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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number    811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

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

Charles D. Gariboldi  800 Nicollet Mall, Minneapolis, MN 55402

(Name and address of agent for service)

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

Date of fiscal year end:   October 31

Date of reporting period:  October 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

	FIRST AMERICAN FUNDS®	2005 Annual Report
		INDEX
		FUNDS

TABLE OF CONTENTS

Message to Shareholders	1
Report of Independent Registered Public Accounting Firm	11
Schedule of Investments	12
Statements of Assets and Liabilities	40
Statements of Operations	41
Statements of Changes in Net Assets	42
Financial Highlights	44
Notes to Financial Statements	50
Notice to Shareholders	59

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED  NO BANK GUARANTEE  MAY LOSE VALUE

Message to SHAREHOLDERS  December 12, 2005

Dear Shareholders:

We invite you to take a few minutes to review the results of the funds’ most recent fiscal period. Because the funds have changed their fiscal year-end from September 30 to October 31, this report covers the one-month time period from October 1, 2005, through October 31, 2005.

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

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

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

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

Sincerely,

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

1

Equity Index fund

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

How did the fund perform for the fiscal period ended October 31, 2005?

The First American Equity Index Fund (the "fund"), Class Y shares, returned -1.69% for the one-month period ended October 31, 2005 (Class A shares returned -1.70% without taking the sales charge into account). By comparison, the fund's benchmark, the S&P 500 Index, returned -1.67% for the same period.

General economic and market conditions

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

Fund Overview

The fund is invested to replicate the S&P 500 Index as closely as possible with consideration to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes 500 leading companies in the leading industries of the U.S. economy and covers about 75% of the dollar value of all traded stocks in the U.S. market.

In October, the sectors that performed best during the past 12 months gave back some of their appreciation. Energy stocks fell by more than 9% and utilities by around 6% during this fiscal period. The best performing sector was financials.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
General Electric	3.3	%
Exxon Mobil	3.2	%
Microsoft	2.2	%
Citigroup	2.1	%
Proctor & Gamble	1.7	%
Johnson & Johnson	1.7	%
Bank of America	1.6	%
American International Group	1.5	%
Pfizer	1.5	%
Altria Group	1.4	%

Sector Allocation as of October 31, 20051(% of net assets)
Financials	20.6	%
Information Technology	15.5	%
Health Care	12.9	%
Industrials	11.2	%
Consumer Discretionary	10.2	%
Consumer Staples	9.7	%
Energy	9.4	%
Utilities	3.4	%
Telecommunication Services	3.0	%
Materials	2.9	%
Short-Term Investments	0.2	%
Other Assets and Liabilities, Net	1.0	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

2

Equity Index fundcontinued

Annual Performance¹

	October 31, 2005																		September 30, 2005**
	One-												Since Inception															Since Inception
	Month*			1 year			5 years			10 years			2/01/99			9/24/01			1 year			5 years			10 years			2/01/99			9/24/01
Average annual return with sales charge (POP)
Class A		(7.11	)%		2.26	%		(3.35	)%		8.10	%		—			—			5.54	%		(3.11	)%		8.25	%		—			—
Class B		(6.69	)%		2.34	%		(3.35	)%		7.90	%		—			—			5.86	%		(3.10	)%		8.06	%		—			—
Class C		(2.76	)%		6.34	%		(3.00	)%		—			(0.63	)%		—			9.84	%		(2.75	)%		—			(0.37	)%		—
Average annual return without sales charge (NAV)
Class A		(1.70	)%		8.19	%		(2.25	)%		8.71	%		—			—			11.69	%		(2.00	)%		8.86	%		—			—
Class B		(1.78	)%		7.34	%		(2.98	)%		7.90	%		—			—			10.86	%		(2.73	)%		8.06	%		—			—
Class C		(1.78	)%		7.34	%		(3.00	)%		—			(0.63	)%		—			10.84	%		(2.75	)%		—			(0.37	)%		—
Class R		(1.72	)%		7.90	%		—			—			—			5.73	%		11.38	%		—			—			—			6.31	%
Class Y		(1.69	)%		8.41	%		(2.01	)%		8.98	%		—			—			11.92	%		(1.76	)%		9.13	%		—			—
S&P 500 Index2		(1.67	)%		8.72	%		(1.74	)%		9.34	%		0.74	%		6.41	%		12.25	%		(1.49	)%		9.49	%		1.00	%		7.00	%

Value of $10,000 Investment^{1, 3}as of October 31, 2005

The charts above illustrate the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/95 to 10/31/05) as compared to the S&P 500 Index².

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

*  Total returns have not been annualized.

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

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

Mutual fund investing involves risk; principal loss is possible.

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

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

²  An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held large-cap common stocks.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

3

Equity Index fundcontinued

Expense Example

As a shareholder of the Equity Index Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2	$	1,000.00	$	1,050.10	$	3.20
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.08	$	3.16
Class B Actual2	$	1,000.00	$	1,045.80	$	7.06
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.97
Class C Actual2	$	1,000.00	$	1,046.00	$	7.07
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.97
Class R Actual2	$	1,000.00	$	1,048.50	$	4.49
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43
Class Y Actual2	$	1,000.00	$	1,051.00	$	1.91
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89

¹ Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.62%, 1.37%, 1.37%, 0.87%, and 0.37% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Based on the actual returns for the six months ended October 31, 2005, of 5.01%, 4.58%, 4.60%, 4.85%, and 5.10% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

4

Mid Cap Index fund

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

How did the fund perform for the fiscal period ended October 31, 2005?

The First American Mid Cap Index Fund (the "fund"), Class Y shares, returned -2.17% for the one-month period ended October 31, 2005 (Class A shares returned -2.17% without taking the sales charge into account). By comparison, the fund's benchmark, the S&P MidCap 400 Index, returned -2.15% for the same period.

General economic and market conditions

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

Fund Overview

The fund is invested to replicate the S&P MidCap 400 Index as closely as possible with consideration to turnover costs and fees. As a result, the fund performed very similarly to the index. The index includes stocks that reflect the risk and return characteristics of the broader mid-cap universe. Mid-cap stocks are now being recognized as an independent asset class and the capitalization range of this index covers about 10% of the U.S. equities market.

October saw a reversal in fortunes for the sectors that had performed best during the past 12 months. Utilities fell by more than 7% and the larger energy sector by slightly less than 7% during the fiscal period. The best performing sector was financials – with a barely positive return of 0.5%. In general, mid-cap stocks underperformed large-cap stocks in October, in contrast to their outperformance during the past 12 months.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Legg Mason	1.1	%
SanDisk	1.0	%
Peabody Energy	0.9	%
Whole Foods Market	0.9	%
PacifiCare Health Systems	0.7	%
Chico's FAS	0.7	%
Pioneer Natural Resources	0.7	%
Noble Energy	0.7	%
ENSCO International	0.7	%
Smith International	0.7	%
Sector Allocation as of October 31, 20051(% of net assets)
Financials	18.7	%
Information Technology	15.1	%
Consumer Discretionary	14.9	%
Industrials	13.8	%
Health Care	11.7	%
Utilities	7.6	%
Energy	7.3	%
Materials	5.7	%
Consumer Staples	3.4	%
Telecommunication Services	0.5	%
Short-Term Investments	1.4	%
Other Assets and Liabilities, Net	(0.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

5

Mid Cap Index fundcontinued

Annual Performance¹

	October 31, 2005																		September 30, 2005**
	One-									Since Inception															Since Inception
	Month*			1 year			5 years			11/04/99			11/27/00			9/24/01			1 year			5 years			11/04/99			11/27/00			9/24/01
Average annual return with sales charge (POP)
Class A		(7.52	)%		10.63	%		5.09	%		8.40	%		—			—			14.75	%		4.79	%		8.93	%		—			—
Class B		(7.17	)%		11.12	%		5.20	%		8.54	%		—			—			15.57	%		4.92	%		9.09	%		—			—
Class C		(3.25	)%		15.17	%		—			—			—			12.97	%		19.60	%		—			—			—			13.91	%
Average annual return without sales charge (NAV)
Class A		(2.17	)%		17.08	%		6.28	%		9.42	%		—			—			21.43	%		5.99	%		9.97	%		—			—
Class B		(2.28	)%		16.12	%		5.52	%		8.65	%		—			—			20.57	%		5.25	%		9.20	%		—			—
Class C		(2.27	)%		16.17	%		—			—			—			12.97	%		20.60	%		—			—			—			13.91	%
Class R		(2.18	)%		16.66	%		—			—			7.01	%		—			21.09	%		—			—			7.63	%		—
Class Y		(2.17	)%		17.33	%		6.57	%		9.69	%		—			—			21.82	%		6.27	%		10.24	%		—			—
S&P MidCap 400 Index2		(2.15	)%		17.65	%		7.32	%		10.60	%		8.10	%		14.73	%		22.16	%		7.05	%		11.17	%		8.73	%		15.69	%

Value of $10,000 Investment^{1, 3}as of October 31, 2005

The charts above illustrate the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 11/04/99 to 10/31/05) as compared to the S&P MidCap 400 Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

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

²  An unmanaged, market value-weighted index of 400 mid-cap companies.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

6

Mid Cap Index fundcontinued

Expense Example

As a shareholder of the Mid Cap Index Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2	$	1,000.00	$	1,111.20	$	3.99
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82
Class B Actual2	$	1,000.00	$	1,107.00	$	7.97
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.64	$	7.63
Class C Actual2	$	1,000.00	$	1,106.70	$	7.97
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.64	$	7.63
Class R Actual2	$	1,000.00	$	1,109.60	$	5.26
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	5.04
Class Y Actual2	$	1,000.00	$	1,112.40	$	2.66
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55

¹ Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75%, 1.50%, 1.50%, 0.99%, and 0.50% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

² Based on the actual returns for the six months ended October 31, 2005, of 11.12%, 10.70%, 10.67%, 10.96%, and 11.24 for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

7

Small Cap Index fund

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

How did the fund perform for the fiscal period ended October 31, 2005?

The First American Small Cap Index Fund (the "fund"), Class Y shares, returned -3.09% for the one-month period ended October 31, 2005 (Class A shares returned -3.09% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2000 Index*, returned -3.10% for the same period.

General economic and market conditions

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

Fund Overview

The fund is invested to replicate the Russell 2000 Index* as closely as possible with consideration to turnover costs and fees. The index includes the traded shares of U.S. companies ranked 1,001 through 3,000 in size, thereby skipping large- and mid-capitalization names in the list of investable companies.

October saw a reversal in fortunes for the sectors that had performed best during the past 12 months. The relatively small (less than 1.5% of the index) telecommunications sector managed a positive return; the best performing sector in October was financials – with a barely positive return of 0.5%. Utilities fell by more than 5% and the larger energy sector by almost 10% during the fiscal period (Of the 90 firms in the energy sector, half lost more the 10%).

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Amylin Pharmaceuticals	0.3	%
Cimarex Energy	0.3	%
Intuitive Surgical	0.3	%
Cal Dive International	0.2	%
York International	0.2	%
Cabot Oil & Gas	0.2	%
Hughes Supply	0.2	%
Vertex Pharmaceuticals	0.2	%
MoneyGram International	0.2	%
Level 3 Communications	0.2	%

Sector Allocation as of October 31, 20051(% of net assets)
Financials	22.1	%
Information Technology	18.0	%
Industrials	15.2	%
Consumer Discretionary	14.1	%
Health Care	12.6	%
Energy	6.2	%
Materials	4.6	%
Consumer Staples	2.8	%
Utilities	2.6	%
Telecommunication Services	1.4	%
Short-Term Investments	0.5	%
Other Assets and Liabilities, Net	(0.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

8

Small Cap Index fundcontinued

Annual Performance¹

	October 31, 2005																		September 30, 2005**
	One-									Since Inception															Since Inception
	Month*			1 year			5 years			12/30/98			12/11/00			9/24/01			1 year			5 years			12/30/98			12/11/00			9/24/01
Average annual return with sales charge (POP)
Class A		(8.43	)%		5.29	%		5.63	%		7.43	%		—			—			10.63	%		6.40	%		8.03	%		—			—
Class B		(8.01	)%		5.14	%		—			—			6.09	%		—			10.82	%		—			—			6.92	%		—
Class C		(4.18	)%		9.13	%		—			—			—			11.78	%		14.84	%		—			—			—			12.96	%
Average annual return without sales charge (NAV)
Class A		(3.09	)%		11.39	%		6.83	%		8.32	%		—			—			17.08	%		7.61	%		8.93	%		—			—
Class B		(3.17	)%		10.14	%		—			—			6.41	%		—			15.82	%		—			—			7.24	%		—
Class C		(3.21	)%		10.13	%		—			—			—			11.78	%		15.84	%		—			—			—			12.96	%
Class R		(3.19	)%		10.60	%		6.64	%		8.12	%		—			—			16.45	%		7.44	%		8.75	%		—			—
Class Y		(3.09	)%		11.24	%		7.03	%		8.50	%		—			—			16.93	%		7.81	%		9.12	%		—			—
Russell 2000 Index2		(3.10	)%		12.08	%		6.75	%		8.20	%		7.34	%		14.28	%		17.95	%		6.44	%		8.81	%		8.18	%		15.51	%

Value of $10,000 Investment^{1, 3}as of October 31, 2005

The charts above illustrate the total value of an assumed $10,000 investment in the funds Class A and Class Y shares (from 12/30/98 to 10/31/05) as compared to the Russell 2000 Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

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

²  An unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

9

Small Cap Index fundcontinued

Expense Example

As a shareholder of the Small Cap Index Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,117.00	$	4.59
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.85	$	4.38
Class B Actual2,3	$	1,000.00	$	1,112.40	$	8.57
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.07	$	8.19
Class C Actual2,3	$	1,000.00	$	1,112.20	$	8.57
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.07	$	8.19
Class R Actual2,3	$	1,000.00	$	1,115.00	$	5.81
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.59	$	5.55
Class Y Actual2,3	$	1,000.00	$	1,117.40	$	3.26
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,022.11	$	3.11

¹ Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.86%, 1.61%, 1.61%, 1.09%, and 0.61% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

² Based on the actual returns for the six months ended October 31, 2005, of 11.70%, 11.24%, 11.22%, 11.50%, and 11.74% for Class A, Class B, Class C, Class R, and Class Y, respectively.

³ Prior to July 1, 2005, the contractual limitation on annual expenses was 0.93%, 1.68%, 1.68%, 1.18%, and 0.68% for Class A, Class B, Class C, Class R, and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for Class A, Class B, Class C, Class R, and Class Y was lowered to 0.83%, 1.58%, 1.58%, 1.08%, and 0.58%, respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,117.16 and $1,021.02 for Class A, $1,112.56 and $1,017.24 for Class B, $1,112.36 and $1,017.24 for Class C, $1,115.05 and $1,019.76 for Class R, and $1,117.56 and $1,022.28 for Class Y, and the actual and hypothetical expenses paid during the period would have been approximately $4.43 and $4.23 for Class A, $8.41 and $8.03 for Class B, $8. 41 and $8.03 for Class C, $5.76 and $5.50 for Class R, and $3.10 and $2.96 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

10

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Equity Index, Mid Cap Index, and Small Cap Index Funds (series of First American Investment Funds, Inc.) (the "funds") as of October 31, 2005, and the related statements of operations, statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designating audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and s ignificant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included verification by examination of securities held by the custodian as of October 31, 2005 and confirmation of the securities held by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights audited by us as referred to above present fairly, in all material respects, the financial position of the funds listed above of the First American Investment Funds, Inc. at October 31, 2005, the results of their operations, the changes in their net assets, and their financial highlights for the periods indicated therein in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota
December 9, 2005

FIRST AMERICAN FUNDS Annual Report 2005

11

Schedule of Investments October 31, 2005

Equity Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.8%
Consumer Discretionary – 10.2%
AutoNation* (a)		36,173	$	719
Autozone*		13,125		1,062
Bed Bath & Beyond* (a)		58,819		2,383
Best Buy (a)		85,593		3,788
Big Lots* (a)		22,835		264
Black & Decker		15,533		1,276
Brunswick		18,388		701
Carnival (a)		100,095		4,972
Centex		25,027		1,610
Circuit City Stores		40,995		729
Clear Channel Communications (a)		94,110		2,863
Coach*		74,427		2,395
Comcast, Class A* (a)		440,567		12,261
Cooper Tire & Rubber		12,787		175
D.R. Horton		53,291		1,636
Dana (a)		30,018		225
Darden Restaurants (a)		27,598		895
Dillards, Class A		14,083		292
Dollar General (a)		59,313		1,153
Dow Jones & Company		13,986		474
Eastman Kodak		55,997		1,226
Family Dollar Stores		33,457		741
Federated Department Stores		52,901		3,247
Ford Motor		367,911		3,061
Fortune Brands		28,387		2,157
Gannett (a)		49,620		3,109
Gap (a)		122,611		2,119
General Motors (a)		112,952		3,095
Genuine Parts		34,205		1,518
Goodyear Tire & Rubber* (a)		35,146		550
Harley-Davidson (a)		58,037		2,875
Harrah's Entertainment		31,087		1,880
Hasbro		31,383		591
Hilton Hotels		74,700		1,453
Home Depot (a)		432,577		17,753
International Game Technology		68,211		1,807
Interpublic Group of Companies* (a)		83,383		861
J.C. Penney (a)		52,733		2,700
Johnson Controls		37,051		2,521
Jones Apparel Group		24,075		657
KB HOME		15,477		1,011
Knight-Ridder (a)		13,573		725
Kohl's* (a)		61,656		2,968
Leggett & Platt		37,301		748
Lennar		26,660		1,482
Limited (a)		71,115		1,423
Liz Claiborne (a)		21,466		756
Lowe's (a)		152,088		9,242
Marriott International, Class A (a)		39,875		2,377
Mattel		80,991		1,195
Maytag		16,057		277
McDonald's		249,367		7,880
McGraw-Hill		74,788		3,660
New York Times, Class A (a)		29,239		796
Newell Rubbermaid (a)		53,621		1,233
News		517,445		7,374
Nike, Class B (a)		41,507		3,489

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Nordstrom		43,084	$	1,493
Office Depot*		60,512		1,666
Officemax (a)		13,152		369
Omnicom Group (a)		37,010		3,070
Pulte (a)		46,584		1,760
RadioShack		27,952		618
Reebok International		11,811		674
Sears* (a)		20,424		2,456
Sherwin Williams (a)		30,109		1,281
Snap-On		11,404		411
Stanley Works (a)		16,251		779
Staples (a)		147,352		3,349
Starbucks*		158,175		4,473
Starwood Hotels & Resorts Worldwide (a)		40,317		2,356
Target		176,529		9,831
Tiffany & Company		28,852		1,137
Time Warner (a)		920,283		16,409
TJX (a)		93,977		2,023
Tribune (a)		58,698		1,850
Univision Communications, Class A* (a)		50,761		1,327
V.F. (a)		17,291		903
Viacom, Class B (a)		323,512		10,019
Visteon*		25,759		215
Walt Disney (a)		399,525		9,736
Wendy's International (a)		22,220		1,038
Whirlpool (a)		13,104		1,029
Yum! Brands (a)		57,004		2,900
				223,602
Consumer Staples – 9.7%
Alberto-Culver, Class B		16,772		728
Albertson's (a)		73,730		1,851
Altria Group (a)		408,822		30,682
Anheuser-Busch (a)		156,504		6,457
Archer-Daniels-Midland		122,249		2,979
Avon Products (a)		92,777		2,504
Brown-Forman, Class B		9,654		611
Campbell Soup		55,386		1,612
Clorox		30,272		1,638
Coca-Cola		427,830		18,303
Coca-Cola Enterprises		46,810		885
Colgate-Palmolive		104,531		5,536
ConAgra Foods		103,675		2,413
Constellation Brands, CIass A* (a)		32,747		771
Costco Wholesale		98,152		4,747
CVS		156,640		3,824
General Mills		65,169		3,145
H.J. Heinz		68,762		2,441
Hershey Foods (a)		42,740		2,429
Kellogg		56,760		2,507
Kimberly-Clark		93,956		5,340
Kroger*		144,504		2,876
McCormick		27,290		827
Molson Coors Brewing		15,534		958
Pepsi Bottling (a)		38,562		1,096
PepsiCo		332,799		19,662
Procter & Gamble		671,627		37,604
Reynolds American (a)		16,952		1,441
Safeway (a)		89,557		2,083
Sara Lee (a)		154,470		2,757

