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

	TAX FREE
	INCOME
	FUNDS

First American Tax Free Income Funds

First American Tax Free Income funds are comprised of tax-exempt bonds, which are debt obligations issued by state and local governments, school districts, hospitals, and various other public entities to raise money for projects and services.

Like tax-exempt bonds, tax-free income funds (also known as municipal bond funds) provide income that is typically free from federal taxes. In some cases the income may be exempt from state and local taxes as well.

	Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the state and/or federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions.

	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	16
Statements of Assets and Liabilities	68
Statements of Operations	70
Statements of Changes in Net Assets	72
Financial Highlights	76
Notes to Financial Statements	86
Notice to Shareholders	94

Arizona Tax Free fund

Expense Example

As a shareholder of the Arizona Tax Free 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	$	1,007.50	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class C Actual	$	1,000.00	$	1,005.50	$	5.75
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79
Class Y Actual	$	1,000.00	$	1,008.70	$	2.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.44	$	2.52

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	72.6	%
General Obligations	21.1	%
Certificates of Participation	3.5	%
Cash Equivalents	1.6	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)
AAA/Aaa	49.4	%
AA/Aa	14.6	%
A	22.5	%
BBB/Baa	3.2	%
Nonrated	9.1	%

¹Expenses are equal to the fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

³ Because of the unique characteristics of municipal bonds, many municipalities elect to have the individual issued securities rated by only one agency. The 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 municipal bonds.

FIRST AMERICAN FUNDS Semiannual Report 2005

California Intermediate Tax Free fund

Expense Example

As a shareholder of the California Intermediate Tax Free 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	$	1,002.50	$	4.24
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28
Class Y Actual	$	1,000.00	$	1,003.20	$	3.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	64.6	%
General Obligations	26.0	%
Certificates of Participation	6.5	%
Cash Equivalents	3.8	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)

AAA/Aaa	53.4	%
AA/Aa	6.2	%
A	24.5	%
BBB/Baa	14.9	%

Nonrated 1.9%

¹ Expenses are equal to the fund's annualized expense ratio of 0.85% and 0.70% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

California Tax Free fund

Expense Example

As a shareholder of the California Tax Free 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	$	1,007.30	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class C Actual	$	1,000.00	$	1,005.30	$	5.75
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79
Class Y Actual	$	1,000.00	$	1,009.50	$	2.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.44	$	2.52

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	64.1	%
General Obligations	27.9	%
Certificates of Participation	5.3	%
Cash Equivalents	3.4	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)
AAA/Aaa	54.1	%
AA/Aa	13.6	%
A	10.9	%
BBB/Baa	19.9	%
Nonrated	2.2	%

¹ Expenses are equal to the fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Colorado Intermediate Tax Free fund

Expense Example

As a shareholder of the Colorado Intermediate Tax Free 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	$	996.40	$	4.23
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28
Class Y Actual	$	1,000.00	$	997.10	$	3.49
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	75.5	%
General Obligations	15.8	%
Certificates of Participation	5.5	%
Cash Equivalents	1.7	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)

AAA/Aaa	55.9	%
AA/Aa	19.2	%
A	3.2	%
BBB/Baa	10.0	%
BB/Ba	0.8	%
Nonrated	9.4	%

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Colorado Tax Free fund

Expense Example

As a shareholder of the Colorado Tax Free 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	$	1,003.50	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class C Actual	$	1,000.00	$	1,001.50	$	5.74
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79
Class Y Actual	$	1,000.00	$	1,004.70	$	2.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.44	$	2.52

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	70.4	%
Certificates of Participation	18.0	%
General Obligations	9.4	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)

AAA/Aaa	59.7	%
AA/Aa	13.1	%
A	10.0	%
BBB/Baa	12.4	%
Nonrated	2.6	%

¹ Expenses are equal to the fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Tax Free fund

Expense Example

As a shareholder of the Intermediate Tax Free 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	$	998.20	$	4.23
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28
Class Y Actual	$	1,000.00	$	999.80	$	3.49
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	63.2	%
General Obligations	34.4	%
Certificates of Participation	1.6	%
Cash Equivalents	0.2	%
Credit Quality Distribution as of March 31, 2005³ (% of market value)

AAA/Aaa	59.8	%
AA/Aa	13.8	%
A	13.2	%
BBB/Baa	7.6	%
BB/Ba	0.5	%
Nonrated	5.1	%

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Minnesota Intermediate Tax Free fund

Expense Example

As a shareholder of the Minnesota Intermediate Tax Free 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	$	999.20	$	4.24
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28
Class Y Actual	$	1,000.00	$	1,001.00	$	3.49
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	53.9	%
General Obligations	42.0	%
Certificates of Participation	2.8	%
Cash Equivalents	0.8	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)

AAA/Aaa	57.6	%
AA/Aa	17.2	%
A	10.1	%
BBB/Baa	6.0	%
Nonrated	8.6	%

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Minnesota Tax Free fund

Expense Example

As a shareholder of the Minnesota Tax Free 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	$	1,013.10	$	4.77
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78
Class C Actual	$	1,000.00	$	1,011.20	$	6.77
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.79
Class Y Actual	$	1,000.00	$	1,014.50	$	3.52
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	74.3	%
General Obligations	24.3	%
Cash Equivalents	0.1	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)

AAA/Aaa	44.5	%
AA/Aa	11.8	%
A	19.4	%
BBB/Baa	7.9	%
Nonrated	15.1	%

¹ Expenses are equal to the fund's annualized expense ratio of 0.95%, 1.35%, and 0.70% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Missouri Tax Free fund

Expense Example

As a shareholder of the Missouri Tax Free 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	$	1,002.30	$	4.74
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78
Class C Actual	$	1,000.00	$	1,000.30	$	6.73
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.79
Class Y Actual	$	1,000.00	$	1,003.60	$	3.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	72.7	%
General Obligations	24.1	%
Cash Equivalents	2.0	%
Certificate of Participation	0.7	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)

AAA/Aaa	56.2	%
AA/Aa	34.8	%
A	2.6	%
BBB/Baa	3.6	%
Nonrated	2.3	%

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Nebraska Tax Free fund

Expense Example

As a shareholder of the Nebraska Tax Free 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	$	1,005.30	$	3.75
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class C Actual	$	1,000.00	$	1,003.30	$	5.74
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79
Class Y Actual	$	1,000.00	$	1,006.50	$	2.50
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.44	$	2.52

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	77.7	%
General Obligations	14.3	%
Cash Equivalents	7.7	%
Certificates of Participation	3.4	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)
AAA/Aaa	45.5	%
AA/Aa	37.9	%
A	11.8	%
Nonrated	7.9	%

¹ Expenses are equal to the fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Ohio Tax Free fund

Expense Example

As a shareholder of the Ohio Tax Free 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	$	999.60	$	3.74
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class C Actual	$	1,000.00	$	998.40	$	5.73
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79
Class Y Actual	$	1,000.00	$	1,000.90	$	2.49
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.44	$	2.52

Portfolio Allocation as of March 31, 2005² (% of net assets)
General Obligations	50.6	%
Revenue Bonds	44.4	%
Certificate of Participation	3.2	%
Cash Equivalents	0.4	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)
AAA/Aaa	46.7	%
AA/Aa	38.9	%
A	8.7	%
BBB/Baa	1.9	%
Nonrated	2.4	%

¹ Expenses are equal to the fund's annualized expense ratio of 0.75%, 1.15%, and 0.50% for Class A, Class C, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Oregon Intermediate Tax Free fund

Expense Example

As a shareholder of the Oregon Intermediate Tax Free 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	$	996.10	$	4.23
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28
Class Y Actual	$	1,000.00	$	996.80	$	3.48
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

Portfolio Allocation as of March 31, 2005² (% of net assets)
General Obligations	59.4	%
Revenue Bonds	33.2	%
Certificates of Participation	6.2	%
Cash Equivalents	1.5	%
Credit Quality Distribution as of March 31, 2005³ (% of net assets)
AAA/Aaa	55.7	%
AA/Aa	37.8	%
A	1.2	%
BBB/Baa	2.8	%
Nonrated	2.8	%

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Tax Free fund

Expense Example

As a shareholder of the Short Tax Free 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	$	996.20	$	3.73
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class Y Actual	$	1,000.00	$	997.00	$	2.99
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	70.4	%
General Obligations	27.1	%
Certificates of Participation	1.5	%
Credit Quality Distribution as of March 31, 2005³ (% of market value)
AAA/Aaa	37.8	%
AA/Aa	25.5	%
A	21.1	%
BBB/Baa	10.1	%
Nonrated	5.5	%

¹ Expenses 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).

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Tax Free fund

Expense Example

As a shareholder of the Tax Free 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	$	1,012.50	$	4.77
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78
Class C Actual	$	1,000.00	$	1,010.60	$	6.77
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.79
Class Y Actual	$	1,000.00	$	1,013.80	$	3.51
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53

Portfolio Allocation as of March 31, 2005² (% of net assets)
Revenue Bonds	68.9	%
General Obligations	28.5	%
Cash Equivalents	2.6	%
Credit Quality Distribution as of March 31, 2005³ (% of market value)
AAA/Aaa	45.4	%
AA/Aa	7.2	%
A	20.7	%
BBB/Baa	14.7	%
BB/Ba	0.5	%
Nonrated	11.5	%

² Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Arizona Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.2%
Revenue Bonds – 72.6%
Continuing Care Retirement Communities – 1.9%
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 7.500%, 11/15/23	$	200	$	202
Tempe Industrial Development Authority, Friendship Villiage Project, Series A 5.375%, 12/01/13		200		200
				402
Education – 8.5%
Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/09 @ 102 5.850%, 02/01/19 (a)		1,000		1,106
Glendale Industrial Development Authority, Callable 05/15/11 @ 101 5.750%, 05/15/21		250		269
Glendale Industrial Development Authority, Midwestern University 5.250%, 05/15/14		140		149
University of Arizona Board of Regents, Series A, Callable 12/01/09 @ 100 (FGIC) 5.800%, 06/01/24		150		166
University of Arizona Parking & Student Housing Authority, Callable 06/01/09 @ 100 (AMBAC) 5.750%, 06/01/19		140		152
				1,842
Healthcare – 20.8%
Arizona Health Facilities Authority, Blood Systems Inc., Callable 04/01/14 @ 100 4.750%, 04/01/25		300		289
Arizona Health Facilities Authority, John C. Lincoln Health Network, Callable 12/01/12 @ 101 5.750%, 12/01/32		150		155
Johnson City, Tennessee Health & Elderly Facilities Authority, Callable 07/01/12 @ 103 7.500%, 07/01/25		100		118
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A, Callable 07/01/14 @ 100 5.375%, 07/01/23		500		519
Mesa Industrial Development Authority, Discovery Health Systems, Series A, Callable 01/01/10 @ 101 (MBIA) 5.750%, 01/01/25		500		545
5.625%, 01/01/29		500		540
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Callable 12/01/11 @ 101 5.700%, 12/01/21		1,000		1,059
University Medical Center Corporation, Callable 07/01/14 @ 100 5.000%, 07/01/24		500		502
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A, Callable 08/01/13 @ 100 (RAAI) 5.250%, 08/01/21		100		105
6.000%, 08/01/33		375		392
Yuma Industrial Development Authority, Yuma Regional Medical Center, Callable 08/01/07 @ 102 (MBIA) 5.500%, 08/01/17		250		267
				4,491

Arizona Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Housing – 4.9%
Douglas Community Housing Corporation, Rancho La Perilla, Callable 01/20/10 @ 102 (GNMA) 5.900%, 07/20/20	$	500	$	530
6.000%, 07/20/25		475		496
Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A, Callable 06/01/10 @ 102 (FHLMC) (FNMA) (GNMA) 5.875%, 06/01/16		30		30
				1,056
Lease Revenue – 1.5%
Navajo County Municipal Property Corporation, Jail Facility (ACA) 5.625%, 07/01/09		310		332
Miscellaneous – 6.0%
Arizona Student Loan Acquisition Authority, Series A, Callable 11/01/09 @ 102 (AMT) 5.900%, 05/01/24		100		106
Greater Arizona Infrastructure Development Authority, Series A, Callable 08/01/08 @ 102 (MBIA) 5.625%, 08/01/20		200		217
Greater Arizona Infrastructure Development Authority, Series A, Callable 08/01/15 @ 100 4.250%, 08/01/24		200		191
Greater Arizona Infrastructure Development Authority, Series B, Callable 08/01/14 @ 100 5.250%, 08/01/26		750		784
				1,298
Tax Revenue – 12.1%
Arizona School Facilities Board, State School Improvement, Callable 07/01/12 @ 100 5.250%, 07/01/16		750		812
5.250%, 07/01/20		250		269
Oro Valley, Excise Tax, Callable 07/01/10 @ 101 (AMBAC) 5.200%, 07/01/14		100		109
Oro Valley Municipal Water Systems, Pre-refunded 07/01/08 @ 101 (MBIA) 5.200%, 07/01/14		400		434
Phoenix Civic Improvements, Excise Tax, Callable 07/01/09 @ 101 5.750%, 07/01/16		300		329
Surprise Municipal Property Corporation, Callable 07/01/09 @ 101 (FGIC) 5.700%, 07/01/20		300		332
Tempe, Excise Tax, Series A, Callable 07/01/09 @ 100 5.625%, 07/01/20		300		324
				2,609
Transportation – 9.8%
Arizona State Transportation Highway Board, Pre-refunded 07/01/09 @ 100 5.750%, 07/01/18 (a)		200		220
Arizona State Transportation Highway Board, Series A 5.000%, 07/01/09		400		428
Mesa Street & Highway, Pre-refunded 07/01/09 @ 100 (FSA) 5.500%, 07/01/16 (a)		100		109

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Arizona Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Phoenix Civic Improvements, Series B, Callable 07/01/12 @ 100 (AMT) (FGIC) 5.250%, 07/01/21	$	250	$	260
5.250%, 07/01/27		750		776
Tucson Street & Highway Improvements, Series 1994-E, Callable 07/01/10 @ 100 (FGIC) 5.000%, 07/01/18		300		315
				2,108
Utilities – 7.1%
Chandler Water & Sewer Improvements, Callable 07/01/10 @ 101 (FSA) 5.800%, 07/01/17		250		277
Gilbert Water Municipal Property Wastewater System & Utility, Callable 04/01/08 @ 100 5.000%, 04/01/17		375		370
Puerto Rico Electric Power Authority, Series X, Callable 07/01/05 @ 100 5.500%, 07/01/25		100		101
Tucson Water, Series D, Callable 07/01/09 @ 100 (FGIC) 5.400%, 07/01/17		170		203
Tucson Water, Series 1994-A (MBIA) 6.250%, 07/01/16		250		271
Yavapai Industrial Development Authority, Waste Management Project, Series A-2, Mandatory Put 03/01/08 @ 100 (AMT) 4.450%, 03/01/28		300		303
				1,525
Total Revenue Bonds				15,663
General Obligations – 21.1%
Chandler Public & Recreational Improvements, Callable 07/01/10 @ 101 5.800%, 07/01/18		250		277
Maricopa County School District #11, Peoria Unit, Pre-refunded 07/01/09 @ 101 (FGIC) 5.500%, 07/01/14 (a)		100		110
5.500%, 07/01/15 (a)		120		132
Maricopa County School District #80, Chandler, Callable 07/01/15 @ 100 (MBIA) 4.200%, 07/01/24		250		238
Mesa, Callable 07/01/09 @ 100 (FGIC) 5.000%, 07/01/18		250		267
Peoria, Callable 04/01/09 @ 100 (FGIC) 5.400%, 04/01/15		100		107
5.000%, 04/01/18		575		606
5.000%, 04/01/19		125		131
Phoenix, Callable 07/01/07 @ 102 5.250%, 07/01/20		250		264
Phoenix, Callable 07/01/10 @ 100 5.250%, 07/01/19		350		375
5.375%, 07/01/25		750		800
Pima County Unified School District #12, Sunnyside, Callable 07/01/09 @ 100 (FGIC) 5.300%, 07/01/13		150		162

Arizona Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Pinal County Unified School District #43, Apache, Series A, Callable 07/01/15 @ 100 (MBIA) 5.000%, 07/01/24	$	100	$	105
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33		400		419
Scottsdale, Pre-refunded 07/01/09 @ 100 5.500%, 07/01/22 (a)		250		272
Tucson 5.500%, 07/01/18		250		282
Total General Obligations				4,547
Certificates of Participation – 3.5%
El Mirage, Callable 08/01/05 @ 100 6.900%, 08/01/16		110		110
Pinal County 5.000%, 12/01/14		400		423
Tucson, Callable 07/01/08 @ 100 (MBIA) 5.500%, 07/01/15		200		213
Total Certificates of Participation				746
Total Municipal Bonds (Cost $19,507)				20,956
Money Market Fund – 1.6%
Federated Arizona Municipal Money Market Fund		354,373		354
Total Money Market Fund (Cost $354)				354
Total Investments – 98.8% (Cost $19,861)				21,310
Other Assets and Liabilities, Net – 1.2%				262
Total Net Assets – 100.0%			$	21,572

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

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $1,445,222 which represents 6.7% of net assets.

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

RAAI – Radian Asset Assurance Inc.

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

California Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.1%
Revenue Bonds – 64.6%
Continuing Care Retirement Communities – 7.0%
ABAG Financial Authority, O'Connor Woods (ACA) 5.250%, 11/01/05	$	500	$	520
ABAG Financial Authority, Odd Fellows Home of California (CMI) 4.950%, 08/15/07		500		507
California Health Facilities Financing Authority, Paradise Valley Estates (CMI) 4.125%, 01/01/10		500		509
4.375%, 01/01/12		540		552
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) 5.000%, 11/15/12		500		530
La Verne, Brethren Hillcrest Homes, Series B, Callable 02/15/13 @ 101 (ACA) 5.600%, 02/15/33		500		520
Riverside County Public Financing Authority, Air Force Village West 5.125%, 05/15/05		525		526
				3,664
Education – 8.5%
ABAG Financial Authority, Schools of the Sacred Heart, Series A 5.800%, 06/01/08		200		214
California Educational Facilities Authority, Lutheran University, Series C, Callable 10/01/14 @ 100 4.750%, 10/01/15		675		697
California Educational Facilities Authority, University of Pacific, Callable 11/01/14 @ 100 5.000%, 11/01/20		435		452
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A 5.650%, 03/01/07		380		397
5.750%, 03/01/08		400		425
California State Higher Educational Facilities Authority, Occidental College Project, Callable 10/01/07 @ 102 (MBIA) 5.300%, 10/01/10		500		534
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B 6.000%, 06/01/10		495		547
California State Higher Educational Facilities Authority, University of Redlands, Series A 5.550%, 06/01/09		225		244
California State Higher Educational Facilities Authority, University of Redlands, Series A, Callable 06/01/10 @ 101 5.700%, 06/01/11		250		275
5.750%, 06/01/12		260		283
California Statewide Communities Development Authority, Viewpoint Schools (ACA) 4.125%, 10/01/14		405		396
				4,464
Healthcare – 14.2%
California Health Facilities Financing Authority, Casa Colina, Callable 04/01/12 @ 100 5.500%, 04/01/13		300		315

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/14 @ 100 4.950%, 07/01/26	$	450	$	464
California Health Facilities Financing Authority, Marshall Medical Center, Series A, Callable 11/01/14 @ 100 (CMI) 4.750%, 11/01/19		1,200		1,210
California Health Facilities Financing Authority, Valleycare Medical Center, Series A, Callable 05/01/12 @ 100 (CMI) 4.625%, 05/01/13		300		309
4.800%, 05/01/14		715		740
California State Health Facilities Authority, Casa de las Campanas, Series A, Callable 08/01/08 @ 100 (CMI) 5.375%, 08/01/09		250		264
California Statewide Communities Development Authority, Daughters of Charity Health, Series G 5.250%, 07/01/13		500		534
California Statewide Communities Development Authority, Elder Care Alliance, Series A 7.250%, 11/15/11		500		501
California Statewide Communities Development Authority, Kaiser Permanente, Series D, Mandatory Put 03/01/07 @ 100 4.350%, 11/01/36		500		509
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC) 5.000%, 06/01/12		150		157
Marysville Hospital, Fremont Rideout Health Project, Series A, Callable 07/01/08 @ 103 (AMBAC) 5.000%, 01/01/10		500		532
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A 5.500%, 11/15/09		650		700
Rancho Mirage Joint Powers Finance Authority, Eisenhower Medical Center, Series A, Callable 07/01/07 @ 102 (MBIA) 5.125%, 07/01/08		500		533
Turlock California Health Facilities Revenue, Emanuel Medical Center, Callable 10/15/14 @ 100 5.000%, 10/15/24		700		683
				7,451
Housing – 5.6%
ABAG Financial Authority, Archstone Redwood Housing Project, Series A 5.300%, 10/01/08		500		528
Aztec Shops, California State Auxiliary Organization, San Diego State University, Callable 09/01/10 @ 101 5.400%, 09/01/11		1,035		1,118
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (FNMA) (GNMA) 5.250%, 06/01/10		40		40
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/09 @ 100 5.200%, 12/01/29		500		528
California Statewide Communities Development Authority, Multifamily Housing, Citrus Gardens Apartments, Callable 07/01/12 @ 102 5.375%, 07/01/26		700		717
				2,931

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

FIRST AMERICAN FUNDS Semiannual Report 2005

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Lease Revenue – 4.6%
California State Public Works Board, California Community Colleges, Series A, Callable 12/01/09 @ 101 (MLO) 4.875%, 12/01/18	$	200	$	205
California State Public Works Board, Department of Corrections, Series A (AMBAC) (MLO) 6.000%, 01/01/06		545		560
California State Public Works Board, Department of Health Services, Callable 11/01/09 @ 101 (MBIA) (MLO) 5.200%, 11/01/12		500		536
California State Public Works Board, Department of Mental Health, Callable 06/01/14 @ 100 5.500%, 06/01/16		540		593
Los Angeles Municipal Improvement Corporation, Sanitation Equipment, Series A (FSA) (MLO) 6.000%, 02/01/07		500		530
				2,424
Miscellaneous – 3.2%
Children's Trust Fund, Puerto Rico Tobacco Settlement Issue, Escrowed to Maturity 5.000%, 07/01/08 (a)		250		265
Golden West Schools Financing Authority, Series A (MBIA) 5.700%, 02/01/13		720		817
5.750%, 02/01/14		520		594
				1,676
Recreational Facility Authority – 1.1%
California State University Fresno Association, Auxiliary Organization Event Center, Callable 07/01/12 @ 101 6.000%, 07/01/22		500		566
Tax Revenue – 1.8%
Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102 6.100%, 10/01/12		165		172
Murrieta Community Facilities District #2, The Oaks Area, Callable 09/01/14 @ 100 5.750%, 09/01/20		250		259
West Covina Redevelopment Agency, Fashion Plaza Project 5.125%, 09/01/05		300		303
William S. Hart Joint School Financing Authority, Special Tax, Callable 09/01/05 @ 102 (FSA) 6.100%, 09/01/06		200		207
				941
Transportation – 4.5%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) 4.650%, 10/01/14 (b)		1,000		661
San Francisco Bay Area Transportation Financing Authority, Bridge Toll (ACA) 5.500%, 08/01/05		690		697
San Francisco City & County International Airports Commission, Second Series, Issue 25 (AMT) (FSA) 5.500%, 05/01/08		500		531

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
San Francisco City & County International Airports Commission, SFO Fuel, Series A (AMT) (FSA) 5.250%, 01/01/07	$	450	$	467
				2,356
Utilities – 14.1%
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Project, Mandatory Put 09/01/09 @ 100 (AMT) 4.100%, 09/01/14		750		748
California State Department of Water, Central Valley Project, Series O, Callable 12/01/05 @ 101 5.000%, 12/01/12		500		514
California State Department of Water, Central Valley Project, Series P, Pre-refunded 06/01/06 @ 101 5.300%, 12/01/07 (c)		750		781
California State Department of Water, Series A, Callable 05/01/12 @ 101 5.875%, 05/01/16		500		558
California State Department of Water, Series C-10 (VRDO) 1.645%, 05/01/22 (e)		1,500		1,500
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Callable 11/01/09 @ 101 (MBIA) 5.200%, 11/01/11		405		436
Imperial, Wastewater Treatment Facility, Callable 10/15/11 @ 102 (FGIC) 5.000%, 10/15/20		1,000		1,044
Metropolitan Water District of Southern California, Series B, Callable 07/01/06 @ 102 (MBIA) 4.875%, 07/01/10		190		199
5.000%, 07/01/14		295		309
Metropolitan Water District of Southern California, Series B, Pre-refunded 07/01/06 @ 102 (MBIA) (c) 4.875%, 07/01/10		135		141
5.000%, 07/01/14		205		215
Richmond Wastewater Systems, Callable 08/01/09 @ 102 (FGIC) 5.200%, 08/01/11		500		538
Whittier Utility Authority, Callable 06/01/13 @ 100 (MBIA) 4.400%, 06/01/17		305		308
4.500%, 06/01/18		65		66
				7,357
Total Revenue Bonds				33,830
General Obligations – 26.0%
A B C California Unified School District, Series A 4.600%, 02/01/16 (MBIA)		400		419
Alisal Unified School District, Series C, Zero Coupon Bond (FGIC) 5.050%, 08/01/08 (b)		860		773
Bassett Unified School District, Capital Appreciation-Election 2004-A, Zero Coupon Bond (FSA) 4.470%, 08/01/16 (b)		450		267
4.540%, 08/01/17 (b)		500		280
California State, Callable 08/01/13 @ 100 5.000%, 02/01/17		500		521
California State, Callable 04/01/14 @ 100 5.125%, 04/01/24		1,000		1,053
Foothill-De Anza Community College District, Callable 08/01/10 @ 101 6.000%, 08/01/11		300		339

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Franklin McKinley California School District, Capital Appreciation Election 2004, Series A, Zero Coupon Bond (FGIC) 4.820%, 08/01/16 (b) (d)	$	475	$	283
Fresno Unified School District, Series A (MBIA) 6.050%, 08/01/11		500		576
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA) 5.000%, 02/01/12 (b)		535		408
Grant Joint Unified High School District, Callable 08/01/15 @ 100 (FSA) 5.000%, 08/01/16 (d)		810		876
Grossmont Unified High School District, Callable 09/01/08 @ 102 (FSA) (MLO) 5.400%, 09/01/13		300		330
Jefferson Union High School District, San Mateo County, Series A (MBIA) 6.250%, 02/01/14		300		354
Lemon Grove School District, Election of 1998-B, Zero Coupon Bond (FSA) 3.329%, 11/01/20 (b)		375		174
Montebello Unified School District, Zero Coupon Bond (MBIA) 5.680%, 08/01/21 (b)		700		310
Oxnard School District (MBIA) 5.000%, 08/01/05		600		606
Paramount Unified School District, Callable 09/01/15 @ 100 (FSA) 4.000%, 09/01/16		500		496
Pomona School District, Series A (MBIA) 5.450%, 02/01/06		250		256
5.500%, 08/01/06		250		260
Pomona School District, Series A, Callable 08/01/11 @ 103 (MBIA) 6.150%, 08/01/15		500		579
Puerto Rico Commonwealth, Series B (FSA) 6.500%, 07/01/15		1,000		1,218
Roseville Joint Union High School District, Callable 08/01/11 @ 101 5.200%, 08/01/20		600		634
San Juan Unified School District, Zero Coupon Bond (FSA) 5.420%, 08/01/16 (b)		390		232
San Mateo County Community College District, Series A, Zero Coupon Bond (FGIC) 5.300%, 09/01/17 (b)		760		426
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) 5.150%, 09/01/17 (b)		1,000		560
Walnut Valley Unified School District, Series A (MBIA) 6.850%, 08/01/07		250		273
Walnut Valley Unified School District, Series A, Callable 08/01/10 @ 102 (FSA) 5.000%, 08/01/12		255		275
West Covina Unified School District, Series A (MBIA) 5.350%, 02/01/20		770		862
Total General Obligations				13,640
Certificates of Participation – 6.5%
Bakersfield Convention Center Expansion Project, Callable 04/01/07 @ 101 (MBIA) (MLO) 5.500%, 04/01/10		250		264
Kern County Board of Education, Series A, Callable 05/01/08 @ 102 (MBIA) (MLO) 5.200%, 05/01/12		905		969

California Intermediate Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Los Angeles Community College, Energy Retrofit Project (AMBAC) 5.000%, 08/15/09	$	300	$	324
Los Angeles County Schools, Regionalized Business Services Financing Project, Series A 5.000%, 09/01/08		200		212
Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC) (MLO) 5.375%, 11/01/10		500		553
Paradise Unified School District, Measure M Project, Series A, Callable 09/01/05 @ 102 (AMBAC) (MLO) 5.250%, 09/01/07		300		309
San Buenaventura Wastewater Revenue, Callable 03/01/14 @ 100 (MBIA) 4.000%, 03/01/16		500		494
West Covina Civic Center Project, Pre-refunded 09/01/05 @ 102 (FSA) (MLO) 5.250%, 09/01/07 (c)		250		258
Total Certificates of Participation				3,383
Total Municipal Bonds (Cost $48,651)				50,853
Money Market Funds – 3.8%
Federated California Municipal Cash Trust		1,302,646		1,302
Provident California Money Fund		657,741		658
Total Money Market Funds (Cost $1,960)				1,960
Total Investments – 100.9% (Cost $50,611)				52,813
Other Assets and Liabilities, Net – (0.9)%				(459	)
Total Net Assets – 100.0%			$	52,354

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

(b) The rate shown is the effective yield at the time of purchase.

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

(d) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $1,153,070 or 2.2% of total net assets. See note 2 in Notes to Financial Statements.

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

ABAG – Association of Bay Area Governments

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $1,745,969, which represents 3.3% of net assets.

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

VRDO – Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, and is subject to change periodically. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specified intervals not exceeding one year, on up to 30 days notice. Maturity date shown represents final maturity.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

California Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.3%
Revenue Bonds – 64.1%
Continuing Care Retirement Community – 1.0%
ABAG Finance Authority, Lincoln Glen Manor Senior Citizens, Callable 02/15/08 @ 101 (CMI) 6.100%, 02/15/25	$	250	$	266
Education – 10.1%
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A 5.550%, 03/01/06		250		256
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A, Callable 03/01/10 @ 101 6.750%, 03/01/19		380		417
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Callable 06/01/10 @ 101 6.625%, 06/01/20		215		236
California State Higher Educational Facilities Authority, University of Redlands, Series A, Callable 06/01/10 @ 101 5.950%, 06/01/15		310		335
California State University Foundation, Monterey Bay, Callable 06/01/11 @ 100 (MBIA) 5.300%, 06/01/22		500		535
University of California, Series K, Callable 09/01/08 @ 101 5.000%, 09/01/20		1,000		1,040
				2,819
Healthcare – 9.0%
ABAG Financial Authority, Schools of the Sacred Heart, Series A 5.900%, 06/01/10		200		220
California Health Facilities Financing Authority, Casa Colina, Callable 04/01/12 @ 100 5.500%, 04/01/13		50		53
California Health Facilities Financing Authority, Marshall Medical Center, Series A, Callable 11/01/14 @ 100 (CMI) 4.750%, 11/01/19		560		565
California Statewide Communities Development Authority, Daughters of Charity Health, Series A, Callable 07/01/15 @ 100 5.250%, 07/01/30		100		103
California Statewide Communities Development Authority, Elder Care Alliance, Series A 7.250%, 11/15/11		250		251
California Statewide Communities Development Authority, Kaiser Permanente, Series D, Mandatory Put 03/01/07 @ 100 4.350%, 11/01/36		250		255
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC) 5.000%, 06/01/12		350		366
Puerto Rico Industrial Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Concepcion, Series A 5.500%, 11/15/08		400		427
Turlock California Health Facilities Revenue, Emanuel Medical Center, Callable 10/15/14 @ 100 5.000%, 10/15/24		300		293
				2,533

California Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Housing – 5.4%
Aztec Shops, California State Auxiliary Organization, San Diego State University 5.200%, 09/01/08	$	455	$	482
California State Department of Veterans Affairs, Series C, Callable 01/09/11 @ 101 (AMT) 5.500%, 12/01/19		460		482
California State Housing Finance Agency, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA) 5.650%, 06/01/10		25		25
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 5.250%, 06/01/29		500		524
				1,513
Lease Revenue – 4.0%
California State Public Works Board, California Community Colleges, Series B, Callable 06/01/14 @ 100 5.500%, 06/01/19		1,035		1,129
Miscellaneous – 9.0%
Golden West Schools Financing Authority, Series A (MBIA) 5.750%, 02/01/14		250		285
5.800%, 08/01/22		320		377
5.800%, 08/01/23		345		406
Sacramento City Financing Authority, Callable 06/01/10 @ 101 (MLO) 5.400%, 06/01/18		455		493
5.500%, 06/01/23		645		702
San Francisco Airport Commission, SFO Fuel Company, Callable 01/01/08 @ 102 (AMT) (FSA) 5.625%, 01/01/12		250		268
				2,531
Recreational Facility Authority – 2.0%
California State University Fresno Association, Auxiliary Organization Event Center, Callable 07/01/12 @ 101 6.000%, 07/01/22		500		566
Revolving Fund – 0.8%
California Statewide Communities Development Authority Water & Wastewater Revenue, Pooled Financing Project, Series 2004A, Callable 10/01/13 @ 101 (FSA) 5.000%, 10/01/16		215		231
Tax Revenue – 6.5%
Grass Valley Community Redevelopment Agency, Tax Allocation, Callable 12/01/08 @ 102 6.400%, 12/01/34		400		443
Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102 6.100%, 10/01/12		250		261
Los Angeles, Callable 03/01/10 @ 101 5.625%, 03/01/19		715		769
Los Angeles County Community Facilities District #3, Series A, Special Tax, Callable 09/01/10 @ 100 (AMBAC) 5.250%, 09/01/18		200		219

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

California Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Murrieta Community Facilities District #2, The Oaks Area, Callable 09/01/14 @ 100 5.750%, 09/01/20	$	125	$	130
				1,822
Transportation – 0.4%
Puerto Rico Commonwealth Highway & Transportation Authority, Series X (MBIA) 5.500%, 07/01/15		100		113
Utilities – 15.9%
California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series A-2, Callable 04/01/15 @ 101 (AMT) 5.400%, 04/01/25 (a)		500		506
California State Department of Water, Series W (FSA) 5.500%, 12/01/14		450		509
Compton Sewer Authority, Callable 09/01/08 @ 102 (MBIA) 5.375%, 09/01/23		1,150		1,237
Contra Costa Water Authority, Series A, Callable 10/01/12 @ 100 (FGIC) 5.000%, 10/01/20		340		355
Los Angeles Power System, Series A, Subseries A-1 (MBIA) 5.000%, 07/01/12		1,225		1,334
South Bayside Waste Management Authority, Callable 03/01/09 @ 102 (AMBAC) 5.750%, 03/01/20		150		165
West Kern County Water District, Callable 06/01/10 @ 101 5.200%, 06/01/14		320		332
				4,438
Total Revenue Bonds				17,961
General Obligations – 27.9%
Acalanes Unified High School District, Zero Coupon Bond, Pre-refunded 08/01/10 @ 70.92 (FGIC) 5.560%, 08/01/16 (b) (c)		700		413
Bassett Unified School District, Capital Appreciation Election of 2004-A, Zero Coupon Bond (FSA) 4.610%, 08/01/18 (c)		550		291
California State, Callable 10/01/10 @ 100 5.250%, 10/01/19		700		719
California State, Callable 02/01/13 @ 100 5.000%, 02/01/24		600		637
Glendora Unified School District, Series A, Callable 09/01/10 @ 101 (FSA) 5.350%, 09/01/20		340		366
5.375%, 09/01/25		1,000		1,068
Jefferson Union High School District, San Mateo County, Series A (MBIA) 6.250%, 08/01/20		460		561
Pleasant Valley School District, Ventura County, Series A (MBIA) 5.850%, 02/01/19		250		292
Pomona Unified School District, Series A (MBIA) 5.950%, 02/01/17		855		1,001
Sacramento Unified School District, Series A, Pre-refunded 07/01/09 @ 102 5.750%, 07/01/17 (b)		400		450

California Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Vallejo City Unified School District, Series A (MBIA) 5.900%, 08/01/21	$	350	$	414
Ventura County Community College District, Series A, Callable 08/01/12 @ 101 (MBIA) 5.000%, 08/01/18		910		961
Wiseburn School District, Series A, Callable 08/01/10 @ 100 (FGIC) 5.250%, 08/01/22		600		640
Total General Obligations				7,813
Certificates of Participation – 5.3%
Escondido, Series A, Callable 09/01/10 @ 101 (FGIC) 5.625%, 09/01/20		300		328
Los Angeles, Sonnenblick del Rio Senior Lien, Callable 11/01/10 @ 101 (AMBAC) 6.000%, 11/01/19		330		373
Ridgecrest Civic Center Project, Callable 03/01/09 @ 101 6.250%, 03/01/21		250		264
Westlands Water District Revenue, Series A, Callable 03/01/15 @ 100 (MBIA) 5.000%, 09/01/30		500		514
Total Certificates of Participation				1,479
Total Municipal Bonds (Cost $25,694)				27,253
Money Market Funds – 3.4%
Federated California Municipal Cash Trust		526,972		527
Provident California Money Fund		420,165		420
Total Money Market Funds (Cost $947)				947
Total Investments – 100.7% (Cost $26,641)				28,200
Other Assets and Liabilities, Net – (0.7)%				(204	)
Total Net Assets – 100.0%			$	27,996

(a) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $500,000 or 1.8% of total net assets. See note 2 in Notes to Financial Statements.

