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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

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

Charles D. Gariboldi 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 year end: September 30

Date of reporting period: September 30, 2004

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

	*2004* *Annual Report*

	INDEX FUNDS

First American Index Funds

An index fund is a mutual fund that seeks to mirror, as closely as possible, the returns of a market index. It does so by purchasing almost all of the holdings in the index in roughly the same percentages. An equity index measures the collective value of a group of stocks in a specific segment of the marketplace. The most commonly known market index is the S&P 500 Index.

TABLE OF CONTENTS

Message to Shareholders
Report of Independent Registered Public Accounting Firm
Schedule of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Notice to Shareholders

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to SHAREHOLDERS November 15, 2004

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended September 30, 2004.

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

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

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

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

Sincerely,

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

Equity Index fund

Investment Objective: to provide investment results that correspond to the performance of the Standard & Poor's 500 Composite Index (S&P 500 Composite Index)

How did the Fund perform for the fiscal year ended September 30, 2004?

The First American Equity Index Fund, Class Y shares, returned 13.45% for the fiscal year ended September 30, 2004 (Class A shares returned 13.12% at net asset value). By comparison, the Fund's benchmark, the Standard and Poor's 500 Composite Index*, returned 13.87% for the same period.

How did general economic and market conditions affect performance?

The fiscal year saw the continuation of a rising economic tide. While stocks in general were up in excess of their long-term historical averages, small- and mid- capitalization stocks generally outperformed large- capitalization stocks as they were more leveraged to the improving economy. The same held true for value strategies vs. growth strategies. The Standard and Poor's 500 Composite Index, constructed of large-cap stocks, lagged slightly behind the mid- and small-cap indexes, but still experienced positive returns of more than 13%. Because the Index reflects nearly a 50% value, 50% growth split, the Index maintains steadier performance during outperformance in either style.

As the year progressed, increasing oil prices and hints of wider-spread inflation started to weigh on the market and led the Federal Reserve to increase interest rates for the first time since May 2000. During the second half of the year, election rhetoric and the uncertainty of the election's outcome, coupled with decelerating company earnings growth rates, caused the market to "move sideways" – to neither grow nor decline much.

Top 10 Companies as of September 30, 2004¹ (% of net assets)
General Electric	3.4	%
Exxon Mobil	3.0	%
Microsoft	2.9	%
Pfizer	2.2	%
Citigroup	2.2	%
Wal-Mart Stores	2.2	%
Bank of America	1.7	%
American International Group	1.7	%
Johnson & Johnson	1.6	%
IBM	1.4	%

Fund Overview

The Fund is invested to replicate the Standard and Poor's 500 Stock Index as closely as possible with consideration to turnover costs and fees. As a result, the Fund performed very similarly to that Index. The Index includes 500 leading companies in the leading industries of the U.S. economy and covers about 80% of the dollar value of stocks in the U.S. market. The Fund strives to reflect the changes to the Index with sensitivity to turnover costs.

Like the Index, the Fund benefited from a 3% allocation to the materials sector as the demand for products produced by the companies in this sector grew with the surging economy. A 7% weighting in the energy sector was also a contributor to performance as the demand for energy outstripped the normal supply during increased construction over the last year and increased production of goods and services. As consumers spent more money and companies grew, the Fund benefited from its 11% position in the consumer discretionary sector. The Fund had a 12% position in industrials, which also had a positive effect on performance.

The technology sector for large-capitalization companies was weaker than investors hoped for. The Fund had a 16% weighting in that sector, in line with the benchmark, which detracted from the Fund's performance. For the next fiscal year, we believe that large-cap stocks will continue to be an important part of a diversified portfolio.

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

Sector Allocation as of September 30, 2004¹ (% of net assets)
Sector	Fund²			S&P 500 Composite Index³
Financials		20.5	%		20.6	%
Information Technology		16.3	%		15.7	%
Healthcare		12.9	%		13.1	%
Industrials		11.5	%		11.7	%
Consumer Staples		10.6	%		10.7	%
Consumer Discretionary		10.4	%		11.1	%
Energy		7.3	%		7.4	%
Telecommunication Services		3.7	%		3.7	%
Materials		3.1	%		3.1	%
Utilities		2.8	%		2.9	%

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

²The percentages shown represent the allocation by industry as a percent of net assets of the Fund.

³The percentages shown represent the percent allocation by industry of the index.

FIRST AMERICAN FUNDS Annual Report 2004

Equity Index fund continued

Annualized Performance¹ as of September 30, 2004

										Since Inception
	1 year			5 years			10 years			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		6.89	%		(3.04	%)		9.81	%		-			-
Class B		7.31	%		(3.03	%)		9.61	%		-			-
Class C		11.28	%		(2.66	%)		-			(2.23	%)		-
Average annual return without sales charge (NAV)
Class A		13.12	%		(1.93	%)		10.43	%		-			-
Class B		12.31	%		(2.66	%)		9.61	%		-			-
Class C		12.28	%		(2.66	%)		-			(2.23	%)		-
Class R⁴		13.00	%		-			-			-			4.68	%
Class Y		13.45	%		(1.68	%)		10.71	%		-			-
S&P 500 Composite Index³		13.87	%		(1.31	%)		11.08	%		(0.87	%)		5.31	%

Value of a $10,000 Investment^1, 2 as of September 30, 2004

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

¹ Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

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

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

² Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

³ An unmanaged index of large-capitalization stocks that includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, it also serves as a proxy for the total market.

⁴ Prior to July 1, 2004, Class R shares were designated Class S shares, which had lower fees and expenses. Performance information prior to that date is based on the performance of the Class S shares. If current fees and expenses had been in effect for the entire period presented, performance would have been lower. Please refer to the prospectus for details.

FIRST AMERICAN FUNDS Annual Report 2004

Equity Index fund continued

Expense Example

As a shareholder of the Equity Index Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/2004)		Ending Account Value (9/30/2004)		Expenses Paid During Period¹ (4/1/2004 to 9/30/2004)
Class A Actual	$	1,000.00	$	994.80	$	3.09
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.90	$	3.13
Class B Actual	$	1,000.00	$	991.50	$	6.82
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.91
Class C Actual	$	1,000.00	$	991.50	$	6.82
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.91
Class R Actual²	$	1,000.00	$	994.20	$	3.72
Class R Hypothetical (5% return before expenses)²	$	1,000.00	$	1,021.27	$	3.77
Class Y Actual	$	1,000.00	$	996.50	$	1.85
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.15	$	1.87

¹Expenses are equal to the Fund's annualized expense ratio of 0.62%, 1.37%, 1.37%, 0.75%, and 0.37% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/366 days (to reflect the one-half year period).

²Prior to July 1, 2004, Class R had a different expense ratio. Had the current expense ratio been in place for the most recent one-half year, the actual and hypothetical expenses would have been $4.34 and $4.39, respectively.

FIRST AMERICAN FUNDS Annual Report 2004

Mid Cap Index fund

Investment Objective: to provide investment results that correspond to the performance of the Standard & Poor's MidCap 400 Composite Index (S&P MidCap 400 Index)

How did the Fund perform for the fiscal year ended September 30, 2004?

The First American Mid Cap Index Fund, Class Y shares, returned 16.97% for the fiscal year ended September 30, 2004 (Class A shares returned 16.80% at net asset value). By comparison, the Fund's benchmark, the Standard and Poor's MidCap 400 Index*, returned 17.55% for the same period.

How did general economic and market conditions affect performance?

The fiscal year saw the continuation of a rising economic tide. While stocks in general were up in excess of their long-term historical averages, small- and mid- capitalization stocks generally outperformed large- capitalization stocks as they were more leveraged to the improving economy. The Standard and Poor's MidCap 400 Index, constructed of stocks in the middle range of company size (companies with market capitalizations roughly in the range of $1 billion to $5 billion) reflected this as it returned more than 17% for the fiscal year. The same outperformance held true for value strategies vs. growth strategies. However, this did not add, or detract from the Index significantly, as it is positioned closely to a 50% growth, 50% value split.

Fund Overview

The Fund is invested to replicate the Standard and Poor's MidCap 400 Index as closely as possible with consideration to turnover costs and fees. As a result, the Fund performed very similarly to the Index. The Index includes stocks that reflect the risk and return characteristics of the broader mid-cap universe. Mid-cap stocks are now being recognized as an independent asset class and this Index covers approximately 7% of the U.S. equities market.

Over the fiscal year, the largest contributor to performance for the Fund and the Index was the financials sector. Another contributor to performance was the consumer discretionary sector, which enjoyed strong returns as the economy expanded and consumers spent more money than they had in the last few years. Also, the Fund's allocation to the energy sector experienced a surge in returns as the demand for energy outstripped the supply.

The Fund's third largest sector allocation was to the information technology sector, which posted the least amount of return compared to the rest of the sectors. The telecommunications sector, which the Fund had a small position in, also experienced smaller returns compared to the other sectors in the Index. For the next fiscal year, we believe that mid-cap stocks will continue to be an important part of a diversified portfolio.

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

Top 10 Companies as of September 30, 2004¹ (% of net assets)
Washington Post, Cl B	0.9	%
XTO Energy	0.9	%
Murphy Oil	0.8	%
D.R. Horton	0.8	%
Lennar	0.8	%
Harmon International Industries	0.7	%
L-3 Communications Holdings	0.7	%
National Commerce Financial	0.7	%
Weatherford International	0.7	%
Fidelity National Financial	0.7	%

Sector Allocation as of September 30, 2004¹ (% of net assets)
Sector	Fund²			S&P MidCap 400 Index³
Financials		18.8	%		19.4	%
Consumer Discretionary		18.2	%		18.5	%
Information Technology		14.1	%		14.0	%
Industrials		12.5	%		12.7	%
Healthcare		10.0	%		10.2	%
Energy		8.1	%		8.3	%
Utilities		6.7	%		6.9	%
Materials		4.8	%		4.9	%
Consumer Staples		4.4	%		4.5	%
Telecommunication Services		0.6	%		0.6	%

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

²The percentages shown represent the allocation by industry as a percent of net assets of the Fund.

³The percentages shown represent the percent allocation by industry of the index.

FIRST AMERICAN FUNDS Annual Report 2004

Mid Cap Index fund continued

Annualized Performance¹ as of September 30, 2004

				Since Inception
	1 year			11/4/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		10.41	%		6.54	%		-			-
Class B		10.88	%		6.71	%		-			-
Class C		14.83	%		-			-			11.78	%
Average annual return without sales charge (NAV)
Class A		16.80	%		7.77	%		-			-
Class B		15.88	%		7.02	%		-			-
Class C		15.83	%		-			-			11.78	%
Class R⁴		16.62	%		-			4.38	%		-
Class Y		16.97	%		8.02	%		-			-
S&P MidCap 400 Index³		17.55	%		9.06	%		5.49	%		13.62	%

Value of a $10,000 Investment^1, 2 as of September 30, 2004

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

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

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

² Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

³ An unmanaged, capitalization-weighted index that represents the aggregate market value of the common equity of 400 companies chosen by Standard & Poor's with a median capitalization of approximately $700 million to measure the performance of the mid-range sector of the U.S. stock market.

FIRST AMERICAN FUNDS Annual Report 2004

Mid Cap Index fund continued

Expense Example

As a shareholder of the Mid Cap Index Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

	Beginning Account Value (4/1/2004)		Ending Account Value (9/30/2004)		Expenses Paid During Period¹(4/1/2004 to 9/30/2004)
Class A Actual	$	1,000.00	$	985.80	$	3.72
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79
Class B Actual	$	1,000.00	$	981.80	$	7.43
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57
Class C Actual	$	1,000.00	$	981.90	$	7.43
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57
Class R Actual²	$	1,000.00	$	984.20	$	4.34
Class R Hypothetical (5% return before expenses)²	$	1,000.00	$	1,020.62	$	4.42
Class Y Actual	$	1,000.00	$	986.20	$	2.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.50	$	2.53

¹Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.50%, 1.50%, 0.88%, and 0.50% 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 half-year/366 days (to reflect the one-half year period).

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index fund

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

How did the Fund perform for the fiscal year ended September 30, 2004?

The First American Small Cap Index Fund, Class Y shares, returned 18.02% for the fiscal year ended September 30, 2004 (Class A shares returned 17.71% at net asset value). By comparison, the Fund's benchmark, the Russell 2000 Index*, returned 18.77% for the same period.

How did general economic and market conditions affect performance?

The fiscal year saw the continuation of a rising economic tide. While stocks in general were up in excess of their long-term historical averages, small- and mid- capitalization stocks generally outperformed large- capitalization stocks as they were more leveraged to the improving economy. The Russell 2000 Index, constructed of small-capitalization stocks, reflected this as it returned more than 18% for the year. The same outperformance held true for value strategies vs. growth. However, this did not add or detract from the Index significantly because every June the Index rebalances back to a 50% growth stocks and 50% value stocks strategy.

Top 10 Companies as of September 30, 2004¹ (% of net assets)
Terex	0.2	%
Valeant Pharmaceuticals International	0.2	%
IMC Global	0.2	%
Tesoro Petroleum	0.2	%
Cytec Industries	0.2	%
Energen	0.2	%
Plains Exploration & Production	0.2	%
Healthcare Realty Trust (REIT)	0.2	%
BancorpSouth	0.2	%
FMC	0.2	%

Fund Overview

The Fund is invested to mirror the stocks of the Russell 2000 Index as closely as possible with sensitivity to turnover costs. As a result, the overall total return of the Fund for the fiscal year was very similar to that of the Index. Like the Index, the Fund benefited from its 15% weighting in the consumer discretionary sector as the economy was expanding and consumers spent more money during the fiscal year than they had in each of the past several years. In addition, the Fund's exposure to materials, with a 6% weighting, and to energy, with a 6% weighting, added to the positive return of the Fund during a time when the demand for materials and energy outstripped the supply. The largest contributor to performance was the financials sector. It was also the Fund's largest sector weighting at 22%.

The largest detractor from performance was the information technology sector. The Fund held a 17% position as the sector posted disappointing results across the market. (The small-cap stocks in that sector did fare better than the large-caps.) Another detractor was the telecommunication services sector, which returned slightly negative results. The Fund only held a 1% position in that sector. We believe that as the economy rolls into its next phase small-cap stocks will continue to be an important part of a diversified portfolio.

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

Sector Allocation as of September 30, 2004¹ (% of net assets)
Sector	Fund²			Russell 2000 Index³
Financials		22.2	%		22.5	%
Information Technology		16.8	%		17.0	%
Consumer Discretionary		14.7	%		14.8	%
Industrials		13.7	%		14.0	%
Healthcare		12.8	%		12.9	%
Materials		6.2	%		6.3	%
Energy		5.5	%		5.5	%
Utilities		3.3	%		3.3	%
Consumer Staples		2.7	%		2.7	%
Telecommunication Services		0.9	%		0.9	%

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

²The percentages shown represent the allocation by industry as a percent of net assets of the Fund.

³The percentages shown represent the percent allocation by industry of the index.

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index fund continued

Annualized Performance¹ as of September 30, 2004

							Since Inception
	1 year			5 years			12/30/1998			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		11.21	%		7.96	%		6.53	%		-			-
Class B		11.83	%		-			-			4.40	%		-
Class C		15.77	%		-			-			-			12.02	%
Average annual return without sales charge (NAV)
Class A		17.71	%		9.19	%		7.58	%		-			-
Class B		16.83	%		-			-			5.10	%		-
Class C		16.77	%		-			-			-			12.02	%
Class R⁴		17.65	%		9.09	%		7.47	%		-			-
Class Y		18.02	%		9.44	%		7.82	%		-			-
Russell 2000 Index³		18.77	%		7.41	%		7.30	%		5.75	%		14.71	%

Value of a $10,000 Investment^1, 2 as of September 30, 2004

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

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

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

² Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

³ An unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index fund continued

Expense Example

As a shareholder of the Small Cap Index Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2004, to September 30, 2004.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

	Beginning Account Value (4/1/2004)		Ending Account Value (9/30/2004)		Expenses Paid During Period¹ (4/1/2004 to 9/30/2004)
Class A Actual	$	1,000.00	$	971.40	$	4.58
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.35	$	4.70
Class B Actual	$	1,000.00	$	967.60	$	8.26
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.60	$	8.47
Class C Actual	$	1,000.00	$	967.90	$	8.27
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.60	$	8.47
Class R Actual²	$	1,000.00	$	970.70	$	5.20
Class R Hypothetical (5% return before expenses)²	$	1,000.00	$	1,019.72	$	5.33
Class Y Actual	$	1,000.00	$	972.70	$	3.35
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.60	$	3.44

¹Expenses are equal to the Fund's annualized expense ratio of 0.93%, 1.68%, 1.68%, 1.06%, and 0.68% 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 half-year/366 days (to reflect the one-half year period).

FIRST AMERICAN FUNDS Annual Report 2004

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors
First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Equity Index, Mid Cap Index, and Small Cap Index Funds (constituting First American Investment Funds, Inc.) (the "Funds") as of September 30, 2004, and the related statements of operations, statements of changes in net assets and the financial highlights for each of the periods indicated therein, except as noted below. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Mid Cap Index and Small Cap Index Funds for the periods presented through October 31, 2000, were audited by other auditors whose reports dated December 29, 2000, and January 21, 2000, expressed unqualified opin ions on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2004, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating t he overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights audited by us as referred to above present fairly, in all material respects, the financial position of the funds listed above of the First American Investment Funds, Inc. at September 30, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the periods indicated herein in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota
November 12, 2004

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Equity Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.1%
Consumer Discretionary – 10.4%
AutoNation* (a)		63,170	$	1,079
Autozone* (a)		18,994		1,467
Bed Bath & Beyond* (a)		65,823		2,443
Best Buy		71,623		3,885
Big Lots* (a)		25,598		313
Black & Decker (a)		17,429		1,350
Boise Cascade		19,245		640
Brunswick		20,653		945
Carnival (a)		138,973		6,572
Centex (a)		27,084		1,367
Circuit City Stores		45,805		703
Clear Channel Communications		132,595		4,133
Coach*		40,358		1,712
Comcast, Cl A* (a)		494,865		13,975
Cooper Tire & Rubber		16,239		328
Dana		32,596		577
Darden Restaurants		36,139		843
Delphi		122,883		1,142
Dillards, Cl A		18,202		359
Dollar General		74,345		1,498
Dow Jones & Company (a)		17,862		725
Eastman Kodak (a)		62,841		2,025
Family Dollar Stores		36,938		1,001
Federated Department Stores		40,655		1,847
Ford Motor (a)		401,796		5,645
Fortune Brands (a)		31,855		2,360
Gannett (a)		59,794		5,008
Gap (a)		197,891		3,701
General Motors (a)		124,250		5,278
Genuine Parts		38,378		1,473
Goodyear Tire & Rubber* (a)		38,453		413
Harley-Davidson (a)		65,012		3,864
Harrah's Entertainment (a)		24,552		1,301
Hasbro (a)		38,097		716
Hilton Hotels		83,688		1,577
Home Depot (a)		484,706		19,000
International Game Technology		76,500		2,750
Interpublic Group of Companies* (a)		86,061		911
J.C. Penney		60,912		2,149
Johnson Controls (a)		41,596		2,363
Jones Apparel Group (a)		27,759		994
KB HOME (a)		10,313		871
Knight-Ridder		17,633		1,154
Kohl's* (a)		74,453		3,588
Leggett & Platt (a)		42,197		1,186
Limited (a)		103,812		2,314
Liz Claiborne (a)		24,074		908
Lowe's (a)		172,551		9,378
Marriott International, Cl A (a)		49,831		2,589
Mattel (a)		93,045		1,687
May Department Stores		61,940		1,588
Maytag (a)		17,062		313
McDonald's		277,698		7,784
McGraw-Hill (a)		41,936		3,342
Meredith		9,157		471
New York Times, Cl A		32,775		1,282
Newell Rubbermaid (a)		60,178		1,206
Nike, Cl B (a)		57,849		4,559
Nordstrom		30,318		1,159
Office Depot* (a)		67,954		1,021
Omnicom Group (a)		41,681		3,045
Pulte		29,870		1,833
RadioShack		36,313		1,040
Reebok International		13,213		485
Sears Roebuck and Company (a)		55,066		2,194

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Sherwin Williams		32,012	$	1,407
Snap-On		12,798		353
Stanley Works (a)		18,659		794
Staples (a)		110,151		3,285
Starbucks* (a)		87,386		3,973
Starwood Hotels & Resorts Worldwide (a)		45,200		2,098
Target (a)		198,945		9,002
Tiffany & Company (a)		32,351		994
Time Warner* (a)		1,005,238		16,225
TJX (a)		109,024		2,403
Toys 'R' Us* (a)		46,791		830
Tribune (a)		72,831		2,997
Univision Communications, Cl A* (a)		70,413		2,226
V.F. (a)		24,208		1,197
Viacom, Cl B (a)		385,878		12,950
Visteon (a)		28,607		229
Walt Disney* (a)		448,223		10,107
Wendy's International		24,887		836
Whirlpool (a)		15,098		907
Yum! Brands (a)		63,754		2,592
				240,834
Consumer Staples – 10.6%
Adolph Coors		7,976		542
Alberto-Culver, Cl B		19,336		841
Albertson's (a)		80,472		1,926
Altria Group		447,691		21,059
Anheuser-Busch (a)		178,390		8,911
Archer-Daniels-Midland		142,943		2,427
Avon Products (a)		103,606		4,526
Brown-Forman, Cl B		26,616		1,219
Campbell Soup		90,034		2,367
Clorox		46,733		2,491
Coca-Cola		537,731		21,536
Coca-Cola Enterprises		101,237		1,913
Colgate-Palmolive		117,202		5,295
ConAgra Foods (a)		117,773		3,028
Costco Wholesale (a)		100,250		4,166
CVS		87,445		3,684
General Mills (a)		82,685		3,713
Gillette (a)		221,040		9,226
H.J. Heinz		77,130		2,778
Hershey Foods (a)		57,294		2,676
Kellogg (a)		90,972		3,881
Kimberly-Clark		110,627		7,145
Kroger* (a)		164,798		2,558
McCormick		30,590		1,050
Pepsi Bottling		58,873		1,598
PepsiCo		376,580		18,321
Procter & Gamble		562,578		30,447
Reynolds American (a)		34,110		2,321
Safeway* (a)		98,365		1,899
Sara Lee		174,534		3,990
SUPERVALU		29,361		809
Sysco		142,480		4,263
UST (a)		35,826		1,442
Walgreen (a)		221,602		7,940
Wal-Mart Stores		935,567		49,772
Winn-Dixie Stores* (a)		30,883		95
Wrigley, William Jr. (a)		49,363		3,125
				244,980
Energy – 7.3%
Amerada Hess (a)		19,730		1,756
Anadarko Petroleum		54,724		3,631
Apache		70,968		3,556
Ashland		14,969		839
Baker Hughes (a)		73,406		3,209

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

FIRST AMERICAN FUNDS Annual Report 2004

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
BJ Services (a)		36,113	$	1,893
Burlington Resources (a)		88,044		3,592
ChevronTexaco		464,154		24,897
ConocoPhillips		150,924		12,504
Devon Energy		51,651		3,668
El Paso (a)		153,577		1,411
EOG Resources (a)		25,821		1,700
Exxon Mobil (a)		1,444,462		69,811
Halliburton		96,045		3,236
Kerr-McGee (a)		31,706		1,815
Kinder Morgan		27,036		1,698
Marathon Oil		74,934		3,093
Nabors Industries* (a)		32,780		1,552
Noble* (a)		29,313		1,318
Occidental Petroleum		85,544		4,784
Rowan* (a)		22,973		607
Schlumberger (a)		129,674		8,729
Sunoco (a)		16,876		1,249
Transocean* (a)		75,972		2,718
Unocal		56,664		2,437
Valero Energy		27,530		2,208
Williams (a)		113,602		1,375
				169,286
Financials – 20.5%
ACE		62,060		2,486
AFLAC		112,037		4,393
Allstate (a)		154,867		7,432
Ambac Financial Group (a)		23,879		1,909
American Express (a)		280,947		14,458
American International Group		575,040		39,097
AmSouth Bancorp (a)		76,916		1,877
AON (a)		68,617		1,972
Apartment Investment & Management		20,738		721
Bank of America (a)		912,272		39,529
Bank of New York		170,289		4,967
BB&T (a)		119,746		4,753
Bear Stearns (a)		23,961		2,304
Capital One Financial (a)		52,683		3,893
Charles Schwab (a)		299,254		2,750
Chubb		41,118		2,890
Cincinnati Financial		36,940		1,523
Citigroup		1,137,334		50,179
Comerica		38,440		2,281
Countrywide Financial (a)		121,458		4,784
ETRADE Financial		80,500		919
Equity Office Properties Trust (REIT)		88,187		2,403
Equity Residential Properties Trust (REIT)		59,846		1,855
Fannie Mae (a)		213,582		13,541
Federated Investors, Cl B		23,820		677
Fifth Third Bancorp		124,965		6,151
First Horizon National (a)		27,595		1,197
Franklin Resources		55,045		3,069
Freddie Mac (a)		151,657		9,894
Golden West Financial (a)		33,622		3,730
Goldman Sachs Group (a)		106,620		9,941
Hartford Financial Services Group (a)		64,269		3,980
Huntington Bancshares		50,162		1,250
J. P. Morgan Chase		779,931		30,987
Janus Capital Group (a)		52,481		714
Jefferson-Pilot		31,093		1,544
KeyCorp		90,776		2,869
Lehman Brothers Holdings (a)		61,157		4,875
Lincoln National		38,985		1,832
Loew's		40,676		2,380
M & T Bank		25,810		2,470
Marsh & McLennan (a)		116,762		5,343
Marshall & Ilsley		49,857		2,009

Equity Index Fund (continued)

DESCRIPTION	SHARES			VALUE (000)
MBIA		31,789		$	1,850
MBNA (a)		280,223			7,062
Mellon Financial		94,446			2,615
Merrill Lynch (a)		210,966			10,489
Metlife		167,143			6,460
MGIC Investment (a)		21,758			1,448
Moody's (a)		32,559			2,385
Morgan Stanley		241,983			11,930
National City		148,105			5,720
North Fork Bancorp (a)		49,755			2,212
Northern Trust		48,426			1,976
Plum Creek Timber (a)		39,206			1,373
PNC Financial Services		61,431			3,323
Principal Financial Group (a)		70,990			2,554
Progressive (a)		47,650			4,038
Prologis		39,350			1,387
Providian Financial* (a)		63,639			989
Prudential Financial		116,880			5,498
Regions Financial (a)		102,922			3,403
SAFECO		27,495			1,255
Simon Property Group (REIT) (a)		43,080			2,310
SLM (a)		96,690			4,312
SouthTrust		74,031			3,084
Sovereign Bancorp		75,782			1,653
St. Paul Travelers Companies (a)		145,686			4,816
State Street		73,985			3,160
SunTrust Banks (a)		61,734			4,347
Synovus Financial		66,109			1,729
T. Rowe Price Group		27,766			1,414
Torchmark		24,517			1,304
U.S. Bancorp (b)		423,524			12,240
UnumProvident (a)		66,337			1,041
Wachovia		288,820			13,560
Washington Mutual		195,326			7,633
Wells Fargo		368,358			21,965
XL Capital Limited, Cl A		29,959			2,217
Zions Bancorporation		19,680			1,201
					473,781
Health Care – 12.9%
Abbott Laboratories		342,708			14,517
Aetna (a)		33,747			3,372
Allergan (a)		28,636			2,078
AmerisourceBergen (a)		24,544			1,318
Amgen* (a)		282,203			15,995
Anthem* (a)		30,406			2,653
Applied Biosystems Group – Applera		45,828			865
Bausch & Lomb (a)		11,422			759
Baxter International (a)		134,633			4,330
Becton, Dickinson & Company		55,693			2,879
Biogen IDEC* (a)		74,622			4,565
Biomet (a)		55,397			2,597
Boston Scientific* (a)		184,244			7,320
Bristol-Myers Squibb		427,404			10,117
C.R. Bard		21,220			1,202
Cardinal Health		97,603			4,272
Caremark Rx* (a)		98,300			3,153
Chiron* (a)		41,370			1,829
CIGNA		31,178			2,171
Eli Lilly (a)		246,594	��		14,808
Express Scripts* (a)		16,900			1,104
Fisher Scientific International* (a)		25,083			1,463
Forest Laboratories, Cl A* (a)		81,603			3,671
Genzyme* (a)		49,447			2,690
Gilead Sciences* (a)		94,320			3,526
Guidant (a)		68,714			4,538
HCA		109,341			4,171
Health Management Associates, Cl A (a)		52,601			1,075

