in September 2008 exposed the sensitivity of the broad market to the financial system. Market volatility soared, liquidity evaporated, and broad equity indices were down sharply by the end of the fiscal period.

In the current capital-constrained environment, corporate and consumer credit, employment growth, corporate earnings, and consumer confidence are likely to weaken further. These issues and potentially others will likely continue creating headwinds for the stock market. However, we believe the domestic markets have already discounted, to a significant degree, the negative economic environment that is likely to prevail in the coming fiscal year.

What worked for the fund and why?

Throughout the fiscal year, we generally stayed below index-level investments in the financial industry, and this approach produced a major positive contribution to performance during the first and second quarters of 2008, although it turned negative in the third quarter, when it appeared briefly that the financial system was stabilizing. Our concern about the financial sector caused us to reduce the portfolio’s sensitivity to broad equity market conditions, and at various times we allowed cash to accumulate in the portfolio. When invested, those monies were put into lower-volatility sectors. Virtually all our style strategies – a tilt away from value stocks and momentum stocks (i.e., those with recent relative strength); emphasis on stocks with lower volatility and higher-quality earnings – were successful. In the middle of the fiscal year, our emphasis on the small-cap end of the benchmark range added value (we de-emphasized that position before the decline in small-cap returns).

What did not work for the fund and why?

As noted above, our efforts to limit the fund’s exposure to financials proved to have a negative effect on performance toward the end of the fiscal year. One of the sectors where we placed more weight to compensate for the defensive position in financials was energy. Energy stocks, however, experienced weak performance as global demand slackened. The disappointing performance from consumer staples – typically a sector where activity does not stall in response to a financial crisis – also had a negative effect.

What strategic moves were made by the fund and why?

Throughout the fiscal year, we re-evaluated the risks in the financial sector, and as they increased, we redeployed assets elsewhere. As credit markets continued to price in high risk levels and economic output remained weak, we shifted even further away from momentum stocks. Additionally, we have shifted our focus from the large-cap end of the benchmark range to the mid-cap end of the range.

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

Top 10 Holdings as of October 31, 2008¹ (% of net assets)

First American Prime Obligations Fund, Class Z	10	.9%
Exxon Mobil	6	.6
Chevron	3	.4
General Electric	3	.1
AT&T	2	.9
Pfizer	2	.7
Johnson & Johnson	2	.6
JPMorgan Chase	2	.1
Procter & Gamble	2	.0
Bank of America	1	.8

Sector Allocation as of October 31, 2008¹ (% of net assets)

Financials	18	.4%
Energy	14	.8
Healthcare	13	.1
Industrials	9	.5
Utilities	6	.4
Consumer Discretionary	6	.2
Consumer Staples	6	.1
Telecommunication Services	5	.1
Information Technology	4	.5
Materials	3	.1
Short-Term Investments	12	.3
Other Assets and Liabilities, Net2	0	.5
	100	.0%

1	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
2	Investments 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 2008 Annual Report   7

Quantitative Large Cap Value Fund  

Annual Performance^1,2

	October 31, 2008						September 30, 2008*
				Since Inception						Since Inception
	1 year			7/31/2007			1 year			7/31/2007
Average annual return with sales charge (POP)
Class A		(38.36	)%		(28.59	)%		(26.26	)%		(19.05	)%
Class C		(35.89	)%		(25.83	)%		(23.31	)%		(15.65	)%
Average annual return without sales charge (NAV)
Class A		(34.79	)%		(25.28	)%		(21.96	)%		(15.02	)%
Class C		(35.25	)%		(25.83	)%		(22.56	)%		(15.65	)%
Class R		(34.94	)%		(25.45	)%		(22.14	)%		(15.22	)%
Class Y		(34.63	)%		(25.10	)%		(21.76	)%		(14.81	)%
Russell 1000 Value Index3		(36.80	)%		(28.14	)%		(23.56	)%		(17.44	)%

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

¹ Mutual fund investing involves risk; principal loss is possible.

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

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

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

As of the most recent prospectus, the fund’s total annual operating expense ratio for Class A, Class C, Class R, and Class Y shares was 4.73%, 5.48%, 4.98%, and 4.48%, respectively. The advisor has contractually agreed to waive fees and reimburse other fund expenses through at least June 30, 2009 so that total annual fund operating expenses for Class A, Class C, Class R and Class Y shares do not exceed 0.70%, 1.45%, 0.95%, and 0.45%, respectively. These fee waivers and expense reimbursements may be terminated at any time after June 30, 2009, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors.

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

Value of $10,000 Investment ^1,2,4 as of October 31, 2008

		Class A
Quantitative Large Cap Value Fund, Class A (NAV)		$	6,942
Quantitative Large Cap Value Fund, Class A (POP)		$	6,559
Russell 1000 Value Index3		$	6,611

This chart illustrates the total value of an assumed $10,000 investment in the fund’s Class A shares (from 7/31/2007 to 10/31/2008) as compared to the Russell 1000 Value Total Index³.

Class A

2	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.
3	An unmanaged index that tracks the performance of companies within the Russell 1000 Index with a greater-than-average value orientation.
4	Performance for Class C, Class R, and Class Y shares is not presented. Performance for these classes will vary due to the different expense structures.

8   First American Funds 2008 Annual Report

Expense Examples

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from May 1, 2008 to October 31, 2008.

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.

Quantitative Large Cap Core Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00	$	698.70	$	2.99
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56
Class C Actual2	$	1,000.00	$	695.70	$	6.18
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.35
Class R Actual2	$	1,000.00	$	697.80	$	3.84
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.57
Class Y Actual2	$	1,000.00	$	699.50	$	1.92
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.87	$	2.29

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.70%, 1.45%, 0.90%, and 0.45% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the 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 October 31, 2008 of -30.13%, -30.43%, -30.22%, and -30.05% for Class A, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Annual Report   9

Expense Examples  

Quantitative Large Cap Growth Fund

						Expenses Paid During
	Beginning Account			Ending Account		Period1 (5/01/08 to
	Value (5/01/08)			Value (10/31/08)		10/31/08)
Class A Actual2	$	1,000.00		$	721.10	$	2.99
Class A Hypothetical (5% return before expenses)	$	1,000.00		$	1,021.67	$	3.51
Class C Actual2	$	1,000.00		$	718.20	$	6.22
Class C Hypothetical (5% return before expenses)	$	1,000.00		$	1,017.90	$	7.30
Class R Actual2	$	1,000.00		$	719.90	$	4.06
Class R Hypothetical (5% return before expenses)	$	1,000.00		$	1,020.41	$	4.77
Class Y Actual2	$	1,000.00		$	721.70	$	1.90
Class Y Hypothetical (5% return before expenses)	$	1,000.00		$	1,022.92	$	2.24
			��

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.69%, 1.44%, 0.94%, and 0.44% 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).
2	Based on the actual returns for the six-month period ended October 31, 2008 of -27.89%, -28.18%, -28.01%, and -27.83% for Class A, Class C, Class R, and Class Y, respectively.

Quantitative Large Cap Value Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (5/01/08 to
	Value (5/01/08)		Value (10/31/08)		10/31/08)
Class A Actual4	$	1,000.00	$	712.30	$	2.97
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.67	$	3.51
Class C Actual4	$	1,000.00	$	709.80	$	6.19
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.30
Class R Actual4	$	1,000.00	$	711.70	$	4.00
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72
Class Y Actual4	$	1,000.00	$	713.20	$	1.89
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.92	$	2.24

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.69%, 1.44%, 0.93%, and 0.44% 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 October 31, 2008 of -28.77%, -29.02%, -28.83%, and -28.68% for Class A, Class C, Class R, and Class Y, respectively.

10   First American Funds 2008 Annual Report

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Quantitative Large Cap Core, Quantitative Large Cap Growth, and Quantitative Large Cap Value Funds (series of First American Investment Funds, Inc.) (the “funds”) as of October 31, 2008, and the related statements of operations, changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at October 31, 2008, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

December 19, 2008

First American Funds 2008 Annual Report   11

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Quantitative Large Cap Core Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 89.4%
Consumer Discretionary – 7.2%
Abercrombie & Fitch, Class A 6		3,868	$	112
Amazon.com 6 =		1,786		102
Apollo Group, Class A 6 =		3,206		223
AutoNation 6 =		5,572		38
Bed Bath & Beyond 6 =		4,536		117
Best Buy 6		1,454		39
Carnival 6		12,149		309
Coach 6 =		6,707		138
Expedia =		10,381		99
Family Dollar Stores��6		2,910		78
Fortune Brands		2,475		94
Gap 6		5,253		68
Harley-Davidson 6		1,887		46
Harman International Industries		4,200		77
Home Depot 6		7,627		180
International Game Technology		8,764		123
J.C. Penney 6		2,668		64
Johnson Controls		2,393		42
Kohl’s 6 =		796		28
Limited Brands 6		2,465		30
Lowe’s 6		15,120		328
Marriott International, Class A		789		16
Mattel		15,402		231
McDonald’s		3,299		191
McGraw-Hill 6		6,526		175
Newell Rubbermaid		13,624		187
News, Class A 6		38,119		406
Nike, Class B 6		5,352		308
Nordstrom 6		693		13
Office Depot =		26,551		96
Omnicom Group		9,706		287
RadioShack 6		1,972		25
Scripps Networks Interactive, Class A 6		1,128		32
Sherwin-Williams 6		1,791		102
Snap-On		2,786		103
Stanley Works 6		4,618		151
Staples 6		9,270		180
Starbucks 6 =		10,280		135
Target 6		1,262		51
Tiffany & Company 6		1,692		46
Time Warner		15,404		155
TJX		3,590		96
VF		4,262		235
Viacom, Class B 6 =		19,775		400
Walt Disney 6		10,111		262
Washington Post, Class B		287		123
Wyndham Worldwide 6		10,518		86
				6,427
Consumer Staples – 10.0%
Altria Group		34,248		657
Archer-Daniels-Midland 6		10,805		224
Avon Products 6		1,720		43
Brown-Forman, Class B		6,114		278
Campbell Soup		1,036		39
Coca-Cola		16,331		720
Colgate-Palmolive		2,507		157
ConAgra Foods 6		7,859		137
Costco Wholesale 6		2,306		131
CVS Caremark		4,987		153
Dr. Pepper Snapple Group 6 =		936		21
Estee Lauder, Class A 6		479		17
Kimberly-Clark		4,610		283
Kraft Foods, Class A		10,008		292
Kroger 6		5,191		143
Lorillard		3,364		222
McCormick 6		6,818		229
Molson Coors Brewing, Class B		2,455		92
Pepsi Bottling Group		5,142		119
PepsiCo		12,783		729
Philip Morris International		13,157		572
Procter & Gamble		24,408		1,575
Safeway		6,529		139
Sara Lee		10,183		114
Sysco		17,454		457
Tyson Foods, Class A		1,165		10
Walgreen 6		17,597		448
Wal-Mart Stores 6		14,512		810
Whole Foods Market 6		8,533		91
				8,902
Energy – 13.0%
Apache		3,410		281
Baker Hughes 6		8,729		305
BJ Services		15,357		197
Chevron		27,680		2,065
ConocoPhillips 6		18,502		962
CONSOL Energy 6		544		17
Devon Energy		1,020		82
ENSCO International 6		3,039		116
EOG Resources		649		53
Exxon Mobil		58,818		4,360
Halliburton		8,097		160
Hess		1,679		101
Marathon Oil		12,665		369
Murphy Oil 6		4,961		251
Nabors Industries =		3,030		44
National-Oilwell Varco 6 =		5,311		159
Noble		9,202		296
Noble Energy		1,327		69
Occidental Petroleum		8,953		497
Rowan		2,893		53
Schlumberger 6		10,889		562
Smith International 6		1,021		35
Spectra Energy 6		10,348		200
Sunoco 6		4,880		149
Tesoro 6		3,006		29
Valero Energy		9,102		187
Weatherford International 6 =		2,748		46
				11,645
Financials – 9.0%
Allstate		3,901		103
American International Group 6		59,701		114
Ameriprise Financial		9,762		211
Bank of America		38,648		934
Bank of New York Mellon		15,675		511
Charles Schwab		8,177		156
Chubb		1,409		73
Cincinnati Financial 6		10,620		276
Citigroup		6,581		90
CME Group 6		555		157
Discover Financial Services		1,546		19
Federated Investors, Class B 6		4,086		99
Fifth Third Bancorp 6		13,615		148
Franklin Resources		3,389		230
Genworth Financial, Class A		18,601		90
Goldman Sachs Group 6		1,011		94
Hartford Financial Services Group		14,993		155
Huntington Bancshares 6		9,712		92