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

ABAG – Association of Bay Area Governments

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $1,280,837, which represents 4.6% of net assets.

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Colorado Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 96.8%
Revenue Bonds – 75.5%
Education – 7.5%
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project 6.250%, 09/15/11	$	370	$	388
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity 6.375%, 12/01/11 (a)		800		878
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Callable 11/01/09 @ 100 6.850%, 11/01/16		440		504
Colorado State Educational & Cultural Facilities Authority, University of Denver (MBIA) 4.250%, 03/01/13		2,000		2,058
				3,828
Healthcare – 20.4%
Colorado State Health Facilities Authority, Boulder Hospital (MBIA) 4.875%, 10/01/09		500		529
5.000%, 10/01/10		500		535
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A 5.000%, 03/01/12		500		531
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 12/01/10 @ 102 6.900%, 12/01/25		350		387
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A 4.200%, 06/01/13		200		196
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 100 5.375%, 01/01/16		700		704
Colorado State Health Facilities Authority, North Colorado Medical Center Project (FSA) 5.000%, 05/15/09		1,000		1,061
Colorado State Health Facilities Authority, Parkview Medical Center 5.500%, 09/01/07		250		261
5.750%, 09/01/08		250		266
5.500%, 09/01/09		500		529
Colorado State Health Facilities Authority, Poudre Valley Healthcare, Callable 12/01/09 @ 101 (FSA) 5.750%, 12/01/10		1,000		1,100
Colorado State Health Facilities Authority, Steamboat Springs Health Project, Callable 09/15/08 @ 101 5.300%, 09/15/09		250		255
Colorado State Health Facilities Authority, The Devereux Foundation, Callable 11/01/12 @ 100 (RAAI) 4.200%, 11/01/13		80		80
Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100 5.750%, 01/15/22		800		838
Colorado State Health Facilities Authority, Vail Valley Medical Center Project 5.000%, 01/15/13		300		306

Colorado Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Delta County Memorial Hospital District, Callable 09/01/13 @ 100 5.350%, 09/01/17	$	500	$	508
La Junta Hospital, Arkansas Valley Regional Medical Center Project 5.200%, 04/01/06		300		304
5.300%, 04/01/07		320		328
5.400%, 04/01/08		335		345
5.500%, 04/01/09		355		368
Montrose Memorial Hospital 5.300%, 12/01/13		260		261
Montrose Memorial Hospital, Callable 12/01/13 @ 102 5.450%, 12/01/14		390		393
University of Colorado Hospital Authority, Callable 11/15/11 @ 100 5.000%, 11/15/14		300		308
				10,393
Housing – 0.0%
Colorado State Housing Finance Authority, Single Family Mortgages, Series B-1, Callable 06/01/05 @ 103 (AMT) 5.875%, 06/01/11		10		10
Miscellaneous – 6.3%
Colorado State Educational & Cultural Facilities Authority, Colorado Public Radio 4.800%, 07/01/09		250		258
4.900%, 07/01/10		265		275
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures, Callable 06/01/11 @ 100 5.250%, 06/01/13		700		743
Denver City & County, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07 @ 100 5.125%, 12/01/17		900		938
Jefferson County, Metropolitan YMCA Project, Series A, Pre-refunded 08/01/05 @ 100 7.500%, 08/01/08 (b)		1,000		1,016
				3,230
Recreational Facility Authority – 0.4%
Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101 6.100%, 12/15/09		210		225
Tax Revenue – 7.7%
Boulder County Sales & Use Tax (FGIC) 5.750%, 12/15/05		870		890
Boulder County Sales & Use Tax, Escrowed to Maturity (FGIC) 5.750%, 12/15/05 (a)		130		133
Douglas County Sales & Use Tax (FSA) 6.000%, 10/15/09		200		222
Larimer County Sales & Use Tax (AMBAC) 5.000%, 12/15/10		460		497
Longmont Sales & Use Tax, Callable 11/15/10 @ 100 5.500%, 11/15/15		500		545
Longmont Sales & Use Tax, Callable 11/15/10 @ 101 (AMBAC) 4.875%, 11/15/18		1,000		1,039
Westminster Sales & Use Tax, Series A, Callable 12/01/07 @ 102 (FGIC) 5.250%, 12/01/11		500		534
				3,860

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Colorado Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Transportation – 13.3%
Colorado Department of Transportation (AMBAC) 6.000%, 06/15/10	$	1,000	$	1,123
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) 5.250%, 06/15/15 (c)		2,000		1,589
5.350%, 06/15/16 (c)		1,000		803
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (FSA) 5.000%, 06/15/14 (c)		750		596
The E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA) 5.520%, 09/01/17 (c)		1,575		873
6.400%, 09/01/19 (c)		960		476
5.650%, 09/01/20 (c)		500		235
5.396%, 09/01/22 (c)		1,620		676
The E-470 Public Highway Authority, Series C, Convertible, Zero Coupon Bond (MBIA) 4.250%, 09/01/17 (c)		500		384
				6,755
Utilities – 19.9%
Arapahoe County Water & Wastewater Authority 5.550%, 12/01/06		140		146
5.650%, 12/01/07		150		159
5.750%, 12/01/08		160		173
Arapahoe County Water & Wastewater Authority, Callable 12/01/09 @ 100 6.000%, 12/01/11		185		205
Boulder Water & Sewer 5.750%, 12/01/10		1,545		1,724
Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA) 5.500%, 12/01/17		500		550
Colorado Springs, Series A (VRDO) 2.220%, 11/01/29 (d)		3,800		3,800
Colorado State Water Resource & Power Development Authority, Small Water Resources, Series A, Callable 11/01/10 @ 100 (FGIC) 5.700%, 11/01/15		100		110
Denver City & County Wastewater, Callable 11/01/12 @ 100 (FGIC) 5.250%, 11/01/17		1,260		1,360
Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA) 5.375%, 06/01/17		875		928
Ute Water Conservancy District (MBIA) 6.000%, 06/15/09		680		753
Widefield Water & Sanitation District, Callable 12/01/14 @100 (MBIA) 4.000%, 12/01/15		200		198
				10,106
Total Revenue Bonds				38,407
General Obligations – 15.8%
Arapahoe County School District #5, Cherry Creek, Callable 12/15/09 @ 100 (STAID) 5.500%, 12/15/11		1,000		1,085
Boulder, Larimer & Weld Counties, St. Vrain Valley School District, Callable 12/15/13 @ 100 (MBIA) (STAID) 5.250%, 12/15/14		1,000		1,097
Douglas County School District #RE-1, Douglas & Elbert Counties, Series B, Zero Coupon Bond (FSA) (STAID) 4.230%, 12/15/15 (c)		1,255		775

Colorado Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
El Paso County School District #20, Series A (STAID) 6.100%, 12/15/05	$	500	$	513
Elbert County School District #C-1, Elizabeth 5.150%, 12/01/08		500		535
Garfield County School District #RE-2, Callable 12/01/12 @ 100 (FSA) (STAID) 5.250%, 12/01/19		1,530		1,644
Jefferson County School District #R-001 (MBIA) (STAID) 6.250%, 12/15/09		1,000		1,126
Westglenn Metropolitan District, Callable 12/01/09 @ 100 6.000%, 12/01/14		1,220		1,282
Total General Obligations				8,057
Certificates of Participation – 5.5%
Colorado Springs Public Facility Authority, Old City Hall Project (FSA) (MLO) 5.000%, 12/01/10		200		216
Englewood Civic Center Project, Callable 12/01/08 @ 100 (MBIA) (MLO) 4.900%, 06/01/13		585		613
Garfield County Building (AMBAC) (MLO) 5.750%, 12/01/09		400		441
Garfield County Building Corporation, Callable 12/01/09 @ 101 (AMBAC) (MLO) 5.300%, 12/01/11		400		432
Westminster Recreational Facilities, Callable 09/01/09 @ 101 (MBIA) (MLO) 5.200%, 09/01/10		1,000		1,079
Total Certificates of Participation				2,781
Total Municipal Bonds (Cost $46,635)				49,245
Affiliated Money Market Fund – 1.7%
First American Tax Free Obligations Fund, Cl Z (e)		880,877		881
Total Affiliated Money Market Fund (Cost $881)				881
Total Investments – 98.5% (Cost $47,516)				50,126
Other Assets and Liabilities, Net – 1.5%				749
Total Net Assets – 100.0%			$	50,875

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

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

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

(e) 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.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $10,036, which represents 0.0% of net assets.

Cl – Class

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Colorado Intermediate Tax Free Fund (concluded)

RAAI – Radian Asset Assurance Inc.

STAID – State Aid Withholding

VRDO – Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, and is subject to change periodically. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specific intervals not exceeding one year, on up to 30 days notice. Maturity date shown represents final maturity.

Colorado Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.8%
Revenue Bonds – 70.4%
Continuing Care Retirement Community – 1.8%
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B, Callable 12/01/12 @ 101 6.125%, 12/01/33	$	350	$	371
Education – 8.0%
Colorado State Board of Agriculture, Auxiliary Facility Systems, Callable 03/01/07 @ 101 (AMBAC) 5.125%, 03/01/17		200		209
Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project, Callable 12/01/10 @ 100 (RAAI) 6.000%, 12/01/16		200		221
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity 6.375%, 12/01/11 (a)		550		604
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Callable 11/01/09 @ 100 6.850%, 11/01/16		100		114
Colorado State Educational & Cultural Facilities Authority, University of Denver Project, Callable 03/01/11 @ 100 (AMBAC) 5.350%, 03/01/20		500		535
				1,683
Healthcare – 19.0%
Boulder County Longmont United Hospital Project (RAAI) 5.250%, 12/01/09		100		107
5.300%, 12/01/10		330		355
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 12/01/10 @ 102 6.900%, 12/01/25		150		166
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A, Callable 06/01/14 @ 100 5.250%, 06/01/34		230		233
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 100 5.375%, 01/01/16		300		302
Colorado State Health Facilities Authority, Parkview Medical Center 5.600%, 09/01/11		300		321
Colorado State Health Facilities Authority, Portercare Adventist Project, Callable 11/15/11 @ 101 6.500%, 11/15/23		600		660
Colorado State Health Facilities Authority, Poudre Valley Health Care, Series F, Callable 03/01/15 @ 100 5.000%, 03/01/25		350		347
Colorado State Health Facilities Authority, Steamboat Springs Health Project, Callable 09/15/08 @ 101 5.300%, 09/15/09		250		255
Colorado State Health Facilities Authority, Vail Valley Medical Center Project, Callable 01/15/15 @ 100 5.000%, 01/15/20		250		251

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Colorado Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100 5.800%, 01/15/27	$	500	$	521
Delta County Memorial Hospital District, Callable 09/01/13 @ 100 5.350%, 09/01/17		220		224
La Junta, Arkansas Valley Regional Medical Center Project, Callable 04/01/09 @ 101 6.100%, 04/01/24		100		104
Montrose Memorial Hospital, Callable 12/01/13 @ 102 6.375%, 12/01/23		130		138
				3,984
Housing – 2.6%
Colorado State Housing Finance Authority, Multifamily Project, Class I, Series B-4, Callable 10/01/10 @ 100 5.900%, 04/01/31		100		104
Colorado State Housing Finance Authority, Series E-2, Callable 08/01/10 @ 105 (AMT) 7.000%, 02/01/30		70		71
Colorado State Housing Finance Authority, Single Family Housing Program, Series A-2, Callable 10/01/09 @ 105 (AMT) 7.450%, 10/01/16		15		16
Colorado State Housing Finance Authority, Single Family Housing Program, Series B-2, Callable 04/01/10 @ 105 (AMT) 7.100%, 04/01/17		45		46
El Paso County, Series D, Zero Coupon Bond, Escrowed to Maturity (AMT) (FSA) (GNMA) 6.000%, 07/01/11 (a) (b)		400		311
				548
Miscellaneous – 4.2%
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures, Callable 06/01/11 @ 100 5.250%, 06/01/21		750		776
Denver City & County, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07 @ 100 5.125%, 12/01/17		100		104
				880
Recreational Facility Authority – 1.0%
Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101 6.100%, 12/15/09		200		214
Tax Revenue – 9.0%
Boulder County Sales & Use Tax, Series A, Callable 12/15/09 @ 101 (FGIC) 5.800%, 12/15/16		495		549
6.000%, 12/15/19		200		223
Douglas County Sales & Use Tax, Callable 10/15/10 @ 100 (FSA) 5.625%, 10/15/20		200		218
Highlands Ranch Metropolitan District #2, Callable 06/15/06 @ 101 (FSA) 5.000%, 06/15/16		200		206
Larimer County Sales & Use Tax, Callable 12/15/10 @ 100 (AMBAC) 5.625%, 12/15/18		100		110

Colorado Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Metex Metropolitan District, Series A, Callable 12/01/07 @ 101 (MBIA) 5.800%, 12/01/16	$	350	$	377
Mountain Village Metropolitan District, San Miguel County, Callable 12/01/07 @ 101 (MBIA) 5.200%, 12/01/17		200		211
				1,894
Transportation – 12.9%
Denver City & County Airport, Series E, Callable 11/15/07 @ 101 (MBIA) 5.250%, 11/15/23		500		526
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) 5.250%, 06/15/15 (b)		500		397
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (FSA) 5.000%, 06/15/14 (b)		750		596
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond, Callable 06/15/16 @ 100 (AMBAC) 5.700%, 06/15/21 (b)		1,000		796
The E-470 Public Highway Authority, Series C, Convertible, Zero Coupon Bond (MBIA) 4.250%, 09/01/17 (b)		500		384
				2,699
Utilities – 11.9%
Arapahoe County Water & Wastewater (MBIA) 5.000%, 12/01/26		250		258
Boulder Water & Sewer, Callable 12/01/10 @ 100 5.700%, 12/01/19		300		330
Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA) 5.500%, 12/01/19		400		440
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) 5.700%, 07/01/18		250		259
Fort Collins Wastewater Utility Enterprise, Callable 12/01/10 @ 100 (FSA) 5.500%, 12/01/20		300		326
Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA) 5.375%, 06/01/17		500		530
Pueblo County Board of Waterworks, Series A, Callable 11/01/10 @ 100 (FSA) 5.875%, 11/01/18		305		339
				2,482
Total Revenue Bonds				14,755
General Obligations – 9.4%
Arapahoe County School District #5, Cherry Creek, Callable 12/15/09 @ 100 (STAID) 5.500%, 12/15/19		550		595
Boulder Open Space Acquisition, Callable 08/15/10 @ 100 5.450%, 08/15/16		350		380
El Paso County School District #38, Pre-refunded 12/01/10 @ 100 (STAID) 6.375%, 12/01/18 (c)		200		230
6.000%, 12/01/24 (c)		250		283
El Paso County School District #49, Falcon, Series A, Callable 12/01/09 @ 105 (FSA) (STAID) 6.000%, 12/01/18		200		230

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Colorado Tax Free Fund (concluded)

DESCRIPTION	PAR (000)		VALUE (000)
Morgan County School District #RE-3, Callable 12/01/09 @ 100 (AMBAC) 4.800%, 12/01/18	$	250	$	257
Total General Obligations				1,975
Certificates of Participation – 18.0%
Arapahoe County Building Finance Authority, Callable 02/15/10 @ 100 (AMBAC) 5.250%, 02/15/19		400		426
5.250%, 02/15/21		650		688
Broomfield Open Space Park & Recreation Facilities, Callable 12/01/10 @ 100 (AMBAC) 5.500%, 12/01/20		800		867
Colorado Springs Old City Hall Project, Callable 12/01/10 @ 100 (FSA) 5.500%, 12/01/17		200		218
5.500%, 12/01/20		200		217
Denver City & County, Series A, Callable 05/01/10 @ 100 (MBIA) 5.500%, 05/01/17		400		431
Eagle County, Callable 12/01/09 @ 101 (MBIA) 5.400%, 12/01/18		300		323
Fremont County Lease, Callable 12/15/07 @ 101 (MBIA) (MLO) 5.300%, 12/15/17		250		268
Garfield County, Callable 12/01/09 @ 101 (AMBAC) 5.750%, 12/01/19		300		330
Total Certificates of Participation				3,768
Total Municipal Bonds (Cost $18,752)				20,498
Total Investments – 97.8% (Cost $18,752)				20,498
Other Assets and Liabilities, Net – 2.2%				462
Total Net Assets – 100.0%			$	20,960

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

(b) The rate shown is the effective yield at the time of purchase.

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

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $703,012, which represents 3.4% of net assets.

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

RAAI – Radian Asset Assurance Inc.

STAID – State Aid Withholding

Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 99.2%
Alabama – 0.9%
Alabama State Docks Department, Callable 10/01/08 @ 102 (MBIA) (RB) 5.250%, 10/01/10	$	3,000	$	3,236
Anniston, Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity (RB) 8.000%, 07/01/11 (a)		1,400		1,646
West Jefferson Amusement & Public Park Authority, First Mortgage, Visionland Alabama Project, Pre-refunded 12/01/06 @ 102 (RB) 7.500%, 12/01/08 (b)		705		746
				5,628
Alaska – 0.6%
Alaska Energy Authority, Bradley Lake, Third Series (FSA) (RB) 6.000%, 07/01/10		2,610		2,920
Alaska State Housing Finance Corporation, Series A, Callable 12/01/05 @ 102 (MBIA) (RB) 5.400%, 12/01/08		1,000		1,028
				3,948
Arizona – 3.2%
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 (RB) 7.500%, 11/15/23		3,300		3,332
Arizona State Municipal Financing Program, Escrowed to Maturity (COP) (MLO) 8.750%, 08/01/07 (a)		1,500		1,695
Arizona State Municipal Financing Program, Series 15, Escrowed to Maturity (COP) (MLO) 8.750%, 08/01/07 (a)		2,085		2,354
Arizona State Transportation Highway Board (RB) 8.000%, 07/01/05		5,000		5,070
Maricopa County School District #69, Paradise Valley (GO) (MBIA) 5.300%, 07/01/11		1,000		1,097
Phoenix Street & Highway User (RB) 6.500%, 07/01/09		180		185
6.250%, 07/01/11		900		924
Tempe Industrial Development Authority, Friendship Villiage Project, Series A (RB) 5.375%, 12/01/13		1,300		1,300
Tucson Airport Authority (FSA) (RB) 5.000%, 06/01/13		2,760		2,968
Yavapai County Industrial Development Authority, Waste Management Project, Mandatory Put 06/01/05 @ 100 (AMT) (RB) 4.625%, 06/01/27		2,000		2,004
				20,929
Arkansas – 0.7%
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FHA) (RB) (VA) 7.250%, 06/01/10 (a)		2,360		2,553
University of Arkansas, Fayetteville, Series B, Callable 11/01/15 @ 100 (FGIC) (RB) 4.500%, 11/01/16		2,000		2,056
				4,609

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
California – 5.6%
ABAG Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI) (RB) 4.500%, 08/15/12	$	335	$	338
ABAG Finance Authority for Nonprofit Corporations, Elder Care Alliance, Callable 08/15/14 @ 100 (CMI) (RB) 5.000%, 08/15/17		1,215		1,236
ABAG Financial Authority, Archstone Redwood Housing Project, Series A (RB) 5.300%, 10/01/08		290		306
ABC Unified School District, Series A (GO) (MBIA) 4.900%, 02/01/20		1,615		1,728
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) (RB) 4.650%, 10/01/14 (c)		2,000		1,322
California Educational Facilities Authority, Lutheran University, Series C, Callable 10/01/14 @ 100 (RB) 5.000%, 10/01/24		1,000		1,016
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Project, Mandatory Put 09/01/09 @ 100 (AMT) (RB) 4.100%, 09/01/14		250		249
California State, Callable 02/01/14 @ 100 (GO) 5.000%, 02/01/21		1,500		1,560
California State, Callable 04/01/14 @ 100 (GO) 5.125%, 04/01/24		500		521
California State, Callable 08/01/13 @ 100 (GO) 5.000%, 02/01/16		1,000		1,058
5.000%, 02/01/17		2,000		2,106
California State, Callable 11/01/11 @ 100 (GO) 5.000%, 11/01/18		5,000		5,199
California State Department of Water, Series A, Callable 05/01/12 @ 101 (RB) 5.875%, 05/01/16		2,000		2,231
California State Economic Recovery, Series A (FGIC) (GO) 5.250%, 07/01/14		1,000		1,106
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 (RB) 5.250%, 06/01/29		1,000		1,049
California Statewide Communities Development Authority, Elder Care Alliance, Series A (RB) 7.250%, 11/15/11		1,450		1,454
California Statewide Communities Development Authority, Kaiser Permanente, Series I, Mandatory Put 05/01/11 @ 100 (RB) 3.450%, 04/01/35 (d)		500		482
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) (RB) 5.000%, 11/15/12		1,210		1,282
California Statewide Communities Development Authority, Multifamily Housing, Citrus Gardens Apartments, Callable 07/01/12 @ 102 (RB) 5.375%, 07/01/26		500		512
Golden State Tobacco Securitization, Callable 06/01/10 @ 100 (GO) (MLO) 5.600%, 06/01/28		2,450		2,591

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Golden State Tobacco Securitization, Series B (RB) (MLO) 5.000%, 06/01/12	$	1,000	$	1,062
Grant Joint Unified High School District, Callable 08/01/15 @ 100 (FSA) (GO) 5.000%, 08/01/16 (e)		1,000		1,081
Mountain View Los Altos School District, Callable 05/01/07 @ 102 (GO) 6.500%, 05/01/17		2,000		2,188
Placentia-Yorba Linda Unified School District, Callable 08/01/14 @ 100 (FGIC) (GO) 5.000%, 08/01/16		500		537
Roseville California JT High School, Callable 08/01/11 @ 101 (GO) 5.100%, 08/01/19 (b)		390		410
San Marcos, Escrowed to Maturity, Zero Coupon Bond (COP) (MLO) 4.890%, 02/15/06 (a) (c)		1,085		1,061
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) (GO) 5.150%, 09/01/17 (c)		1,000		560
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC) (GO) 5.660%, 08/01/23 (c)		2,030		801
Woodland Financial Authority, Callable 03/01/13 @ 102 (RB) (MLO) (XLCA) 4.700%, 03/01/19		815		830
4.800%, 03/01/20		855		873
				36,749
Colorado – 6.9%
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond (RB) 3.340%, 09/01/10 (a) (c)		9,320		7,644
Colorado Department of Transportation (AMBAC) (RB) 6.000%, 06/15/08		3,000		3,267
Colorado Health Facilities Authority, Parkview Medical Center, Callable 09/01/13 @ 100 (RB) 5.000%, 09/01/16		640		651
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Callable 09/15/11 @ 100 (RB) 6.750%, 09/15/15		1,200		1,257
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity (RB) 6.375%, 12/01/11 (a)		795		873
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/11 @ 100 (RB) 6.750%, 12/01/16 (b)		1,500		1,768
7.250%, 12/01/21 (b)		1,500		1,808
Colorado State Educational & Cultural Facilities Authority, Pinnacle Charter School Project (RB) 5.250%, 12/01/11		1,335		1,431
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A (RB) 5.000%, 03/01/12		745		792
Colorado State Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond (RB) 5.500%, 07/15/20 (a) (c)		10,000		4,813

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Colorado State Housing Finance Authority, Series A-2, Callable 05/01/06 @ 105 (RB) 7.150%, 11/01/14	$	115	$	115
Denver City & County School District #1, Callable 12/01/13 @ 100 (FSA) (GO) (STAID) 4.000%, 12/01/14		4,545		4,562
Douglas County School District #RE-1, Douglas & Elbert Counties (FGIC) (GO) (STAID) 5.500%, 12/15/14		1,000		1,128
El Paso County School District #2, Harrison, Callable 12/01/11 @ 100 (FGIC) (GO) (STAID) 5.500%, 12/01/16		1,280		1,409
Jefferson County School District #R-1 (GO) (MBIA) 6.500%, 12/15/11		4,975		5,832
Jefferson County School District #R-1, Callable 12/15/08 @ 101 (FGIC) (GO) (STAID) 5.250%, 12/15/11		1,000		1,072
Loveland, Escrowed to Maturity (GO) 8.875%, 11/01/05 (a)		390		404
Mesa County, Escrowed to Maturity, Zero Coupon Bond (RB) 3.539%, 12/01/11 (a) (c)		5,500		4,259
Montrose Memorial Hospital, Callable 12/01/13 @ 102 (RB) 5.700%, 12/01/17		2,170		2,200
				45,285
Connecticut – 0.9%
Connecticut State Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI) (RB) 5.000%, 07/01/14		1,185		1,246
Mashantucket Western Pequot Tribe, Series A, Callable 09/01/06 @ 102, Pre-refunded 09/01/07 @ 101 (RB) 6.400%, 09/01/11 (b) (f)		4,170		4,500
				5,746
Florida – 1.2%
Greater Orlando Aviation Authority, Airport Facilities (AMT) (FGIC) (RB) 5.250%, 10/01/09		1,815		1,935
Lee County Industrial Development Authority, Shell Point Village Health Project, Series A (RB) 5.500%, 11/15/08		1,000		1,044
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community (RB) 5.250%, 10/01/13		1,400		1,456
Palm Beach County Housing Facilities, Lourdes Noreen McKeen (RAAI) (RB) 3.500%, 12/01/08		785		786
3.750%, 12/01/09		815		818
Tampa Excise Tax, Callable 04/01/05 @ 100 (RB) 6.125%, 04/01/08		2,000		2,104
				8,143
Georgia – 0.3%
Cherokee County Water & Sewer Authority, Escrowed to Maturity, Callable 08/01/05 @ 101.50 (MBIA) (RB) 11.250%, 08/01/07 (a)		1,445		1,609

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Hawaii – 0.7%
Hawaii State Airport System, Series B (AMT) (FGIC) (RB) 6.250%, 07/01/06	$	2,000	$	2,081
Hawaii State Harbor System, Series A (AMT) (FSA) (RB) 5.250%, 07/01/08		2,270		2,407
				4,488
Idaho – 0.2%
Ada & Canyon Counties, Joint School District #2, Pre-refunded 07/30/05 @ 101 (GO) 5.500%, 07/30/11 (b)		1,000		1,020
Illinois – 18.9%
Bolingbrook, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond (FGIC) (GO) 4.950%, 01/01/06 (a) (c)		1,000		981
Champaign County Community Unit School District #004 (GO) 8.250%, 01/01/09		1,315		1,535
Chicago, City Colleges, Zero Coupon Bond (FGIC) (GO) 5.900%, 01/01/15 (c)		10,000		6,412
Chicago, Midway Airport Project, Series C (MBIA) (RB) 5.500%, 01/01/14		1,300		1,435
Chicago, Park District, Parking Facilities Authority (ACA) (RB) 5.500%, 01/01/08		3,585		3,814
Chicago, Project & Refunding (FSA) (GO) 5.500%, 01/01/13		1,000		1,109
Chicago, Project & Refunding, Series A (FGIC) (GO) 5.250%, 01/01/11		5,000		5,430
Chicago, Single Family Mortgages, Series A, Callable 03/01/06 @ 103 (AMT) (FHLMC) (FNMA) (GNMA) (RB) 5.250%, 03/01/13		35		35
Chicago Water, Zero Coupon Bond (FGIC) (RB) 6.776%, 11/01/08 (c)		5,150		4,564
5.260%, 11/01/09 (c)		6,450		5,477
Cook County Community Unit School District #65, Evanston, Series A (FSA) (GO) 6.375%, 05/01/09		3,000		3,349
Cook County Community Unit School District #102, Zero Coupon Bond (FGIC) (GO) 5.200%, 12/01/13 (c)		2,440		1,672
Cook County Community High School District #219, Zero Coupon Bond (FSA) (GO) 4.900%, 12/01/07 (c)		1,560		1,433
Cook County Community Unit School District #401 Elmwood Park, Zero Coupon Bond (FSA) (GO) 5.800%, 12/01/11 (c)		3,625		2,771
Cook County, Escrowed to Maturity (MBIA) (GO) 7.250%, 11/01/07 (a)		2,000		2,079
Cook County High School District #200, Oak Park, Zero Coupon Bond (FSA) (GO) 4.900%, 12/01/06 (c)		2,265		2,157
Cook County School District #088 Bellwood, Series B, Callable 12/01/14 @ 100 (FSA) (GO) 5.000%, 12/01/17		1,675		1,780

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA) (GO) 5.100%, 12/01/15 (c)	$	2,250	$	1,381
Cook County, Series A (MBIA) (GO) 6.250%, 11/15/11		1,000		1,147
Du Page County Community High School District #94, West Chicago (FSA) (GO) 7.250%, 11/01/09		1,780		2,065
Granite Single Family Mortgage (RB) 7.750%, 10/01/11		700		808
Illinois Development Finance Authority, Midwestern University, Series B, Callable 05/15/11 @ 101 (RB) 5.750%, 05/15/16		350		374
Illinois Finance Authority, Peoples Gas, Light, and Coke Co., Series A, Mandatory Put 06/01/16 @ 100 (AMBAC) (RB) 4.300%, 06/01/35 (e)		2,000		1,964
Illinois Health Facilities Authority, St. Benedict, Series 2003A-2, Callable 11/15/05 @ 100 (RB) 5.750%, 11/15/15		2,750		2,752
Illinois State (AMBAC) (COP) (MLO) 6.000%, 07/01/06		1,000		1,039
Illinois State Development Finance Authority, Elgin School District, Zero Coupon Bond (RB) 5.210%, 01/01/18 (c)		2,750		1,502
Illinois State Development Finance Authority, Elmhurst Community School #205, Callable 01/01/11 @ 100 (FSA) (RB) 6.375%, 01/01/13		1,025		1,166
Illinois State Development Finance Authority, Waste Management Project (AMT) (RB) 5.850%, 12/01/07		1,000		1,036
Illinois State Educational Facilities Authority, Loyola University of Chicago, Series A, Escrowed to Maturity (RB) 7.000%, 07/01/07 (a)		1,000		1,068
Illinois State Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/06 @ 100 (RB) 4.700%, 03/01/30		4,500		4,569
Illinois State, First Series, Callable 08/01/10 @ 100 (GO) 5.500%, 08/01/15		4,500		4,886
Illinois State Health Facilities Authority (RB) 6.500%, 02/15/06		1,130		1,162
Illinois State Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) (RB) 3.875%, 12/01/08		1,000		1,012
4.350%, 12/01/10		1,605		1,646
Illinois State Health Facilities Authority, Evangelical, Escrowed to Maturity (RB) 6.750%, 04/15/12 (a)		1,320		1,520
Illinois State Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity, Callable until 12/31/14 @ 100 (RB) 10.000%, 01/01/15 (a)		740		972
Illinois State Sales Tax (RB) 6.000%, 06/15/09		2,500		2,763
5.100%, 06/15/10		2,000		2,155

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Kane, Cook & Du Page Counties School District #46, Elgin, Callable 01/01/15 @ 100 (FSA) (GO) 4.000%, 01/01/16	$	1,660	$	1,627
Kane County School District #129, Aurora West Side, Series A (GO) (MBIA) 6.500%, 02/01/07		1,000		1,063
Lake County Community School District #50, Woodland, Series A, Callable 12/01/08 @ 100 (FGIC) (GO) 5.000%, 12/01/09		1,000		1,064
Lake County Community Unit School District #50, Woodland (GO) (MBIA) 8.500%, 01/01/07		1,460		1,596
Lake County Community Unit School District #60, Waukegan, Series B (FSA) (GO) 6.000%, 12/01/07		2,785		2,998
7.500%, 12/01/08		3,640		4,175
Lake County School District #56, Gurnee (FGIC) (GO) 8.375%, 01/01/10		1,290		1,562
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA) (GO) 5.350%, 12/01/19 (c)		2,100		1,027
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Callable 06/15/06 @ 102 (AMBAC) (RB) 6.000%, 06/15/07		750		791
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Callable 12/15/09 @ 101 (FGIC) (RB) 5.550%, 12/15/11		675		740
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC) (RB) 5.000%, 06/15/09 (a) (c)		1,465		1,270
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Pre-refunded 06/15/06 @ 102 (AMBAC) (RB) 6.000%, 06/15/07 (b)		250		265
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Zero Coupon Bond (FGIC) (RB) 5.000%, 06/15/09 (c)		35		30
Morton Grove Residential Housing, Escrowed to Maturity (MBIA) (RB) 7.350%, 09/01/09 (a) (f)		5,570		6,465
Rockford School District #205 (FGIC) (GO) 5.000%, 02/01/14		500		538
Springfield Electric Revenue (MBIA) (RB) 6.000%, 03/01/06		1,050		1,081
St. Clair County, Callable 10/01/09 @ 102 (FGIC) (GO) 6.000%, 10/01/11		1,000		1,121
St. Clair County, Public Building, Series C (FGIC) (RB) (MLO) 6.000%, 12/01/09		2,175		2,418
Will County School District #86, Zero Coupon Bond (FSA) (GO) 5.600%, 11/01/17 (c)		3,870		2,123
Will County School District #365, Zero Coupon Bond (FSA) (GO) 4.530%, 11/01/05 (c)		1,685		1,661

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Winnebago & Boone Counties School District #205, Series C, Partially Escrowed to Maturity (FGIC) (GO) 6.000%, 02/01/08 (a)	$	5,065	$	5,465
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA) (GO) 5.200%, 01/01/17 (c)		3,000		1,712
				123,812
Indiana – 1.5%
Crown Point Multi-School Building, First Mortgage (MBIA) (RB) (MLO) 7.625%, 01/15/08		1,000		1,118
Evansville Vanderburgh, Public Leasing, Callable 01/15/12 @ 100 (MBIA) (RB) (MLO) 5.750%, 07/15/18		1,000		1,096
Franklin Township Independent School Building Corporation (RB) 5.750%, 07/15/09		1,235		1,358
Gary Sanitation District, Special Tax District (GO) (RAAI) 3.750%, 02/01/11		1,260		1,250
Indiana State Housing Authority, Series B-1, Callable 07/01/05 @ 102 (RB) 6.150%, 07/01/17		280		285
Indiana Transportation Finance Authority, Escrowed to Maturity, Callable 06/01/11 @ 100 (RB) 5.750%, 06/01/12 (a)		180		200
Indiana Transportation Finance Authority, Series A (AMBAC) (RB) 5.750%, 06/01/12		1,820		2,050
Indiana University, Series K, Zero Coupon Bond (MBIA) (RB) 5.360%, 08/01/11 (c)		750		584
St. Joseph County Hospital, Callable 02/15/08 @ 101 (MBIA) (RB) 4.750%, 08/15/12		1,000		1,032
Zionsville Community Schools Building, First Mortgage Bonds, Callable 01/15/12 @ 100 (FGIC) (RB) (MLO) (STAID) 5.750%, 07/15/15		775		856
				9,829
Iowa – 0.9%
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A, Callable 11/15/09 @ 100 (RB) 5.750%, 11/15/19		500		490
Iowa Higher Education Authority, Callable 10/01/12 @ 100 (ACA) (RB) 5.500%, 10/01/28		2,000		2,082
Iowa Higher Education Authority, Central College (RB) 5.450%, 10/01/26		1,000		1,046
Muscatine Electric, Escrowed to Maturity, Callable 07/01/05 @ 100 (RB) 9.700%, 01/01/13 (a)		1,970		2,470
				6,088
Kansas – 1.3%
Butler County Public Building Authority (MBIA) (RB) (MLO) 6.375%, 10/01/10		1,000		1,142

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond, Callable 05/01/12 @ 100 (RB) 3.800%, 05/01/12 (a) (c)	$	7,500	$	5,690
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA) (RB) 6.700%, 06/01/29		680		686
Sedgwick County School District #267 (AMBAC) (GO) 5.250%, 11/01/12		1,045		1,149
				8,667
Kentucky – 0.7%
Kentucky State Turnpike Authority, Escrowed to Maturity (RB) 7.200%, 07/01/09 (a)		1,065		1,158
Kentucky State Turnpike Authority, Escrowed to Maturity, Callable until 06/30/11 @ 100 (RB) 6.000%, 07/01/11 (a)		730		791
Louisville Water, Escrowed to Maturity (RB) 6.000%, 11/15/07 (a)		1,250		1,338
Louisville Water, Escrowed to Maturity, Callable until 10/31/07 @ 101 (RB) 6.375%, 11/01/07 (a)		1,000		1,052
				4,339
Louisiana – 0.1%
Louisiana Local Government Environmental Facilities, Community Development Authority, Callable 01/01/12 @ 101 (AMT) (RB) 6.650%, 01/01/25		795		839
Maine – 0.3%
Maine Municipal Bond Bank, Series B (FSA) (GO) 5.750%, 11/01/10		2,000		2,237
Massachusetts – 4.2%
Boston Industrial Development Financing Authority, Crosstown Center Project, Callable 09/01/12 @ 102 (AMT) (RB) 6.500%, 09/01/35		2,000		1,912
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC) (RB) 5.750%, 03/01/10		2,100		2,324
Massachusetts Bay Transportation Authority, Series A (RB) 6.250%, 03/01/12		1,875		2,157
Massachusetts State Commonwealth, Special Obligation, Series A (RB) 5.500%, 06/01/13		1,000		1,114
Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A, Callable 07/01/07 @ 101 (MBIA) (RB) 5.100%, 07/01/10		3,000		3,142
Massachusetts State, Multi-Family Housing, Escrowed to Maturity, Callable 04/01/05 @ 100 (FHA) (RB) 6.350%, 04/01/08 (a)		815		820
Massachusetts State Port Authority (RB) 5.750%, 07/01/12		1,000		1,115

