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

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal period end:       June 30, 2009

Date of reporting period:       December 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.

Item 1. Report to Shareholders

Table of Contents

Explanation of Financial Statements	1
Holdings Summaries	2
Expense Examples	5
Schedule of Investments	9
Statements of Assets and Liabilities	48
Statements of Operations	52
Statements of Changes in Net Assets	54
Financial Highlights	56
Notes to Financial Statements	66
Notice to Shareholders	82

Mutual fund investing involves risk; principal loss is possible.

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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.

First American Funds 2008 Semiannual Report   1

Holdings Summaries  

Core Bond Fund

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

Corporate Bonds	36	.1%
U.S. Government Agency Mortgage-Backed Securities	24	.4
Asset-Backed Securities	19	.7
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	15	.5
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	3	.7
U.S. Government & Agency Security	0	.7
Preferred Stocks	0	.1
Short-Term Investments	3	.1
Other Assets and Liabilities, Net2	(3	.3)
	100	.0%

Bond Credit Quality as of December 31, 2008³ (% of market value)

AAA	55	.2%
AA	5	.0
A	18	.2
BBB	17	.1
BB	2	.4
B	1	.1
Non-Rated	1	.0
	100	.0%

High Income Bond Fund

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

High Yield Corporate Bonds	76	.9%
Investment Grade Corporate Bonds	5	.5
Closed-End Funds	4	.0
Preferred Stocks	2	.9
Convertible Securities	2	.3
Asset-Backed Securities	0	.8
Common Stocks	0	.1
Short-Term Investments	5	.8
Other Assets and Liabilities, Net2	1	.7
	100	.0%

Bond Credit Quality as of December 31, 2008³ (% of market value)

AAA	0	.1%
A	0	.7
BBB	7	.3
BB	35	.5
B	31	.7
CCC	20	.7
CC	0	.6
C	2	.8
D	0	.1
Non-Rated	0	.5
	100	.0%

Inflation Protected Securities Fund

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

U.S. Government & Agency Securities	85	.6%
Corporate Bonds	3	.8
Asset-Backed Securities	3	.6
Collateralized Mortgage Obligation – Private Mortgage-Backed Security	0	.8
U.S. Government Agency Mortgage-Backed Security	0	.5
Municipal Bond	0	.4
Convertible Securities	0	.2
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security	0	.1
Preferred Stocks	0	.1
Short-Term Investments	3	.8
Other Assets and Liabilities, Net2	1	.1
	100	.0%

Bond Credit Quality as of December 31, 2008³ (% of market value)

AAA	94	.5%
AA	1	.3
A	1	.8
BBB	1	.0
BB	0	.7
B	0	.7
	100	.0%

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

2   First American Funds 2008 Semiannual Report

Intermediate Government Bond Fund

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

U.S. Government & Agency Securities	94	.6%
Short-Term Investment	6	.6
Other Assets and Liabilities, Net2	(1	.2)
	100	.0%

Bond Credit Quality as of December 31, 2008³ (% of market value)

AAA 100 .0%

Intermediate Term Bond Fund

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

Corporate Bonds		52	.1%
Asset-Backed Securities		26	.2
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		7	.9
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		3	.1
U.S. Government & Agency Securities		2	.9
U.S. Government Agency Mortgage-Backed Securities		2	.2
Municipal Bond	��	0	.2
Preferred Stocks		0	.1
Short-Term Investments		4	.6
Other Assets and Liabilities, Net2		0	.7
		100	.0%

Bond Credit Quality as of December 31, 2008³ (% of market value)

AAA	40	.8%
AA	6	.2
A	25	.2
BBB	26	.1
BB	1	.7
	100	.0%

Short Term Bond Fund

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

Asset-Backed Securities	36	.1%
Corporate Bonds	24	.8
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	16	.9
U.S. Government Agency Mortgage-Backed Securities	7	.7
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	4	.1
U.S. Government & Agency Securities	3	.7
Short-Term Investments	7	.0
Other Assets and Liabilities, Net2	(0	.3)
	100	.0%

Bond Credit Quality as of December 31, 2008³ (% of market value)

AAA	68	.4%
AA	5	.1
A	15	.8
BBB	7	.0
BB	2	.4
B	1	.3
	100	.0%

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

First American Funds 2008 Semiannual Report   3

Holdings Summaries  

Total Return Bond Fund

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

Corporate Bonds	53	.7%
Asset-Backed Securities	16	.9
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	16	.1
U.S. Government Agency Mortgage-Backed Securities	13	.1
Preferred Stocks	0	.5
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security	0	.3
Municipal Bond	0	.2
Convertible Security	0	.1
Short-Term Investments	2	.5
Other Assets and Liabilities, Net2	(3	.4)
	100	.0%

Bond Credit Quality as of December 31, 2008³ (% of market value)

AAA	39	.5%
AA	5	.2
A	26	.1
BBB	21	.1
BB	4	.3
B	3	.7
CCC	0	.1
	100	.0%

U.S. Government Mortgage Fund

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

U.S. Government Agency Mortgage-Backed Securities	86	.3%
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	16	.2
Asset-Backed Securities	8	.7
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	2	.4
Short-Term Investments	1	.0
Other Assets and Liabilities, Net2	(14	.6)
	100	.0%

Bond Credit Quality as of December 31, 2008³ (% of market value)

AAA	91	.7%
AA	5	.8
A	0	.8
BBB	0	.9
BB	0	.5
B	0	.3
	100	.0%

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

4   First American Funds 2008 Semiannual Report

Expense Examples

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

Core Bond Fund

	Beginning Account		Ending Account		Expenses Paid During
	Value (7/01/08)		Value (12/31/08)		Period1 (7/01/08 to 12/31/08)
Class A Actual2	$	1,000.00	$	890.60	$	4.53
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84
Class B Actual2	$	1,000.00	$	887.20	$	8.09
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64
Class C Actual2	$	1,000.00	$	886.80	$	8.08
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64
Class R Actual2	$	1,000.00	$	891.50	$	5.72
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11
Class Y Actual2	$	1,000.00	$	890.80	$	3.34
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -10.94%, -11.28%, -11.32%, -10.85%, and -10.92% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Semiannual Report   5

Expense Examples

High Income Bond Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual2	$	1,000.00	$	721.00	$	4.77
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60
Class B Actual2	$	1,000.00	$	718.00	$	8.01
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40
Class C Actual2	$	1,000.00	$	717.10	$	8.01
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40
Class R Actual2	$	1,000.00	$	719.90	$	5.85
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class Y Actual2	$	1,000.00	$	721.10	$	3.69
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -27.90%, -28.20%, -28.29%, -28.01%, and -27.89% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Inflation Protected Securities Fund

	Beginning Account		Ending Account		Expenses Paid During
	Value (7/01/08)		Value (12/31/08)		Period3 (7/01/08 to 12/31/08)
Class A Actual4	$	1,000.00	$	922.30	$	4.12
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class C Actual4	$	1,000.00	$	918.60	$	7.74
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.13
Class R Actual4	$	1,000.00	$	921.10	$	5.33
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60
Class Y Actual4	$	1,000.00	$	923.40	$	2.91
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2008 of -7.77%, -8.14%, -7.89%, and -7.66% for Class A, Class C, Class R, and Class Y, respectively.

Intermediate Government Bond Fund

	Beginning Account		Ending Account		Expenses Paid During
	Value (7/01/08)		Value (12/31/08)		Period5 (7/01/08 to 12/31/08)
Class A Actual6	$	1,000.00	$	1,070.20	$	3.91
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class Y Actual6	$	1,000.00	$	1,071.00	$	3.13
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2008 of 7.02% and 7.10% for Class A and Class Y, respectively.

6   First American Funds 2008 Semiannual Report

Intermediate Term Bond Fund

	Beginning Account		Ending Account		Expenses Paid During
	Value (7/01/08)		Value (12/31/08)		Period1 (7/01/08 to 12/31/08)
Class A Actual2	$	1,000.00	$	914.80	$	4.10
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual2	$	1,000.00	$	915.20	$	3.38
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -8.52% and -8.48% for Class A and Class Y, respectively.

Short Term Bond Fund

	Beginning Account		Ending Account		Expenses Paid During
	Value (7/01/08)		Value (12/31/08)		Period3 (7/01/08 to 12/31/08)
Class A Actual4	$	1,000.00	$	950.20	$	3.64
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77
Class Y Actual4	$	1,000.00	$	951.90	$	2.90
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	$	3.01

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74% and 0.59% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2008 of -4.98% and -4.81% for Class A and Class Y, respectively.

Total Return Bond Fund

	Beginning Account		Ending Account		Expenses Paid During
	Value (7/01/08)		Value (12/31/08)		Period5 (7/01/08 to 12/31/08)
Class A Actual6	$	1,000.00	$	851.70	$	4.67
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09
Class B Actual6	$	1,000.00	$	847.80	$	8.10
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.43	$	8.84
Class C Actual6	$	1,000.00	$	848.50	$	8.11
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.43	$	8.84
Class R Actual6	$	1,000.00	$	850.30	$	5.78
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.31
Class Y Actual6	$	1,000.00	$	852.60	$	3.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.00%, 1.74%, 1.74%, 1.24%, and 0.75% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2008 of -14.83%, -15.22%, -15.15%, -14.97%, and -14.74% for Class A, Class B, Class C, Class R, and Class Y, respectively.

First American Funds 2008 Semiannual Report   7

Expense Examples

U.S. Government Mortgage Fund

	Beginning Account		Ending Account		Expenses Paid During
	Value (7/01/08)		Value (12/31/08)		Period1 (7/01/08 to 12/31/08)
Class A Actual2	$	1,000.00	$	962.00	$	4.70
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84
Class B Actual2	$	1,000.00	$	957.40	$	8.39
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64
Class C Actual2	$	1,000.00	$	958.20	$	8.39
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64
Class R Actual2	$	1,000.00	$	960.70	$	5.93
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11
Class Y Actual2	$	1,000.00	$	963.20	$	3.46
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -3.80%, -4.26%, -4.18%, -3.93%, and -3.68% for Class A, Class B, Class C, Class R, and Class Y, respectively.

8   First American Funds 2008 Semiannual Report

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund
DESCRIPTION	PAR			VALUE
Corporate Bonds – 36.1%
Banking – 10.0%
Bank of America
5.750%, 12/01/2017	$	8,035		$	8,023
5.650%, 05/01/2018		5,870			5,905
8.000%, 12/29/2049 Δ		8,730			6,279
Citigroup
6.125%, 11/21/2017		5,430			5,487
8.400%, 04/29/2049 Δ		17,125			11,308
Citigroup Capital XXI
8.300%, 12/21/2057 Δ		7,155			5,518
Fifth Third Bancorp
6.250%, 05/01/2013 6		6,410			5,945
First National Bank of Chicago
8.080%, 01/05/2018		1,248			1,625
HSBC Holdings
6.800%, 06/01/2038		6,370			6,731
JPMorgan Chase
5.150%, 10/01/2015		8,115			7,663
Series 1
7.900%, 04/29/2049 Δ		11,910			9,907
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		2,510			2,122
Lloyds TSB Group
6.267%, 12/31/2049 Δ n		5,000			1,842
National City Preferred Capital Trust I
12.000%, 12/29/2049 Δ		3,355			3,131
Sovereign Bank
8.750%, 5/30/2018 Δ		3,675			3,631
UBS Preferred Funding Trust V
6.243%, 05/29/2049 Δ		2,525			1,379
Wachovia
5.750%, 06/15/2017		3,990			3,971
5.750%, 02/01/2018		1,410			1,413
7.980%, 02/28/2049 Δ		6,630			5,651
Wells Fargo
5.625%, 12/11/2017		4,140			4,319
Wells Fargo Bank
5.950%, 08/26/2036		3,415			3,541
Wells Fargo Capital X
5.950%, 12/15/2036		2,760			2,366
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 Δ		9,600			7,923
Wells Fargo Capital XV
9.750%, 12/29/2049 Δ 6		3,305			3,338
					119,018
Basic Industry – 1.8%
Arcelormittal
6.125%, 06/01/2018		6,200			4,246
Celulosa Arauco y Constitucion
5.625%, 04/20/2015		3,000			2,829
Georgia-Pacific
7.125%, 01/15/2017 n		1,500			1,260
International Paper
8.700%, 06/15/2038		2,300			1,607
Rio Tinto Financial U.S.A.
6.500%, 07/15/2018		3,385			2,482
Southern Copper
7.500%, 07/27/2035		2,640			1,975
Teck Cominco Limited
6.125%, 10/01/2035		2,785			1,140
U.S. Steel
7.000%, 02/01/2018		3,650			2,488
Vale Overseas
6.250%, 01/11/2016		2,380			2,257
Vedanta Resources
9.500%, 07/18/2018 n		2,465			1,282
					21,566
Brokerage – 4.8%
Bear Stearns
7.250%, 02/01/2018		3,750			4,109
Goldman Sachs Capital II
5.793%, 12/29/2049 Δ		2,415			928
Goldman Sachs Group
6.150%, 04/01/2018		13,020			12,512
6.750%, 10/01/2037		3,685			2,992
Merrill Lynch			��
6.050%, 05/16/2016		9,935			9,294
Series MTN
6.150%, 04/25/2013		7,020			6,956
Morgan Stanley
5.375%, 10/15/2015		8,270			7,119
Series MTN
6.625%, 04/01/2018		15,160			13,300
					57,210
Capital Goods – 0.5%
Caterpillar
8.250%, 12/15/2038		2,630			3,242
Siemens Financiering
6.125%, 08/17/2026 n		3,070			2,985
					6,227
Communications – 4.2%
AT&T
6.300%, 01/15/2038		2,145			2,268
6.400%, 05/15/2038 6		3,080			3,299
British Sky Broadcasting
6.100%, 02/15/2018 n		5,795			4,758
British Telecom
5.950%, 01/15/2018		5,345			4,650
Comcast
6.300%, 11/15/2017		4,142			4,032
Deutsche Telekom
6.750%, 08/20/2018		5,055			5,126
DirecTV Holdings
7.625%, 05/15/2016		1,790			1,736
Embarq
7.082%, 06/01/2016		2,575			1,983
News America
6.650%, 11/15/2037		3,590			3,553
Rogers Communications
6.800%, 08/15/2018		2,220			2,243
Time Warner Cable
8.750%, 02/14/2019		3,000			3,262
7.300%, 07/01/2038 6		4,730			4,914
Verizon Communications
6.900%, 04/15/2038 6		5,870			6,605
Vodafone Group
6.150%, 02/27/2037		2,000			1,977
					50,406
Consumer Cyclical – 1.9%
Duty Free International
7.000%, 01/15/2004 ⊡ ª		2,191			—
Home Depot
5.875%, 12/16/2036		3,570			2,799

First American Funds 2008 Semiannual Report   9

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
McDonald’s
Series MTN
5.350%, 03/01/2018	$	4,170	$	4,332
MGM Mirage
6.625%, 07/15/2015		3,525		2,150
Royal Caribbean Cruises
7.000%, 06/15/2013		2,565		1,462
Target
7.000%, 01/15/2038		4,285		3,971
Viacom
6.875%, 04/30/2036		4,105		3,244
Wal-Mart Stores
6.200%, 04/15/2038		1,215		1,391
Whirlpool
Series MTN
5.500%, 03/01/2013		4,905		3,881
				23,230
Consumer Non Cyclical – 1.9%
Altria Group
9.950%, 11/10/2038		4,055		4,415
Cardinal Health
6.750%, 02/15/2011		3,750		3,732
Constellation Brands
7.250%, 05/15/2017		1,600		1,512
HCA
9.250%, 11/15/2016		1,190		1,092
Kraft Foods
6.500%, 08/11/2017		7,700		7,739
Smithfield Foods
7.000%, 08/01/2011		1,600		1,136
UnitedHealth Group
6.875%, 02/15/2038		3,185		2,789
				22,415
Electric – 2.5%
Energy Future Holdings
10.875%, 11/01/2017 n		2,875		2,041
MidAmerican Energy Holdings
6.125%, 04/01/2036		5,185		4,821
Ohio Power
Series K
6.000%, 06/01/2016		4,100		3,923
Oncor Electric Delivery
7.000%, 05/01/2032		5,115		4,609
Pacific Gas & Electric
6.050%, 03/01/2034		4,650		4,939
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 6 n		4,315		3,547
Transalta
6.650%, 05/15/2018		3,470		3,081
Virginia Electric Power
5.950%, 09/15/2017		2,880		2,899
				29,860
Energy – 1.9%
Canadian National Resources
5.900%, 02/01/2018		3,355		2,899
Encana
6.500%, 02/01/2038		2,670		2,148
Marathon Oil
5.900%, 03/15/2018		1,945		1,624
Nexen
6.400%, 05/15/2037		3,475		2,719
Petro-Canada
6.800%, 05/15/2038		6,235		4,705
Suncor Energy
6.100%, 06/01/2018		2,525		2,176
Tengizchevroil Finance
6.124%, 11/15/2014 n		3,991		3,033
Weatherford International
7.000%, 03/15/2038		1,755		1,347
XTO Energy
6.375%, 06/15/2038		2,450		2,156
				22,807
Finance – 2.2%
American Express Credit
Series C,
7.300%, 08/20/2013		4,730		4,841
CIT Group
5.650%, 02/13/2017		2,650		1,843
Countrywide Financial
6.250%, 05/15/2016		4,390		4,168
Credit Agricole
6.637%, 05/29/2049 Δ n		3,270		1,464
International Lease Finance
6.375%, 03/25/2013		3,855		2,619
Rockies Express Pipeline
7.500%, 07/15/2038 6 n		2,635		2,306
SLM
Series MTN
5.400%, 10/25/2011		4,705		3,559
Transcapitalinvest
5.670%, 03/05/2014 n		8,475		5,489
				26,289
Insurance – 1.5%
Allied World Assurance
7.500%, 08/01/2016 6		6,480		4,569
American International Group
8.175%, 05/15/2058 Δ n		7,005		2,725
Chubb
5.750%, 05/15/2018		1,930		1,853
Genworth Financial
Series MTN
6.515%, 05/22/2018		3,940		1,366
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		5,860		4,259
MetLife Capital Trust IV
7.875%, 12/15/2037 n		3,735		2,343
ZFS Finance USA Trust V
6.500%, 05/09/2037 Δ n		2,860		1,173
				18,288
Natural Gas – 0.4%
Kinder Morgan Energy Partners
Series MTN
6.950%, 01/15/2038		3,060		2,475
NGPL Pipeco
7.119%, 12/15/2017 n		2,640		2,376
				4,851
Other Utility – 0.2%
American Water Capital
6.085%, 10/15/2017		3,105		2,705
Real Estate – 0.6%
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016		8,270		4,070

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

10   First American Funds 2008 Semiannual Report

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Prologis 2006 – REIT
5.750%, 04/01/2016	$	6,835	$	3,409
				7,479
Technology – 1.4%
Chartered Semiconductor
6.375%, 08/03/2015		1,715		1,146
Computer Sciences
6.500%, 03/15/2018 n		3,835		3,304
First Data
9.875%, 09/24/2015		670		405
Jabil Circuit
5.875%, 07/15/2010		8,660		7,924
National Semiconductor
6.600%, 06/15/2017		5,345		3,783
NXP BV/NXP Funding
9.500%, 10/15/2015		455		86
				16,648
Transportation – 0.3%
Erac USA Finance
6.375%, 10/15/2017 n		2,945		2,044
Hertz
8.875%, 01/01/2014		1,685		1,036
				3,080
Total Corporate Bonds
(Cost $505,353)				432,079
U.S. Government Agency Mortgage-Backed Securities – 24.4%
Adjustable Rate Δ – 3.5%
Federal Home Loan Mortgage Corporation Pool
5.546%, 05/01/2025, #846757		227		226
5.457%, 04/01/2029, #847190		1,305		1,304
5.438%, 03/01/2030, #847180		1,486		1,476
5.602%, 07/01/2030, #847240		2,094		2,080
5.210%, 06/01/2031, #846984		768		752
5.776%, 07/01/2036, #1K1238		9,730		9,924
Federal National Mortgage Association Pool
5.180%, 08/01/2030, #555843		4,761		4,739
4.978%, 03/01/2031, #545359		350		346
5.085%, 09/01/2033, #725553		1,753		1,747
5.266%, 11/01/2034, #735054		9,416		9,825
5.856%, 09/01/2037, #946441		9,257		9,512
Government National Mortgage Association Pool
4.625%, 08/20/2023, #008259		1		2
				41,933
Fixed Rate – 20.9%
Federal Home Loan Mortgage Corporation Pool
4.500%, 03/01/2018, #P10023		2,179		2,239
4.500%, 05/01/2018, #P10032		4,309		4,432
6.500%, 01/01/2028, #G00876		907		951
6.500%, 11/01/2028, #C00676		1,838		1,925
6.500%, 12/01/2028, #C00689		1,317		1,379
6.500%, 04/01/2029, #C00742		747		782
6.500%, 07/01/2031, #A17212		3,221		3,365
6.000%, 11/01/2033, #A15521		2,764		2,857
7.000%, 08/01/2037, #H09059		8,523		8,678
5.979%, 09/01/2037, #1G2163		9,531		9,799
7.000%, 09/01/2037, #H01292		4,362		4,442
Federal National Mortgage Association Pool
3.790%, 07/01/2013, #386314		16,744		16,440
5.500%, 02/01/2014, #440780		1,441		1,499
7.000%, 02/01/2015, #535206		349		362
7.000%, 08/01/2016, #591038		460		480
5.500%, 12/01/2017, #673010		3,217		3,331
6.000%, 10/01/2022, #254513		3,295		3,409
5.500%, 01/01/2025, #255575		7,790		8,009
7.000%, 04/01/2026, #340798		272		288
7.000%, 05/01/2026, #250551		356		377
6.000%, 08/01/2027, #256852		8,413		8,675
6.500%, 02/01/2029, #252255		1,568		1,641
6.500%, 12/01/2031, #254169		3,722		3,868
6.000%, 04/01/2032, #745101		8,159		8,422
7.000%, 07/01/2032, #254379		2,097		2,212
7.000%, 07/01/2032, #545813		911		964
7.000%, 07/01/2032, #545815		569		602
6.000%, 09/01/2032, #254447		3,855		3,984
6.000%, 03/01/2033, #688330		6,209		6,416
5.500%, 04/01/2033, #694605		7,937		8,155
6.500%, 05/01/2033, #555798		4,862		5,089
5.500%, 07/01/2033, #709446		8,770		9,012
5.500%, 10/01/2033, #555800		5,734		5,891
6.000%, 11/01/2033, #772130		699		722
6.000%, 11/01/2033, #772256		984		1,016
5.000%, 01/01/2034 «		11,500		11,741
5.000%, 03/01/2034, #725248		3,303		3,381
5.000%, 03/01/2034, #725250		6,055		6,198
5.000%, 06/01/2034, #782909		2		2
6.500%, 06/01/2034, #735273		7,416		7,738
6.000%, 10/01/2034, #781776		1,657		1,710
6.500%, 04/01/2036, #831377		5,025		5,226
6.500%, 07/01/2036, #831683		7,100		7,383
6.000%, 08/01/2036, #885536		3,675		3,787
6.500%, 08/01/2036, #893318		6,432		6,689
6.000%, 09/01/2036, #900555		6,346		6,559
6.500%, 09/01/2036, #831799		7,474		7,772
6.500%, 08/01/2037, #256845		2,619		2,723
6.000%, 09/01/2037, #256890		5,713		5,798
6.000%, 06/01/2038, #889706		886		913
5.500%, 01/13/2039 «		17,285		17,717
6.000%, 01/13/2039 «		12,900		13,279
Government National Mortgage Association Pool
7.500%, 11/15/2030, #537699		320		339
				250,668
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $288,506)				292,601
Asset-Backed Securities – 19.7%
Automotive – 1.5%
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
4.850%, 06/15/2012		6,179		6,157
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 n		14,145		11,872
				18,029
Credit Cards – 1.4%
American Express Credit Account Master Trust
Series 2004-3, Class C
1.665%, 12/15/2011 Δ n		1,480		1,344
American Express Issuance Trust
Series 2005-1, Class C
1.525%, 08/15/2011 Δ		4,125		2,495
Bank of America Credit Card Trust
Series 2006-C4, Class C4
1.425%, 11/15/2011 Δ		3,800		3,167

First American Funds 2008 Semiannual Report   11

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Discover Card Master Trust
Series 2007-C1, Class C1
1.515%, 01/15/2013 Δ	$	4,150	$	2,238
Series 2007-A1, Class A1
5.650%, 03/16/2020		5,275		3,995
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
1.595%, 05/15/2014 Δ n ¥		4,075		3,025
				16,264
Home Equity – 0.0%
Amresco Residential Security Mortgage
Series 1997-3, Class A9
6.960%, 03/25/2027 ¥		54		53
Countrywide Asset-Backed Certificates
Series 2003-SC1, Class M2
2.721%, 09/25/2023 Δ		766		473
Saxon Asset Securities Trust
Series 2004-1, Class A
1.011%, 03/25/2035 Δ ¥		178		58
				584
Manufactured Housing – 0.3%
Green Tree Financial
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n ¥		3,834		3,500
Other – 16.0%
Banc of America Commercial Mortgage
Series 2004-5, Class A3
4.561%, 11/10/2041		14,830		13,546
Series 2006-2, Class A4
5.739%, 05/10/2045 Δ		4,085		3,336
Series 2005-5, Class AM
5.176%, 10/10/2045		7,055		4,184
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
5.991%, 09/11/2042 Δ n		3,165		464
Series 2007-PW18, Class AJ
6.210%, 06/11/2050 Δ		4,115		1,108
Citigroup Commercial Mortgage Trust
Series 2008-C7, Class AJ
6.096%, 12/10/2049 Δ		4,950		1,321
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		4,700		3,898
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		9,225		7,988
Series 2004-RS1, Class A
4.018%, 03/03/2041 n ¥		4,355		3,387
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		10,765		7,536
GE Capital Commercial Mortgage Corporation
Series 2005-C3, Class A2
4.853%, 07/10/2045		11,590		10,684
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 n		11,480		10,836
Series 2006-1, Class C
5.707%, 02/15/2036 n		8,093		6,070
GMAC Commercial Mortgage Securities
Series 2005-C1, Class A2
4.471%, 05/10/2043		18,466		17,823
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		7,125		6,783
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 Δ		8,685		2,313
GS Mortgage Securities II
Series 2007-GG10, Class A4
5.799%, 08/10/2045 Δ 6		23,845		17,303
Series 2006-RR2, Class A1
5.689%, 06/23/2046 Δ n ¥		4,321		864
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044		2,750		890
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A2
3.086%, 05/15/2027		465		464
Series 2005-C7, Class A2
5.103%, 11/15/2030		12,940		11,691
Series 2008-C1, Class AJ
6.149%, 04/15/2041 Δ		2,350		616
Series 2007-C7, Class AM
6.166%, 09/15/2045 Δ		4,775		2,241
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.127%, 07/12/2038 Δ		3,102		957
Series 2005-LC1, Class AM
5.265%, 01/12/2044 Δ		5,938		3,509
Series 2008-C1, Class A4
5.690%, 02/12/2051		13,520		10,014
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
5.957%, 08/12/2049 Δ		7,670		3,584
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 Δ		1,340		443
Series 2005-HQ6, Class C
5.172%, 08/13/2042 Δ		1,270		399
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		12,505		11,849
Small Business Administration
Series 2006-P10B, Class 1
5.681%, 08/10/2016		11,400		11,601
Wachovia Bank Commercial Mortgage Trust
Series 2005-C19, Class A5
4.661%, 05/15/2044		13,390		11,715
Series 2007-C34, Class AJ
5.952%, 05/15/2046 Δ		5,184		1,367
Series 2007-C33, Class AJ
5.902%, 02/15/2051 Δ		4,945		1,312
				192,096
Utilities – 0.5%
PG & E Energy Recovery Funding
Series 2005-2, Class A2
5.030%, 03/25/2014		5,525		5,552
Total Asset-Backed Securities
(Cost $308,329)				236,025

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

12   First American Funds 2008 Semiannual Report

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 15.5%
Adjustable Rate Δ – 4.8%
Citigroup Mortgage Loan Trust
Series 2005-7, Class 2A1A
4.861%, 09/25/2035	$	8,108	$	5,925
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
0.703%, 12/20/2046		6,237		2,705
Countrywide Home Loans
Series 2004-2, Class 2A1
5.266%, 02/25/2034		2,738		2,132
Series 2006-HYB5, Class 3A1A
5.944%, 09/20/2036		13,041		6,738
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.821%, 03/19/2036		10,410		4,428
Series 2007-4, Class 2A1
0.801%, 07/19/2047		11,522		4,837
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.347%, 03/25/2035		1,918		891
JPMorgan Alternative Loan Trust
Series 2007-S1, Class A1
0.751%, 04/25/2047		4,487		2,909
JPMorgan Mortgage Trust
Series 2005-A1, Class 3A2
5.023%, 02/25/2035		5,607		3,159
Series 2006-A7, Class 3A4
5.941%, 01/25/2037		1,468		393
Residential Funding Mortgage Securities I
Series 2006-SA2, Class 4A1
5.860%, 08/25/2036		11,228		7,158
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-11, Class A
5.329%, 08/25/2034		425		362
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
5.028%, 10/20/2035		6,028		5,556
Washington Mutual
Series 2007-HY2, Class 3A2
5.910%, 09/25/2036		2,023		606
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
4.933%, 02/25/2033		1,281		1,090
Series 2006-AR1, Class 2A2
5.548%, 03/25/2036		10,074		7,819
				56,708
Fixed Rate – 10.7%
Banc of America Funding
Series 2007-4, Class 1A2
5.500%, 06/25/2037		3,103		1,629
Banc of America Mortgage Securities
Series 2003-6, Class 1A30
4.750%, 08/25/2033		7,350		6,167
BCAP LLC Trust
Series 2006-RR1, Class PB
5.000%, 11/25/2036		10,925		8,747
Chase Mortgage Finance
Series 2004-S3, Class 3A1
6.000%, 03/25/2034		6,300		5,540
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		5,121		4,487
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		2,567		2,248
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		4,124		3,627
Series 2006-19CB, Class A15
6.000%, 08/25/2036		3,998		2,555
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		13,569		8,540
Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
5.500%, 07/25/2020		5,755		5,062
Series 2003-8, Class DB1
6.239%, 04/25/2033		4,673		3,376
Deutsche Alt-A Securities
Series 2006-AR5, Class 22A
5.500%, 10/25/2021		7,478		5,457
First Horizon Mortgage Pass-Through Trust
Series 2004-4, Class 2A1
4.500%, 07/25/2019		809		788
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
6.500%, 01/25/2035		6,992		6,561
GSR Mortgage Loan Trust
Series 2004-10F, Class 3A1
5.500%, 08/25/2019		5,072		4,969
Lehman Brothers Mortgage Trust
Series 2008-6, Class 1A1
6.553%, 07/25/2047		8,811		6,631
Master Alternative Loans Trust
Series 2004-1, Class 3A1
7.000%, 01/25/2034		1,037		772
Series 2005-2, Class 1A3
6.500%, 03/25/2035		2,584		2,077
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.125%, 11/25/2034		4,889		3,855
Residential Accredit Loans
Series 2006-QS4, Class A9
6.000%, 04/25/2036		12,497		7,385
Residential Asset Mortgage Products
Series 2003-SL1, Class M1
7.316%, 04/25/2031		7,725		7,725
Series 2004-SL4, Class A3
6.500%, 07/25/2032		2,391		2,124
Washington Mutual Pass-Through Certificates
Series 2004-CB1, Class 1A
5.250%, 06/25/2019		8,581		7,930
Series 2007-2, Class 3A1
5.500%, 04/25/2022		6,644		5,845
Wells Fargo Mortgage Backed Securities Trust
Series 2005-14, Class 2A1
5.500%, 12/25/2035		1,704		1,184
Series 2007-10, Class 1A1
6.000%, 07/25/2037		8,956		5,906
Series 2007-13, Class A8
6.000%, 09/25/2037		10,834		7,143

First American Funds 2008 Semiannual Report   13

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Core Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 ¥	$	46	$	46
				128,376
Total Collateralized Mortgage Obligation — Private Mortgage-Backed Securities
(Cost $252,694)				185,084
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities-3.7%
Fixed Rate – 3.6%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011		6,595		6,739
Series 6, Class C
9.050%, 06/15/2019		18		18
Series 1022, Class J
6.000%, 12/15/2020		31		31
Series 162, Class F
7.000%, 05/15/2021		85		85
Series 188, Class H
7.000%, 09/15/2021		184		191
Series 1790, Class A
7.000%, 04/15/2022		62		65
Series 2901, Class UB
5.000%, 03/15/2033		5,000		5,011
Federal National Mortgage Association
Series 2003-3, Class BC
5.000%, 02/25/2018		14,030		14,153
Series 1988-24, Class G
7.000%, 10/25/2018		44		46
Series 1989-24, Class H
9.000%, 07/25/2019		38		43
Series 1989-90, Class E
8.700%, 12/25/2019		6		6
Series 1990-30, Class E
6.500%, 03/25/2020		25		26
Series 1990-61, Class H
7.000%, 06/25/2020		30		32
Series 1990-72, Class B
9.000%, 07/25/2020		23		25
Series 1990-102, Class J
6.500%, 08/25/2020		30		31
Series 1990-105, Class J
6.500%, 09/25/2020		298		313
Series 1991-56, Class M
6.750%, 06/25/2021		95		99
Series 1992-120, Class C
6.500%, 07/25/2022		37		39
Series 2005-44, Class PC
5.000%, 11/25/2027		5,900		6,023
Series 2005-62, Class JE
5.000%, 06/25/2035		9,233		9,407
				42,383
Z-Bonds x – 0.1%
Federal Home Loan Mortgage Corporation
Series 1118, Class Z
8.250%, 07/15/2021		49		53
Federal National Mortgage Association
Series 1991-134, Class Z
7.000%, 10/25/2021		213		228
Series 1996-35, Class Z
7.000%, 07/25/2026		983		1,052
				1,333
Total Collateralized Mortgage Obligation — U.S. Government Agency Mortgage-Backed Securities
(Cost $42,226)				43,716
U.S. Government & Agency Security – 0.7%
U.S. Treasury – 0.7%
U.S. Treasury Bond
4.375%, 02/15/2038 6
Total U.S. Government & Agency Security
(Cost $6,556)		6,465		8,659
Preferred Stocks – 0.1%
Brokerage – 0.1%
Merrill Lynch		79,000		1,563
Sovereign – 0.0%
Fannie Mae 6		218,000		181
Total Preferred Stocks
(Cost $7,148)				1,744
Short-Term Investments – 3.1%
Money Market Fund – 2.0%
First American Prime Obligations Fund, Class Z Å		23,639,868		23,640
U.S. Treasury Obligations – 1.1%
U.S. Treasury Bills o
0.641%, 01/29/2009		280		280
0.109%, 04/09/2009		5,595		5,593
0.205%, 09/24/2009		7,025		7,014
				12,887
Total Short-Term Investments
(Cost $36,471)				36,527
Investment Purchased with Proceeds from Securities Lending – 3.3%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $39,415)		39,414,642		39,415
Total Investments – 106.6%
(Cost $1,486,698)				1,275,850
Other Assets and Liabilities, Net – (6.6)%				(78,416	)
Total Net Assets – 100.0%			$	1,197,434

Δ	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2008.
6	This security or a portion of this security is out on loan at December 31, 2008. Total loaned securities had a value of $41,599 at December 31, 2008. See note 2 in Notes to Financial Statements.
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 December 31, 2008, the value of these investments was $100,858 or 8.4% of total net assets. See note 2 in Notes to Financial Statements.
⊡	Security is fair valued and illiquid. As of December 31, 2008, the fair value of this investment was $0 or 0% of total net assets. See note 2 in Notes to Financial Statements.
ª	Security is in default at December 31, 2008.
«	Security purchased on a when-issued basis. On December 31, 2008, the total cost of investments purchased on a when-issued basis was $41,777 or 3.5% of total net assets. See note 2 in Notes to Financial Statements.

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

14   First American Funds 2008 Semiannual Report

Core Bond Fund (continued)

¥	Security is considered illiquid. As of December 31, 2008, the value of these investments were $10,933 or 0.9% of total net assets. See note 2 in Notes to Financial Statements.
x	Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows.
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 December 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 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 fund was inadvertently undercollateralized from December 23, 2008 until January 12, 2009. However, the advisor had maintained sufficient collateral at the fund complex level during this period to cover the counterparty risk associated with the undercollateralization. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

			Number of
			Contracts			Notional	Unrealized
	Settlement		Purchased			Contract	Appreciation
Description	Month		(Sold)			Value	(Depreciation)
Canadian Dollar Currency Futures		March 2009		37		$3,043	$	18
Euro Bund Futures		March 2009		65		11,280		110
Euro Currency Futures		March 2009		32		5,568		258
Japanese Yen Currency Futures		March 2009		13		1,792		(47	)
U.S. Treasury 2 Year Note Futures		March 2009		185		40,342		619
U.S. Treasury 10 Year Note Futures		March 2009		(466	)	(58,600)		(2,464	)
U.S. Treasury Long Bond Futures		March 2009		(181	)	(24,986)		(2,797	)
							$	(4,303	)

Credit Default Swap Agreements

Credit Default Swaps on Corporate Issues – Buy Protection¹

						Implied Credit
						Spread at
	Reference	Pay		Expiration		December 31,		Notional		Unrealized
Counterparty	Entity	Fixed Rate		Date		20083		Amount4		Appreciation
JPMorgan	Deutsche Bank AG		0.525%		09/20/2012		1.315%	$	4,200	$	116

Credit Default Swaps on Corporate Issues – Sell Protection²

						Implied Credit
						Spread at
	Reference	Receive		Expiration		December 31,		Notional		Unrealized
Counterparty	Entity	Fixed Rate		Date		20083		Amount4		Appreciation
Deutsche Bank	General Electric Capital Corporation		6.300%		12/20/2013		3.737%	$	10,000	$	1,061

Core Bond Fund (concluded)

Credit Default Swaps on Credit Indices – Buy Protection¹

	Reference	Pay		Expiration		Notional		Unrealized
Counterparty	Index	Fixed Rate		Date		Amount4		(Depreciation)
JPMorgan	Dow Jones CDX HY11 Index		5.000%		12/20/2013	$	4,600	$	(391	)

Credit Default Swaps on Credit Indices – Sell Protection²

								Unrealized
	Reference	Receive		Expiration		Notional		Appreciation
Counterparty	Index	Fixed Rate		Date		Amount4		(Depreciation)
Deutsche Bank	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013	$	49,850	$	(331	)
Deutsche Bank	Dow Jones CDX IG11 Index		1.500%		12/20/2013		34,400		491
JPMorgan	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013		9,500		(84	)
JPMorgan	Dow Jones CDX IG11 Index		1.500%		12/20/2013		27,700		(218	)
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index		6.500%		06/20/2013		3,800		(804	)
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index		5.000%		12/20/2013		5,200		48
UBS	Dow Jones CDX IG11 Index		1.500%		12/20/2013		35,750		(266	)
UBS	Dow Jones iTraxx Asia ex-Japan Index		6.500%		06/20/2013		5,600		(1,210	)
UBS	Dow Jones iTraxx Asia ex-Japan Index		5.000%		12/20/2013		1,000		(3	)
UBS	Markit ABX AAA071 Index		0.090%		08/25/2037		9,300		(684	)
								$	(3,061	)

1	If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2	If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the reference entity.
4	The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

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

3.612%

09/19/2013

$

12,000

$

825

JPMorgan

3-Month LIBOR

Pay

4.135%

09/24/2013

25,000

2,316

UBS

3-Month LIBOR

Pay

3.343%

07/18/2010

82,000

2,372

UBS

3-Month LIBOR

Pay

4.070%

09/25/2013

15,000

1,346

UBS

3-Month LIBOR

Receive

4.045%

11/14/2018

8,000

(1,039

)

$

5,820

First American Funds 2008 Semiannual Report   15

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

High Income Bond Fund
DESCRIPTION	PAR		VALUE
High Yield Corporate Bonds – 76.9%
Basic Industry – 7.1%
AbitibiBowater
9.000%, 08/01/2009	$	500	$	130
Abitibi-Consolidated
13.750%, 04/01/2011 n Æ		500		320
AK Steel
7.750%, 06/15/2012		550		429
Aleris International
10.000%, 12/15/2016		1,000		162
Berry Plastics
9.503%, 02/15/2015		1,225		845
Berry Plastics Holding
8.875%, 09/15/2014 Δ		500		217
Bowater
6.500%, 06/15/2013		1,000		100
Bowater Canada Finance
7.950%, 11/15/2011 Æ		500		52
Caraustar Industries
7.375%, 06/01/2009 6		500		291
Coalcorp Mining
Series A
12.000%, 08/31/2011 Æ		375		225
Evraz Group
8.250%, 11/10/2015 n Æ		1,500		750
Exopack Holding
11.250%, 02/01/2014 ¥		500		293
Georgia Gulf
7.125%, 12/15/2013		275		83
Georgia-Pacific
7.125%, 01/15/2017 n		1,250		1,050
Graham Packaging
9.875%, 10/15/2014		900		553
Griffin Coal Mining
9.500%, 12/01/2016 n Æ		1,250		419
Hexion US Finance
9.750%, 11/15/2014		750		214
Industrias Metal
11.250%, 10/22/2014 n Æ		750		338
Ineos Group Holdings
8.500%, 02/15/2016 n Æ		600		54
Intertape Polymer Group
8.500%, 08/01/2014 ¥		1,850		1,203
Mercer International
9.250%, 02/15/2013		750		375
Momentive Performance Materials
9.750%, 12/01/2014		450		191
Newark Group
9.750%, 03/15/2014 ¥		800		76
Noble Group Limited
6.625%, 03/17/2015 n Æ		1,000		570
Nova Chemicals
6.500%, 01/15/2012 Æ		1,200		498
Vedanta Resources
8.750%, 01/15/2014 n Æ		1,500		900
				10,338
Capital Goods – 3.4%
BE Aerospace
8.500%, 07/01/2018		500		450
Case New Holland
7.125%, 03/01/2014		1,300		923
Hawker Beechcraft Acquisition
9.750%, 04/01/2017		1,200		324
Hutchinson Technology
3.250%, 01/15/2026		1,000		320
Owens Corning
6.500%, 12/01/2016		1,400		1,014
Ply Gem Industries
11.750%, 06/15/2013		1,125		608
Trimas
9.875%, 06/15/2012		1,000		500
USG
8.000%, 01/15/2018		1,275		806
				4,945
Communications – 9.2%
Charter Communications Holdings II, Class A
10.250%, 10/01/2013 n		2,155		733
Citizens Communications
9.000%, 08/15/2031		1,300		819
Clear Channel Communications
6.875%, 06/15/2018		1,000		120
CSC Holdings
Series B
7.625%, 04/01/2011		1,000		942
Dex Media West
Series B
8.500%, 08/15/2010		1,000		605
Echostar DBS
6.375%, 10/01/2011		800		744
Fairpoint Communications
13.125%, 04/01/2018 n		1,000		480
Idearc
8.000%, 11/15/2016		1,000		75
Inmarsat Finance II
10.375%, 11/15/2012 Æ		425		377
Intelsat Bermuda
11.250%, 06/15/2016 Æ		1,850		1,683
Intelsat Intermediate Holdings
0.000% through 02/01/10, thereafter 9.500%, 02/01/2015 n Æ		900		684
Level 3 Financing
12.250%, 03/15/2013		500		303
Metropcs Wireless
9.250%, 11/01/2014		350		313
Nextel Communications
Series E
6.875%, 10/31/2013		2,000		850
Nextel Communications
Series F
5.950%, 03/15/2014		1,250		525
Nielsen Finance
0.000% through 08/1/2011, thereafter 12.500%, 08/01/2016 Δ		150		54
Quebecor Media
7.750%, 03/15/2016 Æ		500		338
R.H. Donnelley
Series A-3
8.875%, 01/15/2016		500		75
Sprint Capital
8.375%, 03/15/2012		1,500		1,200
Vimpelcom
8.375%, 04/30/2013 n Æ		500		320
8.250%, 05/23/2016 n Æ		1,000		540
Windstream
8.125%, 08/01/2013		1,750		1,610
Young Broadcasting
10.000%, 03/01/2011		500		5
				13,395

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

16   First American Funds 2008 Semiannual Report

High Income Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Consumer Cyclical – 18.9%
Autonation
7.000%, 04/15/2014	$	500	$	365
Blockbuster
9.000%, 09/01/2012		500		242
Buffalo Thunder Development Authority
9.375%, 12/15/2014 n		500		100
Burlington Coat Factory
11.125%, 04/15/2014 6		1,000		300
Centex
7.875%, 02/01/2011		500		442
Cenveo
7.875%, 12/01/2013		501		262
Denny’s
10.000%, 10/01/2012		1,150		796
Dollar General
10.625%, 07/15/2015 6		1,200		1,146
Fontainebleau Las Vegas
11.000%, 06/15/2015 n		1,000		97
Ford Motor
7.450%, 07/16/2031		825		231
Ford Motor Credit
5.800%, 01/12/2009		450		449
9.875%, 08/10/2011		4,000		2,951
General Motors
8.250%, 07/15/2023		1,600		264
General Nutrition Center
7.584%, 03/15/2014		770		431
Goodyear Tire & Rubber
7.857%, 08/15/2011		1,150		954
Greektown Holdings
10.750%, 12/01/2013 n ª		30		7
Hanesbrands
5.698%, 12/15/2014 Δ		1,500		1,057
Harrahs
10.750%, 02/01/2016 n		3,350		955
Isle of Capri Casinos
7.000%, 03/01/2014		500		212
Lear
Series B
8.500%, 12/01/2013		850		263
Levi Strauss & Co.
9.750%, 01/15/2015 6		1,150		851
Lippo Karawaci Finance
8.875%, 03/09/2011		1,000		621
Marfrig Overseas
9.625%, 11/16/2016 n Æ		1,000		590
MGM Mirage
8.375%, 02/01/2011		1,000		595
13.000%, 11/15/2013 n 6		1,300		1,238
Neiman Marcus Group
10.375%, 10/15/2015 6		700		301
NPC International
9.500%, 05/01/2014 6		500		362
OSI Restaurant Partners
10.000%, 06/15/2015		500		90
Oxford Industries
8.875%, 06/01/2011		1,055		797
Parkson Retail Group
7.125%, 05/30/2012 Æ		1,600		1,040
Pep Boys-Manny, Moe & Jack
7.500%, 12/15/2014		900		346
Pinnacle Entertainment I
7.500%, 06/15/2015		500		290
Realogy
10.500%, 04/15/2014		1,000		172
Rite Aid
10.375%, 07/15/2016 6		1,500		1,103
9.500%, 06/15/2017		1,000		348
Royal Caribbean Cruises
7.000%, 06/15/2013 Æ		1,250		713
Sally Holdings
10.500%, 11/15/2016		1,300		884
Seminole Hard Rock Entertainment
4.496%, 03/15/2014 n Δ		1,000		508
Snoqualmie Entertainment
9.125%, 02/01/2015 n		500		310
Susser Holdings
10.625%, 12/15/2013		1,300		1,138
Tenneco
8.125%, 11/15/2015		750		345
Toll
8.250%, 12/01/2011		2,000		1,820
Toys R Us
7.875%, 04/15/2013		1,000		390
TRW Automotive
7.250%, 03/15/2017 n		250		128
Warnaco
8.875%, 06/15/2013		1,250		1,138
				27,642
Consumer Non Cyclical – 10.6%
Albertson’s
8.700%, 05/01/2030		1,000		645
Cardinal Health
9.500%, 04/15/2015		750		285
Constellation Brands
7.250%, 05/15/2017		2,000		1,890
Del Monte
8.625%, 12/15/2012		800		776
HCA
6.750%, 07/15/2013		4,150		2,614
Health Management Association
6.125%, 04/15/2016		1,300		806
Healthsouth
10.750%, 06/15/2016		500		459
Pantry
7.750%, 02/15/2014		1,000		690
Pilgrim’s Pride
8.375%, 05/01/2017 ª		750		45
Select Medical
10.820%, 09/15/2015 Δ 6		1,000		520
Smithfield Foods
7.000%, 08/01/2011		1,600		1,136
4.000%, 06/30/2013		250		184
Stater Brothers Holdings
7.750%, 04/15/2015		1,250		1,050
SUPERVALU
7.500%, 05/15/2012		1,750		1,540
Surgical Care Affiliates
8.875%, 07/15/2015 n		1,000		610
Tenet Healthcare
7.375%, 02/01/2013		1,500		1,069
Ticketmaster
10.750%, 08/01/2016 n		650		351
Tyson Foods
7.850%, 04/01/2016		1,000		740
Vitro
9.125%, 02/01/2017 Æ		350		105
				15,515

First American Funds 2008 Semiannual Report   17

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

High Income Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Electric – 8.9%
AES Red Oak
Series B
9.200%, 11/30/2029	$	1,000	$	860
Ava Capital Trust III
6.500%, 04/01/2034 ¥		3,335		3,143
Baldor Electric
8.625%, 02/15/2017		300		223
CMS Energy
3.741%, 01/15/2013 Δ		1,000		730
Dynegy Holdings
7.500%, 06/01/2015		1,500		1,050
Edison Mission Energy
7.750%, 06/15/2016		1,200		1,068
Intergen NV
9.000%, 06/30/2017 n Æ		1,000		820
ISA Capital Brasil
8.800%, 01/30/2017 n Æ		150		132
Mirant Americas Generation
8.500%, 10/01/2021		1,000		760
NRG Energy
7.375%, 02/01/2016		850		791
Reliant Energy
7.625%, 06/15/2014		1,000		830
Texas Competitive Electric Holdings
10.500%, 11/01/2015 n		3,800		2,698
				13,105
Energy – 2.4%
Chaparral Energy
8.875%, 02/01/2017		750		150
Chesapeake Energy
7.625%, 07/15/2013		1,000		860
Lupatech Finance
9.875%, 07/10/2049 n Æ		1,500		870
Mariner Energy
8.000%, 05/15/2017		1,000		520
Sabine Pass LNG
7.500%, 11/30/2016		745		536
Tesoro
6.625%, 11/01/2015		1,000		580
				3,516
Finance – 2.6%
General Motors Acceptance
6.875%, 09/15/2011		500		405
6.625%, 05/15/2012		2,500		1,927
GMAC
3.399%, 05/15/2009 Δ		500		478
6.750%, 12/01/2014		1,000		684
Nuveen Investments
5.500%, 09/15/2015 ¥		2,050		310
Residential Capital
9.625%, 05/15/2015 n		339		98
				3,902
Industrial Other – 2.9%
Aramark
8.500%, 02/01/2015		1,825		1,652
Crown Cork & Seal
7.375%, 12/15/2026		1,000		740
Neenah
9.500%, 01/01/2017		300		150
RBS Global & Rexnord
9.500%, 08/01/2014		1,000		745
Vought Aircraft
8.000%, 07/15/2011		1,500		1,012
				4,299
Natural Gas – 4.0%
Copano Energy
7.750%, 06/01/2018 n		750		506
El Paso
12.000%, 12/12/2013 6		500		490
El Paso Energy
Series MTN
7.800%, 08/01/2031		650		423
Enterprise Products
8.375%, 08/01/2066 Δ		2,800		1,540
Knight
6.500%, 09/01/2012		1,452		1,227
Plains Exploration & Production
7.750%, 06/15/2015		850		642
Southern Union
7.200%, 11/01/2066 Δ		1,600		552
Targa Resources
8.500%, 11/01/2013		1,000		540
				5,920
Real Estate – 1.3%
Agile Property Holdings
9.000%, 09/22/2013 n Æ  6		750		412
American Real Estate
4.000%, 08/15/2013 n Δ ⊡		1,250		742
Greentown China Holdings
9.000%, 11/08/2013 n Æ  ¥		1,550		543
Shanghai Real Estate Group
8.625%, 04/24/2013 Æ		500		169
				1,866
Technology – 2.6%
Advanced Medical Optics
7.500%, 05/01/2017		550		280
Amkor Technologies
9.250%, 06/01/2016		1,000		580
Celestica
7.875%, 07/01/2011 Æ		750		682
First Data
9.875%, 09/24/2015		500		303
Freescale Semiconductor
8.875%, 12/15/2014		1,000		440
9.125%, 12/15/2014		1,850		426
Magnachip Semiconductor
6.875%, 12/15/2011 Æ		750		26
NXP BV/NXP Funding
9.500%, 10/15/2015 Æ		500		95
Seagate Technology
6.375%, 10/01/2011 Æ		1,000		690
Spansion
5.345%, 06/01/2013 n Δ		1,500		270
				3,792
Transportation – 3.0%
American Airlines
Series 2001-1
7.379%, 11/23/2017 ¥		1,257		490
BLT Finance BV
7.500%, 05/15/2014 n Æ  ¥		650		176
Continental Airlines
Series C
7.339%, 04/19/2014		1,500		750

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

18   First American Funds 2008 Semiannual Report

High Income Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Delta Airlines
Series 2001-1
7.711%, 09/18/2011	$	1,600	$	1,056
Series 2007-1
8.954%, 08/10/2014		484		257
Hertz
10.500%, 01/01/2016		1,250		570
Swift Transportation
12.500%, 05/15/2017 n		250		23
Ultrapetrol
9.000%, 11/24/2014 Æ ¥		750		489
United Airlines 2007 Pass Trust
Series A
6.636%, 01/02/2024		951		590
				4,401
Total High Yield Corporate Bonds
(Cost $171,966)				112,636
Investment Grade Corporate Bonds – 5.5%
Banking – 0.3%
JPMorgan Chase
Series 1
7.900%, 04/29/2049 Δ		500		416
Basic Industry – 0.8%
Arcelormittal
6.125%, 06/01/2018 Æ		1,000		685
Freeport-McMoran Copper & Gold
8.250%, 04/01/2015		600		510
				1,195
Consumer Cyclical – 0.6%
CVS Caremark
6.302%, 06/01/2037 Δ		1,000		510
Macys Retail Holdings
7.450%, 07/15/2017		750		434
				944
Consumer Non Cyclical – 0.2%
Delhaize America
9.000%, 04/15/2031		356		360
Finance – 1.8%
Discover Financial Services
2.629%, 06/11/2010 Δ		1,500		1,285
SLM
Series MTN
3.695%, 07/26/2010 Δ		1,500		1,280
				2,565
Industrial Other – 1.3%
Allied Waste North America
6.125%, 02/15/2014		1,000		905
Wesfarmers
6.998%, 04/10/2013 n Æ  ¥		1,000		1,026
				1,931
Transportation – 0.5%
Con-way
7.250%, 01/15/2018		1,000		693
Total Investment Grade Corporate Bonds
(Cost $9,429)				8,104
Closed-End Funds – 4.0%
Aberdeen Asia-Pacific Income Fund 6		51,000	$	219
Dividend Capital Realty Income Allocation Fund		45,000		90
Franklin Templeton Limited Duration Income Trust		34,100		288
Gabelli Global Gold Natural Resources & Income Trust 6		26,000		341
Highland Credit Strategies Fund		32,000		182
iShares iBoxx $ High Yield Corporate Bond Fund 6		17,500		1,331
iShares iBoxx $ Investment Grade Corporate Bond Fund		12,000		1,220
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		16,000		154
MFS Multimarket Income Trust 6		39,000		188
Nuveen Equity Premium Opportunity Fund		53,600		572
Nuveen Multi-Strategy Income and Growth Fund		96,000		442
Pioneer Diversified High Income Trust		7,000		83
Pioneer Floating Rate Trust		51,000		358
SPDR DB International Government Inflation-Protected Bond 6		3,500		168
Western Asset Global Partners Income Fund		36,000		221
Total Closed-End Funds
(Cost $6,813)				5,857
Preferred Stocks – 2.9%
Communications – 0.3%
US Cellular		32,000		467
Consumer Discretionary – 0.0%
M/I Homes
Series A 6		6,950		41
Energy – 0.5%
Constellation Energy Group
Series A 6		25,000		485
Nexen
Series B Æ		10,600		185
				670
Finance – 0.3%
American International Group		6,000		48
Freddie Mac 6		20,000		6
Protective Life		16,700		223
Regions Financing Trust III		7,300		152
				429
Insurance – 1.1%
Aspen Insurance Holdings Æ		50,000		629
Endurance Specialty Holdings
Series A Æ  6		25,900		373
Metlife
Series B 6		12,000		205
Renaissancere Holdings
Series D Æ		21,440		356
				1,563
Real Estate – 0.6%
American Home Mortgage Investments – REIT
Series B ¥ ª		10,000		—
Ashford Hospitality Trust – REIT
Series D		4,900		30
Duke Realty – REIT
Series O		22,000		316
First Industrial Realty Trust – REIT
Series J		14,000		140
Hospitality Properties Trust – REIT
Series C		20,000		262
National Retail Properties – REIT
Series C		12,600		208
				956

First American Funds 2008 Semiannual Report   19

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

High Income Bond Fund (continued)
DESCRIPTION	SHARES		VALUE
Transportation – 0.1%
Delta Air Contingent Value =		8,000,000	$	140
Total Preferred Stocks
(Cost $7,693)				4,266
Convertible Securities – 2.3%
Basic Industry – 0.3%
Peabody Energy
4.750%, 12/15/2041		750	$	450
Consumer Cyclical – 0.3%
UAL
4.500%, 06/30/2021	$	850		392
Consumer Non Cyclical – 0.7%
Archer-Daniels-Midland
0.875%, 02/15/2014 6	$	500		487
Bunge Limited Æ		7,800		533
				1,020
Energy – 0.4%
Headwaters
2.875%, 06/01/2016 ¥	$	1,500		649
Finance – 0.4%
CIT Group
Series C		19,000		548
Real Estate – 0.2%
Hospitality Properties Trust
3.800%, 03/15/2027	$	500		307
Total Convertible Securities
(Cost $4,972)				3,366
Asset-Backed Securities – 0.8%
Manufactured Housing – 0.0%
Green Tree Financial
Series 1998-1, Class A4
6.040%, 11/01/2029 ¥	$	7		5
Other – 0.8%
Bear Stearns Commercial Mortgage Securities
Series 2007-PW18, Class AJ
6.210%, 06/11/2050 Δ		460		124
Exum
Series 2007-1A, Class C
4.625%, 03/22/2014 n Δ ⊡		1,000		479
Series 2007-2A, Class C
5.025%, 06/22/2014 n Δ ⊡		1,000		490
				1,093
Total Asset-Backed Securities
(Cost $2,339)				1,098
Common Stocks – 0.1%
Communications – 0.0%
Adelphia Recovery Trust =		958,406		10
Viatel Holding Bermuda ⊡ =		1		—
				10
Consumer Discretionary – 0.0%
Target 6		1,300		45
Energy – 0.1%
Pengrowth Energy Trust Æ  6		18,000		137
Total Common Stocks
(Cost $414)				192
Short-Term Investments – 5.8%
Money Market Fund – 5.4%
First American Prime Obligations Fund, Class Z Å		7,896,354		7,896
U.S. Treasury Obligations – 0.4%
U.S. Treasury Bills o
0.660%, 01/29/2009	$	150		150
0.109%, 04/09/2009		170		170
0.205%, 09/24/2009		265		265
				585
Total Short-Term Investments
(Cost $8,479)				8,481
Investments Purchased with Proceeds from Securities Lending – 5.5%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $8,042)		8,041,954		8,042
Total Investments – 103.8%
(Cost $220,147)				152,042
Other Assets and Liabilities, Net – (3.8)%				(5,621	)
Total Net Assets – 100.0%			$	146,421

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 December 31, 2008, the value of these investments was $21,337 or 14.6% of total net assets. See note 2 in Notes to Financial Statements.
Æ	Represents a foreign high yield (non-investment grade) U.S. dollar denominated security. On December 31, 2008, the value of these investments was $19,544 which represents 13.3% of total net assets.
Δ	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2008.
6	This security or a portion of this security is out on loan at December 31, 2008. Total loaned securities had a value of $7,750 at December 31, 2008. See note 2 in Notes to Financial Statements.
¥	Security considered illiquid. As of December 31, 2008, the value of these investments was $8,403 or 5.7% of total net assets. See note 2 in Notes to Financial Statements.
ª	Security in default at December 31, 2008.
⊡	Security is fair valued and illiquid. As of December 31, 2008, the value of these investments was $1,711 or 1.2% of total net assets. See note 2 in Notes to Financial Statements.
=	Non-income producing security.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts and/or swap contracts. Yield shown is effective yield as of December 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 for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

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

20   First American Funds 2008 Semiannual Report

High Income Bond Fund (concluded)

Schedule of Open Futures Contracts

			Number of		Notional
	Settlement		Contracts		Contract	Unrealized
Description	Month		Purchased		Value	Appreciation
U.S. Treasury 5 Year Note Futures		March 2009		130	$15,477	$	533
U.S. Treasury 10 Year Note Futures		March 2009		10	1,258		95
U.S. Treasury Long Bond Futures		March 2009		15	2,071		287
						$	915

Credit Default Swap Agreements

Credit Default Swaps on Corporate Issues — Buy Protection¹

						Implied Credit
						Spread at
	Reference	Pay		Expiration		December 31,		Notional		Unrealized
Counterparty	Entity	Fixed Rate		Date		20083		Amount4		Appreciation
JPMorgan	Deutsche Bank AG		0.525%		09/20/2012		1.315%	$	400	$	11

Credit Default Swaps on Corporate Issues — Sell Protection²

						Implied Credit
						Spread at
	Reference	Pay		Expiration		December 31,		Notional		Unrealized
Counterparty	Entity	Fixed Rate		Date		20083		Amount4		(Depreciation)
Deutsche Bank	International Paper Company		2.480%		09/20/2013		5.304%	$	2,000	$	(212	)
Deutsche Bank	Mohawk Industries		2.610%		09/20/2013		3.600%		2,000		(79	)
UBS	Reliance Industries Limited		2.192%		09/20/2013		6.794%		2,000		(337	)
										$	(628	)

Credit Default Swaps on Credit Indices — Buy Protection¹

	Reference	Pay		Expiration		Notional		Unrealized
Counterparty	Index	Fixed Rate		Date		Amount4		Appreciation
JPMorgan	Dow Jones CDX HY11 Index		5.000%		12/20/2013	$	5,000	$	100

1	If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2	If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the reference entity.
4	The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Inflation Protected Securities Fund
DESCRIPTION	PAR		VALUE
U.S. Government & Agency Securities – 85.6%
Inflation Protected U.S. Treasuries ◄ – 85.6%
U.S. Treasury Bonds
2.375%, 01/15/2025	$	18,044	$	17,734
2.000%, 01/15/2026		4,775		4,498
2.375%, 01/15/2027		913		917
3.625%, 04/15/2028		13,729		16,356
3.875%, 04/15/2029		15,518		19,165
U.S. Treasury Notes
3.875%, 01/15/2009 6		1,321		1,311
0.875%, 04/15/2010		17,600		16,541
3.500%, 01/15/2011 6		6,255		6,139
2.375%, 04/15/2011 6		12,825		12,525
3.000%, 07/15/2012 6		2,711		2,657
1.875%, 07/15/2013 6		10,321		9,717
2.000%, 01/15/2014 6		21,644		20,508
2.000%, 07/15/2014 6		3,448		3,261
1.625%, 01/15/2015 6		5,758		5,340
1.875%, 07/15/2015		6,700		6,329
2.000%, 01/15/2016 6		3,384		3,241
2.500%, 07/15/2016 6		2,108		2,091
2.375%, 01/15/2017 6		9,352		9,278
2.625%, 07/15/2017 6		3,815		3,910
1.625%, 01/15/2018 6		3,930		3,730
Total U.S. Government & Agency Securities
(Cost $175,839)				165,248
Corporate Bonds – 3.8%
Basic Industry – 0.9%
Evraz Group
8.250%, 11/10/2015 n		500		250
FMG Finance
10.000%, 09/01/2013 n		500		295
Georgia-Pacific
7.125%, 01/15/2017 n		150		126
Griffin Coal Mining
9.500%, 12/01/2016 n		400		134
Southern Copper
7.500%, 07/27/2035		950		711
Vedanta Resources
9.500%, 07/18/2018 n		435		226
				1,742
Brokerage – 0.9%
Merrill Lynch
Series CPI
6.100%, 03/02/2009 Δ		1,850		1,752
Capital Goods – 0.0%
USG
8.000%, 01/15/2018		125		79
Consumer Cyclical – 0.1%
MGM Mirage
6.625%, 07/15/2015		220		134
Consumer Non Cyclical – 0.2%
Constellation Brands
7.250%, 05/15/2017		200		189
HCA
9.250%, 11/15/2016		100		92
Smithfield Foods
7.000%, 08/01/2011		275		195
				476
Electric – 0.1%
Energy Future Holdings
10.875%, 11/01/2017 n		250		177

First American Funds 2008 Semiannual Report   21

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Inflation Protected Securities Fund (continued)
DESCRIPTION	PAR		VALUE
Insurance – 1.5%
Allstate Life Global Funding Trust
Series MTN
5.987%, 03/01/2010 Δ	$	900	$	807
Pacific Life Global Funding
7.101%, 02/06/2016 n Δ		1,000		779
Principal Life
Series MTN
6.337%, 03/01/2012 Δ		900		702
Protective Life Secured Trust
Series NOTZ
5.590%, 07/10/2012 Δ		1,000		626
				2,914
Transportation – 0.1%
Hertz
8.875%, 01/01/2014		195		120
Total Corporate Bonds
(Cost $9,779)				7,394
Asset-Backed Securities – 3.6%
Credit Cards – 0.9%
Citibank Credit Card Issuance Trust
Series 2007-A8, Class A8
5.650%, 09/20/2019		1,075		878
Discover Card Master Trust
Series 2007-C1, Class C1
1.515%, 01/15/2013 Δ		500		270
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
1.595%, 05/15/2014 n Δ ¥		625		464
				1,612
Other – 2.7%
Global Signal Trust
Series 2006-1, Class C
5.707%, 02/15/2036 n		1,330		997
GMAC Commercial Mortgage Securities
Series 2003-C3, Class A2
4.223%, 04/10/2040		1,008		972
Greenwich Capital Commercial Funding
Series 2007-GG11, Class A4
5.736%, 12/10/2049		1,000		746
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 Δ		2,000		533
GS Mortgage Securities II
Series 2007-GG10, Class A4
5.799%, 08/10/2045 Δ		1,010		733
Merrill Lynch Mortgage Trust
Series 2008-C1, Class A4
5.690%, 02/12/2051		1,000		741
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
5.952%, 05/15/2046 Δ		1,000		264
Series 2007-C33, Class AJ
5.902%, 02/15/2051 Δ		1,000		265
				5,251
Total Asset-Backed Securities
(Cost $11,177)				6,863
Collateralized Mortgage Obligation – Private Mortgage-Backed Security – 0.8%
Fixed Rate – 0.8%
Wells Fargo Mortgage Backed Securities Trust
Series 2007-13, Class A8
6.000%, 09/25/2037
(Cost $2,318)		2,364		1,559
U.S. Government Agency Mortgage-Backed Security – 0.5%
Adjustable Rate Δ – 0.5%
Federal National Mortgage Association 6.077%, 02/17/2009
(Cost $899)		900		899
Municipal Bond – 0.4%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016 ¥
(Cost $845)		845		818
Convertible Securities – 0.2%
Basic Industry – 0.0%
Freeport-McMoran Copper & Gold		1,500		71
Consumer Non Cyclical – 0.1%
Bunge Limited		2,100		143
Energy – 0.1%
Headwaters
2.875%, 06/01/2016 ¥	$	280		121
Total Convertible Securities
(Cost $724)				335
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security – 0.1%
Fixed Rate – 0.1%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011
(Cost $227)	$	227		232
Preferred Stocks – 0.1%
Brokerage – 0.1%
Merrill Lynch
Series AAPL		8,400		166
Sovereign – 0.0%
Fannie Mae
Series S		16,000		13
Total Preferred Stocks
(Cost $610)				179
Short-Term Investments – 3.8%
Money Market Fund – 3.4%
First American Prime Obligations Fund, Class Z Å		6,682,490		6,682
U.S. Treasury Obligations – 0.4%
U.S. Treasury Bills o
0.675%, 01/29/2009	$	140		140
0.109%, 04/09/2009		530		530
0.205%, 09/24/2009		55		55
				725
Total Short-Term Investments
(Cost $7,407)			$	7,407

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

22   First American Funds 2008 Semiannual Report

Inflation Protected Securities Fund (continued)
DESCRIPTION	SHARES		VALUE
Investment Purchased with Proceeds from Securities Lending – 45.0%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $86,835)		86,834,868	$	86,835
Total Investments – 143.9%
(Cost $296,660)				277,769
Other Assets and Liabilities, Net – (43.9)%				(84,681	)
Total Net Assets – 100.0%			$	193,088

◄	U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
6	This security or a portion of this security is out on loan at December 31, 2008. Total loaned securities had a value of $84,538 at December 31, 2008. See note 2 in Notes to Financial Statements.
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 December 31, 2008, the value of these investments was $3,449 or 1.8% of total net assets. See note 2 in Notes to Financial Statements.
Δ	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2008.
¥	Security considered illiquid. As of December 31, 2008, the value of these investments was $1,403 or 0.7% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the effective yield as of December 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		Unrealized
	Settlement	Contracts		Contract		Appreciation
Description	Month	Purchased		Value		(Depreciation)
Canadian Dollar Currency Futures	March 2009		6	$	493	$	3
Euro Bund Futures	March 2009		14		2,429		24
Euro Currency Futures	March 2009		6		1,044		48
Japanese Yen Currency Futures	March 2009		2		276		(7	)
U.S. Treasury 2 Year Note Futures	March 2009		20		4,361		48
U.S. Treasury 10 Year Note Futures	March 2009		39		4,904		(57	)
U.S. Treasury Long Bond Futures	March 2009		19		2,623		10
						$	69

Inflation Protected Securities Fund (concluded)

Credit Default Swap Agreements

Credit Default Swaps on Credit Indices – Buy Protection¹

		Pay
	Reference	Fixed		Expiration		Notional		Unrealized
Counterparty	Index	Rate		Date		Amount3		(Depreciation)
JPMorgan	Dow Jones CDX HY11 Index		5.000%		12/20/2013	$	900	$	(76	)

Credit Default Swaps on Credit Indices – Sell Protection²

		Receive
	Reference	Fixed		Expiration		Notional		Unrealized
Counterparty	Index	Rate		Date		Amount3		(Depreciation)
UBS	Dow Jones iTraxx Asia ex-Japan Index		6.500%		06/20/2013	$	2,200	$	(497	)
UBS	Dow Jones iTraxx Asia ex-Japan Index		5.000%		12/20/2013		400		(1	)
								$	(498	)

1	If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2	If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3	The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

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

3.612%

09/19/2013

$

2,000

$

137

JPMorgan

3-Month LIBOR

Pay

4.135%

09/24/2013

5,000

463

UBS

3-Month LIBOR

Pay

3.343%

07/18/2010

14,000

405

UBS

3-Month LIBOR

Pay

4.070%

09/25/2013

3,000

269

UBS

3-Month LIBOR

Receive

4.045%

11/14/2018

1,000

(130

)

$

1,144

First American Funds 2008 Semiannual Report   23

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Government Bond Fund
DESCRIPTION	PAR		VALUE
U.S. Government & Agency Securities – 94.6%
U.S. Agency Debentures – 40.7%
Federal Farm Credit Bank
4.125%, 07/17/2009	$	1,100	$	1,122
4.500%, 10/05/2009		1,000		1,030
4.125%, 11/13/2009		1,560		1,603
4.750%, 05/07/2010		1,500		1,578
2.250%, 07/01/2010		1,365		1,392
5.250%, 09/13/2010		1,000		1,069
3.750%, 12/06/2010		1,575		1,650
5.750%, 01/18/2011		1,800		1,963
4.875%, 02/18/2011		1,600		1,720
3.000%, 03/03/2011		4,715		4,885
2.625%, 04/21/2011		1,500		1,543
3.875%, 08/25/2011		3,600		3,825
4.500%, 10/17/2012		1,565		1,692
Federal Home Loan Bank
0.750%, 03/30/2009 ¤		3,700		3,700
4.875%, 03/12/2010		870		912
2.750%, 06/18/2010		2,200		2,259
3.500%, 07/16/2010		1,400		1,444
3.375%, 08/13/2010		1,430		1,485
5.125%, 09/10/2010		900		961
4.375%, 09/17/2010		710		750
3.760%, 10/15/2010		3,000		3,022
4.375%, 10/22/2010		1,560		1,648
4.250%, 06/10/2011		1,500		1,606
4.625%, 10/10/2012		910		984
3.625%, 10/18/2013		2,055		2,162
5.375%, 05/18/2016		495		566
4.875%, 05/17/2017		2,685		3,035
5.000%, 11/17/2017		1,865		2,138
Tennessee Valley Authority
0.080%, 01/15/2010 ¤		1,135		1,127
5.625%, 01/18/2011		2,000		2,136
6.790%, 05/23/2012		3,175		3,645
6.000%, 03/15/2013		2,725		3,089
				61,741
U.S. Treasuries – 53.9%
U.S. Treasury Bonds
11.750%, 11/15/2014		1,575		1,717
8.750%, 05/15/2017		1,135		1,670
9.125%, 05/15/2018		405		626
9.000%, 11/15/2018		1,125		1,738
8.875%, 02/15/2019		1,355		2,083
8.125%, 08/15/2019		1,665		2,461
8.500%, 02/15/2020		1,250		1,904
8.750%, 08/15/2020		3,050		4,761
2.375%, 01/15/2025 ◄		63		62
U.S. Treasury Notes
1.500%, 10/31/2010		1,645		1,670
4.875%, 04/30/2011		2,130		2,335
5.125%, 06/30/2011		765		847
4.500%, 11/30/2011		2,045		2,252
4.000%, 11/15/2012		8,500		9,436
3.375%, 11/30/2012		1,065		1,161
3.625%, 12/31/2012		1,115		1,229
2.750%, 02/28/2013		1,000		1,068
1.875%, 07/15/2013 ◄		0		0
3.375%, 07/31/2013		11,770		12,856
4.750%, 05/15/2014		4,000		4,707
4.250%, 08/15/2014		10,220		11,747
7.500%, 11/15/2016		3,500		4,778
4.500%, 05/15/2017		1,730		2,030
4.250%, 11/15/2017		3,690		4,299
3.500%, 02/15/2018		3,575		3,957
3.750%, 11/15/2018		410		464
				81,858
Total U.S. Government & Agency Securities
(Cost $136,915)				143,599
Short-Term Investment – 6.6%
First American U.S. Treasury Money Market Fund, Class Z Å		9,943,223		9,943
(Cost $9,943)
Total Investments – 101.2%
(Cost $146,858)				153,542
Other Assets and Liabilities, Net – (1.2)%				(1,739	)
Total Net Assets – 100.0%			$	151,803

¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
◄	U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
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 accompanying notes are an integral part of the financial statements.