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

12   First American Funds 2008 Annual Report

Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES		VALUE
IntercontinentalExchange =		379	$	32
Invesco		3,564		53
JPMorgan Chase		23,834		983
Lincoln National 6		7,970		137
Loew’s		7,316		243
National City		19,629		53
Northern Trust		4,498		253
NYSE Euronext		4,826		146
PNC Financial Services Group		642		43
Principal Financial Group		13,475		256
Progressive 6		5,459		78
Prudential Financial 6		4,569		137
Regions Financial 6		13,554		150
State Street		5,730		248
SunTrust Banks 6		4,106		165
T. Rowe Price Group 6		4,628		183
Torchmark 6		4,513		189
Travelers		6,394		272
Wachovia 6		33,606		215
Wells Fargo 6		16,246		553
XL Capital, Class A 6		7,286		71
Zions Bancorporation 6		349		13
				8,025
Healthcare – 14.3%
Abbott Laboratories		13,047		720
Aetna 6		10,081		251
Allergan		559		22
AmerisourceBergen		3,914		122
Amgen 6 =		9,618		576
Applied Biosystems		2,086		64
Baxter International		4,251		257
Becton, Dickinson & Company		9,065		629
Bristol-Myers Squibb		28,436		584
C.R. Bard		2,969		262
Cardinal Health		6,147		235
CIGNA		7,961		130
Coventry Health Care 6 =		5,008		66
Eli Lilly 6		19,140		647
Forest Laboratories =		11,023		256
Hospira 6 =		48		1
Humana =		3,356		99
Intuitive Surgical =		114		20
Johnson & Johnson		32,071		1,967
King Pharmaceuticals =		5,970		53
McKesson		2,008		74
Medco Health Solutions =		510		19
Medtronic		14,012		565
Merck		32,168		996
Patterson Companies 6 =		5,738		145
PerkinElmer		8,125		146
Pfizer		98,899		1,752
Schering-Plough		6,298		91
St. Jude Medical =		3,145		120
Stryker		6,649		356
Thermo Fisher Scientific =		1,834		75
UnitedHealth Group 6		16,526		392
Varian Medical Systems 6 =		2,753		125
WellPoint =		7,126		277
Wyeth		13,391		431
Zimmer Holdings 6 =		5,888		273
				12,798
Industrials – 10.5%
3M		14,267		917
Avery Dennison 6		671		24
Boeing 6		11,984		626
C.H. Robinson Worldwide 6		437		23
Caterpillar		191		7
Cintas 6		14,142		335
Cooper Industries, Class A		8,519		264
Cummins		1,070		28
Danaher 6		1,522		90
Deere & Company		451		17
Dover		4,888		155
Eaton		3,428		153
Emerson Electric		10,762		352
Expeditors International of Washington		2,543		83
FedEx		611		40
Fluor		1,509		60
General Dynamics 6		6,945		419
General Electric		78,352		1,529
Goodrich		4,351		159
Honeywell International		8,527		260
Illinois Tool Works 6		17,456		583
Ingersoll-Rand, Class A		6,518		120
ITT		1,890		84
Lockheed Martin		1,581		135
Manitowoc 6		7,089		70
Monster Worldwide 6 =		9,071		129
Northrop Grumman		3,306		155
Pall		2,007		53
Parker Hannifin		4,754		184
Precision Castparts		2,731		177
Raytheon		1,685		86
Robert Half International 6		8,375		158
Rockwell Automation 6		6,664		184
Rockwell Collins 6		13,065		487
Terex 6 =		3,004		50
Textron		3,227		57
Union Pacific		1,006		67
United Parcel Service, Class B 6		6,153		325
United Technologies 6		10,618		584
W.W. Grainger		855		67
Waste Management 6		1,758		55
				9,351
Information Technology – 16.0%
Adobe Systems =		5,245		140
Akamai Technologies 6 =		1,466		21
Analog Devices		2,474		53
Apple 6 =		6,303		678
Applied Materials 6		15,868		205
Autodesk 6 =		6,368		136
Automatic Data Processing		26,008		909
BMC Software =		6,254		161
Broadcom, Class A =		2,533		43
Cisco Systems =		59,977		1,066
Citrix Systems =		7,203		186
Cognizant Technology Solutions, Class A =		8,512		163
Computer Sciences =		9,450		285
Compuware =		16,531		105
Convergys =		14,760		114
Corning 6		1,655		18
Dell =		25,419		309
eBay =		17,339		265
Electronic Arts =		2,925		67
EMC =		26,558		313
Google, Class A =		2,191		787
Harris		801		29
Hewlett-Packard		19,493		746
IBM		9,702		902

First American Funds 2008 Annual Report   13

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Quantitative Large Cap Core Fund (continued)
DESCRIPTION	SHARES		VALUE
Intel 6		64,282	$	1,029
Intuit 6 =		6,600		165
Jabil Circuit		8,100		68
Lexmark International, Class A 6 =		1,279		33
MEMC Electronic Materials =		4,091		75
Microsoft		88,614		1,979
Molex		13,893		200
Motorola		29,576		159
NetApp 6 =		5,567		75
NVIDIA =		7,019		61
Oracle =		41,220		754
Paychex 6		10,361		296
QLogic =		3,844		46
QUALCOMM		14,295		547
Symantec =		3,915		49
Tellabs =		12,052		51
Teradata =		6,665		103
Texas Instruments		22,160		433
Total System Services		16,369		225
Tyco Electronics 6		5,996		117
Waters 6 =		1,413		62
Xerox 6		8,251		66
				14,294
Materials – 2.9%
Air Products and Chemicals		3,861		224
Alcoa 6		7,815		90
Allegheny Technologies 6		6,015		160
Ashland 6		5,293		120
Bemis 6		6,948		173
Dow Chemical 6		12,370		330
E.I. Du Pont de Nemours 6		12,620		404
Ecolab		1,425		53
Freeport-McMoRan Copper & Gold 6		1,974		57
Monsanto 6		2,303		205
Nucor		7,303		296
PPG Industries 6		5,191		257
Praxair		2,597		169
Sigma-Aldrich 6		1,231		54
Titanium Metals 6		2,721		25
United States Steel 6		707		26
				2,643
Telecommunication Services – 2.9%
AT&T		57,651		1,543
CenturyTel		2,688		68
Verizon Communications		34,367		1,020
				2,631
Utilities – 3.6%
Consolidated Edison		2,041		88
Constellation Energy		4,719		114
Dominion Resources 6		3,368		122
DTE Energy		749		27
Duke Energy		10,146		166
Edison International		2,161		77
FPL Group		4,641		219
Integrys Energy Group		7,914		377
Nicor 6		7,943		367
NiSource		17,732		230
Pepco Holdings		1,965		41
PG&E		5,872		215
Public Service Enterprise Group		4,470		126
Questar		12,675		437
Sempra Energy		9,144		390
Southern 6		1,317		45
Xcel Energy		9,356		163
				3,204
Total Common Stocks
(Cost $101,507)				79,920
Short-Term Investments – 10.5%
Money Market Fund – 9.3%
First American Prime Obligations Fund, Class Z Å		8,265,988		8,266
U.S. Treasury Obligation – 1.2%
U.S. Treasury Bill o
1.761%, 12/18/2008	$	1,100		1,097
Total Short-Term Investments
(Cost $9,363)				9,363
Investment Purchased with Proceeds from Securities Lending – 21.9%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $19,563)		19,563,263		19,563
Total Investments – 121.8%
(Cost $130,433)				108,846
Other Assets and Liabilities, Net – (21.8)%				(19,445	)
Total Net Assets – 100.0%			$	89,401

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $19,282 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2008. See note 2 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

	Number of		Notional
	Contracts		Contract		Settlement	Unrealized
Description	Purchased		Value		Month	Appreciation
S&P 500 Futures		20	$	4,837	December 2008	$	124