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Massachusetts State Port Authority, Escrowed to Maturity, Callable until 06/30/13 @ 100 (RB) 13.000%, 07/01/13 (a)	$	4,270	$	6,029
Massachusetts State, Series A, Callable 01/01/11 @ 100 (GO) 5.125%, 01/01/16		3,000		3,229
Massachusetts State, Series B, Pre-refunded 05/01/10 @ 100 (GO) 5.000%, 05/01/12 (b)		5,000		5,348
				27,190
Michigan – 5.5%
Chippewa Valley Schools, Callable 05/01/12 @ 100 (GO) (MQSBLF) 5.500%, 05/01/14		1,775		1,947
Constantine Public Schools, Callable 11/01/12 @ 100 (GO) (MQSBLF) 5.000%, 05/01/15		1,050		1,120
5.000%, 05/01/16		1,075		1,139
Detroit (AMT) (FSA) (GO) 5.750%, 04/01/09		1,255		1,360
Detroit Water Supply, Escrowed to Maturity, Callable until 06/30/12 @ 100 (FGIC) (RB) 6.250%, 07/01/12 (a)		285		317
Gibraltar School District, Callable 11/01/12 @ 100 (GO) (MQSBLF) 5.500%, 05/01/15		1,175		1,292
Lakeshore Public Schools, Callable 05/01/11 @ 100 (GO) 5.000%, 05/01/12		1,260		1,345
Lakeview Public Schools, Callable 05/01/11 @ 100 (GO) 5.000%, 05/01/14		1,985		2,101
Michigan State Hospital Finance Authority, Ascension Health Credit, Series B, Mandatory Put 11/15/05 @ 100 (RB) 5.200%, 11/15/33		3,000		3,047
Michigan State Hospital Finance Authority, Henry Ford Health Systems, Series A, Callable 03/01/13 @ 100 (RB) 5.500%, 03/01/15		3,500		3,734
Michigan State Hospital Finance Authority, Henry Ford Hospital, Escrowed to Maturity, Callable until 04/30/08 @ 100 (RB) 9.000%, 05/01/08 (a)		4,500		4,928
Michigan State Housing Development Authority, Green Hill Project, Callable until 07/14/05 @ 102 (FNMA) (RB) 5.125%, 07/15/08		1,435		1,462
Michigan State Strategic Fund, Dow-Chemical Project, Mandatory Put 06/01/06 @ 100 (RB) 3.800%, 06/01/14 (d)		2,200		2,208
Oakland University, Callable 05/15/05 @ 102 (MBIA) (RB) 5.600%, 05/15/10		1,000		1,024
Rochester Community School District, Series 1, Pre-refunded 05/01/10 @ 100 (FGIC) (GO) 5.375%, 05/01/11 (b)		2,000		2,183
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity, Callable until 10/31/05 @ 100.50 (RB) 7.000%, 11/01/15 (a)		1,300		1,591

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Wayne Charter County Airport, Series A, Callable 12/01/08 @ 101 (AMT) (MBIA) (RB) 5.250%, 12/01/09	$	5,000	$	5,305
				36,103
Minnesota – 3.8%
Lakeville Independent School District #194, School Building, Series C (FSA) (GO) (MSDCEP) 4.500%, 02/01/12		1,000		1,054
Minnesota Agriculture & Economic Development Board, Health Care Systems, Series A, Callable 11/15/10 @ 101 (RB) 5.875%, 11/15/11		2,135		2,350
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) (RB) 5.750%, 01/01/10		1,000		1,086
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMBAC) (AMT) (RB) 5.375%, 01/01/10		3,000		3,154
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity (RB) 10.000%, 06/01/13 (a)		965		1,222
Monticello, Big Lake Community Hospital District, Health Care Facilities, Series C (RB) 5.250%, 12/01/11		1,940		1,981
Moorhead Independent School District #152, Callable 04/01/12 @ 100 (FGIC) (GO) (MSDCEP) 5.000%, 04/01/13		1,270		1,368
Robbinsdale Independent School District #281 (GO) (MSDCEP) 5.000%, 02/01/09		1,250		1,332
Robbinsdale Independent School District #281, Callable 02/01/09 @ 100 (GO) (MSDCEP) 5.250%, 02/01/12		1,435		1,536
South Washington County Independent School District #833, Series A, Callable 02/01/10 @ 100 (GO) (MSDCEP) 5.300%, 02/01/11		1,000		1,079
St. Paul Housing & Redevelopment Authority, Callable 08/01/06 @ 102.50 (AMBAC) (RB) 6.400%, 02/01/07		1,195		1,269
6.400%, 08/01/07		1,205		1,290
6.500%, 02/01/09		1,315		1,409
St. Paul Port Authority Hotel, Pre-refunded 08/01/08 @ 100 (RB) 8.050%, 08/01/21 (b)		2,335		2,677
St. Paul Port Authority, Office Building at Cedar St.-03-12 (MLO) (RB) 4.000%, 12/01/11		2,045		2,084
				24,891
Mississippi – 0.3%
Madison County School District, Series A (FGIC) (GO) 4.000%, 09/01/15		1,790		1,774
Missouri – 0.2%
Joplin Individual Development Authority Health Facilities, Freeman Health System Project (RB) 4.125%, 02/15/09		750		749
Missouri State Environmental Improvement & Energy Resourse Authority, Series B (RB) 5.250%, 01/01/16		675		748
				1,497

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Nebraska – 2.3%
Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC) (RB) 4.800%, 09/01/08	$	1,400	$	1,470
Douglas County Hospital Authority #002, Medical Center (GTY) (RB) 5.000%, 11/15/11		2,860		3,031
Douglas County Zoo Facilities Revenue, Omaha's Henry Doorly Zoo Project, Callable until 08/31/17 @ 100 (RB) 4.750%, 09/01/17 (e)		745		757
Douglas County Zoo Facilities Revenue, Omaha's Henry Doorly Zoo Project, Callable until 08/31/18 @ 100 (RB) 4.750%, 09/01/18 (e)		740		749
Nebraska Educational Finance Authority, Creighton University Project, Callable 01/01/06 @ 101 (AMBAC) (RB) 5.600%, 01/01/07		2,500		2,575
Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 (MLO) (RB) 6.000%, 02/01/06		1,275		1,309
Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI) (RB) 4.700%, 11/15/11		500		521
Nebraska Investment Financial Authority, Great Plains Regional Medical Center, Callable 05/15/12 @ 100 (RAAI) (RB) 4.800%, 11/15/12		500		521
4.900%, 11/15/13		600		624
Omaha Northwest Library Facilities, Callable 08/15/07 @ 102 (MLO) (RB) 5.250%, 08/15/12		975		1,038
Omaha Tax Allocation, Convention Center Hotel Redevelopment, Series A, Callable 12/15/14 @100 5.000%, 12/15/19		2,380		2,363
				14,958
Nevada – 1.8%
Carson City, Carson-Tahoe Hospital Project (RB) 5.750%, 09/01/11		1,000		1,076
5.750%, 09/01/12		1,055		1,138
Clark County School District, Building & Renovation, Series B, Callable 06/15/07 @ 101 (FGIC) (GO) 5.750%, 06/15/08		1,000		1,070
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B, Callable 11/15/14 @ 100 (RB) 6.750%, 11/15/23		1,300		1,328
Nevada State, Callable 06/01/08 @ 100 (GO) 5.250%, 06/01/11		3,000		3,199
Washoe County, Escrowed to Maturity, Callable 08/01/05 @ 100 (GO) 9.875%, 08/01/09 (a)		3,455		3,998
				11,809
New Hampshire – 0.5%
New Hampshire Health & Educational Facilities Authority, Callable 07/01/14 @ 100 (RB) 5.375%, 07/01/24		1,250		1,269

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
New Hampshire Health & Educational Facilities Authority, Southern New Hampshire Medical Center, Series A (RAAI) (RB) 5.000%, 10/01/13	$	790	$	833
New Hampshire State Health & Educational Facilities Authority, Speare Memorial Hospital, Callable 07/01/15 @ 100 (RB) 5.500%, 07/01/25		1,000		994
				3,096
New Jersey – 1.0%
New Jersey Economic Development Authority, Cigarette Tax (RB) 5.500%, 06/15/16		2,000		2,166
New Jersey Health Care Facilities, Capital Health Systems, Series A (RB) 5.500%, 07/01/12		1,500		1,605
New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.500%, 06/15/08		2,000		2,137
New Jersey State Turnpike Authority, Escrowed to Maturity (RB) 6.750%, 01/01/09 (a)		820		839
				6,747
New Mexico – 0.8%
Farmington, Pre-refunded 07/01/05 @ 100 (RB) 9.875%, 01/01/13 (b)		5,160		5,256
New York – 3.4%
Hempstead Town Industrial Development Agency, Callable 12/01/06 @ 102 (MBIA) (RB) 5.000%, 12/01/08		2,000		2,095
Long Island Power Authority, Series B (RB) 5.250%, 12/01/13		4,000		4,343
New York City Transitional Finance Authority, Series A, Callable 11/01/11 @ 100 (RB) 5.500%, 11/01/26		1,000		1,094
New York, Series A, Callable 08/01/12 @ 100 (GO) 5.750%, 08/01/15		3,220		3,538
New York, Series C, Callable 03/15/12 @ 100 (GO) 5.500%, 03/15/14		3,000		3,237
New York, Series D (GO) 5.500%, 06/01/12		2,000		2,187
New York, Series G (GO) (XLCA) 5.500%, 08/01/12		2,000		2,212
New York State Dormitory Authority Revenue, Supported Debt, 2005 Mental Health, Series D, Callable until 02/14/11 @ 100 (RB) 5.750%, 02/15/11		50		55
New York State Dormitory Authority Revenue, Supported Debt, 2005 Mental Health, Series D, Pre-refunded 08/15/10 @ 100 (FSA) (RB) 5.750%, 02/15/11 (b)		1,150		1,287
New York State Dormitory Authority, State Personal Income Tax, Series A (FSA) (RB) 5.500%, 03/15/12		2,000		2,222
New York State Environmental Facilities, Pollution Control, Series D-02, Callable until 11/14/05 @ 102 (RB) 6.400%, 05/15/06		225		230
				22,500

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
North Carolina – 0.8%
North Carolina Eastern Power Agency, Series D (RB) 5.375%, 01/01/13	$	2,955	$	3,162
North Carolina Power Agency #1, Series A, Callable 01/01/13 @ 100 (FSA) (RB) 5.250%, 01/01/16		2,000		2,160
				5,322
North Dakota – 0.2%
Fargo Health Systems, Meritcare Obligated Group, Series A (FSA) (RB) 5.000%, 06/01/09		715		758
North Dakota State Industrial Commission, Lignite Program, Series A (RB) 5.750%, 11/15/05		330		336
				1,094
Ohio – 0.8%
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B, Callable 09/01/07 @ 102 (MBIA) (RB) 5.375%, 09/01/09		1,000		1,064
Ohio State Water Development Authority, Escrowed to Maturity, Callable 06/01/05 @ 100 (RB) 9.375%, 12/01/10 (a)		2,010		2,301
Richland County Hospital Facilities, Series A (RB) 5.500%, 11/15/05		725		736
5.550%, 11/15/06		765		793
5.650%, 11/15/08		595		634
				5,528
Oklahoma – 2.4%
Cherokee County Economic, Zero Coupon Bond, Escrowed to Maturity (AMBAC) (RB) 5.610%, 11/01/11 (a) (c)		3,340		2,597
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project, Callable until 09/30/14 @ 101 (AMT) (RB) 5.750%, 01/01/23		1,430		1,417
Oklahoma County Housing Finance Authority, Series B, Zero Coupon Bond, Pre-refunded 03/01/06 @ 56.92 (RB) 5.740%, 07/01/12 (b) (c)		3,690		2,051
Oklahoma Housing Finance Agency, Series A-2, Callable 05/01/05 @ 100 (FNMA) (RB) 5.500%, 11/01/25		3,000		3,006
South Oklahoma City, Callable until 01/31/13 @ 100, Pre-refunded 02/01/10 @ 100 (RB) 9.750%, 02/01/13 (b)		3,570		4,339
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B, Callable 12/01/08 @ 101 (RB) 4.600%, 12/01/09		1,195		1,242
Tulsa Metropolitan Utility Authority, Callable 09/01/05 @ 102 (RB) 5.600%, 09/01/06		1,000		1,032
				15,684
Oregon – 1.0%
Clackamas County School District #7J, Lake Oswego, Callable 06/01/11 @ 100 (GO) 5.375%, 06/01/14		3,105		3,382
Lane County School District #52, Bethel (GO) (SBG) 5.500%, 06/15/09		1,000		1,087

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Oregon State Department, Administrative Services, Series E, Callable 11/01/12 @ 100 (COP) (FSA) (MLO) 5.000%, 11/01/14	$	2,170	$	2,323
				6,792
Pennsylvania – 0.9%
Central Greene School District, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond, Callable until 05/31/05 @ 70.702 (GO) (MBIA) (STAID) 4.690%, 12/01/07 (a) (c)		2,000		1,846
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI) (RB) 5.000%, 12/15/15		1,275		1,338
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center, Callable 12/15/15 @ 100 (RAAI) (RB) 5.000%, 12/15/17		1,405		1,460
Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project, Callable 02/01/15 @ 100 (RB) 6.125%, 02/01/28		1,000		1,015
				5,659
Puerto Rico – 0.3%
Puerto Rico Electric Power Authority, Series AA (MBIA) (RB) 6.000%, 07/01/06		1,000		1,041
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) (RB) 5.250%, 07/01/33		1,000		1,048
				2,089
South Carolina – 1.4%
Charleston EDL Excellence Finance, Charleston County School District Project (RB) 5.000%, 12/01/13		2,000		2,136
Lexington County Health Services District Inc., Lexington Medical Center, Callable 11/01/13 @ 100 (RB) 5.500%, 11/01/23		2,000		2,082
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A (RB) 6.000%, 08/01/13		1,000		1,086
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C (RB) 6.000%, 08/01/13		2,000		2,160
South Carolina State Public Service Authority, Series A (MBIA) (RB) 5.500%, 01/01/10		1,665		1,820
				9,284
South Dakota – 1.1%
Deadwood (ACA) (COP) (MLO) 5.500%, 11/01/07		800		840
5.600%, 11/01/08		845		899
South Dakota State Health & Educational Facilities Authority, Sioux Valley Hospital (RB) 5.250%, 11/01/08		900		947

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement (RB) 5.650%, 09/01/05	$	665	$	669
5.800%, 09/01/06		735		749
5.900%, 09/01/07		755		779
4.750%, 09/01/11		530		536
5.000%, 09/01/12		1,000		1,021
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement Community, Callable 09/01/12 @ 101 (RB) 5.000%, 09/01/13		1,000		1,018
				7,458
Tennessee – 2.1%
Knoxville, Series A (GO) 5.000%, 05/01/16		1,030		1,115
Memphis (MBIA) (GO) 5.000%, 10/01/16		2,000		2,162
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity, Callable 04/01/05 @ 102 (RB) 6.400%, 04/01/11 (a)		1,030		1,189
Shelby County Health Educational & Housing Facilities Board, Methodist Healthcare, Escrowed to Maturity, Callable 09/01/12 @ 100 (RB) 6.000%, 09/01/16 (a)		565		644
Shelby County Health Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/12 @ 100, Callable 09/01/12 @ 100 (RB) 6.000%, 09/01/16 (b)		935		1,069
Shelby County Health, Educational & Housing Facilities Board, St. Jude's Children's Research (RB) 5.000%, 07/01/09		500		524
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project (RB) 6.250%, 09/01/11		1,465		1,584
6.250%, 09/01/12		1,085		1,177
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project, Callable 09/01/12 @ 101 (RB) 6.500%, 09/01/13		2,215		2,424
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project, Callable 09/01/13 @ 100 (RAAI) (RB) 5.000%, 09/01/16		2,000		2,081
				13,969
Texas – 8.9%
Abilene Health Facilities Development, Sears Methodist Retirement, Series A (RB) 5.100%, 11/15/05		1,115		1,119
5.250%, 11/15/06		1,175		1,185
5.300%, 11/15/07		1,000		1,023
5.350%, 11/15/08		1,300		1,339
Amarillo Independent School District (GO) (PSFG) 7.000%, 02/01/06		1,035		1,072
Austin, Callable 09/01/11 @ 100 (GO) 5.000%, 09/01/13		4,510		4,812
Bexar County, Zero Coupon Bond (GO) (MBIA) 3.780%, 06/15/06 (c)		1,000		968

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Brazos River Authority, Electric Company Project, Series 1999-B, Mandatory Put 04/01/13 @ 100 (AMT) (RB) 6.750%, 09/01/34	$	2,000	$	2,311
Brazos River Authority, Electric Company Project, Series A, Mandatory Put 05/01/05 @ 100 (AMT) (RB) 3.000%, 05/01/29 (d)		1,000		1,000
Brazos River Authority, Electric Company Project, Series C, Mandatory Put 11/01/11 @ 100 (AMT) (RB) 5.750%, 05/01/36 (d)		1,585		1,684
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/12 @ 100 (AMT) (RB) 5.700%, 05/15/33		1,000		1,085
Cypress-Fairbanks Independent School District, Callable 02/15/10 @ 100 (PSFG) (GO) 5.500%, 02/15/18		4,000		4,383
Frisco, Callable 02/05/11 @ 100 (FGIC) (GO) 5.000%, 02/15/18		1,125		1,174
5.000%, 02/15/19		1,675		1,742
Grapevine Industrial Development, Air Cargo, Callable 01/01/12 @ 101 (AMT) (RB) 6.500%, 01/01/24		495		512
Grapevine-Colleyville Independent School District (GO) (PSFG) 8.250%, 06/15/07		1,440		1,598
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A (RB) 5.750%, 10/01/09		2,895		3,065
Houston Airport Systems, Escrowed to Maturity (RB) 8.200%, 07/01/05 (a)		215		218
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Callable 02/15/14 @ 101 (RB) 7.000%, 02/15/23		2,000		2,148
Irving Independent School District, Series A, Zero Coupon Bond (GO) (PSFG) 5.000%, 02/15/09 (c)		5,000		4,368
Jefferson County Health Facilities Development, Baptist Hospitals (AMBAC) (FHA) (RB) 4.400%, 08/15/09		1,000		1,035
Kaufman County, Callable 02/15/12 @ 100 (FSA) (GO) 5.000%, 02/15/17		1,000		1,050
Keller Independent School District, Callable 08/15/11 @ 100 (GO) (PSFG) 5.375%, 08/15/14		2,000		2,177
North Harris Montgomery Community College District, Callable 02/15/12 @ 100 (FGIC) (GO) 5.375%, 02/15/15		2,535		2,747
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond, Callable 06/01/05 @ 57.747 (MBIA) (RB) 3.780%, 06/01/12 (a) (c)		1,465		1,097
Port Houston Authority, Harris County, Series B, Callable 10/01/11 @ 100 (AMT) (FGIC) (GO) 5.500%, 10/01/12		2,405		2,600
Richardson Hospital Authority (RB) 5.500%, 12/01/13		1,290		1,336

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Richardson Hospital Authority, Callable 12/01/13 @100 (RB) 5.500%, 12/01/14	$	1,310	$	1,345
Sam Rayburn Municipal Power Agency, Callable until 08/31/10 @ 100, Partially Pre-refunded 09/01/09 @ 100 (MBIA) (RB) 6.000%, 09/01/10 (b)		1,420		1,570
San Antonio Electric & Gas, Series A, Callable 02/01/09 @ 101 (RB) 5.250%, 02/01/13		2,135		2,286
Texas State, Callable 10/01/08 @ 100 (GO) 5.000%, 10/01/15		1,000		1,039
Texas State Public Finance Authority, Parks & Wildlife Projects, Callable until 07/31/08 @ 100 (AMBAC) (RB) (MLO) 6.000%, 08/01/08		1,000		1,074
Tyler Health Facilities, Mother Frances Hospital (RB) 5.250%, 07/01/12		1,000		1,059
United Independent School District (PSF) (GO) 5.000%, 08/15/15 (e)		1,000		1,076
				58,297
Utah – 0.9%
Ashley Valley Water & Sewer, Escrowed to Maturity, Callable 07/01/05 @ 102 (AMBAC) (GO) 10.900%, 01/01/10 (a)		1,310		1,579
Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC) (RB) 5.000%, 07/01/15		2,500		2,694
South Jordan, Sales Tax, Callable 08/15/11 @ 100 (AMBAC) (RB) 5.500%, 08/15/18		1,000		1,094
Utah State Housing Finance Agency, Single Family Mortgages, Issue F-1, Callable 07/01/05 @ 102 (FHA) (RB) (VA) 6.300%, 01/01/18		75		75
Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R, Callable 07/01/06 @ 102 (FHA) (RB) (VA) 5.950%, 07/01/08		670		699
				6,141
Virginia – 0.8%
Richmond Industrial Development Authority, Government Facilities (AMBAC) (RB) 5.000%, 07/15/18		1,845		1,986
Riverside Regional Jail Authority, Callable 07/01/05 @ 102 (MBIA) (RB) 5.700%, 07/01/08		905		930
Riverside Regional Jail Authority, Pre-refunded 07/01/05 @ 102 (MBIA) (RB) 5.700%, 07/01/08 (b)		1,095		1,126
Virginia State Peninsula Regional Jail Authority, Callable 10/01/05 @ 101 (MBIA) (RB) 5.300%, 10/01/09		1,000		1,024
				5,066
Washington – 4.6%
Clark County School District #37, Vancouver (FSA) (GO) 5.250%, 12/01/14		1,515		1,665

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Energy Northwest, Washington Wind Project, Series A, Callable 01/01/07 @ 103 (RB) 5.100%, 07/01/09	$	1,850	$	1,968
5.200%, 07/01/10		1,950		2,077
Energy Northwest, Wind Project, Callable 07/01/14 @ 100 (MBIA) (RB) 4.500%, 07/01/15		1,000		1,025
King County (AMBAC) (GO) 5.000%, 12/01/12		2,000		2,155
King County, Series B, Callable 12/01/07 @ 102 (GO) 5.850%, 12/01/13		2,035		2,224
King County, Series B, Pre-refunded 12/01/07 @ 102 (GO) 5.850%, 12/01/13 (b)		965		1,055
Pierce County School District #320, Sumner (GO) 6.000%, 12/01/06		255		264
Port Seattle Passenger Facility Charge, Series B (AMBAC) (AMT) (RB) 5.000%, 12/01/07		1,000		1,045
Snohomish County, Callable 12/01/11 @ 100 (GO) (MBIA) 5.375%, 12/01/19		5,000		5,410
Snohomish County Housing Authority, Callable 04/01/06 @ 100 (RB) 6.300%, 04/01/16		1,035		1,050
Spokane County School District #081, Callable 06/01/15 @ 100 (MBIA) (SBG) (GO) 4.650%, 06/01/16 (e)		1,000		885
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC) (GO) 5.030%, 12/01/14 (c)		5,690		3,705
Washington State Public Power Supply System, Nuclear Project #2, Series A, Callable 07/01/06 @ 102 (AMBAC) (RB) 5.700%, 07/01/11		1,000		1,054
Washington State, Series C (GO) 5.500%, 07/01/14		2,275		2,538
Washington State, Series S-5, Zero Coupon Bond (FGIC) (GO) 5.830%, 01/01/16 (c)		3,000		1,826
				29,946
West Virginia – 0.3%
Brooke Pleasants & Tyler Wetzel Counties, Single Family Mortgage, Escrowed to Maturity (RB) 7.400%, 08/15/10 (a)		1,675		1,994
Wisconsin – 1.9%
Door County, Series A, Callable 09/01/11 @ 100 (FGIC) (GO) 5.125%, 09/01/16		1,720		1,839
Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series A, Callable 02/15/09 @ 101 (RB) 5.500%, 02/15/20		1,500		1,525
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project, Callable 12/01/11 @ 100 (RB) 5.750%, 12/01/19		2,000		1,950
Wisconsin State Health & Educational Facilities Authority, Fort Healthcare Income Project, Callable 05/01/14 @ 100 (RB) 5.375%, 05/01/18		1,250		1,263

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B (RB) 6.250%, 02/15/09	$	500	$	538
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B, Callable 02/15/12 @ 100 (RB) 5.500%, 02/15/13		850		889
Wisconsin State Health & Educational Facilities Authority, Monroe Clinic (RB) 4.450%, 02/15/06		925		935
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A, Callable 04/01/14 @ 100 (RB) 6.125%, 04/01/24		1,500		1,472
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services (RB) 5.750%, 08/15/11		645		709
Wisconsin State Health & Educational Facilities Authority, Wisconsin Medical College, Callable 12/01/14 @ 100 (RB) 5.000%, 12/01/15		1,450		1,553
				12,673
Wyoming – 0.3%
Lincoln County, Pacificorp Project, Mandatory Put 06/03/13 @ 100 (AMT) (RB) 4.125%, 11/01/25 (d)		2,250		2,170
Convertible Bonds – 1.8%
Chicago, Series A, Convertible, Zero Coupon Bond (GO) (MBIA) 3.489%, 01/01/16 (c)		2,000		1,625
Cook County High School District #209, Proviso Township, Convertible, Zero Coupon Bond (FSA) (GO) 4.210%, 12/01/16 (c)		1,000		933
The E-470 Public Highway Authority, Series C, Convertible, Zero Coupon Bond (MBIA) (RB) 4.250%, 09/01/17 (c)		1,500		1,152
Fayette County School District, Convertible, Zero Coupon Bond (FSA) (GO) 4.150%, 03/01/14 (c)		500		396
4.250%, 03/01/15 (c)		265		208
4.350%, 03/01/16 (c)		300		235
Illinois Sports Facilities Authority, Convertible, Zero Coupon Bond (AMBAC) (RB) 4.750%, 06/15/13 (c)		1,405		1,174
Illinois Sports Facilities Authority, Convertible, Zero Coupon Bond, Callable 06/15/15 @ 101 (AMBAC) (RB) 5.100%, 06/15/16 (c)		1,620		1,360
Metropolitan Pier & Exposition Authority, State Sales Tax, Convertible, Zero Coupon Bond (FGIC) (MBIA) (RB) 5.200%, 06/15/17 (c)		1,000		746
Montgomery BMC Special Care Facilities Finance Authority, Series A-2, Convertible, Zero Coupon, Callable 11/15/14 @ 100 (MBIA) (RB) 4.400%, 11/15/16 (c)		2,000		1,830
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) (RB) 5.250%, 06/15/15 (c)		2,750		2,185
				11,844
Total Municipal Bonds (Cost $617,935)				650,796

Intermediate Tax Free Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Affiliated Money Market Fund – 0.2%
First American Tax Free Obligations Fund, Cl Z (g)		1,504,285	$	1,504
Total Affiliated Money Market Fund (Cost $1,504)				1,504
Total Investments – 99.4% (Cost $619,439)				652,300
Other Assets and Liabilities, Net – 0.6%				3,805
Total Net Assets – 100.0%			$	656,105

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

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

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

(e) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $6,563,997 or 1.0% 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." 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 $10,964,724 or 1.7% of total net assets.

(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.

ABAG – Association of Bay Area Governments

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $37,227,336, which represents 5.7% of net assets.

Cl – Class

CMI – California Mortgage Insurance Program

COMGTY – Commonwealth Guaranty

COP – Certificate of Participation

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

GO – General Obligation

GTY – Guaranty

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

MQSBLF – Michigan Qualified School Board Loan Fund Program

PSF – Permanent School Fund

PSFG – Permanent School Fund Guarantee

RAAI – Radian Asset Assurance Inc.

RB – Revenue Bond

SBG – School Board Guaranty

STAID – State Aid Withholding

VA – Veterans Administration

XLCA – XL Capital Assurance Inc.

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Minnesota Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.7%
Revenue Bonds – 53.9%
Continuing Care Retirement Community – 0.5%
Sauk Rapids Health Care & Housing Facilities, Good Shepherd Lutheran Home, Callable 01/01/12 @ 101 5.750%, 01/01/21	$	1,175	$	1,188
Economic Development – 1.6%
Minneapolis Community Development Agency, Series G-3, Callable 12/01/11 @ 100 5.350%, 12/01/21		1,000		1,047
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT) 6.500%, 08/01/08		1,335		1,427
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT) 6.625%, 08/01/08		1,210		1,298
				3,772
Education – 5.6%
Minneapolis, The Blake School Project, Callable 09/01/11 @ 100 5.000%, 09/01/12		445		468
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4 4.500%, 10/01/06		505		514
4.850%, 10/01/09		520		541
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4, Callable 10/01/09 @ 100 5.000%, 10/01/11		500		518
5.000%, 10/01/12		500		515
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-C, Callable 05/01/14 @ 100 4.750%, 05/01/18 (a)		1,075		1,090
Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1, Callable 05/01/06 @ 100 5.750%, 11/01/12		1,375		1,417
Minnesota State Higher Education Facilities Authority, Minneapolis College of Art and Design 5.000%, 05/01/11		250		259
Minnesota State Higher Education Facilities Authority, St. Benedict College, Callable 03/01/07 @ 100 4.875%, 03/01/08		1,000		1,021
5.100%, 03/01/11		2,885		2,928
Minnesota State Higher Education Facilities Authority, St. Benedict College, Series 5-W 4.200%, 03/01/12		345		349
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N1, Callable 10/01/12 @ 100 5.250%, 10/01/22		1,500		1,549
Minnesota State Higher Education Facilities Authority, St. John's University, Series 5 (MBIA) 5.000%, 10/01/11		255		274
Minnesota State Higher Education Facilities Authority, St. John's University, Series 5, Callable 10/01/11 @ 100 (MBIA) 5.000%, 10/01/12		480		508

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Callable 10/01/14 @ 100 5.250%, 10/01/19	$	530	$	564
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Callable 04/01/08 @ 100 5.250%, 04/01/12		385		400
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 5-Y 4.250%, 10/01/14		220		221
				13,136
Healthcare – 14.6%
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 5.500%, 06/01/10		435		439
5.650%, 06/01/12		940		945
Duluth Economic Development Authority, Benedictine Health System, Callable 02/15/14 @ 100 5.375%, 02/15/22		2,045		2,114
Glencoe Health Care Facilities, Callable 04/01/11 @ 101 7.400%, 04/01/21		1,000		1,081
Hastings Health Care Facility, Regina Medical Center, Callable 09/15/08 @ 100 (ACA) 5.000%, 09/15/13		500		510
Minneapolis & St. Paul Housing & Redevelopment Authority, Healthspan, Series A, Callable until 11/14/13 @ 101 (AMBAC) 5.000%, 11/15/13		1,000		1,012
Minneapolis Healthcare System, Allina Health System, Series A, Callable 11/15/12 @ 100 6.000%, 11/15/23		2,500		2,706
5.750%, 11/15/32		1,300		1,374
Minneapolis Healthcare System, Fairview Health Services, Series A 5.000%, 05/15/12		605		637
Minneapolis Healthcare System, Fairview Health Services, Series B (MBIA) 4.500%, 05/15/11		1,170		1,220
Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A (MBIA) 5.000%, 02/15/10		3,815		4,065
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project 5.500%, 02/01/11		280		297
5.500%, 02/01/12		200		213
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project, Callable 02/01/12 @ 101 5.500%, 02/01/15		730		767
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA) 5.400%, 11/15/08		1,000		1,072
5.500%, 11/15/17		1,500		1,605
5.750%, 11/15/26		500		536
Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 5.750%, 12/01/15		2,320		2,359

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Moorhead Economic Development Authority, Eventide Senior Housing, Series B, Callable until 05/31/05 @ 102 5.750%, 06/01/16	$	1,360	$	1,367
New Hope Housing & Health Care Facilities, Masonic Home North Ridge 5.200%, 03/01/06		645		654
5.300%, 03/01/07		685		703
New Hope Housing & Health Care Facilities, Masonic Home North Ridge, Callable 03/01/09 @ 102 5.500%, 03/01/10		500		521
Plymouth Health Facilities, Westhealth Project, Series A, Callable until 05/31/05 @ 102 (FSA) 6.200%, 06/01/11		1,360		1,391
Rochester, St. Mary's Hospital, Escrowed to Maturity, Callable 04/01/05 @ 100 5.750%, 10/01/07 (b)		825		857
St. Cloud Health Care (FSA) 5.500%, 05/01/07		500		525
5.500%, 05/01/08		1,450		1,546
Shakopee Health Care Facilities, St. Francis Regional Medical Center 4.000%, 09/01/12		305		300
Shakopee Health Care Facilities, St. Francis Regional Medical Center, Callable 09/01/14 @ 100 5.000%, 09/01/17		1,785		1,816
Todd Morrison, Cass & Wadena Counties, United Hospital District 4.250%, 12/01/12		425		422
4.000%, 12/01/13		400		386
Winona Health Care Facilities, Series A, Callable 07/01/12 @ 102 5.300%, 07/01/17		525		533
5.350%, 07/01/18		590		601
				34,574
Housing – 1.2%
Dakota County Housing & Redevelopment Authority, Single Family Mortgages, Callable 10/01/07 @ 101.50 (AMT) (FNMA) (GNMA) 5.125%, 10/01/20		150		151
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable until 08/14/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) 3.050%, 06/15/34 (c)		1,150		1,130
Minneapolis Mortgage, Callable 10/01/05 @ 100 3.607%, 10/01/12		881		455
Minnesota State Housing Finance Agency, Rental Housing, Series D, Callable until 01/31/06 @ 102 (MBIA) 5.450%, 08/01/07		285		291
Minnesota State Housing Finance Agency, Single Family Mortgages, Series B, Callable 07/01/09 @ 100 (AMT) 5.550%, 07/01/24		595		598
South St. Paul Housing & Redevelopment Authority, Single Family Mortgages, Callable until 08/31/05 @ 101 (FNMA) 5.100%, 09/01/07		95		96
				2,721

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Lease Revenue – 2.4%
Andover Economic Development Authority, Andover Community Center, Callable 02/01/14 @ 100 5.000%, 02/01/19	$	1,225	$	1,250
Eden Prairie Housing & Redevelopment Authority, Series A, Callable 12/01/10 @ 100 (MLO) 5.000%, 12/01/11		255		273
St. Paul Port Authority, Office Building, Callable 12/01/12 @ 100 (MLO) 5.000%, 12/01/19		2,415		2,529
Stearns County Housing & Redevelopment Authority, Series A, Callable 02/01/08 @ 100 (FSA) (MLO) 4.950%, 02/01/09		1,540		1,613
				5,665
Miscellaneous – 0.9%
Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100 5.450%, 06/01/12		550		598
Seaway Port Authority of Duluth, Cargill Inc. Project 4.200%, 05/01/13		1,500		1,504
				2,102
Recreational Facility Authority – 1.3%
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2 6.700%, 08/01/07		1,395		1,409
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103 7.375%, 08/01/10		1,685		1,759
				3,168	��
Revolving Funds – 3.1%
Minnesota State Public Facilities Authority, Drinking Water, Series B, Callable 03/01/09 @ 100 5.125%, 03/01/19		2,000		2,109
Minnesota State Public Facilities Authority, Water Pollution Control, Callable 03/01/07 @ 100 5.000%, 03/01/09		590		611
Minnesota State Public Facilities Authority, Water Pollution Control, Pre-refunded 03/01/07 @ 100 5.000%, 03/01/09 (e)		1,410		1,466
Minnesota State Public Facilities Authority, Water Pollution Control, Series A, Callable 03/01/08 @ 100 4.500%, 03/01/10		2,100		2,168
Minnesota State Public Facilities Authority, Water Pollution Control, Series A, Callable 03/01/10 @ 100 4.000%, 03/01/11		1,000		1,023
				7,377
Tax Revenue – 2.6%
Bloomington Port Authority, Mall of America Project, Series A (FSA) 4.900%, 02/01/09		1,000		1,061

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Childrens Trust Fund, Puerto Rico, Tobacco Settlement 4.000%, 05/15/12	$	500	$	477
Minneapolis, St. Anthony Falls Project, Callable until 01/31/17 @ 102 5.000%, 02/01/17		1,040		1,027
St. Paul Housing & Redevelopment Authority, Downtown & Seventh Place Project, Escrowed to Maturity, Callable until 08/31/07 @ 100 (AMBAC) 5.350%, 09/01/07 (b)		1,500		1,509
St. Paul Port Authority, Energy Park, Tax Increment (FSA) 5.000%, 02/01/08		2,100		2,187
				6,261
Transportation – 6.3%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Callable 01/01/13 @ 100 (MBIA) 5.000%, 01/01/20		2,200		2,308
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) 5.750%, 01/01/10		2,880		3,127
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMBAC) (AMT) 5.500%, 01/01/09		2,500		2,649
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/09 @ 101 (AMT) (FGIC) 5.625%, 01/01/14		1,000		1,072
Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Callable 01/01/11 @ 100 (FGIC) 5.125%, 01/01/20		3,095		3,254
Minnesota Public Facilities Authority Transportation, Callable 03/01/10 @ 100 5.000%, 03/01/12		970		1,029
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA) 5.500%, 07/01/13		1,250		1,395
				14,834
Utilities – 13.8%
Anoka County Resource Recovery, Northern States Power 4.400%, 12/01/05		2,000		2,012
4.500%, 12/01/07		300		304
Chaska Electric, Series A 5.500%, 10/01/06		610		632
5.550%, 10/01/07		645		680
5.600%, 10/01/08		680		727
5.650%, 10/01/09		720		779
5.650%, 10/01/10		760		829
Chaska Electric, Series A, Callable 10/01/10 @ 100 5.400%, 10/01/11		805		863
5.500%, 10/01/12		845		899
Northern Minnesota Municipal Power Agency, Electric System (FSA) 5.500%, 01/01/07		2,000		2,090
5.500%, 01/01/08		2,090		2,227