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

FIRST AMERICAN FUNDS Annual Report 2005

12

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
SUPERVALU		26,157	$	822
Sysco		130,666		4,170
Tyson Foods, Class A		49,569		882
UST (a)		33,096		1,370
Walgreen (a)		201,148		9,138
Wal-Mart Stores (a)		514,891		24,359
Wrigley, William Jr. (a)		32,787		2,279
				213,727
Energy – 9.4%
Amerada Hess (a)		15,864		1,985
Anadarko Petroleum		47,077		4,270
Apache		65,558		4,185
Baker Hughes		68,088		3,742
BJ Services (a)		64,691		2,248
Burlington Resources		77,013		5,562
ChevronTexaco		448,754		25,610
ConocoPhillips		278,109		18,183
Devon Energy (a)		94,644		5,715
El Paso (a)		128,712		1,527
EOG Resources (a)		47,887		3,246
Exxon Mobil		1,264,462		70,987
Halliburton (a)		101,020		5,970
Kerr-McGee		23,258		1,978
Kinder Morgan		19,005		1,728
Marathon Oil		69,832		4,201
Murphy Oil		30,960		1,450
Nabors Industries* (a)		29,196		2,004
National-Oilwell Varco*		34,364		2,147
Noble (a)		27,137		1,747
Occidental Petroleum (a)		79,549		6,275
Rowan* (a)		21,631		714
Schlumberger (a)		117,694		10,683
Sunoco (a)		26,998		2,011
Transocean*		68,702		3,950
Valero Energy		60,103		6,325
Weatherford International* (a)		28,560		1,788
Williams		114,019		2,543
XTO Energy		72,095		3,133
				205,907
Financials – 20.6%
ACE		55,207		2,876
AFLAC		100,427		4,798
Allstate (a)		137,048		7,235
Ambac Financial Group		21,282		1,509
American Express		229,598		11,427
American International Group		518,329		33,588
Ameriprise Financial		45,895		1,708
AmSouth Bancorp (a)		68,536		1,729
AON		63,480		2,149
Apartment Investment & Management (a)		19,317		742
Archstone-Smith Trust (a)		39,720		1,611
Bank of America (a)		805,161		35,218
Bank of New York		151,739		4,748
BB&T		106,710		4,518
Bear Stearns (a)		21,331		2,257
Capital One Financial (a)		57,625		4,400
Charles Schwab		199,891		3,038
Chubb (a)		36,589		3,402

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Cincinnati Financial		31,228	$	1,329
CIT Group		40,266		1,841
Citigroup		1,027,779		47,052
Comerica		34,303		1,982
Compass Bancshares		9,642		470
Countrywide Financial		111,943		3,556
E*TRADE Financial* (a)		73,763		1,368
Equity Office Properties Trust		81,948		2,524
Equity Residential Properties Trust (a)		56,582		2,221
Fannie Mae		191,614		9,106
Federated Investors, Class B		18,964		664
Fifth Third Bancorp (a)		110,109		4,423
First Horizon National		24,596		951
Franklin Resources		35,302		3,120
Freddie Mac		135,159		8,292
Golden West Financial (a)		52,873		3,105
Goldman Sachs Group (a)		88,823		11,225
Hartford Financial Services Group (a)		57,246		4,565
Huntington Bancshares		44,678		1,039
J.P. Morgan Chase		702,878		25,739
Janus Capital Group		46,866		823
Jefferson-Pilot		26,621		1,461
KeyCorp (a)		80,940		2,610
Lehman Brothers Holdings (a)		54,418		6,512
Lincoln National (a)		34,766		1,760
Loew's		29,363		2,730
M & T Bank		16,353		1,759
Marsh & McLennan		104,034		3,033
Marshall & Ilsley		41,898		1,800
MBIA (a)		28,399		1,654
MBNA		253,234		6,475
Mellon Financial		84,229		2,669
Merrill Lynch		185,474		12,008
Metlife		150,264		7,425
MGIC Investment		19,423		1,151
Moody's (a)		53,164		2,832
Morgan Stanley		215,911		11,748
National City		116,950		3,769
North Fork Bancorp (a)		92,911		2,354
Northern Trust		43,317		2,322
Plum Creek Timber (a)		36,341		1,414
PNC Financial Services		54,709		3,321
Principal Financial Group (a)		63,493		3,151
Progressive (a)		39,262		4,547
Prologis (a)		36,299		1,561
Prudential Financial		100,934		7,347
Public Storage (a)		17,769		1,176
Regions Financial		91,917		2,992
SAFECO		24,496		1,364
Simon Property Group (a)		43,883		3,143
SLM		82,404		4,576
Sovereign Bancorp		68,386		1,475
St. Paul Travelers Companies		134,584		6,060
State Street (a)		69,670		3,848
SunTrust Banks		63,926		4,633
Synovus Financial		58,838		1,616
T. Rowe Price Group		24,746		1,621
Torchmark		20,486		1,082
U.S. Bancorp (a) (b)		367,688		10,876

FIRST AMERICAN FUNDS Annual Report 2005

13

Schedule of Investments October 31, 2005

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
UnumProvident		59,458	$	1,206
Vornado Realty Trust		19,107		1,548
Wachovia		316,250		15,977
Washington Mutual		195,376		7,737
Wells Fargo		331,745		19,971
XL Capital Limited, Class A (a)		26,674		1,709
Zions Bancorporation (a)		17,532		1,288
				453,659
Health Care – 12.9%
Abbott Laboratories		306,584		13,198
Aetna		58,044		5,140
Allergan (a)		25,514		2,278
AmerisourceBergen (a)		20,704		1,579
Amgen* (a)		247,700		18,766
Applied Biosystems Group - Applera		38,586		936
Bausch & Lomb (a)		10,168		754
Baxter International		119,933		4,585
Becton, Dickinson & Company		49,645		2,519
Biogen IDEC* (a)		67,810		2,755
Biomet		49,780		1,734
Boston Scientific* (a)		138,618		3,482
Bristol-Myers Squibb		381,561		8,078
C.R. Bard		18,857		1,176
Cardinal Health		87,096		5,444
Caremark Rx*		88,299		4,627
Chiron* (a)		23,308		1,029
CIGNA		26,371		3,056
Coventry Health Care*		31,518		1,702
Eli Lilly (a)		221,442		11,026
Express Scripts* (a)		30,156		2,274
Fisher Scientific International* (a)		23,391		1,322
Forest Laboratories, Class A*		68,307		2,590
Genzyme* (a)		48,953		3,539
Gilead Sciences* (a)		84,956		4,014
Guidant		63,551		4,004
HCA		82,102		3,956
Health Management Associates, Class A		46,829		1,003
Hospira*		31,890		1,271
Humana* (a)		31,592		1,402
IMS Health		45,701		1,062
Johnson & Johnson (a)		584,020		36,571
King Pharmaceuticals*		48,290		745
Laboratory Corporation of America Holdings* (a)		27,269		1,316
Manor Care		17,445		650
McKesson HBOC		57,815		2,627
Medco Health Solutions*		60,219		3,402
MedImmune* (a)		48,848		1,709
Medtronic		239,778		13,586
Merck		440,096		12,420
Millipore*		9,798		600
Mylan Laboratories		42,821		823
Patterson Companies* (a)		10,601		439
PerkinElmer		24,887		549
Pfizer		1,483,911		32,260
Quest Diagnostics (a)		35,801		1,672
Schering-Plough		289,049		5,879
St. Jude Medical*		71,755		3,449
Stryker (a)		72,226		2,966
Tenet Healthcare* (a)		90,624		763

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Thermo Electron*		31,731	$	958
UnitedHealth Group (a)		254,017		14,705
Watson Pharmaceuticals* (a)		21,406		740
WellPoint Health Networks* (a)		117,353		8,764
Wyeth Pharmaceuticals		262,121		11,680
Zimmer Holdings* (a)		49,354		3,147
				282,721
Industrials – 11.2%
3M (a)		154,501		11,739
Allied Waste Industries* (a)		42,300		344
American Power Conversion		34,006		727
American Standard		35,133		1,336
Apollo Group, Class A*		28,655		1,806
Avery Dennison (a)		21,060		1,193
Boeing (a)		166,087		10,736
Burlington Northern Santa Fe		74,084		4,598
Caterpillar (a)		134,269		7,061
Cendant (a)		208,158		3,626
Cintas		27,037		1,097
Cooper Industries		18,266		1,295
CSX		41,792		1,914
Cummins (a)		8,163		697
Danaher (a)		54,213		2,825
Deere & Company (a)		48,137		2,921
Dover		33,994		1,325
Eaton		29,365		1,728
Emerson Electric		82,646		5,748
Equifax		27,496		948
FedEx (a)		59,331		5,454
Fluor (a)		15,930		1,013
General Dynamics		38,518		4,480
General Electric		2,112,277		71,627
Goodrich (a)		23,494		847
H & R Block		70,435		1,751
Honeywell International		168,145		5,751
Illinois Tool Works (a)		55,320		4,689
Ingersoll-Rand, Class A		67,828		2,563
ITT Industries		18,052		1,834
L-3 Communications Holdings (a)		20,387		1,587
Lockheed Martin (a)		78,702		4,766
Masco (a)		91,661		2,612
Monster Worldwide* (a)		23,223		762
Navistar International*		13,099		360
Norfolk Southern		78,653		3,162
Northrop Grumman		70,478		3,781
Paccar		34,736		2,432
Pall		24,257		635
Parker Hannifin		23,076		1,446
Pitney Bowes		38,108		1,604
R.R. Donnelley & Sons (a)		41,885		1,467
Raytheon		87,167		3,221
Robert Half International (a)		31,248		1,152
Rockwell Automation		33,716		1,792
Rockwell Collins (a)		34,730		1,591
Ryder System		12,363		490
Southwest Airlines		152,814		2,447
Textron		26,777		1,929
Tyco International		403,395		10,646
Union Pacific		51,566		3,567

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

FIRST AMERICAN FUNDS Annual Report 2005

14

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
United Parcel Service, Class B (a)		219,781	$	16,031
United Technologies (a)		207,356		10,633
W.W. Grainger		17,868		1,197
Waste Management		112,710		3,326
				246,309
Information Technology – 15.5%
ADC Telecommunications* (a)		23,217		405
Adobe Systems (a)		98,097		3,164
Advanced Micro Devices* (a)		76,375		1,773
Affiliated Computer Services, Class A* (a)		25,740		1,393
Agilent Technologies*		96,324		3,083
Altera* (a)		74,820		1,246
Analog Devices (a)		74,042		2,575
Andrew*		31,199		331
Apple Computer* (a)		165,635		9,539
Applied Materials (a)		329,846		5,403
Applied Micro Circuits*		61,906		151
Autodesk		45,864		2,070
Automatic Data Processing		116,989		5,459
Avaya*		95,407		1,099
BMC Software*		44,700		876
Broadcom, Class A* (a)		56,426		2,396
Ciena*		115,533		274
Cisco Systems* (a)		1,279,161		22,321
Citrix Systems* (a)		33,949		936
Computer Associates International (a)		93,331		2,610
Computer Sciences* (a)		36,594		1,875
Compuware*		77,929		630
Comverse Technology* (a)		38,364		963
Convergys* (a)		31,836		517
Corning*		289,799		5,822
Dell*		478,446		15,253
eBay* (a)		218,579		8,656
Electronic Arts* (a)		61,506		3,498
Electronic Data Systems		96,418		2,248
EMC* (a)		480,506		6,708
First Data		159,775		6,463
Fiserv* (a)		37,851		1,653
Freescale Semiconductor* (a)		78,430		1,873
Gateway* (a)		58,312		166
Hewlett-Packard (a)		569,309		15,963
IBM		326,579		26,740
Intel		1,233,240		28,981
Intuit* (a)		36,844		1,692
Jabil Circuit* (a)		38,249		1,142
JDS Uniphase* (a)		329,218		691
KLA-Tencor (a)		38,047		1,761
Lexmark International Group, Class A* (a)		25,030		1,039
Linear Technology		60,190		1,999
LSI Logic* (a)		76,004		616
Lucent Technologies* (a)		884,895		2,522
Maxim Integrated Products		64,240		2,228
Mercury Interactive*		17,732		617
Micron Technology* (a)		119,166		1,548
Microsoft		1,856,818		47,720
Molex		29,071		736
Motorola (a)		479,739		10,631
National Semiconductor (a)		69,884		1,581
NCR* (a)		37,426		1,131

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Network Appliance* (a)		70,964	$	1,942
Novell* (a)		76,416		582
Novellus Systems* (a)		29,490		645
NVIDIA* (a)		32,761		1,099
Oracle* (a)		739,278		9,374
Parametric Technology* (a)		54,499		355
Paychex		73,835		2,862
PMC-Sierra* (a)		34,930		248
QLogic*		18,443		556
QUALCOMM		322,664		12,829
Sabre Holdings, Class A (a)		28,147		550
Sanmina - SCI* (a)		105,697		386
Scientific-Atlanta (a)		29,991		1,063
Seagate Escrow Security (c) (d)		44,866		—
Siebel Systems (a)		103,647		1,073
Solectron*		192,285		679
Sun Microsystems* (a)		665,489		2,662
Symantec* (a)		239,086		5,702
Symbol Technologies		47,601		395
Tektronix		16,575		381
Tellabs*		89,731		858
Teradyne* (a)		38,181		517
Texas Instruments		332,787		9,501
Unisys*		65,180		333
Waters*		23,743		860
Xerox* (a)		188,312		2,555
Xilinx (a)		67,993		1,628
Yahoo!* (a)		242,586		8,968
				341,370
Materials – 2.9%
Air Products and Chemicals		44,423		2,543
Alcoa		174,127		4,230
Allegheny Technologies (a)		17,391		499
Ashland		13,167		705
Ball		21,770		857
Bemis (a)		20,893		552
Dow Chemical (a)		191,999		8,805
E.I. DuPont de Nemours		198,969		8,295
Eastman Chemical (a)		14,859		784
Ecolab		43,970		1,455
Engelhard		24,105		656
Freeport-McMoran Copper & Gold, Class B (a)		35,901		1,774
Georgia-Pacific		51,964		1,690
Hercules*		21,657		241
International Flavors & Fragrances		14,130		466
International Paper (a)		98,176		2,865
Louisiana Pacific		21,379		533
MeadWestvaco		35,976		943
Monsanto (a)		53,572		3,376
Newmont Mining (a)		88,941		3,789
NuCor (a)		32,019		1,916
Pactiv*		30,833		607
Phelps Dodge (a)		18,882		2,275
PPG Industries		33,674		2,019
Praxair (a)		64,612		3,192
Rohm & Haas (a)		38,077		1,657
Sealed Air*		16,604		835
Sigma-Aldrich		13,857		883
Temple-Inland		22,847		841

FIRST AMERICAN FUNDS Annual Report 2005

15

Schedule of Investments October 31, 2005

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
United States Steel (a)		22,810	$	833
Vulcan Materials (a)		19,855		1,291
Weyerhaeuser		46,442		2,942
				64,349
Telecommunication Services – 3.0%
ALLTEL (a)		65,349		4,042
AT&T (a)		160,037		3,166
BellSouth (a)		363,337		9,454
CenturyTel (a)		26,282		860
Citizens Communications (a)		68,497		838
Qwest Communications International*		329,271		1,436
SBC Communications (a)		659,456		15,728
Sprint		574,122		13,383
Verizon Communications		543,993		17,141
				66,048
Utilities – 3.4%
AES*		130,474		2,073
Allegheny Energy* (a)		31,974		904
Ameren (a)		37,666		1,981
American Electric Power (a)		77,252		2,932
Calpine* (a)		129,180		307
CenterPoint Energy (a)		59,827		792
Cinergy		35,544		1,418
CMS Energy* (a)		43,702		652
Consolidated Edison (a)		44,910		2,043
Constellation Energy		32,556		1,784
Dominion Resources (a)		68,015		5,175
DTE Energy (a)		32,839		1,419
Duke Energy (a)		189,585		5,020
Dynegy* (a)		65,194		289
Edison International (a)		63,684		2,787
Entergy		44,663		3,159
Exelon (a)		133,653		6,954
FirstEnergy		64,475		3,063
FPL Group (a)		77,659		3,344
KeySpan		33,653		1,163
NICOR (a)		8,836		346
NiSource		51,307		1,213
People's Energy		2,982		111
PG&E (a)		82,671		3,008
Pinnacle West Capital		17,804		743
PPL		71,590		2,244
Progress Energy (a)		48,150		2,099
Progress Energy-CVO*		7,906		1
Public Service Enterprises		46,418		2,919
Sempra Energy		47,503		2,104
Southern (a)		146,395		5,122
TECO Energy		39,081		676
TXU		50,597		5,098
Xcel Energy (a)		77,029		1,412
				74,355
Total Common Stocks (Cost $1,593,052)				2,172,047
Short-Term Investments – 0.2%
Affiliated Money Market Fund – 0.1%
First American Prime Obligations Fund, Class Z (b) (e)		2,911,322		2,911

Equity Index Fund (concluded)

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill 3.945%, 03/02/06 (f)	$	2,000	$	1,974
Total Short-Term Investments (Cost $4,888)				4,885
Investments Purchased with Proceeds from Securities Lending (g) – 22.2% (Cost $487,770)				487,770
Total Investments – 121.2% (Cost $2,085,710)				2,664,702
Other Assets and Liabilities, Net – (21.2)%				(465,549	)
Total Net Assets – 100.0%			$	2,199,153

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $478,324,792 at October 31, 2005. See note 2 in Notes to Financial Statements.

(b)  Investment in affiliated security. As of October 31, 2005, the market value of these investments was $13,787,533 or 0.6% of total net assets. See notes 3 and 4 in Notes to Financial Statements.

(c)  Security considered illiquid or restricted. As of October 31, 2005, the market value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

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

(f)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of October 31, 2005. See note 2 in Notes to Financial Statements.