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

14   First American Funds 2008 Annual Report

Quantitative Large Cap Growth Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 97.3%
Consumer Discretionary – 6.9%
Abercrombie & Fitch, Class A 6		849	$	25
Amazon.com 6 =		1,013		58
American Eagle Outfitters 6		954		11
AnnTaylor Stores =		246		3
Apollo Group, Class A 6 =		851		59
Bed Bath & Beyond 6 =		1,181		30
Best Buy 6		552		15
Carnival 6		1,157		29
Chipotle Mexican Grill, Class A 6 =		130		7
Coach 6 =		2,016		41
CTC Media =		1,156		9
DeVry		416		24
Dollar Tree 6 =		630		24
DreamWorks Animation, Class A =		333		9
Expedia =		1,352		13
Gap 6		280		4
Garmin 6		1,436		32
Harley-Davidson 6		279		7
Harman International Industries		660		12
Hillenbrand		735		14
International Game Technology		1,958		27
International Speedway, Class A		1,757		55
Interval Leisure Group =		1,408		10
Johnson Controls		224		4
Kohl’s 6 =		318		11
Liberty Media Entertainment, Series A 6 =		1,227		20
Limited Brands 6		277		3
Lowe’s 6		402		9
Mattel		1,537		23
McDonald’s		1,344		78
McGraw-Hill 6		1,115		30
Newell Rubbermaid		300		4
News, Class A 6		4,634		49
Nike, Class B 6		1,433		83
Office Depot =		2,002		7
Omnicom Group		2,405		71
O’Reilly Automotive 6 =		741		20
PetSmart 6		460		9
Phillips-Van Heusen		298		7
Priceline.com =		77		4
RadioShack		35		—
Ross Stores 6		481		16
Sherwin-Williams 6		858		49
Signet Jewelers 6		1,644		17
Snap-On		299		11
Stanley Works 6		278		9
Staples 6		1,690		33
Starbucks 6 =		2,740		36
Strayer Education		48		11
Target 6		1,368		55
Tiffany & Company 6		260		7
Tim Hortons		1,001		25
TJX		1,652		44
VF		438		24
Viacom, Class B 6 =		4,122		83
Williams-Sonoma 6		555		5
Wyndham Worldwide 6		920		8
				1,383
Consumer Staples – 11.6%
Alberto-Culver		938		24
Altria Group		6,521		125
Archer-Daniels-Midland 6		608		13
Avon Products 6		645		16
Brown-Forman, Class B		1,576		72
Campbell Soup		31		1
Coca-Cola		5,541		244
Colgate-Palmolive		1,501		94
Corn Products International		460		11
Costco Wholesale 6		1,362		78
CVS Caremark		1,199		37
Estee Lauder, Class A 6		40		2
Hansen Natural 6 =		305		8
Hormel Foods		2,101		59
Kimberly-Clark		411		25
Kroger 6		411		11
Lorillard		839		55
McCormick 6		720		24
Molson Coors Brewing, Class B		55		2
NBTY =		562		13
Pepsi Bottling Group		226		5
PepsiAmericas		1,623		31
PepsiCo		5,253		300
Philip Morris International		6,462		281
Procter & Gamble		3,227		208
Safeway		103		2
Sysco		4,551		119
Walgreen 6		4,800		122
Wal-Mart Stores 6		5,709		319
Whole Foods Market 6		1,866		20
				2,321
Energy – 10.3%
Apache 6		77		6
Arch Coal 6		257		6
Atwood Oceanics =		556		15
Baker Hughes 6		2,295		80
BJ Services		2,088		27
Chevron		1,920		143
CNX Gas =		1,290		33
ConocoPhillips 6		929		48
CONSOL Energy 6		358		11
Denbury Resources 6 =		26		—
Diamond Offshore Drilling 6		446		40
Dresser-Rand Group 6 =		883		20
ENSCO International 6		1,137		43
EOG Resources		201		16
Exxon Mobil		6,359		471
FMC Technologies 6 =		768		27
Frontier Oil		2,609		35
Global Industries 6 =		1,648		4
Halliburton 6		3,425		68
Helmerich & Payne 6		296		10
Hess		772		47
Holly		1,064		21
Marathon Oil		1,372		40
Murphy Oil 6		1,721		87
National-Oilwell Varco 6 =		2,084		62
Noble		2,403		78
Noble Energy		18		1
Occidental Petroleum		3,563		198
Oceaneering International 6 =		290		8
Oil States International =		655		15
Patterson-UTI Energy 6		2,563		34
Peabody Energy 6		149		5
Rowan 6		296		5
Schlumberger 6		4,630		239
Smith International 6		181		6
Spectra Energy 6		98		2
Sunoco 6		1,120		34

First American Funds 2008 Annual Report   15

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES		VALUE
TETRA Technologies =		448	$	3
Tidewater 6		197		9
Unit 6 =		688		26
Valero Energy		809		17
Weatherford International =		1,675		28
				2,068
Financials – 2.5%
American National Insurance		201		14
Ameriprise Financial		556		12
Charles Schwab		3,033		58
CME Group 6		127		36
Erie Indemnity		1,482		55
Federated Investors, Class B 6		183		4
Franklin Resources		406		28
Hartford Financial Services Group		1,195		12
IntercontinentalExchange =		167		14
NYSE Euronext		625		19
Principal Financial Group		1,138		22
Protective Life		2,718		23
SEI Investments		1,815		32
StanCorp Financial Group		287		10
State Street		517		22
T. Rowe Price Group 6		1,163		46
TD Ameritrade =		2,194		29
Transatlantic Holdings		1,481		64
				500
Healthcare – 15.9%
Abbott Laboratories		5,878		324
Aetna 6		2,636		66
Allergan		844		33
AmerisourceBergen		672		21
Amgen 6 =		218		13
Applied Biosystems		454		14
Baxter International		2,237		135
Beckman Coulter		432		22
Becton, Dickinson & Company		2,636		183
Biogen Idec =		137		6
Bristol-Myers Squibb		8,490		174
C.R. Bard		905		80
Cardinal Health 6		1,577		60
Cerner 6 =		638		24
Charles River Laboratories International 6 =		112		4
CIGNA		1,038		17
Coventry Health Care =		453		6
DENTSPLY International 6		1,487		45
Edwards Lifesciences 6 =		188		10
Eli Lilly 6		2,751		93
Endo Pharmaceuticals Holdings 6 =		3,429		63
Forest Laboratories =		2,094		49
Genentech 6 =		1,729		143
Gen-Probe =		797		38
Genzyme 6 =		384		28
Gilead Sciences 6 =		1,069		49
Henry Schein 6 =		1,137		53
Humana =		545		16
IDEXX Laboratories 6 =		1,086		38
Intuitive Surgical =		70		12
Johnson & Johnson		4,084		251
Kinetic Concepts 6 =		1,447		35
King Pharmaceuticals =		355		3
McKesson		752		28
Medco Health Solutions =		919		35
Medtronic		4,989		201
Merck		5,246		162
Patterson Companies 6 =		1,370		35
Pediatrix Medical Group 6 =		242		9
PerkinElmer		1,228		22
Pfizer		6,390		113
Pharmaceutical Product Development 6		132		4
Resmed 6 =		85		3
Schering-Plough		3,846		56
St. Jude Medical =		1,454		55
Stryker		2,297		123
Techne =		474		33
UnitedHealth Group 6		2,806		67
Varian Medical Systems 6 =		566		26
WellCare Health Plans =		23		1
WellPoint =		592		23
Wyeth		157		5
Zimmer Holdings 6 =		1,548		72
				3,181
Industrials – 12.6%
3M 6		4,363		281
AMETEK		134		4
BE Aerospace =		2,028		26
Boeing 6		3,929		205
Brinks		443		22
Burlington Northern Santa Fe		73		7
C.H. Robinson Worldwide 6		399		21
Career Education =		1,410		22
Carlisle Companies		1,272		30
Caterpillar 6		483		18
Cintas		1,519		36
Cooper Industries, Class A		1,295		40
Copart 6 =		1,337		47
Corporate Executive Board		1,311		39
CSX		133		6
Cummins		474		12
Danaher 6		683		40
Deere & Company		828		32
Donaldson 6		260		9
Dover		1,450		46
Eaton		548		24
Emerson Electric		3,779		124
Expeditors International of Washington		959		31
Fluor		429		17
Gardner Denver =		156		4
General Dynamics		800		48
Goodrich		864		32
Harsco 6		1,865		44
Honeywell International		3,101		94
Hubbell, Class B 6		2,845		102
IDEX		205		5
IHS, Class A =		308		11
Illinois Tool Works 6		2,898		97
Ingersoll-Rand, Class A 6		667		12
ITT 6		249		11
ITT Educational Services =		120		11
Joy Global 6		340		10
Kennametal		642		14
Lennox International 6		165		5
Lincoln Electric Holdings 6		914		39
Lockheed Martin		949		81
Manitowoc 6		1,582		16
Manpower 6		704		22
Monster Worldwide 6 =		1,806		26
MSC Industrial Direct, Class A		85		3
Northrop Grumman		135		6
Pall		199		5

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

16   First American Funds 2008 Annual Report

Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES		VALUE
Parker Hannifin		1,239	$	48
Precision Castparts		933		61
Republic Services		1,233		29
Robert Half International 6		1,276		24
Rockwell Automation 6		1,884		52
Rockwell Collins 6		3,317		124
Spirit AeroSystems Holdings, Class A =		296		5
Terex 6 =		137		2
Textron		287		5
Thomas & Betts =		390		9
Timken 6		1,396		22
Union Pacific		800		53
United Parcel Service, Class B 6		1,695		90
United Technologies 6		2,445		134
W.W. Grainger		470		37
WESCO International 6 =		10		—
				2,532
Information Technology ⊳ – 29.3%
Accenture, Class A		2,884		95
Activision Blizzard =		2,553		32
Adobe Systems =		2,395		64
Akamai Technologies 6 =		428		6
Altera 6		43		1
Amdocs =		2,065		47
Analog Devices		1,166		25
Apple 6 =		3,197		344
Applied Materials 6		6,351		82
Arrow Electronics =		960		17
Atmel 6 =		796		3
Autodesk 6 =		1,951		42
Automatic Data Processing		6,656		233
Avnet =		892		15
AVX		3,045		27
BMC Software =		1,604		41
Broadcom, Class A =		1,774		30
Cisco Systems =		24,664		438
Citrix Systems 6 =		1,961		50
Cognizant Technology Solutions, Class A =		2,449		47
Computer Sciences =		1,445		44
Compuware =		4,192		27
Convergys =		2,679		21
Corning 6		3,149		34
Dell =		9,536		116
Dolby Laboratories, Class A =		60		2
DST Systems 6 =		349		14
eBay =		6,205		95
Electronic Arts =		1,190		27
EMC =		7,105		84
F5 Networks 6 =		240		6
FactSet Research Systems 6		354		14
Genpact Limited =		2,067		16
Global Payments		572		23
Google, Class A =		949		341
Harris		752		27
Hewlett-Packard		9,093		348
IBM		4,732		440
Ingram Micro, Class A =		477		6
Integrated Device Technology =		721		5
Intel 6		22,049		353
Intersil, Class A		996		14
Intuit 6 =		1,547		39
Jabil Circuit		780		7
Juniper Networks =		372		7
Marvell Technology Group =		870		6
MasterCard, Class A 6		18		3
McAfee =		872		28
MEMC Electronic Materials =		1,344		25
Mettler-Toledo International =		281		21
Microsoft		36,208		808
Molex		2,530		36
National Instruments 6		1,440		37
NCR 6 =		859		16
NetApp 6 =		1,999		27
NVIDIA =		1,101		10
Oracle =		16,236		297
Paychex 6		3,098		88
QLogic =		371		4
QUALCOMM		6,483		248
Red Hat 6 =		97		1
Sohu.com 6 =		182		10
Synopsys =		2,699		49
Teradata =		1,639		25
Texas Instruments		7,170		140
Total System Services		3,274		45
Trimble Navigation 6 =		1,393		29
Varian Semiconductor Equipment Associates =		732		14
Visa, Class A 6		285		16
VMware, Class A =		142		4
Waters 6 =		354		15
Western Digital 6 =		832		14
Yahoo! 6 =		6,382		82
Zebra Technologies, Class A 6 =		1,663		34
				5,881
Materials – 3.9%
Air Products and Chemicals 6		1,099		64
Albemarle		843		21
Alcoa 6		1,243		14
Allegheny Technologies 6		1,368		36
AptarGroup		393		12
Ashland 6		609		14
Cabot Microelectronics 6		450		12
Carpenter Technology 6		1,644		30
CF Industries Holdings 6		223		14
Cliffs Natural Resources 6		533		14
Commercial Metals		2,591		29
Cytec Industries 6		550		16
Dow Chemical 6		230		6
E.I. Du Pont de Nemours 6		293		9
Ecolab		969		36
FMC 6		211		9
Intrepid Potash 6 =		662		14
Lubrizol 6		480		18
Monsanto 6		1,499		133
Mosaic 6		372		15
Nucor		1,022		41
PPG Industries 6		836		41
Praxair		1,092		71
Reliance Steel & Aluminum 6		662		17
Schnitzer Steel Industries, Class A 6		438		12
Scotts Miracle-Gro, Class A 6		35		1
Sigma-Aldrich 6		459		20
Sonoco Products		116		3
Southern Copper		1,923		28
Steel Dynamics 6		638		8
Titanium Metals 6		815		8
United States Steel 6		336		12
Valspar 6		368		8
				786

