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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

800 Nicollet Mall, Minneapolis, MN		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: March 31, 2005

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

	2005 Semiannual Report

	INCOME
	FUNDS

First American Income Funds

First American Income funds are primarily comprised of taxable bonds, which are debt obligations issued by a government, federal agency, or corporation to raise money. Investors who buy bonds are actually lending money to the issuer. In return, the issuer pays them interest at a predetermined rate. Income funds generate income that is normally subject to federal, state, and local taxes.

	Mutual fund investing involves risk; principal loss is possible.

	NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

FIRST AMERICAN FUNDS ONLINE

@ firstamericanfunds.com

Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets. You’ll also find college and retirement planning tools and general investor education.

Online features and functionality include:

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

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

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

TABLE OF CONTENTS

Schedule of Investments	18
Statements of Assets and Liabilities	60
Statements of Operations	62
Statements of Changes in Net Assets	64
Financial Highlights	68
Notes to Financial Statements	76
Notice to Shareholders	90

Core Bond fund

Expense Example

As a shareholder of the Core Bond Fund (the "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 October 1, 2004, to March 31, 2005.

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 (10/1/2004)		Ending Account Value (3/31/2005)		Expenses Paid During Period¹ (10/1/2004 to 3/31/2005)
Class A Actual	$	1,000.00	$	1,008.40	$	4.76
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78
Class B Actual	$	1,000.00	$	1,004.60	$	8.50
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.45	$	8.55
Class C Actual	$	1,000.00	$	1,003.60	$	8.49
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.45	$	8.55
Class R Actual	$	1,000.00	$	1,006.70	$	6.00
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04
Class Y Actual	$	1,000.00	$	1,008.70	$	3.51
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

¹Expenses are equal to the fund's annualized expense ratio of 0.95%, 1.70%, 1.70%, 1.20% and 0.70% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

FIRST AMERICAN FUNDS Semiannual Report 2005

Core Bond fund continued

Portfolio Allocation as of March 31, 2005¹ (% of net assets)
Mortgage Backed	47.4	%
U.S. Agency	22.0	%
Corporate Bonds	14.7	%
Asset Backed	14.1	%
Commercial Paper	3.2	%
Cash Equivalents	2.3	%
U.S. Treasury	0.1	%

Credit Quality Distribution as of March 31, 2005² (% of market value)
AAA	77.0	%
AA	1.0	%
A	3.0	%
BBB	18.6	%
Non-Rated	0.4	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided by the respective rating agency.

Standard and Poor's and Moody's are nationally recognized independent rating agencies for bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

Corporate Bond fund*

Expense Example

As a shareholder of the Corporate Bond Fund (the "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 October 1, 2004, to March 31, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes

*Effective May 16, 2005, the name of the fund was changed to Total Return Bond Fund and certain changes were made to the fund's investment strategies.

Expense Examples

	Beginning Account Value (10/1/2004)		Ending Account Value (3/31/2005)		Expenses Paid During Period¹(10/1/2004 to 3/31/2005)
Class A Actual	$	1,000.00	$	1,011.20	$	5.01
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04
Class B Actual	$	1,000.00	$	1,008.40	$	8.76
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.21	$	8.80
Class C Actual	$	1,000.00	$	1,007.40	$	8.76
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.21	$	8.80
Class R Actual	$	1,000.00	$	1,011.20	$	6.27
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29
Class Y Actual	$	1,000.00	$	1,013.40	$	3.76
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78

¹Expenses are equal to the fund's annualized expense ratio of 1.00%, 1.75%, 1.75%, 1.25%, and 0.75% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

FIRST AMERICAN FUNDS Semiannual Report 2005

Corporate Bond fund continued

Portfolio Allocation as of March 31, 2005¹ (% of net assets)
Corporate Bonds	82.1	%
Mortgage Backed	15.3	%
U.S. Government Agency	4.5	%
Asset Backed	1.5	%
Cash Equivalents	1.1	%
Preferred Stock	0.2	%
U.S. Treasury	0.1	%

Credit Quality Distribution as of March 31, 2005² (% of market value)
AAA	12.3	%
AA	4.4	%
A	39.7	%
BBB	29.8	%
BB	9.7	%
B	4.1	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided by the respective rating agency.

Standard and Poor's and Moody's are nationally recognized independent rating agencies for bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

High Income Bond fund

Expense Example

As a shareholder of the High Income Bond Fund (the "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 October 1, 2004, to March 31, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

	Beginning Account Value (10/1/2004)		Ending Account Value (3/31/2005)		Expenses Paid During Period¹(10/1/2004 to 3/31/2005)
Class A Actual	$	1,000.00	$	1,027.90	$	5.06
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04
Class B Actual	$	1,000.00	$	1,024.20	$	8.83
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.21	$	8.80
Class C Actual	$	1,000.00	$	1,024.10	$	8.83
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.21	$	8.80
Class R Actual	$	1,000.00	$	1,024.70	$	6.31
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29
Class Y Actual	$	1,000.00	$	1,029.20	$	3.79
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78

¹Expenses are equal to the fund's annualized expense ratio of 1.00%, 1.75%, 1.75%, 1.25% and 0.75% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

FIRST AMERICAN FUNDS Semiannual Report 2005

High Income Bond fund continued

Portfolio Allocation as of March 31, 2005¹ (% of net assets)
Corporate Bonds	91.9	%
Mortgage Backed	4.4	%
Cash Equivalents	0.5	%
Preferred Stock	0.5	%

Credit Quality Distribution as of March 31, 2005² (% of market value)
AAA	1.7	%
BBB	2.9	%
BB	33.0	%
B	45.2	%
CCC	15.2	%
C	0.4	%
Non-Rated	1.6	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided by the respective rating agency.

Standard and Poor's and Moody's are nationally recognized independent rating agencies for bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

Inflation Protected Securities fund

Expense Example

As a shareholder of the Inflation Protected Securities Fund (the "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 October 1, 2004, to March 31, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

	Beginning Account Value (10/1/2004)		Ending Account Value (3/31/2005)		Expenses Paid During Period¹ (10/1/2004 to 3/31/2005)
Class A Actual	$	1,000.00	$	1,021.00	$	4.28
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28
Class C Actual	$	1,000.00	$	1,017.30	$	8.05
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.95	$	8.05
Class R Actual	$	1,000.00	$	1,020.80	$	5.54
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54
Class Y Actual	$	1,000.00	$	1,022.80	$	3.03
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02

¹Expenses are equal to the fund's annualized expense ratio of 0.85%, 1.60%, 1.10% and 0.60% for Class A, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

FIRST AMERICAN FUNDS Semiannual Report 2005

Inflation Protected Securities fund continued

Portfolio Allocation as of March 31, 2005¹ (% of net assets)
U.S. Government Agency	91.3	%
Cash Equivalents	3.2	%
Corporate Bonds	2.0	%
Asset Backed	1.9	%
Mortgage Backed	1.7	%

Credit Quality Distribution as of March 31, 2005² (% of market value)
AAA	95.4	%
AA	0.2	%
A	0.1	%
BB	2.2	%
B	2.1	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided by the respective rating agency.

Standard and Poor's are nationally recognized independent rating agencies for bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Government Bond fund

Expense Example

As a shareholder of the Intermediate Government Bond Fund (the "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 October 1, 2004, to March 31, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

	Beginning Account Value (10/1/2004)		Ending Account Value (3/31/2005)		Expenses Paid During Period¹ (10/1/2004 to 3/31/2005)
Class A Actual	$	1,000.00	$	997.70	$	3.74
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class Y Actual	$	1,000.00	$	997.30	$	2.99
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02

¹Expenses are equal to the fund's annualized expense ratio of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Government Bond fund continued

Portfolio Allocation as of March 31, 2005¹ (% of net assets)
U.S. Government Agency	98.2	%
Cash Equivalents	2.4	%

Credit Quality Distribution as of March 31, 2005² (% of market value)
AAA					100.0	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided by the respective rating agency.

Standard and Poor's and Moody's are nationally recognized independent rating agencies for bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Term Bond fund

Expense Example

As a shareholder of the Intermediate Term Bond Fund ("the 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 October 1, 2004, to March 31, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

	Beginning Account Value (10/1/2004)		Ending Account Value (3/31/2005)		Expenses Paid During Period¹ (10/1/2004 to 3/31/2005)
Class A Actual	$	1,000.00	$	1,000.60	$	3.74
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class Y Actual	$	1,000.00	$	1,001.40	$	2.99
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Term Bond fund continued

Portfolio Allocation as of March 31, 2005¹ (% of net assets)
U.S. Government Agency	29.7	%
Corporate Bonds	25.7	%
Asset Backed	23.8	%
Mortgage Backed	20.2	%
Cash Equivalents	1.3	%
U.S. Treasury	0.1	%

Credit Quality Distribution as of March 31, 2005² (% of market value)
AAA	68.3	%
AA	0.5	%
A	5.3	%
BBB	25.4	%
Non-Rated	0.5	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided by the respective rating agency.

Standard and Poor's and Moody's are nationally recognized independent rating agencies for bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Term Bond fund

Expense Example

As a shareholder of the Short Term Bond Fund (the "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 October 1, 2004, to March 31, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

	Beginning Account Value (10/1/2004)		Ending Account Value (3/31/2005)		Expenses Paid During Period¹ (10/1/2004 to 3/31/2005)
Class A Actual	$	1,000.00	$	997.40	$	3.73
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class Y Actual	$	1,000.00	$	999.20	$	2.99
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Term Bond fund continued

Portfolio Allocation as of March 31, 2005¹ (% of net assets)
Corporate Bonds	34.7	%
Asset Backed	25.2	%
Mortgage Backed	27.5	%
U.S. Government Agency	11.6	%
Cash Equivalents	0.5	%

Credit Quality Distribution as of March 31, 2005² (% of market value)
AAA	56.8	%
AA	3.1	%
A	12.4	%
BBB	27.7	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided by the respective rating agency.

Standard and Poor's and Moody's are nationally recognized independent rating agencies for bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

U.S. Government Mortgage fund

Expense Example

As a shareholder of the U.S. Government Mortgage Fund (the "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 October 1, 2004, to March 31, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes

Expense Examples

	Beginning Account Value (10/1/2004)		Ending Account Value (3/31/2005)		Expenses Paid During Period¹ (10/1/2004 to 3/31/2005)
Class A Actual	$	1,000.00	$	1,008.80	$	4.76
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78
Class B Actual	$	1,000.00	$	1,005.10	$	8.50
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.45	$	8.55
Class C Actual	$	1,000.00	$	1,005.00	$	8.50
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.45	$	8.55
Class R Actual	$	1,000.00	$	1,007.00	$	6.00
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04
Class Y Actual	$	1,000.00	$	1,009.10	$	3.51
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

¹Expenses are equal to the fund's annualized expense ratio of 0.95%, 1.70%, 1.70%, 1.20%, and 0.70% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

FIRST AMERICAN FUNDS Semiannual Report 2005

U.S. Government Mortgage fund continued

Portfolio Allocation as of March 31, 2005¹ (% of net assets)
Mortgage Backed	104.9	%
Cash Equivalents	7.3	%
Asset Backed	3.4	%
U.S. Government Agency	1.7	%

Credit Quality Distribution as of March 31, 2005² (% of market value)
AAA	97.1	%
AA	2.3	%
A	0.6	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²The ratings in the above table reflect either the only rating provided by Standard and Poor's or Moody's, or the highest rating provided by the respective rating agency.

Standard and Poor's and Moody's are nationally recognized independent rating agencies for bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Core Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government Agency Mortgage-Backed Securities – 32.9%
Adjustable Rate (a) – 2.1%
FHLMC Pool 3.796%, 05/01/25, #846757	$	476	$	489
3.719%, 04/01/29, #847190		4,063		4,151
3.921%, 03/01/30, #847180 (b)		5,545		5,719
3.788%, 07/01/30, #847240 (b)		6,083		6,219
3.877%, 06/01/31, #846984		2,952		2,999
FNMA Pool 3.892%, 08/01/30, #555843 (b)		13,427		13,784
4.154%, 03/01/31, #545359		2,110		2,177
3.870%, 09/01/33, #725553 (b)		4,546		4,663
				40,201
Fixed Rate – 30.8%
FHLMC Gold Pool 4.000%, 10/01/10, #M80855		15,119		14,881
4.500%, 03/01/18, #P10023		3,590		3,579
4.500%, 05/01/18, #P10032 (b)		7,535		7,505
5.000%, 05/01/18, #E96700		13,955		13,973
6.500%, 01/01/28, #G00876		2,101		2,190
6.500%, 11/01/28, #C00676 (b)		3,986		4,147
6.500%, 12/01/28, #C00689		2,827		2,940
6.500%, 04/01/29, #C00742		1,703		1,771
6.000%, 11/01/33, #A15521 (b)		6,361		6,511
FNMA Pool 7.750%, 06/01/08, #001464		13		13
3.790%, 07/01/13, #386314 (b)		26,119		24,463
5.500%, 02/01/14, #440780 (b)		4,278		4,372
7.000%, 02/01/15, #535206		1,153		1,215
7.000%, 08/01/16, #591038 (b)		2,731		2,878
5.500%, 12/01/17, #673010		7,485		7,635
5.000%, 06/01/18, #555545 (b)		10,500		10,504
5.000%, 11/01/18, #750989 (b)		24,735		24,744
5.000%, 12/01/18, #754043 (b)		13,036		13,041
4.500%, 06/01/19, #045181 (b)		7,085		6,924
5.000%, 11/01/19, #725934 (b)		4,879		4,881
4.500%, 02/01/20, #797753 (b)		5,569		5,446
6.000%, 10/01/22, #254513 (b)		7,395		7,610
5.500%, 10/01/24, #255456 (b)		16,763		16,923
5.500%, 01/01/25, #255575 (b)		14,114		14,249
7.000%, 04/01/26, #340798		892		943
7.000%, 05/01/26, #250551		845		893
6.500%, 02/01/29, #252255		3,431		3,567
6.500%, 12/01/31, #254169 (b)		11,005		11,424
7.000%, 07/01/32, #254379 (b)		5,510		5,807
7.000%, 07/01/32, #545813 (b)		2,497		2,632
7.000%, 07/01/32, #545815 (b)		1,610		1,698
6.000%, 09/01/32, #254447 (b)		8,339		8,532
6.000%, 03/01/33, #688330 (b)		11,978		12,248
5.500%, 04/01/33, #694605 (b)		14,121		14,159
6.500%, 05/01/33, #555798		11,745		12,196
5.500%, 06/01/33, #709033 (b)		15,447		15,489
5.500%, 07/01/33, #709446 (b)		16,828		16,874
5.500%, 07/01/33, #728667		6,788		6,807
5.500%, 08/01/33, #733380 (b)		15,715		15,757
6.000%, 11/01/33, #772130		1,314		1,344
6.000%, 11/01/33, #772256 (b)		1,850		1,891
5.500%, 12/01/33, #755532 (c)		18,845		18,907
5.500%, 12/01/33, #756202 (b)		11,030		11,056
6.000%, 12/01/33, #756200		7,820		7,994
5.000%, 03/01/34, #725248 (c)		19,065		18,693
5.000%, 04/01/34, #008072		19,617		19,210
5.000%, 04/01/34, #008072 (b)		19,651		19,243

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
5.500%, 05/01/34, #357571 (b)	$	17,734	$	17,761
6.500%, 06/01/34, #735273 (b)		17,963		18,641
5.500%, 06/01/34, #780921 (b)		13,199		13,230
5.500%, 10/01/34, #255411 (b)		10,929		10,951
6.000%, 10/01/34, #781776		3,310		3,383
5.500%, 01/01/35, #735141 (b)		5,278		5,289
5.500%, 02/01/35, #798028		668		669
5.500%, 03/01/35, #809889 (b)		10,324		10,346
5.000%, 04/01/35, #190358		19,087		18,675
FNMA TBA (c) 4.500%, 04/01/34		14,115		13,396
5.000%, 04/01/34		13,955		13,645
6.500%, 04/01/34		9,325		9,672
GNMA Pool 3.750%, 08/20/23, #008259 (a)		3		3
7.500%, 11/15/30, #537699 (b)		1,290		1,382
6.000%, 11/15/33, #612374 (b)		14,233		14,625
				581,427
Total U.S. Government Agency Mortgage-Backed Securities (Cost $627,151)				621,628
U.S. Government & Agency Securities – 22.0%
U.S. Agency Debentures – 4.0%
FHLMC 3.250%, 11/02/07, Callable 11/02/05 @ 100 (b)		40,710		39,751
4.375%, 03/01/10, Callable 03/01/06 @ 100 (b)		19,000		18,758
FNMA 5.250%, 08/01/12 (b)		9,065		9,180
4.375%, 09/15/12 (b)		9,185		8,982
				76,671
U.S. Treasuries – 18.0%
U.S. Treasury Bonds 6.250%, 08/15/23		16,245		18,915
2.375%, 01/15/25 (b) (d)		30,268		32,547
5.500%, 08/15/28 (b)		15,000		16,296
5.250%, 11/15/28		14,170		14,899
5.250%, 02/15/29 (b)		35,155		37,006
5.375%, 02/15/31 (b)		23,515		25,631
U.S. Treasury Notes 3.500%, 12/15/09 (b)		62,005		60,222
4.000%, 03/15/10 (b)		38,150		37,846
2.000%, 07/15/14 (b) (d)		6,808		6,952
4.250%, 11/15/14 (b)		59,410		58,176
4.000%, 02/15/15 (b)		32,705		31,417
				339,907
Total U.S. Government & Agency Securities (Cost $416,083)				416,578
Corporate Bonds – 14.7%
Banking – 1.0%
Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100 5.506%, 12/31/49 (e) (f)		4,345		4,245
Credit Suisse First Boston 5.875%, 08/01/06		7,000		7,167
First National Bank of Chicago 8.080%, 01/05/18		1,484		1,739
Mizuho Finance 5.790%, 04/15/14 (f)		6,230		6,380
				19,531

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Brokerage – 0.8%
Merrill Lynch, Series B 5.360%, 02/01/07	$	6,355	$	6,491
Morgan Stanley 4.750%, 04/01/14 (b)		9,825		9,383
				15,874
Communications – 4.1%
America Movil SA De CV 6.375%, 03/01/35		2,980		2,694
AT&T Broadband 8.375%, 03/15/13		6,165		7,320
British Telecommunications Plc 8.875%, 12/15/30		2,145		2,848
Clear Channel Communications 5.500%, 09/15/14 (b)		6,875		6,550
Deutsche Telecom 8.750%, 06/15/30		3,630		4,748
France Telecom 8.750%, 03/01/31 (g)		4,325		5,727
News America Holdings 7.700%, 10/30/25		8,600		10,015
SBC Communications 5.100%, 09/15/14 (b)		8,535		8,306
Sprint Capital 8.375%, 03/15/12		14,825		17,315
Telecom Italia Capital 6.375%, 11/15/33		3,670		3,772
Time Warner Entertainment 8.375%, 07/15/33 (b)		4,200		5,306
Verizon Wireless 5.375%, 12/15/06		3,300		3,364
				77,965
Consumer Cyclical – 1.5%
Centex 4.550%, 11/01/10		8,150		7,877
Duty Free International 7.000%, 04/01/05 (h) (i) (j)		2,442		147
Ford Motor 7.450%, 07/16/31 (b)		6,130		5,536
Ford Motor Credit 7.000%, 10/01/13 (b)		5,260		5,098
General Motors Acceptance 5.625%, 05/15/09 (b)		10,870		9,983
				28,641
Consumer Non Cyclical – 0.9%
Bunge Limited Finance 5.350%, 04/15/14		7,965		7,989
Kraft Foods 4.625%, 11/01/06		9,850		9,919
				17,908
Electric – 1.3%
MidAmerican Energy Holdings 5.875%, 10/01/12 (b)		8,845		9,156
PSEG Power 6.950%, 06/01/12		4,165		4,622
TXU Energy 7.000%, 03/15/13 (b)		10,330		11,353
				25,131

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Energy – 1.1%
Burlington Resources 7.400%, 12/01/31	$	2,835	$	3,493
Candian Natural Resources 5.850%, 02/01/35		3,265		3,243
CNOOC Finance 5.500%, 05/21/33 (f)		3,515		3,226
Encana 6.500%, 08/15/34		2,940		3,253
Gazprom International 7.201%, 02/01/20 (f)		5,170		5,273
Petro-Canada 5.350%, 07/15/33		3,310		3,097
				21,585
Finance Companies – 0.8%
American General 5.875%, 07/14/06		6,105		6,232
Capital One Bank 4.875%, 05/15/08		5,500		5,544
4.250%, 12/01/08		3,955		3,893
				15,669
Foreign Agencies – 0.2%
KFW Bankengruppe 3.250%, 07/16/07		3,860		3,796
Insurance – 0.4%
Axis Capital Holdings 5.750%, 12/01/14 (b)		6,710		6,735
Natural Gas – 0.3%
Duke Energy Field Services 7.875%, 08/16/10		4,200		4,793
Sovereigns – 1.5%
Pemex Project 9.125%, 10/13/10		11,995		13,839
Pemex Project Funding Master Trust 7.375%, 12/15/14		2,680		2,868
Russian Federation 5.000%, 03/31/30 (e) (f)		5,140		5,275
United Mexican States 5.875%, 01/15/14 (b)		5,465		5,424
				27,406
Supranationals – 0.3%
Corporacion Andina De Fomento 5.200%, 05/21/13		5,545		5,527
Transportation – 0.2%
Hertz 7.625%, 06/01/12		3,300		3,331
Northwest Airlines Series 1997-1, Cl 1C 7.039%, 01/02/06		55		36
				3,367
Yankee Corporations – 0.3%
Tengizcheveroil Finance 6.124%, 11/15/14 (f)		4,655		4,637
Total Corporate Bonds (Cost $283,687)				278,565

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Asset-Backed Securities – 14.1%
Automotive – 1.5%
Capital Auto Receivables Asset Trust Series 2004-1, Cl A3 2.000%, 11/15/07	$	17,610	$	17,299
Nissan Auto Receivables Owner Trust Series 2003-B, Cl A3 1.510%, 08/15/07		10,983		10,899
				28,198
Commercial – 7.1%
Bank of America Commercial Mortgage Series 2004-5, Cl A3 4.561%, 11/10/41		14,830		14,531
Series 2005-1, Cl A5 4.976%, 11/10/42 (c) (h)		12,310		12,372
Bank of America – First Union NB Commercial Mortgages Series 2001-3, Cl A1 4.890%, 04/11/37		8,260		8,291
Commercial Mortgage Series 2004-CNL, Cl A1 3.030%, 09/15/14 (a)		7,765		7,733
Deutsche Mortgage and Asset Receiving Series 1998-C1, Cl A2 6.538%, 06/15/31		9,258		9,642
Global Signal Trust Series 2004-2A, Cl A 4.232%, 12/15/14		11,480		11,193
GMAC Commercial Mortgage Securities Series 2004-C2, Cl A1 3.896%, 08/10/38		10,976		10,830
Greenwich Capital Commercial Funding Series 2003-C1, Cl A2 3.285%, 07/05/35		14,170		13,467
Series 2005-GG3, Cl A4 4.799%, 08/10/42 (b)		29,495		28,728
Morgan Stanley Capital Investments Series 1999-FNV1, Cl A1 6.120%, 03/15/31		5,241		5,359
Nomura Asset Securities Series 1998-D6, Cl A1B 6.590%, 03/15/30		12,400		13,058
				135,204
Credit Card – 2.2%
American Express Credit Account Series 2004-4, Cl C 3.280%, 03/15/12 (a) (f)		4,500		4,509
Capital One Multi-Asset Execution Trust Series 2003-A6, Cl A6 2.950%, 08/17/09		16,645		16,379
MBNA Credit Card Master Note Trust Series 2003-C6, Cl C6 3.990%, 12/15/10 (a)		4,800		4,902
Providian Gateway Master Trust Series 2004-DA, Cl A 3.350%, 09/15/11 (f)		15,310		14,945
				40,735
Equipment Leases – 0.8%
CNH Equipment Trust Series 2003-B, Cl A3B 2.470%, 01/15/08		15,640		15,490

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Home Equity – 1.2%
Amresco Residential Security Mortgage Series 1997-3, Cl A9 6.960%, 03/25/27	$	1,707	$	1,643
Contimortgage Home Equity Loan Trust Series 1997-3, Cl A8 7.580%, 08/15/28		1,200		1,204
Countrywide Series 2003-SC1, Cl M2 4.350%, 09/25/23 (a)		5,000		5,024
Series 2004-4, Cl 3A1 2.950%, 11/25/23 (a)		1,487		1,487
Series 2003-BC1, Cl A1 3.250%, 03/25/33 (a) (e)		2,702		2,737
First Franklin Mortgage Loan Series 2004-FFB, Cl A3 4.264%, 06/25/24		4,265		4,241
Saxon Asset Securities Trust Series 2004-1, Cl A 3.120%, 03/25/35 (a) (e)		5,826		5,840
				22,176
Other – 1.3%
GRP/AG Real Estate Asset Trust Series 2004-1, Cl A 3.960%, 03/25/09 (e) (f) (h)		786		790
Series 2004-2, Cl A 4.210%, 07/25/34 (e) (f)		3,712		3,661
William Street Funding Series 2004-4, Cl A 3.413%, 09/23/10 (f) (h)		14,890		14,913
Series 2005-1, Cl A 3.041%, 01/23/11 (a) (f) (h)		5,870		5,870
				25,234
Total Asset-Backed Securities (Cost $271,074)				267,037
CMO – Private Mortgage-Backed Securities – 12.6%
Adjustable Rate (a) – 5.7%
Granite Mortgages Series 2003-1, Cl 1C 4.120%, 01/20/43 (e) (h)		7,000		7,183
MLCC Mortgage Investors Series 2003-G, Cl A3 3.804%, 01/25/29 (h)		12,489		12,864
Series 2003-H, Cl A3A 3.852%, 01/25/29		3,494		3,599
Series 2004-B, Cl A3 3.832%, 05/25/29 (h)		10,688		11,009
Morgan Stanley Mortgage Loan Trust Series 2004-9, Cl 1A 6.323%, 11/25/34		13,091		13,348
Sequoia Mortgage Trust Series 2004-4, Cl X1 0.800%, 05/20/34 (a) (k)		260,150		3,191
Series 2004-5, Cl A1 3.591%, 06/20/34 (h)		13,078		13,372
Series 2004-7, Cl A2 3.832%, 08/20/34		10,938		11,211
Structured Mortgage Loan Trust Series 2004-11, Cl A 4.350%, 08/25/34 (h)		6,748		6,883

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Cl A1 4.842%, 02/25/33	$	8,219	$	8,316
Series 2004-N, Cl A3 4.132%, 08/25/34		16,045		15,930
				106,906
Fixed Rate – 6.9%
Bank of America Mortgage Securities Series 2003-6, Cl 1A30 4.750%, 08/25/33		7,350		7,151
Series 2004-G, Cl 2A3 4.232%, 08/25/34		12,370		12,248
Countrywide Alternative Loan Trust Series 2004-2CB, Cl 1A1 4.250%, 03/25/34		9,373		9,358
Series 2004-24CB, Cl 1A1 6.000%, 11/25/34		10,224		10,371
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Cl A7 6.500%, 01/25/35		11,855		12,036
Master Alternative Loans Trust Series 2005-2, Cl 1A3 6.500%, 03/25/35		8,216		8,458
Master Asset Securitization Trust Series 2003-6, Cl 1A3 5.000%, 07/25/18		12,368		12,298
Residential Asset Mortgage Products Series 2003-SL1, Cl M1 7.317%, 04/25/31		8,846		9,100
Series 2004-SL4, Cl A3 6.500%, 07/25/32		6,607		6,799
Residential Asset Securitization Trust Series 2002-A12, Cl 1A1 5.200%, 11/25/32		3,197		3,187
Washington Mutual Series 2003-S10, Cl A2 5.000%, 10/25/18		13,018		12,978
Series 2004-S3, Cl 3A3 6.000%, 07/25/34		7,000		7,138
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Cl A1 4.750%, 12/25/18		11,580		11,453
Series 2004-EE, Cl B1 3.988%, 01/25/35 (h)		8,719		8,258
Westam Mortgage Financial Series 11, Cl A 6.360%, 08/26/20		116		116
				130,949
Total CMO – Private Mortgage-Backed Securities (Cost $239,080)				237,855
CMO – U.S. Government Agency Mortgage-Backed Securities – 1.9%
Fixed Rate – 1.8%
FHLMC REMIC Series 6, Cl C 9.050%, 06/15/19		51		51
Series 162, Cl F 7.000%, 05/15/21		215		215
Series 188, Cl H 7.000%, 09/15/21		444		444
Series 1022, Cl J 6.000%, 12/15/20		67		67

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Series 1723, Cl PJ 7.000%, 02/15/24 (b)	$	2,454	$	2,476
Series 1790, Cl A 7.000%, 04/15/22		192		199
Series 1998-M1, Cl A2 6.250%, 01/25/08		3,765		3,875
Series 2763, Cl TA 4.000%, 03/15/11 (b)		13,575		13,337
Series T-060 Cl 1A4B 5.343%, 03/25/44		11,410		11,532
FNMA REMIC Series 1988-24, Cl G 7.000%, 10/25/18		111		116
Series 1989-44, Cl H 9.000%, 07/25/19		94		101
Series 1989-90, Cl E 8.700%, 12/25/19		16		17
Series 1990-30, Cl E 6.500%, 03/25/20		61		63
Series 1990-61, Cl H 7.000%, 06/25/20		68		71
Series1990-72, Cl B 9.000%, 07/25/20		52		56
Series 1990-102, Cl J 6.500%, 08/25/20		68		70
Series 1990-105, Cl J 6.500%, 09/25/20		712		738
Series 1991-56, Cl M 6.750%, 06/25/21		277		287
Series 1992-120, Cl C 6.500%, 07/25/22		107		110
				33,825
Z-Bonds (l) – 0.1%
FHLMC REMIC Series 1118, Cl Z 8.250%, 07/15/21		121		121
FNMA REMIC Series 1991-134, Cl Z 7.000%, 10/25/21		496		515
Series 1996-35, Cl Z 7.000%, 07/25/26		2,243		2,298
				2,934
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $37,043)				36,759
Commercial Paper – 3.2%
Kitty Hawk 2.740%, 04/12/05		20,000		19,984
Park Granada 2.770%, 04/12/05		20,000		19,983
Thames Asset 2.750%, 04/12/05		20,000		19,983
Total Commercial Paper (Cost $59,950)				59,950
Treasury Obligation – 0.1%
U.S. Treasury Bill 2.380%, 04/07/05 (m)		1,390		1,390
Total Treasury Obligation (Cost $1,390)				1,390

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Core Bond Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Affiliated Money Market Fund – 2.3%
First American Prime Obligations Fund, Cl Z (n)		42,493,881	$	42,494
Total Affiliated Money Market Fund (Cost $42,494)				42,494
Investments Purchased with Proceeds from Securities Lending – 48.6%
Commercial Paper – 11.3%
Bluegrass 2.904%, 11/18/05	$	3,326		3,326
Cable Beach 2.642%, 4/11/05		8,315		8,308
Concord Minutemen Capital 2.810%, 4/13/05		7,982		7,982
2.750%, 4/07/06		24,944		24,944
Descartes Funding Trust 2.810%, 11/15/05		8,314		8,314
Duke Funding VI 2.794%, 4/05/05		4,224		4,222
2.823%, 4/11/05		11,653		11,643
2.833%, 4/15/05		4,989		4,989
Independence 2.880%, 10/17/05		9,861		9,861
Laguna ABS/Laguna Corp 2.736%, 4/04/05		8,315		8,312
2.728%, 5/02/05		8,315		8,293
Lakeside Funding 2.800%, 4/08/05		13,303		13,303
Leaf's LLC 2.860%, 4/20/05		9,146		9,146
Liquid Funding 2.840%, 5/25/05		8,315		8,315
Main Street Warehouse 2.837%, 4/22/05		16,629		16,601
Morgan Stanley 2.955%, 7/25/05		16,629		16,629
2.393%, 9/09/05		4,989		4,989
Orchard Park 2.846%, 10/06/05		3,658		3,658
2.827%, 1/06/06		16,721		16,721
Sigma Finance 2.945%, 5/17/05		1,164		1,164
2.945%, 5/17/05		1,663		1,663
2.945%, 5/17/05		499		499
Thornburg Mortgage 2.716%, 4/01/05		11,640		11,639
2.756%, 4/07/05		8,315		8,310
Total Commercial Paper				212,831
Corporate Obligations – 13.0%
Allstate Life Global 2.800%, 10/14/05		4,157		4,158
2.860%, 10/14/05		16,629		16,629
Bayer Landbank NY 2.840%, 6/24/05		7,483		7,484
2.840%, 6/24/05		8,315		8,315
Blue Heron Funding 2.880%, 5/18/05		4,656		4,656
Castle Hill III 3.050%, 9/15/15		4,989		4,989
Cheyne High Grade 2.280%, 11/10/39		8,313		8,313
Depfa Bank PLC 2.990%, 6/15/05		8,315		8,313