24   First American Funds 2008 Semiannual Report

Intermediate Term Bond Fund
DESCRIPTION	PAR		VALUE
Corporate Bonds – 52.1%
Banking – 9.6%
Bank of America
5.750%, 12/01/2017	$	4,015	$	4,009
5.650%, 05/01/2018		1,745		1,755
8.000%, 12/29/2049 Δ		7,810		5,618
Citigroup
6.125%, 11/21/2017		4,590		4,638
8.400%, 04/29/2049 Δ		11,920		7,871
Citigroup Capital XXI
8.300%, 12/21/2057 Δ		1,475		1,138
Deutsche Bank AG London
4.875%, 05/20/2013		2,660		2,611
Fifth Third Bancorp
6.250%, 05/01/2013		3,745		3,473
Fifth Third Bank
Series BKNT
4.200%, 02/23/2010		1,250		1,203
JPMorgan Chase
5.150%, 10/01/2015		3,290		3,107
Series 1
7.900%, 04/29/2049 Δ		5,835		4,854
Keycorp
6.500%, 05/14/2013		1,000		922
National City Preferred Capital Trust I
12.000%, 12/29/2049 Δ		1,560		1,456
North Fork Bancorp
5.875%, 08/15/2012		3,130		2,492
Sovereign Bank
8.750%, 05/30/2018		2,040		2,015
UBS Preferred Funding Trust V
6.243%, 05/29/2049 Δ		1,170		639
Wachovia
5.750%, 06/15/2017		2,065		2,055
5.750%, 02/01/2018		560		561
7.980%, 02/28/2049 Δ		3,365		2,868
Wells Fargo
4.375%, 01/31/2013		4,050		3,966
5.625%, 12/11/2017		2,385		2,488
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 Δ		3,545		2,926
Wells Fargo Capital XV
9.750%, 12/29/2049 Δ		1,760		1,778
				64,443
Basic Industry – 2.3%
Arcelormittal
5.375%, 06/01/2013		7,835		5,909
Celulosa Arauco Constitucion
5.625%, 04/20/2015		2,000		1,886
E.I. Du Pont de Nemours
5.000%, 01/15/2013		1,315		1,327
Rio Tinto Financial
5.875%, 07/15/2013		3,300		2,629
Teck Cominco
5.375%, 10/01/2015		2,810		1,171
U.S. Steel
7.000%, 02/01/2018		1,750		1,193
Vale Overseas
6.250%, 01/11/2016		1,525		1,446
				15,561
Brokerage – 4.8%
Goldman Sachs Capital II
5.793%, 12/29/2049 Δ		1,165		448
Goldman Sachs Group
6.150%, 04/01/2018		11,900		11,435
Merrill Lynch
5.450%, 02/05/2013		2,950		2,836
6.050%, 05/16/2016		4,625		4,327
Series MTN
6.150%, 04/25/2013		1,860		1,843
Morgan Stanley
5.375%, 10/15/2015		6,550		5,638
Series MTN
6.625%, 04/01/2018		6,700		5,878
				32,405
Capital Goods – 0.8%
Caterpillar
7.900%, 12/15/2018		2,835		3,263
John Deere Capital
Series MTN
4.500%, 04/03/2013		1,990		1,905
				5,168
Communications – 5.9%
British Sky Broadcasting
6.100%, 02/15/2018 n		2,980		2,447
British Telecom
5.950%, 01/15/2018		2,415		2,101
Comcast
6.300%, 11/15/2017		6,315		6,148
Deutsche Telekom
5.875%, 08/20/2013		10,155		10,044
Embarq
7.082%, 06/01/2016		1,170		901
Rogers Communications
6.800%, 08/15/2018		1,390		1,405
Time Warner Cable
8.250%, 02/14/2014		2,000		2,029
6.750%, 07/01/2018		2,025		1,950
Verizon Communications
5.250%, 04/15/2013 6		6,900		6,926
8.750%, 11/01/2018		3,270		3,836
Vodafone Group
5.625%, 02/27/2017		2,000		1,884
				39,671
Consumer Cyclical – 3.2%
American Honda Finance
Series MTN
4.625%, 04/02/2013 n		3,660		3,409
Home Depot
5.875%, 12/16/2036		1,775		1,392
McDonald’s
Series MTN
5.350%, 03/01/2018		1,740		1,807
Quest Diagnostic
5.125%, 11/01/2010		3,490		3,388
Target
5.125%, 01/15/2013		6,025		5,949
Whirlpool
Series MTN
5.500%, 03/01/2013		3,510		2,777
Yum! Brands
8.875%, 04/15/2011		2,740		2,775
				21,497
Consumer Non Cyclical – 5.6%
Altria Group
9.700%, 11/10/2018		3,000		3,242

First American Funds 2008 Semiannual Report   25

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Cardinal Health
6.750%, 02/15/2011	$	2,500	$	2,488
Covidien International
5.450%, 10/15/2012		2,240		2,192
General Mills
5.700%, 02/15/2017		4,410		4,432
Glaxosmithkline Capital
4.850%, 05/15/2013		2,900		2,909
Kellogg
5.125%, 12/03/2012		3,315		3,314
Kraft Foods
6.750%, 02/19/2014		1,290		1,339
6.500%, 08/11/2017		3,800		3,820
Philip Morris
4.875%, 05/16/2013		5,000		5,014
Schering-Plough
5.550%, 12/01/2013		4,595		4,629
UnitedHealth Group
4.875%, 02/15/2013		2,965		2,768
6.000%, 02/15/2018		2,000		1,845
				37,992
Electric – 2.9%
MidAmerican Energy Holdings
5.875%, 10/01/2012		3,445		3,436
National Rural Utilities
10.375%, 11/01/2018		3,100		3,628
Ohio Power
Series K
6.000%, 06/01/2016		2,100		2,009
Oncor Electric Delivery
6.375%, 01/15/2015		3,140		3,008
PPL Energy Supply
6.300%, 07/15/2013		2,000		1,852
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 n 6		2,030		1,669
Virginia Electric Power
5.950%, 09/15/2017		3,780		3,805
				19,407
Energy – 2.6%
Canadian National Resources
5.900%, 02/01/2018		660		570
Marathon Oil
5.900%, 03/15/2018		1,420		1,186
Nexen
5.650%, 05/15/2017		4,180		3,499
Suncor Energy
6.100%, 06/01/2018		1,275		1,099
Tengizchevroil Finance
6.124%, 11/15/2014 n		2,653		2,016
Weatherford International
5.950%, 06/15/2012		3,690		3,507
XTO Energy
4.625%, 06/15/2013 6		3,000		2,724
5.650%, 04/01/2016		3,295		3,023
				17,624
Finance – 4.4%
American Express Centurion
Series BKNT
5.550%, 10/17/2012		2,035		1,933
American Express Credit
Series C
7.300%, 08/20/2013		2,405		2,462
Capital One Financial
6.150%, 09/01/2016		1,775		1,249
CIT Group
5.650%, 02/13/2017		1,955		1,359
Countrywide Financial
6.250%, 05/15/2016		2,395		2,274
Credit Agricole
6.637%, 05/29/2049 Δ n		1,635		732
General Electric Capital
4.800%, 05/01/2013		6,235		6,135
Series MTN
5.625%, 09/15/2017		3,955		3,979
International Lease Finance
6.375%, 03/25/2013		2,635		1,790
Janus Capital Group
6.700%, 06/15/2017		1,620		1,207
Rockies Express Pipeline
6.850%, 07/15/2018 n		2,000		1,846
SLM
Series MTN
5.400%, 10/25/2011		2,270		1,717
Transcapitalinvest
5.670%, 03/05/2014 n		4,125		2,672
				29,355
Industrial Other – 0.6%
Johnson Controls
5.250%, 01/15/2011		4,720		4,337
Insurance – 2.3%
Ace INA Holdings
5.700%, 02/15/2017		2,765		2,479
Allied World Assurance
7.500%, 08/01/2016		3,040		2,143
American International Group
8.250%, 08/15/2018 n		3,000		2,196
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		3,055		2,220
Met Life Global Funding I
5.125%, 04/10/2013 n		3,730		3,476
Pacific Life Global Funding
5.150%, 04/15/2013 n		2,205		2,072
ZFS Finance USA Trust V
6.500%, 05/09/2037 Δ n		1,530		627
				15,213
Natural Gas – 0.6%
Kinder Morgan Energy Partners
5.000%, 12/15/2013		4,560		3,976
Other Utility – 0.2%
American Water Capital
6.085%, 10/15/2017		1,420		1,237
Real Estate – 1.3%
Health Care – REIT
5.875%, 05/15/2015		3,775		2,606
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016		4,300		2,116
iStar Financial – REIT
5.650%, 09/15/2011		2,000		640
Prologis – REIT
5.500%, 04/01/2012		3,080		1,856
Prologis 2006 – REIT
5.750%, 04/01/2016		3,525		1,758
				8,976

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

26   First American Funds 2008 Semiannual Report

Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Sovereign – 0.2%
United Mexican States
5.625%, 01/15/2017 6	$	1,400	$	1,400
Technology – 2.3%
Chartered Semiconductor
5.750%, 08/03/2010		1,500		1,141
Computer Sciences
6.500%, 03/15/2018 n		3,490		3,006
Electronic Data Systems
7.125%, 10/15/2009		2,500		2,542
Jabil Circuit
5.875%, 07/15/2010		4,200		3,843
Motorola
8.000%, 11/01/2011		3,900		3,254
National Semiconductor
6.600%, 06/15/2017		2,930		2,074
				15,860
Transportation – 2.5%
AEP Texas Central
Series A-2
4.980%, 07/01/2013		9,695		9,594
Burlington Northern Santa Fe
5.650%, 05/01/2017		3,485		3,346
Erac USA Finance
6.375%, 10/15/2017 n		1,445		1,003
Union Pacific
5.750%, 11/15/2017		3,320		3,148
				17,091
Total Corporate Bonds
(Cost $391,224)				351,213
Asset-Backed Securities – 26.2%
Automotive – 5.8%
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
4.850%, 06/15/2012		3,576		3,564
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 n		8,425		7,071
Honda Auto Receivables Owner Trust
Series 2005-5, Class A4
4.690%, 02/15/2011		7,613		7,602
Series 2005-6, Class A4
4.930%, 03/18/2011		6,843		6,807
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
4.860%, 04/20/2012		6,582		6,552
Wachovia Auto Owner Trust
Series 2005-B, Class A4
4.840%, 04/20/2011		7,147		7,085
				38,681
Credit Cards – 4.2%
American Express Credit Account Master Trust
Series 2004-3, Class C
1.665%, 12/15/2011 Δ n		720		654
American Express Issuance Trust
Series 2005-1, Class C
1.525%, 08/15/2011 Δ		1,930		1,168
Bank of America Credit Card Trust
Series 2006-C4, Class C4
1.425%, 11/15/2011 Δ		2,000		1,667
Series 2007-A8, Class A8
5.590%, 11/17/2014		5,865		5,489
Capital One Multi-Asset Execution Trust
Series 2008-3A, Class A3
5.050%, 02/15/2016		4,095		3,573
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		11,195		10,718
Discover Card Master Trust
Series 2007-C1, Class C1
1.515%, 01/15/2013 Δ		1,940		1,046
Series 2007-A1, Class A1
5.650%, 03/16/2020		3,530		2,673
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
1.595%, 05/15/2014 Δ n ¥		1,920		1,425
				28,413
Equipment Leases – 0.8%
Caterpillar Financial Asset Trust
Series 2007-A, Class A3A
5.340%, 06/25/2012		5,450		5,414
Home Equity – 0.3%
Amresco Residential Security Mortgage
Series 1997-3, Class A9
6.960%, 03/25/2027 ¥		37		37
Contimortgage Home Equity Loan Trust
Series 1997-2, Class A9
7.900%, 04/15/2028 ¥		29		29
Countrywide Asset-Backed Certificates
Series 2003-5, Class AF5
5.739%, 02/25/2034		3,760		2,134
Saxon Asset Securities Trust
Series 2004-1, Class A
1.935%, 03/25/2035 Δ ¥		142		46
				2,246
Manufactured Housing – 0.8%
Green Tree Financial
Series 1996-9, Class A5
7.200%, 01/15/2028 ¥		117		117
Series 2008-MH1, Class A1
7.000%, 04/25/2038 Δ n ¥		2,060		1,880
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		3,762		3,646
				5,643
Other – 12.0%
Banc of America Commercial Mortgage
Series 2005-5, Class AM
5.176%, 10/10/2045 Δ		3,370		1,999
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
5.991%, 09/11/2042 Δ n		1,470		216
Series 2007-PW15, Class A2
5.205%, 02/11/2044		3,605		2,811
Series 2007-PW18, Class AJ
6.210%, 06/11/2050 Δ		1,775		478
Citigroup Commercial Mortgage Trust
Series 2008-C7, Class AJ
6.096%, 12/10/2049 Δ		2,145		572
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		2,340		1,941

First American Funds 2008 Semiannual Report   27

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n	$	5,040	$	4,364
Series 2004-RS1, Class A
4.018%, 03/03/2041 n ¥		2,350		1,827
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 n		7,390		6,975
Series 2006-1, Class C
5.707%, 02/15/2036 n		4,420		3,315
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		2,514		2,393
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 Δ		4,150		1,105
GS Mortgage Securities II
Series 2006-GG6, Class A2
5.560%, 04/10/2038		11,945		10,450
Series 2006-GG8, Class A2
5.479%, 11/10/2039		20,495		17,045
Series 2007-GG10, Class A4
5.800%, 08/10/2045 Δ		5,490		3,984
Series 2006-RR2, Class A1
5.689%, 06/23/2046 n ¥		2,250		450
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 Δ		1,230		398
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.127%, 07/12/2038 Δ		1,455		449
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 Δ		630		208
Series 2005-HQ6, Class C
5.172%, 08/13/2042 Δ		590		186
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		5,610		5,316
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.246%, 12/15/2043		10,280		7,796
Series 2007-C34, Class A2
5.569%, 05/15/2046		7,210		5,543
Series 2007-C34, Class AJ
5.952%, 05/15/2046		2,375		626
Series 2007-C33, Class AJ
5.902%, 02/15/2051		2,315		614
				81,061
Utilities – 2.3%
Centerpoint Energy Transition
Series 2008-A, Class A1
4.192%, 02/01/2020		6,260		5,885
PG&E Energy Recovery Funding
Series 2005-1, Class A3
4.140%, 09/25/2012		9,615		9,628
				15,513
Total Asset-Backed Securities
(Cost $213,264)				176,971
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 7.9%
Adjustable Rate Δ – 3.3%
Countrywide Home Loans
Series 2006-HYB5, Class 3A1A
5.944%, 09/20/2036		6,222		3,215
CS First Boston Mortgage Securities
Series 2003-AR24, Class 2A4
4.814%, 10/25/2033		6,881		5,067
Harborview Mortgage Loan Trust
Series 2007-4, Class 2A1
0.801%, 07/19/2047		5,410		2,271
Structured Mortgage Loan Trust
Series 2004-11, Class A
5.329%, 08/25/2034		293		250
Wells Fargo Mortgage Backed Securities Trust
Series 2003-J, Class 2A5
4.451%, 10/25/2033		6,125		4,976
Series 2004-E, Class A5
3.662%, 05/25/2034		6,576		6,576
				22,355
Fixed Rate – 4.6%
Banc of America Mortgage Securities
Series 2003-6, Class 1A29
4.250%, 08/25/2033		3,823		3,639
Series 2005-5, Class 1A21
5.000%, 06/25/2035		7,898		7,331
BCAP LLC Trust
Series 2006-RR1, Class PB
5.000%, 11/25/2036		4,970		3,979
Countrywide Alternative Loan Trust
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		1,743		1,526
Series 2006-19CB, Class A15
6.000%, 08/25/2036		1,881		1,202
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		3,465		2,426
Salomon Brothers Mortgage Securities
Series 1986-1, Class A
6.000%, 12/25/2011 ¥		17		17
Washington Mutual Pass-Through Certificates
Series 2007-2, Class 3A1
5.500%, 04/25/2022		3,265		2,872
Wells Fargo Mortgage Backed Securities Trust
Series 2005-3, Class A9
5.500%, 05/25/2035		3,393		2,036
Series 2007-2, Class 1A8
5.750%, 03/25/2037		6,645		5,603
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 ¥		29		29
				30,660
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $67,040)				53,015

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

28   First American Funds 2008 Semiannual Report

Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 3.1%
Fixed Rate – 3.1%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011	$	4,465	$	4,561
Series 2780, Class QC
4.500%, 03/15/2017		10,203		10,349
Series 2750, Class HE
5.000%, 02/15/2019		5,930		6,002
Series 1167, Class E
7.500%, 11/15/2021		20		20
Series 1286, Class A
6.000%, 05/15/2022		57		57
Federal National Mortgage Association
Series 1990-89, Class K
6.500%, 07/25/2020		14		15
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
(Cost $20,306)				21,004
U.S. Government & Agency Securities – 2.9%
U.S. Agency Debentures – 2.2%
Federal Agricultural Mortgage Corporation
5.500%, 07/15/2011 n 6		13,900		14,797
U.S. Treasury – 0.7%
U.S. Treasury Notes
4.000%, 08/15/2018 6		3,960		4,573
Total U.S. Government & Agency Securities
(Cost $17,881)				19,370
U.S. Government Agency Mortgage-Backed Securities – 2.2%
Adjustable Rate Δ – 1.5%
Federal Home Loan Mortgage Corporation Pool
5.307%, 01/01/2028, #786281		818		813
5.150%, 04/01/2029, #847190		1,221		1,221
5.451%, 10/01/2030, #847209		2,888		2,865
5.192%, 05/01/2031, #847161		929		921
5.341%, 09/01/2033, #847210		2,462		2,449
Federal National Mortgage Association Pool
5.303%, 09/01/2033, #725111		1,715		1,713
				9,982
Fixed Rate – 0.7%
Federal Home Loan Mortgage Corporation
Series K001, Class A3
5.469%, 01/25/2012		4,613		4,738
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $14,988)				14,720
Municipal Bond – 0.2%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016 ¥
(Cost $1,800)		1,800	$	1,741
Preferred Stocks – 0.1%
Brokerage – 0.1%
Merrill Lynch		34,300		679
Sovereign – 0.0%
Fannie Mae		104,000		86
Total Preferred Stocks
(Cost $3,330)				765
Short-Term Investments – 4.6%
Money Market Fund – 4.1%
First American Prime Obligations Fund, Class Z Å		27,464,690		27,465
U.S Treasury Obligations – 0.5%
U.S. Treasury Bills o
0.300%, 01/22/2009		525		525
0.600%, 01/29/2009		70		70
0.109%, 04/09/2009		1,865		1,864
0.205%, 09/24/2009		825		824
				3,283
Total Short-Term Investments
(Cost $30,744)				30,748
Investment Purchased with Proceeds from Securities Lending – 3.5%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $23,782)		23,781,918		23,782
Total Investments – 102.8%
(Cost $784,359)				693,329
Other Assets and Liabilities, Net – (2.8)%				(19,195	)
Total Net Assets – 100.0%			$	674,134

Δ	Variable Rate Security – The rate shown is the rate in effect as of December 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 December 31, 2008, the value of these investments was $72,571 or 10.8% of total net assets. See note 2 in Notes to Financial Statements.
6	This security or a portion of this security is out on loan at December 31, 2008. Total loaned securities had a value of $22,721 at December 31, 2008. See note 2 in Notes to Financial Statements.
¥	Security considered illiquid. As of December 31, 2008, the value of these investments was $7,598 or 1.1% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the effective yield as of December 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

First American Funds 2008 Semiannual Report   29

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Term Bond Fund (continued)

Schedule of Open Futures Contracts

			Number of
			Contracts			Notional	Unrealized
	Settlement		Purchased			Contract	Appreciation
Description	Month		(Sold)			Value	(Depreciation)
U.S. Treasury 2 Year Note Futures		March 2009		144		$31,401	$	386
U.S. Treasury 5 Year Note Futures		March 2009		116		13,810		(91	)
U.S. Treasury 10 Year Note Futures		March 2009		39		4,904		(66	)
U.S. Treasury Long Bond Futures		March 2009		(91	)	(12,562)		(1,850	)
							$	(1,621	)

Credit Default Swap Agreements

Credit Default Swaps on Corporate Issues – Buy Protection¹

						Implied Credit
		Pay				Spread at
	Reference	Fixed		Expiration		December 31,		Notional		Unrealized
Counterparty	Entity	Rate		Date		20083		Amount4		Appreciation
JPMorgan	Deutsche Bank AG		0.525%		09/20/2012		1.315%		800	$	22

Credit Default Swaps on Credit Indices – Sell Protection²

								Unrealized
	Reference	Receive		Expiration		Notional		Appreciation
Counterparty	Index	Fixed Rate		Date		Amount4		(Depreciation)
Deutsche Bank	Dow Jones CDX IG11 Index		3.850%		12/20/2013		27,700		(180	)
Deutsche Bank	Dow Jones CDX HVOL11 Index		1.500%		12/20/2013	$	21,800	$	179
JPMorgan	Dow Jones CDX IG11 Index		1.500%		12/20/2013		14,700		(116	)
UBS	Dow Jones CDX IG11 Index		1.500%		12/20/2013		5,100		(41	)
UBS	Markit ABX AAA071 Index		0.090%		08/25/2037		4,700		(345	)
								$	(503	)

1	If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2	If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the reference entity.

Intermediate Term Bond Fund (concluded)

⁴ The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

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

$

13,000

$

1,204

JPMorgan

3-Month LIBOR

Pay

3.612%

09/19/2013

6,000

412

UBS

3-Month LIBOR

Receive

4.045%

11/14/2018

4,000

(520

)

UBS

3-Month LIBOR

Pay

3.343%

07/18/2010

40,000

1,157

UBS

3-Month LIBOR

Pay

4.070%

09/25/2013

8,000

718

$

2,971

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

30   First American Funds 2008 Semiannual Report

Short Term Bond Fund
DESCRIPTION	PAR		VALUE
Asset Backed Securities – 36.1%
Automotive – 6.9%
Bank of America Auto Trust
Series 2008-1A, Class A3A
4.970%, 09/20/2012 n	$	4,000	$	3,831
DaimlerChrysler Auto Trust
Series 2006-C, Class A3
5.200%, 07/08/2010		1,706		1,697
Hertz Vehicle Financing
Series 2005-2A, Class A2
4.930%, 02/25/2010 n		1,820		1,808
Honda Auto Receivables Owner Trust
Series 2007-3, Class A2
5.290%, 01/15/2010		1,001		1,002
Series 2005-5, Class A4
4.690%, 02/15/2011		100		100
JPMorgan Auto Receivables Trust
Series 2007-A, Class A3
5.190%, 02/15/2011 n		3,176		3,148
Nissan Auto Lease Trust
Series 2006-A, Class A3
5.110%, 03/15/2010		2,339		2,337
Nissan Auto Receivables Owner Trust
Series 2006-B, Class A3
5.160%, 02/15/2010		675		674
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
4.860%, 04/20/2012		4,504		4,483
Wachovia Auto Loan Owner Trust
Series 2006-2A, Class A3
5.230%, 08/20/2011 n		152		150
World Omni Auto Receivables Trust
Series 2007-B, Class A3A
5.280%, 01/17/2012		1,910		1,887
				21,117
Credit Cards – 8.9%
American Express Credit Account Master Trust
Series 2004-3, Class C
1.665%, 12/15/2011 n Δ		300		272
American Express Issuance Trust
Series 2005-1, Class C
1.525%, 08/15/2011 Δ		905		547
Bank of America Credit Card Trust
Series 2006-C4, Class C4
1.425%, 11/15/2011 Δ		750		625
Bank One Issuance Trust
Series 2004-B2, Class B2
4.370%, 04/15/2012		1,200		1,148
Capital One Multi-Asset Execution Trust
Series 2008-A1, Class A
1.945%, 11/15/2012 Δ		1,265		1,201
Series 2005-A3, Class A3
4.050%, 03/15/2013		5,241		5,057
Series 2008-3A, Class A3
5.050%, 02/15/2016		2,000		1,745
Chase Issuance Trust
Series 2008-A7, Class A7
1.845%, 11/15/2011 Δ		220		211
Citibank Credit Card Issuance Trust
Series 2006-A2, Class A2
4.850%, 02/10/2011		3,557		3,555
Series 2006-A4, Class A4
5.450%, 05/10/2013		5,245		5,022
Discover Card Master Trust
Series 2007-C1, Class C1
1.515%, 01/15/2013 Δ		885		477
Household Credit Card Master Note Trust I
Series 2006-1, Class A
5.100%, 06/15/2012		4,950		4,832
MBNA Credit Card Master Note Trust
Series 2005-A6, Class A6
4.500%, 01/15/2013		1,500		1,446
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
1.595%, 05/15/2014 n Δ ¥		1,855		1,377
				27,515
Equipment Leases – 1.0%
Caterpillar Financial Asset Trust
Series 2006-A, Class A3
5.570%, 05/25/2010		71		71
Series 2007-A, Class A3A
5.340%, 06/25/2012		2,550		2,533
CNH Equipment Trust
Series 2006-B, Class A3
5.200%, 06/15/2010		365		365
				2,969
Home Equity – 1.0%
Citicorp Residential Mortgage Securities Trust
Series 2006-1, Class A1
5.956%, 07/25/2036		229		226
Countrywide Asset-Backed Certificates
Series 2003-5, Class AF5
5.739%, 02/25/2034		2,133		1,211
Equivantage Home Equity Loan Trust
Series 1996-1, Class A
6.550%, 10/25/2025 ¥		41		35
Series 1996-4, Class A
7.250%, 01/25/2028 ¥		213		180
IMC Home Equity Loan Trust
Series 1998-3, Class A7
6.720%, 08/20/2029 ¥		1,476		1,471
				3,123
Manufactured Housing – 1.6%
Green Tree Financial
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n ¥		885		807
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		1,118		1,084
Series 2005-B, Class A2
5.247%, 12/15/2018		3,290		3,129
				5,020
Other – 13.7%
Banc of America Commercial Mortgage
Series 2004-4, Class A2
4.041%, 07/10/2042		2,015		2,005
Bear Stearns Commercial Mortgage Securities
Series 2002-TOP6, Class A1
5.920%, 10/15/2036		1,429		1,414
Series 2007-PW18, Class AJ
6.210%, 06/11/2050 Δ		730		197
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		1,385		1,149

First American Funds 2008 Semiannual Report   31

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Short Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Commercial Mortgage Pass-Through Certificates
Series 2004-RS1, Class A
4.018%, 03/03/2041 n ¥	$	1,242	$	966
GE Capital Commercial Mortgage Corporation
Series 2001-2, Class A2
5.850%, 08/11/2033		2,894		2,850
Series 2001-3, Class A2
6.070%, 06/10/2038		3,250		3,038
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 n		6,380		6,022
Series 2006-1, Class C
5.707%, 02/15/2036 n		2,750		2,063
GMAC Commercial Mortgage Securities
Series 2004-C1, Class A2
4.100%, 03/10/2038		4,000		3,906
Greenwich Capital Commercial Funding
Series 2005-GG5, Class A2
5.117%, 04/10/2037		12,390		11,246
GS Mortgage Securities II
Series 2004-C1, Class A1
3.659%, 10/10/2028		405		404
JPMorgan Chase Commercial Mortgage Securities
Series 2001-CIB3, Class A2
6.044%, 11/15/2035		2,585		2,544
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A2
3.086%, 05/15/2027		148		147
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		4,555		4,316
				42,267
Utilities – 3.0%
Centerpoint Energy
Series 2005-A, Class A2
4.970%, 08/01/2014		3,325		3,261
Oncor Electric Delivery Transition Bond Company
Series 2003-1, Class A2
4.030%, 02/15/2012		1,669		1,671
Peco Energy Transition Trust
Series 2001-A, Class A1
6.520%, 12/31/2010		2,240		2,257
PG&E Energy Recovery Funding
Series 2005-1, Class A2
3.870%, 06/25/2011		729		730
PSE&G Transition Funding
Series 2001-1, Class A6
6.610%, 06/15/2015		1,190		1,214
				9,133
Total Asset Backed Securities
(Cost $119,857)				111,144
Corporate Bonds – 24.8%
Banking – 8.1%
Bank of America
7.800%, 02/15/2010		2,500		2,561
Series MTN
3.125%, 06/15/2012		1,500		1,559
Bank One
7.875%, 08/01/2010		2,700		2,830
Citigroup
4.125%, 02/22/2010		2,000		1,971
2.875%, 12/09/2011 6		1,500		1,547
Credit Suisse
4.875%, 08/15/2010		1,500		1,500
Fifth Third Bank
Series BKNT
4.200%, 02/23/2010		1,000		962
First Union National Bank
7.800%, 08/18/2010		1,000		992
HSBC Finance
6.750%, 05/15/2011		2,345		2,335
JPMorgan Chase
3.125%, 12/01/2011 6		1,500		1,558
Key Bank
3.200%, 06/15/2012		1,500		1,558
M&I Bank
Series BKNT
4.400%, 03/15/2010		1,000		940
National City Bank
Series MTN
4.500%, 03/15/2010		1,000		963
Union Planters
4.375%, 12/01/2010 6		1,000		939
Wells Fargo
4.625%, 08/09/2010		2,750		2,763
				24,978
Basic Industry – 0.2%
Georgia-Pacific
8.125%, 05/15/2011		500		470
Vedanta Resources
9.500%, 07/18/2018 n		495		258
				728
Brokerage – 2.0%
Goldman Sachs Group
6.875%, 01/15/2011		3,000		3,022
Merrill Lynch
5.450%, 02/05/2013		1,250		1,201
Morgan Stanley
4.000%, 01/15/2010		2,000		1,942
				6,165
Communications – 2.7%
AT&T
7.300%, 11/15/2011		1,500		1,559
Comcast Cable Communications
6.875%, 06/15/2009		2,305		2,316
DirecTV Holdings
7.625%, 05/15/2016		360		349
Time Warner Cable
5.400%, 07/02/2012		1,250		1,167
Verizon New England
6.500%, 09/15/2011		1,500		1,489
Vodafone Airtouch
7.750%, 02/15/2010		1,500		1,533
				8,413
Consumer Cyclical – 1.6%
Harrah’s Operating Company
10.000%, 12/15/2015 n		2,000		840
MGM Mirage
6.625%, 07/15/2015		715		436
Quest Diagnostic
5.125%, 11/01/2010		1,990		1,932
Royal Caribbean Cruises
7.000%, 06/15/2013		515		294

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

32   First American Funds 2008 Semiannual Report

Short Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Yum! Brands
8.875%, 04/15/2011	$	1,260	$	1,276
				4,778
Consumer Non Cyclical – 2.9%
Cardinal Health
6.750%, 02/15/2011		1,250		1,244
Constellation Brands
7.250%, 05/15/2017		390		369
Covidien International
5.150%, 10/15/2010		3,000		2,991
Kraft Foods
5.625%, 11/01/2011		1,500		1,533
Smithfield Foods
7.000%, 08/01/2011		320		227
UnitedHealth Group
3.750%, 02/10/2009		2,500		2,500
				8,864
Electric – 1.1%
Arizona Public Service
6.375%, 10/15/2011		2,000		1,883
MidAmerican Energy Holdings
5.875%, 10/01/2012		1,555		1,551
				3,434
Finance – 2.5%
American Express Travel
5.250%, 11/21/2011 n		2,450		2,335
Ameriprise Financial
5.350%, 11/15/2010		1,000		901
CIT Group
5.650%, 02/13/2017		100		70
Countrywide Financial
Series MTNA
4.500%, 06/15/2010		2,000		1,965
ILFC E-Capital Trust I
5.900%, 12/21/2065 n Δ		1,000		320
International Lease Finance
5.000%, 04/15/2010 6		2,525		2,049
				7,640
Insurance – 0.8%
Allstate Life Global Funding
Series MTN
4.250%, 02/26/2010 6		2,500		2,469
Natural Gas – 0.5%
Consolidated Natural Gas
Series C
6.250%, 11/01/2011		1,575		1,583
Real Estate – 0.2%
iStar Financial – REIT
6.000%, 12/15/2010		1,500		630
Technology – 2.1%
Chartered Semiconductor
5.750%, 08/03/2010		1,500		1,141
Electronic Data Systems
7.125%, 10/15/2009		2,000		2,033
First Data
9.875%, 09/24/2015		115		70
Jabil Circuit
5.875%, 07/15/2010		2,295		2,100
Motorola
8.000%, 11/01/2011		1,200		1,001
NXP BV/NXP Funding
9.500%, 10/15/2015		70		13
				6,358
Transportation – 0.1%
Hertz
8.875%, 01/01/2014		345		212
Total Corporate Bonds
(Cost $81,888)				76,252
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 16.9%
Adjustable Rate Δ – 9.9%
Banc of America Mortgage Securities
Series 2004-F, Class 2A6
4.191%, 07/25/2034		3,000		2,910
Citigroup Mortgage Loan Trust
Series 2005-7, Class 2A1A
4.861%, 09/25/2035		2,736		1,999
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
0.703%, 12/20/2046		4,563		1,979
Countrywide Home Loans
Series 2004-2, Class 2A1
5.266%, 02/25/2034		551		429
GSR Mortgage Loan Trust
Series 2005-AR1, Class B1
5.102%, 01/25/2035		2,000		1,317
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.821%, 03/19/2036		4,715		2,006
Series 2007-4, Class 2A1
0.801%, 07/19/2047		2,573		1,080
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.347%, 03/25/2035		674		313
JPMorgan Mortgage Trust
Series 2004-A1, Class 3A1
4.983%, 02/25/2034		1,565		1,189
Series 2006-A7, Class 3A4
5.941%, 01/25/2037		734		197
Sequoia Mortgage Trust
Series 2007-1, Class 2A1
5.834%, 02/20/2047		970		533
Structured Mortgage Loan Trust
Series 2004-11, Class A
5.593%, 08/25/2034		231		197
Washington Mutual
Series 2004-AR7, Class A6
3.963%, 07/25/2034		5,000		4,901
Series 2007-HY2, Class 3A2
5.910%, 09/25/2036		819		246
Wells Fargo Mortgage Backed Securities Trust
Series 2004-E, Class A5
3.662%, 05/25/2034		4,283		4,283
Series 2005-AR10, Class 2A5
4.226%, 06/25/2035		1,096		1,031
Series 2006-AR10, Class 5A2
5.607%, 07/25/2036		3,252		2,626
Series 2006-AR14, Class 2A3
6.132%, 10/25/2036		5,453		3,327
				30,563

First American Funds 2008 Semiannual Report   33

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Short Term Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Fixed Rate – 7.0%
Citigroup Mortgage Loan Trust
Series 2005-WF1, Class A2
4.490%, 02/25/2035	$	1,963	$	1,732
Countrywide Alternative Loan Trust
Series 2006-19CB, Class A15
6.000%, 08/25/2036		2,252		1,439
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		2,438		1,707
First Horizon Mortgage Pass-Through Trust
Series 2004-4, Class 2A1
4.500%, 07/25/2019		228		222
GMAC Commercial Mortgage Securities
Series 2003-C2, Class A2
5.446%, 05/10/2040		3,500		3,146
GS Commercial Mortgage
Series 2007-GG10
5.690%, 08/10/2045		1,245		1,115
JPMorgan Chase Commercial Mortgage Securities
Series 2001-CIB2, Class A3
6.429%, 04/15/2035		7,905		7,688
Master Alternative Loans Trust
Series 2004-13, Class 10A1
8.000%, 01/25/2035		692		580
Residential Accredit Loans
Series 2006-QS4, Class A9
6.000%, 04/25/2036		2,792		1,650
Wells Fargo Mortgage Backed Securities Trust
Series 2007-2, Class 1A8
5.750%, 03/25/2037		2,509		2,115
				21,394
Total Collateralized Mortgage Obligation — Private Mortgage-Backed Securities
(Cost $63,784)				51,957
U.S. Government Agency Mortgage-Backed Securities – 7.7%
Adjustable Rate Δ – 5.7%
Federal Home Loan Mortgage Corporation Pool
7.250%, 12/01/2026, #756591		541		540
5.434%, 01/01/2029, #846946		450		447
5.098%, 10/01/2029, #786853		278		276
6.038%, 04/01/2030, #972055		331		340
5.563%, 05/01/2030, #847014		291		291
4.912%, 06/01/2031, #847367		194		191
4.901%, 08/01/2032, #847331		1,781		1,751
7.078%, 09/01/2032, #847652		1,472		1,464
5.308%, 10/01/2032, #847063		236		234
4.432%, 05/01/2033, #780456		1,060		1,045
Federal National Mortgage Association Pool
5.116%, 11/01/2025, #433988		643		636
5.287%, 10/01/2030, #847241		1,807		1,793
5.650%, 06/01/2031, #625338		357		360
5.230%, 12/01/2031, #535363		1,548		1,628
5.159%, 03/01/2032, #545791		53		53
5.165%, 05/01/2032, #634948		145		143
5.357%, 05/01/2032, #545717		377		376
4.840%, 10/01/2032, #661645		109		109
4.685%, 12/01/2032, #671884		356		358
5.377%, 04/01/2034, #775389		220		221
4.258%, 07/01/2034, #795242		3,349		3,392
5.544%, 08/01/2036, #555369		283		279
Government National Mortgage Association Pool
4.625%, 08/20/2021, #008824		160		159
4.625%, 07/20/2022, #008006		215		212
4.625%, 09/20/2025, #008699		116		114
5.375%, 04/20/2026, #008847		94		94
4.625%, 08/20/2027, #080106		33		32
5.375%, 01/20/2028, #080154		52		51
5.375%, 05/20/2029, #080283		172		172
4.875%, 11/20/2030, #80469		230		227
5.375%, 04/20/2031, #080507		103		102
4.625%, 08/20/2031, #80535		338		330
5.500%, 02/20/2032, #080580		85		85
				17,505
Fixed Rate – 2.0%
Federal Home Loan Mortgage Corporation
Series K001, Class A3
5.469%, 01/25/2012		2,563		2,633
Federal National Mortgage Association Pool
5.500%, 05/01/2012, #254340		552		568
5.000%, 03/01/2013, #254682		376		387
4.000%, 12/01/2013, #255039		2,751		2,790
				6,378
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $24,089)				23,883
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities - 4.1%
Fixed Rate – 4.1%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011		3,263		3,334
Series 2780, Class QC
4.500%, 03/15/2017		5,000		5,072
Series 1022, Class J
6.000%, 12/15/2020		31		31
Series 2738, Class UA
3.570%, 12/15/2023		1,024		1,024
Series 2589, Class GK
4.000%, 03/15/2026		394		394
Federal National Mortgage Association
Series 1992-150, Class MA
5.500%, 09/25/2022		82		85
Series 2004-90, Class GA
4.350%, 03/25/2034		2,830		2,844
Total Collateralized Mortgage Obligation — U.S. Government Agency Mortgage-Backed Securities
(Cost $12,400)				12,784
U.S. Government & Agency Securities – 3.7%
U.S. Agency Debentures – 1.2%
Federal Home Loan Bank
2.750%, 06/18/2010 6		3,565		3,661
U.S. Treasuries – 2.5%
U.S. Treasury Notes
4.875%, 04/30/2011 6		3,075		3,371

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

34   First American Funds 2008 Semiannual Report

Short Term Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
4.625%, 10/31/2011 6	$	1,235	$	1,363
4.125%, 08/31/2012 6		2,795		3,091
				7,825
Total U.S. Government & Agency Securities
(Cost $11,054)				11,486
Short Term Investments – 7.0%
Money Market Fund – 5.8%
First American Prime Obligations Fund, Class Z Å		17,994,271		17,994
U.S Treasury Obligations – 1.2%
U.S. Treasury Bills o
0.401%, 01/22/2009	$	590		590
0.557%, 01/29/2009		120		120
0.114%, 04/02/2009		360		360
0.109%, 04/09/2009		1,145		1,145
0.205%, 09/24/2009		1,315		1,313
				3,528
Total Short Term Investments
(Cost $21,514)				21,522
Investment Purchased with Proceeds from Securities Lending – 4.5%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $13,886)		13,886,154		13,886
Total Investments – 104.8%
(Cost $348,472)				322,914
Other Assets and Liabilities, Net – (4.8)%				(14,864	)
Total Net Assets – 100.0%			$	308,050

n	Security purchased within terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of December 31, 2008, the value of these investments was $25,904 or 8.4% of total net assets. See note 2 in Notes to Financial Statements.
Δ	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2008.
¥	Security considered illiquid. As of December 31, 2008 the value of these investments was $4,836 or 1.6% of total net assets. See note 2 in Notes to Financial Statements.
6	This security or a portion of this security is out on loan at December 31, 2008. Total loaned securities had a value of $13,578 at December 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.
o	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the effective yield as of December 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. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

Short Term Bond Fund (continued)

Schedule of Open Futures Contracts

	Number of
	Contracts			Notional				Unrealized
	Purchased			Contract			Settlement	Appreciation
Description	(Sold)			Value			Month	(Depreciation)
Canadian Dollar Currency Futures		6		$	493		March 2009	$	3
Euro Bund Futures		14			2,429		March 2009		24
Euro Currency Futures		8			1,392		March 2009		64
Japanese Yen Currency Futures		3			414		March 2009		(11	)
U.S. Treasury 2 Year Note Futures		323			70,434		March 2009		1,009
U.S. Treasury 5 Year Note Futures		(25	)		(2,976	)	March 2009		(119	)
U.S. Treasury 10 Year Note Futures		5			629		March 2009		(9	)
U.S. Treasury Long Bond Futures		(28	)		(3,865	)	March 2009		(556	)
								$	405

Credit Default Swap Agreements

Credit Default Swaps on Corporate Issues – Buy Protection¹

						Implied Credit
		Pay				Spread at
	Reference	Fixed		Expiration		December 31,		Notional		Unrealized
Counterparty	Entity	Rate		Date		20083		Amount4		Appreciation
JPMorgan	Deutsche Bank AG		0.525%		09/20/2012		1.315%	$	700	$	20

Credit Default Swaps on Credit Indices – Buy Protection¹

		Pay
	Reference	Fixed		Expiration		Notional		Unrealized
Counterparty	Index	Rate		Date		Amount4		(Depreciation)
JPMorgan	Dow Jones CDX HY11 Index		5.000%		12/20/2013	$	1,100	$	(93	)

Credit Default Swaps on Credit Indices – Sell Protection²

								Unrealized
	Reference	Receive		Expiration		Notional		Appreciation
Counterparty	Index	Fixed Rate		Date		Amount4		(Depreciation)
Deutsche Bank	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013	$	11,000	$	(72	)
Deutsche Bank	Dow Jones CDX ID11 Index		1.500%		12/20/2013		5,000		83
JPMorgan	Dow Jones CDX IG7 Index		0.250%		12/20/2009		24,400		(818	)
JPMorgan	Dow Jones iTRAXX Asia ex- Japan Index		6.500%		06/20/2013		600		(122	)
UBS	Dow Jones CDX IG11 Index		1.500%		12/20/2013		8,350		(62	)
UBS	Dow Jones iTRAXX Asia ex- Japan Index		0.650%		06/20/2013		2,300		(519	)

First American Funds 2008 Semiannual Report   35

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Short Term Bond Fund (concluded)

								Unrealized
	Reference	Receive		Expiration		Notional		Appreciation
Counterparty	Index	Fixed Rate		Date		Amount4		(Depreciation)
UBS	Dow Jones iTRAXX Asia ex- Japan Index		5.000%		12/20/2013		400		(1	)
UBS	Markit ABX AAAO71 Index		0.090%		08/25/2037		1,900		(140	)
								$	(1,651	)

1	If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2	If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the reference entity.
4	The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

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

3.612%

09/19/2013

$

3,000

$

206

UBS

3-Month LIBOR

Pay

3.343%

07/18/2010

16,000

463

UBS

3-Month LIBOR

Receive

4.045%

11/14/2018

2,000

(260

)

$

409

Total Return Bond Fund
DESCRIPTION	PAR		VALUE
Corporate Bonds – 53.7%
Banking – 15.8%
Bank of America
5.750%, 12/01/2017	$	5,460	$	5,451
5.650%, 05/01/2018		2,110		2,123
8.000%, 12/29/2049 Δ		15,355		11,045
Citigroup
6.125%, 11/21/2017		2,360		2,385
6.875%, 03/05/2038		2,550		2,902
8.400%, 04/29/2049 Δ		13,240		8,742
Citigroup Capital XXI
8.300%, 12/21/2057 Δ		7,520		5,800
Fifth Third Bancorp
6.250%, 05/01/2013 6		4,105		3,807
HSBC Holdings
6.800%, 06/01/2038		4,520		4,776
JPMorgan Chase
Series 1
7.900%, 04/29/2049 Δ		15,535		12,922
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		8,390		7,092
Key Bank
7.413%, 05/06/2015		1,485		1,275
Keycorp
6.500%, 05/14/2013		450		415
Lloyds
6.267%, 12/31/2049 n Δ		3,260		1,201
National City Preferred Capital Trust I
12.000%, 12/29/2049 Δ		2,060		1,922
PNC Financial Services
8.250%, 05/29/2049 Δ		3,510		2,828
Sovereign Bank
8.750%, 05/30/2018		2,350		2,322
UBS Preferred Funding Trust V
6.243%, 05/29/2049 Δ		4,265		2,329
Wachovia
5.750%, 06/15/2017		2,775		2,762
5.750%, 02/01/2018 6		4,660		4,669
7.980%, 02/28/2049 Δ		8,585		7,318
Wells Fargo Bank
5.950%, 08/26/2036		2,190		2,271
Wells Fargo Capital X
5.950%, 12/15/2036		945		810
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 Δ		13,650		11,266
				108,433
Basic Industry – 3.8%
Arcelormittal
5.375%, 06/01/2013		4,645		3,503
6.125%, 06/01/2018		4,155		2,845
Berry Plastics
9.503%, 02/15/2015 Δ		1,750		1,207
Braskem Finance
7.250%, 06/05/2018 n Æ		3,380		2,400
Celulosa Arauco Y Constitucion
8.625%, 08/15/2010		1,500		1,558
Evraz Group
8.250%, 11/10/2015 n Æ		1,425		713
9.500%, 04/24/2018 n Æ		1,845		923
FMG Finance
10.000%, 09/01/2013 n Æ		1,185		699
Freeport-McMoran Copper & Gold
8.375%, 04/01/2017		1,745		1,431

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

36   First American Funds 2008 Semiannual Report

Total Return Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Georgia-Pacific
7.125%, 01/15/2017 n	$	1,200	$	1,008
Griffin Coal Mining
9.500%, 12/01/2016 n Æ		1,100		369
International Paper
8.700%, 06/15/2038		1,545		1,080
Noble Group Limited
6.625%, 03/17/2015 n Æ		1,665		949
Nova Chemicals
6.500%, 01/15/2012 Æ		1,600		664
Rio Tinto Financial U.S.A.
6.500%, 07/15/2018		2,325		1,705
Southern Copper
7.500%, 07/27/2035		1,265		946
Teck Cominco Limited
6.125%, 10/01/2035		1,575		645
U.S. Steel
7.000%, 02/01/2018		2,250		1,533
Vale Overseas
6.250%, 01/11/2016		1,020		967
Vedanta Resources
9.500%, 07/18/2018 n Æ		1,705		887
				26,032
Brokerage – 6.3%
Bear Stearns
7.250%, 02/01/2018		4,385		4,805
Goldman Sachs Capital II
5.793%, 12/29/2049 Δ		8,975		3,450
Goldman Sachs Group
6.150%, 04/01/2018		8,140		7,822
6.750%, 10/01/2037		6,085		4,940
Merrill Lynch
5.450%, 02/05/2013		3,490		3,355
6.050%, 05/16/2016		6,235		5,833
Morgan Stanley
5.375%, 10/15/2015		3,895		3,353
Series MTN
6.625%, 04/01/2018		11,245		9,865
				43,423
Capital Goods – 0.9%
Caterpillar
8.250%, 12/15/2038		1,795		2,212
Martin Marietta Material
6.600%, 04/15/2018		850		633
Siemens Financiering
6.125%, 08/17/2026 n		1,350		1,313
USG
8.000%, 01/15/2018		3,450		2,182
				6,340
Communications – 6.3%
AT&T
6.300%, 01/15/2038		1,290		1,364
6.400%, 05/15/2038 6		3,300		3,535
British Sky Broadcasting
6.100%, 02/15/2018 n		3,700		3,038
British Telecom
5.950%, 01/15/2018		3,550		3,088
Comcast
6.300%, 11/15/2017		2,235		2,176
6.400%, 05/15/2038 6		1,630		1,626
Deutsche Telekom
6.750%, 08/20/2018 6		1,835		1,861
8.250%, 06/15/2030 6		2,235		2,756
DirecTV Holdings
7.625%, 05/15/2016		1,265		1,227
Embarq
7.082%, 06/01/2016		1,545		1,190
News America
6.650%, 11/15/2037 6		4,800		4,751
Rogers Communications
6.800%, 08/15/2018		1,870		1,889
Telefonica Emisiones
7.045%, 06/20/2036		2,475		2,701
Time Warner Cable
8.750%, 02/14/2019		2,000		2,175
7.300%, 07/01/2038 6		3,235		3,361
Verizon Communications
6.900%, 04/15/2038		3,620		4,073
Vimpelcom
8.250%, 05/23/2016 n Æ		550		297
Vodafone Group
6.150%, 02/27/2037		2,470		2,441
				43,549
Consumer Cyclical – 2.3%
CVS Caremark
6.302%, 06/01/2037 Δ		2,660		1,357
Galaxy Entertainment
9.875%, 12/15/2012 n Æ ¥		575		253
Home Depot
5.875%, 12/16/2036		1,540		1,207
Lippo Karawaci Finance
8.875%, 03/09/2011 Æ		1,075		667
Marfrig Overseas
9.625%, 11/16/2016 n Æ		1,260		743
Rite Aid
7.500%, 03/01/2017		595		387
Royal Caribbean Cruises
7.000%, 06/15/2013 Æ		1,735		989
Shimao Property Holdings
8.000%, 12/01/2016 n Æ ¥		620		267
Target
7.000%, 01/15/2038		3,875		3,591
Viacom
6.875%, 04/30/2036		1,975		1,561
Wal-Mart Stores
6.200%, 04/15/2038		2,205		2,524
Whirlpool
Series MTN
5.500%, 03/01/2013		3,165		2,504
				16,050
Consumer Non Cyclical – 2.2%
Altria Group
9.950%, 11/10/2038		2,625		2,858
Constellation Brands
7.250%, 05/15/2017		2,000		1,890
Fisher Scientific International
6.750%, 08/15/2014		785		742
HCA
9.250%, 11/15/2016		1,215		1,115
Kraft Foods
6.500%, 08/11/2017		5,100		5,126
Smithfield Foods
7.000%, 08/01/2011		2,200		1,562
UnitedHealth Group
6.875%, 02/15/2038		1,970		1,725

First American Funds 2008 Semiannual Report   37

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Total Return Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Vitro
9.125%, 02/01/2017	$	300	$	90
				15,108
Electric – 2.6%
Dynegy Holdings
7.750%, 06/01/2019		1,190		821
Energy Future Holdings
10.875%, 11/01/2017 n		2,480		1,761
ISA Capital Brasil
8.800%, 01/30/2017 6 n Æ		2,150		1,892
MidAmerican Energy Holdings
6.125%, 04/01/2036		2,630		2,446
Ohio Power
Series K
6.000%, 06/01/2016		1,685		1,612
Oncor Electric Delivery
7.000%, 05/01/2032		2,210		1,991
Pacific Gas & Electric
6.050%, 03/01/2034		1,590		1,689
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 6 n		2,455		2,018
Transalta
6.650%, 05/15/2018		2,305		2,047
Virginia Electric Power
5.950%, 09/15/2017		1,550		1,560
				17,837
Energy – 2.7%
Canadian National Resources
5.900%, 02/01/2018		1,370		1,184
Encana
6.500%, 02/01/2038		1,495		1,203
Lukoil International Finance
6.356%, 06/07/2017 n		670		419
6.656%, 06/07/2022 n		2,585		1,499
Marathon Oil
5.900%, 03/15/2018		1,175		981
Mariner Energy
7.500%, 04/15/2013		1,530		979
Nexen
6.400%, 05/15/2037		2,240		1,753
Petro-Canada
6.800%, 05/15/2038		4,070		3,071
Pioneer Natural Resource
6.650%, 03/15/2017		1,620		1,156
Suncor Energy
6.100%, 06/01/2018		1,700		1,465
Tengizchevroil Finance
6.124%, 11/15/2014 n		1,072		815
Tesoro
6.625%, 11/01/2015		1,315		763
Weatherford International
7.000%, 03/15/2038		1,260		967
Whiting Petroleum
7.000%, 02/01/2014		1,650		1,163
XTO Energy
6.375%, 06/15/2038		1,640		1,443
				18,861
Finance – 3.7%
American Express Credit
Series C
7.300%, 08/20/2013		3,245		3,322
Capital One Financial
6.150%, 09/01/2016		2,265		1,594
CIT Group
5.650%, 02/13/2017		1,735		1,207
Countrywide Financial
6.250%, 05/15/2016		2,885		2,739
Credit Agricole
6.637%, 05/29/2049 n Δ		2,190		981
General Electric Capital
5.625%, 05/01/2018		3,825		3,853
Series MTN
5.875%, 01/14/2038 6		1,400		1,370
ILFC E-Capital Trust I
5.900%, 12/21/2065 n Δ		2,815		902
International Lease Finance
6.375%, 03/25/2013		2,615		1,776
Janus Capital Group
6.700%, 06/15/2017		1,700		1,267
Rockies Express Pipeline
7.500%, 07/15/2038 n		1,760		1,540
RSHB Capital
7.750%, 05/29/2018 n		2,120		1,367
SLM
Series MTN
5.400%, 10/25/2011		1,935		1,464
Transcapitalinvest
5.670%, 03/05/2014 n		3,490		2,260
				25,642
Insurance – 2.6%
Allied World Assurance
7.500%, 08/01/2016		3,070		2,164
American International Group
8.175%, 05/15/2058 n Δ		5,405		2,103
Chubb
5.750%, 05/15/2018		4,440		4,263
Genworth Financial
Series MTN
6.515%, 05/22/2018		2,640		915
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		3,275		2,380
Liberty Mutual Group
7.000%, 03/15/2037 n Δ		1,705		813
MetLife Capital Trust IV
7.875%, 12/15/2037 n		2,220		1,393
Prudential Financial
5.500%, 03/15/2016		1,650		1,330
ZFS Finance USA Trust V
6.500%, 05/09/2037 n Δ		5,495		2,253
				17,614
Natural Gas – 0.6%
Enterprise Products
8.375%, 08/01/2066		860		473
Kinder Morgan Energy Partners
Series MTN
6.950%, 01/15/2038		1,920		1,553
NGPL Pipeco
7.119%, 12/15/2017 n		1,585		1,427
Southern Union
7.200%, 11/01/2066		545		188
Transport De Gas Del Sur
7.875%, 05/14/2017 n Æ		1,250		650
				4,291

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

38   First American Funds 2008 Semiannual Report

Total Return Bond Fund (continued)
DESCRIPTION		PAR		VALUE
Other Utility – 0.2%
American Water Capital
6.085%, 10/15/2017		$	1,730	$	1,507
Real Estate – 0.9%
Agile Property Holdings – REIT
9.000%, 09/22/2013 6 n Æ			1,715		943
Greentown China Holdings – REIT
9.000%, 11/08/2013 n Æ ¥			1,685		590
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016			5,200		2,559
iStar Financial – REIT
8.625%, 06/01/2013			1,950		605
Prologis 2006 – REIT
5.750%, 04/01/2016			3,395		1,693
					6,390
Technology – 1.9%
Amkor Technologies
9.250%, 06/01/2016			1,195		693
Celestica
7.875%, 07/01/2011 Æ			2,040		1,856
Chartered Semiconductor
6.375%, 08/03/2015 Æ			590		394
Computer Sciences
6.500%, 03/15/2018 n			2,485		2,141
First Data
9.875%, 09/24/2015			275		166
Jabil Circuit
5.875%, 07/15/2010			3,035		2,777
LG Electronics
5.000%, 06/17/2010 n ¥			785		697
National Semiconductor
6.600%, 06/15/2017			3,245		2,297
NXP BV/NXP Funding
9.500%, 10/15/2015 Æ			1,005		191
Seagate Technology
6.375%, 10/01/2011 Æ			2,010		1,387
Spansion
5.345%, 06/01/2013 n			500		90
					12,689
Transportation – 0.9%
BLT Finance BV
7.500%, 05/15/2014 n Æ ¥			900		243
Canadian Pacific Railroad
6.500%, 05/15/2018			4,880		4,304
Erac USA Finance
6.375%, 10/15/2017 n			1,915		1,329
Ultrapetrol
9.000%, 11/24/2014 Æ  ¥			750		489
					6,365
Total Corporate Bonds
(Cost $446,707)					370,131
Asset-Backed Securities – 16.9%
Automotive – 1.0%
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 n			7,690		6,454
Credit Cards – 1.3%
American Express Issuance Trust
Series 2005-1, Class C
1.525%, 08/15/2011 Δ			2,250		1,361
Bank of America Credit Card Trust
Series 2006-C4, Class C4
1.425%, 11/15/2011 Δ			2,500		2,084
Discover Card Master Trust
Series 2007-C1, Class C1
1.515%, 01/15/2013 Δ			2,370		1,278
Series 2007-A1, Class A1
5.650%, 03/16/2020			3,655		2,768
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
1.595%, 05/15/2014 n ¥ Δ			2,150		1,596
					9,087
Home Equity – 0.0%
GRMT Mortgage Loan Trust
Series 2001-1A, Class M1
7.772%, 07/20/2031 n ¥			166		145
Manufactured Housing – 0.5%
Green Tree Financial
Series 1996-8, Class A7
8.050%, 10/15/2027 Δ			240		211
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n ¥			2,735		2,497
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018			878		851
					3,559
Other – 14.1%
Banc of America Commercial Mortgage
Series 2006-2, Class A4
5.739%, 05/10/2045 Δ			785		641
Series 2005-5, Class AM
5.176%, 10/10/2045 Δ			4,445		2,636
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
5.405%, 12/11/2040 Δ			8,765		7,454
Series 2007-T28, Class D
5.991%, 09/11/2042 n Δ	��		1,780		261
Series 2007-PW18, Class AJ
6.210%, 06/11/2050 Δ			2,335		629
Citigroup Commercial Mortgage Trust
Series 2008-C7, Class AJ
6.096%, 12/10/2049 Δ			1,595		426
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049			1,360		1,128
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n			1,805		1,563
Series 2004-RS1, Class A
4.018%, 03/03/2041 n ¥			2,185		1,699
GE Capital Commercial Mortgage Corporation
Series 2005-C3, Class A2
4.853%, 07/10/2045			7,405		6,826
Global Signal Trust
Series 2006-1, Class C
5.707%, 02/15/2036 n			2,000		1,500
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035			754		718
Series 2005-GG5, Class A2
5.117%, 04/10/2037			13,745		12,476
Series 2005-GG5, Class A5
5.224%, 04/10/2037 Δ			4		3

First American Funds 2008 Semiannual Report   39

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Total Return Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 Δ	$	4,810	$	1,281
GS Mortgage Securities II
Series 2006-GG6, Class A2
5.506%, 04/10/2038 Δ		4,450		3,893
Series 2006-GG8, Class A2
5.479%, 11/10/2039		13,440		11,177
Series 2006-GG8, Class A4
5.560%, 11/10/2039		3,135		2,487
Series 2007-GG10, Class A4
5.799%, 08/10/2045 6 Δ		15,885		11,527
Series 2006-RR2, Class A1
5.689%, 06/23/2046 n ¥ Δ		1,518		304
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 Δ		1,490		482
Series 2007-CB20, Class AJ
6.098%, 02/12/2051 Δ		2,085		560
LB-UBS Commercial Mortgage Trust
Series 2005-C7, Class A2
5.103%, 11/15/2030		2,500		2,259
Series 2007-C7, Class AM
6.166%, 09/15/2045		3,160		1,483
Series 2008-C1, Class AJ
6.149%, 04/15/2041 Δ		1,585		415
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.127%, 07/12/2038 Δ		1,730		534
Series 2005-LC1, Class AM
5.265%, 01/12/2044 Δ		3,500		2,068
Series 2008-C1, Class A4
5.690%, 02/12/2051		8,395		6,218
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
5.957%, 08/12/2049 Δ		4,400		2,056
Morgan Stanley Capital I
Series 2003-IQ6, Class A4
4.970%, 12/15/2041		5,112		4,435
Series 2005-HQ6, Class B
5.152%, 08/13/2042 Δ		745		246
Series 2005-HQ6, Class C
5.172%, 08/13/2042 Δ		705		222
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		6,440		6,102
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class AJ
5.902%, 02/15/2051 Δ		2,745		728
Series 2007-C34, Class AJ
5.952%, 05/15/2046 Δ		2,905		766
				97,203
Total Asset-Backed Securities
(Cost $158,970)				116,448
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 16.1%
Adjustable Rate Δ – 4.4%
Citigroup Mortgage Loan Trust
Series 2004-HYB4, Class HAII
5.337%, 10/25/2034		8,780		4,660
Series 2005-7, Class 2A1A
4.861%, 09/25/2035		1,403		1,025
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
0.703%, 12/20/2046		3,803		1,649
Countrywide Home Loans
Series 2004-2, Class 2A1
5.266%, 02/25/2034		1,510		1,175
Series 2006-HYB5, Class 3A1A
5.944%, 09/20/2036		6,548		3,383
GSR Mortgage Loan Trust
Series 2005-AR1, Class B1
5.102%, 01/25/2035		2,046		1,347
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.821%, 03/19/2037		6,246		2,657
Series 2007-4, Class 2A1
0.801%, 07/19/2047		6,121		2,570
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.347%, 03/25/2035		775		360
JPMorgan Alternative Loan Trust
Series 2007-S1, Class A1
0.751%, 04/25/2047		2,675		1,735
JPMorgan Mortgage Trust
Series 2004-A1, Class 3A1
4.983%, 02/25/2034		3,746		2,846
Series 2006-A7, Class 3A4
5.941%, 01/25/2037		2,620		702
Residential Funding Mortgage Securities I
Series 2006-SA2, Class 4A1
5.860%, 08/25/2036		2,683		1,710
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
5.028%, 10/20/2035		981		904
Wells Fargo Mortgage Backed Securities Trust
Series 2005-AR10, Class 2A5
4.226%, 06/25/2035		1,334		1,255
Series 2006-AR1, Class 2A2
5.548%, 03/25/2036		3,517		2,730
				30,708
Fixed Rate – 11.7%
Bank of America Alternative Loan Trust
Series 2007-1, Class 2A2
6.475%, 04/25/2037		2,316		1,015
Chase Mortgage Finance
Series 2003-S12, Class 1A1
4.750%, 12/25/2018		2,120		2,049
Series 2003-S11, Class 1A1
5.000%, 10/25/2033		2,389		2,248
Series 2003-S13, Class A16
5.000%, 11/25/2033		7,061		6,644
Chaseflex Trust
Series 2005-2, Class 4A1
5.000%, 05/25/2020		4,330		3,794
Citigroup Mortgage Loan Trust
Series 2005-WF1, Class A2
4.490%, 02/25/2035		590		521
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		1,073		940
Series 2004-24CB, Class 2A1
5.000%, 11/25/2019		1,312		1,019
Series 2006-19CB, Class A15
6.000%, 08/25/2036		2,102		1,343

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

40   First American Funds 2008 Semiannual Report

Total Return Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037	$	7,206	$	4,535
Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
5.500%, 07/25/2020		1,578		1,389
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		3,920		2,744
Deutsche Alt-A Securities
Series 2006-AR5, Class 22A
5.500%, 10/25/2021		4,905		3,579
First Horizon Mortgage Pass-Through Trust
Series 2004-4, Class 2A1
4.500%, 07/25/2019		216		210
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.931%, 03/25/2043		2,883		2,468
GSR Mortgage Loan Trust
Series 2004-10F, Class 3A1
5.500%, 08/25/2019		760		745
Series 2005-4F, Class B1
5.736%, 05/25/2035		2,270		1,243
Impac Secured Assets
Series 2000-3, Class M1
8.000%, 10/25/2030		2,661		2,572
Lehman Brothers Mortgage Trust
Series 2008-6, Class 1A1
6.553%, 07/25/2047		6,320		4,757
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.125%, 11/25/2034		2,368		1,867
Residential Accredit Loans
Series 2005-QS12, Class A7
5.500%, 08/25/2035		2,625		2,313
Series 2006-QS4, Class A9
6.000%, 04/25/2036		8,368		4,945
Washington Mutual Pass-Through Certificates
Series 2002-S8, Class 2A7
5.250%, 01/25/2018		4,991		4,989
Series 2004-CB1, Class 1A
5.250%, 06/25/2019		1,704		1,575
Series 2004-RA3, Class 2A
6.343%, 08/25/2038		2,077		1,845
Series 2007-2, Class 3A1
5.500%, 04/25/2022		4,374		3,847
Wells Fargo Mortgage Backed Securities Trust
Series 2004-7, Class 2A2
5.000%, 07/25/2019		4,263		4,162
Series 2005-13, Class A1
5.000%, 11/25/2020		835		790
Series 2005-3, Class A9
5.500%, 05/25/2035		4,097		2,458
Series 2007-10, Class 1A1
6.000%, 07/25/2037		6,203		4,090
Series 2007-13, Class A8
6.000%, 09/25/2037		5,755		3,794
				80,490
Total Collateralized Mortgage Obligation — Private Mortgage-Backed Securities
(Cost $150,756)				111,198
U.S. Government Agency Mortgage-Backed Securities – 13.1%
Adjustable Rate Δ – 1.9%
Federal Home Loan Mortgage Corporation Pool
6.052%, 10/01/2029, #1L0117		795		793
5.602%, 07/01/2030, #847240		888		882
5.140%, 05/01/2033, #847411		614		613
5.769%, 07/01/2036, #1K1238		2,578		2,629
Federal National Mortgage Association Pool
5.085%, 09/01/2033, #725553		366		365
5.266%, 11/01/2034, #735054		1,402		1,463
5.199%, 01/01/2035, #745548		847		848
5.310%, 12/01/2035, #850865		5,550		5,648
				13,241
Fixed Rate – 11.2%
Federal Home Loan Mortgage Corporation Pool
6.500%, 07/01/2031, #A17212		2,180		2,277
7.000%, 08/01/2037, #H09059		4,673		4,758
Federal National Mortgage Association Pool
5.500%, 02/01/2025, #255628		2,228		2,290
5.500%, 10/01/2025, #255956		10,868		11,168
5.500%, 03/01/2027, #256640		8,127		8,348
6.000%, 04/01/2032, #745101		776		801
5.500%, 06/01/2033, #843435		960		987
5.000%, 03/01/2034, #725205		1,085		1,111
5.000%, 03/01/2034, #725250		979		1,002
6.000%, 03/01/2034, #745324		1,505		1,557
5.500%, 09/01/2034, #725773		1,663		1,707
6.000%, 01/01/2036, #852347		2,498		2,575
6.500%, 04/01/2036, #831377		1,140		1,186
6.500%, 04/01/2036, #852909		703		730
6.500%, 07/01/2036, #831683		1,741		1,811
6.500%, 08/01/2036, #893318		1,648		1,714
6.500%, 09/01/2036, #897129		7,133		7,417
6.000%, 09/01/2037, #256890		2,634		2,673
5.500%, 09/01/2037 «		1,070		1,097
5.500%, 01/13/2039 «		5,565		5,704
6.000%, 01/13/2039 «		15,540		15,996
				76,909
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $88,512)				90,150
Preferred Stocks – 0.5%
Brokerage – 0.3%
Merrill Lynch
Series AAPL		98,700		1,952
Insurance – 0.2%
Aspen Insurance Holdings
Series A		84,500		1,064
Sovereign – 0.0%
Fannie Mae 6
Series S		217,000		180
Total Preferred Stocks
(Cost $9,717)				3,196
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security – 0.3%
Fixed Rate – 0.3%
Federal National Mortgage Association
Series 2005-62, Class JE

First American Funds 2008 Semiannual Report   41

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Total Return Bond Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
5.000%, 06/25/2035
(Cost $1,880)	$	1,948	$	1,985
Municipal Bond – 0.2%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016 ¥
(Cost $1,695)		1,695		1,640
Convertible Security – 0.1%
Energy – 0.1%
Headwaters
2.875%, 06/01/2016 ¥
(Cost $1,683)		1,925		833
Short-Term Investments – 2.5%
Money Market Fund – 0.4%
First American Prime Obligations Fund, Class Z Å		2,794,040		2,794
U.S Treasury Obligations – 2.1%
U.S. Treasury Bills o
0.534%, 01/29/2009	$	1,100		1,100
0.109%, 04/09/2009		6,365		6,363
0.205%, 09/24/2009		6,905		6,894
				14,357
Total Short-Term Investments
(Cost $17,090)				17,151
Investment Purchased with Proceeds from Securities Lending – 3.2%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $21,731)		21,730,987		21,731
Total Investments – 106.6%
(Cost $898,741)				734,463
Other Assets and Liabilities, Net – (6.6)%				(45,694	)
Total Net Assets – 100.0%			$	688,769

Δ	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2008.
6	This security or a portion of this security is out on loan at December 31, 2008. Total loaned securities had a market value of $21,008 at December 31, 2008. See note 2 in Notes to Financial Statements.
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 December 31, 2008, the value of these investments was $63,949 or 9.3% of total net assets. See note 2 in Notes to Financial Statements.
Æ	Represents a foreign high yield (non-investment grade) U.S. dollar denominated bond. On December 31, 2008, the value of these investments was $19,455, which represents 2.8% of total net assets.
¥	Illiquid securities – A security is considered illiquid if it may not be sold or disposed of in the ordinary course of business within seven days at approximately the price at which it is valued. As of December 31, 2008, the value of these investments were $11,253 or 1.6% of total net assets. See note 2 in Notes to Financial Statements.
«	Security purchased on a when-issued basis. On December 31, 2008, the total cost of investments purchased on a when-issued basis was $22,482 or 3.3% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Total Return Bond Fund (continued)

o

Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the effective yield as of December 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 for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund. See note 2 in Notes to Financial Statements.