First American Funds 2008 Annual Report   17

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Quantitative Large Cap Growth Fund (continued)
DESCRIPTION	SHARES/PAR		VALUE
Telecommunication Services – 0.7%
NeuStar, Class A 6 =		883	$	17
NII Holdings =		447		11
Telephone & Data Systems		331		9
U.S. Cellular =		1,582		61
Verizon Communications		1,236		37
				135
Utilities – 3.6%
AGL Resources 6		2,412		73
Alliant Energy 6		2,671		78
Aqua America 6		2,404		43
Constellation Energy		704		17
Energen		1,683		57
Equitable Resources 6		1,078		37
Integrys Energy Group		461		22
National Fuel Gas 6		1,926		70
NSTAR		514		17
OGE Energy		1,446		40
Questar		2,956		102
SCANA		662		22
Sempra Energy		593		25
UGI		3,272		78
Vectren		1,652		42
				723
Total Common Stocks
(Cost $24,004)				19,510
Short-Term Investments – 2.4%
Money Market Fund – 0.8%
First American Prime Obligations Fund, Class Z Å		162,655		163
U.S. Treasury Obligation – 1.6%
U.S. Treasury Bill
1.014%, 12/18/2008	$	320		319
Total Short-Term Investments
(Cost $482)				482
Investment Purchased with Proceeds from Securities Lending – 28.5%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $5,705)		5,705,274		5,705
Total Investments – 128.2%
(Cost $30,191)				25,697
Other Assets and Liabilities, Net – (28.2)%				(5,651	)
Total Net Assets – 100.0%			$	20,046

Quantitative Large Cap Growth Fund (concluded)

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a market value of $5,622 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
⊳	The fund is significantly invested in this sector and therefore subject to additional risks. See note 6 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

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

18   First American Funds 2008 Annual Report

Quantitative Large Cap Value Fund
DESCRIPTION	SHARES		VALUE
Common Stocks – 87.2%
Consumer Discretionary – 6.2%
Abercrombie & Fitch, Class A 6		494	$	14
American Eagle Outfitters 6		476		5
AnnTaylor Stores 6 =		669		8
Apollo Group, Class A 6 =		216		15
AutoNation 6 =		702		5
Barnes & Noble 6		335		6
Bed Bath & Beyond 6 =		634		16
Carnival 6		2,014		51
Coach 6 =		456		9
DeVry		23		1
Dollar Tree 6 =		148		6
Expedia =		2,038		19
Family Dollar Stores		108		3
Fortune Brands		266		10
Gannett 6		333		4
Gap 6		510		7
Garmin 6 =		820		18
Harley-Davidson		177		4
Harman International Industries		695		13
Hillenbrand		365		7
Home Depot 6		2,850		67
International Game Technology		947		13
International Speedway, Class A		1,380		43
Interval Leisure Group =		1,480		11
J.C. Penney 6		510		12
Johnson Controls		321		6
Liberty Media Interactive, Class A 6 =		138		1
Limited Brands 6		79		1
Lowe’s 6		4,107		89
Mattel		2,208		33
McGraw-Hill 6		1,123		30
Meredith 6		328		6
Newell Rubbermaid		2,132		29
News, Class A 6		6,473		69
Nike, Class B 6		133		8
Office Depot =		6,610		24
Omnicom Group		954		28
O’Reilly Automotive 6 =		747		20
Phillips-Van Heusen 6		30		1
RadioShack		169		2
Royal Caribbean Cruises 6		658		9
Sherwin-Williams 6		194		11
Signet Jewelers Limited		1,884		19
Snap-On		78		3
Stanley Works 6		183		6
Staples 6		334		7
Starbucks 6 =		503		7
Ticketmaster =		354		4
Time Warner		5,294		54
VF		523		29
Viacom, Class B 6 =		2,077		42
Walt Disney 6		3,221		84
Washington Post, Class B		49		21
Williams-Sonoma 6		1,153		10
Wyndham Worldwide 6		2,324		19
				1,039
Consumer Staples – 6.1%
Alberto-Culver 6		636		16
Altria Group		3,031		58
Archer-Daniels-Midland 6		2,295		48
Brown-Forman, Class B		765		35
Bunge Limited 6		158		6
Coca-Cola		1,511		67
ConAgra Foods 6		966		17
Corn Products International		623		15
CVS Caremark		605		18
Dr. Pepper Snapple Group 6 =		509		12
Hormel Foods		1,501		42
Kimberly-Clark		304		19
Kraft Foods, Class A		2,290		67
Kroger 6		534		15
Lorillard		439		29
McCormick 6		310		10
Molson Coors Brewing, Class B		361		13
NBTY =		385		9
Pepsi Bottling Group		586		13
PepsiAmericas		1,940		37
Procter & Gamble		5,120		330
Safeway 6		1,250		27
Sara Lee		1,034		12
Sysco		2,094		55
Tyson Foods, Class A		156		1
Walgreen 6		1,701		43
Whole Foods Market 6		1,283		14
				1,028
Energy – 14.8%
Apache 6		728		60
Atwood Oceanics =		54		1
Baker Hughes		765		27
BJ Services		2,734		35
Chevron		7,715		575
CNX Gas =		633		16
ConocoPhillips 6		5,387		280
Devon Energy		283		23
Exxon Mobil		14,902		1,104
Frontier Oil		1,596		21
Global Industries 6 =		1,654		4
Helix Energy Solutions Group 6 =		20		—
Holly		604		12
Marathon Oil		3,232		94
Murphy Oil 6		513		26
Noble		664		21
Occidental Petroleum		300		17
Oceaneering International 6 =		16		—
Oil States International =		330		8
Patterson-UTI Energy 6		1,352		18
Rowan 6		256		5
Spectra Energy 6		2,104		41
Sunoco 6		974		30
Tesoro 6		478		5
Tidewater 6		186		8
Unit 6 =		293		11
Valero Energy		2,459		51
				2,493
Financials – 18.4%
Allied World Assurance Company Holdings		1,093		35
Allstate		1,317		35
American Financial Group		370		8
American International Group 6		15,362		29
American National Insurance		559		38
Ameriprise Financial		2,051		44
Associated Banc 6		2,715		60
BancorpSouth		326		8
Bank of America		12,431		301
Bank of Hawaii 6		917		47
Bank of New York Mellon		4,282		140
BB&T 6		258		9

First American Funds 2008 Annual Report   19

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Quantitative Large Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE
BOK Financial		893	$	43
Chubb		529		27
Cincinnati Financial 6		2,062		54
Citigroup		9,683		132
City National 6		768		41
CME Group 6		42		12
Commerce Bancshares		1,173		56
Discover Financial Services		1,217		15
Erie Indemnity, Class A		2,054		76
Federated Investors, Class B 6		340		8
Fifth Third Bancorp 6		3,327		36
First Citizens Bancshares, Class A		68		10
Franklin Resources		568		39
Fulton Financial		624		7
Genworth Financial, Class A		4,830		23
Goldman Sachs Group 6		464		43
Hartford Financial Services Group		3,120		32
HCC Insurance Holdings		1,085		24
Huntington Bancshares 6		1,649		16
Invesco		1,139		17
iStar Financial – REIT 6		11,251		12
JPMorgan Chase		8,610		355
KeyCorp 6		850		10
Legg Mason 6		234		5
Lincoln National 6		1,521		26
Loew’s		1,569		52
Markel =		60		21
Marshall & Ilsley 6		124		2
MBIA 6		189		2
Mercury General 6		284		15
MF Global =		2,783		11
National City		5,040		14
Nationwide Financial Services, Class A		4		—
Northern Trust		299		17
NYSE Euronext		736		22
Old Republic International 6		1,956		18
Philadelphia Consolidated Holding =		37		2
PNC Financial Services Group		481		32
Principal Financial Group		2,850		54
Progressive 6		1,539		22
Protective Life		3,844		32
Prudential Financial 6		1,196		36
Raymond James Financial 6		395		9
Regions Financial 6		3,573		40
RenaissanceRe Holdings		163		8
SEI Investments		1,251		22
StanCorp Financial Group		448		15
State Street		1,255		54
SunTrust Banks 6		1,270		51
Synovus Financial 6		2,256		23
T. Rowe Price Group 6		187		7
TD Ameritrade =		1,197		16
Torchmark 6		465		20
Transatlantic Holdings		2,004		86
Travelers		1,768		75
Unitrin		199		4
W.R. Berkley		957		25
Wachovia 6		9,504		61
Wells Fargo 6		6,995		238
Whitney Holding 6		1,917		37
Wilmington Trust 6		1,189		34
XL Capital, Class A 6		2,607		25
Zions Bancorporation 6		303		12
				3,087
Healthcare – 13.1%
Aetna 6		1,269		32
AmerisourceBergen		602		19
Amgen 6 =		2,811		168
Beckman Coulter		173		9
Becton, Dickinson & Company		889		62
Bristol-Myers Squibb		1,578		32
C.R. Bard		145		13
Cardinal Health		638		24
Cerner 6 =		166		6
CIGNA		1,608		26
Coventry Health Care =		568		8
DENTSPLY International 6		476		15
Eli Lilly 6		4,488		152
Endo Pharmaceuticals Holdings 6 =		1,645		30
Forest Laboratories =		1,988		46
Gen-Probe 6 =		281		13
Health Net =		682		9
Henry Schein 6 =		449		21
Humana =		222		7
IDEXX Laboratories 6 =		180		6
Johnson & Johnson		7,134		438
Kinetic Concepts 6 =		889		22
King Pharmaceuticals =		599		5
Medtronic		428		17
Merck		6,695		207
Patterson Companies 6 =		472		12
PerkinElmer		662		12
Pfizer		25,314		448
Stryker		567		30
UnitedHealth Group 6		3,328		79
Varian Medical Systems 6 =		76		3
WellPoint =		1,762		69
Wyeth		4,082		131
Zimmer Holdings 6 =		727		34
				2,205
Industrials – 9.5%
3M 6		1,019		66
Avery Dennison 6		85		3
BE Aerospace =		1,656		21
Boeing 6		891		47
Brinks		21		1
Career Education =		1,017		16
Carlisle Companies		731		17
Cintas		1,902		45
Cooper Industries, Class A		478		15
Copart 6 =		507		18
Corporate Executive Board		1,158		35
Dover		380		12
Eaton		607		27
Emerson Electric		179		6
FedEx		335		22
General Dynamics		1,459		88
General Electric		26,977		526
Goodrich		313		12
Harsco		821		19
Hubbell, Class B 6		1,979		71
Illinois Tool Works 6		3,157		105
Ingersoll-Rand, Class A 6		1,391		26
ITT Educational Services =		21		2
ITT 6		35		2
Kennametal		867		18
Lincoln Electric Holdings 6		358		15
Manitowoc 6		770		8
Manpower 6		759		24