Core Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Duke Funding VI 2.680%, 4/08/05	$	10,061	$	10,061
General Electric Capital Corporation 2.860%, 7/09/07		8,315		8,325
Jackson National Life 2.810%, 4/15/05		8,315		8,315
Jefferson Pilot 2.860%, 8/17/05		8,315		8,315
LaSalle Bank NA 2.900%, 8/01/05		4,157		4,152
Liquid Funding 2.850%, 6/28/05		7,483		7,483
Merrill Lynch 2.750%, 10/01/05		16,629		16,634
Metlife Global Funding 2.850%, 10/14/05		9,977		9,980
2.890%, 4/28/08		6,984		6,987
Morgan Stanley 2.890%, 12/26/08		8,315		8,316
Natexis Banq NY 2.955%, 7/12/05		9,146		9,146
2.130%, 7/12/05		2,494		2,494
Northlake CDO 3.030%, 9/06/05		4,989		4,989
Park Place Resecuritization 2.900%, 5/25/05		7,627		7,615
Premium Asset Trust 2.810%, 5/13/05		4,656		4,656
2.760%, 7/01/05		24,777		24,777
2.820%, 10/14/05		6,652		6,652
REMAC 1.867%, 9/29/05		8,540		8,575
RMAC 2.790%, 6/12/05		8,465		8,465
SMM Trust 2004 1.930%, 9/23/05		9,120		9,121
Westlb AG New York 2.780%, 3/10/15		8,315		8,313
Total Corporate Obligations				246,228
Money Market Funds – 0.4%
Merrill Lynch Premier Institutional Fund		6,714,012		6,714
Total Money Market Funds				6,714
Other Short-Term Investments – 3.6%
ARLO III 3.010%, 9/28/05	$	24,943		24,943
Commonwealth Life 3.115%, 4/01/05 (o)		8,396		8,396
General Electric Capital Assurance 2.770%, 4/01/05		3,326		3,326
HBOS Treasury Services 2.710%, 11/01/05		9,146		9,151
ING USA Annuity & Life 2.180%, 6/30/05		21,618		21,618
Total Other Short-Term Investments				67,434
Repurchase Agreements – 20.3%
Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $16,630,559 (collateralized by commercial loans: Total market value $17,067,025)		16,629		16,629

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $4,997,770 (collateralized by commercial loans: Total market value $5,110,735)	$	4,989	$	4,989
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $33,261,008 (collateralized by various securities: Total market value $35,784,463)		33,258		33,258
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $41,576,231 (collateralized by collateralized U.S. government securities: Total market value $42,404,699)		41,573		41,573
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $3,326,102 (collateralized by collateralized mortgage obligations: Total market value $3,492,786)		3,326		3,326
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $3,326,102 (collateralized by collateralized mortgage obligations: Total market value $3,492,580)		3,326		3,326
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $3,326,102 (collateralized by collateralized mortgage obligations: Total market value $3,492,242)		3,326		3,326
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,663,051 (collateralized by collateralized mortgage obligations: Total market value $1,746,393)		1,663		1,663
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,663,051 (collateralized by collateralized mortgage obligations: Total market value $1,746,393)		1,663		1,663
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $41,576,375 (collateralized by mortgage loans: Total market value $42,421,331)		41,573		41,573
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $37,418,738 (collateralized by mortgage loans: Total market value $38,179,217)		37,415		37,415
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $8,318,574 (collateralized by mortgage loans: Total market value $8,484,360)		8,314		8,314
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $33,261,017 (collateralized by collateralized mortgage obligations: Total market value $36,575,197)		33,258		33,258

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $24,945,846 (collateralized by mortgage loans: Total market value $24,943,729)	$	24,944	$	24,944
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $2,827,192 (collateralized by corporate securities: Total market value $3,109,863)		2,827		2,827
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $24,945,756 (collateralized by corporate securities: Total market value $26,191,440)		24,944		24,944
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $20,788,147 (collateralized by corporate securities: Total market value $21,826,389)		20,786		20,786
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $16,630,504 (collateralized by corporate securities: Total market value $17,461,412)		16,629		16,629
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $12,472,888 (collateralized by corporate securities: Total market value $13,096,105)		12,472		12,472
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $3,326,104 (collateralized by corporate securities: Total market value $3,492,553)		3,326		3,326
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $48,228,448 (collateralized by U.S. government securities: Total market value $49,237,082)		48,225		48,225
Total Repurchase Agreements				384,466
Total Investments Purchased with Proceeds from Securities Lending (Cost $917,673)				917,673
Total Investments – 152.4% (Cost $2,895,625)				2,879,929
Other Assets and Liabilities, Net – (52.4)%				(990,407	)
Total Net Assets – 100.0%			$	1,889,522

(a) Variable Rate Security – The rate shown is the rate in effect as of March 31, 2005.

(b) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a value of $897,349,225 at March 31, 2005. See note 2 in Notes to Financial Statements.

(c) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $86,994,262 or 4.6% of total net assets. See note 2 in Notes to Financial Statements.

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

(e) Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of March 31, 2005.

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Core Bond Fund (concluded)

(f) Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of March 31, 2005, the value of these investments was $73,723,313 or 3.9% of total net assets. See note 2 in Notes to Financial Statements.

(g) Security for which the coupon rate of interest will adjust based on ratings by Standard & Poor's and Moody's Investors Service. The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(h) Securities considered illiquid or restricted. As of March 31, 2005, the value of these investments was $93,659,172 or 5.0% of total net assets. See note 2 in Notes to Financial Statements.

(i) Security is fair valued. As of March 31, 2005, the fair value of these investments was $146,545 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(j) Security currently in default.

(k) Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of March 31, 2005.

(l) Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows.

(m) 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.

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

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

Cl – Class

CMO – Collateralized Mortgage Obligation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

REMIC – Real Estate Mortgage Investment Conduit

TBA – To Be Announced

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Market Value Covered By Contracts (000)			Settlement Month	Unrealized Depreciation (000)
U.S. Treasury 2 year Futures		182		$	18,827		Jun. 05	$	(41	)
U.S. Treasury 5 year Futures		474			50,762		Jun. 05		(288	)
U.S. Treasury 10 year Futures		(609	)		(66,543	)	Jun. 05		(285	)
								$	(614	)

Credit Default Swap Agreements outstanding at March 31, 2005

Counterparty	Reference Entity	Buy/Sell Protection	Pay/ Receive Fixed Rate			Expiration Date	Notional Amount (000)		Unrealized Depreciation (000)
Citigroup	Dow Jones CDX IG Hvol3 Index	Buy		1.05	%	3/20/10	$	86,000	$	(666	)
UBS	Dow Jones CDX IG Hvol3 Index	Buy		1.05	%	3/20/10		20,000		(167	)
									$	(833	)

Corporate Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
Corporate Bonds – 82.1%
Banking – 15.1%
Bank of America 5.875%, 02/15/09	$	2,640	$	2,757
6.250%, 04/15/12		2,950		3,187
CBA Capital Trust I, Callable 06/30/15 @ 100 5.805%, 12/31/49 (a)		985		1,016
Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100 5.506%, 12/31/49 (a) (b)		575		562
Citigroup 6.200%, 03/15/09		2,595		2,746
5.625%, 08/27/12		1,470		1,534
Credit Suisse First Boston 5.875%, 08/01/06		3,000		3,072
HSBC Capital Funding, Callable 06/30/10 @ 100 9.547%, 12/31/49 (a)		1,190		1,435
ING Capital Funding Trust III, Callable 12/31/10 @ 100 8.439%, 12/12/49		1,500		1,756
J.P. Morgan Chase 3.500%, 03/15/09		2,880		2,769
5.125%, 09/15/14 (d)		3,500		3,461
Mizuho Finance (Cayman), Callable 04/27/09 @ 100 8.375%, 01/14/49		1,500		1,620
North Fork Bancorp 5.875%, 08/15/12		1,975		2,082
RBS Capital Trust III, Callable 09/30/14 @ 100 5.512%, 09/29/49 (c)		2,000		2,002
SOC General Real Estate, Callable 09/30/07 @ 100 7.640%, 12/29/49 (a) (c)		1,465		1,567
Tokai Preferred Capital, Callable 06/30/08 @ 100 9.980%, 12/29/49 (a) (c)		1,000		1,139
Wachovia 3.625%, 02/17/09		2,000		1,938
5.250%, 08/01/14 (d)		2,000		2,022
Wells Fargo 3.125%, 04/01/09		2,915		2,769
Wells Fargo, Callable 12/15/06 @ 103.98 7.960%, 12/15/26		2,000		2,162
				41,596
Basic Industry – 2.2%
Celulosa Arauco Y Constitucion 8.625%, 08/15/10		1,500		1,729
Falconbridge 5.375%, 06/01/15		1,000		987
IMC Global, Series B 10.875%, 06/01/08		750		862
International Paper 5.850%, 10/30/12		1,500		1,556
Polyone 8.875%, 05/01/12 (d)		500		534
Tembec Industries 8.500%, 02/01/11 (e)		480		455
				6,123

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Corporate Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Brokerage – 7.9%
Bear Stearns 5.700%, 01/15/07	$	2,000	$	2,049
7.800%, 08/15/07		1,950		2,099
Goldman Sachs 5.500%, 11/15/14		3,470		3,509
Lehman Brothers Holdings 4.000%, 01/22/08		2,550		2,522
Merrill Lynch, Series C 4.125%, 01/15/09		4,950		4,865
Morgan Stanley 6.100%, 04/15/06		1,975		2,019
5.800%, 04/01/07 (d)		2,775		2,851
4.000%, 01/15/10 (d)		2,000		1,928
				21,842
Capital Goods – 3.7%
Boeing Capital 5.800%, 01/15/13		1,485		1,557
Case New Holland, Callable 08/01/07 @ 104.63 9.250%, 08/01/11 (a)		495		527
General Electric 5.000%, 02/01/13		6,000		5,989
Honeywell International 6.125%, 11/01/11 (d)		2,000		2,139
				10,212
Communications – 16.5%
Alltel 4.656%, 05/17/07		2,000		2,011
AT&T 7.300%, 11/15/11		1,000		1,139
AT&T Broadband 8.375%, 03/15/13		3,000		3,562
AT&T Wireless Services 7.350%, 03/01/06		3,000		3,087
Bellsouth 4.200%, 09/15/09 (d)		3,000		2,925
British Sky Broadcasting 8.200%, 07/15/09		2,375		2,681
British Telecom 8.375%, 12/15/10		1,975		2,293
Cablevision Systems 8.000%, 04/15/12 (a) (d)		980		1,004
Clear Channel Communications 5.500%, 09/15/14 (d)		1,000		953
Comcast Cable Communications 6.875%, 06/15/09		1,500		1,617
Cox Communications 4.625%, 06/01/13		900		836
Deutsche Telecom 8.500%, 06/15/10		1,480		1,710
8.750%, 06/15/30		485		634
France Telecom 9.500%, 03/01/31		1,265		1,675
News America Holdings 7.750%, 01/20/24		1,480		1,724
Nextel Communications, Callable 03/15/09 @ 102.98 5.950%, 03/15/14 (d)		1,000		995
Qwest 8.875%, 03/15/12 (a)		1,000		1,090

Corporate Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
SBC Communications 5.100%, 09/15/14 (d)	$	3,500	$	3,406
Sprint Capital 8.375%, 03/15/12		1,670		1,950
Telecom Italia Capital 4.000%, 01/15/10 (a)		2,500		2,387
Telefonos De Mexico SA de CV (Telmex), Series L 4.750%, 01/27/10 (a)		1,000		974
Time Warner Entertainment 8.375%, 07/15/33 (d)		720		910
Verizon Global Funding 7.250%, 12/01/10		1,485		1,649
7.750%, 12/01/30		1,000		1,203
Verizon Wireless 5.375%, 12/15/06		2,980		3,038
				45,453
Consumer Cyclical – 5.0%
AOL Time Warner 6.125%, 04/15/06		980		1,001
Centex 4.550%, 11/01/10		1,250		1,208
DaimlerChrysler 7.200%, 09/01/09		1,500		1,614
Ford Motor 7.450%, 07/16/31 (d)		900		813
Ford Motor Credit 7.375%, 10/28/09		2,170		2,188
General Motors Acceptance 6.875%, 09/15/11		2,020		1,832
Park Place Entertainment 8.125%, 05/15/11		1,000		1,107
Target 5.500%, 04/01/07		4,000		4,094
				13,857
Consumer Non Cyclical – 5.7%
Bunge Limited Finance 5.350%, 04/15/14		945		948
CIGNA 7.400%, 05/15/07		2,500		2,637
Coca-Cola Enterprises 5.750%, 11/01/08		4,000		4,151
Conagra Foods 6.750%, 09/15/11		2,500		2,753
Delhaize America 9.000%, 04/15/31 (d)		590		725
HCA Columbia Healthcare 8.750%, 09/01/10		1,000		1,127
Kraft Foods 6.250%, 06/01/12		2,240		2,400
Kroger 7.500%, 04/01/31		980		1,130
				15,871
Electric – 6.6%
AES 7.750%, 03/01/14		750		774
Alabama Power 3.125%, 05/01/08		4,000		3,862
Consumers Energy, Series B 5.375%, 04/15/13		980		988
DTE Energy 7.050%, 06/01/11		1,500		1,657

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Corporate Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
FPL Group Capital 7.625%, 09/15/06	$	1,975	$	2,073
Kiowa Power Partners 4.811%, 12/30/13 (a)		1,000		978
MidAmerican Energy Holdings 5.875%, 10/01/12 (d)		990		1,025
National Rural Utilities 7.250%, 03/01/12		2,000		2,254
Potomac Edison 5.350%, 11/15/14 (a)		1,000		987
PSEG Power 6.950%, 06/01/12		750		832
TXU Energy 7.000%, 03/15/13		1,500		1,648
Western Resources 7.125%, 08/01/09		1,000		1,075
				18,153
Energy – 1.3%
Burlington Resources 7.400%, 12/01/31		400		493
Canadian Natural Resources 5.850%, 02/01/35		500		497
Encana Holdings Finance 5.800%, 05/01/14		1,000		1,047
Gazprom International 7.201%, 02/01/20 (a)		1,000		1,020
Petro-Canada 5.350%, 07/15/33		500		468
				3,525
Finance Companies – 5.4%
Capital One Bank 4.250%, 12/01/08		1,500		1,477
CIT Group 5.500%, 11/30/07 (d)		3,500		3,585
Countrywide Home Loans, Series L 4.000%, 03/22/11		1,755		1,650
Household Finance 4.625%, 01/15/08 (d)		1,675		1,681
7.000%, 05/15/12		1,500		1,670
International Lease Finance 5.625%, 06/01/07		2,785		2,853
4.500%, 05/01/08		1,970		1,964
				14,880
Industrial Other – 0.3%
Hughes Supply 5.500%, 10/15/14 (a)		1,000		968
Insurance – 1.6%
Axis Capital Holdings 5.750%, 12/01/14		1,000		1,004
First American Capital Trust I 8.500%, 04/15/12		740		824
Marsh & McLennan 7.125%, 06/15/09		1,375		1,476
Nationwide Mutual Insurance, Callable 12/15/24 @100 5.810%, 12/15/24 (a) (c)		1,000		990
				4,294
Miscellaneous – 5.2%
Core Investment Grade Trust 4.727%, 11/30/07		7,100		7,103

Corporate Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Dow Jones, Series 3-1 7.750%, 12/29/09 (a) (d)	$	5,000	$	4,887
Dow Jones, Series 3-3 8.000%, 12/29/09 (a) (d)		2,500		2,463
				14,453
Natural Gas – 1.0%
Duke Energy Field Services 7.875%, 08/16/10		980		1,118
Enterprise Products 5.600%, 10/15/14 (a)		600		592
Teppco Partners 7.625%, 02/15/12		1,000		1,135
				2,845
REITS – 1.0%
First Industrial 5.250%, 06/15/09		1,000		1,006
Simon Property Group 7.750%, 01/20/11		1,450		1,636
				2,642
Sovereigns – 2.2%
Federal Republic of Brazil 10.250%, 06/17/13		1,000		1,090
Pemex Project 9.125%, 10/13/10		1,980		2,284
Pemex Project Funding Master Trust 6.125%, 08/15/08		990		1,015
Russian Federation 5.000%, 03/31/30 (a) (b)		1,000		1,026
United Mexican States 5.875%, 01/15/14		750		744
				6,159
Supranationals – 0.3%
Corporacion Andina De Fomento 5.200%, 05/21/13		750		748
Transportation – 0.7%
Norfolk Southern 7.800%, 05/15/27		1,490		1,862
Yankee Corporations – 0.4%
Tengizcheveroil Finance 6.124%, 11/15/14 (a)		1,250		1,245
Total Corporate Bonds (Cost $227,042)				226,728
U.S. Government Agency Mortgage-Backed Securities – 8.2%
Fixed Rate – 8.2%
FNMA Pool 5.000%, 03/01/34, #725248		4,000		3,922
5.000%, 04/01/35, #190358		3,000		2,936
FNMA TBA 4.500%, 04/01/34 (f)		2,000		1,898
5.500%, 04/01/34 (f)		14,000		14,017
Total U.S. Government Agency Mortgage-Backed Securities (Cost $22,827)				22,773

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Corporate Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
CMO – Private Mortgage-Backed Securities – 6.0%
Adjustable Rate (c) – 0.9%
MLCC Mortgage Investors Series 2003-H, Cl A3A 3.852%, 01/25/29 (g)	$	2,461	$	2,535
Fixed Rate – 5.1%
Bank of America Mortgage Securities Series 2004-11 Cl 1A8 5.500%, 01/25/35		4,250		4,215
Citigroup Mortgage Loan Trust Series 2005-WF1, Cl A2 4.490%, 02/25/35		2,000		1,970
GE Capital Commercial Mortgage Corporation Series 2004-C1 Cl A2 3.915%, 11/10/38		5,000		4,807
GMAC Commercial Mortgage Securities Series 2003-C3 Cl A2 4.223%, 04/10/40		3,000		2,952
				13,944
Total CMO – Private Mortgage-Backed Securities (Cost $16,796)				16,479
U.S. Government & Agency Securities – 4.5%
U.S. Treasuries – 4.5%
U.S. Treasury Bond 5.375%, 02/15/31 (d)		4,920		5,363
U.S. Treasury Note 3.375%, 02/28/07 (d)		7,245		7,193
Total U.S. Government & Agency Securities (Cost $12,677)				12,556
Asset-Backed Securities – 1.5%
Home Equity – 1.0%
Ace Securities Series 2003-OP1, Cl M3 4.500%, 12/25/33 (c)		1,500		1,515
GRMT Mortgage Loan Trust Series 2001-1A, Cl M1 7.772%, 07/20/31		1,276		1,309
				2,824
Manufactured Housing – 0.3%
Green Tree Financial Series 1996-8, Cl A7 8.050%, 10/15/27		616		650
Other – 0.2%
GRP/AG Real Estate Asset Trust Series 2004-1, Cl A 3.960%, 03/25/09 (b) (g)		570		573
Total Asset-Backed Securities (Cost $3,964)				4,047
CMO – U.S. Government Agency Mortgage-Backed Security – 1.1%
Fixed Rate – 1.1%
FHLMC REMIC Series 2893, Cl PB 5.000%, 12/15/27 (d)		3,000		2,994
Total CMO – U.S. Government Agency Mortgage-Backed Security (Cost $3,057)				2,994

Corporate Bond Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Preferred Stock – 0.2%
United States – 0.2%
iStar Financial, Series G Callable 12/19/08 @ 25 (REIT)		24,900	$	626
Total Preferred Stock (Cost $622)				626
Treasury Obligation – 0.1%
U.S. Treasury Bill 2.360%, 04/07/05 (h)	$	280		280
Total Treasury Obligation (Cost $280)				280
Affiliated Money Market Fund – 1.1%
First American Prime Obligations Fund, Cl Z (i)		3,026,745		3,027
Total Affiliated Money Market Fund (Cost $3,027)				3,027
Investments Purchased with Proceeds from Securities Lending – 18.5%
Commercial Paper – 4.3%
Bluegrass 2.904%, 11/18/05	$	185		185
Cable Beach 2.642%, 4/11/05		462		462
Concord Minutemen Capital 2.810%, 4/13/05		444		444
2.750%, 4/07/06		1,387		1,387
Descartes Funding Trust 2.810%, 11/15/05		462		462
Duke Funding VI 2.794%, 4/05/05		235		235
2.823%, 4/11/05		647		647
2.833%, 4/15/05		277		277
Independence 2.880%, 10/17/05		548		548
Laguna ABS/Laguna Corp 2.736%, 4/04/05		462		462
2.728%, 5/02/05		462		461
Lakeside Funding 2.800%, 4/08/05		740		740
Leaf's LLC 2.860%, 4/20/05		509		509
Liquid Funding 2.840%, 5/25/05		462		462
Main Street Warehouse 2.837%, 4/22/05		925		923
Morgan Stanley 2.955%, 7/25/05		925		925
2.393%, 9/09/05		277		277
Orchard Park 2.846%, 10/06/05		203		203
2.827%, 1/06/06		930		930
Sigma Finance 2.945%, 5/17/05		65		65
2.945%, 5/17/05		93		93
2.945%, 5/17/05		28		28
Thornburg Mortgage 2.716%, 4/01/05		647		647
2.756%, 4/07/05		462		462
Total Commercial Paper				11,834

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Corporate Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Corporate Obligations – 5.0%
Allstate Life Global 2.800%, 10/14/05	$	231	$	231
2.860%, 10/14/05		925		925
Bayer Landbank NY 2.840%, 6/24/05		416		416
2.840%, 6/24/05		462		462
Blue Heron Funding 2.880%, 5/18/05		259		259
Castle Hill III 3.050%, 9/15/15		277		277
Cheyne High Grade 2.280%, 11/10/39		462		462
Depfa Bank PLC 2.990%, 6/15/05		462		462
Duke Funding VI 2.680%, 4/08/05		559		559
General Electric Capital Corporation 2.860%, 7/09/07		462		463
Jackson National Life 2.810%, 4/15/05		462		462
Jefferson Pilot 2.860%, 8/17/05		462		462
LaSalle Bank NA 2.900%, 8/01/05		231		231
Liquid Funding 2.850%, 6/28/05		416		416
Merrill Lynch 2.750%, 10/01/05		925		925
Metlife Global Funding 2.850%, 10/14/05		555		555
2.890%, 4/28/08		389		389
Morgan Stanley 2.890%, 12/26/08		462		462
Natexis Banq NY 2.130%, 7/12/05		139		139
2.955%, 7/12/05		509		509
Northlake CDO 3.030%, 9/06/05		277		277
Park Place Resecuritization 2.900%, 5/25/05		424		423
Premium Asset Trust 2.810%, 5/13/05		259		259
2.760%, 7/01/05		1,378		1,378
2.820%, 10/14/05		370		370
REMAC 1.867%, 9/29/05		477		477
RMAC 2.790%, 6/12/05		475		471
SMM Trust 2004 1.930%, 9/23/05		507		507
Westlb AG New York 2.780%, 3/10/15		462		462
Total Corporate Obligations				13,690
Money Market Funds – 0.1%
Merrill Lynch Premier Institutional Fund		373,305		373
Total Money Market Funds				373
Other Short-Term Investments – 1.4%
ARLO III 3.010%, 9/28/05	$	1,387		1,387
Commonwealth Life 3.115%, 4/01/05 (j)		467		467

Corporate Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
General Electric Capital Assurance 2.770%, 4/01/05	$	185	$	185
HBOS Treasury Services 2.710%, 11/01/05		508		508
ING USA Annuity & Life 2.180%, 6/30/05		1,202		1,202
Total Other Short-Term Investments				3,749
Repurchase Agreements – 7.7%
Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $924,674 (collateralized by various securities: Total market value $948,941)		925		925
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $277,880 (collateralized by commercial loans: Total market value $284,161)		277		277
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,849,341 (collateralized by various securities: Total market value $1,989,647)		1,849		1,849
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $2,311,675 (collateralized by collateralized U.S. government securities: Total market value $2,357,738)		2,312		2,312
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $184,934 (collateralized by collateralized mortgage obligations: Total market value $194,202)		185		185
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $184,934 (collateralized by collateralized mortgage obligations: Total market value $194,191)		185		185
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $184,934 (collateralized by collateralized mortgage obligations: Total market value $194,172)		185		185
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $92,467 (collateralized by collateralized mortgage obligations: Total market value $97,101)		93		93
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $92,467 (collateralized by collateralized mortgage obligations: Total market value $97,101)		93		93
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $2,311,683 (collateralized by mortgage loans: Total market value $2,358,663)		2,311		2,311
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $2,080,514 (collateralized by mortgage loans: Total market value $2,122,798)		2,080		2,080

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Corporate Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $462,520 (collateralized by mortgage loans: Total market value $471,738)	$	462	$	462
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,849,342 (collateralized by collateralized mortgage obligations: Total market value $2,033,613)		1,849		1,849
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $1,387,011 (collateralized by mortgage loans: Total market value $1,414,631)		1,387		1,387
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $157,194 (collateralized by corporate securities: Total market value $172,911)		157		157
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,387,006 (collateralized by corporate securities: Total market value $1,456,267)		1,387		1,387
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,155,839 (collateralized by corporate securities: Total market value $1,213,566)		1,156		1,156
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $924,670 (collateralized by corporate securities: Total market value $970,870)		925		925
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $693,503 (collateralized by corporate securities: Total market value $728,155)		693		693
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $184,934 (collateralized by corporate securities: Total market value $194,189)		185		185
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $2,681,544 (collateralized by U.S. government securities: Total market value $2,737,625)		2,681		2,681
Total Repurchase Agreements				21,377
Total Investments Purchased with Proceeds from Securities Lending (Cost $51,023)				51,023
Total Investments – 123.3% (Cost $341,315)				340,533
Other Assets and Liabilities, Net – (23.3)%				(64,273	)
Total Net Assets – 100.0%			$	276,260

(a) Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers."

Corporate Bond Fund (concluded)

These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of March 31, 2005, the value of these investments was $26,858,734 or 9.7% of total net assets. See note 2 in Notes to Financial Statements.

(b) Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future dates. The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(d) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a value of $49,630,755 at March 31, 2005. See note 2 in Notes to Financial Statements.

(e) Represents a foreign high yield (non-investment grade) bond. On March 31, 2005, the value of these investments was $454,800, which represents 0.2% of total net assets.

(f) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $15,915,625 or 5.8% of total net assets. See note 2 in Notes to Financial Statements.

(g) Security considered illiquid or restricted. As of March 31, 2005, the value of these investments was $3,107,800 or 1.1% of total net assets. See note 2 on Notes to Financial Statements.

(h) Security has been deposited as inital margin on open futures contracts. Rate shown is the rate in effect at March 31, 2005. See note 2 in Notes to Financial Statements.