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Princeton Public Utility System, Callable 04/01/12 @ 100 4.100%, 04/01/15	$	450	$	442
Rochester Electric Utility, Callable 12/01/10 @ 100 5.000%, 12/01/16		1,150		1,196
Southern Minnesota Municipal Power Agency, Series A (AMBAC) 5.250%, 01/01/14		3,415		3,754
Southern Minnesota Municipal Power Agency, Series A, Callable 01/01/09 @ 101 (AMBAC) 5.000%, 01/01/11		1,270		1,349
Southern Minnesota Municipal Power Agency, Series A, Escrowed to Maturity, Callable until 12/31/05 @ 100 (FGIC) 5.000%, 01/01/06 (b)		995		1,013
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) 5.257%, 01/01/20 (d)		3,500		1,756
5.275%, 01/01/21 (d)		5,000		2,391
Western Minnesota Municipal Power Agency, Series A, Callable 01/01/06 @ 102 (AMBAC) 5.500%, 01/01/11		5,000		5,202
5.500%, 01/01/13		2,000		2,081
Western Minnesota Municipal Power Agency, Series A, Callable 01/01/11 @ 100 (AMBAC) 5.500%, 01/01/12		1,360		1,491
				32,717
Total Revenue Bonds				127,515
General Obligations – 42.0%
Anoka County Capital Improvements, Series B 4.550%, 01/01/11		1,960		2,057
Anoka-Hennepin Independent School District #11, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/14		2,000		2,133
Anoka-Hennepin Independent School District #11, Series A (MSDCEP) 5.000%, 02/01/09		1,375		1,465
Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/10 @ 100 (MSDCEP) 5.300%, 02/01/12		1,000		1,088
5.375%, 02/01/13		600		655
Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/12		2,845		3,048
Bloomington Independent School District #271, Series B, Callable 02/01/10 @ 100 (MSDCEP) 5.250%, 02/01/11		1,000		1,076
Buffalo Independent School District #877, Series B (FSA) (MSDCEP) 4.500%, 02/01/13		325		342
Burnsville Independent School District #191, Series A (MSDCEP) 5.000%, 02/01/08		300		316
Burnsville Independent School District #191, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/09		1,225		1,285
Cambridge Independent School District #911, Series A, Callable 02/01/15 @ 100 (MSDCEP) 4.000%, 02/01/16		1,060		1,049

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Cambridge Independent School District #911, Series B, Zero Coupon Bond, Callable 02/01/18 @ 87 (MSDCEP) 4.710%, 02/01/21 (d)	$	645	$	296
Centennial Independent School District #12, Series A, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/14		1,040		1,109
Chaska Independent School District #112, Series A (MSDCEP) 4.800%, 02/01/10		1,120		1,193
Crow Wing County, Series A (MBIA) 4.500%, 02/01/14		1,480		1,552
Dakota County Capital Improvements, Series C 4.850%, 02/01/10		1,000		1,069
Duluth Independent School District #709, Callable 02/01/09 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/16		635		664
Elk River Independent School District #728, Series A, Callable 02/01/11 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/18		1,000		1,050
Faribault Independent School District #656, Callable 06/01/08 @ 100 (MSDCEP) 4.750%, 06/01/15		1,100		1,135
Farmington Independent School District #192, Callable 06/01/13 @ 100 (MSDCEP) 4.000%, 06/01/16		2,830		2,800
Forest Lake Independent School District #831, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/09		1,115		1,171
Hastings Independent School District #200, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/11		1,095		1,154
Lakeville Independent School District #194, Callable 02/01/09 @ 100 (MSDCEP) 5.000%, 02/01/16		2,000		2,090
Lakeville Independent School District #194, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.125%, 02/01/22		1,000		1,054
Lakeville Independent School District #194, Series A, Callable 02/01/13 @ 100 (FGIC) (MSDCEP) 5.000%, 02/01/22		2,435		2,542
Marshall Independent School District #413, Series A (FSA) (MSDCEP) 4.000%, 02/01/11		785		808
Minneapolis, Callable 12/01/11 @ 100 5.000%, 12/01/12		3,600		3,876
Minneapolis, Series B, Callable 09/01/05 @ 100 5.050%, 03/01/06		2,000		2,020
Minneapolis & St. Paul Metropolitan Council, Waste Water Treatment, Series A, Callable 03/01/11 @ 100 5.000%, 03/01/13		1,890		2,057
Minneapolis School District #1 (MSDCEP) 4.500%, 02/01/08		1,450		1,510
Minnesota State, Callable 08/01/07 @ 100 4.800%, 08/01/11		2,010		2,088
4.850%, 08/01/12		4,420		4,597
Moorhead Independent School District #152 (MSDCEP) 5.000%, 04/01/12		1,220		1,321
Moorhead Independent School District #152, Callable 04/01/12 @ 100 (FGIC) (MSDCEP) 5.000%, 04/01/15		3,450		3,665
5.000%, 04/01/16		2,510		2,653

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Moorhead Independent School District #152, Callable 04/01/14 @ 100 (MSDCEP) 4.000%, 04/01/15	$	1,100	$	1,096
Mounds View Independent School District #621, Series A (MSDCEP) 5.250%, 02/01/10		1,230		1,336
Mounds View Independent School District #621, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.250%, 02/01/12		1,000		1,076
5.350%, 02/01/16		1,000		1,082
Mounds View Independent School District #621, Series A, Callable 02/01/12 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/18		2,340		2,458
5.000%, 02/01/19		2,565		2,685
Northfield Independent School District #659, Callable 02/01/11 @ 100 (MSDCEP) 4.600%, 02/01/13		1,100		1,152
5.000%, 02/01/15		1,295		1,370
Pequot Lakes Independent School District #186, Callable 02/01/12 @ 100 (FGIC) (MSDCEP) 5.125%, 02/01/18		500		531
Perham, Callable 05/01/11 @ 100 (AMT) 5.850%, 05/01/15		1,205		1,249
Pipestone-Jasper Independent School District #2689, Callable 03/01/09 @ 100 (FGIC) (MSDCEP) 5.400%, 03/01/13		1,095		1,183
Puerto Rico Commonwealth (MBIA) 6.000%, 07/01/14		1,605		1,877
Puerto Rico Commonwealth, Series A (XLCA) 5.500%, 07/01/17		1,000		1,136
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/08 @ 100 5.000%, 07/01/18 (c)		1,000		1,047
Ramsey County, Series D 5.000%, 02/01/14		2,000		2,181
Robbinsdale Independent School District #281, Callable 02/01/09 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/16		1,000		1,046
Robbinsdale Independent School District #281, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/19		1,160		1,214
5.000%, 02/01/20		1,215		1,269
Rochester Independent School District #535, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/15		1,595		1,688
St. Louis Park Independent School District #283, Callable 02/01/09 @ 100 (MSDCEP) 5.250%, 02/01/10		1,500		1,601
5.600%, 02/01/15		725		777
St. Michael Independent School District #885, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/14		1,690		1,803
5.000%, 02/01/17		1,000		1,053
St. Paul Independent School District #625, Series C (FGIC) (MSDCEP) 4.000%, 02/01/14		410		415
St. Paul, Series A, Callable 03/01/09 @ 100 5.000%, 03/01/10		1,180		1,253
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 89.37 (FSA) (MSDCEP) 5.700%, 02/01/13 (d)		1,055		744

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 94.63 (FSA) 5.753%, 02/01/12 (d)	$	1,790	$	1,344
Savage, Series A, Callable 02/01/06 @ 100 (FGIC) 5.500%, 02/01/08		1,000		1,023
South Washington County, Independent School District #833, Series A (MSDCEP) 5.500%, 02/01/09		500		542
South Washington County, Independent School District #833, Series B, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/15		1,030		1,093
Stillwater Independent School District #834, Callable 02/01/09 @ 100 (MSDCEP) 4.750%, 02/01/11		2,140		2,237
Worthington Independent School District #518, Callable 02/01/14 @ 100 (FSA) (MSDCEP) 4.000%, 02/01/16		1,045		1,034
Total General Obligations				99,583
Certificates of Participation – 2.8%
Hennepin County (MLO) 4.650%, 11/15/08		1,000		1,052
Hennepin County, Callable 11/15/08 @ 100 (MLO) 5.375%, 11/15/09		2,280		2,433
Minneapolis Special School District #1, Series A, Pre-refunded 02/01/06 @ 100 (MBIA) (MLO) 5.900%, 02/01/11 (e)		2,150		2,209
Northeast Metropolitan Intermediate School District #916, Callable 01/01/14 @ 100 (MLO) 4.250%, 01/01/15		1,000		983
Total Certificates of Participation				6,677
Total Municipal Bonds (Cost $224,496)				233,775
Money Market Fund – 0.8%
Federated Minnesota Municipal Cash Trust		1,952,429		1,952
Total Money Market Fund (Cost $1,952)				1,952
Total Investments – 99.5% (Cost $226,448)				235,727
Other Assets and Liabilities, Net – 0.5%				1,225
Total Net Assets – 100.0%			$	236,952

Minnesota Intermediate Tax Free Fund (concluded)

(a) Security purchased on a when-issued basis. On March 31, 2005 the total cost of investments purchased on a when-issued basis was $1,096,471 or 0.5% of total net assets. See note 2 in Notes to Financial Statements.

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

(d) The rate shown is the effective yield at the time of purchase.

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

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $12,701,275, which represents 5.4% of net assets.

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

XLCA – XL Capital Assurance Inc.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Minnesota Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.6%
Revenue Bonds – 74.3%
Continuing Care Retirement Communities – 1.7%
Golden Valley, Covenant Retirement Communities, Series A, Callable 12/01/09 @ 101 5.500%, 12/01/29	$	1,750	$	1,801
Sauk Rapids Health Care & Housing Facilities, Good Shepherd Lutheran Home, Callable 01/01/12 @ 101 6.000%, 01/01/34		900		913
				2,714
Economic Development – 4.7%
Minneapolis Community Development, Series G-3, Callable 12/01/11 @ 100 5.450%, 12/01/31		3,250		3,398
Minnesota Agricultural & Economic Development Board, Small Business Development, Series B, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20		1,000		1,059
Minnesota Agricultural & Economic Development Board, Small Business Development, Series C, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20		1,385		1,467
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20		1,120		1,187
Minnesota Agriculture & Economic Development Board, Minnesota Small Business Program, Series A, Callable 08/01/10 @ 100 (AMT) 5.550%, 08/01/16		500		515
				7,626
Education – 5.8%
Golden Valley, The Breck School, Callable 10/01/09 @ 100 5.750%, 10/01/14		1,000		1,084
Minneapolis, The Blake School Project, Callable 09/01/11 @ 100 5.450%, 09/01/21		2,000		2,104
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4-F1, Callable 05/01/06 @ 102 6.250%, 05/01/23		1,500		1,553
Minnesota State Higher Education Facilities Authority, Carleton College, Pre-refunded 11/01/07 @ 100 5.400%, 11/01/15 (a)		1,500		1,578
Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1, Pre-refunded 05/01/06 @ 100 5.750%, 11/01/12 (a)		1,050		1,082
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Callable 05/01/10 @ 100 6.625%, 05/01/20		1,000		1,091
Minnesota State Higher Education Facilities Authority, Vermilion Community College, Series 3-T, Callable 07/01/05 @ 100 5.750%, 01/01/13		525		531
University of Minnesota, Series A 5.500%, 07/01/21		500		569
				9,592

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Healthcare – 23.7%
Bemidji Hospital Facilities, North Country Health Services, Callable 09/01/06 @ 102 5.625%, 09/01/15	$	1,600	$	1,660
Chisago Health Facilities Authority, Pleasant Heights Project, Callable 07/01/05 @ 102 7.300%, 07/01/25		400		409
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 6.000%, 06/01/29		3,000		2,879
Duluth Economic Development Authority, Benedictine Health System, Callable 02/15/14 @ 100 5.250%, 02/15/28		1,000		1,016
5.250%, 02/15/33		1,000		1,013
Fergus Falls Health Care Facilities Authority, Broen Memorial Home, Series A, Callable until 10/31/05 @ 102 7.000%, 11/01/19		1,000		1,009
Fergus Falls Health Care Facilities Authority, Lake Region Hospital, Long Term Care Facilities Project, Callable 12/01/05 @ 102 6.500%, 12/01/25		2,000		2,057
Glencoe Health Care Services Facilities Project, Glencoe Regional Health, Callable 04/01/11 @ 101 7.500%, 04/01/31		1,700		1,815
Marshall Minnesota Medical Center, Weiner Memorial Medical Center Project, Series A, Callable 11/01/13 @ 100 5.250%, 11/01/16		305		320
5.850%, 11/01/23		875		941
Minneapolis & St. Paul Housing & Redevelopment Authority, Children's Health, Series A, Pre-refunded 08/15/05 @ 102 (FSA) 5.600%, 08/15/12 (a)		250		258
Minneapolis Healthcare System, Allina Health System, Series A, Callable 11/15/12 @ 100 6.000%, 11/15/23		1,500		1,624
5.750%, 11/15/32		2,400		2,536
Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A, Callable 02/15/10 @ 101 (MBIA) 5.250%, 02/15/15		2,000		2,133
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA) 5.500%, 11/15/11		500		536
5.500%, 11/15/17		1,000		1,070
Minnesota Agricultural & Economic Development Board, Health Care System, Fairview, Series A, Callable 11/15/10 @ 101 6.375%, 11/15/29		4,000		4,344
Monticello, Big Lake Community Hospital, Series A, Callable 12/01/09 @ 100 5.750%, 12/01/19		1,000		1,005
Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 6.200%, 12/01/22		1,000		1,038

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Moorhead Economic Development Authority, Eventide Senior Housing, Series B, Callable until 05/31/05 @ 102 6.000%, 06/01/29	$	1,900	$	1,907
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge, Callable 03/01/09 @ 102 5.750%, 03/01/15		1,600		1,647
Olmstead County, Hiawatha Homes Project, Callable until 06/30/05 @ 101 6.500%, 07/01/16		170		163
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B, Callable 07/01/14 @ 100 5.500%, 07/01/25		2,000		2,078
St. Paul Housing & Redevelopment Authority, Regions Hospital, Callable 05/15/09 @ 100 5.250%, 05/15/18		500		505
Shakopee Health Care Facilities, St. Francis Regional Medical Center, Callable 09/01/14 @100 5.250%, 09/01/34		2,000		2,017
South Dakota State Health & Educational Facilities Authority, Aneva Health (AMBAC) 2.270%, 07/01/24		1,900		1,900
Winona Health Care Facilities, Series A, Callable 07/01/12 @ 102 6.000%, 07/01/34		1,000		1,027
				38,907
Housing – 12.5%
Austin Housing & Redevelopment Authority, Courtyard Residence Project, Series A, Callable 01/01/06 @ 102 7.250%, 01/01/26		500		514
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project, Callable 04/20/11 @ 102 (GNMA) 5.900%, 04/20/42		2,000		2,102
Eden Prairie Multifamily Housing, Preserve Place, Callable 01/20/08 @ 102 (GNMA) 5.500%, 01/20/18		500		524
Eden Prairie Multifamily Housing, Parkway Apartments Project, Series A, Callable 02/20/07 @ 104 5.700%, 08/20/22		1,000		1,054
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable until 08/14/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) 3.050%, 06/15/34 (b)		2,000		1,965
Hopkins Elderly Housing, St. Theresa Project, Series A, Callable 11/20/07 @ 102 (GNMA) 5.600%, 11/20/17		500		523
Hopkins Multifamily Housing, Renaissance Project, Callable 04/01/07 @ 102 6.250%, 04/01/15		500		522
Maplewood Multifamily Housing, Carefree Cottages II, Callable 04/15/14 @ 100 (AMT) (FNMA) 4.800%, 04/15/34		2,000		2,020

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota State Housing Finance Agency, Residential Housing, Series B, Callable 07/01/11 @ 100 (AMT) 5.650%, 07/01/33	$	1,105	$	1,133
Minnesota State Housing Finance Agency, Residential Housing, Series B-1-RMK, Callable 07/01/11 @ 100 (AMT) 5.350%, 07/01/33		1,400		1,414
Minnesota State Housing Finance Agency, Residential Housing, Series F, Callable 07/01/11 @ 100 (AMT) 5.400%, 07/01/30		3,010		3,068
Minnesota State Housing Finance Agency, Series A, Callable 08/01/11 @ 100 3.850%, 02/01/13		1,430		1,437
Minnesota State Housing Finance Agency, Single Family Mortgage, Series C, Callable 07/01/09 @ 100 (AMT) 6.100%, 07/01/30		535		538
St. Anthony Housing & Redevelopment Authority, Chandler Place Project, Callable 05/20/06 @ 102 (FHA) (GNMA) 6.250%, 11/20/25		1,500		1,583
St. Louis Park, Multifamily Housing, Knollwood Apartments, Callable 12/01/05 @ 102 (FHA) 6.250%, 12/01/28		500		512
St. Louis Park, Multifamily Housing, Park Ridge Apartments, Callable 11/01/08 @ 102 (FHA) (GNMA) 5.250%, 11/01/20		500		519
White Bear Lake, Lake Square Housing, Lake Square, Series A, Callable 02/01/07 @ 102 (FHA) 6.000%, 08/01/20		1,020		1,062
				20,490
Lease Revenue – 3.4%
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A, Callable 02/01/10 @ 100 4.900%, 02/01/15		850		873
5.000%, 02/01/16		895		921
5.100%, 02/01/17		900		928
Puerto Rico Public Finance, Series A, Callable 02/01/12 @ 100, Mandatory Put 02/01/12 @ 100 5.750%, 08/01/27 (b)		1,000		1,092
St. Paul Port Authority, Office Building at Robert St.-3-11 4.000%, 12/01/13		1,695		1,698
				5,512
Miscellaneous – 6.1%
Little Canada Commercial Development, RLF Minnesota Project, Callable 04/01/05 @ 100 (MLO) 7.100%, 04/01/13		1,250		1,258
Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100 5.875%, 06/01/27		7,000		7,682
Seaway Port Authority of Duluth, Cargill Inc. Project 4.200%, 05/01/13		1,130		1,133
				10,073

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Recreational Facility Authority – 2.5%
Moorhead, Golf Course, Series B, Callable 12/01/08 @ 100 5.875%, 12/01/21	$	2,000	$	2,044
St. Paul Port Authority, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103 7.375%, 08/01/29		2,000		2,086
				4,130
Tax Revenue – 0.3%
Duluth Economic Development Authority 8.000%, 08/01/08		180		189
Minneapolis, St. Anthony Falls Project, Callable 03/01/12 @ 102 5.750%, 02/01/27		300		297
				486
Transportation – 2.0%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Callable 01/01/10 @ 101 (FGIC) 5.750%, 01/01/32		3,000		3,276
Utilities – 11.6%
Chaska Electric, Series A, Callable 10/01/10 @ 100 6.100%, 10/01/30		5,000		5,454
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) 6.650%, 01/01/19 (c)		4,000		2,115
6.700%, 01/01/24 (c)		5,000		2,021
5.800%, 01/01/25 (c)		7,000		2,670
5.600%, 01/01/26 (c)		8,000		2,894
5.151%, 01/01/27 (c)		3,000		1,029
Western Minnesota Municipal Power Agency, Callable 01/01/11 @ 100 (AMBAC) 5.500%, 01/01/14		1,545		1,687
5.500%, 01/01/15		550		598
Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA) 9.750%, 01/01/16 (d)		410		604
				19,072
Total Revenue Bonds				121,878
General Obligations – 24.3%
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/10 @ 100 (MSDCEP) 5.750%, 02/01/17 (e)		1,000		1,108
Becker Independent School District #726, Series A, Crossover Refunded 02/01/10 @ 100 (FSA) (MSDCEP) 6.000%, 02/01/21 (e)		1,000		1,114
Burnsville Independent School District #191, Series A, Crossover Refunded 02/01/06 @ 100 (MSDCEP) 4.875%, 02/01/13 (e)		1,450		1,476
Chaska Independent School District #112, Series A, Crossover Refunded 02/01/09 @ 100 (FSA) (MSDCEP) 5.700%, 02/01/18 (e)		1,000		1,090
Chaska Independent School District #112, Series B, Crossover Refunded 02/01/06 @ 100 (MSDCEP) 5.875%, 02/01/11 (e)		1,000		1,026
6.000%, 02/01/15 (e)		525		539
6.000%, 02/01/16 (e)		5,525		5,674

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Columbia Heights Independent School District #13, Crossover Refunded 02/01/07 @ 100 (MSDCEP) 5.250%, 02/01/15 (e)	$	1,000	$	1,035
Delano Independent School District #879, Series A, Callable 02/01/11 @ 100 (FSA) (MSDCEP) 5.875%, 02/01/25		1,000		1,104
Hennepin County, Series B (VRDO) 1.556%, 12/01/20 (b)		2,735		2,735
Minneapolis, Convention Center (SPA) (VRDO) 1.556%, 12/01/18 (b)		2,500		2,500
Minneapolis Sports Arena, Callable 04/01/08 @ 100 5.100%, 04/01/13		500		525
5.100%, 10/01/13		250		263
Minneapolis Sports Arena, Series B, Callable 09/01/05 @ 100 5.200%, 03/01/13		400		404
Minnesota State 4.000%, 08/01/11		9,000		9,254
North St. Paul Independent School District #622, Series B, Crossover Refunded 05/01/06 @ 100 (MSDCEP) 5.850%, 05/01/17 (e)		500		516
Perham, Disposal System, Callable 05/01/11 @ 100 (AMT) 6.000%, 05/01/22		1,500		1,561
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33		1,000		1,048
St. Louis Park Independent School District #283, Crossover Refunded 02/01/09 @ 100 (MSDCEP) 5.700%, 02/01/17 (e)		2,000		2,151
Sauk Rapids Independent School District #47, Series A, Callable 02/01/11 @ 100 (MBIA) 5.750%, 02/01/23		2,000		2,195
South Washington County Independent School District #833, Callable 06/01/05 @ 100 (MLO) 5.850%, 06/01/15		500		502
Wayzata Independent School District #284, Series A, Crossover Refunded 02/01/07 @ 100 5.500%, 02/01/17 (e)		2,000		2,079
Total General Obligations				39,899
Total Municipal Bonds (Cost $153,683)				161,777

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Minnesota Tax Free Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Money Market Fund – 0.1%
Federated Minnesota Municipal Cash Trust		121,802	$	122
Total Money Market Fund (Cost $122)				122
Total Investments – 98.7% (Cost $153,805)				161,899
Other Assets and Liabilities, Net – 1.3%				2,086
Total Net Assets – 100.0%			$	163,985

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

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

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

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

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $15,927,031, which represents 9.7% of net assets.

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

SPA – Standby Purchase Agreement

VRDO – Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, and is subject to change periodically. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specified intervals not exceeding one year, on up to 30 days' notice. Maturity date shown represents final maturity.

Missouri Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.5%
Revenue Bonds – 72.7%
Continuing Care Retirement Community – 1.1%
Cole County Industrial Development Authority, Lutheran Services Heisinger Project, Callable 02/01/14 @ 100 5.250%, 02/01/24	$	2,000	$	2,034
Education – 9.4%
Missouri State Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project, Callable 11/01/11 @ 100 5.000%, 11/01/19		2,540		2,661
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 06/15/11 @ 100 5.125%, 06/15/41		2,150		2,211
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 02/15/13 @ 100 5.000%, 02/15/33		1,000		1,029
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 02/15/15 @ 100 5.000%, 02/15/19 (a)		1,465		1,559
Northwest Missouri State University Housing, Callable 06/01/13 @ 100 (MBIA) 5.000%, 06/01/16		650		689
University of Missouri, Pre-refunded 11/01/07 @ 101 5.500%, 11/01/21 (b)		3,000		3,218
5.800%, 11/01/27 (b)		5,000		5,401
				16,768
Healthcare – 15.4%
Boone County Hospital, Callable 08/01/12 @ 100 5.050%, 08/01/20		1,200		1,225
Boone County Hospital, Callable 08/01/14 @ 100 5.000%, 08/01/16		670		694
Cape Girardeau County Authority, Southeast Missouri Hospital Association, Callable 06/01/12 @ 100 5.625%, 06/01/22		1,500		1,543
Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project, Callable 02/15/15 @ 102 5.500%, 02/15/24		2,000		2,054
Missouri State Health & Educational Facilities Authority, Barnes-Jewish Inc., Series A 4.750%, 05/15/05		100		100
Missouri State Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity 6.750%, 05/15/12 (c)		3,310		3,926
Missouri State Health & Educational Facilities Authority, Freeman Hospital Project, Series A, Callable 02/15/05 @ 101 (FSA) 5.375%, 02/15/14		1,000		1,012
Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital, Callable 08/15/14 @ 100 (RAAI) 5.000%, 08/15/19		2,300		2,362

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Missouri Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Missouri State Health & Educational Facilities Authority, Lake Regional Health System Project 5.000%, 02/15/12	$	515	$	530
Missouri State Health & Educational Facilities Authority, SSM Health Care System, Series A, Callable 06/01/08 @ 101 (MBIA) 5.000%, 06/01/12		2,000		2,085
5.000%, 06/01/18		2,000		2,056
Missouri State Health & Educational Facilities Authority, St. Lukes Health Systems, Series A 5.000%, 11/15/14		3,000		3,202
North Kansas City Hospital, Callable 11/15/08 @ 101 (AMBAC) 5.000%, 11/15/13		700		729
North Kansas City Hospital, Series A, Callable 11/15/13 @ 100 (FSA) 5.000%, 11/15/21		250		261
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A, Callable 11/15/13 @ 100 6.625%, 11/15/35		500		503
University Health Facilities, University of Missouri Health System, Series A, Callable 11/01/06 @ 102 (AMBAC) 5.600%, 11/01/26		5,000		5,272
				27,554
Housing – 0.8%
University City Industrial Development Authority, Multifamily Housing, Series A, Callable 12/20/05 @ 102 5.950%, 12/20/25		1,400		1,436
Lease Revenue – 11.7%
Clay County, Public Building Authority, Callable 05/15/08 @ 100 (MLO) 5.125%, 05/15/14		2,000		2,104
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond 5.260%, 04/15/27 (d)		2,000		638
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MLO) 5.000%, 05/01/17		1,000		1,051
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MBIA) (MLO) 5.000%, 05/01/23		2,000		2,063
5.000%, 05/01/24		5,130		5,282
5.125%, 05/01/26		5,000		5,200
Missouri State Financial Board Infrastructure Facilities, Branson, Series A, Callable 12/01/12 @ 100 (MLO) 5.000%, 12/01/17		1,000		1,022
5.375%, 12/01/22		750		775
Puerto Rico Public Buildings Authority, Public Education and Health Facilities, Series M, Pre-refunded 07/01/05 @ 100 (COMGTY) (MLO) 5.500%, 07/01/21 (b)		755		761
Springfield Public Building , Capital Improvement Project, Callable 03/01/14 @ 100 (AMBAC) 5.000%, 03/01/24		2,000		2,074
				20,970

Missouri Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Miscellaneous – 3.1%
Missouri Financial Board Cultural Facilities, Nelson Gallery Foundation, Series A, Callable 12/01/11 @ 100 5.250%, 12/01/14	$	1,000	$	1,083
Missouri State Board of Public Buildings, Series A, Callable 10/15/13 @ 100 5.000%, 10/15/27		1,000		1,037
Platte County Industrial Development Transportation Authority (MLO) 3.750%, 12/01/12		675		671
4.000%, 12/01/14		780		777
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33		1,000		1,048
Sugar Creek, Lafarge North America, Series A, Callable 06/01/13 @ 101 (AMT) 5.650%, 06/01/37		1,000		1,025
				5,641
Revolving Funds – 13.5%
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, Drinking Water, Callable 07/01/08 @ 101 5.000%, 01/01/19		2,200		2,305
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, State Revolving Fund Program, Callable 07/01/10 @ 100 5.500%, 07/01/16		620		673
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water, Callable 01/01/09 @ 101 5.250%, 01/01/15		2,180		2,322
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water, Callable 01/01/13 @ 100 5.500%, 07/01/14		2,000		2,219
5.500%, 07/01/18		1,400		1,545
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, State Revolving Fund Program, Callable 01/01/13 @ 100 5.000%, 01/01/17		1,170		1,241
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program 5.375%, 07/01/14		2,400		2,686
5.375%, 07/01/15		1,500		1,679
5.375%, 07/01/16		2,000		2,245
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program, Callable 07/01/11 @ 100 5.000%, 07/01/23		6,655		6,914
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series E, State Revolving Fund Program, Pre-refunded 01/01/07 @ 101 5.000%, 01/01/08 (b)		325		340
				24,169

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Missouri Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Sanitation District – 1.2%
Missouri State Enviornmental Improvement & Energy Resources Authority, Series A, State Revolving Fund, Pre-refunded 07/01/10 @ 100 5.500%, 07/01/16 (b)	$	1,875	$	2,066
Tax Revenue – 0.6%
Riverside Tax Increment Revenue, L-385 Levee Project, Callable 05/01/15 @ 100 5.250%, 05/01/20		1,000		1,020
Transportation – 9.7%
Missouri State Highways & Transportation Road, Series A 5.000%, 02/01/11		5,000		5,401
Missouri State Highways & Transportation Road, Series A, Callable 02/01/11 @ 100 5.000%, 02/01/17		550		579
5.250%, 02/01/20		5,000		5,314
Missouri State Highways & Transportation Road, Series A, Callable 02/01/12 @ 100 5.125%, 02/01/17		1,000		1,063
5.000%, 02/01/22		3,725		3,863
St. Louis Airport, Capital Improvement Program, Series A, Callable 07/01/12 @ 100 (MBIA) 5.375%, 07/01/21		1,000		1,072
				17,292
Utilities – 6.2%
Kansas City Water, Series A, Callable 12/01/08 @ 101 5.000%, 12/01/11		4,390		4,667
Kansas City Water, Series B, Callable 12/01/06 @ 101 5.000%, 12/01/16		2,200		2,280
Metropolitan St. Louis Sewer District, Series A, Callable 05/01/14 @ 100 (MBIA) 5.000%, 05/01/23		1,075		1,125
Missouri State Development Financial Board, Independence Water Systems, Callable 11/01/14 @ 100 (AMBAC) 5.000%, 11/01/24		1,000		1,042
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Kansas City Power & Light 4.000%, 01/02/12		1,000		999
Sikeston Electric, Callable 06/01/06 @ 101 (MBIA) 5.000%, 06/01/22		1,000		1,026
				11,139
Total Revenue Bonds				130,089
General Obligations – 24.1%
Chesterfield, Callable until 02/14/17 @ 100 4.000%, 02/15/17		1,680		1,657
Clayton School District, Callable 03/01/07 @ 101 5.000%, 03/01/17		3,325		3,488
Columbia School District, Callable 03/01/07 @ 100 6.300%, 03/01/11		365		387

Missouri Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Des Peres, Callable 02/01/15 @ 100 (AMBAC) 5.250%, 02/01/18	$	500	$	544
Hazelwood School District, Missouri: Direct Deposit Program, Series A, Callable 03/01/15 @ 100 (FGIC) (STAID) 5.000%, 03/01/17		1,820		1,952
Independence School District, Missouri Direct Deposit Program, Callable 03/01/13 @ 100 (MBIA) (STAID) 5.000%, 03/01/20		1,240		1,303
Jackson County School District #4, Missouri Direct Deposit Program (STAID) 5.250%, 03/01/11		1,000		1,093
Jefferson City School District, Series A 6.700%, 03/01/11		1,000		1,132
Kansas City, Series A, Callable 03/01/08 @ 101 5.250%, 09/01/12		1,000		1,065
Missouri State, Fourth State Building, Series A, Pre-refunded 08/01/06 @ 100 5.400%, 08/01/09 (b)		2,000		2,071
Missouri State Water Pollution Control, Series A, Pre-refunded 08/01/06 @ 100 5.750%, 08/01/18 (b)		2,085		2,169
North Kansas City School District, Callable 03/01/11 @ 100 5.000%, 03/01/16		1,265		1,335
Platte County School District #R-3, Callable 03/01/14 @ 100 (MBIA) 5.000%, 03/01/24		1,000		1,044
Puerto Rico Municipal Finance Agency, Callable 08/01/09 @ 101 5.500%, 08/01/23		3,000		3,251
Riverview Gardens School District, Missouri Direct Deposit Program, Callable 04/01/14 @ 100 (FSA) (STAID) 4.000%, 04/01/16		1,000		985
St. Louis County 5.000%, 02/01/12		3,250		3,532
St. Louis County Public Safety, Callable 08/15/09 @ 100 (FGIC) 5.125%, 02/15/17		4,185		4,430
St. Louis County Rockwood School District #R-6, Callable 02/01/11 @ 100 5.000%, 02/01/13		3,000		3,201
St. Louis County Rockwood School District #R-6, Series A, Callable 02/01/13 @ 100 5.000%, 02/01/14		2,000		2,155
St. Louis County School District, Series A (FSA) 5.000%, 03/01/14		2,000		2,169
St. Louis County School District, Series A, Callable 03/01/14 @ 100 5.000%, 03/01/16		1,000		1,072
Wentzville School District #R-4, Callable 03/01/08 @ 100 (FSA) 5.100%, 03/01/18		3,000		3,129
Total General Obligations				43,164

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Missouri Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Certificate of Participation – 0.7%
Fenton, Callable 09/01/13 @ 100 (MBIA) (MLO) 3.900%, 09/01/15	$	1,275	$	1,237
Total Certificate of Participation				1,237
Total Municipal Bonds (Cost $167,160)				174,490
Affiliated Money Market Fund – 2.0%
First American Tax Free Obligations Fund, Cl Z (e)		3,563,918		3,564
Total Affiliated Money Market Fund (Cost $3,564)				3,564
Total Investments – 99.5% (Cost $170,724)				178,054
Other Assets and Liabilities, Net – 0.5%				845
Total Net Assets – 100.0%			$	178,899

(a) Security purchased on a when-issued basis. On March 31, 2005 the total cost of investments purchased on a when-issued basis was $1,544,227 or 0.9% of total net assets. See note 2 in Notes to Financial Statements.

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

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

(d) The rate shown is the effective yield at the time of purchase.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $1,024,710, which represents 0.6% of net assets.

Cl – Class

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

RAAI – Radian Asset Assurance Inc.