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Hospira*		34,270	$	1,049
Humana*		35,458		708
IMS Health		55,643		1,331
Johnson & Johnson (a)		650,959		36,669
King Pharmaceuticals* (a)		52,869		631
Manor Care		19,538		585
McKesson HBOC (a)		64,598		1,657
Medco Health Solutions*		59,313		1,833
MedImmune* (a)		54,798		1,299
Medtronic		267,408		13,878
Merck		491,033		16,204
Millipore*		10,677		511
Mylan Laboratories		59,250		1,067
PerkinElmer		27,078		466
Pfizer		1,675,135		51,259
Quest Diagnostics		23,068		2,035
Schering-Plough (a)		322,233		6,142
St. Jude Medical* (a)		38,634		2,908
Stryker (a)		87,358		4,200
Tenet Healthcare* (a)		101,728		1,098
UnitedHealth Group (a)		146,499		10,803
Watson Pharmaceuticals* (a)		24,017		708
Wellpoint Health Networks*		34,215		3,596
Wyeth Pharmaceuticals		291,982		10,920
Zimmer Holdings* (a)		53,346		4,216
				298,811
Industrials – 11.5%
3M (a)		172,860		13,824
Allied Waste Industries* (a)		71,125		629
American Power Conversion (a)		44,161		768
American Standard*		47,547		1,850
Apollo Group, Cl A* (a)		41,693		3,059
Avery Dennison (a)		24,225		1,594
Boeing (a)		184,455		9,522
Burlington Northern Santa Fe		79,498		3,046
Caterpillar (a)		75,317		6,059
Cendant (a)		224,878		4,857
Cintas		37,706		1,585
Cooper Industries		22,720		1,340
Crane		12,732		368
CSX		46,924		1,558
Cummins		9,100		672
Danaher (a)		67,892		3,482
Deere & Company		54,885		3,543
Delta Air Lines* (a)		27,733		91
Deluxe		10,649		437
Dover		44,432		1,727
Eaton		32,946		2,089
Emerson Electric		93,041		5,758
Equifax		30,777		811
FedEx (a)		65,591		5,620
Fluor		17,911		797
General Dynamics		43,253		4,416
General Electric (a)		2,325,551		78,092
Goodrich		25,785		809
H & R Block (a)		39,403		1,947
Honeywell International		188,632		6,764
Illinois Tool Works		67,973		6,333
Ingersoll-Rand, Cl A		38,684		2,629
ITT Industries		20,256		1,620
Lockheed Martin		98,103		5,472
Masco		103,086		3,560
Monster Worldwide* (a)		24,625		607
Navistar International* (a)		14,992		558
Norfolk Southern (a)		85,578		2,545

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Northrop Grumman (a)		77,244	$	4,119
Paccar (a)		38,352		2,651
Pall		27,225		666
Parker Hannifin (a)		25,913		1,525
Pitney Bowes		47,097		2,077
Power-One*		18,220		118
R. R. Donnelley & Sons (a)		47,261		1,480
Raytheon		95,461		3,626
Robert Half International (a)		37,380		963
Rockwell Automation (a)		40,666		1,574
Rockwell Collins		38,099		1,415
Ryder System (a)		13,871		653
Southwest Airlines (a)		173,186		2,359
Textron		30,036		1,930
Tyco International		442,155		13,556
Union Pacific		57,096		3,346
United Parcel Service, Cl B (a)		245,931		18,671
United Technologies		113,753		10,622
W W Grainger		19,973		1,151
Waste Management		127,880		3,496
				266,436
Information Technology – 16.3%
ADC Telecommunications* (a)		176,367		319
Adobe Systems (a)		52,937		2,619
Advanced Micro Devices* (a)		78,006		1,014
Affiliated Computer Services, Cl A* (a)		28,840		1,606
Agilent Technologies*		106,927		2,307
Altera* (a)		83,872		1,641
Analog Devices (a)		82,453		3,198
Andrew* (a)		35,035		429
Apple Computer* (a)		82,807		3,208
Applied Materials*		370,928		6,117
Applied Micro Circuits* (a)		67,342		211
Autodesk (a)		24,881		1,210
Automatic Data Processing		131,161		5,420
Avaya* (a)		99,118		1,382
BMC Software*		50,094		792
Broadcom, Cl A* (a)		70,990		1,937
CIENA*		125,249		248
Cisco Systems* (a)		1,492,679		27,017
Citrix Systems*		37,333		654
Computer Associates International (a)		126,712		3,333
Computer Sciences* (a)		41,041		1,933
Compuware*		83,936		432
Comverse Technology* (a)		43,089		811
Convergys*		35,570		478
Corning* (a)		307,683		3,409
Dell* (a)		551,430		19,631
eBay* (a)		145,938		13,418
Electronic Arts* (a)		64,578		2,970
Electronic Data Systems (a)		106,698		2,069
EMC*		538,810		6,218
First Data		196,799		8,561
Fiserv* (a)		42,456		1,480
Gateway* (a)		82,601		409
Hewlett-Packard (a)		669,984		12,562
IBM		371,249		31,831
Intel		1,432,850		28,743
Intuit* (a)		45,013		2,044
Jabil Circuit* (a)		43,617		1,003
JDS Uniphase* (a)		317,739		1,071
KLA-Tencor* (a)		42,714		1,772
Lexmark International Group, Cl A* (a)		28,345		2,381
Linear Technology (a)		68,529		2,484
LSI Logic* (a)		83,068		358

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

FIRST AMERICAN FUNDS Annual Report 2004

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Lucent Technologies* (a)		945,513	$	2,997
Maxim Integrated Products (a)		72,078		3,048
Mercury Interactive* (a)		19,862		693
Micron Technology* (a)		133,761		1,609
Microsoft		2,387,642		66,018
Molex		41,916		1,250
Motorola (a)		521,558		9,409
National Semiconductor* (a)		81,318		1,260
NCR* (a)		20,738		1,028
Network Appliance* (a)		78,965		1,816
Novell* (a)		85,309		538
Novellus Systems* (a)		33,200		883
NVIDIA* (a)		36,771		534
Oracle*		1,153,179		13,008
Parametric Technology*		59,419		314
Paychex		82,635		2,491
PeopleSoft*		79,845		1,585
PMC-Sierra* (a)		37,841		333
QLogic* (a)		20,673		612
QUALCOMM (a)		359,374		14,030
Sabre Holdings, Cl A (a)		31,490		772
Sanmina – SCI*		114,452		807
Scientific-Atlanta		33,645		872
Siebel Systems* (a)		110,885		836
Solectron* (a)		212,113		1,050
Sun Microsystems* (a)		734,274		2,966
SunGard Data Systems*		62,591		1,488
Symantec* (a)		69,574		3,818
Symbol Technologies		48,673		615
Tektronix		18,610		619
Tellabs* (a)		91,586		842
Teradyne* (a)		42,856		575
Texas Instruments (a)		382,160		8,132
Thermo Electron*		35,595		962
Unisys* (a)		73,187		755
VERITAS Software* (a)		95,272		1,696
Waters* (a)		26,609		1,173
Xerox* (a)		175,971		2,478
Xilinx (a)		76,051		2,053
Yahoo!* (a)		305,036		10,344
				377,039
Materials – 3.1%
Air Products and Chemicals		49,846		2,711
Alcoa		191,984		6,449
Allegheny Technologies		21,036		384
Ball		24,632		922
Bemis (a)		23,440		623
Dow Chemical		203,420		9,191
E.I. DuPont de Nemours		219,659		9,401
Eastman Chemical (a)		16,717		795
Ecolab (a)		56,966		1,791
Engelhard		27,473		779
Freeport-McMoran Copper & Gold, Cl B (a)		40,531		1,642
Georgia-Pacific (a)		56,996		2,049
Great Lakes Chemical		10,789		276
Hercules* (a)		24,318		347
International Flavors & Fragrances (a)		20,659		789
International Paper (a)		107,350		4,338
Louisiana Pacific		24,005		623
MeadWestvaco		43,950		1,402
Monsanto		58,193		2,119
Newmont Mining (a)		96,073		4,374
NuCor		17,340		1,584
Pactiv*		34,539		803

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Phelps Dodge (a)		20,756	$	1,911
PPG Industries		37,777		2,315
Praxair		71,480		3,055
Rohm & Haas (a)		48,773		2,096
Sealed Air* (a)		18,616		863
Sigma-Aldrich (a)		15,523		900
Temple-Inland		11,879		798
United States Steel (a)		24,964		939
Vulcan Materials (a)		22,282		1,135
Weyerhaeuser (a)		52,278		3,476
Worthington Industries		16,779		358
				71,238
Telecommunication Services – 3.7%
ALLTEL		66,082		3,629
AT&T		175,052		2,507
AT&T Wireless Services*		600,985		8,883
BellSouth		405,174		10,988
CenturyTel		31,563		1,081
Citizens Communications (a)		71,721		961
Nextel Communications, Cl A* (a)		243,113		5,796
Qwest Communications International* (a)		400,728		1,334
SBC Communications (a)		731,526		18,983
Sprint (a)		312,946		6,300
Verizon Communications (a)		610,767		24,052
				84,514
Utilities – 2.8%
AES*		142,714		1,426
Allegheny Energy* (a)		27,570		440
Ameren (a)		42,347		1,954
American Electric Power (a)		86,631		2,769
Calpine* (a)		110,653		321
CenterPoint Energy (a)		67,063		695
Cinergy (a)		37,804		1,497
CMS Energy* (a)		35,349		337
Consolidated Edison (a)		50,495		2,123
Constellation Energy (a)		36,608		1,458
Dominion Resources (a)		70,923		4,628
DTE Energy (a)		36,900		1,557
Duke Energy (a)		201,707		4,617
Dynegy* (a)		82,166		410
Edison International		71,457		1,894
Entergy		49,993		3,030
Exelon (a)		142,934		5,244
FirstEnergy (a)		72,348		2,972
FPL Group (a)		39,890		2,725
KeySpan		34,766		1,363
NICOR		10,118		371
NiSource (a)		57,637		1,211
People's Energy		6,740		281
PG&E* (a)		92,424		2,810
Pinnacle West Capital		20,022		831
PPL		38,754		1,828
Progress Energy (a)		54,061		2,289
Progress Energy-CVO (c)		8,576		1
Public Service Enterprises (a)		52,101		2,220
Sempra Energy		50,125		1,814
Southern (a)		159,782		4,790
TECO Energy (a)		41,162		557
TXU (a)		71,452		3,424
Xcel Energy		85,260		1,477
				65,364
Total Common Stocks (Cost $1,794,369)				2,292,283

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Equity Index Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Short-Term Investments – 2.1%
U.S. Treasury Obligation – 0.3%
U. S. Treasury Bill (d) 1.895%, 03/03/05	$	8,000	$	7,935
Total U.S. Treasury Obligation				7,935
Affiliated Money Market Fund – 1.8%
First American Prime Obligations Fund, Cl Z (b) (e)		40,705,632		40,706
Total Affiliated Money Market Fund				40,706
Total Short-Term Investments (Cost $48,641)				48,641
Investments Purchased with Proceeds from Securities Lending – 36.9%
Commercial Paper – 11.9%
Bluegrass 1.881%, 5/18/05	$	3,597		3,597
1.891%, 8/18/05		2,858		2,858
Concord Minutemen Capital 1.650%, 10/01/04		5,905		5,905
1.680%, 10/05/04		13,122		13,122
1.720%, 10/06/04		9,696		9,696
1.740%, 10/14/04		6,488		6,488
Descartes Funding Trust 1.760%, 11/15/04		7,290		7,290
Ford Credit Floor Plan 1.622%, 10/05/04		14,576		14,576
1.526%, 10/06/04		10,206		10,206
1.655%, 10/22/04		3,204		3,204
Goldman Sachs 1.975%, 1/18/05		7,290		7,290
Independence 1.830%, 4/15/05		9,010		9,010
Jupiter Securities Corp 1.793%, 10/21/04		27,710		27,710
Lakeside Funding 1.790%, 10/08/04		15,455		15,455
Landesbank Baden 1.480%, 11/12/04		2,910		2,910
Leaf's LLC 1.821%, 4/20/05		8,019		8,019
Liquid Funding Ltd 1.743%, 10/13/04		10,199		10,199
1.830%, 5/25/05		7,290		7,290
MBNA Credit 1.683%, 10/12/04		7,085		7,085
1.764%, 10/26/04		3,932		3,932
Main Street Warehouse 1.742%, 10/04/04		9,621		9,621
1.683%, 10/04/04		11,882		11,882
1.742%, 10/08/04		7,287		7,287
1.742%, 10/08/04		7,290		7,290
Mortgage Interest Network 1.752%, 10/12/04		4,809		4,809
1.763%, 10/14/04		5,099		5,099
Netexis Banques 1.700%, 12/16/04		7,260		7,260
Orchard Park 1.796%, 4/06/05		7,290		7,290
1.766%, 7/06/05		15,046		15,046
Park Granada LLC 1.622%, 10/01/04		12,830		12,830
1.743%, 10/13/04		8,305		8,305
Sigma Finance Inc 1.512%, 11/29/04		3,634		3,634
Total Commercial Paper				276,195

Equity Index Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Corporate Obligations – 9.9%
Allstate Life Global 1.780%, 10/14/05	$	14,580	$	14,580
1.750%, 10/14/05		3,645		3,645
Bayer Landbank NY 1.830%, 6/24/05		13,850		13,850
Blue Heron Fdg Ltd 1.850%, 5/18/05		4,082		4,082
Castle Hill III 1.910%, 9/15/15		4,374		4,374
Depfa Bank PLC 1.860%, 6/15/05		7,287		7,287
Duke Funding VI 1.320%, 4/08/05		8,821		8,821
General Electric Capital Corporation 1.838%, 10/07/05		7,298		7,298
Jackson National Life 1.760%, 4/15/05		7,290		7,290
Jefferson Pilot Co 1.788%, 8/17/05		7,290		7,290
Liquid Funding Ltd 1.840%, 6/28/05		6,560		6,560
Merrill Lynch 1.696%, 10/01/05		14,581		14,581
Metlife Global Funding 1.800%, 10/14/05 8,748 8,748 1.880%, 10/28/05		6,125		6,125
Morgan Stanley 1.850%, 12/26/08		7,290		7,290
Natexis Banq NY 1.920%, 7/12/05		8,019		8,019
Northlake CDO Ltd 1.895%, 3/07/05		4,374		4,374
Premium Asset Trust 1.848%, 12/22/04		5,467		5,467
1.760%, 5/13/05		10,205		10,205
1.740%, 6/01/05		21,724		21,724
1.770%, 10/14/05		5,832		5,832
REMAC 1.840%, 9/29/05		8,019		8,019
RMAC 1.740%, 6/12/05		8,411		8,411
SMM Trust 2004 1.833%, 9/23/05		13,559		13,559
Societe Generale NYC 1.960%, 12/08/04		14,580		14,580
Svenska Handl 1.170%, 10/21/04		7,290		7,290
Total Corporate Obligations				229,301
Other Short-Term Investments – 2.6%
ARLO III Ltd 2.000%, 9/28/05		21,870		21,870
Commonwealth Life 2.115%, 12/31/04 (f)		7,361		7,361
General Electric Capital Assurance 1.980%, 1/19/05		2,916		2,916
HBOS Treasury Services 1.640%, 11/01/05		8,016		8,016
Security Life Denver 1.900%, 12/30/04		18,954		18,954
Total Other Short-Term Investments				59,117

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

FIRST AMERICAN FUNDS Annual Report 2004

Equity Index Fund (continued)

DESCRIPTION	PAR		VALUE (000)
Repurchase Agreements – 12.5%
Bear Stearns 2.045%, dated 9/30/04, matures 10/01/04, repurchase price $14,580,772 (collateralized by various securities: Total market value $14,879,672)	$	14,580	$	14,580
Bear Stearns 2.060%, dated 9/30/04, matures 12/23/04, repurchase price $4,395,007 (collateralized by various securities: Total market value $4,463,024)		4,374		4,374
Citibank 1.945%, dated 9/30/04, matures 10/01/04, repurchase price $29,161,463 (collateralized by corporate securities: Total market value $30,878,907)		29,160		29,160
Citibank 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $7,290,362 (collateralized by various securities: Total market value $7,452,290)		7,290		7,290
Citibank 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $7,290,362 (collateralized by various securities: Total market value $7,435,871)		7,290		7,290
Greenwich Capital Markets 1.950%, dated 9/30/04, matures 10/01/04, repurchase price $43,742,200 (collateralized by U.S. government securities: Total market value $44,615,197)		43,740		43,740
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $10,206,535 (collateralized by various securities: Total market value $10,521,625)		10,206		10,206
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $4,374,229 (collateralized by various securities: Total market value $4,509,375)		4,374		4,374
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $4,374,229 (collateralized by various securities: Total market value $4,509,373)		4,374		4,374
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $10,935,573 (collateralized by corporate securities: Total market value $11,273,210)		10,935		10,935
Goldman Sachs 1.425%, dated 9/30/04, matures 10/18/04, repurchase price $18,237,915 (collateralized by corporate securities: Total market value $18,596,977)		18,225		18,225
Goldman Sachs 1.480%, dated 9/30/04, matures 10/18/04, repurchase price $10,943,050 (collateralized by various securities: Total market value $11,273,212)		10,935		10,935
Goldman Sachs 2.205%, dated 9/30/04, matures 3/07/05, repurchase price $7,360,521 (collateralized by corporate securities: Total market value $7,438,846)		7,290		7,290

Equity Index Fund (continued)

DESCRIPTION	PAR		VALUE (000)
Lehman Brothers 2.055%, dated 9/30/04, matures 10/01/04, repurchase price $29,161,552 (collateralized by collateralized mortgage obligations: Total market value $29,743,085)	$	29,160	$	29,160
Lehman Brothers 1.910%, dated 9/30/04, matures 10/01/04, repurchase price $43,742,151 (collateralized by U.S. government securities: Total market value $44,615,331)		43,740		43,740
Lehman Brothers 1.935%, dated 9/30/04, matures 10/01/04, repurchase price $29,161,455 (collateralized by collateralized mortgage obligations: Total market value $32,063,699)		29,160		29,160
Merrill Lynch 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $14,580,723 (collateralized by corporate securities: Total market value $15,309,257)		14,579		14,579
Total Repurchase Agreements (Cost $289,412)				289,412
Total Investments Purchased with Proceeds from Securities Lending (Cost $854,025)				854,025
Total Investments – 138.1% (Cost $2,697,035)				3,194,949
Other Assets and Liabilities, Net – (38.1)%				(881,130	)
Total Net Assets – 100.0%			$	2,313,819

* Non-income producing security

(a) This security or a portion of this security is out on loan at September 30, 2004. Total loaned securities had a market value of $824,435,100 at September 30, 2004. See note 2 in Notes to Financial Statements.

(b) Investments in affiliated securities. As of September 30, 2004, the market value of these investments was $52,945,476 or 2.3% of total net assets. See notes 3 and 4 in Notes to Financial Statements.

(c) Security considered illiquid investment and is fair valued under guidelines established by the Board of Directors. 8,576 shares of Progress Energy CVO, a restricted security with a cost basis of $0, were acquired between June 1999 and November 2002. As of September 30, 2004, the market value of this investment was $1,201 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(d) Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase. See note 2 in Notes to Financial Statements.

(e) This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this Fund. See note 3 in Notes to Financial Statements.

(f) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.

Cl – Class

REIT – Real Estate Investment Trust

CVO – Contingent Value Obligation

Schedule of Open Futures Contracts

Description				Number of Contracts				Market Value Covered By Contracts				Settlement Month				Unrealized Depreciation
S&P 500 Index Futures Contracts purchased					54			$	15,055			Dec. 04				$	(134	)

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Mid Cap Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.2%
Consumer Discretionary – 18.2%
99 Cents Only Stores*		23,186	$	330
Abercrombie & Fitch (a)		31,492		992
Aeropostale*		18,535		486
American Eagle Outfitters (a)		23,944		882
American Greetings, Cl A* (a)		22,760		572
AnnTaylor Stores*		22,500		527
Applebee's International		27,570		697
ArvinMeritor		22,963		431
Bandag		6,485		284
Barnes & Noble* (a)		23,028		852
Belo, Cl A		38,344		864
BLYTH		15,084		466
Bob Evans Farms		11,488		312
Borders Group		25,600		635
BorgWarner		18,488		800
Boyd Gaming		28,503		802
Brinker International* (a)		30,094		937
Caesars Entertainment*		102,290		1,708
Callaway Golf		25,118		266
CarMax* (a)		34,609		746
Catalina Marketing, Cl C		17,199		397
CBRL Group (a)		16,271		587
Cheesecake Factory* (a)		17,300		751
Chico's FAS* (a)		29,770		1,018
Claire's Stores		33,034		827
D.R. Horton (a)		77,826		2,577
Dollar Tree Stores* (a)		37,964		1,023
Emmis Communications, Cl A* (a)		18,674		337
Entercom Communications*		17,061		557
Foot Locker (a)		49,686		1,178
Furniture Brands International		18,724		470
Gentex (a)		25,799		906
GTECH Holdings		39,622		1,003
Harman International Industries (a)		22,050		2,376
Harte-Hanks		28,963		724
Hovnanian Enterprises, Cl A* (a)		20,420		819
International Speedway, Cl A		17,770		887
Krispy Kreme Doughnuts* (a)		20,477		259
Lear		22,900		1,247
Lee Enterprises (a)		14,889		690
Lennar (a)		52,112		2,481
Mandalay Resort Group		22,508		1,545
Media General, Cl A (a)		7,793		436
Michaels Stores		22,795		1,350
Modine Manufacturing		11,341		341
Mohawk Industries* (a)		22,176		1,761
Neiman Marcus Group (a)		16,083		925
O'Reilly Automotive*		18,300		701
Outback Steakhouse		24,824		1,031
Pacific Sunwear of California* (a)		25,930		546
Payless ShoeSource* (a)		22,548		228
PETsMART (a)		48,258		1,370
Pier 1 Imports		29,394		531
Reader's Digest Association, Cl A		35,138		513
Regis		14,680		590
Rent-A-Center*		26,800		693
Ross Stores (a)		49,850		1,168
Ruby Tuesday (a)		22,720		633
Ryland Group (a)		8,190		759
Saks*		47,801		576
Scholastic*		13,627		421
Six Flags*		30,684		167
Superior Industries (a)		8,864		265
Thor Industries		18,970		502
Timberland, Cl A* (a)		11,657		662

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Toll Brothers* (a)		24,819	$	1,150
Tupperware (a)		18,460		313
Urban Outfitters*		26,840		923
Valassis Communications* (a)		17,767		526
Washington Post, Cl B		3,124		2,874
Westwood One*		32,243		637
Williams-Sonoma* (a)		38,831		1,458
				60,298
Consumer Staples – 4.4%
BJ's Wholesale Club* (a)		23,263		636
Church and Dwight (a)		20,565		577
Constellation Brands, CI A* (a)		35,206		1,340
Dean Foods* (a)		52,539		1,577
Energizer Holdings* (a)		27,384		1,262
Hormel Foods (a)		46,227		1,238
JM Smucker		19,544		868
Lancaster Colony		11,485		484
PepsiAmericas		46,128		881
Ruddick		15,964		314
Smithfield Foods*		38,199		955
Tootsie Roll Industries		17,563		513
Tyson Foods, Cl A (a)		117,633		1,884
Universal		8,504		380
Whole Foods Market (a)		20,514		1,760
				14,669
Energy – 8.1%
Cooper Cameron*		18,150		995
ENSCO International (a)		50,361		1,645
FMC Technologies*		22,444		750
Forest Oil* (a)		19,484		587
Grant Prideco* (a)		40,811		836
Hanover Compressor* (a)		25,657		345
Helmerich & Payne		16,823		483
Murphy Oil		30,090		2,611
National-Oilwell* (a)		28,648		941
Newfield Exploration*		20,397		1,249
Noble Energy		20,230		1,178
Overseas Shipholding Group		13,135		652
Patterson-UTI Energy (a)		55,546		1,059
Pioneer Natural Resources (a)		48,402		1,669
Plains Exploration & Production*		25,710		613
Pogo Producing		21,328		1,012
Pride International* (a)		45,349		897
Smith International* (a)		34,964		2,123
Tidewater		20,228		658
Varco International*		32,554		873
Weatherford International* (a)		44,260		2,258
Western Gas Resources (a)		24,590		703
XTO Energy (a)		87,018		2,826
				26,963
Financials – 18.8%
A. G. Edwards (a)		26,461		916
Allmerica Financial*		17,652		474
AMB Property (a)		27,586		1,021
American Financial Group (a)		24,506		732
AmeriCredit*		52,625		1,099
AmerUS Group, Cl A (a)		12,980		532
Arthur J. Gallagher		30,131		998
Associated Banc-Corp (a)		36,430		1,168
Astoria Financial		26,305		934
Bank of Hawaii		17,502		827
Banknorth Group		57,167		2,001
Brown & Brown		22,980		1,050
City National (a)		16,218		1,053
Colonial BancGroup (a)		44,605		912

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

FIRST AMERICAN FUNDS Annual Report 2004

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Commerce Bancorp (a)		26,022	$	1,436
Compass Bancshares (a)		40,390		1,770
Cullen/Frost Bankers (a)		17,160		797
Developers Diversified Realty (REIT)		34,350		1,344
Dime Bancorp*		23,400		3
Eaton Vance (a)		22,670		916
Everest Re Group		18,643		1,386
Fidelity National Financial		57,538		2,192
First American		29,523		910
FirstMerit (a)		28,086		739
GATX (a)		15,269		407
Greater Bay Bancorp (a)		17,521		504
HCC Insurance Holdings (a)		21,405		645
Hibernia, Cl A		51,814		1,368
Highwoods Properties (REIT)		17,390		428
Horace Mann Educators		14,153		249
Hospitality Properties Trust (REIT)		22,105		939
Independence Community Bank		27,696		1,082
IndyMac Bancorp (a)		21,642		783
Investors Financial Services (a)		22,078		996
Jefferies Group (a)		18,530		639
LaBranche*		20,235		171
Legg Mason (a)		33,122		1,764
Leucadia National (a)		23,671		1,341
Liberty Property Trust (REIT)		27,940		1,113
Mack-Cali Realty (REIT)		19,910		882
Mercantile Bankshares		25,555		1,226
MoneyGram International		29,579		505
National Commerce Financial		67,922		2,324
New Plan Excel Realty Trust (REIT)		32,968		824
New York Community Bancorp (a)		89,514		1,839
Ohio Casualty*		20,919		438
Old Republic International		60,387		1,511
PMI Group (a)		31,944		1,296
Protective Life		23,151		910
Radian Group (a)		31,383		1,451
Raymond James Financial		24,285		586
Rayonier (a)		16,790		760
SEI Investments (a)		34,937		1,177
Silicon Valley Bancshares*		11,892		442
StanCorp Financial Group		9,278		661
TCF Financial (a)		46,464		1,407
United Dominion Realty Trust (REIT) (a)		42,710		847
Unitrin		22,804		948
W.R. Berkley		28,005		1,181
Waddell & Reed Financial		27,551		606
Washington Federal		26,206		659
Webster Financial		17,723		875
Westamerica Bancorporation		10,819		594
Wilmington Trust		21,869		792
				62,380
Health Care – 10.0%
Apria Healthcare Group*		16,558		451
Barr Pharmaceuticals*		34,619		1,434
Beckman Coulter (a)		20,313		1,140
Cephalon* (a)		18,730		897
Charles River Laboratories International* (a)		15,404		706
Community Health Systems*		29,037		775
Covance* (a)		20,964		838
Coventry Health Care* (a)		29,862		1,594
Cytyc* (a)		36,910		891
DENTSPLY International (a)		26,899		1,397
Edwards Lifesciences* (a)		19,641		658
First Health Group*		30,583		492