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

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

Cl – Class

CMO – Collateralized Mortgage Obligation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

TBA – To Be Announced

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Market Value Covered By Contracts (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 5 Year Futures		(390	)	$	(41,767	)	June 05	$	20
U.S. Treasury 10 Year Futures		(150	)		(16,390	)	June 05		(45	)
U.S. Treasury Long Bond Futures		135			15,036		June 05		32
								$	7

Credit Default Swap Agreements outstanding at March 31, 2005:

Counterparty	Reference Entity	Buy/Sell Protection	Pay/ Receive Fixed Rate			Expiration Date	Notional Amount (000)		Unrealized Depreciation (000)
Citigroup	Dow Jones CDX EM2	Sell		2.60	%	12/20/2009	$	11,000	$	(5	)
Citigroup	Dow Jones CDX EM3	Sell		2.10	%	06/20/2010		3,000		(89	)
									$	(94	)

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

High Income Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
High Yield Corporate Bonds – 89.8%
Banking – 0.2%
Chevy Chase Bank, Callable 12/01/08 @ 103.44 6.875%, 12/01/13 (a)	$	500	$	517
Basic Industry – 11.6%
Abitibi-Consolidated 8.550%, 08/01/10 (b) (c)		1,750		1,776
Allegheny Technologies 8.375%, 12/15/11		2,550		2,728
Alpha Natural Resources, Callable 06/01/08 @ 105 10.000%, 06/01/12 (d)		1,000		1,122
Borden U.S. Financial, Callable 07/15/09 @ 104.50 9.000%, 07/15/14 (c) (d)		1,500		1,620
Bowater Canada 7.950%, 11/15/11 (b)		1,000		1,037
Consolidated Energy 7.875%, 03/01/12		1,000		1,095
Geon 7.500%, 12/15/15		1,000		965
Georgia-Pacific 8.875%, 05/15/31		1,800		2,160
Gerdau Ameristeel, Callable 07/15/07 @ 105.38 10.375%, 07/15/11 (b)		1,000		1,120
Huntsman ICI Chemicals, Callable 07/15/08 @ 105.75 11.500%, 07/15/12 (d)		1,320		1,544
IMC Global, Series B 10.875%, 06/01/08		2,000		2,300
International Wire Group, Callable 010/15/07 @ 105.00 10.000%, 10/15/11		1,546		1,627
Invista, Callable 05/01/08 @ 104.63 9.250%, 05/01/12 (b) (d)		1,000		1,087
Mercer International, Callable 02/15/09 @ 104.63 9.250%, 02/15/13 (b)		1,500		1,417
Nalco, Callable 11/15/07 @ 103.88 7.750%, 11/15/11		1,000		1,045
Neenah Paper, Callable 11/15/09 @ 103.69 7.375%, 11/15/14 (d)		1,000		960
OM Group, Callable 12/15/06 @ 104.63 9.250%, 12/15/11		1,000		1,035
Resolution Performance, Callable 11/15/05 @ 106.75 13.500%, 11/15/10 (c)		1,000		1,080
Stone Container, Callable 07/01/07 @ 104.19 8.375%, 07/01/12 (c)		1,000		1,036
Tembec Industries 8.500%, 02/01/11 (b)		1,070		1,014
7.750%, 03/15/12 (b)		1,000		907
Vale Overseas 8.250%, 01/17/34 (b)		1,000		1,035

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Witco 6.875%, 02/01/26	$	1,500	$	1,504
				31,214
Brokerage – 0.3%
E*Trade Financial, Callable 06/15/08 @ 104 8.000%, 06/15/11		750		780
Capital Goods – 6.6%
Allied Waste North America, Callable 04/15/08 @ 103.94 7.875%, 04/15/13		1,000		991
Callable 02/15/09 @ 103.06 6.125%, 02/15/14 (c)		1,000		894
Callable 03/15/10 @ 103.63 7.250%, 03/15/15 (d)		1,000		942
Bombardier 6.750%, 05/01/12 (b) (d)		1,000		882
Case New Holland, Callable 08/01/07 @ 104.63 9.250%, 08/01/11 (d)		2,000		2,130
Crown Cork & Seal 7.375%, 12/15/26		1,000		925
Crown European Holdings, Callable 03/01/07 @ 104.75 9.500%, 03/01/11 (b)		1,000		1,095
Graham Packaging 8.500%, 10/15/12 (c) (d)		250		252
Callable 10/15/09 @ 104.94 9.875%, 10/15/14 (c) (d)		1,500		1,515
Greif Brothers, Callable 08/01/07 @ 104.44 8.875%, 08/01/12		700		756
Owens-Brockway Glass Container, Callable 02/15/06 @ 104.44 8.875%, 02/15/09		1,000		1,065
Owens-Illinois 8.100%, 05/15/07 (c)		2,000		2,060
Sequa 9.000%, 08/01/09		1,000		1,075
Terex, Callable 01/15/09 @ 103.69 7.375%, 01/15/14		500		505
Texas Industries, Callable 06/15/07 @ 105.13 10.250%, 06/15/11		800		906
United Rentals of North America, Callable 02/15/08 @ 103.25 6.500%, 02/15/12		1,000		975
Callable 02/15/09 @ 103.50 7.000%, 02/15/14 (c)		750		688
				17,656
Communications – 21.0%
Alamosa Delaware, Callable 07/31/07 @ 105.50 11.000%, 07/31/10		650		741
American Tower, Callable @ 104.69 until 01/31/06 9.375%, 02/01/09		42		44
Callable 05/01/08 @ 103.75 7.500%, 05/01/12 (c)		250		254

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

FIRST AMERICAN FUNDS Semiannual Report 2005

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
AT&T 9.050%, 11/15/11 (e)	$	2,000	$	2,277
9.750%, 11/15/31 (e)		1,000		1,228
Cablevision Systems 8.000%, 04/15/12 (c) (d)		2,000		2,050
CCO Holdings, Callable 12/15/06 @ 102 7.135%, 12/15/10 (d) (f)		1,000		987
Callable 11/15/08 @ 104.38 8.750%, 11/15/13 (c)		1,000		1,010
Centennial Communications, Callable 06/15/08 @ 105.06 10.125%, 06/15/13		500		554
Charter Communications Holdings 8.000%, 04/30/12 (d)		2,000		1,990
Callable 09/15/08 @ 105.12 10.250%, 09/15/10		1,000		1,027
Citizens Communications 9.250%, 05/15/11		2,000		2,200
Crown Castle International, Callable 08/01/05 @ 105.38 10.750%, 08/01/11		500		532
CSC Holdings 7.875%, 02/15/18		500		531
Series B 7.625%, 04/01/11		1,000		1,037
Dex Media, Callable 11/15/08 @ 104.50 0.000%, 11/15/13 (g)		1,000		760
Dex Media East, Callable 11/15/07 @ 106.06 12.125%, 11/15/12		324		384
Dex Media West, Callable 08/15/08 @ 104.94 9.875%, 08/15/13		500		559
DirecTV Holdings, Callable 03/15/08 @ 104.19 8.375%, 03/15/13		2,000		2,155
Dobson Cellular Systems, Callable 11/01/08 @ 104.94 9.875%, 11/01/12 (c) (d)		1,000		1,022
Echostar 6.625%, 10/01/14 (d)		2,000		1,930
Horizon PCS, Callable 07/15/08 @ 105.69 11.375%, 07/15/12 (d)		900		1,012
Houghton Mifflin, Callable 02/01/08 @ 104.94 9.875%, 02/01/13 (c)		1,000		1,030
Callable 10/15/08 @ 105.75 0.000%, 10/15/13 (c) (g)		2,000		1,390
Insight Midwest, Callable 11/01/05 @ 105.25 10.500%, 11/01/10		500		539
Intelsat, Callable 01/15/10 @ 104.31 8.625%, 01/15/15 (b) (d)		1,000		1,022
IPCS, Callable 05/01/08 @ 105.75 11.500%, 05/01/12		1,000		1,125
Liberty Media, Callable until 2/15/30 @ 100 3.750%, 02/15/30 (d) (h)		2,000		1,222

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
MCI, Callable 05/01/05 @ 102.45 6.908%, 05/01/07	$	1,000	$	1,012
Callable 05/01/09 @ 103.37 8.735%, 05/01/14		1,500		1,654
Nextel Communications, Callable 08/01/08 @ 103.69 7.375%, 08/01/15 (c)		500		527
Callable 03/15/09 @ 102.98 5.950%, 03/15/14		2,500		2,487
Nextel Partners, Callable 07/01/07 @ 104.06 8.125%, 07/01/11		1,000		1,060
Panamsat, Callable 08/15/09 @ 104.50 9.000%, 08/15/14		1,000		1,050
Paxson Communications, Callable 07/15/05 @ 105.38 10.750%, 07/15/08 (c)		750		742
Primedia, Callable 05/15/06 @ 104.44 8.875%, 05/15/11		800		832
Qwest 9.125%, 03/15/12 (d)		2,000		2,180
Qwest, Callable @ 103.02 until 06/14/05 7.500%, 06/15/23		1,000		917
Qwest Services, Callable 12/15/05 @ 106.50 13.500%, 12/15/07 (d)		2,000		2,230
Callable 12/15/06 @ 106.75 13.500%, 12/15/10 (a) (d)		2,000		2,310
R. H. Donnelley Finance, Callable 12/15/07 @ 105.44 10.875%, 12/15/12 (d)		1,000		1,150
Rogers Cable 6.250%, 06/15/13 (b)		1,000		980
Rogers Wireless 6.375%, 03/01/14 (b)		1,000		965
7.500%, 03/15/15 (b)		1,000		1,030
SBA Communications, Callable 12/15/07 @ 104.88 9.750%, 12/15/11 (c)		1,000		862
Shaw Communications 8.250%, 04/11/10 (b)		1,000		1,100
Sinclair Broadcast Group, Callable 03/15/07 @ 104 8.000%, 03/15/12		1,000		1,021
Time Warner Telecommunications Holdings, Callable 02/15/09 @ 104.62 9.250%, 02/15/14 (c)		1,000		975
Triton PCS, Callable 02/01/06 @ 104.69 9.375%, 02/01/11 (c)		1,000		712
				56,408
Consumer Cyclical – 13.9%
AMC Entertainment Callable 03/01/09 @ 104 8.000%, 03/01/14		1,000		955
Arvinmeritor 8.750%, 03/01/12		500		522

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Asbury Automotive Group, Callable 06/15/07 @ 104.50 9.000%, 06/15/12	$	1,000	$	1,020
Beazer Homes USA, Callable 04/15/07 @ 104.19 8.375%, 04/15/12		1,000		1,060
Buffets, Callable 07/15/06 @ 105.63 11.250%, 07/15/10		500		527
D. R. Horton 5.000%, 01/15/09		500		489
Dana 6.500%, 03/01/09		1,000		979
Dominos, Series B, Callable 07/01/07 @ 104.13 8.250%, 07/01/11		547		572
Dura Operating, Series B, Callable 04/15/07 @ 104.31 8.625%, 04/15/12 (c)		1,500		1,387
Felcor Lodging (REIT) 8.500%, 06/01/11		500		542
Glenoit, Callable @ 101.83 until 04/14/05 11.000%, 04/15/07 (a) (i) (j)		100		-
Goodyear Tire & Rubber 7.857%, 08/15/11 (c)		1,000		975
Host Marriott, Callable 11/01/08 @ 103.56 (REIT) 7.125%, 11/01/13		1,000		1,010
IMAX, Callable 12/01/07 @ 104.81 9.625%, 12/01/10 (b) (c)		1,000		1,070
Inn of the Mountain Gods Resort, Callable 11/15/07 @ 106 12.000%, 11/15/10		1,000		1,175
Isle of Capri Casinos, Callable 03/01/09 @ 103.50 7.000%, 03/01/14		1,000		990
J.C. Penney 8.000%, 03/01/10		1,000		995
7.950%, 04/01/17		1,000		940
Jean Coutu Group, Callable 08/01/09 @ 104.25 8.500%, 08/01/14 (b) (c)		1,000		971
KB Home 5.750%, 02/01/14		1,000		965
Landry's Restaurants, Callable 12/15/09 @ 103.75 7.500%, 12/15/14 (c) (d)		1,000		980
M/I Homes 6.875%, 04/01/12 (d)		1,000		982
Meristar Hospitality 9.125%, 01/15/11		1,000		1,055
MGM Mirage 8.375%, 02/01/11 (c)		2,000		2,170
Mohegan Tribal Gaming, Callable 02/15/10 @ 103.44 6.875%, 02/15/15 (d)		250		247
Oxford Industries, Callable 06/01/07 @ 104.44 8.875%, 06/01/11		500		530

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Park Place Entertainment 8.875%, 09/15/08	$	1,000	$	1,100
7.875%, 03/15/10		1,000		1,088
Penn National Gaming, Callable 03/15/06 @ 104.44 8.875%, 03/15/10		1,000		1,060
Royal Caribbean Cruises 8.000%, 05/15/10 (b)		1,000		1,099
Russell, Callable 05/01/06 @ 104.63 9.250%, 05/01/10		500		531
Saks 7.500%, 12/01/10		500		490
Service Corporation International 7.700%, 04/15/09		1,000		1,038
Shaw Group, Callable 03/15/07 @ 105.38 10.750%, 03/15/10 (c)		1,000		1,090
Six Flags, Callable 04/15/08 @ 104.88 9.750%, 04/15/13 (c)		1,000		930
Tenneco Automotive, Callable 11/15/09 @ 104.31 8.625%, 11/15/14 (c) (d)		1,000		975
Toys R Us 7.375%, 10/15/18 (c)		1,000		848
Visteon 7.000%, 03/10/14		1,000		860
Warnaco, Callable 06/15/08 @ 104.44 8.875%, 06/15/13		500		536
Warner Music Group 7.375%, 04/15/14		1,000		1,038
WCI Communities, Callable 05/01/07 @ 104.56 9.125%, 05/01/12		1,000		1,068
Wynn Las Vegas, Callable 12/01/09 @ 103.31 6.625%, 12/01/14 (d)		500		475
				37,334
Consumer NonCyclical – 7.7%
Del Monte, Callable 12/15/07 @ 104.31 8.625%, 12/15/12		1,000		1,083
Delhaize America 9.000%, 04/15/31 (c)		1,000		1,229
Dole Foods, Callable 03/15/07 @ 104.44 8.875%, 03/15/11		1,000		1,075
Fisher Scientific International, Callable 05/01/07 @ 104.06 8.125%, 05/01/12		869		939
Callable 08/15/09 @ 103.38 6.750%, 08/15/14 (d)		500		511
HCA 5.750%, 03/15/14		1,000		955
HCA Columbia Healthcare 8.750%, 09/01/10		2,000		2,254
Healthsouth 7.625%, 06/01/12		1,000		970
Iasis Healthcare Capital, Callable 06/15/09 @ 104.38 8.750%, 06/15/14		1,000		1,040

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

FIRST AMERICAN FUNDS Semiannual Report 2005

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Rayovac, Callable 02/01/10 @ 103.69 7.375%, 02/01/15 (c) (d)	$	1,000	$	958
Revlon Consumer Products, Callable 04/01/08 @ 104.75 9.500%, 04/01/11 (d)		1,000		983
Roundy's, Callable 06/15/07 @ 104.44 8.875%, 06/15/12		1,000		1,075
Sealy Mattress, Callable 06/15/09 @ 104.13 8.250%, 06/15/14		1,250		1,306
Simmons, Callable 01/15/09 @ 103.94 7.875%, 01/15/14		600		609
Stater Brothers Holdings, Callable 06/15/08 @ 104.06 8.125%, 06/15/12		1,000		970
Swift & Co., Callable 10/01/06 @ 106.25 12.500%, 01/01/10		750		846
Tenet Healthcare 6.500%, 06/01/12		1,000		923
9.250%, 02/01/15 (d)		1,000		1,003
Triad Hospitals, Callable 11/15/08 @ 103.50 7.000%, 11/15/13		1,000		983
U.S. Oncology, Callable 08/15/08 @ 104.50 9.000%, 08/15/12 (d)		750		788
Warner Chilcott, Callable 02/01/10 @ 104.38 8.750%, 02/01/15 (d)		250		251
				20,751
Electric – 7.7%
AES 9.375%, 09/15/10 (c)		2,000		2,205
7.750%, 03/01/14		685		707
AES Red Oak, Series B 9.200%, 11/30/29		1,000		1,128
Calpine, Callable 07/15/07 @ 104.25 8.500%, 07/15/10 (d)		1,500		1,163
Callable 04/01/08 @ 103.5 9.140%, 04/01/10 (f)		2,000		1,950
Callable 10/01/09 @ 104.81 9.625%, 09/30/14 (d)		1,000		1,003
DPL Capital Trust II 8.125%, 09/01/31 (c)		1,000		1,150
Dynegy-Roseton Danskamme, Series B 7.670%, 11/08/16		3,000		2,708
Empresa Nacional de Electricidad 8.350%, 08/01/13 (b)		1,000		1,117
Mission Energy Holdings 13.500%, 07/15/08		500		600
Reliant Energy, Callable 12/15/09 @ 103.38 6.750%, 12/15/14		1,000		933
Sierra Pacific Resources, Callable 03/15/09 @ 104.31 8.625%, 03/15/14		1,500		1,605
Teco Energy 7.200%, 05/01/11		1,000		1,058

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Texas Genco, Callable 12/15/09 @ 103.44 6.875%, 12/15/14 (c) (d)	$	1,500	$	1,500
TXU Corporation 5.550%, 11/15/14 (d)		1,000		961
Utilicorp Canada Finance 7.750%, 06/15/11 (b)		1,000		1,035
				20,823
Energy – 4.6%
Bluewater Finance, Callable 02/15/07 @ 105.13 10.250%, 02/15/12 (b)		2,000		2,180
J. Ray McDermott, Callable 12/15/08 @ 105.50 11.000%, 12/15/13 (b) (d)		2,000		2,285
Lone Star Technologies, Callable 06/01/06 @ 104.50 9.000%, 06/01/11		1,000		1,083
Norske Skog Canada, Series D Callable 06/15/06 @ 104.31 8.625%, 06/15/11 (b)		1,700		1,755
Parker Drilling, Series B, Callable @ 105.06 until 11/14/05 10.125%, 11/15/09 (c)		385		404
Petrobras International Financie 7.750%, 09/15/14 (b)		1,000		985
Petroleum Geo-Services, Callable 11/05/07 @ 105 10.000%, 11/05/10 (b)		1,000		1,110
Range Resources, Callable 07/15/08 @ 103.69 7.375%, 07/15/13		1,000		1,040
United Refining, Callable 08/15/08 @ 105.25 10.500%, 08/15/12 (c)		1,500		1,508
				12,350
Finance – 0.1%
Finova Group 7.500%, 11/15/09		630		269
Industrial Other – 0.3%
Amsted Industries, Callable 10/15/07 @ 105.13 10.250%, 10/15/11 (d)		800		868
Diamond Brands Operating, Callable @ 103.37 until 04/14/05 10.125%, 04/15/08 (a) (i) (j)		50		-
				868
Insurance – 1.1%
Fairfax Financial Holdings 7.750%, 04/26/12 (b)		1,000		970
First American Capital Trust I 8.500%, 04/15/12		750		835
Ohio Casualty 7.300%, 06/15/14		1,000		1,073
				2,878
Miscellaneous – 4.2%
Dow Jones 6.375%, 12/29/09 (c) (d)		5,000		4,925
Series 3-3 8.000%, 12/29/09 (c) (d)		4,500		4,434

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Trac-X EM 6.500%, 12/20/08 (d)	$	2,000	$	2,030
				11,389
Natural Gas – 4.2%
El Paso 6.950%, 12/15/07		1,000		1,008
6.375%, 02/01/09		1,000		960
El Paso Natural Gas, Callable 08/01/07 @ 103.81 7.625%, 08/01/10		1,400		1,467
Enterprise Products 5.600%, 10/15/14		1,000		986
6.875%, 03/01/33		1,000		1,046
Sonat 6.750%, 10/01/07		1,000		1,014
Suburban Propane Partners, Callable 12/15/08 @ 103.44 6.875%, 12/15/13 (d)		1,000		985
Tennessee Gas Pipeline 7.500%, 04/01/17 (c)		1,500		1,599
Williams 7.750%, 06/15/31 (c)		2,000		2,170
				11,235
Sovereigns – 2.0%
Federal Republic of Brazil 10.250%, 06/17/13 (b)		350		382
Government of Jamaica 10.625%, 06/20/17 (b) (c)		1,000		1,055
Republic of Panama 7.250%, 03/15/15 (b)		500		496
Republic of Phillipines 9.875%, 01/15/19 (b)		600		627
Republic of Turkey 9.000%, 06/30/11 (b)		500		549
7.375%, 02/05/25 (b) (c)		1,400		1,316
Republic of Venezuela 8.500%, 10/08/14 (b)		850		835
				5,260
Technology – 2.7%
Avnet 9.750%, 02/15/08 (a)		1,000		1,135
Freescale Semiconductor, Callable 07/15/08 @ 103.44 6.875%, 07/15/11		1,000		1,028
Iron Mountain, Callable 04/01/06 @ 104.31 8.625%, 04/01/13		500		505
Lucent Technologies 5.500%, 11/15/08 (c)		1,000		975
Nortel Networks 6.125%, 02/15/06 (b)		1,000		1,003
Sanmina-Sci, Callable 03/01/09 @ 103.38 6.750%, 03/01/13 (d)		1,000		938
Xerox 9.750%, 01/15/09		500		566
7.200%, 04/01/16 (c)		1,000		1,025
				7,175

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Transportation – 1.6%
AMR 9.000%, 08/01/12 (c)	$	1,000	$	750
Continental Airlines, Series 2001-1, Cl B 7.033%, 12/15/12		763		646
Delta Air Lines 7.900%, 12/15/09		1,000		388
Series 2000-1, Cl B 7.920%, 11/18/10 (a)		1,000		550
Laidlaw International, Callable 06/15/07 @ 105.38 10.750%, 06/15/11		750		859
Northwest Airlines 7.875%, 03/15/08 (c)		1,000		630
Progress Rail Services, Callable 04/01/08 @ 107.75 7.750%, 04/01/12 (d)		500		500
				4,323
Total High Yield Corporate Bonds (Cost $236,609)				241,230
CMO – Private Mortgage-Backed Securities – 4.4%
Fixed Rate – 4.4%
GMAC Commercial Mortgage Securities Series 2003-C3, Cl A2 4.223%, 04/10/40		7,000		6,888
Series 2004-C1, Cl A2 4.100%, 03/10/38		5,000		4,873
Total CMO – Private Mortgage-Backed Securities (Cost $12,073)				11,761
Corporate Bonds – 2.1%
Basic Industry – 0.3%
Glencore Funding 6.000%, 04/15/14 (d)		1,000		966
Energy – 0.4%
Gazprom International SA 7.201%, 02/01/20 (d)		1,000		1,020
Sovereigns – 0.5%
Russian Federation 5.000%, 03/31/30 (d) (g)		1,400		1,437
Transportation – 0.4%
American Airlines, Series 1999-1, Cl A2 7.024%, 04/15/11 (a) (c)		1,000		1,010
Yankee Corporations – 0.5%
Tengizcheveroil Finance 6.124%, 11/15/14 (d)		1,250		1,245
Total Corporate Bonds (Cost $6,601)				5,678
Preferred Stocks – 0.5%
United States – 0.5%
Alamosa Holdings, Series B, Callable 11/10/06 @ 312.50		1,000		884
iStar Financial, Series G, Callable 12/19/08 @ 25 (REIT)		20,000		503
Nebco Evans Holdings (PIK) (a) (j) (k)		300		-

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

FIRST AMERICAN FUNDS Semiannual Report 2005

High Income Bond Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Pegasus Communications Fractional Shares (a) (j) (k)		15,109	$	-
Total Preferred Stocks (Cost $832)				1,387
Common Stocks – 0.0%
Bermuda – 0.0%
Viatel Holdings (a) (k)		338		-
Canada – 0.0%
Manitoba Telecom Services		40		1
United States – 0.0%
NII Holdings, Cl B (c) (k)		1,869		107
Total Common Stocks (Cost $148)				108
Asset-Backed Security – 0.0%
Manufactured Housing – 0.0%
Green Tree Financial Series 1998-1, Cl A1 6.040%, 11/01/29 (a)	$	14		14
Total Asset-Backed Security (Cost $14)				14
Treasury Obligation – 0.0%
U.S. Treasury Bill 2.275%, 04/07/05 (l)		75		75
Total Treasury Obligation (Cost $75)				75
U.S. Government Agency Mortgage-Backed Security – 0.0%
Fixed Rate – 0.0%
FNMA Pool 6.695%, 08/01/05, #109031		35		35
Total U.S. Government Agency Mortgage-Backed Security (Cost $35)				35
Warrants – 0.0%
United States – 0.0%
Sterling Chemical Holdings, Expires 08/15/08 (a) (d) (j) (k)		100		-
Total Warrants (Cost $3)				-
Affiliated Money Market Fund – 0.5%
First American Prime Obligations Fund, Cl Z (m)		1,382,419		1,382
Total Affiliated Money Market Fund (Cost $1,382)				1,382
Investments Purchased with Proceeds from Securities Lending – 22.2%
Commercial Paper – 5.1%
Bluegrass 2.904%, 11/18/05	$	217		217
Cable Beach 2.642%, 4/11/05		541		541
Concord Minutemen Capital 2.810%, 4/13/05		520		520
2.750%, 4/07/06		1,626		1,626
Descartes Funding Trust 2.810%, 11/15/05		542		542
Duke Funding VI 2.794%, 4/05/05		275		275
2.823%, 4/11/05		760		759
2.833%, 4/15/05		325		325

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Independence 2.880%, 10/17/05	$	643	$	643
Laguna ABS/Laguna Corp 2.736%, 4/04/05		542		542
2.728%, 5/02/05		542		541
Lakeside Funding 2.800%, 4/08/05		867		867
Leaf's LLC 2.860%, 4/20/05		596		596
Liquid Funding 2.840%, 5/25/05		542		542
Main Street Warehouse 2.837%, 4/22/05		1,084		1,082
Morgan Stanley 2.955%, 7/25/05		1,084		1,084
2.393%, 9/09/05		325		325
Orchard Park 2.846%, 10/06/05		238		238
2.827%, 1/06/06		1,090		1,090
Sigma Finance 2.945%, 5/17/05		33		33
2.945%, 5/17/05		76		76
2.945%, 5/17/05		108		108
Thornburg Mortgage 2.716%, 4/01/05		759		759
2.756%, 4/07/05		542		542
Total Commercial Paper				13,873
Corporate Obligations – 6.0%
Allstate Life Global 2.800%, 10/14/05		271		271
2.860%, 10/14/05		1,084		1,084
Bayer Landbank NY 2.840%, 6/24/05		488		488
2.840%, 6/24/05		542		542
Blue Heron Funding 2.880%, 5/18/05		303		303
Castle Hill III 3.050%, 9/15/15		325		325
Cheyne High Grade 2.280%, 11/10/39		542		542
Depfa Bank PLC 2.990%, 6/15/05		542		542
Duke Funding VI 2.680%, 4/08/05		656		656
General Electric Capital Corporation 2.860%, 7/09/07		542		543
Jackson National Life 2.810%, 4/15/05		542		542
Jefferson Pilot 2.860%, 8/17/05		542		542
LaSalle Bank NA 2.900%, 8/01/05		271		271
Liquid Funding 2.850%, 6/28/05		488		488
Merrill Lynch 2.750%, 10/01/05		1,084		1,084
Metlife Global Funding 2.850%, 10/14/05		650		650
2.890%, 4/28/08		455		455
Morgan Stanley 2.890%, 12/26/08		542		542

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Natexis Banq NY 2.130%, 7/12/05	$	163	$	163
2.955%, 7/12/05		596		596
Northlake CDO 3.030%, 9/06/05		325		325
Park Place Resecuritization 2.900%, 5/25/05		497		496
Premium Asset Trust 2.810%, 5/13/05		303		303
2.760%, 7/01/05		1,615		1,615
2.820%, 10/14/05		434		434
REMAC 1.867%, 9/29/05		557		559
RMAC 2.790%, 6/12/05		552		552
SMM Trust 2004 1.930%, 9/23/05		594		595
Westlb AG New York 2.780%, 3/10/15		542		542
Total Corporate Obligations				16,050
Money Market Funds – 0.2%
Merrill Lynch Premier Institutional Fund		437,633		438
Total Money Market Funds				438
Other Short-Term Investments – 1.6%
ARLO III 3.010%, 9/28/05	$	1,626		1,626
Commonwealth Life 3.115%, 4/01/05 (n)		547		547
General Electric Capital Assurance 2.770%, 4/01/05		217		217
HBOS Treasury Services 2.710%, 11/01/05		596		596
ING USA Annuity & Life 2.180%, 6/30/05		1,409		1,409
Total Other Short-Term Investments				4,395
Repurchase Agreements – 9.3%
Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $1,084,013 (collateralized by various securities: Total market value $1,112,462)		1,084		1,084
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $325,765 (collateralized by commercial loans: Total market value $333,128)		325		325
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $2,168,018 (collateralized by various securities: Total market value $2,332,502)		2,168		2,168
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $2,710,021 (collateralized by collateralized U.S. government securities: Total market value $2,764,022)		2,710		2,710
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $216,802 (collateralized by collateralized mortgage obligations: Total market value $227,667)		216		216

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $216,802 (collateralized by collateralized mortgage obligations: Total market value $227,653)	$	217	$	217
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $216,802 (collateralized by collateralized mortgage obligations: Total market value $227,631)		217		217
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $108,401 (collateralized by collateralized mortgage obligations: Total market value $113,833)		108		108
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $108,401 (collateralized by collateralized mortgage obligations: Total market value $113,833)		108		108
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $2,710,030 (collateralized by mortgage loans: Total market value $2,765,106)		2,710		2,710
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $2,439,027 (collateralized by mortgage loans: Total market value $2,488,597)		2,439		2,439
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $542,221 (collateralized by mortgage loans: Total market value $553,027)		542		542
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,168,019 (collateralized by collateralized mortgage obligations: Total market value $2,384,044)		2,168		2,168
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $1,626,019 (collateralized by mortgage loans: Total market value $1,658,399)		1,626		1,626
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $184,282 (collateralized by corporate securities: Total market value $202,707)		184		184
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,626,014 (collateralized by corporate securities: Total market value $1,707,210)		1,626		1,626
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,355,012 (collateralized by corporate securities: Total market value $1,422,687)		1,355		1,355
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,084,009 (collateralized by corporate securities: Total market value $1,138,169)		1,084		1,084

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

FIRST AMERICAN FUNDS Semiannual Report 2005

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $813,007 (collateralized by corporate securities: Total market value $853,630)	$	813	$	813
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $216,802 (collateralized by corporate securities: Total market value $227,651)		217		217
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $3,143,625 (collateralized by U.S. government securities: Total market value $3,209,370)		3,143		3,143
Total Repurchase Agreements				25,060
Total Investments Purchased with Proceeds from Securities Lending (Cost $59,816)				59,816
Total Investments – 119.5% (Cost $317,588)				321,486
Other Assets and Liabilities, Net – (19.5)%				(52,497	)
Total Net Assets – 100.0%			$	268,989

(a) Securities considered illiquid or restricted. As of March 31, 2005, the value of these investments was $5,535,489 or 2.1% of total net assets. See note 2 in Notes to Financial Statements.

(b) Represents a foreign high yield (non-investment grade) bond. On March 31, 2005, the value of these investments was $37,308,730, which represents 13.9% of total net assets.

(c) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a value of $57,614,158 at March 31, 2005. See note 2 in Notes to Financial Statements.

(d) Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of March 31, 2005, the value of these investments was $65,573,054 or 24.4% of total net assets.

(e) Security for which the coupon rate of interest will adjust based on ratings by Standard & Poor's and Moody's Investor Service. The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(f) Variable Rate Security – The rate shown is the rate in effect as of March 31, 2005.

(g) Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(h) Security is convertible into shares of Sprint PCS common stock.

(i) Security currently in default.

(j) Security is fair valued. As of March 31, 2005, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(k) Non-income producing security.