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

20   First American Funds 2008 Annual Report

Quantitative Large Cap Value Fund (continued)
DESCRIPTION	SHARES		VALUE
Monster Worldwide 6 =		1,377	$	20
Northrop Grumman		825		39
Parker Hannifin		409		16
Precision Castparts		270		17
Raytheon		279		14
Republic Services		437		10
Robert Half International 6		759		14
Rockwell Automation 6		710		20
Rockwell Collins 6		1,945		72
Spirit AeroSystems Holdings, Class A =		897		14
Terex 6 =		278		5
Thomas & Betts =		100		2
Timken 6		977		16
United Technologies 6		1,425		78
				1,604
Information Technology – 4.5%
Amdocs =		1,033		23
Arrow Electronics =		765		13
Autodesk 6 =		397		9
Automatic Data Processing		3,325		116
Avnet =		457		8
AVX		1,457		13
BMC Software =		130		3
Cadence Design Systems =		2,660		11
Citrix Systems 6 =		656		17
Cognizant Technology Solutions, Class A =		689		13
Computer Sciences =		1,887		57
Compuware =		1,291		8
Convergys =		2,003		15
Dell =		1,527		19
DST Systems 6 =		104		4
eBay =		1,207		18
EMC =		2,832		33
Fairchild Semiconductor International =		171		1
Genpact Limited =		995		8
Ingram Micro, Class A =		396		5
Intel 6		3,184		51
Intersil, Class A		851		12
Jabil Circuit		585		5
Lender Processing Services		495		11
Lexmark International, Class A 6 =		15		—
Microsoft		1,595		36
Molex		2,028		29
Motorola		7,561		41
National Instruments 6		391		10
Oracle =		276		5
Paychex 6		1,037		30
Seagate Technology		487		3
Sun Microsystems =		118		1
Synopsys =		2,154		39
Tellabs =		1,734		7
Teradata =		1,008		16
Texas Instruments		980		19
Total System Services		1,906		26
Tyco Electronics 6		173		3
Xerox 6		570		5
Yahoo! 6 =		199		3
Zebra Technologies, Class A =		426		9
				755
Materials – 3.1%
Air Products and Chemicals 6		245		14
Albemarle		345		8
Alcoa 6		461		5
Allegheny Technologies 6		710		19
AptarGroup		145		4
Ashland 6		1,052		24
Bemis 6		188		5
Cabot Microelectronics 6		247		7
Carpenter Technology 6		1,317		24
Celanese, Series A 6		5		—
Commercial Metals		1,744		19
Cytec Industries 6		844		24
Dow Chemical 6		3,313		88
E.I. Du Pont de Nemours 6		3,148		101
Freeport-McMoRan Copper & Gold 6		773		22
Intrepid Potash 6 =		359		8
Lubrizol 6		286		11
Nucor		1,163		47
Pactiv =		59		1
PPG Industries 6		800		40
Reliance Steel & Aluminum 6		453		11
RPM International 6		140		2
Schnitzer Steel Industries, Class A 6		288		8
Sonoco Products		180		4
Southern Copper		394		6
Steel Dynamics 6		230		3
Titanium Metals 6		111		1
Valspar 6		914		19
				525
Telecommunication Services – 5.1%
AT&T		18,219		488
CenturyTel		261		7
NeuStar, Class A 6 =		415		8
Telephone & Data Systems		200		5
U.S. Cellular =		1,185		45
Verizon Communications		9,924		295
				848
Utilities – 6.4%
AGL Resources 6		3,564		108
Alliant Energy		2,972		87
American Electric Power		73		2
Aqua America 6		3,209		58
Atmos Energy		945		23
Consolidated Edison		341		15
Constellation Energy Group		618		15
Dominion Resources 6		1,031		37
DTE Energy		101		4
Duke Energy		2,134		35
Energen		1,086		37
Equitable Resources 6		739		26
FPL Group		1,298		61
Integrys Energy Group		559		27
National Fuel Gas 6		1,653		60
NiSource		2,295		30
NSTAR		524		17
OGE Energy		1,269		35
Pepco Holdings		198		4
PG&E		709		26
Questar		2,291		79
SCANA		680		22
Sempra Energy		1,978		84
Southern Union		669		12
Southern 6		936		32
UGI		2,822		67

First American Funds 2008 Annual Report   21

Schedule of Investments  October 31, 2008, all dollars are rounded to thousands (000)

Quantitative Large Cap Value Fund (concluded)
DESCRIPTION	SHARES/PAR		VALUE
Vectren		1,880	$	47
Xcel Energy		1,210		21
				1,071
Total Common Stocks
(Cost $17,178)				14,655
Short-Term Investments – 12.3%
Money Market Fund – 10.9%
First American Prime Obligations Fund, Class Z Å		1,836,074		1,836
U.S. Treasury Obligation – 1.4%
U.S. Treasury Bill
1.248%, 12/18/2008 o	$	240		240
Total Short-Term Investments
(Cost $2,076)				2,076
Investment Purchased with Proceeds from Securities Lending – 25.1%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $4,208)		4,208,380		4,208
Total Investments – 124.6%
(Cost $23,462)				20,939
Other Assets and Liabilities, Net – (24.6)%				(4,140	)
Total Net Assets – 100.0%			$	16,799

6	This security or a portion of this security is out on loan at October 31, 2008. Total loaned securities had a value of $4,137 at October 31, 2008. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2008. See note 2 in Notes to Financial Statements.
†	The fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

	Number of		Notional
	Contracts		Contract		Settlement	Unrealized
Description	Purchased		Value		Month	Appreciation
S&P 500 E-Mini Futures		27	$	1,306	December 2008	$	28

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

22   First American Funds 2008 Annual Report

Statements ofAssets and Liabilities   October 31, 2008, all dollars and shares are rounded to thousands (000), except per share data

	Quantitative			Quantitative			Quantitative
	Large Cap			Large Cap			Large Cap
	Core Fund			Growth Fund			Value Fund
Unaffiliated investments, at cost	$	102,604		$	24,323		$	17,418
Affiliated money market fund, at cost		8,266			163			1,836
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		19,563			5,705			4,208
ASSETS:
Unaffiliated investments, at value* (note 2)	$	81,017		$	19,829		$	14,895
Affiliated money market fund, at value (note 2)		8,266			163			1,836
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		19,563			5,705			4,208
Receivable for dividends and interest		122			17			25
Receivable for variation margin		29			—			8
Receivable from advisor (note 3)		—			20			20
Prepaid expenses and other assets		47			47			47
Total assets		109,044			25,781			21,039
LIABILITIES:
Payable upon return of securities loaned (note 2)		19,563			5,705			4,208
Payable for capital shares redeemed		25			—			—
Payable to affiliates (note 3)		32			19			19
Accrued expenses and other liabilities		23			11			13
Total liabilities		19,643			5,735			4,240
Net assets	$	89,401		$	20,046		$	16,799
COMPOSITION OF NET ASSETS:
Portfolio capital	$	119,736		$	25,063		$	20,131
Undistributed net investment income		539			60			82
Accumulated net realized loss on investments (note 2)		(9,411	)		(583	)		(919	)
Net unrealized appreciation or depreciation of:
Investments		(21,587	)		(4,494	)		(2,523	)
Futures contracts		124			—			28
Net assets	$	89,401		$	20,046		$	16,799
* Including securities loaned, at value	$	19,282		$	5,622		$	4,137
Class A:
Net assets	$	118		$	56		$	14
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		7			3			1
Net asset value, and redemption price per share	$	16.56		$	17.75		$	16.84
Maximum offering price per share1	$	17.52		$	18.78		$	17.82
Class C:
Net assets	$	10		$	12		$	3
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1			1			—	**
Net asset value, offering price, and redemption price per share2	$	16.51		$	17.69		$	16.80
Class R:
Net assets	$	3		$	4		$	3
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		—	**		—	**		—	**
Net asset value, offering price, and redemption price per share	$	16.55		$	17.73		$	16.83
Class Y:
Net assets	$	89,270		$	19,974		$	16,779
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		5,387			1,124			996
Net asset value, offering price, and redemption price per share	$	16.57		$	17.76		$	16.85

1	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.
2	Class C has a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

**  Due to the presentation of the Financial Statements in thousands, the number rounds to zero.

First American Funds 2008 Annual Report   23

Statements ofOperations   For the year ended October 31, 2008, all dollars are rounded to thousands (000)