REIT –  Real Estate Investment Trust

Schedule of Open Futures Contracts

		Number of
		Contracts			Notional			Unrealized
	Settlement	Purchased			Contract			Appreciation
Description	Month	(Sold)			Value			(Depreciation)
Australian Dollar Currency Futures	March 2009		100		$	6,997		$	360
Canadian Dollar Currency Futures	March 2009		115			9,458			55
Euro Bund Futures	March 2009		153			26,551			432
Euro Currency Futures	March 2009		98			17,053			783
Japanese Yen Currency Futures	March 2009		49			6,755			(175	)
U.S. Treasury 2 Year Note Futures	March 2009		(410	)		(89,406	)		(682	)
U.S. Treasury 5 Year Note Futures	March 2009		(130	)		(15,477	)		(518	)
U.S. Treasury 10 Year Note Futures	March 2009		(825	)		(103,744	)		(3,077	)
U.S. Treasury Long Bond Futures	March 2009		(83	)		(11,458	)		(69	)
								$	(2,891	)

Credit Default Swap Agreements

Credit Default Swaps on Corporate Issues – Buy Protection¹

						Implied Credit
						Spread at
	Reference	Pay		Expiration		December 31,		Notional		Unrealized
Counterparty	Entity	Fixed Rate		Date		20083		Amount4		Appreciation
JPMorgan	Deutsche Bank AG		0.525%		09/20/2012		1.315%	$	2,700	$	75

Credit Default Swaps on Credit Indices – Buy Protection¹

	Reference	Pay		Expiration		Notional		Unrealized
Counterparty	Index	Fixed Rate		Date		Amount4		(Depreciation)
JPMorgan	Dow Jones CDX HY11 Index		5.000%		12/20/2013	$	11,100	$	(943	)

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

42   First American Funds 2008 Semiannual Report

Total Return Bond Fund (concluded)

Credit Default Swaps on Credit Indices – Sell Protection²

								Unrealized
	Reference	Receive		Expiration		Notional		Appreciation
Counterparty	Index	Fixed Rate		Date		Amount4		(Depreciation)
Deutsche Bank	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013	$	52,700	$	(335	)
Deutsche Bank	Dow Jones CDX IG11 Index		1.500%		12/20/2013		7,600		(51	)
JPMorgan	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013		10,500		(93	)
JPMorgan	Dow Jones CDX IG11 Index		1.500%		12/20/2013		6,400		(50	)
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index		6.500%		06/20/2013		12,600		(2,569	)
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index		5.000%		12/20/2013		3,000		27
UBS	Dow Jones CDX IG11 Index		1.500%		12/20/2013		46,500		1,326
UBS	Dow Jones iTraxx Asia ex-Japan Index		6.500%		06/20/2013		17,200		(3,685	)
UBS	Dow Jones iTraxx Asia ex-Japan Index		5.000%		12/20/2013		2,900		(10	)
UBS	Markit ABX AAA071 Index		0.090%		08/25/2037		6,450		(474	)
								$	(5,914	)

1	If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2	If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the reference entity.
4	The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

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

3.612%

09/19/2013

$

9,000

$

618

JPMorgan

3-Month LIBOR

Pay

4.135%

09/24/2013

18,000

1,668

UBS

3-Month LIBOR

Receive

4.045%

11/14/2018

5,000

(650

)

UBS

3-Month LIBOR

Pay

4.070%

09/25/2013

11,000

987

$

2,623

Total Return Bond Fund (concluded)

U.S. Government Mortgage Fund
DESCRIPTION	PAR		VALUE
U.S. Government Agency Mortgage-Backed Securities – 86.3%
Adjustable Rate Δ – 6.4%
Federal Home Loan Mortgage Corporation Pool
5.565%, 05/01/2037, #1H1396	$	2,662	$	2,704
Federal National Mortgage Association Pool
5.456%, 03/01/2037, #914224		2,379		2,417
5.469%, 04/01/2037, #913187		2,263		2,347
				7,468
Fixed Rate – 79.9%
Federal Home Loan Mortgage Corporation Pool
7.000%, 07/01/2011, #E20252		10		11
7.500%, 09/01/2012, #G10735		64		67
6.000%, 10/01/2013, #E72802		137		142
5.500%, 01/01/2014, #E00617		490		503
7.000%, 09/01/2014, #E00746		83		87
6.000%, 09/01/2022, #C90580		709		734
6.500%, 01/01/2028, #G00876		289		303
6.500%, 11/01/2028, #C00676		650		681
7.500%, 01/01/2030, #C35768		37		39
6.500%, 03/01/2031, #G01244		504		528
5.000%, 09/01/2033, #C01622		1,752		1,795
6.000%, 08/01/2036, #A51416		991		1,022
Federal National Mortgage Association Pool
7.000%, 11/01/2011, #250738		6		6
7.000%, 11/01/2011, #349630		2		2
7.000%, 11/01/2011, #351122		8		8
6.000%, 04/01/2013, #425550		81		84
6.500%, 08/01/2013, #251901		66		69
6.000%, 11/01/2013, #556195		95		99
7.000%, 10/01/2014, #252799		57		59
5.500%, 04/01/2016, #580516		467		485
6.500%, 07/01/2017, #254373		597		620
7.000%, 07/01/2017, #254414		586		616
5.500%, 12/01/2017, #673010		450		466
5.500%, 04/01/2018, #695765		516		534
4.500%, 05/01/2018, #254720		2,137		2,199
5.500%, 09/01/2019, #725793		2,505		2,591
6.000%, 12/01/2021, #254138		411		426
6.000%, 01/01/2022, #254179		516		534
6.500%, 06/01/2022, #254344		475		496
6.000%, 10/01/2022, #254513		570		590
5.500%, 10/01/2025, #255956		2,895		2,975
7.000%, 12/01/2027, #313941		333		353
7.000%, 09/01/2031, #596680		764		801
6.500%, 12/01/2031, #254169		744		774
6.000%, 04/01/2032, #745101		2,547		2,629
6.500%, 06/01/2032, #596712		1,958		2,033
6.500%, 07/01/2032, #545759		1,016		1,060
7.000%, 07/01/2032, #545815		201		213
6.000%, 08/01/2032, #656269		687		708
5.500%, 03/01/2033, #689109		2,114		2,172
5.500%, 04/01/2033, #703392		2,438		2,506
5.500%, 05/01/2033, #704523		1,673		1,719
5.500%, 06/01/2033, #843435		1,791		1,842
5.500%, 07/01/2033, #726520		2,394		2,460
5.500%, 07/01/2033, #728667		1,280		1,315
4.500%, 08/01/2033, #555680		1,787		1,816
5.000%, 08/01/2033, #736158		2,342		2,397
5.000%, 09/01/2033, #734566		2,531		2,591
5.000%, 10/01/2033, #747533		2,343		2,398
5.500%, 11/01/2033, #555967		2,597		2,669
6.000%, 01/01/2034, #763687		1,978		2,042
6.000%, 03/01/2034, #745324		2,234		2,311
5.000%, 05/01/2034, #780889		3,267		3,343

First American Funds 2008 Semiannual Report   43

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

U.S. Government Mortgage Fund (continued)
DESCRIPTION	PAR		VALUE
6.500%, 06/01/2034, #735273	$	1,406	$	1,467
4.500%, 09/01/2034, #725866		1,100		1,117
5.000%, 07/01/2035, #826305		2,756		2,818
5.000%, 03/01/2036, #745336		2,453		2,508
7.000%, 06/01/2037, #928519		4,181		4,383
6.000%, 09/01/2037, #952452		1,786		1,841
5.500%, 08/01/2038, #983827		746		766
5.500%, 01/13/2039 «		4,170		4,274
6.500%, 01/13/2039 «		7,180		7,456
6.000%, 01/13/2039 «		5,100		5,250
Government National Mortgage Association Pool
9.000%, 11/15/2009, #359559		5		5
8.000%, 10/15/2010, #414750		6		6
7.500%, 12/15/2022, #347332		60		63
7.000%, 09/15/2027, #455304		17		18
6.500%, 07/15/2028, #780825		509		536
6.500%, 08/20/2031, #003120		197		207
7.500%, 12/15/2031, #570134		151		161
6.000%, 09/15/2034, #633605 6		1,900		1,965
				93,764
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $98,941)				101,232
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 16.2%
Adjustable Rate Δ – 2.4%
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
0.703%, 12/20/2046		913		396
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.821%, 03/19/2036		919		391
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
5.598%, 02/25/2033		210		179
Series 2006-AR1, Class 2A2
5.548%, 03/25/2036		1,854		1,438
Series 2006-AR14, Class 2A3
6.083%, 10/25/2036		595		363
				2,767
Fixed Rate – 13.8%
Banc of America Funding
Series 2007-4, Class 1A2
5.500%, 06/25/2037		937		492
Bank of America Alternative Loan Trust
Series 2007-1, Class 2A2
6.475%, 04/25/2037		838		367
Countrywide Alternative Loan Trust
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		1,108		974
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		1,275		802
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
6.500%, 01/25/2035		1,503		1,410
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.931%, 03/25/2043		955		818
GSR Mortgage Loan Trust
Series 2005-4F, Class B1
5.736%, 05/25/2035		1,362		746
Impac Secured Assets
Series 2000-3, Class M1
8.000%, 10/25/2030		457		442
Lehman Brothers Mortgage Trust
Series 2008-6, Class 1A1
6.553%, 07/25/2047		821		618
Master Alternative Loans Trust
Series 2005-2, Class 1A3
6.500%, 03/25/2035		619		497
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.125%, 11/25/2034		1,683		1,327
Residential Accredit Loans
Series 2003-QS12, Class M1
5.000%, 06/25/2018		804		598
Residential Asset Mortgage Products
Series 2003-SL1, Class M1
7.316%, 04/25/2031		2,526		2,526
Series 2004-SL4, Class A3
6.500%, 07/25/2032		1,248		1,109
Washington Mutual
Series 2003-S13, Class 21A1
4.500%, 12/25/2018		1,642		1,595
Washington Mutual Mortgage Pass-Through Certificates
Series 2007-2, Class 3A1
5.500%, 04/25/2022		443		390
Washington Mutual MSC Mortgage
Series 2003-MS9, Class CB1
7.463%, 04/25/2033		1,446		579
Wells Fargo Mortgage Backed Securities Trust
Series 2007-9, Class 1A4
5.500%, 07/25/2037		600		322
Series 2007-10, Class 1A1
6.000%, 07/25/2037		924		609
				16,221
Total Collateralized Mortgage Obligation — Private Mortgage-Backed Securities
(Cost $25,108)				18,988
Asset-Backed Securities – 8.7%
Credit Cards – 0.8%
American Express Issuance Trust
Series 2005-1, Class C
1.525%, 08/15/2011 Δ		355		215
Bank of America Credit Card Trust
Series 2006-C4, Class C4
1.425%, 11/15/2011 Δ		350		292
Discover Card Master Trust
Series 2007-C1, Class C1
1.515%, 01/15/2013 Δ		375		202
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
1.595%, 05/15/2014 Δ n ¥		375		278
				987
Home Equity – 0.1%
GRMT Mortgage Loan Trust
Series 2001-1A, Class M1
7.772%, 07/20/2031 n ¥		55		48
Manufactured Housing – 0.4%
Origen Manufactured Housing
Series 2005-B, Class M1
5.990%, 01/15/2037		750		500

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

44   First American Funds 2008 Semiannual Report

U.S. Government Mortgage Fund (continued)
DESCRIPTION	PAR		VALUE
Other – 7.4%
Banc of America Commercial Mortgage
Series 2005-5, Class AM
5.176%, 10/10/2045	$	610	$	362
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
5.991%, 09/11/2042 Δ n		285		42
Series 2007-PW18, Class AJ,
6.210%, 06/11/2050		320		86
Greenwich Capital Commercial Funding
Series 2007-GG9, Class A4
5.444%, 03/10/2039		1,000		761
Series 2007-GG11, Class A4
5.736%, 12/10/2049		1,470		1,097
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 Δ		800		213
GS Mortgage Securities II
Series 2006-GG8, Class A2
5.479%, 11/10/2039		3,500		2,911
Series 2007-GG10, Class A4
5.799%, 08/10/2045 Δ 6		3,000		2,177
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 Δ		255		82
Series 2007-CB20, Class AJ
6.098%, 02/12/2051 Δ		505		136
LB-UBS Commercial Mortgage Trust
Series 2008-C1, Class AJ
6.149%, 04/15/2041 Δ		495		130
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.127%, 07/12/2038 Δ		285		88
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
5.957%, 08/12/2049 Δ		600		280
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 Δ		120		40
Series 2005-HQ6, Class C
5.172%, 08/13/2042 Δ		110		35
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
5.952%, 05/15/2046 Δ		455		120
Series 2007-C33, Class AJ
5.902%, 02/15/2051 Δ		445		118
				8,678
Total Asset-Backed Securities
(Cost $16,016)				10,213
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 2.4%
Fixed Rate – 2.4%
Federal Home Loan Mortgage Corporation
Series 2382, Class DA
5.500%, 10/15/2030		164		168
Federal National Mortgage Association
Series 2004-29, Class WG
4.500%, 05/25/2019		2,000		1,961
Series 2002-W1, Class 2A
7.500%, 02/25/2042		698		735
Total Collateralized Mortgage Obligation — U.S. Government Agency Mortgage-Backed Securities
(Cost $2,797)				2,864
Short-Term Investments – 1.0%
Money Market Fund – 0.1%
First American Government Obligations Fund, Class Z Å		111,361		111
U.S. Treasury Obligations – 0.9%
U.S. Treasury Bills o
0.600%, 01/22/2009	$	425		425
0.725%, 01/29/2009		80		80
0.109%, 04/09/2009		545		545
				1,050
Total Short-Term Investments
(Cost $1,161)				1,161
Investment Purchased with Proceeds from Securities Lending – 1.8%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $2,113)		2,113,361		2,113
Total Investments – 116.4%
(Cost $146,136)				136,571
Other Assets and Liabilities, Net – (16.4)%				(19,279	)
Total Net Assets – 100.0%			$	117,292

Δ	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2008.
«	Security purchased on a when-issued basis. On December 31, 2008, the total cost of investments purchased on a when-issued basis was $16,702 or 14.2% of total net assets. See note 2 in Notes to Financial Statements.
6	This security or a portion of this security is out on loan at December 31, 2008. Total loaned securities had a value of $2,047 at December 31, 2008. See note 2 in Notes to Financial Statements.
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 December 31, 2008, the value of these investments was $368 or 0.3% of total net assets. See note 2 in Notes to Financial Statements.
¥	Security considered illiquid. As of December 31, 2008, the value of these investments are $326 or 0.3% 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 and/or swap agreements. Yield shown is effective yield as of December 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. See note 2 in Notes to Financial Statements.

First American Funds 2008 Semiannual Report   45

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

U.S. Government Mortgage Fund (concluded)

Schedule of Open Futures Contracts

		Number of			Notional
	Settlement	Contracts			Contract			Unrealized
Description	Month	Sold			Value			(Depreciation)
U.S. Treasury 10 Year Note Futures	March 2009		(96	)	$	(12,072	)	$	(1,042	)
U.S. Treasury Long Bond Futures	March 2009		(6	)		(828	)		(113	)
								$	(1,155	)

Credit Default Swap Agreements

Credit Default Swaps on Credit Indices – Sell Protection¹

								Unrealized
	Reference	Receive		Expiration		Notional		Appreciation
Counterparty	Index	Fixed Rate		Date		Amount2		(Depreciation)
Deutsche Bank	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013	$	300	$	(2	)
Deutsche Bank	Dow Jones CDX IG11 Index		1.500%		12/20/2013		1,000		29
JPMorgan	Dow Jones CDX HVOL11 Index		3.850%		12/20/2013		800		(7	)
UBS	Dow Jones CDX IG11 Index		1.500%		12/20/2013		3,600		(27	)
UBS	Markit ABX AAA071 Index		0.090%		08/25/2037		850		(63	)
								$	(70	)

1

If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.

2

The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

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

3.612%

09/19/2013

$

1,000

$

69

JPMorgan

3-Month LIBOR

Pay

4.135%

09/24/2013

2,000

185

UBS

3-Month LIBOR

Pay

3.343%

07/18/2010

7,000

203

UBS

3-Month LIBOR

Pay

4.070%

09/25/2013

2,000

179

UBS

3-Month LIBOR

Receive

4.045%

11/14/2018

1,000

(130

)

$

506

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

46   First American Funds 2008 Semiannual Report

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Statements ofAssets and Liabilities   December 31, 2008 (unaudited), all dollars and shares are rounded to thousands (000),
except for per share data

							Inflation
	Core			High Income			Protected
	Bond Fund			Bond Fund			Securities Fund
Unaffiliated investments, at cost	$	1,423,643		$	204,209		$	203,143
Affiliated money market fund, at cost		23,640			7,896			6,682
Affiliated investment purchased with proceeds from securities lending, at cost (note 2)		39,415			8,042			86,835
Cash denominated in foreign currencies, at cost		1,949			—			250
ASSETS:
Unaffiliated investments, at value* (note 2)	$	1,212,795		$	136,104		$	184,252
Affiliated money market fund, at value (note 2)		23,640			7,896			6,682
Affiliated investment purchased with proceeds from securities lending, at value (note 2)		39,415			8,042			86,835
Cash denominated in foreign currencies, at value		2,084			—			265
Receivable for dividends and interest		13,375			4,130			1,905
Receivable for investments sold		18,942			103			3
Receivable for capital shares sold		4,745			1,032			160
Receivable for swap agreements		—			391			824
Receivable for variation margin		1,378			—			—
Prepaid expenses and other assets		27			25			29
Total assets		1,316,401			157,723			280,955
LIABILITIES:
Bank overdraft		1,784			6			349
Dividends payable		4,701			1,341			182
Payable upon return of securities loaned (note 2)		39,415			8,042			86,835
Payable for investments purchased		18,773			1,047			—
Payable for investments purchased on a when-issued basis		41,777			—			—
Payable for capital shares redeemed		6,116			599			235
Payable for variation margin		—			137			147
Payable for swap agreements		5,662			—			—
Payable to affiliates (note 3)		686			93			91
Payable for distribution and shareholder servicing fees		16			8			2
Accrued expenses and other liabilities		37			29			26
Total liabilities		118,967			11,302			87,867
Net assets	$	1,197,434		$	146,421		$	193,088
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,455,686		$	248,026		$	228,756
Undistributed (distributions in excess of) net investment income		2,605			518			(1,693	)
Accumulated net realized loss on investments, future contracts, foreign currency transactions, options written, and swap agreements (note 2)		(49,386	)		(34,416	)		(15,737	)
Net unrealized appreciation (depreciation) of:
Investments		(210,848	)		(68,105	)		(18,891	)
Futures contracts		(4,303	)		915			69
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		135			—			14
Swap agreements		3,545			(517	)		570
Net assets	$	1,197,434		$	146,421		$	193,088
* Including securities loaned, at value	$	41,599		$	7,750		$	84,538

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

48   First American Funds 2008 Semiannual Report

Intermediate
Government			Intermediate Term			Short Term			Total Return			U.S. Government
Bond Fund			Bond Fund			Bond Fund			Bond Fund			Mortgage Fund
$	136,915		$	733,112		$	316,592		$	874,216		$	143,912
	9,943			27,465			17,994			2,794			111
	—			23,782			13,886			21,731			2,113
	—			—			397			1,956			—
$	143,599		$	642,082		$	291,034		$	709,938		$	134,347
	9,943			27,465			17,994			2,794			111
	—			23,782			13,886			21,731			2,113
	—			—			424			1,990			—
	1,436			8,668			2,519			9,848			703
	—			548			880			133			2,422
	215			1,150			318			2,428			41
	—			—			—			—			—
	—			251			105			1,555			198
	17			16			18			28			14
	155,210			703,962			327,178			750,445			139,949
	—			278			467			327			4
	112			2,519			510			3,288			456
	—			23,782			13,886			21,731			2,113
	2,743			15			—			160			2,391
	—			—			—			22,482			16,702
	452			925			1,376			3,055			741
	—			—			—			—			—
	—			1,896			2,702			10,162			148
	70			379			153			428			67
	4			3			7			6			7
	26			31			27			37			28
	3,407			29,828			19,128			61,676			22,657
$	151,803		$	674,134		$	308,050		$	688,769		$	117,292
$	145,336		$	784,938		$	353,987		$	921,725		$	139,076
	(44	)		1,637			1,278			2,910			119
	(173	)		(22,280	)		(20,774	)		(64,572	)		(11,619	)
	6,684			(91,030	)		(25,558	)		(164,278	)		(9,565	)
	—			(1,621	)		405			(2,891	)		(1,155	)
	—			—			27			34			—
	—			2,490			(1,315	)		(4,159	)		436
$	151,803		$	674,134		$	308,050		$	688,769		$	117,292
	—		$	22,721		$	13,578		$	21,008		$	2,047

First American Funds 2008 Semiannual Report   49

Statements ofAssets and Liabilities   continued

						Inflation
	Core			High Income		Protected
	Bond Fund			Bond Fund		Securities Fund
Class A:			��
Net assets	$	76,246		$	21,049	$	3,925
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,150			3,568		434
Net asset value and redemption price per share	$	9.36		$	5.90	$	9.05
Maximum offering price per share1	$	9.78		$	6.16	$	9.45
Class B:
Net assets	$	5,986		$	1,979		—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		645			337		—
Net asset value, offering price, and redemption price per share2	$	9.28		$	5.87		—
Class C:
Net assets	$	3,569		$	4,119	$	527
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		382			701		58
Net asset value per share2	$	9.33		$	5.87	$	9.03
Class R:
Net assets	$	320		$	196	$	1,140
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		34			33		126
Net asset value, offering price, and redemption price per share	$	9.40		$	6.00	$	9.05
Class Y:
Net assets	$	1,111,313		$	119,078	$	187,496
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		118,830			20,175		20,719
Net asset value, offering price, and redemption price per share	$	9.35		$	5.90	$	9.05

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

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

50   First American Funds 2008 Semiannual Report

Intermediate
Government		Intermediate Term		Short Term		Total Return		U.S. Government
Bond Fund		Bond Fund		Bond Fund		Bond Fund		Mortgage Fund
$	17,065	$	22,299	$	51,915	$	11,516	$	9,269
	1,916		2,533		5,647		1,449		977
$	8.90	$	8.80	$	9.19	$	7.95	$	9.49
$	9.10	$	9.00	$	9.40	$	8.30	$	9.91
	—		—		—	$	1,751	$	3,128
	—		—		—		221		329
	—		—		—	$	7.91	$	9.50
	—		—		—	$	2,200	$	1,943
	—		—		—		279		206
	—		—		—	$	7.90	$	9.45
	—		—		—	$	224	$	1,996
	—		—		—		28		211
	—		—		—	$	7.99	$	9.47
$	134,738	$	651,835	$	256,135	$	673,078	$	100,956
	15,132		74,332		27,847		84,735		10,642
$	8.90	$	8.77	$	9.20	$	7.94	$	9.49

First American Funds 2008 Semiannual Report   51

Statements ofOperations   For the six-month period ended December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

							Inflation
	Core			High Income			Protected
	Bond Fund			Bond Fund			Securities Fund
INVESTMENT INCOME:
Interest from unaffiliated investments	$	48,032		$	9,820		$	6,295
Dividends from unaffiliated investments		266			697			34
Dividends from affiliated money market fund		95			69			34
Less: Foreign taxes withheld		—			(7	)		—
Securities lending income		383			97			500
Total investment income		48,776			10,676			6,863
EXPENSES (note 3):
Investment advisory fees		3,394			671			630
Administration fees		1,509			227			283
Transfer agent fees		126			65			51
Custodian fees		34			5			6
Legal fees		7			7			7
Audit fees		20			20			20
Registration fees		27			26			23
Postage and printing fees		34			5			6
Directors’ fees		15			15			15
Other expenses		11			10			10
Distribution and shareholder servicing fees:
Class A		106			25			5
Class B		35			13			—
Class C		20			27			2
Class R		1			—			3
Total expenses		5,339			1,116			1,061
Less: Fee waivers (note 3)		(430	)		(239	)		(299	)
Less: Indirect payments from custodian (note 3)		(1	)		—			—
Total net expenses		4,908			877			762
Investment income – net		43,868			9,799			6,101
REALIZED AND UNREALIZED GAINS (LOSSES) – Net (note 5):
Net realized gain (loss) on:
Investments		(22,944	)		(26,867	)		(5,634	)
Futures contracts		(13,415	)		587			564
Options written		(56	)		—			(11	)
Swap agreements		(7,685	)		1,477			(230	)
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(145	)		—			2
Net change in unrealized appreciation or depreciation of:
Investments		(159,218	)		(48,708	)		(24,357	)
Futures contracts		(4,273	)		1,044			(118	)
Options written		—			—			—
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		133			—			21
Swap agreements		5,176			(759	)		556
Net gain (loss) on investments, futures contracts, options written, foreign currency transactions, and swap agreements		(202,427	)		(73,226	)		(29,207	)
Net increase (decrease) in net assets resulting from operations	$	(158,559	)	$	(63,427	)	$	(23,106	)

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

52   First American Funds 2008 Semiannual Report

Intermediate
Government			Intermediate Term			Short Term			Total Return			U.S. Government
Bond Fund			Bond Fund			Bond Fund			Bond Fund			Mortgage Fund
$	1,570		$	23,001		$	8,679		$	37,031		$	3,929
	—			126			—			397			—
	27			90			202			228			33
	—			—			—			(1	)		—
	—			127			55			171			24
	1,597			23,344			8,936			37,826			3,986
	252			1,824			791			2,748			328
	117			803			366			1,024			158
	32			32			57			64			63
	3			19			8			23			3
	7			7			7			7			7
	20			20			20			20			20
	13			14			15			26			27
	2			17			7			23			3
	15			15			15			15			14
	9			10			9			10			10
	13			31			71			17			13
	—			—			—			10			17
	—			—			—			16			11
	—			—			—			1			5
	483			2,792			1,366			4,004			679
	(173	)		(224	)		(383	)		(534	)		(175	)
	—			(2	)		(1	)		(3	)		—
	310			2,566			982			3,467			504
	1,287			20,778			7,954			34,359			3,482
	291			(10,612	)		(4,296	)		(27,669	)		638
	—			(4,063	)		(34	)		(19,529	)		(2,372	)
	—			—			(11	)		810			—
	—			(646	)		988			(16,528	)		(327	)
	—			—			(27	)		284			—
	6,841			(73,563	)		(19,702	)		(126,602	)		(5,456	)
	—			(1,254	)		531			(177	)		(1,122	)
	—			—			—			(496	)		—
	—			—			27			52			—
	—			3,702			(1,336	)		(3,130	)		166
	7,132			(86,436	)		(23,860	)		(192,985	)		(8,473	)
$	8,419		$	(65,658	)	$	(15,906	)	$	(158,626	)	$	(4,991	)

First American Funds 2008 Semiannual Report   53

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

													Inflation
	Core						High Income						Protected
	Bond Fund						Bond Fund						Securities Fund
	Six-Month						Six-Month						Six-Month
	Period Ended						Period Ended						Period Ended
	12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended
	(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08
OPERATIONS:
Investment income – net	$	43,868		$	80,205		$	9,799		$	20,036		$	6,101		$	14,750
Net realized gain (loss) on:
Investments		(22,944	)		7,467			(26,867	)		(10,921	)		(5,634	)		3,465
Futures contracts		(13,415	)		5,859			587			1,015			564			(606	)
Options written		(56	)		391			—			—			(11	)		67
Swap agreements		(7,685	)		16,969			1,477			2,015			(230	)		1,420
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		(145	)		(11	)		—			—			2			5
Net change in unrealized appreciation or depreciation of:
Investments		(159,218	)		(18,072	)		(48,708	)		(19,004	)		(24,357	)		14,716
Futures contracts		(4,273	)		1,703			1,044			(84	)		(118	)		815
Options written		—			(106	)		—			—			—			(19	)
Forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency (note 2)		133			3			—			—			21			(6	)
Swap agreements		5,176			(3,678	)		(759	)		(175	)		556			(176	)
Net increase (decrease) in net assets resulting from operations		(158,559	)		90,730			(63,427	)		(7,118	)		(23,106	)		34,431
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,714	)		(4,504	)		(1,048	)		(2,154	)		(141	)		(162	)
Class B		(197	)		(318	)		(129	)		(275	)		—			—
Class C		(114	)		(169	)		(256	)		(487	)		(15	)		(16	)
Class R		(9	)		(10	)		(10	)		(14	)		(42	)		(52	)
Class Y		(41,927	)		(72,552	)		(8,710	)		(16,811	)		(10,172	)		(14,266	)
Realized gain on investments – net:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		—			—			—			—			—			—
Total distributions		(44,961	)		(77,553	)		(10,153	)		(19,741	)		(10,370	)		(14,496	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		4,693			10,204			6,718			13,748			1,539			929
Reinvestment of distributions		2,095			3,468			693			1,384			108			118
Payments for redemptions		(12,291	)		(22,665	)		(3,437	)		(16,878	)		(545	)		(689	)
Increase (decrease) in net assets from Class A transactions		(5,503	)		(8,993	)		3,974			(1,746	)		1,102			358
Class B:
Proceeds from sales		245			634			47			169			—			—
Reinvestment of distributions		181			290			82			167			—			—
Payments for redemptions		(1,113	)		(2,905	)		(644	)		(1,225	)		—			—
Increase (decrease) in net assets from Class B transactions		(687	)		(1,981	)		(515	)		(889	)		—			—
Class C:
Proceeds from sales		393			826			156			882			436			252
Reinvestment of distributions		94			144			135			260			9			9
Payments for redemptions		(691	)		(1,184	)		(630	)		(2,406	)		(224	)		(265	)
Increase (decrease) in net assets from Class C transactions		(204	)		(214	)		(339	)		(1,264	)		221			(4	)
Class R:
Proceeds from sales		93			340			86			238			189			390
Reinvestment of distributions		10			10			3			4			42			52
Payments for redemptions		(26	)		(127	)		(1	)		(227	)		(129	)		(163	)
Increase (decrease) in net assets from Class R transactions		77			223			88			15			102			279
Class Y:
Proceeds from sales		185,311			288,760			10,802			38,777			32,363			119,279
Reinvestment of distributions		11,894			19,639			924			1,842			2,099			3,012
Payments for redemptions		(365,509	)		(382,775	)		(33,688	)		(46,573	)		(92,906	)		(136,470	)
Increase (decrease) in net assets from Class Y transactions		(168,304	)		(74,376	)		(21,962	)		(5,954	)		(58,444	)		(14,179	)
Increase (decrease) in net assets from capital share transactions		(174,621	)		(85,341	)		(18,754	)		(9,838	)		(57,019	)		(13,546	)
Total increase (decrease) in net assets		(378,141	)		(72,164	)		(92,334	)		(36,697	)		(90,495	)		6,389
Net assets at beginning of period		1,575,575			1,647,739			238,755			275,452			283,583			277,194
Net assets at end of period	$	1,197,434		$	1,575,575		$	146,421		$	238,755		$	193,088		$	283,583
Undistributed (distributions in excess of) net investment income	$	2,605		$	3,698		$	518		$	872		$	(1,693	)	$	2,576

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

54   First American Funds 2008 Semiannual Report

Intermediate
Government						Intermediate Term						Short Term						Total Return						U.S. Government
Bond Fund						Bond Fund						Bond Fund						Bond Fund						Mortgage Fund
Six-Month						Six-Month						Six-Month						Six-Month						Six-Month
Period Ended						Ended						Period Ended						Period Ended						Period Ended
12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended
(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08
$	1,287		$	2,049		$	20,778		$	35,856		$	7,954		$	15,887		$	34,359		$	51,878		$	3,482		$	7,103
	291			1,212			(10,612	)		7,883			(4,296	)		245			(27,669	)		11,426			638			651
	—			—			(4,063	)		4,339			(34	)		(227	)		(19,529	)		3,259			(2,372	)		(3,511	)
	—			—			—			193			(11	)		—			810			2,228			—			—
	—			—			(646	)		6,796			988			3,111			(16,528	)		13,903			(327	)		1,122
	—			—			—			—			(27	)		(98	)		284			(74	)		—			—
	6,841			694			(73,563	)		(7,558	)		(19,702	)		(2,442	)		(126,602	)		(25,631	)		(5,456	)		210
	—			—			(1,254	)		800			531			(279	)		(177	)		(1,248	)		(1,122	)		293
	—			—			—			(51	)		—			—			(496	)		447			—			—
	—			—			—			—			27			—			52			(33	)		—			—
	—			—			3,702			(1,465	)		(1,336	)		(660	)		(3,130	)		(4,335	)		166			145
	8,419			3,955			(65,658	)		46,793			(15,906	)		15,537			(158,626	)		51,820			(4,991	)		6,013
	(124	)		(152	)		(699	)		(1,209	)		(1,259	)		(2,764	)		(502	)		(708	)		(284	)		(576	)
	—			—			—			—			—			—			(69	)		(89	)		(80	)		(167	)
	—			—			—			—			—			—			(106	)		(116	)		(50	)		(102	)
	—			—			—			—			—			—			(8	)		(11	)		(48	)		(35	)
	(1,139	)		(1,931	)		(20,421	)		(32,706	)		(5,887	)		(12,551	)		(34,167	)		(48,984	)		(3,211	)		(6,259	)
	—			—			—			—			—			—			(234	)		—			—			—
	—			—			—			—			—			—			(37	)		—			—			—
	—			—			—			—			—			—			(45	)		—			—			—
	—			—			—			—			—			—			(4	)		—			—			—
	—			—			—			—			—			—			(14,120	)		—			—			—
	(1,263	)		(2,083	)		(21,120	)		(33,915	)		(7,146	)		(15,315	)		(49,292	)		(49,908	)		(3,673	)		(7,139	)
	11,829			5,998			1,257			4,210			1,851			2,014			1,674			6,610			570			788
	106			137			577			1,005			963			2,093			580			551			241			496
	(2,159	)		(1,341	)		(4,937	)		(8,047	)		(6,663	)		(10,889	)		(3,296	)		(4,841	)		(2,153	)		(3,686	)
	9,776			4,794			(3,103	)		(2,832	)		(3,849	)		(6,782	)		(1,042	)		2,320			(1,342	)		(2,402	)
	—			—			—			—			—			—			147			676			45			161
	—			—			—			—			—			—			86			61			68			139
	—			—			—			—			—			—			(402	)		(632	)		(493	)		(1,458	)
	—			—			—			—			—			—			(169	)		105			(380	)		(1,158	)
	—			—			—			—			—			—			499			2,257			225			140
	—			—			—			—			—			—			110			77			41			85
	—			—			—			—			—			—			(1,356	)		(423	)		(436	)		(1,029	)
	—			—			—			—			—			—			(747	)		1,911			(170	)		(804	)
	—			—			—			—			—			—			74			196			933			1,688
	—			—			—			—			—			—			13			11			48			35
	—			—			—			—			—			—			(104	)		(131	)		(450	)		(312	)
	—			—			—			—			—			—			(17	)		76			531			1,411
	79,635			44,048			92,787			184,766			55,029			46,206			211,656			441,760			8,623			26,624
	683			1,098			5,840			10,529			1,855			4,114			15,727			17,097			627			1,299
	(15,735	)		(20,848	)		(129,908	)		(193,684	)		(39,269	)		(104,277	)		(419,849	)		(243,047	)		(24,245	)		(37,478	)
	64,583			24,298			(31,281	)		1,611			17,615			(53,957	)		(192,466	)		215,810			(14,995	)		(9,555	)
	74,359			29,092			(34,384	)		(1,221	)		13,766			(60,739	)		(194,441	)		220,222			(16,356	)		(12,508	)
	81,515			30,964			(121,162	)		11,657			(9,286	)		(60,517	)		(402,359	)		222,134			(25,020	)		(13,634	)
	70,288			39,324			795,296			783,639			317,336			377,853			1,091,128			868,994			142,312			155,946
$	151,803		$	70,288		$	674,134		$	795,296		$	308,050		$	317,336		$	688,769		$	1,091,128		$	117,292		$	142,312
$	(44	)	$	(68	)	$	1,637		$	1,979		$	1,278		$	470		$	2,910		$	3,403		$	119		$	310

First American Funds 2008 Semiannual Report   55

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
Core Bond Fund1
Class A
20082	$	10.86	$	0.31	$	(1.49	)	$	(1.18	)	$	(0.32	)	$	—		$	(0.32	)	$	9.36
20083		10.79		0.51		0.05			0.56			(0.49	)		—			(0.49	)		10.86
20073		10.71		0.47		0.09			0.56			(0.48	)		—			(0.48	)		10.79
20064		11.15		0.33		(0.37	)		(0.04	)		(0.33	)		(0.07	)		(0.40	)		10.71
20055		11.27		0.40		(0.09	)		0.31			(0.42	)		(0.01	)		(0.43	)		11.15
20045		11.56		0.38		(0.09	)		0.29			(0.41	)		(0.17	)		(0.58	)		11.27
Class B
20082	$	10.77	$	0.28	$	(1.49	)	$	(1.21	)	$	(0.28	)	$	—		$	(0.28	)	$	9.28
20083		10.70		0.42		0.06			0.48			(0.41	)		—			(0.41	)		10.77
20073		10.63		0.38		0.09			0.47			(0.40	)		—			(0.40	)		10.70
20064		11.07		0.26		(0.36	)		(0.10	)		(0.27	)		(0.07	)		(0.34	)		10.63
20055		11.19		0.31		(0.09	)		0.22			(0.33	)		(0.01	)		(0.34	)		11.07
20045		11.48		0.29		(0.09	)		0.20			(0.32	)		(0.17	)		(0.49	)		11.19
Class C
20082	$	10.83	$	0.28	$	(1.50	)	$	(1.22	)	$	(0.28	)	$	—		$	(0.28	)	$	9.33
20083		10.75		0.43		0.06			0.49			(0.41	)		—			(0.41	)		10.83
20073		10.67		0.38		0.10			0.48			(0.40	)		—			(0.40	)		10.75
20064		11.12		0.26		(0.37	)		(0.11	)		(0.27	)		(0.07	)		(0.34	)		10.67
20055		11.24		0.31		(0.09	)		0.22			(0.33	)		(0.01	)		(0.34	)		11.12
20045		11.53		0.29		(0.09	)		0.20			(0.32	)		(0.17	)		(0.49	)		11.24
Class R6
20082	$	10.89	$	0.30	$	(1.48	)	$	(1.18	)	$	(0.31	)	$	—		$	(0.31	)	$	9.40
20083		10.81		0.49		0.05			0.54			(0.46	)		—			(0.46	)		10.89
20073		10.73		0.44		0.09			0.53			(0.45	)		—			(0.45	)		10.81
20064		11.17		0.31		(0.36	)		(0.05	)		(0.32	)		(0.07	)		(0.39	)		10.73
20055		11.30		0.38		(0.10	)		0.28			(0.40	)		(0.01	)		(0.41	)		11.17
20045		11.56		0.38		(0.10	)		0.28			(0.37	)		(0.17	)		(0.54	)		11.30
Class Y
20082	$	10.86	$	0.33	$	(1.51	)	$	(1.18	)	$	(0.33	)	$	—		$	(0.33	)	$	9.35
20083		10.78		0.54		0.06			0.60			(0.52	)		—			(0.52	)		10.86
20073		10.70		0.49		0.10			0.59			(0.51	)		—			(0.51	)		10.78
20064		11.15		0.35		(0.38	)		(0.03	)		(0.35	)		(0.07	)		(0.42	)		10.70
20055		11.27		0.42		(0.08	)		0.34			(0.45	)		(0.01	)		(0.46	)		11.15
20045		11.56		0.40		(0.08	)		0.32			(0.44	)		(0.17	)		(0.61	)		11.27

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended December 31, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
3	For the period July 1 to June 30 in the fiscal year indicated.
4	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

56   First American Funds 2008 Semiannual Report

															Ratio of Net
												Ratio of			Investment
								Ratio of Net				Expenses			Income
					Ratio of			Investment				to Average			to Average
			Net Assets		Expenses to			Income			��	Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average				(Excluding			(Excluding			Turnover
Return7			Period		Net Assets			Net Assets				Waivers)			Waivers)			Rate
	(10.94	)%	$	76,246		0.95	%		6.25	%			1.01	%		6.19	%		72	%
	5.24			94,571		0.95			4.63				1.01			4.57			131
	5.26			102,723		0.95			4.25				1.01			4.19			137
	(0.34	)		134,845		0.95			3.98				1.03			3.90			139
	2.75			161,410		0.95			3.51				1.05			3.41			208
	2.60			184,805		0.95			3.30				1.05			3.20			182
	(11.28	)%	$	5,986		1.70	%		5.51	%			1.76	%		5.45	%		72	%
	4.50			7,733		1.70			3.87				1.76			3.81			131
	4.41			9,634		1.70			3.50				1.76			3.44			137
	(0.91	)		13,819		1.70			3.23				1.78			3.15			139
	2.00			17,078		1.70			2.76				1.80			2.66			208
	1.83			21,046		1.70			2.58				1.80			2.48			182
	(11.32	)%	$	3,569		1.70	%		5.50	%			1.76	%		5.44	%		72	%
	4.57			4,383		1.70			3.89				1.76			3.83			131
	4.48			4,567		1.70			3.50				1.76			3.44			137
	(1.01	)		5,183		1.70			3.22				1.78			3.14			139
	1.99			7,266		1.70			2.76				1.80			2.66			208
	1.81			9,132		1.70			2.58				1.80			2.48			182
	(10.85	)%	$	320		1.20	%		6.03	%			1.26	%		5.97	%		72	%
	5.06			289		1.20			4.42				1.26			4.36			131
	4.99			65		1.20			4.01				1.29			3.92			137
	(0.51	)		34		1.20			3.77				1.43			3.54			139
	2.51			16		1.20			3.37				1.45			3.12			208
	2.53			1		0.95			3.37				1.05			3.27			182
	(10.92	)%	$	1,111,313		0.70	%		6.48	%			0.76	%		6.42	%		72	%
	5.60			1,468,599		0.70			4.88				0.76			4.82			131
	5.53			1,530,750		0.70			4.50				0.76			4.44			137
	(0.24	)		1,680,105		0.70			4.24				0.78			4.16			139
	3.01			1,725,850		0.70			3.77				0.80			3.67			208
	2.87			1,740,470		0.70			3.58				0.80			3.48			182

First American Funds 2008 Semiannual Report   57

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
High Income Bond Fund1
Class A
20082	$	8.65	$	0.37	$	(2.74	)	$	(2.37	)	$	(0.38	)	$	—		$	(0.38	)	$	5.90
20083		9.61		0.71		(0.97	)		(0.26	)		(0.70	)		—			(0.70	)		8.65
20073		9.22		0.65		0.38			1.03			(0.64	)		—			(0.64	)		9.61
20064		9.41		0.49		(0.20	)		0.29			(0.48	)		—			(0.48	)		9.22
20055		9.45		0.66		(0.04	)		0.62			(0.66	)		—			(0.66	)		9.41
20045		9.13		0.68		0.32			1.00			(0.68	)		—			(0.68	)		9.45
Class B
20082	$	8.61	$	0.34	$	(2.73	)	$	(2.39	)	$	(0.35	)	$	—		$	(0.35	)	$	5.87
20083		9.57		0.63		(0.96	)		(0.33	)		(0.63	)		—			(0.63	)		8.61
20073		9.18		0.57		0.39			0.96			(0.57	)		—			(0.57	)		9.57
20064		9.37		0.43		(0.19	)		0.24			(0.43	)		—			(0.43	)		9.18
20055		9.41		0.58		(0.03	)		0.55			(0.59	)		—			(0.59	)		9.37
20045		9.09		0.61		0.32			0.93			(0.61	)		—			(0.61	)		9.41
Class C
20082	$	8.62	$	0.34	$	(2.74	)	$	(2.40	)	$	(0.35	)	$	—		$	(0.35	)	$	5.87
20083		9.58		0.63		(0.96	)		(0.33	)		(0.63	)		—			(0.63	)		8.62
20073		9.19		0.57		0.39			0.96			(0.57	)		—			(0.57	)		9.58
20064		9.38		0.43		(0.19	)		0.24			(0.43	)		—			(0.43	)		9.19
20055		9.42		0.58		(0.03	)		0.55			(0.59	)		—			(0.59	)		9.38
20045		9.10		0.61		0.32			0.93			(0.61	)		—			(0.61	)		9.42
Class R6
20082	$	8.79	$	0.36	$	(2.78	)	$	(2.42	)	$	(0.37	)	$	—		$	(0.37	)	$	6.00
20083		9.75		0.69		(0.98	)		(0.29	)		(0.67	)		—			(0.67	)		8.79
20073		9.35		0.62		0.40			1.02			(0.62	)		—			(0.62	)		9.75
20064		9.53		0.49		(0.20	)		0.29			(0.47	)		—			(0.47	)		9.35
20055		9.60		0.62		(0.04	)		0.58			(0.65	)		—			(0.65	)		9.53
20045		9.21		0.69		0.32			1.01			(0.62	)		—			(0.62	)		9.60
Class Y
20082	$	8.66	$	0.37	$	(2.74	)	$	(2.37	)	$	(0.39	)	$	—		$	(0.39	)	$	5.90
20083		9.62		0.73		(0.97	)		(0.24	)		(0.72	)		—			(0.72	)		8.66
20073		9.23		0.67		0.39			1.06			(0.67	)		—			(0.67	)		9.62
20064		9.42		0.51		(0.20	)		0.31			(0.50	)		—			(0.50	)		9.23
20055		9.46		0.68		(0.03	)		0.65			(0.69	)		—			(0.69	)		9.42
20045		9.13		0.70		0.34			1.04			(0.71	)		—			(0.71	)		9.46
Inflation Protected Securities Fund1
Class A
20082	$	10.20	$	0.17	$	(0.95	)	$	(0.78	)	$	(0.37	)	$	—		$	(0.37	)	$	9.05
20083		9.43		0.54		0.76			1.30			(0.53	)		—			(0.53	)		10.20
20073		9.54		0.39		(0.16	)		0.23			(0.34	)		—			(0.34	)		9.43
20064		10.12		0.38		(0.55	)		(0.17	)		(0.40	)		(0.01	)		(0.41	)		9.54
20057		10.00		0.51		(0.02	)		0.49			(0.37	)		—			(0.37	)		10.12
Class C
20082	$	10.18	$	0.12	$	(0.94	)	$	(0.82	)	$	(0.33	)	$	—		$	(0.33	)	$	9.03
20083		9.41		0.48		0.75			1.23			(0.46	)		—			(0.46	)		10.18
20073		9.53		0.33		(0.18	)		0.15			(0.27	)		—			(0.27	)		9.41
20064		10.11		0.31		(0.53	)		(0.22	)		(0.35	)		(0.01	)		(0.36	)		9.53
20057		10.00		0.40		0.02			0.42			(0.31	)		—			(0.31	)		10.11
Class R
20082	$	10.20	$	0.17	$	(0.96	)	$	(0.79	)	$	(0.36	)	$	—		$	(0.36	)	$	9.05
20083		9.43		0.52		0.75			1.27			(0.50	)		—			(0.50	)		10.20
20073		9.55		0.33		(0.13	)		0.20			(0.32	)		—			(0.32	)		9.43
20064		10.13		0.38		(0.56	)		(0.18	)		(0.39	)		(0.01	)		(0.40	)		9.55
20057		10.00		0.43		0.05			0.48			(0.35	)		—			(0.35	)		10.13
Class Y
20082	$	10.20	$	0.23	$	(1.00	)	$	(0.77	)	$	(0.38	)	$	—		$	(0.38	)	$	9.05
20083		9.43		0.56		0.76			1.32			(0.55	)		—			(0.55	)		10.20
20073		9.55		0.40		(0.16	)		0.24			(0.36	)		—			(0.36	)		9.43
20064		10.13		0.42		(0.57	)		(0.15	)		(0.42	)		(0.01	)		(0.43	)		9.55
20057		10.00		0.51		0.01			0.52			(0.39	)		—			(0.39	)		10.13

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended December 31, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period July 1 through June 30 in the fiscal year indicated.
4	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 through September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Commenced operations on October 1, 2004. All ratios for the period ended September 30, 2005 have been annualized, except total return and portfolio turnover.
8	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

58   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return8			Period		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(27.90	)%	$	21,049		1.10	%		10.09	%		1.35	%		9.84	%		39	%
	(2.84	)		24,420		1.10			7.74			1.31			7.53			100
	11.46			28,932		1.10			6.74			1.30			6.54			101
	3.14			29,573		1.10			6.94			1.29			6.75			68
	6.74			34,144		1.02			6.88			1.27			6.63			77
	11.30			43,842		1.00			7.25			1.26			6.99			80
	(28.20	)%	$	1,979		1.85	%		9.27	%		2.10	%		9.02	%		39	%
	(3.57	)		3,496		1.85			6.97			2.06			6.76			100
	10.67			4,814		1.85			6.00			2.05			5.80			101
	2.57			5,988		1.85			6.19			2.04			6.00			68
	5.97			7,191		1.77			6.13			2.02			5.88			77
	10.52			8,521		1.75			6.50			2.01			6.24			80
	(28.29	)%	$	4,119		1.85	%		9.34	%		2.10	%		9.09	%		39	%
	(3.57	)		6,490		1.85			6.97			2.06			6.76			100
	10.66			8,522		1.85			5.98			2.05			5.78			101
	2.56			9,873		1.85			6.19			2.04			6.00			68
	5.96			13,403		1.77			6.13			2.02			5.88			77
	10.51			17,349		1.75			6.50			2.01			6.24			80
	(28.01	)%	$	196		1.35	%		10.09	%		1.60	%		9.84	%		39	%
	(3.04	)		185		1.35			7.37			1.56			7.16			100
	11.12			186		1.35			6.38			1.56			6.17			101
	3.09			73		1.35			6.82			1.69			6.48			68
	6.23			4		1.33			6.31			1.73			5.91			77
	11.29			1		1.00			7.33			1.26			7.07			80
	(27.89	)%	$	119,078		0.85	%		10.29	%		1.10	%		10.04	%		39	%
	(2.59	)		204,164		0.85			7.99			1.06			7.78			100
	11.73			232,998		0.85			6.98			1.05			6.78			101
	3.34			205,382		0.85			7.19			1.04			7.00			68
	7.01			207,610		0.77			7.13			1.02			6.88			77
	11.69			234,770		0.75			7.49			1.01			7.23			80
	(7.77	)%	$	3,925		0.85	%		3.50	%		1.09	%		3.26	%		9	%
	14.01			3,294		0.85			5.40			1.08			5.17			71
	2.41			2,712		0.85			4.09			1.06			3.88			90
	(1.69	)		5,042		0.85			5.20			1.08			4.97			85
	4.93			6,917		0.85			5.04			1.09			4.80			23
	(8.14	)%	$	527		1.60	%		2.49	%		1.84	%		2.25	%		9	%
	13.20			365		1.60			4.82			1.83			4.59			71
	1.53			348		1.60			3.44			1.81			3.23			90
	(2.26	)		552		1.60			4.29			1.83			4.06			85
	4.18			855		1.60			3.98			1.84			3.74			23
	(7.89	)%	$	1,140		1.10	%		3.65	%		1.34	%		3.41	%		9	%
	13.73			1,175		1.10			5.21			1.33			4.98			71
	2.09			822		1.10			3.45			1.31			3.24			90
	(1.80	)		1		1.10			5.17			1.48			4.79			85
	4.81			1		1.10			4.22			1.49			3.83			23
	(7.66	)%	$	187,496		0.60	%		4.89	%		0.84	%		4.65	%		9	%
	14.29			278,749		0.60			5.64			0.83			5.41			71
	2.56			273,312		0.60			4.21			0.81			4.00			90
	(1.50	)		317,977		0.60			5.73			0.83			5.50			85
	5.24			269,412		0.60			5.05			0.84			4.81			23

First American Funds 2008 Semiannual Report   59

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions			Distributions			Distributions						Net Asset
	Value		Net		Gains			Total from			from Net			from Net			from						Value
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Return of			Total			End of
	of Period		Income		Investments			Operations			Income			Gains			Capital			Distributions			Period
Intermediate Government Bond Fund1
Class A
20082	$	8.42	$	0.10	$	0.49		$	0.59		$	(0.11	)	$	—		$	—		$	(0.11	)	$	8.90
20083		8.00		0.28		0.43			0.71			(0.29	)		—			—			(0.29	)		8.42
20073		7.99		0.31		0.06			0.37			(0.33	)		—			(0.03	)		(0.36	)		8.00
20064		8.26		0.22		(0.22	)		—			(0.22	)		(0.05	)		—			(0.27	)		7.99
20055		8.82		0.27		(0.15	)		0.12			(0.28	)		(0.40	)		—			(0.68	)		8.26
20045		10.01		0.24		(0.16	)		0.08			(0.24	)		(1.03	)		—			(1.27	)		8.82
Class Y
20082	$	8.42	$	0.11	$	0.48		$	0.59		$	(0.11	)	$	—		$	—		$	(0.11	)	$	8.90
20083		8.00		0.30		0.42			0.72			(0.30	)		—			—			(0.30	)		8.42
20073		7.99		0.32		0.06			0.38			(0.34	)		—			(0.03	)		(0.37	)		8.00
20064		8.25		0.22		(0.20	)		0.02			(0.23	)		(0.05	)		—			(0.28	)		7.99
20055		8.82		0.28		(0.16	)		0.12			(0.29	)		(0.40	)		—			(0.69	)		8.25
20045		10.01		0.26		(0.17	)		0.09			(0.25	)		(1.03	)		—			(1.28	)		8.82
Intermediate Term Bond Fund1
Class A
20082	$	9.90	$	0.26	$	(1.10	)	$	(0.84	)	$	(0.26	)	$	—		$	—		$	(0.26	)	$	8.80
20083		9.73		0.44		0.14			0.58			(0.41	)		—			—			(0.41	)		9.90
20073		9.68		0.41		0.05			0.46			(0.41	)		—			—			(0.41	)		9.73
20064		9.99		0.29		(0.27	)		0.02			(0.30	)		(0.03	)		—			(0.33	)		9.68
20055		10.25		0.34		(0.17	)		0.17			(0.33	)		(0.10	)		—			(0.43	)		9.99
20045		10.46		0.31		(0.10	)		0.21			(0.31	)		(0.11	)		—			(0.42	)		10.25
Class Y
20082	$	9.87	$	0.27	$	(1.10	)	$	(0.83	)	$	(0.27	)	$	—		$	—		$	(0.27	)	$	8.77
20083		9.70		0.45		0.15			0.60			(0.43	)		—			—			(0.43	)		9.87
20073		9.65		0.42		0.06			0.48			(0.43	)		—			—			(0.43	)		9.70
20064		9.96		0.30		(0.27	)		0.03			(0.31	)		(0.03	)		—			(0.34	)		9.65
20055		10.22		0.36		(0.17	)		0.19			(0.35	)		(0.10	)		—			(0.45	)		9.96
20045		10.43		0.33		(0.11	)		0.22			(0.32	)		(0.11	)		—			(0.43	)		10.22

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended December 31, 2008 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.
3	For the period July 1 to June 30 in the fiscal year indicated.
4	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

60   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return6			Period		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	7.02	%	$	17,065		0.75	%		2.32	%		1.19	%		1.88	%		39	%
	8.90			6,504		0.75			3.32			1.33			2.74			118
	4.68			1,619		0.75			3.80			1.46			3.09			84
	0.06			1,689		0.75			3.56			1.26			3.05			70
	1.40			1,970		0.75			3.21			1.09			2.87			161
	0.98			1,872		0.75			2.69			1.03			2.41			53
	7.10	%	$	134,738		0.60	%		2.57	%		0.94	%		2.23	%		39	%
	9.07			63,784		0.60			3.60			1.08			3.12			118
	4.84			37,705		0.60			3.94			1.21			3.33			84
	0.30			42,781		0.60			3.70			1.01			3.29			70
	1.43			69,349		0.60			3.34			0.84			3.10			161
	1.14			129,769		0.60			2.84			0.78			2.66			53
	(8.52	)%	$	22,299		0.85	%		5.55	%		1.01	%		5.39	%		19	%
	6.02			28,364		0.85			4.38			1.01			4.22			102
	4.80			30,655		0.85			4.07			1.01			3.91			110
	0.23			38,296		0.75			3.88			1.03			3.60			113
	1.69			48,426		0.75			3.39			1.05			3.09			118
	2.06			63,219		0.75			2.97			1.04			2.68			169
	(8.48	)%	$	651,835		0.70	%		5.70	%		0.76	%		5.64	%		19	%
	6.20			766,932		0.70			4.53			0.76			4.47			102
	4.98			752,984		0.70			4.22			0.76			4.16			110
	0.34			899,175		0.60			4.03			0.78			3.85			113
	1.85			1,074,624		0.60			3.55			0.80			3.35			118
	2.22			1,219,707		0.60			3.12			0.79			2.93			169

First American Funds 2008 Semiannual Report   61

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions			Distributions			Distributions						Net Asset
	Value		Net		Gains			Total from			from Net			from Net			from						Value
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Return of			Total			End of
	of Period		Income		Investments			Operations			Income			Gains			Capital			Distributions			Period
Short Term Bond Fund1
Class A
20082	$	9.89	$	0.24	$	(0.73	)	$	(0.49	)	$	(0.21	)	$	—		$	—		$	(0.21	)	$	9.19
20083		9.90		0.45		(0.03	)		0.42			(0.43	)		—			—			(0.43	)		9.89
20073		9.83		0.36		0.09			0.45			(0.38	)		—			—			(0.38	)		9.90
20064		9.93		0.23		(0.06	)		0.17			(0.27	)		—			—			(0.27	)		9.83
20055		10.11		0.27		(0.16	)		0.11			(0.29	)		—			—	7		(0.29	)		9.93
20045		10.26		0.23		(0.15	)		0.08			(0.23	)		—			—			(0.23	)		10.11
Class Y
20082	$	9.89	$	0.24	$	(0.71	)	$	(0.47	)	$	(0.22	)	$	—		$	—		$	(0.22	)	$	9.20
20083		9.91		0.46		(0.03	)		0.43			(0.45	)		—			—			(0.45	)		9.89
20073		9.83		0.37		0.10			0.47			(0.39	)		—			—			(0.39	)		9.91
20064		9.93		0.24		(0.06	)		0.18			(0.28	)		—			—			(0.28	)		9.83
20055		10.11		0.28		(0.16	)		0.12			(0.29	)		—			(0.01	)		(0.30	)		9.93
20045		10.26		0.25		(0.16	)		0.09			(0.24	)		—			—			(0.24	)		10.11
Total Return Bond Fund1
Class A
20082	$	9.90	$	0.33	$	(1.79	)	$	(1.46	)	$	(0.33	)	$	(0.16	)	$	—		$	(0.49	)	$	7.95
20083		9.83		0.49		0.05			0.54			(0.47	)		—			—			(0.47	)		9.90
20073		9.86		0.45		(0.02	)		0.43			(0.46	)		—			—			(0.46	)		9.83
20064		10.18		0.31		(0.33	)		(0.02	)		(0.30	)		—			—			(0.30	)		9.86
20055		10.25		0.43		(0.07	)		0.36			(0.43	)		—			—			(0.43	)		10.18
20045		10.23		0.46		0.03			0.49			(0.47	)		—			—	7		(0.47	)		10.25
Class B
20082	$	9.86	$	0.29	$	(1.78	)	$	(1.49	)	$	(0.30	)	$	(0.16	)	$	—		$	(0.46	)	$	7.91
20083		9.80		0.41		0.05			0.46			(0.40	)		—			—			(0.40	)		9.86
20073		9.82		0.38		(0.02	)		0.36			(0.38	)		—			—			(0.38	)		9.80
20064		10.14		0.25		(0.32	)		(0.07	)		(0.25	)		—			—			(0.25	)		9.82
20055		10.21		0.35		(0.07	)		0.28			(0.35	)		—			—			(0.35	)		10.14
20045		10.20		0.39		0.01			0.40			(0.39	)		—			—	7		(0.39	)		10.21
Class C
20082	$	9.84	$	0.29	$	(1.77	)	$	(1.48	)	$	(0.30	)	$	(0.16	)	$	—		$	(0.46	)	$	7.90
20083		9.78		0.42		0.04			0.46			(0.40	)		—			—			(0.40	)		9.84
20073		9.80		0.37		(0.01	)		0.36			(0.38	)		—			—			(0.38	)		9.78
20064		10.12		0.25		(0.32	)		(0.07	)		(0.25	)		—			—			(0.25	)		9.80
20055		10.20		0.35		(0.07	)		0.28			(0.36	)		—			—			(0.36	)		10.12
20045		10.18		0.39		0.02			0.41			(0.39	)		—			—	7		(0.39	)		10.20
Class R6
20082	$	9.95	$	0.32	$	(1.80	)	$	(1.48	)	$	(0.32	)	$	(0.16	)	$	—		$	(0.48	)	$	7.99
20083		9.88		0.47		0.05			0.52			(0.45	)		—			—			(0.45	)		9.95
20073		9.90		0.43		(0.02	)		0.41			(0.43	)		—			—			(0.43	)		9.88
20064		10.23		0.30		(0.34	)		(0.04	)		(0.29	)		—			—			(0.29	)		9.90
20055		10.29		0.41		(0.07	)		0.34			(0.40	)		—			—			(0.40	)		10.23
20045		10.23		0.48		—			0.48			(0.42	)		—			—	7		(0.42	)		10.29
Class Y
20082	$	9.89	$	0.34	$	(1.79	)	$	(1.45	)	$	(0.34	)	$	(0.16	)	$	—		$	(0.50	)	$	7.94
20083		9.83		0.52		0.04			0.56			(0.50	)		—			—			(0.50	)		9.89
20073		9.85		0.47		(0.01	)		0.46			(0.48	)		—			—			(0.48	)		9.83
20064		10.17		0.33		(0.33	)		—			(0.32	)		—			—			(0.32	)		9.85
20055		10.24		0.46		(0.07	)		0.39			(0.46	)		—			—			(0.46	)		10.17
20045		10.23		0.49		0.01			0.50			(0.49	)		—			—	7		(0.49	)		10.24

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended December 31, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
3	For the period July 1 to June 30 in the fiscal year indicated.
4	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Includes a tax return of capital of less than $0.01.
8	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

62   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return8			Period		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(4.98	)%	$	51,915		0.74	%		4.91	%		1.07	%		4.58	%		24	%
	4.30			59,933		0.74			4.48			1.05			4.17			55
	4.60			66,722		0.75			3.61			1.04			3.32			47
	1.75			78,771		0.75			3.11			1.04			2.82			60
	1.08			97,863		0.75			2.68			1.05			2.38			64
	0.76			130,531		0.75			2.28			1.05			1.98			89
	(4.81	)%	$	256,135		0.59	%		5.06	%		0.82	%		4.83	%		24	%
	4.35			257,403		0.59			4.62			0.80			4.41			55
	4.86			311,131		0.60			3.74			0.79			3.55			47
	1.87			454,665		0.60			3.26			0.79			3.07			60
	1.23			625,392		0.60			2.83			0.80			2.63			64
	0.91			943,181		0.60			2.43			0.80			2.23			89
	(14.83	)%	$	11,516		1.00	%		7.28	%		1.12	%		7.16	%		64	%
	5.51			15,567		0.99			4.87			1.11			4.75			124
	4.36			13,198		1.00			4.48			1.13			4.35			180
	(0.17	)		15,522		1.00			4.14			1.17			3.97			166
	3.57			19,113		1.00			4.20			1.25			3.95			285
	4.89			21,034		1.00			4.54			1.25			4.29			132
	(15.22	)%	$	1,751		1.74	%		6.55	%		1.86	%		6.43	%		64	%
	4.65			2,384		1.74			4.13			1.86			4.01			124
	3.69			2,272		1.75			3.74			1.88			3.61			180
	(0.74	)		3,657		1.75			3.40			1.92			3.23			166
	2.81			4,395		1.75			3.45			2.00			3.20			285
	3.97			5,474		1.75			3.83			2.00			3.58			132
	(15.15	)%	$	2,200		1.74	%		6.50	%		1.86	%		6.38	%		64	%
	4.66			3,673		1.74			4.22			1.86			4.10			124
	3.70			1,792		1.75			3.73			1.88			3.60			180
	(0.74	)		2,501		1.75			3.40			1.92			3.23			166
	2.71			2,858		1.75			3.46			2.00			3.21			285
	4.11			3,789		1.75			3.81			2.00			3.56			132
	(14.97	)%	$	224		1.24	%		7.05	%		1.36	%		6.93	%		64	%
	5.22			293		1.24			4.66			1.36			4.54			124
	4.20			219		1.25			4.22			1.44			4.03			180
	(0.44	)		14		1.25			4.05			1.57			3.73			166
	3.40			3		1.25			3.98			1.65			3.58			285
	4.83			1		1.00			4.64			1.25			4.39			132
	(14.74	)%	$	673,078		0.75	%		7.49	%		0.87	%		7.37	%		64	%
	5.67			1,069,211		0.74			5.15			0.86			5.03			124
	4.73			851,513		0.75			4.71			0.88			4.58			180
	0.02			378,338		0.75			4.43			0.92			4.26			166
	3.83			278,777		0.75			4.43			1.00			4.18			285
	5.05			243,018		0.75			4.80			1.00			4.55			132

First American Funds 2008 Semiannual Report   63

Financial Highlights   For a share outstanding throughout the indicated periods.