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

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

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

High Income Bond Fund (concluded)

Cl – Class

FNMA – Federal National Mortgage Association

PIK – Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Market Value Covered By Contracts (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 5 year Futures		(122	)	$	(13,065	)	Jun. 05	$	61
U.S. Treasury 10 year Futures		(74	)		8,086		Jun. 05		39
U.S. Treasury Long Bond		80			8,910		Jun. 05		(152	)
								$	(52	)

Credit Default Swap Agreement outstanding at March 31, 2005

Counterparty	Reference Entity	Buy/Sell Protection	Pay/ Receive Fixed Rate			Expiration Date		Notional Amount (000)		Unrealized Appreciation (000)
Citigroup	Dow Jones CDX EM2	Buy		2.60	%		12/20/09	$	12,000	$	71
										$	71

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Inflation Protected Securities Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government & Agency Securities – 91.3%
U.S. Agency Debentures – 6.4%
BECCS, Callable 05/15/06 @ 100 0.000%, 05/15/11 (a)	$	1,000	$	963
FHLB 2.500%, 03/30/06		1,000		988
Series 392 2.500%, 03/15/06		2,500		2,472
FHLMC 5.250%, 01/15/06 (b)		2,000		2,025
5.250%, 11/05/12, Callable 11/05/07 @ 100		500		501
FNMA 3.875%, 02/01/08, Callable 02/01/06 @ 100		2,000		1,977
4.200%, 03/24/08, Callable 03/24/06 @ 100		3,500		3,491
				12,417
U.S. Treasuries – 84.9%
U.S. Treasury Bonds 7.250%, 05/15/16 (b)		3,000		3,680
2.375%, 01/15/25 (c)		18,563		19,961
3.625%, 04/15/28 (b) (c)		18,097		23,795
5.375%, 02/15/31 (b)		3,000		3,270
U.S. Treasury Notes 3.375%, 01/15/07 (c)		12,096		12,700
3.875%, 01/15/09 (b) (c)		11,453		12,634
4.250%, 01/15/10 (b) (c)		5,610		6,388
0.875%, 04/15/10 (b) (c)		6,794		6,647
3.000%, 07/15/12 (c)		9,015		9,923
1.875%, 07/15/13 (c)		3,893		3,959
2.000%, 01/15/14 (b) (c)		4,902		5,017
2.000%, 07/15/14 (c)		12,392		12,654
1.625%, 01/15/15 (c)		14,730		14,514
U.S. Treasury Notes (TIPS) 3.625%, 01/15/08 (b) (c)		7,495		8,062
3.500%, 01/15/11 (c)		3,917		4,376
3.875%, 04/15/29 (b) (c)		12,179		16,754
				164,334
Total U.S. Government & Agency Securities (Cost $176,889)				176,751
Corporate Bond – 2.0%
Miscellaneous – 2.0%
Dow Jones, Series 3-1 7.750%, 12/29/09 (d)		4,000		3,910
Total Corporate Bond (Cost $3,998)				3,910
Asset-Backed Securities – 1.9%
Commercial – 1.8%
Deutsche Mortgage and Asset Recieving Series 1998-C1, Cl A2 6.538%, 06/15/31		455		474
Greenwich Capital Commercial Funding, Series 2005-GG3, Cl A2 4.305%, 08/10/42		2,000		1,962
GS Mortgage Securities II Series 2003-C1, Cl A2A 3.590%, 01/10/40		500		487
Nomura Asset Securities Series 1998-D6, Cl A1B 6.590%, 03/15/30		500		527
				3,450

Inflation Protected Securities Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Other – 0.1%
GRP/AG Real Estate Asset Trust Series 2004-1, Cl A 3.960%, 03/25/09 (a) (d) (e)	$	190	$	191
Total Asset-Backed Securities (Cost $3,705)				3,641
CMO – Private Mortgage-Backed Security – 1.0%
Fixed Rate – 1.0%
GMAC Commercial Mortgage Securities Series 2003-C3 Cl A2 4.223%, 04/10/40		2,000		1,968
Total CMO – Private Mortgage-Backed Security (Cost $2,014)				1,968
CMO – U.S. Government Agency Mortgage-Backed Securities – 0.7%
Fixed Rate – 0.7%
FHLMC Gold Pool 4.000%, 10/01/10, #M80855		970		955
FHLMC REMIC Series 2763, Cl TA 4.000%, 03/15/11		473		465
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $1,446)				1,420
Treasury Obligation – 0.0%
U.S. Treasury Bill 2.520%, 04/07/05 (f)		70		70
Total Treasury Obligation (Cost $70)				70
Affiliated Money Market Fund – 3.2%
First American Prime Obligations Fund, Cl Z (g)		6,221,007		6,221
Total Affiliated Money Market Fund (Cost $6,221)				6,221
Investments Purchased with Proceeds from Securities Lending – 43.3%
Commercial Paper – 10.0%
Bluegrass 2.904%, 11/18/05	$	304		304
Cable Beach 2.642%, 4/11/05		760		759
Concord Minutemen Capital 2.810%, 4/13/05		729		729
2.750%, 4/07/06		2,279		2,279
Descartes Funding Trust 2.810%, 11/15/05		760		760
Duke Funding VI 2.794%, 4/05/05		386		386
2.823%, 4/11/05		1,065		1,064
2.833%, 4/15/05		456		456
Independence 2.880%, 10/17/05		901		901
Laguna ABS/Laguna Corp 2.736%, 4/04/05		760		759
2.728%, 5/02/05		760		758
Lakeside Funding 2.800%, 4/08/05		1,215		1,215
Leaf's LLC 2.860%, 4/20/05		835		835

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Inflation Protected Securities Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Liquid Funding 2.840%, 5/25/05	$	760	$	760
Main Street Warehouse 2.837%, 4/22/05		1,519		1,517
Morgan Stanley 2.955%, 7/25/05		1,519		1,519
2.393%, 9/09/05		456		456
Orchard Park 2.846%, 10/06/05		334		334
2.827%, 1/06/06		1,528		1,528
Sigma Finance 2.945%, 5/17/05		106		106
2.945%, 5/17/05		152		152
2.945%, 5/17/05		45		45
Thornburg Mortgage 2.716%, 4/01/05		1,063		1,063
2.756%, 4/07/05		760		759
Total Commercial Paper				19,444
Corporate Obligations – 11.6%
Allstate Life Global 2.800%, 10/14/05		380		380
2.860%, 10/14/05		1,519		1,519
Bayer Landbank NY 2.840%, 6/24/05		684		684
2.840%, 6/24/05		760		760
Blue Heron Funding 2.880%, 5/18/05		425		425
Castle Hill III 3.050%, 9/15/15		456		456
Cheyne High Grade 2.280%, 11/10/39		760		760
Depfa Bank PLC 2.990%, 6/15/05		759		759
Duke Funding VI 2.680%, 4/08/05		919		919
General Electric Capital Corporation 2.860%, 7/09/07		760		760
Jackson National Life 2.810%, 4/15/05		760		760
Jefferson Pilot 2.860%, 8/17/05		760		760
LaSalle Bank NA 2.900%, 8/01/05		380		379
Liquid Funding 2.850%, 6/28/05		684		684
Merrill Lynch 2.750%, 10/01/05		1,519		1,520
Metlife Global Funding 2.850%, 10/14/05		912		912
2.890%, 4/28/08		638		638
Morgan Stanley 2.890%, 12/26/08		760		760
Natexis Banq NY 2.955%, 7/12/05		836		836
2.130%, 7/12/05		228		228
Northlake CDO 3.030%, 9/06/05		456		456
Park Place Resecuritization 2.900%, 5/25/05		697		696
Premium Asset Trust 2.810%, 5/13/05		425		425
2.760%, 7/01/05		2,264		2,264
2.820%, 10/14/05		608		608

Inflation Protected Securities Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
REMAC 1.867%, 9/29/05	$	780	$	783
RMAC 2.790%, 6/12/05		773		773
SMM Trust 2004 1.930%, 9/23/05		833		833
Westlb AG New York 2.780%, 3/10/15		760		759
Total Corporate Obligations				22,496
Money Market Funds – 0.3%
Merrill Lynch Premier Institutional Fund		613,397		613
Total Money Market Funds				613
Other Short-Term Investments – 3.2%
ARLO III 3.010%, 9/28/05	$	2,279		2,279
Commonwealth Life 3.115%, 4/01/05 (h)		767		767
General Electric Capital Assurance 2.770%, 4/01/05		304		304
HBOS Treasury Services 2.710%, 11/01/05		836		836
ING USA Annuity & Life 2.180%, 6/30/05		1,975		1,975
Total Other Short-Term Investments				6,161
Repurchase Agreements – 18.2%
Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $1,519,380 (collateralized by various securities: Total market value $1,559,255)		1,519		1,519
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $456,600 (collateralized by commercial loans: Total market value $466,920)		456		456
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $3,038,749 (collateralized by various securities: Total market value $3,269,294)		3,038		3,038
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $3,798,434 (collateralized by collateralized U.S. government securities: Total market value $3,874,123)		3,798		3,798
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $303,875 (collateralized by collateralized mortgage obligations: Total market value $319,103)		304		304
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $303,875 (collateralized by collateralized mortgage obligations: Total market value $319,085)		304		304
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $303,875 (collateralized by collateralized mortgage obligations: Total market value $319,054)		304		304

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Inflation Protected Securities Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $151,937 (collateralized by collateralized mortgage obligations: Total market value $159,552)	$	152	$	152
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $151,937 (collateralized by collateralized mortgage obligations: Total market value $159,552)		152		152
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $3,798,447 (collateralized by mortgage loans: Total market value $3,875,643)		3,798		3,798
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $3,418,602 (collateralized by mortgage loans: Total market value $3,488,080)		3,418		3,418
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $759,991 (collateralized by mortgage loans: Total market value $775,137)		760		760
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $3,038,750 (collateralized by collateralized mortgage obligations: Total market value $3,341,536)		3,039		3,039
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $2,279,070 (collateralized by mortgage loans: Total market value $2,278,877)		2,279		2,279
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $258,294 (collateralized by corporate securities: Total market value $284,119)		258		258
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $2,279,062 (collateralized by corporate securities: Total market value $2,392,868)		2,279		2,279
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,899,220 (collateralized by corporate securities: Total market value $1,994,074)		1,899		1,899
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,519,375 (collateralized by corporate securities: Total market value $1,595,287)		1,519		1,519
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,139,532 (collateralized by corporate securities: Total market value $1,196,469)		1,139		1,139
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $303,875 (collateralized by corporate securities: Total market value $319,082)		304		304

Inflation Protected Securities Fund (concluded)

DESCRIPTION	PAR (000)		VALUE (000)
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $4,406,185 (collateralized by U.S. government securities: Total market value $4,498,335)	$	4,406	$	4,406
Total Repurchase Agreements				35,125
Total Investments Purchased with Proceeds from Securities Lending (Cost $83,839)				83,839
Total Investments – 143.4% (Cost $278,182)				277,820
Other Assets and Liabilities, Net – (43.4)%				(84,155	)
Total Net Assets – 100.0%			$	193,665

(a) Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(b) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a value of $82,880,758 at March 31, 2005. See note 2 in Notes to Financial Statements.

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

(e) Security considered illiquid or restricted. As of March 31, 2005, the value of these investments was $191,042 or 0.1% of total net assets. See note 2 in Notes to Financial Statements.

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

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

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

BECCS – Bearer Corporate Conversion System

Cl – Class

CMO – Collateralized Mortgage Obligation

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

REMIC – Real Estate Mortgage Investment Conduit

TIPS – Treasury Inflation Protection Security

Credit Default Swap Agreement outstanding at March 31, 2005

Counterparty	Reference Entity	Buy/Sell Protection	Pay/ Receive Fixed Rate			Expiration Date		Notional Amount (000)		Unrealized Depreciation (000)
Citigroup	Dow Jones CDX EM2	Sell		2.60	%		12/20/09	$	4,000	$	(27	)
										$	(27	)

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Government Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government & Agency Securities – 97.6%
U.S. Agency Debentures – 63.1%
FFCB 2.500%, 11/15/05	$	1,750	$	1,739
2.375%, 10/02/06		3,750		3,668
3.250%, 06/15/07		3,700		3,636
2.625%, 09/17/07		3,750		3,621
3.000%, 12/17/07		3,700		3,590
5.750%, 01/18/11		1,800		1,901
FHLB 2.125%, 05/15/06		3,000		2,948
3.000%, 05/15/06		2,900		2,877
2.875%, 05/22/06		2,550		2,526
5.250%, 08/15/06		4,000		4,074
2.875%, 02/15/07		3,100		3,039
3.500%, 05/15/07		2,500		2,472
Callable 04/07/06 @ 100 4.430%, 04/07/08		2,000		2,000
TVA 6.375%, 06/15/05		3,225		3,247
5.375%, 11/13/08		3,475		3,593
5.625%, 01/18/11		3,450		3,623
6.790%, 05/23/12		3,175		3,572
				52,126
U.S. Treasuries – 34.5%
U.S. Treasury Bond (STRIPS) 0.000%, 11/15/11 (a)		1,670		1,581
U.S. Treasury Bonds 9.375%, 02/15/06		1,340		1,410
12.750%, 11/15/10		2,335		2,468
13.250%, 05/15/14		2,400		3,225
11.750%, 11/15/14		2,575		3,389
9.250%, 02/15/16		700		977
7.250%, 05/15/16		2,250		2,760
9.125%, 05/15/18		1,250		1,786
8.125%, 08/15/19		1,075		1,446
8.750%, 05/15/20		1,350		1,920
U.S. Treasury Notes 2.500%, 10/31/06		225		221
3.625%, 01/15/10		2,850		2,782
2.000%, 01/15/14		366		375
2.000%, 07/15/14 (b)		961		981
4.250%, 11/15/14		3,250		3,182
				28,503
Total U.S. Government & Agency Securities (Cost $81,963)				80,629
Treasury Obligations – 0.6%
U.S. Inflation Index Bond 1.625%, 01/15/15 (b)		409		403
U.S. Treasury Bill 2.520%, 04/07/05 (c)		60		60
Total Treasury Obligations (Cost $466)				463

Intermediate Government Bond Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Affiliated Money Market Fund – 2.4%
First American U.S. Treasury Money Market Fund, Cl Z (d)		1,952,005	$	1,952
Total Affiliated Money Market Fund (Cost $1,952)				1,952
Total Investments – 100.6% (Cost $84,381)				83,044
Other Assets and Liabilities, Net – (0.6)%				(490	)
Total Net Assets – 100.0%			$	82,554

(a) Principal only – Represents securities that entitle holders to receive only principal payments on the underlying mortgages. The yield to maturity of a principal only is sensitive to the rate of principal payments on the underlying mortgage assets. A slow (rapid) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The zero coupon rate represents the lack of interest as part of payments received.

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

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

Cl – Class

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

TVA – Tennesse Valley Authority

STRIPS – Separate Trading of Registered Interest and Principal of Securities

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Term Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government & Agency Securities – 29.7%
U.S. Agency Debentures – 10.8%
FHLB Callable 04/07/06 @ 100 4.430%, 04/07/08	$	17,065	$	17,062
FHLMC 4.875%, 03/15/07 (a)		8,725		8,867
Callable 11/02/05 @ 100 (a) 3.250%, 11/02/07		13,595		13,275
Callable 03/01/06 @ 100 (a) 4.375%, 03/01/10		12,260		12,104
FNMA Callable 11/22/05 @ 100 (a) 3.000%, 11/22/06		28,400		28,009
Callable 06/29/05 @ 100 (a) 5.000%, 06/29/07		13,540		13,608
Callable 11/17/05 @ 100 3.875%, 11/17/08		13,000		12,790
7.250%, 01/15/10 (a)		11,170		12,469
5.250%, 08/01/12 (a)		5,990		6,066
4.375%, 09/15/12 (a)		7,010		6,855
				131,105
U.S. Treasuries – 18.9%
U.S. Treasury Bonds 9.250%, 02/15/16 (a)		8,725		12,179
7.250%, 05/15/16 (a)		10,200		12,511
9.125%, 05/15/18 (a)		8,685		12,409
8.750%, 05/15/20 (a)		17,000		24,172
U.S. Treasury Notes 2.000%, 08/31/05 (a)		5,500		5,477
3.375%, 02/28/07 (a)		7,220		7,168
3.500%, 12/15/09 (a)		26,400		25,641
3.625%, 01/15/10 (a)		17,555		17,135
3.500%, 02/15/10 (a)		12,560		12,189
4.000%, 03/15/10 (a)		24,365		24,171
2.000%, 07/15/14 (a) (b)		15,230		15,551
4.250%, 11/15/14 (a)		29,420		28,808
1.625%, 01/15/15 (a) (b)		9,987		9,840
4.000%, 02/15/15 (a)		21,815		20,956
				228,207
Total U.S. Government & Agency Securities (Cost $361,817)				359,312
Corporate Bonds – 25.7%
Banking – 1.1%
Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100 5.506%, 12/31/49 (c) (d)		2,840		2,775
Credit Suisse First Boston 3.875%, 01/15/09		6,270		6,113
Mizuho Finance 5.790%, 04/15/14 (c)		4,150		4,250
				13,138
Basic Industry – 0.3%
Alcan 5.200%, 01/15/14 (a)		4,160		4,204
Brokerage – 0.8%
Merrill Lynch, Series B 5.360%, 02/01/07		4,280		4,372
Morgan Stanley 4.750%, 04/01/14 (a)		5,760		5,501
				9,873

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Capital Goods – 0.4%
Waste Management 6.875%, 05/15/09	$	4,880	$		5,265
Communications – 5.2%
America Movil SA 5.750%, 01/15/15 (a)		3,255		3,137
AT&T Broadband 8.375%, 03/15/13		4,345		5,159
Clear Channel Communications 5.500%, 09/15/14		4,360		4,154
Deutsche Telecom 8.500%, 06/15/10		3,690		4,263
France Telecom 8.000%, 03/01/11 (e)		5,855		6,782
News America 6.625%, 01/09/08 (a)		5,820		6,150
SBC Communications 5.100%, 09/15/14 (a)		5,265		5,124
Sprint Capital 8.375%, 03/15/12		8,690		10,150
Telecom De Puerto Rico 6.650%, 05/15/06		4,000		4,093
Telecom Italia Capital 5.250%, 11/15/13		4,975		4,918
Verizon Global Funding 7.250%, 12/01/10 (a) 3,750 4,165 6.875%, 06/15/12		3,925		4,323
				62,418
Consumer Cyclical – 2.5%
Centex 4.550%, 11/01/10 (a)		5,565		5,378
Ford Motor Credit 7.875%, 06/15/10 11,070 11,349 7.000%, 10/01/13 (a)		4,325		4,192
General Motors Acceptance 7.750%, 01/19/10 (a)		9,525		9,218
				30,137
Consumer NonCyclical – 2.6%
Bunge LTD Finance 4.375%, 12/15/08		9,320		9,175
Conagra Foods 7.875%, 09/15/10		4,260		4,867
General Mills 6.000%, 02/15/12		5,400		5,733
Kraft Foods 4.625%, 11/01/06		6,750		6,797
Kroger 7.450%, 03/01/08		4,000		4,304
				30,876
Electric – 3.1%
Consumers Energy, Series B 5.375%, 04/15/13 (a)		3,580		3,609
DTE Energy 7.050%, 06/01/11		4,600		5,082
FPL Group Capital 7.625%, 09/15/06		4,540		4,764
MidAmerican Energy Holdings 3.500%, 05/15/08		4,600		4,437
National Rural Utilities 5.750%, 08/28/09		3,850		4,001
Pacific Gas & Electric 4.200%, 03/01/11		2,065		2,002

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
PSEG Power 6.950%, 06/01/12	$	3,855	$	4,278
Southern California Edison 5.000%, 01/15/14 (a)		2,000		1,979
TXU Energy 7.000%, 03/15/13 (a)		6,895		7,578
				37,730
Energy – 0.7%
Encana 6.300%, 11/01/11		5,115		5,532
Gazprom International SA 7.201%, 02/01/20 (c)		3,500		3,570
				9,102
Finance Companies – 1.4%
American General 5.875%, 07/14/06 (a)		4,085		4,170
Capital One Bank 5.750%, 09/15/10		7,000		7,229
MBNA America Bank 4.625%, 08/03/09 (a)		5,760		5,721
				17,120
Foreign Agencies – 0.9%
KFW Bankengruppe 3.250%, 07/16/07		11,500		11,309
Insurance – 1.2%
Aon 6.200%, 01/15/07		5,750		5,968
Axis Capital 5.750%, 12/01/14 (a)		4,410		4,426
Fund American Companies 5.875%, 05/15/13		4,190		4,240
				14,634
Miscellaneous – 1.2%
Core Investment Grade Trust 4.727%, 11/30/07		13,990		13,995
Natural Gas – 1.4%
Duke Energy 7.875%, 08/16/10		10,000		11,413
Teppco Partners 7.625%, 02/15/12		4,950		5,620
				17,033
REITS – 0.8%
Colonial Realty 4.750%, 02/01/10		4,915		4,857
Mack-Cali Realty (REIT) 7.250%, 03/15/09		4,500		4,868
				9,725
Sovereigns – 1.3%
Pemex Project Funding Master Trust 7.375%, 12/15/14 (a)		7,355		7,870
Russian Federation 5.000%, 03/31/30 (c) (d)		3,370		3,458
United Mexican States 5.875%, 01/15/14 (a)		4,525		4,491
				15,819
Supranationals – 0.3%
Corporacion Andina De Fomento 5.200%, 05/21/13		3,651		3,639

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Transportation – 0.2%
Hertz 7.625%, 06/01/12	$	2,000	$	2,019
Yankee Corporations – 0.3%
Tengizcheveroil Finance 6.124%, 11/15/14 (c)		3,095		3,083
Total Corporate Bonds (Cost $315,369)				311,119
Asset-Backed Securities – 23.8%
Automotive – 4.3%
Capital Auto Receivables Asset Trust Series 2004-1, Cl A3 2.000%, 11/15/07		11,560		11,356
Honda Auto Receivables Owner Trust Series 2002-4, Cl A4 2.700%, 03/17/08		7,345		7,303
Nissan Auto Receivables Owner Trust Series 2003-B, Cl A3 1.510%, 08/15/07		6,336		6,288
Series 2005-A, Cl A2 3.220%, 07/16/07		10,850		10,814
Toyota Auto Receivables Owners Trust Series 2002-B, Cl A4 4.390%, 05/15/09		5,860		5,878
USAA Auto Owner Trust Series 2003-1, Cl A4 2.040%, 02/16/10		1,495		1,461
WFS Financial Owner Trust Series 2004-4, Cl A3 2.980%, 09/17/09		9,170		8,977
				52,077
Commercial – 7.1%
Banc of America Commercial Mortgage Series 2004-4, Cl A4 4.502%, 07/10/42		9,185		8,985
Bear Stearns Commercial Mortgage Securities Series 2004-T14, Cl A4 5.200%, 01/12/41		8,775		8,842
Commercial Mortgage Series 2004-CNL, Cl A1 3.030%, 09/15/14 (f)		5,255		5,233
Deutsche Mortgage and Asset Recieving Series 1998-C1, Cl A2 6.538%, 06/15/31		6,419		6,686
GMAC Commercial Mortgage Securities Series 2004-C2, Cl A1 3.896%, 08/10/38		7,589		7,488
Greenwich Capital Commercial Funding Series 2003-C1, Cl A2 3.285%, 07/05/35		5,000		4,752
Series 2004-GG1, Cl A7 5.317%, 06/10/36 (a)		7,385		7,500
GS Mortgage Securities II Series 2003-C1, Cl A2A 3.590%, 01/10/40		13,840		13,478
Series 2004-GG2, Cl A1 3.109%, 08/10/38		7,922		7,865
Morgan Stanley Capital Investments Series 1999-FNV1, Cl A1 6.120%, 03/15/31		2,567		2,625
Nomura Asset Securities Series 1998-D6, Cl A1B 6.590%, 03/15/30 (a)		11,675		12,294
				85,748

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Credit Card – 6.0%
American Express Credit Account Series 2004-4, Cl C 3.280%, 03/15/12 (c) (f)	$	3,100	$	3,106
Bank One Issuance Trust Series 2004-2A, Cl AZ 2.840%, 10/15/09 (f)		15,000		15,010
Capital One Multi-Asset Execution Trust Series 2003-A6, Cl A6 2.950%, 08/17/09		7,500		7,380
Citibank Credit Card Issuance Trust Series 2004-A4, Cl A4 3.200%, 08/24/09 (a)		10,065		9,830
Fleet Credit Card Master Trust Series 2001-B, Cl A 5.600%, 12/15/08		10,820		11,025
MBNA Credit Card Master Note Trust Series 2003-A1, Cl A1 3.300%, 07/15/10		12,560		12,230
Series 2003-C6, Cl C6 3.990%, 12/15/10		3,200		3,268
Providian Gateway Master Trust Series 2004-DA, Cl A 3.350%, 09/15/11		10,355		10,108
				71,957
Equipment Leases – 0.8%
CNH Equipment Trust Series 2003-B, Cl A3B 2.470%, 01/15/08		9,895		9,800
Home Equity – 4.3%
Amresco Residential Security Mortgage Series 1997-3, Cl A9 6.960%, 03/25/27		1,165		1,121
Contimortgage Home Equity Loan Trust Series 1997-3, Cl A9 7.120%, 08/15/28		542		519
Countrywide Series 2003-BC1, Cl A1 3.250%, 03/25/33 (d) (f)		1,873		1,897
Series 2004-4, Cl 3A1 2.950%, 11/25/23 (d) (f)		944		944
Equity One Series 2003-4, Cl AF3 3.531%, 10/25/34		18,915		18,847
First Franklin Mortgage Loan Series 2004-FFB, Cl A3 4.264%, 06/25/24		3,090		3,073
Household Home Equity Loan Trust Series 2002-3, Cl A 3.300%, 07/20/32 (f)		5,725		5,735
Residential Asset Mortgage Products Series 2004-RS4, Cl AI2 3.247%, 09/25/25		9,535		9,399
Residential Funding Mortgage Securities Series 2004-HI2, Cl A3 4.270%, 11/25/16		5,435		5,413
Saxon Asset Securities Trust Series 2004-1, Cl A 3.120%, 03/25/35 (d) (f)		4,634		4,645
				51,593
Manufactured Housing – 0.0%
Green Tree Financial Series 1996-9, Cl A5 7.200%, 01/15/28		290		290

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Other – 1.3%
GRP/AG Real Estate Asset Trust Series 2004-1, Cl A 3.960%, 03/25/09 (c) (d) (g)	$	1,039	$	1,044
Series 2004-2, Cl A 4.210%, 07/25/34 (c) (d)		1,856		1,830
Williams Street Funding Series 2004-4, Cl A 3.413%, 09/23/10 (c) (f) (g)		9,405		9,420
Series 2005-1, Cl A 3.041%, 01/23/11 (c) (f) (g)		3,900		3,900
				16,194
Total Asset-Backed Securities (Cost $291,388)				287,659
CMO – Private Mortgage-Backed Securities – 13.2%
Adjustable Rate (e) – 9.7%
CS First Boston Mortgage Securities Series 2003-AR24, Cl 2A4 4.104%, 10/25/33		13,390		13,406
Granite Mortgages Series 2003-1, Cl 1C 4.120%, 01/20/43 (d) (g)		4,500		4,617
IMPAC CMB Trust Series 2003-12, Cl A1 3.230%, 12/25/33 (d)		5,360		5,377
MLCC Mortgage Investors Series 2003-G, Cl A3 3.804%, 01/25/29 (g)		9,184		9,460
Series 2003-H, Cl A3A 3.852%, 01/25/29 3,937 4,056 Series 2004-B, Cl A3 3.832%, 05/25/29 (g)		7,203		7,419
Sequoia Mortgage Trust Series 2004-5, Cl A1 3.591%, 06/20/34 (g)		8,967		9,169
Series 2004-7, Cl A1 3.832%, 08/20/34		7,525		7,713
Structured Mortgage Loan Trust Series 2004-11, Cl A 4.350%, 08/25/34 (g)		4,663		4,756
Washington Mutual Series 2003-AR10, Cl A6 4.076%, 10/25/33		10,560		10,517
Series 2004-AR4, Cl A6 3.808%, 06/25/34		13,305		12,931
Wells Fargo Mortgage Backed Securities Trust Series 2003-J, Cl 2A5 4.454%, 10/25/33		11,500		11,193
Series 2004-EE, Cl B1 3.988%, 01/25/35 (g)		5,769		5,464
Series 2004-N, Cl A3 4.132%, 08/25/34		11,108		11,028
				117,106
Fixed Rate – 3.5%
Banc of America Commercial Mortgage Series 2004-4, Cl A3 4.128%, 07/10/42		8,715		8,542
Series 2004-5, Cl A3 4.561%, 11/10/41		10,050		9,847
Bank of America Mortgage Securities Series 2003-6, Cl 1A29 4.250%, 08/25/33		9,000		8,942

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Countrywide Alternative Loan Trust Series 2004-2CB, Cl1A1 4.250%, 03/25/34	$	6,362	$	6,353
Global Signal Trust Series 2004-2A, Cl A 4.232%, 12/15/14		7,390		7,205
Salomon Brothers Mortgage Securities Series 1986-1, Cl A 6.000%, 12/25/11		171		171
Sequoia Mortgage Trust Series 2004-4, Cl X1 0.800%, 05/20/34 (h)		146,480		1,797
Westam Mortgage Financial Series 11, Cl A 6.360%, 08/25/20		70		70
				42,927
Total CMO – Private Mortgage-Backed Securities (Cost $161,163)				160,033
U.S. Government Agency Mortgage-Backed Securities – 3.8%
Adjustable Rate (f) – 2.3%
FHLMC 3.719%, 04/01/29, #847190		3,803		3,885
FHLMC Pool 4.267%, 01/01/28, #786281		3,591		3,677
3.762%, 10/01/30, #847209 (a)		6,849		7,036
3.891%, 05/01/31, #847161		1,796		1,846
3.811%, 09/01/33, #847210 (a)		5,257		5,380
FNMA Pool 4.303%, 09/01/33, #725111 (a)		5,158		5,308
				27,132
Fixed Rate – 1.5%
FHLMC Gold Pool 5.500%, 09/01/06, #G40394		401		403
4.000%, 10/01/10, #M80855		8,260		8,130
FNMA Pool 6.000%, 07/01/06, #252632		161		162
3.790%, 07/01/13, #386314 (a)		10,037		9,400
				18,095
Total U.S. Government Agency Mortgage-Backed Securities (Cost $46,201)				45,227
CMO – U.S. Government Agency Mortgage-Backed Securities – 3.2%
Fixed Rate – 3.2%
FHLMC REMIC Series 1167, Cl E
7.500%, 11/15/21		45		45
Series 1286, Cl A
6.000%, 05/15/22		155		155
Series 1634, Cl PH 6.000%, 11/15/22		691		695
Series 2763, Cl TA 4.000%, 03/15/11 (a)		9,109		8,950
Series 2893 5.000%, 12/15/27 (a)		11,590		11,567
Series T-60 Cl 1A4B 5.343%, 03/25/44		7,738		7,821

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)/ SHARES		VALUE (000)
FNMA REMIC Series 1990-89, Cl K 6.500%, 07/25/20	$	32	$	33
Series 2004-76, Cl CE 4.500%, 02/25/21 (a)		9,670		9,537
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $39,626)				38,803
Treasury Obligation – 0.1%
U.S. Treasury Bill 2.520%, 04/07/05 (i)		1,040		1,039
Total Treasury Obligation (Cost $1,040)				1,039
Affiliated Money Market Fund – 1.3%
First American Prime Obligations Fund, Cl Z (j)		15,612,196		15,612
Total Affiliated Money Market Fund (Cost $15,612)				15,612
Investments Purchased with Proceeds from Securities Lending – 36.1%
Commercial Paper – 8.4%
Bluegrass 2.904%, 11/18/05	$	1,579		1,579
Cable Beach 2.642%, 4/11/05		3,948		3,945
Concord Minutemen Capital 2.810%, 4/13/05		3,791		3,791
2.750%, 4/07/06		11,845		11,845
Descartes Funding Trust 2.810%, 11/15/05		3,948		3,948
Duke Funding VI 2.794%, 4/05/05		2,006		2,005
2.823%, 4/11/05		5,534		5,529
2.833%, 4/15/05		2,369		2,369
Independence 2.880%, 10/17/05		4,683		4,683
Laguna ABS/Laguna Corp 2.736%, 4/04/05		3,948		3,947
2.728%, 5/02/05		3,948		3,938
Lakeside Funding 2.800%, 4/08/05		6,317		6,317
Leaf's LLC 2.860%, 4/20/05		4,343		4,343
Liquid Funding 2.840%, 5/25/05		3,949		3,949
Main Street Warehouse 2.837%, 4/22/05		7,897		7,883
Morgan Stanley 2.955%, 7/25/05		7,897		7,897
2.393%, 9/09/05		2,369		2,369
Orchard Park 2.846%, 10/06/05		1,737		1,737
2.827%, 1/06/06		7,940		7,940
Sigma Finance 2.945%, 5/17/05		553		553
2.945%, 5/17/05		790		790
2.945%, 5/17/05		237		237
Thornburg Mortgage 2.716%, 4/01/05		5,528		5,527
2.756%, 4/07/05		3,948		3,946
Total Commercial Paper				101,067

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Corporate Obligations – 9.7%
Allstate Life Global 2.800%, 10/14/05	$	1,974	$	1,974
2.860%, 10/14/05		7,897		7,897
Bayer Landbank NY 2.840%, 6/24/05		3,554		3,554
2.840%, 6/24/05		3,948		3,949
Blue Heron Funding 2.880%, 5/18/05		2,211		2,211
Castle Hill III 3.050%, 9/15/15		2,369		2,369
Cheyne High Grade 2.280%, 11/10/39		3,948		3,948
Depfa Bank PLC 2.990%, 6/15/05		3,948		3,948
Duke Funding VI 2.680%, 4/08/05		4,777		4,777
General Electric Capital Corporation 2.860%, 7/09/07		3,948		3,953
Jackson National Life 2.810%, 4/15/05		3,948		3,948
Jefferson Pilot 2.860%, 8/17/05		3,948		3,948
LaSalle Bank NA 2.900%, 8/01/05		1,974		1,972
Liquid Funding 2.850%, 6/28/05		3,554		3,554
Merrill Lynch 2.750%, 10/01/05		7,897		7,899
Metlife Global Funding 2.850%, 10/14/05		4,738		4,739
2.890%, 4/28/08		3,317		3,318
Morgan Stanley 2.890%, 12/26/08		3,948		3,949
Natexis Banq NY 2.955%, 7/12/05		4,343		4,343
2.130%, 7/12/05		1,185		1,185
Northlake CDO 3.030%, 9/06/05		2,369		2,369
Park Place Resecuritization 2.900%, 5/25/05		3,622		3,616
Premium Asset Trust
2.810%, 5/13/05		2,211		2,211
2.760%, 7/01/05		11,766		11,766
2.820%, 10/14/05		3,159		3,159
REMAC 1.867%, 9/29/05		4,055		4,072
RMAC 2.790%, 6/12/05		4,020		4,020
SMM Trust 2004 1.930%, 9/23/05		4,331		4,331
Westlb AG New York 2.780%, 3/10/15		3,948		3,947
Total Corporate Obligations				116,926
Money Market Funds – 0.3%
Merrill Lynch Premier Institutional Fund		3,188,288		3,188
Total Money Market Funds				3,188

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Other Short-Term Investments – 2.6%
ARLO III 3.010%, 9/28/05	$	11,845	$	11,845
Commonwealth Life 3.115%, 4/01/05 (k)		3,987		3,987
General Electric Capital Assurance 2.770%, 4/01/05		1,579		1,579
HBOS Treasury Services 2.710%, 11/01/05		4,343		4,346
ING USA Annuity & Life 2.180%, 6/30/05		10,266		10,266
Total Other Short-Term Investments				32,023
Repurchase Agreements – 15.1%
Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $7,897,366 (collateralized by various securities: Total market value $8,104,631)		7,897		7,897
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $2,373,295 (collateralized by commercial loans: Total market value $2,426,939)		2,369		2,369
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $15,794,680 (collateralized by various securities: Total market value $16,922,995)		15,794		15,794
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $19,743,337 (collateralized by collateralized U.S. government securities: Total market value $20,136,752)		19,742		19,742
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,579,468 (collateralized by collateralized mortgage obligations: Total market value $1,658,622)		1,579		1,579
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,579,468 (collateralized by collateralized mortgage obligations: Total market value $1,658,524)		1,579		1,579
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $1,579,468 (collateralized by collateralized mortgage obligations: Total market value $1,658,364)		1,579		1,579
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $789,734 (collateralized by collateralized mortgage obligations: Total market value $829,311)		790		790
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $789,734 (collateralized by collateralized mortgage obligations: Total market value $829,311)		790		790

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $19,743,405 (collateralized by mortgage loans: Total market value $20,144,650)	$	19,742	$	19,742
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $17,769,065 (collateralized by mortgage loans: Total market value $18,130,194)		17,768		17,768
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $3,950,248 (collateralized by mortgage loans: Total market value $4,028,975)		3,948		3,948
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $15,794,685 (collateralized by collateralized mortgage obligations: Total market value $17,368,492)		15,793		15,793
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $11,846,053 (collateralized by mortgage loans: Total market value $12,081,949)		11,845		11,845
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $1,342,551 (collateralized by corporate securities: Total market value $1,476,783)		1,342		1,342
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $11,846,010 (collateralized by corporate securities: Total market value $12,437,549)		11,845		11,845
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $9,871,683 (collateralized by corporate securities: Total market value $10,364,714)		9,871		9,871
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $7,897,340 (collateralized by corporate securities: Total market value $8,291,914)		7,897		7,897
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $5,923,010 (collateralized by corporate securities: Total market value $6,218,957)		5,923		5,923
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,579,469 (collateralized by corporate securities: Total market value $1,658,511)		1,579		1,579

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $22,902,280 (collateralized by U.S. government securities: Total market value $23,381,251)	$	22,900	$	22,900
Total Repurchase Agreements				182,572
Total Investments Purchased with Proceeds from Securities Lending (Cost $435,776)				435,776
Total Investments – 136.9% (Cost $1,667,992)				1,654,580
Other Assets and Liabilities, Net – (36.9)%				(445,613	)
Total Net Assets – 100.0%			$	1,208,967

(a) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a value of $427,650,742 at March 31, 2005. See note 2 in Notes to Financial Statements.