(g)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

CVO – Contingent Value Obligation

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)		Notional Contract Value (000)		Settlement Month	Unrealized Appreciation (000)
S&P 500 Index Futures Contracts		88	$	26,616	December-05	$	563

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

FIRST AMERICAN FUNDS Annual Report 2005

16

Schedule of Investments October 31, 2005

Mid Cap Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.7%
Consumer Discretionary – 14.9%
99 Cents Only Stores*		16,863	$	163
Abercrombie & Fitch		30,352		1,578
Advanced Auto Parts* (a)		37,785		1,417
Aeropostale* (a)		19,492		381
American Eagle Outfitters (a)		45,330		1,068
American Greetings, Class A (a)		23,170		585
AnnTaylor Stores*		25,120		610
Applebee's International		27,790		609
ArvinMeritor		24,153		387
Bandag		4,042		172
Barnes & Noble		20,314		735
Beazer Homes USA (a)		13,800		800
Belo, Class A (a)		36,539		789
BLYTH		9,189		168
Bob Evans Farms		11,877		266
Borders Group		25,715		505
BorgWarner (a)		19,252		1,116
Boyd Gaming		14,978		618
Brinker International (a)		29,758		1,134
Callaway Golf (a)		24,017		342
CarMax*		36,639		984
Catalina Marketing, Class C (a)		13,847		361
CBRL Group (a)		16,491		572
Cheesecake Factory* (a)		26,650		915
Chico's FAS*		62,310		2,464
Claire's Stores		33,880		883
Corinthian Colleges* (a)		30,990		386
DeVry* (a)		20,186		456
Dollar Tree Stores* (a)		36,964		797
Emmis Communications, Class A*		10,421		204
Entercom Communications* (a)		13,690		395
Foot Locker (a)		53,822		1,046
Furniture Brands International		18,185		330
Gamestop*		19,530		693
Gentex		54,928		1,034
GTECH Holdings		39,950		1,272
Harman International Industries (a)		22,200		2,217
Harte-Hanks		20,053		513
Hovnanian Enterprises, Class A*		12,690		571
International Speedway, Class A		12,364		639
Lear (a)		23,140		705
Lee Enterprises		15,684		615
Media General, Class A		8,204		433
Michaels Stores (a)		46,482		1,538
Modine Manufacturing		11,023		364
Mohawk Industries* (a)		18,214		1,422
O'Reilly Automotive*		35,890		1,012
Outback Steakhouse		22,593		851
Pacific Sunwear of California* (a)		26,190		655
Payless ShoeSource*		23,694		435
PETsMART (a)		49,748		1,169
Pier 1 Imports (a)		29,414		304
Polo Ralph Lauren Corp. (a)		20,770		1,022
Reader's Digest Association, Class A		34,190		524
Regis		15,200		583
Rent-A-Center*		24,400		440
Ross Stores (a)		50,378		1,362

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Ruby Tuesday (a)		22,240	$	487
Ryland Group (a)		16,600		1,117
Saks*		49,120		892
Scholastic* (a)		12,806		417
Thor Industries (a)		11,910		389
Timberland, Class A*		19,286		543
Toll Brothers* (a)		39,328		1,452
Tupperware		18,820		432
Urban Outfitters* (a)		37,520		1,063
Valassis Communications* (a)		17,561		549
Washington Post, Class B		1,789		1,333
Westwood One		23,329		432
Williams-Sonoma* (a)		39,953		1,563
				54,278
Consumer Staples – 3.4%
BJ's Wholesale Club* (a)		23,792		678
Church and Dwight		21,394		750
Dean Foods*		51,546		1,863
Energizer Holdings*		24,780		1,251
Hormel Foods		25,120		799
JM Smucker (a)		20,145		921
Lancaster Colony		8,844		355
PepsiAmericas		24,128		563
Ruddick		12,808		282
Smithfield Foods*		30,925		915
Tootsie Roll Industries		8,686		263
Universal		8,756		328
Whole Foods Market (a)		22,934		3,305
				12,273
Energy – 7.3%
Cooper Cameron* (a)		19,318		1,424
Denbury Resources*		19,960		871
ENSCO International (a)		52,641		2,400
FMC Technologies*		24,325		887
Forest Oil* (a)		19,011		830
Grant Prideco* (a)		43,840		1,705
Hanover Compressor*		28,440		366
Helmerich & Payne		18,116		1,004
Newfield Exploration*		43,974		1,993
Noble Energy		60,574		2,426
Overseas Shipholding Group		10,958		522
Patterson-UTI Energy		59,430		2,028
Pioneer Natural Resources		48,933		2,449
Plains Exploration & Production* (a)		27,050		1,055
Pogo Producing (a)		20,588		1,040
Pride International*		50,171		1,408
Smith International (a)		73,224		2,372
Tidewater (a)		21,358		982
Western Gas Resources (a)		19,312		836
				26,598
Financials – 18.7%
A.G. Edwards (a)		26,189		1,108
Allmerica Financial		18,230		695
AMB Property		28,426		1,256
American Financial Group (a)		16,124		551
AmeriCredit* (a)		48,102		1,075
AmerUS Group, Class A (a)		13,404		792
Arthur J. Gallagher (a)		30,243		890

FIRST AMERICAN FUNDS Annual Report 2005

17

Schedule of Investments October 31, 2005

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Associated Banc-Corp (a)		44,336	$	1,384
Astoria Financial (a)		33,362		932
Bank of Hawaii		18,139		932
Brown & Brown		19,600		1,065
Cathay General Bancorp		13,580		529
City National (a)		14,301		1,049
Colonial BancGroup		49,114		1,196
Commerce Bancorp (a)		57,084		1,739
Cullen/Frost Bankers (a)		16,770		886
Developers Diversified Realty (a)		38,180		1,668
Eaton Vance		45,950		1,144
Everest Re Group		20,041		1,993
Fidelity National Financial		59,767		2,239
First American (a)		29,573		1,296
FirstMerit (a)		28,888		762
GATX		17,586		657
Greater Bay Bancorp		17,819		447
HCC Insurance Holdings		34,843		1,045
Highwoods Properties (a)		18,150		512
Horace Mann Educators		14,785		287
Hospitality Properties Trust		24,250		963
Independence Community Bank		25,416		1,005
IndyMac Bancorp (a)		21,230		793
Investors Financial Services (a)		23,520		898
Jefferies Group (a)		17,640		749
LaBranche* (a)		19,428		185
Legg Mason		38,404		4,121
Leucadia National		28,693		1,233
Liberty Property Trust (a)		30,120		1,256
Macerich (a)		20,970		1,348
Mack-Cali Realty		19,170		818
Mercantile Bankshares		27,125		1,529
Mercury General		11,470		693
MoneyGram International		30,315		737
New Plan Excel Realty Trust		35,150		808
New York Community Bancorp (a)		81,582		1,319
Ohio Casualty		21,274		580
Old Republic International		62,498		1,619
PMI Group (a)		32,620		1,301
Protective Life		23,800		1,043
Radian Group (a)		30,486		1,588
Raymond James Financial		21,750		740
Rayonier (a)		26,497		1,013
Regency Centers (a)		21,530		1,199
SEI Investments		22,215		862
StanCorp Financial Group		9,733		896
SVB Financial Group* (a)		12,430		618
TCF Financial		43,286		1,173
Texas Regional Bancshares, Class A		12,890		378
United Dominion Realty Trust (a)		47,830		1,058
Unitrin (a)		17,984		827
W.R. Berkley		40,889		1,787
Waddell & Reed Financial		28,794		552
Washington Federal (a)		30,122		693
Webster Financial		18,185		840
Weingarten Realty Investors		29,353		1,044
Westamerica Bancorporation		10,941		583
Wilmington Trust		21,947		832
				67,810

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Health Care – 11.7%
Advanced Medical Optics* (a)		22,177	$	791
Apria Healthcare Group*		16,668		385
Barr Pharmaceuticals*		35,621		2,046
Beckman Coulter		21,003		1,035
Cephalon* (a)		19,750		900
Charles River Laboratories International* (a)		24,781		1,084
Community Health Systems* (a)		30,867		1,145
Covance*		21,479		1,045
Cytyc* (a)		39,854		1,010
DENTSPLY International		25,104		1,384
Edwards Lifesciences*		20,354		842
Gen-Probe* (a)		17,780		726
Health Net* (a)		38,533		1,805
Henry Schein*		29,468		1,168
Hillenbrand Industries		19,856		915
INAMED*		12,520		890
Intuitive Surgical* (a)		12,220		1,084
Invitrogen* (a)		18,301		1,164
IVAX*		74,182		2,118
Lifepoint Hospitals* (a)		19,650		768
Lincare Holdings* (a)		34,366		1,404
Martek Biosciences* (a)		11,160		345
Millennium Pharmaceuticals* (a)		106,361		970
Mine Safety Appliances		7,230		303
Omnicare (a)		36,333		1,966
PacifiCare Health Systems*		30,004		2,471
Par Pharmaceutical Companies* (a)		12,020		311
Perrigo (a)		29,660		397
Protein Design Labs* (a)		37,136		1,041
Renal Care*		23,190		1,086
Sepracor* (a)		36,829		2,072
STERIS		23,670		540
Techne*		13,300		721
Triad Hospitals* (a)		30,046		1,236
Universal Health Services (a)		19,976		942
Valeant Pharmaceuticals International		32,304		554
Varian* (a)		11,882		437
Varian Medical Systems* (a)		46,526		2,120
VCA Antech*		26,448		682
Vertex Pharmaceuticals* (a)		32,708		744
				42,647
Industrials – 13.8%
Adesa		31,399		672
AGCO* (a)		30,713		491
AirTran Holdings* (a)		30,760		460
Alaska Air Group* (a)		8,724		275
Alexander & Baldwin (a)		14,917		730
Alliant Techsystems* (a)		12,570		883
AMETEK (a)		24,494		998
Banta		8,610		433
Brinks		19,431		763
C.H. Robinson Worldwide (a)		58,378		2,058
Career Education* (a)		35,136		1,250
Carlisle Companies		10,660		711
ChoicePoint*		30,645		1,295
CNF		17,705		996
Copart*		25,450		595
Corporate Executive Board		14,050		1,161

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

FIRST AMERICAN FUNDS Annual Report 2005

18

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Crane		18,100	$	560
Deluxe (a)		17,460		582
Donaldson (a)		24,418		763
Dun & Bradstreet*		23,119		1,464
Dycom Industries* (a)		13,479		269
Education Management*		23,168		715
Expeditors International of Washington (a)		36,508		2,215
Fastenal (a)		21,709		1,522
Federal Signal		15,707		255
Flowserve* (a)		19,462		681
Graco (a)		23,680		812
Granite Construction		11,784		402
Harsco		14,737		947
Herman Miller		24,723		678
HNI (a)		17,548		858
Hubbell, Class B		21,555		1,038
ITT Educational Services*		13,080		723
J.B. Hunt Transport Services		45,586		885
Jacobs Engineering Group*		19,944		1,271
JetBlue Airways* (a)		33,082		616
Joy Global (a)		28,110		1,289
Kelly Services, Class A		7,153		198
Kennametal		13,025		666
Korn/Ferry International*		12,737		219
Laureate Education* (a)		16,793		830
Manpower		30,039		1,360
MSC Industrial Direct		15,920		608
Nordson		10,882		404
Pentair		35,790		1,163
Precision Castparts		45,032		2,133
Quanta Services* (a)		40,679		467
Republic Services		42,366		1,498
Rollins		10,986		209
Sequa, Class A*		2,380		147
Sotheby's Holdings, Class A*		13,064		203
SPX (a)		25,226		1,085
Stericycle* (a)		15,330		882
Swift Transportation* (a)		18,038		329
Tecumseh Products, Class A		5,452		110
Teleflex		13,111		868
Thomas & Betts*		19,201		747
Timken		28,400		805
Trinity Industries (a)		13,319		507
United Rentals* (a)		24,599		481
Werner Enterprises		17,805		319
Yellow Roadway* (a)		19,490		886
York International		14,784		830
				50,270
Information Technology – 15.1%
3Com* (a)		129,950		500
Activision*		93,009		1,467
Acxiom		26,966		575
ADTRAN		21,584		653
Advent Software* (a)		6,834		210
Alliance Data Systems* (a)		21,150		752
Amphenol, Class A		31,020		1,240
Anteon International*		10,170		460
Arrow Electronics* (a)		41,384		1,221
Atmel* (a)		150,797		371

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Avnet* (a)		50,883	$	1,173
Avocent* (a)		17,064		523
BISYS Group*		41,173		522
Cabot Microelectronics* (a)		8,490		250
Cadence Design Systems* (a)		94,390		1,508
CDW (a)		21,661		1,221
Ceridian*		50,939		1,116
Certegy		21,413		802
CheckFree*		30,239		1,285
Cognizant Technology Solutions*		47,470		2,088
CommScope* (a)		17,277		337
Credence Systems* (a)		32,645		251
Cree* (a)		26,465		636
CSG Systems International* (a)		17,797		418
Cypress Semiconductor* (a)		46,339		630
Diebold		24,250		876
DST Systems*		24,069		1,351
F5 Networks*		13,110		682
Fair Isaac (a)		23,285		972
Fairchild Semiconductor International, Class A* (a)		41,327		636
Gartner, Class A* (a)		21,308		257
Harris		46,842		1,925
Imation		10,443		447
Ingram Micro*		37,670		682
Integrated Device Technology* (a)		67,855		670
International Rectifier*		22,958		679
Intersil, Class A		52,893		1,204
Jack Henry & Associates		27,580		496
KEMET*		29,836		206
Lam Research*		47,048		1,587
Lattice Semiconductor* (a)		38,846		170
Macromedia*		26,486		1,163
Macrovision*		17,037		321
McAfee*		57,208		1,718
McDATA, Class A*		55,552		267
MEMC Electronic Materials* (a)		54,150		971
Mentor Graphics* (a)		26,152		216
Micrel* (a)		22,694		227
Microchip Technology (a)		72,134		2,176
MPS Group*		35,725		445
National Instruments		19,082		456
Newport*		14,040		183
Plantronics		16,557		494
Plexus*		14,781		261
Polycom* (a)		33,289		509
Powerwave Technologies* (a)		38,570		432
Reynolds & Reynolds, Class A		17,782		472
RF Micro Devices*		66,156		347
RSA Security*		23,832		272
SanDisk* (a)		62,926		3,706
Semtech* (a)		25,564		386
Silicon Laboratories* (a)		13,190		424
SRA International, Class A*		12,080		396
Sybase* (a)		31,310		697
Synopsys* (a)		49,616		940
Tech Data* (a)		19,903		689
Transaction Systems Architects, Class A* (a)		11,893		321
TriQuint Semiconductor*		47,131		198
UTStarcom* (a)		35,010		193

FIRST AMERICAN FUNDS Annual Report 2005

19

Schedule of Investments October 31, 2005

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Vishay Intertechnology*		62,241	$	706
Western Digital* (a)		74,630		903
Wind River Systems* (a)		26,493		347
Zebra Technology, Class A* (a)		24,880		1,073
				54,958
Materials – 5.7%
Airgas		24,400		690
Albemarle		13,177		462
Arch Coal (a)		22,050		1,699
Bowater (a)		19,061		505
Cabot		21,389		730
Chemtura Corp.		83,200		890
Cytec Industries		14,081		582
Ferro		14,467		258
FMC* (a)		13,213		719
Glatfelter		10,670		145
Longview Fibre		17,660		332
Lubrizol		23,465		976
Lyondell Chemical (a)		68,383		1,833
Martin Marietta Materials (a)		15,961		1,259
Minerals Technologies (a)		7,081		379
Olin (a)		24,060		430
Packaging Corporation of America		23,124		469
Peabody Energy (a)		44,158		3,451
Potlatch (a)		10,253		459
RPM		40,190		748
Scotts		7,780		683
Sensient Technologies		16,739		296
Sonoco Products (a)		33,805		957
Steel Dynamics		13,890		430
Valspar (a)		35,216		777
Worthington Industries (a)		24,570		494
				20,653
Telecommunication Services – 0.5%
Cincinnati Bell*		83,996		333
Telephone & Data Systems		17,052		645
Telephone & Data Systems Special Shares (a)		18,332		663
				1,641
Utilities – 7.6%
AGL Resources		25,680		904
Alliant Energy		39,572		1,047
Aqua America		33,740		1,143
Aquila* (a)		130,647		463
Black Hills (a)		11,210		466
DPL (a)		44,490		1,147
Duquesne Light Holdings (a)		26,329		439
Energy East		51,876		1,237
Equitable Resources		41,582		1,607
Great Plains Energy (a)		25,678		737
Hawaiian Electric Industries		27,838		734
IDACORP (a)		14,406		416
MDU Resources Group (a)		41,542		1,370
National Fuel Gas		25,823		778
Northeast Utilities		43,974		800
NSTAR		37,522		1,021
OGE Energy (a)		27,980		721
ONEOK (a)		35,420		1,018
Pepco Holdings		65,450		1,407

Mid Cap Index Fund (concluded)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
PNM Resources (a)		24,307	$	616
Puget Energy		34,240		734
Questar		28,889		2,275
SCANA		38,501		1,527
Sierra Pacific Resources*		63,240		819
Vectren		26,242		712
Westar Energy (a)		29,748		657
WGL Holdings		15,725		489
Wisconsin Energy (a)		40,913		1,548
WPS Resources (a)		13,302		726
				27,558
Total Common Stocks (Cost $297,980)				358,686
Short-Term Investments – 1.4%
Affiliated Money Market Fund – 1.0%
First American Prime Obligations Fund, Class Z (b)		3,641,260		3,641
U.S. Treasury Obligation – 0.4%
U.S. Treasury Bill 3.945%, 03/02/06 (c)	$	1,500		1,480
Total Short-Term Investments (Cost $5,121)				5,121
Investments Purchased with Proceeds from Securities Lending (d) – 37.1% (Cost $134,979)				134,979
Total Investments – 137.2% (Cost $438,080)				498,786
Other Assets and Liabilities, Net – (37.2)%				(135,392	)
Total Net Assets – 100.0%			$	363,394

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $132,363,422 at October 31, 2005. See note 2 in Notes to Financial Statements.

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

(c)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2005. See note 2 in Notes to Financial Statements.

(d)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)		Notional Contract Value (000)		Settlement Month	Unrealized Depreciation (000)
S&P Mid Cap 400 Futures Contracts		11	$	3,867	December-05	$	(11	)

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

FIRST AMERICAN FUNDS Annual Report 2005

20

Schedule of Investments October 31, 2005

Small Cap Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.6%
Consumer Discretionary – 14.1%
1-800 Contacts*		1,234	$	22
1-800 Flowers*		3,802		26
4Kids Entertainment*		2,378		41
99 Cents Only Stores*		6,630		64
A.C. Moore Arts & Crafts*		2,361		32
Aaron Rents (a)		5,756		113
ADVO		4,703		116
Aeropostale* (a)		8,223		161
AFC Enterprises		3,130		36
Aftermarket Technology*		2,299		42
Alliance Gaming* (a)		7,707		83
Alloy* (a)		5,567		26
Ambassadors Group		2,736		71
American Axle & Manufacturing Holdings (a)		5,800		126
America's Car-Mart*		1,455		24
Ameristar Casinos		3,556		76
Andersons		1,050		37
Arbitron		4,749		178
Arctic Cat		2,013		38
ArvinMeritor		10,190		163
Asbury Automotive Group*		1,925		33
Audible* (a)		3,730		39
Avatar Holdings*		796		45
Aztar* (a)		5,061		152
Bandag		1,669		71
Bassett Furniture		1,509		28
Beasley Broadcast Group*		593		9
Big 5 Sporting Goods		3,057		68
Big Lots* (a)		16,090		186
BJs Restaurants*		1,863		40
Blair		372		14
Blockbuster, Class A (a)		27,580		126
Blount International*		3,390		54
Blue Nile*		1,720		62
Bluegreen*		2,940		45
BLYTH		3,320		61
Bob Evans Farms		5,325		119
Bombay Company* (a)		6,108		25
Bon-Ton Stores		630		13
Brookfield Homes		2,105		105
Brown Shoe		2,753		89
Buckle		1,128		42
Buffalo Wild Wings* (a)		980		27
Build-A-Bear Workshop* (a)		1,550		37
Building Materials Holding		2,097		178
Burlington Coat Factory		2,412		93
Cabelas* (a)		3,740		61
Cache*		1,640		26
California Coastal Communities*		1,240		44
California Pizza Kitchen*		3,232		103
Callaway Golf (a)		10,952		156
Carmike Cinemas		1,501		33
Carters* (a)		2,460		155
Casual Male Retail Group*		4,826		28
Catalina Marketing, Class C (a)		7,506		196
Cato, Class A		4,527		90
CEC Entertainment* (a)		5,045		171

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Champion Enterprise* (a)		10,995	$	153
Charles & Colvard (a)		1,852		43
Charlotte Russe Holding* (a)		1,995		35
Charming Shoppes* (a)		17,197		193
Charter Communications, Class A* (a)		45,385		54
Cherokee		1,176		41
Children's Place Retail Stores*		3,012		129
Christopher & Banks		5,402		72
Churchill Downs		1,126		36
Citadel Broadcasting		6,440		89
Citi Trends* (a)		600		17
CKE Restaurants		8,892		113
Coachmen Industries		2,427		29
Coldwater Creek* (a)		5,166		139
Comstock Homebuilding, Class A*		680		11
Conns* (a)		720		21
Cooper Tire & Rubber		9,293		127
Corinthian Colleges*		13,220		164
Cost Plus*		3,300		51
Courier		1,652		54
Cox Radio* (a)		4,160		59
Crown Media Holdings, Class A*		2,509		27
CSK Auto*		6,812		103
CSS Industries		972		33
Cumulus Media, Class A*		8,412		102
Dave & Busters*		1,905		26
Deb Shops		297		8
Deckers Outdoor* (a)		1,540		26
Denny's*		14,060		56
Design Within Reach*		730		6
DeVry* (a)		8,280		187
DHB Industries*		4,093		12
Dixie Group*		1,700		23
Dominos Pizza		3,770		90
Dover Downs Gaming & Entertainment		1,201		15
Dover Motorsports		2,461		15
Dress Barn* (a)		3,171		84
Drew Industries*		2,448		71
Drugstore.com*		10,574		34
DSW*		1,050		22
Earle M. Jorgensen*		2,810		24
Emmis Communications, Class A*		4,845		95
Entercom Communications*		5,180		150
Entravision Communications*		9,400		77
Escala Group* (a)		870		14
Escalade		1,350		18
Ethan Allen Interiors (a)		5,250		178
Finish Line, Class A		6,036		94
Fisher Communications*		1,039		51
Fleetwood Enterprises* (a)		8,977		99
Fossil*		7,030		110
Fred's (a)		6,004		89
FTD Group*		2,270		25
Furniture Brands International		7,120		129
Gamestop, Class A*		1,392		49
Gamestop, Class B*		6,350		205
Gaylord Entertainment*		5,591		221
Gemstar-TV Guide International*		35,330		92
Genesco*		3,344		123