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Health Net* (a)		37,674	$	931
Henry Schein* (a)		14,462		901
Hillenbrand Industries		20,807		1,051
INAMED*		11,770		561
Invitrogen*		17,323		953
IVAX* (a)		81,725		1,565
Lifepoint Hospitals* (a)		12,834		385
Lincare Holdings* (a)		33,206		987
Millennium Pharmaceuticals* (a)		101,778		1,395
Omnicare (a)		34,684		984
PacifiCare Health Systems*		28,770		1,056
Par Pharmaceutical Companies* (a)		11,430		411
Patterson Companies* (a)		22,606		1,731
Perrigo		22,857		470
Protein Design Labs* (a)		31,728		621
Renal Care*		22,280		718
Sepracor* (a)		29,225		1,426
STERIS* (a)		22,703		498
Triad Hospitals* (a)		25,334		873
Universal Health Services (a)		19,300		840
Valeant Pharmaceuticals International (a)		28,026		676
Varian*		11,112		421
Varian Medical Systems* (a)		45,426		1,570
Vertex Pharmaceuticals* (a)		29,181		306
VISX* (a)		16,272		335
				32,938
Industrials – 12.5%
Adesa* (a)		29,467		484
AGCO* (a)		30,116		681
AirTran Holdings*		28,010		279
Alaska Air Group*		8,841		219
Alexander & Baldwin		14,196		482
Alliant Techsystems*		12,390		750
AMETEK (a)		22,350		678
Banta		8,463		336
Brinks		18,952		572
C. H. Robinson Worldwide		28,529		1,323
Career Education* (a)		33,956		965
Carlisle Companies		10,899		697
ChoicePoint*		29,520		1,259
CNF		16,846		691
Copart*		30,047		569
Corinthian Colleges* (a)		30,410		410
DeVry* (a)		23,792		493
Donaldson		28,688		814
Dun & Bradstreet* (a)		24,092		1,414
Dycom Industries* (a)		17,563		499
Education Management* (a)		24,430		651
Expeditors International of Washington (a)		35,287		1,824
Fastenal (a)		25,338		1,459
Federal Signal (a)		15,898		295
Flowserve*		18,306		443
Graco		23,075		773
Granite Construction		13,763		329
Harsco		13,534		608
Herman Miller (a)		24,744		610
HNI		19,300		764
Hubbell, Cl B		20,847		935
ITT Educational Services* (a)		15,270		550
J.B. Hunt Transport Services (a)		26,798		995
Jacobs Engineering Group*		19,046		729
JetBlue Airways* (a)		34,230		716
Kelly Services, Cl A		11,526		308
Kennametal		12,183		550
Korn/Ferry International*		12,655		231

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
L-3 Communications Holdings		35,249	$	2,362
Laureate Education* (a)		15,074		561
Manpower (a)		30,014		1,335
Nordson		11,829		406
Pentair (a)		33,496		1,169
Precision Castparts		21,575		1,296
Quanta Services*		39,114		237
Republic Services		51,285		1,526
Rollins		15,176		369
Sequa, Cl A*		3,454		180
Sotheby's Holdings, Cl A*		20,846		328
SPX (a)		25,204		892
Stericycle* (a)		14,500		666
Swift Transportation* (a)		26,873		452
Tecumseh Products, Cl A		5,791		242
Teleflex		13,247		563
Thomas & Betts*		19,533		524
Trinity Industries (a)		15,508		483
United Rentals* (a)		29,096		462
Werner Enterprises		26,360		509
York International (a)		13,718		433
				41,380
Information Technology – 14.1%
3Com* (a)		129,534		547
Activision*		45,785		635
Acxiom		28,650		680
ADTRAN (a)		26,216		595
Advanced Fiber Communications*		28,803		458
Advent Software*		10,857		183
Alliance Data Systems* (a)		26,630		1,080
Amphenol, Cl A*		29,530		1,012
Arrow Electronics*		38,250		864
Ascential Software*		19,680		265
Atmel* (a)		160,917		583
Avnet* (a)		39,813		682
Avocent* (a)		16,274		424
BISYS Group*		40,192		587
Cabot Microelectronics* (a)		8,290		301
Cadence Design Systems* (a)		90,716		1,183
CDW (a)		27,900		1,619
Ceridian*		49,497		911
Certegy		21,327		794
CheckFree* (a)		28,928		800
Cognizant Technology Solutions*		43,290		1,321
CommScope* (a)		20,126		435
Credence Systems* (a)		31,755		229
Cree* (a)		24,783		757
CSG Systems International*		17,341		267
Cypress Semiconductor* (a)		41,204		364
Diebold (a)		23,482		1,097
DST Systems* (a)		27,873		1,240
Fair Isaac (a)		23,560		688
Fairchild Semiconductor International, Cl A*		39,808		564
Gartner, Cl A* (a)		36,588		428
Harris (a)		21,506		1,182
Imation		11,715		417
Integrated Circuit Systems* (a)		24,090		518
Integrated Device Technology* (a)		35,417		338
International Rectifier*		21,963		753
Intersil, Cl A (a)		50,101		798
Jack Henry & Associates		29,702		558
Keane* (a)		21,224		326
KEMET*		28,596		231
Lam Research* (a)		44,754		979

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Lattice Semiconductor*		37,369	$	183
LTX*		19,715		107
Macromedia*		22,929		460
Macrovision* (a)		16,358		394
McAfee Inc.* (a)		54,063		1,087
McDATA, Cl A*		38,754		195
Mentor Graphics* (a)		23,241		255
Micrel*		30,835		321
Microchip Technology (a)		69,499		1,865
MPS Group*		35,095		295
National Instruments (a)		26,160		792
Newport*		14,137		162
Plantronics		15,904		688
Plexus*		14,235		157
Polycom*		32,861		651
Powerwave Technologies*		34,409		212
Quantum* (a)		59,644		138
Retek*		18,408		84
Reynolds & Reynolds, Cl A		22,153		547
RF Micro Devices*		62,281		395
RSA Security* (a)		21,230		410
SanDisk* (a)		53,930		1,570
Semtech* (a)		25,020		480
Silicon Laboratories* (a)		17,230		570
Storage Technology* (a)		37,229		940
Sybase*		32,039		442
Synopsys* (a)		51,876		821
Tech Data*		18,996		732
Titan*		27,849		389
Transaction Systems Architects, Cl A*		12,651		235
TriQuint Semiconductor*		45,454		177
UTStarcom* (a)		37,760		608
Vishay Intertechnology*		54,247		700
Wind River Systems* (a)		26,950		329
Zebra Technology, Cl A* (a)		23,880		1,457
				46,541
Materials – 4.8%
Airgas		24,482		589
Albemarle		13,723		482
Arch Coal (a)		18,004		639
Bowater (a)		18,675		713
Cabot		20,794		802
Crompton		38,261		363
Cytec Industries		12,973		635
Ferro		13,680		298
FMC* (a)		11,984		582
Glatfelter		14,502		180
IMC Global* (a)		38,681		673
Longview Fibre		16,925		258
Lubrizol		21,558		746
Lyondell Chemical (a)		59,410		1,334
Martin Marietta Materials		16,208		734
Minerals Technologies		6,753		397
Olin		23,205		464
Packaging Corporation of America		35,470		868
Peabody Energy		21,179		1,260
Potlatch (a)		9,838		461
RPM		38,362		677
Scotts*		11,390		731
Sensient Technologies (a)		15,466		335
Sonoco Products (a)		32,687		864
Valspar		17,024		795
				15,880

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

FIRST AMERICAN FUNDS Annual Report 2004

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Telecommunication Services – 0.6%
Cincinnati Bell*		81,813	$	286
Telephone & Data Systems (a)		19,017		1,601
				1,887
Utilities – 6.7%
AGL Resources		21,397		658
Alliant Energy		36,685		913
Aqua America		31,005		686
Aquila* (a)		78,685		246
Black Hills (a)		10,657		296
DPL		42,243		869
Duquesne Light Holdings (a)		25,280		454
Energy East		48,922		1,232
Equitable Resources (a)		20,427		1,109
Great Plains Energy (a)		24,643		718
Hawaiian Electric Industries (a)		26,668		708
IDACORP		12,642		367
MDU Resources Group		38,683		1,019
National Fuel Gas (a)		27,093		768
Northeast Utilities		42,230		819
NSTAR		17,711		870
OGE Energy (a)		28,591		721
ONEOK		33,998		885
Pepco Holdings (a)		61,613		1,226
PNM Resources (a)		19,999		450
Puget Energy		32,887		747
Questar		27,974		1,282
SCANA (a)		36,598		1,367
Sierra Pacific Resources* (a)		39,664		355
Vectren		25,110		632
Westar Energy		29,094		588
WGL Holdings		16,122		456
Wisconsin Energy (a)		39,279		1,253
WPS Resources		11,987		539
				22,233
Total Common Stocks (Cost $299,009)				325,169
Short-Term Investments – 2.8%
U.S. Treasury Obligation – 0.4%
U. S. Treasury Bill (b) 1.895%, 03/03/05	$	1,500		1,488
Total U.S. Treasury Obligation				1,488
Affiliated Money Market Fund – 2.4%
First American Prime Obligations Fund, Cl Z (c)		7,895,717		7,896
Total Affiliated Money Market Fund				7,896
Total Short-Term Investments (Cost $9,384)				9,384
Investments Purchased with Proceeds from Securities Lending – 46.3%
Commercial Paper – 15.0%
Bluegrass 1.881%, 5/18/05	$	645		645
1.891%, 8/18/05		512		512
Concord Minutemen Capital 1.650%, 10/01/04		1,058		1,058
1.680%, 10/05/04		2,352		2,352
1.720%, 10/06/04		1,738		1,738
1.740%, 10/14/04		1,163		1,163
Descartes Funding Trust 1.760%, 11/15/04		1,307		1,307

Mid Cap Index Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Ford Credit Floor Plan 1.622%, 10/05/04	$	2,613	$	2,613
1.526%, 10/06/04		1,829		1,829
1.655%, 10/22/04		574		574
Goldman Sachs 1.975%, 1/18/05		1,307		1,307
Independence 1.830%, 4/15/05		1,615		1,615
Jupiter Securities Corp 1.793%, 10/21/04		4,967		4,967
Lakeside Funding 1.790%, 10/08/04		2,770		2,770
Landesbank Baden 1.480%, 11/12/04		522		522
Leaf's LLC 1.821%, 4/20/05		1,438		1,438
Liquid Funding Ltd 1.743%, 10/13/04		1,828		1,828
1.830%, 5/25/05		1,307		1,307
MBNA Credit 1.683%, 10/12/04		1,270		1,270
1.764%, 10/26/04		705		705
Main Street Warehouse 1.742%, 10/04/04		1,725		1,725
1.683%, 10/04/04		2,130		2,130
1.742%, 10/08/04		1,306		1,306
1.742%, 10/08/04		1,307		1,307
Mortgage Interest Network 1.752%, 10/12/04		862		862
1.763%, 10/14/04		914		914
Netexis Banques 1.700%, 12/16/04		1,302		1,302
Orchard Park 1.796%, 4/06/05		1,307		1,307
1.766%, 7/06/05		2,697		2,697
Park Granada LLC 1.622%, 10/01/04		2,300		2,300
1.743%, 10/13/04		1,489		1,489
Sigma Finance 1.512%, 11/29/04		651		651
Total Commercial Paper				49,510
Corporate Obligations – 12.4%
Allstate Life Global 1.780%, 10/14/05		2,614		2,614
1.750%, 10/14/05		653		653
Bayer Landbank NY 1.830%, 6/24/05		2,483		2,483
Blue Heron Funding Ltd 1.850%, 5/18/05		732		732
Castle Hill III 1.910%, 9/15/15		784		784
Depfa Bank PLC 1.860%, 6/15/05		1,306		1,306
Duke Funding VI 1.320%, 4/08/05		1,581		1,581
General Electric Capital Corporation 1.838%, 10/07/05		1,308		1,308
Jackson National Life 1.760%, 4/15/05		1,307		1,307
Jefferson Pilot 1.788%, 8/17/05		1,307		1,307
Liquid Funding Ltd 1.840%, 6/28/05		1,176		1,176

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Mid Cap Index Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Merrill Lynch 1.696%, 10/01/05	$	2,614	$	2,614
Metlife Global Funding 1.800%, 10/14/05		1,568		1,568
1.880%, 10/28/05		1,098		1,098
Morgan Stanley 1.850%, 12/26/08		1,307		1,307
Natexis Banq NY 1.920%, 7/12/05		1,437		1,437
Northlake CDO Ltd 1.895%, 3/07/05		784		784
Premium Asset Trust 1.848%, 12/22/04		980		980
1.760%, 5/13/05		1,829		1,829
1.740%, 6/01/05		3,894		3,894
1.770%, 10/14/05		1,045		1,045
REMAC 1.840%, 9/29/05		1,437		1,437
RMAC 1.740%, 6/12/05		1,508		1,508
SMM Trust 2004 1.833%, 9/23/05		2,431		2,431
Societe Generale NYC 1.960%, 12/08/04		2,614		2,614
Svenska Handl 1.170%, 10/21/04		1,307		1,307
Total Corporate Obligations				41,104
Other Short-Term Investments – 3.2%
ARLO III Ltd 2.000%, 9/28/05		3,920		3,920
Commonwealth Life 2.115%, 12/31/04 (d)		1,319		1,319
General Electric Capital Assurance 1.980%, 1/19/05		523		523
HBOS Treasury Services 1.640%, 11/01/05		1,437		1,437
Security Life Denver 1.900%, 12/30/04		3,398		3,398
Total Other Short-Term Investments				10,597
Repurchase Agreements – 15.7%
Bear Stearns 2.045%, dated 9/30/04, matures 10/01/04, repurchase price $2,613,709 (collateralized by various securities: Total market value $2,667,288)		2,614		2,614
Bear Stearns 2.060%, dated 9/30/04, matures 12/23/04, repurchase price $787,837 (collateralized by various securities: Total market value $800,029)		784		784
Citibank 1.945%, dated 9/30/04, matures 10/01/04, repurchase price $5,227,403 (collateralized by corporate securities: Total market value $5,535,267)		5,227		5,227
Citibank 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $1,306,850 (collateralized by various securities: Total market value $1,335,877)		1,307		1,307

Mid Cap Index Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Citibank 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $1,306,850 (collateralized by various securities: Total market value $1,332,933)	$	1,307	$	1,307
Greenwich Capital Markets 1.950%, dated 9/30/04, matures 10/01/04, repurchase price $7,841,105 (collateralized by U.S. government securities: Total market value $7,997,596)		7,841		7,841
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $1,829,595 (collateralized by various securities: Total market value $1,886,077)		1,829		1,829
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $784,112 (collateralized by various securities: Total market value $808,338)		784		784
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $784,112 (collateralized by various securities: Total market value $808,338)		784		784
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $1,960,280 (collateralized by corporate securities: Total market value $2,020,804)		1,960		1,960
Goldman Sachs 1.425%, dated 9/30/04, matures 10/18/04, repurchase price $3,269,278 (collateralized by corporate securities: Total market value $3,333,642)		3,267		3,267
Goldman Sachs 1.480%, dated 9/30/04, matures 10/18/04, repurchase price $1,961,621 (collateralized by various securities: Total market value $2,020,805)		1,960		1,960
Goldman Sachs 2.205%, dated 9/30/04, matures 3/07/05, repurchase price $1,319,426 (collateralized by corporate securities: Total market value $1,333,467)		1,307		1,307
Lehman Brothers 2.055%, dated 9/30/04, matures 10/01/04, repurchase price $5,227,418 (collateralized by collateralized mortgage obligations: Total market value $5,331,663)		5,227		5,227
Lehman Brothers 1.910%, dated 9/30/04, matures 10/01/04, repurchase price $7,841,096 (collateralized by U.S. government securities: Total market value $7,997,620)		7,840		7,840
Lehman Brothers 1.935%, dated 9/30/04, matures 10/01/04, repurchase price $5,227,401 (collateralized by collateralized mortgage obligations: Total market value $5,747,649)		5,227		5,227
Merrill Lynch 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $2,613,700 (collateralized by corporate securities: Total market value $2,744,295)		2,614		2,614
Total Repurchase Agreements (Cost $51,879)				51,879

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

FIRST AMERICAN FUNDS Annual Report 2004

Mid Cap Index Fund (concluded)

DESCRIPTION	VALUE (000)
Total Investments Purchased with Proceeds from Securities Lending (Cost $153,090)	$	153,090
Total Investments – 147.3% (Cost $461,483)		487,643
Other Assets and Liabilities, Net – (47.3)%		(156,468	)
Total Net Assets – 100.0%	$	331,175

* Non-income producing security

(a) This security or a portion of this security is out on loan at September 30, 2004. Total loaned securities had a market value of $148,685,304 at September 30, 2004. See note 2 in Notes to Financial Statements.

(b) Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase. See note 2 in Notes to Financial Statements.

(c) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this Fund. See note 3 in Notes to Financial Statements.

(d) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.

Cl – Class

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

Description				Number of Contracts				Market Value Covered By Contracts				Settlement Month				Unrealized Appreciation
S&P Mid Cap 400 Futures Contracts purchased					18			$	5,349			Dec. 04				$	21

Small Cap Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.8%
Consumer Discretionary – 14.7%
1-800 Contacts*		1,298	$	20
1-800 Flowers*		3,695		31
4Kids Entertainment*		2,306		47
99 Cents Only Stores* (a)		8,170		116
A.C. Moore Arts & Crafts*		2,296		57
Aaron Rents (a)		6,333		138
Action Performance		2,586		26
Advanced Marketing Services		2,374		26
ADVO		5,063		157
Aeropostale*		9,251		242
Aftermarket Technology*		2,003		25
Alliance Gaming*		8,585		129
Alloy* (a)		5,605		21
Ambassadors Group		1,336		36
AMC Entertainment*		5,220		100
American Greetings, Cl A* (a)		10,595		266
America's Car-Mart*		942		32
Ameristar Casinos		1,905		58
Applica*		3,269		13
Arbitron*		5,160		189
Arctic Cat		2,294		60
Argosy Gaming*		4,353		171
ArvinMeritor		11,580		217
Asbury Automotive Group*		1,870		25
Avatar Holdings*		770		33
Aztar*		5,760		153
Bandag		1,794		79
Bassett Furniture		1,652		31
Beasley Broadcast Group*		898		14
Beazer Homes USA (a)		2,284		244
Bebe Stores		1,000		21
Big 5 Sporting Goods*		3,809		87
BJs Restaurants*		1,810		29
Blair		1,359		38
Blount International*		986		13
Blue Nile*		630		21
Bluegreen*		2,710		30
BLYTH		4,750		147
Bob Evans Farms		5,872		159
Boca Resorts, Cl A*		3,994		74
Bombay Company*		5,931		43
Bon-Ton Stores		270		3
Boyd Gaming (a)		7,598		214
Brookfield Homes		2,487		66
Brookstone*		3,343		63
Brown Shoe		3,023		76
Buckle		1,128		31
Buffalo Wild Wings*		950		27
Building Materials Holding		2,241		62
Burlington Coat Factory		2,930		62
Cache*		1,590		24
California Pizza Kitchen*		3,301		72
Callaway Golf		11,225		119
Carmike Cinemas		1,262		44
Carters*		1,100		30
Casual Male Retail Group*		4,692		25
Catalina Marketing, Cl C		8,700		201
Cato, Cl A		3,118		69
CBRL Group (a)		7,900		285
CEC Entertainment*		6,236		229
Champion Enterprise*		11,760		121
Charlotte Russe Holding*		1,938		22
Charming Shoppes*		19,199		137
Charter Communications, Cl A* (a)		44,944		120
Cherokee		1,054		25

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Children's Place Retail Stores*		2,968	$	71
Christopher & Banks		6,267		100
Churchill Downs		1,277		50
Circle Group Holdings*		3,350		6
CKE Restaurants* (a)		8,632		95
Coachmen Industries		2,354		37
Coldwater Creek* (a)		3,658		76
Cole National*		2,255		62
Collins & Aikman*		6,392		27
Conns*		1,160		16
Cooper Tire & Rubber (a)		10,766		217
Cosi*		3,430		18
Cost Plus* (a)		3,646		129
Courier		1,073		45
Cross Media Marketing* (b)		1,203		-
Crown Media Holdings, Cl A*		2,428		20
CSK Auto*		7,767		103
CSS Industries		1,163		36
Cumulus Media, Cl A*		8,225		118
Dave & Busters*		1,850		35
Deb Shops		649		16
Deckers Outdoor* (a)		1,490		51
Department 56*		2,207		36
DHB Industries*		3,407		48
Dicks Sporting Goods*		5,032		179
Dominion Homes*		700		17
Dover Downs Gaming & Entertainment		1,689		17
Dover Motorsports		2,601		11
Dress Barn*		3,264		57
Drew Industries*		1,190		43
Drugstore.com*		7,390		25
Electronics Boutique Holdings* (a)		1,937		66
Emmis Communications, Cl A* (a)		8,178		148
Empire Resorts*		1,430		11
Entravision Communications*		8,050		61
Escalade		1,310		18
Ethan Allen Interiors (a)		5,500		191
Exide Technologies*		3,340		53
Finish Line, Cl A		3,025		94
Fisher Communications*		977		47
Fleetwood Enterprises* (a)		8,948		136
Fred's		6,526		117
Furniture Brands International (a)		8,690		218
GameStop*		2,459		46
Gander Mountain*		1,020		20
Gaylord Entertainment*		5,089		158
Genesco* (a)		3,637		86
Goodyear Tire & Rubber* (a)		25,393		273
Goody's Family Clothing		3,142		26
Gray Television		7,491		89
Grey Global Group		140		139
Group 1 Automotive* (a)		3,252		89
GSI Commerce*		3,230		28
Guess?*		2,483		44
Guitar Center* (a)		4,067		176
Gymboree*		5,097		73
Hancock Fabrics		3,151		38
Handleman		3,843		79
Harris Interactive*		8,170		54
Hartmarx*		4,640		34
Haverty Furniture		3,097		54
Hayes Lemmerz International*		6,300		64
Hibbett Sporting Goods*		3,903		80
Hollinger International		9,576		166
Hollywood Entertainment*		8,781		87
Hooker Furniture		1,146		32
Hot Topic* (a)		8,046		137
IHOP (a)		3,409		130

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Information Holdings*		1,973	$	54
Insight Communications*		7,495		66
Insight Enterprises*		8,077		136
Interactive Data*		6,130		115
Interface, Cl A*		7,388		59
Isle of Capri Casinos*		2,255		44
J Jill Group*		2,963		59
Jack in the Box*		6,091		193
JAKKS Pacific*		4,227		97
Jarden*		4,538		166
Jo-Ann Stores*		3,147		88
JOS A Bank Clothiers* (a)		1,705		47
Journal Communications		3,370		59
Journal Register*		7,004		132
K2*		6,935		99
Kellwood		4,529		165
Kenneth Cole Productions		1,395		39
Keystone Automotive Industries*		2,533		56
Kimball International		3,502		49
Kirkland's*		1,851		17
Krispy Kreme Doughnuts* (a)		9,160		116
K-Swiss, Cl A (a)		4,312		83
La Quinta (REIT)*		31,352		245
Lakes Entertainment* (a)		2,560		27
Landry's Restaurants		3,588		98
La-Z-Boy (a)		8,780		133
LeapFrog Enterprises* (a)		4,580		93
Levitt, Cl A		2,559		60
Libbey		2,178		41
Liberty		2,408		96
Life Time Fitness		5,620		144
Lifetime Hoan		1,060		16
Lin TV, Cl A* (a)		4,477		87
Linens 'N Things* (a)		7,529		174
Lithia Motors		2,385		51
LKQ*		2,430		44
LodgeNet Entertainment*		2,182		29
Lone Star Steakhouse & Saloon		2,544		66
M/I Homes		2,021		86
Magna Entertainment*		6,288		34
Marcus		3,288		64
Marine Products		1,440		26
MarineMax*		1,937		44
Martha Stewart Living* (a)		1,946		31
Mediacom Communications*		11,788		77
Men's Wearhouse* (a)		5,277		153
Meritage Homes*		1,770		139
MicroAge* (b)		3,579		-
Midas*		2,582		42
Modine Manufacturing		3,968		119
Monaco Coach		4,359		94
Monro Muffler Brake*		1,563		34
Movado Group		2,538		43
Movie Gallery		4,435		78
MTR Gaming Group*		3,874		36
Multimedia Games*		3,944		61
National Presto Industries*		783		33
Nautilus Group (a)		4,775		108
Navarre*		3,490		51
Navigant International* (a)		2,957		48
Nevada Gold & Casinos*		1,360		16
Nexstar Broadcasting Group, Cl A*		1,680		14
Noble International		1,060		19
Oakley		3,449		41
Orbitz* (a)		2,040		55

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

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
OshKosh B' Gosh, Cl A		1,111	$	22
O'Charley's*		3,541		58
Overstock.com*		1,814		67
Oxford Industries		2,216		83
P. F. Chang's China Bistro* (a)		4,271		207
Palm Harbor Homes*		1,584		27
Panera Bread, Cl A* (a)		4,734		178
Papa John's International*		1,942		60
Party City*		1,908		28
Paxson Communications*		7,566		10
Payless ShoeSource* (a)		11,358		115
PC Mall*		1,300		20
Penn National Gaming*		5,339		216
Pep Boys – Manny Moe & Jack (a)		9,630		135
Perry Ellis International*		1,025		23
PetMed Express*		1,640		8
Phillips Van-Heusen		4,045		90
Pinnacle Entertainment*		5,930		82
Playboy Enterprises, Cl B*		3,264		33
Priceline.com* (a)		3,986		88
Prime Hospitality*		6,300		77
PRIMEDIA*		22,021		52
ProQuest* (a)		3,997		103
Provide Commerce*		730		15
Pulitzer		1,396		69
Quiksilver* (a)		9,420		239
R.H. Donnelley*		3,760		186
RARE Hospitality International*		5,669		151
RC2*		2,751		91
Reader's Digest Association, Cl A		16,520		241
Reading International, Cl A*		2,407		19
Red Robin Gourmet Burgers*		1,996		87
Regent Communication*		5,813		33
Rent-Way*		4,376		30
Restoration Hardware*		4,393		23
Retail Ventures*		2,210		17
Rush Enterprises*		970		11
Russ Berrie and Company		1,339		27
Russell		4,775		80
Ryans Restaurant Group*		7,632		113
Saga Communications, Cl A*		2,724		46
Salem Communications*		1,600		41
Sauer-Danfoss		1,680		29
Scholastic*		5,040		156
Scientific Games*		12,768		244
SCP Pool		8,899		238
Select Comfort*		6,078		111
Sharper Image*		1,960		42
Shoe Carnival*		1,228		14
Shopko*		4,736		82
Shuffle Master* (a)		3,869		145
Sinclair Broadcast Group, Cl A		7,468		55
Six Flags*		15,524		84
Skechers USA*		3,312		48
Skyline		1,134		45
Sonic*		9,908		254
Sonic Automotive, Cl A		4,615		93
Source Interlink Companies*		3,281		32
Spanish Broadcasting System*		6,168		61
Speedway Motorsports		2,468		82
Sports Authority* (a)		3,714		86
Sports Resorts International*		367		1
Stage Stores*		3,128		107
Stamps.com*		2,708		36
Standard Motor Products		2,008		30
Stanley Furniture		937		41