					Realized and
	Net Asset				Unrealized						Distributions			Net Asset
	Value		Net		Gains			Total from			from Net			Value
	Beginning		Investment		(Losses) on			Investment			Investment			End of
	of Period		Income		Investments			Operations			Income			Period
U.S. Government Mortgage Fund1
Class A
20082	$	10.14	$	0.25	$	(0.63	)	$	(0.38	)	$	(0.27	)	$	9.49
20083		10.22		0.47		(0.07	)		0.40			(0.48	)		10.14
20073		10.18		0.46		0.05			0.51			(0.47	)		10.22
20064		10.53		0.33		(0.32	)		0.01			(0.36	)		10.18
20055		10.72		0.41		(0.14	)		0.27			(0.46	)		10.53
20045		10.89		0.38		(0.09	)		0.29			(0.46	)		10.72
Class B
20082	$	10.16	$	0.22	$	(0.65	)	$	(0.43	)	$	(0.23	)	$	9.50
20083		10.24		0.40		(0.08	)		0.32			(0.40	)		10.16
20073		10.20		0.38		0.05			0.43			(0.39	)		10.24
20064		10.54		0.27		(0.31	)		(0.04	)		(0.30	)		10.20
20055		10.74		0.33		(0.15	)		0.18			(0.38	)		10.54
20045		10.90		0.30		(0.08	)		0.22			(0.38	)		10.74
Class C
20082	$	10.10	$	0.22	$	(0.64	)	$	(0.42	)	$	(0.23	)	$	9.45
20083		10.18		0.40		(0.08	)		0.32			(0.40	)		10.10
20073		10.15		0.38		0.04			0.42			(0.39	)		10.18
20064		10.49		0.27		(0.31	)		(0.04	)		(0.30	)		10.15
20055		10.68		0.33		(0.14	)		0.19			(0.38	)		10.49
20045		10.84		0.30		(0.09	)		0.21			(0.37	)		10.68
Class R6
20082	$	10.12	$	0.24	$	(0.63	)	$	(0.39	)	$	(0.26	)	$	9.47
20083		10.21		0.46		(0.10	)		0.36			(0.45	)		10.12
20073		10.17		0.43		0.06			0.49			(0.45	)		10.21
20064		10.51		0.31		(0.31	)		—			(0.34	)		10.17
20055		10.72		0.37		(0.14	)		0.23			(0.44	)		10.51
20045		10.85		0.39		(0.10	)		0.29			(0.42	)		10.72
Class Y
20082	$	10.14	$	0.27	$	(0.64	)	$	(0.37	)	$	(0.28	)	$	9.49
20083		10.22		0.50		(0.08	)		0.42			(0.50	)		10.14
20073		10.19		0.48		0.05			0.53			(0.50	)		10.22
20064		10.53		0.35		(0.31	)		0.04			(0.38	)		10.19
20055		10.73		0.43		(0.14	)		0.29			(0.49	)		10.53
20045		10.89		0.41		(0.08	)		0.33			(0.49	)		10.73

1	Per share data calculated using average shares outstanding method.
2	For the six-month period ended December 31, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
3	For the period July 1 to June 30 in the fiscal year indicated.
4	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
5	For the period October 1 to September 30 in the fiscal year indicated.
6	Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.
7	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

64   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return7			Period		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(3.80	)%	$	9,269		0.95	%		5.13	%		1.22	%		4.86	%		177	%
	3.90			11,295		0.95			4.60			1.18			4.37			325
	5.07			13,785		0.95			4.41			1.16			4.20			303
	0.09			16,059		0.95			4.27			1.11			4.11			220
	2.59			24,504		0.95			3.80			1.08			3.67			251
	2.74			32,815		0.95			3.53			1.05			3.43			127
	(4.26	)%	$	3,128		1.70	%		4.39	%		1.97	%		4.12	%		177	%
	3.12			3,737		1.70			3.86			1.93			3.63			325
	4.26			4,920		1.70			3.66			1.91			3.45			303
	(0.38	)		6,595		1.70			3.52			1.86			3.36			220
	1.72			7,926		1.70			3.05			1.83			2.92			251
	2.02			9,155		1.70			2.79			1.80			2.69			127
	(4.18	)%	$	1,943		1.70	%		4.39	%		1.97	%		4.12	%		177	%
	3.14			2,259		1.70			3.86			1.93			3.63			325
	4.19			3,077		1.70			3.67			1.91			3.46			303
	(0.38	)		5,127		1.70			3.52			1.86			3.36			220
	1.82			6,585		1.70			3.05			1.83			2.92			251
	2.02			10,520		1.70			2.79			1.80			2.69			127
	(3.93	)%	$	1,996		1.20	%		4.89	%		1.47	%		4.62	%		177	%
	3.54			1,585		1.20			4.44			1.43			4.21			325
	4.82			204		1.20			4.17			1.41			3.96			303
	0.04			7		1.20			4.04			1.51			3.73			220
	2.18			3		1.20			3.42			1.48			3.14			251
	2.74			1		0.95			3.58			1.05			3.48			127
	(3.68	)%	$	100,956		0.70	%		5.37	%		0.97	%		5.10	%		177	%
	4.16			123,436		0.70			4.85			0.93			4.62			325
	5.23			133,960		0.70			4.66			0.91			4.45			303
	0.38			140,407		0.70			4.52			0.86			4.36			220
	2.75			158,230		0.70			4.05			0.83			3.92			251
	3.09			171,143		0.70			3.79			0.80			3.69			127

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

1 > Organization

Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 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 is a diversified open-end management investment company.

The funds offer Class A, Class C, Class R, and Class Y shares. Class A shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund are sold with a front-end sales charge of 2.25%. Class A shares of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund are sold with a front-end sales charge of 4.25%. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class C and Class R shares are not offered by Intermediate Government Bond Fund, Intermediate Term Bond Fund, or Short Term Bond Fund. Prior to the close of business on June 30, 2008, each fund except Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond 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 in a fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’ servicing or distribution arrangements.

2 > Summary of Significant Accounting Policies

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

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

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

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

66   First American Funds 2008 Semiannual Report

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 foreign 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 trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security’s fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of December 31, 2008, Core Bond Fund and High Income Bond Fund held fair value securities with a value of $0 and $1,711, respectively, or 0.0% and 1.2%, respectively, of total net assets.

The funds adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“FAS 157”), on July 1, 2008. FAS 157 requires each fund to classify its securities based on valuation method, using the following three levels:

Level 1 – Quoted prices in active markets for identical securities. Generally, the types of securities included within Level 1 of a fund are investments in preferred stocks, open and closed end funds, and futures with quoted prices.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are corporate bonds, asset-backed securities, mortgage-backed securities, convertible bonds, U.S. government and agency securities, collateralized mortgage obligations, U.S. treasury bills and swaps.

Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management’s fair value procedures established by the board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition (trading in similar securities of the same issuer or comparable companies); information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these securities (or other investments). While uniformity of presentation is the objective of the standard, it is likely that there will be a range of practices utilized. It may be some period of time before industry practices become more uniform. For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

First American Funds 2008 Semiannual Report   67

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

As of December 31, 2008, each fund’s investments in securities were classified as follows:

Fund	Level 1		Level 2		Level 3		Total
Core Bond Fund	$	64,799	$	1,182,358	$	28,693	$	1,275,850
High Income Bond Fund		26,661		121,574		3,807		152,042
Inflation Protected Securities Fund		93,767		183,005		997		277,769
Intermediate Government Bond Fund		9,943		143,599		—		153,542
Intermediate Term Bond Fund		52,012		626,324		14,993		693,329
Short Term Bond Fund		31,880		280,276		10,758		322,914
Total Return Bond Fund		27,721		700,495		6,247		734,463
U.S. Government Mortgage Fund		2,224		134,347		—		136,571

As of December 31, 2008, each fund’s investments in other financial instruments* were classified as follows:

Fund	Level 1			Level 2			Level 3		Total
Core Bond Fund	$	(4,303	)	$	3,545		$	—	$	(758	)
High Income Bond Fund		915			(517	)		—		398
Inflation Protected Securities Fund		69			570			—		639
Intermediate Government Bond Fund		—			—			—		—
Intermediate Term Bond Fund		(1,621	)		2,490			—		869
Short Term Bond Fund		405			(1,315	)		—		(910	)
Total Return Bond Fund		(2,891	)		(4,159	)		—		(7,050	)
U.S. Government Mortgage Fund		(1,155	)		436			—		(719	)

*  Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

								Inflation			Intermediate
	Core				High Income			Protected			Term			Short Term			Total Return
	Bond				Bond			Securities			Bond			Bond			Bond
	Fund				Fund			Fund			Fund			Fund			Fund
Balance as of June 30, 2008	$	36,736			$	3,374		$	1,275		$	18,683		$	12,409		$	8,784
Accrued discounts/ premiums		1				6			—			—			—			—
Realized gain (loss)		—				—			—			—			—			—
Change in net unrealized appreciation (depreciation)		(7,979	)			(750	)		(278	)		(3,683	)		(1,651	)		(2,532	)
Net purchases (sales)		(18	)	��		389			—			(7	)		—			(5	)
Transfers in and/or out of Level 3		(47	)			788			—			—			—			—
Balance as of December 31, 2008	$	28,693			$	3,807		$	997		$	14,993		$	10,758		$	6,247

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

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

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

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 December 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.

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, paydowns on pass through obligations, expiration of capital loss carryforwards, tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256, and tax mark-to-market adjustments under Section 311(e) of the

68   First American Funds 2008 Semiannual Report

Taxpayer Relief Act of 1997. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise.

The character of distributions made during the six-month period from net investment income may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income was recorded by the fund. The distributions paid during the six-month period ended December 31, 2008 (estimated) and the fiscal year ended June 30, 2008 (adjusted by dividends payable as of December 31, 2008 and June 30, 2008) were as follows:

	December 31, 2008
	Ordinary		Long		Total
Fund	Income		Term Gain		Income
Core Bond Fund	$	45,771	$	—	$	45,771
High Income Bond Fund		10,238		—		10,238
Inflation Protected Securities Fund		11,447		—		11,447
Intermediate Government Bond Fund		1,213		—		1,213
Intermediate Term Bond Fund		20,767		—		20,767
Short Term Bond Fund		7,460		—		7,460
Total Return Bond Fund		35,543		14,440		49,983
U.S. Government Mortgage Fund		3,633		—		3,633

	June 30, 2008
	Ordinary
Fund	Income
Core Bond Fund	$	76,512
High Income Bond Fund		19,566
Inflation Protected Securities Fund		13,597
Intermediate Government Bond Fund		2,075
Intermediate Term Bond Fund		33,624
Short Term Bond Fund		15,318
Total Return Bond Fund		47,944
U.S. Government Mortgage Fund		7,208

As of June 30, 2008, the funds’ most recently completed fiscal year-end, components of accumulated earnings (deficit) on a tax basis were as follows:

					Accumulated						Total
	Undistributed		Undistributed		Capital and			Unrealized			Accumulated
	Ordinary		Long Term		Post-October			Appreciation			Earnings
Fund	Income		Capital Gains		Losses			Depreciation			Deficit
Core Bond Fund	$	7,234	$	—	$	(1,001	)	$	(55,443	)	$	(49,210	)
High Income Bond Fund		2,422		—		(9,610	)		(19,405	)		(26,593	)
Inflation Protected Securities Fund		3,748		—		(7,137	)		2,463			(926	)
Intermediate Government Bond Fund		—		—		(436	)		(185	)		(621	)
Intermediate Term Bond Fund		2,863		—		(3,607	)		(21,108	)		(21,852	)
Short Term Bond Fund		299		—		(16,849	)		(5,504	)		(22,054	)
Total Return Bond Fund		18,949		188		(85	)		(40,104	)		(21,052	)
U.S. Government Mortgage Fund		588		—		(9,258	)		(4,028	)		(12,698	)

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

First American Funds 2008 Semiannual Report   69

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

As of June 30, 2008, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:

	Expiration Year
Fund	2009		2010		2011		2012		2013		2014		2015		2016		Total
Core Bond Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	994	$	—	$	994
High Income Bond Fund		—		—		1,250		—		—		—		—		1,453		2,703
Inflation Protected Securities Fund		—		—		—		—		—		256		5,928		953		7,137
Intermediate Government Bond Fund		—		—		—		—		—		—		436		—		436
Intermediate Term Bond Fund		—		—		—		—		—		—		3,607		—		3,607
Short Term Bond Fund		—		—		—		1,315		—		8,101		7,433		—		16,849
Total Return Bond Fund		—		—		—		—		—		—		—		—		—
U.S. Government Mortgage Fund		—		—		—		3,145		1,293		555		1,629		2,446		9,068

Certain funds incurred a loss for tax purposes for the period from November 1, 2007 to June 30, 2008. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending June 30, 2009. The following funds had deferred losses:

Fund	Amount
Core Bond Fund	$	7
High Income Bond Fund		6,907
Total Return Bond Fund		85
U.S. Government Mortgage Fund		190

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

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

As of December 31, 2008, the following funds had outstanding futures contracts as disclosed in their Schedule of Investments: Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

SWAP AGREEMENTS – The funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The funds may enter into credit default, interest rate, and total return swap agreements to manage exposure to credit and interest rate risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

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

Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the reference entity or index. As a seller of protection on credit default

70   First American Funds 2008 Semiannual Report

swap agreements, a fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a fund would effectively add leverage to its portfolio because, in addition to its total net assets, a fund would be subject to investment exposure on the notional amount of the swap.

If a fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity, other deliverable obligations or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. If a fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity, other deliverable obligations or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific reference entity. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a fund owns or has exposure to the reference entity) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific reference entity as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the reference entity. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the reference entity or to take an active long or short position with respect to the likelihood of a particular reference entity’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swap to achieve a similar effect. Credit-default swap on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to

First American Funds 2008 Semiannual Report   71

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

be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2008 for which a fund is the seller of protection are disclosed in the footnotes to the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective reference entity or index, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a fund for the same reference entity or entities. As of December 31, 2008, the following funds had outstanding credit default swap agreements as disclosed in their Schedule of Investments: Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

Interest rate swap agreements involve the exchange by a fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swap, under which two parties can exchange variable interest rates based on different money markets. As of December 31, 2008, the following funds had outstanding interest rate swap agreements: Core Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund.

Certain funds may enter into total return swap agreements. Total return swap agreements on commodities involve commitments where exchanged cash flows based on the price of a commodity and in return receives either fixed or determined by floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. As of December 31, 2008, no funds had outstanding total return swap agreements.

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

INFLATION-INDEXED BONDS – The funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed

72   First American Funds 2008 Semiannual Report

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

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

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

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

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

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

As of December 31, 2008, no funds held non-U.S. dollar denominated investments.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. As of December 31, 2008, Core Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund had when-issued or forward-commitment securities outstanding with a total cost of $41,777, $22,482, and $16,702, respectively.

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

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the 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 December 31, 2008, Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund had investments in illiquid securities with a total value of $10,933, $10,114, $1,403, $7,598, $4,836, $11,253, and $326, respectively, or 0.9%, 6.9%, 0.7%, 1.1%, 1.6%, 1.6%, and 0.3%, respectively, of total net assets.

First American Funds 2008 Semiannual Report   73

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

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

			Dates		Cost
Core Bond Fund	Par		Acquired		Basis
Amresco Residential Security Mortgage, Series 1997-3, Class A9	$	54		10/02	$	55
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A		4,355		2/07		4,233
Duty Free International		2,191		1/99-7/99		2,187
Green Tree Financial, Series 2008- MH1, Class A1		3,834		9/08		3,700
GS Mortgage Securities II, Series 2006-RR2, Class A1		4,321		7/06		4,239
Saxon Asset Securities Trust, Series 2004-1, Class A		178		1/04		178
Washington Mutual Master Note Trust, Series 2007-C1, Class C1		4,075		8/07		3,903
Westam Mortgage Financial, Series 11, Class A		46		9/97		45

				Dates		Cost
High Income Bond Fund	Par/Shares			Acquired		Basis
AVA Capital Trust III	$	3,335			9/06-10/08	$	3,304
American Airlines, Series 2001-1	$	1,257			12/05-1/07		1,191
American Home Mortgage Investments		10			7/07		190
American Real Estate	$	1,250			4/07-3/08		1,238
BLT Finance BV	$	650			4/07		650
Exopack Holding	$	500			6/08		475
Exum, Series 2007-1A, Class C	$	1,000			2/07		1,000
Exum, Series 2007-2A, Class C	$	1,000			4/07		1,000
Green Tree Financial, Series 1998-1, Class A4	$	7			5/99		7
Greentown China Holdings	$	1,550			11/06-5/08		1,478
Headwaters	$	1,500			7/07-2/08		1,320
Intertape Polymer Group	$	1,850			4/08-5/08		1,632
Newark Group	$	800			6/05		759
Nuveen Investments	$	2,050			3/08-4/08		1,374
Ultrapetrol	$	750			3/07		759
Wesfarmers	$	1,000			4/08		1,010
Viatel Holding Bermuda		—	*		6/08		—

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

			Dates		Cost
Inflation Protected Securities Fund	Par		Acquired		Basis
Headwaters	$	280		7/07-11/07	$	2,545
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B		845		6/06		8,455
Washington Mutual Master Note Trust, Series 2007-C1, Class C1		625		8/07		5,999

			Date		Cost
Intermediate Term Bond Fund	Par		Acquired		Basis
Amresco Residential Security Mortgage, Series 1997-3, Class A9	$	37		10/02	$	38
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A		2,350		2/07		2,284
Contimortgage Home Equity Loan Trust, Series 1997-2, Class A9		29		10/02		30
Green Tree Financial, Series 1996-9, Class A5		117		4/00		116
Green Tree Financial, Series 2008-MH1, Class A1		2,060		9/08		1,988
GS Mortgage Securities II, Series 2006-RR2, Class A1		2,250		7/06		2,208
Salomon Brothers Mortgage Securities, Series 1986-1, Class A		17		8/97		17
Saxon Asset Securities Trust, Series 2004-1, Class A		142		1/04		142
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B		1,800		6/06		1,800
Washington Mutual Master Note Trust, Series 2007-C1, Class C1		1,920		8/07		1,839
Westam Mortgage Financial, Series 11, Class A		29		11/97		28

			Date		Cost
Short Term Bond Fund	Par		Acquired		Basis
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A	$	1,242		2/07	$	1,207
Equivantage Home Equity Loan Trust, Series 1996-1, Class A		41		2/99		41
Equivantage Home Equity Loan Trust, Series 1996-4, Class A		213		1/00		209
Green Tree Financial, Series 2008-MH1, Class A1		885		9/08		854
IMC Home Equity Loan Trust, Series 1998-3, Class A7		1,476		10/02		1,522
Washington Mutual Master Note Trust, Series 2007-C1, Class C1		1,855		8/07		1,777

			Date		Cost
Total Return Bond Fund	Par		Acquired		Basis
BLT Finance BV	$	900		8/07	$	857
Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A		2,185		2/07		2,124
Galaxy Entertainment		575		3/06		593
Green Tree Financial, Series 2008-MH1, Class A1		2,735		9/08		2,640
Greentown China Holdings – REIT		1,685		11/06-2/07		1,700
GRMT Mortgage Loan Trust, Series 2001-1A, Class M1		166		5/01		166
GS Mortgage Securities II, Series 2006-RR2, Class A1		1,518		7/06		1,490
Headwaters		1,925		7/07-2/08		1,683
LG Electronics		785		6/05		781
Shimao Property Holdings		620		1/07		631
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B		1,695		6/06		1,695
Ultrapetrol		750		9/07		727
Washington Mutual Master Note Trust, Series 2007-C1, Class C1		2,150		8/07		2,059

74   First American Funds 2008 Semiannual Report

			Date		Cost
U.S. Government Mortgage Fund	Par		Acquired		Basis
GRMT Mortgage Loan Trust, Series 2001-1A, Class M1	$	55		9/02	$	57
Washington Mutual Master Note Trust, Series 2007-C1, Class C1		375		8/07		359

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

U.S. Bank National Association (“U.S. Bank”), the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission (“SEC”). U.S. Bank receives fees as a percentage of each fund’s net income from securities lending transactions. Collateral for securities on loan is invested in a money market fund administered by FAF Advisors and FAF Advisors receives an administration fee equal to 0.02% of such fund’s average daily net assets in this money market fund. Securities lending fees paid to U.S. Bank by the funds during the six-month period ended December 31, 2008, were as follows:

Fund	Amount
Core Bond Fund	$	156
High Income Bond Fund		34
Inflation Protected Securities Fund		184
Intermediate Term Bond Fund		48
Short Term Bond Fund		22
Total Return Bond Fund		67
U.S. Government Mortgage Fund		10

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

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended December 31, 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 THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

3 > Fees and Expenses

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

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

FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through June 30, 2009, so that total

First American Funds 2008 Semiannual Report   75

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

fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
Core Bond Fund		0.95	%		1.70	%		1.70	%		1.20	%		0.70	%
High Income Bond Fund		1.10			1.85			1.85			1.35			0.85
Inflation Protected Securities Fund		0.85			NA			1.60			1.10			0.60
Intermediate Government Bond Fund		0.75			NA			NA			NA			0.60
Intermediate Term Bond Fund		0.85			NA			NA			NA			0.70
Short Term Bond Fund		0.75			NA			NA			NA			0.60
Total Return Bond Fund		1.00			1.75			1.75			1.25			0.75
U.S. Government Mortgage Fund		0.95			1.70			1.70			1.20			0.70

NA = Not Applicable

The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. This reimbursement, if any, is included in “Fee waivers” in the Statements 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 custodian for each fund pursuant to a custodian agreement with FAIF. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.

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

For the six-month period ended December 31, 2008, custodian fees were increased as a result of overdrafts and decreased as a result of interest earned as follows:

Fund	Increased		Decreased
Core Bond Fund	$	—	$	1
High Income Bond Fund		—		—
Inflation Protected Securities Fund		—		—
Intermediate Government Bond Fund		—		—
Intermediate Term Bond Fund		1		2
Short Term Bond Fund		—		1
Total Return Bond Fund		—		3
U.S. Government Mortgage Fund		—		—

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

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

For the six-month period ended December 31, 2008, total distribution and shareholder servicing fees waived by

76   First American Funds 2008 Semiannual Report

Quasar for the funds included in this semiannual report were as follows:

Fund	Amount
Intermediate Government Bond Fund	$	5
Intermediate Term Bond Fund		12
Short Term Bond Fund		28

Under the distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2008:

Fund	Amount
Core Bond Fund	$	69
High Income Bond Fund		13
Inflation Protected Securities Fund		4
Intermediate Government Bond Fund		2
Intermediate Term Bond Fund		10
Short Term Bond Fund		21
Total Return Bond Fund		23
U.S. Government Mortgage Fund		16

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 other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended December 31, 2008, legal fees and expenses of $22 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
Year Since	of Dollar Amount
Purchase	Subject to Charge
First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—

A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first 12 months.

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

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

Fund	Amount
Core Bond Fund	$	17
High Income Bond Fund		5
Inflation Protected Securities Fund		4
Intermediate Government Bond Fund		1
Intermediate Term Bond Fund		3
Short Term Bond Fund		2
Total Return Bond Fund		4
U.S. Government Mortgage Fund		5

First American Funds 2008 Semiannual Report   77

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

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:

	Core						High Income						Inflation Protected
	Bond Fund						Bond Fund						Securities Fund
	Six-						Six-						Six-
	Month						Month						Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/08			6/30/08			12/31/08			6/30/08			12/31/08			6/30/08
Class A:
Shares issued		477			926			1,143			1,519			158			93
Shares issued in lieu of cash distributions		214			314			102			152			11			11
Shares redeemed		(1,248	)		(2,057	)		(500	)		(1,857	)		(58	)		(69	)
Total Class A transactions		(557	)		(817	)		745			(186	)		111			35
Class B:
Shares issued		25			58			6			19			—			—
Shares issued in lieu of cash distributions		18			27			12			18			—			—
Shares redeemed		(116	)		(267	)		(87	)		(134	)		—			—
Total Class B transactions		(73	)		(182	)		(69	)		(97	)		—			—
Class C:
Shares issued		39			75			23			96			45			24
Shares issued in lieu of cash distributions		9			13			20			29			1			1
Shares redeemed		(71	)		(108	)		(95	)		(262	)		(24	)		(26	)
Total Class C transactions		(23	)		(20	)		(52	)		(137	)		22			(1	)
Class R:
Shares issued		9			31			12			25			20			39
Shares issued in lieu of cash distributions		1			1			—			1			5			5
Shares redeemed		(2	)		(12	)		—			(24	)		(14	)		(16	)
Total Class R transactions		8			20			12			2			11			28
Class Y:
Shares issued		19,425			26,213			1,574			4,262			3.319			11,776
Shares issued in lieu of cash distributions		1,212			1,781			135			202			220			300
Shares redeemed		(37,064	)		(34,706	)		(5,122	)		(5,096	)		(10,138	)		(13,737	)
Total Class Y transactions		(16,427	)		(6,712	)		(3,413	)		(632	)		(6,599	)		(1,661	)
Net decrease in capital shares		(17,072	)		(7,711	)		(2,777	)		(1,050	)		(6,455	)		(1,599	)

	Intermediate
	Government						Intermediate Term						Short Term
	Bond Fund						Bond Fund						Bond Fund
	Six-						Six-						Six-
	Month						Month						Month
	Period			Year			Period			Year			Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/08			6/30/08			12/31/08			6/30/08			12/31/08			6/30/08
Class A:
Shares issued		1,381			713			136			421			194			202
Shares issued in lieu of cash distributions		12			17			63			101			101			209
Shares redeemed		(250	)		(159	)		(530	)		(808	)		(709	)		(1,088	)
Total Class A transactions		1,143			571			(331	)		(286	)		(414	)		(677	)
Class Y:
Shares issued		9,308			5,221			10,302			18,514			5,821			2,014
Shares issued in lieu of cash distributions		80			130			641			1,058			195			2,093
Shares redeemed		(1,835	)		(2,484	)		(14,330	)		(19,495	)		(4,187	)		(10,889	)
Total Class Y transactions		7,553			2,867			(3,387	)		77			1,829			(6,782	)
Net increase (decrease) in capital shares		8,696			3,438			(3,718	)		(209	)		1,415			(7,459	)

78   First American Funds 2008 Semiannual Report

	Total Return						U.S. Government
	Bond Fund						Mortgage Fund
	Six-						Six-
	Month						Month
	Period			Year			Period			Year
	Ended			Ended			Ended			Ended
	12/31/08			6/30/08			12/31/08			6/30/08
Class A:
Shares issued		189			655			58			76
Shares issued in lieu of cash distributions		69			55			25			48
Shares redeemed		(382	)		(480	)		(220	)		(359	)
Total Class A transactions		(124	)		230			(137	)		(235	)
Class B:
Shares issued		16			67			5			15
Shares issued in lieu of cash distributions		10			6			7			14
Shares redeemed		(47	)		(63	)		(51	)		(141	)
Total Class B transactions		(21	)		10			(39	)		(112	)
Class C:
Shares issued		54			224			23			14
Shares issued in lieu of cash distributions		14			8			4			8
Shares redeemed		(162	)		(42	)		(45	)		(100	)
Total Class C transactions		(94	)		190			(18	)		(78	)
Class R:
Shares issued		8			19			95			164
Shares issued in lieu of cash distributions		2			1			5			3
Shares redeemed		(11	)		(13	)		(46	)		(30	)
Total Class R transactions		(1	)		7			54			137
Class Y:
Shares issued		23,775			43,763			885			2,582
Shares issued in lieu of cash distributions		1,888			1,695			64			126
Shares redeemed		(48,988	)		(24,057	)		(2,481	)		(3,637	)
Total Class Y transactions		(23,325	)		21,401			(1,532	)		(929	)
Net increase (decrease) in capital shares		(23,565	)		21,838			(1,672	)		(1,217	)

First American Funds 2008 Semiannual Report   79

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

Each fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the fund instead of cash. Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended December 31, 2008 and the fiscal year ended June 30, 2008, were as follows:

	Six-Month Period		Year
	Ended		Ended
Fund	12/31/08		6/30/08
Core Bond Fund		20		66
High Income Bond Fund		10		8
Total Return Bond Fund		10		7
U.S. Government Mortgage Fund		—		7

5 > Investment Security Transactions

During the six-month period ended December 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
Core Bond Fund	$	888,199	$	1,086,323	$	149,066	$	228,862
High Income Bond Fund		—		—		71,157		91,209
Inflation Protected Securities Fund		19,695		83,972		1,826		3,881
Intermediate Government Bond Fund		105,197		36,244		—		—
Intermediate Term Bond Fund		40,215		88,782		93,768		111,532
Short Term Bond Fund		11,061		14,197		76,425		57,556
Total Return Bond Fund		483,759		646,207		109,225		179,135
U.S. Government Mortgage Fund		279,469		297,296		4,014		8,049

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 as of December 31, 2008, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Core Bond Fund	$	19,872	$	(230,720	)	$	(210,848	)	$	1,486,698
High Income Bond Fund		1,371		(69,476	)		(68,105	)		220,147
Inflation Protected Securities Fund		118		(19,009	)		(18,891	)		296,660
Intermediate Government Bond Fund		6,964		(280	)		6,684			146,858
Intermediate Term Bond Fund		6,774		(97,804	)		(91,030	)		784,359
Short Term Bond Fund		2,352		(27,910	)		(25,558	)		348,472
Total Return Bond Fund		14,219		(178,497	)		(164,278	)		898,741
U.S. Government Mortgage Fund		2,560		(12,125	)		(9,565	)		146,136

6 > Options Written

Transactions in options written for the six-month period ended December 31, 2008, were as follows:

	Put Options Written				Call Options Written
	Number of		Premium		Number of			Premium
Core Bond Fund	Contracts		Amount		Contracts			Amount
Balance at June 30, 2008		—	$	—		—		$	—
Opened		—		—		195			164
Expired		—		—		—			—
Closed		—		—		(195	)		(164	)
Balance at December 31, 2008		—	$	—		—		$	—

	Put Options Written				Call Options Written
	Number of		Premium		Number of			Premium
Inflation Protected Securities Fund	Contracts		Amount		Contracts			Amount
Balance at June 30, 2008		—	$	—		—		$	—
Opened		—		—		37			31
Expired		—		—		—			—
Closed		—		—		(37	)		(31	)
Balance at December 31, 2008		—	$	—		—		$	—

	Put Options Written				Call Options Written
	Number of		Premium		Number of			Premium
Short-Term Bond Fund	Contracts		Amount		Contracts			Amount
Balance at June 30, 2008		—	$	—		—		$	—
Opened		—		—		38			32
Expired		—		—		—			—
Closed		—		—		(38	)		(32	)
Balance at December 31, 2008		—	$	—		—		$	—

	Put Options Written						Call Options Written
	Number of			Premium			Number of			Premium
Total Return Bond Fund	Contracts			Amount			Contracts			Amount
Balance at June 30, 2008		537		$	384			895		$	470
Opened		588			297			1,130			707
Expired		—			—			—			—
Closed		(1,125	)		(681	)		(2,025	)		(1,177	)
Balance at December 31, 2008		—			—			—			—

7 > Concentration of Risks

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

8 > Indemnifications

The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. However, the funds have

80   First American Funds 2008 Semiannual Report

not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

9 > New Accounting Pronouncements

In March 2008, the FASB issued Statement on 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. FAS 161, is 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, to have a material impact on the financial statement amounts; however, additional disclosures will be required.

First American Funds 2008 Semiannual Report   81

Notice toShareholders   December 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 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.

82   First American Funds 2008 Semiannual 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.

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.

0056-09  2/2009  SAR-INCOME

Table of Contents

Explanation of Financial Statements	1
Holdings Summaries	2
Expense Examples	6
Schedule of Investments	11
Statements of Assets and Liabilities	66
Statements of Operations	68
Statements of Changes in Net Assets	70
Financial Highlights	74
Notes to Financial Statements	84
Notice to Shareholders	94

Mutual fund investing involves risk; principal loss is possible.

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

 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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.

First American Funds 2008 Semiannual Report   1

Holdings Summaries  

Arizona Tax Free Fund

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

Revenue Bonds3	74	.2%
General Obligations3	16	.5
Certificates of Participation3	5	.2
Short-Term Investments	2	.6
Other Assets and Liabilities, Net4	1	.5
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	17	.9%
AA	21	.6
A	33	.5
BBB	18	.7
Non-Rated	8	.3
	100	.0%

California Intermediate Tax Free Fund

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

Revenue Bonds3	69	.1%
General Obligations3	22	.3
Certificates of Participation3	4	.6
Short-Term Investments	4	.3
Other Assets and Liabilities, Net4	(0	.3)
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	5	.4%
AA	21	.5
A	39	.6
BBB	27	.8
BB	0	.5
Non-Rated	5	.2
	100	.0%

California Tax Free Fund

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

Revenue Bonds3	74	.1%
General Obligations3	21	.4
Certificates of Participation3	6	.4
Short-Term Investment	0	.1
Other Assets and Liabilities, Net4	(2	.0)
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	10	.7%
AA	18	.3
A	36	.2
BBB	32	.7
Non-Rated	2	.1
	100	.0%

Colorado Intermediate Tax Free Fund

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

Revenue Bonds3	74	.4%
General Obligations3	18	.4
Certificates of Participation3	5	.6
Short-Term Investment	2	.1
Other Assets and Liabilities, Net4	(0	.5)
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	4	.4%
AA	33	.7
A	22	.9
BBB	29	.9
Non-Rated	9	.1
	100	.0%

1	Sector allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of December 31, 2008, 23.1%, 6.6%, 3.8%, and 16.9% of net assets in Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, and Colorado Intermediate Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues.
4	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

2   First American Funds 2008 Semiannual Report

Colorado Tax Free Fund

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

Revenue Bonds3	77	.3%
Certificates of Participation3	12	.3
General Obligations3	8	.2
Short-Term Investment	2	.2
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	7	.0%
AA	22	.2
A	35	.2
BBB	31	.0
Non-Rated	4	.6
	100	.0%

Intermediate Tax Free Fund

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

Revenue Bonds3	63	.9%
General Obligations3	32	.1
Certificates of Participation3	2	.5
Short-Term Investments	0	.8
Other Assets and Liabilities, Net4	0	.7
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	16	.0%
AA	28	.5
A	28	.5
BBB	18	.1
BB	0	.3
Non-Rated	8	.6
	100	.0%

Minnesota Intermediate Tax Free Fund

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

Revenue Bonds3	67	.8%
General Obligations3	29	.3
Certificates of Participation3	1	.7
Other Assets and Liabilities, Net4	1	.2
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	3	.1%
AA	32	.6
A	36	.3
BBB	16	.4
BB	1	.7
Non-Rated	9	.9
	100	.0%

Minnesota Tax Free Fund

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

Revenue Bonds3	86	.7%
General Obligations3	8	.1
Certificate of Participation3	1	.5
Short-Term Investments	4	.0
Other Assets and Liabilities, Net4	(0	.3)
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	13	.1%
AA	19	.0
A	37	.7
BBB	7	.7
BB	0	.4
Non-Rated	22	.1
	100	.0%

1	Sector allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of December 31, 2008, 20.3%, 16.3%, 8.6%, and 9.4% of net assets in Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, and Minnesota Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues.
4	Investments 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 Semiannual Report   3

Missouri Tax Free Fund

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

Revenue Bonds3	83	.0%
General Obligations3	8	.5
Certificates of Participation3	7	.5
Other Assets and Liabilities, Net4	1	.0
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	32	.0%
AA	31	.6
A	13	.9
BBB	14	.2
Non-Rated	8	.3
	100	.0%

Nebraska Tax Free Fund

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

Revenue Bonds3	80	.7%
General Obligations3	18	.7
Short-Term Investments	1	.1
Other Assets and Liabilities, Net4	(0	.5)
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA		10	.6%
AA		43	.3
A		27	.4
BBB		10	.1
Non-Rated		8	.6
		100	.0%
	��

Ohio Tax Free Fund

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

Revenue Bonds3	63	.1%
General Obligations3	35	.3
Short-Term Investments	1	.0
Other Assets and Liabilities, Net4	0	.6
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	10	.0%
AA	40	.5
A	31	.3
BBB	15	.0
Non-Rated	3	.2
	100	.0%

Oregon Intermediate Tax Free Fund

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

General Obligations3	51	.6%
Revenue Bonds3	45	.0
Certificates of Participation3	2	.3
Short-Term Investments	0	.6
Other Assets and Liabilities, Net4	0	.5
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	17	.6%
AA	48	.6
A	15	.8
BBB	12	.6
Non-Rated	5	.4
	100	.0%

1	Sector allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of December 31, 2008, 12.8%, 3.2%, 7.5%, and 13.0% of net assets in Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues.
4	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

4   First American Funds 2008 Semiannual Report

Short Tax Free Fund

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

Revenue Bonds3	49	.4%
Short-Term Investments	24	.9
General Obligations3	23	.1
Certificate of Participation3	4	.3
Other Assets and Liabilities, Net4	(1	.7)
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	24	.5%
AA	30	.6
A	28	.0
BBB	10	.1
BB	0	.2
Non-Rated	6	.6
	100	.0%

Tax Free Fund

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

Revenue Bonds3	88	.5%
General Obligations3	9	.1
Certificates of Participation3	1	.4
Short-Term Investments	1	.4
Other Assets and Liabilities, Net4	(0	.4)
	100	.0%

Bond Credit Quality as of December 31, 2008² (% of market value)

AAA	8	.3%
AA	16	.3
A	28	.8
BBB	31	.9
Non-Rated	14	.7
	100	.0%

1	Sector allocations are subject to change and are not recommendations to buy or sell any security.
2	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used.
3	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Notes to Schedule of Investments. As of December 31, 2008, 3.6% and 7.9% of net assets in Short Tax Free Fund and Tax Free Fund, respectively, were pre-refunded and escrowed to maturity issues.
4	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

First American Funds 2008 Semiannual Report   5

Expense Examples

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

Arizona Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual2	$	1,000.00	$	923.00	$	3.64
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual2	$	1,000.00	$	921.90	$	5.57
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual2	$	1,000.00	$	925.10	$	2.43
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -7.70%, -7.81%, and -7.49% for Class A, Class C, and Class Y, respectively.

California Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual4	$	1,000.00	$	967.80	$	3.47
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57
Class Y Actual4	$	1,000.00	$	966.90	$	3.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.70% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2008 of -3.22% and -3.31% for Class A and Class Y, respectively.

6   First American Funds 2008 Semiannual Report

California Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual2	$	1,000.00	$	925.30	$	3.15
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31
Class C Actual2	$	1,000.00	$	923.00	$	5.57
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual2	$	1,000.00	$	926.00	$	2.43
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.65%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -7.47%, -7.70%, and -7.40% for Class A, Class C, and Class Y, respectively.

Colorado Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual4	$	1,000.00	$	977.90	$	4.24
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual4	$	1,000.00	$	978.60	$	3.49
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2008 of -2.21% and -2.14% for Class A and Class Y, respectively.

Colorado Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual6	$	1,000.00	$	904.00	$	3.60
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual6	$	1,000.00	$	901.90	$	5.51
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual6	$	1,000.00	$	906.20	$	2.40
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2008 of -9.60%, -9.81%, and -9.38% for Class A, Class C, and Class Y, respectively.

Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period7 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual8	$	1,000.00	$	983.60	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class Y Actual8	$	1,000.00	$	983.80	$	3.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

7	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
8	Based on the actual returns for the six-month period ended December 31, 2008 of -1.64% and -1.62% for Class A and Class Y, respectively.

First American Funds 2008 Semiannual Report   7

Expense Examples

Minnesota Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual2	$	1,000.00	$	968.50	$	3.72
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class Y Actual2	$	1,000.00	$	969.60	$	3.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -3.15% and -3.04% for Class A and Class Y, respectively.

Minnesota Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual4	$	1,000.00	$	909.00	$	4.09
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class C Actual4	$	1,000.00	$	906.30	$	6.49
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class Y Actual4	$	1,000.00	$	909.60	$	3.37
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2008 of -9.10%, -9.37%, and -9.04% for Class A, Class C, and Class Y, respectively.

Missouri Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual6	$	1,000.00	$	939.30	$	4.64
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84
Class C Actual6	$	1,000.00	$	938.00	$	6.59
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class Y Actual6	$	1,000.00	$	940.40	$	3.42
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2008 of -6.07%, -6.20%, and -5.96% for Class A, Class C, and Class Y, respectively.

8   First American Funds 2008 Semiannual Report

Nebraska Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual2	$	1,000.00	$	930.80	$	3.65
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual2	$	1,000.00	$	928.40	$	5.59
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual2	$	1,000.00	$	931.90	$	2.43
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -6.92%, -7.16%, and -6.81% for Class A, Class C, and Class Y, respectively.

Ohio Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period3 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual4	$	1,000.00	$	950.10	$	3.69
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual4	$	1,000.00	$	947.50	$	5.65
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85
Class Y Actual4	$	1,000.00	$	951.30	$	2.46
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

3	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
4	Based on the actual returns for the six-month period ended December 31, 2008 of -4.99%, -5.25%, and -4.87% for Class A, Class C, and Class Y, respectively.

Oregon Intermediate Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period5 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual6	$	1,000.00	$	993.30	$	4.27
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33
Class Y Actual6	$	1,000.00	$	995.10	$	3.52
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

5	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
6	Based on the actual returns for the six-month period ended December 31, 2008 of -0.67% and -0.49% for Class A and Class Y, respectively.

Short Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period7 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual8	$	1,000.00	$	983.30	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class Y Actual8	$	1,000.00	$	984.00	$	3.00
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06

7	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
8	Based on the actual returns for the six-month period ended December 31, 2008 of -1.67% and -1.60% for Class A and Class Y, respectively.

First American Funds 2008 Semiannual Report   9

Expense Examples  

Tax Free Fund

					Expenses Paid During
	Beginning Account		Ending Account		Period1 (7/01/08 to
	Value (7/01/08)		Value (12/31/08)		12/31/08)
Class A Actual2	$	1,000.00	$	861.70	$	3.52
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class C Actual2	$	1,000.00	$	858.30	$	6.32
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class Y Actual2	$	1,000.00	$	862.00	$	3.29
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57

1	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).
2	Based on the actual returns for the six-month period ended December 31, 2008 of -13.83%, -14.17%, and -13.80% for Class A, Class C, and Class Y, respectively.

10   First American Funds 2008 Semiannual Report

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Arizona Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 95.9%
Revenue Bonds – 74.2%
Continuing Care Retirement Communities – 9.1%
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 ◊	$	200	$	239
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		400		216
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		100		66
Maricopa County Industrial Development Authority, Senior Living Health Care Revenue, Immanuel Care, Series A (GNMA)
4.850%, 08/20/2026		750		650
5.000%, 08/20/2035		1,000		848
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		157		138
				2,157
Education – 9.6%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
5.000%, 10/01/2032		425		244
Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/2009 @ 102
5.850%, 02/01/2019 ◊		1,000		1,024
Glendale Industrial Development Authority, Midwestern University
5.250%, 05/15/2014		140		143
5.000%, 05/15/2031		500		399
Glendale Industrial Development Authority, Midwestern University, Series A, Pre-refunded 05/15/2011 @ 101
5.750%, 05/15/2021 ◊		250		275
Pima County Industrial Development Authority, Education Revenue, American Charter Schools Foundation, Series A
5.500%, 07/01/2026		275		187
				2,272
Healthcare – 21.4%
Arizona Health Facilities Authority, Banner Health, Series A
5.000%, 01/01/2021		280		257
Arizona Health Facilities Authority, Banner Health, Series D
5.375%, 01/01/2032		150		127
Arizona Health Facilities Authority, Blood Systems Incorporated
4.750%, 04/01/2025		300		234
Arizona Health Facilities Authority, John C. Lincoln Health Network, Pre-refunded 12/01/2012 @ 101
5.750%, 12/01/2032 ◊		150		170
Glendale Industrial Development Authority
4.625%, 12/01/2027		200		117
Glendale Industrial Development Authority, John C. Lincoln Health Network
5.000%, 12/01/2032		100		59
Halifax Medical Center, Florida Hospital Revenue, Series A
5.000%, 06/01/2038		375		194
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
5.250%, 02/15/2030		400		282
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
5.000%, 07/01/2020		80		55
Johnson City, Tennessee Health & Elderly Facilities Authority, Pre-refunded 07/01/2012 @ 103
7.500%, 07/01/2025 ◊		100		121
Maricopa County Hospital, Sun Health Corporation, Pre-refunded 04/01/2024 @ 100
5.000%, 04/01/2025 ◊		200		213
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
5.375%, 07/01/2023		500		421
5.250%, 07/01/2032		100		72
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Pre-refunded 12/01/2011 @ 101
5.700%, 12/01/2021 ◊		1,000		1,114
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A
5.250%, 09/01/2030		550		412
University Medical Center Corporation, Hospital Revenue
5.000%, 07/01/2016		250		231
5.000%, 07/01/2024		500		378
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A (RAAI)
5.250%, 08/01/2021		375		288
6.000%, 08/01/2033		100		72
Yuma Industrial Development Authority, Yuma Regional Medical Center, Escrowed to Maturity (MBIA)
5.500%, 08/01/2017 §		250		280
				5,097
Housing – 4.1%
Douglas Community Housing Corporation, Rancho La Perilla, Series A (GNMA)
5.900%, 07/20/2020		500		505
6.000%, 07/20/2025		475		461
				966
Lease Revenue – 5.8%
Arizona Game & Fish Department, Administration Building Project
4.500%, 07/01/2032		200		151
Mohave County Industrial Development Authority, Mohave Prison Expansion Project
8.000%, 05/01/2025		250		229
Peoria Municipal Development Authority
5.000%, 07/01/2015		310		347
Pinal County Industrial Development Authority Correctional Facilities Contract, Florence West Prison Project, Series A (ACA)
5.000%, 10/01/2016		250		219

First American Funds 2008 Semiannual Report   11

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Arizona Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Puerto Rico Public Buildings Authority, Government Facilities, Series M (COMGTY)
6.250%, 07/01/2031	$	500	$	443
				1,389
Miscellaneous – 3.3%
Arizona Student Loan Acquisition Authority, Series A (AMT)
5.900%, 05/01/2024		100		88
Greater Arizona Infrastructure Development Authority, Series B
5.250%, 08/01/2026		750		703
				791
Tax Revenue – 12.5%
Greater Arizona Development Authority, Infrastructure Revenue, Pinal County Road Project, Series 1 (MBIA)
4.500%, 08/01/2025		750		655
Marana, Municipal Property Corporation, Series A
5.000%, 07/01/2028		250		235
Marana, Tangerine Farms Road Improvement District
4.600%, 01/01/2026		250		161
Peoria Improvement District #0601
4.250%, 01/01/2022		465		408
Phoenix Civic Improvements, Excise Tax Revenue, Municipal Courthouse Project, Series A, Pre-refunded 07/01/2009 @ 101
5.750%, 07/01/2016 ◊		300		311
Queen Creek Improvement District #001
5.000%, 01/01/2020		300		211
Scottsdale Municipal Property Corporation, Excise Tax Revenue, Convertible CABs, Series C (AMBAC)
0.000% through 06/30/2013, thereafter 4.550%, 07/01/2021 ◗		500		395
Tempe, Excise Tax Revenue, Series A, Pre-refunded 07/01/2009 @ 100
5.625%, 07/01/2020 ◊		300		307
Yuma Improvement District #68
4.700%, 01/01/2021		365		278
				2,961
Utilities – 8.4%
Cottonwood Water Revenue (XLCA)
5.000%, 07/01/2017		250		237
Gilbert Water Resource Municipal Property Corporation, Wastewater System & Utility Revenue
5.000%, 04/01/2017		165		161
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2028		1,000		835
Salt Verde Financial Corporation, Gas Revenue
5.000%, 12/01/2037		550		343
Tucson Water, Series 1994-A (MBIA)
6.250%, 07/01/2016		170		193
Yavapai Industrial Development Authority, Waste Management Incorporated Project, Series A-1 (AMT)
4.900%, 03/01/2028		400		231
				2,000
Total Revenue Bonds				17,633
General Obligations – 16.5%
Centerra Community Facilities Distributors
5.500%, 07/15/2029		188		109
Chandler, Pre-refunded 07/01/2010 @ 101
5.800%, 07/01/2018 ◊		250		270
Greenlee County School District #18, Morenci
5.000%, 07/01/2012		165		169
Phoenix, Pre-refunded 07/01/2010 @ 100
5.250%, 07/01/2019 ◊		350		371
5.375%, 07/01/2025 ◊		750		797
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC)
5.000%, 07/01/2027		1,000		925
Pinal County Unified School District #1, Florence School Improvement Project 2006, Series A (FGIC)
5.000%, 07/01/2027		1,000		925
Puerto Rico Commonwealth, Series A
5.125%, 07/01/2028		100		75
Tucson
5.500%, 07/01/2018		250		289
Total General Obligations				3,930
Certificates of Participation – 5.2%
Arizona School Facilities Board
5.250%, 09/01/2023		500		495
Northern Arizona University, Research Projects (AMBAC)
5.000%, 09/01/2023		140		130
Pinal County
5.000%, 12/01/2014		400		409
Tucson (MBIA)
5.500%, 07/01/2015		200		203
Total Certificates of Participation				1,237
Total Municipal Bonds
(Cost $25,727)				22,800
Short-Term Investments – 2.6%
Money Market Fund – 0.2%
Federated Arizona Municipal Money Market Fund		31,850		32
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
0.430%, 01/29/2009 Ä	$	75		75
Variable Rate Demand Note v – 2.1%
Apache County Industrial Development Authority, Tucson Electric Power (LOC: Wells Fargo)
0.750%, 12/01/2020		500		500
Total Short-Term Investments
(Cost $607)				607
Total Investments – 98.5%
(Cost $26,334)				23,407
Other Assets and Liabilities, Net – 1.5%				361
Total Net Assets – 100.0%			$	23,768

◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
◗	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the

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

12   First American Funds 2008 Semiannual Report

Arizona Tax Free Fund (concluded)

	conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
Ä	Yield shown is effective yield as of December 31, 2008.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2008.

ACA –  ACA Financial Guaranty Corporation

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to AMT was $319 which represents 1.3% of total net assets.

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

GNMA –  Government National Mortgage Association

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

XLCA –  XL Capital Assurance Inc.

California Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 96.0%
Revenue Bonds – 69.1%
Continuing Care Retirement Communities – 2.4%
California Health Facilities Financing Authority, Paradise Valley Estates (CMI)
4.375%, 01/01/2012	$	540	$	548
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
5.000%, 11/15/2012		500		517
La Verne, Brethren Hillcrest Homes, Series B (ACA)
5.600%, 02/15/2033		500		282
				1,347
Economic Development – 1.8%
Port of Oakland, Series B (MBIA)
5.000%, 11/01/2018		1,000		1,041
Education – 12.5%
California Educational Facilities Authority, Claremont Graduate University, Series A
4.750%, 03/01/2020		755		751
5.000%, 03/01/2020		240		228
5.000%, 03/01/2023		435		422
California Educational Facilities Authority, Golden Gate University
5.000%, 10/01/2020		505		373
California Educational Facilities Authority, Lutheran University, Series C
4.750%, 10/01/2015		675		603
California Educational Facilities Authority, Series B, Escrowed to Maturity
6.000%, 06/01/2010 §		85		91
6.000%, 06/01/2010 §		410		438
California Educational Facilities Authority, University of Redlands
5.000%, 10/01/2020		500		469
5.000%, 08/01/2028		500		460
California Educational Facilities Authority, University of the Pacific
5.000%, 11/01/2015		300		296
California Educational Facilities Authority, Woodbury University
4.400%, 01/01/2015		450		379
California Higher Educational Facilities Authority, University of Redlands, Series A, Escrowed to Maturity
5.550%, 06/01/2009 §		225		230
California Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/2010 @ 101
5.700%, 06/01/2011 ◊		250		268
5.750%, 06/01/2012 ◊		260		279
California Municipal Finance Authority, Biola University
5.000%, 10/01/2018		800		655
California Municipal Finance Authority, Loma Linda University
4.250%, 04/01/2018		300		278
California State University Revenue, Series C (MBIA)
5.000%, 11/01/2025		500		471
California Statewide Communities Development Authority, Viewpoint Schools (ACA)
4.125%, 10/01/2014		405		358
				7,049

First American Funds 2008 Semiannual Report   13

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

California Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Healthcare – 16.8%
Association of Bay Area Governments Financing Authority, Children’s Hospital, Series A
4.500%, 12/01/2019	$	425	$	360
California Health Facilities Financing Authority, Casa Colina
5.500%, 04/01/2013		300		297
California Health Facilities Financing Authority, Catholic Healthcare West, Series G
5.500%, 07/01/2025		1,000		860
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/2014 @ 100
4.950%, 07/01/2026		450		429
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
4.750%, 11/01/2019		1,200		1,124
California Health Facilities Financing Authority, Scripps Health, Series A
5.000%, 10/01/2022		200		171
California Health Facilities Financing Authority, Valleycare Medical Center, Series A, Pre-refunded 05/01/2012 @ 100 (CMI)
4.625%, 05/01/2013 ◊		300		328
California Statewide Communities Development Authority, Daughters of Charity Health, Series G
5.250%, 07/01/2013		500		453
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
7.250%, 11/15/2011 §		275		298
California Statewide Communities Development Authority, Enloe Medical Center, Series A (CMI)
5.250%, 08/15/2019		125		117
5.500%, 08/15/2023		250		223
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital (CMI)
5.000%, 10/01/2020		500		445
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
3.850%, 11/01/2029		1,000		992
California Statewide Communities Development Authority, St. Joseph, Series B (FGIC)
5.500%, 07/01/2027		250		228
California Statewide Communities Development Authority, St. Joseph, Series C (FGIC)
5.500%, 07/01/2027		500		456
Loma Linda University Medical Center, Hospital Revenue, Series A
5.000%, 12/01/2015		600		516
8.250%, 12/01/2038		250		231
Marysville Hospital, Fremont Rideout Health Project, Series A (AMBAC)
5.000%, 01/01/2010		500		504
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A
5.500%, 11/15/2009		650		665
Sierra View Health Care District
5.250%, 07/01/2024		500		371
Turlock California Health Facilities Revenue, Emanuel Medical Center
5.000%, 10/15/2024		700		433
				9,501
Housing – 2.9%
Aztec Shops, California Auxiliary Organization, San Diego State University
5.400%, 09/01/2011		1,035		1,016
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (AMT) (FNMA) (GNMA)
5.250%, 06/01/2010		5		5
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/2009 @ 100
5.200%, 12/01/2029		500		494
California Statewide Communities Development Authority, UCI East Campus
5.500%, 05/15/2026		205		140
				1,655
Lease Revenue – 8.1%
Apple Valley Public Financing Authority, Town Hall Annex Project, Series A (AMBAC)
4.500%, 09/01/2017		535		506
California Public Works Board, California Community Colleges, Series A
4.875%, 12/01/2018		200		195
California Public Works Board, Department of Corrections & Rehabilitation, Series F (FGIC) (MBIA)
5.000%, 11/01/2016		1,500		1,531
California Public Works Board, Department of Health Services, Series A (MBIA)
5.200%, 11/01/2012		500		510
California Public Works Board, Department of Mental Health, Series A
5.500%, 06/01/2016		540		557
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA)
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 ◗		150		121
Los Angeles Community Redevelopment Agency, Manchester Social Services Project (AMBAC)
5.000%, 09/01/2016		1,200		1,178
				4,598
Miscellaneous – 5.0%
California Infrastructure & Economic Development, Salvation Army Western (AMBAC)
4.000%, 09/01/2018		1,000		959
Golden West Schools Financing Authority, Series A (MBIA)
5.700%, 02/01/2013		720		799
5.750%, 02/01/2014		520		585
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA)
4.427%, 02/01/2012 ¤		535		468
				2,811

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

14   First American Funds 2008 Semiannual Report

California Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Recreational Facility Authority – 1.4%
California Infrastructure & Economic Development, Performing Arts Center
4.000%, 12/01/2015	$	220	$	221
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101
6.000%, 07/01/2022 ◊		500		578
				799
Tax Revenue – 7.8%
Antioch Area Public Facilities Financing Agency, Special Tax, Community Facilities District #1989-1 (AMBAC)
4.000%, 08/01/2018		1,000		846
Corona Redevelopment Agency, Tax Allocation, Temescal Canyon Project Area, Series A (AGTY)
4.125%, 11/01/2017		205		181
Murrieta Community Facilities District #2, The Oaks Area
5.750%, 09/01/2020		250		200
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
4.500%, 10/01/2016		260		244
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA)
4.750%, 10/01/2013		500		497
Poway Unified School District, Special Tax, Community Facilities District #6-4
5.000%, 09/01/2023		400		283
Rancho Cucamonga Redevelopment Agency, Series A (MBIA)
4.125%, 09/01/2018		310		265
San Bernardino Redevelopment Agency, Tax Allocation Revenue, San Sevaine Redevelopment Project, Series A (RAAI)
5.000%, 09/01/2016		500		466
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI)
4.000%, 08/01/2012		295		274
4.100%, 08/01/2014		325		285
4.250%, 08/01/2016		250		206
Sand City Redevelopment Agency Tax Allocation Revenue, Series A (AGTY)
4.000%, 11/01/2019		315		295
Soledad Redevelopment Agency, Tax Allocation Revenue, Series A (XLCA)
4.500%, 12/01/2016		205		192
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1
4.600%, 10/01/2018		280		205
				4,439
Transportation – 1.3%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
6.070%, 10/01/2014 ¤		1,000		709
Utilities – 9.1%
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC) (MBIA)
5.000%, 11/01/2020		1,025		999
California Municipal Finance Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
4.100%, 09/01/2014		750		732
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project,
Series B (AMT)
5.000%, 07/01/2027		250		147
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company,
Series A, Mandatory Put 04/01/2013 @ 100 (XLCA)
4.100%, 04/01/2028		500		456
California Statewide Communities Development Authority, Water Revenue,
Series B (FSA)
4.250%, 10/01/2017		285		295
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Pre-refunded 11/01/2009 @ 101 (MBIA)
5.200%, 11/01/2011 ◊		405		424
Imperial, Wastewater Treatment Facility (FGIC)
5.000%, 10/15/2020		1,000		870
Richmond Wastewater Systems, Pre-refunded 08/01/2009 @ 102 (FGIC)
5.200%, 08/01/2011 ◊		500		523
Signal Hill, Water Revenue (MBIA)
4.375%, 11/01/2018		345		342
Whittier Utility Authority (MBIA)
4.400%, 06/01/2017		305		314
4.500%, 06/01/2018		65		66
				5,168
Total Revenue Bonds				39,117
General Obligations – 22.3%
Baldwin Park Unified School District Election of 2002, Zero Coupon Bond (AMBAC)
5.715%, 08/01/2020 ¤		1,000		521
California
5.000%, 02/01/2017		1,000		1,029
5.125%, 04/01/2024		500		480
California, Water Reservoir Development, Series Q
4.750%, 03/01/2020		200		196
Desert Sands Unified School District, Election of 2001
5.250%, 08/01/2023		350		360
Foothill-De Anza Community College District
6.000%, 08/01/2011		300		320
Fresno Unified School District, Series A (MBIA)
6.050%, 08/01/2011		500		538
Grant Joint Union High School District, Capital Appreciation, Election of 2006, Zero Coupon Bond (FSA)
6.136%, 08/01/2026 ¤		300		104
Jefferson Union High School District, San Mateo County, Series A (MBIA)
6.250%, 02/01/2014		300		332
Los Angeles Unified School District Election of 2005, Series C (AMBAC)
5.000%, 07/01/2015		1,000		1,110
Oakland, Series A (MBIA)
5.000%, 01/15/2026		185		181

First American Funds 2008 Semiannual Report   15

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

California Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Pomona Unified School District, Series A (MBIA)
6.150%, 08/01/2015	$	500	$	552
Puerto Rico Commonwealth, Series B (FSA)
6.500%, 07/01/2015		1,000		1,064
Redondo Beach Unified School District, Election of 2008, Series A
4.250%, 08/01/2021		545		523
Roseville Joint Union High School District, Election of 2004, Series B (FGIC) (MBIA)
5.000%, 08/01/2018		550		584
Roseville Joint Union High School District, Series E
5.200%, 08/01/2020		600		617
San Bernardino Community College District, Election of 2002, Series A
6.500%, 08/01/2027		765		821
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) (MBIA)
4.490%, 09/01/2017 ¤		1,000		680
Santa Barbara Community College District, Election of 2008, Series A
5.250%, 08/01/2027		750		756
Upland Unified School District, Election of 2008, Series A (FSA)
4.000%, 08/01/2020		150		144
Walnut Valley Unified School District, Series A, Pre-refunded 08/01/2010 @ 102 (FSA)
5.000%, 08/01/2012 ◊		255		276
West Covina Unified School District, Series A (MBIA)
5.350%, 02/01/2020		770		782
West Contra Costa Unified School District, Election of 2005, Series B
6.000%, 08/01/2024		600		618
Total General Obligations				12,588
Certificates of Participation – 4.6%
Kern County Board of Education, Series A (MBIA)
5.200%, 05/01/2012		325		331
Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC)
5.375%, 11/01/2010		210		216
Pasadena, Series C
4.500%, 02/01/2026		200		177
Poway California (AMBAC)
4.500%, 08/01/2016		585		569
Rowland Water District, Recycled Water Project
5.750%, 12/01/2024		565		568
5.750%, 12/01/2025		480		479
Travis Unified School District (FGIC) (MBIA)
4.500%, 09/01/2016		300		277
Total Certificates of Participation				2,617
Total Municipal Bonds
(Cost $57,268)				54,322
Short-Term Investments – 4.3%
Money Market Fund – 3.4%
Blackrock Liquidity Funds		1,961,204		1,961
Variable Rate Demand Note v – 0.9%
California Educational Facilities Authority, San Francisco Conservatory (LOC: Wells Fargo Bank)
0.529%, 03/01/2025		500		500
Total Short-Term Investments
(Cost $2,461)				2,461
Total Investments – 100.3%
(Cost $59,729)				56,783
Other Assets and Liabilities, Net – (0.3)%				(193	)
Total Net Assets – 100.0%			$	56,590

§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
◗	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2008.