FIRST AMERICAN FUNDS Annual Report 2005

21

Schedule of Investments October 31, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Goody's Family Clothing		2,726	$	26
Gray Television		6,555		59
Great Wolf Resorts*		3,890		34
Group 1 Automotive*		3,042		84
GSI Commerce*		4,025		64
Guess?*		2,557		69
Guitar Center* (a)		3,708		193
Gymboree*		4,474		79
Handleman (a)		3,444		41
Harris Interactive*		7,435		31
Hartmarx*		3,910		27
Haverty Furniture		2,794		34
Hayes Lemmerz International* (a)		4,690		18
Hibbett Sporting Goods*		5,268		138
Hollinger International		9,630		84
Hooker Furniture		1,180		17
Hot Topic*		6,762		101
IHOP		3,022		143
Innovo Group*		3,980		5
Insight Communications*		7,513		86
Insight Enterprises*		7,028		144
Interface, Class A*		6,548		51
Isle of Capri Casinos* (a)		2,049		44
J. Jill Group*		3,049		39
Jack in the Box* (a)		5,500		163
JAKKS Pacific*		3,844		71
Jarden* (a)		7,590		256
Jo-Ann Stores*		3,244		47
JOS A Bank Clothiers*		1,761		72
Journal Communications		3,490		49
Journal Register		6,317		101
K2*		6,823		68
Kellwood (a)		3,984		87
Kenneth Cole Productions		1,433		36
Keystone Automotive Industries*		2,470		71
Kimball International		1,208		13
Krispy Kreme Doughnuts* (a)		8,330		39
K-Swiss, Class A		3,774		115
La Quinta* (a)		28,164		235
Landry's Restaurants		2,484		68
La-Z-Boy (a)		7,720		91
LeapFrog Enterprises* (a)		4,720		71
Levitt, Class A		2,640		52
Libbey		2,088		24
Liberty		2,221		103
Life Time Fitness*		2,940		109
Lifetime Brands		1,090		25
Lin TV, Class A*		4,085		52
Linens 'N Things* (a)		6,655		167
Lithia Motors		2,214		60
LKQ*		2,340		71
LodgeNet Entertainment*		2,502		33
Lodgian*		3,520		36
Lone Star Steakhouse & Saloon		1,914		49
Luby's*		3,540		45
M/I Homes		1,782		80
Magna Entertainment* (a)		5,503		37
Maidenform Brands*		750		9
Marcus		3,007		66

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Marine Products		2,229	$	21
MarineMax*		2,002		49
Martha Stewart Living* (a)		3,029		52
Maytag		11,470		198
McCormick & Schmicks Seafood Restaurant*		1,220		27
Media General, Class A		2,750		145
Mediacom Communications*		9,314		54
Mestek*		30		—
Midas*		2,657		52
Mikohn Gaming*		3,550		37
Modine Manufacturing		4,111		136
Monaco Coach (a)		4,491		55
Monarch Casino & Resort*		1,370		27
Monro Muffler Brake		1,607		48
Morningstar*		1,340		39
Movado Group		2,616		46
Movie Gallery (a)		3,778		26
MTR Gaming Group*		3,988		27
Multimedia Games* (a)		4,058		40
National Presto Industries		683		30
Nautilus Group (a)		4,937		90
Navarre* (a)		3,820		17
Netflix* (a)		5,320		141
New York & Company*		1,740		24
Noble International		1,090		26
NutriSystems* (a)		3,430		103
Oakley (a)		3,555		53
O'Charley's*		3,646		50
Outdoor Channel Holdings*		1,080		17
Overstock.com* (a)		1,674		56
Oxford Industries (a)		2,004		99
P.F. Chang's China Bistro* (a)		4,120		188
Pacific Sunwear of California* (a)		10,910		273
Palm Harbor Homes*		1,631		30
Papa John's International* (a)		1,868		97
Party City*		1,966		32
Payless ShoeSource*		9,632		177
Pep Boys – Manny, Moe & Jack		8,033		111
Perry Ellis International*		915		19
PETCO Animal Supplies*		8,270		157
Phillips Van-Heusen		4,153		118
Pier 1 Imports (a)		11,840		122
Pinnacle Entertainment*		5,808		110
Playboy Enterprises, Class B*		3,361		51
Prestige Brand Holdings*		4,070		49
Priceline.com*		3,705		70
PRIMEDIA*		22,870		48
ProQuest*		3,687		109
Provide Commerce* (a)		1,240		30
Quantum Fuel Systems Technologies Worldwide* (a)		7,070		24
R&B*		1,580		18
Radio One*		12,150		143
RARE Hospitality International*		5,647		173
RC2*		2,611		91
RCN*		3,540		72
Reader's Digest Association, Class A		14,290		219
Red Robin Gourmet Burgers*		2,055		99
Regent Communication*		5,086		26
Regis		6,320		242

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

FIRST AMERICAN FUNDS Annual Report 2005

22

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Rent-Way*		4,504	$	28
Restoration Hardware*		4,524		27
Retail Ventures* (a)		2,280		24
Riviera Holdings*		1,310		22
Ruby Tuesday (a)		8,800		193
Russ Berrie and Company		525		7
Russell		4,921		67
Ruth's Chris Steak House*		810		14
Ryans Restaurant Group*		6,026		64
Saga Communications, Class A*		2,553		32
Salem Communications*		1,648		31
Sauer-Danfoss		1,467		28
Scholastic* (a)		4,830		157
Select Comfort*		5,442		119
Sharper Image* (a)		2,014		21
Shoe Carnival*		1,267		21
Shopko*		4,346		125
Shuffle Master* (a)		5,099		129
Sinclair Broadcast Group, Class A		6,614		55
Six Flags* (a)		13,799		102
Skechers USA*		3,409		43
Skyline		994		40
Sonic Automotive, Class A		4,270		94
Source Interlink Companies*		3,422		35
Spanish Broadcasting System* (a)		5,530		34
Speedway Motorsports		2,240		79
Sports Authority* (a)		3,770		105
Stage Stores		3,984		110
Stamps.com*		2,350		47
Standard Motor Products		2,075		17
Stanley Furniture		1,924		41
Steak 'N Shake*		4,109		76
Stein Mart		3,746		69
Steinway Musical Instruments*		1,153		31
Steven Madden*		1,987		51
Strattec Security*		639		30
Stride Rite		5,369		70
Sturm, Ruger & Company		2,228		16
Sunterra* (a)		2,790		34
Superior Industries International		3,222		66
SYMS		30		—
Systemax*		1,656		12
Talbots		2,900		76
TBC*		3,221		111
Technical Olympic USA		1,981		42
Tenneco Automotive*		6,681		110
Texas Roadhouse, Class A* (a)		5,040		79
Thomas Nelson		1,724		37
Thor Industries (a)		5,128		167
TiVo* (a)		8,821		43
Too*		4,930		140
Tractor Supply* (a)		4,714		229
Trans World Entertainment*		2,939		19
Triarc, Class B		6,144		91
Tuesday Morning		3,901		94
Tupperware		7,614		175
UniFirst		1,348		47
United Auto Group		3,319		112
Universal Electronics*		2,396		42

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Vail Resorts*		3,909	$	131
Valassis Communications* (a)		7,050		220
ValueVision Media* (a)		3,124		31
Visteon		18,479		154
Warnaco Group, Class A*		7,092		161
WCI Communities* (a)		4,981		125
WESCO International* (a)		4,792		190
West Marine*		1,959		27
Wet Seal, Class A*		6,680		35
Weyco Group		36		1
William Lyon Homes* (a)		382		45
Wilsons The Leather Experts*		2,930		15
Winnebago Industries (a)		4,498		132
WMS Industries* (a)		3,334		84
Wolverine World Wide		8,301		174
World Wrestling Entertainment		471		6
Worldspace*		800		10
WPT Enterprises*		890		6
Xerium Technologies		2,130		22
Yankee Candle		6,640		150
Zale* (a)		7,332		206
Zumiez*		490		17
				23,599
Consumer Staples – 2.8%
Alico		606		27
Alliance One International		12,262		31
American Italian Pasta (a)		2,754		18
Arden Group, Class A		224		17
Boston Beer, Class A* (a)		450		12
Casey's General Stores (a)		7,364		159
Central European Distribution* (a)		2,009		80
Central Garden & Pet*		2,771		119
Chattem*		2,677		88
Chiquita Brands International (a)		6,366		176
Coca-Cola Bottling		678		31
Corn Products International (a)		10,862		259
Darling International*		11,339		39
Delta & Pine Land		5,387		134
Elizabeth Arden*		3,848		83
Farmer Brothers		1,160		23
Flowers Foods		7,508		220
Gold Kist*		7,080		122
Great Atlantic & Pacific Tea*		2,715		76
Green Mountain Coffee Roasters*		680		29
Hain Celestial Group* (a)		4,433		86
Hansen Natural* (a)		2,060		104
Ingles Markets, Class A		1,760		28
Inter Parfums (a)		654		10
J&J Snack Foods		1,076		61
John B. Sanfilippo & Son*		1,075		20
Lancaster Colony		3,750		150
Lance		4,410		77
Longs Drug Stores		4,466		186
M & F Worldwide*		1,545		26
Mannatech (a)		2,440		22
Maui Land & Pineapple*		562		15
Nash-Finch		1,921		60
National Beverage*		1,340		10
Natures Sunshine Product		1,657		32

FIRST AMERICAN FUNDS Annual Report 2005

23

Schedule of Investments October 31, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
NBTY* (a)		7,940	$	159
Nu Skin Enterprises (a)		8,072		136
Pantry*		2,249		87
Parlux Fragrances* (a)		980		23
Pathmark Stores*		6,213		61
Peets Coffee & Tea* (a)		2,026		67
Performance Food Group* (a)		5,590		154
Playtex Products*		5,970		80
Ralcorp Holdings*		4,467		174
Reddy Ice Holdings		300		7
Revlon*		21,882		64
Ruddick		5,005		110
Sanderson Farms		2,226		77
Seaboard		52		74
Smart & Final*		2,148		27
Spartan Stores*		3,220		32
Star Scientific*		5,069		14
Tiens Biotech Group USA*		720		3
Tootsie Roll Industries		2,950		89
Topps		6,087		44
United Natural Foods* (a)		6,462		182
Universal		3,622		136
Usana Health Sciences* (a)		1,546		68
Vector Group		3,937		79
WD-40 Company		2,524		69
Weis Markets		1,140		44
Wild Oats Markets*		4,815		54
				4,744
Energy – 6.2%
Alon USA Energy*		890		17
Atlas America*		1,731		81
ATP Oil & Gas* (a)		2,810		89
Atwood Oceanics* (a)		2,024		143
Berry Petroleum, Class A		2,459		147
Bill Barrett* (a)		1,490		47
Bois D' Arc Energy*		2,100		30
Brigham Exploration*		4,350		62
Bronco Drilling*		290		7
Cabot Oil & Gas		7,216		330
Cal Dive International* (a)		5,554		342
Callon Petroleum*		2,150		39
Carbo Ceramics		3,069		182
Carrizo Oil & Gas*		2,910		75
Cheniere Energy* (a)		6,920		258
Cimarex Energy* (a)		11,806		464
Clayton Williams Energy*		869		33
Comstock Resources*		5,988		180
Crosstex Energy		360		24
Delta Petroleum* (a)		3,480		61
Dril-Quip*		1,115		46
Edge Petroleum*		2,240		54
Encore Acquisition*		6,200		213
Endeavour International* (a)		8,740		34
Energy Partners*		4,303		109
Foundation Coal Holdings (a)		3,410		128
Frontier Oil		8,120		299
FX Energy*		5,310		56
Gasco Energy* (a)		9,940		60
Giant Industries*		1,860		106
Global Industries* (a)		12,275		156

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Goodrich Petroleum*		1,580	$	35
Grey Wolf*		28,354		218
Gulf Island Fabrication		724		19
GulfMark Offshore*		2,481		71
Hanover Compressor*		11,897		153
Harvest Natural Resources*		5,398		52
Holly		3,348		193
Hornbeck Offshore Services*		1,470		47
Houston Exploration*		3,818		197
Hydril* (a)		2,732		181
Input/Output* (a)		10,151		78
James River Coal*		1,850		79
KCS Energy*		7,507		181
KFX* (a)		8,542		124
Lone Star Technologies* (a)		4,653		213
Lufkin Industries		2,130		99
Maritrans		1,320		39
MarkWest Hydrocarbon		880		21
Maverick Tube* (a)		6,227		193
McMoRan Exploration* (a)		3,083		52
Meridian Resource*		10,579		48
Newpark Resources*		12,374		100
NGP Capital Resources		2,790		40
NS Group*		3,233		112
Oceaneering International* (a)		3,775		182
Offshore Logistics*		3,478		118
Oil States International*		5,044		167
Pacific Ethanol* (a)		500		4
Parallel Petroleum*		4,830		64
Parker Drilling*		14,426		128
Penn Virginia		2,688		146
Petrocorp Escrow Shares (b) (c)		2,040		—
Petrohawk Energy*		6,917		86
Petroleum Developement*		2,664		89
PetroQuest Energy* (a)		6,330		61
Pioneer Drilling Company*		3,090		53
Remington Oil & Gas*		3,519		123
Resource America, Class A		2,547		41
RPC		2,457		67
St. Mary Land & Exploration (a)		8,482		288
SEACOR Holdings*		2,662		191
Spinnaker Exploration*		3,605		222
Stone Energy*		3,554		163
Superior Energy Services*		10,591		216
Superior Well Services*		140		3
Swift Energy*		4,070		178
Syntroleum*		6,060		43
Tetra Technologies*		4,770		133
TODCO		6,310		282
Toreador Resources* (a)		2,200		61
TransMontaigne* (a)		5,125		28
Tri Valley* (a)		4,050		33
Universal Compression Holdings*		2,579		92
Veritas DGC* (a)		5,108		165
W&T Offshore		1,480		43
Warren Resources* (a)		2,920		45
W-H Energy Services*		4,226		128
Whiting Petroleum*		4,270		173
World Fuel Services		3,452		110
				10,343

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

FIRST AMERICAN FUNDS Annual Report 2005

24

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Financials – 22.1%
1st Source		1,794	$	43
21st Century Insurance Group		3,817		61
Aames Investment		7,090		42
ABC Bancorp		2,019		39
Acadia Realty Trust		4,569		87
Accredited Home Lenders Holdings* (a)		2,611		94
Ace Cash Express* (a)		1,550		32
Advance America Cash Advance Centers		9,790		119
Advanta, Class B		2,863		81
Affirmative Insurance		1,620		23
Affordable Residential Communities		3,910		39
Agree Realty		40		1
Alabama National		1,952		126
Alexander's*		341		82
Alexandria Real Estate Equities (a)		3,340		270
Alfa		4,719		79
AMCORE Financial		3,035		90
Amegy Bancorp		10,066		233
American Campus Communities (a)		2,070		51
American Equity Investment Life Holding (a)		3,750		44
American Home Mortgage Investment		5,381		145
American Physicians Capital*		1,162		49
American West Bancorp*		1,757		40
Ames National (a)		420		11
AMLI Residential Properties Trust		3,980		151
Anchor Bancorp		3,388		107
Anthracite Capital		8,246		87
Anworth Mortgage Asset		6,800		55
Apollo Investment		9,050		169
Arbor Realty Trust		1,220		32
Archipelago Holdings*		4,100		197
Ares Capital		3,880		59
Argonaut Group*		3,963		116
Arrow Financial		1,575		42
Ashford Hospitality Trust		4,700		49
Asta Funding (a)		1,600		43
Baldwin & Lyons, Class B		1,091		28
Banc – Alabama*		2,070		23
BancFirst		552		46
Bancorp Bank*		1,356		24
BancorpSouth		11,370		252
BancTrust Financial Group		1,470		27
Bank Mutual		8,917		92
Bank of Granite		1,995		41
Bank of the Ozarks		1,830		64
BankAtlantic Bancorp (a)		6,363		88
BankUnited Financial (a)		3,914		93
Banner		1,726		52
Bedford Property Investors		2,179		49
Berkshire Hills Bancorp		919		32
Beverly Hills Bancorp		1,970		20
BFC Financial*		1,476		8
Bimini Mortgage Management		3,250		32
BioMed Realty Trust		5,400		135
BKF Capital Group		1,050		18
Boston Private Financial		4,231		122
Boykin Lodging*		1,810		20
Brandywine Realty Trust		8,171		224

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Bristol West Holdings		2,600	$	50
Brookline Bancorp		8,954		126
Calamos Asset Management		3,470		84
Camden National		1,322		46
Capital Automotive		5,932		229
Capital City Bank Group (a)		1,752		64
Capital Corporation of the West		1,538		51
Capital Crossing Bank*		730		25
Capital Lease Funding		3,890		38
Capital Southwest		410		36
Capital Trust		1,780		55
Capitol Bancorp		1,751		61
Cardinal Financial		2,070		21
Cascade Bancorp		2,858		65
Cash America International		4,345		95
Cathay General Bancorp		6,224		243
Cedar Shopping Centers		3,270		46
Center Financial		1,654		42
Central Coast Bancorp*		1,916		47
Central Pacific Financial		4,405		159
Ceres Group*		5,180		29
Charter Financial		689		25
CharterMac		5,865		121
Chemical Financial		3,616		116
Chittenden		6,742		194
Citizens*		4,768		27
Citizens Banking		6,196		181
Citizens Northern		350		10
City Bank		1,322		49
City Holdings		2,611		96
Clark		2,771		42
Clifton Savings Bancorp		2,360		25
CNA Surety*		2,674		38
Coastal Financial		2,668		40
CoBiz (a)		2,207		39
Cohen & Steers		1,290		24
Collegiate Funding Services*		1,400		21
Colonial Properties Trust		4,860		212
Colony Bankcorp (a)		850		21
Columbia Bancorp – Maryland		996		40
Columbia Banking System		2,324		67
Commercial Bankshares		20		1
Commercial Capital Bancorp		6,278		101
Commercial Federal		5,787		198
Commercial Net Lease Realty		7,844		152
Community Bancorp – Nevada*		20		1
Community Bank System		4,412		105
Community Banks		3,251		94
Community Trust Bancorp		2,012		69
CompuCredit* (a)		2,813		123
Consolidated-Tomoka Land		841		50
Corporate Office Properties Trust		4,527		157
Correctional Properties Trust		1,631		46
Corus Bankshares (a)		2,678		147
Cousins Properties		6,170		182
Covanta Holding*		15,318		178
Crawford & Company		2,204		15
Criimi Mae*		2,240		44
CVB Financial		6,976		138

FIRST AMERICAN FUNDS Annual Report 2005

25

Schedule of Investments October 31, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Deerfield Triarc Capital		1,340	$	17
Delphi Financial Group		4,044		189
Delta Financial		1,670		13
DiamondRock Hospitality Company (a)		2,010		22
Digital Realty Trust		1,430		27
Dime Community Bancshares		4,034		58
Direct General (a)		2,500		48
Donegal Group, Class A		1,444		32
Doral Financial (a)		12,350		106
EastGroup Properties		3,302		144
ECC Capital		9,870		26
Education Realty Trust		3,280		51
EMC Insurance Group		1,053		19
Encore Capital Group*		2,080		36
Enstar Group*		583		39
Enterprise Financial Services		1,200		27
Entertainment Properties Trust		3,789		152
Equity Inns		8,687		113
Equity Lifestyle Properties		2,949		125
Equity One (a)		5,368		126
eSPEED, Class A*		3,008		23
EuroBancshares*		1,390		14
Extra Space Storage		4,720		69
F.N.B.		8,070		145
F.N.B. – Virginia		1,245		35
Farmers Capital Bank		1,033		33
FBL Financial Group, Class A		1,861		58
Federal Agricultural Mortgage, Class C		1,449		38
FelCor Lodging Trust* (a)		7,780		116
Fidelity Bankshares		3,490		98
Fieldstone Investment		7,353		75
Financial Federal		2,582		99
Financial Institutions		1,382		25
First Acceptance*		3,510		36
First Bancorp – North Carolina		1,916		40
First Bancorp of Puerto Rico		10,140		116
First Busey		2,284		46
First Cash Financial Services*		2,020		53
First Charter		4,585		117
First Citizens Bancshares, Class A		651		109
First Commonwealth Financial – Pennsylvania		10,155		134
First Community Bancorp		1,938		98
First Community Bancshares – Nevada		1,493		45
First Defiance Financial		30		1
First Financial – Indiana		2,040		56
First Financial Bancorp – Ohio		5,054		94
First Financial Bankshares		2,772		100
First Financial Holdings		2,073		60
First Indiana		1,750		61
First Industrial Realty Trust (a)		6,160		250
First Merchants		2,791		70
First Midwest Bancorp (a)		6,560		249
First Niagara Financial Group		16,797		247
First Oak Brook Bancshares		1,154		31
First Place Financial		2,345		53
First Potomac Realty Trust		2,590		66
First Regional Bancorp*		370		25
First Republic Bank – California (a)		3,342		127