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Steak 'N Shake*		4,258	$	73
Stein Mart*		4,130		63
Steinway Musical Instruments*		1,124		31
Steven Madden*		2,179		38
Stoneridge*		2,379		34
Strattec Security*		618		38
Stride Rite		6,523		67
Sturm, Ruger & Company		3,531		32
Sunterra*		3,100		30
Superior Industries (a)		3,534		106
Systemax*		1,610		9
TBC*		3,297		74
Technical Olympic USA		1,917		54
Tempur-Pedic International*		3,080		46
Tenneco Automotive* (a)		6,992		92
Thomas Nelson		1,678		33
Thor Industries		5,978		158
TiVo* (a)		7,620		50
Too*		5,741		104
Tower Automotive* (a)		9,684		20
Tractor Supply*		5,188		163
Trans World Entertainment*		3,875		38
Triarc, Cl B		5,962		68
Tuesday Morning* (a)		4,299		133
Tupperware (a)		7,503		127
UniFirst		1,506		43
United Auto Group		3,200		80
Universal Electronics*		2,331		39
Vail Resorts*		3,273		59
Valassis Communications* (a)		8,700		257
Value Line		210		8
ValueVision Media*		3,000		40
Visteon (a)		21,602		173
Warnaco Group, Cl A*		7,659		170
WCI Communities* (a)		5,645		132
WESCO International*		3,003		73
West Marine*		2,238		48
Weyco Group		450		17
William Lyon Homes*		701		62
Winnebago Industries (a)		4,332		150
WMS Industries* (a)		3,237		83
Wolverine World Wide (a)		6,644		167
World Wrestling Entertainment		2,135		26
Yankee Candle* (a)		8,292		240
Young Broadcasting, Cl A*		2,694		29
Zale* (a)		8,854		249
				24,800
Consumer Staples – 2.7%
Alico		593		25
American Italian Pasta (a)		2,674		70
Arden Group, Cl A		216		18
Boston Beer, Cl A*		1,140		29
Cal-Maine Foods (a)		2,500		27
Casey's General Stores		8,339		155
Central European Distribution*		1,957		44
Central Garden & Pet*		2,816		86
Chattem*		2,693		87
Chiquita Brands International*		6,795		118
Coca-Cola Bottling		1,134		61
Corn Products International		6,081		280
Darling International*		11,020		47
Del Laboratories*		814		27
Delta & Pine Land		6,307		169
DIMON		7,527		44
Elizabeth Arden*		3,739		79

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Farmer Brothers		1,250	$	33
Flowers Foods		5,929		153
Great Atlantic & Pacific Tea*		2,758		17
Hain Celestial Group*		5,063		90
Hansen Natural*		1,000		24
Ingles Markets, Cl A		1,520		18
Inter Parfums		841		11
J & J Snack Foods*		1,254		54
John B. Sanfilippo & Son*		1,048		27
Lancaster Colony		4,040		170
Lance		4,278		69
Longs Drug Stores		5,038		122
M & F Worldwide*		1,695		22
Mannatech		2,370		33
Maui Land & Pineapple*		542		17
MGP Ingredients		1,320		13
Nash-Finch		2,055		65
National Beverage*		1,740		14
Natures Sunshine Product		1,588		24
NeighborCare*		6,271		159
Nu Skin Enterprises (a)		8,773		206
Omega Protein*		992		8
Pantry*		1,940		49
Pathmark Stores*		5,021		24
Peets Coffee & Tea*		1,964		46
Performance Food Group*		7,740		183
Playtex Products*		5,800		37
Ralcorp Holdings*		4,882		176
Rayovac*		5,746		151
Revlon*		24,357		61
Robert Mondavi, Cl A*		1,572		62
Ruddick		5,509		108
Sanderson Farms		1,722		58
Seaboard		58		34
Smart & Final*		2,085		35
Standard Commercial		2,135		34
Star Scientific* (a)		4,547		27
Topps		5,913		58
United Natural Foods*		6,614		176
Universal		4,194		187
Usana Health Sciences*		1,678		58
Vector Group (a)		4,365		66
WD-40 Company		2,846		81
Weis Markets		1,521		52
Wild Oats Markets*		4,829		42
Winn-Dixie Stores* (a)		13,710		42
				4,562
Energy – 5.5%
Atlas America*		380		8
Atwood Oceanics*		1,811		86
Berry Petroleum, Cl A		3,015		111
Brigham Exploration*		4,230		40
Cabot Oil & Gas (a)		5,491		247
Cal Dive International* (a)		6,378		227
Callon Petroleum*		2,090		26
Carbo Ceramics		2,119		153
Cheniere Energy*		3,350		66
Cimarex Energy* (a)		6,907		241
Clayton Williams Energy*		844		18
Comstock Resources*		5,783		121
Delta Petroleum*		3,140		41
Denbury Resources*		9,127		232
Dril-Quip*		1,083		24
Edge Petroleum*		2,160		34
Encore Acquisition*		3,997		138

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Energy Partners*		4,170	$	68
Forest Oil* (a)		8,400		253
Frontier Oil		3,932		93
FX Energy* (a)		4,710		43
Giant Industries*		1,760		43
Global Industries*		13,553		84
Grey Wolf*		31,093		152
Gulf Island Fabrication		1,336		30
GulfMark Offshore*		2,407		39
Hanover Compressor* (a)		12,823		172
Harvest Natural Resources*		5,996		100
Helmerich & Payne		8,110		233
Holly		3,250		83
Hornbeck Offshore Services* (a)		1,010		17
Houston Exploration* (a)		2,286		136
Hydril*		2,692		116
Input/Output* (a)		10,628		110
KCS Energy*		8,163		114
Key Energy Services*		21,790		241
KFX* (a)		7,536		58
Lone Star Technologies*		4,804		182
Lufkin Industries		1,088		40
Magnum Hunter Resources*		14,478		167
Magnum Hunter Resources Warrant*		1,160		-
Matrix Service*		2,864		15
Maverick Tube*		7,066		218
McMoRan Exploration* (a)		2,204		29
Meridian Resource*		10,160		90
Mission Resources*		6,770		43
Newpark Resources*		13,988		84
NS Group*		3,057		57
Oceaneering International*		4,164		153
Offshore Logistics*		3,372		116
Oil States International* (a)		4,851		91
Overseas Shipholding Group		4,485		223
Parker Drilling*		15,735		58
Penn Virginia		3,044		121
Petroleum Development*		2,715		119
Plains Exploration & Production* (a)		12,856		307
Quicksilver Resources*		4,924		161
Range Resources (a)		11,273		197
Remington Oil & Gas*		3,607		95
Resource America, Cl A		2,477		58
RPC		1,588		28
Seabulk International*		972		10
SEACOR Holdings*		3,099		145
Southwestern Energy* (a)		6,020		253
Spinnaker Exploration* (a)		4,189		147
St. Mary Land & Exploration		4,768		190
Stone Energy*		3,842		168
Superior Energy Services*		9,047		117
Swift Energy*		4,625		111
Syntroleum*		4,680		33
Tesoro Petroleum* (a)		10,937		323
Tetra Technologies*		3,727		116
TODCO* (a)		4,240		74
TransMontaigne*		3,458		20
Unit* (a)		6,290		221
Universal Compression Holdings*		2,875		98
Veritas DGC*		5,678		129
Vintage Petroleum		8,481		170
W-H Energy Services*		4,086		85
Whiting Petroleum*		3,460		105
World Fuel Services		1,687		60
				9,225

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

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Financials – 22.2%
1st Source		1,968	$	50
21st Century Insurance Group		3,694		49
ABC Bancorp		1,630		33
Acadia Realty Trust (REIT)		4,092		60
Accredited Home Lenders Holdings* (a)		2,725		105
Ace Cash Express*		1,500		39
Advanta, Cl B		3,278		79
Affiliated Managers Group* (a)		4,068		218
Affirmative Insurance Holdings*		2,800		44
Affordable Residential Communities		4,120		60
Alabama National		2,178		130
Alexander's (REIT)*		427		85
Alexandria Real Estate Equities		3,234		213
Alfa		5,506		77
AMCORE Financial		4,191		119
American Equity Investment Life Holding*		3,590		34
American Financial Realty (a)		18,300		258
American Home Mortgage Investment (REIT)		5,791		162
American Medical Security Group*		1,976		63
American Physicians Capital*		1,423		44
American West Bancorp*		1,708		32
AmerUS Group, Cl A (a)		6,369		261
AMLI Residential Properties Trust (REIT)		4,219		129
Anchor Bancorp		3,288		85
Anthracite Capital (REIT)		8,883		99
Anworth Mortgage Asset (REIT)		7,452		85
Apollo Investment		10,350		146
Arbor Realty Trust		1,170		26
Argonaut Group*		4,136		77
Arrow Financial		1,483		45
Ashford Hospitality Trust		3,340		31
Asta Funding		1,550		25
Baldwin & Lyons, Cl B		1,340		34
BancFirst		538		34
Bancorp Bank*		1,150		23
BancorpSouth		12,890		296
BancTrust Financial Group		1,427		27
Bank Mutual		13,144		158
Bank of Granite		2,259		44
Bank of the Ozarks		1,774		53
BankAtlantic Bancorp		7,096		130
BankUnited Financial*		4,438		129
Banner		1,687		50
Bedford Property Investors (REIT)		2,421		73
Berkshire Hills Bancorp		894		33
Beverly Hills Bancorp		2,210		23
BFC Financial*		1,150		13
BioMed Realty Trust		5,240		92
BKF Capital Group		910		27
Boston Private Financial Holdings (a)		4,555		114
Brandywine Realty Trust (REIT) (a)		7,937		226
Bristol West Holdings		2,520		43
Brookline Bancorp		9,852		154
Bryn Mawr Bank		1,174		24
Camden National		1,288		44
Capital Automotive (REIT)		5,196		162
Capital City Bank Group		1,484		57
Capital Corporation of the West		752		32
Capital Crossing Bank*		710		18
Capital Lease Funding		3,780		42
Capital Southwest		460		35
Capital Trust		1,620		47
Capitol Bancorp		1,701		50
Capstead Mortgage (REIT) (a)		2,522		31
CarrAmerica Realty (a)		8,700		284

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Cascade Bancorp		2,775	$	54
Cash America International		4,733		116
Cathay General Bancorp		7,126		265
Cedar Shopping Centers		2,750		38
Center Financial		1,602		30
Central Coast Bancorp*		1,493		30
Central Pacific Financial		4,947		136
Century Bancorp, Cl A		584		19
Ceres Group*		5,030		27
Charter Financial		665		23
CharterMac		7,027		155
Chemical Financial		3,995		146
Chittenden		7,676		209
Citizens* (a)		4,887		29
Citizens Banking		7,231		236
Citizens First Bancorp		1,424		36
City Bank		1,288		45
City Holdings		2,790		92
Clark*		2,695		36
Clifton Savings Bancorp		2,290		27
CNA Surety*		2,596		28
Coastal Financial		2,173		31
CoBiz (a)		2,145		35
Colonial Properties Trust (REIT)		3,164		127
Columbia Bancorp – Maryland		969		28
Columbia Banking System		2,338		56
Commerce Group		3,850		186
Commercial Capital Bancorp		6,066		138
Commercial Federal		6,797		183
Commercial Net Lease Realty (REIT)		8,616		157
Community Bank System		4,510		113
Community Banks		1,781		52
Community First Bankshares		5,947		191
Community Trust Bancorp		1,807		56
CompuCredit*		3,112		58
Consolidated-Tomoka Land		943		33
Cornerstone Realty Income Trust (REIT)		8,366		82
Corporate Office Properties Trust (REIT)		5,669		145
Correctional Properties Trust (REIT)		1,834		50
Corus Bankshares		2,596		112
Cousins Properties		5,990		206
Crawford & Company		2,143		14
Credit Acceptance*		1,780		34
CRT Properties		4,480		96
CVB Financial		6,115		136
Danielson Holding*		7,650		47
Delphi Financial Group		4,121		166
Dime Community Bancshares		5,164		87
Direct General		2,640		76
Donegal Group, Cl A		1,050		20
Downey Financial (a)		3,270		180
East West Bancorp		8,388		282
EastGroup Properties (REIT)		3,501		116
Education Lending Group* (a)		2,090		31
EMC Insurance Group		368		8
Encore Capital Group*		2,020		38
Enstar Group*		532		26
Entertainment Properties Trust (REIT) (a)		3,924		148
Equity Inns (REIT)		7,582		75
Equity One (REIT)		5,668		111
eSPEED, Cl A*		4,019		40
Essex Property Trust (REIT)		3,815		274
F.N.B		7,720		171
F.N.B. – Virginia		1,207		32
Farmers Capital Bank		1,005		34
FBL Financial Group, Cl A		2,072		54

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Federal Agricultural Mortgage, Cl C*		1,406	$	31
FelCor Lodging Trust (REIT)*		9,355		106
Fidelity Bankshares		2,198		82
Financial Federal* (a)		2,884		108
Financial Institutions		1,345		30
First Acceptance		3,410		24
First Bancorp – North Carolina		1,241		42
First Bancorp of Puerto Rico		5,740		277
First Busey		2,214		42
First Cash Financial Services*		1,960		39
First Charter		4,995		121
First Citizens Bancshares, Cl A		1,015		120
First Commonwealth Financial – Pennsylvania		11,073		151
First Community Bancorp		2,175		89
First Community Bancshares – Nevada		1,670		55
First Federal Capital		3,327		101
First Financial – Indiana		2,258		71
First Financial Bancorp – Ohio		5,854		100
First Financial Bankshares		2,280		92
First Financial Holdings		2,007		63
First Indiana		1,971		40
First Industrial Realty Trust (REIT) (a)		6,644		245
First Merchants		3,090		76
First Midwest Bancorp		7,510		260
First National Bankshares of Florida		7,986		196
First Niagara Financial Group (a)		14,047		188
First Oak Brook Bancshares		1,121		35
First of Long Island		570		24
First Place Financial		2,274		45
First Republic Bank – California (a)		2,166		100
First State Bancorp – New Mexico		1,274		40
FirstBank Fractional Shares (c)		-		-
FirstFed Financial*		2,833		138
Flagstar Bancorp		5,244		112
Flushing Financial		2,824		54
FPIC Insurance Group* (a)		1,340		35
Franklin Bank*		1,770		30
Frontier Financial		2,699		95
G B & T Bancshares		1,477		33
Gabelli Asset Management		1,103		47
Gables Residential Trust (REIT)		4,879		167
GATX		8,227		219
German American		1,547		26
Getty Realty (REIT)		2,929		77
Glacier Bancorp (a)		4,088		119
Gladstone Capital		1,282		29
Glenborough Realty Trust (REIT)		4,644		96
Glimcher Realty Trust (REIT)		5,922		144
Global Signal		8,440		193
Gold Banc		6,686		90
Government Properties Trust		3,220		31
Great American Financial Resources		1,208		18
Great Southern Bancorp		1,726		54
Greater Bay Bancorp (a)		8,568		246
Greenhill & Company*		840		20
Hancock Holding		4,638		147
Hanmi Financial		2,458		74
Harbor Florida Bancshares		3,474		108
Harleysville Group		2,158		45
Harleysville National		4,428		109
Harris & Harris Group*		2,590		27
Healthcare Realty Trust (REIT)		7,710		301
Heartland Financial USA		1,660		31
Heritage Property Investment Trust (REIT)		4,534		132
Highland Hospitality		5,770		66
Highwoods Properties (REIT)		8,652		213

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Hilb, Rogal & Hobbs (a)		4,932	$	179
Home Properties (REIT)		5,466		216
Horace Mann Educators		7,127		125
Horizon Financial		1,540		30
Hudson River		5,066		96
IBERIABANK		1,050		61
IMPAC Mortgage Holdings (REIT)		11,017		290
Independence Holdings		765		14
Independent Bank		2,457		76
Independent Bank – Michigan		3,097		84
Infinity Property & Casualty		3,449		102
Innkeepers USA Trust (REIT)		5,451		68
Integra Bank		2,552		55
Interchange Financial Services		1,836		44
Investment Technology Group*		7,315		112
Investors Real Estate Trust (REIT)		6,866		69
Irwin Financial		2,925		76
ITLA Capital*		888		41
Jones Lang LaSalle*		5,322		176
Kansas City Life Insurance		618		26
K-Fed Bancorp*		950		14
Kilroy Realty (REIT) (a)		4,741		180
Kite Realty Group Trust		2,860		38
KNBT Bancorp		5,100		86
Knight Trading Group* (a)		19,521		180
Kramont Realty Trust (REIT)		4,019		75
LaBranche*		8,830		75
Lakeland Bancorp		2,862		47
Lakeland Financial		972		33
LandAmerica Financial Group		3,158		144
Lasalle Hotel Properties (REIT)		4,628		128
Lexington Corporate Properties Trust (REIT)		8,039		175
LNR Property (a)		2,860		177
LTC Properties (REIT) (a)		2,458		44
Luminent Mortgage Capital		6,090		77
Macatawa Bank		1,543		43
MAF Bancorp		4,573		197
Maguire Properties		5,670		138
Main Street Banks		2,271		69
MainSource Financial Group		1,556		32
Manufactured Home Communities (REIT) (a)		3,666		122
Marlin Business Services*		990		19
MB Financial		3,217		128
MBT Financial		2,408		47
MCG Capital		5,091		88
Mercantile Bank		1,201		42
MeriStar Hospitality (REIT)*		16,091		88
Metris*		5,380		53
MFA Mortgage Investments (REIT)		12,688		117
Mid-America Apartment Communities (REIT)		2,973		116
Midland		1,512		41
Mid-State Bancshares		3,932		101
Midwest Banc Holdings		1,799		35
Mission West Properties (REIT)		2,968		31
Nara Bancorp		3,068		62
NASB Financial		510		20
National Financial Partners		5,570		199
National Health Investors (REIT)		3,641		104
National Penn Bancshares		5,743		147
National Western Life Insurance, Cl A*		361		59
Nationwide Health Properties (REIT)		10,589		220
Navigators Group*		1,432		42
NBC Capital		1,029		26
NBT Bancorp		5,495		129
Nelnet*		1,350		30
NetB@nk		8,901		89

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

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
New Century Financial		4,740	$	285
Newcastle Investment (REIT)		5,669		174
Northwest Bancorp		3,149		71
NovaStar Financial (REIT) (a)		4,172		182
NYMAGIC		550		12
Oak Hill Financial		580		20
OceanFirst Financial		1,493		36
Ocwen Financial* (a)		6,370		58
Ohio Casualty*		10,232		214
Old National Bancorp		11,070		275
Old Second Bancorp		2,236		63
Omega Financial		1,275		44
OMEGA Healthcare Investors (REIT)		7,736		83
Oriental Financial Group		2,829		77
Origen Financial		1,370		10
Orleans Homebuilders*		516		12
Pacific Capital Bancorp		7,586		224
Park National		2,210		281
Parkway Properties (REIT)		1,831		85
Partners Trust Financial Group		5,159		53
Peapack-Gladstone Financial		1,209		37
Penn-America Group		1,602		22
PennFed Financial Services		941		29
PennRock Financial Savings		1,283		36
Pennsylvania (REIT)		5,245		203
Peoples Bancorp – Ohio		1,771		47
Peoples Holding Company		1,497		49
PFF Bancorp		2,070		79
Philadelphia Consolidated Holding*		2,977		164
Phoenix Companies (a)		15,787		164
Piper Jaffray Companies*		3,310		131
PMA Capital*		4,509		34
Post Properties (REIT)		6,338		190
Prentiss Properties Trust (REIT)		7,049		254
Presidential Life		3,553		61
Price Legacy (REIT)		3,664		69
PrivateBancorp		2,742		74
ProAssurance*		4,648		163
Prosperity Bancshares		2,766		74
Provident Bancorp		6,611		78
Provident Bankshares		5,430		182
Provident Financial Holdings		742		22
Provident Financial Services		12,946		223
PS Business Parks (REIT)		2,629		105
R&G Financial		4,641		179
RAIT Investment Trust (REIT)		4,077		112
Ramco-Gershenson Properties Trust (REIT) (a)		2,376		64
Realty Income (REIT)		6,310		284
Redwood Trust (REIT) (a)		2,672		167
Republic Bancorp		10,678		164
Republic Bancorp, Cl A – Kentucky		1,359		32
Rewards Network*		2,664		18
Riggs National (a)		2,648		59
RLI		3,733		140
Royal Bancshares of Pennsylvania, Cl A		713		17
S Y Bancorp		1,976		45
S&T Bancorp		3,952		141
Safety Insurance Group		1,669		37
Sanders Morris Harris Group		1,830		22
Sandy Spring Bancorp		2,422		79
Santander Bancorp		876		22
Saul Centers (REIT)		2,191		72
SCBT Financial		1,289		38
Seacoast Banking		1,932		41
Security Bank		778		27
Selective Insurance Group		4,627		172

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Senior Housing Properties Trust (REIT) (a)		8,946	$	159
Signature Bank*		930		25
Silicon Valley Bancshares*		5,895		219
Simmons First National, Cl A		2,449		63
Smithtown Bancorp		870		22
Southern Community Financial		2,480		28
Southside Bancshares		1,557		32
Southwest Bancorp – Oklahoma		1,784		39
Southwest Bancorp of Texas (a)		11,458		231
Sovran Self Storage (REIT)		2,481		97
State Auto Financial		2,248		65
State Bancorp		1,350		31
State Financial Services, Cl A		962		26
Sterling Bancorp		2,247		61
Sterling Bancshares		7,474		101
Sterling Financial – Pennsylvania		3,587		96
Sterling Financial – Washington*		4,164		147
Stewart Information Services		2,840		112
Stifel Financial*		1,206		24
Suffolk Bancorp		1,816		55
Summit Properties (REIT)		4,685		127
Sun Bancorp – New Jersey*		1,618		35
Sun Communities (REIT)		2,688		105
Susquehanna Bancshares		7,683		189
SWS Group		2,421		39
Tanger Factory Outlet Centers (REIT)		2,270		102
Tarragon Realty Investors* (a)		1,486		19
Taubman Centers (REIT)		8,297		214
Taylor Capital Group		646		16
Tejon Ranch*		1,267		48
Texas Capital Bancshares*		4,540		82
Texas Regional Bancshares, Cl A		6,852		213
TierOne		3,101		72
Tompkins Trustco		1,162		54
Town & Country Trust (REIT)		2,910		74
Tradestation Group*		3,131		19
Trammell Crow*		5,464		86
Triad Guaranty*		1,559		86
TriCo Bancshares		1,870		39
TrustCo Bank Corporation of New York		11,917		153
Trustmark		7,490		233
U.S. Restaurant Properties (REIT)		3,342		56
UICI		6,303		206
UMB Financial		2,519		120
Umpqua Holdings (a)		7,295		165
Union Bankshares		1,448		45
United Bankshares		5,960		207
United Community Banks		4,746		115
United Community Financial		4,503		51
United Fire & Casualty		1,204		69
United PanAm Financial*		774		14
Universal American Financial*		4,843		63
Universal Health Realty Income Trust (REIT)		1,958		59
Univest Corporation of Pennsylvania		1,270		52
Unizan Financial		3,628		100
Urstadt Biddle Properties, Cl A (REIT)		3,514		54
USB Holding		2,116		53
USB Holding Company Fractional Share (c)		–		–
USI Holdings*		5,879		80
Vesta Insurance Group		6,020		27
Virginia Commerce Bancorp*		1,136		31
Virginia Financial Group		1,199		39
Washington Real Estate Investment Trust (REIT)		6,967		211
Washington Trust Bancorp		2,203		58
Waypoint Financial		4,995		138
WesBanco		2,946		86

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
West Bancorp		2,815	$	47
West Coast Bancorp – Oregon		2,507		52
Westamerica Bancorporation		5,180		284
Western Sierra Bancorp*		1,072		36
Westfield Financial		810		19
Wilshire Bancorp*		1,120		34
Winston Hotels (REIT)		3,870		41
Wintrust Financial		3,375		193
World Acceptance*		2,684		62
WSFS Financial		1,001		50
Yardville National Bancorp		1,454		42
Zenith National Insurance		1,774		75
				37,396
Health Care – 12.8%
Abaxis*		2,910		38
Abgenix* (a)		13,567		134
ABIOMED*		2,540		22
Able Laboratories* (a)		2,727		52
Adolor*		6,481		73
Advanced Medical Optics* (a)		5,955		236
Advanced Neuromodulation Systems*		3,349		102
Advancis Pharmaceuticals*		1,400		11
Advisory Board*		2,948		99
Aksys* (a)		1,344		6
Albany Molecular Research* (a)		3,875		37
Alderwoods Group*		6,671		66
Alexion Pharmaceuticals*		4,512		81
Align Technology*		8,687		133
Alkermes* (a)		14,958		173
Alliance Imaging*		2,094		16
Allscripts Healthcare Solutions* (a)		4,570		41
Alpharma, Cl A		6,553		120
AMEDISYS*		2,180		65
America Service Group*		1,180		48
American Healthways*		4,822		140
American Medical Systems*		4,213		153
AMERIGROUP*		4,125		232
AMN Healthcare Services*		1,915		23
Amsurg, Cl A*		5,048		107
Analogic (a)		1,829		76
Animas*		710		11
Antigenetics*		4,236		26
Applera*		12,179		142
Apria Healthcare Group*		8,330		227
Ariad Pharmaceuticals*		8,724		58
Array Biopharma*		3,980		28
Arrow International (a)		3,086		92
Arthrocare*		3,547		104
Aspect Medical Systems*		2,047		37
AtheroGenics* (a)		6,180		204
Atrix Laboratories*		3,657		112
Avant Immunotherapeutics*		12,402		21
Axonyx*		8,550		48
Barrier Therapeutics*		1,090		13
Bentley Pharmaceuticals*		2,565		27
Beverly Enterprises*		17,894		135
BioCryst Pharmaceuticals*		2,730		14
Bioenvision*		3,530		28
Biolase Technology (a)		3,583		29
BioMarin Pharmaceutical*		10,744		56
Bio-Rad Laboratories, Cl A*		2,900		148
Bio-Reference Labs*		1,290		18
Biosite* (a)		2,158		106
BioVeris*		3,424		21
Bone Care International*		2,607		63