ACA –  ACA Financial Guaranty Corporation

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $884, which represents 1.6% of total net assets.

CMI –  California Mortgage Insurance Program

FGIC –  Financial Guaranty Insurance Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

XLCA –  XL Capital Assurance Inc.

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

16   First American Funds 2008 Semiannual Report

California Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 101.9%
Revenue Bonds – 74.1%
Continuing Care Retirement Communities – 1.2%
Association of Bay Area Governments Finance Authority, Lincoln Glen Manor Senior Citizens (CMI)
6.100%, 02/15/2025	$	250	$	248
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		300		187
				435
Education – 15.2%
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A, Escrowed to Maturity
5.900%, 06/01/2010 §		200		213
California Educational Facilities Authority, Claremont Graduate University, Series A
5.000%, 03/01/2023		430		417
5.125%, 03/01/2028		500		468
California Educational Facilities Authority, Series B, Pre-refunded 06/01/2010 @ 101
6.625%, 06/01/2020 ◊		35		38
6.625%, 06/01/2020 ◊		180		195
California Educational Facilities Authority, University of Redlands
5.000%, 10/01/2020		500		469
5.000%, 08/01/2028		500		460
California Educational Facilities Authority, University of the Pacific
5.000%, 11/01/2030		1,000		779
California Educational Facilities Authority, Woodbury University
4.500%, 01/01/2016		470		385
California Higher Educational Facilities Authority, Fresno Pacific University, Series A
6.750%, 03/01/2019		380		340
California Municipal Finance Authority, Biola University
5.000%, 10/01/2018		200		164
5.625%, 10/01/2023		500		387
California Municipal Finance Authority, Education Revenue, American Heritage Education Foundation Project, Series A
5.250%, 06/01/2026		400		260
California Municipal Finance Authority, Loma Linda University
4.375%, 04/01/2019		300		273
California State University Revenue, Series C (MBIA)
5.000%, 11/01/2025		500		471
				5,319
Healthcare – 21.8%
Association of Bay Area Governments Financial Authority, Children’s Hospital, Series A
4.750%, 12/01/2022		350		278
California Health Facilities Financing Authority, Casa Colina
5.500%, 04/01/2013		50		50
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
4.750%, 11/01/2019		560		525
California Health Facilities Financing Authority, Sutter Health, Series A
5.000%, 08/15/2038		250		203
California Statewide Communities Development Authority, Adventist Health, Series A
5.000%, 03/01/2030		300		216
California Statewide Communities Development Authority, Catholic Healthcare West, Series C
5.625%, 07/01/2035		1,000		807
California Statewide Communities Development Authority, Daughters of Charity Healthcare, Series A
5.250%, 07/01/2030		100		59
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
7.250%, 11/15/2011 §		135		146
California Statewide Communities Development Authority, Enloe Medical Center, Series A (CMI)
5.500%, 08/15/2023		250		223
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital (CMI)
5.000%, 10/01/2027		400		313
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial, Series B (AMBAC) (CMI)
5.200%, 10/01/2037		500		398
California Statewide Communities Development Authority, Jewish Home (CMI)
4.500%, 11/15/2019		560		488
5.000%, 11/15/2037		500		356
California Statewide Communities Development Authority, Redlands Community Hospital, Series A (RAAI)
5.000%, 04/01/2015		500		482
California Statewide Communities Development Authority, St. Joseph, Series B (FGIC)
5.500%, 07/01/2027		850		775
Loma Linda University Medical Center, Hospital Revenue, Series A
5.000%, 12/01/2015		400		344
8.250%, 12/01/2038		750		693
Sierra View Health Care District
5.250%, 07/01/2024		500		371
5.300%, 07/01/2026		1,000		719
Turlock California Health Facilities Revenue, Emanuel Medical Center
5.000%, 10/15/2024		300		185
				7,631
Housing – 3.2%
California Department of Veterans Affairs, Series C (AMT)
5.500%, 12/01/2019		180		170
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA)
5.650%, 06/01/2010		5		5
California Statewide Communities Development Authority, UCI East Campus
5.500%, 05/15/2026		205		140

First American Funds 2008 Semiannual Report   17

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

California Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
5.150%, 12/01/2031	$	1,000	$	792
				1,107
Lease Revenue – 8.8%
Apple Valley Public Financing Authority, Town Hall Annex Project, Series A (AMBAC)
5.000%, 09/01/2027		500		421
California Public Works Board, California Community Colleges, Series B
5.500%, 06/01/2019		1,035		1,040
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA)
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 ◗		1,750		1,415
Yuba Levee Financing Authority, Series A (AGTY)
5.000%, 09/01/2038		250		222
				3,098
Miscellaneous – 2.8%
Golden West Schools Financing Authority, Series A (MBIA)
5.750%, 02/01/2014		250		281
5.800%, 08/01/2022		320		331
5.800%, 08/01/2023		345		353
				965
Recreational Facility Authority – 1.7%
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/2012 @ 101
6.000%, 07/01/2022 ◊		500		578
Tax Revenue – 11.0%
Grass Valley Community Redevelopment Agency, Tax Allocation
6.400%, 12/01/2034		400		318
Los Angeles County Community Facilities District #3, Special Tax, Series A (AMBAC)
5.250%, 09/01/2018		715		719
Los Angeles Special Assessment District #96-1
5.625%, 03/01/2019		200		208
Murrieta Community Facilities District #2, The Oaks Area
5.750%, 09/01/2020		125		100
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
4.875%, 10/01/2030		500		373
Palm Desert Financing Authority, Tax Allocation Revenue, Project Area #4, Series A (MBIA)
5.000%, 10/01/2029		1,000		779
Poway Unified School District, Special Tax, Community Facilities District #6-4
5.000%, 09/01/2023		250		177
Rancho Cucamonga Redevelopment Agency, Series A (MBIA)
5.000%, 09/01/2034		500		369
San Bernardino Redevelopment Agency, Tax Allocation Revenue, San Sevaine Redevelopment Project, Series A (RAAI)
5.000%, 09/01/2016		350		326
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Revenue, Mission Bay North Redevelopment Project, Series B (RAAI)
4.375%, 08/01/2018		380		293
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1
4.400%, 10/01/2015		120		99
4.500%, 10/01/2016		125		98
				3,859
Transportation – 1.0%
Puerto Rico Commonwealth Highway & Transportation Authority, Series X (IBC) (MBIA)
5.500%, 07/01/2015		100		93
San Francisco Airport Commission, SFO Fuel Company (AMT) (FSA)
5.625%, 01/01/2012		250		250
				343
Utilities – 7.4%
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement Projects (FGIC) (MBIA)
5.000%, 11/01/2023		1,040		967
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series A-2 (AMT)
5.400%, 04/01/2025		500		323
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT)
5.000%, 07/01/2027		250		147
Compton Sewer Authority (IBC) (MBIA)
5.375%, 09/01/2023		1,150		1,156
				2,593
Total Revenue Bonds				25,928
General Obligations – 21.4%
Bassett Unified School District Election of 2006 (FSA)
5.000%, 08/01/2027		500		477
California
5.000%, 02/01/2024		500		474
Hemet Unified School District, Election of 2006, Series B (AGTY)
5.000%, 08/01/2030		600		560
Jefferson Union High School District, San Mateo County, Series A (MBIA)
6.250%, 08/01/2020		460		499
Los Angeles Unified School District, Election of 2002, Series B (AMBAC)
4.500%, 07/01/2025		1,375		1,252
Lucia Mar Unified School District (FGIC) (MBIA)
5.250%, 08/01/2022		100		100
Oakland, Series A (MBIA)
5.000%, 01/15/2026		250		244
Palm Springs Unified School District, Election of 2004, Series B (FSA)
4.750%, 08/01/2035		425		373
Pomona Unified School District, Series A (MBIA)
5.950%, 02/01/2017		855		944

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

18   First American Funds 2008 Semiannual Report

California Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014	$	200	$	185
San Bernardino Community College District, Election of 2002, Series A
6.500%, 08/01/2027		500		537
San Francisco City & County Unified School District, Election of 2003, Series C (MBIA)
4.500%, 06/15/2026		100		89
Santa Ana Unified School District, Election of 2008, Series A
5.250%, 08/01/2028		1,000		975
Santa Barbara Community College District, Election of 2008, Series A
5.250%, 08/01/2027		250		252
West Contra Costa Unified School District, Election of 2005, Series B
6.000%, 08/01/2024		500		515
Total General Obligations				7,476
Certificates of Participation – 6.4%
Escondido, Series A (FGIC)
5.625%, 09/01/2020		140		145
Escondido, Series A, Pre-refunded 09/01/2010 @ 101 (FGIC)
5.625%, 09/01/2020 ◊		160		173
Los Angeles, Sonnenblick del Rio Senior Lien (AMBAC)
6.000%, 11/01/2019		330		350
Ramona Unified School District, Convertible CABs (FGIC) (MBIA)
0.000% through 05/01/2012, thereafter 5.000%, 05/01/2032 ◗		500		393
Roseville Water Utility (MBIA)
4.750%, 12/01/2023		750		697
Rowland Water District, Recycled Water Project
6.250%, 12/01/2039		500		496
Total Certificates of Participation				2,254
Total Municipal Bonds
(Cost $40,221)				35,658
Short-Term Investment – 0.1%
Blackrock Liquidity Funds
(Cost $31)		31,263		31
Total Investments – 102.0%
(Cost $40,252)				35,689
Other Assets and Liabilities, Net – (2.0)%				(688	)
Total Net Assets – 100.0%			$	35,001

§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
◗	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $1,687, which represents 4.8% of total net assets.

California Tax Free Fund (concluded)

CMI –  California Mortgage Insurance Program

FGIC –  Financial Guaranty Insurance Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

IBC –  International Bank of Commerce

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

First American Funds 2008 Semiannual Report   19

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Colorado Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 98.4%
Revenue Bonds – 74.4%
Continuing Care Retirement Communities – 1.3%
Colorado Health Facilities Authority, Christian Living Communities Project, Series A
5.250%, 01/01/2014	$	250	$	211
Colorado Health Facilities Authority, Covenant Retirement Communities
5.000%, 12/01/2016		500		401
				612
Education – 10.4%
Colorado Board of Governors University Enterprise System Revenue, Series B (FGIC) (MBIA)
4.250%, 03/01/2017		500		508
Colorado Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI)
4.750%, 12/01/2014		220		201
4.750%, 12/01/2015		230		205
Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project, Escrowed to Maturity
6.250%, 09/15/2011 §		175		186
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
5.000%, 06/15/2018		240		236
5.000%, 06/15/2019		255		244
5.000%, 06/15/2020		265		248
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
6.375%, 12/01/2011 §		380		408
Colorado Educational & Cultural Facilities Authority, Core Knowledge Charter School, Pre-refunded 11/01/2009 @ 100
6.850%, 11/01/2016 ◊		440		459
Colorado Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union)
4.500%, 04/01/2018		225		219
4.500%, 04/01/2019		240		228
Colorado Educational & Cultural Facilities Authority, Northwest Nazarene
4.500%, 11/01/2015		450		392
Fort Lewis College Board, Trustees Enterprise Revenue, Series B-1 (FGIC) (MBIA)
4.250%, 10/01/2019		625		588
4.375%, 10/01/2020		725		672
				4,794
Healthcare – 18.3%
Aspen Valley Hospital
4.375%, 10/15/2014		560		502
Colorado Health Facilities Authority, Adventist Health, Series E
5.000%, 11/15/2012		475		478
Colorado Health Facilities Authority, Adventist Health, Series E, Escrowed to Maturity
5.000%, 11/15/2012 §		25		28
Colorado Health Facilities Authority, Boulder Hospital (MBIA)
5.000%, 10/01/2010		500		514
Colorado Health Facilities Authority, Catholic Health Initiatives, Series D
5.125%, 10/01/2017		500		507
6.250%, 10/01/2033		250		247
Colorado Health Facilities Authority, Evangelical Lutheran
5.000%, 06/01/2016		250		226
6.900%, 12/01/2025		135		123
Colorado Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
6.900%, 12/01/2025 ◊		215		241
Colorado Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America, Series A
5.000%, 07/01/2015		500		380
Colorado Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
5.250%, 12/01/2013		860		813
Colorado Health Facilities Authority, National Jewish Medical & Research Center Project
5.375%, 01/01/2016		700		616
Colorado Health Facilities Authority, Parkview Medical Center Project, Series B
5.000%, 09/01/2018		500		455
Colorado Health Facilities Authority, The Devereux Foundation (RAAI)
4.200%, 11/01/2013		80		73
Colorado Health Facilities Authority, Vail Valley Medical Center Project
5.750%, 01/15/2022		300		261
Colorado Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
5.000%, 05/15/2012		165		160
5.000%, 05/15/2013		500		477
Colorado Health Facilities Authority, Yampa Valley Medical Center Project
5.000%, 09/15/2013		410		389
Colorado Springs Hospital Revenue, Series B (AMBAC)
10.000%, 12/15/2024 Y		225		225
Delta County Memorial Hospital District
5.350%, 09/01/2017		500		435
La Junta County Hospital, Arkansas Valley Regional Medical Center Project
5.500%, 04/01/2009		355		355
Montrose Memorial Hospital
5.300%, 12/01/2013		260		249
5.450%, 12/01/2014		390		371
University of Colorado Hospital Authority, Pre-refunded 11/15/2011 @ 100
5.000%, 11/15/2014 ◊		300		322
				8,447
Housing – 4.5%
Colorado Educational & Cultural Facilities Authority, Student Housing, Campus Village Apartment
5.000%, 06/01/2022		550		473
Denver City & County Housing Authority, Capital Funding Program, Three Towers Rehabilitation Project (AMT) (FSA)
4.000%, 05/01/2012		270		262
4.000%, 11/01/2012		270		261
4.550%, 11/01/2017		1,000		892
5.200%, 11/01/2027		250		199
				2,087

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

20   First American Funds 2008 Semiannual Report

Colorado Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Lease Revenue – 0.9%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035	$	500	$	412
Miscellaneous – 6.3%
Colorado Educational & Cultural Facilities Authority, Colorado Public Radio
4.800%, 07/01/2009		250		251
4.900%, 07/01/2010		265		264
Colorado Educational & Cultural Facilities Authority, National Conference of State Legislatures
5.250%, 06/01/2013		700		716
Denver City & County, Helen G. Bonfils Foundation Project, Series B
5.125%, 12/01/2017		900		902
High Plains Metropolitan District, Series B (LOC: Compass Bank)
4.375%, 12/01/2015		770		758
				2,891
Recreational Facility Authority – 1.0%
Hyland Hills Metropolitan Park & Recreation District, Series A
6.100%, 12/15/2009		210		210
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA)
5.000%, 12/15/2015		300		261
				471
Revolving Fund – 0.1%
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A (FGIC)
5.700%, 11/01/2015		55		55
Tax Revenue – 4.2%
Larimer County Sales & Use Tax (AMBAC)
5.000%, 12/15/2010		300		316
Lone Tree Sales & Use Tax, Series A
5.000%, 12/01/2020		340		354
Longmont Sales & Use Tax, Pre-refunded 11/15/2010 @ 100
5.500%, 11/15/2015 ◊		500		538
Park Meadows Business Improvement District, Shared Sales Tax
5.000%, 12/01/2017		250		191
Superior Open Space Sales & Use Tax
4.500%, 06/01/2013		100		95
4.600%, 06/01/2014		225		210
Westminster Special Purpose Sales & Use Tax, Post Project, Series D (FSA)
4.250%, 12/01/2018		250		256
				1,960
Transportation – 15.4%
Colorado Department of Transportation (AMBAC)
6.000%, 06/15/2010		1,000		1,060
E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA)
7.670%, 09/01/2017 ¤		1,575		820
8.070%, 09/01/2019 ¤		960		413
8.630%, 09/01/2022 ¤		1,000		315
E-470 Public Highway Authority, Series C, Convertible CABs (MBIA)
0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 ◗		500		455
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT)
5.250%, 05/01/2020		130		84
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (FSA)
0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 ◗ §		750		738
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 ◗ §		2,000		1,985
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (FSA)
0.000% through 06/15/2011, thereafter 5.350%, 06/15/2016 ◗ §		1,000		999
Walker Field Public Airport Authority Revenue
4.500%, 12/01/2016		275		233
				7,102
Utilities – 12.0%
Arapahoe County Water & Wastewater Authority, Pre-refunded 12/01/2009 @ 100
6.000%, 12/01/2011 ◊		185		194
Aurora Water System Revenue, First Lien, Series A
4.750%, 08/01/2026		1,500		1,429
4.750%, 08/01/2027		125		118
Boulder Water & Sewer, Escrowed to Maturity
5.750%, 12/01/2010 §		1,545		1,672
Broomfield Water Activity Enterprise (MBIA)
5.500%, 12/01/2017		500		526
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A, Pre-refunded 11/01/2010 @ 100 (FGIC)
5.700%, 11/01/2015 ◊		45		49
Denver City & County Wastewater (FGIC) (MBIA)
5.250%, 11/01/2017		1,260		1,334
Public Authority for Colorado Energy Natural Gas Revenue
6.250%, 11/15/2028		300		234
				5,556
Total Revenue Bonds				34,387
General Obligations – 18.4%
Adams & Arapahoe Counties School District, #28J, Aurora (STAID)
5.500%, 12/01/2021		300		320
Cordillera Metropolitan School District, Eagle County (RAAI)
5.000%, 12/01/2013		310		300
Denver City & County, Medical Facilities
4.000%, 08/01/2016		500		520
Denver West Metropolitan School District
4.125%, 12/01/2014		150		131
4.200%, 12/01/2015		480		410
Douglas County School District #RE-1, Douglas & Elbert Counties, Series B, Zero Coupon Bond (FSA) (STAID)
3.631%, 12/15/2015 ¤		335		261

First American Funds 2008 Semiannual Report   21

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Colorado Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Garfield County School District #RE-2 (FSA) (STAID)
5.250%, 12/01/2019	$	1,530	$	1,603
Jefferson County School District #R-001 (MBIA) (STAID)
6.250%, 12/15/2009		1,000		1,050
North Range Metropolitan District #1 (ACA)
4.250%, 12/15/2018		560		389
Pueblo County School District #070, Pueblo Rural (FGIC) (MBIA) (STAID)
5.000%, 12/01/2019		910		964
Puerto Rico Commonwealth, Series A
5.500%, 07/01/2018		500		446
Puerto Rico Commonwealth, Series C-7 (MBIA)
6.000%, 07/01/2027		250		219
Rio Blanco County School District, #RE001, Meeker (STAID)
5.250%, 12/01/2022		250		256
SBC Metropolitan School District (ACA)
4.250%, 12/01/2015		445		427
Westglenn Metropolitan District
6.000%, 12/01/2014		1,220		1,231
Total General Obligations				8,527
Certificates of Participation – 5.6%
Colorado Higher Education Capital Construction Lease
5.500%, 11/01/2019		425		460
5.500%, 11/01/2027		750		748
Garfield County Building Corporation (AMBAC)
5.300%, 12/01/2011		400		413
Pueblo County, Capital Construction
4.400%, 12/01/2016		410		397
Rangeview Library District (AGTY)
4.250%, 12/15/2021		595		560
Total Certificates of Participation				2,578
Total Municipal Bonds
(Cost $47,013)				45,492
Short-Term Investment – 2.1%
First American Tax Free Obligations Fund, Class Z Å
(Cost $983)		982,868		983
Total Investments – 100.5%
(Cost $47,996)				46,475
Other Assets and Liabilities, Net – (0.5)%				(231	)
Total Net Assets – 100.0%			$	46,244

§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which ensure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
◊	Pre-refunded issues are typically backed by U.S. government obligations, which ensure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
Y	Auction rate security. The coupon rate shown represents the rate as of December 31, 2008.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
◗	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

Colorado Intermediate Tax Free Fund (concluded)

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

ACA –  ACA Financial Guaranty Corporation

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $1,698, which represents 3.7% of net assets.

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FSA –  Financial Security Assurance

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

SMO –  State Moral Obligation

STAID –  State Aid Withholding

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

22   First American Funds 2008 Semiannual Report

Colorado Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 97.8%
Revenue Bonds – 77.3%
Continuing Care Retirement Communities – 2.9%
Colorado Health Facilities Authority, Christian Living Communities, Series A
5.750%, 01/01/2026	$	100	$	63
Colorado Health Facilities Authority, Covenant Retirement Communities
5.250%, 12/01/2025		200		129
Colorado Health Facilities Authority, Covenant Retirement Communities, Series B
6.125%, 12/01/2033		350		245
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		225		121
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		100		66
				624
Education – 18.5%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
5.000%, 10/01/2032		350		201
Colorado Educational & Cultural Facilities Authority, Academy Charter School Project, Series A (SMO)
4.625%, 12/15/2028		330		264
Colorado Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI)
4.850%, 12/01/2025		250		169
Colorado Educational & Cultural Facilities Authority, Ave Marie School Project, Pre-refunded 12/01/2010 @ 100 (RAAI)
6.000%, 12/01/2016 ◊		200		214
Colorado Educational & Cultural Facilities Authority, Charter School
5.625%, 05/01/2040		1,000		710
Colorado Educational & Cultural Facilities Authority, Charter School, James Irwin Foundation (CIFG) (STAID)
5.000%, 08/01/2027		250		230
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
5.250%, 06/15/2029		500		435
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
6.375%, 12/01/2011 §		270		290
Colorado Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union)
5.000%, 04/01/2037		750		619
Colorado Educational & Cultural Facilities Authority, Northwest Nazarene
4.500%, 11/01/2015		240		209
Colorado Educational & Cultural Facilities Authority, Northwest Nazarene, Pre-refunded 11/01/2010 @ 102
4.500%, 11/01/2015 ◊		60		64
Fort Lewis College Board, Trustees Enterprise Revenue, Series A (FGIC) (MBIA)
4.375%, 10/01/2020		100		93
University of Colorado Enterprise System Revenue, University of Colorado Regents (MBIA)
5.000%, 06/01/2032		500		469
				3,967
Healthcare – 23.4%
Boulder County Longmont United Hospital Project (RAAI)
5.300%, 12/01/2010		330		330
Colorado Health Facilities Authority, Catholic Health Initiatives, Series D
6.250%, 10/01/2033		250		247
Colorado Health Facilities Authority, Evangelical Lutheran
5.000%, 06/01/2016		100		90
6.900%, 12/01/2025		60		55
Colorado Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
6.900%, 12/01/2025 ◊		90		101
Colorado Health Facilities Authority, Evangelical Lutheran, Series A
5.250%, 06/01/2034		230		153
Colorado Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America, Series A
5.250%, 07/01/2027		300		167
Colorado Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
4.625%, 12/01/2024		325		215
Colorado Health Facilities Authority, National Jewish Medical & Research Center Project
5.375%, 01/01/2016		300		264
Colorado Health Facilities Authority, Parkview Medical Center, Escrowed to Maturity
5.600%, 09/01/2011 §		300		330
Colorado Health Facilities Authority, Portercare Adventist Project, Pre-refunded 11/15/2011 @ 101
6.500%, 11/15/2023 ◊		600		683
Colorado Health Facilities Authority, Poudre Valley Health Care, Series F
5.000%, 03/01/2025		350		259
Colorado Health Facilities Revenue, Valley View Hospital Association
5.500%, 05/15/2028		400		269
Colorado Health Facilities, Class B (FSA)
5.250%, 03/01/2036		600		492
Colorado Health Facilities, Parkview Medical Center Project, Series B
5.000%, 09/01/2029		355		257
Colorado Springs Hospital (FSA)
5.250%, 12/15/2022		400		375
Delta County Memorial Hospital District
5.350%, 09/01/2017		220		191
Denver Health & Hospital Authority, Healthcare Revenue, Series A
4.750%, 12/01/2027		250		154
Halifax Medical Center, Hospital Revenue, Series A
5.000%, 06/01/2038		325		168
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
5.000%, 07/01/2020		20		14

First American Funds 2008 Semiannual Report   23

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Colorado Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
La Junta, Arkansas Valley Regional Medical Center Project
6.100%, 04/01/2024	$	100	$	83
Montrose Memorial Hospital
6.375%, 12/01/2023		130		114
				5,011
Housing – 3.1%
Colorado Educational & Cultural Facilities Authority, Student Housing, Campus Village Apartment
5.000%, 06/01/2022		260		224
5.500%, 06/01/2038		120		95
Colorado Housing & Finance Authority, Multifamily Project, Class I, Series B-4
5.900%, 04/01/2031		100		96
Colorado Housing & Finance Authority, Series E-2 (AMT)
7.000%, 02/01/2030		40		41
Colorado Housing & Finance Authority, Single Family Housing Program, Series B-2 (AMT)
7.100%, 04/01/2017		15		15
Denver City & County Housing Authority, Capital Funding Program, Three Towers Rehabilitation Project (AMT) (FSA)
5.200%, 11/01/2027		250		199
				670
Miscellaneous – 3.8%
Colorado Educational & Cultural Facilities Authority, National Conference of State Legislatures
5.250%, 06/01/2021		750		715
Denver City & County, Helen G. Bonfils Foundation Project, Series B
5.125%, 12/01/2017		100		100
				815
Tax Revenue – 3.9%
Douglas County Sales & Use Tax Revenue (FSA)
5.625%, 10/15/2020		200		209
Larimer County Sales & Use Tax, Pre-refunded 12/15/2010 @ 100 (AMBAC)
5.625%, 12/15/2018 ◊		100		108
Park Meadows Business Improvement District, Shared Sales Tax
5.300%, 12/01/2027		475		287
Superior Open Space Sales & Use Tax
5.000%, 06/01/2026		330		238
				842
Transportation – 12.6%
E-470 Public Highway Authority, Series D1 (MBIA)
5.500%, 09/01/2024		300		249
Eagle County Air Terminal Revenue, Airport Terminal Improvement Project, Series B (AMT)
5.250%, 05/01/2020		75		49
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (FSA)
0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 ◗ §		750		738
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 ◗ §		500		496
Northwest Parkway Public Highway Authority, Convertible CABs, Pre-refunded 06/15/2016 @ 100 (AMBAC)
0.000% through 06/15/2011, thereafter 5.700%, 06/15/2021 ◗ ◊		1,000		1,013
Walker Field Public Airport Authority Revenue
4.750%, 12/01/2027		250		159
				2,704
Utilities – 9.1%
Arkansas River Power Authority
6.000%, 10/01/2040		225		190
Boulder Water & Sewer, Pre-refunded 12/01/2010 @ 100
5.700%, 12/01/2019 ◊		300		324
Broomfield Water Activity Enterprise (MBIA)
5.500%, 12/01/2019		400		421
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
5.700%, 07/01/2018		250		183
Fort Collins Wastewater Utility Enterprise (FSA)
5.500%, 12/01/2020		300		314
Public Authority for Colorado Energy Natural Gas Revenue
6.250%, 11/15/2028		125		97
Puerto Rico Electric Power Authority, Series WW
5.250%, 07/01/2025		500		406
				1,935
Total Revenue Bonds				16,568
General Obligations – 8.2%
Adams & Arapahoe Counties School District, #28J, Aurora (STAID)
5.500%, 12/01/2025		165		171
Antelope Water System
4.875%, 12/01/2025		175		152
Bromley Park Metropolitan District #2, Series A (RAAI)
5.000%, 12/01/2027		125		84
McCook, Illinois
5.000%, 12/01/2026		350		333
Midcities Metropolitan School District #2 (RAAI)
5.125%, 12/01/2030		100		66
North Range Metropolitan District #1 (ACA)
4.500%, 12/15/2031		300		146
Puerto Rico Commonwealth, Public Improvement, Series A
5.250%, 07/01/2026		500		388
Rio Blanco County School District, #RE001, Meeker (STAID)
5.250%, 12/01/2022		250		256
5.250%, 12/01/2024		150		151
Total General Obligations				1,747
Certificates of Participation – 12.3%
Broomfield County Open Space Park & Recreation Facilities (AMBAC)
5.500%, 12/01/2020		800		822
Broomfield County, Westminster Open Space Foundation
4.625%, 12/01/2025		330		271
Colorado Higher Education Capital Construction Lease
5.500%, 11/01/2027		970		968

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

24   First American Funds 2008 Semiannual Report

Colorado Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Colorado Springs Old City Hall Project (FSA)
5.500%, 12/01/2017	$	200	$	209
5.500%, 12/01/2020		200		209
Pueblo County, Capital Construction
5.000%, 12/01/2024		200		153
Total Certificates of Participation				2,632
Total Municipal Bonds
(Cost $23,897)				20,947
Short-Term Investment – 2.2%
First American Tax Free Obligations Fund, Class Z Å
(Cost $476)		475,937		476
Total Investments – 100.0%
(Cost $24,373)				21,423
Other Assets and Liabilities, Net – 0.0%				10
Total Net Assets – 100.0%			$	21,433

◊	Pre-refunded issues are typically backed by U.S. government obligations, which ensure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which ensure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
◗	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

ACA –  ACA Financial Guaranty Corporation

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $487, which represents 2.3% of net assets.

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

FSA –  Financial Security Assurance

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

SMO –  State Moral Obligation

STAID –  State Aid Withholding

Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 98.5%
Alabama – 1.5%
Revenue Bonds – 1.2%
Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity
8.000%, 07/01/2011 §	$	890	$	968
Health Care Authority for Baptist Health, Series D
5.000%, 11/15/2015		755		708
Huntsville Electric System Revenue (FSA)
4.000%, 12/01/2018		1,130		1,129
University of Alabama at Birmingham Hospital Revenue, Series A
5.000%, 09/01/2018		1,500		1,354
5.750%, 09/01/2022		4,000		3,594
				7,753
General Obligation – 0.3%
Mobile, Series B
5.000%, 02/15/2020		2,000		2,107
				9,860
Alaska – 0.1%
Revenue Bond – 0.1%
Aleutians East Borough Project, Aleutian Pribilof Islands (ACA)
4.375%, 06/01/2015		400		324
Arizona – 3.4%
Revenue Bonds – 1.7%
Arizona Game & Fish Department, AGF Administration Building Project
4.500%, 07/01/2015		150		151
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 ◊		3,300		3,949
Phoenix Street & Highway User, Escrowed to Maturity
6.500%, 07/01/2009 §		180		183
6.250%, 07/01/2011 §		900		916
Scottsdale Industrial Development Authority Hospital Revenue, Scottsdale Healthcare, Series A
5.000%, 09/01/2020		1,000		856
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		1,022		899
Tucson Airport Authority (FSA)
5.000%, 06/01/2013		3,760		4,057
				11,011
General Obligations – 1.0%
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
1.000% through 07/01/2009, thereafter 5.000%, 07/01/2016		1,000		1,010
1.000% through 07/01/2009, thereafter 5.000%, 07/01/2017		1,050		1,047
Maricopa County School District #69, Paradise Valley (MBIA)
5.300%, 07/01/2011		1,000		1,055

First American Funds 2008 Semiannual Report   25

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004, Series B (FSA)
4.750%, 07/01/2018	$	1,150	$	1,216
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC) (MBIA)
4.375%, 07/01/2018		1,000		992
4.500%, 07/01/2019		1,000		985
				6,305
Certificate of Participation – 0.7%
Arizona Board of Regents, Series B (AMBAC)
4.500%, 06/01/2018		4,120		4,301
				21,617
Arkansas – 0.7%
Revenue Bonds – 0.7%
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FGIC) (FHA) (VA)
7.250%, 06/01/2010 §		875		918
University of Arkansas, Fayetteville, Series B (FGIC) (MBIA)
4.500%, 11/01/2016		1,500		1,547
University of Arkansas, UAMS Campus (FGIC) (MBIA)
5.000%, 03/01/2015		1,000		1,074
Washington County Hospital Revenue, Regional Medical Center, Series B
5.000%, 02/01/2016		1,145		1,063
				4,602
California – 6.6%
Revenue Bonds – 3.3%
ABAG Financial Authority for Nonprofit California Revenue, Children’s Hospital, Series A
4.500%, 12/01/2018		1,525		1,326
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
6.070%, 10/01/2014 ¤		2,000		1,418
Apple Valley Redevelopment Agency, Tax Allocation, Project Area #2 (AMBAC)
4.500%, 06/01/2018		920		820
Association of Bay Area Governments Financial Authority for Nonprofit Corporations, Elder Care Alliance (CMI)
4.500%, 08/15/2012		335		330
5.000%, 08/15/2017		1,215		1,156
California Department of Water Resources and Power Supply Revenue, Series H (FSA)
5.000%, 05/01/2022		1,000		1,003
California Educational Facilities Authority, Lutheran University, Series C
5.000%, 10/01/2024		1,000		708
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
4.100%, 09/01/2014		250		244
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
7.250%, 11/15/2011 §		795		863
California Statewide Communities Development Authority, Health Facilities, Adventist Health, Series A
5.000%, 03/01/2030		700		504
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial, Series B (AMBAC) (CMI)
5.200%, 10/01/2037		1,000		797
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
3.850%, 11/01/2029		1,180		1,170
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
5.000%, 11/15/2012		1,210		1,251
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series C, Mandatory Put 11/01/2016 @ 100 (FGIC)
4.250%, 11/01/2033		500		422
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Series A, Convertible CABs (FSA)
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 ◗		2,350		1,900
Golden State Tobacco Securitization Corporation, Pre-refunded 06/01/2010 @ 100
5.600%, 06/01/2028 ◊		2,450		2,575
Port Oakland, Series B (MBIA)
5.000%, 11/01/2018		1,470		1,530
San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
5.000%, 09/01/2016		575		536
Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC)
4.250%, 09/01/2026		1,100		775
Whittier Public Finance Authority, Redevelopment Agency, Tax Allocation, Series A (AMBAC)
5.000%, 11/01/2021		995		866
Woodland Financial Authority (XLCA)
4.700%, 03/01/2019		815		749
				20,943
General Obligations – 3.3%
ABC Unified School District, Series A (MBIA)
4.900%, 02/01/2020		1,565		1,530
California
5.000%, 02/01/2016		1,000		1,037
5.000%, 02/01/2017		2,000		2,058
4.000%, 08/01/2017		2,000		1,943
5.000%, 11/01/2018		245		247
5.000%, 08/01/2019		500		504
5.000%, 02/01/2021		1,500		1,474
5.000%, 12/01/2023		1,000		956
5.125%, 04/01/2024		500		480
California, Pre-refunded 11/01/2011 @ 100
5.000%, 11/01/2018 ◊		15		16
Desert Sands Unified School District, Election of 2001
5.250%, 08/01/2023		500		514
5.000%, 08/01/2024		2,000		2,006
Grant Joint Union High School District, Capital Appreciation, Election of 2006, Zero Coupon Bond (FSA)
6.136%, 08/01/2026 ¤		1,300		449
Roseville Joint Unified High School District
5.100%, 08/01/2019		390		403

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

26   First American Funds 2008 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
San Bernardino Community College District, Election of 2002, Series A
6.500%, 08/01/2027	$	1,000	$	1,074
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) (MBIA)
4.490%, 09/01/2017 ¤		1,000		681
Santa Ana Unified School District, Election 2008, Series A
5.250%, 08/01/2028		1,000		975
Santa Monica Community College District, Capital Appreciation, 2002 Election, Series C, Zero Coupon Bond (MBIA)
4.246%, 08/01/2016 ¤		2,000		1,452
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC) (MBIA)
6.130%, 08/01/2023 ¤		2,030		841
West Contra Costa Unified School District, Election of 2005, Series B
6.000%, 08/01/2025		2,500		2,563
				21,203
				42,146
Colorado – 9.1%
Revenue Bonds – 8.3%
Adams County Pollution Control Revenue, Public Service Company Colorado Project, Series A (MBIA)
4.375%, 09/01/2017		5,000		4,171
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond (IMI)
2.038%, 09/01/2010 § ¤		9,320		9,010
Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project, Pre-refunded 09/15/2011 @ 100
6.750%, 09/15/2015 ◊		1,200		1,353
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
4.750%, 06/15/2022		175		153
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
6.375%, 12/01/2011 §		390		419
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
6.750%, 12/01/2016 ◊		1,500		1,717
7.250%, 12/01/2021 ◊		1,500		1,736
Colorado Educational & Cultural Facilities Authority, Pinnacle Charter School Project, Escrowed to Maturity
5.250%, 12/01/2011 §		630		669
Colorado Health Facilities Authority, Catholic Health Initiatives, Series D
5.125%, 10/01/2017		1,500		1,521
Colorado Health Facilities Authority, Catholic Health, Series C-7 (FSA)
4.350%, 09/01/2020		725		645
Colorado Health Facilities Authority, Christian Living Communities Project, Series A
5.250%, 01/01/2014		600		505
5.250%, 01/01/2015		620		500
Colorado Health Facilities Authority, Covenant Retirement Communities
5.000%, 12/01/2016		500		401
Colorado Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America Care, Series A
5.200%, 07/01/2022		1,000		610
Colorado Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
4.250%, 12/01/2015		1,250		1,060
Colorado Health Facilities Authority, Parkview Medical Center
5.000%, 09/01/2016		640		614
Colorado Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond
4.197%, 07/15/2020 § ¤		10,000		6,192
Colorado Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
5.000%, 05/15/2012		500		484
5.000%, 05/15/2013		405		387
Colorado Springs Hospital Revenue, Series B (AMBAC)
10.000%, 12/15/2024 Y		5,825		5,825
E-470 Public Highway Authority, Series C, Convertible CABs (MBIA)
0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 ◗		1,500		1,366
High Plains Metropolitan District, Series B (LOC: Compass Bank)
4.375%, 12/01/2015		320		315
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA)
5.000%, 12/15/2015		500		435
Mesa County, Escrowed to Maturity, Zero Coupon Bond
2.270%, 12/01/2011 § ¤		5,500		5,149
Montrose Memorial Hospital
5.700%, 12/01/2017		2,170		1,989
Northwest Parkway Public Highway Authority, Convertible CABs, Escrowed to Maturity (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015◗ §		2,750		2,730
Platte River Power Authority, Series GG (FSA)
4.500%, 06/01/2017		1,725		1,843
Walker Field Public Airport Authority Revenue
5.000%, 12/01/2022		1,000		735
				52,534
General Obligations – 0.3%
Adams & Arapahoe Counties School District, #28J, Aurora (STAID)
5.500%, 12/01/2021		1,125		1,201
Midcities Metropolitan District #2 (RAAI)
4.875%, 12/01/2016		105		92
North Range Metropolitan District #1 (ACA)
4.300%, 12/15/2019		1,000		666
				1,959
Certificates of Participation – 0.5%
Colorado Higher Education, Capital Construction Lease Program
5.250%, 11/01/2023		1,500		1,515
Rangeview Library District, Rangeview Library Project (AGTY)
4.500%, 12/15/2020		1,465		1,450
				2,965
				57,458

First American Funds 2008 Semiannual Report   27

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Connecticut – 0.2%
Revenue Bond – 0.2%
Connecticut Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI)
5.000%, 07/01/2014	$	1,185	$	1,151
Florida – 1.5%
Revenue Bonds – 1.2%
Highlands County Health Facilities Authority, Adventist Health/Sunbelt, Series A, Mandatory Put 11/17/2015 @ 100
6.500%, 11/15/2038		2,000		1,980
Miami-Dade County Educational Facilities Authority, University of Miami, Series A
5.150%, 04/01/2023		2,520		2,383
North Brevard County Hospital, Parrish Medical Center Project
5.500%, 10/01/2028		2,100		1,583
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community
5.250%, 10/01/2013		1,400		1,280
Vero Beach Electric Revenue, Series A (FSA)
4.000%, 12/01/2019		350		329
				7,555
Certificate of Participation – 0.3%
Clay County School Board, Series B (MBIA)
5.000%, 07/01/2018		2,205		2,119
				9,674
Georgia – 1.3%
Revenue Bonds – 1.1%
Atlanta Tax Allocation, Atlantic Station Project (AGTY)
4.375%, 12/01/2018		2,000		1,724
Fulton County Residential Care Facilities, Canterbury Court Project, Series A
5.800%, 02/15/2018		4,500		3,552
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health, Series A
5.250%, 08/01/2023		2,000		1,669
				6,945
General Obligations – 0.2%
Fayette County School District, Convertible CABs (FSA)
0.000% through 09/01/2010, thereafter 4.150%, 03/01/2014 ◗		500		489
0.000% through 09/01/2010, thereafter 4.250%, 03/01/2015 ◗		265		259
0.000% through 09/01/2010, thereafter 4.350%, 03/01/2016 ◗		300		293
				1,041
				7,986
Idaho – 0.8%
Revenue Bonds – 0.6%
Idaho Health Facilities Authority, Trinity Health Group, Series B
6.000%, 12/01/2023		3,000		3,033
University of Idaho, University Revenue, Series B, Mandatory Put 04/01/2018 @ 100 (FSA)
4.500%, 04/01/2041		1,000		1,002
				4,035
Certificates of Participation – 0.2%
Madison County Hospital Revenue
5.000%, 09/01/2012		500		476
5.250%, 09/01/2015		295		270
5.250%, 09/01/2016		500		448
				1,194
				5,229
Illinois – 18.2%
Revenue Bonds – 7.4%
Chicago, Midway Airport Project, Series C (MBIA)
5.500%, 01/01/2014		1,300		1,403
Chicago Water, Zero Coupon Bond (FGIC) (MBIA)
2.090%, 11/01/2009 ¤		6,450		6,339
Granite Single Family Mortgage, Escrowed to Maturity
7.750%, 10/01/2011 §		395		436
Illinois Development Finance Authority, Elgin School District, Zero Coupon Bond (FSA)
4.790%, 01/01/2018 ¤		2,750		1,796
Illinois Development Finance Authority, Elmhurst Community School #205, Pre-refunded 01/01/2011 @ 100 (FSA)
6.375%, 01/01/2013 ◊		1,025		1,114
Illinois Development Finance Authority, Midwestern University, Series B, Pre-refunded 05/15/2011 @ 101
5.750%, 05/15/2016 ◊		350		383
Illinois Educational Facilities Authority, Art Institute of Chicago, Mandatory Put 03/01/2016 @ 100
4.125%, 03/01/2030		500		489
Illinois Educational Facilities Authority, Art Institute of Chicago, Mandatory Put 03/01/2017 @ 100
4.750%, 03/01/2030		1,000		987
Illinois Finance Authority, Clare at Water Tower Project, Series A
5.400%, 05/15/2014		1,000		860
5.500%, 05/15/2015		1,000		836
Illinois Finance Authority, Edward Hospital, Series A (AMBAC)
6.000%, 02/01/2025		1,200		1,060
6.000%, 02/01/2026		875		767
6.000%, 02/01/2028		500		429
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		1,000		623
Illinois Finance Authority, Friendship Village Schaumburg, Series A
5.000%, 02/15/2015		2,500		2,071
Illinois Finance Authority, Landing at Plymouth Project, Series A
5.250%, 05/15/2014		1,320		1,129
Illinois Finance Authority, Peoples Gas, Light and Coke Co., Series A, Mandatory Put 06/01/2016 @ 100 (AMBAC)
4.300%, 06/01/2035		1,500		1,451
Illinois Finance Authority, Roosevelt University
5.250%, 04/01/2022		500		400
5.400%, 04/01/2027		1,750		1,320
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.500%, 02/15/2014		2,430		2,139

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

28   First American Funds 2008 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Illinois Health Facilities Authority, Evangelical, Escrowed to Maturity
6.750%, 04/15/2012 §	$	1,090	$	1,164
Illinois Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity
10.000%, 01/01/2015 §		590		726
Illinois Sales Tax
6.000%, 06/15/2009		2,500		2,557
5.100%, 06/15/2010		2,000		2,097
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC)
0.000% through 06/15/2010, thereafter 4.750%, 06/15/2013 ◗		1,405		1,389
0.000% through 06/15/2010, thereafter 5.100%, 06/15/2016 ◗		1,620		1,622
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A (FGIC)
5.550%, 12/15/2011		675		700
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC)
1.041%, 06/15/2009 § ¤		1,465		1,458
Metropolitan Pier & Exposition Authority, State Sales Tax, Series B, Convertible CABs (MBIA)
0.000% through 06/15/2012, thereafter 5.200%, 06/15/2017 ◗		1,000		915
Morton Grove, Residential Housing, Escrowed to Maturity (MBIA)
7.350%, 09/01/2009 §		5,570		5,813
Southwestern Illinois Development Authority Revenue, Anderson Hospital
5.125%, 08/15/2026		2,000		1,297
Southwestern Illinois Development Authority Revenue, Local Government, Triad School District 2 (MBIA)
5.000%, 10/01/2018		1,000		1,035
				46,805
General Obligations – 10.8%
Bolingbrook Park District, Series A (CIFG)
4.500%, 01/01/2017		1,840		1,882
Champaign County Community School District #004
8.250%, 01/01/2009		100		100
Champaign County Community School District #004, Escrowed to Maturity
8.250%, 01/01/2009 §		1,215		1,215
Chicago, City Colleges, Zero Coupon Bond (FGIC)
3.930%, 01/01/2015 ¤		10,000		7,917
Chicago Park District, Limited Tax, Series B
5.000%, 01/01/2020		5,545		5,748
Chicago Project & Refunding, Series A (FGIC)
5.250%, 01/01/2011		2,345		2,476
Chicago, Project & Refunding, Series A, Escrowed to Maturity (FGIC)
5.250%, 01/01/2011 §		2,655		2,849
Chicago, Series A, Convertible CABs (MBIA)
0.000% through 01/01/2011, thereafter 5.300%, 01/01/2016 ◗		2,000		2,012
Cook County Community Unit School District #65, Evanston, Series A (FSA)
6.375%, 05/01/2009		3,000		3,054
Cook County Community Unit School District #102, La Grange, Zero Coupon Bond (FGIC) (MBIA)
4.020%, 12/01/2013 ¤		2,440		2,006
Cook County Community Unit School District #401, Elmwood Park, Zero Coupon Bond (FSA)
3.430%, 12/01/2011 ¤		3,625		3,283
Cook County High School District #205, Thornton Township (AGTY)
5.250%, 12/01/2021		3,465		3,578
Cook County High School District #209, Proviso Township (FSA)
5.000%, 12/01/2016		1,000		1,087
Cook County School District #88, Bellwood, Series B (FSA)
5.000%, 12/01/2017		1,675		1,766
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA)
4.642%, 12/01/2015 ¤		2,250		1,638
Cook County, Series A (MBIA)
6.250%, 11/15/2011		1,000		1,103
Du Page County Community High School District #94, West Chicago (FSA)
7.250%, 11/01/2009		1,780		1,866
Elk Grove Village (MBIA)
4.125%, 01/01/2019		1,000		1,005
Grundy & Will Counties, Community School District #001
5.875%, 02/01/2019		1,550		1,697
5.875%, 02/01/2022		2,100		2,182
5.875%, 02/01/2024		2,545		2,609
Illinois, First Series
5.500%, 08/01/2015		4,500		4,681
Lake County School District #56, Gurnee (FGIC) (MBIA)
8.375%, 01/01/2010		1,290		1,370
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA)
5.274%, 12/01/2019 ¤		2,100		1,190
McCook
5.000%, 12/01/2026		1,150		1,094
5.100%, 12/01/2028		1,000		931
Rockford School District #205 (FGIC) (MBIA)
5.000%, 02/01/2014		500		535
Southwestern Illinois Development Authority Revenue, Edwardsville Community (FSA)
5.000%, 12/01/2017		1,000		1,075
Will & Grundy Counties Community College, District #525, Joliet Junior College
6.250%, 06/01/2024		535		578
5.750%, 06/01/2025		1,150		1,197
5.750%, 06/01/2026		310		322
Will County School District #86, Joliet, Zero Coupon Bond (FSA)
4.635%, 11/01/2017 ¤		3,870		2,582
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA)
4.760%, 01/01/2017 ¤		3,000		2,059
				68,687
				115,492

First American Funds 2008 Semiannual Report   29

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Indiana – 1.4%
Revenue Bonds – 1.2%
Anderson Economic Development Revenue, Anderson University Project
5.000%, 10/01/2017	$	710	$	562
Avon Community School Building, First Mortgage (AMBAC) (STAID)
4.500%, 07/15/2020		1,000		959
Indiana Transportation Finance Authority, Escrowed to Maturity (AMBAC)
5.750%, 06/01/2012 §		180		195
Indiana Transportation Finance Authority, Series A (AMBAC)
5.750%, 06/01/2012		1,820		2,003
Indiana University, Series K, Zero Coupon Bond (MBIA)
3.000%, 08/01/2011 ¤		250		231
Portage Multi-School Building, First Mortgage (MBIA) (STAID)
4.000%, 07/15/2018		1,250		1,260
St. Joseph County Economic Development Revenue, Holy Cross Village, Notre Dame Project, Series A
5.750%, 05/15/2016		450		362
5.550%, 05/15/2019		230		167
St. Joseph County Hospital Authority (MBIA)
4.750%, 08/15/2012		1,000		1,007
Zionsville Community Schools Building, First Mortgage Bonds, Pre-refunded 01/15/2012 @ 100 (FGIC) (STAID)
5.750%, 07/15/2015 ◊		775		863
				7,609
General Obligation – 0.2%
Gary Sanitation District, Special Tax District (RAAI)
3.750%, 02/01/2011		1,260		1,233
				8,842
Iowa – 1.6%
Revenue Bonds – 1.6%
Iowa Finance Authority Health Facilities Revenue, Care Initiatives Project, Series A
5.250%, 07/01/2013		1,250		1,126
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A
5.750%, 11/15/2019		500		379
Iowa Higher Education Authority, Central College (RAAI)
5.450%, 10/01/2026		1,000		854
Iowa Higher Education Authority, Wartburg College Project, Pre-refunded 10/01/2012 @ 100 (ACA)
5.500%, 10/01/2028 ◊		2,000		2,245
Iowa Higher Education Authority, Wartburg College Project, Series A
4.700%, 10/01/2016		925		837
4.750%, 10/01/2017		1,100		980
4.800%, 10/01/2018		1,155		1,011
5.000%, 10/01/2023		1,475		1,171
Muscatine Electric, Escrowed to Maturity
9.700%, 01/01/2013 §		1,375		1,603
				10,206
Kansas – 3.0%
Revenue Bonds – 2.3%
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond
2.570%, 05/01/2012 § ¤		7,500		6,888
Kansas Development Finance Authority, Health Facilities Revenue, Hays Medical Center, Series L
4.500%, 11/15/2017		1,405		1,289
Kansas Development Finance Authority, Health Facilities Revenue, Stormont-Vail Healthcare Services, Series F
5.000%, 11/15/2021		500		434
Kansas Development Finance Authority, Kansas State Projects, Series K (MBIA)
4.500%, 11/01/2019		1,850		1,895
La Cygne Environmental Improvement Revenue, Kansas City Power & Light (XLCA)
4.050%, 03/01/2015		1,000		1,006
Olathe Health Facilities Revenue, Olathe Medical Center
5.125%, 09/01/2021		1,000		877
Olathe Senior Living Facility Revenue, Catholic Care Campus, Series A
5.750%, 11/15/2013		700		632
5.750%, 11/15/2014		765		677
5.750%, 11/15/2015		820		705
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA)
6.700%, 06/01/2029		255		260
				14,663
General Obligations – 0.7%
Johnson County Unified School District #231, Series B (AMBAC)
4.000%, 10/01/2017		500		488
Johnson County Unified School District #232, Series A (FSA)
4.250%, 09/01/2016		500		516
Johnson County Unified School District #512, Shawnee Mission
4.875%, 10/01/2019		2,000		2,117
Sedgwick County School District #267 (AMBAC)
5.250%, 11/01/2012		1,045		1,120
				4,241
				18,904
Kentucky – 0.6%
Revenue Bonds – 0.6%
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue, Sub-Series A-1 (AGTY)
5.750%, 12/01/2028		2,000		1,952
Kentucky Turnpike Authority, Escrowed to Maturity
7.200%, 07/01/2009 §		245		252
6.000%, 07/01/2011 §		365		391
Louisville/Jefferson County Metropolitan Government College Revenue, Bellarmine University, Series A
6.000%, 05/01/2028		1,135		919
				3,514

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

30   First American Funds 2008 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Louisiana – 0.6%
Revenue Bonds – 0.3%
Louisiana Local Government Environmental Facilities, Community Development Authority (AMT)
6.650%, 01/01/2025	$	560	$	423
St. Tammany Parish Sales Tax Revenue, District #03, Sales & Use Tax (CIFG)
5.000%, 06/01/2017		1,405		1,378
				1,801
General Obligations – 0.3%
Calcasieu Parish School District #023, Public School Improvement
4.600%, 02/15/2020		500		464
4.800%, 02/15/2022		200		181
Louisiana, Series B (CIFG)
5.000%, 07/15/2015		1,300		1,387
				2,032
				3,833
Maine – 0.4%
Revenue Bond – 0.1%
Maine Health & Higher Education Facilities Authority, Series B (FGIC) (MBIA)
4.125%, 07/01/2018		740		697
General Obligation – 0.3%
Maine Municipal Bond Bank, Series B (FSA)
5.750%, 11/01/2010		2,000		2,131
				2,828
Maryland – 0.2%
Revenue Bonds – 0.2%
Westminster Educational Facilities Revenue, McDaniel College
5.000%, 11/01/2013		350		352
4.000%, 11/01/2015		700		648
				1,000
Massachusetts – 2.6%
Revenue Bonds – 2.4%
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC) (MBIA)
5.750%, 03/01/2010		1,100		1,154
Massachusetts Bay Transportation Authority, Series A (COMGTY)
6.250%, 03/01/2012		1,875		2,088
Massachusetts Commonwealth, Special Obligation, Series A
5.500%, 06/01/2013		1,000		1,113
Massachusetts Development Finance Agency, Health Care Facilities Revenue, Adventcare Project, Series A
6.650%, 10/15/2028		2,500		1,767
Massachusetts Health & Educational Authority Revenue, Berkshire Health System, Series F (AGTY)
5.000%, 10/01/2015		2,000		2,027
Massachusetts Health & Educational Facilities Authority, Caregroup, Series E-1
5.000%, 07/01/2028		300		207
Massachusetts Health & Educational Facilities Authority, Partners Healthcare System, Series A (MBIA)
5.100%, 07/01/2010		3,000		3,020
Massachusetts Port Authority, Escrowed to Maturity
13.000%, 07/01/2013 §		2,935		3,727
				15,103
General Obligation – 0.2%
Springfield, State Qualified Municipal Purpose (FSA) (STAID)
4.500%, 08/01/2020		1,400		1,431
				16,534
Michigan – 3.3%
Revenue Bonds – 2.5%
Detroit Water Supply, Escrowed to Maturity (FGIC)
6.250%, 07/01/2012 §		230		247
Kalamazoo Hospital Finance Authority, Bronson Hospital, Series A (FSA)
5.000%, 05/15/2020		2,675		2,455
Michigan Grant Anticipation Bonds (FSA)
4.500%, 09/15/2015		1,000		1,061
Michigan Hospital Finance Authority, Henry Ford Health Systems, Series A, Pre-refunded 03/01/2013 @ 100
5.500%, 03/01/2015 ◊		3,150		3,574
Michigan Municipal Board Authority, Local Government Loan Program, Series B, Group A (AMBAC)
5.000%, 12/01/2018		600		614
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity
7.000%, 11/01/2015 §		1,300		1,639
Wayne Charter County Airport, Series A (AMT) (MBIA)
5.250%, 12/01/2009		5,000		5,028
Western Michigan University Revenue (FSA)
5.000%, 11/15/2023		1,300		1,280
				15,898
General Obligations – 0.8%
Algonac Community Schools, School Building & Site, Series I (FSA) (MQSBLF)
4.000%, 05/01/2019		840		826
Constantine Public Schools (MQSBLF)
5.000%, 05/01/2016		1,075		1,143
Detroit (AMT) (FSA)
5.750%, 04/01/2009		1,255		1,263
Rochester Community School District, Series 1, Pre-refunded 05/01/2010 @ 100 (FGIC) (MQSBLF)
5.375%, 05/01/2011 ◊		2,000		2,107
				5,339
				21,237
Minnesota – 2.2%
Revenue Bonds – 2.0%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.375%, 02/01/2017		1,590		1,267
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (MBIA)
5.000%, 01/01/2019		1,165		1,192
Minneapolis Health Care System, Fairview Health Services, Series A
6.375%, 11/15/2023		2,000		1,991

First American Funds 2008 Semiannual Report   31

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity
10.000%, 06/01/2013 §	$	660	$	779
Minnesota Agricultural & Economic Development Board, Health Care Systems, Series A
5.875%, 11/15/2011		2,135		2,205
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2020		1,255		1,039
5.500%, 05/01/2021		815		661
Minnesota Higher Education Facilities Revenue, College of Art & Design, Series 6-K
5.000%, 05/01/2012		295		292
Monticello Big Lake Community Hospital District, Health Care Facilities, Series C
5.250%, 12/01/2011		1,485		1,389
Northfield Hospital Revenue
5.000%, 11/01/2012		785		752
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (MBIA)
5.000%, 11/15/2019		1,235		1,073
				12,640
General Obligation – 0.2%
Fridley Independent School District #14, Series A (FSA) (MSDCEP)
5.000%, 02/01/2017		1,030		1,158
				13,798
Mississippi – 0.2%
Revenue Bond – 0.2%
Mississippi Hospital Equipment & Facilities Authority, Mississippi Baptist Health Systems, Series A
5.000%, 08/15/2016		1,440		1,384
Missouri – 2.1%
Revenue Bonds – 2.0%
Boone County Hospital Revenue, Boone Hospital Center
5.750%, 08/01/2028		1,750		1,432
Hannibal Industrial Development Authority, Health Facilities Revenue, Hannibal Regional Hospital
4.350%, 03/01/2014		1,405		1,313
Joplin Individual Development Authority Health Facilities, Freeman Health System Project
4.125%, 02/15/2009		750		749
Kansas City Special Obligation, East Village Project, Series B (AGTY)
5.000%, 04/15/2022		505		510
Missouri Development Finance Board Infrastructure Revenue, Independence-Crackerneck Creek, Series B
5.125%, 03/01/2022		2,000		1,532
Missouri Development Finance Board Revenue, Midwest Research Institute Project
5.000%, 11/01/2016		1,130		976
Missouri Health & Educational Facilities Revenue, Senior Living Facilities, Lutheran, Series B
4.350%, 02/01/2015		850		770
4.375%, 02/01/2016		930		826
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA)
4.200%, 01/01/2018		1,000		841
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Series A (AMBAC)
5.000%, 01/01/2018		2,000		2,088
Osage Beach Tax Increment, Prewitts Project
4.800%, 05/01/2016		1,650		1,311
				12,348
Certificate of Participation – 0.1%
Missouri Development Finance Board Infrastructure Revenue, Independence-Centerpoint, Series F
5.375%, 04/01/2024		1,000		789
				13,137
Montana – 0.5%
Revenue Bonds – 0.5%
Montana Facilities Finance Authority Revenue, Health Care Facilities, Master Loan Project, Northeast Montana, Series B
4.500%, 05/01/2018		405		391
Montana Facilities Finance Authority Revenue, Senior Living, St. Johns Lutheran, Series A
5.750%, 05/15/2016		1,800		1,465
6.000%, 05/15/2025		1,675		1,139
				2,995
Nebraska – 1.5%
Revenue Bonds – 1.5%
Douglas County Hospital Authority #002, Nebraska Medical Center, Clarkson Regional Health Guaranty (AGTY)
5.000%, 11/15/2011		2,860		2,894
Douglas County Hospital Authority #3, Methodist Health
5.750%, 11/01/2028		1,000		821
Douglas County Zoo Facilities Revenue, Omaha’s Henry Doorly Zoo Project
4.750%, 09/01/2017		745		733
4.750%, 09/01/2018		740		717
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
4.000%, 06/01/2018		2,000		1,710
Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI)
4.700%, 11/15/2011		500		505
4.800%, 11/15/2012		500		502
4.900%, 11/15/2013		600		602
Omaha Public Power District, Nebraska Electric Revenue, Series A
4.100%, 02/01/2019		1,370		1,369
				9,853
Nevada – 0.5%
Revenue Bonds – 0.3%
Carson City Hospital Revenue, Carson-Tahoe Hospital
5.750%, 09/01/2011		550		529
5.750%, 09/01/2012		580		545

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

32   First American Funds 2008 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Carson City Hospital Revenue, Carson-Tahoe Hospital, Escrowed to Maturity
5.750%, 09/01/2011 §	$	450	$	493
5.750%, 09/01/2012 §		475		531
				2,098
General Obligation – 0.2%
Washoe County, Escrowed to Maturity
9.875%, 08/01/2009 §		820		860
				2,958
New Hampshire – 0.5%
Revenue Bonds – 0.5%
New Hampshire Health & Education Facilities Authority
5.375%, 07/01/2024		1,250		1,009
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
5.500%, 07/01/2025		1,000		706
New Hampshire Municipal Bond Bank, Series A (MBIA)
4.500%, 02/15/2020		1,300		1,339
				3,054
New Jersey – 0.3%
Revenue Bonds – 0.3%
New Jersey Economic Development Authority, Cigarette Tax
5.500%, 06/15/2016		2,000		1,728
New Jersey Turnpike Authority, Escrowed to Maturity
6.750%, 01/01/2009 §		245		245
				1,973
New York – 2.1%
Revenue Bond – 0.7%
Long Island Power Authority, Series B
5.250%, 12/01/2013		4,000		4,306
General Obligations – 1.4%
New York, Series A
5.750%, 08/01/2015		3,220		3,475
New York, Series C
5.500%, 03/15/2014		3,000		3,169
New York, Series D
5.500%, 06/01/2012		2,000		2,143
				8,787
				13,093
North Carolina – 1.9%
Revenue Bonds – 1.7%
North Carolina Eastern Power Agency, Series A (AGTY)
5.250%, 01/01/2022		1,700		1,570
North Carolina Eastern Power Agency, Series D
5.375%, 01/01/2013		2,955		2,990
North Carolina Finance Agency Education Facilities Revenue, Meredith College
5.250%, 06/01/2020		900		707
North Carolina Medical Care Commission Health Care Facilities Revenue, First Mortgage Presbyterian, Series B
4.875%, 10/01/2013		2,035		1,790
5.000%, 10/01/2014		2,120		1,829
North Carolina Power Agency #1, Series A (FSA)
5.250%, 01/01/2016		2,000		2,124
				11,010
Certificate of Participation – 0.2%
Randolph County (AMBAC)
5.000%, 02/01/2018		815		851
				11,861
North Dakota – 0.2%
Revenue Bond – 0.1%
Ward County Health Care Facilities Revenue, Trinity Obligated Group
5.000%, 07/01/2014		1,180		1,049
General Obligation – 0.1%
Mandan, Series D (MBIA)
4.000%, 05/01/2017		460		452
				1,501
Ohio – 1.5%
Revenue Bonds – 0.8%
Lake County Hospital Facilities Revenue, Lake Hospital System, Series C
5.500%, 08/15/2024		1,230		978
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B (MBIA)
5.375%, 09/01/2009		1,000		1,012
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2016		750		643
Ohio Higher Education Facilities Revenue, John Carroll University Project
4.000%, 04/01/2014		1,135		1,124
4.500%, 04/01/2015		1,000		1,006
Ohio Water Development Authority, Escrowed to Maturity
9.375%, 12/01/2010 §		380		411
				5,174
General Obligations – 0.5%
Barberton City School District (OSDCEP)
4.750%, 12/01/2021		1,260		1,274
Mason City School District (FSA)
4.375%, 12/01/2019		1,095		1,128
Richland County, Limited Tax, Correctional Facilities Improvement (AGTY)
5.875%, 12/01/2024		500		521
St. Mary’s City School District, School Facilities Construction & Improvement (FSA) (OSDCEP)
4.500%, 12/01/2019		510		521
				3,444
Certificate of Participation – 0.2%
Akron (AGTY)
5.000%, 12/01/2015		1,000		1,088
				9,706
Oklahoma – 1.4%
Revenue Bonds – 1.4%
Cherokee County Economic, Escrowed to Maturity, Zero Coupon Bond (AMBAC)
2.260%, 11/01/2011 § ¤		3,340		3,134
McClain County Economic Development Authority, Educational Facilities Lease Revenue, Newcastle Public Schools Project
5.000%, 09/01/2009		510		512
5.000%, 09/01/2011		345		340
5.000%, 09/01/2012		355		345
4.125%, 09/01/2013		250		227