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
First South Bancorp		20	$	1
First State Bancorp – New Mexico		2,628		59
FirstBank Fractional Shares (b) (c)		—		—
FirstFed Financial* (a)		2,791		149
Flagstar Bancorp (a)		5,402		73
Flushing Financial		2,904		47
FPIC Insurance Group*		1,380		52
Franklin Bank*		1,820		31
Fremont General (a)		9,430		205
Frontier Financial		3,711		120
GAMCO Investors		1,137		53
GATX		6,524		244
GB&T Bancshares		1,764		39
Getty Realty		2,599		71
GFI Group*		540		24
Glacier Bancorp		4,627		136
Gladstone Capital		1,631		35
Gladstone Investment		2,375		34
Glenborough Realty Trust		2,974		57
Glimcher Realty Trust		5,395		124
GMH Communities Trust		4,970		74
Gold Banc		5,909		88
Government Properties Trust		3,320		30
Gramercy Capital		1,640		39
Great American Financial Resources		1,230		25
Great Southern Bancorp		1,774		51
Greater Bay Bancorp		7,438		187
Greene County Bancshares		30		1
Greenhill & Company (a)		1,650		79
Hancock Holding		4,032		144
Hanmi Financial		5,110		94
Harbor Florida Bancshares		3,084		109
Harleysville Group		2,220		54
Harleysville National		4,160		85
Harris & Harris Group*		2,670		30
Heartland Financial USA		1,710		35
Heritage Commerce		1,840		40
Heritage Property Investment Trust		3,710		121
Hersha Hospitality Trust		3,140		31
Highland Hospitality		5,940		62
Highwoods Properties		7,971		225
Hilb, Rogal & Hobbs (a)		4,661		175
Home Properties		4,899		190
HomeBanc		7,220		52
Horace Mann Educators		6,458		125
Horizon Financial		1,800		39
Hudson United Bancorp		3,750		156
IBERIABANK		1,356		72
IMPAC Mortgage Holdings (a)		11,265		113
Independence Holdings		786		14
Independent Bank		2,527		76
Independent Bank – Michigan		3,350		96
Infinity Property & Casualty		3,123		116
Inland Real Estate		8,420		120
Innkeepers USA Trust		6,378		100
Integra Bank		2,204		45
Interchange Financial Services		2,832		48
International Securities Exchange*		1,740		43
Investment Technology Group*		5,693		185

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

FIRST AMERICAN FUNDS Annual Report 2005

26

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Investors Real Estate Trust		7,311	$	68
Irwin Financial		2,641		55
ITLA Capital*		911		45
Jones Lang LaSalle		5,042		254
Kansas City Life Insurance		152		8
Kearny Financial		3,379		40
Kilroy Realty (a)		4,470		251
Kite Realty Group Trust		3,330		49
KMG America*		3,340		29
KNBT Bancorp		5,250		84
Knight Capital Group*		15,603		149
LaBranche* (a)		8,130		78
Lakeland Bancorp		3,085		47
Lakeland Financial		995		41
LandAmerica Financial Group (a)		2,723		172
Lasalle Hotel Properties (a)		4,303		152
Lexington Corporate Properties Trust		7,527		164
LTC Properties		2,539		52
Luminent Mortgage Capital		5,750		40
Macatawa Bank		1,715		62
MAF Bancorp		4,090		170
Maguire Properties		4,970		149
Main Street Banks		2,242		61
MainSource Financial Group		1,685		31
MarketAxess Holdings*		3,570		44
Marlin Business Services*		1,020		24
MB Financial		3,312		123
MBT Financial		2,476		46
MCG Capital		5,712		94
Mercantile Bank		1,296		49
MeriStar Hospitality*		13,582		118
Metris*		8,421		124
MFA Mortgage Investments		12,409		71
Mid-America Apartment Communities		2,332		109
Midland		1,561		59
Mid-State Bancshares		3,459		94
Midwest Banc Holdings		1,852		42
MoneyGram International		12,550		305
MortgageIT Holdings		2,530		32
Nara Bancorp		3,160		57
NASB Financial		522		20
Nasdaq Stock Market*		6,400		198
National Financial Partners		5,210		236
National Health Investors		3,527		95
National Health Realty		30		1
National Interstate		60		1
National Penn Bancshares (a)		6,207		122
National Penn Fractional Shares (b) (c)		—		—
National Western Life Insurance, Class A		330		67
Nationwide Health Properties		9,628		223
Navigators Group*		1,471		57
NBC Capital		32		1
NBT Bancorp		4,650		110
NetB@nk		6,636		52
NewAlliance Bancshares		15,080		217
Newcastle Investment		6,219		164
Northern Empire Bancshares*		1,240		31
Northstar Realty Finance		2,960		28
Northwest Bancorp		3,241		73

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
NovaStar Financial (a)		4,086	$	120
OceanFirst Financial		1,535		35
Ocwen Financial* (a)		4,998		39
Odyssey Re Holdings		100		3
Ohio Casualty		8,986		245
Old National Bancorp (a)		9,799		215
Old Second Bancorp		1,934		60
Omega Financial		1,957		57
OMEGA Healthcare Investors (a)		8,264		102
One Liberty Properties (a)		40		1
optionsXpress Holdings		3,540		67
Oriental Financial Group		3,336		41
Origen Financial		1,410		10
Orleans Homebuilders		413		8
Pacific Capital Bancorp		6,656		240
Park National		1,767		191
Parkway Properties		1,944		91
Partners Trust Financial Group (a)		5,350		62
Peapack-Gladstone Financial		1,257		34
PennFed Financial Services		1,498		29
Pennsylvania		5,406		208
Pennsylvania Commerce Bancorp*		680		24
Peoples Bancorp – Ohio		1,459		42
PFF Bancorp		2,824		85
Phoenix Companies (a)		12,299		159
Pinnacle Financial Partners*		1,130		26
Piper Jaffray Companies*		3,090		106
Placer Sierra Bancshares		1,000		27
PMA Capital*		4,644		41
Post Properties		6,002		245
Preferred Bank Los Angeles		20		1
Premierwest Bancorp*		2,030		29
Prentiss Properties Trust		6,702		264
Presidential Life		3,092		59
PrivateBancorp		2,470		84
ProAssurance*		4,167		195
Prosperity Bancshares		2,864		87
Provident Bankshares		4,787		167
Provident Financial Holdings		868		23
Provident Financial Services		10,550		186
Provident New York Bancorp		5,832		64
PS Business Parks		2,425		113
QC Holdings*		850		10
R&G Financial		4,198		41
RAIT Investment Trust		3,962		105
Ramco-Gershenson Properties Trust		2,448		68
Redwood Trust (a)		3,050		142
Renasant		1,542		48
Republic Bancorp		10,177		139
Republic Bancorp – Kentucky, Class A		1,062		22
RLI		3,484		187
Rockville Financial*		1,390		18
Royal Bancshares of Pennsylvania, Class A		17		—
S&T Bancorp		3,865		144
Safety Insurance Group		1,715		65
Sanders Morris Harris Group		2,069		35
Sandy Spring Bancorp		2,168		76
Santander Bancorp		904		23
Saul Centers (a)		1,919		67

FIRST AMERICAN FUNDS Annual Report 2005

27

Schedule of Investments October 31, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Saxon Capital		7,520	$	75
SCBT Financial		1,396		45
SeaBright Insurance Holdings*		1,310		17
Seacoast Banking		1,987		45
Security Bank		1,606		40
Selective Insurance Group		4,277		235
Senior Housing Properties Trust (a)		8,677		154
Sierra Bancorp		580		14
Signature Bank*		1,090		32
Simmons First National, Class A		2,174		61
Sizeler Property Investors		2,860		33
Sound Federal Bancorp		50		1
Southside Bancshares		1,682		33
Southwest Bancorp – Oklahoma		1,834		43
Sovran Self Storage (a)		2,556		119
Spirit Finance		9,830		110
State Auto Financial		2,315		76
State Bancorp		1,664		31
Sterling Bancorp		2,776		54
Sterling Bancshares		6,811		101
Sterling Financial – Pennsylvania		3,863		81
Sterling Financial – Washington		5,121		128
Stewart Information Services		2,584		132
Stifel Financial*		1,246		47
Strategic Hotel Capital		4,620		79
Suffolk Bancorp		1,578		52
Summit Bancshares		50		1
Summit Financial Group		790		19
Sun Bancorp – New Jersey*		1,748		35
Sun Communities		2,507		76
Sunstone Hotel Investors		3,400		76
Susquehanna Bancshares		6,774		156
SVB Financial Group* (a)		5,218		259
SWS Group		2,615		46
SY Bancorp		2,034		48
Tanger Factory Outlet Centers		4,676		126
Tarragon Realty Investors*		1,514		28
Taubman Centers		7,852		259
Taylor Capital Group		670		28
Technology Investment Capital		410		6
Tejon Ranch*		1,304		58
Texas Capital Bancshares*		3,650		78
Texas Regional Bancshares, Class A		5,906		173
TierOne		2,684		76
Tompkins Trustco		964		43
Tower Group		2,590		50
Town & Country Trust (a)		2,650		78
Tradestation Group*		3,229		32
Trammell Crow*		5,174		132
Triad Guaranty* (a)		1,491		63
TriCo Bancshares		1,926		43
TrustCo Bank Corporation of New York (a)		11,331		146
Trustmark		6,790		190
Trustreet Properties		9,250		139
UCBH Holdings (a)		12,520		218
UICI		5,335		193
UMB Financial		2,265		152
Umpqua Holdings (a)		6,461		172
Union Bankshares		1,259		56

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
United Bankshares		5,440	$	199
United Community Banks (a)		4,535		134
United Community Financial		3,885		45
United Fire & Casualty		2,484		112
United PanAm Financial*		801		18
United Security Bancshares		900		25
Universal American Financial* (a)		3,770		56
Universal Health Realty Income Trust		1,747		57
Univest Corporation of Pennsylvania		1,645		43
Unizan Financial		3,324		87
Urstadt Biddle Properties, Class A		3,237		54
USB Holding		2,053		44
USB Holding Company Fractional Shares (b) (c)		—		—
USI Holdings*		6,079		80
U-Store-It-Trust		4,100		86
Vineyard National Bancorp		1,210		35
Virginia Commerce Bancorp*		1,467		40
Virginia Financial Group		1,237		45
W Holding Company (a)		14,590		113
Waddell & Reed Financial		10,230		196
Washington Real Estate Investment Trust		6,337		189
Washington Trust Bancorp		1,792		51
WesBanco		3,246		100
West Bancorp		2,896		54
West Coast Bancorp – Oregon		2,120		56
Westamerica Bancorporation		4,230		226
Western Sierra Bancorp*		1,108		37
Westfield Financial		561		13
Wilshire Bancorp		2,390		39
Winston Hotels		3,986		41
Wintrust Financial		3,363		181
World Acceptance*		2,765		78
WSFS Financial		1,033		64
Yardville National Bancorp		1,494		54
Zenith National Insurance		2,779		125
ZipRealty*		790		10
				36,977
Health Care – 12.6%
Aastrom Biosciences* (a)		15,760		36
Abaxis*		3,000		52
Abgenix* (a)		12,868		134
ABIOMED*		2,620		23
ACADIA Pharmaceuticals*		2,530		27
Adams Respiratory Therapeutics*		720		27
Adeza Biomedical*		650		11
Adolor*		6,513		69
Advanced Neuromodulation Systems*		2,850		174
Advisory Board*		2,752		133
Albany Molecular Research* (a)		3,583		48
Alderwoods Group*		5,750		91
Alexion Pharmaceuticals*		4,212		115
Align Technology* (a)		8,984		66
Alkermes*		12,963		211
Alliance Imaging*		2,171		15
Allied Healthcare International*		4,780		29
Allscripts Healthcare Solutions* (a)		4,731		76
Alpharma, Class A		5,681		141
AMEDISYS* (a)		2,230		85
America Service Group*		1,830		28

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

FIRST AMERICAN FUNDS Annual Report 2005

28

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
American Dental Partners*		1,845	$	39
American Healthways*		4,908		199
American Medical Systems*		9,410		154
American Retirement*		3,980		76
AMICAS*		6,960		31
AMN Healthcare Services*		1,968		32
Amsurg, Class A* (a)		4,450		106
Amylin Pharmaceuticals* (a)		15,780		530
Analogic		1,940		91
Andrx Group*		10,630		164
AngioDynamics*		380		8
Animas* (a)		1,110		18
Antigenetics* (a)		4,358		23
Applera*		10,713		127
Apria Healthcare Group*		7,210		166
Arena Pharmaceuticals* (a)		5,460		57
Ariad Pharmaceuticals*		7,960		55
ArQule*		4,880		35
Array Biopharma*		4,510		32
Arrow International		3,034		88
Arthrocare*		3,626		133
Aspect Medical Systems*		2,128		69
AtheroGenics* (a)		5,685		85
AVANIR Pharmaceuticals*		16,650		51
Barrier Therapeutics*		1,460		11
Bentley Pharmaceuticals*		2,639		32
Beverly Enterprises* (a)		15,712		184
Bioenvision*		5,270		32
BioMarin Pharmaceutical*		11,070		93
Bio-Rad Laboratories, Class A*		2,520		147
Bio-Reference Labs*		1,440		27
BioScrip*		5,790		35
Biosite* (a)		2,238		124
Bruker BioSciences*		3,747		16
Caliper Life Sciences* (a)		4,240		28
Candela*		3,302		31
Cantel Medical*		1,770		34
Caraco Pharmaceutical Laboratories*		1,560		14
Cell Genesys*		6,839		37
Cell Therapeutics* (a)		10,577		25
Centene*		6,270		126
Cepheid*		6,392		41
Chemed		3,746		180
CNS		2,210		58
Coley Pharmaceuticals Group*		190		3
Computer Programs & Systems		1,119		41
CONMED*		4,349		104
Connetics*		5,318		69
Conor Medsystems*		1,370		31
Corvel*		1,088		24
Cotherix*		1,940		28
Cross Country Healthcare*		3,984		72
Cubist Pharmaceuticals* (a)		7,643		154
CuraGen*		7,404		34
Curis*		8,210		34
CV Therapeutics* (a)		6,089		153
Cyberonics* (a)		3,252		98
Cypress Biosciences*		5,050		26
Datascope		1,734		55

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
deCODE Genetics*		8,248	$	72
Dendreon*		8,500		52
Dendrite International*		6,134		108
DexCom*		740		10
Diagnostic Products		3,281		138
Digene*		2,416		73
Discovery Laboratories*		8,060		57
Diversa*		4,068		22
DJ Orthopedics*		3,087		90
DOV Pharmaceutical*		3,523		55
Durect* (a)		5,212		33
DUSA Pharmaceuticals*		2,580		26
Eclipsys*		5,564		89
Emageon*		1,380		18
Encore Medical* (a)		6,470		32
Encysive Pharmaceuticals* (a)		8,755		92
Enzo Biochem*		4,356		59
Enzon*		6,621		46
EPIX Medical*		3,924		27
eResearch Technology*		7,543		108
EV3*		710		11
Exelixis*		11,323		88
Eyetech Pharmaceuticals*		4,920		87
First Horizon Pharmaceutical* (a)		4,013		58
FoxHollow Technologies* (a)		2,000		91
Genesis HealthCare*		2,876		117
Genitope*		3,730		26
Gentiva Health Services*		3,528		52
Geron* (a)		8,353		75
Greatbatch*		3,252		85
GTx*		940		8
Haemonetics*		3,486		169
HealthExtras*		3,065		65
HealthTronics*		5,000		45
Hi-Tech Pharmaceutical*		810		30
Hologic*		3,225		179
Hooper Holmes		9,836		28
Horizon Health*		830		16
Human Genome Sciences* (a)		18,980		158
ICOS*		9,070		245
ICU Medical* (a)		1,831		64
Idenix Pharmaceuticals*		1,040		22
IDX Systems*		3,509		152
I-Flow* (a)		3,120		38
Illumina*		5,020		78
Immucor* (a)		6,517		169
ImmunoGen*		6,293		35
Incyte*		11,749		59
Inspire Pharmaceuticals*		6,038		38
Integra LifeSciences* (a)		2,987		103
InterMune*		3,795		52
IntraLase* (a)		1,350		21
Introgen Therapeutics* (a)		2,850		15
Intuitive Surgical* (a)		5,050		448
Invacare		4,442		150
Inverness Medical Innovations*		2,447		58
IRIS International*		2,560		60
Isis Pharmaceuticals*		8,906		39
ISTA Pharmaceuticals*		1,810		11

FIRST AMERICAN FUNDS Annual Report 2005

29

Schedule of Investments October 31, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Kensey Nash* (a)		1,638	$	38
Keryx Biopharmaceuticals*		3,720		54
Kindred Healthcare* (a)		4,134		116
K-V Pharmaceutical, Class A*		5,413		93
Kyphon*		4,019		161
LabOne*		2,539		111
Laserscope* (a)		3,118		84
LCA-Vision		2,845		120
Lexicon Genetics*		9,590		38
LifeCell*		4,670		76
Lifeline Systems*		1,906		63
Luminex*		3,858		40
Magellan Health Services*		4,050		120
MannKind*		3,060		35
Marshall Edwards* (a)		1,240		9
Martek Biosciences* (a)		4,560		141
Matria Healthcare*		2,658		89
Matthews International, Class A		4,642		167
Maxygen*		3,869		34
Medarex* (a)		15,881		139
MedCath*		1,040		19
Medicines* (a)		7,324		126
Medicis Pharmaceutical, Class A (a)		7,970		235
Mentor (a)		4,722		213
Merge Technologies*		1,890		44
Meridian Bioscience		2,640		55
Merit Medical Systems*		4,025		48
MGI Pharma* (a)		10,350		194
Micro Therapeutics*		2,025		14
Mine Safety Appliances		4,006		168
Molecular Devices*		2,672		60
Molina Healthcare*		1,780		37
Momenta Pharmaceuticals* (a)		1,430		31
Monogram Biosciences*		18,980		42
MWI Veterinary Supply*		110		2
Myogen* (a)		2,740		55
Myriad Genetics* (a)		4,636		90
NABI Biopharmaceuticals*		8,446		109
Nanogen*		7,200		20
Nastech Pharmaceutical*		2,790		37
National Healthcare		907		33
NDCHealth		5,341		101
Nektar Therapeutics* (a)		12,190		184
NeoPharm*		2,961		28
Neurocrine Biosciences* (a)		5,160		273
Neurogen*		3,440		24
NeuroMetrix*		890		33
New River Pharmaceuticals*		870		41
Nitromed* (a)		2,550		41
Northfield Laboratories* (a)		3,540		44
Noven Pharmaceuticals*		3,553		50
NPS Pharmaceuticals*		6,299		62
NuVasive*		1,360		24
Nuvelo*		6,268		53
OCA* (a)		7,257		8
Occulogix*		1,450		10
Odyssey Healthcare*		5,051		87
Onyx Pharmaceuticals* (a)		5,137		132
Option Care (a)		3,415		43

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
OraSure Technologies*		6,826	$	75
Orchid Cellmark*		3,790		22
Owens & Minor		5,677		167
Pain Therapeutics*		4,225		24
PainCare Holdings*		6,690		24
Palomar Medical Technologies* (a)		2,420		66
Par Pharmaceutical Companies* (a)		5,110		132
PAREXEL International*		3,873		85
Pediatrix Medical Group* (a)		3,375		260
Penwest Pharmaceuticals*		3,364		53
Perrigo (a)		12,048		161
Per-Se Technologies* (a)		3,274		73
Pharmion* (a)		3,800		72
PolyMedica		2,796		92
POZEN*		3,425		33
PRA International*		1,430		38
Progenics Pharmaceutical*		2,270		53
PSS World Medical*		9,275		129
Psychiatric Solutions* (a)		3,410		187
Radiation Therapy Services* (a)		1,230		37
Regeneron Pharmaceutical*		5,251		66
RehabCare Group*		2,783		59
Renovis* (a)		2,990		42
Res-Care*		3,000		48
Rigel Pharmaceuticals*		2,840		64
Salix Pharmaceuticals*		5,912		106
Savient Pharmaceuticals*		9,410		35
Seattle Genetics*		4,010		22
Senomyx* (a)		3,260		46
Serologicals* (a)		5,053		98
SFBC International* (a)		2,408		103
Somanetics*		1,600		49
SonoSite* (a)		2,211		65
Specialty Laboratories*		1,368		18
StemCells* (a)		9,680		44
Stereotaxis*		1,870		13
STERIS		10,070		230
Stewart Enterprises, Class A		15,439		79
Stratagene*		1,160		11
Sunrise Senior Living* (a)		4,746		153
SuperGen*		7,348		42
SurModics* (a)		2,171		86
Sybron Dental Specialties*		5,754		247
Symbion* (a)		1,870		42
Symmetry Medical*		1,380		31
Tanox*		3,513		49
Telik* (a)		7,644		114
Tercica* (a)		980		10
Thoratec*		6,924		137
Threshold Pharmaceutical*		30		—
Trimeris*		2,685		34
TriPath Imaging*		4,342		30
TriZetto Group*		5,451		77
U.S. Physical Therapy*		1,840		33
United Surgical Partners*		6,282		225
United Therapeutics* (a)		3,291		243
Varian* (a)		4,656		171
Ventana Medical Systems* (a)		4,640		178
Ventiv Health* (a)		3,340		84