	Quantitative			Quantitative			Quantitative
	Large Cap			Large Cap			Large Cap
	Core Fund			Growth Fund			Value Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments	$	1,539		$	169		$	226
Dividends from affiliated money market fund		124			23			17
Interest from unaffiliated investments		12			1			2
Securities lending income		65			9			7
Total investment income		1,740			202			252
EXPENSES (note 3):
Investment advisory fees		215			36			26
Administration fees		170			40			32
Transfer agent fees		105			105			105
Custodian fees		4			1			—
Legal fees		15			15			15
Audit fees		31			32			31
Registration fees		41			41			41
Postage and printing fees		41			8			8
Directors’ fees		24			24			24
Other expenses		19			19			19
Distribution and shareholder servicing fees:
Class A		—			—			—
Class C		—			—			—
Class R		—			—			—
Total expenses		665			321			301
Less: Fee waivers (note 3)		(347	)		(267	)		(263	)
Total net expenses		318			54			38
Investment income – net		1,422			148			214
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized gain (loss) on:
Investments		(7,587	)		(746	)		(1,073	)
Futures contracts		(1,790	)		167			184
Net change in unrealized appreciation or depreciation of:
Investments		(24,537	)		(5,124	)		(2,879	)
Futures contracts		116			(1	)		15
Net loss on investments and futures contracts		(33,798	)		(5,704	)		(3,753	)
Net decrease in net assets resulting from operations	$	(32,376	)	$	(5,556	)	$	(3,539	)

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

24   First American Funds 2008 Annual Report

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

	Quantitative						Quantitative						Quantitative
	Large Cap						Large Cap						Large Cap
	Core Fund						Growth Fund						Value Fund
	Year			7/31/071			Year			7/31/071			Year			7/31/071
	Ended			to			Ended			to			Ended			to
	10/31/08			10/31/07			10/31/08			10/31/07			10/31/08			10/31/07
OPERATIONS:
Investment income – net	$	1,422		$	204		$	148		$	20		$	214		$	42
Net realized gain (loss) on:
Investments		(7,587	)		335			(746	)		74			(1,073	)		48
Futures contracts		(1,790	)		83			167			—			184			(1	)
Net change in unrealized appreciation or depreciation of:
Investments		(24,537	)		2,950			(5,124	)		630			(2,879	)		356
Futures contracts		116			8			(1	)		1			15			13
Net increase (decrease) in net assets resulting from operations		(32,376	)		3,580			(5,556	)		725			(3,539	)		458
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2	)		—			—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		(941	)		(144	)		(94	)		(14	)		(149	)		(25	)
Net realized gain on investments:
Class A		(1	)		—			(1	)		—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		(451	)		—			(77	)		—			(77	)		—
Total distributions		(1,395	)		(144	)		(172	)		(14	)		(226	)		(25	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		109			129			51			69			7			30
Reinvestment of distributions		3			—			1			—			1			—
Payments for redemptions		(72	)		—			(39	)		—			(16	)		—
Increase (decrease) in net assets from Class A transactions		40			129			13			69			(8	)		30
Class C:
Proceeds from sales		—			15			—			17			—			5
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions (note 3)		—			—			—			—			—			—
Increase in net assets from Class C transactions		—			15			—			17			—			5
Class R:
Proceeds from sales		—			5			—			5			—			5
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		—			—			—			—			—			—
Increase in net assets from Class R transactions		—			5			—			5			—			5
Class Y:
Proceeds from sales		84,298			47,241			18,446			7,004			12,884			7,000
Reinvestment of distributions		1,108			133			147			14			206			25
Payments for redemptions		(11,171	)		(2,062	)		(652	)		—			(16	)		—
Increase in net assets from Class Y transactions		74,235			45,312			17,941			7,018			13,074			7,025
Increase in net assets from capital share transactions		74,275			45,461			17,954			7,109			13,066			7,065
Total increase in net assets		40,504			48,897			12,226			7,820			9,301			7,498
Net assets at beginning of period		48,897			—			7,820			—			7,498			—
Net assets at end of period	$	89,401		$	48,897		$	20,046		$	7,820		$	16,799		$	7,498
Undistributed net investment income at end of period	$	539		$	60		$	60		$	6		$	82		$	17

¹ Commencement of operations.

First American Funds 2008 Annual Report   25

Financial Highlights   For a share outstanding throughout the indicated periods.

						Realized and
	Net Asset		Net			Unrealized						Distributions
	Value		Investment			Gains			Total from			from Net			Distributions
	Beginning		Income			(Losses) on			Investment			Investment			from Net Realized			Total
	of Period		(Loss)			Investments			Operations			Income			Gains			Distributions
Quantitative Large Cap Core Fund1
Class A
20082	$	26.90	$	0.40		$	(10.21	)	$	(9.81	)	$	(0.29	)	$	(0.24	)	$	(0.53	)
20073		25.00		0.06			1.91			1.97			(0.07	)		—			(0.07	)
Class C
20082	$	26.88	$	0.23		$	(10.20	)	$	(9.97	)	$	(0.16	)	$	(0.24	)	$	(0.40	)
20073		25.00		0.02			1.90			1.92			(0.04	)		—			(0.04	)
Class R
20082	$	26.89	$	0.34		$	(10.20	)	$	(9.86	)	$	(0.24	)	$	(0.24	)	$	(0.48	)
20073		25.00		0.08			1.87			1.95			(0.06	)		—			(0.06	)
Class Y
20082	$	26.90	$	0.44		$	(10.20	)	$	(9.76	)	$	(0.33	)	$	(0.24	)	$	(0.57	)
20073		25.00		0.11			1.87			1.98			(0.08	)		—			(0.08	)
Quantitative Large Cap Growth Fund1
Class A
20082	$	27.51	$	0.24		$	(9.58	)	$	(9.34	)	$	(0.16	)	$	(0.26	)	$	(0.42	)
20073		25.00		0.02			2.53			2.55			(0.04	)		—			(0.04	)
Class C
20082	$	27.47	$	0.05		$	(9.55	)	$	(9.50	)	$	(0.02	)	$	(0.26	)	$	(0.28	)
20073		25.00		(0.03	)		2.53			2.50			(0.03	)		—			(0.03	)
Class R
20082	$	27.51	$	0.17		$	(9.58	)	$	(9.41	)	$	(0.11	)	$	(0.26	)	$	(0.37	)
20073		25.00		0.04			2.50			2.54			(0.03	)		—			(0.03	)
Class Y
20082	$	27.52	$	0.28		$	(9.57	)	$	(9.29	)	$	(0.21	)	$	(0.26	)	$	(0.47	)
20073		25.00		0.07			2.50			2.57			(0.05	)		—			(0.05	)
Quantitative Large Cap Value Fund1
Class A
20082	$	26.53	$	0.52		$	(9.56	)	$	(9.04	)	$	(0.40	)	$	(0.25	)	$	(0.65	)
20073		25.00		0.10			1.51			1.61			(0.08	)		—			(0.08	)
Class C
20082	$	26.51	$	0.35		$	(9.55	)	$	(9.20	)	$	(0.26	)	$	(0.25	)	$	(0.51	)
20073		25.00		0.08			1.48			1.56			(0.05	)		—			(0.05	)
Class R
20082	$	26.53	$	0.46		$	(9.56	)	$	(9.10	)	$	(0.35	)	$	(0.25	)	$	(0.60	)
20073		25.00		0.11			1.49			1.60			(0.07	)		—			(0.07	)
Class Y
20082	$	26.54	$	0.55		$	(9.54	)	$	(8.99	)	$	(0.45	)	$	(0.25	)	$	(0.70	)
20073		25.00		0.15			1.48			1.63			(0.09	)		—			(0.09	)

1	Per share data calculated using average shares outstanding method.
2	For the period November 1 to October 31 in the fiscal year indicated.
3	Commenced operations on July 31, 2007. All ratios for the period July 31, 2007 to October 31, 2007 have been annualized, except total return and portfolio turnover.
4	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

26   First American Funds 2008 Annual Report

													Ratio of			Ratio of Net
										Ratio of Net			Expenses			Investment
Net Asset							Ratio of			Investment			to Average			Income (Loss)
Value					Net Assets		Expenses to			Income (Loss)			Net Assets			to Average			Portfolio
End of		Total			End of		Average			to Average			(Excluding			Net Assets			Turnover
Period		Return4			Period (000)		Net Assets			Net Assets			Waivers)			(Excluding Waivers)			Rate
$	16.56		(37.08	)%	$	118		0.70	%		1.77	%		1.18	%		1.29	%		153	%
	26.90		7.89			131		0.70			0.91			1.40			0.21			55
$	16.51		(37.58	)%	$	10		1.45	%		0.99	%		1.93	%		0.51	%		153	%
	26.88		7.69			15		1.45			0.23			2.15			(0.47	)		55
$	16.55		(37.22	)%	$	3		0.92	%		1.51	%		1.40	%		1.03	%		153	%
	26.89		7.81			6		0.95			1.20			1.65			0.50			55
$	16.57		(36.93	)%	$	89,270		0.45	%		1.99	%		0.93	%		1.51	%		153	%
	26.90		7.93			48,745		0.45			1.73			1.15			1.03			55
$	17.75		(34.41	)%	$	56		0.69	%		0.99	%		2.89	%		(1.21	)%		161	%
	27.51		10.22			71		0.70			0.23			4.70			(3.77	)		58
$	17.69		(34.91	)%	$	12		1.44	%		0.23	%		3.64	%		(1.97	)%		161	%
	27.47		10.01			18		1.45			(0.36	)		5.45			(4.36	)		58
$	17.73		(34.61	)%	$	4		0.94	%		0.73	%		3.14	%		(1.47	)%		161	%
	27.51		10.17			6		0.95			0.54			4.95			(3.46	)		58
$	17.76		(34.27	)%	$	19,974		0.44	%		1.23	%		2.64	%		(0.97	)%		161	%
	27.52		10.29			7,725		0.45			1.07			4.45			(2.93	)		58
$	16.84		(34.79	)%	$	14		0.69	%		2.26	%		3.78	%		(0.83	)%		178	%
	26.53		6.46			31		0.70			1.57			4.73			(2.46	)		65
$	16.80		(35.25	)%	$	3		1.44	%		1.52	%		4.53	%		(1.57	)%		178	%
	26.51		6.25			5		1.45			1.18			5.48			(2.85	)		65
$	16.83		(34.94	)%	$	3		0.94	%		2.02	%		4.03	%		(1.07	)%		178	%
	26.53		6.41			5		0.95			1.68			4.98			(2.35	)		65
$	16.85		(34.63	)%	$	16,779		0.44	%		2.51	%		3.53	%		(0.58	)%		178	%
	26.54		6.52			7,457		0.45			2.28			4.48			(1.75	)		65

First American Funds 2008 Annual Report   27

Notes to Financial Statements    October 31, 2008, all dollars and shares are rounded to thousands (000)

1 > Organization

The Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. The funds commenced operations July 31, 2007. As of October 31, 2008, 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. The Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund are each diversified open-end management investment companies.