(c) Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of March 31, 2005, the value of these investments was $36,436,694 or 3.0% of total net assets.

(d) Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future dates. The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(e) Security for which the coupon rate of interest will adjust based on ratings by Standard & Poor's and Moody's Investors Service. The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(f) Variable Rate Security – The rate shown is the rate in effect as of March 31, 2005.

(g) Securities considered illiquid or restricted. As of March 31, 2005, the value of these investments was $55,249,562 or 4.6% of total net assets. See note 2 in Notes to Financial Statements.

(h) Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of March 31, 2005.

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

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

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

Cl – Class

CMO – Collateralized Mortgage Obligation

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Term Bond Fund (concluded)

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Market Value Covered By Contracts (000)			Settlement Month	Unrealized Depreciation (000)
U.S. Treasury 2 year Futures		104		$	10,758		Jun. 05	$	(23	)
U.S. Treasury 5 year Futures		15			1,606		Jun. 05		(11	)
U.S. Treasury 10 year Futures		(19	)		(2,076	)	Jun. 05		(11	)
								$	(45	)

Credit Default Swap Agreements outstanding as March 31, 2005

Counterparty	Reference Entity		Buy/Sell Protection	Pay/ Receive Fixed Rate			Expiration Date	Notional Amount (000)		Unrealized Depreciation (000)
Citigroup	Dow Jones CDX IG Hvol3	Index	Sell		1.05	%	3/20/10	$	41,000	$	(285	)
UBS	Dow Jones CDX IG Hvol3	Index	Sell		1.05	%	3/20/10		13,000		(108	)
										$	(393	)

Short Term Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
Corporate Bonds – 34.7%
Banking – 2.5%
Credit Suisse First Boston 7.750%, 05/15/06 (a)	$	7,350	$	7,644
First Union 6.875%, 09/15/05		7,000		7,105
J.P. Morgan Chase 6.875%, 01/15/07		4,000		4,194
Key Bank 7.125%, 08/15/06		4,000		4,158
				23,101
Basic Industry – 0.2%
Potash 7.125%, 06/15/07		2,075		2,186
Brokerage – 2.2%
Bear Stearns 6.500%, 05/01/06		5,900		6,060
Goldman Sachs 7.250%, 10/01/05 (a)		6,000		6,111
Merrill Lynch, Series B 6.130%, 05/16/06		3,655		3,745
Morgan Stanley 4.000%, 01/15/10 (b)		5,000		4,821
				20,737
Capital Goods – 3.1%
Boeing Capital 5.650%, 05/15/06		3,483		3,546
Hanson Overseas 6.750%, 09/15/05		8,000		8,105
Tyco International 6.375%, 02/15/06		9,830		10,011
Waste Management 6.500%, 11/15/08		6,800		7,253
				28,915
Communications – 6.2%
Alltel 4.656%, 05/17/07		10,000		10,053
AT&T Wireless Services 7.350%, 03/01/06		5,000		5,145
Comcast Cable Communications 6.200%, 11/15/08 (b)		4,000		4,197
Cox Communications 7.750%, 08/15/06		4,000		4,185
Deutsche Telecom 8.500%, 06/15/10		5,000		5,777
France Telecom 7.950%, 03/01/06 (l)		5,000		5,146
Motorola 4.608%, 11/16/07		4,000		4,000
Sprint Capital 6.125%, 11/15/08		4,000		4,189
Telecom De Puerto Rico 6.650%, 05/15/06		10,000		10,232
Telefonos De Mexico SA 4.750%, 01/27/10 (a)		5,000		4,871
				57,795

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Consumer Cyclical – 5.4%
DaimlerChrysler, Series A 7.375%, 09/15/06	$	3,945	$	4,104
Ford Motor Credit 6.875%, 02/01/06		9,000		9,132
5.800%, 01/12/09 (b)		11,000		10,575
General Motors Acceptance 6.750%, 01/15/06		9,000		9,051
Lennar 7.625%, 03/01/09		3,500		3,817
May Department Stores 3.950%, 07/15/07 (a)		2,000		1,971
R. R. Donnelley & Sons, Series C 6.700%, 06/21/05		3,500		3,523
Time Warner 6.150%, 05/01/07		8,000		8,280
				50,453
Consumer NonCyclical – 2.1%
Bunge LTD Finance 4.375%, 12/15/08		5,000		4,922
Gillette, Callable 4/15/05 @ 100 3.500%, 10/15/07		6,000		5,902
Kraft Foods 4.625%, 11/01/06		5,500		5,538
Wellpoint 3.750%, 12/14/07 (a)		3,000		2,939
				19,301
Electric – 2.6%
Calenergy 7.630%, 10/15/07		6,255		6,746
DTE Energy 6.450%, 06/01/06		5,000		5,139
National Rural Utilities 6.000%, 05/15/06 (b)		8,000		8,178
Pepco Holdings 3.750%, 02/15/06		4,600		4,592
				24,655
Finance Companies – 3.9%
American General Finance 5.910%, 06/12/06		1,000		1,020
CIT Group Holdings 6.625%, 06/15/05		4,000		4,026
Countrywide Home Loan, Series K 3.500%, 12/19/05 (b)		8,000		7,990
General Electric Capital, Series A 5.350%, 03/30/06 (b)		4,000		4,060
Household Finance 8.000%, 05/09/05		7,000		7,032
International Lease Finance 3.125%, 05/03/07		4,000		3,902
MBNA America Bank 6.500%, 06/20/06		8,000		8,218
				36,248
Foreign Local Governments – 0.6%
Bayerische Landesbank 2.500%, 03/30/06		5,500		5,430
Insurance – 1.3%
Allstate 7.875%, 05/01/05		2,700		2,709

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Aon 6.200%, 01/15/07	$	4,375	$	4,541
St. Paul Companies 7.875%, 04/15/05		5,000		5,007
				12,257
Miscellaneous – 1.1%
Dow Jones, Series 2004-2 4.000%, 09/20/09 (a) (c) (f)		10,000		10,135
Natural Gas – 1.3%
Atmos Energy 4.000%, 10/15/09		3,995		3,870
Duke Energy Field Services 5.750%, 11/15/06		7,915		8,092
				11,962
REITS – 0.9%
First Industrial 5.250%, 06/15/09		3,000		3,018
Simon Property Group 6.375%, 11/15/07		5,000		5,222
				8,240
Sovereigns – 0.4%
Pemex Project Funding Master Trust 6.125%, 08/15/08		4,000		4,100
Supranationals – 0.6%
Corporacion Andina De Fomento 7.250%, 03/01/07		5,000		5,227
Technology – 0.3%
Deluxe 3.500%, 10/01/07 (a)		2,500		2,431
Total Corporate Bonds (Cost $327,436)				323,173
Asset-Backed Securities – 25.2%
Automotive – 6.8%
AESOP Funding II Series 2003-2A, Cl A1 2.740%, 06/20/07 (a)		10,000		9,885
Auto Bond Receivables Trust Series 1993-I, Cl A 6.125%, 11/15/21 (c) (d) (e)		106		-
BMW Vehicle Owner Trust Series 2003-A, Cl A3 1.940%, 02/25/07		2,363		2,355
Capital One Auto Finance Trust Series 2003-A, Cl A4A 2.470%, 01/15/10		7,000		6,853
Harley-Davidson Motorcycle Trust Series 2003-2, Cl A2 2.070%, 02/15/11		7,000		6,746
Honda Auto Receivables Owner Trust Series 2002-4, Cl A4 2.700%, 03/17/08		3,500		3,480
Nissan Auto Lease Trust Series 2002-A, Cl A3B 2.560%, 08/15/07 (a)		2,181		2,179
Nissan Auto Receivables Owner Trust Series 2005-A, Cl A2 3.220%, 07/16/07		8,975		8,945
Series 2002-C, Cl A4 3.330%, 01/15/08		4,600		4,586

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Toyota Auto Receivables Owner Trust Series 2003-B, Cl A4 2.790%, 01/15/10	$	2,000	$	1,961
Series 2003-A, Cl A4 2.200%, 03/15/10		4,000		3,935
Wells Fargo Financial Auto Owner Trust Series 2004-A, Cl A3 2.060%, 06/16/08		7,000		6,910
WFS Financial Owner Trust Series 2004-3, Cl A3 3.300%, 03/17/09		5,000		4,950
				62,785
Commercial – 0.5%
Commercial Mortgage Series 2004-CNL, Cl A1 3.030%, 09/15/14 (a) (f)		4,350		4,332
Credit Cards – 8.6%
American Express Credit Account Series 2004-4, Cl C 3.280%, 03/15/12 (a) (f)		2,400		2,405
Bank One Issuance Trust Series 2002-A2, Cl A2 4.160%, 01/15/08		5,335		5,343
Capital One Master Trust Series 2001-3A, Cl C 3.740%, 03/16/09 (a) (c) (f)		2,000		2,012
Series 2001-5, Cl A 5.300%, 06/15/09		4,000		4,074
Series 2001-8A, Cl A 4.600%, 08/17/09		6,000		6,057
Capital One Multi-Asset Execution Trust Series 2003-A6, Cl A6 2.950%, 08/17/09		7,000		6,888
Citibank Credit Card Issuance Trust Series 2002-A3, Cl A3 4.400%, 05/15/07		5,000		5,008
Series 2001-A6, Cl A6 5.650%, 06/15/08		7,730		7,889
Series 2004-A1, Cl A1 2.550%, 01/20/09		800		778
Discover Card Master Trust I Series 2000-9, Cl A 6.350%, 07/15/08		2,000		2,041
Series 2001-6, Cl A 5.750%, 12/15/08		5,000		5,112
Series 2005-1, Cl B 2.557%, 09/15/10		9,000		9,011
Fleet Credit Card Master Trust II Series 2000-C, Cl A 7.020%, 02/15/08		3,190		3,234
Series 2003-A, Cl A 2.400%, 07/15/08		8,500		8,424
MBNA Credit Card Master Note Trust Series 2001-A1, Cl A1 5.750%, 10/15/08		8,500		8,680
Providian Gateway Master Trust Series 2004-DA, Cl A 3.350%, 09/15/11 (a)		2,625		2,562
Sears Credit Account Master Trust Series 1999-3, Cl A 6.450%, 11/17/09		667		674
				80,192

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Equipment Leases – 1.4%
CIT Equipment Collateral Series 2004-VT1, Cl A3 2.200%, 03/20/08	$	7,400	$	7,280
CNH Equipment Trust Series 2003-B, Cl A2 1.710%, 05/15/06		1,098		1,097
Series 2004-A, Cl A3B 2.940%, 10/15/08 (c)		4,700		4,657
				13,034
Home Equity – 4.2%
Advanta Mortgage Loan Trust Series 2000-2, Cl A4 7.930%, 04/25/23 (g)		365		368
Centex Home Equity Series 2000-C, Cl A4 7.720%, 05/25/29		1,403		1,423
Series 2003-C, Cl AV 3.150%, 09/25/33 (f)		1,890		1,892
Emergent Home Equity Loan Trust Series 1997-3, Cl A5 7.290%, 10/20/28		1,333		1,335
Equivantage Home Equity Loan Trust Series 1996-1, Cl A 6.550%, 10/25/25		313		310
Series 1996-4, Cl A 7.250%, 01/25/28		870		871
First Franklin Mortgage Loan Series 2004-FFB, Cl A3 4.264%, 06/25/24		2,530		2,516
GMAC Mortgage Corporation Loan Trust Series 2004-HE2, Cl M1 3.950%, 10/25/33 (g)		4,850		4,648
Home Equity Mortgage Trust Series 2004-2, Cl B1 4.750%, 08/25/34 (f) (g)		2,200		2,208
Series 2004-5, Cl B1 5.750%, 02/25/35		2,000		1,947
Series 2004-6, Cl M2 5.321%, 04/25/35 (g)		1,500		1,448
Household Home Equity Loan Trust Series 2003-1, Cl A 2.844%, 10/20/32 (f)		1,444		1,449
IMC Home Equity Loan Trust Series 1998-3, Cl A7 6.720%, 08/20/29 (g)		2,931		2,935
New Century Home Equity Loan Trust Series 1997-NC6, Cl A7 7.190%, 01/25/29 (g)		2,268		2,267
Residential Funding Mortgage Securities Series 2004-HI2, Cl A3 4.270%, 11/25/16		5,000		4,980
Saxon Asset Securities Trust Series 2001-1, Cl AF5 6.853%, 03/25/32 (g)		875		875
Series 2004-1, Cl M1 3.380%, 03/25/35 (f) (g)		8,000		8,046
				39,518
Manufactured Housing – 0.0%
Oakwood Mortgage Investors Series 1999-A, Cl A2 5.890%, 04/15/29		262		262

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Other – 1.1%
GRP/AG Real Estate Asset Trust Series 2004-1, Cl A 3.960%, 03/25/09 (a) (c) (g)	$	507	$	509
Series 2004-2, Cl A 4.210%, 07/25/34 (a) (g)		1,856		1,830
William Street Funding Series 2004-4, Cl A 3.413%, 09/23/10 (a) (c)		4,790		4,798
Series 2005-1, Cl A 3.041%, 01/23/11 (c)		3,220		3,220
				10,357
Utilities – 2.6%
Detroit Edison Securitization Funding Series 2001-1, Cl A3 5.875%, 03/01/10		5,000		5,146
Massachusetts RRB Special Purpose Trust Series 1999-1, Cl A4 6.910%, 09/15/09		5,200		5,405
Peco Energy Transition Trust Series 1999-A, Cl A6 6.050%, 03/01/09		9,315		9,556
Public Service New Hampshire Funding Series 2001-1, Cl A2 5.730%, 11/01/10		3,591		3,695
				23,802
Total Asset-Backed Securities (Cost $238,439)				234,282
CMO – Private Mortgage-Backed Securities – 16.2%
Adjustable Rate (f) – 6.7%
Granite Mortgages Series 2004-3, Cl 1C 3.640%, 09/20/44 (c) (g)		3,000		3,004
MLCC Mortgage Investors Series 2004-B, Cl A1 3.100%, 05/25/29 (g)		3,327		3,320
Series 2004-B, Cl A3 3.832%, 05/25/29 (c)		7,529		7,755
Sequoia Mortgage Trust Series 2003-2, Cl A1 3.180%, 06/20/33 (g)		6,075		6,079
Series 2004-4, Cl B2 3.750%, 05/20/34 (g)		4,350		4,343
Series 2004-7, Cl A2 3.832%, 08/20/34		4,489		4,601
Structured Mortgage Loan Trust Series 2004-11, Cl A 4.350%, 08/25/34 (c)		3,677		3,751
Washington Mutual Series 2003-AR3, Cl A5 3.927%, 04/25/33		7,850		7,778
Series 2003-AR10, Cl A6 4.076%, 10/25/33		5,000		4,979
Wells Fargo Mortgage Backed Securities Trust Series 2004-EE, Cl 3A1 3.988%, 01/25/35 (c)		9,713		9,543
Series 2004-N, Cl A3 4.132%, 08/25/34		7,000		6,950
				62,103

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Fixed Rate – 9.5%
Banc of America Commercial Mortgage Series 2004-2, Cl A1 2.764%, 11/10/38	$	6,954	$	6,691
Series 2004-4, Cl A2 4.041%, 07/10/42		7,475		7,326
Bank of America Mortgage Securities Series 2004-F, Cl 2A2 4.021%, 07/25/34		7,200		7,161
Bear Stearns Commercial Mortgage Securities Series 2004-T14, Cl A1 3.570%, 01/12/41		5,358		5,228
Citigroup Mortgage Loan Trust Series 2005-WF1, Cl A2 4.490%, 2/25/35		6,650		6,551
Commercial Mortgage Series 2004-LB3A, Cl A1 3.765%, 07/10/37		6,926		6,840
Global Signal Trust Series 2004-2A, Cl A 4.232%, 12/15/14 (a)		6,380		6,221
GMAC Commercial Mortgage Securities Series 2004-C1, Cl A2 4.100%, 03/10/38		4,000		3,899
Greenwich Capital Commercial Funding Series 2004-GG1, Cl A2 3.835%, 06/10/36		6,370		6,275
GS Mortgage Securities Series 2004-C1, Cl A1 3.659%, 10/10/28		5,942		5,751
IMPAC Secured Assets Series 2004-2, Cl A2 3.926%, 08/25/34		5,000		4,979
LB-UBS Commercial Mortgage Trust Series 2004-C2, Cl A1 2.946%, 03/15/29		7,437		7,082
Merrill Lynch Mortgage Investors Series 2003-A5, Cl 2A3 3.246%, 08/25/33		3,394		3,378
Mortgage Capital Funding Series 1997-MC1, Cl A3 7.288%, 07/20/27		3,183		3,312
Residential Accredit Loans Series 2003-QS17, Cl CB7 5.500%, 09/25/33		4,613		4,648
Residential Asset Securitization Trust Series 2002-A12, Cl 1A1 5.200%, 11/25/32		2,863		2,855
				88,197
Total CMO – Private Mortgage-Backed Securities (Cost $152,587)				150,300
U.S. Government & Agency Securities – 11.6%
Fixed Rate – 0.3%
FNMA 6.625%, 09/15/09 (b)		2,900		3,150
U.S. Agency Debentures – 7.6%
FHLMC Callable 6/2/05 @ 100 2.280%, 06/02/06 (b)		7,000		6,889
2.375%, 03/29/07 (b)		8,000		7,738
Callable 11/02/05 @ 100 3.250%, 11/02/07 (b)		22,000		21,482

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
FNMA 4.000%, 09/02/08 (b)	$	10,000	$	9,841
4.250%, 05/15/09 (b)		16,000		15,916
7.250%, 01/15/10 (b)		7,500		8,372
				70,238
U.S. Treasuries – 3.7%
U.S. Treasury Bond (STRIPS) 0.000%, 11/15/11 (b) (h)		11,200		10,600
U.S. Treasury Notes 3.375%, 02/28/07 (b)		5,775		5,733
3.875%, 01/15/09 (b) (i)		16,278		17,957
				34,290
Total U.S. Government & Agency Securities (Cost $106,359)				107,678
U.S. Government Agency Mortgage-Backed Securities – 7.0%
Adjustable Rate (f) – 4.1%
FHLMC Pool
4.140%, 12/01/26, #786591 (b)		1,402		1,450
3.854%, 01/01/29, #846946 (b)		1,188		1,219
3.838%, 05/01/30, #847014 (b)		1,174		1,186
3.890%, 10/01/30, #847241 (b)		5,377		5,519
4.460%, 10/01/32, #847063 (b)		1,511		1,537
4.239%, 05/01/33, #780456 (b)		3,251		3,247
FNMA Pool
4.338%, 02/01/28, #415285		490		496
5.109%, 12/01/31, #535363 (b)		3,004		3,081
4.484%, 03/01/32, #545791		526		536
4.494%, 10/01/32, #661645		2,390		2,385
4.642%, 12/01/32, #671884 (b)		4,568		4,568
4.038%, 04/01/34, #775389 (b)		2,632		2,727
4.278%, 07/01/34, #795242 (b)		4,813		4,792
3.782%, 08/01/36, #555369 (b)		3,107		3,151
GNMA Pool
3.750%, 08/20/21, #8824		416		419
3.750%, 07/20/22, #8006		486		489
3.750%, 09/20/25, #8699		273		275
3.375%, 04/20/26, #8847		282		284
3.750%, 08/20/27, #80106		88		89
3.375%, 01/20/28, #80154		142		144
3.500%, 02/20/32, #80580 (b)		489		493
				38,087
Fixed Rate – 2.9%
FHLMC Gold Pool 5.500%, 10/01/06, #M90680		179		181
FHLMC Pool 7.750%, 07/01/09, #184513		11		11
5.043%, 04/01/30, #972055 (b)		1,068		1,100
3.876%, 08/01/32, #847331 (b)		9,306		9,518
FNMA Pool
6.195%, 06/01/07, #410601 (b)		4,929		5,106
5.500%, 05/01/12, #254340 (b)		2,009		2,059
3.978%, 11/01/25, #433988 (b)		1,368		1,405
4.272%, 06/01/31, #625338 (b)		1,029		1,051
4.969%, 05/01/32, #634948 (b)		1,107		1,134
GNMA Pool
3.375%, 05/20/29, #80283 (b)		774		779
3.375%, 06/20/29, #80291 (b)		1,383		1,396
3.875%, 11/20/30, #80469 (b)		848		851
3.375%, 04/20/31, #80507 (b)		484		486
3.500%, 08/20/31, #80535 (b)		1,752		1,757
				26,834

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Total U.S. Government Agency Mortgage-Backed Securities (Cost $68,907)			$		64,921
CMO – U.S. Government Agency Mortgage-Backed Securities – 4.3%
Fixed Rate – 4.3%
FHLMC REMIC Series 2822 , Cl VM 5.000%, 04/15/10 (b)		4,487		4,501
Series 2763, Cl TA 4.000%, 03/15/11 (b)		6,609		6,493
Series 2634, Cl LA
3.000%, 05/15/12		1,015		1,015
Series 1022, Cl J
6.000%, 12/15/20		66		66
Series 2738, Cl UA
3.570%, 12/15/23 (b)		5,500		5,437
Series 2589, Cl GK
4.000%, 03/15/26 (b)		5,482		5,475
Series 2731, Cl PU
4.500%, 05/15/26 (b)		5,000		4,914
Series 2893
5.000%, 12/15/27 (b)		6,367		6,354
FNMA REMIC
Series 2004-76, Cl CE
4.500%, 02/25/21 (b)		6,000		5,918
Series 1992-150, Cl MA
5.500%, 09/25/22		196		194
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $41,144)				40,367
Treasury Obligation – 0.0%
U.S. Treasury Bill 2.561%, 04/07/05 (j)		300		300
Total Treasury Obligation (Cost $300)				300
Affiliated Money Market Fund – 0.5%
First American Prime Obligations Fund, Cl Z (k)		5,107,349		5,107
Total Affiliated Money Market Fund (Cost $5,107)				5,107
Investments Purchased with Proceeds from Securities Lending – 25.4%
Commercial Paper – 5.9%
Bluegrass 2.904%, 11/18/05	$	858		858
Cable Beach 2.642%, 4/11/05		2,144		2,142
Concord Minutemen Capital 2.810%, 4/13/05		2,058		2,058
2.750%, 4/07/06		6,433		6,433
Descartes Funding Trust 2.810%, 11/15/05		2,144		2,144
Duke Funding VI 2.794%, 4/05/05		1,089		1,089
2.823%, 4/11/05		3,005		3,003
2.833%, 4/15/05		1,286		1,286
Independence 2.880%, 10/17/05		2,543		2,543
Laguna ABS/Laguna Corp 2.736%, 4/04/05		2,144		2,144
2.728%, 5/02/05		2,134		2,139

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Lakeside Funding 2.800%, 4/08/05	$	3,431	$	3,431
Leaf's LLC 2.860%, 4/20/05		2,359		2,359
Liquid Funding 2.840%, 5/25/05		2,144		2,144
Main Street Warehouse 2.837%, 4/22/05		4,288		4,281
Morgan Stanley 2.955%, 7/25/05		4,288		4,288
2.393%, 9/09/05		1,286		1,286
Orchard Park 2.846%, 10/06/05		943		943
2.827%, 1/06/06		4,312		4,312
Sigma Finance 2.945%, 5/17/05		300		300
2.945%, 5/17/05		429		429
2.945%, 5/17/05		129		129
Thornburg Mortgage 2.716%, 4/01/05		3,002		3,002
2.756%, 4/07/05		2,144		2,143
Total Commercial Paper				54,886
Corporate Obligations – 6.8%
Allstate Life Global 2.800%, 10/14/05		1,072		1,072
2.860%, 10/14/05		4,288		4,288
Bayer Landbank NY 2.840%, 6/24/05		1,930		1,930
0.843%, 6/24/05		2,144		2,144
Blue Heron Funding 2.880%, 5/18/05		1,201		1,201
Castle Hill III 3.050%, 9/15/15		1,287		1,287
Cheyne High Grade 2.280%, 11/10/39		2,144		2,144
Depfa Bank PLC 2.990%, 6/15/05		2,144		2,144
Duke Funding VI 2.680%, 4/08/05		2,594		2,594
General Electric Capital Corporation 2.860%, 7/09/07		2,144		2,147
Jackson National Life 2.810%, 4/15/05		2,144		2,144
Jefferson Pilot 2.860%, 8/17/05		2,144		2,144
LaSalle Bank NA 2.900%, 8/01/05		1,072		1,071
Liquid Funding 2.850%, 6/28/05		1,930		1,930
Merrill Lynch 2.750%, 10/01/05		4,288		4,290
Metlife Global Funding 2.890%, 4/28/08		1,801		1,802
2.850%, 10/14/05		2,573		2,574
Morgan Stanley 2.890%, 12/26/08		2,144		2,144
Natexis Banq NY 2.130%, 7/12/05		643		643
2.955%, 7/12/05		2,359		2,359
Northlake CDO 3.030%, 3/07/05		1,286		1,286
Park Place Resecuritization 2.900%, 1/25/05		1,967		1,964

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Premium Asset Trust 2.760%, 7/01/05	$	6,390	$	6,390
2.810%, 5/13/05		1,201		1,201
2.820%, 10/14/05		1,715		1,715
REMAC 1.867%, 9/29/05		2,202		2,211
RMAC 2.790%, 6/12/05		2,183		2,183
SMM Trust 2004 1.930%, 9/23/05		2,352		2,352
Westlb AG New York 2.780%, 3/10/05		2,144		2,144
Total Corporate Obligations				63,498
Money Market Funds – 0.2%
Merrill Lynch Premier Institutional Fund		1,731,440		1,731
Total Money Market Funds				1,731
Other Short-Term Investments – 1.9%
ARLO III 3.010%, 9/28/05	$	6,432		6,432
Commonwealth Life 3.115%, 4/01/05 (m)		2,165		2,165
General Electric Capital Assurance 2.770%, 4/01/05		858		858
HBOS Treasury Services 2.710%, 11/01/05		2,359		2,360
ING USA Annuity & Life 2.180%, 6/30/05		5,575		5,575
Total Other Short-Term Investments				17,390
Repurchase Agreements – 10.6%
Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $4,288,765 (collateralized by various securities: Total market value $4,401,323)		4,288		4,288
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $1,288,848 (collateralized by commercial loans: Total market value $1,317,980)		1,287		1,287
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $8,577,501 (collateralized by various securities: Total market value $9,228,261)		8,577		8,577
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $10,721,869 (collateralized by collateralized U.S. government securities: Total market value $10,935,518)		10,721		10,721
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $857,750 (collateralized by collateralized mortgage obligations: Total market value $900,736)		858		858
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $857,750 (collateralized by collateralized mortgage obligations: Total market value $900,683)		858		858
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $857,750 (collateralized by collateralized mortgage obligations: Total market value $900,595)		858		858

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $428,875 (collateralized by collateralized mortgage obligations: Total market value $450,368)	$	429	$	429
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $428,875 (collateralized by collateralized mortgage obligations: Total market value $450,368)		429		429
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $10,721,906 (collateralized by mortgage loans: Total market value $10,939,807)		10,721		10,721
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $9,649,716 (collateralized by mortgage loans: Total market value $9,845,832)		9,649		9,649
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $2,145,232 (collateralized by mortgage loans: Total market value $2,187,986)		2,144		2,144
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $8,577,504 (collateralized by collateralized mortgage obligations: Total market value $9,432,179)		8,577		8,577
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $6,433,149 (collateralized by mortgage loans: Total market value $6,561,255)		6,433		6,433
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $729,089 (collateralized by corporate securities: Total market value $801,986)		729		729
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $6,433,126 (collateralized by corporate securities: Total market value $6,754,369)		6,433		6,433
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $5,360,943 (collateralized by corporate securities: Total market value $5,628,689)		5,360		5,360
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $4,288,751 (collateralized by corporate securities: Total market value $4,503,029)		4,288		4,288
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $3,216,566 (collateralized by corporate securities: Total market value $3,377,284)		3,216		3,216
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $857,751 (collateralized by corporate securities: Total market value $900,676)		858		858

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $12,437,373 (collateralized by U.S. government securities: Total market value $12,697,485)	$	12,436	$	12,436
Total Repurchase Agreements				99,149
Total Investments Purchased with Proceeds from Securities Lending (Cost $236,654)				236,654
Total Investments – 124.9% (Cost $1,176,933)				1,162,782
Other Assets and Liabilities, Net – (24.9)%				(231,456	)
Total Net Assets - 100.0%			$	931,326

(a) Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of March 31, 2005, the value of these investments was $72,836,132 or 7.8% of total net assets.

(b) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a value of $231,921,198 at March 31, 2005. See note 2 in Notes to Financial Statements.

(c) Securities considered illiquid or restricted. As of March 31, 2005, the value of these investments was $49,383,479 or 5.3% of total net assets. See note 2 in Notes to Financial Statements.

(d) Security is fair valued. As of March 31, 2005, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(e) Security currently in default.

(f) Variable Rate Security - The rate shown is the rate in effect as of March 31, 2005.

(g) Delayed Interest (Step-Bonds) - Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of March 31, 2005.

(h) Principal only – Represents securities that entitle holders to receive only principal payments on the underlying mortgages. The yield to maturity of a principal only is sensitive to the rate of principal payments on the underlying mortgage assets. A slow (rapid) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The zero coupon rate represents the lack of interest as part of payments received.