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

FIRST AMERICAN FUNDS Annual Report 2005

30

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Vertex Pharmaceuticals* (a)		13,590	$	309
ViaCell*		1,280		6
Viasys Healthcare*		4,623		110
VistaCare, Class A*		1,550		18
Vital Images* (a)		1,900		44
Vital Signs		799		38
VNUS Medical Technologies*		940		10
WellCare Group*		2,310		73
West Pharmaceutical Services		4,462		107
Wright Medical Group*		4,164		78
Young Innovations		806		26
Zoll Medical*		1,375		34
ZymoGenetics*		3,339		59
				21,090
Industrials – 15.2%
3D Systems*		1,880		34
A.O. Smith		2,406		78
A.S.V.* (a)		2,694		63
AAON*		1,510		26
AAR*		4,893		78
ABM Industries		5,739		114
ABX Air*		9,040		72
Accuride*		1,730		22
Actuant, Class A		4,038		197
Acuity Brands		6,336		176
Administaff (a)		2,821		119
AGCO* (a)		12,970		207
AirTran Holdings* (a)		13,075		196
Alamo Group		950		18
Alaska Air Group* (a)		4,213		133
Albany International, Class A		4,245		164
Amerco		1,490		87
American Ecology		1,870		30
American Reprographics*		1,010		17
American Science & Engineering*		1,280		74
American Superconductor* (a)		4,300		35
American Woodmark		1,838		57
Ameron International		1,218		52
Angelica		1,537		22
Apogee Enterprises		4,193		69
Applied Industrial Technology		4,416		146
Applied Signal Technology		1,704		29
ARGON ST*		1,370		36
Arkansas Best		3,722		144
Armor Holdings* (a)		4,982		223
Artesyn Technologies* (a)		5,377		47
Asset Acceptance Capital*		1,350		36
Astec Industries*		2,372		67
Aviall*		4,390		139
Badger Meter		870		29
Baldor Electric		4,873		118
Banta		3,608		182
Barnes Group		2,585		90
BE Aerospace*		8,180		148
Beacon Roofing Supply*		2,370		65
BlueLinx Holdings		1,010		12
Bowne & Company		4,909		70
Brady, Class A		6,106		176
Briggs & Stratton		6,670		213

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Bright Horizons Family Solutions*		3,890	$	155
Bucyrus International		2,670		111
Builders FirstSource*		1,010		20
C&D Technologies		3,826		35
Cascade		1,836		89
Casella Waste Systems*		3,373		43
CBIZ*		8,728		50
CDI		1,190		33
Central Parking		2,546		38
Cenveo*		7,600		75
Ceradyne*		3,514		138
Circor International		2,267		64
CLARCOR		7,484		206
Clean Harbors* (a)		2,430		82
Coinstar*		3,821		97
Color Kinetics*		1,050		16
Comfort Systems USA*		5,730		49
Commercial Vehicle Group*		1,700		33
CompX International		20		—
COMSYS IT Partners*		1,950		27
Consolidated Graphics*		1,753		68
Continental Airlines, Class B* (a)		9,603		124
Corrections Corporation of America*		5,687		227
CoStar Group*		2,415		116
Covenant Transport, Class A*		1,223		13
CRA International*		1,747		77
Crane		6,880		213
Cubic		2,683		44
Curtiss-Wright		3,176		182
DiamondCluster, Class A*		4,040		26
Dollar Thrifty Automotive*		3,722		140
DRS Technologies (a)		3,916		193
Duratek*		1,748		25
Dycom Industries* (a)		5,989		119
Dynamex*		1,800		30
Dynamic Materials		840		17
EDO		2,345		68
Educate*		2,630		31
EGL*		4,047		113
Electro Rent*		2,609		34
ElkCorp		3,044		96
EMCOR Group* (a)		2,266		138
Encore Wire*		2,727		59
Energy Conversion Devices* (a)		2,932		91
EnerSys* (a)		5,580		84
Engineered Support Systems		5,773		234
Ennis Business Forms		3,770		64
EnPro Industries*		3,005		84
ESCO Technologies* (a)		3,693		160
Essex*		2,450		44
Esterline Technologies*		3,647		137
Evergreen Solar*		6,110		50
Exponent*		1,030		30
ExpressJet Holdings* (a)		6,572		59
Federal Signal		6,944		113
First Advantage*		20		1
Flanders*		2,250		25
Florida East Coast Industries, Class A		3,916		171
Flowserve* (a)		8,026		281

FIRST AMERICAN FUNDS Annual Report 2005

31

Schedule of Investments October 31, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Forward Air		4,873	$	173
Franklin Electric		2,738		119
Freightcar America (a)		1,240		54
Frontier Airlines*		5,380		51
Frozen Food Express Industries*		2,370		27
FTI Consulting*		6,391		175
FuelCell Energy* (a)		7,169		63
G&K Services, Class A		2,646		100
Gardner Denver*		3,616		176
Gehl Company*		1,575		36
GenCorp* (a)		8,170		150
General Cable*		5,817		95
Genesee & Wyoming, Class A* (a)		3,076		99
Genlyte Group* (a)		3,444		176
Geo Group*		1,427		31
GEVITY HR		4,074		105
Global Power Equipment Group*		5,814		36
Gorman-Rupp		1,428		33
Granite Construction		5,035		172
Greenbrier Companies		979		27
Griffon* (a)		4,213		93
Healthcare Services Group (a)		4,059		76
Heartland Express (a)		6,603		130
HEICO (a)		3,130		69
Heidrick & Struggles International*		2,881		93
Herley Industries*		1,972		33
Hexcel* (a)		7,730		122
Hub Group*		2,640		96
Hudson Highland Group*		3,432		82
Hughes Supply (a)		9,430		315
Huron Consulting Group*		970		26
Huttig Building Products*		2,230		19
II-VI*		3,314		59
IKON Office Solutions		15,060		150
Imagistics International*		2,293		96
Innovative Solutions and Support*		1,800		26
Insituform Technologies, Class A*		4,041		73
Interline Brands*		1,790		35
Intermagnetics General*		4,157		119
Interpool		1,290		25
Ionatron* (a)		3,780		40
Jackson Hewitt Tax Service		5,580		138
Jacuzzi Brands*		11,560		85
JLG Industries		7,314		281
John H. Harland		3,940		164
K&F Industries Holdings*		1,170		18
Kadant*		2,092		35
Kaman		3,214		75
Kansas City Southern Industries*		12,170		270
Kaydon (a)		4,247		126
Kelly Services, Class A (a)		2,667		74
Kennametal		5,451		279
Kforce*		4,390		47
Kirby*		3,243		168
Knight Transportation		5,540		151
Knoll		670		11
Korn/Ferry International*		4,941		85
LaBarge*		1,560		23
Labor Ready* (a)		7,286		170

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Lawson Products		680	$	23
Layne Christensen*		1,370		29
Learning Tree International* (a)		1,507		20
LECG*		2,250		50
Lennox International		7,228		202
Lincoln Electric Holdings		5,291		209
Lindsay Manufacturing		1,953		40
LSI Industries		2,933		53
MAIR Holdings* (a)		60		—
Manitowoc (a)		4,313		230
Marten Transport*		1,580		42
Mascotech Escrow Shares (b) (c)		9,571		—
MasTec*		4,033		41
McGrath Rentcorp		2,950		84
Medis Technologies* (a)		2,236		38
Mercury Computer Systems* (a)		3,001		57
Mesa Air Group* (a)		4,311		49
Middleby*		630		46
Mobile Mini* (a)		2,191		102
Moog, Class A* (a)		4,919		146
MTC Technologies*		1,242		40
Mueller Industries		5,318		146
NACCO Industries, Class A		644		75
Navigant Consulting*		7,259		152
NCI Building Systems*		3,144		129
NCO Group* (a)		4,649		84
Nordson		3,660		136
NuCo2*		1,420		33
Odyssey Marine Exploration*		5,540		18
Old Dominion Freight Lines*		2,834		100
Omega Flex*		30		—
Orbital Sciences*		8,074		94
Pacer International		4,770		123
PAM Transportation Services*		29		1
Perini*		1,811		37
PHH*		7,250		204
Pico Holdings*		1,369		46
Pike Electric*		1,360		26
Pinnacle Airlines*		3,330		21
Plug Power*		6,639		39
Portfolio Recovery Associates* (a)		2,096		82
Powell Industries*		1,172		25
Power-One* (a)		10,805		61
Preformed Line Products		20		1
Pre-Paid Legal Services (a)		1,680		72
PRG-Schultz International*		7,044		6
Quanta Services* (a)		16,077		185
RailAmerica*		5,415		64
Raven Industries		2,314		73
Regal-Beloit (a)		3,560		113
Reliance Steel & Aluminum		3,796		216
Republic Airways Holdings*		880		14
Resources Connection*		7,056		201
Robbins & Myers		1,664		36
Rollins		4,182		80
Rush Enterprises*		3,240		49
Schawk		1,564		31
School Specialty*		3,267		111
SCS Transportation*		2,205		44

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

FIRST AMERICAN FUNDS Annual Report 2005

32

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Sequa, Class A*		930	$	57
Shaw Group* (a)		11,137		298
SI International*		1,140		33
Simpson Manufacturing		5,344		211
SIRVA*		3,630		26
SkyWest		8,428		247
Sotheby's Holdings, Class A*		5,582		87
SOURCECORP*		2,365		54
Spherion*		9,285		83
Standard Register		2,031		31
Standex International		2,032		55
Stewart & Stevenson Services		4,356		104
Strayer Education		2,099		188
Sun Hydraulics		1,035		23
Sypris Solutions		1,163		12
Tecumseh Products, Class A		2,485		50
Teledyne Technologies*		4,776		168
Teletech Holdings*		5,384		56
Tennant		920		40
Tetra Tech*		7,907		122
The Providence Service*		1,490		46
Titan International (a)		2,010		36
Tredegar		4,315		54
Trex* (a)		1,769		37
Trinity Industries (a)		6,048		230
Triumph Group*		2,388		83
TRM*		1,690		23
TurboChef Technologies* (a)		2,000		27
U.S. Xpress Enterprises*		1,003		12
UAP Holding		4,790		92
Ultralife Batteries*		2,410		29
United Capital*		40		1
United Industrial		1,450		51
United Rentals*		9,486		186
United Stationers*		4,761		216
Universal Forest Products		2,363		131
Universal Technical Institute*		2,730		86
Universal Truckload Services*		20		—
URS* (a)		5,698		230
USA Truck*		790		18
Valence Technology* (a)		6,557		15
Valmont Industries		2,354		77
Vertrue* (a)		882		33
Viad		2,730		79
Vicor		2,750		46
Volcom*		100		3
Volt Information Sciences*		1,366		26
Wabash National		4,608		85
Wabtec		6,772		184
Walter Industries		5,265		240
Washington Group International* (a)		3,781		188
Waste Connections* (a)		5,511		184
Waste Industries USA		880		12
Waste Services*		9,880		37
Water Pik Technologies*		1,710		34
Watsco		3,115		177
Watson Wyatt & Company Holdings		4,688		124
Watts Water Technologies, Class A		3,708		103
Werner Enterprises		7,580		136

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Woodward Governor		1,479	$	118
World Air Holdings*		3,640		38
York International		6,029		338
				25,366
Information Technology – 18.0%
3Com* (a)		55,250		213
Actel*		3,801		53
Acxiom		12,770		273
Adaptec* (a)		16,006		66
ADE*		1,630		33
ADTRAN		9,490		287
Advanced Analogic Technologies*		460		5
Advanced Digital Information* (a)		9,273		85
Advanced Energy Industries*		3,579		38
Advent Software* (a)		3,132		96
Aeroflex*		10,839		98
Agile Software*		7,738		55
Agilysys		4,434		66
Airspan Networks* (a)		5,290		26
Altiris* (a)		3,162		53
AMIS Holdings*		5,420		60
Amkor Technology* (a)		14,380		76
Anaren*		2,517		36
Anixter International		4,349		161
Ansoft*		1,127		36
ANSYS*		4,686		175
Anteon International*		4,114		186
Applied Digital Solutions* (a)		9,660		30
Applied Films*		2,384		46
Applied Micro Circuits*		44,210		108
aQuantive*		8,072		175
Ariba*		9,491		74
Arris Group*		14,171		117
AsiaInfo Holdings*		4,823		19
Aspen Technology*		7,098		43
Asyst Technologies*		8,076		35
Atari*		7,518		10
Atheros Communications* (a)		3,910		34
Atmel* (a)		61,080		150
ATMI*		5,470		149
Audiovox*		2,451		35
August Technology*		2,660		27
Autobytel*		6,211		27
Avocent* (a)		7,040		216
Axcelis Technologies*		15,013		65
Bankrate* (a)		1,360		36
BearingPoint*		27,000		190
Bel Fuse		1,644		49
Belden CDT (a)		6,756		135
Bell Microproducts*		4,480		31
Benchmark Electronics* (a)		5,976		168
Black Box		2,448		98
Blackbaud		1,278		18
Blackboard*		2,100		59
Blue Coat Systems*		1,510		71
Borland Software*		12,003		61
Bottomline Technologies*		1,990		25
Brightpoint*		4,050		87
Brocade Communications Systems*		38,530		143

FIRST AMERICAN FUNDS Annual Report 2005

33

Schedule of Investments October 31, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Brooks Automation* (a)		10,870	$	127
Cabot Microelectronics* (a)		3,545		104
Catapult Communications*		1,223		22
CCC Information Services Group*		1,349		35
C-COR.net*		7,199		38
Checkpoint Systems*		5,428		130
China Energy Savings Technology*		10		—
CIBER*		7,731		49
Ciena*		82,110		195
Cirrus Logic*		12,823		84
Click Commerce*		1,280		23
CMGI*		70,076		111
CNET Networks* (a)		18,572		252
Cogent* (a)		3,130		83
Cognex		5,945		170
Coherent*		4,414		131
Cohu		3,208		74
CommScope* (a)		7,920		155
Comtech Telecommunications*		3,149		121
Concur Technologies*		4,502		61
Conexant Systems* (a)		68,470		133
Covansys*		3,770		60
Credence Systems*		12,092		93
CSG Systems International* (a)		7,596		179
CTS		5,272		62
CyberGuard*		2,945		25
CyberSource*		3,890		26
Cymer*		5,209		182
Cypress Semiconductor* (a)		18,910		257
Daktronics		2,151		46
Digi International*		3,240		34
Digital Insight*		4,999		149
Digital River* (a)		4,969		139
Digitas* (a)		12,343		133
Diodes*		1,223		44
Dionex*		2,944		143
Ditech Communications*		4,823		31
Dot Hill Systems*		6,599		46
DSP Group*		3,744		92
DTS*		2,600		42
EarthLink*		18,343		202
Echelon*		4,372		34
eCollege.com*		2,562		41
eFunds*		6,497		134
Electro Scientific Industries*		4,277		94
Electronics for Imaging*		7,863		197
EMCORE*		5,730		32
Emulex* (a)		11,930		221
Endwave* (a)		1,050		13
Entegris* (a)		16,057		157
Entrust*		9,343		42
Epicor Software*		7,184		88
EPIQ Systems*		1,926		37
Equinix*		2,240		83
Euronet Worldwide*		4,448		125
Exar*		5,114		64
Excel Technologies*		1,815		47
Extreme Networks* (a)		18,265		88
FactSet Research Systems		5,180		182

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Fairchild Semiconductor International, Class A* (a)		17,000	$	262
FalconStor Software* (a)		3,577		24
Fargo Electronics*		1,960		37
FARO Technologies*		1,650		34
FEI*		3,510		66
FileNet*		6,017		169
Finisar*		28,416		43
FormFactor*		4,790		118
Forrester Research*		1,918		37
Foundry Networks* (a)		17,280		206
Gartner, Class A* (a)		8,416		101
Gateway* (a)		37,823		108
Genesis Microchip*		4,952		95
Glenayre Technologies*		9,600		36
Global Imaging Systems*		3,378		120
GlobeTel Communications* (a)		9,880		20
Greenfield Online*		1,610		8
Harmonic*		10,485		48
Homestore*		19,786		72
HouseValues* (a)		980		14
Hutchinson Technology* (a)		3,621		90
Hypercom*		7,912		47
Identix*		13,401		59
iGATE*		3,583		13
Imation		4,820		206
Infocrossing* (a)		2,700		19
Informatica*		12,459		148
InfoSpace*		4,822		121
infoUSA		4,691		50
Integral Systems		1,610		35
Integrated Device Technology*		28,135		278
Integrated Silicon Solution*		5,352		41
InterDigital Communications*		7,760		149
Intergraph*		4,103		199
International DisplayWorks* (a)		4,790		28
Internet Capital Group*		5,510		47
Internet Security Systems*		5,689		140
Inter-Tel		3,114		58
Intervideo*		1,470		14
InterVoice*		5,436		51
Interwoven*		6,121		58
Intevac*		2,870		26
Intrado*		2,966		57
iPass*		7,630		42
iPayment*		1,809		65
Itron*		3,339		145
iVillage*		6,120		45
Ixia*		4,569		58
IXYS*		3,241		33
J2 Global Communications*		3,202		142
Jack Henry & Associates		9,810		176
JAMDAT Mobile* (a)		1,420		26
JDA Software*		4,426		72
Jupitermedia* (a)		2,910		49
Kanbay International*		3,070		45
Keane* (a)		7,234		82
Keithley Instruments		1,890		30
KEMET*		12,412		86
Keynote Systems*		2,645		34

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

FIRST AMERICAN FUNDS Annual Report 2005

34

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Komag* (a)		4,205	$	113
Kopin*		10,434		59
Kronos*		4,598		211
Kulicke & Soffa*		8,378		53
Landauer		1,132		57
Lattice Semiconductor* (a)		16,301		71
Lawson Software* (a)		8,905		68
Leadis Technology*		1,070		6
LeCroy*		1,420		22
Lexar Media*		11,974		90
Lionbridge Technologies*		6,443		44
Littelfuse*		3,214		79
Lo-Jack*		2,430		46
LTX*		9,246		32
Macrovision*		7,235		136
Magma Design Automation*		4,284		37
Majesco Entertainment Company*		2,550		4
Manhattan Associates*		4,541		101
ManTech International*		2,365		66
MapInfo* (a)		3,380		42
Marchex* (a)		3,070		52
MatrixOne*		7,488		38
Mattson Technology*		6,107		48
Maximus		2,840		103
Maxtor*		36,790		129
McDATA, Class A*		20,340		98
Measurement Specialties*		1,830		44
Mentor Graphics* (a)		11,767		97
Methode Electronics, Class A		5,391		55
Metrologic Instruments*		1,796		35
Micrel* (a)		9,404		94
Micromuse*		11,958		86
Micros Systems* (a)		5,470		251
Microsemi* (a)		8,956		208
MicroStrategy* (a)		2,002		142
Microtune*		7,460		29
Midway Games* (a)		2,800		52
MIPS Technologies, Class A*		6,290		35
MKS Instruments* (a)		4,744		90
Mobility Electronics*		4,240		38
Monolithic Power Systems*		2,670		34
Motive*		1,890		7
MPS Group*		15,056		187
MRO Software*		2,904		48
MRV Communications*		15,725		30
MTS Systems		2,877		115
Multi-Fineline Electronix*		1,030		27
Ness Technologies*		2,340		21
NETGEAR* (a)		4,800		94
NetIQ*		7,866		94
Netlogic Microsystems* (a)		1,620		32
NetRatings*		2,128		32
NetScout Systems*		4,077		23
Newport*		5,290		69
NIC*		4,809		29
Novatel Wireless* (a)		4,160		53
Nuance Communications*		14,581		75
OmniVision Technologies* (a)		8,160		105
ON Semiconductor* (a)		20,838		97