The funds offer Class A, Class C, Class R, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge for 12 months. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.

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

2 > Summary of Significant Accounting Policies

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

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

Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates 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. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s exchange rate, and the 30-, 60-, 90-, 180-, and 360-day forward rates provided by an independent pricing service.

When market quotations are not readily available, securities are 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; security’s previous price and/or 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

28   First American Funds 2008 Annual Report

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 October 31, 2008, the Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund held no fair valued securities.

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

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

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

Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”) provides guidance for how uncertain tax position 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 of expense in the current year. As of October 31, 2008, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the fiscal year ended October 31, 2008 and fiscal period ended October 31, 2007, were as follows:

	October 31, 2008
	Ordinary		Long Term
Fund	Income		Gain		Total
Quantitative Large Cap Core Fund	$	1,341	$	54	$	1,395
Quantitative Large Cap Growth Fund		171		1		172
Quantitative Large Cap Value Fund		219		7		226

	October 31, 2007
		Ordinary
Fund		Income
Quantitative Large Cap Core Fund		$	144
Quantitative Large Cap Growth Fund			14
Quantitative Large Cap Value Fund			25

As of October 31, 2008, the components of accumulated earnings (deficit) on a tax-basis were as follows:

			Accumulated
	Undistributed		Capital and						Total
	Ordinary		Post-October			Unrealized			Accumulated
Fund	Income		Losses			Depreciation			Deficit
Quantitative Large Cap Core Fund	$	541	$	(7,444	)	$	(23,430	)	$	(30,333	)
Quantitative Large Cap Growth Fund		62		(313	)		(4,764	)		(5,015	)
Quantitative Large Cap Value Fund		83		(351	)		(3,062	)		(3,330	)

First American Funds 2008 Annual Report   29

Notes to Financial Statements   October 31, 2008, all dollars and shares are rounded to thousands (000)

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

As of October 31, 2008, the funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:

Fund	2016		Total
Quantitative Large Cap Core Fund	$	7,444	$	7,444
Quantitative Large Cap Growth Fund		313		313
Quantitative Large Cap Value Fund		351		351

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

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

As of October 31, 2008, Quantitative Large Cap Core Fund and Quantitative Large Cap Value Fund had outstanding futures contracts as disclosed in their Schedule of Investments.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds’ board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. At October 31, 2008, Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund held no investments in illiquid securities.

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

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. Securities lending fees paid to

30   First American Funds 2008 Annual Report

U.S. Bank by the funds for the fiscal year ended October 31, 2008, were as follows:

Fund	Amount
Quantitative Large Cap Core Fund	$	26
Quantitative Large Cap Growth Fund		4
Quantitative Large Cap Value Fund		3

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities no longer included in the portfolio is recorded as an adjustment to realized gains or losses. The funds did not have any adjustments made for the fiscal year ended October 31, 2008.

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended October 31, 2008.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of open-end First American Funds, preselected by each director. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund is 0.30%, 0.30%, and 0.30%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses through at least June 30, 2009, 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			R			Y
Quantitative Large Cap Core Fund		0.70	%		1.45	%		0.95	%		0.45	%
Quantitative Large Cap Growth Fund		0.70			1.45			0.95			0.45
Quantitative Large Cap Value Fund		0.70			1.45			0.95			0.45

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

ADMINISTRATION FEES – FAF Advisors serves as the funds’ administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association (“U.S. Bank”). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on a annual basis, to 0.25% of the aggregate average daily net assets of all open-end 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

First American Funds 2008 Annual Report   31

Notes to Financial Statements   October 31, 2008, all dollars and shares are rounded to thousands (000)

out-of-pocket expenses incurred in providing administration services.

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

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

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed as “Indirect payments from custodian” in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund’s custodian expenses. For the fiscal year ended October 31, 2008, custodian fees for Quantitative Large Cap Core Fund, Quantitative Large Cap Growth Fund, and Quantitative Large Cap Value Fund were not increased as a result of overdrafts and were not decreased by as a result of interest earned, respectively.

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

Under the distribution and shareholder servicing agreement, the following amounts were retained by affiliates of FAF Advisors for the fiscal year ended October 31, 2008:

Fund	Amount
Quantitative Large Cap Core Fund	$	—
Quantitative Large Cap Growth Fund		—
Quantitative Large Cap Value Fund		—

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the fiscal year ended October 31, 2008, legal fees and expenses of $16 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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

For the fiscal year ended October 31, 2008, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds’ shares were as follows:

Fund	Amount
Quantitative Large Cap Core Fund	$	2
Quantitative Large Cap Growth Fund		—
Quantitative Large Cap Value Fund		—

32   First American Funds 2008 Annual Report

4 > Capital Share Transactions

FAIF has 366 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows:

	Quantitative						Quantitative					Quantitative
	Large Cap						Large Cap					Large Cap
	Core Fund						Growth Fund					Value Fund
	Year			7/31/07*			Year			7/31/07*		Year			7/31/07*
	Ended			to			Ended			to		Ended			to
	10/31/08			10/31/07			10/31/08			10/31/07		10/31/08			10/31/07
Class A:
Shares issued		5			5			2			2		—			1
Shares issued in lieu of cash distributions		—			—			—			—		—			—
Shares redeemed		(3	)		—			(1	)		—		—			—
Total Class A transactions		2			5			1			2		—			1
Class C:
Shares issued		—			1			—			1		—			—
Shares issued in lieu of cash distributions		—			—			—			—		—			—
Shares redeemed		—			—			—			—		—			—
Total Class C transactions		—			1			—			1		—			—
Class R:
Shares issued		—			—			—			—		—			—
Shares issued in lieu of cash distributions		—			—			—			—		—			—
Shares redeemed		—			—			—			—		—			—
Total Class R transactions		—			—			—			—		—			—
Class Y:
Shares issued		4,109			1,887			870			280		707			280
Shares issued in lieu of cash distributions		46			5			6			1		9			1
Shares redeemed		(580	)		(80	)		(33	)		—		(1	)		—
Total Class Y transactions		3,575			1,812			843			281		715			281
Net increase in capital shares		3,577			1,818			844			284		715			282

*  Commencement of operations

5 > Investment Security Transactions

During the fiscal year ended October 31, 2008, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Quantitative Large Cap Core Fund	$	168,766	$	104,476
Quantitative Large Cap Growth Fund		36,360		18,586
Quantitative Large Cap Value Fund		26,313		14,458

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at October 31, 2008, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Quantitative Large Cap Core Fund	$	1,113	$	(24,543	)	$	(23,430	)	$	132,276
Quantitative Large Cap Growth Fund		82		(4,846	)		(4,764	)		30,461
Quantitative Large Cap Value Fund		388		(3,450	)		(3,062	)		24,001

6 > Sector Risks

Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. As of October 31, 2008, Quantitative Large Cap Growth Fund had a significant portion of its assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole.

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

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 October 31, 2008, the funds do not believe the adoption of FAS 157 will materially 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.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about

First American Funds 2008 Annual Report   33

Notes to Financial Statements    October 31, 2008, all dollars and shares are rounded to thousands (000)

Derivative Instruments and Hedging Activities – an amendment of FABS Statement No. 133” (“FAS 161”). FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Funds are required to provide enhanced disclosures about (a) how and why the fund uses derivative instruments, (b) how derivative instruments are accounted for under FAS 133 and its related interpretations, and (c) how derivative instruments affect the fund’s financial position and financial performance. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. The funds do not expect FAS 161 to have a material impact on their financial statements; however, additional disclosures will be required.

34   First American Funds 2008 Annual Report

Notice toShareholders   October 31, 2008 (unaudited)

TAX INFORMATION

The information set forth below is for each fund’s fiscal period as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal periods of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2009 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended October 31, 2008, each fund has designated long term capital gains, ordinary income, and tax exempt income with regard to distributions paid during the period as follows:

	Long Term			Ordinary
	Capital Gains			Income			Total
	Distributions			Distributions			Distributions
Fund	(Tax Basis) 1			(Tax Basis) 1			(Tax Basis)
Quantitative Large Cap Core Fund		4	%		96	%		100	%
Quantitative Large Cap Growth Fund		1			99			100
Quantitative Large Cap Value Fund		3			97			100

¹ Based on a percentage of the fund’s total distributions.

Shareholder Notification of Federal Tax Status:

Each fund has designated the following percentages of the ordinary income distributions during the fiscal year ended October 31, 2008 as dividends qualifying for the dividends received deduction available to corporate shareholders:

Fund
Quantitative Large Cap Core Fund	77.75	%
Quantitative Large Cap Growth Fund	61.94
Quantitative Large Cap Value Fund	98.84

In addition, each fund has designated the following percentages of the ordinary income distributions from net investment income during the fiscal year ended October 31, 2008 as qualified dividend income available to individual shareholders under the Jobs and Growth Tax Relief Reconciliation Act of 2003:

Fund
Quantitative Large Cap Core Fund	78.30	%
Quantitative Large Cap Growth Fund	62.67
Quantitative Large Cap Value Fund	74.72

Additional Information Applicable to Foreign Shareholders Only:

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

Fund
Quantitative Large Cap Core Fund	1.81	%
Quantitative Large Cap Growth Fund	1.68
Quantitative Large Cap Value Fund	1.29

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

Fund
Quantitative Large Cap Core Fund	29.68	%
Quantitative Large Cap Growth Fund	45.20
Quantitative Large Cap Value Fund	31.83

First American Funds 2008 Annual Report   35

Notice toShareholders  October 31, 2008 (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, is available at firstamericanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge, upon request, by calling 800.677.FUND.

FORM N-Q HOLDINGS INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

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

At a meeting on May 5-7, 2008, the Board considered information relating to the Funds’ investment advisory agreement with FAF Advisors (the “Agreement”). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 17-19, 2008, the Board concluded its consideration of and approved the Agreement through June 30, 2009.

Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of FAF Advisors’ services to each Fund, (2) the investment performance of each Fund, (3) the profitability of FAF Advisors related to the Funds, including an analysis of FAF Advisors’ cost of providing services and comparative expense information, (4) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale, and (5) other benefits that accrue to FAF Advisors through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement.

Before approving the Agreement, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by FAF Advisors and the terms of the Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services

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

Based on the foregoing, the Board concluded that each Fund is likely to benefit from the nature, quality and extent of the services provided by FAF Advisors under the Agreement.

36   First American Funds 2008 Annual Report

Investment Performance of the Funds

The Board considered the performance of each Fund, including how each Fund performed versus the median performance of a group of comparable funds selected by an independent data service (the “performance universe”) and how each Fund performed versus its benchmark index. The performance periods considered by the Board ended on January 31, 2008.