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

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

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

(l) Security for which the coupon rate of interest will adjust based on ratings by Standard & Poor's and Moody's Investors Service. The rate disclosed represents the coupon rate in effect as of March 31, 2005

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

Cl – Class

CMO – Collateralized Mortgage Obligation

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Term Bond Fund (concluded)

GNMA – Government National Mortgage Association

REITS – Real Estate Investment Trusts

REMIC – Real Estate Mortgage Investment Conduit

STRIPS – Separate Trading of Registered Interest and Principal of Securities

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Market Value Covered By Contracts (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 2 year Futures		1,124		$	116,273		Jun. 05	$	(255	)
U.S. Treasury 5 year Futures		(833	)		(89,209	)	Jun. 05		169
U.S. Treasury 10 year Futures		(30	)		(3,278	)	Jun. 05		(17	)
								$	(103	)

Credit Default Swap Agreements outstanding at March 31, 2005

Counterparty	Reference Entity		Buy/Sell Protection	Pay/ Receive Fixed Rate			Expiration Date	Notional Amount (000)		Unrealized Depreciation (000)
Citigroup	Dow Jones CDX IG Hvols	Index	Sell		1.05	%	3/20/10	$	20,000		(90	)
Citigroup	Dow Jones CDX IG Hvols	Index	Sell		1.05	%	3/20/10		25,000		(169	)
										$	(259	)

Interest Rate Swap Agreements outstanding at March 31, 2005

Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Expiration Date	Notional Amount (000)			Unrealized Depreciation (000)
Citigroup	3-Month LIBOR	Receive		3.568	%	1/11/07	$		142,000	$	(1,399	)
UBS	3-Month LIBOR	Pay		3.806	%	1/13/08		25,000			(367	)
										$	(1,766	)

U.S. Government Mortgage Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government Agency Mortgage-Backed Securities – 84.6%
Adjustable Rate – 2.1% (a)
FNMA Pool 4.080%, 08/01/27, #545271	$	2,541	$	2,606
4.379%, 04/01/34, #775389 (b)		1,703		1,764
				4,370
Fixed Rate – 82.5%
FHLMC Gold Pool 8.500%, 03/01/06, #E00022		4		4
7.500%, 04/01/08, #E45929		19		20
7.000%, 07/01/11, #E20252		55		58
7.000%, 11/01/11, #E65619		5		5
7.500%, 09/01/12, #G10735		261		276
5.500%, 05/01/13, #G10814		283		289
6.000%, 10/01/13, #E72802		503		521
5.500%, 01/01/14, #E00617 (b)		1,475		1,509
7.000%, 09/01/14, #E00746		274		288
6.000%, 03/01/21, #CP0428		663		684
6.000%, 09/01/22, #C90580		1,019		1,050
6.500%, 01/01/28, #G00876		668		697
6.500%, 11/01/28, #C00676		1,410		1,467
7.500%, 01/01/30, #C35768		144		154
6.500%, 03/01/31, #G01244		1,066		1,109
7.000%, 06/01/32, #C68248		546		575
5.000%, 09/01/33, #C01622		2,642		2,587
FNMA Pool 7.000%, 11/01/11, #250738		27		28
7.000%, 11/01/11, #349630		17		18
7.000%, 11/01/11, #351122		25		27
6.000%, 04/01/13, #425550		281		291
6.500%, 08/01/13, #251901		244		256
6.000%, 11/01/13, #556195		396		410
7.000%, 07/01/14, #252637		422		445
7.000%, 10/01/14, #252799		185		195
5.500%, 04/01/16, #580516		1,161		1,185
6.500%, 07/01/17, #254373		1,483		1,555
7.000%, 07/01/17, #254414		1,518		1,599
5.500%, 12/01/17, #673010		1,048		1,069
5.000%, 04/01/18, #685197		3,466		3,467
5.500%, 04/01/18, #695765		1,273		1,298
4.500%, 05/01/18, #254720		5,520		5,407
5.000%, 07/01/18, #555621		1,995		1,996
5.000%, 11/01/18, #750989		4,097		4,099
4.500%, 05/01/19, #775004 (b)		4,570		4,476
6.500%, 06/01/22, #254344		1,115		1,165
6.000%, 10/01/22, #254513 (b)		1,280		1,317
5.500%, 10/01/24, #255456 (b)		2,852		2,880
5.500%, 12/01/24, #357662 (b)		2,789		2,816
7.000%, 12/01/27, #313941		853		902
7.000%, 09/01/31, #596680		1,666		1,755
6.500%, 12/01/31, #254169		2,201		2,285
6.500%, 06/01/32, #596712		4,544		4,714
6.500%, 07/01/32, #545759		2,422		2,514
7.000%, 07/01/32, #545813		624		658
7.000%, 07/01/32, #545815 (b)		564		594
6.000%, 08/01/32, #656269		1,453		1,487
5.500%, 03/01/33, #689109 (b)		3,526		3,536
5.500%, 04/01/33, #703392 (b)		4,057		4,067
5.500%, 05/01/33, #704523		3,199		3,207
5.500%, 07/01/33, #726520 (b)		3,912		3,923
5.500%, 07/01/33, #728667 (b)		2,596		2,603
4.500%, 08/01/33, #555680		2,664		2,536
5.000%, 08/01/33, #736158		3,493		3,423
5.500%, 08/01/33, #728855		2,642		2,648

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
5.500%, 08/01/33, #733380 (b)	$	3,143	$	3,151
5.000%, 09/01/33, #734566		4,308		4,219
5.000%, 10/01/33, #747533 (b)		3,571		3,497
5.500%, 12/01/33, #756202 (b)		2,487		2,493
6.000%, 01/01/34, #763687		3,387		3,462
5.000%, 04/01/34, #725314 (c)		2,711		2,658
5.500%, 04/01/34, #774999		1,377		1,380
6.500%, 06/01/34, #735273 (b)		3,405		3,533
5.000%, 07/01/34, #788645 (b)		3,376		3,306
4.500%, 09/01/34, #725866		1,485		1,413
5.000%, 12/01/34, #781628		2,061		2,017
FNMA TBA 6.000%, 04/01/29 (c)		8,155		8,331
5.000%, 04/01/34 (c)		9,500		9,289
5.500%, 04/01/34 (c)		14,000		14,018
GNMA Pool 8.000%, 01/15/07, #315126		7		8
9.000%, 11/15/09, #359559		39		41
8.000%, 10/15/10, #414750		90		95
6.500%, 07/15/13, #462638		583		615
7.500%, 12/15/22, #347332		112		120
7.000%, 09/15/27, #455304		30		32
6.500%, 07/15/28, #780825		1,179		1,237
6.500%, 08/20/31, #3120		571		596
7.500%, 12/15/31, #570134		553		592
6.500%, 02/15/32, #569621		746		779
6.000%, 03/15/33, #603520		1,622		1,668
6.000%, 06/15/33, #553314 (b)		2,799		2,878
5.500%, 07/15/33, #553367 (b)		1,409		1,424
5.500%, 08/15/33, #604567 (b)		5,293		5,348
6.000%, 11/15/33, #612374 (b)		1,902		1,955
6.000%, 07/15/34, #631574 (b)		1,665		1,711
6.000%, 09/15/34, #633605 (b)		2,766		2,843
				172,853
Total U.S. Government Agency Mortgage-Backed Securities (Cost $177,802)				177,223
CMO – Private Mortgage-Backed Securities – 19.1%
Adjustable Rate (a) – 1.2%
Sequoia Mortgage Trust Series 2004-5, Cl X1 0.800%, 06/20/34 (d)		100,249		1,154
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Cl A1 4.842%, 02/25/33		1,284		1,299
				2,453
Fixed Rate – 17.9%
Bank of America Mortgage Securities Series 2004-11, Cl 1A8 5.500%, 01/25/35		980		972
Chase Mortgage Finance Corporation Series 2003-S10, Cl A1 4.750%, 11/25/18		2,092		2,071
Countrywide Alternative Loan Trust Series 2004-24CB, Cl 1A1 6.000%, 11/25/34		2,747		2,787
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Cl A7 6.500%, 01/25/35		2,549		2,587

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Master Alternative Loans Trust Series 2005-2, Cl 1A3 6.500%, 03/25/35	$	1,967	$	2,025
Master Asset Securitization Trust Series 2003-6, Cl 3A1 5.000%, 07/25/18		1,367		1,360
Morgan Stanley Mortgage Loan Trust Series 2004-9, Cl 1A 6.323%, 11/25/34		2,815		2,870
Residential Asset Mortgage Products Series 2003-SL1, Cl M1 7.319%, 04/25/31		2,893		2,976
Series 2004-SL4, Cl A3 6.500%, 07/25/32		3,013		3,101
Residential Funding Mortgage Securitization Trust Series 2003-S8, Cl A1 5.000%, 05/25/18		3,552		3,541
Washington Mutual Series 2003-S10, Cl A2 5.000%, 10/25/18		3,129		3,120
Series 2003-S13, Cl 21A1 4.500%, 12/25/18 (c)		2,583		2,547
Series 2004-S3, Cl 3A3 6.000%, 07/25/34		1,200		1,224
Washington Mutual MSC Mortgage Series 2003-MS9, Cl CB1 7.433%, 04/25/33		1,714		1,753
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Cl A1 4.750%, 12/25/18		4,595		4,545
				37,479
Total CMO – Private Mortgage-Backed Securities (Cost $40,437)				39,932
Asset-Backed Securities – 3.4%
Commercial – 2.4%
Bank of America Commercial Mortgage Series 2005-1, Cl A3 4.877%, 11/10/42 (a) (c) (e)		5,000		5,025
Home Equity – 0.2%
GRMT Mortgage Loan Trust Series 2001-1A, Cl M1 7.772%, 07/20/31		425		437
Manufactured Housing – 0.6%
Oakwood Mortgage Investors Series 1999-A, Cl A2 5.890%, 04/15/29		133		133
Vanderbilt Mortgage Finance Series 1999-B, Cl 1A4 6.545%, 04/07/18		1,075		1,086
				1,219
Other – 0.2%
GRP/AG Real Estate Asset Trust Series 2004-1, Cl A 3.960%, 03/25/09 (e) (f) (g)		507		509
Total Asset-Backed Securities (Cost $7,221)				7,190
U.S. Government & Agency Securities – 1.7%
U.S. Agency Debentures – 1.6%
FNMA 5.000%, 04/01/34, #778492 (b)		3,471		3,399

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

FIRST AMERICAN FUNDS Semiannual Report 2005

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
U.S. Treasury – 0.1%
U.S. Treasury Bill 2.561%, 04/07/05 (h)	$	160	$	160
Total U.S. Government & Agency Securities (Cost $3,659)				3,559
CMO – U.S. Government Agency Mortgage-Backed Securities – 1.2%
Fixed Rate – 1.2%
FHLMC REMIC Series 2382, Cl DA 5.500%, 10/15/30		585		594
FNMA REMIC Series 2002-W1, Cl 2A 7.500%, 02/25/42		1,828		1,905
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $2,504)				2,499
Affiliated Money Market Fund – 7.3%
First American Government Obligations Fund, Cl Z (i)		15,397,375		15,397
Total Affiliated Money Market Fund (Cost $15,397)				15,397
Investments Purchased with Proceeds from Securities Lending – 31.8%
Commercial Paper – 7.4%
Bluegrass 2.904%, 11/18/05	$	241		241
Cable Beach 2.642%, 4/11/05		603		603
Concord Minutemen Capital 2.810%, 4/13/05		579		579
2.750%, 4/07/06		1,810		1,810
Descartes Funding Trust 2.810%, 11/15/05		604		604
Duke Funding VI 2.794%, 4/05/05		307		306
2.823%, 4/11/05		846		845
2.833%, 4/15/05		362		362
Independence 2.880%, 10/17/05		716		716
Laguna ABS/Laguna Corp 2.736%, 4/04/05		603		603
2.728%, 5/02/05		603		602
Lakeside Funding 2.800%, 4/08/05		966		966
Leaf's LLC 2.860%, 4/20/05		664		664
Liquid Funding 2.840%, 5/25/05		603		603
Main Street Warehouse 2.837%, 4/22/05		1,207		1,205
Morgan Stanley 2.955%, 7/25/05		1,207		1,207
2.393%, 9/09/05		362		362
Orchard Park 2.846%, 10/06/05		266		266
2.827%, 1/06/06		1,214		1,214
Sigma Finance 2.945%, 5/17/05		84		84
2.945%, 5/17/05		121		121
2.945%, 5/17/05		36		36

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Thornburg Mortgage 2.716%, 4/01/05	$	845	$	845
2.756%, 4/07/05		603		603
Total Commercial Paper				15,447
Corporate Obligations – 8.5%
Allstate Life Global 2.800%, 10/14/05		302		302
2.860%, 10/14/05		1,207		1,207
Bayer Landbank NY 2.840%, 6/24/05		543		543
2.840%, 6/24/05		604		604
Blue Heron Funding 2.880%, 5/18/05		338		338
Castle Hill III 3.050%, 9/15/15		362		362
Cheyne High Grade 2.280%, 11/10/39		604		604
Depfa Bank PLC 2.990%, 6/15/05		603		603
Duke Funding VI 2.680%, 4/08/05		730		730
General Electric Capital Corporation 2.860%, 7/09/07		603		604
Jackson National Life 2.810%, 4/15/05		604		604
Jefferson Pilot 2.860%, 8/17/05		603		603
LaSalle Bank NA 2.900%, 8/01/05		302		301
Liquid Funding 2.850%, 6/28/05		543		543
Merrill Lynch 2.750%, 10/01/05		1,207		1,207
Metlife Global Funding 2.850%, 10/14/05		724		724
2.890%, 4/28/08		508		508
Morgan Stanley 2.890%, 12/26/08		603		604
Natexis Banq NY 2.955%, 7/12/05		664		664
2.130%, 7/12/05		181		181
Northlake CDO 3.030%, 3/07/05		362		362
Park Place Resecuritization 2.900%, 1/25/05		554		553
Premium Asset Trust 2.810%, 5/13/05		338		338
2.760%, 7/01/05		1,798		1,798
2.820%, 10/14/05		483		483
REMAC 1.867%, 9/29/05		620		622
RMAC 2.790%, 6/12/05		614		614
SMM Trust 2004 1.930%, 9/23/05		662		662
Westlb AG New York 2.780%, 3/10/15		603		603
Total Corporate Obligations				17,871
Money Market Funds – 0.2%
Merrill Lynch Premier Institutional Fund		487,279		487
Total Money Market Funds				487

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Other Short-Term Investments – 2.4%
ARLO III 3.010%, 9/28/05	$	1,810	$	1,810
Commonwealth Life 3.115%, 4/01/05 (j)		609		609
General Electric Capital Assurance 2.770%, 4/01/05		241		241
HBOS Treasury Services 2.710%, 11/01/05		664		664
ING USA Annuity & Life 2.180%, 6/30/05		1,569		1,569
Total Other Short-Term Investments				4,893
Repurchase Agreements – 13.3%
Bear Stearns 3.045%, dated 3/31/05, matures 4/1/05, repurchase price $1,206,987 (collateralized by various securities: Total market value $1,238,664)		1,207		1,207
Bear Stearns 2.960%, dated 3/31/05, matures 4/22/05, repurchase price $362,720 (collateralized by commercial loans: Total market value $370,919)		362		362
Citibank 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $2,413,965 (collateralized by various securities: Total market value $2,597,109)		2,414		2,414
CS First Boston 2.900%, dated 3/31/05, matures 4/01/05, repurchase price $3,017,454 (collateralized by collateralized U.S. government securities: Total market value $3,077,582)		3,017		3,017
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $241,397 (collateralized by collateralized mortgage obligations: Total market value $253,494)		241		241
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $241,397 (collateralized by collateralized mortgage obligations: Total market value $253,479)		241		241
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $241,397 (collateralized by collateralized mortgage obligations: Total market value $253,454)		241		241
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $120,698 (collateralized by collateralized mortgage obligations: Total market value $126,747)		121		121
CS First Boston 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $120,698 (collateralized by collateralized mortgage obligations: Total market value $126,747)		121		121
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $3,017,465 (collateralized by mortgage loans: Total market value $3,078,789)		3,017		3,017

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Goldman Sachs 3.025%, dated 3/31/05, matures 4/01/05, repurchase price $2,715,718 (collateralized by mortgage loans: Total market value $2,770,911)	$	2,716	$	2,716
Goldman Sachs 2.885%, dated 3/31/05, matures 4/06/05, repurchase price $603,732 (collateralized by mortgage loans: Total market value $615,765)		604		604
Lehman Brothers 2.935%, dated 3/31/05, matures 4/01/05, repurchase price $2,413,966 (collateralized by collateralized mortgage obligations: Total market value $2,654,497)		2,414		2,414
Lehman Brothers 3.055%, dated 3/31/05, matures 4/01/05, repurchase price $1,810,480 (collateralized by mortgage loans: Total market value $1,846,533)		1,810		1,810
Lehman Brothers 3.000%, dated 3/31/05, matures 4/01/05, repurchase price $205,187 (collateralized by corporate securities: Total market value $225,703)		205		205
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,810,474 (collateralized by corporate securities: Total market value $1,900,881)		1,810		1,810
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $1,508,730 (collateralized by corporate securities: Total market value $1,584,081)		1,509		1,509
Merrill Lynch 2.925%, dated 3/31/05, matures 4/01/05, repurchase price $1,206,983 (collateralized by corporate securities: Total market value $1,267,287)		1,207		1,207
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $905,238 (collateralized by corporate securities: Total market value $950,469)		905		905
Merrill Lynch 2.955%, dated 3/31/05, matures 4/01/05, repurchase price $241,397 (collateralized by corporate securities: Total market value $253,477)		241		241
Morgan Stanley 2.915%, dated 3/31/05, matures 4/01/05, repurchase price $3,500,249 (collateralized by U.S. government securities: Total market value $3,573,452)		3,500		3,500
Total Repurchase Agreements				27,903
Total Investments Purchased with Proceeds from Securities Lending (Cost $66,601)				66,601
Total Investments – 149.1% (Cost $313,621)				312,401
Other Assets and Liabilities, Net – (49.1)%				(102,872	)
Total Net Assets – 100.0%			$	209,529

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

FIRST AMERICAN FUNDS Semiannual Report 2005

U.S. Government Mortgage Fund (concluded)

(a) Variable Rate Security – The rate shown is the rate in effect as of March 31, 2005.

(b) This security or a portion of this security is out on loan at March 31, 2005. Total loaned securities had a value of $64,997,528 at March 31, 2005. See note 2 in Notes to Financial Statements.

(c) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $41,776,708 or 19.9% of total net assets. See note 2 in Notes to Financial Statements.

(d) Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of March 31, 2005.

(e) Security considered illiquid or restricted. As of March 31, 2005, the value of this investment was $5,534,591 or 2.6% of total net assets. See note 2 in Notes to Financial Statements.

(f) Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." This security has been determined to be liquid under the guidelines established by the funds' board of directors. As of March 31, 2005, the value of this investment was $509,446 or 0.2% of total net assets.

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

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

Cl – Class

CMO – Collateralized Mortgage Obligation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

REMIC – Real Estate Mortgage Investment Conduit

TBA – To Be Announced

Schedule of Open Futures Contracts

Description	Number of Contracts (Sold)			Market Value Covered By Contracts (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 2 year Futures		(76	)		(7,862	)	Jun. 05		5
U.S. Treasury 10 year Futures		(50	)		(5,463	)	Jun. 05		(45	)
								$	(40	)

FIRST AMERICAN FUNDS Semiannual Report 2005

Statements of Assets and Liabilities March 31, 2005 (unaudited), in thousands, except per share data

	Core Bond Fund			Corporate Bond Fund			High Income Bond Fund			Inflation Protected Securities Fund			Intermediate Government Bond Fund			Intermediate Term Bond Fund			Short Term Bond Fund			U.S. Government Mortgage Fund
ASSETS:
Investments in unaffiliated securities, at value*†	$	2,452,969		$	316,129		$	295,044		$	236,474		$	81,092		$	1,456,396		$	1,058,526		$	269,101
Investments in affiliated money market fund, at value**		42,494			3,027			1,382			6,221			1,952			15,612			5,107			15,397
Repurchase Agreements, at value***		384,466			21,377			25,060			35,125			-			182,572			99,149			27,903
Cash****		2,456			1,914			2,208			152			-			935			1,140			142
Receivable for dividends and interest		12,837			3,485			5,365			1,455			1,172			9,622			8,061			1,086
Receivable for investment securities sold		97,914			13,254			834			-			480			3,730			5,115			29,693
Receivable for capital shares sold		1,508			153			99			1,819			68			681			344			166
Receivable for swap contracts		-			90			98			33			-			-			-			-
Prepaid expenses and other assets		45			29			25			60			13			26			29			27
Total assets		2,994,689			359,458			330,115			281,339			84,777			1,669,574			1,177,471			343,515
LIABILITIES:
Written options, at value		339			50			-			17			-			225			-			37
Payable upon return of securities loaned		919,341			51,116			59,925			83,992			-			436,568			237,084			66,722
Payable for investment securities purchased		176,284			31,090			-			3,293			1,993			21,783			4,659			66,689
Payable for capital shares redeemed		7,661			566			953			281			179			1,267			1,814			349
Payable for variation margin		165			185			37			1			-			24			30			39
Payable for swap contracts		178			-			-			-			-			84			2,035			-
Payable for advisory, co-administration, and custodian fees		1,121			172			174			88			44			622			486			121
Payable for distribution and shareholder servicing fees		53			11			29			1			-			7			14			21
Payable for other accrued expenses and liabilities		25			8			8			1			7			27			23			8
Total liabilities		1,105,167			83,198			61,126			87,674			2,223			460,607			246,145			133,986
Net assets	$	1,889,522		$	276,260		$	268,989		$	193,665		$	82,554		$	1,208,967		$	931,326		$	209,529
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,897,403		$	299,089		$	276,161		$	194,108		$	83,660		$	1,219,721		$	952,418		$	215,496
Undistributed (distributions in excess of) net investment income		(2,085	)		38			117			(62	)		18			(6	)		56			(533	)
Accumulated net realized gain (loss) on investments		11,166			(21,980	)		(11,206	)		(1	)		213			2,983			(4,869	)		(4,194	)
Net unrealized appreciation (depreciation) of investments		(15,696	)		(782	)		3,898			(362	)		(1,337	)		(13,412	)		(14,151	)		(1,220	)
Net unrealized appreciation (depreciation) of futures contracts		(614	)		7			(52	)		-			-			(45	)		(103	)		(40	)
Net unrealized appreciation (depreciation) of swap agreements		(833	)		(94	)		71			(27	)		-			(393	)		(2,025	)		-
Net unrealized appreciation (depreciation) of written options		181			(18	)		-			9			-			119			-			20
Net assets	$	1,889,522		$	276,260		$	268,989		$	193,665		$	82,554		$	1,208,967		$	931,326		$	209,529
* Investments in unaffiliated securities, at cost	$	2,468,665		$	316,911		$	291,146		$	236,836		$	82,429		$	1,469,808		$	1,072,677		$	270,321
** Investments in affiliated money market fund, at cost	$	42,494		$	3,027		$	1,382		$	6,221		$	1,952		$	15,612		$	5,107		$	15,397
*** Investments in repurchase agreements, at cost	$	384,466		$	21,377		$	25,060		$	35,125			-		$	182,572		$	99,149		$	27,903
**** Includes cash related to securities loaned	$	1,668		$	93		$	109		$	152			-		$	792		$	430		$	121
† Including securities loaned, at value	$	897,349		$	49,631		$	57,614		$	82,881			-		$	427,651		$	231,921		$	64,998
Class A:
Net assets	$	170,550		$	19,897		$	35,875		$	3,229		$	1,838		$	54,882		$	110,616		$	28,363
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		15,301			1,961			3,824			321			223			5,490			11,114			2,683
Net asset value and redemption price per share	$	11.15		$	10.14		$	9.38		$	10.07		$	8.26		$	10.00		$	9.95		$	10.57
Maximum offering price per share (1)	$	11.64		$	10.59		$	9.80		$	10.52		$	8.45		$	10.23		$	10.18		$	11.04
Class B:
Net assets	$	19,354		$	4,716		$	7,904			-			-			-			-		$	8,717
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		1,748			467			846			-			-			-			-			824
Net asset value, offering price, and redemption price per share (2)	$	11.07		$	10.11		$	9.34			-			-			-			-		$	10.59
Class C:
Net assets	$	7,822		$	3,351		$	14,262		$	492			-			-			-		$	8,184
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		704			332			1,526			49			-			-			-			777
Net asset value per share (2)	$	11.11		$	10.09		$	9.35		$	10.06			-			-			-		$	10.53
Class R:
Net assets	$	1		$	1		$	2		$	1			-			-			-		$	1
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		-			-			1			-			-			-			-			-
Net asset value, offering price, and redemption price per share	$	11.17		$	10.19		$	9.51		$	10.08			-			-			-		$	10.56
Class Y:
Net assets	$	1,691,795		$	248,295		$	210,946		$	189,943		$	80,716		$	1,154,085		$	820,710		$	164,264
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		151,810			24,487			22,472			18,845			9,779			115,803			82,424			15,536
Net asset value, offering price, and redemption price per share	$	11.14		$	10.14		$	9.39		$	10.08		$	8.25		$	9.97		$	9.96		$	10.57

(1) The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges,
see note 1 in Notes to Financial Statements.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Statements of Operations For the period ended March 31, 2005 (unaudited), in thousands

	Core Bond Fund			Corporate Bond Fund			High Income Bond Fund			Inflation Protected Securites Fund			Intermediate Government Bond Fund			Intermediate Term Bond Fund			Short Term Bond Fund			U.S. Government Mortgage Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	41,089		$	7,442		$	11,772		$	1,589		$	2,035		$	24,216		$	16,778		$	5,046
Dividends from affiliated money market fund		482			40			26			40			3			76			46			52
Dividends from unaffiliated securities		-			24			29			-			-			-			-			-
Securities lending		366			29			95			-			-			233			81			17
Total investment income		41,937			7,535			11,922			1,629			2,038			24,525			16,905			5,115
EXPENSES:
Investment advisory fees		4,795			973			1,050			246			267			3,147			2,548			534
Co-administration fees and expenses (including transfer agent fees)		2,580			376			409			135			150			1,699			1,383			293
Custodian fees		96			14			15			5			5			63			51			11
Directors' fees		24			3			4			1			2			16			13			3
Registration fees		23			21			23			13			12			12			11			21
Professional fees		68			15			17			16			11			49			40			14
Printing		22			3			3			1			2			15			12			3
Other		25			4			4			1			2			16			14			3
Distribution and shareholder servicing fees – Class A		223			26			55			2			2			74			152			38
Distribution and shareholder servicing fees – Class B		102			25			42			-			-			-			-			45
Distribution and shareholder servicing fees – Class C		43			18			82			1			-			-			-			47
Distribution and shareholder servicing fees – Class R		-			-			-			-			-			-			-			-
Total expenses		8,001			1,478			1,704			421			453			5,091			4,224			1,012
Less: Fee waivers		(920	)		(366	)		(399	)		(124	)		(131	)		(1,270	)		(1,075	)		(134	)
Total net expenses		7,081			1,112			1,305			297			322			3,821			3,149			878
Investment income – net		34,856			6,423			10,617			1,332			1,716			20,704			13,756			4,237
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS AND OPTIONS WRITTEN – NET:
Net realized gain (loss) on investments		10,415			3,650			6,721			(27	)		54			(205	)		(2,420	)		(89	)
Net realized gain (loss) on futures contracts		(859	)		532			624			6			64			694			407			443
Net realized gain (loss) on options written		1,063			-			-			26			63			690			-			120
Net change in unrealized appreciation or depreciation of investments		(27,561	)		(7,324	)		(8,551	)		(362	)		(2,051	)		(20,431	)		(11,344	)		(2,701	)
Net change in unrealized appreciation or depreciation of futures contracts		726			270			(97	)		-			53			472			421			(34	)
Net change in unrealized appreciation or depreciation of swap agreements		(833	)		(94	)		71			(27	)		-			(393	)		(2,025	)		-
Net change in unrealized appreciation or depreciation of options written		181			(18	)		-			9			-			119			-			20
Net loss on investments, futures, contracts and written options		(16,868	)		(2,984	)		(1,232	)		(375	)		(1,817	)		(19,054	)		(14,961	)		(2,241	)
Net increase (decrease) in net assets resulting from operations	$	17,988		$	3,439		$	9,385		$	957		$	(101	)	$	1,650		$	(1,205	)	$	1,996

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Statements of Changes in Net Assets in thousands