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Online Resources*		3,290	$	39
Open Solutions*		2,280		49
Openwave Systems* (a)		9,874		176
Oplink Communications*		15,512		25
Opsware* (a)		9,974		51
Optical Communication Products*		89		—
OSI Systems* (a)		2,269		38
Packeteer*		5,017		40
Palm* (a)		5,995		154
PAR Technology*		620		15
Parametric Technology*		38,977		254
Park Electrochemical		2,898		73
Paxar*		5,289		91
PDF Solutions*		2,516		37
Pegasus Solutions*		3,011		26
Pegasystems*		1,940		12
Pericom Semiconductor*		3,801		30
Perot Systems, Class A*		11,891		165
Phase Forward* (a)		2,110		23
Phoenix Technologies*		3,850		23
Photon Dynamics*		2,555		44
Photronics* (a)		5,607		101
Pixelworks*		6,959		38
Plantronics		7,020		210
Plexus*		6,302		111
PLX Technology*		3,700		28
PMC-Sierra*		25,880		184
Polycom* (a)		14,130		216
PortalPlayer* (a)		1,740		35
Power Integrations*		4,273		90
Powerwave Technologies* (a)		14,763		166
Presstek*		4,417		45
Progress Software*		4,787		149
QAD		1,744		14
Quality Systems		1,152		77
Quantum*		26,314		79
Quest Software* (a)		8,474		118
Radiant Systems*		3,550		40
RadiSys*		2,953		47
Rambus*		14,490		185
RealNetworks*		16,530		129
Redback Networks*		5,410		57
Renaissance Learning		1,314		20
RF Micro Devices*		26,912		141
RightNow Technologies*		1,080		16
Rimage*		1,470		43
Rofin-Sinar Technologies*		2,295		85
Rogers*		2,363		88
RSA Security*		10,216		116
Rudolph Technologies* (a)		1,950		24
S1*		10,580		46
SAFENET* (a)		3,575		119
Sapient* (a)		12,367		64
ScanSource*		1,880		106
SeaChange International*		4,205		26
Secure Computing*		5,222		63
Semitool*		2,792		25
Semtech* (a)		10,140		153
SERENA Software* (a)		3,929		86

FIRST AMERICAN FUNDS Annual Report 2005

35

Schedule of Investments October 31, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
SigmaTel*		5,180	$	71
Silicon Image* (a)		11,908		109
Silicon Laboratories* (a)		6,150		198
Silicon Storage Technology* (a)		12,761		64
SiRF Technology Holdings*		4,670		120
Skyworks Solutions* (a)		22,600		121
Sohu.com*		3,561		54
Sonic Solutions* (a)		3,241		62
SonicWALL*		7,929		55
Sonus Networks* (a)		35,610		155
Spatialight* (a)		4,040		18
SpectraLink		2,885		36
SPSS*		2,439		56
SS&C Technologies		2,337		84
SSA Global Technologies*		1,460		23
Standard Microsystems*		3,172		90
StarTek		876		11
Stellent*		3,520		32
Stratasys* (a)		1,581		38
Superior Essex*		2,300		39
Supertex*		1,531		56
Supportsoft*		6,235		25
Sycamore Networks*		22,747		88
Sykes Enterprises*		3,698		53
Symmetricom* (a)		6,951		55
Synaptics* (a)		3,149		73
SYNNEX*		1,130		20
Syntel		1,257		26
TALX		2,954		117
TASER International* (a)		9,460		58
Technitrol		5,875		99
Tekelec*		8,214		113
Telkonet* (a)		5,500		27
Terayon Communications*		11,477		31
Terremark Worldwide*		4,299		12
Tessera Technologies*		6,460		180
ThermoGenesis*		6,800		34
THQ*		8,880		206
TIBCO Software*		31,390		238
TNS*		1,150		20
Transaction Systems Architects, Class A* (a)		5,408		146
TranSwitch* (a)		16,040		26
Travelzoo*		360		7
Trident Microsystems*		3,720		113
TriQuint Semiconductor*		20,579		86
TTM Technologies*		5,917		47
Tyler Technologies*		5,322		43
Ulticom*		1,784		19
Ultimate Software Group*		2,820		48
Ultratech*		3,639		50
United Online		8,793		118
Universal Display*		3,578		38
UNOVA* (a)		7,115		221
UTStarcom* (a)		14,550		80
ValueClick*		12,465		218
Varian Semiconductor Equipment Associates* (a)		5,352		202
Vasco Data Security International*		3,710		40
Veeco Instruments*		3,900		62
VeriFone Holdings* (a)		3,650		85

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Verint Systems*		2,001	$	77
Verity*		4,739		47
ViaSat*		3,134		78
Vignette*		4,384		73
Viisage Technology*		5,250		24
Virage Logic*		2,110		17
Vitesse Semiconductor*		32,897		54
Volterra Semiconductor*		1,470		18
WebEx Communications* (a)		4,867		112
webMethods*		7,944		55
Websense*		3,430		203
WebSideStory*		1,390		24
Westell Technologies, Class A*		7,750		36
Wind River Systems*		10,180		133
Witness Systems*		3,790		74
Wright Express*		5,770		125
X-Rite		3,187		33
Zhone Technologies*		12,450		28
Zoran*		6,558		96
				30,013
Materials – 4.6%
A. Schulman		4,815		98
A.M. Castle & Company*		1,620		32
AK Steel Holdings*		16,274		114
Aleris International*		4,440		115
Alpha Natural Resources* (a)		4,230		100
AMCOL International		3,104		63
American Vanguard (a)		1,720		36
Arch Chemicals		3,558		93
Balchem		1,210		33
Bowater (a)		7,830		208
Brush Engineered Metals* (a)		2,760		42
Buckeye Technologies*		4,966		37
Calgon Carbon		5,838		32
Cambrex		3,925		75
Caraustar Industries*		4,267		37
Carpenter Technology		3,527		213
Century Aluminum* (a)		3,186		58
CF Industries Holdings (a)		4,660		64
Chaparral Steel Company*		3,250		81
Chesapeake		2,740		55
Cleveland-Cliffs (a)		3,138		256
Coeur D'Alene Mines* (a)		35,324		133
Commercial Metals		8,680		276
Compass Minerals International		2,600		58
Deltic Timber		1,694		78
Eagle Materials (a)		2,636		281
Ferro		6,317		113
Georgia Gulf		4,848		141
Gibraltar Industries		3,453		70
Glatfelter		4,939		67
GrafTech International*		14,718		72
Graphic Packaging*		9,820		26
Greif, Class A		2,209		135
H.B. Fuller		4,272		128
Headwaters* (a)		6,228		198
Hecla Mining* (a)		17,989		61
Hercules*		17,016		190
Kronos Worldwide		544		17

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

FIRST AMERICAN FUNDS Annual Report 2005

36

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Longview Fibre		7,333	$	138
MacDermid		4,646		130
Mercer International*		4,510		35
Metal Management		2,980		72
Metals USA*		2,950		61
Minerals Technologies (a)		3,041		163
Myers Industries		4,130		47
Neenah Paper		1,510		44
NewMarket Group*		2,353		44
NL Industries		1,367		23
NN		2,894		30
Octel		1,881		28
Olin (a)		10,212		183
OM Group*		4,291		69
Oregon Steel Mills* (a)		5,150		131
Pioneer Companies*		1,750		41
PolyOne*		13,882		80
Potlatch (a)		4,161		186
Quanex		3,604		209
Roanoke Electric Steel		1,590		35
Rock-Tenn, Class A		4,442		62
Rockwood Holdings*		180		4
Royal Gold (a)		2,745		63
RTI International Metals*		3,181		107
Ryerson Tull (a)		3,643		74
Schnitzer Steel Industries, Class A		3,180		101
Schweitzer-Mauduit International		2,253		55
Sensient Technologies		7,110		126
Silgan Holdings		3,234		104
Spartech		4,345		82
Steel Dynamics (a)		5,816		180
Steel Technologies		1,600		42
Stepan		274		7
Stillwater Mining*		6,142		62
Symyx Technologies*		4,772		128
Terra Industries*		11,790		72
Texas Industries		3,300		164
Titanium Metals* (a)		1,620		76
USEC		12,515		125
W.R. Grace & Company*		10,075		76
Wausau-Mosinee Paper		6,418		70
Wellman		5,482		36
Westlake Chemical		2,040		59
Wheeling-Pittsburgh*		1,320		17
Worthington Industries (a)		9,230		186
Zoltek Companies*		1,690		15
				7,728
Telecommunication Services – 1.4%
Alaska Communications Systems Holdings		1,730		19
Arbinet-thexchange*		510		3
Broadwing* (a)		9,469		60
Centennial Communications, Class A*		3,063		45
Cincinnati Bell* (a)		37,047		147
Cogent Communications Group*		860		5
Commonwealth Telephone Enterprises		3,190		115
Consolidated Communications Holdings		910		12
CT Communications		2,816		32
Dobson Communications, Class A*		16,098		117
FairPoint Communications		4,020		55

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
General Communication* (a)		7,810	$	75
Golden Telecom (a)		2,820		82
Hungarian Telephone & Cable*		630		11
IDT*		8,630		103
InPhonic*		2,390		35
Iowa Telecommunications Services		3,320		55
Level 3 Communications* (a)		104,020		302
NeuStar*		2,260		69
North Pittsburgh		2,197		44
Premiere Global Services*		10,455		89
Price Communications*		6,089		93
SBA Communications*		10,706		158
Shenandoah Telecommunications		1,016		43
SureWest Communications		2,202		62
Syniverse Holdings*		1,740		32
Talk America Holdings*		4,098		40
Time Warner Telecom, Class A*		7,565		63
UbiquiTel*		10,900		94
USA Mobility* (a)		3,898		98
Valor Communications Group		4,430		56
Wireless Facilities* (a)		8,179		55
				2,269
Utilities – 2.6%
ALLETE (a)		3,820		168
American States Water		2,594		81
Aquila*		51,082		181
Avista		7,184		126
Black Hills (a)		4,909		204
California Water Service		2,473		88
Calpine* (a)		82,520		196
Cascade Natural Gas		1,244		26
Central Vermont Public Service		1,838		29
CH Energy Group		2,382		111
CLECO		7,515		159
Connecticut Water Service		1,363		34
Duquesne Light Holdings (a)		11,130		186
El Paso Electric* (a)		7,191		156
Empire District Electric		3,823		77
EnergySouth		1,168		33
IDACORP (a)		6,133		177
Infrasource Services*		1,490		19
ITC Holdings		500		14
Laclede Group		3,072		92
MGE Energy		3,078		109
Middlesex Water		1,944		41
New Jersey Resources		3,984		172
NICOR (a)		5,550		218
Northwest Natural Gas		2,983		103
NorthWestern		5,360		159
Ormat Technologies		1,250		25
Otter Tail		4,182		125
People's Energy		5,100		190
Sierra Pacific Resources*		17,449		226
SJW		1,117		55
South Jersey Industries		4,172		117
Southern Union Company Fractional Shares (b) (c)		—		—
Southwest Gas		5,467		149
Southwest Water (a)		3,306		45
UIL Holdings		1,857		92

FIRST AMERICAN FUNDS Annual Report 2005

37

Schedule of Investments October 31, 2005

Small Cap Index Fund (concluded)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
UniSource Energy Holding		5,351	$	171
WGL Holdings		7,070		220
				4,374
Total Common Stocks (Cost $135,075)				166,503
Short-Term Investments – 0.5%
Affiliated Money Market Fund – 0.3%
First American Prime Obligations Fund, Class Z (d)		505,669		506
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill (e) 3.490%, 03/02/06	$	300		296
Total Short-Term Investments (Cost $802)				802
Investments Purchased with Proceeds from Securities Lending (f) – 25.4% (Cost $42,591)				42,591
Total Investments – 125.5% (Cost $178,468)				209,896
Other Assets and Liabilities, Net – (25.5)%				(42,668	)
Total Net Assets – 100.0%			$	167,228

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $41,322,582 at October 31, 2005. See note 2 in Notes to Financial Statements.

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

(c)  Security considered illiquid or restricted. As of October 31, 2005, the value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

(e)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2005. See note 2 in Notes to Financial Statements.

(f)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)		Notional Contract Value (000)		Settlement Month	Unrealized Appreciation (000)
Russell 2000 Index Futures Contracts		1	$	325	December-05	$	7

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

FIRST AMERICAN FUNDS Annual Report 2005

38

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39

Statements of Assets and Liabilities October 31, 2005, in thousands, except for per share data

	Equity Index Fund			Mid Cap Index Fund			Small Cap Index Fund
ASSETS:
Investments in unaffiliated securities, at value* (cost: $1,586,781, $299,460, and $135,371, respectively) (note 2)	$	2,163,145		$	360,166		$	166,799
Investments in affiliated securities, at value (cost: $11,159, $3,641, and $506, respectively) (note 2)		13,787			3,641			506
Investments purchased with proceeds from securities lending (cost: $487,770, $134,979, and $42,591, respectively) (note2)		487,770			134,979			42,591
Cash**		565			155			51
Receivable for dividends and interest		2,035			198			84
Receivable for investment securities sold		24,625			—			57
Receivable for capital shares sold		532			249			162
Receivable for variation margin		231			79			7
Prepaid expenses and other assets		52			50			47
Total assets		2,692,742			499,517			210,304
LIABILITIES:
Payable for investment securities purchased		—			423			—
Payable upon return of securities loaned (note 2)		488,331			135,134			42,640
Payable for capital shares redeemed		4,399			387			326
Payable to affiliates (note 3)		673			147			83
Payable for distribution and shareholder servicing fees		119			9			5
Accrued expenses and other liabilities		67			23			22
Total liabilities		493,589			136,123			43,076
Net assets	$	2,199,153		$	363,394		$	167,228
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,663,525		$	282,031		$	131,670
Undistributed net investment income		—			245			65
Accumulated net realized gain (loss) on investments		(43,927	)		20,423			4,058
Net unrealized appreciation of investments		578,992			60,706			31,428
Net unrealized appreciation (depreciation) of futures contracts		563			(11	)		7
Net assets	$	2,199,153		$	363,394		$	167,228
* Including securities loaned, at value	$	478,325		$	132,363		$	41,323
** Includes cash collateral received related to securities loaned (note 2)	$	561		$	155		$	49
Class A:
Net assets	$	234,629		$	14,318		$	10,067
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		10,387			1,059			713
Net asset value and redemption price per share	$	22.59		$	13.52		$	14.12
Maximum offering price per share (1)	$	23.90		$	14.31		$	14.94
Class B:
Net assets	$	56,097		$	3,485		$	1,498
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		2,514			262			109
Net asset value, offering price, and redemption price per share (2)	$	22.31		$	13.28		$	13.76
Class C:
Net assets	$	24,195		$	3,388		$	2,068
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		1,078			254			149
Net asset value, offering price, and redemption price per share (2)	$	22.44		$	13.32		$	13.88
Class R:
Net assets	$	1,715		$	131		$	23
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		76			10			2
Net asset value, offering price, and redemption price per share	$	22.57		$	13.48		$	13.97
Class Y:
Net assets	$	1,882,517		$	342,072		$	153,572
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		83,359			25,281			10,876
Net asset value, offering price, and redemption price per share	$	22.58		$	13.53		$	14.12

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

40

Statements of Operations in thousands

	Equity Index Fund						Mid Cap Index Fund						Small Cap Index Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			One-Month Period Ended 10/31/05			Year Ended 9/30/05			One-Month Period Ended 10/31/05			Year Ended 9/30/05
INVESTMENT INCOME:
Dividends from unaffiliated securities	$	2,352		$	48,778		$	279		$	4,788		$	134		$	2,379
Dividends from affiliated securities		38			933			13			241			4			90
Interest from unaffiliated securities		12			152			5			46			1			14
Securities lending income		43			612			11			121			14			134
Total investment income		2,445			50,475			308			5,196			153			2,617
EXPENSES (note 3):
Investment advisory fees		466			5,859			76			913			57			732
Transfer agent fees		265			1,478			42			236			20			116
Administration fees		239			4,793			40			759			25			451
Other expenses		11			89			2			24			1			32
Custodian fees		9			206			1			32			1			16
Professional fees		9			136			2			38			1			29
Directors' fees		5			55			1			8			—			4
Postage and printing fees		4			78			1			12			—			9
Registration fees		4			44			4			44			4			43
Distribution and shareholder servicing fees – Class A		49			603			3			35			2			25
Distribution and shareholder servicing fees – Class B		48			665			3			34			1			16
Distribution and shareholder servicing fees – Class C		21			291			3			30			2			21
Distribution and shareholder servicing fees – Class R		1			5			—	(1)		—	(1)		—	(1)		—	(1)
Total expenses		1,131			14,302			178			2,165			114			1,494
Less: Fee waivers (note 3)		(323	)		(4,067	)		(16	)		(239	)		(26	)		(234	)
Total net expenses		808			10,235			162			1,926			88			1,260
Investment income – net		1,637			40,240			146			3,270			65			1,357
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6):
Net realized gain (loss) on unaffiliated investments		(10,825	)		(5,937	)		2,372			21,217			19			9,562
Net realized gain (loss) on affiliated investments		(7	)		513			—			—			—			—
Net realized gain on in-kind distribution (note 8)		—			115,666			—			—			—			—
Net realized gain (loss) on futures contracts		(622	)		(787	)		(122	)		1,346			(135	)		740
Net change in unrealized appreciation or depreciation of unaffiliated investments		(32,021	)		111,289			(10,517	)		45,063			(5,614	)		16,613
Net change in unrealized appreciation or depreciation of affiliated investments		2,629			(819	)		—			—			—			—
Net change in unrealized appreciation or depreciation of future contracts		420			277			(31	)		(1	)		7			(11	)
Net gain (loss) on investments and futures contracts		(40,426	)		220,202			(8,298	)		67,625			(5,723	)		26,904
Net increase (decrease) in net assets resulting from operations	$	(38,789	)	$	260,442		$	(8,152	)	$	70,895		$	(5,658	)	$	28,261

  (1)  Due to the presentation of the financial statements in thousands, the numbers round to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

41

Statements of Changes in Net Assets in thousands

	Equity Index Fund									Mid Cap Index Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	1,637		$	40,240		$	30,485		$	146		$	3,270		$	2,246
Net realized gain (loss) on unaffiliated investments		(10,825	)		(5,937	)		4,194			2,372			21,217			9,956
Net realized gain (loss) on affiliated investments		(7	)		513			—			—			—			—
Net realized gain on in-kind distributions		—			115,666			—			—			—			—
Net realized gain (loss) on futures contracts		(622	)		(787	)		7,968			(122	)		1,346			1,639
Net change in unrealized appreciation or depreciation of unaffiliated investments		(32,021	)		111,289			233,457			(10,517	)		45,063			30,236
Net change in unrealized appreciation or depreciation of affiliated investments		2,629			(819	)		2,166			—			—			—
Net change in unrealized appreciation or depreciation of futures contracts		420			277			1,118			(31	)		(1	)		152
Net increase (decrease) in net assets resulting from operations		(38,789	)		260,442			279,388			(8,152	)		70,895			44,229
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(147	)		(3,686	)		(2,311	)		—			(93	)		(42	)
Class B		(9	)		(543	)		(335	)		—			(4	)		(1	)
Class C		(3	)		(235	)		(141	)		—			(3	)		(1	)
Class R		(1	)		(10	)		(391	)		—			—			(13	)
Class Y		(1,477	)		(35,527	)		(27,416	)		—			(3,117	)		(2,153	)
Net realized gain on investments:
Class A		—			—			—			—			(453	)		(99	)
Class B		—			—			—			—			(114	)		(46	)
Class C		—			—			—			—			(95	)		(33	)
Class R		—			—			—			—			—			(76	)
Class Y		—			—			—			—			(11,737	)		(4,643	)
Return of capital:
Class A		(35	)		(12	)		(18	)		—			—			—
Class B		(2	)		(2	)		(3	)		—			—			—
Class C		(1	)		(1	)		(1	)		—			—			—
Class R		—	(1)		—	(1)		(3	)		—			—			—
Class Y		(347	)		(118	)		(210	)		—			—			—
Total distributions		(2,022	)		(40,134	)		(30,829	)		—			(15,616	)		(7,107	)
CAPITAL SHARE TRANSACTIONS (note 5):
Class A:
Proceeds from sales		4,409			44,458			101,208			189			4,932			9,000
Reinvestment of distributions		156			3,435			2,238			—			532			139
Payments for redemptions		(4,029	)		(66,590	)		(45,584	)		(374	)		(4,723	)		(3,198	)
Increase (decrease) in net assets from Class A transactions		536			(18,697	)		57,862			(185	)		741			5,941
Class B:
Proceeds from sales		119			2,433			4,621			25			306			628
Reinvestment of distributions		11			531			329			—			116			46
Payments for redemptions (note 3)		(1,831	)		(20,370	)		(15,132	)		(7	)		(523	)		(304	)
Increase (decrease) in net assets from Class B transactions		(1,701	)		(17,406	)		(10,182	)		18			(101	)		370
Class C:
Proceeds from sales		145			2,768			4,397			194			1,082			1,356
Reinvestment of distributions		4			228			138			—			92			33
Payments for redemptions (note 3)		(1,727	)		(9,668	)		(9,413	)		(258	)		(747	)		(753	)
Increase (decrease) in net assets from Class C transactions		(1,578	)		(6,672	)		(4,878	)		(64	)		427			636
Class R:
Proceeds from sales		85			1,362			11,681			12			119			1,049
Reinvestment of distributions		1			10			389			—			—			79
Payments for redemptions		(6	)		(99	)		(71,464	)		—			—			(5,895	)
Increase (decrease) in net assets from Class R transactions		80			1,273			(59,394	)		12			119			(4,767	)
Class Y:
Proceeds from sales		16,558			363,331			533,400			3,157			73,080			108,384
Reinvestment of distributions		1,126			22,938			19,144			—			8,661			3,958
Payments for redemptions		(40,781	)		(613,170	)		(556,690	)		(6,774	)		(93,999	)		(73,284	)
Increase (decrease) in net assets from Class Y transactions		(23,097	)		(226,901	)		(4,146	)		(3,617	)		(12,258	)		39,058
Increase (decrease) in net assets from capital share transactions		(25,760	)		(268,403	)		(20,738	)		(3,836	)		(11,072	)		41,238
Total increase (decrease) in net assets		(66,571	)		(48,095	)		227,821			(11,988	)		44,207			78,360
Net assets at beginning of period		2,265,724			2,313,819			2,085,998			375,382			331,175			252,815
Net assets at end of period	$	2,199,153		$	2,265,724		$	2,313,819		$	363,394		$	375,382		$	331,175
Undistributed net investment income at end of period	$	—		$	—		$	51		$	245		$	99		$	40