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Bradley Pharmaceuticals* (a)		2,259	$	46
Bruker BioSciences*		3,570		12
CancerVax* (a)		2,760		22
Candela*		3,208		37
Caraco Pharmaceutical Laboratories*		1,510		12
Cardiac Science*		12,239		23
CardioDynamics International*		6,011		28
Cell Genesys*		7,457		67
Cell Therapeutics* (a)		9,256		63
Centene*		3,381		144
Cepheid*		6,965		60
Cerner* (a)		4,749		205
Chemed		2,027		113
Ciphergen Biosystems*		3,864		15
Closure Medical*		1,149		16
Computer Programs & Systems		959		19
Conceptus*		4,252		39
CONMED*		4,966		131
Connetics*		5,240		142
Corcept Therapeutics*		750		6
Corgentech* (a)		1,280		22
Corixa*		9,293		39
Corvel*		1,056		31
Cross Country Healthcare*		3,833		59
CTI Molecular Imaging*		5,194		42
Cubist Pharmaceuticals*		6,713		66
CuraGen*		7,184		40
Curis*		6,920		31
CV Therapeutics* (a)		5,259		66
Cyberonics* (a)		2,889		59
Cypress Biosciences*		4,900		57
Cytogen*		2,590		27
Cytokinetics*		1,260		17
Datascope		1,856		69
deCODE Genetics*		8,010		60
Dendreon*		9,643		81
Dendrite International*		6,024		97
DepoMed* (a)		3,520		18
Diagnostic Products		3,498		143
Digene*		2,342		61
Discovery Laboratories*		7,799		52
Diversa*		3,947		33
DJ Orthopedics*		2,982		53
DOV Pharmaceutical*		2,356		40
Durect* (a)		5,064		7
DUSA Pharmaceuticals*		2,500		29
Dyax*		4,370		33
Dynavax Technologies*		1,040		6
Eclipsys*		6,181		96
Encore Medical*		5,130		26
Encysive Pharmaceuticals* (a)		9,476		86
Endocardial Solutions*		3,660		42
Enzo Biochem*		4,027		60
Enzon*		7,317		117
EPIX Medical*		3,807		74
eResearch Technology*		7,423		99
Exactech*		1,015		21
Exelixis*		10,509		85
E-Z-EM*		1,100		20
First Health Group*		15,280		246
First Horizon Pharmaceutical*		4,380		88
Genaera*		8,750		34
Genelabs Technologies*		14,690		38
Genencor International*		1,369		22
Genesis HealthCare*		3,315		101
Genta*		10,118		27

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

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Gentiva Health Services*		4,213	$	69
Geron*		7,524		45
GTx*		910		11
Guilford Pharmaceuticals* (a)		7,331		37
Haemonetics*		3,151		103
Hanger Orthopedic Group*		3,575		18
HealthExtras*		2,769		39
Hollis-Eden Pharmaceuticals*		2,299		25
Hologic*		3,403		66
Hooper Holmes		9,553		43
Human Genome Sciences*		21,650		236
ICU Medical* (a)		1,761		46
IDX Systems*		3,463		112
I-Flow*		3,030		44
ILEX Oncology*		6,520		164
Illumina*		4,850		29
Immucor*		4,975		123
Immunicon*		1,010		10
ImmunoGen*		6,107		31
Immunomedics*		7,526		20
Impax Laboratories* (a)		8,115		125
Incyte* (a)		10,185		98
Indevus Pharmaceuticals*		6,902		49
InKine Pharmaceuticals*		8,120		41
Inspire Pharmaceuticals*		6,339		100
Integra LifeSciences* (a)		3,388		109
InterMune*		4,787		56
Intuitive Surgical*		5,593		138
Invacare		4,169		192
Inveresk Research Group*		4,904		181
Inverness Medical Innovations*		2,240		47
Isis Pharmaceuticals*		8,646		42
Isolagen*		3,690		35
Ista Pharmaceuticals*		1,340		16
IVAX Diagnostics*		1,030		6
Kensey Nash*		1,588		42
Keryx Biopharmaceuticals*		3,610		40
Kindred Healthcare*		4,396		107
Kos Pharmaceuticals*		1,992		71
Kosan Biosciences*		3,520		20
K-V Pharmaceutical, Cl A*		5,957		107
Kyphon*		3,880		96
LabOne*		3,098		91
Lannet*		1,156		11
Laserscope*		3,021		61
LCA-Vision		1,720		44
Lexicon Genetics*		10,568		70
LifeCell*		4,740		47
Lifeline Systems*		1,852		45
Lifepoint Hospitals* (a)		6,379		191
Ligand Pharmaceuticals*		12,333		124
Luminex*		4,475		32
Magellan Health Services*		4,490		164
Marshall Edwards*		1,200		11
Matria Healthcare*		1,720		49
Matthews International, Cl A		5,373		182
Maxim Pharmaceuticals* (a)		4,730		13
Maxygen*		3,755		37
Medarex* (a)		13,204		97
MedCath*		1,010		16
Medical Action Industries*		1,357		23
Medical Staffing Network Holdings*		2,027		12
Medicines*		7,964		192
Mentor (a)		7,302		246
Merge Technologies*		1,830		32
Merit Medical Systems*		3,910		59

Small Cap Index Fund (continued)

DESCRIPTION		SHARES		VALUE (000)
Micro Therapeutics*			1,961	$	8
Microtek Medical Holdings*			7,170		23
Mine Safety Appliances			3,596		146
Molecular Devices*	��		2,100		49
Molina Healthcare*			1,730		61
Myogen*			2,330		19
Myriad Genetics*			5,113		87
NABI Biopharmaceuticals*			9,611		129
Nanogen* (a)			5,680		22
National Healthcare			1,123		32
NDCHealth			6,008		96
NeoPharm*			2,872		25
Neose Technologies*			3,953		30
Neurogen*			4,170		27
Nitromed*			1,640		39
Northfield Laboratories* (a)			3,170		42
Noven Pharmaceuticals*			3,898		81
NPS Pharmaceuticals* (a)			6,212		135
Nutraceutical International*			1,170		16
NuVasive*			1,080		11
Nuvelo*			4,729		47
OCA* (a)			7,046		33
Ocular Sciences* (a)			3,248		156
Odyssey Healthcare*			6,105		108
Omnicell*			3,629		48
Onyx Pharmaceuticals* (a)			5,787		249
Option Care			2,210		34
OraSure Technologies*			6,624		42
OrthoLogic*			5,758		41
Orthovita*			7,750		35
Oscient Pharmaceuticals* (a)			10,130		36
Owens & Minor			6,288		160
Pain Therapeutics*			4,307		31
Palatin Technologies*			8,787		26
Palomar Medical Technologies*			2,000		44
Par Pharmaceutical Companies* (a)			5,710		205
PAREXEL International*			4,361		85
PDI*			1,410		38
Pediatrix Medical Group*			4,087		224
Penwest Pharmaceuticals*			2,773		31
Peregrine Pharmaceuticals*			20,982		34
Perrigo			10,203		210
Per-Se Technologies*			3,783		52
Pharmacyclics*			3,270		34
Pharmion*			2,480		128
Pharmos* (a)			14,680		42
PolyMedica			4,386		135
Possis Medical*			2,679		42
POZEN*			4,002		35
Praecis Pharmaceuticals*			8,735		19
Priority Healthcare, Cl B*			4,498		91
Progenics Pharmaceutical*			1,965		29
Province Healthcare* (a)			8,592		180
ProxyMed Pharmacy*			1,000		10
PSS World Medical*			11,251		113
Psychiatric Solutions*			1,650		42
Quidel*			5,272		24
Radiation Therapy Services*			3,750		43
Regeneration Technologies*			3,873		31
Regeneron Pharmaceutical*			6,330		55
RehabCare Group*			2,705		62
Renovis*			1,000		8
Res-Care*			2,910		34
Rigel Pharmaceuticals*			1,670		42
Salix Pharmaceuticals*			6,005		129
Santarus*			1,400		13

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES			VALUE (000)
SciClone Pharmaceuticals*		7,438		$	26
Seattle Genetics*		5,207			34
Select Medical		15,360			206
Serologicals* (a)		4,170			97
SFBC International*		2,334			61
Sierra Health Services* (a)		3,836			184
SOLA International*		5,338			102
Sonic Innovations*		3,070			14
SonoSite*		2,456			64
Specialty Laboratories*		1,331			14
STERIS* (a)		11,650			256
Stewart Enterprises, Cl A*		17,924			125
Sunrise Senior Living* (a)		2,710			95
SuperGen* (a)		7,390			46
SurModics* (a)		2,367			56
Sybron Dental Specialties*		6,429			191
Symbion*		1,380			22
Tanox*		3,962			67
Techne* (a)		6,863			262
Telik*		7,288			163
Tercica*		950			9
Third Wave Technologies*		4,685			32
Thoratec*		7,554			73
Transkaryotic Therapies*		4,888			87
Trimeris*		2,604			39
TriPath Imaging*		4,594			38
TriZetto Group*		5,232			31
United Surgical Partners* (a)		4,692	��		161
United Therapeutics*		3,154			110
Urologix*		2,350			15
Valeant Pharmaceuticals International (a)		13,980			337
Varian*		5,791			219
Ventana Medical Systems*		2,283			115
Ventiv Health*		3,080			52
Vertex Pharmaceuticals* (a)		13,145			138
Viasys Healthcare*		5,138			86
Vicuron Pharmaceuticals*		7,822			115
Vion Pharmaceuticals*		9,240			39
VistaCare, Cl A* (a)		1,502			23
VISX* (a)		8,135			168
Vital Signs		831			27
West Pharmaceutical Services		4,782			100
Wilson Greatbatch Technologies*		3,569			64
Wright Medical Group*		4,431			111
Young Innovations		780			26
ZILA*		7,570			31
Zoll Medical*		1,539			51
ZymoGenetics*		3,237			56
					21,536
Industrials – 13.7%
A. S. V.*		1,302			49
A.O. Smith		2,844			69
AAON*		1,459			25
AAR*		5,377			67
ABM Industries		6,267			126
Aceto		2,662			38
Actuant, Cl A* (a)		3,954			163
Acuity Brands		7,106			169
Administaff*		3,607			42
AirTran Holdings*		14,100			140
Alaska Air Group*		4,935			122
Albany International, Cl A		4,377			130
Alexander & Baldwin		7,099			241
Amerco*		1,550			59
America West Holdings, Cl B* (a)		5,858			32

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
American Superconductor*		4,070	$	51
American Woodmark		1,784		66
Ameron International		1,373		45
Angelica		1,489		37
Apogee Enterprises (a)		4,582		59
Applied Industrial Technology		2,857		102
Applied Signal Technology		1,586		51
Arkansas Best		3,676		135
Armor Holdings*		4,763		198
Artesyn Technologies*		5,736		57
Asset Acceptance Capital*		1,310		22
Astec Industries*		2,361		45
Aviall*		3,935		80
Baldor Electric		5,497		130
Banta (a)		4,152		165
Barnes Group (a)		2,374		65
BE Aerospace*		6,550		60
Bowne & Company		5,842		76
Brady, Cl A		3,035		148
Bright Horizons Family Solutions*		2,205		120
C&D Technologies		4,876		93
Capstone Turbine*		13,890		21
Cascade		1,776		49
Casella Waste Systems*		3,279		39
CDI		2,057		42
Central Freight Lines*		1,430		9
Central Parking		3,089		41
Century Business Services*		10,541		47
Ceradyne*		2,663		117
Charles River Associates*		1,699		65
Circor International		2,564		50
CLARCOR		4,087		195
Coinstar* (a)		3,558		83
Color Kinetics*		2,980		38
Comfort Systems USA*		6,420		42
CompX International*		570		9
Consolidated Graphics*		1,887		79
Continental Airlines, Cl B*		11,051		94
Cornell Companies*		2,222		28
Corrections Corporation of America*		5,861		207
CoStar Group*		2,676		132
Covenant Transport, Cl A*		1,453		28
Cubic		2,610		60
CUNO*		2,826		163
Curtiss-Wright		3,486		200
Delta Air Lines* (a)		17,870		59
DiamondCluster, Cl A*		3,900		48
Dollar Thrifty Automotive*		4,225		103
DRS Technologies*		3,954		148
Ducommun*		1,215		27
Duratek*		1,700		30
Dycom Industries*		8,093		230
EDO		2,611		72
EGL* (a)		5,969		181
Electro Rent*		3,005		33
ElkCorp		3,292		91
EMCOR Group*		2,528		95
Encore Wire*		2,644		35
Energy Conversion Devices*		3,359		45
Engineered Support Systems (a)		3,714		170
Ennis Business Forms		2,731		58
EnPro Industries*		3,456		83
ESCO Technologies*		2,161		146
Esterline Technologies*		3,368		103
Exponent*		1,000		28
ExpressJet Holdings*		6,536		65

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

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Exult*		8,403	$	44
Federal Signal (a)		8,026		149
First Advantage*		520		8
Flanders*		2,180		19
Florida East Coast Industries, Cl A		3,349		126
Flowserve*		9,050		219
FLYi* (a)		7,570		30
Forward Air* (a)		3,586		144
Franklin Electric		2,702		107
Frontier Airlines*		5,929		46
FTI Consulting* (a)		7,105		134
FuelCell Energy* (a)		7,050		72
G & K Services, Cl A		2,911		116
Gardner Denver*		3,298		91
GenCorp		6,608		90
General Binding*		1,001		14
General Cable*		6,919		74
Genesee & Wyoming, Cl A*		2,816		71
Genlyte Group*		2,031		131
Geo Group*		1,572		32
GEVITY HR		3,952		61
Global Power Equipment*		5,645		42
Gorman-Rupp		1,353		28
Granite Construction		5,555		133
Greenbrier Companies*		947		23
Greg Manning Auctions*		840		9
Griffon* (a)		4,069		86
Healthcare Services Group		2,480		45
Heartland Express (a)		7,577		140
HEICO		3,252		57
Heidrick & Struggles International*		2,790		80
Herley Industries*		1,910		36
Hexcel*		3,664		51
Hub Group*		1,200		45
Hudson Highland Group*		1,665		49
IDEX		8,028		273
II-VI*		1,869		65
Imagistics International*		2,781		93
Innovative Solutions and Support*		1,160		28
Insituform Technologies, Cl A*		4,458		83
Insurance Auto Auctions*		1,445		25
Integrated Electrical Services*		5,484		26
Intermagnetics General*		4,666		108
Intersections*		1,180		17
Invision Technologies*		2,912		131
Ionics* (a)		3,069		83
Jacuzzi Brands*		12,579		117
JLG Industries		7,380		124
John H. Harland		4,625		145
Joy Global (a)		8,484		292
Kadant*		2,383		44
Kaman		3,402		41
Kansas City Southern Industries*		10,040		152
Kaydon (a)		4,493		129
Kelly Services, Cl A		2,936		78
Kennametal		5,900		266
Kforce*		4,260		36
Kirby*		3,620		145
Knight Transportation*		6,112		131
Korn/Ferry International*		5,216		95
KVH Industries*		2,404		17
Labor Ready*		6,902		97
Laidlaw International*		17,330		285
Landstar* (a)		4,970		292
Lawson Products		730		30
Layne Christensen*		1,640		25

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Learning Tree International*		1,465	$	21
LECG*		2,180		37
Lennox International (a)		7,396		110
Lincoln Electric Holdings		5,614		176
Lindsay Manufacturing		1,895		51
LSI Industries		3,292		34
MagneTek*		3,950		30
Manitowoc		4,454		158
Marten Transport*		1,530		27
MasTec*		3,917		21
McGrath Rentcorp		1,609		59
Medis Technologies* (a)		2,167		24
MemberWorks* (a)		982		26
Mercury Computer Systems* (a)		3,541		95
Mesa Air Group*		5,292		27
Microvision*		3,110		18
Middleby*		740		39
Milacron* (a)		4,590		14
Mobile Mini*		2,400		60
Moog, Cl A*		4,345		158
MTC Technologies*		1,204		33
Mueller Industries		5,571		239
NACCO Industries, Cl A		785		68
Navigant Consulting*		7,658		168
NCI Building Systems*		3,245		104
NCO Group*		4,507		121
Nordson		4,431		152
Northwest Airlines* (a)		12,474		102
NuCo2*		1,140		22
Old Dominion Freight Lines*		2,750		79
Orbital Sciences*		8,124		93
Overnite		4,670		147
PAM Transportation Services*		1,786		34
Pacer International* (a)		4,610		76
Penn Engineering & Manufacturing		1,793		33
Perini*		1,126		16
Pico Holdings*		1,336		25
Pinnacle Airlines*		3,240		33
Plug Power*		8,085		52
Portfolio Recovery Associates*		2,023		59
Powell Industries*		1,137		19
Power-One*		10,660		69
Pre-Paid Legal Services*		1,744		45
PRG-Schultz International*		6,840		39
Princeton Review*		2,755		21
Quality Distribution*		1,390		8
Quanta Services*		12,021		73
Quixote		1,257		24
RailAmerica*		6,137		68
Raven Industries		1,294		58
Regal-Beloit		3,913		95
Reliance Steel & Aluminum		4,706		187
Republic Airways Holdings*		830		7
Resources Connection*		3,856		146
Robbins & Myers		1,811		40
Rollins		3,257		79
Schawk		1,511		22
School Specialty*		3,757		148
SCS Transportation*		2,481		47
Sequa, Cl A*		1,036		54
Shaw Group* (a)		10,552		127
SI International*		840		18
Simpson Manufacturing (a)		2,939		186
SITEL*		9,720		21
SkyWest		9,839		148
Sotheby's Holdings, Cl A*		7,622		120

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
SOURCECORP*		2,692	$	60
Spherion*		10,076		79
Standard Register		1,733		18
Standex International		1,969		48
Stewart & Stevenson Services		4,795		85
Strayer Education		2,467		284
Swift Transportation* (a)		8,280		139
Sypris Solutions		1,128		15
Tecumseh Products, Cl A		2,648		111
Teledyne Technologies*		5,420		136
Teletech Holdings* (a)		6,279		59
Tennant		1,603		65
Terex* (a)		8,231		357
Tetra Tech* (a)		9,332		118
Thomas & Betts* (a)		9,802		263
Thomas Industries		2,423		76
Toro (a)		3,794		259
TRC*		1,518		28
Tredegar		4,619		84
Trex*		1,718		76
Trinity Industries (a)		6,125		191
Triumph Group*		2,642		89
U.S. Xpress Enterprises*		964		18
Ultralife Batteries*		2,340		24
United Industrial		1,774		58
United Rentals* (a)		7,196		114
United Stationers*		5,646		245
Universal Forest Products		2,716		93
Universal Technical Institute*		2,360		71
URS*		5,238		140
USF (a)		4,628		166
USG* (a)		5,746		105
Valence Technology* (a)		9,043		31
Valmont Industries		2,288		48
Vicor		3,192		32
Volt Information Sciences*		1,322		38
Wabash National* (a)		4,525		124
Wabtec		6,326		118
Walter Industries		3,930		63
Washington Group International*		4,213		146
Waste Connections*		7,721		245
Water Pik Technologies*		1,660		25
Watsco		3,719		112
Watson Wyatt & Company Holdings		5,378		141
Watts Water Technologies, Cl A		3,965		106
Werner Enterprises (a)		8,000		154
Woodward Governor		1,619		109
York International (a)		6,584		208
				23,124
Information Technology – 16.8%
24/7 Real Media*		3,630		14
Accelrys*		4,068		27
Actel*		4,294		65
ActivCard*		7,045		43
Actuate*		8,630		30
Adaptec*		18,210		138
ADE*		1,580		27
Advanced Digital Information*		10,711		93
Advanced Energy Industries*		3,766		35
Advent Software* (a)		3,938		66
Aeroflex*		11,008		116
Agile Software*		8,707		69
Agilysys		4,789		83
Airspan Networks*		5,140		28
Alliance Semiconductor*		3,401		12

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Altiris*		3,464	$	110
AMIS Holdings*		5,210		70
Anaren*		3,448		46
Anixter International* (a)		4,723		166
Ansoft*		1,223		19
AnswerThink*		7,510		40
ANSYS*		2,564		128
Anteon International*		4,320		158
Applied Films*		2,458		44
aQuantive*		7,927		76
Ariba*		9,982		93
Arris Group* (a)		14,514		76
Artisan Components*		3,845		112
Ascential Software*		9,894		133
AsiaInfo Holdings*		5,892		29
Aspect Communication*		6,784		67
Aspen Technology* (a)		6,891		48
Asyst Technologies*		7,837		40
Atari*		1,539		2
Atheros Communications*		1,550		16
ATMI* (a)		5,210		107
Audiovox*		2,868		48
August Technology*		2,960		20
Authentidate Holding*		4,830		29
Autobytel*		6,932		62
Avanex*		13,297		27
Axcelis Technologies* (a)		16,591		137
BEI Technologies		1,851		51
Bel Fuse		1,820		60
Belden CDT		7,819		170
Benchmark Electronics* (a)		6,849		204
BISYS Group*		20,090		294
Black Box (a)		2,695		100
Blue Coat Systems*		1,500		22
Borland Software*		13,479		113
Brightpoint*		3,070		53
Brocade Communications Systems* (a)		43,290		245
Brooks Automation*		7,435		105
Cabot Microelectronics* (a)		4,142		150
CACI International, Cl A* (a)		4,859		256
California Micro Devices*		3,520		27
Captaris*		5,360		23
Carreker*		3,380		26
Carrier Access*		3,340		23
Catapult Communications*		1,035		19
CCC Information Services Group*		2,120		38
C-COR.net*		7,178		61
Checkpoint Systems*		6,061		94
Cherokee International*		1,180		10
Chordiant Software*		12,870		37
CIBER*		8,511		64
Cirrus Logic* (a)		14,082		67
Clarus*		2,210		19
CMGI*		62,891		76
CNET Networks*		21,282		195
Cognex		6,669		175
Coherent*		5,038		131
Cohu		3,578		53
CommScope* (a)		8,706		188
CompuCom Systems*		3,624		17
Comtech Telecommunications*		2,377		64
Concord Communications*		3,048		27
Concur Technologies*		4,368		46
Corillian*		5,410		25
Covansys*		3,350		39
Cray*		14,298		50

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

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Credence Systems* (a)		14,241	$	103
CSG Systems International*		9,004		139
CTS		6,024		76
CyberGuard*		2,856		17
CyberOptics*		1,240		19
CyberSource*		4,560		22
Cymer* (a)		6,137		176
Daktronics*		2,406		59
DDi*		4,350		22
Digi International*		3,580		41
Digimarc*		2,578		23
Digital Insight* (a)		5,854		80
Digital River*		5,319		158
Digital Theater Systems*		2,800		51
DigitalNet Holdings*		1,020		31
Digitas*		8,959		69
Diodes*		1,191		31
Dionex*		2,994		164
Ditech Communications*		4,740		106
Dot Hill Systems*		7,241		58
DoubleClick* (a)		19,260		114
Drexler Technology* (a)		1,623		15
DSP Group*		4,870		103
DuPont Photomasks*		2,447		42
E.piphany*		12,683		51
Eagle Broadband* (a)		33,710		24
EarthLink*		23,052		237
Echelon*		4,674		37
eCollege.com*		2,654		26
eFunds*		7,983		148
Electro Scientific Industries*		4,700		82
Electronics for Imaging* (a)		8,947		145
Embarcadero Technologies*		3,542		30
Emulex*		13,720		158
Entegris*		7,279		61
Enterasys Networks*		35,059		56
Entrust*		10,609		27
Epicor Software*		6,928		83
EPIQ Systems* (a)		2,281		36
Equinix*		1,620		50
ESS Technology* (a)		5,592		38
Euronet Worldwide*		3,749		70
Exar* (a)		6,827		97
Excel Technologies*		1,995		52
Extreme Networks* (a)		18,019		80
F5 Networks* (a)		5,746		175
FactSet Research Systems (a)		3,400		164
FalconStor Software* (a)		4,403		33
FARO Technologies*		1,760		36
FEI* (a)		3,976		79
FileNet*		6,499		113
FindWhat.com* (a)		4,271		80
Finisar* (a)		27,604		36
FormFactor* (a)		4,630		90
Forrester Research*		2,275		35
FSI International*		4,980		21
Gartner, Cl A*		11,432		134
Gateway* (a)		37,170		184
Genesis Microchip*		5,352		72
Global Imaging Systems*		3,852		120
Harmonic*		11,990		80
Helix Technology		4,163		57
Homestore*		18,853		44
Hutchinson Technology* (a)		4,159		111
Hypercom*		8,501		63
Hyperion Solutions* (a)		6,514		221

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Identix*		14,724	$	98
iGATE*		3,474		13
Imation		5,710		203
Inet Technologies*		3,889		49
Infocrossing* (a)		2,620		41
InFocus*		6,609		61
Informatica*		14,308		84
InfoSpace* (a)		5,330		253
infoUSA*		5,310		47
INTAC International*		1,310		11
Integrated Device Technology* (a)		17,590		168
Integrated Silicon Solution*		5,956		43
InterCept*		2,763		52
InterDigital Communications*		9,270		151
Intergraph*		6,095		166
InterNAP Network Services*		39,460		26
Internet Capital Group*		6,350		41
Internet Security Systems* (a)		6,789		115
Inter-Tel		3,430		74
Intervideo*		1,430		17
InterVoice*		5,997		65
Interwoven*		6,748		49
Intevac*		2,790		18
Intrado*		2,879		29
Iomega*		7,902		37
iPass*		7,370		44
iPayment*		1,755		70
Itron*		3,323		58
iVillage*		5,250		31
IXIA*		4,415		43
IXYS*		3,134		22
J2 Global Communications*		3,140		99
JDA Software*		4,295		46
Jupitermedia*		2,610		46
Keane* (a)		8,428		129
Keithley Instruments		2,099		37
KEMET*		14,424		117
Keynote Systems*		2,568		36
Kintera*		1,110		10
Komag*		4,589		64
Kopin*		11,697		48
Kronos*		5,182		230
Kulicke & Soffa*		8,485		48
Landauer		1,362		64
Lattice Semiconductor*		18,883		93
Lawson Software*		9,272		52
Leadis Technology*		4,590		52
LeCroy*		1,300		22
Lexar Media*		11,814		99
Lionbridge Technologies*		7,777		67
Littelfuse*		3,686		127
LookSmart*		15,938		23
LTX*		10,164		55
Macrovision* (a)		8,230		198
Magma Design Automation*		4,113		62
Manhattan Associates*		5,034		123
ManTech International*		2,806		53
Manugistics Group*		9,161		22
MAPICS*		4,238		38
MapInfo*		3,370		36
Marchex*		690		9
MarketWatch.com*		1,740		22
MatrixOne*		8,726		44
Mattson Technology*		6,661		51
Maximus*		3,117		90
Maxwell Technologies*		1,770		18

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
McDATA, Cl A*		19,610	$	99
Measurement Specialties*		1,780		44
Mentor Graphics* (a)		11,685		128
Merix*		3,010		31
Methode Electronics, Cl A		5,648		72
Metrologic Instruments*		1,748		28
Micrel*		11,419		119
Micromuse*		13,060		48
Micros Systems*		2,685		134
Microsemi*		9,926		140
MicroStrategy*		1,998		82
Microtune*		8,580		45
Midway Games*		7,699		76
Mindspeed Technologies* (a)		16,605		33
MIPS Technologies, Cl A*		6,840		39
MKS Instruments* (a)		5,409		83
Mobility Electronics*		4,120		34
Monolithic System Technology*		3,897		17
MPS Group*		17,540		148
MRO Software*		3,265		33
MRV Communications* (a)		17,620		44
MSC.Software*		4,570		37
MTS Systems		3,368		72
Mykrolis*		6,881		69
National Processing*		1,468		39
Neoforma*		1,542		14
Net2Phone*		5,955		19
Netegrity*		5,478		41
NETGEAR*		3,610		44
NetIQ*		9,518		102
NetRatings*		1,969		35
NetScout Systems*		3,957		21
Network Equip Technologies*		4,000		26
Newport*		7,119		82
NIC*		5,199		28
NMS Communications*		7,760		38
Novatel Wireless*		3,080		72
OmniVision Technologies* (a)		9,362		132
ON Semiconductor* (a)		20,085		63
Open Solutions*		2,190		55
Openwave Systems*		10,726		95
Oplink Communications*		17,841		32
OPNET Technologies*		1,965		20
Opsware* (a)		8,559		48
Optical Communication Products*		3,060		6
OSI Systems*		2,433		39
Overland Storage*		2,281		32
Packeteer*		5,480		59
Palm* (a)		6,979		212
Palmsource*		2,442		51
Paradyne Networks*		6,570		30
Parametric Technology*		44,682		236
Park Electrochemical		2,784		59
Paxar*		5,769		131
PC Connection*		1,202		8
PC-tel*		3,354		28
PDF Solutions*		2,438		30
PEC Solutions*		2,246		26
Pegasus Solutions*		3,884		46
Pegasystems*		1,884		13
Pericom Semiconductor*		3,692		36
Perot Systems, Cl A*		12,692		204
Photon Dynamics* (a)		2,778		56
Photronics* (a)		5,426		90
Pinnacle Systems*		11,488		48
Pixelworks*		6,756		68