	Core Bond Fund						Corporate Bond Fund						High Income Bond Fund						Inflation Protected Securities Fund			Intermediate Government Bond Fund						Intermediate Term Bond Fund						Short Term Bond Fund						U.S. Government Mortgage Fund
	10/01/04 3/31/05			10/01/03 9/30/04			10/01/04 3/31/05			10/01/03 9/30/04			10/01/04 3/31/05			10/01/03 9/30/04			10/01/04 (1) 3/31/05			10/01/04 3/31/05			10/01/03 9/30/04			10/01/04 3/31/05			10/01/03 9/30/04			10/01/04 3/31/05			10/01/03 9/30/04			10/01/04 3/31/05			10/01/03 9/30/04
	(unaudited)						(unaudited)						(unaudited)						(unaudited)			(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS:
Investment income – net	$	34,856		$	73,461		$	6,423		$	13,096		$	10,617		$	20,792		$	1,332		$	1,716		$	5,648		$	20,704		$	42,757		$	13,756		$	23,756		$	4,237		$	9,612
Net realized gain (loss) on investments		10,415			18,668			3,650			6,006			6,721			12,424			(27	)		54			5,815			(205	)		18,776			(2,420	)		3,167			(89	)		616
Net realized gain (loss) on futures contracts		(859	)		(4,060	)		532			(735	)		624			(261	)		6			64			(293	)		694			(1,075	)		407			(1,911	)		443			(630	)
Net realized gain (loss) on options written		1,063			2,256			-			104			-			75			26			63			279			690			1,321			-			-			120			269
Net realized gain on forward foreign currency contracts and foreign currency transactions		-			-			-			-			-			62			-			-			-			-			-			-			-			-			-
Net change in unrealized appreciation or depreciation of investments		(27,561	)		(35,329	)		(7,324	)		(5,034	)		(8,551	)		(2,836	)		(362	)		(2,051	)		(10,413	)		(20,431	)		(32,178	)		(11,344	)		(14,832	)		(2,701	)		(3,225	)
Net change in unrealized appreciation or depreciation of futures		726			(1,340	)		270			(263	)		(97	)		45			-			53			(53	)		472			(517	)		421			(524	)		(34	)		(6	)
Net change in unrealized appreciation or depreciation of swap agreements		(833	)		-			(94	)		-			71			-			(27	)		-			-			(393	)		-			(2,025	)		-			-			-
Net change in unrealized appreciation or depreciation of options written		181			343			(18	)		-			-			-			9			-			51			119			206			-			-			20			40
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		-			-			-			-			-			(4	)		-			-			-			-			-			-			-			-			-
Net increase (decrease) in net assets resulting from operations		17,988			53,999			3,439			13,174			9,385			30,297			957			(101	)		1,034			1,650			29,290			(1,205	)		9,656			1,996			6,676
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(3,275	)		(6,707	)		(449	)		(787	)		(1,517	)		(3,109	)		(19	)		(34	)		(55	)		(936	)		(2,199	)		(1,621	)		(3,287	)		(690	)		(1,210	)
Class B		(299	)		(691	)		(92	)		(390	)		(263	)		(601	)		-			-			-			-			-			-			-			(172	)		(354	)
Class C		(124	)		(311	)		(67	)		(186	)		(509	)		(1,260	)		(3	)		-			-			-			-			-			-			(180	)		(525	)
Class R		-			(773	)		-			(59	)		(1	)		(30	)		-			-			-			-			(220	)		-			(108	)		-			(385	)
Class Y		(33,623	)		(70,747	)		(5,777	)		(11,683	)		(8,358	)		(15,894	)		(1,372	)		(1,829	)		(5,443	)		(20,154	)		(40,500	)		(12,627	)		(21,857	)		(3,970	)		(9,087	)
Net realized gain on investments:
Class A		(120	)		(2,811	)		-			-			-			-			-			(84	)		(258	)		(561	)		(840	)		-			-			-			-
Class B		(14	)		(404	)		-			-			-			-			-			-			-			-			-			-			-			-			-
Class C		(6	)		(191	)		-			-			-			-			-			-			-			-			-			-			-			-			-
Class R		-			(591	)		-			-			-			-			-			-			-			-			(131	)		-			-			-			-
Class Y		(1,147	)		(28,710	)		-			-			-			-			(6	)		(4,843	)		(29,444	)		(11,243	)		(13,807	)		-			-			-			-
Return of capital:
Class A		-			-			-			(1	)		-			-			-			-			-			-			-			-			-			-			-
Class B		-			-			-			(1	)		-			-			-			-			-			-			-			-			-			-			-
Class C (2)		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Class R (2)		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Class Y		-			-			-			(17	)		-			-			-			-			-			-			-			-			-			-			-
Total distributions		(38,608	)		(111,936	)		(6,385	)		(13,124	)		(10,648	)		(20,894	)		(1,400	)		(6,790	)		(35,200	)		(32,894	)		(57,697	)		(14,248	)		(25,252	)		(5,012	)		(11,561	)
CAPITAL SHARE TRANSACTIONS (3):
Class A:
Proceeds from sales		10,265			64,537			1,324			12,203			3,070			10,439			3,316			765			799			4,132			26,236			4,035			29,602			3,344			18,795
Reinvestment of distributions		2,790			7,247			362			624			1,150			2,352			15			110			221			1,279			1,995			1,263			2,563			622			1,048
Payments for redemptions		(25,471	)		(73,658	)		(2,625	)		(5,431	)		(12,075	)		(12,507	)		(96	)		(782	)		(1,360	)		(12,298	)		(42,101	)		(23,380	)		(58,743	)		(8,001	)		(11,208	)
Increase (decrease) in net assets from Class A transactions		(12,416	)		(1,874	)		(939	)		7,396			(7,855	)		284			3,235			93			(340	)		(6,887	)		(13,870	)		(18,082	)		(26,578	)		(4,035	)		8,635
Class B:
Proceeds from sales		605			1,965			155			687			443			2,346			-			-			-			-			-			-			-			480			1,290
Reinvestment of distributions		273			948			68			278			163			365			-			-			-			-			-			-			-			152			313
Payments for redemptions		(2,358	)		(9,240	)		(938	)		(8,920	)		(1,177	)		(3,441	)		-			-			-			-			-			-			-			(944	)		(3,679	)
Decrease in net assets from Class B transactions		(1,480	)		(6,327	)		(715	)		(7,955	)		(571	)		(730	)		-			-			-			-			-			-			-			(312	)		(2,076	)
Class C:
Proceeds from sales		338			1,348			41			323			200			2,087			536			-			-			-			-			-			-			156			1,119
Reinvestment of distributions		126			491			60			172			457			1,109			3			-			-			-			-			-			-			170			508
Payments for redemptions		(1,692	)		(5,799	)		(506	)		(2,434	)		(3,711	)		(6,143	)		(44	)		-			-			-			-			-			-			(2,542	)		(9,603	)
Increase (decrease) in net assets from Class C transactions		(1,228	)		(3,960	)		(405	)		(1,939	)		(3,054	)		(2,947	)		495			-			-			-			-			-			-			(2,216	)		(7,976	)
Class R:
Proceeds from sales		1			6,356			-			90			43			308			1			-			-			-			4,442			-			1,901			-			1,517
Reinvestment of distributions		-			1,329			-			59			1			20			-			-			-			-			323			-			92			-			359
Payments for redemptions		-			(46,072	)		-			(2,840	)		(43	)		(1,112	)		-			-			-			-			(16,683	)		-			(10,658	)		-			(19,037	)
Increase (decrease) in net assets from Class R transactions		1			(38,387	)		-			(2,691	)		1			(784	)		1			-			-			-			(11,918	)		-			(8,665	)		-			(17,161	)
Class Y:
Proceeds from sales		205,214			394,559			32,099			55,561			34,485			94,505			193,467			9,624			21,991			146,395			386,218			100,122			462,268			20,734			43,758
Reinvestment of distributions		11,461			40,091			819			1,623			957			2,351			530			4,137			26,896			13,372			23,314			3,985			7,197			467			1,090
Payments for redemptions		(246,864	)		(599,130	)		(24,969	)		(60,124	)		(58,194	)		(48,429	)		(3,620	)		(56,050	)		(220,111	)		(195,595	)		(459,895	)		(212,958	)		(345,341	)		(25,727	)		(84,443	)
Increase (decrease) in net assets from Class Y transactions		(30,189	)		(164,480	)		7,949			(2,940	)		(22,752	)		48,427			190,377			(42,289	)		(171,224	)		(35,828	)		(50,363	)		(108,851	)		124,124			(4,526	)		(39,595	)
Increase (decrease) in net assets from capital share transactions		(45,312	)		(215,028	)		5,890			(8,129	)		(34,231	)		44,250			194,108			(42,196	)		(171,564	)		(42,715	)		(76,151	)		(126,933	)		88,881			(11,089	)		(58,173	)
Total increase (decrease) in net assets		(65,932	)		(272,965	)		2,944			(8,079	)		(35,494	)		53,653			193,665			(49,087	)		(205,730	)		(73,959	)		(104,558	)		(142,386	)		73,285			(14,105	)		(63,058	)
Net assets at beginning of period		1,955,454			2,228,419			273,316			281,395			304,483			250,830			-			131,641			337,371			1,282,926			1,387,484			1,073,712			1,000,427			223,634			286,692
Net assets at end of period	$	1,889,522		$	1,955,454		$	276,260		$	273,316		$	268,989		$	304,483		$	193,665		$	82,554		$	131,641		$	1,208,967		$	1,282,926		$	931,326		$	1,073,712		$	209,529		$	223,634
Undistributed (distributions in excess of) net investment income	$	(2,085	)	$	380		$	38		$	-		$	117		$	148		$	(62	)	$	18		$	165		$	(6	)	$	380		$	56		$	548		$	(533	)	$	242

(1) Commencement of operations.

(2) For the Corporate Bond Fund from 10/01/03 to 9/30/04, due to the presentation of the financial statements in thousands, the number rounds to zero.

(3) See note 4 in Notes to Financial Statements for additional information.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

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			Net Asset Value End of Period		Total Return (5)
Core Bond Fund
Class A
2005	(1) (2)	$	11.27	$	0.19	$	(0.09	)	$	(0.21	)	$	(0.01	)	$	11.15		0.84	%
2004	(2)		11.56		0.38		(0.09	)		(0.41	)		(0.17	)		11.27		2.60
2003			11.45		0.42		0.15			(0.46	)		-			11.56		5.08
2002			11.37		0.55		0.08			(0.55	)		-			11.45		5.77
2001	(2)		10.69		0.61		0.69			(0.62	)		-			11.37		12.50
2000			10.65		0.61		0.04			(0.61	)		-			10.69		6.33
Class B
2005	(1) (2)	$	11.19	$	0.15	$	(0.09	)	$	(0.17	)	$	(0.01	)	$	11.07		0.46	%
2004	(2)		11.48		0.29		(0.09	)		(0.32	)		(0.17	)		11.19		1.83
2003			11.38		0.35		0.12			(0.37	)		-			11.48		4.23
2002			11.29		0.47		0.09			(0.47	)		-			11.38		5.12
2001	(2)		10.63		0.52		0.68			(0.54	)		-			11.29		11.59
2000			10.58		0.53		0.05			(0.53	)		-			10.63		5.70
Class C
2005	(1) (2)	$	11.24	$	0.15	$	(0.11	)	$	(0.16	)	$	(0.01	)	$	11.11		0.36	%
2004	(2)		11.53		0.29		(0.09	)		(0.32	)		(0.17	)		11.24		1.81
2003			11.42		0.34		0.14			(0.37	)		-			11.53		4.30
2002			11.34		0.47		0.08			(0.47	)		-			11.42		5.02
2001	(2)		10.66		0.52		0.70			(0.54	)		-			11.34		11.68
2000			10.64		0.52		0.04			(0.54	)		-			10.66		5.50
Class R
2005	(1) (2)	$	11.30	$	0.19	$	(0.11	)	$	(0.20	)	$	(0.01	)	$	11.17		0.67	%
2004	(2) (3)		11.56		0.38		(0.10	)		(0.37	)		(0.17	)		11.30		2.53
2003			11.45		0.42		0.15			(0.46	)		-			11.56		5.08
2002			11.37		0.55		0.08			(0.55	)		-			11.45		5.77
2001	(2) (4)		11.28		0.01		0.08			-			-			11.37		0.80
Class Y
2005	(1) (2)	$	11.27	$	0.21	$	(0.11	)	$	(0.22	)	$	(0.01	)	$	11.14		0.87	%
2004	(2)		11.56		0.40		(0.08	)		(0.44	)		(0.17	)		11.27		2.87
2003			11.45		0.45		0.15			(0.49	)		-			11.56		5.34
2002			11.37		0.58		0.08			(0.58	)		-			11.45		6.04
2001	(2)		10.69		0.63		0.70			(0.65	)		-			11.37		12.76
2000			10.65		0.63		0.04			(0.63	)		-			10.69		6.59

		Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Core Bond Fund
Class A
2005	(1) (2)	$	170,550		0.95	%		3.42	%		1.05	%		3.32	%		104	%
2004	(2)		184,805		0.95			3.30			1.05			3.20			182
2003			191,754		0.95			3.58			1.05			3.48			196
2002			122,354		0.95			4.93			1.03			4.85			115
2001	(2)		119,067		0.95			5.50			1.13			5.32			81
2000			110,490		0.95			5.76			1.14			5.57			54
Class B
2005	(1) (2)	$	19,354		1.70	%		2.67	%		1.80	%		2.57	%		104	%
2004	(2)		21,046		1.70			2.58			1.80			2.48			182
2003			28,096		1.70			2.83			1.80			2.73			196
2002			16,741		1.70			4.17			1.78			4.09			115
2001	(2)		15,071		1.70			4.75			1.88			4.57			81
2000			11,550		1.70			5.02			1.89			4.83			54
Class C
2005	(1) (2)	$	7,822		1.70	%		2.67	%		1.80	%		2.57	%		104	%
2004	(2)		9,132		1.70			2.58			1.80			2.48			182
2003			13,424		1.70			2.85			1.80			2.75			196
2002			9,672		1.70			4.18			1.78			4.10			115
2001	(2)		7,148		1.70			4.65			1.88			4.47			81
2000			566		1.70			5.02			1.89			4.83			54
Class R
2005	(1) (2)	$	1		1.20	%		3.42	%		1.45	%		3.17	%		104	%
2004	(2) (3)		1		0.95			3.37			1.05			3.27			182
2003			39,236		0.95			3.58			1.05			3.48			196
2002			33,270		0.95			4.93			1.03			4.85			115
2001	(2) (4)		35,062		1.58			6.36			1.76			6.18			81
Class Y
2005	(1) (2)	$	1,691,795		0.70	%		3.67	%		0.80	%		3.57	%		104	%
2004	(2)		1,740,470		0.70			3.58			0.80			3.48			182
2003			1,955,909		0.70			3.83			0.80			3.73			196
2002			1,204,555		0.70			5.18			0.78			5.10			115
2001	(2)		1,368,812		0.70			5.76			0.88			5.58			81
2000			1,299,941		0.70			6.03			0.89			5.84			54

(1) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

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

(5) Total returns do 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 Semiannual Report 2005

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 (6)		Net Asset Value End of Period
Corporate Bond Fund
	Class A
	2005	(1) (2)	$	10.25	$	0.23	$	(0.11	)	$	(0.23	)	$	-		$	-	$	10.14
	2004	(2)		10.23		0.46		0.03			(0.47	)		-			-		10.25
	2003			9.60		0.51		0.63			(0.51	)		-			-		10.23
	2002			10.01		0.57		(0.39	)		(0.58	)		(0.01	)		-		9.60
	2001	(2)		10.03		0.72		0.35			(0.73	)		(0.36	)		-		10.01
	2000	(3)		10.00		0.48		0.02			(0.47	)		-			-		10.03
Class B
	2005	(1) (2)	$	10.21	$	0.19	$	(0.10	)	$	(0.19	)	$	-		$	-	$	10.11
	2004	(2)		10.20		0.39		0.01			(0.39	)		-			-		10.21
	2003			9.57		0.44		0.63			(0.44	)		-			-		10.20
	2002			9.98		0.49		(0.38	)		(0.51	)		(0.01	)		-		9.57
	2001	(2)		10.02		0.66		0.32			(0.66	)		(0.36	)		-		9.98
	2000	(3)		10.00		0.45		0.01			(0.44	)		-			-		10.02
Class C
	2005	(1) (2)	$	10.20	$	0.19	$	(0.11	)	$	(0.19	)	$	-		$	-	$	10.09
	2004	(2)		10.18		0.39		0.02			(0.39	)		-			-		10.20
	2003			9.55		0.44		0.63			(0.44	)		-			-		10.18
	2002			9.97		0.49		(0.40	)		(0.50	)		(0.01	)		-		9.55
	2001	(2)		10.01		0.63		0.35			(0.66	)		(0.36	)		-		9.97
	2000	(3)		10.00		0.45		(0.01	)		(0.43	)		-			-		10.01
Class R
	2005	(1) (2)	$	10.29	$	0.22	$	(0.10	)	$	(0.22	)	$	-		$	-	$	10.19
	2004	(2) (4)		10.23		0.48		-			(0.42	)		-			-		10.29
	2003			9.60		0.51		0.63			(0.51	)		-			-		10.23
	2002			10.01		0.56		(0.38	)		(0.58	)		(0.01	)		-		9.60
	2001	(2) (5)		9.93		0.01		0.07			-			-			-		10.01
Class Y
	2005	(1) (2)	$	10.24	$	0.24	$	(0.10	)	$	(0.24	)	$	-		$	-	$	10.14
	2004	(2)		10.23		0.49		0.01			(0.49	)		-			-		10.24
	2003			9.59		0.54		0.64			(0.54	)		-			-		10.23
	2002			10.00		0.59		(0.39	)		(0.60	)		(0.01	)		-		9.59
	2001	(2)		10.03		0.75		0.33			(0.75	)		(0.36	)		-		10.00
	2000	(3)		10.00		0.49		0.02			(0.48	)		-			-		10.03

			Total Return (7)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Corporate Bond Fund
	Class A
	2005	(1) (2)		1.12	%	$	19,897		1.00	%		4.42	%		1.26	%		4.16	%		82	%
	2004	(2)		4.89			21,034		1.00			4.54			1.25			4.29			132
	2003			12.26			13,522		1.00			5.15			1.26			4.89			91
	2002			1.83			8,663		1.00			5.77			1.27			5.50			117
	2001	(2)		10.94			9,820		0.75			6.95			1.20			6.50			187
	2000	(3)		5.17			771		0.72			7.52			1.24			7.00			124
Class B
	2005	(1) (2)		0.84	%	$	4,716		1.75	%		3.67	%		2.01	%		3.41	%		82	%
	2004	(2)		3.97			5,474		1.75			3.83			2.00			3.58			132
	2003			11.46			13,576		1.75			4.46			2.01			4.20			91
	2002			1.07			18,728		1.75			5.02			2.02			4.75			117
	2001	(2)		10.06			22,608		1.65			6.45			2.11			5.99			187
	2000	(3)		4.70			103		1.48			6.86			1.99			6.35			124
Class C
	2005	(1) (2)		0.74	%	$	3,351		1.75	%		3.67	%		2.01	%		3.41	%		82	%
	2004	(2)		4.11			3,789		1.75			3.81			2.00			3.56			132
	2003			11.50			5,752		1.75			4.43			2.01			4.17			91
	2002			0.98			5,283		1.75			5.02			2.02			4.75			117
	2001	(2)		10.10			5,209		1.50			6.07			1.94			5.63			187
	2000	(3)		4.54			143		1.48			6.79			1.99			6.28			124
Class R
	2005	(1) (2)		1.12	%	$	1		1.25	%		4.26	%		1.66	%		3.85	%		82	%
	2004	(2) (4)		4.83			1		1.00			4.64			1.25			4.39			132
	2003			12.25			2,668		1.00			5.21			1.26			4.95			91
	2002			1.84			3,557		1.00			5.77			1.27			5.50			117
	2001	(2) (5)		0.81			3,237		0.89			7.60			1.36			7.13			187
Class Y
	2005	(1) (2)		1.34	%	$	248,295		0.75	%		4.67	%		1.01	%		4.41	%		82	%
	2004	(2)		5.05			243,018		0.75			4.80			1.00			4.55			132
	2003			12.65			245,877		0.75			5.42			1.01			5.16			91
	2002			2.08			204,801		0.75			6.03			1.02			5.76			117
	2001	(2)		11.09			185,392		0.51			7.26			0.95			6.82			187
	2000	(3)		5.32			89,990		0.48			7.75			0.99			7.24			124

(1) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

(3) Commenced operations on February 1, 2000. All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

(6) Includes a tax return of capital of less than $0.01 for the period ended September 30, 2004.

(7) Total returns do 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 Semiannual Report 2005

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 (Losses) on Investments			Dividends from Net Investment Income			Distributions from Return of Capital			Net Asset Value End of Period		Total Return (8)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
High Income Bond Fund (1)
	Class A
	2005	(2) (3)	$	9.45	$	0.34	$	(0.07	)	$	(0.34	)	$	-		$	9.38		2.79	%	$	35,875		1.00	%		6.95	%		1.27	%		6.68	%		39	%
	2004	(3)		9.13		0.68		0.32			(0.68	)		-			9.45		11.30			43,842		1.00			7.25			1.26			6.99			80
	2003	(3)		7.90		0.68		1.24			(0.69	)		-			9.13		25.30			42,013		1.06			7.72			1.24			7.54			122
	2002			9.23		0.65		(1.21	)		(0.70	)		(0.07	)		7.90		(6.66	)		23,900		1.10			7.64			1.47			7.27			86
	2001	(3) (4)		9.93		0.02		(0.68	)		(0.04	)		-			9.23		(6.55	)		161		1.10			6.53			1.33			6.30			53
Class B
	2005	(2) (3)	$	9.41	$	0.30	$	(0.07	)	$	(0.30	)	$	-		$	9.34		2.42	%	$	7,904		1.75	%		6.20	%		2.02	%		5.93	%		39	%
	2004	(3)		9.09		0.61		0.32			(0.61	)		-			9.41		10.52			8,521		1.75			6.50			2.01			6.24			80
	2003	(3)		7.87		0.61		1.24			(0.63	)		-			9.09		24.33			8,939		1.81			7.00			1.99			6.82			122
	2002			9.19		0.69		(1.31	)		(0.63	)		(0.07	)		7.87		(7.26	)		774		1.80			7.49			2.28			7.01			86
	2001	(3) (4)		9.88		0.02		(0.67	)		(0.04	)		-			9.19		(6.47	)		40		1.77			6.02			2.02			5.77			53
Class C
	2005	(2) (3)	$	9.42	$	0.30	$	(0.07	)	$	(0.30	)	$	-		$	9.35		2.41	%	$	14,262		1.75	%		6.19	%		2.02	%		5.92	%		39	%
	2004	(3)		9.10		0.61		0.32			(0.61	)		-			9.42		10.51			17,349		1.75			6.50			2.01			6.24			80
	2003	(3)		7.89		0.61		1.23			(0.63	)		-			9.10		24.14			19,685		1.80			7.01			1.98			6.83			122
	2002			9.21		0.64		(1.27	)		(0.62	)		(0.07	)		7.89		(7.34	)		7,213		1.83			7.08			2.26			6.65			86
	2001	(3) (4)		9.90		0.05		(0.70	)		(0.04	)		-			9.21		(6.50	)		3,749		1.94			5.53			2.21			5.26			53
Class R
	2005	(2) (3)	$	9.60	$	0.31	$	(0.07	)	$	(0.33	)	$	-		$	9.51		2.47	%	$	2		1.25	%		6.27	%		1.67	%		5.85	%		39	%
	2004	(3) (5)		9.21		0.69		0.32			(0.62	)		-			9.60		11.29			1		1.00			7.33			1.26			7.07			80
	2003	(3)		7.98		0.71		1.22			(0.70	)		-			9.21		25.11			777		1.00			7.86			1.18			7.68			122
	2002			9.32		0.73		(1.30	)		(0.70	)		(0.07	)		7.98		(6.66	)		87		1.01			8.46			1.57			7.90			86
	2001	(3) (6)		9.50		0.01		(0.19	)		-			-			9.32		(1.90	)		-		-			1.23			-			1.23			53
Class Y
	2005	(2) (3)	$	9.46	$	0.35	$	(0.07	)	$	(0.35	)	$	-		$	9.39		2.92	%	$	210,946		0.75	%		7.20	%		1.02	%		6.93	%		39	%
	2004	(3)		9.13		0.70		0.34			(0.71	)		-			9.46		11.69			234,770		0.75			7.49			1.01			7.23			80
	2003	(3)		7.92		0.69		1.24			(0.72	)		-			9.13		25.29			179,416		0.83			7.97			1.01			7.79			122
	2002			9.24		0.74		(1.28	)		(0.71	)		(0.07	)		7.92		(6.33	)		21,157		0.82			8.19			1.27			7.74			86
	2001	(3) (4)		9.92		0.05		(0.69	)		(0.04	)		-			9.24		(6.47	)		8,308		0.96			6.06			1.23			5.79			53
Inflation Protected Securities Fund (7)
	Class A
	2005	(2) (3)	$	10.00	$	0.13	$	0.08		$	(0.14	)	$	-		$	10.07		2.10	%	$	3,229		0.85	%		2.55	%		1.09	%		2.31	%		6	%
Class C
	2005	(2) (3)	$	10.00	$	0.08	$	0.09		$	(0.11	)	$	-		$	10.06		1.73	%	$	492		1.60	%		1.54	%		1.84	%		1.30	%		6	%
Class R
	2005	(2) (3)	$	10.00	$	0.13	$	0.08		$	(0.13	)	$	-		$	10.08		2.08	%	$	1		1.10	%		2.59	%		1.49	%		2.20	%		6	%
Class Y
	2005	(2) (3)	$	10.00	$	0.14	$	0.09		$	(0.15	)	$	-		$	10.08		0.28	%	$	189,943		0.60	%		2.70	%		0.84	%		2.46	%		6	%

(1) The financial highlights for the High Income Bond Fund as set forth herein include the historical financial highlights of the First American High Yield Bond Fund
Class A shares, Class B shares Class C shares, Class S shares, and Class Y shares. The assets of the First American High Yield Bond Fund were acquired by High
Income Bond Fund on March 14, 2003. In connection with such acquisition, Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of
the First American High Yield Bond Fund were exchanged for Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of High Income Bond
Fund respectively. Historical per-share amounts have been adjusted to reflect the conversion ratios utilized for the merger of the Hig h Income Bond Fund and the First
American High Yield Bond Fund.

(2) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

(4) Commenced operations on August 30, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

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

(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) Commenced operations on October 1, 2004.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2005

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 (Losses) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period		Total Return (7)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Intermediate Government Bond Fund
Class A
2005	(1)	$	8.82	$	0.13	$	(0.15	)	$	(0.14	)	$	(0.40	)	$	-		$	8.26		(0.23	)%	$	1,838		0.75	%		3.12	%		1.10	%		2.77	%		125	%
2004			10.01		0.24		(0.16	)		(0.24	)		(1.03	)		-			8.82		0.98			1,872		0.75			2.69			1.03			2.41			53
2003	(2)		10.00		0.32		0.02			(0.33	)		-			-			10.01		3.53			2,502		0.75			3.22			1.05			2.92			74
Class Y
2005	(1)	$	8.82	$	0.14	$	(0.16	)	$	(0.15	)	$	(0.40	)	$	-		$	8.25		(0.27	)%	$	80,716		0.60	%		3.25	%		0.85	%		3.00	%		125	%
2004			10.01		0.26		(0.17	)		(0.25	)		(1.03	)		-			8.82		1.14			129,769		0.60			2.84			0.78			2.66			53
2003	(2)		10.00		0.34		0.01			(0.34	)		-			-			10.01		3.64			334,869		0.60			3.68			0.80			3.48			74
Intermediate Term Bond Fund (3)
Class A
2005	(1) (4)	$	10.25	$	0.16	$	(0.15	)	$	(0.16	)	$	(0.10	)	$	-		$	10.00		0.06	%	$	54,882		0.75	%		3.23	%		1.05	%		2.93	%		57	%
2004	(4)		10.46		0.31		(0.10	)		(0.31	)		(0.11	)		-			10.25		2.06			63,219		0.75			2.97			1.04			2.68			169
2003			10.35		0.39		0.12			(0.40	)		-			-			10.46		5.09			78,682		0.75			3.89			1.05			3.59			133
2002			10.26		0.50		0.10			(0.50	)		-			(0.01	)		10.35		6.11			65,291		0.75			4.96			1.02			4.69			40
2001	(4) (5)		9.70		0.54		0.55			(0.51	)		(0.02	)		-			10.26		11.46			61,225		0.85			5.62			0.96			5.51			30
2000	(6)		9.68		0.58		0.02			(0.58	)		-			-			9.70		6.41			27,431		0.82			6.08			0.95			5.95			18
1999	(6)		10.07		0.54		(0.38	)		(0.54	)		(0.01	)		-			9.68		1.66			33,779		0.81			5.47			0.95			5.33			64
Class Y
2005	(1) (4)	$	10.22	$	0.17	$	(0.15	)	$	(0.17	)	$	(0.10	)	$	-		$	9.97		0.14	%	$	1,154,085		0.60	%		3.38	%		0.80	%		3.18	%		57	%
2004	(4)		10.43		0.33		(0.11	)		(0.32	)		(0.11	)		-			10.22		2.22			1,219,707		0.60			3.12			0.79			2.93			169
2003			10.32		0.41		0.12			(0.42	)		-			-			10.43		5.25			1,296,529		0.60			4.05			0.80			3.85			133
2002			10.23		0.52		0.10			(0.52	)		-			(0.01	)		10.32		6.29			978,406		0.60			5.11			0.77			4.94			40
2001	(4) (5)		9.68		0.56		0.54			(0.53	)		(0.02	)		-			10.23		11.61			878,695		0.60			5.83			0.70			5.73			30
2000	(6)		9.66		0.60		0.02			(0.60	)		-			-			9.68		6.67			408,708		0.57			6.33			0.70			6.20			18
1999	(6)		10.04		0.56		(0.37	)		(0.56	)		(0.01	)		-			9.66		1.91			284,047		0.56			5.71			0.70			5.57			64

(1) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

(2) Commenced operations on October 25, 2002. All ratios for the period have been annualized, except total return and portfolio turnover.

(3) The financial highlights for the Intermediate Term Bond Fund as set forth herein include the historical financial highlights of the Firstar Intermediate Bond Fund
Class A shares, Class Y shares, and Class I shares. The assets of the Firstar Intermediate Bond Fund were acquired by Intermediate Term Bond Fund on
September 24, 2001. In connection with such acquisition, Class A shares, Class Y shares, and Class I shares of the Firstar Intermediate Bond Fund were exchanged for
Class A shares, Class S shares, and Class Y shares of Intermediate Term Bond Fund, respectively. Historical per-share amounts have been adjusted to reflect the
conversion ratios utilized for the merger of the Intermediate Term Bond Fund and the Firstar Intermediate Bond Fund.

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

(5) 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.

(6) For the fiscal year ended October 31.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2005

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 (Losses) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Gains			Distribtutions from Return of Capital			Net Asset Value End of Period
Short Term Bond Fund
Class A
2005	(1) (2)	$	10.11	$	0.13	$	(0.16	)	$	(0.13	)	$	-		$	-		$	9.95
2004	(2)		10.26		0.23		(0.15	)		(0.23	)		-			-			10.11
2003			10.29		0.28		(0.01	)		(0.30	)		-			-			10.26
2002			10.27		0.42		0.04			(0.43	)		-			(0.01	)		10.29
2001	(2)		9.91		0.61		0.40			(0.65	)		-			-			10.27
2000			9.86		0.58		0.02			(0.55	)		-			-			9.91
Class Y
2005	(1) (2)	$	10.11	$	0.14	$	(0.15	)	$	(0.14	)	$	-		$	-		$	9.96
2004	(2)		10.26		0.25		(0.16	)		(0.24	)		-			-			10.11
2003			10.30		0.30		(0.02	)		(0.32	)		-			-			10.26
2002			10.27		0.43		0.05			(0.44	)		-			(0.01	)		10.30
2001	(2)		9.91		0.63		0.39			(0.66	)		-			-			10.27
2000			9.87		0.59		0.01			(0.56	)		-			-			9.91
U.S. Government Mortgage Fund
Class A (3)
2005	(1) (2)	$	10.72	$	0.21	$	(0.11	)	$	(0.25	)	$	-		$	-		$	10.57
2004	(2)		10.89		0.38		(0.09	)		(0.46	)		-			-			10.72
2003			11.16		0.35		(0.05	)		(0.45	)		(0.12	)		-			10.89
2002			11.01		0.50		0.20			(0.55	)		-			-			11.16
2001	(2) (4)		10.44		0.51		0.60			(0.54	)		-			-			11.01
2000	(5)		10.34		0.53		0.08			(0.51	)		-			-			10.44
1999	(6)		10.74		0.54		(0.40	)		(0.54	)		-			-			10.34
Class B (3)
2005	(1) (2)	$	10.74	$	0.17	$	(0.11	)	$	(0.21	)	$	-		$	-		$	10.59
2004	(2)		10.90		0.30		(0.08	)		(0.38	)		-			-			10.74
2003			11.18		0.28		(0.06	)		(0.38	)		(0.12	)		-			10.90
2002			11.03		0.42		0.20			(0.47	)		-			-			11.18
2001	(2) (4)		10.45		0.43		0.62			(0.47	)		-			-			11.03
2000	(5)		10.36		0.45		0.08			(0.44	)		-			-			10.45
1999	(6)		10.74		0.47		(0.38	)		(0.47	)		-			-			10.36
Class C
2005	(1) (2)	$	10.68	$	0.16	$	(0.11	)	$	(0.20	)	$	-		$	-		$	10.53
2004	(2)		10.84		0.30		(0.09	)		(0.37	)		-			-			10.68
2003			11.13		0.29		(0.08	)		(0.38	)		(0.12	)		-			10.84
2002			11.00		0.46		0.15			(0.48	)		-			-			11.13
2001	(2) (7)		10.98		0.05		(0.03	)		-			-			-			11.00
Class R (3)
2005	(1) (2)	$	10.72	$	0.18	$	(0.10	)	$	(0.24	)	$	-		$	-		$	10.56
2004	(2) (8)		10.85		0.39		(0.10	)		(0.42	)		-			-			10.72
2003			11.12		0.30		-			(0.45	)		(0.12	)		-			10.85
2002			10.97		0.49		0.20			(0.54	)		-			-			11.12
2001	(2) (4)		10.40		0.62		0.49			(0.54	)		-			-			10.97
2000	(5)		10.31		0.53		0.07			(0.51	)		-			-			10.40
1999	(6)		10.70		0.53		(0.38	)		(0.54	)		-			-			10.31
Class Y (3)
2005	(1) (2)	$	10.73	$	0.22	$	(0.12	)	$	(0.26	)	$	-		$	-		$	10.57
2004	(2)		10.89		0.41		(0.08	)		(0.49	)		-			-			10.73
2003			11.16		0.37		(0.04	)		(0.48	)		(0.12	)		-			10.89
2002			11.01		0.53		0.19			(0.57	)		-			-			11.16
2001	(2) (4)		10.44		0.53		0.60			(0.56	)		-			-			11.01
2000	(5)		10.34		0.55		0.08			(0.53	)		-			-			10.44
1999	(6)		10.74		0.58		(0.41	)		(0.57	)		-			-			10.34

		Total Return (9)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Short Term Bond Fund
Class A
2005	(1) (2)		(0.26	)%	$	110,616		0.75	%		2.57	%		1.05	%		2.27	%		35	%
2004	(2)		0.76			130,531		0.75			2.28			1.05			1.98			89
2003			2.71			159,451		0.75			2.75			1.05			2.45			60
2002			4.59			163,358		0.75			4.06			1.04			3.77			59
2001	(2)		10.48			133,177		0.60			6.04			1.15			5.49			69
2000			6.30			80,992		0.60			6.12			1.13			5.59			95
Class Y
2005	(1) (2)		(0.08	)%	$	820,710		0.60	%		2.72	%		0.80	%		2.52	%		35	%
2004	(2)		0.91			943,181		0.60			2.43			0.80			2.23			89
2003			2.76			832,266		0.60			2.84			0.80			2.64			60
2002			4.85			484,583		0.60			4.18			0.79			3.99			59
2001	(2)		10.64			277,244		0.46			6.24			1.02			5.68			69
2000			6.29			92,092		0.51			5.94			0.98			5.47			95
U.S. Government Mortgage Fund
Class A (3)
2005	(1) (2)		0.88	%	$	28,363		0.95	%		3.84	%		1.08	%		3.71	%		146	%
2004	(2)		2.74			32,815		0.95			3.53			1.05			3.43			127
2003			2.79			24,667		0.95			2.98			1.06			2.87			175
2002			6.53			16,985		0.95			4.61			1.08			4.48			197
2001	(2) (4)		10.88			7,751		1.04			5.15			1.19			5.00			22
2000	(5)		6.05			3,644		1.04			5.36			1.15			5.25			23
1999	(6)		1.37			4,620		0.98			5.15			1.09			5.04			26
Class B (3)
2005	(1) (2)		0.51	%	$	8,717		1.70	%		3.09	%		1.83	%		2.96	%		146	%
2004	(2)		2.02			9,155		1.70			2.79			1.80			2.69			127
2003			1.96			11,397		1.70			2.22			1.81			2.11			175
2002			5.79			6,235		1.70			3.85			1.83			3.72			197
2001	(2) (4)		10.25			2,039		1.71			4.37			1.86			4.22			22
2000	(5)		5.27			139		1.74			4.66			1.85			4.55			23
1999	(6)		0.86			282		1.68			4.47			1.79			4.36			26
Class C
2005	(1) (2)		0.50	%	$	8,184		1.70	%		3.09	%		1.83	%		2.96	%		146	%
2004	(2)		2.02			10,520		1.70			2.79			1.80			2.69			127
2003			1.91			18,801		1.70			2.19			1.81			2.08			175
2002			5.78			5,834		1.70			3.92			1.83			3.79			197
2001	(2) (7)		0.18			105		0.82			5.26			1.12			4.96			22
Class R (3)
2005	(1) (2)		0.70	%	$	1		1.20	%		3.40	%		1.48	%		3.12	%		146	%
2004	(2) (8)		2.74			1		0.95			3.58			1.05			3.48			127
2003			2.79			17,296		0.95			3.04			1.06			2.93			175
2002			6.55			21,355		0.95			4.59			1.08			4.46			197
2001	(2) (4)		10.94			19,092		0.97			6.52			1.15			6.34			22
2000	(5)		5.96			5,145		1.04			5.36			1.15			5.25			23
1999	(6)		1.45			8,584		0.98			5.17			1.09			5.06			26
Class Y (3)
2005	(1) (2)		0.91	%	$	164,264		0.70	%		4.09	%		0.83	%		3.96	%		146	%
2004	(2)		3.09			171,143		0.70			3.79			0.80			3.69			127
2003			3.03			214,531		0.70			3.27			0.81			3.16			175
2002			6.79			181,046		0.70			4.84			0.83			4.71			197
2001	(2) (4)		11.14			183,883		0.71			5.37			0.85			5.23			22
2000	(5)		6.34			53,896		0.74			5.66			1.15			5.25			23
1999	(6)		1.67			72,483		0.68			5.45			1.09			5.04			26

(1) For the six months ended March 31, 2005 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

(3) The financial highlights for the U.S. Government Mortgage Fund as set forth herein include the historical financial highlights of the Firstar U. S. Government Securities
Fund Class A shares, Class B shares, Class Y shares, and Class I shares. The assets of the Firstar U.S. Government Securities Fund were acquired by the U. S. Government
Mortgage Fund on September 24, 2001. In connection with such acquisition, Class A shares, Class B shares, Class Y shares, and Class I shares of the Firstar U.S. Government
Securities Fund were exchanged for Class A shares, Class B shares, Class S shares, and Class Y shares of U.S. Government Mortgage Fund, respectively.