The Board also considered that, in reviewing the comparative performance of the Funds, the different expense levels of a Fund’s share classes can result in different net performance results for each of those classes. Thus, while the Board considered the performance of all classes, it focused on Class Y shares, which, because they have the lowest total expense ratios, offered the most meaningful data on performance. For this reason, the discussion below relates to the performance of the Class Y shares.

The Board considered that each Fund started operations on July 31, 2007 and that the Funds have a short operating history. The Board noted that each Fund outperformed both its performance universe and its median for the period since inception. In light of each Fund’s short operating history and its competitive performance the Board concluded that it would be in the interest of each Fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by FAF Advisors

The Board reviewed FAF Advisors’ costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the profitability of FAF Advisors and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by FAF Advisors and of comparable funds managed by other advisors. The Board found that while the management fees for FAF Advisors’ institutional separate accounts are lower than the Funds’ management fees, the Funds receive additional services from FAF Advisors that separate accounts do not receive.

Using information provided by an independent data service, the Board also evaluated each Fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each Fund’s expense ratio after waivers compared to the median expense ratio, after waivers, of comparable funds. In connection with its review of Fund fees and expenses, the Board considered FAF Advisors’ pricing philosophy. FAF Advisors attempts generally to maintain each Fund’s total operating expenses at a level that approximates the median of a peer group of funds selected by an independent data service. In addition, FAF Advisors has committed to waive its investment advisory fees to the extent necessary to maintain the Funds’ total expense ratios at levels generally in line with their respective peer groups.

The Board considered that the Funds’ advisory fee and total expense ratio are lower than the peer group median. The Board concluded that the Funds’ advisory fee and total expense ratio are reasonable in light of the services provided.

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund’s investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by FAF Advisors, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although most Funds do not have advisory fee breakpoints in place, FAF Advisors has committed to waive advisory fees to the extent necessary to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The Board considered FAF Advisors’ assertion that the median total expense ratio of a Fund’s peer group should reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. Therefore, by capping a Fund’s total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules and any such economies of scale. In light of FAF Advisors’ commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to FAF Advisors

In evaluating the benefits that accrue to FAF Advisors through its relationship with the Funds, the Board noted that FAF Advisors and certain of its affiliates serve the Funds in various capacities, including as advisor, administrator, transfer agent, distributor, custodian and securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by FAF Advisors or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

First American Funds 2008 Annual Report   37

Notice toShareholders  October 31, 2008 (unaudited)

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

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

38   First American Funds 2008 Annual Report

Directors and Officers of the Funds

Independent Directors
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †
Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through February 2004	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997	Director, Charterhouse Group, Inc., a private equity firm, since October 2005; Advisor/Consultant, Future FreightTM, a logistics/supply chain company since August 2004; Vice President and Chief Operating Officer, Cargo-United Airlines, from July 2001 until retirement in June 2004	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003	Investment consultant and non-profit board member since 2001; Board Chair, United Educators Insurance Company	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
John P. Kayser P.O. Box 1329 Minneapolis, MN 55440-1329 (1949)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 2006	Retired; Principal from 1983 to 2004, William Blair & Company, LLC, a Chicago-based investment firm	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and Chief Executive Officer, RKR Consultants, Inc., a consulting company providing advice on business strategy, mergers and acquisitions, and non-profit board member since 2005	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	Cliffs Natural Resources, Inc. (a producer of iron ore pellets and coal)
Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning, and public relations organization; Owner, Chairman and Chief Executive Officer, ExcensusTM LLC, a strategic demographic planning and application development firm	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF’s Board since September 1997; Director of FASF since September 1987	Governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; Chair, Saint Paul Riverfront Corporation, since 2005	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None

First American Funds 2008 Annual Report   39

Notice toShareholders   October 31, 2008 (unaudited)

Independent Directors
					Other
	Position(s)	Term of Office		Number of Portfolios	Directorships
Name, Address, and	Held	and Length of	Principal Occupation(s)	in Fund Complex	Held by
Year of Birth	with Funds	Time Served	During Past 5 Years	Overseen by Director	Director †
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001	Owner and President, Jim Wade Homes, a homebuilding company	First American Funds Complex: twelve registered investment companies, including sixty-two portfolios	None

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

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800.677.FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

40   First American Funds 2008 Annual Report

Officers
	Position(s)	Term of Office
Name, Address, and	Held	and Length of
Year of Birth	with Funds	Time Served	Principal Occupation(s) During Past 5 Years
Thomas S. Schreier, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President & Vice President – Investments	Re-elected by the Board annually; President of FAIF since February 2001	Chief Executive Officer of FAF Advisors, Inc.; Chief Investment Officer of FAF Advisors, Inc., since September 2007
Jeffery M. Wilson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000	Senior Vice President of FAF Advisors, Inc.
Charles D. Gariboldi, Jr. FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since October 2004	Mutual Funds Treasurer, FAF Advisors, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans
Jill M. Stevenson FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005	Mutual Funds Assistant Treasurer, FAF Advisors, Inc., since September 2005; prior thereto, Director, Senior Project Manager, FAF Advisors, Inc.
David H. Lui FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since March 2005	Chief Compliance Officer for First American Funds and FAF Advisors, Inc., since March 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to March 2005; prior thereto, Vice President, Charles Schwab & Co., Inc.
Mark D. Corns FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1963)*	Anti-Money Laundering Officer	Re-elected by the Board annually; Anti-Money Laundering Officer of FAIF since September 2008	Director of Compliance, FAF Advisors, Inc., since June 2006; Compliance Manager, FAF Advisors, Inc. from January 2005 to June 2006; prior thereto, Compliance Manager, OppenheimerFunds, Inc.
Kathleen L. Prudhomme FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FASF since September 1998 through December 2004	Deputy General Counsel, FAF Advisors, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James D. Alt Dorsey & Whitney, LLP 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm
James R. Arnold U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Senior Vice President, U.S. Bancorp Fund Services, LLC
Richard J. Ertel FAF Advisors, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2006 and from June 2003 through August 2004	Counsel, FAF Advisors, Inc., since May 2006; prior thereto, Counsel, Ameriprise Financial Services, Inc. from September 2004 to May 2006; prior thereto, Counsel, FAF Advisors, Inc.

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

First American Funds 2008 Annual Report   41

Board of DirectorsFirst American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Governance Consultant; Chair of Saint Paul Riverfront Corporation;

former Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Financial Advisor, Senior Vice President,

Chief Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Director of Charterhouse Group, Inc.

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; Chair of United Educators Insurance Company;

former Managing Director of Zurich Scudder Investments

John Kayser

Director of First American Investment Funds, Inc.

Retired; former Principal, Chief Financial Officer, and Chief Administrative Officer of William Blair & Company, LLC

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

First American Investment Funds’ Board of Directors is comprised entirely of
independent directors.

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers only through the period ended October 31, 2008. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR

FAF Advisors, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

FAF Advisors, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55101

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

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

0182-08  12/2008  AR-QUANT

Item 2—Code of Ethics

The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. During the period covered by this report, there were no amendments to the provisions of the registrant’s code of ethics that apply to the registrant’s principal executive officer and principal financial officer and that relate to any element of the code of ethics definition enumerated in this Item. During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provision of its code of ethics. The registrant undertakes to furnish a copy of its code of ethics to any person upon request, without charge, by calling 1-800-677-3863.

Item 3—Audit Committee Financial Expert

The registrant’s Board of Directors has determined that Leonard W. Kedrowski, Benjamin R. Field III, John P. Kayser, and Richard K. Riederer, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item.

Item 4—Principal Accountant Fees and Services

(a)	Audit Fees — Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $1,038,747 in the fiscal period ended October 31, 2008 and $938,498 in the fiscal year ended October 31, 2007, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form N-CSR.
(b)	Audit-Related Fees – E&Y billed the registrant audit-related fees totaling $3,647 in the fiscal period ended October 31, 2008 and $4,117 in the fiscal year ended October 31, 2007, including fees associated with the semi-annual review of fund disclosures.
(c)	Tax Fees — E&Y billed the registrant fees of $209,423 in the fiscal period ended October 31, 2008 and $159,670 in the fiscal year ended October 31, 2007, for tax services, including tax compliance, tax advice, and tax planning. Tax compliance, tax advice, and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.
(d)	All Other Fees — There were no fees billed by E&Y for other services to the registrant during the fiscal years ended October 31, 2008 and October 31, 2007.
(e)(1)	The audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below:
	Audit Committee policy regarding pre-approval of services provided by the Independent Auditor
	The Audit Committee of the First American Funds (“Committee”) has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:

• Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality

• Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence

• Meet quarterly with the partner of the independent audit firm

• Consider approving categories of service that are not deemed to impair independence for a one-year period

It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds’ independent audit firm

directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.

The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.

In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:

Audit Services

The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

• Accounting consultations

• Fund merger support services

• Other accounting related matters

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

Tax Services

The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance, and

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

Other Non-audit Services

The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent audit firm without the prior approval of the Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.

Proscribed Services

In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:

• Management functions

• Accounting and bookkeeping services

• Internal audit services

• Financial information systems design and implementation

• Valuation services supporting the financial statements

• Actuarial services supporting the financial statements

• Executive recruitment

• Expert services (e.g., litigation support)

• Investment banking

Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex

The Committee is also responsible for pre-approving certain non-audit services provided to FAF Advisors, Inc., U.S. Bank N.A., Quasar Distributors, LLC, U.S. Bancorp Fund Services, LLC and any other entity under common control with FAF Advisors, Inc., that provides ongoing services to the funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the funds.

Although the Committee is not required to pre-approve all services provided to FAF Advisors, Inc. and other affiliated service providers, the Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.

(e)(2)	All of the services described in paragraphs (b) through (d) of this Item 4 were pre-approved by the audit committee.
(f)	All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal period end were performed by the principal accountant’s full-time, permanent employees.
(g)	The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $363,233 in the fiscal period October 31, 2008 and $163,787 in the fiscal year ended October 31, 2007.

(h) The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved is compatible with maintaining E&Y’s independence.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8—Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10—Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this Item.

Item 11—Controls and Procedures

(a)

The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

(b)

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

Item 12—Exhibits

(a)(1)	Not applicable. Registrant’s code of ethics is provided to any person upon request without charge.
(a)(2)	Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto.
(a)(3)	Not applicable.
(b)	Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto.

Signatures

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

First American Investment Funds, Inc.
By:	/s/ Thomas S. Schreier, Jr.Thomas S. Schreier, Jr.
	President
Date: January 6, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Thomas S. Schreier, Jr.Thomas S. Schreier, Jr.
	President
Date: January 6, 2009
By:	/s/ Charles D. Gariboldi, Jr.Charles D. Gariboldi, Jr.
	Treasurer
Date: January 6, 2009