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Planar Systems*		2,441	$	27
PLATO Learning*		3,840		34
Plexus*		7,184		79
PLX Technology*		3,590		26
Portal Software*		5,378		15
Power Integrations* (a)		4,601		94
Powerwave Technologies*		17,390		107
Presstek*		4,290		41
Progress Software*		5,253		105
QAD		2,134		15
Quality Systems*		559		28
Quantum* (a)		30,074		69
Quest Software*		8,301		92
RadiSys* (a)		3,126		44
RAE Systems*		5,760		32
RealNetworks* (a)		18,770		87
Redback Networks*		5,206		27
Redback Networks – Warrant* (a)		707		2
REMEC*		10,269		48
Renaissance Learning		1,273		28
Retek*		9,311		42
RF Micro Devices*		32,047		203
Rofin-Sinar Technologies*		2,495		73
Rogers*		2,766		118
RSA Security* (a)		10,306		199
Rudolph Technologies* (a)		2,142		36
S1*		11,775		94
Safeguard Scientifics* (a)		19,974		37
SAFENET* (a)		3,962		105
Sapient*		13,146		100
SBS Technologies*		2,544		31
ScanSoft*		13,475		55
ScanSource*		2,090		133
SeaChange International*		4,085		65
Secure Computing*		5,936		45
SeeBeyond Technologies*		8,274		25
Semitool*		2,713		21
SERENA Software* (a)		4,186		70
SigmaTel*		4,100		87
Silicon Graphics* (a)		43,564		62
Silicon Image*		12,350		156
Silicon Storage Technology*		13,544		86
Siliconix*		976		35
SimpleTech*		3,360		12
SIPEX*		3,305		17
SiRF Technology Holdings*		1,830		26
Skyworks Solutions* (a)		24,978		237
Sohu.com* (a)		3,687		61
Sonic Solutions*		3,120		51
SonicWALL*		9,919		67
Spatialight* (a)		3,920		23
SpectraLink		3,179		30
SPSS*		2,367		32
SRA International, Cl A*		2,168		112
SS&C Technologies		2,264		44
Staktek Holdings*		1,710		7
Standard Microsystems*		3,072		54
StarTek		1,815		57
Stellent*		3,251		25
StorageNetworks* (c)		15,089		-
Stratasys		1,531		48
Stratex Networks		14,048		31
Suntron*		410		2
Supertex*		1,482		29
Supportsoft*		6,057		59
Sycamore Networks*		29,133		110

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

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Sykes Enterprises*		4,179	$	19
Symmetricom*		7,491		71
Synaptics*		3,672		74
SYNNEX*		1,090		19
Syntel		1,224		20
Take-Two Interactive Software* (a)		7,447		245
TALX		2,279		53
TASER International* (a)		4,020		151
Technitrol*		6,734		131
Tekelec* (a)		8,283		138
Terayon Communications*		11,149		24
Terremark Worldwide*		50,100		32
Tessera Technologies*		4,020		89
ThermoGenesis*		7,450		36
THQ* (a)		6,355		124
Tier Technologies*		2,767		27
TippingPoint Technologies*		490		12
Titan*		14,006		196
TNS*		740		14
TransAct Technologies*		1,430		37
Transaction Systems Architects, Cl A*		6,211		115
Transmeta*		24,857		31
Travelzoo* (a)		260		14
Trident Microsystems*		3,130		32
Trimble Navigation* (a)		8,452		267
Tripath Technology*		5,710		10
TriQuint Semiconductor*		22,712		89
TTM Technologies*		6,798		60
Tumbleweed Communications*		7,960		20
Tyler Technologies*		6,122		54
Ulticom*		1,730		26
Ultimate Software Group*		2,740		34
Ultratech*		3,535		55
United Online*		8,887		85
Universal Display*		3,471		29
UNOVA*		8,006		112
ValueClick*		13,199		125
Varian Semiconductor Equipment Associates* (a)		6,061		187
Veeco Instruments*		4,317		91
Verint Systems*		1,946		72
Verity*		4,968		64
Verso Technologies*		22,180		21
ViaSat*		3,474		70
Vignette*		48,189		64
Viisage Technology*		4,600		26
Vitesse Semiconductor*		36,225		99
WatchGuard Technologies*		5,589		26
WebEx Communications*		5,024		110
webMethods*		7,716		41
Websense*		3,827		159
Westell Technologies, Cl A*		8,212		42
Wind River Systems*		11,848		145
Witness Systems*		3,430		55
WJ Communications*		5,280		13
Woodhead Industries		2,025		28
X-Rite		3,304		48
Xybernaut* (a)		29,520		33
Zhone Technologies*		9,049		28
Zix* (a)		3,480		16
Zoran*		7,126		112
Zygo*		2,984		30
				28,361
Materials – 6.2%
A. Schulman		5,028		111
Airgas		10,040		242

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
AK Steel Holdings* (a)		18,145	$	148
Albemarle		5,314		186
Allegheny Technologies		15,905		290
AMCOL International		3,430		66
American Vanguard		830		30
Anchor Glass Container		1,640		13
AptarGroup		6,100		268
Arch Chemicals		3,886		111
Brush Engineered Metals*		3,161		65
Buckeye Technologies*		5,839		65
Calgon Carbon		5,659		41
Cambrex		4,355		96
Caraustar Industries*		4,746		80
Carpenter Technology		3,805		182
Century Aluminum*		2,962		82
Chesapeake		3,253		78
Cleveland-Cliffs* (a)		1,784		144
Coeur D'Alene Mines* (a)		35,807		170
Commercial Metals		4,779		190
Compass Minerals International		2,520		56
Crompton		19,122		181
Crown Holdings* (a)		27,558		284
Cytec Industries		6,490		318
Deltic Timber (a)		1,649		66
Eagle Materials		3,143		224
Ferro		6,990		152
FMC* (a)		6,064		295
Georgia Gulf		4,750		212
Gibraltar Steel		2,613		94
Glatfelter		4,780		59
GrafTech International* (a)		16,870		235
Graphic Packaging*		11,130		72
Great Lakes Chemical		8,465		217
Greif, Cl A		2,290		97
H B Fuller		4,752		130
Headwaters* (a)		5,605		173
Hecla Mining*		20,295		151
Hercules* (a)		18,354		262
IMC Global* (a)		19,326		336
IMCO Recycling*		2,280		26
Kronos Worldwide		517		21
Longview Fibre		8,526		130
MacDermid		4,504		130
Metal Management*		2,800		51
Metals USA*		3,370		60
Millennium Chemicals*		10,845		230
Minerals Technologies		3,425		202
Myers Industries		4,288		47
NewMarket Group*		2,641		55
NL Industries		1,319		24
NN		2,555		29
Octel		2,072		44
Olin		11,125		222
OM Group* (a)		4,730		173
Omnova Solutions*		6,705		40
Oregon Steel Mills*		4,430		74
PolyOne*		16,389		123
Pope & Talbot		2,632		46
Potlatch (a)		4,917		230
Quaker Chemical		1,378		33
Quanex		2,745		141
Rock-Tenn, Cl A		4,877		77
Royal Gold (a)		3,076		53
RTI International Metals*		3,535		68
Ryerson Tull		3,922		67
Schnitzer Steel Industries, Cl A		3,270		106
Schweitzer-Mauduit International		2,504		81
Sensient Technologies (a)		7,806		169

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Silgan Holdings		1,828	$	85
Spartech		4,190		105
Steel Dynamics (a)		6,244		241
Steel Technologies		1,670		43
Stepan		880		21
Stillwater Mining*		6,704		104
Symyx Technologies*		4,696		111
Terra Industries* (a)		6,510		56
Texas Industries (a)		3,529		182
Titanium Metals*		1,050		25
U.S. Concrete*		3,530		22
USEC		13,521		140
Valhi		1,693		25
W R Grace & Company*		10,949		103
Wausau-Mosinee Paper		7,623		127
Wellman		5,327		45
Wheeling-Pittsburgh*		1,350		42
				10,501
Telecommunication Services – 0.9%
AirGate PCS*		1,970		39
Alamosa Holdings*		12,320		94
Alaska Communications Systems Holdings*		1,460		8
Arch Wireless*		2,960		85
AT Road*		5,695		24
Boston Communications Group*		3,061		27
Centennial Communications, Cl A*		1,976		12
Cincinnati Bell*		40,881		143
Commonwealth Telephone Enterprises*		3,505		153
Corvis*		64,958		52
CT Communications		3,010		42
D & E Communications		1,977		23
Dobson Communications, Cl A*		18,369		24
EMS Technologies*		1,789		31
General Communication*		7,582		69
Golden Telecom		2,295		65
Infonet Services, Cl B*		9,263		15
ITC DeltaCom*		2,090		9
Metrocall Holdings* (a)		870		56
Neon Communications* (b)		34,093		-
Network Plus* (b)		1,155		-
North Pittsburgh		2,399		50
Price Communications*		6,696		102
Primus Telecommunications Group* (a)		12,354		18
PTEK Holdings*		10,501		90
SBA Communications*		6,797		48
Shenandoah Telecommunications		1,094		28
SureWest Communications		2,326		67
Talk America Holdings*		4,451		23
Time Warner Telecom, Cl A*		8,283		40
Triton PCS Holdings, Cl A*		6,787		17
UbiquiTel*		11,740		47
Wiltel Communications (c)		4,122		-
Wireless Facilities* (a)		7,903		55
				1,556
Utilities – 3.3%
American States Water		2,554		64
Aquila* (a)		39,322		123
Atmos Energy		9,363		236
Avista		8,075		146
Black Hills (a)		5,408		150
California Water Service		2,842		83
Calpine* (a)		74,070		215
Cascade Natural Gas		1,876		40
Central Vermont Public Service		1,755		35
CH Energy Group		2,512		115

Small Cap Index Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
CLECO		7,935	$	137
CMS Energy*		27,292		260
Connecticut Water Service		1,333		35
Duquesne Light Holdings (a)		11,890		214
El Paso Electric*		7,946		128
Empire District Electric		3,739		77
Energen		6,063		313
EnergySouth		1,129		31
IDACORP		6,377		185
Infrasource Services*		1,440		15
Laclede Group		3,461		101
MGE Energy		3,297		105
Middlesex Water		1,889		34
New Jersey Resources (a)		4,598		190
NICOR (a)		7,060		259
Northwestern Natural Gas		4,561		145
NUI		2,668		36
Otter Tail		3,866		99
People's Energy (a)		6,270		261
Piedmont Natural Gas (a)		6,350		279
PNM Resources (a)		10,083		227
Sierra Pacific Resources* (a)		19,567		175
SJW		1,078		36
South Jersey Industries		2,296		110
Southern Union* (a)		11,068		227
Southern Union Company Fractional Share* (c)		-		-
Southwest Gas		6,375		153
Southwest Water		2,754		34
UIL Holdings		1,932		95
UniSource Energy Holding		5,703		139
WGL Holdings		8,120		229
				5,536
Total Common Stocks (Cost $146,168)				166,597
Short-Term Investments – 4.7%
U.S. Treasury Obligation – 0.4%
U. S. Treasury Bill (d) 1.810%, 03/03/05	$	700		695
Total U.S. Treasury Obligation				695
Affiliated Money Market Fund – 4.3%
First American Prime Obligations Fund, Cl Z (e)		7,255,140		7,255
Total Affiliated Money Market Fund				7,255
Total Short-Term Investments (Cost $7,950)				7,950
Investments Purchased with Proceeds from Securities Lending – 20.8%
Commercial Paper – 6.7%
Bluegrass 1.881%, 5/18/05	$	148		148
1.891%, 8/18/05		117		117
Concord Minutemen Capital 1.650%, 10/01/04		242		242
1.680%, 10/05/04		538		538
1.720%, 10/06/04		398		398
1.740%, 10/14/04		266		266
Descartes Funding Trust 1.760%, 11/15/04		299		299
Ford Credit Floor Plan 1.622%, 10/05/04		597		597
1.526%, 10/06/04		419		419
1.655%, 10/22/04		131		131

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

FIRST AMERICAN FUNDS Annual Report 2004

Small Cap Index Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Goldman Sachs 1.975%, 1/18/05	$	299	$	299
Independence 1.830%, 4/15/05		370		370
Jupiter Securities Corp 1.793%, 10/21/04		1,137		1,137
Lakeside Funding 1.790%, 10/08/04		634		634
Landesbank Baden 1.480%, 11/12/04		119		119
Leaf's LLC 1.821%, 4/20/05		329		329
Liquid Funding Ltd 1.743%, 10/13/04 418 418 1.830%, 5/25/05		299		299
MBNA Credit 1.683%, 10/12/04 291 291 1.764%, 10/26/04		161		161
Main Street Warehouse 1.742%, 10/04/04 395 395 1.683%, 10/04/04 487 487 1.742%, 1 0/08/04 299 299 1.742%, 10/08/04		299		299
Mortgage Interest Network 1.752%, 10/12/04 197 197 1.763%, 10/14/04		209		209
Netexis Banques 1.700%, 12/16/04		298		298
Orchard Park 1.796%, 4/06/05 299 299 1.766%, 7/06/05		617		617
Park Granada LLC
1.622%, 10/01/04		526		526
1.743%, 10/13/04		341		341
Sigma Finance 1.512%, 11/29/04		149		149
Total Commercial Paper				11,328
Corporate Obligations – 5.6%
Allstate Life Global 1.780%, 10/14/05 598 598 1.750%, 10/14/05		150		150
Bayer Landbank NY 1.830%, 6/24/05		568		568
Blue Heron Funding 1.850%, 5/18/05		168		168
Castle Hill III 1.910%, 9/15/15		179		179
Depfa Bank PLC 1.860%, 6/15/05		299		299
Duke Funding VI 1.320%, 4/08/05		362		362
General Electric Capital Corporation 1.838%, 10/07/05		299		299
Jackson National Life 1.760%, 4/15/05		299		299
Jefferson Pilot Co 1.788%, 8/17/05		299		299
Liquid Funding Ltd 1.840%, 6/28/05		269		269
Merrill Lynch 1.696%, 10/01/05		598		598
Metlife Global Funding 1.800%, 10/14/05 359 359 1.880%, 10/28/05		251		251

Small Cap Index Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Morgan Stanley 1.850%, 12/26/08	$	299	$	299
Natexis Banq NY 1.920%, 7/12/05		329		329
Northlake CDO Ltd 1.895%, 3/07/05		179		179
Premium Asset Trust 1.848%, 12/22/04 224 224 1.760%, 5/13/05 419 419 1.740%, 6/01 /05 891 891 1.770%, 10/14/05		239		239
REMAC 1.840%, 9/29/05		329		329
RMAC 1.740%, 6/12/05		345		345
SMM Trust 2004 1.833%, 9/23/05		556		556
Societe Generale NYC 1.960%, 12/08/04		598		598
Svenska Handl 1.170%, 10/21/04		299		299
Total Corporate Obligations				9,405
Other Short-Term Investments – 1.4%
ARLO III Ltd 2.000%, 9/28/05		897		897
Commonwealth Life 2.115%, 12/31/04 (f)		302		302
General Electric Capital Assurance 1.980%, 1/19/05		120		120
HBOS Treasury Services 1.640%, 11/01/05		329		329
Security Life Denver 1.900%, 12/30/04		777		777
Total Other Short-Term Investments				2,425
Repurchase Agreements – 7.1%
Bear Stearns 2.045%, dated 9/30/04, matures 10/01/04, repurchase price $598,016 (collateralized by various securities: Total market value $610,275)		598		598
Bear Stearns 2.060%, dated 9/30/04, matures 12/23/04, repurchase price $180,257 (collateralized by various securities: Total market value $183,046)		179		179
Citibank 1.945%, dated 9/30/04, matures 10/01/04, repurchase price $1,196,028 (collateralized by corporate securities: Total market value $1,266,468)		1,196		1,196
Citibank 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $299,007 (collateralized by various securities: Total market value $305,648)		299		299
Citibank 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $299,007 (collateralized by various securities: Total market value $304,975)		299		299
Greenwich Capital Markets 1.950%, dated 9/30/04, matures 10/01/04, repurchase price $1,794,043 (collateralized by U.S. government securities: Total market value $1,829,848)		1,794		1,794

FIRST AMERICAN FUNDS Annual Report 2004

Schedule of Investments September 30, 2004

Small Cap Index Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $418,611 (collateralized by various securities: Total market value $431,534)	$	419	$	419
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $179,405 (collateralized by various securities: Total market value $184,948)		179		179
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $179,405 (collateralized by various securities: Total market value $184,947)		179		179
Goldman Sachs 2.025%, dated 9/30/04, matures 10/01/04, repurchase price $448,512 (collateralized by corporate securities: Total market value $462,360)		449		449
Goldman Sachs 1.425%, dated 9/30/04, matures 10/18/04, repurchase price $748,010 (collateralized by corporate securities: Total market value $762,737)		747		747
Goldman Sachs 1.480%, dated 9/30/04, matures 10/18/04, repurchase price $448,818 (collateralized by various securities: Total market value $462,360)		448		448
Goldman Sachs 2.205%, dated 9/30/04, matures 3/07/05, repurchase price $301,884 (collateralized by corporate securities: Total market value $305,097)		299		299
Lehman Brothers 2.055%, dated 9/30/04, matures 10/01/04, repurchase price $1,196,032 (collateralized by collateralized mortgage obligations: Total market value $1,219,883)		1,196		1,196
Lehman Brothers 1.910%, dated 9/30/04, matures 10/01/04, repurchase price $1,794,041 (collateralized by U.S. government securities: Total market value $1,829,853)		1,794		1,794
Lehman Brothers 1.935%, dated 9/30/04, matures 10/01/04, repurchase price $1,196,028 (collateralized by collateralized mortgage obligations: Total market value $1,315,061)		1,196		1,196
Merrill Lynch 1.925%, dated 9/30/04, matures 10/01/04, repurchase price $598,014 (collateralized by corporate securities: Total market value $627,894)		598		598
Total Repurchase Agreements (Cost $11,869)				11,869

Small Cap Index Fund (concluded)

DESCRIPTION	VALUE (000)
Total Investments Purchased with Proceeds from Securities Lending (Cost $35,027)	$	35,027
Total Investments – 124.3% (Cost $189,145)		209,574
Other Assets and Liabilities, Net – (24.3)%		(40,980	)
Total Net Assets – 100.0%	$	168,594

* Non-income producing security

(a) This security or a portion of this security is out on loan at September 30, 2004. Total loaned securities had a market value of $33,431,660 at September 30, 2004. See note 2 in Notes to Financial Statements.

(b) Securities considered illiquid investments under guidelines established by the Board of Directors when a trade or bid price is unavailable. As of September 30, 2004, the value of these investments was $2 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(c) Securities considered illiquid investments and are fair valued under guidelines established by the Board of Directors. As of September 30, 2004, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(d) Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at date of purchase. See note 2 in Notes to Financial Statements.

(e) Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc. which also serves as advisor to this Fund. See note 3 in Notes to Financial Statements.

(f) Security has demand features which qualify it as a short term security. The date disclosed is the next put date.

Cl – Class

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

Description				Number of Contracts				Market Value Covered By Contracts				Settlement Month				Unrealized Appreciation
Russell 2000 Index Futures Contracts purchased					5			$	1,435			Dec. 04				$	11

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

FIRST AMERICAN FUNDS Annual Report 2004

(This page has been left blank intentionally.)

Statements of Assets and Liabilities September 30, 2004, in thousands, except for per share data

	Equity Index Fund			Mid Cap Index Fund		Small Cap Index Fund
ASSETS:
Investments in unaffiliated securities, at value*†	$	2,852,591		$	427,868	$	190,450
Investments in affiliated securities, at value**		52,946			7,896		7,255
Repurchase agreements, at value***		289,412			51,879		11,869
Cash****		132			21		6
Receivable for dividends and interest		2,673			208		165
Receivable for investment securities sold		-			2,040		993
Receivable for capital shares sold		2,173			185		85
Receivable for variation margin		-			49		6
Prepaid expenses and other assets		48			33		31
Total assets		3,199,975			490,179		210,860
LIABILITIES:
Payable for investment securities purchased		2,514			2,596		6,988
Payable upon return of securities loaned		854,142			153,111		35,032
Payable for capital shares redeemed		28,811			3,179		197
Payable for variation margin		16			-		-
Payable for advisory, co-administration, and custodian fees		524			109		43
Payable for distribution and shareholder servicing fees		131			7		5
Accrued expenses and other liabilities		18			2		1
Total liabilities		886,156			159,004		42,266
Net assets	$	2,313,819		$	331,175	$	168,594
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,842,540		$	294,248	$	140,983
Undistributed net investment income		51			40		157
Accumulated net realized gain (loss) on investments		(26,552	)		10,706		7,014
Unrealized appreciation of investments		497,914			26,160		20,429
Unrealized appreciation (depreciation) of futures contracts		(134	)		21		11
Net assets	$	2,313,819		$	331,175	$	168,594
* Investments in unaffiliated securities, at cost	$	2,357,564		$	401,708	$	170,021
** Investments in affiliated securities, at cost	$	50,059		$	7,896	$	7,255
*** Repurchase agreements, at cost	$	289,412		$	51,879	$	11,869
**** Includes cash related to securities loaned	$	117		$	21	$	5
† Including securities loaned, at value	$	824,435		$	148,685	$	33,432
Class A:
Net assets	$	234,349		$	11,987	$	8,749
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		11,205			1,013		654
Net asset value, and redemption price per share	$	20.91		$	11.84	$	13.38
Maximum offering price per share (1)	$	22.13		$	12.53	$	14.16
Class B:
Net assets	$	69,828		$	3,133	$	1,494
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		3,379			269		114
Net asset value, offering price, and redemption price per share (2)	$	20.66		$	11.67	$	13.15
Class C:
Net assets	$	30,111		$	2,653	$	1,939
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		1,449			227		146
Net asset value, offering price, and redemption price per share (2)	$	20.78		$	11.70	$	13.26
Class R:
Net assets	$	333		$	1	$	1
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		16			-		-
Net asset value, offering price, and redemption price per share	$	20.91		$	11.83	$	13.31
Class Y:
Net assets	$	1,979,198		$	313,401	$	156,411
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		94,663			26,462		11,647
Net asset value, offering price, and redemption price per share	$	20.91		$	11.84	$	13.43

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

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

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

FIRST AMERICAN FUNDS Annual Report 2004

Statements of Operations For the fiscal year ended September 30, 2004, in thousands

	Equity Index Fund			Mid Cap Index Fund			Small Cap Index Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	109		$	15		$	8
Dividends from affiliated securities		1,194			168			86
Dividends from unaffiliated securities		38,737			3,665			1,739
Securities lending		425			74			48
Other income		318			18			17
Total investment income		40,783			3,940			1,898
EXPENSES:
Investment advisory fees		5,836			800			625
Co-administration fees and expenses (including transfer agency fees)		6,212			875			506
Custodian fees		234			32			16
Directors' fees		54			7			3
Registration fees		55			19			18
Professional fees		107			13			8
Printing		75			10			5
Other		123			3			15
Distribution and shareholder servicing fees – Class A		505			23			15
Distribution and shareholder servicing fees – Class B		749			30			13
Distribution and shareholder servicing fees – Class C		320			25			18
Distribution and shareholder servicing fees – Class R		86			7			6
Total expenses		14,356			1,844			1,248
Less: Fee waivers		(4,058	)		(150	)		(135	)
Total net expenses		10,298			1,694			1,113
Investment income – net		30,485			2,246			785
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FUTURES CONTRACTS – NET:
Net realized gain on unaffiliated investments		4,194			9,956			6,383
Net realized gain on futures contracts		7,968			1,639			1,070
Net change in unrealized appreciation or depreciation of unaffiliated investments		233,457			30,236			15,627
Net change in unrealized appreciation or depreciation of affiliated investments		2,166			-			-
Net change in unrealized appreciation or depreciation of futures contracts		1,118			152			228
Net gain on investments and futures contracts		248,903			41,983			23,308
Net increase in net assets resulting from operations	$	279,388		$	44,229		$	24,093

FIRST AMERICAN FUNDS Annual Report 2004

Statements of Changes in Net Assets in thousands

	Equity Index Fund						Mid Cap Index Fund						Small Cap Index Fund
	10/1/03 to 9/30/04			10/1/02 to 9/30/03			10/1/03 to 9/30/04			10/1/02 to 9/30/03			10/1/03 to 9/30/04			10/1/02 to 9/30/03
OPERATIONS:
Investment income – net	$	30,485		$	24,772		$	2,246		$	1,510		$	785		$	679
Net realized gain (loss) on unaffiliated investments		4,194			(3,233	)		9,956			3,462			6,383			(183	)
Net realized loss on in-kind distributions		-			(663	)		-			-			-			-
Net realized gain on futures contracts		7,968			9,771			1,639			1,471			1,070			702
Net change in unrealized appreciation or depreciation of unaffiliated investments		233,457			327,421			30,236			41,654			15,627			30,354
Net change in unrealized appreciation or depreciation of affiliated investments		2,166			-			-			-			-			-
Net change in unrealized appreciation or depreciation of futures contracts		1,118			1,044			152			313			228			107
Net increase in net assets resulting from operations		279,388			359,112			44,229			48,410			24,093			31,659
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,311	)		(1,752	)		(42	)		(20	)		(15	)		(11	)
Class B		(335	)		(330	)		(1	)		(1	)		-			-
Class C		(141	)		(145	)		(1	)		(1	)		-			(1	)
Class R		(391	)		(570	)		(13	)		(18	)		(7	)		(33	)
Class Y		(27,416	)		(21,115	)		(2,153	)		(1,472	)		(717	)		(639	)
Net realized gain on investments:
Class A		-			-			(99	)		(97	)		(25	)		-
Class B		-			-			(46	)		(41	)		(7	)		-
Class C		-			-			(33	)		(26	)		(10	)		-
Class R		-			-			(76	)		(95	)		(23	)		-
Class Y		-			-			(4,643	)		(5,505	)		(855	)		-
Tax return of capital
Class A		(18	)		-			-			-			-			-
Class B		(3	)		-			-			-			-			-
Class C		(1	)		-			-			-			-			-
Class R		(3	)		-			-			-			-			-
Class Y		(210	)		-			-			-			-			-
Total distributions		(30,829	)		(23,912	)		(7,107	)		(7,276	)		(1,659	)		(684	)
CAPITAL SHARE TRANSACTIONS (1):
Class A:
Proceeds from sales		101,208			25,928			9,000			1,994			6,263			1,423
Reinvestment of distributions		2,238			1,673			139			116			39			11
Payments for redemptions		(45,584	)		(37,906	)		(3,198	)		(1,218	)		(1,649	)		(639	)
Increase (decrease) in net assets from Class A transactions		57,862			(10,305	)		5,941			892			4,653			795
Class B:
Proceeds from sales		4,621			5,525			628			731			446			513
Reinvestment of distributions		329			321			46			41			7			-
Payments for redemptions		(15,132	)		(14,832	)		(304	)		(201	)		(118	)		(131	)
Increase (decrease) in net assets from Class B transactions		(10,182	)		(8,986	)		370			571			335			382
Class C:
Proceeds from sales		4,397			13,645			1,356			843			917			744
Reinvestment of distributions		138			142			33			25			10			1
Payments for redemptions		(9,413	)		(9,354	)		(753	)		(162	)		(476	)		(151	)
Increase (decrease) in net assets from Class C transactions		(4,878	)		4,433			636			706			451			594
Class R:
Proceeds from sales		11,681			27,976			1,049			1,734			1,722			1,887
Reinvestment of distributions		389			549			79			97			29			33
Payments for redemptions		(71,464	)		(27,845	)		(5,895	)		(1,930	)		(5,464	)		(13,558	)
Increase (decrease) in net assets from Class R transactions		(59,394	)		680			(4,767	)		(99	)		(3,713	)		(11,638	)
Class Y:
Proceeds from sales		533,400			890,946			108,384			114,594			91,307			51,061
Reinvestment of distributions		19,144			15,659			3,958			5,064			1,001			372
Payments for redemptions		(556,690	)		(547,725	)		(73,284	)		(117,836	)		(75,927	)		(55,592	)
Increase (decrease) in net assets from Class Y transactions		(4,146	)		358,880			39,058			1,822			16,381			(4,159	)
Increase (decrease) in net assets from capital share transactions		(20,738	)		344,702			41,238			3,892			18,107			(14,026	)
Total increase in net assets		227,821			679,902			78,360			45,026			40,541			16,949
Net assets at beginning of period		2,085,998			1,406,096			252,815			207,789			128,053			111,104
Net assets at end of period	$	2,313,819		$	2,085,998		$	331,175		$	252,815		$	168,594		$	128,053
Undistributed net investment income at end of period	$	51		$	601		$	40		$	21		$	157		$	67

(1) See note 5 in Notes to Financial Statements for additional information.