(4) 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 portofolio turnover.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

(5) 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.

(6) For the fiscal year ended November 30.

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

1 > Organization

The Core Bond Fund, Corporate Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, and U.S. Government Mortgage Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF"), which is a member of the First American Family of Funds. Inflation Protected Securities Fund commenced operations on October 1, 2004. As of March 31, 2005, FAIF offered 38 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF's articles of incorporation permit the funds' board of directors to create additional funds in the future. Each fund is a diversified open-end management investment company.

FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Prior to July 1, 2004, Class R shares were named Class S shares. Class A shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund are sold with a front-end sales charge of 2.25%. Class A shares of Core Bond Fund, Corporate Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, and U.S. Government Mortgage Fund are sold with a front-end sales charge of 4.25%. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred reti rement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class B, Class C, and Class R shares are not offered by Intermediate Government Bond Fund, Intermediate Term Bond Fund, or Short Term Bond Fund. Class B shares are not offered by Inflation Protected Securities Fund.

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

2 > Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds' investments are furnished by 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 (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask price will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an activ e 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 quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds' board of directors. Some of the factors which may be considered 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

FIRST AMERICAN FUNDS Semiannual Report 2005

Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of March 31, 2005, Core Bond Fund, High Income Bond Fund, and Short Term Bond Fund held fair value securities with a value of $146,545, $0, and $0, respectively, or 0.0%, 0.0%, and 0.0% of total net assets, respectively. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchanges on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. Each fund reserves the right to pay part or all of the proceeds from a redemption request in a propo rtionate share of readily marketable securities in the fund instead of cash. The resulting gain/loss is calculated as the difference between the fair value and the underlying cost of the security on the transaction date.

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 due to wash sales, paydowns on pass through obligations, expiring capital loss carryforwards, and tax mark to market adjustments under Section 311(e) of the Taxpayer Relief Act of 1997. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period that the differences arise.

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six months ended March 31, 2005 (estimated) and the fiscal year ended September 30, 2004, were characterized as follows (000):

	2005
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Core Bond Fund	$	37,321	$	1,287			$	38,608
Corporate Bond Fund		6,385		-		-		6,385
High Income Bond Fund		10,648		-		-		10,648
Inflation Protected Securities Fund*		1,394		6		-		1,400
Intermediate Government Bond Fund		1,863		4,927		-		6,790
Intermediate Term Bond Fund		21,090		11,804		-		32,894
Short Term Bond Fund		14,248		-		-		14,248
U.S. Government Mortgage Fund		5,012		-		-		5,012
	2004
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Core Bond Fund	$	79,871	$	32,065		-	$	111,936
Corporate Bond Fund		13,105		-		19		13,124
High Income Bond Fund		20,894		-		-		20,894
Intermediate Government Bond Fund		7,590		27,610		-		35,200
Intermediate Term Bond Fund		43,278		14,419		-		57,697
Short Term Bond Fund		25,252		-		-		25,252
U.S. Government Mortgage Fund		11,561		-		-		11,561

* Fund commenced operations on October 1, 2004.

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

As of September 30, 2004, the funds' most recently completed fiscal year end, the components of accumulated earnings (deficit) on a tax basis were (000):

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Capital and Post-October Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
Core Bond Fund	$	382	$	1,282	$	-		$	12,417		$	14,081
Corporate Bond Fund		-		-		(26,390	)		6,770			(19,620	)
High Income Bond Fund		148		-		(18,775	)		12,673			(5,954	)
Intermediate Government Bond Fund		165		4,768		-			905			5,838
Intermediate Term Bond Fund		382		11,785		-			8,842			21,009
Short Term Bond Fund		549		-		(3,380	)		(2,282	)		(5,113	)
U.S. Government Mortgage Fund		242		-		(4,872	)		1,685			(2,945	)

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and tax mark to market adjustments made under Section 311(e) of the Taxpayer Relief Act of 1997.

As of September 30, 2004, the funds' most recently completed fiscal year-end, the following funds had capital loss carryforwards (000):

	2006		2007		2008		2009		2010		2011		2012		Total
Fund
Corporate Bond Fund	$	15,243	$	7,438	$	-	$	-	$	-	$	3,709	$	-	$	26,390
High Income Bond Fund		-		-		-		-		9,280		9,495		-		18,775
Short Term Bond Fund		604		632		145		-		-		4		-		1,385
U.S. Government Mortgage Fund		-		-		-		-		-		-		3,145		3,145

In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryovers is limited on an annual basis for Corporate Bond Fund to $6,352,310, per tax year for a portion of their capital loss carryover.

Certain funds incurred a loss for tax purposes for the period from November 1, 2003 to September 30, 2004. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending September 30, 2005. The following funds had deferred losses (000):

Fund	Amount
Short Term Bond Fund	$	1,995
U.S. Government Mortgage Fund		1,727

FUTURES TRANSACTIONS – In order to protect against changes in interest rates and to maintain sufficient liquidity to meet redemption requests, each fund may enter into interest rate futures. 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 co ntract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund's basis in the contract.

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

OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance their yield. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium

FIRST AMERICAN FUNDS Semiannual Report 2005

originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security that is purchased upon exercise of the option.

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

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

FOREIGN CURRENCY TRANSLATION – The books and records of the High Income Bond Fund relating to the fund's non-U.S. dollar denominated investments are maintained in U.S. dollars on the following basis:

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

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

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

The High Income Bond Fund reports certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations and the portfolio maintains, in a segregated account with its custodian, assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of th e fund's net asset value if the fund makes such purchases while remaining substantially fully invested. At March 31, 2005, the following funds had outstanding when-issued commitments (000):

Fund	Cost		Segregated Assets
Core Bond Fund	$	86,994	$	143,622
Corporate Bond Fund		15,916		37,558
U.S. Government Mortgage Fund		41,777		53,534

In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the fund to "rollover" its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds' board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a funds' investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the fund's board of directors. At March 31, 2005, Core Bond Fund, Corporate Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Term Bond Fund, Short Term Bond Fund, and U.S. Government Mortgage Fund had investments in illiquid securities with a total market value of $93,659,172, $3,107,800, $5,535,489, $191,042, $55,249,5 62, $49,383,479, and $5,534,591, respectively, or 5.0%, 1.1%, 2.1%, 0.1%, 4.6%, 5.3%, and 2.6%, respectively, of total net assets.

Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows (000):

Core Bond Fund
Security	Par		Dates Acquired	Cost Basis
Bank of America Commercial Mortgage	$	12,310	3/05	$	12,372
Duty Free International		2,442	1/99-7/99		2,438
Granite Mortgages		7,000	7/04		7,162
GRP/AG Real Estate Asset Trust		786	2/04		786
MLCC Mortgage Investors Series 2003-G		12,489	11/03		12,851
MLCC Mortgage Investors Series 2004-B		10,688	5/04		11,036
Sequoia Mortgage Trust		13,078	5/04		13,423
Structured Mortgage Loan Trust		6,748	7/04		6,967
Wells Fargo Mortgage Backed Securities Trust		8,719	12/04		8,444
William Street Funding		14,890	9/04-3/05		14,893
William Street Funding		5,870	9/04		5,870
Corporate Bond Fund
Security	Par		Dates Acquired	Cost Basis
GRP/AG Real Estate Asset Trust	$	570	12/04	$	571
MLCC Mortgage Investors		2,461	12/03		2,531
High Income Bond Fund
Security	Shares/Par		Dates Acquired	Cost Basis
American Airlines	$	1,000	2/03	$	887
Avnet		1,000	10/03		1,070
Chevy Chase Bank		500	11/03		500
Delta Airlines		1,000	01/03		889
Diamond Brands		50	04/98		50
Glenoit		100	03/97-08/97		101
Green Tree Financial		14	05/99		14
Nebco Evans Holdings		-	03/98-11/98		-
Pegasus Communications Fractional Shares		15	10/97		-
Qwest Services		2,000	01/03-5/03		2,145
Sterling Chemicals Holdings		-	10/97		-
Viatel Holdings		-	09/02		-

Inflation Protected Securities Fund
Security	Par		Dates Acquired	Cost Basis
GRP/AG Real Estate Asset Trust	$	190	12/04	$	190
Intermediate Term Bond Fund
Security	Par		Dates Acquired	Cost Basis
Granite Mortgages	$	4,500	7/04	$	4,604
GRP/AG Real Estate Asset Trust		1,039	2/04-12/04		1,040
MLCC Mortgage Investors Series 2003-G		9,184	11/03		9,451
MLCC Mortgage Investors Series 2004-B		7,203	5/04		7,438
Sequoia Mortgage Trust		8,967	5/04		9,204
Structured Mortgage Loan Trust		4,663	7/04		4,814
Wells Fargo Mortgage Backed Securities Trust		5,769	12/04		5,587
William Street Funding		3,900	2/05		3,900
William Street Funding		9,405	9/04		9,405
Short Term Bond Fund
Security	Par		Dates Acquired	Cost Basis
Auto Bond Receivables Trust	$	106	11/98-11/00	$	106
Capital One Master Trust		2,000	7/04		2,018
CNH Equipment Trust		4,700	9/04		4,700
Dow Jones		10,000	5/04		10,000
Granite Mortgage		3,000	9/04		3,000
GRP/AG Real Estate Asset Trust		507	12/04		507
MLCC Mortgage Investors Series 2004-B		7,529	5/04-3/05		7,769
Structured Mortgage Loan Trust		3,677	7/04		3,796
William Street Funding		3,220	2/05		3,220
William Street Funding		4,790	9/04		4,790
U.S. Government Mortgage Fund
Security	Par		Dates Acquired	Cost Basis
Bank of America Commercial Mortgage	$	5,000	3/05	$	5,025
GRP/AG Real Estate Asset Trust		507	2/04-12/04		507

SECURITIES LENDING – In order to generate additional income, a fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund's policy is to 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 extensi ons 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

FIRST AMERICAN FUNDS Semiannual Report 2005

and Exchange Commission ("SEC"). During the six months ended March 31, 2005, USBAM received fees equal to 35% of the funds' income from securities lending transactions. Fees paid to USBAM by the funds for the six months ended March 31, 2005 were as follows (000):

Fund	Amount
Core Bond Fund	$	257
Corporate Bond Fund		20
High Income Bond Fund		65
Intermediate Term Bond Fund		156
Short Term Bond Fund		54
U.S. Government Mortgage Fund		12

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 agreem ents 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. Certain funds have an interest in joint repurchase agreements dated March 31, 2005 as follows (000s):

Broker	Rate			Collateral Principal		Value		Security Type	Coupon Rate			Maturity
Bear Stearns		3.045	%	$	100,000	$	102,633	Commercial Loans		3.750%-5.490%			2005-2015
Bear Stearns		2.960	%		30,000		30,734	Commercial Loans		0.000	%		2034
Citibank		2.925%			200,000		215,191	Collateralized Mortgage Obligations Corporate Bonds		0.000% 0.000%-9.400%			2029-2042 2005-2033
CS First Boston		2.900%			250,000		255,002	Federal Home Loan Mortgage Corporation Bonds Federal National Mortgage Association Bonds Government National Mortgage Association Bonds		0.000% 0.000% 3.250%-10.472%			2017-2035 2018-2035 2026-2034
CS First Boston		2.935	%		20,000		21,004	Collateralized Mortgage Obligation		0.240	%		2035
CS First Boston		2.935	%		20,000		21,003	Collateralized Mortgage Obligations		0.000	%-0.430%		2024-2035
CS First Boston		2.935	%		20,000		21,001	Collateralized Mortgage Obligations		0.000	%-0.490%		2034-2041
CS First Boston		2.935	%		10,000		10,502	Collateralized Mortgage Obligation		0.240	%		2035
CS First Boston		2.935	%		10,000		10,502	Collateralized Mortgage Obligation		0.240	%		2035
Goldman Sachs		3.025	%		250,000		255,102	Mortgage Loans		0.000	%		2005-2010
Goldman Sachs		3.025	%		225,000		229,592	Mortgage Loans		0.000	%		2007-2010
Goldman Sachs		2.885	%		50,000		51,021	Mortgage Loans		0.000	%		2008
Lehman Brothers		2.935	%		200,000		219,946	Collateralized Mortgage Obligations		0.000	%-5.500%		2007-2044
Lehman Brothers		3.055	%		150,000		150,000	Mortgage Loans		5.420	%-5.558%		2008-2015
Lehman Brothers		3.000	%		17,000		18,701	Corporate Bonds		0.000	%-10.875%		2008-2015
Merrill Lynch		2.925	%		150,000		157,503	Corporate Bonds		0.000	%-9.700%		2005-2030
Merrill Lynch		2.955	%		125,000		131,254	Corporate Bonds		0.000	%-9.875%		2005-2049
Merrill Lynch		2.925	%		100,000		105,005	Corporate Bonds		4.950	%-7.125%		2006-2023
Merrill Lynch		2.955	%		75,000		78,754	Corporate Bonds		0.000	%-8.375%		2006-2035
Merrill Lynch		2.955	%		20,000		21,003	Corporate Bonds		0.000	%-9.250%		2006-2050
Morgan Stanley		2.915	%		290,000		296,089	Federal Home Loan Mortgage Corporation Bonds		0.000	%-5.000%		2034-2035

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

Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

emerging country, on its obligation. The fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

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

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on 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 six months ended March 31, 2005.

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 Directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported 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 each fund is as follows:

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

USBAM has contractually agreed to waive fees and reimburse other fund expenses until January 31, 2006 so that total

FIRST AMERICAN FUNDS Semiannual Report 2005

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

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

NA = Not Applicable

The funds may invest in related money market funds that are series of First American Funds, Inc. ("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 the 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 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 net 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 of all open-end mutual funds in the First American Family of Funds 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 o f the aggregate average daily net assets of the funds that comprise FAIF. For the six months ended March 31, 2005, administration fees paid to USBAM and USBFS by the funds included in this semiannual report were as follows (000):

Fund	Amount
Core Bond Fund	$	2,526
Corporate Bond Fund		366
High Income Bond Fund		395
Inflation Protected Securities Fund		130
Intermediate Government Bond Fund		140
Intermediate Term Bond Fund		1,657
Short Term Bond Fund		1,342
U.S. Government Mortgage Fund		281

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 the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each fund's average daily net assets of the Class A shares, Class B shares, Class C shares, and Class R shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, or shareholder servicing activities.

Quasar is currently waiving fees equal to 0.10% of average daily net assets for Class A shares of the Intermediate Term Bond Fund, Short Term Bond Fund, and Intermediate Government Bond Fund. For the six months ended March 31, 2005, total distribution and shareholder servicing fees waived by Quasar for these funds included in this semiannual report were as follows (000):

Fund	Amount
Intermediate Government Bond Fund	$	1
Intermediate Term Bond Fund		30
Short Term Bond Fund		61

FAIF has also adopted and entered into a shareholder servicing plan and agreement with USBAM with respect to

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

the Class R shares. Core Bond Fund, Corporate Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, and U. S. Government Mortgage Fund pay USBAM a monthly shareholder servicing fee equal to an annual rate of 0.15% of the average daily net assets of the fund's 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 six months ended March 31, 2005 (000):

Fund	Amount
Core Bond Fund	$	188
Corporate Bond Fund		31
High Income Bond Fund		35
Inflation Protected Securities Fund		3
Intermediate Government Bond Fund		1
Intermediate Term Bond Fund		30
Short Term Bond Fund		55
U.S. Government Mortgage Fund		55

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 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 six months ended March 31, 2005, legal fees and expenses were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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

Year Since Purchase	Contingent Deferred Sales Charge 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		0.00	%
Eighth		0.00	%

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

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

For the six months ended March 31, 2005, total CDSCs retained by affiliates of USBAM for distributing the funds' shares were as follows (000):

Fund	Amount
Core Bond Fund	$	86
Corporate Bond Fund		22
High Income Bond Fund		34
Inflation Protected Securities Fund		93
Intermediate Government Bond Fund		2
Intermediate Term Bond Fund		19
Short Term Bond Fund		26
U.S. Government Mortgage Fund		90

FIRST AMERICAN FUNDS Semiannual Report 2005

4 > 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):

	Core Bond Fund						Corporate Bond Fund						High Income Bond Fund						Inflation Protected Securities Fund
	10/01/04 to 3/31/05			10/01/03 to 9/30/04			10/01/04 to 3/31/05			10/01/03 to 9/30/04			10/01/04 to 3/31/05			10/01/03 to 9/30/04			10/01/04 to 3/31/05
	(unaudited)						(unaudited)						(unaudited)						(unaudited)
Class A:
Shares issued		910			5,711			129			1,206			318			1,128			329
Shares issued in lieu of cash distributions		248			642			35			61			119			252			1
Shares redeemed		(2,258	)		(6,534	)		(255	)		(536	)		(1,253	)		(1,343	)		(9	)
Total Class A transactions		(1,100	)		(181	)		(91	)		731			(816	)		37			321
Class B:
Shares issued		54			175			15			68			46			251			-
Shares issued in lieu of cash distributions		24			85			7			27			17			39			-
Shares redeemed		(211	)		(825	)		(91	)		(890	)		(122	)		(368	)		-
Total Class B transactions		(133	)		(565	)		(69	)		(795	)		(59	)		(78	)		-
Class C:
Shares issued		30			119			4			32			21			222			53
Shares issued in lieu of cash distributions		11			43			6			17			48			119			-
Shares redeemed		(150	)		(514	)		(50	)		(242	)		(385	)		(662	)		(4	)
Total Class C transactions		(109	)		(352	)		(40	)		(193	)		(316	)		(321	)		49
Class R:
Shares issued		-			559			-			9			4			33			-
Shares issued in lieu of cash distributions		-			117			-			5			-			2			-
Shares redeemed		-			(4,070	)		-			(275	)		(4	)		(119	)		-
Total Class R transactions		-			(3,394	)		-			(261	)		-			(84	)		-
Class Y:
Shares issued		18,200			34,846			3,114			5,441			3,570			10,084			19,151
Shares issued in lieu of cash distributions		1,018			3,549			80			160			99			251			52
Shares redeemed		(21,906	)		(53,065	)		(2,429	)		(5,916	)		(6,027	)		(5,149	)		(358	)
Total Class Y transactions		(2,688	)		(14,670	)		765			(315	)		(2,358	)		5,186			18,845
Net increase (decrease) in capital shares		(4,030	)		(19,162	)		565			(833	)		(3,549	)		4,740			19,215

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

	Intermediate Government Bond Fund						Intermediate Term Bond Fund						Short Term Bond Fund						U.S. Government Mortgage Fund
	10/01/04 to 3/31/05			10/01/03 to 9/30/04			10/01/04 to 3/31/05			10/01/03 to 9/30/04			10/01/04 to 3/31/05			10/01/03 to 9/30/04			10/01/04 to 3/31/05			10/01/03 to 9/30/04
	(unaudited)									(unaudited)						(unaudited)						(unaudited)
Class A:
Shares issued		92			88			406			2,566			401			2,907			313			1,742
Shares issued in lieu of cash distributions		13			25			126			195			126			252			58			97
Shares redeemed		(94	)		(151	)		(1,210	)		(4,118	)		(2,327	)		(5787	)		(748	)		(1,045	)
Total Class A transactions		11			(38	)		(678	)		(1,357	)		(1,800	)		(2,628	)		(377	)		794
Class B:
Shares issued		-			-			-			-			-			-			45			119
Shares issued in lieu of cash distributions		-			-			-			-			-			-			14			29
Shares redeemed		-			-			-			-			-			-			(88	)		(341	)
Total Class B transactions		-			-			-			-			-			-			(29	)		(193	)
Class C:
Shares issued		-			-			-			-			-			-			14			104
Shares issued in lieu of cash distributions		-			-			-			-			-			-			16			47
Shares redeemed		-			-			-			-			-			-			(238	)		(900	)
Total Class C transactions		-			-			-			-			-			-			(208	)		(749	)
Class R:
Shares issued		-			-			-			430			-			186			-			140
Shares issued in lieu of cash distributions		-			-			-			31			-			9			-			33
Shares redeemed		-			-			-			(1,635	)		-			(1,045	)		-			(1,768	)
Total Class R transactions		-			-			-			(1,174	)		-			(850	)		-			(1,595	)
Class Y:
Shares issued		1,111			2,458			14,440			37,708			9,948			45,435			1,938			4,048
Shares issued in lieu of cash distributions		491			3,028			1,320			2,280			397			709			44			101
Shares redeemed		(6,535	)		(24,241	)		(19,317	)		(44,985	)		(21,192	)		(33,963	)		(2,402	)		(7,894	)
Total Class Y transactions		(4,933	)		(18,755	)		(3,557	)		(4,997	)		(10,847	)		12,181			(420	)		(3,745	)
Net increase (decrease) in capital shares		(4,922	)		(18,793	)		(4,235	)		(7,528	)		(12,647	)		8,703			(1,034	)		(5,488	)

5 > Investment Security Transactions

During the six months ended March 31, 2005, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities were as follows (000):

	U.S. Government Securities				Other Investment Securities
Fund	Purchases		Sales		Purchases		Sales
Core Bond Fund	$	1,344,826	$	1,311,378	$	561,299	$	665,572
Corporate Bond Fund		78,378		47,121		168,591		174,271
High Income Bond Fund		1,081		3,621		110,463		135,706
Inflation Protected Securities Fund		182,869		4,142		10,016		1,317
Intermediate Government Bond Fund		131,574		178,206		-		-
Intermediate Term Bond Fund		478,171		413,275		224,636		344,597
Short Term Bond Fund		171,102		201,400		186,131		280,537
U.S. Government Mortgage Fund		264,663		286,639		45,496		20,317

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 March 31, 2005, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net			Federal Income Tax Cost
Core Bond Fund	$	10,358	$	(25,503	)	$	(15,145	)	$	2,895,074
Corporate Bond Fund		2,914		(3,468	)		(554	)		341,087
High Income Bond Fund		9,508		(5,386	)		4,122			317,364
Inflation Protected Securities Fund		1,135		(1,497	)		(362	)		278,182
Intermediate Government Bond Fund		207		(1,735	)		(1,528	)		84,190
Intermediate Term Bond Fund		3,247		(15,336	)		(12,089	)		1,666,669
Short Term Bond Fund		925		(17,729	)		(16,804	)		1,176,408
U.S. Government Mortgage Fund		1,031		(2,047	)		(1,016	)		313,417

FIRST AMERICAN FUNDS Semiannual Report 2005

6 > Options Written

The following options written were outstanding as of March 31, 2005 (000):

Call Options Written

Issuer	Expiration Date	Exercise Price		Number of Contracts		Market Value
Core Bond Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	113		468	$	15
Total call options outstanding (premiums received, $288)						$	15
Coporate Bond Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	110		150	$	72
Total call options outstanding (premiums received, $72)						$	72
Inflation Protected Securities Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	113		23	$	1
Total call options outstanding (premiums received, $15)						$	1
Intermediate Term Bond Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	113		309	$	10
Total call options outstanding (premiums received, $190)						$	10
U.S. Government Mortgage Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	113		51	$	1
Total call options outstanding (premiums received, $31)						$	1

Put Options Written

Issuer	Expiration Date	Exercise Price		Number of Contracts		Market Value
Core Bond Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	108		103	$	42
U.S. Treasury 10 Year Note Future	Jun-05		109		385		282
Total put options outstanding (premiums received, $232)						$	324
Coporate Bond Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	108		25	$	10
U.S. Treasury 10 Year Note Future	Jun-05		109		55		41
Total put options outstanding (premiums received, $33)						$	51
Inflation Protected Securities Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	108		5	$	2
U.S. Treasury 10 Year Note Future	Jun-05		109		19		14
Total put options outstanding (premiums received, $11)						$	16
Intermediate Term Bond Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	108		68	$	28
U.S. Treasury 10 Year Note Future	Jun-05		109		256		188
Total put options outstanding (premiums received, $155)						$	216
U.S. Government Mortgage Fund
U.S. Treasury 10 Year Note Future	Jun-05	$	108		11	$	4
U.S. Treasury 10 Year Note Future	Jun-05		109		42		31
Total put options outstanding (premiums received, $25)						$	35

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

Transactions in written options for the six months ended March 31, 2005, were as follows (000):

	Put Options Written						Call Options Written
	Number of Contracts			Premium Amount			Number of Contracts			Premium Amount
Core Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		1,693			756			1,673			865
Expired		(1,205	)		(524	)		(437	)		(200	)
Closed		-			-			(768	)		(377	)
Balance at March 31, 2005		488		$	232			468		$	288
Corporate Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		80			33			150			72
Expired		-			-			-			-
Closed		-			-			-			-
Balance at March 31, 2005		80		$	33			150		$	72
Inflation Protected Securities Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		55			24			54			29
Expired		(31	)		(13	)		(16	)		(7	)
Closed		-			-			(15	)		(7	)
Balance at March 31, 2005		24		$	11			23		$	15
Intermediate Government Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		71			31			71			34
Expired		(71	)		(31	)		(23	)		(10	)
Closed		-			-			(48	)		(24	)
Balance at March 31, 2005		-		$	-			-		$	-
Intermediate Term Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		1,107			495			1,092			565
Expired		(783	)		(340	)		(284	)		(130	)
Closed		-			-			(499	)		(245	)
Balance at March 31, 2005		324		$	155			309		$	190
U.S. Government Mortgage Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		189			84			187			96
Expired		(136	)		(59	)		(49	)		(22	)
Closed		-			-			(87	)		(43	)
Balance at March 31, 2005		53		$	25			51		$	31

7 > Concentration of Risks

Each fund (other than Intermediate Government Bond Fund and U.S. Government Mortgage Fund) may invest in foreign securities. A fund's investment in foreign securities subjects it to special risks associated with foreign investing and to a decline in net asset value resulting from changes in exchange rates between the United States dollar and foreign currencies. Because of the special risks associated with foreign investing, a fund investing in foreign securities may be subject to greater volatility than most mutual funds which invest primarily in domestic securities.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

The rating of long-term securities as a percentage of total value of investments at the six months ended March 31, 2005, were as follows (unaudited):

Standard & Poor's/ Moody's Ratings	High Income Bond Fund
AAA/Aaa		1.7	%
BBB/Baa		2.9
BB/Ba		33.0
B/B		45.2
CCC/Caa		15.2
C		0.4
NR		1.6

Securities rated by only one agency are shown in that category. Securities rated by both agencies are shown with their highest rating.

8 > Indemnifications

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

9 > Investment Strategy Changes and Name Change for Corporate Bond Fund

On February 15, 2005, the funds' board of directors approved a number of changes to the investment strategies of Corporate Bond Fund and a corresponding change of the fund's name to Total Return Bond Fund. These changes took effect on May 16, 2005.

FIRST AMERICAN FUNDS Semiannual Report 2005

NOTICE TO SHAREHOLDERS March 31, 2005 (unaudited)

How to Obtain a Copy of the Fund's 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.

Form N-Q Holdings Information

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds' Forms N-Q is available (1) without charge upon request by calling 800.677.FUND and (2) 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.

Quarterly Portfolio Holdings

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

FIRST AMERICAN FUNDS Semiannual Report 2005

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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.

Retired; former Senior Financial Advisor, Senior Vice President, Chief Financial Officer, and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

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.

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.

0117-05 5/2005 SAR-INCOME

Item 2—Code of Ethics

Not applicable to semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to semi-annual report.

Item 4—Principal Accountant Fees and Services Response

Not applicable to semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6 – Schedule of Investments

This schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

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

Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of this Item.

Item 11 – Controls and Procedures

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

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

Item 12 – Exhibits

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

Signatures

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

First American Investment Funds, Inc.

By:
/s/ Thomas S. Schreier, Jr.
Thomas S. Schreier, Jr.
President

Date: June 10, 2005

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: June 10, 2005

By:
/s/ Charles D. Gariboldi
Charles D. Gariboldi
Treasurer

Date: June 10, 2005

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

Item 3—Audit Committee Financial Expert

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

Item 10 – Submission of Matters to a Vote of Security Holders

Item 12 – Exhibits

Signatures