First American Funds 2008 Semiannual Report   33

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT)
5.750%, 01/01/2023	$	1,430	$	983
South Oklahoma City, Pre-refunded 02/01/2010 @ 100
9.750%, 02/01/2013 ◊		2,565		2,747
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B
4.600%, 12/01/2009		610		617
				8,905
Oregon – 0.4%
General Obligations – 0.4%
Lane County School District #52, Bethel (SBG)
5.500%, 06/15/2009		1,000		1,021
Yamhill County School District #40, McMinnville (FSA) (SBG)
5.000%, 06/15/2019		1,415		1,533
				2,554
Pennsylvania – 1.4%
Revenue Bonds – 1.3%
Allegheny County Hospital Revenue, University of Pittsburgh Medical Center, Series B
5.000%, 06/15/2018		3,000		2,981
Delaware County College Revenue, Neumann College
5.250%, 10/01/2020		535		422
5.375%, 10/01/2021		565		442
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI)
5.000%, 12/15/2015		1,275		1,095
5.000%, 12/15/2017		1,405		1,150
Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project
6.125%, 02/01/2028		1,000		629
Westmoreland County Industrial Development Authority Revenue, Retirement Community, Redstone, Series A
5.375%, 01/01/2014		1,100		960
5.500%, 01/01/2016		1,200		974
				8,653
General Obligation – 0.1%
Ephrata Area School District (FGIC) (MBIA) (STAID)
4.500%, 04/15/2018		400		402
				9,055
Puerto Rico – 0.6%
Revenue Bond – 0.1%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		1,000		825
General Obligation – 0.5%
Puerto Rico Commonwealth, Public Improvement, Series A
5.000%, 07/01/2020		4,000		3,284
				4,109
South Carolina – 1.4%
Revenue Bonds – 1.4%
Charleston EDL Excellence Finance, Charleston County School District Project
5.000%, 12/01/2013		2,000		2,125
Lexington County Health Services District, Lexington Medical Center, Pre-refunded 11/01/2013 @ 100
5.500%, 11/01/2023 ◊		2,000		2,269
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
6.000%, 08/01/2013		1,000		1,002
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C
6.000%, 08/01/2013		2,000		1,994
South Carolina Public Service Authority, Series A (MBIA)
5.500%, 01/01/2010		1,665		1,736
				9,126
South Dakota – 1.1%
Revenue Bonds – 0.8%
South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGTY)
5.125%, 08/01/2028		1,500		1,423
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement
4.750%, 09/01/2011		530		527
5.000%, 09/01/2012		1,000		986
5.000%, 09/01/2013		1,000		977
5.000%, 09/01/2025		1,770		1,340
				5,253
Certificate of Participation – 0.3%
Deadwood (ACA)
5.000%, 11/01/2018		2,385		1,945
				7,198
Tennessee – 3.8%
Revenue Bonds – 3.5%
Chattanooga Health, Educational & Housing Facilities Board, Catholic Health Initiatives, Series D
6.125%, 10/01/2028		2,265		2,269
Jackson Hospital Revenue, Jackson-Madison Project
5.250%, 04/01/2023		4,000		3,512
Memphis-Shelby Counties Sports Authority Revenue, Memphis Arena Project, Series C (MBIA)
5.000%, 11/01/2017		3,175		3,348
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity
6.400%, 04/01/2011 §		1,030		1,139
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
6.000%, 09/01/2016 ◊		565		634
6.000%, 09/01/2016 ◊		935		1,049
Shelby County Health, Educational & Housing Facilities Board, St. Jude’s Children’s Research
5.000%, 07/01/2009		100		101
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project (RAAI)
5.000%, 09/01/2016		2,000		1,685
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Escrowed to Maturity
6.250%, 09/01/2011 §		1,465		1,630
6.250%, 09/01/2012 §		1,085		1,239

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

34   First American Funds 2008 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101
6.500%, 09/01/2013 ◊	$	2,215	$	2,531
Tennessee Energy Acquisition Corporation, Gas Revenue, Series A
5.000%, 09/01/2014		3,500		3,081
				22,218
General Obligation – 0.3%
Memphis (MBIA)
5.000%, 10/01/2016		2,000		2,203
				24,421
Texas – 10.9%
Revenue Bonds – 4.6%
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
5.700%, 05/15/2033		1,000		892
El Paso Water & Sewer Revenue, Series A (FSA)
4.000%, 03/01/2018		650		657
Grapevine Industrial Development, Air Cargo (AMT)
6.500%, 01/01/2024		485		364
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A
5.750%, 10/01/2009		2,895		2,908
5.000%, 10/01/2013		1,230		1,161
Harris County Health Facilities Development Corporation, Hospital Revenue, Memorial Hermann Healthcare System, Series B
7.125%, 12/01/2031		1,950		1,963
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Pre-refunded 02/15/2014 @ 101
7.000%, 02/15/2023 ◊		2,000		2,369
League City Waterworks & Sewer System Revenue (FSA)
4.000%, 02/15/2018		1,230		1,219
4.375%, 02/15/2023		1,315		1,191
Lubbock Educational Facilities Revenue, Lubbock Christian University
5.000%, 11/01/2016		1,000		880
North Texas Tollway Revenue, First Tier, Series A
6.000%, 01/01/2024		2,500		2,481
North Texas Tollway Revenue, First Tier, Series E-3, Mandatory Put 01/01/2016 @ 100
5.750%, 01/01/2038		3,000		3,115
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond (MBIA)
2.590%, 06/01/2012 § ¤		1,465		1,342
San Antonio Electric & Gas, Series A
5.250%, 02/01/2013		2,135		2,164
San Leanna Educational Facilities Higher Education Revenue Tax, Saint Edwards University Project
5.000%, 06/01/2019		575		456
Tarrant County Cultural Education Financial Corporation Retirement Facilities, Northwest Senior Housing, Edgemere Project, Series A
5.750%, 11/15/2014		1,235		1,093
Texas Transportation Commission, First Tier
5.000%, 04/01/2017		2,000		2,246
Travis County Health Facilities, Development Retirement Facilities Revenue, Querencia Barton Creek Project
5.250%, 11/15/2017		1,000		723
5.500%, 11/15/2025		900		537
Tyler Health Facilities, Mother Frances Hospital
5.250%, 07/01/2012		1,000		928
Victoria Utilities Systems Revenue (AMBAC)
4.400%, 12/01/2019		1,000		968
				29,657
General Obligations – 6.3%
Alvin Independent School District, Schoolhouse (PSFG)
4.125%, 02/15/2019		1,110		1,130
Brownsville (MBIA)
5.000%, 02/15/2017		2,125		2,224
Corinth (MBIA)
4.500%, 02/15/2019		1,180		1,169
Dallas (MBIA)
4.500%, 02/15/2027		5,000		4,634
Dallas County Utilities & Reclamation District, Series A (AMBAC)
5.150%, 02/15/2022		5,715		4,869
El Paso County (MBIA)
5.000%, 02/15/2018		2,440		2,657
Elgin Independent School District, School Building (PSFG)
4.375%, 08/01/2019		1,120		1,156
Frisco (AMBAC)
4.500%, 02/15/2016		2,045		2,194
Frisco (FGIC) (MBIA)
5.000%, 02/15/2018		1,125		1,158
5.000%, 02/15/2019		1,675		1,707
Galena Park Independent School District, School Building (PSFG)
4.000%, 08/15/2019		1,070		1,077
Giddings Independent School District, School Building, Series A (PSFG)
4.250%, 02/15/2019		875		900
Grand Prairie Independent School District, School Building, Series A (PSFG)
4.500%, 02/15/2018		635		676
Howard County Junior College (AMBAC)
4.250%, 02/15/2018		715		705
Kaufman County (FSA)
5.000%, 02/15/2017		1,000		1,046
Lubbock, Water Works System, Series A (FSA)
4.500%, 02/15/2019		300		310
Mansfield Independent School District, School Building (PSFG)
5.000%, 02/15/2022		770		797
Montgomery County (FSA)
4.000%, 03/01/2017		320		331
North Harris Montgomery Community College District (FGIC)
5.375%, 02/15/2015		95		101
Northwest Texas Independent School District (PSFG)
4.500%, 02/15/2026		1,500		1,410
Plano Independent School District, School Building, Series A
5.000%, 02/15/2025		1,000		1,015
San Angelo, Series A (MBIA)
4.400%, 02/15/2019		875		897

First American Funds 2008 Semiannual Report   35

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
San Antonio
4.125%, 02/01/2019	$	1,000	$	1,019
4.250%, 02/01/2020		1,140		1,150
Sunnyvale School District, School Building (PSFG)
4.400%, 02/15/2020		870		889
Teague Independent School District, School Building (PSFG)
5.000%, 02/15/2019		2,210		2,406
Texas, Water Financial Assistance, Series A
5.000%, 08/01/2017		1,500		1,681
Victoria School District, School Building (PSFG)
5.000%, 02/15/2018		500		550
				39,858
				69,515
Utah – 0.8%
Revenue Bonds – 0.7%
Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC)
5.000%, 07/01/2015		2,500		2,762
South Jordan, Sales Tax, Pre-refunded 08/15/2011 @ 100 (AMBAC)
5.500%, 08/15/2018 ◊		1,000		1,098
Weber Basin Water Conservancy District, Series A (AMBAC)
4.375%, 10/01/2018		400		412
				4,272
General Obligation – 0.1%
Ashley Valley Water & Sewer, Escrowed to Maturity (AMBAC)
10.900%, 01/01/2010 §		600		630
				4,902
Washington – 3.9%
Revenue Bonds – 0.6%
Snohomish County Housing Authority
6.300%, 04/01/2016		880		883
Washington Housing Community Nonprofit Revenue, Skyline at First Hill Project, Series B
5.100%, 01/01/2013		3,000		2,695
				3,578
General Obligations – 3.3%
Clark County School District #37, Vancouver (FSA)
5.250%, 12/01/2014		1,515		1,668
King County School District, #401, Highline Public Schools (FSA) (SBG)
5.250%, 12/01/2025		500		514
King County School District, #412, Shoreline (SBG)
5.750%, 12/01/2021		265		289
Snohomish County (MBIA)
5.375%, 12/01/2019		5,000		5,272
Spokane County School District #081, Spokane (MBIA) (SBG)
5.000%, 06/01/2016		1,000		1,091
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC) (MBIA)
4.023%, 12/01/2014 ¤		5,690		4,495
Washington, Series C
5.500%, 07/01/2014		2,275		2,586
Washington, Series S-5, Zero Coupon Bond (FGIC) (MBIA)
4.010%, 01/01/2016 ¤		3,000		2,272
Washington, Various Purpose, Series R-A (AMBAC)
5.000%, 01/01/2025		3,000		3,028
				21,215
				24,793
Wisconsin – 1.9%
Revenue Bonds – 1.6%
Franklin Solid Waste Disposal Revenue, Waste Management Wisconsin, Series A, Mandatory Put 05/01/2016 @ 100 (AMT)
4.950%, 11/01/2016		2,000		1,492
Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Series A
5.500%, 02/15/2020		1,500		1,177
Wisconsin Health & Educational Facilities Authority, Eastcastle Place Income Project
5.750%, 12/01/2019		2,000		1,480
Wisconsin Health & Educational Facilities Authority, Fort Healthcare Income Project
5.375%, 05/01/2018		1,250		1,091
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic, Series B
6.250%, 02/15/2009		500		500
5.500%, 02/15/2013		850		816
Wisconsin Health & Educational Facilities Authority, Southwest Health Center, Series A
6.125%, 04/01/2024		1,500		1,068
Wisconsin Health & Educational Facilities Authority, Vernon Memorial Healthcare Project
4.650%, 03/01/2015		1,035		884
Wisconsin Health & Educational Facilities Authority, Wheaton Franciscan Services
5.750%, 08/15/2011		210		200
Wisconsin Health & Educational Facilities Authority, Wisconsin Medical College (MBIA)
5.000%, 12/01/2015		1,450		1,382
				10,090
General Obligation – 0.3%
Door County, Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC)
5.125%, 09/01/2016 z		1,720		1,837
				11,927
Wyoming – 0.3%
Revenue Bond – 0.3%
Lincoln County, Pacificorp Project, Mandatory Put 06/03/2013 @ 100 (AMT)
4.125%, 11/01/2025		2,250		2,128
Total Municipal Bonds
(Cost $641,447)				626,383
Short Term Investments – 0.8%
Money Market Fund – 0.7%
First American Tax Free Obligations Fund, Class Z Å		4,863,718		4,864

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

36   First American Funds 2008 Semiannual Report

Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Variable Rate Demand Note v – 0.1%
Colorado Educational & Cultural Facilities Authority, National Jewish Federation Board Project, Class A-9 (LOC: Bank of America)
1.150%, 09/01/2036	$	300	$	300
Total Short-Term Investments
(Cost $5,164)				5,164
Total Investments – 99.3%
(Cost $646,611)				631,547
Other Assets and Liabilities, Net – 0.7%				4,483
Total Net Assets – 100.0%			$	636,030

§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
◗	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
Y	Auction rate security. The coupon rate represents the rate as of December 31, 2008.
z	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2008.

ACA –  ACA Financial Guaranty Corporation

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $12,817, which represents 2.0% of total net assets.

CIFG –  CDC IXIS Financial Guaranty

CMI –  California Mortgage Insurance Program

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FHA –  Federal Housing Authority

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

IMI –  Investors Mortgage Insurance Company

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

MQSBLF –  Michigan Qualified School Board Loan Fund Program

MSDCEP –  Minnesota School District Credit Enhancement Program

OSDCEP –  Ohio School District Credit Enhancement Program

PSFG –  Permanent School Fund Guarantee

RAAI –  Radian Asset Assurance Inc.

SBG –  School Board Guaranty

SMO –  State Moral Obligation

Intermediate Tax Free Fund (concluded)

STAID –  State Aid Withholding

VA –  Veterans Administration

XLCA –  XL Capital Assurance Inc.

First American Funds 2008 Semiannual Report   37

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Minnesota Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 98.8%
Revenue Bonds – 67.8%
Continuing Care Retirement Communities – 1.0%
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects, Series A
5.550%, 07/01/2027	$	1,000	$	618
Glencoe Health Care Facilities, Pre-refunded 04/01/2011 @ 101
7.400%, 04/01/2021 ◊		1,000		1,132
				1,750
Economic Development – 1.6%
Minneapolis Community Development Agency, Series G-3, Pre-refunded 12/01/2011 @ 100
5.350%, 12/01/2021 ◊		1,000		1,098
Minneapolis Development Revenue, Common Bond, Series 1A (AMT)
4.550%, 12/01/2013		480		483
4.625%, 12/01/2014		505		507
Minneapolis Supported Development Revenue, Common Bond, Series 2A (AMT)
5.125%, 06/01/2022		1,000		754
				2,842
Education – 10.6%
Minneapolis, The Blake School Project
5.000%, 09/01/2012		445		460
Minnesota Higher Education Facilities Authority, Augsburg College, Series 4
5.000%, 10/01/2011		500		493
5.000%, 10/01/2012		500		484
Minnesota Higher Education Facilities Authority, Augsburg College, Series 6-C
4.750%, 05/01/2018		1,075		903
Minnesota Higher Education Facilities Authority, Augsburg College, Series 6-J1
5.000%, 05/01/2013		320		312
5.000%, 05/01/2016		375		344
5.000%, 05/01/2020		1,295		1,053
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2018		1,125		976
5.500%, 05/01/2019		1,185		1,002
5.500%, 05/01/2024		1,050		803
Minnesota Higher Education Facilities Authority, College of Art & Design, Series 5-K
5.000%, 05/01/2011		250		256
Minnesota Higher Education Facilities Authority, College of Art & Design, Series 6-K
5.000%, 05/01/2013		310		302
5.000%, 05/01/2014		320		307
5.000%, 05/01/2015		340		320
5.000%, 05/01/2016		355		326
5.000%, 05/01/2017		370		329
Minnesota Higher Education Facilities Authority, St. Benedict College, Series V
4.500%, 03/01/2017		1,585		1,449
Minnesota Higher Education Facilities Authority, St. Catherine College, Series 5-N1
5.250%, 10/01/2022		500		425
Minnesota Higher Education Facilities Authority, St. John’s University, Series 6-U
4.200%, 10/01/2019		290		270
4.300%, 10/01/2020		385		353
4.500%, 10/01/2022		145		131
Minnesota Higher Education Facilities Authority, St. Olaf College, Series 6-O
5.000%, 10/01/2016		500		524
4.500%, 10/01/2019		250		227
Minnesota Higher Education Facilities Authority, St. Scholastica College, Series 5-J
5.250%, 12/01/2011		300		297
Minnesota Higher Education Facilities Authority, St. Scholastica College, Series 6-S
4.375%, 12/01/2016		360		304
4.500%, 12/01/2017		380		313
Minnesota Higher Education Facilities Authority, University of St. Thomas, Series 6-I
4.000%, 04/01/2014		1,045		1,059
Moorhead Educational Facilities, Concordia College, Series A
4.100%, 12/15/2014		500		496
4.200%, 12/15/2015		880		862
4.300%, 12/15/2016		925		897
5.000%, 12/15/2018		1,005		1,003
5.000%, 12/15/2019		1,060		1,038
				18,318
Healthcare – 27.5%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.250%, 02/01/2015		735		622
Bemidji Health Care Facilities, North County Health Services
4.125%, 09/01/2013		300		288
4.250%, 09/01/2015		500		468
5.000%, 09/01/2017		500		479
5.000%, 09/01/2018		1,050		986
5.000%, 09/01/2019		1,110		1,022
Cuyuna Range Hospital District
5.000%, 06/01/2016		425		337
5.000%, 06/01/2017		1,340		1,034
5.000%, 06/01/2019		1,320		961
Duluth Economic Development Authority, Benedictine Health System, Pre-refunded 02/15/2014 @ 100
5.375%, 02/15/2022 ◊		2,045		2,332
Glencoe Health Care Facilities, Regional Health Services Project
5.000%, 04/01/2013		760		725
5.000%, 04/01/2014		800		749
5.000%, 04/01/2015		845		777
5.000%, 04/01/2017		1,815		1,592
Hastings Health Care Facility, Regina Medical Center (ACA)
5.000%, 09/15/2013		500		465
Inver Grove Heights Nursing Home Revenue, Presbyterian Homes Care
5.000%, 10/01/2016		430		336
Maple Grove Health Care Facilities, Maple Grove Hospital
5.000%, 05/01/2017		1,000		962
Maple Grove Health Care Facilities, North Memorial
4.500%, 09/01/2017		1,730		1,513
Marshall Medical Center Gross Revenue, Avera Marshall Regional Medical Center Project
4.500%, 11/01/2013		345		326
4.750%, 11/01/2020		1,155		922

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

38   First American Funds 2008 Semiannual Report

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Meeker County Hospital Facilities, Memorial Hospital Project
5.625%, 11/01/2022	$	1,000	$	713
Minneapolis Healthcare System, Allina Health System, Series A, Pre-refunded 11/15/2012 @ 100
6.000%, 11/15/2023 ◊		2,500		2,865
5.750%, 11/15/2032 ◊		1,300		1,478
Minneapolis Healthcare System, Fairview Health Services, Series A
6.375%, 11/15/2023		4,000		3,982
Minneapolis Healthcare System, Fairview Health Services, Series A, Escrowed to Maturity
5.000%, 05/15/2012 §		605		664
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project
5.500%, 02/01/2011		280		285
5.500%, 02/01/2012		200		203
5.500%, 02/01/2015		730		729
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A (MBIA)
5.500%, 11/15/2017		305		309
5.750%, 11/15/2026		10		8
Monticello, Big Lake Community Hospital, Series C
5.750%, 12/01/2015		2,320		2,001
Northfield Hospital Revenue
5.000%, 11/01/2013		880		830
5.000%, 11/01/2014		920		851
5.500%, 11/01/2017		1,080		969
Plymouth Health Facilities, Westhealth Project, Series A (FSA)
6.200%, 06/01/2011		1,360		1,363
Redwood Falls Hospital Facilities Revenue
5.000%, 12/01/2021		1,015		710
Shakopee Health Care Facilities, St. Francis Regional Medical Center
4.000%, 09/01/2012		305		282
5.000%, 09/01/2017		1,785		1,558
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series C
5.625%, 07/01/2026		2,500		2,086
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (MBIA)
5.000%, 11/15/2015		500		480
5.000%, 11/15/2019		1,000		869
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
5.250%, 05/15/2019		1,000		757
St. Paul Housing & Redevelopment Authority, HealthEast Project
5.150%, 11/15/2020		1,840		1,210
St. Paul Port Authority, HealthEast Midway Campus, Series A
5.250%, 05/01/2015		1,500		1,186
5.750%, 05/01/2025		2,000		1,269
Stillwater Health Care, Health Systems Obligation Group
4.250%, 06/01/2015		500		462
4.250%, 06/01/2016		260		235
Todd, Morrison, Cass & Wadena Counties, United Hospital District
4.000%, 12/01/2013		400		395
Winona Health Care Facilities, Series A
5.300%, 07/01/2017		525		470
5.350%, 07/01/2018		590		518
Winona Health Care Facilities, Winona Health Obligated Group
5.000%, 07/01/2020		1,000		796
				47,429
Housing – 1.2%
Dakota County Housing & Redevelopment Authority, Single Family Mortgages (AMT) (FNMA) (GNMA)
5.125%, 10/01/2020		35		34
Minnesota Housing Finance Agency, Single Family Mortgages, Series B (AMT)
5.550%, 07/01/2024		65		64
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
5.600%, 04/01/2025		2,000		1,288
Worthington Housing Authority, Meadows Worthington Project, Series A
5.000%, 11/01/2017		1,000		667
				2,053
Lease Revenue – 3.1%
Andover Economic Development Authority Public Facilities Lease Revenue, Community Center, Crossover Refunded 02/01/2014 @ 100
5.000%, 02/01/2019 z		730		790
5.000%, 02/01/2019 z		495		535
Pine County Housing & Redevelopment Authority, Series A
4.500%, 02/01/2016		465		460
4.500%, 02/01/2017		385		372
St. Paul Housing & Redevelopment Authority, Jimmy Lee Recreation Center
4.500%, 12/01/2019		180		172
4.500%, 12/01/2020		290		273
St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center
4.000%, 06/01/2012		195		197
St. Paul Port Authority, Office Building
5.000%, 12/01/2019		2,415		2,486
				5,285
Miscellaneous – 0.9%
Seaway Port Authority of Duluth, Cargill Income Project
4.200%, 05/01/2013		1,500		1,502
Tax Revenue – 2.3%
Hennepin County Sales Tax, Ballpark Project, Series B
4.375%, 12/15/2022		555		542
5.000%, 12/15/2029		1,000		991
Minneapolis Tax Increment Revenue, Grant Park Project
5.200%, 02/01/2022		1,000		658
Minneapolis, St. Anthony Falls Project
5.000%, 02/01/2017		1,040		787
5.300%, 02/01/2021		570		386
St. Anthony Housing & Redevelopment Authority, Silver Lake Village Project
5.000%, 08/01/2015		745		609
				3,973

First American Funds 2008 Semiannual Report   39

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Transportation – 8.1%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (MBIA)
5.000%, 01/01/2019	$	1,000	$	1,023
5.000%, 01/01/2020		2,200		2,230
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT)
5.000%, 01/01/2020		2,125		1,816
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) (MBIA)
5.750%, 01/01/2010		2,380		2,395
5.625%, 01/01/2014		1,000		989
Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Pre-refunded 01/01/2011 @ 100 (FGIC)
5.125%, 01/01/2020 ◊		3,095		3,313
Minnesota Public Facilities Authority Transportation
5.000%, 03/01/2012		970		1,000
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (IBC) (MBIA)
5.500%, 07/01/2013		1,250		1,208
				13,974
Utilities – 11.5%
Chaska Electric, Series A
5.650%, 10/01/2009		720		741
5.650%, 10/01/2010		760		797
4.200%, 10/01/2015		1,000		1,002
Cohasset Pollution Control, Allete Project (IBCC) (RAAI)
4.950%, 07/01/2022		2,230		1,764
Minnesota State Municipal Power Agency
4.125%, 10/01/2017		420		388
5.250%, 10/01/2022		1,000		935
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AGTY)
5.000%, 01/01/2019		1,000		1,060
5.000%, 01/01/2021		2,000		2,045
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AMBAC)
5.000%, 01/01/2013		380		404
5.000%, 01/01/2017		460		483
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2016		500		489
Shakopee Public Utilities, Series A (FSA)
4.250%, 02/01/2018		295		299
Southern Minnesota Municipal Power Agency, Series A (AMBAC)
5.000%, 01/01/2011		1,270		1,285
5.250%, 01/01/2014		2,000		2,160
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)
4.700%, 01/01/2020 ¤		3,500		2,099
4.870%, 01/01/2021 ¤		5,000		2,807
Western Minnesota Municipal Power Agency, Series A (AMBAC)
5.500%, 01/01/2011		1,000		1,003
				19,761
Total Revenue Bonds				116,887
General Obligations – 29.3%
Anoka County Capital Improvements, Series A
4.100%, 02/01/2018		610		629
5.000%, 02/01/2020		1,000		1,068
Anoka County Capital Improvements, Series B
4.550%, 01/01/2011		1,960		1,996
Anoka County Capital Improvements, Series C
4.100%, 02/01/2018		285		296
4.200%, 02/01/2019		595		611
Anoka County, Series D
5.000%, 02/01/2024		500		503
Anoka-Hennepin Independent School District #11, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
5.000%, 02/01/2014 z		2,000		2,113
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP)
5.375%, 02/01/2013 z		600		628
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
5.000%, 02/01/2012 z		1,000		1,057
Burnsville Independent School District #191, Alternative Facilities, Series A (MSDCEP)
4.250%, 02/01/2020		1,200		1,218
Chaska Independent School District #112, Series A (MBIA) (MSDCEP)
4.250%, 02/01/2019		1,000		1,033
Chatfield Independent School District #227, Series A (FSA) (MSDCEP)
4.000%, 02/01/2018		450		468
Dakota County, Capital Improvements, Series C
4.850%, 02/01/2010		1,000		1,042
Dakota County Community Development Agency, Senior Housing Facilities, Series A
4.375%, 01/01/2019		510		524
4.500%, 01/01/2020		215		205
Dassel Cokato Independent School District #466, Series A (MSDCEP)
4.000%, 03/01/2014		300		315
Duluth Independent School District #709, Series A (FSA) (MSDCEP)
4.250%, 02/01/2022		1,150		1,112
Duluth, Series A
4.500%, 02/01/2021		1,160		1,163
4.500%, 02/01/2022		465		455
4.625%, 02/01/2024		1,100		1,062
Lakeville Independent School District #194, Pre-refunded 02/01/09 @ 100 (MSDCEP)
5.000%, 02/01/2016 ◊		2,000		2,007
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/2013 @ 100 (FGIC) (MSDCEP)
5.000%, 02/01/2022 z		1,260		1,362
Minneapolis Special School District #001 (MSDCEP)
4.000%, 02/01/2018		1,135		1,174
Moorhead Independent School District #152, Crossover Refunded 04/01/2012 @ 100 (FGIC) (MSDCEP)
5.000%, 04/01/2015 z		3,450		3,696
5.000%, 04/01/2016 z		2,510		2,689
Mounds View Independent School District #621, Series A (MBIA) (MSDCEP)
5.000%, 02/01/2018		2,340		2,383
Mounds View Independent School District #621, Series A (MSDCEP)
5.000%, 02/01/2019		2,565		2,655

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

40   First American Funds 2008 Semiannual Report

Minnesota Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Mounds View Independent School District #621, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
5.250%, 02/01/2012 z	$	1,000	$	1,059
Pequot Lakes Independent School District #186, Crossover Refunded 02/01/2012 @ 100 (FGIC) (MSDCEP)
5.125%, 02/01/2018 z		500		536
Perham, Disposal System (AMT)
5.850%, 05/01/2015		1,205		1,220
Puerto Rico Commonwealth (MBIA)
6.000%, 07/01/2014		1,605		1,561
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		1,000		923
Puerto Rico Commonwealth, Series A
5.500%, 07/01/2018		1,000		892
5.500%, 07/01/2018		575		513
Puerto Rico Commonwealth, Series A (XLCA)
5.500%, 07/01/2017		1,000		903
Robbinsdale Independent School District #281, Alternative Facilities, Series B (MSDCEP)
4.500%, 02/01/2021		500		515
Rochester Wastewater, Series A
4.000%, 12/01/2018		1,140		1,180
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 89.37 (FSA) (MSDCEP)
2.670%, 02/01/2013 z ¤		1,055		892
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 94.63 (FSA) (MSDCEP)
2.670%, 02/01/2012 z ¤		1,790		1,603
South Washington County, Independent School District #833, Series B (FSA) (MSDCEP)
5.000%, 02/01/2015		1,030		1,086
St. Cloud Library Sales Tax, Series B (FSA)
4.000%, 02/01/2018		1,000		1,029
St. Michael Independent School District #885, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
5.000%, 02/01/2014 z		1,190		1,271
5.000%, 02/01/2017 z		1,000		1,068
Wright County Jail, Series A (MCCEP)
4.500%, 12/01/2020		640		659
Zumbrota-Mazeppa Independent School District #2805, Series A (MSDCEP)
4.000%, 02/01/2019		200		204
Total General Obligations				50,578
Certificates of Participation – 1.7%
Duluth Independent School District #709, Series B (MSDCEP)
4.000%, 02/01/2019		1,890		1,867
Northeast Metropolitan Intermediate School District #916
4.250%, 01/01/2015		1,000		1,000
Total Certificates of Participation				2,867
Total Investments – 98.8%
(Cost $178,940)				170,332
Other Assets and Liabilities, Net – 1.2%				2,142
Total Net Assets – 100.0%			$	172,474

Minnesota Intermediate Tax Free Fund (concluded)

◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
z	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.

ACA –  ACA Financial Guaranty Corporation

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $8,262, which represents 4.8% of total net assets.

FGIC –  Financial Guaranty Insurance Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

IBC –  Insured Bond Certificate

IBCC –  Insured Bond Custodial Certificate

MBIA –  Municipal Bond Insurance Association

MCCEP –  Minnesota County Credit Enhancement Program

MSDCEP –  Minnesota School District Credit Enhancement Program

RAAI –  Radian Asset Assurance Inc.

XLCA –  XL Capital Assurance Inc.

First American Funds 2008 Semiannual Report   41

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Minnesota Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 96.3%
Revenue Bonds – 86.7%
Continuing Care Retirement Communities – 2.6%
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects, Series A
5.700%, 07/01/2042	$	1,750	$	996
Golden Valley, Covenant Retirement Communities, Series A
5.500%, 12/01/2029		1,750		1,259
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		1,275		687
Prior Lake Senior Housing Revenue, Shepherds Path, Series B
5.700%, 08/01/2036		1,000		620
				3,562
Economic Development – 2.0%
Minnesota Agricultural & Economic Development Board, Minnesota Small Business Program, Series A (AMT)
5.550%, 08/01/2016		500		427
Minnesota Agricultural & Economic Development Board, Small Business Development, Series C (AMT)
7.250%, 08/01/2020		1,385		1,287
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D (AMT)
7.250%, 08/01/2020		1,065		990
				2,704
Education – 4.1%
Baytown Lease Revenue, St. Croix Preparatory Academy, Series A
7.000%, 08/01/2038		1,500		1,081
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2026		1,725		1,273
5.500%, 05/01/2027		820		595
Minnesota Higher Education Facilities Authority, College of Art & Design, Series 6-K
5.000%, 05/01/2026		30		22
Minnesota Higher Education Facilities Authority, Vermilion Community College, Series 3-T
5.750%, 01/01/2013		355		346
St. Paul Housing & Redevelopment Authority, Community Peace Academy, Series A
5.000%, 12/01/2036		800		461
St. Paul Housing & Redevelopment Authority, St. Paul Academy & Summit School Project
5.000%, 10/01/2024		2,000		1,794
				5,572
Healthcare – 29.0%
Chippewa County, Montevideo Hospital Project
5.500%, 03/01/2037		1,500		816
Cuyuna Range Hospital District
5.000%, 06/01/2029		3,150		1,861
5.500%, 06/01/2035		350		204
Duluth Economic Development Authority, Benedictine Health System, Pre-refunded 02/15/2014 @ 100
5.250%, 02/15/2028 ◊		1,065		1,208
Glencoe Health Care Services Facilities Project, Glencoe Regional Health
5.000%, 04/01/2031		2,000		1,291
Maple Grove Health Care Facilities, North Memorial Health Care
5.000%, 09/01/2035		2,000		1,325
Maple Grove Health Care System, Maple Grove Hospital
4.500%, 05/01/2023		1,500		1,189
5.250%, 05/01/2025		1,000		847
Marshall Medical Center, Weiner Memorial Medical Center Project, Series A
5.250%, 11/01/2016		305		285
5.850%, 11/01/2023		875		757
Meeker County Hospital Facilities, Memorial Hospital Project
5.750%, 11/01/2027		1,000		674
Minneapolis Healthcare System, Allina Health System, Series A, Pre-refunded 11/15/2012 @ 100
6.000%, 11/15/2023 ◊		1,500		1,719
5.750%, 11/15/2032 ◊		2,400		2,728
Minneapolis Healthcare System, Fairview Health Services, Series A
6.625%, 11/15/2028		3,000		2,956
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A
6.375%, 11/15/2029		125		116
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Pre-refunded 11/15/2010 @ 101
6.375%, 11/15/2029 ◊		3,875		4,242
Monticello, Big Lake Community Hospital, Series A
5.750%, 12/01/2019		1,000		746
Monticello, Big Lake Community Hospital, Series C
6.200%, 12/01/2022		1,000		723
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge
5.750%, 03/01/2015		1,600		1,360
Redwood Falls Hospital Revenue, Redwood Area Hospital Project
5.125%, 12/01/2036		3,000		1,716
Shakopee Health Care Facilities, St. Francis Regional Medical Center
5.250%, 09/01/2034		2,000		1,313
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B, Pre-refunded 07/01/2014 @ 100
5.500%, 07/01/2025 ◊		2,000		2,324
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series C
5.750%, 07/01/2030		1,000		816
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (MBIA)
5.000%, 11/15/2012		2,500		2,490
St. Paul Housing & Redevelopment Authority, Episcopal Nursing Home
5.630%, 10/01/2033		2,304		1,326
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
5.250%, 05/15/2026		2,000		1,310

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

42   First American Funds 2008 Semiannual Report

Minnesota Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
St. Paul Housing & Redevelopment Authority, HealthEast Project
6.000%, 11/15/2030	$	800	$	483
St. Paul Housing & Redevelopment Authority, Regions Hospital
5.250%, 05/15/2018		500		423
St. Paul Port Authority, HealthEast Midway Campus, Series A
5.875%, 05/01/2030		900		536
St. Paul Port Authority, HealthEast Midway Campus, Series B
6.000%, 05/01/2030		1,800		1,092
Winona Health Care Facilities, Series A
6.000%, 07/01/2034		1,000		755
				39,631
Housing – 13.5%
Cottage Grove Senior Housing Revenue, PHS/Cottage Grove Inc. Project, Series A
5.000%, 12/01/2031		850		450
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project (GNMA)
5.900%, 04/20/2042		2,000		1,892
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @ 100 (AMT) (FNMA)
3.050%, 06/15/2034		2,000		2,004
Hopkins Elderly Housing, St. Theresa Project, Series A (FHA) (GNMA)
5.600%, 11/20/2017		460		463
Maplewood Multifamily Housing, Carefree Cottages ll, Mandatory Put 04/15/2019 @ 100 (AMT) (FNMA)
4.800%, 04/15/2034		2,000		1,828
Minneapolis & St. Paul Housing Financing Board, Single Family, Series A4 (AMT) (FHLMC) (FNMA) (GNMA)
5.000%, 11/01/2038		974		722
Minneapolis Housing Revenue, Keeler Apartments, Series A
5.000%, 10/01/2037		1,350		770
Minneapolis Multifamily Housing Revenue, Vantage Flats Project (AMT) (GNMA)
5.200%, 10/20/2048		875		656
Minnesota Housing Finance Agency, Residential Housing, Series B (AMT)
5.650%, 07/01/2033		680		583
Minnesota Housing Finance Agency, Residential Housing, Series B1-RMK (AMT)
5.350%, 07/01/2033		1,380		1,130
Minnesota Housing Finance Agency, Residential Housing, Series D (AMT)
4.700%, 07/01/2027		3,465		2,686
Minnesota Housing Finance Agency, Residential Housing, Series F (AMT)
5.400%, 07/01/2030		2,350		1,979
Minnesota Housing Finance Agency, Single Family Mortgage, Series C (AMT)
6.100%, 07/01/2030		345		335
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
5.650%, 04/01/2041		1,620		916
St. Paul Housing & Redevelopment Authority, Rossy & Richard Shaller, Series A
5.250%, 10/01/2042		1,100		550
White Bear Lake, Multifamily Housing, Lake Square, Series A (FHA)
6.000%, 08/01/2020		1,020		1,020
Worthington Housing Authority, Meadows Worthington Project, Series A
5.375%, 05/01/2037		880		409
				18,393
Lease Revenue – 6.2%
Lakeville Housing & Redevelopment Authority, Ice Arena Project
4.625%, 02/01/2032		585		512
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A
4.900%, 02/01/2015		850		858
5.000%, 02/01/2016		895		902
5.100%, 02/01/2017		900		907
Pine County Housing & Redevelopment Authority, Series A
5.000%, 02/01/2028		1,000		853
5.000%, 02/01/2031		1,890		1,569
Puerto Rico Public Buildings Authority, Government Facilities, Series M (COMGTY)
6.250%, 07/01/2031		2,000		1,774
St. Paul Housing & Redevelopment Authority, Jimmy Lee Recreation Center
4.750%, 12/01/2026		500		443
St. Paul Port Authority, Regions Hospital Parking Ramp Project, Series 1
5.000%, 08/01/2036		1,375		722
				8,540
Miscellaneous – 1.4%
Little Canada Commercial Development, RLF Minnesota Project
7.100%, 04/01/2013		790		759
Seaway Port Authority of Duluth, Cargill Income Project
4.200%, 05/01/2013		1,130		1,131
				1,890
Recreational Facility Authority – 1.2%
Moorhead, Golf Course, Series B
5.875%, 12/01/2021		2,000		1,629
Tax Revenue – 0.3%
Minneapolis, St. Anthony Falls Project
5.650%, 02/01/2027		400		245
5.750%, 02/01/2027		300		186
				431
Transportation – 6.9%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (AMBAC)
5.000%, 01/01/2017		1,000		1,060
5.000%, 01/01/2019		3,250		3,349
5.000%, 01/01/2020		5,000		5,066
				9,475
Utilities – 19.5%
Chaska Electric, Series A
6.100%, 10/01/2030		45		41
Minnesota Public Facilities Authority, Clean Water, Series B
5.000%, 03/01/2018		2,000		2,243

First American Funds 2008 Semiannual Report   43

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Minnesota Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AGTY)
5.000%, 01/01/2018	$	1,985	$	2,140
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AMBAC)
5.000%, 01/01/2026		2,000		1,874
Puerto Rico Electric Power Authority, Series SS (MBIA)
5.000%, 07/01/2024		2,000		1,596
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA)
4.460%, 01/01/2019 ¤		4,000		2,573
4.870%, 01/01/2021 ¤		5,000		2,807
5.090%, 01/01/2023 ¤		3,000		1,484
5.170%, 01/01/2024 ¤		11,000		5,115
5.260%, 01/01/2025 ¤		4,250		1,852
5.350%, 01/01/2026 ¤		6,300		2,568
5.410%, 01/01/2027 ¤		3,000		1,148
Western Minnesota Municipal Power Agency (AMBAC)
5.500%, 01/01/2015		550		573
Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA)
9.750%, 01/01/2016 §		410		570
				26,584
Total Revenue Bonds				118,411
General Obligations – 8.1%
Burnsville Independent School District #191, Alternative Facilities, Series A (MSDCEP)
4.500%, 02/01/2022		1,430		1,436
Duluth, Series A
5.000%, 02/01/2034		1,000		952
Minneapolis Sports Arena
5.100%, 04/01/2013		500		501
5.100%, 10/01/2013		250		251
Minnesota
5.000%, 08/01/2010		2,000		2,028
5.000%, 08/01/2013		2,000		2,222
Minnesota, Series A
5.000%, 06/01/2018		2,000		2,249
Perham, Disposal System (AMT)
6.000%, 05/01/2022		1,500		1,418
				11,057
Certificate of Participation – 1.5%
Duluth Independent School District #709, Series B (MSDCEP)
4.000%, 02/01/2019		2,000		1,976
Total Municipal Bonds
(Cost $151,539)				131,444
Short-Term Investments – 4.0%
Money Market Fund – 3.4%
Federated Minnesota Municipal Cash Trust		4,617,859		4,618
U.S. Treasury Obligations – 0.1%
U.S. Treasury Bills
0.427%, 01/29/2009 Ä	$	110		110
0.109%, 04/09/2009 Ä		40		40
				150
Variable Rate Demand Note v – 0.5%
Minneapolis, Guthrie Theater Project, Series A (LOC: Wells Fargo Bank)
1.080%, 10/01/2023		665		665
Total Short-Term Investments
(Cost $5,433)				5,433
Total Investments – 100.3%
(Cost $156,972)				136,877
Other Assets and Liabilities, Net – (0.3)%				(348	)
Total Net Assets- 100.0%			$	136,529

◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
Ä	Yield shown is effective yield as of December 31, 2008.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2008.

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $16,045, which represents 11.8% of total net assets.

COMGTY –  Commonwealth Guaranty

FHA –  Federal Housing Administration

FHLMC –  Federal Home Loan Mortgage Corporation

FNMA –  Federal National Mortgage Association

GNMA –  Government National Mortgage Association

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

MSDCEP –  Minnesota School District Credit Enhancement Program

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

44   First American Funds 2008 Semiannual Report

Missouri Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 99.0%
Revenue Bonds – 83.0%
Continuing Care Retirement Communities – 3.7%
Cole County Industrial Development Authority, Lutheran Services Heisinger Project
5.250%, 02/01/2024	$	2,000	$	1,444
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		500		311
Lee’s Summit Industrial Development Authority, Senior Living Facilities, John Knox Village, Series A
5.000%, 08/15/2014		1,035		918
Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior, Series A
5.375%, 02/01/2035		1,500		1,061
St. Louis County Industrial Development Authority, Friendship Village West, Series A
5.500%, 09/01/2028		2,000		1,413
				5,147
Education – 7.4%
Curators University System Facilities, Series A
5.000%, 11/01/2033		1,000		975
Lincoln University Auxiliary System Revenue (AGTY)
5.125%, 06/01/2037		1,000		892
Missouri Development Finance Board, Midwest Research Institute Project
5.000%, 11/01/2017		1,185		988
Missouri Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project
5.000%, 11/01/2019		2,540		2,632
Missouri Health & Educational Facilities Authority, Washington University, Series A
5.000%, 02/15/2019		1,465		1,577
5.375%, 03/15/2039		3,000		3,058
				10,122
Healthcare – 17.3%
Boone County Hospital
5.050%, 08/01/2020		1,200		1,019
5.625%, 08/01/2038		2,000		1,507
Cape Girardeau County Industrial Development Authority, Health Care Facilities Revenue, Southeast Missouri Hospital
5.625%, 06/01/2022		245		207
Cape Girardeau County Industrial Development Authority, Health Care Facilities Revenue, Southeast Missouri Hospital, Pre-refunded 06/01/2012 @ 100
5.625%, 06/01/2022 ◊		1,255		1,397
Carthage Hospital Revenue
6.000%, 04/01/2038		1,000		589
Cass County Hospital Revenue
5.500%, 05/01/2027		2,000		1,163
Clinton County Industrial Development Authority, Health Facilities Revenue, Cameron Regional Medical Center
5.000%, 12/01/2037		1,000		511
Hannibal Industrial Development Authority Health Facilities
4.300%, 03/01/2013		1,345		1,277
5.000%, 03/01/2022		1,000		810
Indiana Financial Authority Health Systems, Sisters of St. Francis Health
5.250%, 11/01/2024		1,000		941
Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project
5.500%, 02/15/2024		2,000		1,579
Missouri Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity
6.750%, 05/15/2012 §		3,310		3,838
Missouri Health & Educational Facilities Authority, Cox Health Systems
5.500%, 11/15/2033		500		377
Missouri Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI)
5.000%, 08/15/2019		2,300		2,035
Missouri Health & Educational Facilities Authority, Lake Regional Health System Project
5.000%, 02/15/2012		515		502
Missouri Health & Educational Facilities Authority, SSM Health Care, Series A
5.000%, 06/01/2036		2,000		1,681
Missouri Health & Educational Facilities Authority, SSM Health, Series B (MBIA)
5.000%, 06/01/2018		445		445
Missouri Health & Educational Facilities Authority, St. Lukes Health, Series 2003-B (FSA)
5.500%, 11/15/2032		2,000		1,779
Saline County Industrial Development Authority, Health Facilities, John Fitzgibbon Memorial Hospital
5.625%, 12/01/2035		1,000		570
St. Louis County Industrial Development Authority, Ranken-Jordan Project
4.250%, 11/15/2014		125		103
5.000%, 11/15/2027		670		346
5.000%, 11/15/2035		1,300		600
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A, Pre-refunded 11/15/2013 @ 100
6.625%, 11/15/2035 ◊		500		597
				23,873
Housing – 3.8%
Missouri Housing Development Commission, Homeownership Loan Program, Series A1 (AMT) (FHLMC) (FNMA) (GNMA)
5.300%, 03/01/2039		675		532
Missouri Housing Development Commission, Homeownership Loan Program, Series B (AMT) (FNMA) (GNMA)
4.800%, 09/01/2031		2,175		1,625
Missouri Housing Development Commission, Homeownership Loan Program, Series C1 (AMT) (FNMA) (GNMA)
5.000%, 09/01/2037		600		447
Riverside Industrial Development Authority, Riverside Horizons Project, Series A (ACA)
5.000%, 05/01/2027		1,500		1,238
University City Industrial Development Authority, Multifamily Housing, Series A (GNMA)
5.950%, 12/20/2025		1,400		1,400
				5,242

First American Funds 2008 Semiannual Report   45

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Missouri Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Lease Revenue – 15.8%
Cape Girardeau County, Jackson School District R-02 (MBIA)
5.250%, 03/01/2026	$	1,000	$	965
Clay County, Public Building Authority (FSA)
5.125%, 05/15/2014		2,000		2,004
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond (AMBAC)
5.948%, 04/15/2027 ¤		2,000		685
Kansas City Special Facilities Revenue, MCI Overhaul Base Project, Series G (AMT)
4.750%, 09/01/2028		4,000		2,529
Missouri Board of Public Buildings, Series A
5.000%, 10/15/2027		1,000		1,003
Missouri Board of Public Buildings, State Office Building Special Obligation, Series A
5.000%, 05/01/2017		1,000		1,042
5.125%, 05/01/2026		5,000		5,011
Missouri Board of Public Buildings, State Office Building Special Obligation, Series A (MBIA)
5.000%, 05/01/2024		5,000		5,012
Missouri Development Finance Board, Branson, Series A
5.000%, 12/01/2017		1,000		826
5.375%, 12/01/2022		750		562
Platte County School District #R-3 (MDDP)
5.000%, 03/01/2028		200		190
Springfield Public Building, Capital Improvement Project (AMBAC)
5.000%, 03/01/2024		2,000		2,006
				21,835
Miscellaneous – 2.3%
Kennett Industrial Development Authority, Manac Trailers USA Project (LOC: Region’s Bank) (AMT)
4.250%, 03/01/2022		1,500		1,205
4.250%, 03/01/2024		500		383
Missouri Development Finance Board, Eastland Center Project, Series A
4.250%, 04/01/2015		1,010		981
Sugar Creek, Lafarge North America, Series A (AMT)
5.650%, 06/01/2037		1,000		609
				3,178
Revolving Funds – 8.7%
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A
4.750%, 07/01/2020		2,000		2,102
5.750%, 01/01/2029		1,000		1,064
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B
5.250%, 01/01/2015		1,725		1,747
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C
4.750%, 07/01/2023		410		417
5.000%, 07/01/2023		6,655		6,708
				12,038
Tax Revenue – 10.1%
Belton Increment Tax Revenue, Town Center Project
5.625%, 03/01/2025		550		386
Branson Industrial Development Authority Tax Increment Revenue, Branson Landing Retail Project
5.500%, 06/01/2029		535		341
Columbia Electric Utility Improvement, Series A
5.000%, 10/01/2021		400		413
5.000%, 10/01/2023		445		451
5.125%, 10/01/2030		500		486
Fenton Tax Increment Revenue, Gravois Bluffs Redevelopment Project
5.000%, 04/01/2014		1,000		985
Harrisonville Towne Center Project
4.375%, 11/01/2017		340		317
4.500%, 11/01/2022		715		596
Howard Bend Levee District (XLCA)
5.500%, 03/01/2026		1,745		1,478
Jackson County Harry Truman Sports Complex (AMBAC)
5.000%, 12/01/2028		3,000		2,742
Kansas City Refunding & Improvement, Arena Project, Series C
5.125%, 04/01/2033		1,325		1,185
Kansas City Tax Increment Financing Commission, Maincor Project, Series A
5.250%, 03/01/2018		500		401
Missouri Development Finance Board, Independence Centerpoint Project, Series E
5.125%, 04/01/2025		1,000		883
Missouri Development Finance Board, Independence Crackerneck Creek Project, Series B
5.000%, 03/01/2025		1,000		712
Osage Beach Tax Increment Revenue, Prewitt’s Point Project
5.000%, 05/01/2023		1,455		933
Raytown Live Redevelopment Plan, Project #1
5.125%, 12/01/2031		1,000		852
Riverside Tax Increment Revenue, L-385 Levee Project
5.250%, 05/01/2020		1,000		820
				13,981
Transportation – 7.8%
Kansas City Airport Revenue, Series A
4.000%, 09/01/2014		590		594
Missouri Highways & Transportation Commission
4.750%, 05/01/2027		360		354
Missouri Highways & Transportation, Series A, Pre-refunded 02/01/2011 @ 100
5.250%, 02/01/2020 ◊		5,000		5,397
Missouri Highways & Transportation, Series A, Pre-refunded 02/01/2012 @ 100
5.000%, 02/01/2022 ◊		3,225		3,535
Puerto Rico Commonwealth Highway & Transportation Authority, Series K
5.000%, 07/01/2017		1,000		872
				10,752

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

46   First American Funds 2008 Semiannual Report

Missouri Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Utilities – 6.1%
Metropolitan St. Louis Sewer District, Wastewater Systems Revenue, Series A
5.750%, 05/01/2038	$	1,075	$	1,083
Metropolitan St. Louis Sewer District, Wastewater Systems Revenue, Series A (MBIA)
5.000%, 05/01/2023		500		512
Missouri Development Finance Board, Independence Water System (AMBAC)
5.000%, 11/01/2024		1,000		953
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Iatan 2 Project, Series A (AMBAC)
5.000%, 01/01/2028		1,000		916
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (MBIA)
5.000%, 01/01/2016		1,500		1,426
North Central Regional Water Commission, Waterworks Systems Revenue
5.000%, 01/01/2037		2,070		1,598
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2028		300		250
Puerto Rico Electric Power Authority, Series WW
5.250%, 07/01/2025		1,000		812
St. Joseph Industrial Development Authority, Sewer System Improvements Project
4.750%, 04/01/2020		500		461
4.750%, 04/01/2021		390		353
				8,364
Total Revenue Bonds				114,532
General Obligations – 8.5%
Jackson County School District #7, Lee’s Summit
4.750%, 03/01/2027		1,000		974
Jefferson City School District, Series A, Escrowed to Maturity
6.700%, 03/01/2011 §		775		817
Ladue School District
5.000%, 03/01/2023		1,500		1,530
North Kansas City School District #74 (MDDP)
5.000%, 03/01/2019		500		548
Platte County School District #R-3 (MBIA)
5.000%, 03/01/2024		685		694
Puerto Rico Commonwealth, Public Improvement, Series A
5.250%, 07/01/2026		1,000		776
Puerto Rico Municipal Finance Agency, Pre-refunded 08/01/2009 @ 101 (FSA)
5.500%, 08/01/2023 ◊		2,000		2,076
Richmond Heights, Manhasset Village Neighborhood
4.500%, 04/01/2026		690		617
St. Charles Community College (MBIA)
5.250%, 02/15/2018		1,220		1,357
St. Charles County, Francis Howell School District (FGIC) (MBIA) (MDDP)
5.250%, 03/01/2018		2,095		2,376
Total General Obligations				11,765
Certificates of Participation – 7.5%
Belton Refunding & Improvement
5.250%, 03/01/2029		355		257
Belton Refunding & Improvement (MBIA)
4.375%, 03/01/2019		500		420
4.500%, 03/01/2022		500		388
Cottleville
5.125%, 08/01/2026		200		163
5.250%, 08/01/2031		1,700		1,308
Hazelwood School District, Energy Improvements Project
4.500%, 03/01/2017		515		528
4.500%, 03/01/2018		445		450
Kansas City Metropolitan Junior College District
4.500%, 07/01/2021		1,375		1,367
Missouri School Boards Association, Liberty Public School District #53 (FSA)
5.250%, 03/01/2025		1,015		1,034
Ozark R-6 School District Lease (FSA)
5.000%, 09/01/2025		870		843
Texas County Justice Center Project (AGTY)
4.500%, 12/01/2025		3,535		3,043
Union, Series A
5.200%, 07/01/2023		520		477
Total Certificates of Participation				10,278
Total Municipal Bonds
(Cost $151,208)				136,575
Short-Term Investment – 0.0%
First American Tax Free Obligations Fund, Class Z Å
(Cost $4)		3,844		4
Total Investments – 99.0%
(Cost $151,212)				136,579
Other Assets and Liabilities, Net – 1.0%				1,418
Total Net Assets – 100.0%			$	137,997

◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

ACA –  ACA Financial Guaranty Corporation

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $7,330, which represents 5.3% of total net assets.

FGIC –  Financial Guaranty Insurance Corporation

FHLMC –  Federal Home Loan Mortgage Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

First American Funds 2008 Semiannual Report   47

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Missouri Tax Free Fund (concluded)

MDDP –  Missouri Direct Deposit Program

RAAI –  Radian Asset Assurance Inc.

XLCA –  XL Capital Assurance Inc.

Nebraska Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 99.4%
Revenue Bonds – 80.7%
Continuing Care Retirement Communities – 2.3%
Colorado Health Facilities Authority, Christian Living Communities, Series A
5.750%, 01/01/2026	$	100	$	63
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		275		148
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		200		132
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement
5.000%, 09/01/2025		600		454
				797
Education – 23.1%
Anderson, Indiana, Economic Development Revenue, Anderson University Project
5.000%, 10/01/2032		575		330
Colorado Educational & Cultural Facilities Authority, Charter School Revenue
5.625%, 05/01/2040		1,050		745
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2021		500		405
Missouri Health & Educational Facilities Authority, Washington University, Series A
5.375%, 03/15/2039		500		510
Nebraska Educational Finance Authority, Midland Lutheran College Project
5.200%, 10/01/2020		350		289
Nebraska Educational Finance Authority, Wesleyan University Project (RAAI)
5.000%, 04/01/2017		605		547
Nebraska Elementary & Secondary School Finance Authority, Boy’s Town Project
4.750%, 09/01/2028		500		451
Nebraska Utility Corporation, University of Nebraska, Lincoln Project
5.250%, 01/01/2015		1,045		1,105
University of Nebraska Facility Corporation, Medical Center Research Project
5.000%, 02/15/2015		500		528
University of Nebraska, Lincoln Memorial Stadium Project, Series A
5.000%, 11/01/2015		500		521
University of Nebraska, Lincoln Student Fees
5.000%, 07/01/2022		750		757
University of Nebraska, Omaha Health & Recreation Project
5.000%, 05/15/2033		1,000		941
University of Nebraska, Omaha Student Facilities Project
5.000%, 05/15/2032		350		331
University of Nebraska, Omaha Student Housing Project
5.000%, 05/15/2023		500		504
				7,964
Healthcare – 19.9%
Adams County Hospital Authority #1, Mary Lanning Memorial Hospital Project (RAAI)
5.250%, 12/15/2033		1,000		758

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

48   First American Funds 2008 Semiannual Report

Nebraska Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Douglas County Hospital Authority #2, Boy’s Town Project
4.750%, 09/01/2028	$	1,000	$	856
Douglas County Hospital Authority #2, Children’s Hospital
6.000%, 08/15/2028		1,000		863
Douglas County Hospital Authority #3, Methodist Health
5.500%, 11/01/2038		1,000		741
Halifax Medical Center, Hospital Revenue, Series A
5.000%, 06/01/2038		600		311
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
5.250%, 02/15/2030		600		422
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
5.000%, 07/01/2020		200		137
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project, Series A, Pre-refunded 06/01/2011 @ 100 (AMBAC)
5.000%, 06/01/2019 ◊		500		540
Madison County Hospital Authority #1, Faith Regional Health Services Project, Pre-refunded 01/01/2012 @ 100 (RAAI)
5.500%, 07/01/2021 ◊		500		548
Nebraska Investment Finance Authority, Great Plains Regional Medical Center (RAAI)
5.200%, 11/15/2016		250		248
5.300%, 11/15/2017		805		794
Platte County Hospital Authority #1, Columbus Community Hospital Project (RAAI)
5.850%, 05/01/2014		650		645
				6,863
Housing – 2.8%
Nebraska Investment Finance Authority, Single Family Housing, Series D (AMT)
4.950%, 09/01/2026		460		378
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments (GNMA)
5.150%, 11/20/2022		595		561
				939
Miscellaneous – 1.8%
Washington County Wastewater & Solid Waste Disposal Facilities, Cargill Project (AMT)
4.850%, 04/01/2035		500		341
Washington County Wastewater Facilities, Cargill Project (AMT)
5.900%, 11/01/2027		300		271
				612
Recreational Facility Authority – 3.4%
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project
4.750%, 09/01/2024		1,365		1,176
Revolving Fund – 1.7%
Nebraska Investment Finance Authority, Drinking Water System
5.150%, 01/01/2016		580		583
Tax Revenue – 3.3%
Omaha Special Tax Revenue
5.250%, 10/15/2028		650		653
Omaha Special Tax Revenue, Series A
5.125%, 02/01/2032		500		481
				1,134
Utilities – 22.4%
Burt County Public Power District Electric Systems
4.850%, 07/01/2026		335		292
Central Plains Energy Project, Nebraska Gas Project #1, Series A
5.250%, 12/01/2021		750		556
Grand Island Electrical Systems (MBIA)
5.125%, 08/15/2016		750		783
Hastings Electrical Systems (FSA)
5.000%, 01/01/2015		250		260
Lincoln Electrical Systems
5.000%, 09/01/2026		250		247
Nebraska Public Power, Series B
5.000%, 01/01/2033		500		452
Omaha Public Power District, Electric Revenue, Series A
5.500%, 02/01/2033		1,000		1,004
5.500%, 02/01/2035		1,200		1,202
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2025		500		431
Puerto Rico Electric Power Authority, Series WW
5.250%, 07/01/2025		1,000		812
South Sioux City Combined Electric, Water & Sewer
4.750%, 08/01/2027		250		212
Southern Nebraska Public Power District, Electrical Systems Revenue
5.250%, 12/15/2028		1,500		1,469
				7,720
Total Revenue Bonds				27,788
General Obligations – 18.7%
Brown County
4.350%, 06/15/2026		200		187
4.700%, 12/15/2026		400		379
Buffalo County (AGTY)
6.000%, 12/15/2028		195		203
Douglas County School District #10, Elkhorn Public Schools
6.000%, 06/15/2028 «		500		513
Douglas County School District #54, Ralston Public Schools (FSA)
5.000%, 12/15/2016		845		889
La Vista
4.800%, 12/15/2026		345		331
Lancaster County School District #1, Lincoln Public Schools
5.250%, 07/15/2019		220		229
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental
4.500%, 10/15/2026		750		684
Omaha
5.750%, 10/15/2028		450		481
Omaha-Douglas Public Building
4.900%, 05/01/2016		500		521
5.100%, 05/01/2020		300		311

First American Funds 2008 Semiannual Report   49

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Nebraska Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Puerto Rico Commonwealth, Public Improvement, Series A
5.250%, 07/01/2026	$	500	$	388
Puerto Rico Commonwealth, Series C-7 (MBIA)
6.000%, 07/01/2027		250		219
Saunders County (FSA)
5.000%, 11/01/2030		650		614
Scotts Bluff County
4.550%, 01/15/2026		500		496
Total General Obligations				6,445
Total Municipal Bonds
(Cost $37,549)				34,233
Short-Term Investments – 1.1%
Money Market Fund – 0.8%
First American Tax Free Obligations Fund, Class Z Å		281,365		281
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
0.109%, 04/09/2009 Ä	$	100		100
Total Short-Term Investments
(Cost $381)				381
Total Investments – 100.5%
(Cost $37,930)				34,614
Other Assets and Liabilities, Net – (0.5)%				(161	)
Total Net Assets – 100.0%			$	34,453

◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
«	Security purchased on a when-issued basis. On December 31, 2008, the total cost of investments purchased on a when-issued basis was $497 or 1.4% of total net assets. See note 2 in Notes to Financial Statements.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
Ä	Yield shown is effective yield as of December 31, 2008.

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $990, which represents 2.9% of total net assets.

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

Ohio Tax Free Bond Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 98.4%
Revenue Bonds – 63.1%
Continuing Care Retirement Communities – 2.6%
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A
5.000%, 07/01/2026	$	800	$	470
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A (RAAI)
5.125%, 07/01/2022		500		402
Hamilton County Health Care, Life Enriching Communities Project, Series A
5.000%, 01/01/2027		400		261
				1,133
Education – 16.2%
Cincinnati Port Development Authority, Economic Development Authority, Sisters of Mercy
5.000%, 10/01/2025		250		193
Ohio Higher Educational Facilities, Baldwin-Wallace College Project
5.000%, 12/01/2013		750		761
Ohio Higher Educational Facilities, College of Wooster Project
5.000%, 09/01/2020		400		392
Ohio Higher Educational Facilities, John Carroll University Project
5.000%, 04/01/2019		1,000		982
Ohio Higher Educational Facilities, Mount Union College Project
5.000%, 10/01/2031		1,000		826
Ohio Higher Educational Facilities, Ohio Northern University Project
5.000%, 05/01/2026		1,000		862
Ohio Higher Educational Facilities, Otterbein College Project, Series A
5.500%, 12/01/2028		500		437
Ohio Higher Educational Facilities, Wittenburg University Project
5.000%, 12/01/2024		505		356
Ohio Higher Educational Facilities, Xavier University Project, Pre-refunded 05/01/2013 @ 100 (FGIC)
5.250%, 05/01/2016 ◊		1,000		1,119
University of Cincinnati, Series A (FGIC) (MBIA)
5.500%, 06/01/2014		1,000		1,059
				6,987
Healthcare – 11.4%
Akron, Bath & Copley Joint Township Hospital Facilities, Summa Health Systems, Series A (RAAI)
5.250%, 11/15/2016		800		749
Fairfield County Hospital Facilities, Fairfield Medical Center (RAAI)
5.000%, 06/15/2022		500		400
Franklin County Hospital Revenue, Nationwide Childrens, Series A
4.750%, 11/01/2023		365		318
Lake County Hospital Facilities, Lake Hospital System, Series C
5.625%, 08/15/2029		750		563
Lorain County Hospital, Catholic Healthcare
5.500%, 10/01/2017		350		374

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

50   First American Funds 2008 Semiannual Report

Ohio Tax Free Bond Fund (continued)
DESCRIPTION	PAR		VALUE
Lucas County Hospital Revenue, Promedica Healthcare, Series D
5.000%, 11/15/2038	$	400	$	324
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2026		1,000		664
Montgomery County Revenue, Catholic Health Initiatives, Series D
6.250%, 10/01/2033		100		99
Richland County Hospital Facilities, Medcentral Health Systems
5.250%, 11/15/2036		600		424
Ross County Hospital Revenue, Adena Health Systems
5.500%, 12/01/2028		500		400
Scioto County Hospital Revenue, Southern Ohio Medical Center
5.750%, 02/15/2038		800		634
				4,949
Housing – 3.3%
Ohio Housing Finance Agency, Residential Mortgage Backed Securities, Series E (AMT) (FNMA) (GNMA)
4.850%, 09/01/2026		650		524
Ohio Housing Finance Agency, Residential Mortgage Securities, Series F (FHLMC) (FNMA) (GNMA)
5.450%, 09/01/2033		1,000		896
				1,420
Lease Revenue – 5.6%
Cleveland-Cuyahoga County Port Authority, Rita Project (RAAI)
5.000%, 11/15/2019		750		642
Puerto Rico Public Buildings Authority, Government Facilities, Series M (COMGTY)
6.250%, 07/01/2031		500		443
Riversouth Authority Revenue, Lazarus Building Redevelopment, Series A
5.750%, 12/01/2027		400		253
Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A
5.250%, 12/01/2017		1,000		1,076
				2,414
Miscellaneous – 2.3%
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B
4.500%, 12/01/2015		1,000		995
Revolving Fund – 2.6%
Ohio Water Development Authority, Water Pollution Control, Pre-refunded 06/01/2012 @ 100
5.050%, 12/01/2021 ◊		1,000		1,102
Tax Revenue – 1.0%
Buckeye Tobacco Settlement, Series A-2
5.875%, 06/01/2030		200		125
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
5.250%, 12/01/2023		400		308
				433
Transportation – 2.0%
Columbus Regional Airport Authority (MBIA)
5.000%, 01/01/2028		1,000		883
Utilities – 16.1%
American Municipal Power, Prairie State Energy Campus Project, Series A
5.000%, 02/15/2031		1,000		921
Columbus Sewer System, Series A
4.250%, 06/01/2030		1,000		853
Hamilton County Sewer System, Metropolitan Sewer District, Series A (MBIA)
5.000%, 12/01/2026		930		921
Hamilton Electric Systems, Series A (FSA)
4.300%, 10/15/2016		1,000		1,038
Montgomery County Water, Greater Moraine Beaver (AMBAC)
5.375%, 11/15/2016		1,000		1,055
Northeast Ohio Regional Sewer District, Wastewater Revenue (MBIA)
4.500%, 11/15/2037		1,000		816
Ohio Water Development Authority, Escrowed to Maturity (AMBAC)
5.800%, 12/01/2011 §		1,000		1,003
Puerto Rico Electric Power, Series WW
5.375%, 07/01/2023		400		339
				6,946
Total Revenue Bonds				27,262
General Obligations – 35.3%
Cincinnati School District, Classroom Construction & Improvement (FGIC) (MBIA)
5.250%, 12/01/2019		535		588
5.250%, 12/01/2027		380		387
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC) (MBIA)
5.000%, 12/01/2011		500		527
Franklin County
4.500%, 12/01/2027		690		657
Gahanna (MBIA)
5.000%, 12/01/2027		400		395
Greene County, General Infrastructure (AMBAC)
5.250%, 12/01/2026		1,000		1,013
Highland School District, Capital Appreciation, Zero Coupon Bond (OSDCEP)
5.510%, 12/01/2022 ¤		100		47
Highland School District, School Facilities Construction & Improvement (OSDCEP)
5.375%, 12/01/2033		1,000		1,013
Ohio Common Schools, Series A
5.125%, 09/15/2022		1,000		1,021
Ohio Higher Education, Series A
5.000%, 02/01/2019		1,000		1,035
5.000%, 08/01/2022		1,000		1,016
Ohio Higher Education, Series B
5.000%, 11/01/2015		1,000		1,055
Ohio State Infrastructure Improvement, Series A
5.500%, 02/01/2020		1,000		1,125
Ohio State Parks & Recreational Facilities, Series II-A (FSA)
5.250%, 02/01/2020		1,000		1,066
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		260		240
Puerto Rico Commonwealth, Series A
5.000%, 07/01/2027		1,000		746
Sidney City School District (FGIC) (MBIA)
4.375%, 12/01/2027		755		626

First American Funds 2008 Semiannual Report   51

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Ohio Tax Free Bond Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Solon
5.000%, 12/01/2021	$	1,000	$	1,024
St. Marys City School District, Construction & Improvement (FSA) (OSDCEP)
5.000%, 12/01/2028		600		582
Toledo City School District, School Facilities Improvement (FSA) (OSDCEP)
5.000%, 12/01/2014		1,000		1,097
Total General Obligations				15,260
Total Municipal Bonds
(Cost $46,300)				42,522
Short-Term Investments – 1.0%
Money Market Fund – 0.9%
Federated Ohio Municipal Cash Trust		381,975		382
U.S. Treasury Obligations – 0.1%
U.S. Treasury Bills
0.430%, 01/29/2009 Ä	$	30		30
0.109%, 04/09/2009 Ä		40		40
				70
Total Short-Term Investments
(Cost $452)				452
Total Investments – 99.4%
(Cost $46,752)				42,974
Other Assets and Liabilities, Net – 0.6%				255
Total Net Assets – 100.0%			$	43,229

◊	Pre-refunded issues are typically backed by U.S. government obligations, which ensure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations. If callable, these bonds may still be subject to call at the call date and price indicated.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
Ä	Yield shown is effective yield as of December 31, 2008.