STAID – State Aid Withholding

Nebraska Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 95.4%
Revenue Bonds – 77.7%
Education – 17.6%
Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100 5.350%, 12/15/18	$	650	$	670
Nebraska Educational Finance Authority, Creighton University Project, Series A (AMBAC) 5.000%, 09/01/09		500		530
Nebraska Educational Finance Authority, Midland Lutheran College Project, Callable 10/01/10 @ 100 5.200%, 10/01/20		350		354
Nebraska Educational Finance Authority, Wesleyan University Project, Callable 04/01/12 @ 100 (RAAI) 5.000%, 04/01/17		605		623
Nebraska Utility Corporation, University of Nebraska, Lincoln Project, Callable 01/01/12 @ 100 5.250%, 01/01/15		1,045		1,123
University of Nebraska Facilities, Medical Center Research Project, Callable 02/15/12 @ 100 5.000%, 02/15/15		500		528
University of Nebraska Facility Corporation, Deferred Maintenance Project, Callable 07/15/08 @ 100 5.250%, 07/15/11		1,000		1,056
University of Nebraska, Lincoln Memorial Stadium Project, Series A, Callable 05/01/14 @ 100 5.000%, 11/01/15		500		528
University of Nebraska, Lincoln Student Fees, Callable 01/01/13 @ 100 5.000%, 07/01/22		750		776
University of Nebraska, Omaha Student Housing Project, Callable 11/24/13 @ 100 5.000%, 05/15/23		500		521
				6,709
Healthcare – 16.2%
Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC) 4.900%, 09/01/09		750		789
Douglas County Hospital Authority #2, Nebraska Medical Center 5.000%, 11/15/16		700		733
Lancaster County Hospital Authority, Bryanlgh Medical Center Project, Callable 06/01/11 @ 100 (AMBAC) 5.000%, 06/01/19		500		516
5.125%, 06/01/21		1,200		1,245
Madison County Hospital Authority #1, Faith Regional Health Services Project, Callable 01/01/12 @ 100 (RAAI) 5.500%, 07/01/21		1,000		1,056
Nebraska Investment Finance Authority, Great Plains Regional Medical Center, Callable 05/15/12 @ 100 (RAAI) 5.200%, 11/15/16		250		262
5.300%, 11/15/17		805		846

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Nebraska Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Platte County Hospital Authority #1, Columbus Community Hospital Project, Callable 05/01/10 @ 101 (RAAI) 5.850%, 05/01/14	$	650	$	702
				6,149
Housing – 4.2%
Nebraska Investment Finance Authority, Multifamily Housing (GNMA) 4.625%, 07/20/12		410		418
Nebraska Investment Finance Authority, Single Family Housing, Series A, Callable 03/01/11 @ 100 (AMT) 5.150%, 03/01/16		445		462
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments, Callable until 11/19/22 @ 100 (GNMA) 5.150%, 11/20/22		705		733
				1,613
Lease Revenue – 4.5%
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental, Callable until 11/30/22 @ 100 5.000%, 12/01/22		900		945
Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 (MLO) 6.000%, 02/01/06		750		770
				1,715
Miscellaneous – 0.8%
Washington County Wastewater Facilities, Cargill Project, Callable 11/01/12 @ 101 5.900%, 11/01/27		300		324
Recreational Facility Authority – 9.3%
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Callable 09/01/09 @ 100 5.650%, 09/01/11		1,000		1,095
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Callable until 08/31/24 @ 100 4.750%, 09/01/24 (a)		1,115		1,097
Omaha Convention Hotel Corporation, Series A, Callable 04/01/12 @ 100 (AMBAC) 5.500%, 04/01/16		275		301
5.125%, 04/01/26		1,000		1,036
				3,529
Revolving Funds – 3.9%
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/09 @ 100 4.500%, 01/01/10		115		119
5.150%, 01/01/16		580		597
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/12 @ 100 4.750%, 07/01/19		750		761
				1,477
Tax Revenue – 2.4%
Omaha Special Tax Revenue, Series A, Callable 02/01/12 @ 101 5.125%, 02/01/32		500		520

Nebraska Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Omaha Tax Allocation, Convention Center Hotel Redevelopment, Series A, Callable 12/15/14 @100 5.000%, 12/15/19	$	400	$	397
				917
Utilities – 18.8%
Alliance Electrical Systems, Callable 06/15/08 @ 100 (AMBAC) 5.000%, 12/15/14		260		273
5.100%, 12/15/15		460		483
Cuming County Public Power District, Callable 05/15/06 @ 100 5.600%, 05/15/21		250		253
Elkhorn Rural Public Power District Electrical Systems, Callable 03/01/15 @ 100 (AMBAC) 4.750%, 09/01/25 (a)		600		611
Grand Island Electrical Systems, Callable until 08/14/16 @ 100 (MBIA) 5.125%, 08/15/16		750		801
Hastings Electrical Systems, Callable 05/01/11 @ 100 (FSA) 5.000%, 01/01/15		1,000		1,057
5.000%, 01/01/15		750		791
Lincoln Electrical Systems, Callable 09/01/11 @ 100 5.000%, 09/01/15		500		530
Lincoln Electrical Systems, Callable 09/01/13 @ 100 5.000%, 09/01/26		250		259
Loup River Public Power District, Callable 12/01/09 @ 100 (AMBAC) 4.000%, 12/01/12		500		505
Omaha Public Power District, Series A, Callable 02/01/10 @ 100 5.000%, 02/01/17		655		683
5.200%, 02/01/22		630		665
Omaha Public Power Electrical Systems, Escrowed to Maturity 6.200%, 02/01/17 (b)		210		245
				7,156
Total Revenue Bonds				29,589
General Obligations – 14.3%
Dawson County School District, Callable 06/15/06 @ 102 5.100%, 12/15/16		365		383
Dodge County School District #001, Fremont, Callable 12/15/14 @ 100 (FSA) 5.000%, 12/15/19		500		528
Douglas County School District #54, Ralston Public Schools, Callable until 12/14/16 @ 100 (FSA) 5.000%, 12/15/16		845		894
Lancaster County School District #1, Lincoln Public Schools, Callable 01/15/11 @ 100 5.250%, 07/15/19		220		236
Lancaster County School District #1, Lincoln Public Schools, Callable 07/15/12 @ 100 5.000%, 01/15/17		750		791
Omaha, Series A 6.500%, 12/01/18		825		1,027

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Nebraska Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Omaha-Douglas Public Building, Callable 05/01/11 @ 100 4.900%, 05/01/16	$	500	$	521
5.100%, 05/01/20		300		316
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33		700		733
Total General Obligations				5,429
Certificates of Participation – 3.4%
Western Nebraska Community College, Callable 10/15/07 @ 100 4.700%, 10/15/10		295		301
4.800%, 10/15/11		195		199
4.900%, 10/15/12		250		254
5.000%, 10/15/13		300		305
5.100%, 10/15/14		250		255
Total Certificates of Participation				1,314
Total Municipal Bonds (Cost $34,973)				36,332
Affiliated Money Market Fund – 7.7%
First American Tax Free Obligations Fund, Cl Z (c)		2,927,840		2,928
Total Affiliated Money Market Fund (Cost $2,928)				2,928
Total Investments – 103.1% (Cost $37,901)				39,260
Other Assets and Liabilities, Net – (3.1)%				(1,189	)
Total Net Assets – 100.0%			$	38,071

(a) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $1,719,415 or 4.5% of total net assets. See note 2 in Notes to Financial Statements.

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

(c) 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.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $461,594, which represents 1.2% of net assets.

Cl – Class

COMGTY – Commonwealth Guaranty

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

RAAI – Radian Asset Assurance Inc.

Ohio Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.2%
Revenue Bonds – 44.4%
Continuing Care Retirement Communities – 4.0%
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A, Callable 07/01/12 @ 100 (RAAI) 5.125%, 07/01/22	$	500	$	514
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A, Callable 07/01/15 @ 100 5.000%, 07/01/26		800		791
Toledo-Lucas County Port Authority Facilities, St. Mary Woods Project, Series A, Callable 05/15/10 @ 100 6.000%, 05/15/24		400		397
				1,702
Economic Development – 0.6%
Summit County Port Authority Board Funding Program, Garfield Heights Project, Series A, Callable 05/15/14 @ 102 5.250%, 05/15/23		250		245
Education – 10.3%
Ohio State Higher Educational Facilities, Baldwin-Wallace College Project 5.000%, 12/01/13		750		782
Ohio State Higher Educational Facilities, Xavier University Project, Callable 05/01/13 @ 100 (FGIC) 5.250%, 05/01/16		1,000		1,083
Ohio State University, Series B, Callable 06/01/13 @ 100 5.250%, 06/01/16		1,000		1,085
Ohio State University General Receipts (VRDO) 2.270%, 12/01/17 (a)		300		300
University of Cincinnati, Series A, Callable 06/01/11 @ 101 (FGIC) 5.500%, 06/01/14		1,000		1,101
				4,351
Healthcare – 7.8%
Akron Bath Copley County Hospital Facilities, Summa Health Services, Series A, Callable 11/15/14 @ 100 (RAAI) 5.250%, 11/15/16		800		847
Erie County Hospital Facilities, Firelands Regional Medical Center, Series A, Callable 08/15/12 @ 101 5.500%, 08/15/22		500		515
Fairfield County Hospital Facilities, Fairfield Medical Center, Callable 06/15/12 @ 100 (RAAI) 5.000%, 06/15/22		500		509
Hamilton County Hospital Facilities, Children's Medical Center, Series F (FGIC) 5.200%, 05/15/09		1,000		1,059
Lorain County Hospital, Catholic Healthcare, Callable 10/01/12 @ 100 5.500%, 10/01/17		350		371
				3,301
Lease Revenue – 7.0%
Cleveland-Cuyahoga County Port Authority, Rita Project, Callable 11/15/14 @100 (RAAI) 5.000%, 11/15/19		750		775

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Ohio Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Ohio State Building Authority, State Facility, Administration Building Fund, Series A, Callable 04/01/12 @ 100 (FSA) 5.500%, 04/01/16	$	1,000	$	1,094
Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A, Callable 06/01/14 @ 100 5.250%, 12/01/17		1,000		1,081
				2,950
Miscellaneous – 2.4%
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B 4.500%, 12/01/15		1,000		1,010
Revolving Funds – 5.0%
Ohio State Water Development Authority, Escrowed to Maturity, Callable 06/01/05 @ 102 (AMBAC) 5.800%, 12/01/11 (b)		1,000		1,024
Ohio State Water Development Authority, Water Pollution Control, Callable 06/01/12 @ 100 5.050%, 12/01/21		1,000		1,085
				2,109
Tax Revenue – 1.0%
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project, Callable 12/01/13 @ 102 5.250%, 12/01/23		400		407
Transportation – 3.7%
Dayton, James M. Cox Dayton International, Series A, Callable 12/01/13 @ 100 (RAAI) 4.750%, 12/01/14		160		165
4.750%, 12/01/15		165		169
4.750%, 12/01/17		180		182
Ohio State Turnpike Commission, Series A, Pre-refunded 02/15/06 @ 102 (MBIA) 5.700%, 02/15/13 (c)		1,000		1,046
				1,562
Utility – 2.6%
Montgomery County Water, Greater Moraine Beaver, Callable 11/15/12 @ 100 (AMBAC) 5.375%, 11/15/16		1,000		1,091
Total Revenue Bonds				18,728
General Obligations – 50.6%
Cincinnati, Callable 12/01/11 @ 100 5.000%, 12/01/16		1,000		1,058
5.000%, 12/01/17		1,000		1,055
Columbus City School District, School Facilities Construction & Improvement, Callable 06/01/13 @ 100 (FGIC) 5.000%, 12/01/18		2,000		2,112
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC) 5.000%, 12/01/11		1,000		1,083
Dublin City School District, Callable 12/01/14 @ 100 5.500%, 12/01/16		1,000		1,116
Dublin, Refunding & Improvement, Series A, Callable 12/01/09 @ 101 5.250%, 12/01/14		1,000		1,084
Greater Cleveland Regional Transportation Authority, Pre-refunded 12/01/06 @ 101 (FGIC) 5.650%, 12/01/16 (c)		1,000		1,057

Ohio Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Ohio State Common Schools, Series A, Callable 03/15/12 @ 100 5.125%, 09/15/22	$	1,750	$	1,840
Ohio State Higher Education, Series A, Callable 02/01/11 @ 100 5.000%, 02/01/19		1,000		1,046
Ohio State Higher Education, Series A, Callable 02/01/12 @ 100 5.000%, 08/01/22		1,000		1,038
Ohio State Higher Education, Series B, Callable 11/01/11 @ 100 5.000%, 11/01/15		1,000		1,061
Ohio State Infrastructure Improvement, Series A 5.500%, 02/01/20		1,000		1,140
Ohio State Parks & Recreational Facilities, Series II-A, Callable 02/01/15 @ 100 5.250%, 02/01/20		1,000		1,078
Revere Local School District (FSA) 5.000%, 12/01/12		1,150		1,246
Solon, Callable 12/01/12 @ 100 5.000%, 12/01/21		1,000		1,043
Springfield City School District, Callable 12/01/11 @ 102 (FGIC) 5.200%, 12/01/23		1,000		1,060
Summit County, Series R (FGIC) 5.500%, 12/01/21		1,000		1,143
Toledo City School District, School Facilities Improvement, Callable 12/01/13 @ 100 (FSA) 5.000%, 12/01/14		1,000		1,079
Total General Obligations				21,339
Certificate of Participation – 3.2%
Midview Local School District, School Buildings Facilities Project, Callable 05/01/13 @ 100 5.250%, 11/01/17		1,270		1,348
Total Certificate of Participation				1,348
Total Municipal Bonds (Cost $40,522)				41,415
Money Market Fund – 0.4%
Federated Ohio Municipal Cash Trust		173,214		173
Total Money Market Fund (Cost $173)				173
Total Investments – 98.6% (Cost $40,695)				41,588
Other Assets and Liabilities, Net – 1.4%				582
Total Net Assets – 100.0%			$	42,170

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

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

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

AMBAC – American Municipal Bond Assurance Corporation

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

RAAI – Radian Asset Assurance Inc.

VRDO – Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, and is subject to change periodically. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specific intervals not exceeding one year, on up to 30 days notice. Maturity date shown represents final maturity.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Oregon Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.8%
Revenue Bonds – 33.2%
Continuing Care Retirement Community – 1.4%
Clackamas County Hospital Facilities Authority, Mary's Woods, Series A, Callable 05/15/09 @ 102 6.125%, 05/15/13	$	1,000	$	1,048
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes, Callable 11/15/05 @ 104 8.000%, 11/15/26		900		937
				1,985
Economic Development – 1.1%
Port Morrow, Callable 06/01/05 @ 100 6.250%, 06/01/15		1,500		1,503
Education – 4.6%
Multnomah County Educational Facilities, University of Portland, Callable 04/01/07 @ 102 (AMBAC) 5.750%, 04/01/10		2,245		2,402
5.700%, 04/01/15		1,000		1,051
Oregon State Health, Housing, Educational & Cultural Facilities Authority, George Fox University, Series A, Callable 03/01/07 @ 102 (BA) 5.400%, 03/01/09		395		417
5.450%, 03/01/10		415		437
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Reed College, Series A, Callable 07/01/06 @ 102 5.375%, 07/01/15		2,000		2,067
				6,374
Healthcare – 5.9%
Clackamas County Hospital Facilities Authority, Legacy Health Systems, Callable 08/15/09 @ 101 5.250%, 02/15/11		2,000		2,133
5.375%, 02/15/12		1,000		1,058
Medford Hospital Facilities Authority, Asante Health Systems, Callable 08/15/08 @ 101 (MBIA) 5.250%, 08/15/11		1,000		1,063
5.375%, 08/15/12		1,000		1,067
Multnomah County Hospital Facilities Authority, Providence Health Systems, Callable 10/01/14 @ 100 5.250%, 10/01/22		1,000		1,059
Salem Hospital Facilities Authority, Callable 08/15/08 @ 101 5.250%, 08/15/14		1,000		1,046
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A 5.000%, 03/01/12		690		733
				8,159
Housing – 3.3%
Oregon State Housing & Community Services, Series A, Callable 04/01/05 @ 101 5.75%, 07/01/12		2,490		2,515
Oregon State Housing & Community Services, Series A, Callable until 06/30/05 @ 101 4.900%, 07/01/05		1,075		1,081
Oregon State Housing & Community Services, Series A, Callable until 06/30/05 @ 102 6.400%, 07/01/18		345		350

Oregon Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Oregon State Housing & Community Services, Series A, Callable 07/01/06 @ 102 6.000%, 07/01/16	$	70	$	73
Oregon State Housing & Community Services, Series E, Callable 01/01/10 @ 100 (FHA) 5.750%, 07/01/13		515		522
				4,541
Recreational Facility Authority – 0.8%
Portland Urban Renewal & Redevelopment, Convention Center, Series A, Callable 06/15/10 @ 101 (AMBAC) 5.750%, 06/15/15		1,000		1,106
Tax Revenue – 3.3%
Medford Urban Renewal Agency, Callable 01/01/13 @ 101 4.500%, 06/01/13		1,010		1,033
Oregon State Department of Administrative Services Lottery, Series A, Callable 04/01/10 @ 100 (FSA) 5.000%, 04/01/12		1,050		1,115
Oregon State Department of Transportation, Highway User Tax, Callable 11/15/10 @ 100 5.125%, 11/15/14		2,260		2,468
				4,616
Transportation – 4.6%
Oregon State Department of Transportation, Highway User Tax, Series A, Callable 11/15/12 @ 100 5.500%, 11/15/16		1,000		1,123
Oregon State Department of Transportation, Highway User Tax, Series A, Callable 11/15/14 @ 100 5.000%, 11/15/24		1,325		1,385
Port Portland Airport, Series 12-A, Callable 01/01/09 @ 101 (FGIC) 5.250%, 07/01/11		1,165		1,240
5.250%, 07/01/12		2,000		2,124
Tri-County Metropolitan Transportation District, Series 1 (MGT) 4.900%, 06/01/09		500		525
				6,397
Utilities – 8.2%
Eugene Electric Utilities, Callable 08/01/06 @ 100 (FSA) 5.375%, 08/01/11		1,195		1,234
Eugene Electric Utilities, Callable 08/01/07 @ 100 (FSA) 5.000%, 08/01/11		1,305		1,357
Eugene Electric Utilities, Callable 08/01/08 @ 100 (FSA) 4.800%, 08/01/13		690		719
Port of St. Helens Pollution Control, Portland General Electric 4.800%, 04/01/10		2,450		2,488
4.800%, 06/01/10		400		406
Tualatin Valley Water District, Callable 06/01/08 @ 100 (FSA) 5.000%, 06/01/12		1,000		1,049
Washington County Clean Water Services (MBIA) 5.000%, 10/01/14		1,000		1,087

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Oregon Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Washington County Clean Water Services, Callable 10/01/11 @ 100 (FGIC) 5.125%, 10/01/14	$	1,790	$	1,922
Washington County Unified Sewer Agency, Series 1 (FGIC) 5.750%, 10/01/08		1,000		1,088
				11,350
Total Revenue Bonds				48,314
General Obligations – 59.4%
Chemeketa Community College District, Escrowed to Maturity (FGIC) 5.500%, 06/01/13 (a)		2,170		2,441
Clackamas & Washington Counties School District #3, Linn-Wilsonville District, Series A, Zero Coupon Bond (FGIC) 4.415%, 06/15/15 (b)		4,000		2,523
Clackamas County School District #7, Lake Oswego, Callable 06/01/11 @ 100 5.500%, 06/01/12		1,240		1,365
Clackamas County School District #86, Canby, Callable 06/15/10 @ 100 (SBG) 5.500%, 06/15/15		1,835		2,028
Clackamas County School District #86, Canby, Callable 06/15/15 @ 100 (FSA) 5.000%, 06/15/24		1,500		1,572
Columbia County School District #502, Zero Coupon Bond (FGIC) 3.900%, 06/01/12 (b)		1,530		1,149
5.000%, 06/01/16 (b)		1,000		607
Deschutes & Jefferson Counties School District #2, Callable 06/15/11 @ 100 5.500%, 06/15/14		1,725		1,892
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (SBG) 5.000%, 06/15/13		1,250		1,354
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (SBG) 5.090%, 06/15/21 (b)		1,000		459
Deschutes County, Callable 12/01/12 @ 100 (FSA) 5.000%, 12/01/14		1,755		1,879
Eugene Public Safety Facilities, Callable 06/01/06 @ 100 (FGIC) 5.700%, 06/01/16		1,295		1,336
Hood River County School District, Callable 06/15/11 @ 100 (SBG) 5.250%, 06/15/16		1,030		1,110
Jackson County School District #6, Central Point, Callable 06/15/14 @ 100 (FSA) (SBG) 5.250%, 06/15/16		1,140		1,251
Jackson County School District #549, Medford (SBG) 5.000%, 06/15/12		2,000		2,160
Josephine County Unit School District Three Rivers (FGIC) (SBG) 5.000%, 12/15/17		1,000		1,081
Lake Oswego (MBIA) 5.250%, 06/01/13		1,035		1,139
Lane & Douglas Counties School District #97-J (FGIC) (SBG) 5.375%, 06/15/16		1,235		1,381
Lane County School District #4, Eugene (FGIC) 5.000%, 07/01/11		1,785		1,930

Oregon Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Lane County School District #40, Creswell, Callable 06/15/10 @ 100 (SBG) 5.000%, 06/15/11	$	1,120	$	1,196
Lane County School District #52, Bethel, Pre-refunded 06/15/10 @ 100 (SBG) 5.350%, 06/15/11 (c)		1,285		1,411
Linn Benton Community College District, Zero Coupon Bond (FGIC) (SBG) 4.000%, 06/15/08 (b)		985		885
4.210%, 06/15/09 (b)		1,000		862
Linn County Community School District, Callable 06/15/13 @ 100 (FGIC) (SBG) 5.550%, 06/15/21		1,000		1,106
Marion & Polk Counties School District #7-J, Silverton, Callable until 05/31/05 @ 101 (FSA) 5.600%, 06/01/06		860		869
Marion County School District #103C Woodburn, Series B, Zero Coupon Bond (FGIC) 3.700%, 11/01/11 (b)		2,210		1,715
McMinnville School District #40 (FSA) 5.500%, 06/15/12		620		691
5.500%, 06/15/13		1,000		1,115
Metro, Callable 09/01/10 @ 102 5.250%, 09/01/14		1,000		1,090
Metropolitan, Washington Park Zoo, Series A, Callable 01/15/07 @ 100 5.250%, 01/15/10		1,000		1,037
Multnomah County School District #7, Reynolds, Callable 06/15/11 @ 100 (SBG) 5.625%, 06/15/15		1,000		1,118
Multnomah County, Series A, Callable 04/01/10 @ 100 5.000%, 04/01/11		1,000		1,080
5.125%, 04/01/13		2,445		2,655
Multnomah-Clackamas County School District #10, Gresham-Barlow, Callable 06/15/11 @ 100 (FSA) (SBG) 5.500%, 06/15/13		1,780		1,961
Multnomah-Clackamas County School District #10JT, Gresham-Barlow, Callable 06/15/11 @ 100 (FSA) (SBG) 5.500%, 06/15/12		1,000		1,101
Multnomah-Clackamas County School District #28-302, Centennial, Callable 06/15/11 @ 100 (FGIC) (SBG) 5.500%, 06/15/14		1,500		1,667
Oregon State Board of Higher Education, Series A, Callable 08/01/09 @ 101 5.500%, 08/01/15		1,255		1,378
Oregon State Pollution Control, Series A, Callable 11/01/07 @ 100 4.875%, 11/01/11		455		473
Portland Community College Services, Callable 06/01/11 @ 100 5.375%, 06/01/15		1,375		1,491
Portland Emergency Facilities, Series A, Callable 06/01/09 @ 100 5.000%, 06/01/12		1,060		1,121
Puerto Rico Public Buildings Authority, Series J, Callable 07/01/12 @ 100 (AMBAC) (COMGTY) 5.000%, 07/01/36		1,000		1,075
Rogue Community College District, Callable 06/15/15 @ 100 (MBIA) (SBG) 5.000%, 06/15/22		1,000		1,053

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Oregon Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Salem-Keizer School District #24-J, Callable 06/01/08 @ 100 (FSA) 5.100%, 06/01/12	$	2,000	$	2,104
Salem-Keizer School District #24-J, Callable 06/01/09 @ 100 (SBG) 5.250%, 06/01/12		1,000		1,083
Tri-County Metropolitan Transportation District, Light Rail Extension, Series A, Callable 07/01/09 @ 101 5.250%, 07/01/10		1,115		1,206
5.250%, 07/01/12		1,000		1,077
Tualatin Hills Park & Recreation District (FGIC) 5.750%, 03/01/13		870		986
Umatilla County School District #016-R, Pendleton (FGIC) 5.000%, 07/01/11		1,000		1,081
5.250%, 07/01/14		1,540		1,701
Wasco County School District #12 5.500%, 06/15/14		1,080		1,214
Washington & Clackamas Counties School District #23-J, Tigard (FGIC) 5.250%, 06/01/11		1,335		1,460
5.500%, 06/01/13		1,000		1,118
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond 5.820%, 06/15/14 (b)		1,030		690
Washington County 5.500%, 06/01/10		1,000		1,100
Washington County, Callable 06/01/11 @ 100 5.500%, 06/01/14		2,305		2,538
Washington County School District #48-J, Beaverton, Callable 08/01/08 @ 100 5.250%, 08/01/10		2,000		2,143
Washington County School District #48-J, Beaverton, Series B (FSA) 5.000%, 06/01/09		1,115		1,191
Washington, Multnomah & Yamhill Counties School District #1-J 5.000%, 11/01/14		1,000		1,087
Washington, Multnomah & Yamhill Counties School District #1-J, Callable 06/01/09 @ 100 5.250%, 06/01/12		1,185		1,263
Wilsonville, Callable 06/01/08 @ 100 5.000%, 12/01/10		255		255
Yamhill County School District #29-J, Newberg (FGIC) (SBG) 5.250%, 06/15/15 (d)		2,010		2,221
Total General Obligations				82,325
Certificates of Participation – 6.2%
Multnomah County, Prerefunded 08/01/08 @ 101 4.750%, 08/01/11 (c)		515		548
Multnomah County, Callable 08/01/08 @ 101 (MLO) 4.750%, 08/01/11		1,685		1,761
Oregon State Department of Administrative Services, Series A (AMBAC) (MLO) 5.500%, 05/01/07		1,000		1,053
Oregon State Department of Administrative Services, Series A, Callable 05/01/09 @ 101 (AMBAC) (MLO) 5.000%, 05/01/14		1,240		1,318

Oregon Intermediate Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Oregon State Department of Administrative Services, Series A, Callable 05/01/13 @ 100 (FSA) 5.000%, 05/01/14	$	1,200	$	1,290
Oregon State Department of Administrative Services, Series B, Callable 11/01/07 @ 101 (AMBAC) (MLO) 5.000%, 11/01/11		840		883
Oregon State Department of Administrative Services, Series B, Callable 05/01/14 @ 100 (FSA) 5.000%, 05/01/18		1,680		1,784
Total Certificates of Participation				8,637
Total Municipal Bonds (Cost $132,173)				136,993
Affiliated Money Market Fund – 1.5%
First American Tax Free Obligations Fund, Cl Z (e)		2,115,675		2,116
Total Affiliated Money Market Fund (Cost $2,116)				2,116
Total Investments – 100.3% (Cost $134,289)				139,109
Other Assets and Liabilities, Net – (0.3)%				(401	)
Total Net Assets – 100.0%			$	138,708

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

(b) The rate shown is the effective yield at the time of purchase.

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

(d) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $2,229,231 or 1.6% of total net assets. See note 2 in Notes to Financial Statements.

AMBAC – American Municipal Bond Assurance Corporation

BA – Bank of America

Cl – Class

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

MGT – Morgan Guaranty Trust

MLO – Municipal Lease Obligation

SBG – School Board Guaranty

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Short Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 99.0%
Alabama – 2.0%
Foley Utilities Board, Escrowed to Maturity, Callable 09/01/05 @ 100 (RB) 6.000%, 03/01/07 (a)	$	1,500	$	1,587
Homewood Warrant, Sewer 7, Escrowed to Maturity, Callable until 02/28/07 @ 100 6.125%, 03/01/07 (a)		1,340		1,420
Jefferson County Limited Obligation School Warrant, Series A (RB) 5.000%, 01/01/08		3,500		3,650
Mobile Warrant, Escrowed to Maturity, Callable until 02/14/07 @ 100 (GO) 6.200%, 02/15/07 (a)		1,280		1,354
				8,011
Alaska – 1.3%
Anchorage, Series B (GO) (MBIA) 5.000%, 07/01/06		5,000		5,140
Arizona – 3.7%
Arizona State Funding Program, Series 15, Escrowed to Maturity (COP) 8.750%, 08/01/06 (a)		2,115		2,281
8.750%, 08/01/06 (a)		1,410		1,521
Glendale Industrial Development Authority (RB) 4.250%, 05/15/08		1,240		1,265
Salt River Project, Agricultural Improvement & Power District Electrical Systems, Series A (RB) 5.250%, 01/01/06		2,250		2,295
Scottsdale Water & Sewer, Project of 1989, Series E (RB) 7.000%, 07/01/08		1,370		1,532
Tempe Industrial Development Authority, Series A (RB) 4.500%, 12/01/06		1,000		1,008
University Medical Center (PUFG) (RB) 5.000%, 07/01/07		300		311
5.000%, 07/01/08		700		733
5.000%, 07/01/09		500		526
Yavapai County Industrial Development Authority, Waste Management Project, Series A-1, Mandatory Put 03/01/06 @ 100 (AMT) (GTY) (RB) 3.650%, 03/01/28		3,100		3,103
				14,575
California – 6.6%
California State (GO) 5.000%, 06/01/07		5,000		5,214
5.000%, 02/01/08		5,000		5,257
5.000%, 02/01/08		1,000		1,051
California State Department of Water Resources Power Supply, Series B-2 (RB) (VRDO) 2.300%, 05/01/22 (e)		7,500		7,500
California State Public Works Board, Series A (RB) 5.000%, 06/01/09		3,900		4,144
California Statewide Community Development Authority, Daughters of Charity Health (RB) 5.000%, 07/01/09		500		527
Contra Costa Transportation Authority, Series A, Escrowed to Maturity, Callable until 02/28/07 @ 100 (RB) 6.875%, 03/01/07 (a)		2,065		2,172
				25,865

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Colorado – 1.5%
Colorado Health Facilities Authority, Vail Valley Medical Center Project (RB) 4.000%, 01/15/07	$	500	$	503
Denver City & County Airport, Series E (AMT) (RB) (XLCA) 5.000%, 11/15/07		5,000		5,206
				5,709
Florida – 0.9%
Escambia County Health Facilities Authority, Ascension Health Credit, Series A (RB) 5.000%, 11/15/06		815		841
Highlands County Health Facilities Authority, The Adventist Health System, Series B (RB) 3.750%, 11/15/06		2,605		2,634
				3,475
Idaho – 0.5%
Idaho Falls, Escrowed to Maturity, Callable 04/01/05 @ 100 (RB) 10.250%, 04/01/06 (a)		695		722
Idaho Falls, Pre-refunded 04/01/07 @ 100, Callable 04/01/05 @ 100 (RB) 10.375%, 04/01/13 (b)		1,075		1,223
				1,945
Illinois – 7.7%
Champaign County Community Unit School District #4 (GO) 8.300%, 01/01/07		1,120		1,219
Chicago O'Hare International Airport, 2nd Lien, Passenger Facilities, Series C (MBIA) (RB) 5.750%, 01/01/09		1,000		1,086
Chicago Park District, Partially Pre-refunded 05/15/05 @ 102, Callable 05/15/05 @ 102 (GO) 6.350%, 11/15/08 (b)		2,000		2,049
Cook County Community High School District #218, Partially Escrowed to Maturity, Zero Coupon Bond (FSA) (GO) 2.630%, 12/01/05 (a) (c)		1,760		1,731
Cook County Consolidated High School District #200, Oak Park, Zero Coupon Bond (FSA) (GO) 2.070%, 12/01/05 (c)		2,265		2,227
Cook County High School District #209, Proviso Township (FSA) (GO) 2.650%, 12/01/08 (d)		1,485		1,376
Du Page Airport Authority, Series A (FGIC) (RB) 3.000%, 02/01/07		2,000		2,005
Illinois Development Finance Authority, People's Gas, Light & Coke, Series B, Mandatory Put 02/01/08 @ 100 (AMBAC) (RB) 3.050%, 02/01/33 (e)		3,000		2,981
Illinois Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/08 @ 100 (RB) 3.100%, 03/01/34		2,000		1,977
Illinois Finance Authority, DePaul University, Series A (RB) 5.000%, 10/01/07		1,000		1,040
5.000%, 10/01/09		1,000		1,053
5.000%, 10/01/09		1,355		1,429

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) (RB) 3.375%, 12/01/06	$	1,365	$	1,372
Illinois Health Facilities Authority, University of Chicago, Hospital & Health (MBIA) (RB) 5.000%, 08/15/06		1,000		1,029
5.000%, 08/15/07		1,000		1,044
Illinois State Toll Highway Authority, Pre-refunded 07/01/06 @ 100, Callable until 12/31/09 @ 100 (RB) 6.750%, 01/01/10 (b)		30		31
Illinois State, First Series (GO) 4.000%, 12/01/06		2,000		2,040
Lake County Community Unit School District #60, Waukegan, Series A (FSA) (GO) 6.000%, 12/01/05		1,115		1,141
Lake County School District #112, Highland Park (GO) 9.000%, 12/01/06		1,655		1,815
9.000%, 12/01/07		1,000		1,146
Northern University, Escrowed to Maturity (RB) 7.125%, 04/01/05 (a)		720		720
				30,511
Indiana – 4.0%
East Chicago Multi School Building Corporation, Pre-refunded 07/15/06 @ 102 (RB) (STAID) 6.500%, 01/15/16 (b)		1,000		1,067
Gary Sanitation District, Special Tax District (GO) (RAAI) 3.500%, 02/01/07		1,105		1,112
Indiana Health Facility Financing Authority, Ascension Health Credit (RB) 5.000%, 05/01/09		7,000		7,368
Indiana State Development Finance Authority, Waste Management Income Project, Mandatory Put 10/01/05 @ 100 (AMT) (RB) 2.700%, 10/01/31		1,000		997
Indianapolis Industries Local Public Improvement, Airport Authority, Series A (AMT) (FSA) (RB) 5.000%, 01/01/07		5,000		5,158
				15,702
Iowa – 0.1%
Scott County, Ridgecrest Village (RB) 4.000%, 11/15/06		500		499
Kansas – 1.3%
Augusta Electric Generating & Distribution System, Escrowed to Maturity, Callable 05/15/05 @ 100 (RB) 6.700%, 11/15/07 (a)		1,440		1,473
Burlington Pollution Control, Kansas Gas & Electric Company Project, Series B, Callable 06/01/06 @ 100, Mandatory Put 06/01/06 @ 100 (RB) 2.650%, 06/01/31 (e)		2,500		2,498
La Cygne Environmental, Kansas City Power & Light, Mandatory Put 09/01/05 @ 100 (RB) 2.250%, 03/01/18 (e)		1,000		997
				4,968

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Kentucky – 0.2%
Kentucky State Turnpike Authority, Escrowed to Maturity, Callable until 06/30/07 @ 100 (RB) 6.125%, 07/01/07 (a)	$	325	$	337
Owensboro Electric, Light & Power, Escrowed to Maturity, Callable 07/01/05 @ 100 (RB) 6.850%, 01/01/08 (a)		445		472
				809
Louisiana – 2.5%
Louisiana State Health & Education Authority, Lambeth House Project, Pre-refunded 10/01/06 @ 102 (RB) 9.000%, 10/01/26 (b)		1,000		1,110
Louisiana State, Series A (GO) 5.000%, 08/01/09		8,000		8,557
				9,667
Massachusetts – 2.3%
Massachusetts State Housing Finance Agency, Series B (RB) 2.500%, 06/01/06		6,000		5,981
Massachusetts State, Series E (GO) 5.500%, 01/01/09		3,000		3,235
				9,216
Michigan – 4.1%
Michigan Municipal Bond Authority, Series A, Escrowed to Maturity, Callable until 09/30/05 @ 100 (RB) 6.150%, 10/01/05 (a)		1,500		1,528
Michigan State Hospital Finance Authority, Genesys Health System, Series A, Pre-refunded 10/01/05 @ 100 (RB) 7.500%, 10/01/27 (b)		6,620		6,785
Michigan State Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity, Callable until 04/30/09 @ 100 (RB) 7.125%, 05/01/09 (a)		385		414
Michigan State Hospital Finance Authority, Henry Ford Health System, Series A (RB) 5.000%, 03/01/06		1,000		1,017
Michigan State Hospital Finance Authority, Midmichigan Obligated Group, Series A (FSA) (RB) 5.500%, 06/01/06		2,525		2,603
Michigan State Hospital Finance Authority, Oakwood Obligated Group (RB) 5.000%, 11/01/06		1,000		1,029
Michigan State Strategic Fund, Dow-Chemical Project, Mandatory Put 06/01/06 @ 100 (RB) 3.800%, 06/01/14 (e)		1,800		1,806
Michigan Strategic Fund Limited Obligation, Ford Motor Company Project, Series A (RB) 7.100%, 02/01/06		1,085		1,113
				16,295
Minnesota – 3.1%
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) (RB) 3.050%, 06/15/34 (e)		2,000		1,965

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Mendota Heights, Multifamily Housing (RB) (VRDO) 2.230%, 11/01/31 (e)	$	1,000	$	1,000
Minneapolis Healthcare System, Allina Health System, Series A (RB) 5.000%, 11/15/06		1,895		1,952
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N2 (RB) (VRDO) 2.230%, 10/01/32 (e)		2,400		2,400
Minnesota State Higher Education Facilities Authority, Series 4S, Mandatory Put 04/01/08 @ 100 (RB) 4.600%, 04/01/28 (e)		1,200		1,243
Monticello, Big Lake Community Hospital District, Series C (RB) 4.250%, 12/01/07		1,275		1,274
Northwestern Mutual Life Insurance Co. Tax-Exempt Mortgage Trust #1 (RB) 7.605%, 02/15/09 (e)		35		35
St. Cloud Infrastructure Management (GO) (VRDO) 2.180%, 02/01/16 (e)		1,000		1,000
St. Paul Housing & Redevelopment Authority, Cretin-Derham Project (RB) (VRDO) 2.280%, 02/01/26 (e)		1,250		1,250
				12,119
Mississippi – 0.8%
Mississippi State, Escrowed to Maturity (GO) 6.200%, 02/01/08 (a)		3,045		3,269
Missouri – 1.8%
Boone County Hospital (RB) 5.000%, 08/01/06		2,925		2,999
Little Blue Valley Sewer District, Escrowed to Maturity, Callable until 09/30/07 @ 100 (RB) 5.500%, 10/01/07 (a)		1,000		1,062
Missouri State Development Finance Board, Branson, Series A (RB) 5.000%, 12/01/05		1,000		1,014
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Associated Electric CoOp, Thomas Hill (RB) 5.500%, 12/01/06		1,000		1,044
St. Louis International Airport, Series A (FSA) (RB) 5.000%, 07/01/07		1,100		1,143
				7,262
Nebraska – 1.1%
Douglas County Hospital Authority #002, Nebraska Medical Center (GTY) (RB) 5.000%, 11/15/07		1,000		1,044
5.000%, 11/15/08		1,000		1,052
Nebraska Investment Finance Authority, Catholic Health Initiatives, Series A (RB) 5.500%, 12/01/07		2,000		2,114
				4,210
Nevada – 1.5%
Clark County Pollution Control, Series A, Mandatory Put 03/02/09 @ 100 (AMT) (RB) 3.250%, 06/01/31 (e)		3,000		2,925