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

FIRST AMERICAN FUNDS Annual Report 2004

Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains or (Losses) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Equity Index Fund
Class A
	2004	(1)	$	18.70	$	0.23	$	2.22		$	(0.24	)	$	-		$	-	(5)	$	20.91
	2003	(1)		15.31		0.21		3.38			(0.20	)		-			-			18.70
	2002	(1)		19.50		0.18		(4.19	)		(0.18	)		-			-			15.31
	2001	(1)		27.75		0.18		(7.43	)		(0.17	)		(0.83	)		-			19.50
	2000			25.52		0.17		2.91			(0.17	)		(0.68	)		-			27.75
Class B
	2004	(1)	$	18.48	$	0.08	$	2.19		$	(0.09	)	$	-		$	-	(5)	$	20.66
	2003	(1)		15.13		0.08		3.35			(0.08	)		-			-			18.48
	2002	(1)		19.29		0.03		(4.15	)		(0.04	)		-			-			15.13
	2001	(1)		27.49		-		(7.35	)		(0.02	)		(0.83	)		-			19.29
	2000			25.34		-		2.84			(0.01	)		(0.68	)		-			27.49
Class C
	2004	(1)	$	18.59	$	0.08	$	2.20		$	(0.09	)	$	-		$	-	(5)	$	20.78
	2003	(1)		15.23		0.08		3.36			(0.08	)		-			-			18.59
	2002	(1)		19.41		0.03		(4.17	)		(0.04	)		-			-			15.23
	2001	(1)		27.66		-		(7.40	)		(0.02	)		(0.83	)		-			19.41
	2000			25.48		-		2.88			(0.02	)		(0.68	)		-			27.66
Class R (1)
	2004	(2)	$	18.70	$	0.23	$	2.20		$	(0.22	)	$	-		$	-	(5)	$	20.91
	2003			15.30		0.21		3.39			(0.20	)		-			-			18.70
	2002			19.50		0.18		(4.20	)		(0.18	)		-			-			15.30
	2001	(3)		18.80		-		0.70			-			-			-			19.50
Class Y
	2004	(1)	$	18.69	$	0.29	$	2.22		$	(0.29	)	$	-		$	-	(5)	$	20.91
	2003	(1)		15.30		0.25		3.38			(0.24	)		-			-			18.69
	2002	(1)		19.49		0.23		(4.19	)		(0.23	)		-			-			15.30
	2001	(1)		27.74		0.23		(7.42	)		(0.23	)		(0.83	)		-			19.49
	2000			25.51		0.23		2.91			(0.23	)		(0.68	)		-			27.74

(1) Per share data calculated using average shares outstanding method.

(2) Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

(3) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

(4) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

(5) Includes a tax return of capital of less than $0.01.

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

FIRST AMERICAN FUNDS Annual Report 2004

			Total Return (4)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Equity Index Fund
Class A
	2004	(1)		13.12	%	$	234,349		0.62	%		1.13	%		0.79	%		0.96	%		1	%
	2003	(1)		23.58			158,324		0.62			1.22			0.80			1.04			1
	2002	(1)		(20.75	)		139,007		0.62			0.91			0.80			0.73			8
	2001	(1)		(26.95	)		188,410		0.60			0.74			1.14			0.20			6
	2000			12.11			134,180		0.60			0.62			1.14			0.08			16
Class B
	2004	(1)		12.31	%	$	69,828		1.37	%		0.38	%		1.54	%		0.21	%		1	%
	2003	(1)		22.72			71,624		1.37			0.47			1.55			0.29			1
	2002	(1)		(21.40	)		66,835		1.37			0.16			1.55			(0.02	)		8
	2001	(1)		(27.49	)		95,586		1.35			(0.01	)		1.89			(0.55	)		6
	2000			11.25			121,092		1.35			(0.13	)		1.89			(0.67	)		16
Class C
	2004	(1)		12.28	%	$	30,111		1.37	%		0.38	%		1.54	%		0.21	%		1	%
	2003	(1)		22.65			31,330		1.37			0.47			1.55			0.29			1
	2002	(1)		(21.38	)		21,637		1.37			0.16			1.55			(0.02	)		8
	2001	(1)		(27.51	)		29,560		1.35			(0.01	)		1.89			(0.55	)		6
	2000			11.32			34,811		1.35			(0.13	)		1.89			(0.67	)		16
Class R (1)
	2004	(2)		13.00	%	$	333		0.62	%		1.13	%		0.79	%		0.96	%		1	%
	2003			23.66			52,925		0.62			1.22			0.80			1.04			1
	2002			(20.79	)		42,964		0.62			0.93			0.80			0.75			8
	2001	(3)		3.72			38,220		0.72			0.89			1.20			0.41			6
Class Y
	2004	(1)		13.45	%	$	1,979,198		0.37	%		1.38	%		0.54	%		1.21	%		1	%
	2003	(1)		23.89			1,771,795		0.37			1.46			0.55			1.28			1
	2002	(1)		(20.56	)		1,135,653		0.37			1.16			0.55			0.98			8
	2001	(1)		(26.78	)		1,567,607		0.35			0.99			0.89			0.45			6
	2000			12.38			1,400,086		0.35			0.87			0.89			0.33			16

FIRST AMERICAN FUNDS Annual Report 2004

Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains or (Losses) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (9)
Mid Cap Index Fund (1)
Class A
	2004	(2)	$	10.36	$	0.05		$	1.67		$	(0.05	)	$	(0.19	)	$	11.84		16.80	%
	2003	(2)		8.51		0.04			2.08			(0.04	)		(0.23	)		10.36		25.45
	2002	(2)		9.38		0.04			(0.49	)		(0.04	)		(0.38	)		8.51		(5.45	)
	2001	(2)(3)		12.56		0.05			(2.11	)		(0.05	)		(1.07	)		9.38		(17.60	)
	2000	(4)(5)		10.00		0.04			2.56			(0.04	)		-			12.56		26.48
Class B
	2004	(2)	$	10.25	$	(0.03	)	$	1.64		$	-		$	(0.19	)	$	11.67		15.88	%
	2003	(2)		8.44		(0.03	)		2.07			-			(0.23	)		10.25		24.63
	2002	(2)		9.33		(0.03	)		(0.48	)		-			(0.38	)		8.44		(6.07	)
	2001	(2)(3)		12.52		-			(2.12	)		-			(1.07	)		9.33		(18.15	)
	2000	(4)(5)		10.00		(0.01	)		2.56			(0.03	)		-			12.52		25.65
Class C (2)
	2004		$	10.28	$	(0.03	)	$	1.64		$	-		$	(0.19	)	$	11.70		15.83	%
	2003			8.47		(0.03	)		2.07			-			(0.23	)		10.28		24.55
	2002			9.38		(0.02	)		(0.51	)		-			(0.38	)		8.47		(6.22	)
	2001	(6)		9.07		-			0.31			-			-			9.38		3.42
Class R (2)
	2004	(7)	$	10.36	$	0.06		$	1.65		$	(0.05	)	$	(0.19	)	$	11.83		16.62	%
	2003			8.50		0.04			2.09			(0.04	)		(0.23	)		10.36		25.60
	2002			9.38		0.04			(0.50	)		(0.04	)		(0.38	)		8.50		(5.56	)
	2001	(8)		11.07		0.04			(1.67	)		(0.06	)		-			9.38		(14.77	)
Class Y
	2004	(2)	$	10.37	$	0.08		$	1.66		$	(0.08	)	$	(0.19	)	$	11.84		16.97	%
	2003	(2)		8.51		0.06			2.09			(0.06	)		(0.23	)		10.37		25.86
	2002	(2)		9.38		0.06			(0.49	)		(0.06	)		(0.38	)		8.51		(5.23	)
	2001	(2)(3)		12.55		0.08			(2.11	)		(0.07	)		(1.07	)		9.38		(17.34	)
	2000	(4)(5)		10.00		0.08			2.55			(0.08	)		-			12.55		26.62

(1) The financial highlights for the Mid Cap Index Fund as set forth herein include the historical financial highlights of the Firstar Mid Cap Index Fund.
The assets of the Firstar Fund were acquired by the First American Mid Cap Index Fund on September 24, 2001. In connection with such acquisition,
(i) Class A shares of the Firstar Mid Cap Index Fund were exchanged for Class A shares of the First American Mid Cap Index Fund, (ii) Firstar Class B shares
were exchanged for Class B shares of the First American Fund, (iii) Firstar Class Y shares were exchanged for Class S shares (now designated Class R shares)
of the First American Fund, and (iv) Firstar Institutional Class& nbsp;shares were exchanged for Class Y shares of the First American Fund.

(2) Per share data calculated using average shares outstanding method.

(3) For the period November 1, 2000, to September 30, 2001. Effective in 2001, the Fund's fiscal year end was changed from October 31 to September 30.
All ratios for the period have been annualized, except total return and portfolio turnover.

(4) Commenced operations on November 4, 1999. All ratios for the period have been annualized, except total return and portfolio turnover.

(5) For the fiscal period ended October 31.

(6) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

(7) Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

(8) Class of shares has been offered since November 27, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.

(9) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS Annual Report 2004

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Mid Cap Index Fund (1)
Class A
	2004	(2)	$	11,987		0.75	%		0.47	%		0.80	%		0.42	%		14	%
	2003	(2)		5,332		0.75			0.45			0.84			0.36			23
	2002	(2)		3,581		0.75			0.37			0.83			0.29			19
	2001	(2)(3)		2,972		0.75			0.51			0.80			0.46			43
	2000	(4)(5)		1,918		0.75			0.75			0.90			0.60			45
Class B
	2004	(2)	$	3,133		1.50	%		(0.27	)%		1.55	%		(0.32	)%		14	%
	2003	(2)		2,419		1.50			(0.30	)		1.59			(0.39	)		23
	2002	(2)		1,475		1.50			(0.37	)		1.58			(0.45	)		19
	2001	(2)(3)		1,265		1.50			(0.24	)		1.54			(0.28	)		43
	2000	(4)(5)		905		1.50			-			1.65			(0.15	)		45
Class C (2)
	2004		$	2,653		1.50	%		(0.27	)%		1.55	%		(0.32	)%		14	%
	2003			1,756		1.50			(0.30	)		1.59			(0.39	)		23
	2002			795		1.50			(0.37	)		1.58			(0.45	)		19
	2001	(6)		-		-			-			-			-			43
Class R (2)
	2004	(7)	$	1		0.75	%		0.49	%		0.80	%		0.44	%		14	%
	2003			4,134		0.75			0.46			0.84			0.37			23
	2002			3,393		0.75			0.37			0.83			0.29			19
	2001	(8)		4,301		0.75			0.47			0.80			0.42			43
Class Y
	2004	(2)	$	313,401		0.50	%		0.73	%		0.55	%		0.68	%		14	%
	2003	(2)		239,174		0.50			0.71			0.59			0.62			23
	2002	(2)		198,545		0.50			0.63			0.58			0.55			19
	2001	(2)(3)		176,857		0.50			0.75			0.53			0.72			43
	2000	(4)(5)		125,881		0.50			1.00			0.65			0.85			45

FIRST AMERICAN FUNDS Annual Report 2004

Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains or (Losses) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (10)
	Small Cap Index Fund (1)
Class A
	2004	(2)	$	11.47	$	0.04		$	1.98		$	(0.03	)	$	(0.08	)	$	13.38		17.71	%
	2003	(2)		8.55		0.04			2.92			(0.04	)		-			11.47		34.77
	2002	(2)		9.68		0.05			(1.13	)		(0.05	)		-			8.55		(11.28	)
	2001	(2)(3)		12.23		(0.01	)		(1.49	)		-			(1.05	)		9.68		(12.76	)
	2000	(4)		10.18		(0.01	)		2.20			-			(0.14	)		12.23		21.81
	1999	(5)(6)		10.00		-			0.19			(0.01	)		-			10.18		1.86
Class B (2)
	2004		$	11.33	$	(0.06	)	$	1.96		$	-		$	(0.08	)	$	13.15		16.83	%
	2003			8.47		(0.03	)		2.90			(0.01	)		-			11.33		33.87
	2002			9.63		(0.03	)		(1.13	)		-			-			8.47		(12.03	)
	2001	(7)		10.97		(0.01	)		(1.33	)		-			-			9.63		(12.11	)
Class C (2)
	2004		$	11.43	$	(0.06	)	$	1.97		$	-		$	(0.08	)	$	13.26		16.77	%
	2003			8.54		(0.03	)		2.93			(0.01	)		-			11.43		33.94
	2002			9.68		(0.03	)		(1.11	)		-			-			8.54		(11.72	)
	2001	(8)		9.49		-			0.19			-			-			9.68		2.11
Class R
	2004	(2)(9)	$	11.41	$	0.03		$	1.97		$	(0.02	)	$	(0.08	)	$	13.31		17.65	%
	2003	(2)		8.52		0.05			2.88			(0.04	)		-			11.41		34.54
	2002	(2)		9.64		0.05			(1.12	)		(0.05	)		-			8.52		(11.26	)
	2001	(2)(3)		12.19		(0.01	)		(1.49	)		-			(1.05	)		9.64		(12.82	)
	2000	(4)		10.17		(0.01	)		2.18			(0.01	)		(0.14	)		12.19		21.54
	1999	(5)(6)		10.00		-			0.17			-			-			10.17		1.74
Class Y
	2004	(2)	$	11.51	$	0.07		$	1.99		$	(0.06	)	$	(0.08	)	$	13.43		18.02	%
	2003	(2)		8.57		0.07			2.94			(0.07	)		-			11.51		35.23
	2002	(2)		9.70		0.07			(1.13	)		(0.07	)		-			8.57		(11.09	)
	2001	(2)(3)		12.24		0.02			(1.50	)		(0.01	)		(1.05	)		9.70		(12.56	)
	2000	(4)		10.19		0.02			2.19			(0.02	)		(0.14	)		12.24		21.93
	1999	(5)(6)		10.00		0.01			0.19			(0.01	)		-			10.19		2.01

(1) The financial highlights for the Small Cap Index Fund as set forth herein include the historical financial highlights of the Firstar Small Cap Index Fund.
The assets of the Firstar Fund were acquired by the First American Small Cap Index Fund on September 24, 2001. In connection with such acquisition,
(i) Class A shares of the Firstar Small Cap Index Fund were exchanged for Class A shares of the First American Fund, (ii) Firstar Class B shares were exchanged
for Class B shares of the First American Fund, (iii) Firstar Class Y shares were exchanged for Class S shares (now designated Class R shares) of the First American Fund,
and (iv) Firstar Institutional Class shares were exchanged for Class Y shares of the First American Fund.

(2) Per share data calculated using average shares outstanding method.

(4) For the period December 1, 1999, to October 31, 2000. Effective in 2000, the Fund's fiscal year end was changed from November 30 to October 31.
All ratios for the period have been annualized, except total return and portfolio turnover.

(5) Commenced operations on December 30, 1998. All ratios for the period have been annualized, except total return and portfolio turnover.

(6) For the fiscal period ended November 30.

(7) Class of shares has been offered since December 11, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.

(8) Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

(9) Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

(10) Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS Annual Report 2004

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Expenses to Average Net Assets (Excluding Waivers)			Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
	Small Cap Index Fund (1)
Class A
	2004	(2)	$	8,749		0.93	%		0.30	%		1.02	%		0.21	%		25	%
	2003	(2)		3,480		0.93			0.42			1.05			0.30			41
	2002	(2)		1,908		0.93			0.46			1.09			0.30			49
	2001	(2)(3)		341		0.91			(0.07	)		0.94			(0.10	)		102
	2000	(4)		177		0.99			(0.11	)		1.09			(0.21	)		32
	1999	(5)(6)		134		1.00			(0.15	)		1.14			(0.29	)		35
Class B (2)
	2004		$	1,494		1.68	%		(0.46	)%		1.77	%		(0.55	)%		25	%
	2003			993		1.68			(0.33	)		1.80			(0.45	)		41
	2002			424		1.68			(0.29	)		1.84			(0.45	)		49
	2001	(7)		107		1.65			(0.84	)		1.69			(0.88	)		102
Class C (2)
	2004		$	1,939		1.68	%		(0.46	)%		1.77	%		(0.55	)%		25	%
	2003			1,268		1.68			(0.33	)		1.80			(0.45	)		41
	2002			447		1.68			(0.26	)		1.84			(0.42	)		49
	2001	(8)		-		-			-			-			-			102
Class R
	2004	(2)(9)	$	1		0.93	%		0.24	%		0.99	%		0.18	%		25	%
	2003	(2)		3,210		0.93			0.52			1.05			0.40			41
	2002	(2)		13,576		0.93			0.42			1.09			0.26			49
	2001	(2)(3)		13,886		0.88			(0.05	)		0.91			(0.08	)		102
	2000	(4)		18,057		0.99			(0.11	)		1.09			(0.21	)		32
	1999	(5)(6)		14,955		0.92			(0.06	)		1.12			(0.26	)		35
Class Y
	2004	(2)	$	156,411		0.68	%		0.54	%		0.77	%		0.45	%		25	%
	2003	(2)		119,102		0.68			0.68			0.80			0.56			41
	2002	(2)		94,749		0.68			0.68			0.84			0.52			49
	2001	(2)(3)		54,169		0.66			0.19			0.68			0.17			102
	2000	(4)		60,771		0.69			0.19			1.09			(0.21	)		32
	1999	(5)(6)		45,331		0.68			0.18			1.13			(0.27	)		35

FIRST AMERICAN FUNDS Annual Report 2004

Notes to Financial Statements September 30, 2004

1 > Organization

The First American Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a "Fund" and collectively, the "Funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF") which is a member of the First American Family of Funds. As of September 30, 2004, FAIF offered 37 funds, including the Funds. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF's articles of incorporation permit the Funds' board of directors to create additional funds in the future. The Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund are each diversified open-end management investment companies.

The Funds offer Class A, Class B, Class C, Class R, and Class Y shares. Prior to July 1, 2004, Class R shares were named Class S shares. Class A shares are sold with a front-end sales charge. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts.

The Funds' prospectuses provide descriptions of each Fund's investment objective, principal investment strategies and principal risks. All classes of shares have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that the level of distribution and shareholder servicing fees charged 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 one or more independent pricing services that have been approved by the Funds' board of directors. Investments in equity securities that are traded on a national securities exchange are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the Funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotat ions 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 by the board of directors in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs, and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. Th e 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 September 30, 2004, the Equity Index Fund and Small Cap Index Fund had fair valued securities with a total market value of $1,201 and $2 or 0.0% and 0.0%, respectively, of total net assets for the Fund. Mid Cap Index Fund had no fair valued securities. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchange 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. As of September 30, 2004, the Funds had no investments in

FIRST AMERICAN FUNDS Annual Report 2004

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

SECURITY TRANSACTIONS AND INVESTMENT INCOME – The Funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes.

DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared and paid monthly. Any net realized capital gains on sales of a Fund's securities are distributed to shareholders at least annually.

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

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

On the Statements of Assets and Liabilities the following reclassifications were made (000):

Fund	Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income			Portfolio Capital
Equity Index Fund	$	441		$	(206	)	$	(235	)
Mid Cap Index Fund		17			(17	)		-
Small Cap Index Fund		(44	)		44			-

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) are recorded by the Fund. The distributions paid during the fiscal years ended September 30, 2004 and 2003, were characterized as follows (000):

	2004
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Equity Index Fund	$	30,594	$	-	$	235	$	30,829
Mid Cap Index Fund		3,008		4,099		-		7,107
Small Cap Index Fund		1,059		600		-		1,659

	2003
Fund	Ordinary Income		Long Term Gain		Total
Equity Index Fund	$	23,912	$	-	$	23,912
Mid Cap Index Fund		1,700		5,576		7,276
Small Cap Index Fund		576		108		684

As of September 30, 2004, the components of accumulated earnings (deficit) on a tax basis were as follows (000):

	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Capital and Post-October Losses			Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Deficit)
Equity Index Fund	$	-	$	-	$	(14,133	)	$	485,546	$	471,413
Mid Cap Index Fund		1,319		10,085		-			25,503		36,907
Small Cap Index Fund		3,377		4,602		-			19,621		27,600

FIRST AMERICAN FUNDS Annual Report 2004

Notes to Financial Statements September 30, 2004

The difference between book and tax basis unrealized appreciation is primarily due to the tax deferral of losses on wash sales and the amount of gain (loss) recognized for tax purposes due to mark to market adjustments on open futures contracts, and return of capital distributions related to Real Estate Investment Trust investments.

As of September 30, 2004, the following Fund had a capital loss carryforward (000):

	Expiration Year
Fund	2010		2011		Total
Equity Index Fund	$	3,232	$	10,901	$	14,133

FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market, the Funds may enter into S&P and Russell Index futures contracts and other stock index futures contracts.

Upon entering into a futures contract, the Fund is required to deposit cash or pledge U.S. government securities in an amount equal to five percent of the purchase price indicated in the futures contract (initial margin). 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.

The Funds' investment in stock index futures contracts is designed to maintain sufficient liquidity to meet redemption requests and to increase the level of Fund assets devoted to replicating the composition of the S&P and Russell Indices while reducing transaction costs. 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.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. 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 un der 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 September 30, 2004, Small Cap Index Fund held the following illiquid securities:

Security	Shares		Dates Acquired	Cost Basis
Cross Media Marketing		1,203	6/02 to 12/02	$	10
FirstBank Fractional Shares		-	1/04		-
MicroAge		3,579	1/99 to 12/99		29
Neon Communications		34,093	9/01 to 6/02		3
Network Plus		1,155	9/01		2
Southern Union Company Fractional Shares		-	11/03		-
Storage Networks		15,089	6/02 to 6/03		1
USB Holding Company Fractional Shares		-	6/03		-
Wiltel Communications		4,122	4/03 to 8/03		-

FIRST AMERICAN FUNDS Annual Report 2004

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 maintain collateral 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. The collateral is then "marked-to-market" daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

U.S. Bancorp Asset Management, Inc. ("USBAM") serves as the securities lending agent for the Funds in transactions involving the lending of portfolio securities on behalf of the Funds. USBAM 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"). During the fiscal year ended September 30, 2004, USBAM received fees equal to 25% of the Funds' income from securities lending transactions. The Funds also paid an administrative fee to USBAM equal to 0.025% based on the cash collateral held for the securities on loan. Fees paid to USBAM by the Funds for the fiscal year ended September 30, 2004 were as follows (000):

Fund	Total
Equity Index Fund	$	374
Mid Cap Index Fund		68
Small Cap Index Fund		46

As of October 1, 2004, USBAM will receive fees equal to 35% of the Funds' income from securities lending transactions. The Funds will no longer pay an administrative fee to USBAM in connection with securities lending.

REPURCHASE AGREEMENTS – A repurchase agreement is an agreement by which the seller of a security agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Funds enter into a repurchase agreement, the value of the underlying collateral security (ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Securities that serve to collateralize the repurchase agreement are held by each Fund's custodian in book entry or physical form in the custodial account of the Fund. Repurchase agreements are valued at cost plus accrued interest receivable.

Pursuant to an exemptive order issued by the SEC, the Funds may transfer uninvested cash balances from proceeds from securities lending into joint repurchase agreements for the First American Funds complex managed by USBAM. As set forth in the accompanying schedules of investments, each of the Funds included in this annual report has an interest in joint repurchase agreements dated September 30, 2004. Information regarding these agreements is as follows (000):

Broker	Rate			Principal		Collateral Value		Security Type	Coupon Rate			Maturity
Bear Stearns		2.060	%	$	30,000	$	30,611	Commercial Loans		0.000	%		2033-2034
Bear Stearns		2.045	%		100,000		102,056	Commercial Loans		3.850%-6.230%			2004-2014
Citibank 1.945% 200,000		211,790			Collateralized Mortgage Obligations		2.340%-9.700%	2015-2034 Corporate Bonds		0.000%-9.125%			2006-2042
Citibank		1.925	%		100,000		102,114	Israeli Government Bonds		0.000	%		2005-2018
								Financing Corporation Bonds		0.000%-10.350%			2017-2018
								Easy Growth TR Interest Certificates		0.000	%		2005-2006
								Treasury Investors Growth Receipt (TIGER)		0.000	%		2007
								Certificate of Accrual on Treasury Securities (CATS)		0.000	%		2011
								U.S. Treasury Notes		1.625%-5.000%			2005-2011
								U.S. Treasury Bill		0.000	%		2004
								Resolution Funding Corporation Bonds		8.625	%		2030
								International Finance Corporation Notes		4.750%-5.250%			2006-2007
								Inter-American Development Bank Notes		5.375%-8.500%			2006-2011
								Asian Development Bank Note		4.50	%		2012
Greenwich Capital Markets		1.950	%		300,000		306,004	Federal Home Loan Mortgage Corporation Bonds		0.000%-9.000%			2006-2034
								Federal National Mortgage Association Bonds		0.000%-6.500%			2007-2042
Goldman Sachs		2.205	%		50,000		51,021	Commercial Loans		0.00	%		2005-2011
Goldman Sachs		2.025	%		205,000		211,342	Mortgage Loans		6.088%-6.722%			2010
								Commercial Loans		0.00	%		2007
Goldman Sachs		1.480	%		75,000		77,320	Commercial Loans		0.00	%		2004
Goldman Sachs		1.425	%		125,000		127,552	Commercial Loans		0.00	%		2005-2020
Lehman Brothers		2.055	%		200,000		204,000	Home Equity Loans		0.000%-14.101%			2010-2034
Lehman Brothers		1.935	%		200,000		219,916	Collateralized Mortgage Obligations		0.000%-7.109%			2008-2044
Lehman Brothers		1.910	%		300,000		306,005	Federal Farm Credit Bank Note		4.500	%		2009
								Federal Home Loan Bank Bonds		0.000%-5.750%			2005-2018
								Federal Home Loan Mortgage Corporation Notes		2.375%-3.550%			2006-2009
								Federal National Mortgage Association Bonds		3.100%-6.000%			2007-2018
Merrill Lynch		1.925	%		100,000		105,002	Corporate Bonds		0.000%-10.125%			2005-2043

FIRST AMERICAN FUNDS Annual Report 2004

Notes to Financial Statements September 30, 2004

OTHER INCOME – Income from settlement proceeds related to specific portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. Income from settlement proceeds related to securities that are no longer included in the portfolio is recorded in other income. For the fiscal year ended September 30, 2004, the Equity Index Fund, the Mid Cap Index Fund and the Small Cap Index Fund recorded $318,338, $7,795 and $17,418, respectively, in other income for settlement proceeds related to securities no longer included in the portfolios.