AMBAC –  American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of December 31, 2008 the aggregate market value of securities subject to the AMT was $524, which represents 1.2% of total net assets.

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FHLMC –  Federal Home Loan Mortgage Corporation

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

GNMA –  Government National Mortgage Association

MBIA –  Municipal Bond Insurance Corporation

OSDCEP –  Ohio School District Credit Enhancement Program

RAAI –  Radian Asset Assurance Inc.

Oregon Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 98.9%
Revenue Bonds – 45.0%
Continuing Care Retirement Communities – 2.1%
Clackamas County Hospital Facilities Authority, Robison Jewish Home
5.125%, 10/01/2024	$	1,000	$	621
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		1,000		623
Multnomah County Hospital Facilities Authority, Terwilliger Plaza Project, Series A
5.250%, 12/01/2026		1,000		606
Oregon Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes
8.000%, 11/15/2026		890		752
				2,602
Education – 5.3%
Forest Grove Campus Improvement, Pacific University Project, Series A (RAAI)
5.000%, 05/01/2022		2,500		1,999
Multnomah County Educational Facilities, University of Portland, Pre-refunded 04/01/2010 @ 100
5.700%, 04/01/2015 ◊		1,000		1,054
Oregon Facilities Authority, Linfield College Project, Series A
5.000%, 10/01/2025		1,000		850
Oregon Facilities Authority, University of Portland Project, Series A
4.500%, 04/01/2021		2,000		1,688
Oregon Facilities Authority, Willamette University Projects, Series A
4.300%, 10/01/2021		1,085		923
				6,514
Healthcare – 8.4%
Clackamas County Hospital Facilities Authority, Legacy Health Systems
5.250%, 02/15/2011		2,000		2,042
5.375%, 02/15/2012		1,000		1,002
Deschutes County Facility Authority, Cascade Healthcare
7.375%, 01/01/2023		1,500		1,506
Deschutes County Facility Authority, Cascade Healthcare, Series B (AMBAC)
5.000%, 01/01/2016		250		237
Klamath Falls Community Hospital Authority, Merle West Medical Center Project (AGTY)
4.750%, 09/01/2020		2,025		1,832
Medford Hospital Facilities Authority, Asante Health Systems, Series A (MBIA)
5.250%, 08/15/2011		325		326
5.375%, 08/15/2012		320		320
Multnomah County Hospital Facilities Authority, Providence Health Systems					��
5.250%, 10/01/2022		1,000		965
Salem Hospital Facilities Authority, Series A
5.750%, 08/15/2023		1,500		1,357
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A
5.000%, 03/01/2012		690		712
				10,299

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

52   First American Funds 2008 Semiannual Report

Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Housing – 1.5%
Oregon Housing & Community Services, Series A
6.000%, 07/01/2016	$	5	$	5
6.400%, 07/01/2018		195		195
Oregon Housing & Community Services, Series D
4.750%, 07/01/2022		1,250		1,118
Oregon Housing & Community Services, Series E (FHA)
5.750%, 07/01/2013		250		255
Oregon Housing & Community Services, Single Family, Series A
4.050%, 01/01/2018		270		251
				1,824
Lease Revenue – 0.7%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		1,000		825
Recreational Facility Authority – 0.9%
Portland Urban Renewal & Redevelopment, Convention Center, Series A (AMBAC)
5.750%, 06/15/2015		1,000		1,024
Tax Revenue – 6.3%
Keizer Assessment Area A
5.200%, 06/01/2031		1,000		852
Medford Urban Renewal Agency
4.500%, 06/01/2013		1,010		1,036
Oregon Department of Administrative Services Lottery, Series A (FSA)
5.000%, 04/01/2012		1,050		1,086
Portland Economic Development Revenue, Broadway Project, Series A
5.125%, 04/01/2016		880		947
6.250%, 04/01/2023		1,355		1,439
Portland Urban Renewal & Redevelopment, South Park Blocks, Series B
5.000%, 06/15/2021		2,030		2,109
Seaside Urban Renewal Agency, Greater Seaside Urban Renewal
4.750%, 06/01/2015		280		273
				7,742
Transportation – 8.3%
Oregon Department of Transportation, Highway User Tax, Pre-refunded 11/15/2010 @ 100
5.125%, 11/15/2014 ◊		2,260		2,416
Oregon Department of Transportation, Highway User Tax, Series A
5.000%, 11/15/2024		1,325		1,352
Oregon Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2012 @ 100
5.500%, 11/15/2016 ◊		1,000		1,130
Oregon Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2014 @ 100
5.000%, 11/15/2020 ◊		1,085		1,241
Port Morrow
4.875%, 06/01/2020		1,000		737
Portland International Airport, Series 12-A (FGIC) (MBIA)
5.250%, 07/01/2011		1,165		1,179
5.250%, 07/01/2012		2,000		2,024
				10,079
Utilities – 11.5%
Eugene Electric Utilities (FSA)
5.000%, 08/01/2011		1,305		1,308
Lane County Metropolitan Wastewater Management
5.000%, 11/01/2022		1,500		1,497
Lane County Metropolitan Wastewater Management (FGIC) (MBIA)
5.000%, 11/01/2021		820		812
Port of St. Helens Pollution Control, Portland General Electric
4.800%, 04/01/2010		2,450		2,397
4.800%, 06/01/2010		400		390
Portland Sewer System Revenue First Lien, Series A
4.750%, 06/15/2024		1,000		973
Portland Sewer Systems, Second Lien, Series B (MBIA)
5.000%, 06/15/2023		1,175		1,203
Portland Water Systems, Second Lien, Series A (MBIA)
4.375%, 10/01/2024		500		467
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2025		1,500		1,292
Puerto Rico Electric Power, Series WW
5.375%, 07/01/2023		800		677
Washington County Clean Water Services (FGIC) (MBIA)
5.125%, 10/01/2014		1,790		1,873
Washington County Clean Water Services (MBIA)
5.000%, 10/01/2014		1,000		1,114
				14,003
Total Revenue Bonds				54,912
General Obligations – 51.6%
Chemeketa Community College District (SBG)
5.500%, 06/15/2024		1,000		1,058
Chemeketa Community College District, Escrowed to Maturity (FGIC)
5.500%, 06/01/2013 §		2,170		2,481
Clackamas Community College District (MBIA)
5.000%, 05/01/2019		1,145		1,226
Clackamas County School District #12, North Clackamas, Convertible CABs, Deferred Interest, Series B (FSA) (SBG)
0.000% through 06/14/2011, thereafter 5.000%, 06/15/2022 ◗		3,135		2,792
Clackamas County School District #7J, Lake Oswego (FSA)
5.250%, 06/01/2025		200		212
Clackamas County School District #86, Canby (FSA) (SBG)
5.000%, 06/15/2018		1,000		1,063
5.000%, 06/15/2021		1,305		1,336
Clackamas County School District #115, Series B (MBIA) (SBG)
4.500%, 06/15/2021		1,975		1,951

First American Funds 2008 Semiannual Report   53

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Oregon Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
The Dalles
4.000%, 06/01/2017	$	130	$	134
4.000%, 06/01/2018		140		144
4.000%, 06/01/2019		75		76
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (MBIA) (SBG)
5.000%, 06/15/2013		1,250		1,360
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (MBIA) (SBG)
5.449%, 06/15/2021 ¤		1,000		512
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (SBG)
5.478%, 06/15/2022 ¤		3,030		1,464
Deschutes & Jefferson Counties School District #6, Pre-refunded 06/15/2011 @ 100 (FGIC) (SBG)
5.500%, 06/15/2014 ◊		1,725		1,889
Deschutes County (FSA)
5.000%, 12/01/2014		1,755		1,882
Hood River County School District (SBG)
5.250%, 06/15/2016		1,030		1,087
Jackson County School District #549, Medford (SBG)
5.000%, 06/15/2012		2,000		2,162
Josephine County Unit School District, Three Rivers (FGIC) (MBIA) (SBG)
5.000%, 12/15/2019		1,000		1,063
Lane County School District #40, Creswell (SBG)
5.000%, 06/15/2011		1,120		1,163
Linn County Community School District, Pre-refunded 06/15/2013 @ 100 (FGIC) (SBG)
5.550%, 06/15/2021 ◊		1,000		1,147
Marion & Clackamas Counties School District #4J, Silver Falls (MBIA) (SBG)
4.500%, 06/15/2022		1,305		1,200
McMinnville School District #40 (FSA)
5.500%, 06/15/2013		1,000		1,125
Metro
5.250%, 09/01/2014		1,000		1,066
5.000%, 06/01/2020		1,635		1,761
Multnomah County School District #7, Reynolds, Pre-refunded 06/15/2011 @ 100 (SBG)
5.625%, 06/15/2015 ◊		1,000		1,097
Multnomah-Clackamas County School District #10, Gresham-Barlow, Pre-refunded 06/15/2011 @ 100 (FSA) (SBG)
5.500%, 06/15/2013 ◊		1,780		1,949
Multnomah-Clackamas County School District #10JT, Gresham-Barlow (FSA) (SBG)
5.250%, 06/15/2017		1,000		1,141
Multnomah-Clackamas County School District #28JT, Zero Coupon Bond (AMBAC) (SBG)
4.972%, 06/01/2016 ¤		1,000		695
North Lincoln Fire & Rescue District #1 (FSA)
4.250%, 02/01/2018		125		131
Pacific City Joint Water Sanitation Authority
4.650%, 07/01/2022		455		419
Portland Community College Services, Pre-refunded 06/01/2011 @ 100
5.375%, 06/01/2015 ◊		1,375		1,500
Portland Emergency Facilities, Series A
5.000%, 06/01/2012		1,060		1,074
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		1,000		923
Puerto Rico Commonwealth, Series A
5.000%, 07/01/2019		1,000		841
5.000%, 07/01/2021		1,000		801
Puerto Rico Public Buildings Authority, Series J, Mandatory Put 07/01/2012 @ 100 (AMBAC) (COMGTY)
5.000%, 07/01/2036		1,000		911
Tri-County Metropolitan Transportation District, Light Rail Extension, Series A
5.250%, 07/01/2012		1,000		1,027
Tualatin Hills Park & Recreation District (FGIC) (MBIA)
5.750%, 03/01/2013		870		978
Umatilla County School District #16-R, Pendleton (FGIC) (MBIA)
5.250%, 07/01/2014		1,540		1,667
Wasco County School District #12 (FSA) (SBG)
5.500%, 06/15/2014		1,080		1,232
Washington & Clackamas Counties School District #23-J, Tigard (FGIC) (MBIA)
5.500%, 06/01/2013		1,000		1,118
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond
3.686%, 06/15/2014 ¤		1,030		844
Washington County
5.000%, 06/01/2022		1,525		1,583
Washington County School District #48-J, Beaverton, Series A (FSA)
5.000%, 06/01/2014		1,600		1,785
5.000%, 06/01/2016		1,500		1,652
Washington, Multnomah & Yamhill Counties School District #1-J
5.000%, 11/01/2014		1,000		1,120
Washington, Multnomah & Yamhill Counties School District #1-J, Hillsboro (MBIA)
5.000%, 06/15/2019		2,490		2,684
Yamhill County School District #29-J, Newberg (FGIC) (MBIA) (SBG)
5.250%, 06/15/2015		1,260		1,434
5.250%, 06/15/2016		1,835		2,093
Yamhill County School District #40, McMinnville (FSA) (SBG)
5.000%, 06/15/2023		1,005		1,037
Total General Obligations				63,090
Certificates of Participation – 2.3%
Multnomah County
4.750%, 08/01/2011		1,685		1,705
Oregon Department of Administrative Services, Series A (FGIC) (MBIA)
5.000%, 11/01/2018		1,060		1,096
Total Certificates of Participation				2,801
Total Municipal Bonds
(Cost $122,871)				120,803
Short-Term Investments – 0.6%
Money Market Fund – 0.5%
First American Tax Free Obligations Fund, Class Z Å		624,131		624

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

54   First American Funds 2008 Semiannual Report

Oregon Intermediate Tax Free Fund (concluded)
DESCRIPTION	PAR		VALUE
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill
0.109%, 04/09/2009 Ä	$	120	$	120
Total Short-Term Investments
(Cost $744)				744
Total Investments – 99.5%
(Cost $123,615)				121,547
Other Assets and Liabilities, Net – 0.5%				576
Total Net Assets – 100.0%			$	122,123

◊	Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
◗	Convertible Capital Appreciation Bonds (Convertible CABs) – These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
Ä	Yield shown is effective yield as of December 31, 2008.

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FHA –  Federal Housing Administration

FSA –  Financial Security Assurance

MBIA –  Municipal Bond Insurance Association

RAAI –  Radian Asset Assurance Inc.

SBG –  School Bond Guaranty Program

Short Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 76.8%
Alaska – 1.1%
Revenue Bond – 1.1%
Alaska Railroad Corporation Capital Grant Receipts (FGIC) (MBIA)
5.000%, 08/01/2012	$	1,825	$	1,936
Arizona – 7.4%
Revenue Bonds – 3.1%
Maricopa County Hospital, Sun Health Corporation, Escrowed to Maturity
5.000%, 04/01/2011 §		3,815		4,099
Salt River Project, Arizona Agriculture Improvement & Power District Electric Systems, Series A
5.000%, 01/01/2020		500		532
University Medical Center
5.000%, 07/01/2009		500		502
				5,133
Certificate of Participation – 4.3%
Arizona School Facilities Board Certificates, Series A (MBIA)
5.000%, 09/01/2009		7,000		7,187
				12,320
California – 0.3%
Revenue Bond – 0.3%
California Statewide Community Development Authority, Daughters of Charity Health
5.000%, 07/01/2009		500		497
Colorado – 2.3%
Revenue Bonds – 2.3%
Colorado Health Facilities Authority, Covenant Retirement Communities
4.500%, 12/01/2009		500		493
Colorado Health Facilities Authority, Evangelical Lutheran
5.000%, 06/01/2010		435		433
Colorado Health Facilities Authority, Yampa Valley Medical Center Project
5.000%, 09/15/2013		1,000		949
Denver City & County Airport, Subseries A2, Mandatory Put 05/15/2010 @ 100 (AMT)
5.250%, 11/15/2032		2,000		2,014
				3,889
Florida – 13.6%
Revenue Bonds – 13.6%
Florida Department of Environmental Protection Preservation, Florida Forever, Series B (MBIA)
5.000%, 07/01/2011		10,000		10,455
Florida Hurricane Catastrophe Fund Financial Corporation, Series A
5.000%, 07/01/2010		4,000		4,078
5.250%, 07/01/2012		4,000		4,113
Miami-Dade County Health Facilities Authority, Mandatory Put 08/01/2011 @ 100 (MBIA)
4.125%, 08/01/2046		1,000		990
South Miami Health Facilities, Baptist Health South Florida Group
5.000%, 08/15/2012		2,000		2,058
Tallahassee Energy Systems (MBIA)
5.000%, 10/01/2012		1,000		1,076
				22,770

First American Funds 2008 Semiannual Report   55

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Short Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Georgia – 6.3%
Revenue Bond – 3.1%
Gwinnett County Water & Sewer Authority
5.000%, 08/01/2022	$	5,000	$	5,272
General Obligation – 3.2%
Georgia, Series B
5.000%, 07/01/2021		5,000		5,347
				10,619
Illinois – 0.8%
Revenue Bonds – 0.8%
Illinois Finance Authority, Clare at Water Tower Project, Series A
5.100%, 05/15/2011		1,000		939
Illinois Finance Authority, Landing at Plymouth Project, Series A
5.000%, 05/15/2011		500		477
				1,416
Indiana – 0.5%
Revenue Bond – 0.5%
Anderson Economic Development, Anderson University Project
5.000%, 10/01/2012		990		922
Iowa – 0.6%
Revenue Bond – 0.6%
Iowa Finance Authority Health Facilities, Care Initiatives Project, Series A
5.000%, 07/01/2009		1,000		994
Kansas – 1.5%
Revenue Bonds – 1.5%
Olathe Health Care Facilities, Olathe Medical Center
4.000%, 09/01/2012		1,150		1,108
Olathe Health Care Facilities, Olathe Medical Center, Series A, Mandatory Put 03/01/2013 @ 100
4.125%, 09/01/2037		1,350		1,333
				2,441
Louisiana – 1.2%
Revenue Bond – 1.2%
Tangipahoa Parish Hospital District #1, North Oaks Medical Center Project
5.000%, 02/01/2011		2,035		1,949
Maryland – 3.2%
General Obligation – 3.2%
Maryland, State & Local Facilities Loan, 2nd Series
5.000%, 07/15/2020		5,000		5,432
Michigan – 0.1%
Revenue Bond – 0.1%
Michigan Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity
7.125%, 05/01/2009 §		90		92
Minnesota – 5.6%
Revenue Bonds – 2.4%
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Mandatory Put 02/15/2009 @ 100 (AMT) (FNMA)
3.050%, 06/15/2034		2,000		2,004
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2016		1,010		922
5.500%, 05/01/2017		1,065		947
Northwestern Mutual Life Insurance Company Tax-Exempt Mortgage Trust #1 (LOC: Credit Suisse First Boston)
7.605%, 02/01/2009 Δ		3		3
St. Paul Port Authority Lease Revenue, HealthEast Midway Campus
5.000%, 05/01/2010		250		237
				4,113
General Obligation – 3.2%
Minnesota
5.000%, 06/01/2020		5,000		5,344
				9,457
Missouri – 3.1%
Revenue Bonds – 2.2%
Illinois Missouri Bi-state Development Agency, Metropolitan District, Mandatory Put 10/01/2009 @ 100 (LOC: JP Morgan Chase Bank)
3.950%, 10/01/2035		2,500		2,556
Osage Beach Tax Increment, Prewitt’s Point Project
4.625%, 05/01/2011		1,290		1,208
				3,764
General Obligation – 0.9%
Blue Springs Neighborhood Improvements, Series A
4.125%, 03/01/2009		1,500		1,503
				5,267
Nebraska – 1.9%
Revenue Bonds – 1.9%
Central Plains Energy Project, Series A
5.250%, 12/01/2021		3,000		2,224
Douglas County Hospital Authority #3, Methodist Health
5.250%, 11/01/2022		1,205		1,009
				3,233
New Hampshire – 2.7%
Revenue Bonds – 2.7%
New Hampshire Health & Education Facilities Authority, Concord Hospital
5.000%, 05/01/2010		1,915		1,919
5.000%, 05/01/2011		2,585		2,584
				4,503
New Jersey – 0.5%
Revenue Bond – 0.5%
New Jersey Turnpike Authority, Escrowed to Maturity
6.750%, 01/01/2009 §		775		775
New York – 2.1%
General Obligation – 2.1%
New York, Series A
5.000%, 08/01/2011		3,435		3,603

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

56   First American Funds 2008 Semiannual Report

Short Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		VALUE
North Carolina – 6.4%
General Obligations – 6.4%
Forsyth County
5.000%, 05/01/2021	$	5,000	$	5,352
North Carolina Public Improvement, Series A
5.000%, 03/01/2020		5,000		5,406
				10,758
Puerto Rico – 1.4%
General Obligation – 1.4%
Puerto Rico Commonwealth, Public Improvement, Series A
5.000%, 07/01/2021		3,000		2,403
South Carolina – 1.4%
Revenue Bonds – 1.4%
Georgetown County Pollution Control, International Paper Company Project, Series A
5.125%, 02/01/2012		1,500		1,373
Richland County, Series A
4.600%, 09/01/2012		1,000		883
				2,256
Texas – 6.5%
Revenue Bonds – 3.8%
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Pre-refunded 02/15/2009 @ 100
4.900%, 02/15/2010 ◊		1,020		1,025
Lower Colorado River Authority (AMBAC)
5.000%, 05/15/2012		2,685		2,843
Tyler Health Facilities Development, East Texas Medical Center, Series A
5.000%, 11/01/2009		1,000		986
5.000%, 11/01/2010		1,500		1,449
				6,303
General Obligation – 2.7%
Texas
5.000%, 10/01/2010		4,275		4,507
				10,810
Virginia – 5.1%
Revenue Bonds – 5.1%
Amelia County Industrial Development Authority, Solid Waste Disposal, Waste Management Project, Mandatory Put 04/01/2010 @ 100 (AGTY) (AMT)
4.800%, 04/01/2027		2,000		1,917
Virginia Public Building Authority, Series A
5.000%, 08/01/2014		6,000		6,593
				8,510
Wisconsin – 1.2%
Revenue Bond – 1.2%
Wisconsin Health & Educational Facilities Authority, Froedtert & Community Health, Series A
5.000%, 04/01/2010		1,940		1,978
Total Municipal Bonds
(Cost $130,658)				128,830
Short-Term Investments – 24.9%
Money Market Fund – 11.0%
First American Tax Free Obligations Fund, Class Z Å		18,484,820		18,485
U.S. Treasury Obligation – 0.3%
U.S. Treasury Bill
0.124%, 01/08/2009 o		530		530
Variable Rate Demand Notes v – 13.6%
Crawford Educational Facilities Corporation, Obligation Group Project, Series A (LOC: Allied Irish Bank)
1.330%, 05/01/2038		5,615		5,615
Indiana Finance Authority, Obligation Group Project (LOC: Allied Irish Bank)
1.330%, 06/01/2038		3,000		3,000
Milwaukee Redevelopment Authority, Yankee Hill Apartments (LOC: Wells Fargo Bank)
1.080%, 09/01/2025		1,100		1,100
North Charleston Public Facilities Convention (LOC: Bank of America)
0.800%, 09/01/2019		6,045		6,045
South Fulton Municipal Regional Water & Sewer Authority (LOC: Bank of America)
1.200%, 01/01/2033		7,000		7,000
				22,760
Total Short-Term Investments
(Cost $41,775)				41,775
Total Investments – 101.7%
(Cost $172,433)				170,605
Other Assets and Liabilities, Net – (1.7)%				(2,939	)
Total Net Assets – 100.0%			$	167,666

§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure timely the payment of principal and interest. If callable, these bonds may still be subject to call at the call date and price indicated.
Δ	Variable Rate Security – The rate shown is the rate in effect as of December 31, 2008.
◊	Pre-refunded issues are typically backed by U.S. government obligations, which ensure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
o	Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of December 31, 2008. See note 2 in Notes to Financial Statements.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2008.

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate market value of securities subject to the AMT was $5,935, which represents 3.5% of total net assets.

FGIC –  Financial Guaranty Insurance Corporation

FNMA –  Federal National Mortgage Association

LOC –  Letter of Credit

MBIA –  Municipal Bond Insurance Association

First American Funds 2008 Semiannual Report   57

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Short Tax Free Fund (concluded)

Schedule of Open Futures Contracts

			Number of			Notional
	Settlement		Contracts			Contract	Unrealized
Description	Month		Sold			Value	Depreciation
U.S. Treasury 10 Year Note Futures		March 2009		(50	)	$(6,288)	$	(244	)

Short Tax Free Fund (concluded)

Tax Free Fund
DESCRIPTION	PAR		VALUE
Municipal Bonds – 99.0%
Alabama – 0.4%
Revenue Bonds – 0.4%
Camden Industrial Development Board, Weyerhaeuser Company, Series A, Pre-refunded 12/01/2013 @ 100
6.125%, 12/01/2024 ◊	$	1,000	$	1,164
Camden Industrial Development Board, Weyerhaeuser Company, Series B, Pre-refunded 12/01/2013 @ 100 (AMT)
6.375%, 12/01/2024 ◊		350		403
				1,567
Alaska – 1.5%
Revenue Bonds – 1.5%
Alaska Energy Authority, Bradley Lake, Third Series (FSA)
6.000%, 07/01/2010		1,000		1,053
6.000%, 07/01/2011		4,040		4,337
				5,390
Arizona – 8.2%
Revenue Bonds – 6.4%
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 ◊		3,000		3,590
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
5.250%, 07/01/2032		3,500		2,525
Mohave County Industrial Development Authority, Mohave Prison Expansion Project
8.000%, 05/01/2025		4,500		4,118
Pima County Industrial Development Authority, Education Revenue, American Charter Schools Foundation, Series A
5.500%, 07/01/2026		3,555		2,412
Salt River Project, Agriculture Improvement & Power District Electric Systems, Series A
5.000%, 01/01/2027		2,500		2,502
Scottsdale Excise Tax Revenue, Water and Sewer Development Project, Series A
5.000%, 07/01/2021		4,300		4,543
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A
5.000%, 09/01/2022		1,000		820
5.250%, 09/01/2030		2,000		1,497
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		1,021		897
				22,904
General Obligation – 1.8%
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
1.000% through 07/01/2009, thereafter 5.250%, 07/01/2022		6,630		6,227
				29,131
Arkansas – 0.2%
Revenue Bond – 0.2%
Washington County Arkansas Hospital, Regional Medical Center, Series B
5.000%, 02/01/2030		1,000		684

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

58   First American Funds 2008 Semiannual Report

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
California – 4.8%
Revenue Bonds – 4.8%
California Department of Water Reserves, Central Water Revenue
5.000%, 12/01/2021	$	2,000	$	2,101
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT) (AGTY)
5.000%, 07/01/2027		2,500		1,473
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series C (AMT)
5.125%, 11/01/2023		5,000		3,191
California Statewide Communities Development Authority, St. Joseph, Series B (FGIC)
5.450%, 07/01/2026		1,050		964
California Statewide Communities Development Authority, St. Joseph, Series C (FGIC)
5.450%, 07/01/2026		1,050		964
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT)
4.900%, 03/01/2023		2,500		1,970
Loma Linda University Medical Center, Hospital Revenue, Series A
8.250%, 12/01/2038		1,500		1,387
Southern California Public Power Authority, Transmission Project Revenue, Series A
5.000%, 07/01/2020		4,000		4,117
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
5.000%, 12/01/2022		1,000		869
				17,036
Colorado – 4.1%
Revenue Bonds – 3.9%
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
7.250%, 12/01/2021 ◊		1,500		1,736
Colorado Health Facilities Authority, Covenant Retirement Communities, Series B
6.125%, 12/01/2033		1,150		805
Colorado Health Facilities Authority, Evangelical Lutheran Health Facilities
5.900%, 10/01/2027		2,500		1,984
5.000%, 06/01/2029		2,000		1,331
Colorado Health Facilities Authority, Parkview Medical Center, Pre-refunded 09/01/2011 @ 100
6.500%, 09/01/2020 ◊		1,000		1,121
Colorado Health Facilities Authority, Vail Valley Medical Center
5.800%, 01/15/2027		700		568
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
5.700%, 07/01/2018		1,590		1,167
La Junta Hospital, Arkansas Valley Medical Center Project
6.000%, 04/01/2019		1,000		900
Montrose Memorial Hospital
6.000%, 12/01/2028		1,000		785
6.000%, 12/01/2033		500		373
Northwest Parkway Public Highway Authority, Zero Coupon Bond, Pre-refunded 06/15/2011 @ 33.455 (AMBAC)
2.709%, 06/15/2029 ◊ ¤		10,000		3,132
				13,902
General Obligation – 0.2%
Antelope Water Systems General Improvement District
5.125%, 12/01/2035		1,000		808
				14,710
Delaware – 1.5%
Revenue Bond – 1.5%
Delaware Transportation Authority Revenue
5.000%, 07/01/2019		5,000		5,471
Florida – 4.6%
Revenue Bonds – 3.9%
Halifax Hospital Medical Center, Series B-1 (FSA)
5.500%, 06/01/2038		6,000		5,073
Palm Beach County Health Facilities Authority Retirement Community, Acts Retirement Life, Series A
4.500%, 11/15/2036		10,000		5,087
Palm Beach County Health Facilities Authority, Waterford Project
5.875%, 11/15/2037		5,700		3,815
				13,975
Certificate of Participation – 0.7%
Palm Beach County School Board (FGIC) (MBIA)
5.000%, 08/01/2018		2,415		2,437
				16,412
Georgia – 1.5%
Revenue Bonds – 1.5%
Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT)
5.125%, 03/01/2026		2,300		1,883
Fulton County Residential Care Facilities, Canterbury Court Project, Series A
6.125%, 02/15/2026		1,500		1,027
6.125%, 02/15/2034		2,500		1,527
Georgia Municipal Electric Authority Power, Series BB (MBIA)
5.250%, 01/01/2025		1,000		1,040
				5,477
Idaho – 0.6%
Revenue Bond – 0.2%
Idaho Health Facilities Authority Revenue, Trinity Health Group, Series B
6.250%, 12/01/2033		750		743
Certificates of Participation – 0.4%
Madison County Hospital
5.250%, 09/01/2026		1,000		701
5.250%, 09/01/2030		1,000		662
				1,363
				2,106

First American Funds 2008 Semiannual Report   59

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Illinois – 5.3%
Revenue Bonds – 4.1%
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC) (VEREX)
7.500%, 08/01/2010 §	$	625	$	664
Illinois Finance Authority, Landing at Plymouth Place Project, Series A
6.000%, 05/15/2037		2,300		1,328
Illinois Finance Authority, Luther Oaks Project, Series A
6.000%, 08/15/2039		2,000		1,184
Illinois Finance Authority, Roosevelt University
5.500%, 04/01/2037		2,800		1,968
Illinois Finance Authority, Silver Cross Hospital
5.500%, 08/15/2030		3,230		2,419
Illinois Health Facilities Authority, Covenant Retirement Communities
5.875%, 12/01/2031		4,500		3,383
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI)
5.500%, 12/01/2022		4,000		3,259
Northern Illinois University, Auxiliary Facilities Systems (FGIC) (MBIA)
5.700%, 04/01/2016		120		120
				14,325
General Obligations – 1.2%
Chicago Illinois Board of Education, Series C
5.000%, 12/01/2020		2,000		2,093
Grundy & Will Counties Community School District #001
5.875%, 08/01/2028		2,250		2,265
				4,358
				18,683
Indiana – 2.5%
Revenue Bonds – 2.5%
Indiana Health & Educational Facilities Financing Authority, Community Foundation
5.500%, 03/01/2037		2,830		1,869
Indiana Municipal Power Agency, Power Supply, Series B (MBIA)
6.000%, 01/01/2012		1,000		1,081
Indiana Transportation Finance Authority, Series A (AMBAC)
5.750%, 06/01/2012		2,000		2,200
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (AGTY) (AMT)
5.100%, 01/15/2017		3,000		2,304
Portage Economic Development, Ameriplex Project
5.000%, 07/15/2023		1,000		728
5.000%, 01/15/2027		775		527
				8,709
Iowa – 0.5%
Revenue Bonds – 0.5%
Iowa Finance Authority, Health Facilities Revenue, Care Initiatives Project, Series A
5.000%, 07/01/2020		1,570		1,073
Muscatine Electric, Escrowed to Maturity
6.700%, 01/01/2013 §		640		693
				1,766
Kansas – 0.8%
Revenue Bonds – 0.8%
Kansas Department of Transportation, Highway Revenue, Series B-1
5.000%, 09/01/2021		1,000		1,066
Kansas Department of Transportation, Highway Revenue, Series B-2
5.000%, 09/01/2022		500		527
Olathe Senior Living Facility, Catholic Care Campus, Series A
6.000%, 11/15/2038		2,000		1,158
				2,751
Louisiana – 0.8%
Revenue Bonds – 0.8%
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity (FGIC) (FHA) (VA)
7.100%, 08/01/2011 §		1,000		1,123
Rapides Financial Authority, Cleco Power LLC Project (AMBAC) (AMT)
4.700%, 11/01/2036		3,000		1,709
				2,832
Maryland – 1.6%
General Obligation – 1.6%
Prince Georges County Public Improvement
5.000%, 07/15/2017		5,000		5,662
Massachusetts – 0.7%
Revenue Bonds – 0.7%
Massachusetts Development Finance Agency Health Care Facilities, Adventcare, Series A
6.750%, 10/15/2037		2,850		1,905
Massachusetts Health & Educational Facilities Authority, UMass Memorial Issue, Series D
5.000%, 07/01/2033		1,000		546
				2,451
Michigan – 2.1%
Revenue Bonds – 2.1%
Kalamazoo Hospital Financial Authority, Bronson Hospital (FSA)
5.000%, 05/15/2026		7,665		6,400
Michigan Hospital Financial Authority Revenue, McLaren Health Care, Series A
5.250%, 05/15/2018		1,000		932
				7,332
Minnesota – 7.3%
Revenue Bonds – 7.3%
Chippewa County, Montevideo Hospital Project
5.500%, 03/01/2037		4,000		2,176
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects, Series A
5.700%, 07/01/2042		2,795		1,590
Cuyuna Range Hospital District
5.200%, 06/01/2025		1,000		648
5.000%, 06/01/2029		1,500		886
Minneapolis Health Care System, Fairview Health Services, Series A
6.625%, 11/15/2028		3,000		2,956
Minnesota Agriculture & Economic Development Board, Health Care System, Fairview, Series A
6.375%, 11/15/2029		95		88

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

60   First American Funds 2008 Semiannual Report

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Monticello, Big Lake Community Hospital, Series C
6.200%, 12/01/2022	$	2,995	$	2,164
Shakopee Health Care Facilities, St. Francis Regional Medical Center
5.250%, 09/01/2034		1,000		657
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (MBIA)
5.000%, 11/15/2019		4,500		3,909
St. Paul Housing & Redevelopment Authority, Health Care Facilities, HealthPartners Obligated Group Project
5.250%, 05/15/2026		1,500		982
5.250%, 05/15/2036		3,900		2,258
St. Paul Housing & Redevelopment Authority, HealthEast Project
6.000%, 11/15/2030		2,000		1,208
6.000%, 11/15/2035		1,000		572
St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project
5.250%, 11/15/2014		990		802
6.000%, 11/15/2025		2,000		1,315
St. Paul Sales Tax, Series B (XLCA)
5.650%, 11/01/2017		2,290		2,234
Stillwater Health Care, Health System Obligation Group
5.000%, 06/01/2035		2,000		1,399
				25,844
Mississippi – 1.9%
Revenue Bond – 1.9%
Mississippi Development Bank Special Obligation, Jackson Public School District (FSA)
5.500%, 04/01/2020		6,350		6,764
Missouri – 3.6%
Revenue Bonds – 3.6%
Bi-State Development Agency, Missouri Illinois Metropolitan District, St. Clair County Metrolink Project (FSA)
5.250%, 07/01/2027		3,185		3,250
Boone County Hospital
5.625%, 08/01/2038		5,500		4,146
St. Louis Industrial Development Authority, Sewer and Solid Waste Disposal Facilities (AMT)
4.875%, 03/01/2032		8,000		4,809
Sugar Creek, Lafarge North America, Series A (AMT)
5.650%, 06/01/2037		1,000		609
				12,814
Montana – 1.0%
Revenue Bonds – 1.0%
Forsyth Pollution Control, Northwestern Corporation (AMBAC)
4.650%, 08/01/2023		2,500		1,872
Montana Facilities Financial Authority, Senior Living St. John’s Lutheran, Series A
6.125%, 05/15/2036		2,500		1,530
				3,402
Nebraska – 5.0%
Revenue Bonds – 5.0%
Central Plains Energy Project, Series A
5.250%, 12/01/2021		5,000		3,706
Nebraska Public Power District Revenue, Series B
5.000%, 01/01/2020		2,750		2,826
Omaha Public Power District Electricity Revenue, Series A
5.500%, 02/01/2039		1,000		1,001
Washington County Wastewater Facilities, Cargill Project (AMT)
5.900%, 11/01/2027		1,700		1,537
4.850%, 04/01/2035		12,500		8,530
				17,600
Nevada – 1.9%
Revenue Bonds – 1.9%
Carson City Hospital Revenue, Carson-Tahoe Hospital, Pre-refunded 09/01/2012 @ 101
5.750%, 09/01/2031 ◊		2,260		2,548
Carson City Hospital Revenue, Carson-Tahoe Hospital
5.750%, 09/01/2031		2,740		1,873
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMBAC) (AMT)
5.250%, 07/01/2034		4,000		2,298
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMT) (FGIC)
4.750%, 09/01/2036		80		41
				6,760
New Hampshire – 0.4%
Revenue Bonds – 0.4%
New Hampshire Health & Educational Facilities Authority, Covenant Health
5.375%, 07/01/2024		1,250		1,009
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
5.875%, 07/01/2034		800		548
				1,557
North Carolina – 1.5%
Revenue Bonds – 1.5%
North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian, Series B
5.200%, 10/01/2021		1,500		1,074
North Carolina Medical Care Community Health Care Facilities, Pennybyrn at Maryfield, Series A
6.000%, 10/01/2023		2,800		1,982
North Carolina Medical Care Community Retirement Facilities, Southminster Project, Series A
5.750%, 10/01/2037		4,250		2,381
				5,437
North Dakota – 0.8%
Revenue Bond – 0.5%
North Dakota State Board of Higher Education, Bismarck State College
5.350%, 05/01/2030		2,500		1,783

First American Funds 2008 Semiannual Report   61

Schedule of Investments  December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
General Obligations – 0.3%
West Fargo, Series A (AGTY)
4.000%, 05/01/2017	$	550	$	557
4.000%, 05/01/2018		540		539
				1,096
				2,879
Ohio – 2.2%
Revenue Bonds – 2.2%
Cincinnati Water System, Pre-refunded 06/01/2011 @ 100
5.000%, 12/01/2020 ◊		125		135
Lake County Hospital Facilities, Lake Hospital System, Series C
5.625%, 08/15/2029		3,250		2,442
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2026		1,000		664
Ohio State Higher Educational Facility, Baldwin-Wallace College Project
5.125%, 12/01/2017		1,490		1,453
5.250%, 12/01/2019		1,540		1,456
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
5.250%, 12/01/2023		2,000		1,537
				7,687
Oklahoma – 0.5%
Revenue Bonds – 0.5%
Norman Regional Hospital Authority
5.375%, 09/01/2029		1,000		589
5.375%, 09/01/2036		2,325		1,277
				1,866
Oregon – 0.2%
Revenue Bond – 0.2%
Gilliam County Solid Waste Disposal, Waste Management Project (AMT)
5.250%, 07/01/2029		1,500		884
Pennsylvania – 1.5%
Revenue Bonds – 1.5%
Delaware County Authority College Revenue, Neumann College
6.125%, 10/01/2034		1,000		747
Erie County Industrial Development Authority, International Paper Company Project, Series A (AMT)
5.000%, 11/01/2018		1,350		901
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care
6.250%, 02/01/2035		2,090		1,245
State Public School Building Authority, Delaware County Community College Project (FSA)
5.000%, 10/01/2024		1,600		1,578
Westmoreland County Industrial Development Authority, Redstone Retirement Community, Series A
5.750%, 01/01/2026		1,200		745
				5,216
Puerto Rico – 5.7%
Revenue Bonds – 3.2%
Puerto Rico Electric Power Authority, Series VV (MBIA)
5.250%, 07/01/2029		11,785		9,289
Puerto Rico Public Buildings Authority, Government Facilities, Series M (COMGTY)
6.250%, 07/01/2031		2,300		2,040
				11,329
General Obligations – 2.5%
Puerto Rico Commonwealth, Series A
5.000%, 07/01/2027		10,000		7,456
Puerto Rico Commonwealth, Series A (MBIA)
5.500%, 07/01/2019		1,000		877
Puerto Rico Public Improvements (MBIA)
5.750%, 07/01/2026		500		533
				8,866
				20,195
South Carolina – 0.8%
Revenue Bonds – 0.8%
Georgetown County Environmental Improvement, International Paper, Series A (AMT)
5.550%, 12/01/2029		700		395
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
6.125%, 08/01/2023		1,250		1,101
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Pre-refunded 08/01/2013 @ 100
6.375%, 08/01/2034 ◊		135		158
6.375%, 08/01/2034 ◊		1,115		1,290
				2,944
South Dakota – 4.6%
Revenue Bonds – 4.3%
Sioux Falls, Dow Rummel Village Project, Series A, Pre-refunded 11/15/2012 @ 100
6.625%, 11/15/2023 ◊		2,270		2,650
South Dakota Economic Development Finance Authority, DTS Project, Series A (AMT)
5.500%, 04/01/2019		1,055		970
South Dakota Economic Development Finance Authority, Pooled Loan Project – Davis Family, Series 4-A (AMT)
6.000%, 04/01/2029		1,400		1,209
South Dakota Economic Development Finance Authority, Pooled Loan Project – Spearfish Forest, Series A (AMT)
5.875%, 04/01/2028		2,000		1,705
South Dakota Health & Educational Facilities Authority, Avera Health, Series B
5.250%, 07/01/2038		2,000		1,269
South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGTY)
5.500%, 08/01/2038		7,000		6,657
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2031		1,250		867
				15,327
Certificate of Participation – 0.3%
Deadwood (ACA)
5.000%, 11/01/2020		1,500		1,158
				16,485

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

62   First American Funds 2008 Semiannual Report

Tax Free Fund (continued)
DESCRIPTION	PAR		VALUE
Tennessee – 1.8%
Revenue Bonds – 1.8%
Johnson City Health & Educational Facilities Authority, Mountain States Health, Series A, Pre-refunded 7/01/2012 @ 103
7.500%, 07/01/2033 ◊	$	2,500	$	2,819
Shelby County Health, Educational, & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
6.500%, 09/01/2021 ◊		1,875		2,136
6.500%, 09/01/2021 ◊		1,125		1,281
				6,236
Texas – 11.2%
Revenue Bonds – 9.7%
Abilene Health Facilities Development, Sears Methodist Retirement Project
5.875%, 11/15/2018		500		409
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A
5.875%, 11/15/2018		2,500		2,046
7.000%, 11/15/2033		4,000		2,725
Bexar County Housing Finance Authority, American Opportunity Housing, Colinas LLC Project, Series A (MBIA)
5.800%, 01/01/2031		2,000		1,359
Brazos County Health Facilities, Franciscan Services Corporation, St. Joseph Health
5.000%, 01/01/2023		3,635		2,795
Crawford Education Facilities, University of St. Thomas Project
5.250%, 10/01/2022		1,300		1,033
5.375%, 10/01/2027		1,750		1,250
Dallas Area Rapid Transit Sales Tax Revenue, Senior Lien
5.000%, 12/01/2018		2,000		2,212
Harris County Health Facilities Development Corporation, Hospital Revenue, Memorial Hermann Healthcare System, Series B
7.250%, 12/01/2035		2,000		2,022
Lubbock Educational Facilities Authority Revenue, Lubbock Christian University
5.125%, 11/01/2027		1,000		681
5.250%, 11/01/2037		2,500		1,588
North Texas Tollway Revenue, First Tier, Series E-3, Mandatory Put 01/01/2016 @ 100
5.750%, 01/01/2038		4,500		4,673
Red River Authority Sewer & Solidwaste Disposal, Excel Corporation Project (AMT)
6.100%, 02/01/2022		3,775		2,943
San Antonio Electric & Gas
5.000%, 02/01/2025		4,000		4,005
San Marcos Waterworks & Wastewater Systems (FSA)
5.000%, 08/15/2026		1,000		959
Tarrant County Cultural Education Retirement Facilities, Northwest Senior Housing Edgemere Project, Series A
6.000%, 11/15/2026		1,600		1,026
Travis County Health Facilities, Querencia Barton Creek Project
5.500%, 11/15/2025		1,300		776
5.650%, 11/15/2035		1,100		599
Tyler Health Facilities Development, East Texas Medical Center, Series A
5.375%, 11/01/2037		2,000		1,217
				34,318
General Obligations – 1.5%
Fort Bend Independent School District, Escrowed to Maturity (PSFG)
5.000%, 02/15/2014 §		500		566
Humble Independent School District, Series A (AGTY)
5.250%, 02/15/2022		2,635		2,736
San Marcos Certificates of Obligation (FSA)
5.000%, 08/15/2025		1,000		1,001
5.000%, 08/15/2027		1,000		987
				5,290
				39,608
Utah – 1.3%
Revenue Bonds – 1.3%
Intermountain Power Agency, Utah Power Supply, Series A (AMBAC)
6.500%, 07/01/2011		365		395
Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC)
6.500%, 07/01/2011 §		635		710
Uintah County Municipal Building Authority, Lease Revenue
5.500%, 06/01/2037		4,000		3,362
				4,467
Vermont – 0.2%
Revenue Bond – 0.2%
Vermont Economic Development Authority, Wake Robin Corporation Project, Series A
5.250%, 05/01/2026		1,000		614
Virginia – 0.3%
Revenue Bond – 0.3%
Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA)
5.850%, 12/01/2020		1,000		1,014
Washington – 0.2%
Revenue Bond – 0.2%
Washington Public Power Supply System, Nuclear Project #3, Series B
7.125%, 07/01/2016		600		743
Wisconsin – 2.6%
Revenue Bonds – 2.6%
Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A
6.750%, 08/15/2034		2,000		1,263
Wisconsin State Health & Educational Facilities Authority, Children’s Hospital of Wisconsin
5.250%, 08/15/2024		2,000		1,874
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project
6.000%, 12/01/2024		1,000		689
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B
6.000%, 02/15/2025		3,500		2,791
Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A
7.000%, 12/01/2031		2,000		1,422

First American Funds 2008 Semiannual Report   63

Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		VALUE
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A
6.250%, 04/01/2034	$	2,000	$	1,257
				9,296
Wyoming – 0.8%
Revenue Bonds – 0.8%
Teton County Hospital District, St. John’s Medical Center
6.750%, 12/01/2022		2,100		1,638
6.750%, 12/01/2027		1,500		1,090
				2,728
Total Municipal Bonds
(Cost $436,284)				351,210
Short-Term Investments – 1.4%
Money Market Fund – 1.3%
First American Tax Free Obligations Fund, Class Z Å		4,597,183		4,597
U.S. Treasury Obligations – 0.1%
U.S. Treasury Bills
0.430%, 01/29/2009 Ä	$	240		240
0.109%, 04/09/2009 Ä		310		310
				550
Total Short-Term Investments
(Cost $5,147)				5,147
Total Investments – 100.4%
(Cost $441,431)				356,357
Other Assets and Liabilities, Net – (0.4)%				(1,535	)
Total Net Assets – 100.0%			$	354,822

◊	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
¤	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2008.
§	Escrowed to maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
Å	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.
Ä	Yield shown is effective yield as of December 31, 2008.

ACA –  ACA Financial Guaranty Corporation

AGTY –  Assured Guaranty

AMBAC –  American Municipal Bond Assurance Corporation

AMT –  Alternative Minimum Tax. As of December 31, 2008, the aggregate value of securities subject to the AMT was $42,814 which represents 12.1% of total net assets.

COMGTY –  Commonwealth Guaranty

FGIC –  Financial Guaranty Insurance Corporation

FHA –  Federal Housing Administration

FNMA –  Federal National Mortgage Association

FSA –  Financial Security Assurance

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

RAAI –  Radian Asset Assurance Inc.

VA –  Veterans Administration

VEREX –  Verex Assurance

XLCA –  XL Capital Assurance

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

64   First American Funds 2008 Semiannual Report

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Statements ofAssets and Liabilities   December 31, 2008 (unaudited), all dollars and shares are rounded to thousands (000), except per share data

				California						Colorado
	Arizona			Intermediate			California			Intermediate			Colorado
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
Unaffiliated investments, at cost	$	26,334		$	59,729		$	40,252		$	47,013		$	23,897
Affiliated money market fund, at cost		—			—			—			983			476
ASSETS:
Unaffiliated investments, at value (note 2)	$	23,407		$	56,783		$	35,689		$	45,492		$	20,947
Affiliated money market fund, at value (note 2)		—			—			—			983			476
Cash		—			—			—			—			—
Receivable for dividends and interest		491			799			600			349			210
Receivable for investments sold		—			—			—			—			—
Receivable for capital shares sold		—			250			1			49			—
Receivable for variation margin (note 2)		—			—			—			—			—
Receivable from advisor (note 3)		10			—			8			—			11
Prepaid expenses and other assets		7			2			6			2			6
Total assets		23,915			57,834			36,304			46,875			21,650
LIABILITIES:
Bank overdraft		—			—			—			1			—
Dividends payable		77			167			113			147			72
Payable for investments purchased		—			1,035			482			—			—
Payable for investments purchased on a when-issued basis		—			—			—			—			—
Payable for capital shares redeemed		25			9			662			456			103
Payable to affiliates (note 3)		18			30			21			23			18
Payable for distribution and shareholder servicing fees		2			—			3			1			2
Accrued expenses and other liabilities		25			3			22			3			22
Total liabilities		147			1,244			1,303			631			217
Net assets	$	23,768		$	56,590		$	35,001		$	46,244		$	21,433
COMPOSITION OF NET ASSETS:
Portfolio capital	$	26,859		$	59,523		$	39,618		$	47,790		$	24,532
Undistributed net investment income		8			24			38			14			26
Accumulated net realized gain (loss) on investments (note 2)		(172	)		(11	)		(92	)		(39	)		(175	)
Net unrealized depreciation of:
Investments		(2,927	)		(2,946	)		(4,563	)		(1,521	)		(2,950	)
Futures contracts		—			—			—			—			—
Net assets	$	23,768		$	56,590		$	35,001		$	46,244		$	21,433
Class A:
Net assets	$	5,945		$	4,585		$	11,759		$	5,561		$	4,818
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		632			486			1,213			571			536
Net asset value and redemption price per share	$	9.41		$	9.43		$	9.69		$	9.74		$	8.99
Maximum offering price per share1	$	9.83		$	9.65		$	10.12		$	6.96		$	9.39
Class C2:
Net assets	$	1,357			—		$	2,469			—		$	2,582
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		144			—			255			—			288
Net asset value, offering price, and redemption price per share2	$	9.40			—		$	9.70			—		$	8.97
Class Y:
Net assets	$	16,466		$	52,005		$	20,773		$	40,683		$	14,033
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,749			5,505			2,143			4,189			1,557
Net asset value, offering price, and redemption price per share	$	9.42		$	9.45		$	9.69		$	9.71		$	9.01

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

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

66   First American Funds 2008 Semiannual Report

			Minnesota															Oregon
Intermediate			Intermediate			Minnesota			Missouri			Nebraska			Ohio			Intermediate			Short
Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
$	641,747		$	178,940		$	156,972		$	151,208		$	37,649		$	46,752		$	122,991		$	153,948		$	436,834
	4,864			—			—			4			281			—			624			18,485			4,597
$	626,683		$	170,332		$	136,877		$	136,575		$	34,333		$	42,974		$	120,923		$	152,120		$	351,760
	4,864			—			—			4			281			—			624			18,485			4,597
	—			—			—			—			—			—			1			—			—
	8,384			2,660			2,150			2,182			484			506			1,153			2,124			6,836
	—			1,988			—			278			—			—			—			—			—
	602			193			302			121			3			128			—			70			1,185
	—			—			—			—			—			—			—			77			—
	—			—			—			—			9			6			—			—			—
	18			6			7			6			9			6			6			15			21
	640,551			175,179			139,336			139,166			35,119			43,620			122,707			172,891			364,399
	39			598			—			—			—			—			—			—			—
	2,177			552			291			497			118			134			383			390			1,536
	—			—			—			—			—			—			—			4,564			—
	—			—			—			—			497			—			—			—			—
	1,905			1,424			2,394			561			4			211			106			172			7,785
	367	��		104			81			80			20			21			69			73			222
	1			1			15			5			2			—			1			—			3
	32			26			26			26			25			25			25			26			31
	4,521			2,705			2,807			1,169			666			391			584			5,225			9,577
$	636,030		$	172,474		$	136,529		$	137,997		$	34,453		$	43,229		$	122,123		$	167,666		$	354,822
$	651,118		$	180,750		$	157,277		$	152,450		$	38,269		$	47,210		$	124,938		$	173,659		$	441,557
	603			107			184			161			45			45			108			135			355
	(627	)		225			(837	)		19			(545	)		(248	)		(855	)		(4,056	)		(2,016	)
	(15,064	)		(8,608	)		(20,095	)		(14,633	)		(3,316	)		(3,778	)		(2,068	)		(1,828	)		(85,074	)
	—			—			—			—			—			—			—			(244	)		—
$	636,030		$	172,474		$	136,529		$	137,997		$	34,453		$	43,229		$	122,123		$	167,666		$	354,822
$	28,262		$	22,105		$	81,837		$	21,116		$	5,264		$	716		$	6,854		$	2,222		$	29,351
	2,795			2,395			8,825			2,019			575			77			726			234			3,410
$	10.11		$	9.23		$	9.27		$	10.46		$	9.16		$	9.33		$	9.44		$	9.50		$	8.61
$	10.34		$	9.44		$	9.68		$	10.92		$	9.57		$	9.74		$	9.66		$	9.72		$	8.99
	—			—		$	17,308		$	471		$	2,131		$	192			—			—		$	2,800
	—			—			1,875			45			234			21			—			—			327
	—			—		$	9.23		$	10.43		$	9.09		$	9.20			—			—		$	8.56
$	607,768		$	150,369		$	37,384		$	116,410		$	27,058		$	42,321		$	115,269		$	165,444		$	322,671
	60,231			16,382			4,037			11,126			2,954			4,541			12,202			17,416			37,450
$	10.09		$	9.18		$	9.26		$	10.46		$	9.16		$	9.32		$	9.45		$	9.50		$	8.62

First American Funds 2008 Semiannual Report   67

Statements ofOperations   For the six-month period ended December 31, 2008 (unaudited), all dollars are rounded to thousands (000)

				California						Colorado
	Arizona			Intermediate			California			Intermediate			Colorado
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
INVESTMENT INCOME:
Interest from unaffiliated investments	$	656		$	1,302		$	1,117		$	1,197		$	649
Dividends from unaffiliated money market fund		8			20			9			—			—
Dividends from affiliated money market fund		—			—			—			5			8
Total investment income		664			1,322			1,126			1,202			657
EXPENSES (note 3):
Investment advisory fees		64			144			108			122			60
Administration fees		32			68			51			58			30
Transfer agent fees		41			30			41			30			41
Custodian fees		1			1			1			1			1
Legal fees		7			7			7			7			7
Audit fees		18			—			18			—			18
Registration fees		3			2			3			3			3
Postage and printing fees		1			2			2			2			1
Directors’ fees		15			14			15			15			15
Other expenses		9			13			9			13			9
Distribution and shareholder servicing fees:
Class A		8			6			15			8			7
Class C		4			—			8			—			9
Total expenses		203			287			278			259			201
Less: Fee waivers (note 3)		(127	)		(86	)		(153	)		(83	)		(125	)
Total net expenses		76			201			125			176			76
Investment income – net		588			1,121			1,001			1,026			581
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized gain (loss) on:
Investments		(10	)		(11	)		(91	)		(39	)		(114	)
Futures contracts		(75	)		—			—			—			—
Net change in unrealized appreciation or depreciation of:
Investments		(2,551	)		(3,005	)		(4,312	)		(2,040	)		(2,809	)
Futures contracts		1			—			—			—			—
Net loss on investments and futures contracts		(2,635	)		(3,016	)		(4,403	)		(2,079	)		(2,923	)
Net decrease in net assets resulting from operations	$	(2,047	)	$	(1,895	)	$	(3,402	)	$	(1,053	)	$	(2,342	)

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

68   First American Funds 2008 Semiannual Report

			Minnesota															Oregon
Intermediate			Intermediate			Minnesota			Missouri			Nebraska			Ohio			Intermediate			Short
Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund			Tax Free Fund
$	16,481		$	4,668		$	3,979		$	3,954		$	950		$	1,172		$	2,883		$	2,629		$	12,344
	—			43			30			—			—			5			—			—			—
	89			—			—			15			6			—			14			70			141
	16,570			4,711			4,009			3,969			956			1,177			2,897			2,699			12,485
	1,646			488			388			382			92			120			318			372			1,112
	738			222			179			177			45			57			146			170			509
	31			31			42			41			41			41			30			31			41
	16			5			4			4			1			1			3			4			11
	7			7			7			7			7			7			7			7			7
	18			18			18			18			18			18			18			18			18
	14			2			3			4			3			3			3			14			18
	21			6			5			5			1			2			4			5			16
	15			15			15			15			15			15			15			15			14
	10			9			10			10			9			10			9			9			10
	34			30			118			28			7			1			8			3			42
	—			—			63			1			6			1			—			—			10
	2,550			833			852			692			245			276			561			648			1,808
	(241	)		(145	)		(175	)		(128	)		(141	)		(153	)		(112	)		(202	)		(237	)
	2,309			688			677			564			104			123			449			446			1,571
	14,261			4,023			3,332			3,405			852			1,054			2,448			2,253			10,914
	(626	)		414			(318	)		19			(128	)		(29	)		(434	)		(265	)		18
	—			—			(154	)		—			(245	)		(195	)		(324	)		(2,007	)		(676	)
	(24,392	)		(10,628	)		(17,583	)		(12,847	)		(3,077	)		(3,334	)		(2,551	)		(1,875	)		(74,337	)
	—			—			—			—			—			2			3			(174	)		—
	(25,018	)		(10,214	)		(18,055	)		(12,828	)		(3,450	)		(3,556	)		(3,306	)		(4,321	)		(74,995	)
$	(10,757	)	$	(6,191	)	$	(14,723	)	$	(9,423	)	$	(2,598	)	$	(2,502	)	$	(858	)	$	(2,068	)	$	(64,081	)

First American Funds 2008 Semiannual Report   69

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

							California
	Arizona						Intermediate
	Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month
	Period Ended						Period Ended
	12/31/08			Year Ended			12/31/08			Year Ended
	(unaudited)			6/30/08			(unaudited)			6/30/08
OPERATIONS:
Investment income – net	$	588		$	1,257		$	1,121		$	2,195
Net realized gain (loss) on:
Investments		(10	)		(80	)		(11	)		328
Futures contracts		(75	)		6			—			—
Net change in unrealized appreciation or depreciation of:
Investments		(2,551	)		(836	)		(3,005	)		(702	)
Futures contracts		1			(1	)		—			—
Net increase (decrease) in net assets resulting from operations		(2,047	)		346			(1,895	)		1,821
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(144	)		(306	)		(89	)		(222	)
Class C		(29	)		(51	)		—			—
Class Y		(422	)		(894	)		(1,013	)		(1,970	)
Net realized gain on investments:
Class A		—			(21	)		(25	)		(8	)
Class C		—			(3	)		—			—
Class Y		—			(62	)		(282	)		(59	)
Total distributions		(595	)		(1,337	)		(1,409	)		(2,259	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		167			359			1,588			1,275
Reinvestment of distributions		42			94			70			99
Payments for redemptions		(315	)		(1,849	)		(1,250	)		(3,105	)
Increase (decrease) in net assets from Class A transactions		(106	)		(1,396	)		408			(1,731	)
Class C:
Proceeds from sales		125			300			—			—
Reinvestment of distributions		19			36			—			—
Payments for redemptions (note 3)		(18	)		(459	)		—			—
Increase (decrease) in net assets from Class C transactions		126			(123	)		—			—
Class Y:
Proceeds from sales		4,475			3,964			8,320			10,372
Reinvestment of distributions		72			167			103			34
Payments for redemptions		(3,760	)		(5,247	)		(6,324	)		(10,042	)
Increase (decrease) in net assets from Class Y transactions		787			(1,116	)		2,099			364
Increase (decrease) in net assets from capital share transactions		807			(2,635	)		2,507			(1,367	)
Total increase (decrease) in net assets		(1,835	)		(3,626	)		(797	)		(1,805	)
Net assets at beginning of period		25,603			29,229			57,387			59,192
Net assets at end of period	$	23,768		$	25,603		$	56,590		$	57,387
Undistributed (distributions in excess of) net investment income at end of period	$	8		$	15		$	24		$	5

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

70   First American Funds 2008 Semiannual Report

						Colorado																		Minnesota
California						Intermediate						Colorado						Intermediate						Intermediate
Tax Free Fund						Tax Free Fund						Tax Free Fund						Tax Free Fund						Tax Free Fund
Six-Month						Six-Month						Six-Month						Six-Month						Six-Month
Period Ended						Period Ended						Period Ended						Period Ended						Period Ended
12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended
(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08
$	1,001		$	1,716		$	1,026		$	1,885		$	581		$	1,031		$	14,261		$	25,731		$	4,023		$	7,694
	(91	)		(1	)		(39	)		116			(114	)		144			(626	)		970			414			359
	—			—			—			—			—			—			—			—			—			—
	(4,312	)		(1,044	)		(2,040	)		(552	)		(2,809	)		(802	)		(24,392	)		(7,129	)		(10,628	)		(1,613	)
	—			—			—			—			—			—			—			—			—			—
	(3,402	)		671			(1,053	)		1,449			(2,342	)		373			(10,757	)		19,572			(6,191	)		6,440
	(262	)		(469	)		(125	)		(238	)		(126	)		(287	)		(576	)		(1,135	)		(478	)		(835	)
	(51	)		(57	)		—			—			(60	)		(108	)		—			—			—			—
	(651	)		(1,201	)		(892	)		(1,654	)		(384	)		(622	)		(13,587	)		(24,290	)		(3,431	)		(6,991	)
	—			(38	)		(14	)		(24	)		(46	)		(22	)		(22	)		(98	)		(67	)		(58	)
	—			(4	)		—			—			(24	)		(9	)		—			—			—			—
	—			(93	)		(102	)		(190	)		(132	)		(44	)		(483	)		(2,016	)		(447	)		(463	)
	(964	)		(1,862	)		(1,133	)		(2,106	)		(772	)		(1,092	)		(14,668	)		(27,539	)		(4,423	)		(8,347	)
																								��
	1,604			2,890			962			1,216			279			611			4,486			3,233			6,114			10,123
	178			343			107			201			128			243			433			903			385			503
	(955	)		(2,258	)		(1,420	)		(1,920	)		(707	)		(3,633	)		(3,218	)		(5,974	)		(5,106	)		(9,511	)
	827			975			(351	)		(503	)		(300	)		(2,779	)		1,701			(1,838	)		1,393			1,115
	401			1,518			—			—			250			433			—			—			—			—
	39			46			—			—			72			102			—			—			—			—
	(183	)		(543	)		—			—			(221	)		(474	)		—			—			—			—
	257			1,021			—			—			101			61			—			—			—			—
	2,254			19,459			2,388			16,794			1,597			7,641			107,863			220,502			15,471			38,462
	19			89			49			53			36			39			1,379			2,647			126			217
	(9,031	)		(13,029	)		(3,788	)		(6,785	)		(1,450	)		(4,833	)		(107,862	)		(139,275	)		(31,642	)		(30,220	)
	(6,758	)		6,519			(1,351	)		10,062			183			2,847			1,380			83,874			(16,045	)		8,459
	(5,674	)		8,515			(1,702	)		9,559			(16	)		129			3,081			82,036			(14,652	)		9,574
	(10,040	)		7,324			(3,888	)		8,902			(3,130	)		(590	)		(22,344	)		74,069			(25,266	)		7,667
	45,041			37,717			50,132			41,230			24,563			25,153			658,374			584,305			197,740			190,073
$	35,001		$	45,041		$	46,244		$	50,132		$	21,433		$	24,563		$	636,030		$	658,374		$	172,474		$	197,740
$	38		$	1		$	14		$	5		$	26		$	15		$	603		$	505		$	107		$	(7	)

First American Funds 2008 Semiannual Report   71

Statements ofChanges in Net Assets   continued

	Minnesota						Missouri
	Tax Free Fund						Tax Free Fund
	Six-Month						Six-Month
	Period Ended						Period Ended
	12/31/08			Year Ended			12/31/08			Year Ended
	(unaudited)			6/30/08			(unaudited)			6/30/08
OPERATIONS:
Investment income – net	$	3,332		$	7,190		$	3,405		$	6,593
Net realized gain (loss) on:
Investments		(318	)		912			19			337
Futures contracts		(154	)		(138	)		—			—
Net change in unrealized appreciation or depreciation of:
Investments		(17,583	)		(7,169	)		(12,847	)		(4,461	)
Futures contracts		—			—			—			—
Net increase (decrease) in net assets resulting from operations		(14,723	)		795			(9,423	)		2,469
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,935	)		(4,350	)		(458	)		(949	)
Class C		(350	)		(627	)		(8	)		(18	)
Class Y		(889	)		(2,281	)		(2,857	)		(5,628	)
Net realized gain on investments:
Class A		(519	)		(553	)		(51	)		(62	)
Class C		(109	)		(88	)		(1	)		(1	)
Class Y		(234	)		(292	)		(283	)		(344	)
Total distributions		(4,036	)		(8,191	)		(3,658	)		(7,002	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		5,501			21,625			1,447			747
Reinvestment of distributions		1,574			3,046			256			493
Payments for redemptions		(15,980	)		(24,967	)		(1,877	)		(2,390	)
Increase (decrease) in net assets from Class A transactions		(8,905	)		(296	)		(174	)		(1,150	)
Class C:
Proceeds from sales		1,645			8,918			99			—
Reinvestment of distributions		318			505			8			19
Payments for redemptions (note 3)		(2,352	)		(2,833	)		(2	)		(117	)
Increase (decrease) in net assets from Class C transactions		(389	)		6,590			105			(98	)
Class Y:
Proceeds from sales		12,197			19,010			16,622			40,288
Reinvestment of distributions		60			214			103			175
Payments for redemptions		(14,818	)		(28,113	)		(26,865	)		(29,502	)
Increase (decrease) in net assets from Class Y transactions		(2,561	)		(8,889	)		(10,140	)		10,961
Increase (decrease) in net assets from capital share transactions		(11,855	)		(2,595	)		(10,209	)		9,713
Total increase (decrease) in net assets		(30,614	)		(9,991	)		(23,290	)		5,180
Net assets at beginning of period		167,143			177,134			161,287			156,107
Net assets at end of period	$	136,529		$	167,143		$	137,997		$	161,287
Undistributed (distributions in excess of) net investment income at end of period	$	184		$	26		$	161		$	79

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

72   First American Funds 2008 Semiannual Report

												Oregon
Nebraska						Ohio						Intermediate						Short
Tax Free Fund						Tax Free Fund						Tax Free Fund						Tax Free Fund						Tax Free Fund
Six-Month						Six-Month						Six-Month						Six-Month						Six-Month
Period Ended						Period Ended						Period Ended						Period Ended						Period Ended
12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended			12/31/08			Year Ended
(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08			(unaudited)			6/30/08
$	852		$	1,628		$	1,054		$	1,842		$	2,448		$	4,599		$	2,253		$	4,866		$	10,914		$	23,325
	(128	)		(168	)		(29	)		84			(434	)		(96	)		(265	)		497			18			1,353
	(245	)		10			(195	)		6			(324	)		—			(2,007	)		—			(676	)		(668	)
	(3,077	)		(557	)		(3,334	)		(856	)		(2,551	)		(532	)		(1,875	)		1,053			(74,337	)		(24,039	)
	—			—			2			(2	)		3			(3	)		(174	)		(70	)		—			—
	(2,598	)		913			(2,502	)		1,074			(858	)		3,968			(2,068	)		6,346			(64,081	)		(29	)
	(119	)		(256	)		(14	)		(25	)		(121	)		(256	)		(32	)		(75	)		(807	)		(1,517	)
	(38	)		(65	)		(5	)		(7	)		—			—			—			—			(62	)		(106	)
	(672	)		(1,294	)		(999	)		(1,807	)		(2,276	)		(4,379	)		(2,038	)		(4,968	)		(9,918	)		(21,409	)
	—			(33	)		—			(2	)		—			(5	)		—			—			(51	)		(200	)
	—			(9	)		—			(1	)		—			—			—			—			(4	)		(15	)
	—			(147	)		—			(140	)		—			(77	)		—			—			(587	)		(2,753	)
	(829	)		(1,804	)		(1,018	)		(1,982	)		(2,397	)		(4,717	)		(2,070	)		(5,043	)		(11,429	)		(26,000	)
	542			606			143			149			1,517			748			359			245			2,196			4,582
	78			172			10			16			66			134			24			71			606			1,212
	(539	)		(2,045	)		(30	)		(329	)		(528	)		(2,793	)		(393	)		(438	)		(3,299	)		(6,234	)
	81			(1,267	)		123			(164	)		1,055			(1,911	)		(10	)		(122	)		(497	)		(440	)
	532			623			75			70			—			—			—			—			591			1,184
	21			43			2			2			—			—			—			—			28			59
	(48	)		(386	)		(117	)		—			—			—			—			—			(430	)		(478	)
	505			280			(40	)		72			—			—			—			—			189			765
	3,352			4,011			3,210			12,297			10,608			26,153			54,175			50,001			49,521			113,242
	42			107			141			294			41			122			107			265			406			1,585
	(3,120	)		(6,372	)		(6,085	)		(5,409	)		(13,093	)		(14,100	)		(28,761	)		(69,032	)		(106,722	)		(181,303	)
	274			(2,254	)		(2,734	)		7,182			(2,444	)		12,175			25,521			(18,766	)		(56,795	)		(66,476	)
	860			(3,241	)		(2,651	)		7,090			(1,389	)		10,264			25,511			(18,888	)		(57,103	)		(66,151	)
	(2,567	)		(4,132	)		(6,171	)		6,182			(4,644	)		9,515			21,373			(17,585	)		(132,613	)		(92,180	)
	37,020			41,152			49,400			43,218			126,767			117,252			146,293			163,878			487,435			579,615
$	34,453		$	37,020		$	43,229		$	49,400		$	122,123		$	126,767		$	167,666		$	146,293		$	354,822		$	487,435
$	45		$	22		$	45		$	9		$	108		$	57		$	135		$	(48	)	$	355		$	228