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Clark County Pollution Control, Series C, Mandatory Put 03/02/09 @ 100 (AMT) (RB) 3.250%, 06/01/31 (e)	$	3,000	$	2,925
				5,850
New Hampshire – 1.1%
New Hampshire State, Series A (GO) 5.000%, 07/15/07		4,220		4,414
New Jersey – 4.5%
New Jersey Economic Development Authority, Arbor Glen Project, Series A, Pre-refunded 05/15/06 @ 102 (RB) 8.000%, 05/15/12 (b)		2,000		2,133
New Jersey Economic Development Authority, Cigarette Tax (RB) 5.000%, 06/15/07		2,000		2,080
New Jersey Economic Development Authority, United Methodist Homes, Pre-refunded 07/01/05 @ 102 (RB) 7.500%, 07/01/20 (b)		4,255		4,390
New Jersey Health Care Facilities Financing Authority, Capital Health Systems, Series A (RB) 5.000%, 07/01/07		2,465		2,543
5.000%, 07/01/08		1,585		1,645
New Jersey State Transportation Corporation, Sub-Federal Transportation Administrative Grants, Series B (COP) 5.000%, 09/15/06		2,025		2,085
New Jersey State Turnpike Authority, Escrowed to Maturity (RB) 6.750%, 01/01/09 (a)		2,585		2,645
				17,521
New Mexico – 1.1%
Farmington, Pre-refunded 07/01/05 @ 100 (RB) 9.875%, 01/01/13 (b)		1,260		1,283
Sandoval County Incentive Payment (RB) 4.250%, 12/01/06		3,000		3,068
				4,351
New York – 6.8%
Long Island Power Authority, Series B (RB) 5.000%, 12/01/06		3,700		3,830
Monroe County Airport Authority, Greater Rochester International (AMT) (MBIA) (RB) 5.000%, 01/01/09		1,175		1,234
New York, Series A (GO) 5.250%, 08/01/08		8,000		8,504
New York, Series G (GO) 5.000%, 08/01/08		1,615		1,704
New York, Series H (GO) 4.000%, 08/01/08		1,675		1,715
New York City Transitional Financial Authority, NYC Recovery, Series 3 (RB) (VRDO) 2.320%, 11/01/22 (e)		4,400		4,400
New York State Dormitory Authority, Mental Health, Series F-1 (RB) 5.000%, 02/15/07		2,000		2,070
Port Authority of New York & New Jersey (AMT) (RB) 5.000%, 07/15/07		3,125		3,255
				26,712

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
North Carolina – 1.7%
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 2.500%, 11/01/07	$	1,000	$	980
North Carolina Medical Care Commission, Novant Health Obligated Group, Series A (RB) 5.000%, 11/01/07		5,325		5,568
				6,548
Ohio – 1.5%
Allen County Economic Development, Young Men's Christian Association, Mandatory Put 04/14/08 @ 100 (RB) 3.000%, 04/15/18 (e)		5,000		4,960
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project (RB) 3.000%, 12/01/06		1,090		1,085
				6,045
Oklahoma – 0.6%
Oklahoma Development Finance Authority, Conocophillips Company Project, Mandatory Put 12/01/05 @ 100 (AMT) (GTY) (RB) (VRDO) 2.420%, 12/01/38 (e)		1,000		998
Ponca City Utility Authority, Escrowed to Maturity, Callable until 06/30/08 @ 100 (RB) 6.000%, 07/01/08 (a)		1,110		1,211
				2,209
Pennsylvania – 2.1%
Chartiers Valley Industrial & Commercial Development Authority, Friendship Village South, Series A (RB) 2.750%, 08/15/05		400		398
3.150%, 08/15/06		400		395
3.450%, 08/15/07		300		295
Hampden Township Sewer Authority, Escrowed to Maturity, Callable until 03/31/07 @ 100 (RB) 6.150%, 04/01/07 (a)		965		1,008
Pennsylvania Higher Education Facilities Authority, University of Pennsylvania, Health Systems, Series B (RB) 5.000%, 08/15/08		5,000		5,227
Ringgold School District Authority, Escrowed to Maturity, Callable until 01/14/08 @ 100 (RB) 6.700%, 01/15/08 (a)		995		1,063
				8,386
Puerto Rico – 3.3%
Puerto Rico Commonwealth, Highway Transportation Authority, Series AA (RB) 5.000%, 07/01/07		7,200		7,503
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/08 @ 100 (GO) 5.000%, 07/01/18 (e)		4,250		4,451
Puerto Rico Electric Power Authority, Series 00 (RB) 4.000%, 07/01/07		1,000		1,020
				12,974

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Rhode Island – 0.3%
Rhode Island State Health & Educational Building, Higher Education Facility, Johnson & Wales (RB) (XLCA) 5.000%, 04/01/07	$	1,000	$	1,039
South Carolina – 2.1%
Charleston County Hospital Facilities, Carealliance Health Services, Series A (RB) 5.000%, 08/15/06		2,210		2,263
5.000%, 08/15/07		700		724
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C (AMT) (RB) 4.500%, 08/01/06		660		669
South Carolina State Ports Authority (AMT) (FSA) (RB) 5.500%, 07/01/07		3,330		3,504
York County School District #4, Fort Mill (GO) 3.000%, 03/01/07		1,100		1,103
				8,263
South Dakota – 0.8%
Sioux Falls Health Facilities, Dow Rummel Village Project, Series B, Mandatory Put 11/15/07 @ 100, Callable until 11/14/07 @ 100 (RB) 4.750%, 11/15/33		1,675		1,672
South Dakota Housing Development Authority, Homeownership Mortgage, Series I (AMT) (RB) 2.850%, 05/01/06		1,600		1,602
				3,274
Tennessee – 0.4%
Sullivan County Health Educational & Housing Facilities, Wellmont Health Systems Project (RB) 4.500%, 09/01/06		1,500		1,513
Texas – 20.6%
Austin, Escrowed to Maturity, Callable until 06/30/05 @ 100 (GO) 8.500%, 07/01/05 (a)		1,500		1,523
Brazos River Authority, Utilities Electric Co., Series B, Mandatory Put 06/19/06 @ 100 (AMT) (RB) 5.050%, 06/01/30 (e)		1,730		1,761
Gulf Coast Waste Disposal Authority, Series C, Mandatory Put 05/01/06 @ 100 (AMT) (RB) 3.200%, 05/01/28		4,000		3,972
Houston (GO) (MBIA) 5.000%, 03/01/07		2,145		2,228
Houston, Escrowed to Maturity (GO) (MBIA) 5.000%, 03/01/07 (a)		2,855		2,965
Houston Airport Systems, Escrowed to Maturity (RB) 8.200%, 07/01/05 (a)		455		462
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Callable 02/15/09 @ 100 (RB) 4.900%, 02/15/10		1,020		1,017
Houston Water & Sewer System, Series A (FSA) (RB) 5.500%, 12/01/06		4,500		4,703
Jefferson County Health Facilities Development Authority, Baptist Hospitals (AMBAC) (FHA) (RB) 4.200%, 08/15/07		1,450		1,486

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Laredo Independent School District (GO) (PSFG) 6.750%, 08/01/08	$	2,150	$	2,391
Lubbock Health Facilities Development, St. Joseph Health Systems (FSA) (RB) 5.000%, 07/01/06		3,470		3,563
5.000%, 07/01/07		7,100		7,403
North Central Texas Health Facility Development, Baylor Health Care Systems Project (RB) 5.500%, 05/15/06		3,500		3,596
5.500%, 05/15/07		1,000		1,046
Northside Independent School District, Series B, Callable 08/01/05 @ 100, Mandatory Put 08/01/06 @ 100 (GO) (PSFG) 2.450%, 08/01/33 (e)		6,800		6,772
Richardson Hospital Authority (RB) 4.000%, 12/01/06		1,165		1,168
5.000%, 12/01/07		1,230		1,259
San Antonio (GO) 3.000%, 02/01/06		1,680		1,685
San Antonio, Escrowed to Maturity (GO) 3.000%, 02/01/06		20		20
Southeast Hospital Financing Agency, Memorial Hospital System Project, Escrowed to Maturity, Callable until 11/30/08 @ 100 (RB) 8.500%, 12/01/08 (a)		670		740
Tarrant Regional Water District (FSA) (RB) 4.000%, 03/01/07		2,000		2,040
5.000%, 03/01/08		2,275		2,397
Texas State Public Finance Authority, Series A (GO) 5.250%, 10/01/07		10,250		10,814
Texas State Turnpike Authority (RB) 5.000%, 06/01/08		7,000		7,394
Texas Tax & Revenue Anticipation Notes 3.000%, 08/31/05		5,000		5,014
Trinity River Authority, Tarrant County Water Project (MBIA) (RB) 3.250%, 02/01/07		2,130		2,143
Tyler Health Facilities Development, Mother Frances Hospital (RB) 5.000%, 07/01/07		575		595
United Independent School District (GO) (PSFG) 8.000%, 08/15/05		1,075		1,097
				81,254
Virgin Islands – 0.4%
Virgin Islands Public Finance Authority (RB) 4.000%, 10/01/05		1,500		1,509
Virgina – 0.6%
Chesapeake Hospital Authority, Chesapeake General Hospital, Series A (RB) 5.000%, 07/01/07		2,300		2,377
Washington – 2.5%
Clark County Public Utility District #001, Electric (MBIA) (RB) 4.000%, 01/01/07		1,000		1,019
Clark County Public Utility District #001, Generating Systems (MBIA) (RB) 4.000%, 01/01/07		1,000		1,019
Energy Northwest Electric, Columbia General Station, Series F (MBIA) (RB) 5.000%, 07/01/07		1,000		1,044

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Washington State, Series E (GO) 6.000%, 07/01/07	$	5,000	$	5,328
Washington State Housing Finance Commission, Presbyterian Ministries, Series A, Pre-refunded 07/01/06 @ 102 (RB) 6.850%, 07/01/21 (b)		1,390		1,488
				9,898
West Virginia – 0.7%
Putnam County Pollution Control, Appalachian Power Company Project, Series E, Mandatory Put 11/01/06 @ 100 (RB) 2.800%, 05/01/19 (e)		3,000		2,965
Wisconsin – 0.9%
Wisconsin State Health & Educational Facilities Authority, Childrens Hospital of Wisconsin, Series A (RB) 4.500%, 08/15/08		1,500		1,555
Wisconsin State Health & Educational Facilities Authority, Gundersen Lutheran, Series A (FSA) (RB) 5.000%, 02/15/08		1,000		1,049
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Series A (RB) 5.000%, 08/15/07		1,000		1,040
				3,644
Total Municipal Bonds (Cost $390,316)				389,993
Total Investments – 99.0% (Cost $390,316)				389,993
Other Assets and Liabilities, Net – 1.0%				3,957
Total Net Assets – 100.0%			$	393,950

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

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

(d) 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.

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

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $39,274,234, which represents 10.0% of net assets.

COP – Certificate of Participation

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GO – General Obligation

GTY – Guaranty

MBIA – Municipal Bond Insurance Association

PSFG – Permanent School Fund Guarantee

PUFG – Permanent University Fund Guarantee

RAAI – Radian Asset Assurance Inc.

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Short Tax Free Fund (concluded)

RB – Revenue Bond

STAID – State Aid Withholding

VRDO – Variable Rate Demand Obligation. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, and is subject to change periodically. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specific intervals not exceeding one year, on up to 30 days notice. Maturity date shown represents final maturity.

XLCA – XL Capital Assurance Inc.

Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.4%
Alabama – 0.9%
Bessemer Water Revenue, Callable 07/01/06 @ 102 (AMBAC) (RB) 5.750%, 07/01/16	$	2,500	$	2,635
Camden Industrial Development Board Weyerhauser Company, Series A, Callable 12/01/13 @ 100 (RB) 6.125%, 12/01/24		1,000		1,096
Camden Industrial Development Board Weyerhauser Company, Series B, Callable 12/01/13 @ 100 (AMT) (RB) 6.375%, 12/01/24		350		379
				4,110
Alaska – 2.0%
Alaska Energy Authority, Bradley Lake, Third Series (FSA) (RB) 6.000%, 07/01/10		1,000		1,119
6.000%, 07/01/11		4,040		4,559
Alaska State Housing Finance Corporation, Series A, Callable 12/01/05 @ 105 (MBIA) (RB) 5.700%, 12/01/11		505		519
Alaska State Housing Finance Corporation, Series A, Callable 06/01/07 @ 102 (MBIA) (RB) 5.900%, 12/01/19		1,000		1,041
Anchorage, Series B, Callable 07/01/12 @ 100 (MBIA) (GO) 5.000%, 07/01/22		2,000		2,076
				9,314
Arizona – 1.9%
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 (RB) 7.500%, 11/15/23		3,000		3,029
Arizona State Transportation Board, Callable 07/01/09 @ 100 (RB) 6.000%, 07/01/12		3,830		4,214
Tempe Industrial Development Authority, Friendship Villiage Project, Series A (RB) 5.375%, 12/01/13		1,300		1,300
				8,543
California – 8.2%
Alameda Corridor Transportation Authority, Series A, Zero Coupon Bond (AMBAC) (RB) 5.720%, 10/01/30 (a)		15,000		3,913
California State, Callable 04/01/09 @ 101 (GO) 4.750%, 04/01/22		500		504
California State, Callable 02/01/13 @ 100 (GO) 5.000%, 02/01/21		5,500		5,698
California State, Callable 02/01/14 @ 100 (GO) 5.000%, 02/01/33		2,000		2,034
California State Department of Water, Series A, Callable 05/01/12 @ 101 (RB) 5.375%, 05/01/22		4,500		4,814
California State Public Works Board Mental Health-Coalinga, Series A, Callable 06/01/14 @ 100 (RB) 5.500%, 06/01/19		3,000		3,273
California Statewide Communities Development Authority, Los Angeles Jewish Home, Callable 11/01/13 @ 100 (CMI) (RB) 5.250%, 11/15/23		4,000		4,169

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT) (RB) 4.900%, 03/01/23	$	2,500	$	2,458
Golden State Tobacco Securitization, Series B, Callable 06/01/13 @ 100 (RB) 5.500%, 06/01/33		6,940		7,380
Vernon, Malburg Generating Station Project, Pre-refunded 04/01/08 @ 100 (RB) 5.500%, 04/01/33 (b)		3,000		3,223
				37,466
Colorado – 4.2%
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) (RB) 5.700%, 07/01/29		1,590		1,647
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/11 @ 100 (RB) 7.250%, 12/01/21 (b)		1,500		1,808
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B, Callable 12/01/12 @ 101 (RB) 6.125%, 12/01/33		1,150		1,218
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 10/01/12 @ 100 (RB) 5.900%, 10/01/27		2,500		2,639
Colorado State Health Facilities Authority, Parkview Medical Center, Callable 09/01/11 @ 100 (RB) 6.500%, 09/01/20		1,000		1,084
Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100 (RB) 5.800%, 01/15/27		1,500		1,564
E-470 Public Highway Authority, Capital Appreciation, Series A, Zero Coupon Bond (MBIA) (RB) 5.350%, 09/01/34 (a)		19,000		3,963
La Junta Hospital, Arkansas Valley Medical Center Project, Callable 04/01/09 @ 101 (RB) 6.000%, 04/01/19		1,000		1,042
Montrose Memorial Hospital, Callable 12/01/13 @ 102 (RB) 6.000%, 12/01/28		1,000		1,013
6.000%, 12/01/33		1,000		1,005
Northwest Parkway Public Highway Authority, Zero Coupon Bond (AMBAC) (RB) 6.290%, 06/15/29 (a)		10,000		2,497
				19,480
Florida – 2.9%
Capital Trust Agency, Fort Lauderdale Project, Callable 01/01/14 @ 101 (AMT) (RB) 5.750%, 01/01/32		1,000		992
Florida State Department of Transportation Right-of-Way, Callable 07/01/06 @ 101 (GO) 5.250%, 07/01/17		5,525		5,726
Florida State Department of Transportation, Alligator Alley, Callable 07/01/07 @ 101 (FGIC) (RB) 5.125%, 07/01/13		1,280		1,346

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Palm Beach County, Park & Recreational Facilities, Callable 11/01/06 @ 102 (FSA) (RB) 5.250%, 11/01/16	$	5,000	$	5,263
				13,327
Georgia – 2.7%
Fulton County Developement Authority, Maxon Atlantic Station, Series A (AMT) (RB) 5.125%, 03/01/26		2,300		2,258
Fulton County Residential Care Facilities, Canterbury Court Project, Series A, Callable 02/15/14 @ 101 (RB) 6.125%, 02/15/26		1,500		1,502
6.125%, 02/15/34		2,500		2,455
Gainesville & Hall County Hospital Authority, Northeast Georgia Health Systems Project, Callable 05/15/11 @ 100 (RB) 5.500%, 05/15/31		5,000		5,122
Georgia Municipal Electric Authority Power, Series BB (MBIA) (RB) 5.250%, 01/01/25		1,000		1,104
				12,441
Hawaii – 1.9%
Hawaii State, Series CN, Callable 03/01/07 @ 102 (FGIC) (GO) 5.500%, 03/01/14		8,000		8,505
Illinois – 11.6%
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC) (RB) 7.500%, 08/01/10 (c)		1,080		1,208
Cook County, Series A (MBIA) (GO) 6.250%, 11/15/12		9,090		10,514
Cook County Community School District #97, Oak Park, Series B (FGIC) (GO) 9.000%, 12/01/11		2,235		2,919
Illinois Development Finance Authority, Adventist Health System, Callable 11/15/09 @ 101 (RB) 5.500%, 11/15/29		5,000		5,125
Illinois Health Facilities Authority, Condell Medical Center, Callable 05/15/12 @ 100 (RB) 5.500%, 05/15/32		2,500		2,427
Illinois Health Facilities Authority, Covenant Retirement Communities, Callable 12/01/11 @ 101 (RB) 5.875%, 12/01/31		4,500		4,605
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A, Callable 12/01/12 @ 100 (RAAI) (RB) 5.500%, 12/01/22		4,000		4,222
Illinois Health Facilities Authority, Lutheran Senior Ministries, Series A, Callable 08/15/11 @ 101 (RB) 7.375%, 08/15/31		3,000		3,179
Illinois State, Pre-refunded 05/01/06 @ 102 (MBIA) (GO) 5.750%, 05/01/21 (b)		1,410		1,479
Illinois State, Pre-refunded 02/01/07 @ 101 (FGIC) (GO) 5.250%, 02/01/13 (b)		1,400		1,465

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Illinois State Development Finance Authority, Pollution Control Illinois Power Company Project, Series A, Pre-refunded 07/01/06 @ 102 (RB) 7.375%, 07/01/21 (b)	$	500	$	537
Illinois State Development Finance Authority, Waste Management Project (AMT) (RB) 5.850%, 02/01/07		1,000		1,036
Illinois State Educational Facilities Authority, Augustana College, Pre-refunded 10/01/07 @ 100 (CLE) (RB) 5.875%, 10/01/17 (b)		500		535
Illinois State Educational Facilities Authority, Augustana College, Pre-refunded 10/01/08 @ 100 (RB) 5.250%, 10/01/18 (b)		1,000		1,066
Illinois State Toll Highway Authority, Series A (RB) 6.300%, 01/01/12		1,000		1,148
McHenry County Community Unit, School District #20 Woodstock, Series A, Pre-refunded 01/01/08 @ 100 (FSA) (GO) 5.850%, 01/01/16 (b)		1,840		1,977
5.850%, 01/01/16 (b)		560		596
Metropolitan Pier & Exposition Authority, McCormick Place, Illinois Dedicated State Tax, Class B, Zero Coupon Bond (MBIA) (RB) 5.650%, 06/15/22 (a)		5,000		2,902
Northern Illinois University, Auxiliary Facilities Systems, Partially Pre-refunded 04/01/07 @ 100 (FGIC) (RB) 5.700%, 04/01/16 (b)		1,000		1,048
Rock Island, Friendship Manor Project (RB) 7.000%, 06/01/06		490		489
Rockford Multifamily Housing, Rivers Edge Apartments, Series A, Callable 01/20/08 @ 102 (AMT) (GNMA) (RB) 5.875%, 01/20/38		1,215		1,235
Southern Illinois University, Housing & Auxiliary, Series A, Zero Coupon Bond (MBIA) (RB) 5.500%, 04/01/20 (a)		2,280		1,090
St. Clair County, Callable 10/01/09 @ 102 (FGIC) (GO) 6.000%, 10/01/11		2,020		2,265
				53,067
Indiana – 3.2%
Crown Point, Multi-School Building Corporation, First Mortgage (MBIA) (RB) 7.875%, 01/15/06		2,630		2,736
Indiana State Municipal Power Agency, Power Supply, Series B (MBIA) (RB) 6.000%, 01/01/11		1,000		1,124
6.000%, 01/01/12		1,000		1,134
Indiana Transportation Finance Authority, Series A (AMBAC) (MLO) (RB) 5.000%, 11/01/07		2,000		2,102
Indiana Transportation Finance Authority, Series A (AMBAC) (RB) 5.750%, 06/01/12		3,185		3,588
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (AMT) (GTY) (RB) 5.100%, 01/15/17		3,000		3,153

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Lake County Redevelopment Authority, Callable until 01/31/06 @ 102 (MBIA) (MLO) (RB) 6.500%, 02/01/16	$	800	$	818
				14,655
Iowa – 1.0%
Iowa Higher Education Loan Authority, Central College Project, Callable 10/01/11 @ 100 (RAAI) (RB) 5.500%, 10/01/31		1,500		1,569
Iowa Higher Education Loan Authority, Private College Facility – Simpson College, Callable 12/01/10 @ 102 (RB) 5.100%, 12/01/35		2,000		1,928
Muscatine Electric, Escrowed to Maturity, Callable until 12/31/12 @ 100 (RB) 6.700%, 01/01/13 (c)		920		1,033
				4,530
Louisiana – 1.5%
Baton Rouge Sales & Use Tax, Public Improvements, Series A, Callable 08/01/08 @ 101.50 (FGIC) (RB) 5.250%, 08/01/15		2,030		2,173
Jefferson Parish, Drain Sales Tax (AMBAC) (RB) 5.000%, 11/01/11		1,000		1,081
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity, Callable until 07/31/11 @ 100 (FGIC) (FHA) (RB) 7.100%, 08/01/11 (c)		1,000		1,163
Lafayette, Public Improvement Sales Tax, Series B (FGIC) (RB) 7.000%, 03/01/08		1,000		1,108
Louisiana Public Facilities Authority, Tulane University of Louisiana, Series A-1, Callable 11/15/07 @ 102 (MBIA) (RB) 5.100%, 11/15/14		1,500		1,596
				7,121
Massachusetts – 0.5%
Boston Industrial Development Financing Authority, Crosstown Center Project, Callable 09/01/12 @ 102 (AMT) (RB) 6.500%, 09/01/35		2,500		2,390
Michigan – 2.2%
Haslett Public School District, Pre-refunded 05/01/07 @ 100 (MBIA) (GO) 5.700%, 05/01/16 (b)		1,200		1,267
Kent Hospital Financial Authority, Metropolitan Hospital Project, Series A, Callable 07/01/15 @ 100 (RB) 5.250%, 07/01/30 (d)		2,000		1,987
Lanse Creuse, Public Schools, Callable 05/01/07 @ 100 (AMBAC) (GO) 5.250%, 05/01/16		1,000		1,047
Thornapple Kellogg School Building & Site, Callable 11/01/12 @ 100 (MQSBLF) (GO) 5.500%, 05/01/14		1,485		1,633
5.500%, 05/01/16		1,810		1,990
Ypsilanti School District, Pre-refunded 05/01/07 @ 100 (FGIC) (GO) 5.600%, 05/01/12 (b)		2,000		2,108
				10,032

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota – 3.9%
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 (RB) 6.000%, 06/01/29	$	650	$	624
Fergus Falls Health Care Facilities Authority Broen Memorial Home, Series A, Callable until 10/31/05 @ 102 (RB) 7.000%, 11/01/19		150		151
Minneapolis Health Care System, Fairview Health Services, Series A, Callable 05/15/12 @ 101 (RB) 5.625%, 05/15/32		7,000		7,367
Minnesota Agricultural & Economic Development Board, Health Care System Fairview, Series A, Callable 11/15/10 @ 101 (RB) 6.375%, 11/15/29		3,000		3,258
Minnesota State Housing Finance Agency, Single Family Housing (AMT) (RB) 4.400%, 07/01/07		1,430		1,466
Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 (RB) 6.200%, 12/01/22		2,995		3,109
Shakopee Health Care Facilities St. Francis Regional Medical Center, Callable 09/01/14 @100 (RB) 5.250%, 09/01/34		1,000		1,008
St. Anthony Housing & Redevelopment Authority Chandler Place Project, Callable 05/20/06 @ 102 (FHA) (GNMA) (RB) 6.250%, 11/20/25		1,000		1,055
				18,038
Missouri – 0.8%
Cape Girardeau County Authority, Southeast Missouri Hospital, Callable 06/01/12 @ 100 (RB) 5.750%, 06/01/32		2,500		2,560
Sugar Creek, Lafarge North America, Series A, Callable 06/01/13 @ 101 (AMT) (RB) 5.650%, 06/01/37		1,000		1,025
				3,585
Nebraska – 1.9%
Douglas County Zoo Facility, Omaha's Henry Doorly Zoo Project, Callable until 08/31/24 @ 100 (RB) 4.750%, 09/01/24 (d)		3,000		2,951
Hastings Electrical Systems, Callable 05/01/11 @ 100 (FSA) (RB) 5.000%, 01/01/15		1,000		1,057
Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100 (RB) 5.250%, 12/15/15		500		517
5.350%, 12/15/18		540		556
Nebraska Educational Finance Authority, Midland Lutheran College, Series A, Callable 09/15/13 @ 100 (RB) 5.600%, 09/15/29		1,800		1,768
Washington County Wastewater Facilities, Cargill Project, Callable 11/01/12 @ 101 (RB) 5.900%, 11/01/27		1,700		1,838
				8,687

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Nevada – 2.3%
Carson City, Carson-Tahoe Hospital Project, Callable 09/01/12 @ 101 (RB) 5.750%, 09/01/31	$	5,000	$	5,110
Clark County Industrial Development, Southwest Gas Corporation Project, Series A, Callable 07/01/14 @ 100 (AMBAC) (AMT) (RB) 5.250%, 07/01/34		4,000		4,135
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B, Callable 11/15/14 @ 100 (RB) 6.750%, 11/15/23		1,300		1,328
				10,573
New Hampshire – 0.5%
New Hampshire Health & Educational Facilities Authority, Covenant Health, Callable 07/01/14 @ 100 (RB) 5.375%, 07/01/24		1,250		1,269
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital, Callable 07/01/15 @ 100 (RB) 5.875%, 07/01/34		800		807
				2,076
New Jersey – 0.8%
Camden County, Municipal Utilities Authority Sewer Revenue Refunding, Series C, Callable 07/15/08 @ 101 (FGIC) (GO) 5.100%, 07/15/12		3,500		3,717
New York – 0.8%
New York, Series C, Callable 03/15/12 @ 100 (GO) 5.250%, 03/15/32		3,590		3,715
Ohio – 2.0%
Cincinnati Water System, Callable 06/01/11 @ 100 (RB) 5.000%, 12/01/20		125		131
Cleveland Waterworks, Series H, Pre-refunded 01/01/06 @ 102 (MBIA) (RB) 5.750%, 01/01/16 (b)		1,460		1,524
Lucas County Port Authority, Crocker Park Public Improvement Project, Callable 12/01/13 @ 102 (GO) 5.250%, 12/01/23		2,000		2,036
Ohio State Higher Education, Series B, Callable 11/01/11 @ 100 (GO) 5.000%, 11/01/16		1,500		1,587
Ohio State Higher Educational Facility, Baldwin-Wallace College Project, Callable 06/01/14 @ 100 (RB) 5.125%, 12/01/17		1,490		1,540
5.250%, 12/01/19		1,540		1,597
Ohio State Water Development Authority, Pre-refunded 06/01/05 @ 101 (MBIA) (RB) 5.250%, 12/01/09 (b)		1,000		1,015
				9,430
Oregon – 1.5%
Washington County Unified Sewer Agency, Series 1 (FGIC) (RB) 5.750%, 10/01/10		6,110		6,825

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Pennsylvania – 1.9%
Chester Upland School Authority, Series A, Callable 09/01/07 @ 100 (FSA) (RB) 5.250%, 09/01/17	$	2,000	$	2,090
Erie County Industrial Development Authority, International Paper Company Project, Series A, Callable 11/01/14 @ 100 (AMT) (RB) 5.000%, 11/01/18		1,350		1,352
Pennsylvania State, Callable 03/15/07 @ 101.50 (AMBAC) (GO) 5.125%, 09/15/11		5,000		5,256
				8,698
Puerto Rico – 1.3%
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) (GO) 5.250%, 07/01/33		4,000		4,191
Puerto Rico Public Finance, Series A, Callable 02/01/12 @ 100, Mandatory Put 02/01/12 @ 100 (RB) 5.750%, 08/01/27 (e)		1,000		1,092
Puerto Rico Public Improvements, Pre-refunded 07/01/10 @ 100 (MBIA) (GO) 5.750%, 07/01/26 (b)		500		554
				5,837
Rhode Island – 1.2%
Rhode Island State, Series A, Pre-refunded 08/01/07 @ 101 (MBIA) (GO) 5.125%, 08/01/12 (b)		5,055		5,353
South Carolina – 1.0%
Lexington County Health Services District, Lexington Medical Center, Callable 11/01/13 @ 100 (RB) 5.500%, 11/01/23		2,000		2,082
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A, Callable 08/01/13 @ 100 (RB) 6.125%, 08/01/23		1,250		1,334
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Callable 08/01/13 @ 100 (RB) 6.375%, 08/01/34		1,250		1,334
				4,750
South Dakota – 2.1%
Sioux Falls School District #49-5, Series B, Callable 07/01/16 @ 100 (GO) 4.750%, 07/01/20		510		526
Sioux Falls, Dow Rummel Village Project, Series A, Callable 11/15/12 @ 100 (RB) 6.625%, 11/15/23		2,200		2,223
South Dakota Economic Development Finance Authority, DTS Project, Series A, Callable 04/01/09 @ 102 (AMT) (RB) 5.500%, 04/01/19		1,055		1,092
South Dakota Economic Development Finance Authority, Pooled Loan Project - Davis Family, Series 4-A, Callable 04/01/14 @ 100 (AMT) (RB) 6.000%, 04/01/29		1,400		1,452
South Dakota State Health & Educational Facilities Authority Avera Health (AMBAC) (RB) 2.270%, 07/01/24		4,360		4,360
				9,653

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Tennessee – 2.7%
Johnson City Health & Educational Facilities Authority Mountain States Health, Series A, Callable 07/01/12 @ 103 (RB) 7.500%, 07/01/33	$	2,500	$	2,949
Shelby County Health, Educational & Housing Facilities Board Methodist Healthcare, Escrowed to Maturity, Callable 09/01/12 @ 100 (RB) 6.500%, 09/01/21 (c)		1,125		1,317
Shelby County Health, Educational & Housing Facilities Board Methodist Healthcare, Pre-refunded 09/01/12 @ 100 (RB) 6.500%, 09/01/21 (b)		1,875		2,204
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Callable 09/01/12 @ 101 (RB) 6.250%, 09/01/32		5,500		5,852
				12,322
Texas – 15.4%
Abilene Health Facilities Development, Sears Methodist Retirement Project, Callable 05/15/09 @ 101 (RB) 5.875%, 11/15/18		500		503
6.000%, 11/15/29		2,000		1,914
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A, Callable 11/15/08 @ 101 (RB) 5.875%, 11/15/18		2,500		2,513
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A, Callable 11/15/13 @ 101 (RB) 7.000%, 11/15/33		4,000		4,182
Bexar County Housing Finance Authority, American Opportunity Housing, Series A, Callable 01/01/11 @ 102 (MBIA) (RB) 5.800%, 01/01/31		2,000		2,074
Brazos River Authority PCR-Texas Utility Company, Callable 04/01/13 @ 101 (AMT) (RB) 7.700%, 04/01/33		2,500		2,946
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/12 @ 100 (AMT) (RB) 5.700%, 05/15/33		2,500		2,714
Crawford Education Facilities, University of St. Thomas Project, Callable 10/01/12 @ 100 (RB) 5.250%, 10/01/22		1,300		1,317
5.375%, 10/01/27		1,750		1,782
Cypress-Fairbanks Independent School District, Callable 02/15/10 @ 100 (PSFG) (GO) 5.500%, 02/15/18		5,000		5,478
Fort Bend Independent School District, Pre-refunded 02/15/05 @ 100 (PSFG) (GO) 5.000%, 02/15/14 (b)		500		544
Harris County Health Facilities Development, Memorial Hospital Systems Project, Series A, Callable 06/01/07 @ 102 (MBIA) (RB) 5.500%, 06/01/17		8,000		8,481
Laredo Independent School District (PSFG) (GO) 6.750%, 08/01/09		2,290		2,599

FIRST AMERICAN FUNDS Semiannual Report 2005

Schedule of Investments March 31, 2005 (unaudited)

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Red River Authority Sewer & Solidwaste Disposal Excel Corporation Project, Callable 02/01/12 @ 101 (AMT) (RB) 6.100%, 02/01/22	$	3,775	$	3,953
Remington Municipal Utility District #1, Series A, Callable 09/01/08 @ 100 (RAAI) (GO) 5.800%, 09/01/25		1,000		1,064
Richardson Hospital Authority Richardson Regional Hospital, Callable 12/01/13 @ 100 (RB) 6.000%, 12/01/34		9,500		9,807
San Antonio Independent School District, Callable 08/15/08 @ 100 (PSFG) (GO) 5.125%, 08/15/14		6,000		6,397
Spring Branch Independent School District, Callable 02/01/10 @ 100 (PSFG) (GO) 5.750%, 02/01/25		2,400		2,646
Texas Employment Commission, Callable 07/15/05 @ 100 (MLO) (COP) 8.300%, 08/01/05		45		46
8.350%, 02/01/06		20		20
8.350%, 08/01/06		50		51
8.400%, 08/01/07		25		25
8.450%, 08/01/08		55		56
Texas Employment Commission, Emnora Lane Project (MLO) (COP) 7.900%, 05/01/05		25		25
7.900%, 11/01/05		25		25
8.000%, 11/01/06		30		30
8.050%, 05/01/07		20		20
Texas State, Water Development, Callable 08/01/06 @ 100 (GO) 5.400%, 08/01/21		6,750		6,945
Texas Water Development Board, Series A, Callable 07/15/06 @ 100 (RB) 5.500%, 07/15/10		2,500		2,585
				70,742
Utah – 0.3%
Intermountain Power Agency, Utah Power Supply, Series A (AMBAC) (RB) 6.500%, 07/01/11		365		422
Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC) (RB) 6.500%, 07/01/11 (c)		635		738
				1,160
Virginia – 0.2%
Arlington County Industrial Development Authority, Berkeley Apartments, Callable 12/01/10 @ 102 (AMT) (FNMA) (RB) 5.850%, 12/01/20		1,000		1,080
Washington – 6.5%
Energy Northwest, Washington Wind Project, Pre-refunded 01/01/07 @ 103 (RB) 5.600%, 07/01/15 (b)		4,640		4,974
King County, Series F, Callable 12/01/07 @ 100 (GO) 5.125%, 12/01/14		5,000		5,230
King County School District #415, Callable 12/01/07 @ 100 (MBIA) (GO) 5.350%, 12/01/16		4,050		4,260

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Snohomish County Public Utilities District #1, Escrowed to Maturity, Callable 10/01/05 @ 100 (RB) 6.750%, 01/01/12 (c)	$	1,000	$	1,134
Washington State, Series C, Callable 01/01/07 @ 100 (GO) 5.500%, 01/01/17		4,190		4,347
Washington State Motor Vehicle Fuel Tax, Series D, Callable 01/01/07 @ 100 (FGIC) (GO) 5.375%, 01/01/22		8,000		8,255
Washington State Public Power Supply System, Nuclear Project #3, Series A, Callable 07/01/07 @ 102 (FSA) (RB) 5.250%, 07/01/16		1,000		1,059
Washington State Public Power Supply System, Nuclear Project #3, Series B (RB) 7.125%, 07/01/16		600		750
				30,009
Wisconsin – 4.8%
Amery, Apple River Hospital Project, Callable 06/01/08 @ 100 (RB) 5.700%, 06/01/13		1,440		1,475
Wisconsin State, Series C, Pre-refunded 05/01/07 @ 100 (FGIC) (GO) 5.500%, 05/01/10 (b)		2,095		2,205
Wisconsin State Health & Educational Facilities Authority, Attic Angel Obligation Group, Callable 11/15/08 @ 102 (RB) 5.750%, 11/15/27		1,000		932
Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A, Callable 08/15/14 @ 100 (RB) 6.750%, 08/15/34		1,000		1,025
Wisconsin State Health & Educational Facilities Authority, Beloit Memorial Hospital, Callable until 06/30/05 @ 101 (RB) 5.800%, 07/01/09		555		557
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project, Callable 12/01/11 @ 100 (RB) 6.000%, 12/01/24		1,000		993
Wisconsin State Health & Educational Facilities Authority, Franciscan Skemp Medical Center, Callable 11/15/05 @ 102 (RB) 6.125%, 11/15/15		1,000		1,038
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B, Callable 02/15/12 @ 100 (RB) 6.000%, 02/15/25		3,500		3,655
Wisconsin State Health & Educational Facilities Authority, Meriter Hospital, Callable 12/01/06 @ 102 (MBIA) (RB) 6.000%, 12/01/17		2,000		2,126
Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A, Callable 12/01/11 @ 101 (RB) 7.000%, 12/01/31		2,000		2,021
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A, Callable 04/01/14 @ 100 (RB) 6.250%, 04/01/34		2,000		1,950

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Tax Free Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Wisconsin State Health & Educational Facilities Authority, Synergy Health, Callable 08/15/13 @ 100 (RB) 6.000%, 11/15/23	$	1,500	$	1,594
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Callable 02/15/12 @ 100 (RB) 5.750%, 08/15/30		2,500		2,630
				22,201
Wyoming – 0.8%
Teton County Hospital District, St. John's Medical Center, Callable 06/01/12 @ 101 (RB) 6.750%, 12/01/22		2,100		2,143
6.750%, 12/01/27		1,500		1,512
				3,655
Total Municipal Bonds (Cost $420,599)				447,087
Affiliated Money Market Fund – 2.6%
First American Tax Free Obligations Fund, Cl Z (f)		12,117,417		12,117
Total Affiliated Money Market Fund (Cost $12,117)				12,117
Total Investments – 100.0% (Cost $432,716)				459,204
Other Assets and Liabilities, Net – (0.0)%				(74	)
Total Net Assets – 100.0%			$	459,130

(a) The rate shown is the effective yield at the time of purchase.