EXPENSES – Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses are generally allocated to the Funds on the basis of relative net assets of all Funds within the First American Fund complex. Class specific expenses, such as 12b-1 fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a Fund are allocated to each respective class in proportion to the relative net assets of each class.

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the Funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Funds to borrow from, or lend money to, other participating Funds. The Funds did not have any interfund lending transactions during the fiscal year ended September 30, 2004.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the Plan), non-interested directors of the First American Fund family may participate and elect to defer receipt 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 PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

3 > Fees and Expenses

ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), USBAM manages each Fund's assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each Fund to pay USBAM a monthly fee based upon average daily net assets. The annual fee for Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund is 0.25%, 0.25% and 0.40%, respectively. USBAM voluntarily waived fees during the fiscal year ended September 30, 2004 so that the total fund operating expenses, as a percentage of average daily net assets, did not exceed the following amounts:

	Share Class
Fund	A			B			C			R*			Y
Equity Index Fund		0.62	%		1.37	%		1.37	%		0.87	%		0.37	%
Mid Cap Index Fund		0.75			1.50			1.50			1.00			0.50
Small Cap Index Fund		0.93			1.68			1.68			1.18			0.68

* Prior to July 1, 2004, Class R shares were designated Class S shares, which had lower fees and expenses of .62%, .75% and .93% for Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund, respectively.

The Funds may invest in related money market funds that are series of First American Funds, Inc. ("FAF"), subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to USBAM, which acts as the investment adviser to both the investing Funds and the related money market funds, USBAM will reimburse each investing Fund an amount equal to that portion of USBAM's investment advisory fee received from the related money market funds that is attributable to the assets of the investing Fund. For financial statement purposes, these reimbursements are recorded as investment income.

CO-ADMINISTRATION FEES – USBAM and U.S. Bancorp Fund Services, LLC ("USBFS") (collectively, the "Administrators") serve as co-administrators pursuant to a co-administration agreement between the Administrators and the Funds. USBAM 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 co-administration agreement, the Administrators are compensated to provide, or compensate other

FIRST AMERICAN FUNDS Annual Report 2004

entities to provide, services to the Funds. These services include various legal, oversight and administrative services, accounting services, transfer agency and dividend disbursing services, and shareholder services. The Funds pay the Administrators at an annual rate, calculated daily and paid monthly, based on the average daily net assets of all open-end mutual funds in the First American Family of Funds, equal to each Fund's pro rata share of an amount equal to 0.25% of the aggregate average daily net assets up to $8 billion, 0.235% of the next $17 billion of the aggregate average daily assets, 0.22% of 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. FAIF pays transfer agent fees of $18,500 per share class and additional per account fees for transfer agent services. These fees are allocated to each Fund based upon the Fund's pro rata share of aggregate average daily net assets of the funds that comprise FAIF. For the fiscal year ended September 30, 2004, administration fees paid to USBAM and USBFS by the Funds included in this annual report were as follows (000):

Fund	Amount
Equity Index Fund	$	6,150
Mid Cap Index Fund		843
Small Cap Index Fund		412

CUSTODIAN FEES – U.S. Bank serves as the Funds' custodian pursuant to a custodian agreement with FAIF. The fee for each Fund is equal to an annual rate of 0.01% of average daily net assets. These fees are computed daily and paid monthly.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC ("Quasar"), a subsidiary of U.S. Bancorp, serves as distributor of the Funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, each of the Funds 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, or shareholder servicing activities.

FAIF has also adopted and entered into a shareholder servicing plan and agreement with USBAM with respect to the Class R shares. Each Fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.15% of each Fund's average daily net assets of the Class R shares.

USBAM is currently waiving all fees under this plan and agreement. This waiver may be discontinued at any time.

Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar and USBAM or paid to affiliates of USBAM for the fiscal year ended September 30, 2004 (000):

Fund	Amount
Equity Index Fund	$	794
Mid Cap Index Fund		50
Small Cap Index Fund		33

OTHER FEES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, and co-administration fees, each Fund is responsible for paying most other operating expenses including fees and expenses of independent directors, registration fees, printing of shareholder reports, legal, auditing, insurance, and other miscellaneous expenses. For the fiscal year ended September 30, 2004, legal fees and expenses were paid to a law firm of which the Secretary and two Assistant Secretaries of the Funds were partners.

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

Year Since Purchase	CDSC as a Percentage of Dollar Amount Subject to Charge
First		5.00	%
Second		5.00	%
Third		4.00	%
Fourth		3.00	%
Fifth		2.00	%
Sixth		1.00	%
Seventh		-
Eighth		-

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

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

For the fiscal year ended September 30, 2004, total sales charges retained by affiliates of USBAM for distributing the Funds' shares were as follows (000):

Fund	Amount
Equity Index Fund	$	531
Mid Cap Index Fund		68
Small Cap Index Fund		47

FIRST AMERICAN FUNDS Annual Report 2004

Notes to Financial Statements September 30, 2004

4 > Investment In Common Stock Of Affiliate

As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For the fiscal year ended September 30, 2004, Equity Index Fund recorded no realized gains or losses from sales of U.S. Bancorp common stock and $403,861 of dividend income from U.S. Bancorp common stock. At September 30, 2004, Equity Index Fund had an unrealized gain of $2,886,366 with respect to its investment in U.S. Bancorp common stock.

5 > Capital Share Transactions

FAIF has 420 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the Funds were as follows (000):

	Equity Index Fund						Mid Cap Index Fund						Small Cap Index Fund
	10/1/03 to 9/30/04			10/1/02 to 9/30/03			10/1/03 to 9/30/04			10/1/02 to 9/30/03			10/1/03 to 9/30/04			10/1/02 to 9/30/03
Class A:
Shares issued		4,820			1,495			763			217			474			147
Shares issued in lieu of cash distributions		108			97			13			13			3			1
Shares redeemed		(2,189	)		(2,208	)		(277	)		(137	)		(126	)		(68	)
Total Class A transactions		2,739			(616	)		499			93			351			80
Class B:
Shares issued		225			321			55			79			34			52
Shares issued in lieu of cash distributions		16			19			4			4			1			-
Shares redeemed		(737	)		(881	)		(26	)		(22	)		(9	)		(14	)
Total Class B transactions		(496	)		(541	)		33			61			26			38
Class C:
Shares issued		214			806			118			91			70			74
Shares issued in lieu of cash distributions		7			8			3			3			1			-
Shares redeemed		(457	)		(550	)		(65	)		(17	)		(36	)		(15	)
Total Class C transactions		(236	)		264			56			77			35			59
Class R:
Shares issued		564			1,647			91			196			131			192
Shares issued in lieu of cash distributions		19			32			7			10			2			3
Shares redeemed		(3,398	)		(1,656	)		(497	)		(206	)		(414	)		(1,508	)
Total Class R transactions		(2,815	)		23			(399	)		-			(281	)		(1,313	)
Class Y:
Shares issued		25,834			50,895			9,346			12,500			6,867			5,268
Shares issued in lieu of cash distributions		928			904			357			560			80			39
Shares redeemed		(26,886	)		(31,254	)		(6,301	)		(13,331	)		(5,648	)		(6,019	)
Total Class Y transactions		(124	)		20,545			3,402			(271	)		1,299			(712	)
Net increase (decrease) in capital shares		(932	)		19,675			3,591			(40	)		1,430			(1,848	)

6 > Investment Security Transactions

During the fiscal year ended September 30, 2004, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows (000):

Fund	Purchases		Sales
Equity Index Fund	$	56,032	$	17,542
Mid Cap Index Fund		81,441		41,016
Small Cap Index Fund		61,935		37,231

The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at September 30, 2004, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net		Federal Income Tax Cost
Equity Index Fund	$	778,595	$	(293,049	)	$	485,546	$	2,709,403
Mid Cap Index Fund		70,218		(44,715	)		25,503		462,140
Small Cap Index Fund		34,195		(14,574	)		19,621		189,953

FIRST AMERICAN FUNDS Annual Report 2004

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.

FIRST AMERICAN FUNDS Annual Report 2004

NOTICE TO SHAREHOLDERS September 30, 2004 (unaudited)

TAX INFORMATION

The information set forth below is for each Fund's fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, that may include distributions for portions of two fiscal years of a Fund. Accordingly, the information needed for income tax purposes will be sent in early 2005 on Form 1099. Please consult your tax advisor for proper treatment of this information.

Dear First American Fund Shareholders:

For the fiscal year ended September 30, 2004, each Fund has designated long-term capital gain dividends, dividends qualifying for the corporate dividends received deduction, and qualified dividend income with regard to distributions paid during the year as follows:

Fund	Long Term Capital Gains Distributions (Tax Basis) (a)			Ordinary Income Distributions (Tax Basis) (a)			Total Distributions (Tax Basis)			Corporate Dividends Received Deduction (b)			Qualified Dividend Income (c)
Equity Index Fund		-	%		100	%		100	%		100	%		100	%
Mid Cap Index Fund		58			42			100			86			59
Small Cap Index Fund		36			64			100			27			24

(a) Based on a percentage of the Fund's total distributions.

(b) Based on a percentage of ordinary income distributions of the Fund.

(c) For the fiscal year ended September 30, 2004 certain dividends paid by the funds may be subject to a maximum tax rate of 15%, as provided by the Internal Revenue Code 1(h). The Funds intend to designate up to the maximum amount of $38,154,713, $2,118,458, and $1,064,080 for the Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund, respectively. Complete information will be computed and reported in conjunction with your 2004 Form 1099-DIV. As of September 30, 2004, for the calendar year to date, qualified dividend income was 100% of each Fund's ordinary income distributions.

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

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

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

Beginning with the quarter ending December 31, 2004, each Fund will 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 will be available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov. In addition, you may review and copy the Funds' Forms N-Q at the Commission's Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

FIRST AMERICAN FUNDS Annual Report 2004

Directors and Officers of the Fund

Independent Directors

Name,
Address, and
Year of Birth

Position(s)
Held
with Fund

Term of Office
and Length of
Time Served

Principal Occupation(s) During
Past 5 Years

Number of
Portfolios in Fund
Complex Overseen
by Director

Other
Directorships
Held by
Director †

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

Director

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

Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004; Senior Vice President, Chief Financial Officer & Treasurer, Bemis, through April 2002.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

None

Mickey P. Foret,
P.O. Box 1329,
Minneapolis, MN 55440-1329
(1945)

Director

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

Consultant to Northwest Airlines, Inc. since 2002; Executive Vice President and Chief Financial Officer, Northwest Airlines, through 2002.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

ADC Telecommun- ications, Inc.

Champion Airlines, Inc.

MAIR Holdings Inc. (a holding company for regional air carriers)

URS Corporation (an engineering firm)

Roger A. Gibson,
P.O. Box 1329,
Minneapolis, MN 55440-1329
(1946)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997

Retired; Vice President, Cargo-United Airlines, from July 2001 through July 2004; Vice President, North America – Mountain Region for United Airlines, prior to July 2001.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

None

Victoria J. Herget,
P.O. Box 1329,
Minneapolis, MN 55440-1329
(1951)

Director

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

Investment consultant and non-profit board member since 2001; Managing Director of Zurich Scudder Investments through 2001.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

None

Leonard W. Kedrowski,
P.O. Box 1329,
Minneapolis, MN 55440-1329
(1941)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993

Owner, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

None

FIRST AMERICAN FUNDS Annual Report 2004

NOTICE TO SHAREHOLDERS September 30, 2004 (unaudited)

Independent Directors - continued

Name,
Address, and
Year of Birth

Position(s)
Held
with Fund

Term of Office
and Length of
Time Served

Principal Occupation(s) During
Past 5 Years

Number of
Portfolios in Fund
Complex Overseen
by Director

Other
Directorships
Held by
Director †

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

Director

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

Retired; Director, President and Chief Executive Officer, Weirton Steel through 2001.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

None

Joseph D. Strauss,
P.O. Box 1329,
Minneapolis, MN 55440-1329
(1940)

Director

Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991

Owner, Chairman and Chief Executive Officer, Excensus(TM), LLC, a consulting firm, since 2001; owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning and public relations organization; attorney at law.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

None

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

Chair; Director

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

Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

None

James M. Wade,
P.O. Box 1329,
Minneapolis, MN 55440-1329
(1943)

Director

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

Owner and President, Jim Wade Homes, a homebuilding company, since 1999.

First American Funds Complex: eleven registered investment companies, including fifty-six portfolios

None

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

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

FIRST AMERICAN FUNDS Annual Report 2004

Officers

Position(s)
Name, Address, and
Year of Birth

Term of Office
Held
with Fund

and Length of
Time Served

Principal Occupation(s) During Past 5 Years

Thomas S. Schreier, Jr.,
U.S. Bancorp Asset
Management, Inc.,
800 Nicollet Mall,
Minneapolis, MN 55402
(1962) *

President

Re-elected by the Board annually; President of FAIF since February 2001

Chief Executive Officer of the Advisor since May 2001; prior thereto, Chief Executive Officer of First American Asset Management since December 2000 and of Firstar Investment & Research Management Company ("FIRMCO") since February 2001; Senior Managing Director and Head of Equity Research of U.S. Bancorp Piper Jaffray from October 1998 through December 2000; prior to October 1998, Senior Airline Equity Analyst and a Director in the Equity Research Department of Credit Suisse First Boston.

Mark S. Jordahl,
U.S. Bancorp Asset
Management, Inc.
800 Nicollet Mall,
Minneapolis, MN 55402
(1960) *

Vice President – Investments

Re-elected by the Board annually; Vice President – Investments of FAIF since September 2001

Chief Investment Officer of U.S. Bancorp Asset Management, Inc. since September 2001; President and Chief Investment Officer, ING Investment Management – Americas, September 2000 to June 2001; Senior Vice President and Chief Investment Officer, ReliaStar Financial Corp., January 1998 to September 2000.

Jeffery M. Wilson,
U.S. Bancorp Asset
Management, Inc.
800 Nicollet Mall,
Minneapolis, MN 55402
(1956) *

Vice President - Administration

Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000

Senior Vice President of U.S. Bancorp Asset Management, Inc. since May 2001; prior thereto, Senior Vice President of First American Asset Management.

Joseph M. Ulrey III,
U.S. Bancorp Asset
Management, Inc.
800 Nicollet Mall,
Minneapolis, MN 55402
(1958) *

Treasurer

Re-elected by the Board annually; Treasurer of FAIF since December 2003

Chief Financial Officer since September 2004 and Senior Managing Director, Fund Treasury, since December 2003; Senior Managing Director, Risk Management and Quantitative Analysis, since May 2001, U.S. Bancorp Asset Management, Inc. ("USBAM"); from May 2001 through December 2001, Senior Managing Director, Securities Lending and Money Market Funds, USBAM; prior thereto, Senior Managing Director, Securities Lending and Money Market Funds, First American Asset Management.

Douglas A. Paul,
U.S. Bancorp Asset
Management, Inc.
800 Nicollet Mall,
Minneapolis, MN 55402
(1947)*

Chief Compliance Officer

Re-elected by the Board annually; Chief Compliance Officer of FAIF since June 2004

Chief Compliance Officer of U.S. Bancorp Asset Management, Inc. since June 2004; prior thereto, Partner, Kirkpatrick & Lockhart LLP since March 2000; prior thereto, Director of Compliance, Associate General Counsel, Vice President, American Century Investments.

Kathleen L. Prudhomme,
U.S. Bancorp Asset
Management, Inc.
800 Nicollet Mall,
Minneapolis, MN 55402
(1953)*

Assistant Secretary

Re-elected by the Board annually; Assistant Secretary of FAIF since September 1998

Deputy General Counsel, U.S. Bancorp Asset Management, Inc. since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.

James D. Alt,
50 South Sixth Street,
Suite 1500,
Minneapolis, MN 55402
(1951)

Secretary

Re-elected by the Board annually; Assistant Secretary of FAIF from September 1998 through June 2002. Secretary of FAIF since June 2002

Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.

Michael J. Radmer,
50 South Sixth Street,
Suite 1500,
Minneapolis, MN 55402
(1945)

Assistant Secretary

Re-elected by the Board annually; Assistant Secretary of FAIF since March 2000; Secretary of FAIF from September 1999 through March 2000

Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.

James R. Arnold,
615 E. Michigan Street,
Milwaukee, WI 53202
(1957) *

Assistant Secretary

Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003

Vice President, U.S. Bancorp Fund Services, LLC since March 2002; Senior Administration Services Manager, UMB Fund Services, Inc. through March 2002.

FIRST AMERICAN FUNDS Annual Report 2004

NOTICE TO SHAREHOLDERS September 30, 2004 (unaudited)

Officers - continued

Position(s)
Name, Address, and
Year of Birth

Term of Office
Held
with Fund

and Length of
Time Served

Principal Occupation(s) During Past 5 Years

Douglas G. Hess,
615 E. Michigan Street,
Milwaukee, WI 53202
(1967) *

Assistant Secretary

Re-elected by the Board annually; Assistant Secretary of FAIF since September 2001

Vice President, U.S. Bancorp Fund Services, LLC.

* Messrs. Schreier, Jordahl, Wilson, Ulrey, Paul and Ms. Prudhomme are each officers of U.S. Bancorp Asset Management, Inc., which serves as investment adviser and co-administrator for FAIF. Messrs. Hess and Arnold are officers of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as co-administrator for FAIF.

FIRST AMERICAN FUNDS Annual Report 2004

Board of Directors First American Investment Funds, Inc.

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Senior Financial Advisor to, and formerly Senior Vice President, Chief Financial Officer, and Treasurer of, Bemis Company, Inc.

Mickey Foret

Director of First American Investment Funds, Inc.

Consultant to, and formerly Executive Vice President and Chief Financial Officer of, Northwest Airlines, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Retired; former Vice President of Cargo-United Airlines

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; former Managing Director of Zurich Scudder Investments

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.

Retired; former President and Chief Executive Officer of Weirton Steel

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

First American Investment Funds’ Board of Directors is comprised entirely of independent directors.

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers only through the period ended September 30, 2004. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the Funds. Read the prospectus carefully before investing.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

CO-ADMINISTRATORS

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

180 East Fifth Street

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.

0387-04 11/2004 AR-INDEX

Item 2—Code of Ethics - - Did registrant adopt a code of ethics, as of the end of the period covered by this report, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party? If not, why not? Briefly describe any amendments or waivers that occurred during the period. State here if code of ethics/amendments/waivers are on website and give website address. State here if fund will send code of ethics to shareholders without charge upon request.

Response: The registrant has adopted a code of ethics (designated as the “Code of Ethical Conduct”) that applies to its principal executive officer and principal financial officer. The registrant undertakes to furnish a copy of such Code of Ethical Conduct to any person upon request, without charge, by calling 1-800-677-3863.

Item 3—Audit Committee Financial Expert - Did the registrant’s board of directors determine that the registrant either: (i) has at least one audit committee financial expert serving on its audit committee; or (ii) does not have an audit committee financial expert serving on its audit committee? If yes, disclose name of financial expert and whether he/she is “independent,” (fund may, but is not required, to disclose name/independence of more than one financial expert) If no, explain why not.

Response: The registrant’s Board of Directors has determined that Leonard Kedrowski, Benjamin Field, and Mickey Foret, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item. This designation will not increase the designees’ duties, obligations or liability as compared to their duties, obligations and liability as members of the Audit Committee and of the Board of Directors.

Item 4—Principal Accountant Fees and Services – Only disclosed annually.

(a) Audit Fees - Disclose aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

Response: Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $391,795 in the fiscal year ended September 30, 2004 and $312,163 in the fiscal year ended September 30, 2003, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form NCSR.

(b) Audit-Related Fees - - Disclose aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

Response: Ernst & Young LLP (“E&Y”) billed the registrant audit-related fees totaling $36,134 in the fiscal year ended September 30, 2004 and $0 in the fiscal year ended September 30, 2003, for professional services associated with .

(c) Tax Fees - Disclose aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

Response: E&Y billed the registrant fees of $115,034 in the fiscal year ended September 30, 2004 and $129,482 in the fiscal year ended September 30, 2003 for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily relate to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.

(d) All Other Fees - Disclose aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

Response: There were no fees billed by E&Y for other services to the registrant during the fiscal years ended September 30, 2003 and 2004.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Response: Set forth below are the audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X:

Audit Committee policy regarding pre-approval of services provided by the Independent Auditor

The Audit Committee of the First American Funds has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Audit Committee should:

• Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality

• Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence

• Meet quarterly with the partner of the independent audit firm

• Consider approving categories of service that are not deemed to impair independence for a one-year period

It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the Audit Committee of the First American Funds (“Committee”) will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the Fund’s independent audit firm directly for the Funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.

The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the Funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.

In connection with the Audit Committee review and pre-approval responsibilities, the review by the Audit Committee will consist of the following:

Audit Services

The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

• Accounting consultations

• Fund merger support services

• Other accounting related matters

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Audit Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Audit Committee or its delegate on a case-by-case basis.

Tax Services

The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance, and

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

with an estimated fee in excess of $50,000 are subject to pre-approval by the Audit Committee or its delegate on a case-by-case basis.

Other Non-audit Services

The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent firm without the prior approval of the Audit Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.

Proscribed Services

In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:

• Management functions

• Accounting and bookkeeping services

• Internal audit services

• Financial information systems design and implementation

• Valuation services supporting the financial statements

• Actuarial services supporting the financial statements

• Executive recruitment

• Expert services (e.g., litigation support)

• Investment banking

Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex

The Audit Committee of the First American Funds is also responsible for pre-approving certain non-audit services provided to U.S. Bancorp Asset Management, U.S. Bank N.A., Quasar Distributors, U.S. Bancorp Fund Services, LLC and any other entity under common control with U.S. Bancorp Asset Management that provides ongoing services to the Funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the Funds.

Although the Audit Committee is not required to pre-approve all services provided to U.S. Bancorp Asset Management and affiliated service providers, the Audit Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.

(e)(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Response: All of the services described in paragraphs (b) through (d) of Item 4 that were provided to the registrant on or after May 6, 2003, the effective date of SEC rules relating to the pre-approval of non-audit services, were pre-approved by the audit committee.

(f) If greater than 50%, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Response: All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year end were performed by the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

Response: The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $181,918 in the fiscal year ended September 30, 2004 and $261,682 in the fiscal year ended September 30, 2003, including services provided prior to May 6, 2003, the effective date of SEC rules relating to the pre-approval of non-audit services.

(h) Disclose whether the registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any Subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity

controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Response: The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved and that were rendered on or after May 6, 2003 (the effective date of SEC rules relating to the pre-approval of non-audit services), is compatible with maintaining E&Y’s independence.

Item 5—Audit Committee of Listed Registrants

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

Response: Not applicable. Registrant is not a listed issuer.

Item 6—Schedule of Investments (applicable for periods ending on or after July 9, 2004) – File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Response: 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 - For closed-end funds that contain voting securities in their portfolio, describe the policies and procedures that it uses to determine how to vote proxies relating to those portfolio securities.

Response: Not applicable

Item 8—Portfolio Managers of Closed-End Management Investment Companies.

(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:

(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment advisor of the registrant who are primarily responsible for the day-to-day management of the registrant’s portfolio (“Portfolio Manager”). Also state each Portfolio Manager’s business experience during the past 5 years.

(2) If a Portfolio Manager required to be identified in response to paragraph (a) (1) of this Item is primarily responsible for the day-to-day management of the portfolio of any other account, provided the following information:

(i) The Portfolio Manager’s name;

(ii) The number of other accounts managed within each of the following categories and the total assets in the account managed within each category:

(A) Registered investment companies;

(B) Other pooled investment vehicles; and

(iii) For each of the categories in paragraph (a) (2) (ii) of this Item, the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account; and

(iv) A description of any material conflicts of interest that may arise in connection with the Portfolio Manager’s management of the registrant’s investments, on the one hand, and the investments of the other accounts included in response to paragraph (a) (2) (ii) of this Item, on the other. This description would include, for example, material conflicts between the investment strategy of the registrant and the investment strategy of other accounts managed by the Portfolio Manager and material conflicts in allocation of investment opportunities between the registrant and other accounts managed by the Portfolio Manager.

(3) Described the structure of, and the method used to determine, the compensation of each Portfolio Manager required to be identified in response to paragraph (a) (1) of this Item. For each type of compensation (e.g., salary, bonus, deferred compensation, retirement plans and arrangements), describe with specificity the criteria on which the type of compensation is based, for example, whether compensation is fixed, whether (and, if so, how) compensation is based on the registrant’s pre- or aftertax performance over a certain time period, and whether (and, if so, how) compensation is based on the value of assets held in the registrant’s portfolio. For example, if compensaton is based solely or in part on performance, identify any benchmark used

to measure performance and state the length of the period over which performance is measured.

(4) For each Portfolio Manager required to be identified in response to paragraph (a) (1) of this Item, state the dollar range of equity securities in the registrant beneficially owned by the Portfolio Manager using the following ranges: none, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000, or over $1,000,000.

(b) If the registrant is a closed-end management investment company that is filing a report on this Form N-CSR other than an annual report, disclose any change, as of the date of filing, in any of the Portfolio Managers identified in response to paragraph (a) (1) of this Item in the registrant’s most recent annual report on Form N-CSR. In addition, for any newly identified Portfolio Manager, provided the information required by paragraph (a) (1) of this Item as the date of filing of the report and the information required by paragraphs (a) (2), (a) (3), and (a) (4) of this Item as of the most recent practicable date.

Response: Not applicable

Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Registrant Purchases of Equity Securities

Period (identify beginning and ending dates for each Month)	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)	(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Month #1
Month #2
Month #3
Month #4
Month #5
Month #6
Month #7
Total

(b) The table shall include the following information for each class of securities for each month included in the period covered by the report:

(1) The total number of shares (or units) purchased (column (a));

(2) The average price paid per share (or unit) (column (b));

(3) The number of shares (or units) purchased as part of publicly announced repurchase plans or programs (column (c)); and

(4) The maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (column (d)).

Response: Not applicable

Item 10—Submission of Matters to a Vote of Security Holders – Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Response: There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this item.

Item 11—Controls and Procedures

(a) Disclose the conclusions of the registrant’s principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, about the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph.

Response: The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Response: There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 — Exhibits

11(a) - Attach code of ethics or amendments/waivers, unless code of ethics or amendments/waivers is on website or offered to shareholders upon request without charge.

Response: This code of ethics is offered to shareholders upon request without charge.

11(b) - Attach certifications (4 in total pursuant to Sections 302 and 906 for PEO/PFO).

Response: Attached 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: December 9, 2004

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: December 9, 2004

By:
	/s/ Charles D. Gariboldi

	Charles D. Gariboldi
	Treasurer

Date: December 9, 2004

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

Item 5—Audit Committee of Listed Registrants

Signatures