First American Funds 2008 Semiannual Report   73

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
Arizona Tax Free Fund
Class A
20081	$	10.43	$	0.22	$	(1.02	)	$	(0.80	)	$	(0.22	)	$	—		$	(0.22	)	$	9.41
20082		10.79		0.45		(0.33	)		0.12			(0.45	)		(0.03	)		(0.48	)		10.43
20072		10.85		0.46		(0.01	)		0.45			(0.45	)		(0.06	)		(0.51	)		10.79
20063		11.19		0.33		(0.25	)		0.08			(0.33	)		(0.09	)		(0.42	)		10.85
20054		11.42		0.46		(0.07	)		0.39			(0.49	)		(0.13	)		(0.62	)		11.19
20044		11.33		0.49		0.12			0.61			(0.47	)		(0.05	)		(0.52	)		11.42
Class C
20081	$	10.41	$	0.20	$	(1.01	)	$	(0.81	)	$	(0.20	)	$	—		$	(0.20	)	$	9.40
20082		10.78		0.41		(0.34	)		0.07			(0.41	)		(0.03	)		(0.44	)		10.41
20072		10.84		0.41		(0.01	)		0.40			(0.40	)		(0.06	)		(0.46	)		10.78
20063		11.18		0.30		(0.25	)		0.05			(0.30	)		(0.09	)		(0.39	)		10.84
20054		11.41		0.42		(0.08	)		0.34			(0.44	)		(0.13	)		(0.57	)		11.18
20044		11.31		0.43		0.14			0.57			(0.42	)		(0.05	)		(0.47	)		11.41
Class Y
20081	$	10.43	$	0.24	$	(1.01	)	$	(0.77	)	$	(0.24	)	$	—		$	(0.24	)	$	9.42
20082		10.80		0.47		(0.33	)		0.14			(0.48	)		(0.03	)		(0.51	)		10.43
20072		10.85		0.48		—			0.48			(0.47	)		(0.06	)		(0.53	)		10.80
20063		11.19		0.35		(0.25	)		0.10			(0.35	)		(0.09	)		(0.44	)		10.85
20054		11.43		0.50		(0.09	)		0.41			(0.52	)		(0.13	)		(0.65	)		11.19
20044		11.33		0.50		0.15			0.65			(0.50	)		(0.05	)		(0.55	)		11.43
California Intermediate Tax Free Fund
Class A
20081	$	9.99	$	0.19	$	(0.51	)	$	(0.32	)	$	(0.19	)	$	(0.05	)	$	(0.24	)	$	9.43
20082		10.07		0.38		(0.06	)		0.32			(0.39	)		(0.01	)		(0.40	)		9.99
20072		10.11		0.38		0.01			0.39			(0.38	)		(0.05	)		(0.43	)		10.07
20063		10.35		0.28		(0.20	)		0.08			(0.29	)		(0.03	)		(0.32	)		10.11
20054		10.55		0.39		(0.13	)		0.26			(0.39	)		(0.07	)		(0.46	)		10.35
20044		10.64		0.40		(0.05	)		0.35			(0.41	)		(0.03	)		(0.44	)		10.55
Class Y
20081	$	10.02	$	0.19	$	(0.52	)	$	(0.33	)	$	(0.19	)	$	(0.05	)	$	(0.24	)	$	9.45
20082		10.09		0.39		(0.06	)		0.33			(0.39	)		(0.01	)		(0.40	)		10.02
20072		10.13		0.39		0.01			0.40			(0.39	)		(0.05	)		(0.44	)		10.09
20063		10.37		0.30		(0.21	)		0.09			(0.30	)		(0.03	)		(0.33	)		10.13
20054		10.57		0.40		(0.13	)		0.27			(0.40	)		(0.07	)		(0.47	)		10.37
20044		10.66		0.41		(0.05	)		0.36			(0.42	)		(0.03	)		(0.45	)		10.57
California Tax Free Fund
Class A
20081	$	10.71	$	0.24	$	(1.03	)	$	(0.79	)	$	(0.23	)	$	—		$	(0.23	)	$	9.69
20082		10.98		0.46		(0.23	)		0.23			(0.46	)		(0.04	)		(0.50	)		10.71
20072		10.96		0.45		0.06			0.51			(0.45	)		(0.04	)		(0.49	)		10.98
20063		11.24		0.33		(0.26	)		0.07			(0.33	)		(0.02	)		(0.35	)		10.96
20054		11.40		0.44		(0.05	)		0.39			(0.44	)		(0.11	)		(0.55	)		11.24
20044		11.40		0.46		0.08			0.54			(0.46	)		(0.08	)		(0.54	)		11.40
Class C
20081	$	10.72	$	0.21	$	(1.03	)	$	(0.82	)	$	(0.20	)	$	—		$	(0.20	)	$	9.70
20082		10.99		0.40		(0.22	)		0.18			(0.41	)		(0.04	)		(0.45	)		10.72
20072		10.97		0.41		0.05			0.46			(0.40	)		(0.04	)		(0.44	)		10.99
20063		11.25		0.30		(0.26	)		0.04			(0.30	)		(0.02	)		(0.32	)		10.97
20054		11.41		0.40		(0.05	)		0.35			(0.40	)		(0.11	)		(0.51	)		11.25
20044		11.41		0.41		0.09			0.50			(0.42	)		(0.08	)		(0.50	)		11.41
Class Y
20081	$	10.71	$	0.24	$	(1.02	)	$	(0.78	)	$	(0.24	)	$	—		$	(0.24	)	$	9.69
20082		10.98		0.48		(0.23	)		0.25			(0.48	)		(0.04	)		(0.52	)		10.71
20072		10.97		0.47		0.05			0.52			(0.47	)		(0.04	)		(0.51	)		10.98
20063		11.25		0.35		(0.26	)		0.09			(0.35	)		(0.02	)		(0.37	)		10.97
20054		11.40		0.47		(0.04	)		0.43			(0.47	)		(0.11	)		(0.58	)		11.25
20044		11.40		0.48		0.09			0.57			(0.49	)		(0.08	)		(0.57	)		11.40

1	For the six-month period ended December 31, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

74   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(7.70	)%	$	5,945		0.75	%		4.44	%		1.74	%		3.45	%		4	%
	1.10			6,705		0.75			4.20			1.63			3.32			30
	4.12			8,359		0.75			4.11			1.64			3.22			25
	0.73			9,041		0.75			4.02			1.47			3.30			47
	3.49			9,547		0.75			4.14			1.18			3.71			20
	5.50			9,008		0.75			4.16			1.12			3.79			21
	(7.81	)%	$	1,357		1.15	%		4.04	%		2.14	%		3.05	%		4	%
	0.61			1,376		1.15			3.79			2.03			2.91			30
	3.71			1,541		1.15			3.70			2.12			2.73			25
	0.42			1,358		1.15			3.62			2.22			2.55			47
	3.08			1,628		1.15			3.74			1.93			2.96			20
	5.17			1,588		1.15			3.76			1.87			3.04			21
	(7.49	)%	$	16,466		0.50	%		4.69	%		1.49	%		3.70	%		4	%
	1.26			17,522		0.50			4.45			1.38			3.57			30
	4.48			19,329		0.50			4.36			1.39			3.47			25
	0.92			15,614		0.50			4.27			1.22			3.55			47
	3.65			14,035		0.50			4.39			0.93			3.96			20
	5.85			9,520		0.50			4.42			0.87			4.05			21
	(3.22	)%	$	4,585		0.70	%		3.89	%		1.23	%		3.36	%		6	%
	3.20			4,463		0.73			3.83			1.27			3.29			25
	3.86			6,226		0.85			3.66			1.25			3.26			20
	0.78			3,441		0.85			3.73			1.22			3.36			21
	2.51			3,946		0.85			3.71			1.10			3.46			29
	3.36			3,381		0.85			3.78			1.06			3.57			20
	(3.31	)%	$	52,005		0.70	%		3.90	%		0.98	%		3.62	%		6	%
	3.33			52,924		0.70			3.84			1.02			3.52			25
	4.01			52,966		0.70			3.82			1.00			3.52			20
	0.88			51,726		0.70			3.89			0.97			3.62			21
	2.66			49,292		0.70			3.86			0.85			3.71			29
	3.51			46,953		0.70			3.93			0.81			3.82			20
	(7.47	)%	$	11,759		0.65	%		4.60	%		1.44	%		3.81	%		15	%
	2.11			12,076		0.67			4.19			1.46			3.40			45
	4.62			11,375		0.75			4.00			1.46			3.29			36
	0.63			10,783		0.75			3.99			1.34			3.40			24
	3.50			11,888		0.75			3.88			1.15			3.48			14
	4.93			9,513		0.75			4.03			1.09			3.69			16
	(7.70	)%	$	2,469		1.15	%		4.10	%		1.84	%		3.41	%		15	%
	1.61			2,480		1.15			3.68			1.85			2.98			45
	4.17			1,507		1.15			3.60			1.98			2.77			36
	0.33			3,592		1.15			3.60			2.09			2.66			24
	3.11			3,068		1.15			3.47			1.90			2.72			14
	4.52			1,294		1.15			3.65			1.84			2.96			16
	(7.40	)%	$	20,773		0.50	%		4.73	%		1.19	%		4.04	%		15	%
	2.28			30,485		0.50			4.36			1.20			3.66			45
	4.78			24,835		0.50			4.25			1.21			3.54			36
	0.82			21,767		0.50			4.24			1.09			3.65			24
	3.85			19,556		0.50			4.12			0.90			3.72			14
	5.19			16,047		0.50			4.29			0.84			3.95			16

First American Funds 2008 Semiannual Report   75

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
Colorado Intermediate Tax Free Fund
Class A
20081	$	10.19	$	0.21	$	(0.43	)	$	(0.22	)	$	(0.20	)	$	(0.03	)	$	(0.23	)	$	9.74
20082		10.33		0.41		(0.10	)		0.31			(0.40	)		(0.05	)		(0.45	)		10.19
20072		10.40		0.43		0.01			0.44			(0.43	)		(0.08	)		(0.51	)		10.33
20063		10.74		0.32		(0.28	)		0.04			(0.32	)		(0.06	)		(0.38	)		10.40
20054		10.98		0.42		(0.19	)		0.23			(0.43	)		(0.04	)		(0.47	)		10.74
20044		11.08		0.45		(0.11	)		0.34			(0.44	)		—			(0.44	)		10.98
Class Y
20081	$	10.16	$	0.21	$	(0.42	)	$	(0.21	)	$	(0.21	)	$	(0.03	)	$	(0.24	)	$	9.71
20082		10.30		0.42		(0.09	)		0.33			(0.42	)		(0.05	)		(0.47	)		10.16
20072		10.38		0.43		0.01			0.44			(0.44	)		(0.08	)		(0.52	)		10.30
20063		10.72		0.33		(0.28	)		0.05			(0.33	)		(0.06	)		(0.39	)		10.38
20054		10.95		0.43		(0.18	)		0.25			(0.44	)		(0.04	)		(0.48	)		10.72
20044		11.05		0.46		(0.11	)		0.35			(0.45	)		—			(0.45	)		10.95
Colorado Tax Free Fund
Class A
20081	$	10.28	$	0.24	$	(1.22	)	$	(0.98	)	$	(0.23	)	$	(0.08	)	$	(0.31	)	$	8.99
20082		10.61		0.48		(0.33	)		0.15			(0.45	)		(0.03	)		(0.48	)		10.28
20072		10.73		0.46		(0.02	)		0.44			(0.48	)		(0.08	)		(0.56	)		10.61
20063		11.30		0.35		(0.26	)		0.09			(0.34	)		(0.32	)		(0.66	)		10.73
20054		11.52		0.49		(0.11	)		0.38			(0.51	)		(0.09	)		(0.60	)		11.30
20044		11.57		0.51		0.02			0.53			(0.50	)		(0.08	)		(0.58	)		11.52
Class C
20081	$	10.26	$	0.21	$	(1.21	)	$	(1.00	)	$	(0.21	)	$	(0.08	)	$	(0.29	)	$	8.97
20082		10.59		0.42		(0.31	)		0.11			(0.41	)		(0.03	)		(0.44	)		10.26
20072		10.71		0.42		(0.02	)		0.40			(0.44	)		(0.08	)		(0.52	)		10.59	��
20063		11.28		0.32		(0.27	)		0.05			(0.30	)		(0.32	)		(0.62	)		10.71
20054		11.50		0.43		(0.10	)		0.33			(0.46	)		(0.09	)		(0.55	)		11.28
20044		11.56		0.44		0.03			0.47			(0.45	)		(0.08	)		(0.53	)		11.50
Class Y
20081	$	10.29	$	0.25	$	(1.21	)	$	(0.96	)	$	(0.24	)	$	(0.08	)	$	(0.32	)	$	9.01
20082		10.63		0.49		(0.32	)		0.17			(0.48	)		(0.03	)		(0.51	)		10.29
20072		10.75		0.50		(0.03	)		0.47			(0.51	)		(0.08	)		(0.59	)		10.63
20063		11.32		0.37		(0.26	)		0.11			(0.36	)		(0.32	)		(0.68	)		10.75
20054		11.53		0.51		(0.09	)		0.42			(0.54	)		(0.09	)		(0.63	)		11.32
20044		11.59		0.52		0.03			0.55			(0.53	)		(0.08	)		(0.61	)		11.53
Intermediate Tax Free Fund
Class A
20081	$	10.51	$	0.22	$	(0.39	)	$	(0.17	)	$	(0.22	)	$	(0.01	)	$	(0.23	)	$	10.11
20082		10.63		0.44		(0.09	)		0.35			(0.43	)		(0.04	)		(0.47	)		10.51
20072		10.63		0.44		0.01			0.45			(0.44	)		(0.01	)		(0.45	)		10.63
20063		10.92		0.32		(0.26	)		0.06			(0.32	)		(0.03	)		(0.35	)		10.63
20054		11.18		0.44		(0.19	)		0.25			(0.45	)		(0.06	)		(0.51	)		10.92
20044		11.30		0.44		(0.10	)		0.34			(0.45	)		(0.01	)		(0.46	)		11.18
Class Y
20081	$	10.49	$	0.22	$	(0.39	)	$	(0.17	)	$	(0.22	)	$	(0.01	)	$	(0.23	)	$	10.09
20082		10.61		0.44		(0.08	)		0.36			(0.44	)		(0.04	)		(0.48	)		10.49
20072		10.61		0.45		0.01			0.46			(0.45	)		(0.01	)		(0.46	)		10.61
20063		10.90		0.33		(0.26	)		0.07			(0.33	)		(0.03	)		(0.36	)		10.61
20054		11.16		0.46		(0.19	)		0.27			(0.47	)		(0.06	)		(0.53	)		10.90
20044		11.28		0.46		(0.11	)		0.35			(0.46	)		(0.01	)		(0.47	)		11.16

1	For the six-month period ended December 31, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

76   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(2.21	)%	$	5,561		0.85	%		4.07	%		1.28	%		3.64	%		13	%
	3.04			6,199		0.85			3.92			1.33			3.44			21
	4.21			6,783		0.85			3.99			1.36			3.48			35
	0.37			9,577		0.85			4.02			1.27			3.60			17
	2.11			13,426		0.85			3.85			1.10			3.60			20
	3.12			13,969		0.85			4.00			1.06			3.79			4
	(2.14	)%	$	40,683		0.70	%		4.21	%		1.03	%		3.88	%		13	%
	3.20			43,933		0.70			4.05			1.08			3.67			21
	4.28			34,447		0.70			4.14			1.11			3.73			35
	0.49			32,661		0.70			4.18			1.02			3.86			17
	2.36			34,562		0.70			4.01			0.85			3.86			20
	3.29			37,748		0.70			4.15			0.81			4.04			4
	(9.60	)%	$	4,818		0.75	%		4.73	%		1.79	%		3.69	%		25	%
	1.52			5,815		0.75			4.40			1.80			3.35			49
	4.13			8,788		0.75			4.27			1.75			3.27			47
	0.77			8,507		0.75			4.30			1.52			3.53			35
	3.36			8,362		0.75			4.23			1.18			3.80			30
	4.71			10,598		0.75			4.25			1.09			3.91			12
	(9.81	)%	$	2,582		1.15	%		4.34	%		2.19	%		3.30	%		25	%
	1.12			2,859		1.15			3.98			2.20			2.93			49
	3.72			2,888		1.15			3.87			2.24			2.78			47
	0.47			3,007		1.15			3.90			2.27			2.78			35
	2.95			3,423		1.15			3.83			1.93			3.05			30
	4.21			3,787		1.15			3.85			1.84			3.16			12
	(9.38	)%	$	14,033		0.50	%		4.99	%		1.54	%		3.95	%		25	%
	1.67			15,889		0.50			4.63			1.55			3.58			49
	4.39			13,477		0.50			4.51			1.50			3.51			47
	0.96			10,181		0.50			4.58			1.27			3.81			35
	3.70			8,363		0.50			4.48			0.93			4.05			30
	4.87			9,439		0.50			4.51			0.84			4.17			12
	(1.64	)%	$	28,262		0.75	%		4.28	%		1.01	%		4.02	%		7	%
	3.33			27,554		0.77			4.10			1.02			3.85			19
	4.27			29,687		0.85			4.08			1.02			3.91			27
	0.56			32,521		0.85			3.95			1.05			3.75			15
	2.31			34,658		0.85			3.98			1.05			3.78			15
	3.06			35,276		0.85			3.98			1.05			3.78			10
	(1.62	)%	$	607,768		0.70	%		4.33	%		0.76	%		4.27	%		7	%
	3.41			630,820		0.70			4.17			0.77			4.10			19
	4.43			554,618		0.70			4.23			0.77			4.16			27
	0.67			596,306		0.70			4.10			0.80			4.00			15
	2.47			641,141		0.70			4.13			0.80			4.03			15
	3.22			637,361		0.70			4.13			0.80			4.03			10

First American Funds 2008 Semiannual Report   77

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
Minnesota Intermediate Tax Free Fund
Class A
20081	$	9.75	$	0.20	$	(0.50	)	$	(0.30	)	$	(0.19	)	$	(0.03	)	$	(0.22	)	$	9.23
20082		9.83		0.39		(0.05	)		0.34			(0.39	)		(0.03	)		(0.42	)		9.75
20072		9.88		0.39		(0.01	)		0.38			(0.38	)		(0.05	)		(0.43	)		9.83
20063		10.16		0.29		(0.22	)		0.07			(0.29	)		(0.06	)		(0.35	)		9.88
20054		10.34		0.39		(0.15	)		0.24			(0.39	)		(0.03	)		(0.42	)		10.16
20044		10.44		0.39		(0.08	)		0.31			(0.39	)		(0.02	)		(0.41	)		10.34
Class Y
20081	$	9.69	$	0.20	$	(0.49	)	$	(0.29	)	$	(0.19	)	$	(0.03	)	$	(0.22	)	$	9.18
20082		9.78		0.39		(0.05	)		0.34			(0.40	)		(0.03	)		(0.43	)		9.69
20072		9.83		0.40		—			0.40			(0.40	)		(0.05	)		(0.45	)		9.78
20063		10.11		0.30		(0.22	)		0.08			(0.30	)		(0.06	)		(0.36	)		9.83
20054		10.29		0.40		(0.15	)		0.25			(0.40	)		(0.03	)		(0.43	)		10.11
20044		10.40		0.41		(0.10	)		0.31			(0.40	)		(0.02	)		(0.42	)		10.29
Minnesota Tax Free Fund
Class A
20081	$	10.48	$	0.22	$	(1.17	)	$	(0.95	)	$	(0.20	)	$	(0.06	)	$	(0.26	)	$	9.27
20082		10.93		0.44		(0.38	)		0.06			(0.45	)		(0.06	)		(0.51	)		10.48
20072		10.97		0.46		(0.02	)		0.44			(0.45	)		(0.03	)		(0.48	)		10.93
20063		11.21		0.35		(0.21	)		0.14			(0.35	)		(0.03	)		(0.38	)		10.97
20054		11.23		0.45		0.03			0.48			(0.45	)		(0.05	)		(0.50	)		11.21
20044		11.34		0.44		(0.01	)		0.43			(0.45	)		(0.09	)		(0.54	)		11.23
Class C
20081	$	10.44	$	0.19	$	(1.16	)	$	(0.97	)	$	(0.18	)	$	(0.06	)	$	(0.24	)	$	9.23
20082		10.89		0.40		(0.39	)		0.01			(0.40	)		(0.06	)		(0.46	)		10.44
20072		10.93		0.42		(0.02	)		0.40			(0.41	)		(0.03	)		(0.44	)		10.89
20063		11.17		0.31		(0.20	)		0.11			(0.32	)		(0.03	)		(0.35	)		10.93
20054		11.19		0.41		0.03			0.44			(0.41	)		(0.05	)		(0.46	)		11.17
20044		11.31		0.39		(0.01	)		0.38			(0.41	)		(0.09	)		(0.50	)		11.19
Class Y
20081	$	10.47	$	0.22	$	(1.16	)	$	(0.94	)	$	(0.21	)	$	(0.06	)	$	(0.27	)	$	9.26
20082		10.92		0.46		(0.38	)		0.08			(0.47	)		(0.06	)		(0.53	)		10.47
20072		10.96		0.48		(0.01	)		0.47			(0.48	)		(0.03	)		(0.51	)		10.92
20063		11.20		0.36		(0.20	)		0.16			(0.37	)		(0.03	)		(0.40	)		10.96
20054		11.22		0.48		0.03			0.51			(0.48	)		(0.05	)		(0.53	)		11.20
20044		11.33		0.47		(0.01	)		0.46			(0.48	)		(0.09	)		(0.57	)		11.22
Missouri Tax Free Fund
Class A
20081	$	11.40	$	0.23	$	(0.92	)	$	(0.69	)	$	(0.23	)	$	(0.02	)	$	(0.25	)	$	10.46
20082		11.72		0.46		(0.29	)		0.17			(0.46	)		(0.03	)		(0.49	)		11.40
20072		11.76		0.45		0.05			0.50			(0.45	)		(0.09	)		(0.54	)		11.72
20063		12.14		0.34		(0.29	)		0.05			(0.34	)		(0.09	)		(0.43	)		11.76
20054		12.32		0.45		(0.12	)		0.33			(0.45	)		(0.06	)		(0.51	)		12.14
20044		12.37		0.45		(0.02	)		0.43			(0.45	)		(0.03	)		(0.48	)		12.32
Class C
20081	$	11.36	$	0.21	$	(0.91	)	$	(0.70	)	$	(0.21	)	$	(0.02	)	$	(0.23	)	$	10.43
20082		11.69		0.41		(0.30	)		0.11			(0.41	)		(0.03	)		(0.44	)		11.36
20072		11.73		0.41		0.04			0.45			(0.40	)		(0.09	)		(0.49	)		11.69
20063		12.12		0.30		(0.30	)		—			(0.30	)		(0.09	)		(0.39	)		11.73
20054		12.29		0.40		(0.11	)		0.29			(0.40	)		(0.06	)		(0.46	)		12.12
20044		12.35		0.40		(0.03	)		0.37			(0.40	)		(0.03	)		(0.43	)		12.29
Class Y
20081	$	11.40	$	0.25	$	(0.92	)	$	(0.67	)	$	(0.25	)	$	(0.02	)	$	(0.27	)	$	10.46
20082		11.73		0.48		(0.30	)		0.18			(0.48	)		(0.03	)		(0.51	)		11.40
20072		11.76		0.48		0.06			0.54			(0.48	)		(0.09	)		(0.57	)		11.73
20063		12.15		0.36		(0.30	)		0.06			(0.36	)		(0.09	)		(0.45	)		11.76
20054		12.32		0.48		(0.11	)		0.37			(0.48	)		(0.06	)		(0.54	)		12.15
20044		12.38		0.48		(0.03	)		0.45			(0.48	)		(0.03	)		(0.51	)		12.32

1	For the six-month period ended December 31, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

78   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(3.15	)%	$	22,105		0.75	%		4.09	%		1.07	%		3.77	%		8	%
	3.53			22,059		0.77			3.95			1.07			3.65			15
	3.87			21,153		0.85			3.86			1.07			3.64			18
	0.74			26,526		0.85			3.85			1.08			3.62			11
	2.33			32,326		0.85			3.78			1.06			3.57			15
	3.03			35,047		0.85			3.77			1.05			3.57			8
	(3.04	)%	$	150,369		0.70	%		4.13	%		0.82	%		4.01	%		8	%
	3.51			175,681		0.70			4.02			0.82			3.90			15
	4.05			168,920		0.70			4.01			0.82			3.89			18
	0.85			175,485		0.70			4.00			0.83			3.87			11
	2.50			197,251		0.70			3.93			0.81			3.82			15
	3.10			216,906		0.70			3.92			0.80			3.82			8
	(9.10	)%	$	81,837		0.85	%		4.32	%		1.12	%		4.05	%		9	%
	0.54			102,089		0.87			4.14			1.10			3.91			37
	4.05			106,732		0.95			4.10			1.10			3.95			20
	1.28			101,142		0.95			4.15			1.10			4.00			11
	4.42			106,783		0.95			4.04			1.06			3.93			16
	3.94			114,981		0.95			3.87			1.05			3.77			25
	(9.37	)%	$	17,308		1.35	%		3.82	%		1.52	%		3.65	%		9	%
	0.06			20,061		1.35			3.63			1.50			3.48			37
	3.65			14,221		1.35			3.69			1.58			3.46			20
	0.98			10,359		1.35			3.75			1.85			3.25			11
	4.02			9,841		1.35			3.64			1.81			3.18			16
	3.45			10,387		1.35			3.47			1.80			3.02			25
	(9.04	)%	$	37,384		0.70	%		4.47	%		0.87	%		4.30	%		9	%
	0.71			44,993		0.70			4.32			0.85			4.17			37
	4.31			56,181		0.70			4.35			0.85			4.20			20
	1.47			48,760		0.70			4.40			0.85			4.25			11
	4.69			46,471		0.70			4.29			0.81			4.18			16
	4.20			42,900		0.70			4.12			0.80			4.02			25
	(6.07	)%	$	21,116		0.95	%		4.24	%		1.12	%		4.07	%		6	%
	1.44			23,135		0.95			3.92			1.10			3.77			20
	4.23			24,945		0.95			3.78			1.10			3.63			33
	0.38			26,972		0.95			3.74			1.09			3.60			20
	2.74			30,188		0.95			3.65			1.06			3.54			19
	3.60			27,114		0.95			3.68			1.05			3.58			15
	(6.20	)%	$	471		1.35	%		3.83	%		1.52	%		3.66	%		6	%
	0.95			406		1.35			3.53			1.50			3.38			20
	3.84			518		1.35			3.35			1.57			3.13			33
	0.00			214		1.35			3.34			1.84			2.85			20
	2.42			190		1.35			3.25			1.81			2.79			19
	3.11			218		1.35			3.28			1.80			2.83			15
	(5.96	)%	$	116,410		0.70	%		4.49	%		0.87	%		4.32	%		6	%
	1.60			137,746		0.70			4.17			0.85			4.02			20
	4.58			130,644		0.70			4.03			0.85			3.88			33
	0.49			138,394		0.70			3.99			0.84			3.85			20
	3.08			151,710		0.70			3.90			0.81			3.79			19
	3.77			152,676		0.70			3.93			0.80			3.83			15

First American Funds 2008 Semiannual Report   79

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
Nebraska Tax Free Fund
Class A
20081	$	10.06	$	0.22	$	(0.91	)	$	(0.69	)	$	(0.21	)	$	—		$	(0.21	)	$	9.16
20082		10.30		0.42		(0.20	)		0.22			(0.41	)		(0.05	)		(0.46	)		10.06
20072		10.33		0.42		0.02			0.44			(0.42	)		(0.05	)		(0.47	)		10.30
20063		10.58		0.31		(0.24	)		0.07			(0.30	)		(0.02	)		(0.32	)		10.33
20054		10.66		0.39		(0.05	)		0.34			(0.42	)		—			(0.42	)		10.58
20044		10.66		0.41		0.03			0.44			(0.40	)		(0.04	)		(0.44	)		10.66
Class C
20081	$	9.99	$	0.20	$	(0.91	)	$	(0.71	)	$	(0.19	)	$	—		$	(0.19	)	$	9.09
20082		10.23		0.38		(0.20	)		0.18			(0.37	)		(0.05	)		(0.42	)		9.99
20072		10.26		0.37		0.02			0.39			(0.37	)		(0.05	)		(0.42	)		10.23
20063		10.50		0.27		(0.22	)		0.05			(0.27	)		(0.02	)		(0.29	)		10.26
20054		10.58		0.35		(0.06	)		0.29			(0.37	)		—			(0.37	)		10.50
20044		10.58		0.35		0.04			0.39			(0.35	)		(0.04	)		(0.39	)		10.58
Class Y
20081	$	10.06	$	0.23	$	(0.91	)	$	(0.68	)	$	(0.22	)	$	—		$	(0.22	)	$	9.16
20082		10.30		0.44		(0.19	)		0.25			(0.44	)		(0.05	)		(0.49	)		10.06
20072		10.33		0.44		0.02			0.46			(0.44	)		(0.05	)		(0.49	)		10.30
20063		10.58		0.32		(0.23	)		0.09			(0.32	)		(0.02	)		(0.34	)		10.33
20054		10.66		0.43		(0.07	)		0.36			(0.44	)		—			(0.44	)		10.58
20044		10.65		0.43		0.04			0.47			(0.42	)		(0.04	)		(0.46	)		10.66
Ohio Tax Free Fund
Class A
20081	$	10.02	$	0.20	$	(0.70	)	$	(0.50	)	$	(0.19	)	$	—		$	(0.19	)	$	9.33
20082		10.20		0.39		(0.15	)		0.24			(0.39	)		(0.03	)		(0.42	)		10.02
20072		10.17		0.38		0.05			0.43			(0.38	)		(0.02	)		(0.40	)		10.20
20063		10.42		0.29		(0.25	)		0.04			(0.28	)		(0.01	)		(0.29	)		10.17
20054		10.52		0.36		(0.06	)		0.30			(0.36	)		(0.04	)		(0.40	)		10.42
20044		10.54		0.36		0.07			0.43			(0.35	)		(0.10	)		(0.45	)		10.52
Class C
20081	$	9.89	$	0.17	$	(0.69	)	$	(0.52	)	$	(0.17	)	$	—		$	(0.17	)	$	9.20
20082		10.07		0.35		(0.15	)		0.20			(0.35	)		(0.03	)		(0.38	)		9.89
20072		10.05		0.33		0.05			0.38			(0.34	)		(0.02	)		(0.36	)		10.07
20063		10.32		0.25		(0.26	)		(0.01	)		(0.25	)		(0.01	)		(0.26	)		10.05
20054		10.41		0.32		(0.05	)		0.27			(0.32	)		(0.04	)		(0.36	)		10.32
20044		10.44		0.29		0.09			0.38			(0.31	)		(0.10	)		(0.41	)		10.41
Class Y
20081	$	10.01	$	0.21	$	(0.69	)	$	(0.48	)	$	(0.21	)	$	—		$	(0.21	)	$	9.32
20082		10.19		0.41		(0.15	)		0.26			(0.41	)		(0.03	)		(0.44	)		10.01
20072		10.17		0.41		0.04			0.45			(0.41	)		(0.02	)		(0.43	)		10.19
20063		10.43		0.30		(0.25	)		0.05			(0.30	)		(0.01	)		(0.31	)		10.17
20054		10.53		0.38		(0.05	)		0.33			(0.39	)		(0.04	)		(0.43	)		10.43
20044		10.55		0.38		0.07			0.45			(0.37	)		(0.10	)		(0.47	)		10.53
Oregon Intermediate Tax Free Fund
Class A
20081	$	9.68	$	0.18	$	(0.24	)	$	(0.06	)	$	(0.18	)	$	—		$	(0.18	)	$	9.44
20082		9.72		0.35		(0.02	)	$	0.33			(0.36	)		(0.01	)	$	(0.37	)		9.68
20072		9.78		0.37		(0.02	)	$	0.35			(0.37	)		(0.04	)	$	(0.41	)		9.72
20063		10.07		0.27		(0.25	)	$	0.02			(0.27	)		(0.04	)	$	(0.31	)		9.78
20054		10.30		0.36		(0.19	)	$	0.17			(0.36	)		(0.04	)	$	(0.40	)		10.07
20044		10.43		0.37		(0.05	)	$	0.32			(0.37	)		(0.08	)	$	(0.45	)		10.30
Class Y
20081	$	9.68	$	0.19	$	(0.24	)	$	(0.05	)	$	(0.18	)	$	—		$	(0.18	)	$	9.45
20082		9.72		0.37		(0.03	)	$	0.34			(0.37	)		(0.01	)	$	(0.38	)		9.68
20072		9.78		0.38		(0.02	)	$	0.36			(0.38	)		(0.04	)	$	(0.42	)		9.72
20063		10.07		0.28		(0.25	)	$	0.03			(0.28	)		(0.04	)	$	(0.32	)		9.78
20054		10.30		0.38		(0.19	)	$	0.19			(0.38	)		(0.04	)	$	(0.42	)		10.07
20044		10.43		0.39		(0.05	)	$	0.34			(0.39	)		(0.08	)	$	(0.47	)		10.30

1	For the six-month period ended December 31, 2008 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the fiscal year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

80   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(6.92	)%	$	5,264		0.75	%		4.45	%		1.52	%		3.68	%		29	%
	2.19			5,689		0.75			4.06			1.47			3.34			22
	4.24			7,091		0.75			3.97			1.44			3.28			39
	0.65			6,910		0.75			3.89			1.30			3.34			35
	3.20			7,136		0.75			3.78			1.12			3.41			21
	4.18			4,925		0.75			3.82			1.08			3.49			17
	(7.16	)%	$	2,131		1.15	%		4.04	%		1.92	%		3.27	%		29	%
	1.81			1,798		1.15			3.65			1.87			2.93			22
	3.86			1,559		1.15			3.56			1.92			2.79			39
	0.46			1,487		1.15			3.49			2.05			2.59			35
	2.81			1,565		1.15			3.38			1.87			2.66			21
	3.80			1,861		1.15			3.42			1.83			2.74			17
	(6.81	)%	$	27,058		0.50	%		4.70	%		1.27	%		3.93	%		29	%
	2.45			29,533		0.50			4.31			1.22			3.59			22
	4.51			32,502		0.50			4.22			1.19			3.53			39
	0.85			31,347		0.50			4.14			1.05			3.59			35
	3.45			32,418		0.50			4.03			0.87			3.66			21
	4.54			29,722		0.50			4.07			0.83			3.74			17
	(4.99	)%	$	716		0.75	%		4.15	%		1.39	%		3.51	%		7	%
	2.38			635		0.75			3.81			1.39			3.17			12
	4.28			808		0.75			3.70			1.41			3.04			33
	0.40			841		0.75			3.60			1.28			3.07			11
	2.86			988		0.75			3.41			1.11			3.05			13
	4.16			1,200		0.75			3.43			1.08			3.10			19
	(5.25	)%	$	192		1.15	%		3.71	%		1.79	%		3.07	%		7	%
	2.00			255		1.15			3.39			1.78			2.76			12
	3.81			187		1.15			3.29			1.90			2.54			33
	(0.08	)		209		1.15			3.22			2.03			2.34			11
	2.58			174		1.15			3.01			1.86			2.30			13
	3.69			120		1.15			3.03			1.83			2.35			19
	(4.87	)%	$	42,321		0.50	%		4.39	%		1.14	%		3.75	%		7	%
	2.63			48,510		0.50			4.06			1.14			3.42			12
	4.44			42,223		0.50			3.94			1.16			3.28			33
	0.49			40,606		0.50			3.85			1.03			3.32			11
	3.12			41,104		0.50			3.66			0.86			3.30			13
	4.42			39,240		0.50			3.68			0.82			3.36			19
	(0.67	)%	$	6,854		0.85	%		3.71	%		1.12	%		3.44	%		13	%
	3.39			5,967		0.85			3.64			1.12			3.37			15
	3.54			7,895		0.85			3.71			1.12			3.44			43
	0.16			9,456		0.85			3.62			1.11			3.36			13
	1.67			9,356		0.85			3.56			1.06			3.35			20
	3.20			8,700		0.85			3.62			1.05			3.42			12
	(0.49	)%	$	115,269		0.70	%		3.86	%		0.87	%		3.69	%		13	%
	3.54			120,800		0.70			3.78			0.87			3.61			15
	3.70			109,357		0.70			3.86			0.87			3.69			43
	0.28			111,344		0.70			3.77			0.86			3.61			13
	1.82			133,613		0.70			3.71			0.81			3.60			20
	3.35			137,869		0.70			3.77			0.80			3.67			12

First American Funds 2008 Semiannual Report   81

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			Operation			Income			Realized Gains			Distributions			Period
Short Tax Free Fund
Class A
20081	$	9.79	$	0.14	$	(0.30	)	$	(0.16	)	$	(0.13	)	$	—		$	(0.13	)	$	9.50
20082		9.70		0.30		0.10			0.40			(0.31	)		—			(0.31	)		9.79
20072		9.68		0.28		0.03			0.31			(0.29	)		—			(0.29	)		9.70
20063		9.78		0.19		(0.09	)		0.10			(0.20	)		—			(0.20	)		9.68
20054		9.96		0.24		(0.17	)		0.07			(0.25	)		—			(0.25	)		9.78
20044		10.18		0.26		(0.17	)		0.09			(0.25	)		(0.06	)		(0.31	)		9.96
Class Y
20081	$	9.79	$	0.15	$	(0.30	)	$	(0.15	)	$	(0.14	)	$	—		$	(0.14	)	$	9.50
20082		9.70		0.31		0.10			0.41			(0.32	)		—			(0.32	)		9.79
20072		9.68		0.31		0.01			0.32			(0.30	)		—			(0.30	)		9.70
20063		9.78		0.21		(0.10	)		0.11			(0.21	)		—			(0.21	)		9.68
20054		9.96		0.26		(0.18	)		0.08			(0.26	)		—			(0.26	)		9.78
20044		10.18		0.27		(0.17	)		0.10			(0.26	)		(0.06	)		(0.32	)		9.96
Tax Free Fund
Class A
20081	$	10.26	$	0.24	$	(1.64	)	$	(1.40	)	$	(0.23	)	$	(0.02	)	$	(0.25	)	$	8.61
20082		10.77		0.45		(0.46	)		(0.01	)		(0.44	)		(0.06	)		(0.50	)		10.26
20072		10.86		0.45		—			0.45			(0.45	)		(0.09	)		(0.54	)		10.77
20063		11.10		0.35		(0.20	)		0.15			(0.35	)		(0.04	)		(0.39	)		10.86
20054		11.18		0.47		0.03			0.50			(0.47	)		(0.11	)		(0.58	)		11.10
20044		11.28		0.47		0.02			0.49			(0.48	)		(0.11	)		(0.59	)		11.18
Class C
20081	$	10.21	$	0.21	$	(1.64	)	$	(1.43	)	$	(0.20	)	$	(0.02	)	$	(0.22	)	$	8.56
20082		10.72		0.39		(0.45	)		(0.06	)		(0.39	)		(0.06	)		(0.45	)		10.21
20072		10.81		0.40		0.01			0.41			(0.41	)		(0.09	)		(0.50	)		10.72
20063		11.05		0.32		(0.20	)		0.12			(0.32	)		(0.04	)		(0.36	)		10.81
20054		11.13		0.42		0.03			0.45			(0.42	)		(0.11	)		(0.53	)		11.05
20044		11.24		0.43		—			0.43			(0.43	)		(0.11	)		(0.54	)		11.13
Class Y
20081	$	10.27	$	0.24	$	(1.64	)	$	(1.40	)	$	(0.23	)	$	(0.02	)	$	(0.25	)	$	8.62
20082		10.78		0.46		(0.46	)		—			(0.45	)		(0.06	)		(0.51	)		10.27
20072		10.87		0.48		—			0.48			(0.48	)		(0.09	)		(0.57	)		10.78
20063		11.11		0.37		(0.20	)		0.17			(0.37	)		(0.04	)		(0.41	)		10.87
20054		11.19		0.50		0.02			0.52			(0.49	)		(0.11	)		(0.60	)		11.11
20044		11.29		0.50		0.01			0.51			(0.50	)		(0.11	)		(0.61	)		11.19

1	For the six-month period ended December 31, 2008 (unaudited). All ratios have been annualized , except total return and portfolio turnover.
2	For the period July 1 to June 30 in the fiscal year indicated.
3	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
4	For the period October 1 to September 30 in the year indicated.
5	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

82   First American Funds 2008 Semiannual Report

														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return5			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate
	(1.67	)%	$	2,222		0.75	%		2.90	%		1.12	%		2.53	%		27	%
	4.17			2,308		0.75			3.05			1.11			2.69			58
	3.22			2,410		0.75			2.94			1.08			2.61			57
	1.02			3,321		0.75			2.65			1.08			2.32			22
	0.67			4,103		0.75			2.46			1.06			2.15			37
	0.90			6,329		0.75			2.55			1.05			2.25			30
	(1.60	)%	$	165,444		0.60	%		3.03	%		0.87	%		2.76	%		27	%
	4.33			143,985		0.60			3.20			0.86			2.94			58
	3.37			161,468		0.60			3.09			0.83			2.86			57
	1.13			235,900		0.60			2.80			0.83			2.57			22
	0.83			329,647		0.60			2.62			0.81			2.41			37
	1.05			419,359		0.60			2.70			0.80			2.50			30
	(13.83	)%	$	29,351		0.75	%		4.89	%		1.04	%		4.60	%		20	%
	(0.05	)		35,557		0.78			4.28			1.02			4.04			52
	4.16			37,760		0.95			4.08			1.03			4.00			31
	1.37			36,519		0.95			4.28			1.06			4.17			13
	4.51			38,205		0.95			4.20			1.06			4.09			8
	4.45			40,156		0.95			4.18			1.05			4.08			23
	(14.17	)%	$	2,800		1.35	%		4.29	%		1.44	%		4.20	%		20	%
	(0.61	)		3,104		1.35			3.72			1.43			3.64			52
	3.76			2,495		1.35			3.67			1.51			3.51			31
	1.06			2,210		1.35			3.87			1.81			3.41			13
	4.13			2,712		1.35			3.80			1.81			3.34			8
	3.92			2,682		1.35			3.77			1.80			3.32			23
	(13.80	)%	$	322,671		0.70	%		4.93	%		0.79	%		4.84	%		20	%
	0.04			448,774		0.70			4.36			0.78			4.28			52
	4.42			539,360		0.70			4.32			0.78			4.24			31
	1.57			455,910		0.70			4.53			0.81			4.42			13
	4.77			436,303		0.70			4.45			0.81			4.34			8
	4.71			416,651		0.70			4.43			0.80			4.33			23

First American Funds 2008 Semiannual Report   83

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

1 > Organization

Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Investment Funds, Inc. (“FAIF”), which is a member of the First American Family of Funds. As of December 31, 2008, FAIF offered 43 funds, including the funds listed above. Subsequent to this date, California Intermediate Tax Free Fund and Colorado Intermediate Tax Free Fund merged into California Tax Free Fund and Colorado Tax Free Fund, respectively. See note 9 below. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAIF’s articles of incorporation permit the funds’ board of directors to create additional funds in the future. Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund are each diversified open-end management investment companies. Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are, and California Intermediate Tax Free Fund and Colorado Intermediate Tax Free Fund were, each non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

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

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

2 > Summary of Significant Accounting Policies

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

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

The following investment vehicles, when held by a fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, 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 foreign 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

84   First American Funds 2008 Semiannual Report

faith by procedures established and approved by the funds’ board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; 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 between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of December 31, 2008, the funds held no fair-valued securities.

The funds adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“FAS 157”), on July 1, 2008. FAS 157 requires each fund to classify its securities based on valuation method, using the following three levels:

Level 1 – Quoted prices in active markets for identical securities. Generally, the types of securities included within Level 1 of a fund are investments in open and closed end funds and futures with quoted prices.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). Generally, the types of securities included in Level 2 of a fund are municipal bonds, U.S. treasury bills, and variable rate demand notes.

Level 3 – Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of a fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management’s fair value procedures established by the board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition (trading in similar securities of the same issuer or comparable companies); information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these securities (or other investments). While uniformity of presentation is the objective of the standard, industry implementation has just begun and it is likely that there will be a range of practices utilized. It may be some period of time before industry practices become more uniform. For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of December 31, 2008, each fund’s investments in securities were classified as follows:

Fund	Level 1		Level 2		Level 3		Total
Arizona Tax Free Fund	$	32	$	23,375	$	—	$	23,407
California Intermediate Tax Free Fund		1,961		54,822		—		56,783
California Tax Free Fund		31		35,658		—		35,689
Colorado Intermediate Tax Free Fund		983		45,492		—		46,475
Colorado Tax Free Fund		476		20,947		—		21,423
Intermediate Tax Free Fund		4,864		626,683		—		631,547
Minnesota Intermediate Tax Free Fund		—		170,332		—		170,332
Minnesota Tax Free Fund		4,618		132,259		—		136,877
Missouri Tax Free Fund		4		136,575		—		136,579
Nebraska Tax Free Fund		281		34,333		—		34,614
Ohio Tax Free Fund		382		42,592		—		42,974
Oregon Intermediate Tax Free Fund		624		120,923		—		121,547
Short Tax Free Fund		18,485		152,120		—		170,605
Tax Free Fund		4,597		351,760		—		356,357

As of December 31, 2008, each fund’s investments in other financial instruments* were classified as follows:

	Level 1			Level 2		Level 3		Total
Short Tax Free Fund	$	(244	)	$	—	$	—	$	(244	)

*  Other financial instruments are derivative instruments such as futures which are valued at the unrealized appreciation (depreciation) on the instrument.

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

First American Funds 2008 Semiannual Report   85

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

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

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

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 December 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.

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 book and tax differences for straddle loss deferrals, classification of dividends paid by the funds, and tax mark-to-market adjustments for certain derivatives in accordance with IRC Section 1256. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise.

The character of distributions made during the six-month period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six-month period ended December 31, 2008 (estimated) and the fiscal year ended June 30, 2008 (adjusted by dividends payable as of December 31, 2008 and June 30, 2008) were as follows:

	December 31, 2008
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	594	$	—	$	—	$	594
California Intermediate Tax Free Fund		1,107		—		307		1,414
California Tax Free Fund		973		—		—		973
Colorado Intermediate Tax Free Fund		1,020		—		116		1,136
Colorado Tax Free Fund		560		—		202		762
Intermediate Tax Free Fund		13,934		—		505		14,439
Minnesota Intermediate Tax Free Fund		3,948		—		514		4,462
Minnesota Tax Free Fund		3,190		—		862		4,052
Missouri Tax Free Fund		3,336		—		335		3,671
Nebraska Tax Free Fund		819		—		—		819
Ohio Tax Free Fund		1,031		—		—		1,031
Oregon Intermediate Tax Free Fund		2,389		—		—		2,389
Short Tax Free Fund		2,017		—		—		2,017
Tax Free Fund		10,950		—		642		11,592

86   First American Funds 2008 Semiannual Report

	June 30, 2008
	Tax Exempt		Ordinary		Long Term
Fund	Income		Income		Gain		Total
Arizona Tax Free Fund	$	1,257	$	4	$	86	$	1,347
California Intermediate Tax Free Fund		2,203		34		33		2,270
California Tax Free Fund		1,706		51		84		1,841
Colorado Intermediate Tax Free Fund		1,865		26		191		2,082
Colorado Tax Free Fund		1,003		6		75		1,084
Intermediate Tax Free Fund		25,493		284		1,841		27,618
Minnesota Intermediate Tax Free Fund		7,834		29		501		8,364
Minnesota Tax Free Fund		7,300		59		875		8,234
Missouri Tax Free Fund		6,574		81		327		6,982
Nebraska Tax Free Fund		1,629		11		178		1,818
Ohio Tax Free Fund		1,819		6		129		1,954
Oregon Intermediate Tax Free Fund		4,655		33		54		4,742
Short Tax Free Fund		5,139		—		—		5,139
Tax Free Fund		23,113		28		2,968		26,109

As of June 30, 2008, the funds’ most recently completed fiscal year-end, the components of accumulated earnings (deficit) on a tax basis were as follows:

							Accumulated
	Undistributed		Undistributed		Undistributed		Capital and			Unrealized			Other		Total
	Ordinary		Tax Exempt		Long Term		Post-October			Appreciation			Accumulated		Accumulated
Fund	Income		Income		Capital Gains		Losses			(Depreciation)			Gains		Earnings (Deficit)
Arizona Tax Free Fund	$	—	$	97	$	—	$	(85	)	$	(380	)	$	1	$	(367	)
California Intermediate Tax Free Fund		164		183		143		—			59			—		549
California Tax Free Fund		—		129		—		(1	)		(251	)		—		(123	)
Colorado Intermediate Tax Free Fund		105		159		13		—			519			—		796
Colorado Tax Free Fund		3		82		138		—			(141	)		—		82
Intermediate Tax Free Fund		307		2,457		200		—			9,328			—		12,292
Minnesota Intermediate Tax Free Fund		5		585		325		—			2,020			—		2,935
Minnesota Tax Free Fund		—		340		505		—			(2,520	)		—		(1,675	)
Missouri Tax Free Fund		63		596		273		—			(1,786	)		—		(854	)
Nebraska Tax Free Fund		—		136		—		(168	)		(242	)		—		(274	)
Ohio Tax Free Fund		—		160		—		(25	)		(446	)		2		(309	)
Oregon Intermediate Tax Free Fund		4		434		—		(99	)		480			3		822
Short Tax Free Fund		—		296		—		(1,847	)		(30	)		70		(1,511	)
Tax Free Fund		10		1,923		—		(715	)		(10,737	)		—		(9,519	)

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

As of June 30, 2008, the following funds had capital loss carryforwards, which, if not offset by subsequent capital gains, will expire on the fund’s fiscal year-ends as follows:

	Expiration Year
Fund	2009		2010		2011		2012		2013		2014		2015		2016		Total
Arizona Tax Free Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	33	$	33
California Tax Free Fund		—		—		—		—		—		—		—		1		1
Nebraska Tax Free Fund		—		—		—		—		—		—		—		25		25
Oregon Intermediate Tax Free Fund		—		—		—		—		—		—		—		38		38
Short Tax Free Fund		—		—		—		—		153		550		1,144		—		1,847

Certain funds incurred a loss for tax purposes for the period from November 1, 2007 to June 30, 2008. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending June 30, 2009. The following funds had deferred losses:

Fund	Amount
Arizona Tax Free Fund	$	52
Nebraska Tax Free Fund		143
Ohio Tax Free Fund		25
Oregon Intermediate Tax Free Fund		61
Tax Free Fund		715

First American Funds 2008 Semiannual Report   87

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

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

Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund’s Statement of Assets and Liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes. As of December 31, 2008, Short Tax Free Fund had outstanding futures contracts as disclosed in its Schedule of Investments.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a when-issued or forward-commitment basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to delivery. Each fund segregates assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund’s net asset value if the fund makes such purchases while remaining substantially fully invested. As of December 31, 2008, Nebraska Tax Free Fund had when-issued or forward-commitment securities outstanding with a total cost of $497.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds’ board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, and may have contractual restrictions on resale. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund’s investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds’ board of directors. As of December 31, 2008, no funds held investments in illiquid securities.

INVERSE FLOATERS – As part of their investment strategy, the funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market values of such securities will generally be more volatile than those of fixed-rate, tax-exempt securities. To the extent the funds invest in inverse floaters, the net asset value of the funds’ shares may be more volatile than if the funds did not invest in such securities. As of and for the six-month period ended December 31, 2008, no funds held investments in inverse floaters.

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

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

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the “Plan”), non-interested directors

88   First American Funds 2008 Semiannual Report

of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds as designated by the board of directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors manages each fund’s assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee equal, on an annual basis, to 0.50% of the fund’s average daily net assets. FAF Advisors has agreed to waive fees and reimburse other fund expenses at least through 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			Y
Arizona Tax Free Fund		0.75	%		1.15	%		0.50	%
California Intermediate Tax Free Fund		0.70	*		NA			0.70
California Tax Free Fund		0.65	*		1.15			0.50
Colorado Intermediate Tax Free Fund		0.85			NA			0.70
Colorado Tax Free Fund		0.75			1.15			0.50
Intermediate Tax Free Fund		0.75	*		NA			0.70
Minnesota Intermediate Tax Free Fund		0.75	*		NA			0.70
Minnesota Tax Free Fund		0.85	*		1.35			0.70
Missouri Tax Free Fund		0.95			1.35			0.70
Nebraska Tax Free Fund		0.75			1.15			0.50
Ohio Tax Free Fund		0.75			1.15			0.50
Oregon Intermediate Tax Free Fund		0.85			NA			0.70
Short Tax Free Fund		0.75			NA			0.60
Tax Free Fund		0.75	*		1.35			0.70

NA = Not Applicable

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

The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. This reimbursement, if any, is included in “Fee waivers” in the Statements 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, and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

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

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

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

First American Funds 2008 Semiannual Report   89

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

charges a fee for any cash overdrafts incurred, which increases the fund’s custodian expenses.

For the six-month period ended December 31, 2008, custodian fees were not increased as a result of overdrafts and were not decreased as a result of interest earned.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each of the funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 0.65% of each fund’s average daily net assets of Class A and Class C shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Quasar is currently waiving a portion of its 12b-1 fees for Class A shares, limiting its fees to 0.15% of average daily net assets for Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund. Effective September 1, 2007, FAF Advisors is waiving an additional amount of Class A 12b-1 fees equal to 0.15%, 0.10%, 0.10%, 0.10%, 0.10%, and 0.20% of average daily net assets of Class A shares for California Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, and Tax Free Fund, respectively. The waiver arrangements by Quasar and FAF Advisors also applied to California Intermediate Tax Free Fund, and the waiver arrangement by Quasar also applied to Colorado Intermediate Tax Free Fund, during the periods indicated through the time of their mergers into California Tax Free Fund and Colorado Tax Free Fund, respectively. See Note 9 below.

For the six-month period ended December 31, 2008, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows:

Fund	Amount
California Intermediate Tax Free Fund	$	2
Colorado Intermediate Tax Free Fund		3
Intermediate Tax Free Fund		14
Minnesota Intermediate Tax Free Fund		12
Oregon Intermediate Tax Free Fund		3
Short Tax Free Fund		1

Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of FAF Advisors for the six-month period ended December 31, 2008:

Fund	Amount
Arizona Tax Free Fund	$	1
California Intermediate Tax Free Fund		2
California Tax Free Fund		19
Colorado Intermediate Tax Free Fund		2
Colorado Tax Free Fund		4
Intermediate Tax Free Fund		11
Minnesota Intermediate Tax Free Fund		10
Minnesota Tax Free Fund		56
Missouri Tax Free Fund		24
Nebraska Tax Free Fund		4
Ohio Tax Free Fund		1
Oregon Intermediate Tax Free Fund		3
Short Tax Free Fund		1
Tax Free Fund		16

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 other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended December 31, 2008, legal fees and expenses of $43 were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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

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

Fund	Amount
Arizona Tax Free Fund	$	—
California Intermediate Tax Free Fund		4
California Tax Free Fund		27
Colorado Intermediate Tax Free Fund		3
Colorado Tax Free Fund		7
Intermediate Tax Free Fund		9
Minnesota Intermediate Tax Free Fund		25
Minnesota Tax Free Fund		46
Missouri Tax Free Fund		29
Nebraska Tax Free Fund		8
Ohio Tax Free Fund		3
Oregon Intermediate Tax Free Fund		7
Short Tax Free Fund		1
Tax Free Fund		13

90   First American Funds 2008 Semiannual 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:

							California
	Arizona						Intermediate						California
	Tax Free Fund						Tax Free Fund						Tax Free Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/08			6/30/08			12/31/08			6/30/08			12/31/08			6/30/08
Class A:
Shares issued		17			34			163			127			160			266
Shares issued in lieu of cash distributions		4			9			7			10			17			32
Shares redeemed		(32	)		(175	)		(131	)		(308	)		(92	)		(206	)
Total Class A transactions		(11	)		(132	)		39			(171	)		85			92
Class C:
Shares issued		12			28			—			—			38			139
Shares issued in lieu of cash distributions		2			3			—			—			4			4
Shares redeemed		(2	)		(42	)		—			—			(18	)		(49	)
Total Class C transactions		12			(11	)		—			—			24			94
Class Y:
Shares issued		456			369			867			1,020			222			1,780
Shares issued in lieu of cash distributions		7			16			11			3			2			8
Shares redeemed		(393	)		(496	)		(657	)		(989	)		(928	)		(1,203	)
Total Class Y transactions		70			(111	)		221			34			(704	)		585
Net increase (decrease) in capital shares		71			(254	)		260			(137	)		(595	)		771

	Colorado
	Intermediate						Colorado						Intermediate
	Tax Free Fund						Tax Free Fund						Tax Free Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/08			6/30/08			12/31/08			6/30/08			12/31/08			6/30/08
Class A:
Shares issued		95			117			29			59			443			302
Shares issued in lieu of cash distributions		11			20			13			23			42			85
Shares redeemed		(144	)		(185	)		(72	)		(344	)		(312	)		(559	)
Total Class A transactions		(38	)		(48	)		(30	)		(262	)		173			(172	)
Class C:
Shares issued		—			—			25			41			—			—
Shares issued in lieu of cash distributions		—			—			8			10			—			—
Shares redeemed		—			—			(24	)		(45	)		—			—
Total Class C transactions		—			—			9			6			—			—
Class Y:
Shares issued		240			1,630			161			735			10,596			20,697
Shares issued in lieu of cash distributions		5			5			4			3			135			249
Shares redeemed		(380	)		(656	)		(151	)		(463	)		(10,658	)		(13,086	)
Total Class Y transactions		(135	)		979			14			275			73			7,860
Net increase (decrease) in capital shares		(173	)		931			(7	)		19			246			7,688

	Minnesota
	Intermediate						Minnesota						Missouri
	Tax Free Fund						Tax Free Fund						Tax Free Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/08			6/30/08			12/31/08			6/30/08			12/31/08			6/30/08
Class A:
Shares issued		633			1,028			548			2,021			141			64
Shares issued in lieu of cash distributions		41			51			163			286			24			43
Shares redeemed		(542	)		(967	)		(1,627	)		(2,328	)		(176	)		(205	)
Total Class A transactions		132			112			(916	)		(21	)		(11	)		(98	)
Class C:
Shares issued		—			—			166			834			9			—
Shares issued in lieu of cash distributions		—			—			33			47			—			2
Shares redeemed		—			—			(246	)		(265	)		—			(10	)
Total Class C transactions		—			—			(47	)		616			9			(8	)
Class Y:
Shares issued		1,655			3,918			1,280			1,769			1,529			3,466
Shares issued in lieu of cash distributions		13			22			6			20			10			15
Shares redeemed		(3,411	)		(3,082	)		(1,548	)		(2,635	)		(2,493	)		(2,542	)
Total Class Y transactions		(1,743	)		858			(262	)		(846	)		(954	)		939
Net increase (decrease) in capital shares		(1,611	)		970			(1,225	)		(251	)		(956	)		833

First American Funds 2008 Semiannual Report   91

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

													Oregon
	Nebraska						Ohio						Intermediate
	Tax Free Fund						Tax Free Fund						Tax Free Fund
	Six-Month Period			Year			Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/08			6/30/08			12/31/08			6/30/08			12/31/08			6/30/08
Class A:
Shares issued		56			59			16			15			158			77
Shares issued in lieu of cash distributions		8			17			1			1			7			13
Shares redeemed		(54	)		(199	)		(3	)		(32	)		(56	)		(285	)
Total Class A transactions		10			(123	)		14			(16	)		109			(195	)
Class C:
Shares issued		57			62			8			7			—			—
Shares issued in lieu of cash distributions		2			4			—			—			—			—
Shares redeemed		(5	)		(38	)		(13	)		—			—			—
Total Class C transactions		54			28			(5	)		7			—			—
Class Y:
Shares issued		343			393			331			1,203			1,105			2,658
Shares issued in lieu of cash distributions		4			11			15			29			4			12
Shares redeemed		(329	)		(624	)		(650	)		(530	)		(1,384	)		(1,440	)
Total Class Y transactions		18			(220	)		(304	)		702			(275	)		1,230
Net increase (decrease) in capital shares		82			(315	)		(295	)		693			(166	)		1,035

	Short
	Tax Free Fund						Tax Free Fund
	Six-Month Period			Year			Six-Month Period			Year
	Ended			Ended			Ended			Ended
	12/31/08			6/30/08			12/31/08			6/30/08
Class A:
Shares issued		37			25			235			434
Shares issued in lieu of cash distributions		2			7			65			116
Shares redeemed		(41	)		(44	)		(357	)		(590	)
Total Class A transactions		(2	)		(12	)		(57	)		(40	)
Class C:
Shares issued		—			—			66			112
Shares issued in lieu of cash distributions		—			—			3			5
Shares redeemed		—			—			(46	)		(46	)
Total Class C transactions		—			—			23			71
Class Y:
Shares issued		5,687			5,089			5,379			10,737
Shares issued in lieu of cash distributions		11			27			44			150
Shares redeemed		(2,995	)		(7,044	)		(11,680	)		(17,212	)
Total Class Y transactions		2,703			(1,928	)		(6,257	)		(6,325	)
Net increase (decrease) in capital shares		2,701			(1,940	)		(6,291	)		(6,294	)

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

92   First American Funds 2008 Semiannual Report

5 > Investment Security Transactions

During the six-month period ended December 31, 2008, purchases of securities and proceeds from sales of securities, other than government securities and temporary investments in short-term securities, were as follows:

Fund	Purchases		Sales
Arizona Tax Free Fund	$	1,215	$	949
California Intermediate Tax Free Fund		7,204		3,102
California Tax Free Fund		6,328		9,781
Colorado Intermediate Tax Free Fund		5,966		8,044
Colorado Tax Free Fund		6,293		5,565
Intermediate Tax Free Fund		59,132		46,670
Minnesota Intermediate Tax Free Fund		14,706		25,240
Minnesota Tax Free Fund		12,765		27,287
Missouri Tax Free Fund		9,476		20,404
Nebraska Tax Free Fund		11,413		10,485
Ohio Tax Free Fund		3,449		6,575
Oregon Intermediate Tax Free Fund		16,409		16,958
Short Tax Free Fund		46,928		30,920
Tax Free Fund		83,925		141,805

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities for federal income tax purposes as of December 31, 2008, were as follows:

	Aggregate		Aggregate						Federal
	Gross		Gross						Income
Fund	Appreciation		Depreciation			Net			Tax Cost
Arizona Tax Free Fund	$	616	$	(3,543	)	$	(2,927	)	$	26,334
California Intermediate Tax Free Fund		742		(3,688	)		(2,946	)		59,729
California Tax Free Fund		319		(4,882	)		(4,563	)		40,252
Colorado Intermediate Tax Free Fund		1,159		(2,680	)		(1,521	)		47,996
Colorado Tax Free Fund		613		(3,563	)		(2,950	)		24,373
Intermediate Tax Free Fund		20,249		(35,313	)		(15,064	)		646,611
Minnesota Intermediate Tax Free Fund		4,219		(12,827	)		(8,608	)		178,940
Minnesota Tax Free Fund		2,719		(22,814	)		(20,095	)		156,972
Missouri Tax Free Fund		2,619		(17,252	)		(14,633	)		151,212
Nebraska Tax Free Fund		528		(3,844	)		(3,316	)		37,930
Ohio Tax Free Fund		621		(4,399	)		(3,778	)		46,752
Oregon Intermediate Tax Free Fund		3,369		(5,437	)		(2,068	)		123,615
Short Tax Free Fund		1,007		(2,835	)		(1,828	)		172,433
Tax Free Fund		5,517		(90,591	)		(85,074	)		441,431

6 > Concentration of Credit Risk

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

7 > Indemnifications

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

8 > New Accounting Pronouncements

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. FAS 161 is 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 to have a material impact on the financial statement amounts; however, additional disclosures will be required.

9 > Subsequent Event

Effective at the close of business on January 16, 2009, the California Intermediate Tax Free Fund and Colorado Intermediate Tax Free Fund merged with the California Tax Free Fund and Colorado Tax Free Fund, respectively. The California Tax Free Fund and Colorado Tax Free Fund are the accounting survivors.

First American Funds 2008 Semiannual Report   93

Notice toShareholders   December 31, 2008 (unaudited)

RESULTS OF A SPECIAL MEETING

A special meeting of the shareholders of California Intermediate Tax Free Fund and Colorado Intermediate Tax Free Fund was held on December 30, 2008, for shareholders of record as of November 4, 2008, to vote on the following proposals, the results of which are provided below.

For California Intermediate Tax Free Fund, to approve an Agreement and Plan of Reorganization for the fund providing for the reorganization of the fund into California Tax Free Fund, including the amendment to FAIF’s Amended and Restated Articles of Incorporation necessary to effect the reorganization:

For	Against	Abstain
5,142,936	9,950	0

For Colorado Intermediate Tax Free Fund, to approve an Agreement and Plan of Reorganization for the fund providing for the reorganization of the fund into Colorado Tax Free Fund, including the amendment to FAIF’s Amended and Restated Articles of Incorporation necessary to effect the reorganization:

For	Against	Abstain
4,423,594	19,895	4,866

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 fund’s policies and procedures is also available without charge, upon request, by calling 800.667.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 Securities and Exchange Commission on Form N-Q. The fund’s 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.

94   First American Funds 2008 Semiannual Report

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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.

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.

0056-09 2/2009 SAR-TAXFREEINCOME

Item 2—Code of Ethics

Not applicable to semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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.

(a)(2) Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.

(a)(3) Not applicable.

(b) Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act are filed as exhibits hereto.

Signatures

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

First American Investment Funds, Inc.

By:

/s/ Thomas S. Schreier, Jr.

Thomas S. Schreier, Jr.
President

Date: March 9, 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: March 9, 2009

By:

/s/ Charles D. Gariboldi, Jr.

Charles D. Gariboldi, Jr.
Treasurer

Date: March 9, 2009