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

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

(d) Security purchased on a when-issued basis. On March 31, 2005, the total cost of investments purchased on a when-issued basis was $4,924,270 or 1.1% of total net assets. See note 2 in Notes to Financial Statements.

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

(f) 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.

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of March 31, 2005, the aggregate market value of securities subject to the AMT was $36,763,394, which represents 8.0% of net assets.

Cl – Class

CLE – Connie Lee Insurance Company

CMI – California Mortgage Insurance Program

COMGTY – Commonwealth Guaranty

COP – Certificate of Participation

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

GO – General Obligation

GTY – Guaranty

Tax Free Fund (concluded)

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MQSBLF – Michigan Qualified School Board Loan Fund Program

PSFG – Permanent School Fund Guarantee

RAAI – Radian Asset Assurance Inc.

RB – Revenue Bond

FIRST AMERICAN FUNDS Semiannual Report 2005

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

	Arizona Tax Free Fund			California Intermediate Tax Free Fund		California Tax Free Fund		Colorado Intermediate Tax Free Fund			Colorado Tax Free Fund		Intermediate Tax Free Fund		Minnesota Intermediate Tax Free Fund		Minnesota Tax Free Fund			Missouri Tax Free Fund		Nebraska Tax Free Fund		Ohio Tax Free Fund		Oregon Intermediate Tax Free Fund		Short Tax Free Fund			Tax Free Fund
ASSETS:
Investments in unaffiliated securities, at value*	$	21,310		$	52,813	$	28,200	$	49,245		$	20,498	$	650,796	$	235,727	$	161,899		$	174,490	$	36,332	$	41,588	$	136,993	$	389,993		$	447,087
Investments in affiliated money market fund, at value**		-			-		-		881			-		1,504		-		-			3,564		2,928		-		2,116		-			12,117
Cash		-			-		-		-			-		-		-		-			-		-		-		-		101			-
Receivable for dividends and interest		273			599		305		600			273		8,188		2,663		2,165			2,170		491		595		1,866		4,970			6,495
Receivable for investment securities sold		-			1,513		-		-			795		2,988		-		-			-		-		-		-		-			-
Receivable for capital shares sold		-			115		-		250			-		410		58		59			348		107		-		101		171			90
Prepaid expenses and other assets		5			4		7		4			7		20		7		9			7		7		7		6		17			25
Total assets		21,588			55,044		28,512		50,980			21,573		663,906		238,455		164,132			180,579		39,865		42,190		141,082		395,252			465,814
LIABILITIES:
Bank overdraft		-			-		-		-			592		-		-		-			-		-		-		-		-			-
Payable for investment securities purchased		-			2,653		500		-			-		6,564		1,097		-			1,544		1,719		-		2,229		-			5,874
Payable for capital shares redeemed		5			4		-		71			6		818		250		20			19		56		-		58		1,079			514
Payable for advisory, co-administration, and custodian fees		6			29		11		29			8		398		143		97			104		15		17		79		211			274
Payable for distribution and shareholder servicing fees		3			1		3		2			4		5		4		23			6		2		-		1		1			10
Accrued expenses and other liabilities		2			3		2		3			3		16		9		7			7		2		3		7		11			12
Total liabilities		16			2,690		516		105			613		7,801		1,503		147			1,680		1,794		20		2,374		1,302			6,684
Net assets	$	21,572		$	52,354	$	27,996	$	50,875		$	20,960	$	656,105	$	236,952	$	163,985		$	178,899	$	38,071	$	42,170	$	138,708	$	393,950		$	459,130
COMPOSITION OF NET ASSETS:
Portfolio capital	$	20,105		$	50,110	$	26,430	$	48,137		$	18,950	$	622,961	$	226,917	$	155,728		$	171,007	$	36,670	$	41,247	$	133,409	$	394,436		$	432,595
Undistributed (distribution in excess of) net investment income		20			3		7		(4	)		36		184		153		164			38		39		18		-		200			109
Accumulated net realized gain (loss) on investments		(2	)		39		-		132			228		99		603		(1	)		524		3		12		479		(363	)		(62	)
Net unrealized appreciation (depreciation) of investments		1,449			2,202		1,559		2,610			1,746		32,861		9,279		8,094			7,330		1,359		893		4,820		(323	)		26,488
Net assets	$	21,572		$	52,354	$	27,996	$	50,875		$	20,960	$	656,105	$	236,952	$	163,985		$	178,899	$	38,071	$	42,170	$	138,708	$	393,950		$	459,130
* Investments in unaffiliated securities, at cost	$	19,861		$	50,611	$	26,641	$	46,635		$	18,752	$	617,935	$	226,448	$	153,805		$	167,160	$	34,973	$	40,695	$	132,173	$	390,316		$	420,599
** Investments in affiliated money market fund, at cost	$	-		$	-	$	-	$	881		$	-	$	1,504	$	-	$	-		$	3,564	$	2,928	$	-	$	2,116	$	-		$	12,117
Class A:
Net assets	$	9,389		$	4,055	$	8,859	$	15,376		$	8,863	$	33,493	$	33,493	$	108,939		$	27,603	$	6,181	$	1,055	$	8,259	$	5,357		$	38,046
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		843			393		794		1,440			790		3,080		3,311		9,811			2,290		588		102		823		547			3,465
Net asset value and redemption price per share	$	11.13		$	10.31	$	11.15	$	10.68		$	11.22	$	10.87	$	10.11	$	11.10		$	12.06	$	10.51	$	10.30	$	10.04	$	9.80		$	10.98
Maximum offering price per share (1)	$	11.62		$	10.55	$	11.64	$	10.93		$	11.72	$	11.12	$	10.34	$	11.59		$	12.60	$	10.98	$	10.76	$	10.27	$	10.03		$	11.47
Class C:
Net assets	$	1,579			-	$	1,342		-		$	3,803		-		-	$	9,766		$	188	$	1,740	$	123		-		-		$	2,700
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		142			-		121		-			340		-		-		883			16		167		12		-		-			247
Net asset value, offering price, and redemption price per share (2)	$	11.12			-	$	11.16		-		$	11.20		-		-	$	11.06		$	12.03	$	10.43	$	10.20		-		-		$	10.93
Class Y:
Net assets	$	10,604		$	48,299	$	17,795	$	35,499		$	8,294	$	622,612	$	203,459	$	45,280		$	151,108	$	30,150	$	40,992	$	130,449	$	388,593		$	418,384
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		952			4,676		1,595		3,332			738		57,353		20,210		4,083			12,528		2,869		3,976		12,995		39,658			38,070
Net asset value, offering price, and redemption price per share	$	11.14		$	10.33	$	11.16	$	10.65		$	11.23	$	10.86	$	10.07	$	11.09		$	12.06	$	10.51	$	10.31	$	10.04	$	9.80		$	10.99

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2005

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

	Arizona Tax Free Fund			California Intermediate Tax Free Fund			California Tax Free Fund			Colorado Intermediate Tax Free Fund			Colorado Tax Free Fund			Intermediate Tax Free Fund			Minnesota Intermediate Tax Free Fund			Minnesota Tax Free Fund			Missouri Tax Free Fund			Nebraska Tax Free Fund			Ohio Tax Free Fund			Oregon Intermediate Tax Free Fund			Short Tax Free Fund			Tax Free Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	521		$	1,162		$	640		$	1,199		$	577		$	15,978		$	5,676		$	4,127		$	4,146		$	845		$	864		$	3,175		$	6,444		$	11,802
Dividends from affiliated money market fund		-			-			-			7			2			51			-			-			13			8			-			6			85			39
Total investment income		521			1,162			640			1,206			579			16,029			5,676			4,127			4,159			853			864			3,181			6,529			11,841
EXPENSES:
Investment advisory fees		53			128			68			129			58			1,656			615			417			450			94			105			358			1,030			1,148
Co-administration fees and expenses (including transfer agent fees)		30			70			39			71			33			908			337			227			245			53			58			195			568			627
Custodian fees		1			3			1			2			1			33			12			8			9			2			2			7			21			23
Directors' fees		-			1			-			1			-			8			3			2			2			-			-			2			5			6
Registration fees		5			2			3			2			3			-			2			5			5			3			2			2			12			17
Professional fees		6			7			6			7			6			28			15			13			13			6			7			12			21			22
Printing		-			-			-			1			-			8			3			2			2			-			-			2			5			5
Other		-			1			-			1			-			21			3			2			3			1			1			2			6			6
Distribution and shareholder servicing fees – Class A		12			5			12			18			13			44			44			141			34			7			1			11			8			49
Distribution and shareholder servicing fees – Class C		8			-			7			-			19			-			-			50			1			10			1			-			-			14
Total expenses		115			217			136			232			133			2,706			1,034			867			764			176			177			591			1,676			1,917
Less: Fee waivers		(45	)		(35	)		(52	)		(41	)		(50	)		(361	)		(147	)		(110	)		(99	)		(68	)		(71	)		(83	)		(435	)		(251	)
Total net expenses		70			182			84			191			83			2,345			887			757			665			108			106			508			1,241			1,666
Investment income – net		451			980			556			1,015			496			13,684			4,789			3,370			3,494			745			758			2,673			5,288			10,175
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET
Net realized gain (loss) on investments		(2	)		40			1			132			228			864			608			-			547			7			29			513			(125	)		79
Net change in unrealized appreciation or depreciation of investments		(289	)		(870	)		(341	)		(1,292	)		(632	)		(14,902	)		(5,221	)		(1,140	)		(3,437	)		(526	)		(746	)		(3,608	)		(6,493	)		(3,967	)
Net loss on investments		(291	)		(830	)		(340	)		(1,160	)		(404	)		(14,038	)		(4,613	)		(1,140	)		(2,890	)		(519	)		(717	)		(3,095	)		(6,618	)		(3,888	)
Net increase (decrease) in net assets resulting from operations	$	160		$	150		$	216		$	(145	)	$	92		$	(354	)	$	176		$	2,230		$	604		$	226		$	41		$	(422	)	$	(1,330	)	$	6,287

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

	Arizona Tax Free Fund						California Intermediate Tax Free Fund						California Tax Free Fund						Colorado Intermediate Tax Free Fund						Colorado Tax Free Fund						Intermediate Tax Free Fund						Minnesota Intermediate Tax Free Fund
	10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04
	(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS:
Investment income – net	$	451		$	902		$	980		$	1,910		$	556		$	1,130		$	1,015		$	2,441		$	496		$	1,086		$	13,684		$	29,117		$	4,789		$	10,291
Net realized gain (loss) on investments		(2	)		230			40			358			1			274			132			631			228			177			864			3,586			608			796
Net change in unrealized appreciation or depreciation of investments		(289	)		17			(870	)		(628	)		(341	)		(104	)		(1,292	)		(1,415	)		(632	)		(145	)		(14,902	)		(11,098	)		(5,221	)		(3,173	)
Net increase (decrease) in net assets resulting from operations		160			1,149			150			1,640			216			1,300			(145	)		1,657			92			1,118			(354	)		21,605			176			7,914
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(208	)		(413	)		(69	)		(154	)		(188	)		(415	)		(304	)		(660	)		(223	)		(515	)		(729	)		(1,374	)		(656	)		(1,251	)
Class C		(32	)		(60	)		-			-			(24	)		(43	)		-			-			(79	)		(152	)		-			-			-			-
Class Y		(235	)		(414	)		(920	)		(1,780	)		(361	)		(681	)		(811	)		(1,748	)		(220	)		(431	)		(13,517	)		(27,568	)		(4,076	)		(9,017	)
Net realized gain on investments:
Class A		(99	)		(50	)		(25	)		(13	)		(89	)		(84	)		(44	)		-			(77	)		(90	)		(194	)		(38	)		(114	)		(59	)
Class C		(18	)		(8	)		-			-			(13	)		(9	)		-			-			(30	)		(29	)		-			-			-			-
Class Y		(113	)		(41	)		(332	)		(141	)		(149	)		(117	)		(124	)		-			(70	)		(68	)		(3,485	)		(799	)		(683	)		(444	)
Total distributions		(705	)		(986	)		(1,346	)		(2,088	)		(824	)		(1,349	)		(1,283	)		(2,408	)		(699	)		(1,285	)		(17,925	)		(29,779	)		(5,529	)		(10,771	)
CAPITAL SHARE TRANSACTIONS (1):
Class A:
Proceeds from sales		1,029			1,820			786			1,820			268			1,756			2,705			2,059			220			879			4,199			15,334			3,204			13,308
Reinvestment of distributions		254			397			69			128			227			413			251			471			259			542			743			1,138			574			940
Payments for redemptions		(661	)		(5,214	)		(92	)		(2,787	)		(952	)		(3,770	)		(1,130	)		(10,910	)		(1,957	)		(4,575	)		(5,756	)		(14,985	)		(4,567	)		(9,940	)
Increase (decrease) in net assets from Class A transactions		622			(2,997	)		763			(839	)		(457	)		(1,601	)		1,826			(8,380	)		(1,478	)		(3,154	)		(814	)		1,487			(789	)		4,308
Class C:
Proceeds from sales		177			372			-			-			60			577			-			-			409			273			-			-			-			-
Reinvestment of distributions		40			50			-			-			36			49			-			-			103			172			-			-			-			-
Payments for redemptions		(184	)		(698	)		-			-			(18	)		(439	)		-			-			(393	)		(924	)		-			-			-			-
Increase (decrease) in net assets from Class C transactions		33			(276	)		-			-			78			187			-			-			119			(479	)		-			-			-			-
Class Y:
Proceeds from sales		1,492			2,320			3,349			8,208			3,667			4,068			4,181			2,159			734			1,223			54,534			98,239			8,283			21,189
Reinvestment of distributions		45			27			68			29			24			22			44			8			10			13			2,562			2,319			193			333
Payments for redemptions		(191	)		(2,150	)		(964	)		(5,478	)		(1,562	)		(3,260	)		(5,465	)		(11,728	)		(1,642	)		(1,255	)		(54,535	)		(152,459	)		(17,335	)		(41,022	)
Increase (decrease) in net assets from Class Y transactions		1,346			197			2,453			2,759			2,129			830			(1,240	)		(9,561	)		(898	)		(19	)		2,561			(51,901	)		(8,859	)		(19,500	)
Increase (decrease) in net assets from capital share transactions		2,001			(3,076	)		3,216			1,920			1,750			(584	)		586			(17,941	)		(2,257	)		(3,652	)		1,747			(50,414	)		(9,648	)		(15,192	)
Total increase (decrease) in net assets		1,456			(2,913	)		2,020			1,472			1,142			(633	)		(842	)		(18,692	)		(2,864	)		(3,819	)		(16,532	)		(58,588	)		(15,001	)		(18,049	)
Net assets at beginning of period		20,116			23,029			50,334			48,862			26,854			27,487			51,717			70,409			23,824			27,643			672,637			731,225			251,953			270,002
Net assets at end of period	$	21,572		$	20,116		$	52,354		$	50,334		$	27,996		$	26,854		$	50,875		$	51,717		$	20,960		$	23,824		$	656,105		$	672,637		$	236,952		$	251,953
Undistributed (distributions in excess of) net investment income at end of period	$	20		$	44		$	3		$	12		$	7		$	24		$	(4	)	$	96		$	36		$	62		$	184		$	746		$	153		$	96

(1) 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

Statements of Changes in Net Assets in thousands

	Minnesota Tax Free Fund						Missouri Tax Free Fund						Nebraska Tax Free Fund						Ohio Tax Free Fund						Oregon Intermediate Tax Free Fund						Short Tax Free Fund						Tax Free Fund
	10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04			10/01/04 to 03/31/05			10/01/03 to 09/30/04
	(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
OPERATIONS:
Investment income – net	$	3,370		$	6,945		$	3,494		$	7,270		$	745		$	1,416		$	758		$	1,477		$	2,673		$	5,538		$	5,288		$	11,631		$	10,175		$	21,168
Net realized gain (loss) on investments		-			851			547			913			7			(5	)		29			115			513			530			(125	)		(238	)		79			4,298
Net change in unrealized appreciation or depreciation of investments		(1,140	)		(1,049	)		(3,437	)		(1,413	)		(526	)		91			(746	)		120			(3,608	)		(1,354	)		(6,493	)		(6,917	)		(3,967	)		(4,320	)
Net increase (decrease) in net assets resulting from operations		2,230			6,747			604			6,770			226			1,502			41			1,712			(422	)		4,714			(1,330	)		4,476			6,287			21,146
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,232	)		(4,878	)		(510	)		(1,014	)		(114	)		(178	)		(18	)		(38	)		(156	)		(324	)		(82	)		(170	)		(826	)		(1,741	)
Class C		(180	)		(421	)		(3	)		(8	)		(35	)		(60	)		(2	)		(7	)		-			-			-			-			(53	)		(142	)
Class Y		(935	)		(1,970	)		(3,030	)		(6,239	)		(622	)		(1,153	)		(761	)		(1,393	)		(2,539	)		(5,228	)		(5,319	)		(11,193	)		(9,273	)		(19,659	)
Net realized gain on investments:
Class A		(553	)		(947	)		(139	)		(75	)		-			(17	)		(3	)		(8	)		(30	)		(66	)		-			(44	)		(379	)		(405	)
Class C		(49	)		(93	)		(1	)		(1	)		-			(6	)		-			(2	)		-			-			-			-			(28	)		(46	)
Class Y		(210	)		(358	)		(783	)		(437	)		-			(99	)		(130	)		(358	)		(481	)		(1,095	)		-			(2,391	)		(4,002	)		(4,411	)
Total distributions		(4,159	)		(8,667	)		(4,466	)		(7,774	)		(771	)		(1,513	)		(914	)		(1,806	)		(3,206	)		(6,713	)		(5,401	)		(13,798	)		(14,561	)		(26,404	)
CAPITAL SHARE TRANSACTIONS (1):
Class A:
Proceeds from sales		3,592			7,430			1,388			3,852			1,623			1,430			224			810			753			2,426			1,546			3,312			1,641			8,839
Reinvestment of distributions		2,246			5,356			357			564			55			120			14			20			118			244			66			164			1,013			1,855
Payments for redemptions		(10,595	)		(22,419	)		(666	)		(5,313	)		(332	)		(1,516	)		(359	)		(469	)		(1,095	)		(2,041	)		(2,471	)		(3,434	)		(4,068	)		(12,976	)
Increase (decrease) in net assets from Class A transactions		(4,757	)		(9,633	)		1,079			(897	)		1,346			34			(121	)		361			(224	)		629			(859	)		42			(1,414	)		(2,282	)
Class C:
Proceeds from sales		331			854			2			2			201			547			60			112			-			-			-			-			211			462
Reinvestment of distributions		216			480			5			8			26			49			-			2			-			-			-			-			77			181
Payments for redemptions		(1,054	)		(2,766	)		(32	)		(70	)		(320	)		(389	)		(55	)		(206	)		-			-			-			-			(219	)		(2,823	)
Increase (decrease) in net assets from Class C transactions		(507	)		(1,432	)		(25	)		(60	)		(93	)		207			5			(92	)		-			-			-			-			69			(2,180	)
Class Y:
Proceeds from sales		5,246			6,064			11,017			15,823			3,615			4,887			5,415			5,782			6,990			17,962			49,388			163,207			32,227			44,937
Reinvestment of distributions		123			239			215			269			44			63			131			263			336			779			317			3,494			697			1,184
Payments for redemptions		(2,459	)		(10,775	)		(9,533	)		(30,637	)		(2,804	)		(3,318	)		(2,947	)		(6,189	)		(11,335	)		(25,235	)		(73,853	)		(135,099	)		(23,664	)		(85,368	)
Increase (decrease) in net assets from Class Y transactions		2,910			(4,472	)		1,699			(14,545	)		855			1,632			2,599			(144	)		(4,009	)		(6,494	)		(24,148	)		31,602			9,260			(39,247	)
Increase (decrease) in net assets from capital share transactions		(2,354	)		(15,537	)		2,753			(15,502	)		2,108			1,873			2,483			125			(4,233	)		(5,865	)		(25,007	)		31,644			7,915			(43,709	)
Total increase (decrease) in net assets		(4,283	)		(17,457	)		(1,109	)		(16,506	)		1,563			1,862			1,610			31			(7,861	)		(7,864	)		(31,738	)		22,322			(359	)		(48,967	)
Net assets at beginning of period		168,268			185,725			180,008			196,514			36,508			34,646			40,560			40,529			146,569			154,433			425,688			403,366			459,489			508,456
Net assets at end of period	$	163,985		$	168,268		$	178,899		$	180,008		$	38,071		$	36,508		$	42,170		$	40,560		$	138,708		$	146,569		$	393,950		$	425,688		$	459,130		$	459,489
Undistributed net investment income at end of period	$	164		$	141		$	38		$	87		$	39		$	65		$	18		$	41		$	-		$	22		$	200		$	313		$	109		$	86

(1) 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 (Losses) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (3)			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
Arizona Tax Free Fund
Class A
	2005	(1)	$	11.42	$	0.23		$	(0.14	)	$	(0.25	)	$	(0.13	)	$	11.13		0.75	%	$	9,389		0.75	%		4.19	%		1.15	%		3.79	%		2	%
	2004			11.33		0.49			0.12			(0.47	)		(0.05	)		11.42		5.50			9,008		0.75			4.16			1.12			3.79			21
	2003			11.41		0.46			(0.06	)		(0.45	)		(0.03	)		11.33		3.61			11,928		0.75			4.03			1.09			3.69			37
	2002			10.99		0.48			0.44			(0.48	)		(0.02	)		11.41		8.69			12,413		0.75			4.40			1.37			3.78			30
	2001			10.45		0.55			0.53			(0.54	)		-			10.99		10.50			13,971		0.25			5.10			1.45			3.90			19
	2000	(2)		10.00		0.36			0.45			(0.36	)		-			10.45		8.21			9,668		0.25			5.31			1.80			3.76			27
Class C
	2005	(1)	$	11.41	$	0.21		$	(0.14	)	$	(0.23	)	$	(0.13	)	$	11.12		0.55	%	$	1,579		1.15	%		3.79	%		1.90	%		3.04	%		2	%
	2004			11.31		0.43			0.14			(0.42	)		(0.05	)		11.41		5.17			1,588		1.15			3.76			1.87			3.04			21
	2003			11.40		0.42			(0.08	)		(0.40	)		(0.03	)		11.31		3.10			1,857		1.15			3.63			1.84			2.94			37
	2002			10.98		0.44			0.44			(0.44	)		(0.02	)		11.40		8.28			2,910		1.15			4.00			2.12			3.03			30
	2001			10.44		0.53			0.51			(0.50	)		-			10.98		10.15			2,003		0.65			4.66			1.84			3.47			19
	2000	(2)		10.00		0.34			0.44			(0.34	)		-			10.44		7.88			22		0.65			4.95			2.72			2.88			27
Class Y
	2005	(1)	$	11.43	$	0.25		$	(0.15	)	$	(0.26	)	$	(0.13	)	$	11.14		0.87	%	$	10,604		0.50	%		4.45	%		0.90	%		4.05	%		2	%
	2004			11.33		0.50			0.15			(0.50	)		(0.05	)		11.43		5.85			9,520		0.50			4.42			0.87			4.05			21
	2003			11.41		0.48			(0.06	)		(0.47	)		(0.03	)		11.33		3.86			9,244		0.50			4.28			0.84			3.94			37
	2002			10.99		0.51			0.44			(0.51	)		(0.02	)		11.41		8.95			10,656		0.50			4.64			1.12			4.02			30
	2001			10.45		0.57			0.53			(0.56	)		-			10.99		10.76			5,822		-			5.33			1.19			4.14			19
	2000	(2)		10.00		0.37			0.45			(0.37	)		-			10.45		8.36			2,670		-			5.53			1.53			4.00			27
California Intermediate Tax Free Fund
Class A
	2005	(1)	$	10.55	$	0.19		$	(0.16	)	$	(0.19	)	$	(0.08	)	$	10.31		0.25	%	$	4,055		0.85	%		3.68	%		1.08	%		3.45	%		10	%
	2004			10.64		0.40			(0.05	)		(0.41	)		(0.03	)		10.55		3.36			3,381		0.85			3.78			1.06			3.57			20
	2003			10.80		0.41			(0.14	)		(0.41	)		(0.02	)		10.64		2.58			4,262		0.85			3.86			1.06			3.65			17
	2002			10.41		0.42			0.39			(0.42	)		-			10.80		8.01			4,870		0.85			4.01			1.14			3.72			23
	2001			10.02		0.44			0.39			(0.44	)		-			10.41		8.41			3,392		0.70			4.25			1.21			3.74			12
	2000			9.89		0.43			0.13			(0.43	)		-			10.02		5.84			2,344		0.70			4.35			1.18			3.87			23
Class Y
	2005	(1)	$	10.57	$	0.20		$	(0.16	)	$	(0.20	)	$	(0.08	)	$	10.33		0.32	%	$	48,299		0.70	%		3.83	%		0.83	%		3.70	%		10	%
	2004			10.66		0.41			(0.05	)		(0.42	)		(0.03	)		10.57		3.51			46,953		0.70			3.93			0.81			3.82			20
	2003			10.81		0.43			(0.14	)		(0.42	)		(0.02	)		10.66		2.83			44,600		0.70			4.02			0.81			3.91			17
	2002			10.43		0.43			0.38			(0.43	)		-			10.81		8.05			45,212		0.70			4.16			0.89			3.97			23
	2001			10.04		0.44			0.39			(0.44	)		-			10.43		8.39			43,647		0.70			4.26			0.96			4.00			12
	2000			9.89		0.43			0.15			(0.43	)		-			10.04		6.05			43,262		0.70			4.36			0.93			4.13			23
California Tax Free Fund
Class A
2005 (1) $11.40			$	0.22	$	(0.14	)		$(			0.22	)	$	(0.11	)	$	11.15		0.73	%	$	8,859		0.75	%		3.93	%		1.11	%		3.57	%		1	%
	2004			11.40		0.46			0.08			(0.46	)		(0.08	)		11.40		4.93			9,513		0.75			4.03			1.09			3.69			16
	2003			11.63		0.47			(0.16	)		(0.47	)		(0.07	)		11.40		2.85			11,143		0.75			4.16			1.08			3.83			20
	2002			11.17		0.48			0.50			(0.47	)		(0.05	)		11.63		9.10			12,954		0.75			4.26			1.31			3.70			33
	2001			10.66		0.52			0.50			(0.51	)		-			11.17		9.73			18,139		0.25			4.75			1.35			3.65			19
	2000	(2)		10.00		0.35			0.66			(0.35	)		-			10.66		10.23			6,029		0.25			5.20			1.85			3.60			12
Class C
	2005	(1)	$	11.41	$	0.20		$	(0.14	)	$	(0.20	)	$	(0.11	)	$	11.16		0.53	%	$	1,342		1.15	%		3.53	%		1.86	%		2.82	%		1	%
	2004			11.41		0.41			0.09			(0.42	)		(0.08	)		11.41		4.52			1,294		1.15			3.65			1.84			2.96			16
	2003			11.64		0.43			(0.16	)		(0.43	)		(0.07	)		11.41		2.45			1,101		1.15			3.75			1.83			3.07			20
	2002			11.18		0.42			0.52			(0.43	)		(0.05	)		11.64		8.69			1,115		1.15			3.86			2.06			2.95			33
	2001			10.66		0.47			0.51			(0.46	)		-			11.18		9.42			647		0.65			4.38			1.75			3.28			19
	2000	(2)		10.00		0.32			0.66			(0.32	)		-			10.66		9.95			34		0.65			5.12			2.25			3.52			12
Class Y
	2005	(1)	$	11.40	$	0.24		$	(0.13	)	$	(0.24	)	$	(0.11	)	$	11.16		0.95	%	$	17,795		0.50	%		4.18	%		0.86	%		3.82	%		1	%
	2004			11.40		0.48			0.09			(0.49	)		(0.08	)		11.40		5.19			16,047		0.50			4.29			0.84			3.95			16
	2003			11.63		0.49			(0.15	)		(0.50	)		(0.07	)		11.40		3.11			15,243		0.50			4.40			0.83			4.07			20
	2002			11.17		0.49			0.52			(0.50	)		(0.05	)		11.63		9.36			11,853		0.50			4.51			1.06			3.95			33
	2001			10.66		0.54			0.50			(0.53	)		-			11.17		9.99			6,726		-			5.00			1.10			3.90			19
	2000	(2)		10.00		0.37			0.65			(0.36	)		-			10.66		10.38			4,766		-			5.42			1.59			3.83			12

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

(3) 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 (3)			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
Colorado Intermediate Tax Free Fund
Class A
	2005	(1)	$	10.98	$	0.21		$	(0.25	)	$	(0.23	)	$	(0.03	)	$	-		$	10.68		(0.36	)%	$	15,376		0.85	%		3.83	%		1.08	%		3.60	%		5	%
	2004			11.08		0.45			(0.11	)		(0.44	)		-			-			10.98		3.12			13,969		0.85			4.00			1.06			3.79			4
	2003			11.12		0.41			(0.02	)		(0.43	)		-			-			11.08		3.64			22,555		0.85			3.79			1.06			3.58			14
	2002			10.79		0.47			0.32			(0.46	)		-			-			11.12		7.56			15,244		0.85			4.48			1.11			4.22			15
	2001			10.28		0.46			0.52			(0.47	)		-			-			10.79		9.75			8,320		0.70			4.55			1.34			3.91			24
	2000			10.32		0.48			(0.04	)		(0.48	)		-			-			10.28		4.40			3,485		0.70			4.66			1.25			4.11			42
Class Y
	2005	(1)	$	10.95	$	0.22		$	(0.25	)	$	(0.24	)	$	(0.03	)	$	-		$	10.65		(0.29	)%	$	35,499		0.70	%		3.99	%		0.83	%		3.86	%		5	%
	2004			11.05		0.46			(0.11	)		(0.45	)		-			-			10.95		3.29			37,748		0.70			4.15			0.81			4.04			4
	2003			11.10		0.43			(0.03	)		(0.45	)		-			-			11.05		3.71			47,854		0.70			3.94			0.81			3.83			14
	2002			10.76		0.49			0.33			(0.48	)		-			-			11.10		7.83			48,398		0.70			4.60			0.86			4.44			15
	2001			10.26		0.48			0.49			(0.47	)		-			-			10.76		9.67			47,907		0.70			4.58			1.09			4.19			24
	2000			10.29		0.48			(0.03	)		(0.48	)		-			-			10.26		4.51			52,885		0.70			4.66			1.00			4.36			42
Colorado Tax Free Fund
Class A
	2005	(1)	$	11.52	$	0.25		$	(0.21	)	$	(0.25	)	$	(0.09	)	$	-		$	11.22		0.35	%	$	8,863		0.75	%		4.27	%		1.13	%		3.89	%		8	%
	2004			11.57		0.51			0.02			(0.50	)		(0.08	)		-			11.52		4.71			10,598		0.75			4.25			1.09			3.91			12
	2003			11.65		0.50			(0.10	)		(0.48	)		-			-			11.57		3.53			13,843		0.75			4.23			1.07			3.91			14
	2002			11.09		0.48			0.56			(0.47	)		(0.01	)		-			11.65		9.72			19,633		0.75			4.32			1.30			3.77			22
	2001			10.42		0.54			0.66			(0.53	)		-			-			11.09		11.78			20,550		0.25			5.03			1.42			3.86			23
	2000	(2)		10.00		0.35			0.42			(0.35	)		-			-			10.42		7.80			8,068		0.25			5.28			1.80			3.73			36
Class C
	2005	(1)	$	11.50	$	0.22		$	(0.20	)	$	(0.23	)	$	(0.09	)	$	-		$	11.20		0.15	%	$	3,803		1.15	%		3.87	%		1.88	%		3.14	%		8	%
	2004			11.56		0.44			0.03			(0.45	)		(0.08	)		-			11.50		4.21			3,787		1.15			3.85			1.84			3.16			12
	2003			11.63		0.44			(0.08	)		(0.43	)		-			-			11.56		3.23			4,284		1.15			3.83			1.82			3.16			14
	2002			11.08		0.44			0.56			(0.44	)		(0.01	)		-			11.63		9.23			3,705		1.15			3.95			2.05			3.05			22
	2001			10.41		0.49			0.67			(0.49	)		-			-			11.08		11.41			1,698		0.65			4.61			1.82			3.44			23
	2000	(2)		10.00		0.34			0.41			(0.34	)		-			-			10.41		7.52			156		0.65			4.92			2.58			2.99			36
Class Y
	2005	(1)	$	11.53	$	0.26		$	(0.20	)	$	(0.27	)	$	(0.09	)	$	-		$	11.23		0.47	%	$	8,294		0.50	%		4.52	%		0.88	%		4.14	%		8	%
	2004			11.59		0.52			0.03			(0.53	)		(0.08	)		-			11.53		4.87			9,439		0.50			4.51			0.84			4.17			12
	2003			11.67		0.51			(0.09	)		(0.50	)		-			-			11.59		3.78			9,516		0.50			4.49			0.82			4.17			14
	2002			11.10		0.48			0.60			(0.50	)		(0.01	)		-			11.67		10.07			9,244		0.50			4.59			1.05			4.04			22
	2001			10.43		0.58			0.64			(0.55	)		-			-			11.10		12.02			1,923		-			5.32			1.18			4.14			23
	2000	(2)		10.00		0.37			0.42			(0.36	)		-			-			10.43		8.05			2,430		-			5.47			1.53			3.94			36
Intermediate Tax Free Fund
Class A
2005 (1) $11.18			$	0.22	$	(0.24	)	$	(0.23	)		$(			0.06	)	$	-		$	10.87		(0.18	)%	$	33,493		0.85	%		3.99	%		1.05	%		3.79	%		6	%
	2004			11.30		0.44			(0.10	)		(0.45	)		(0.01	)		-			11.18		3.06			35,276		0.85			3.98			1.05			3.78			10
	2003			11.32		0.44			(0.03	)		(0.43	)		-			-			11.30		3.74			34,231		0.85			3.91			1.05			3.71			15
	2002			10.95		0.43			0.40			(0.43	)		-			(0.03	)		11.32		7.78			29,838		0.85			3.87			1.03			3.69			28
	2001			10.48		0.48			0.46			(0.47	)		-			-			10.95		9.19			23,236		0.70			4.43			1.13			4.00			12
	2000			10.45		0.48			0.04			(0.49	)		-			-			10.48		5.10			8,994		0.70			4.61			1.12			4.19			29
Class Y
	2005	(1)	$	11.16	$	0.23		$	(0.23	)	$	(0.24	)	$	(0.06	)	$	-		$	10.86		(0.02	)%	$	622,612		0.70	%		4.14	%		0.80	%		4.04	%		6	%
	2004			11.28		0.46			(0.11	)		(0.46	)		(0.01	)		-			11.16		3.22			637,361		0.70			4.13			0.80			4.03			10
	2003			11.30		0.46			(0.03	)		(0.45	)		-			-			11.28		3.90			696,994		0.70			4.05			0.80			3.95			15
	2002			10.93		0.44			0.40			(0.44	)		-			(0.03	)		11.30		7.95			485,592		0.70			4.04			0.78			3.96			28
	2001			10.46		0.48			0.46			(0.47	)		-			-			10.93		9.21			458,743		0.70			4.43			0.87			4.26			12
	2000			10.43		0.48			0.04			(0.49	)		-			-			10.46		5.11			375,279		0.70			4.62			0.87			4.45			29

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

(3) 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			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
Minnesota Intermediate Tax Free Fund
Class A
	2005	(1)	$	10.34	$	0.19	$	(0.20	)	$	(0.19	)	$	(0.03	)	$	10.11		(0.08	)%	$	33,493		0.85	%		3.77	%		1.06	%		3.56	%		4	%
	2004			10.44		0.39		(0.08	)		(0.39	)		(0.02	)		10.34		3.03			35,047		0.85			3.77			1.05			3.57			8
	2003			10.51		0.40		(0.04	)		(0.41	)		(0.02	)		10.44		3.55			31,044		0.85			3.85			1.05			3.65			15
	2002			10.21		0.43		0.29			(0.42	)		-			10.51		7.23			19,914		0.85			4.27			1.03			4.09			15
	2001			9.80		0.44		0.41			(0.44	)		-			10.21		8.85			12,408		0.70			4.38			1.13			3.95			13
	2000			9.79		0.45		0.02			(0.45	)		(0.01	)		9.80		4.94			12,469		0.70			4.59			1.12			4.17			18
Class Y
	2005	(1)	$	10.29	$	0.20	$	(0.19	)	$	(0.20	)	$	(0.03	)	$	10.07		0.10	%	$	203,459		0.70	%		3.92	%		0.81	%		3.81	%		4	%
	2004			10.40		0.41		(0.10	)		(0.40	)		(0.02	)		10.29		3.10			216,906		0.70			3.92			0.80			3.82			8
	2003			10.46		0.42		(0.03	)		(0.43	)		(0.02	)		10.40		3.82			238,958		0.70			4.01			0.80			3.91			15
	2002			10.17		0.45		0.27			(0.43	)		-			10.46		7.31			251,597		0.70			4.41			0.78			4.33			15
	2001			9.76		0.44		0.41			(0.44	)		-			10.17		8.89			255,939		0.70			4.38			0.88			4.20			13
	2000			9.76		0.45		0.01			(0.45	)		(0.01	)		9.76		5.04			244,353		0.70			4.59			0.87			4.42			18
Minnesota Tax Free Fund
Class A
	2005	(1)	$	11.23	$	0.22	$	(0.07	)	$	(0.22	)	$	(0.06	)	$	11.10		1.31	%	$	108,939		0.95	%		4.00	%		1.06	%		3.89	%		-	%
	2004			11.34		0.44		(0.01	)		(0.45	)		(0.09	)		11.23		3.94			114,981		0.95			3.87			1.05			3.77			25
	2003			11.39		0.48		(0.05	)		(0.45	)		(0.03	)		11.34		3.90			125,916		0.95			4.25			1.06			4.14			23
	2002			11.06		0.47		0.34			(0.47	)		(0.01	)		11.39		7.23			135,607		0.95			4.22			1.09			4.08			26
	2001			10.64		0.53		0.43			(0.54	)		-			11.06		9.24			107,260		0.95			4.84			1.18			4.61			15
	2000			10.70		0.55		(0.06	)		(0.55	)		-			10.64		4.75			93,995		0.95			5.22			1.17			5.00			34
Class C
	2005	(1)	$	11.19	$	0.20	$	(0.07	)	$	(0.20	)	$	(0.06	)	$	11.06		1.12	%	$	9,766		1.35	%		3.60	%		1.81	%		3.14	%		-	%
	2004			11.31		0.39		(0.01	)		(0.41	)		(0.09	)		11.19		3.45			10,387		1.35			3.47			1.80			3.02			25
	2003			11.36		0.43		(0.04	)		(0.41	)		(0.03	)		11.31		3.51			11,951		1.35			3.85			1.81			3.39			23
	2002			11.04		0.43		0.33			(0.43	)		(0.01	)		11.36		7.10			11,703		1.35			3.80			1.84			3.31			26
	2001			10.62		0.49		0.43			(0.50	)		-			11.04		8.88			6,382		1.35			4.39			1.58			4.16			15
	2000			10.69		0.53		(0.09	)		(0.51	)		-			10.62		4.25			2,037		1.35			4.83			1.77			4.41			34
Class Y
	2005	(1)	$	11.22	$	0.24	$	(0.08	)	$	(0.23	)	$	(0.06	)	$	11.09		1.45	%	$	45,280		0.70	%		4.25	%		0.81	%		4.14	%		-	%
	2004			11.33		0.47		(0.01	)		(0.48	)		(0.09	)		11.22		4.20			42,900		0.70			4.12			0.80			4.02			25
	2003			11.38		0.51		(0.05	)		(0.48	)		(0.03	)		11.33		4.16			47,858		0.70			4.50			0.81			4.39			23
	2002			11.05		0.49		0.35			(0.50	)		(0.01	)		11.38		7.84			54,638		0.70			4.47			0.84			4.33			26
	2001			10.63		0.55		0.44			(0.57	)		-			11.05		9.52			49,078		0.70			5.09			0.93			4.86			15
	2000			10.69		0.58		(0.07	)		(0.57	)		-			10.63		5.00			40,860		0.70			5.49			0.93			5.26			34
Missouri Tax Free Fund
Class A
	2005	(1)	$	12.32	$	0.22	$	(0.19	)	$	(0.23	)	$	(0.06	)	$	12.06		0.23	%	$	27,603		0.95	%		3.67	%		1.06	%		3.56	%		6	%
	2004			12.37		0.45		(0.02	)		(0.45	)		(0.03	)		12.32		3.60			27,114		0.95			3.68			1.05			3.58			15
	2003			12.47		0.45		(0.04	)		(0.45	)		(0.06	)		12.37		3.45			28,141		0.95			3.69			1.06			3.58			20
	2002			12.05		0.46		0.47			(0.47	)		(0.04	)		12.47		7.99			26,496		0.95			3.81			1.06			3.70			25
	2001	(2) (3)		11.54		0.46		0.50			(0.44	)		(0.01	)		12.05		8.44			22,573		0.94			4.23			1.00			4.17			9
	2000	(4)		11.31		0.48		0.23			(0.48	)		-			11.54		6.41			19,876		0.87			4.59			0.98			4.48			3
	1999	(5)		12.08		0.50		(0.74	)		(0.51	)		(0.02	)		11.31		(2.09	)		21,242		0.86			4.30			1.07			4.09			1
Class C
	2005	(1)	$	12.29	$	0.20	$	(0.20	)	$	(0.20	)	$	(0.06	)	$	12.03		0.03	%	$	188		1.35	%		3.23	%		1.81	%		2.77	%		6	%
	2004			12.35		0.40		(0.03	)		(0.40	)		(0.03	)		12.29		3.11			218		1.35			3.28			1.80			2.83			15
	2003			12.46		0.40		(0.04	)		(0.41	)		(0.06	)		12.35		3.05			279		1.35			3.30			1.81			2.84			20
	2002			12.05		0.41		0.48			(0.44	)		(0.04	)		12.46		7.58			21		1.35			3.28			1.81			2.82			25
	2001	(6)		12.03		-		0.02			-			-			12.05		0.17			-		-			-			-			-			9
Class Y
	2005	(1)	$	12.32	$	0.24	$	(0.20	)	$	(0.24	)	$	(0.06	)	$	12.06		0.36	%	$	151,108		0.70	%		3.92	%		0.81	%		3.81	%		6	%
	2004			12.38		0.48		(0.03	)		(0.48	)		(0.03	)		12.32		3.77			152,676		0.70			3.93			0.80			3.83			15
	2003			12.48		0.49		(0.05	)		(0.48	)		(0.06	)		12.38		3.71			168,094		0.70			3.94			0.81			3.83			20
	2002			12.06		0.48		0.48			(0.50	)		(0.04	)		12.48		8.25			142,344		0.70			4.06			0.81			3.95			25
	2001	(2) (3)		11.55		0.49		0.50			(0.47	)		(0.01	)		12.06		8.67			129,715		0.69			4.48			0.75			4.42			9
	2000	(4)		11.32		0.50		0.23			(0.50	)		-			11.55		6.60			126,896		0.67			4.79			1.08			4.38			3
	1999	(5)		12.08		0.53		(0.74	)		(0.53	)		(0.02	)		11.32		(1.81	)		111,842		0.66			4.51			1.07			4.10			1

(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) The financial highlights for the Missouri Tax Free Fund as set forth herein include the historical financial highlights of the Firstar Missouri Tax-Exempt Bond Fund
Class A shares and Class I shares. The assets of the Firstar Missouri Tax-Exempt Bond Fund were acquired by Missouri Tax Free Fund on September 24, 2001. In connection
with such acquisition, Class A shares and Class I shares of the Firstar Missouri Tax-Exempt Bond Fund were exchanged for Class A shares and Class Y shares of Missouri Tax
Free Fund, respectively.

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

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

(5) For the fiscal year ended November 30.

(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) 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			Net Asset Value End of Period		Total Return (4)			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
Nebraska Tax Free Fund
Class A
	2005	(1)	$	10.66	$	0.19		$	(0.13	)	$	(0.21	)	$	-		$	10.51		0.53	%	$	6,181		0.75	%		3.76	%		1.09	%		3.42	%		11	%
	2004			10.66		0.41			0.03			(0.40	)		(0.04	)		10.66		4.18			4,925		0.75			3.82			1.08			3.49			17
	2003			10.70		0.41			(0.04	)		(0.40	)		(0.01	)		10.66		3.57			4,869		0.75			3.87			1.07			3.55			15
	2002			10.20		0.41			0.49			(0.40	)		-			10.70		9.09			4,904		0.75			3.98			1.29			3.44			35
	2001	(2)		10.00		0.24			0.20			(0.24	)		-			10.20		4.48			5,090		0.55			4.12			1.38			3.29			30
Class C
	2005	(1)	$	10.58	$	0.18		$	(0.14	)	$	(0.19	)	$	-		$	10.43		0.33	%	$	1,740		1.15	%		3.36	%		1.84	%		2.67	%		11	%
	2004			10.58		0.35			0.04			(0.35	)		(0.04	)		10.58		3.80			1,861		1.15			3.42			1.83			2.74			17
	2003			10.63		0.36			(0.04	)		(0.36	)		(0.01	)		10.58		3.10			1,657		1.15			3.46			1.82			2.79			15
	2002			10.14		0.36			0.50			(0.37	)		-			10.63		8.66			982		1.15			3.57			2.04			2.68			35
	2001	(2)		10.00		0.20			0.17			(0.23	)		-			10.14		3.71			226		0.95			3.73			1.75			2.93			30
Class Y
	2005	(1)	$	10.66	$	0.21		$	(0.14	)	$	(0.22	)	$	-		$	10.51		0.65	%	$	30,150		0.50	%		4.01	%		0.84	%		3.67	%		11	%
	2004			10.65		0.43			0.04			(0.42	)		(0.04	)		10.66		4.54			29,722		0.50			4.07			0.83			3.74			17
	2003			10.69		0.43			(0.03	)		(0.43	)		(0.01	)		10.65		3.82			28,120		0.50			4.11			0.82			3.79			15
	2002			10.19		0.43			0.50			(0.43	)		-			10.69		9.37			27,348		0.50			4.22			1.04			3.68			35
	2001	(2)		10.00		0.26			0.19			(0.26	)		-			10.19		4.51			22,443		0.30			4.36			1.13			3.53			30
Ohio Tax Free Fund
Class A
	2005	(1)	$	10.52	$	0.18		$	(0.18	)	$	(0.18	)	$	(0.04	)	$	10.30		(0.04	)%	$	1,055		0.75	%		3.38	%		1.09	%		3.04	%		5	%
	2004			10.54		0.36			0.07			(0.35	)		(0.10	)		10.52		4.16			1,200		0.75			3.43			1.08			3.10			19
	2003			10.58		0.36			(0.03	)		(0.37	)		-			10.54		3.22			849		0.75			3.52			1.09			3.18			22
	2002	(3)		10.00		0.15			0.59			(0.16	)		-			10.58		7.42			453		0.75			3.25			1.23			2.77			3
Class C
	2005	(1)	$	10.41	$	0.16		$	(0.17	)	$	(0.16	)	$	(0.04	)	$	10.20		(0.16	)%	$	123		1.15	%		2.96	%		1.84	%		2.27	%		5	%
	2004			10.44		0.29			0.09			(0.31	)		(0.10	)		10.41		3.69			120		1.15			3.03			1.83			2.35			19
	2003			10.57		0.32			(0.12	)		(0.33	)		-			10.44		1.95			215		1.15			3.08			1.84			2.39			22
	2002	(3)		10.00		0.13			0.58			(0.14	)		-			10.57		7.13			1		1.15			3.01			1.98			2.18			3
Class Y
	2005	(1)	$	10.53	$	0.19		$	(0.18	)	$	(0.19	)	$	(0.04	)	$	10.31		0.09	%	$	40,992		0.50	%		3.63	%		0.84	%		3.29	%		5	%
	2004			10.55		0.38			0.07			(0.37	)		(0.10	)		10.53		4.42			39,240		0.50			3.68			0.82			3.36			19
	2003			10.57		0.39			(0.02	)		(0.39	)		-			10.55		3.65			39,465		0.50			3.78			0.84			3.44			22
	2002	(3)		10.00		0.16			0.58			(0.17	)		-			10.57		7.41			38,083		0.50			3.74			0.98			3.26			3
Oregon Intermediate Tax Free Fund
Class A
2005 (1) $10.30			$	0.18	$	(0.22	)	$	(0.18	)		$(			0.04	)	$	10.04		(0.39	)%	$	8,259		0.85	%		3.59	%		1.06	%		3.38	%		11	%
	2004			10.43		0.37			(0.05	)		(0.37	)		(0.08	)		10.30		3.20			8,700		0.85			3.62			1.05			3.42			12
	2003			10.49		0.37			(0.03	)		(0.38	)		(0.02	)		10.43		3.31			8,189		0.85			3.67			1.05			3.47			17
	2002			10.18		0.40			0.31			(0.40	)		-			10.49		7.23			7,030		0.85			3.95			1.05			3.75			18
	2001			9.74		0.43			0.44			(0.43	)		-			10.18		9.08			5,477		0.70			4.27			1.13			3.84			20
	2000			9.72		0.43			0.02			(0.43	)		-			9.74		4.79			3,303		0.70			4.47			1.13			4.04			18
Class Y
	2005	(1)	$	10.30	$	0.19		$	(0.22	)	$	(0.19	)	$	(0.04	)	$	10.04		(0.32	)%	$	130,449		0.70	%		3.74	%		0.81	%		3.63	%		11	%
	2004			10.43		0.39			(0.05	)		(0.39	)		(0.08	)		10.30		3.35			137,869		0.70			3.77			0.80			3.67			12
	2003			10.49		0.40			(0.05	)		(0.39	)		(0.02	)		10.43		3.46			146,244		0.70			3.82			0.80			3.72			17
	2002			10.18		0.42			0.31			(0.42	)		-			10.49		7.39			151,928		0.70			4.10			0.80			4.00			18
	2001			9.74		0.43			0.44			(0.43	)		-			10.18		9.08			153,951		0.70			4.28			0.89			4.09			20
	2000			9.72		0.43			0.02			(0.43	)		-			9.74		4.78			160,124		0.70			4.47			0.88			4.29			18

(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 February 28, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

(3) Commenced operations on April 30, 2002. All ratios for the period have been annualized, except total return and portfolio turnover.

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

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			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
Short Tax Free Fund
Class A
	2005	(1)	$	9.96	$	0.12	$	(0.16	)	$	(0.12	)	$	-		$	9.80		(0.38	)%	$	5,357		0.75	%		2.42	%		1.06	%		2.11	%		11	%
	2004			10.18		0.26		(0.17	)		(0.25	)		(0.06	)		9.96		0.90			6,329		0.75			2.55			1.05			2.25			30
	2003	(2)		10.00		0.26		0.19			(0.27	)		-			10.18		4.54			6,448		0.75			2.67			1.05			2.37			54
Class Y
	2005	(1)	$	9.96	$	0.13	$	(0.16	)	$	(0.13	)	$	-		$	9.80		(0.30	)%	$	388,593		0.60	%		2.57	%		0.81	%		2.36	%		11	%
	2004			10.18		0.27		(0.17	)		(0.26	)		(0.06	)		9.96		1.05			419,359		0.60			2.70			0.80			2.50			30
	2003	(2)		10.00		0.28		0.18			(0.28	)		-			10.18		4.66			396,918		0.60			3.00			0.80			2.80			54
Tax Free Fund
Class A
	2005	(1)	$	11.18	$	0.23	$	(0.09	)	$	(0.23	)	$	(0.11	)	$	10.98		1.25	%	$	38,046		0.95	%		4.20	%		1.06	%		4.09	%		7	%
	2004			11.28		0.47		0.02			(0.48	)		(0.11	)		11.18		4.45			40,156		0.95			4.18			1.05			4.08			23
	2003			11.44		0.47		(0.03	)		(0.47	)		(0.13	)		11.28		4.06			42,942		0.95			4.21			1.05			4.11			23
	2002			10.99		0.47		0.44			(0.46	)		-			11.44		8.56			43,708		0.95			4.20			1.02			4.13			39
	2001	(3) (4)		10.53		0.42		0.43			(0.39	)		-			10.99		8.22			48,769		1.16			4.27			1.18			4.25			3
	2000	(5)		10.20		0.40		0.34			(0.41	)		-			10.53		7.43			1,526		0.98			4.34			1.09			4.23			4
	1999	(6)		11.06		0.44		(0.75	)		(0.44	)		(0.11	)		10.20		(2.87	)		1,582		0.96			4.14			1.16			3.94			-
Class C
	2005	(1)	$	11.13	$	0.21	$	(0.09	)	$	(0.21	)	$	(0.11	)	$	10.93		1.06	%	$	2,700		1.35	%		3.81	%		1.81	%		3.35	%		7	%
	2004			11.24		0.43		-			(0.43	)		(0.11	)		11.13		3.92			2,682		1.35			3.77			1.80			3.32			23
	2003			11.40		0.42		(0.02	)		(0.43	)		(0.13	)		11.24		3.67			4,880		1.35			3.81			1.80			3.36			23
	2002			10.96		0.42		0.45			(0.43	)		-			11.40		8.14			6,199		1.35			3.82			1.77			3.40			39
	2001	(7)		10.93		0.01		0.02			-			-			10.96		0.27			4,494		1.04			5.61			1.04			5.61			3
Class Y
	2005	(1)	$	11.19	$	0.25	$	(0.09	)	$	(0.25	)	$	(0.11	)	$	10.99		1.38	%	$	418,384		0.70	%		4.46	%		0.81	%		4.35	%		7	%
	2004			11.29		0.50		0.01			(0.50	)		(0.11	)		11.19		4.71			416,651		0.70			4.43			0.80			4.33			23
	2003			11.45		0.50		(0.03	)		(0.50	)		(0.13	)		11.29		4.31			460,634		0.70			4.46			0.80			4.36			23
	2002			11.00		0.49		0.45			(0.49	)		-			11.45		8.84			497,140		0.70			4.47			0.77			4.40			39
	2001	(3) (4)		10.53		0.44		0.45			(0.42	)		-			11.00		8.59			501,361		0.73			4.32			0.74			4.31			3
	2000	(5)		10.21		0.42		0.33			(0.43	)		-			10.53		7.63			253,803		0.78			4.54			1.19			4.13			4
	1999	(6)		11.10		0.47		(0.78	)		(0.47	)		(0.11	)		10.21		(2.97	)		326,840		0.76			4.33			1.16			3.93			-

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

(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 portfolio turnover.

(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 from 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) 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

Notes to Financial Statements March 31, 2005 (unaudited)

1 > Organization

The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF"), which is a member of the First American Family of Funds. As of 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 investment management company. FAIF's articles of incorporation permit the board of directors to create additional funds in the future. The Intermediate Tax Free Fund, Sh ort Tax Free Fund, and Tax Free Fund are each diversified open-end management investment companies. The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are each non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

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

The funds' prospectuses provide a description of each fund's investment objective, principal investment strategies, and principal risks. All classes of shares in a fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees, 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. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market 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 between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to di ffer

FIRST AMERICAN FUNDS Semiannual Report 2005

significantly from net asset value that would be calculated without regard to such considerations. As of March 31, 2005, the funds held no fair-valued securities. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Investments in open-end mutual funds are valued at 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. 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 proportionate 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 book and tax differences for classification of dividends paid by the funds. 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 their ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the six months ended March 31, 2005 (estimated) and the fiscal year ended September 30, 2004, were characterized as follows (000):

	2005
Fund	Tax Exempt Income		Ordinary Income		Long Term Gain		Total
Arizona Tax Free Fund	$	475	$	-	$	230	$	705
California Intermediate Tax Free Fund		989		-		357		1,346
California Tax Free Fund		573		-		251		824
Colorado Intermediate Tax Free Fund		1,115		-		168		1,283
Colorado Tax Free Fund		522		-		177		699
Intermediate Tax Free Fund		14,246		-		3,679		17,925
Minnesota Intermediate Tax Free Fund		4,732		-		797		5,529
Minnesota Tax Free Fund		3,347		-		812		4,159
Missouri Tax Free Fund		3,543		-		923		4,466
Nebraska Tax Free Fund		771		-		-		771
Ohio Tax Free Fund		781		-		133		914
Oregon Intermediate Tax Free Fund		2,695		-		511		3,206
Short Tax Free Fund		5,401		-		-		5,401
Tax Free Fund		10,152		-		4,409		14,561

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

	2004
Fund	Tax Exempt Income		Ordinary Income		Long Term Gain		Total
Arizona Tax Free Fund	$	884	$	39	$	63	$	986
California Intermediate Tax Free Fund		1,931		83		74		2,088
California Tax Free Fund		1,139		-		210		1,349
Colorado Intermediate Tax Free Fund		2,396		12		-		2,408
Colorado Tax Free Fund		1,081		18		186		1,285
Intermediate Tax Free Fund		28,938		100		741		29,779
Minnesota Intermediate Tax Free Fund		10,248		56		467		10,771
Minnesota Tax Free Fund		7,250		103		1,314		8,667
Missouri Tax Free Fund		7,261		5		508		7,774
Nebraska Tax Free Fund		1,391		27		95		1,513
Ohio Tax Free Fund		1,438		183		185		1,806
Oregon Intermediate Tax Free Fund		5,536		97		1,080		6,713
Short Tax Free Fund		11,367		172		2,259		13,798
Tax Free Fund		21,461		155		4,788		26,404

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

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long Term Capital Gains		Accumulated Capital and Post-October Losses			Unrealized Appreciation		Total Accumulated Earnings
Arizona Tax Free Fund	$	-	$	44	$	230	$	-		$	1,738	$	2,012
California Intermediate Tax Free Fund		27		12		329		-			3,072		3,440
California Tax Free Fund		52		24		198		-			1,900		2,174
Colorado Intermediate Tax Free Fund		-		96		168		-			3,902		4,166
Colorado Tax Free Fund		-		62		177		-			2,378		2,617
Intermediate Tax Free Fund		-		748		2,914		-			47,763		51,425
Minnesota Intermediate Tax Free Fund		-		96		792		-			14,500		15,388
Minnesota Tax Free Fund		-		141		811		-			9,234		10,186
Missouri Tax Free Fund		-		87		900		-			10,767		11,754
Nebraska Tax Free Fund		-		65		-		(4	)		1,885		1,946
Ohio Tax Free Fund		-		41		116		-			1,639		1,796
Oregon Intermediate Tax Free Fund		-		22		477		-			8,428		8,927
Short Tax Free Fund		-		313		-		(238	)		6,170		6,245
Tax Free Fund		-		87		4,267		-			30,455		34,809

FIRST AMERICAN FUNDS Semiannual Report 2005

As of September 30, 2004, the funds' most recently completed fiscal year-end, the funds had no capital loss carryforwards.

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 those losses as arising in the fiscal year ending September 30, 2005. The Nebraska Tax Free Fund and Short Tax Free Fund had deferred losses (000) of $4 and $238, respectively.

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 fund 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 a fund's net asset value if the fund makes such investments while remaining substantially fully invested. At March 31, 2005, the following funds had outstanding when-issued commitments (000):

Fund	Cost		Segregated Assets
California Intermediate Tax Free Fund	$	1,153	$	1,752
California Tax Free Fund		500		1,280
Intermediate Tax Free Fund		6,564		16,048
Minnesota Intermediate Tax Free Fund		1,097		9,267
Missouri Tax Free Fund		1,544		10,514
Nebraska Tax Free Fund		1,719		1,815
Oregon Intermediate Tax Free Fund		2,229		3,160
Tax Free Fund		4,924		38,909

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds' board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund's investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds' board of directors. The funds held no illiquid securities as of March 31, 2005.

INVERSE FLOATERS – As part of their investment strategy, the funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate ("inverse floaters"). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market value of such securities will generally be more volatile than that of fixed-rate, tax-exempt securities. To the extent the funds invest in inverse floaters, the net asset value of the funds' shares may be more volatile than if the funds did not invest in such securities. At March 31, 2005, no fund had investments in inverse floaters.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

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

3 > Fees and Expenses

ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), U.S. Bancorp Asset Management, Inc. ("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 0.50%. USBAM has contractually agreed to waive fees and reimburse other fund expenses until January 31, 2006 so that total fund operating expenses, as a percentage of average net assets, do not exceed the following amounts:

	Share Class
Fund	A			C			Y
Arizona Tax Free Fund		0.75	%		1.15	%		0.50	%
California Intermediate Tax Free Fund		0.85			NA			0.70
California Tax Free Fund		0.75			1.15			0.50
Colorado Intermediate Tax Free Fund		0.85			NA			0.70
Colorado Tax Free Fund		0.75			1.15			0.50
Intermediate Tax Free Fund		0.85			NA			0.70
Minnesota Intermediate Tax Free Fund		0.85			NA			0.70
Minnesota Tax Free Fund		0.95			1.35			0.70
Missouri Tax Free Fund		0.95			1.35			0.70
Nebraska Tax Free Fund		0.75			1.15			0.50
Ohio Tax Free Fund		0.75			1.15			0.50
Oregon Intermediate Tax Free Fund		0.85			NA			0.70
Short Tax Free Fund		0.75			NA			0.60
Tax Free Fund		0.95			1.35			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 FAIF. 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 av erage 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 daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. FAIF pays transfer agent fees of $18,500 per share class and additional per account fees for transfer agent services. These fees are allocated to each fund based upon the fund's pro rata share of 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
Arizona Tax Free Fund	$	28
California Intermediate Tax Free Fund		68
California Tax Free Fund		36
Colorado Intermediate Tax Free Fund		68
Colorado Tax Free Fund		30
Intermediate Tax Free Fund		873
Minnesota Intermediate Tax Free Fund		324
Minnesota Tax Free Fund		220
Missouri Tax Free Fund		237
Nebraska Tax Free Fund		50
Ohio Tax Free Fund		55
Oregon Intermediate Tax Free Fund		189
Short Tax Free Fund		542
Tax Free Fund		605

FIRST AMERICAN FUNDS Semiannual Report 2005

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. All fees are computed daily and paid monthly.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC ("Quasar"), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to distribution agreements with FAIF. Under the respective distribution agreements, each of the funds pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 1.00% of each fund's average daily net assets of the Class A shares and Class C shares, respectively. 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 an annual rate of 0.10% of average daily net assets for Class A shares in California Intermediate Tax Free Fund, Colorado Int ermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund. For Class C shares, Quasar is currently waiving fees equal to an annual rate of 0.35% of average daily net assets for Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund. No distribution or shareholder servicing fees are paid by Class Y shares.

For the six months ended March 31, 2005, total distribution and shareholder servicing fees waived by Quasar for the funds included in this semiannual report were as follows (000):

Fund	Amount
Arizona Tax Free Fund	$	3
California Intermediate Tax Free Fund		2
California Tax Free Fund		2
Colorado Intermediate Tax Free Fund		7
Colorado Tax Free Fund		7
Intermediate Tax Free Fund		18
Minnesota Intermediate Tax Free Fund		18
Minnesota Tax Free Fund		18
Missouri Tax Free Fund		5
Nebraska Tax Free Fund		3
Ohio Tax Free Fund		-
Oregon Intermediate Tax Free Fund		4
Short Tax Free Fund		3
Tax Free Fund		5

Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar or paid to affiliates of USBAM for the six months ended March 31, 2005 (000):

Fund	Amount
Arizona Tax Free Fund	$	3
California Intermediate Tax Free Fund		3
California Tax Free Fund		10
Colorado Intermediate Tax Free Fund		9
Colorado Tax Free Fund		7
Intermediate Tax Free Fund		19
Minnesota Intermediate Tax Free Fund		14
Minnesota Tax Free Fund		30
Missouri Tax Free Fund		30
Nebraska Tax Free Fund		3
Ohio Tax Free Fund		2
Oregon Intermediate Tax Free Fund		5
Short Tax Free Fund		4
Tax Free Fund		20

OTHER FEES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, and co-administration fees, each fund is responsible for paying most other operating expenses, including: fees and expenses of independent directors, registration fees, printing of shareholder reports, legal, auditing, insurance, and other miscellaneous expenses. For the 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") of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less.

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

Fund	Amount
Arizona Tax Free Fund	$	-
California Intermediate Tax Free Fund		12
California Tax Free Fund		13
Colorado Intermediate Tax Free Fund		42
Colorado Tax Free Fund		11
Intermediate Tax Free Fund		10
Minnesota Intermediate Tax Free Fund		26
Minnesota Tax Free Fund		29
Missouri Tax Free Fund		35
Nebraska Tax Free Fund		10
Ohio Tax Free Fund		8
Oregon Intermediate Tax Free Fund		12
Short Tax Free Fund		6
Tax Free Fund		28

FIRST AMERICAN FUNDS Semiannual Report 2005

Notes to Financial Statements March 31, 2005 (unaudited)

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):

	Arizona Tax Free Fund						California Intermediate Tax Free Fund						California Tax Free Fund						Colorado Intermediate Tax Free Fund
	10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 to 3/31/05			10/1/03 to 9/30/04
	(unaudited)						(unaudited)						(unaudited)						(unaudited)
Class A:
Shares issued		91			162			75			174			23			155			248			187
Shares issued in lieu of cash distributions		22			35			7			12			20			37			23			43
Shares redeemed		(59	)		(461	)		(9	)		(267	)		(84	)		(335	)		(103	)		(994	)
Total Class A transactions		54			(264	)		73			(81	)		(41	)		(143	)		168			(764	)
Class C:
Shares issued		15			33			-			-			6			51			-			-
Shares issued in lieu of cash distributions		4			4			-			-			3			4			-			-
Shares redeemed		(16	)		(62	)		-			-			(1	)		(38	)		-			-
Total Class C transactions		3			(25	)		-			-			8			17			-			-
Class Y:
Shares issued		132			204			319			777			323			358			385			196
Shares issued in lieu of cash distributions		4			2			7			3			2			2			4			1
Shares redeemed		(17	)		(189	)		(92	)		(523	)		(137	)		(290	)		(503	)		(1,081	)
Total Class Y transactions		119			17			234			257			188			70			(114	)		(884	)
Net increase (decrease) in capital shares		176			(272	)		307			176			155			(56	)		54			(1,648	)

	Colorado Tax Free Fund						Intermediate Tax Free Fund						Minnesota Intermediate Tax Free Fund						Minnesota Tax Free Fund						Missouri Tax Free Fund
	10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 to 3/31/05			10/1/03 to 9/30/04
	(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
Class A:
Shares issued		19			77			379			1,364			311			1,288			319			664			114			314
Shares issued in lieu of cash distributions		23			47			67			102			56			91			200			477			29			46
Shares redeemed		(172	)		(400	)		(521	)		(1,341	)		(445	)		(963	)		(944	)		(2,006	)		(54	)		(434	)
Total Class A transactions		(130	)		(276	)		(75	)		125			(78	)		416			(425	)		(865	)		89			(74	)
Class C:
Shares issued		36			24			-			-			-			-			30			76			-			1
Shares issued in lieu of cash distributions		9			15			-			-			-			-			19			43			1			1
Shares redeemed		(35	)		(80	)		-			-			-			-			(94	)		(248	)		(3	)		(6	)
Total Class C transactions		10			(41	)		-			-			-			-			(45	)		(129	)		(2	)		(4	)
Class Y:
Shares issued		64			106			4,930			8,772			807			2,053			468			540			899			1,288
Shares issued in lieu of cash distributions		1			1			231			208			19			32			11			21			17			22
Shares redeemed		(145	)		(110	)		(4,926	)		(13,668	)		(1,692	)		(3,996	)		(219	)		(961	)		(778	)		(2,503	)
Total Class Y transactions		(80	)		(3	)		235			(4,688	)		(866	)		(1,911	)		260			(400	)		138			(1,193	)
Net increase (decrease) in capital shares		(200	)		(320	)		160			(4,563	)		(944	)		(1,495	)		(210	)		(1,394	)		225			(1,271	)

	Nebraska Tax Free Fund						Ohio Tax Free Fund						Oregon Intermediate Tax Free Fund						Short Tax Free Fund						Tax Free Fund
	10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 to 3/31/05			10/1/03 to 9/30/04			10/1/04 To 3/31/05			10/1/03 to 9/30/04			10/1/04 To 3/31/05			10/1/03 To 9/30/04			10/1/04 To 3/31/05			10/1/03 to 9/30/04
	(unaudited)						(unaudited)						(unaudited)						(unaudited)						(unaudited)
Class A:
Shares issued		152			137			21			77			73			237			156			330			147			791
Shares issued in lieu of cash distributions		5			12			1			2			12			24			7			16			91			166
Shares redeemed		(31	)		(144	)		(34	)		(46	)		(107	)		(201	)		(251	)		(344	)		(366	)		(1,170	)
Total Class A transactions		126			5			(12	)		33			(22	)		60			(88	)		2			(128	)		(213	)
Class C:
Shares issued		19			51			5			11			-			-			-			-			19			42
Shares issued in lieu of cash distributions		2			5			-			1			-			-			-			-			7			16
Shares redeemed		(30	)		(37	)		(5	)		(20	)		-			-			-			-			(20	)		(251	)
Total Class C transactions		(9	)		19			-			(8	)		-			-			-			-			6			(193	)
Class Y:
Shares issued		339			461			517			558			683			1,741			4,985			16,264			2,892			4,012
Shares issued in lieu of cash distributions		4			6			12			25			33			76			32			347			63			106
Shares redeemed		(263	)		(317	)		(281	)		(596	)		(1,108	)		(2,448	)		(7,458	)		(13,499	)		(2,125	)		(7,665	)
Total Class Y transactions		80			150			248			(13	)		(392	)		(631	)		(2,441	)		3,112			830			(3,547	)
Net increase (decrease) in capital shares		197			174			236			12			(414	)		(571	)		(2,529	)		3,114			708			(3,953	)

FIRST AMERICAN FUNDS Semiannual Report 2005

5 > Investment Security Transactions

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

Fund	Purchases		Sales
Arizona Tax Free Fund	$	2,117	$	502
California Intermediate Tax Free Fund		8,148		4,830
California Tax Free Fund		1,731		325
Colorado Intermediate Tax Free Fund		2,327		6,567
Colorado Tax Free Fund		1,858		4,476
Intermediate Tax Free Fund		41,949		43,139
Minnesota Intermediate Tax Free Fund		9,361		19,359
Minnesota Tax Free Fund		1,978		360
Missouri Tax Free Fund		11,045		10,821
Nebraska Tax Free Fund		4,996		3,932
Ohio Tax Free Fund		4,221		2,087
Oregon Intermediate Tax Free Fund		15,619		20,745
Short Tax Free Fund		43,918		63,010
Tax Free Fund		30,094		31,302

The aggregate gross unrealized appreciation and depreciation for securities held by the funds and the total cost of securities for federal income tax purposes at March 31, 2005, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net			Federal Income Tax Cost
Arizona Tax Free Fund	$	1,481	$	(32	)	$	1,449		$	19,861
California Intermediate Tax Free Fund		2,275		(73	)		2,202			50,611
California Tax Free Fund		1,598		(39	)		1,559			26,641
Colorado Intermediate Tax Free Fund		2,658		(48	)		2,610			47,516
Colorado Tax Free Fund		1,771		(25	)		1,746			18,752
Intermediate Tax Free Fund		34,114		(1,253	)		32,861			619,439
Minnesota Intermediate Tax Free Fund		9,846		(567	)		9,279			226,448
Minnesota Tax Free Fund		8,253		(159	)		8,094			153,805
Missouri Tax Free Fund		7,567		(237	)		7,330			170,724
Nebraska Tax Free Fund		1,397		(38	)		1,359			37,901
Ohio Tax Free Fund		998		(105	)		893			40,695
Oregon Intermediate Tax Free Fund		5,248		(428	)		4,820			134,289
Short Tax Free Fund		2,093		(2,416	)		(323	)		390,316
Tax Free Fund		26,795		(307	)		26,488			432,716

6 > Concentration of Credit Risk

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

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

Standard & Poor's/ Moody's Ratings:	Arizona Tax Free Fund			California Intermediate Tax Free Fund			California Tax Free Fund			Colorado Intermediate Tax Free Fund
AAA/Aaa		50.0	%		47.3	%		51.2	%		55.0	%
AA/Aa		14.7			9.2			12.0			19.4
A		11.7			23.0			16.9			3.3
BBB/Baa		14.2			17.1			16.0			10.2
BB/Ba		-			-			-			0.8
Nonrated		9.4			3.4			3.9			11.3
		100	%		100	%		100	%		100	%

Standard & Poor's/ Moody's Ratings:	Colorado Tax Free Fund			Intermediate Tax Free Fund			Minnesota Intermediate Tax Free Fund			Minnesota Tax Free Fund			Missouri Tax Free Fund
AAA/Aaa		61.3	%		59.6	%		57.9	%		44.9	%		53.2	%
AA/Aa		13.3			13.8			17.4			11.9			37.1
A		8.9			13.5			9.5			19.7			2.1
BBB/Baa		13.1			8.2			7.1			7.7			4.2
BB/Ba		-			0.5			-			-			-
Nonrated		3.4			4.4			8.1			15.8			3.4
		100	%		100	%		100	%		100	%		100	%
Standard & Poor's/ Moody's Ratings:	Nebraska Tax Free Fund			Ohio Tax Free Fund			Oregon Intermediate Tax Free Fund			Short Tax Free Fund			Tax Free Fund
AAA/Aaa		41.6	%		47.0	%		54.9	%		35.2	%		41.2	%
AA/Aa		41.3			39.6			36.4			26.9			8.7
A		9.1			8.8			3.3			22.6			20.0
BBB/Baa		-			1.9			2.9			10.8			15.9
BB/Ba		-			-			-			-			1.2
B		-			-			-			-			0.1
Nonrated		8.0			2.7			2.5			4.5			12.9
		100	%		100	%		100	%		100	%		100	%

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

7 > Indemnifications

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

FIRST AMERICAN FUNDS Semiannual Report 2005

NOTICE TO SHAREHOLDERS March 31, 2005 (unaudited)

How to Obtain a Copy of the Funds' Proxy Voting Policies and Proxy Voting Record

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to porfolio securities during the most recent 12 month period ended June 30, 2004 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 are available (1) without charge upon request by calling 800.677.FUND and (2) on the U.S. Securities and Exchange Commission's website at 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.

0115-05 5/2005 SAR-TAXFREEINCOME

Item 2—Code of Ethics

Not applicable to semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Signatures