  (1)  Due to the presentation of the financial statements in thousands, the number rounds to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

42

	Small Cap Index Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	65		$	1,357		$	785
Net realized gain (loss) on unaffiliated investments		19			9,562			6,383
Net realized gain (loss) on affiliated investments		—			—			—
Net realized gain on in-kind distributions		—			—			—
Net realized gain (loss) on futures contracts		(135	)		740			1,070
Net change in unrealized appreciation or depreciation of unaffiliated investments		(5,614	)		16,613			15,627
Net change in unrealized appreciation or depreciation of affiliated investments		—			—			—
Net change in unrealized appreciation or depreciation of futures contracts		7			(11	)		228
Net increase (decrease) in net assets resulting from operations		(5,658	)		28,261			24,093
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			(46	)		(15	)
Class B		—			—			—
Class C		—			—			—
Class R		—			—			(7	)
Class Y		—			(1,212	)		(717	)
Net realized gain on investments:
Class A		—			(657	)		(25	)
Class B		—			(112	)		(7	)
Class C		—			(140	)		(10	)
Class R		—			—			(23	)
Class Y		—			(12,476	)		(855	)
Return of capital:
Class A		—			—			—
Class B		—			—			—
Class C		—			—			—
Class R		—			—			—
Class Y		—			—			—
Total distributions		—			(14,643	)		(1,659	)
CAPITAL SHARE TRANSACTIONS (note 5):
Class A:
Proceeds from sales		143			2,981			6,263
Reinvestment of distributions		—			694			39
Payments for redemptions		(77	)		(2,870	)		(1,649	)
Increase (decrease) in net assets from Class A transactions		66			805			4,653
Class B:
Proceeds from sales		5			215			446
Reinvestment of distributions		—			108			7
Payments for redemptions (note 3)		(12	)		(379	)		(118	)
Increase (decrease) in net assets from Class B transactions		(7	)		(56	)		335
Class C:
Proceeds from sales		24			705			917
Reinvestment of distributions		—			133			10
Payments for redemptions (note 3)		(137	)		(676	)		(476	)
Increase (decrease) in net assets from Class C transactions		(113	)		162			451
Class R:
Proceeds from sales		12			11			1,722
Reinvestment of distributions		—			—			29
Payments for redemptions		—			(2	)		(5,464	)
Increase (decrease) in net assets from Class R transactions		12			9			(3,713	)
Class Y:
Proceeds from sales		1,010			49,781			91,307
Reinvestment of distributions		—			8,310			1,001
Payments for redemptions		(6,383	)		(62,922	)		(75,927	)
Increase (decrease) in net assets from Class Y transactions		(5,373	)		(4,831	)		16,381
Increase (decrease) in net assets from capital share transactions		(5,415	)		(3,911	)		18,107
Total increase (decrease) in net assets		(11,073	)		9,707			40,541
Net assets at beginning of period		178,301			168,594			128,053
Net assets at end of period	$	167,228		$	178,301		$	168,594
Undistributed net investment income at end of period	$	65		$	—		$	157

FIRST AMERICAN FUNDS Annual Report 2005

43

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains or (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Equity Index Fund (1)
Class A
	2005	(2)	$	23.00	$	0.01	$	(0.40	)	$	(0.02	)	$	—		$	—	(6)	$	22.59
	2005	(3)		20.91		0.34		2.09			(0.34	)		—			—	(6)		23.00
	2004	(3)		18.70		0.23		2.22			(0.24	)		—			—	(6)		20.91
	2003	(3)		15.31		0.21		3.38			(0.20	)		—			—			18.70
	2002	(3)		19.50		0.18		(4.19	)		(0.18	)		—			—			15.31
	2001	(3)		27.75		0.18		(7.43	)		(0.17	)		(0.83	)		—			19.50
Class B
	2005	(2)	$	22.72	$	—	$	(0.40	)	$	(0.01	)	$	—		$	—	(6)	$	22.31
	2005	(3)		20.66		0.18		2.06			(0.18	)		—			—	(6)		22.72
	2004	(3)		18.48		0.08		2.19			(0.09	)		—			—	(6)		20.66
	2003	(3)		15.13		0.08		3.35			(0.08	)		—			—			18.48
	2002	(3)		19.29		0.03		(4.15	)		(0.04	)		—			—			15.13
	2001	(3)		27.49		—		(7.35	)		(0.02	)		(0.83	)		—			19.29
Class C
	2005	(2)	$	22.85	$	—	$	(0.40	)	$	(0.01	)	$	—		$	—	(6)	$	22.44
	2005	(3)		20.78		0.18		2.07			(0.18	)		—			—	(6)		22.85
	2004	(3)		18.59		0.08		2.20			(0.09	)		—			—	(6)		20.78
	2003	(3)		15.23		0.08		3.36			(0.08	)		—			—			18.59
	2002	(3)		19.41		0.03		(4.17	)		(0.04	)		—			—			15.23
	2001	(3)		27.66		—		(7.40	)		(0.02	)		(0.83	)		—			19.41
Class R (4)
	2005	(2)	$	22.98	$	0.01	$	(0.40	)	$	(0.02	)	$	—		$	—	(6)	$	22.57
	2005	(3)		20.91		0.26		2.11			(0.30	)		—			—	(6)		22.98
	2004	(3)		18.70		0.23		2.20			(0.22	)		—			—	(6)		20.91
	2003	(3)		15.30		0.21		3.39			(0.20	)		—			—			18.70
	2002	(3)		19.50		0.18		(4.20	)		(0.18	)		—			—			15.30
	2001	(5)		18.80		—		0.70			—			—			—			19.50
Class Y
	2005	(2)	$	22.99	$	0.02	$	(0.41	)	$	(0.02	)	$	—		$	—	(6)	$	22.58
	2005	(3)		20.91		0.40		2.08			(0.40	)		—			—	(6)		22.99
	2004	(3)		18.69		0.29		2.22			(0.29	)		—			—	(6)		20.91
	2003	(3)		15.30		0.25		3.38			(0.24	)		—			—			18.69
	2002	(3)		19.49		0.23		(4.19	)		(0.23	)		—			—			15.30
	2001	(3)		27.74		0.23		(7.42	)		(0.23	)		(0.83	)		—			19.49

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

FIRST AMERICAN FUNDS Annual Report 2005

44

			Total Return (7)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Equity Index Fund (1)
Class A
	2005	(2)		(1.70	)%	$	234,629		0.62	%		0.69	%		0.79	%		0.52	%		—	%
	2005	(3)		11.69			238,379		0.62			1.53			0.79			1.36			4
	2004	(3)		13.12			234,349		0.62			1.13			0.79			0.96			1
	2003	(3)		23.58			158,324		0.62			1.22			0.80			1.04			1
	2002	(3)		(20.75	)		139,007		0.62			0.91			0.80			0.73			8
	2001	(3)		(26.95	)		188,410		0.60			0.74			1.14			0.20			6
Class B
	2005	(2)		(1.78	)%	$	56,097		1.37	%		(0.06	)%		1.54	%		(0.23	)%		—	%
	2005	(3)		10.86			58,857		1.37			0.79			1.54			0.62			4
	2004	(3)		12.31			69,828		1.37			0.38			1.54			0.21			1
	2003	(3)		22.72			71,624		1.37			0.47			1.55			0.29			1
	2002	(3)		(21.40	)		66,835		1.37			0.16			1.55			(0.02	)		8
	2001	(3)		(27.49	)		95,586		1.35			(0.01	)		1.89			(0.55	)		6
Class C
	2005	(2)		(1.78	)%	$	24,195		1.37	%		(0.05	)%		1.54	%		(0.22	)%		—	%
	2005	(3)		10.84			26,258		1.37			0.79			1.54			0.62			4
	2004	(3)		12.28			30,111		1.37			0.38			1.54			0.21			1
	2003	(3)		22.65			31,330		1.37			0.47			1.55			0.29			1
	2002	(3)		(21.38	)		21,637		1.37			0.16			1.55			(0.02	)		8
	2001	(3)		(27.51	)		29,560		1.35			(0.01	)		1.89			(0.55	)		6
Class R (4)
	2005	(2)		(1.72	)%	$	1,715		0.87	%		0.44	%		1.19	%		0.12	%		—	%
	2005	(3)		11.38			1,663		0.87			1.14			1.19			0.82			4
	2004	(3)		13.00			333		0.62			1.13			0.79			0.96			1
	2003	(3)		23.66			52,925		0.62			1.22			0.80			1.04			1
	2002	(3)		(20.79	)		42,964		0.62			0.93			0.80			0.75			8
	2001	(5)		3.72			38,220		0.72			0.89			1.20			0.41			6
Class Y
	2005	(2)		(1.69	)%	$	1,882,517		0.37	%		0.94	%		0.54	%		0.77	%		—	%
	2005	(3)		11.92			1,940,567		0.37			1.78			0.54			1.61			4
	2004	(3)		13.45			1,979,198		0.37			1.38			0.54			1.21			1
	2003	(3)		23.89			1,771,795		0.37			1.46			0.55			1.28			1
	2002	(3)		(20.56	)		1,135,653		0.37			1.16			0.55			0.98			8
	2001	(3)		(26.78	)		1,567,607		0.35			0.99			0.89			0.45			6

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year-end was changed from September 30 to October 31. All ratios for the period have been
annualized, except total return and portfolio turnover.

  (3)  For the period October 1 to September 30 in the year indicated.

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

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total return and
portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

45

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains or (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (9)
Mid Cap Index Fund (1)(2)
Class A
	2005	(3)	$	13.82	$	—		$	(0.30	)	$	—		$	—		$	13.52		(2.17	)%
	2005	(4)		11.84		0.09			2.40			(0.09	)		(0.42	)		13.82		21.43
	2004	(4)		10.36		0.05			1.67			(0.05	)		(0.19	)		11.84		16.80
	2003	(4)		8.51		0.04			2.08			(0.04	)		(0.23	)		10.36		25.45
	2002	(4)		9.38		0.04			(0.49	)		(0.04	)		(0.38	)		8.51		(5.45	)
	2001	(5)		12.56		0.05			(2.11	)		(0.05	)		(1.07	)		9.38		(17.60	)
Class B
	2005	(3)	$	13.59	$	(0.01	)	$	(0.30	)	$	—		$	—		$	13.28		(2.28	)%
	2005	(4)		11.67		(0.01	)		2.37			(0.02	)		(0.42	)		13.59		20.57
	2004	(4)		10.25		(0.03	)		1.64			—			(0.19	)		11.67		15.88
	2003	(4)		8.44		(0.03	)		2.07			—			(0.23	)		10.25		24.63
	2002	(4)		9.33		(0.03	)		(0.48	)		—			(0.38	)		8.44		(6.07	)
	2001	(5)		12.52		—			(2.12	)		—			(1.07	)		9.33		(18.15	)
Class C
	2005	(3)	$	13.63	$	(0.01	)	$	(0.30	)	$	—		$	—		$	13.32		(2.27	)%
	2005	(4)		11.70		(0.01	)		2.38			(0.02	)		(0.42	)		13.63		20.60
	2004	(4)		10.28		(0.03	)		1.64			—			(0.19	)		11.70		15.83
	2003	(4)		8.47		(0.03	)		2.07			—			(0.23	)		10.28		24.55
	2002	(4)		9.38		(0.02	)		(0.51	)		—			(0.38	)		8.47		(6.22	)
	2001	(6)		9.07		—			0.31			—			—			9.38		3.42
Class R (7)
	2005	(3)	$	13.78	$	—		$	(0.30	)	$	—		$	—		$	13.48		(2.18	)%
	2005	(4)		11.83		0.04			2.41			(0.08	)		(0.42	)		13.78		21.09
	2004	(4)		10.36		0.06			1.65			(0.05	)		(0.19	)		11.83		16.62
	2003	(4)		8.50		0.04			2.09			(0.04	)		(0.23	)		10.36		25.60
	2002	(4)		9.38		0.04			(0.50	)		(0.04	)		(0.38	)		8.50		(5.56	)
	2001	(8)		11.07		0.04			(1.67	)		(0.06	)		—			9.38		(14.77	)
Class Y
	2005	(3)	$	13.83	$	0.01		$	(0.31	)	$	—		$	—		$	13.53		(2.17	)%
	2005	(4)		11.84		0.12			2.41			(0.12	)		(0.42	)		13.83		21.82
	2004	(4)		10.37		0.08			1.66			(0.08	)		(0.19	)		11.84		16.97
	2003	(4)		8.51		0.06			2.09			(0.06	)		(0.23	)		10.37		25.86
	2002	(4)		9.38		0.06			(0.49	)		(0.06	)		(0.38	)		8.51		(5.23	)
	2001	(5)		12.55		0.08			(2.11	)		(0.07	)		(1.07	)		9.38		(17.34	)

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

FIRST AMERICAN FUNDS Annual Report 2005

46

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Mid Cap Index Fund (1)(2)
Class A
	2005	(3)	$	14,318		0.75	%		0.26	%		0.80	%		0.21	%		1	%
	2005	(4)		14,827		0.75			0.68			0.82			0.61			15
	2004	(4)		11,987		0.75			0.47			0.80			0.42			14
	2003	(4)		5,332		0.75			0.45			0.84			0.36			23
	2002	(4)		3,581		0.75			0.37			0.83			0.29			19
	2001	(5)		2,972		0.75			0.51			0.80			0.46			43
Class B
	2005	(3)	$	3,485		1.50	%		(0.49	)%		1.55	%		(0.54	)%		1	%
	2005	(4)		3,546		1.50			(0.08	)		1.57			(0.15	)		15
	2004	(4)		3,133		1.50			(0.27	)		1.55			(0.32	)		14
	2003	(4)		2,419		1.50			(0.30	)		1.59			(0.39	)		23
	2002	(4)		1,475		1.50			(0.37	)		1.58			(0.45	)		19
	2001	(5)		1,265		1.50			(0.24	)		1.54			(0.28	)		43
Class C
	2005	(3)	$	3,388		1.50	%		(0.49	)%		1.55	%		(0.54	)%		1	%
	2005	(4)		3,533		1.50			(0.08	)		1.57			(0.15	)		15
	2004	(4)		2,653		1.50			(0.27	)		1.55			(0.32	)		14
	2003	(4)		1,756		1.50			(0.30	)		1.59			(0.39	)		23
	2002	(4)		795		1.50			(0.37	)		1.58			(0.45	)		19
	2001	(6)		—		—			—			—			—			43
Class R (7)
	2005	(3)	$	131		1.00	%		0.01	%		1.20	%		(0.19	)%		1	%
	2005	(4)		122		1.00			0.28			1.22			0.06			15
	2004	(4)		1		0.75			0.49			0.80			0.44			14
	2003	(4)		4,134		0.75			0.46			0.84			0.37			23
	2002	(4)		3,393		0.75			0.37			0.83			0.29			19
	2001	(8)		4,301		0.75			0.47			0.80			0.42			43
Class Y
	2005	(3)	$	342,072		0.50	%		0.51	%		0.55	%		0.46	%		1	%
	2005	(4)		353,354		0.50			0.92			0.57			0.85			15
	2004	(4)		313,403		0.50			0.73			0.55			0.68			14
	2003	(4)		239,174		0.50			0.71			0.59			0.62			23
	2002	(4)		198,545		0.50			0.63			0.58			0.55			19
	2001	(5)		176,857		0.50			0.75			0.53			0.72			43

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

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

  (3)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year-end was changed from September 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.

  (4)  For the period October 1 to September 30 in the year indicated.

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

  (6)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total
return and portfolio turnover.

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

  (8)  For the period from November 27, 2000, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total
return and portfolio turnover.

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

FIRST AMERICAN FUNDS Annual Report 2005

47

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains or (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (9)
Small Cap Index Fund (1)(2)
Class A
	2005	(3)	$	14.57	$	—		$	(0.45	)	$	—		$	—		$	14.12		(3.09	)%
	2005	(4)		13.38		0.07			2.17			(0.06	)		(0.99	)		14.57		17.08
	2004	(4)		11.47		0.04			1.98			(0.03	)		(0.08	)		13.38		17.71
	2003	(4)		8.55		0.04			2.92			(0.04	)		—			11.47		34.77
	2002	(4)		9.68		0.05			(1.13	)		(0.05	)		—			8.55		(11.28	)
	2001	(5)		12.23		(0.01	)		(1.49	)		—			(1.05	)		9.68		(12.76	)
Class B
	2005	(3)	$	14.21	$	(0.01	)	$	(0.44	)	$	—		$	—		$	13.76		(3.17	)%
	2005	(4)		13.15		(0.03	)		2.08			—			(0.99	)		14.21		15.82
	2004	(4)		11.33		(0.06	)		1.96			—			(0.08	)		13.15		16.83
	2003	(4)		8.47		(0.03	)		2.90			(0.01	)		—			11.33		33.87
	2002	(4)		9.63		(0.03	)		(1.13	)		—			—			8.47		(12.03	)
	2001	(6)		10.97		(0.01	)		(1.33	)		—			—			9.63		(12.11	)
Class C
	2005	(3)	$	14.34	$	(0.01	)	$	(0.45	)	$	—		$	—		$	13.88		(3.21	)%
	2005	(4)		13.26		(0.03	)		2.10			—			(0.99	)		14.34		15.84
	2004	(4)		11.43		(0.06	)		1.97			—			(0.08	)		13.26		16.77
	2003	(4)		8.54		(0.03	)		2.93			(0.01	)		—			11.43		33.94
	2002	(4)		9.68		(0.03	)		(1.11	)		—			—			8.54		(11.72	)
	2001	(7)		9.49		—			0.19			—			—			9.68		2.11
Class R (8)
	2005	(3)	$	14.43	$	—		$	(0.46	)	$	—		$	—		$	13.97		(3.19	)%
	2005	(4)		13.31		0.04			2.11			(0.04	)		(0.99	)		14.43		16.45
	2004	(4)		11.41		0.03			1.97			(0.02	)		(0.08	)		13.31		17.65
	2003	(4)		8.52		0.05			2.88			(0.04	)		—			11.41		34.54
	2002	(4)		9.64		0.05			(1.12	)		(0.05	)		—			8.52		(11.26	)
	2001	(5)		12.19		(0.01	)		(1.49	)		—			(1.05	)		9.64		(12.82	)
Class Y
	2005	(3)	$	14.57	$	0.01		$	(0.46	)	$	—		$	—		$	14.12		(3.09	)%
	2005	(4)		13.43		0.11			2.12			(0.10	)		(0.99	)		14.57		16.93
	2004	(4)		11.51		0.07			1.99			(0.06	)		(0.08	)		13.43		18.02
	2003	(4)		8.57		0.07			2.94			(0.07	)		—			11.51		35.23
	2002	(4)		9.70		0.07			(1.13	)		(0.07	)		—			8.57		(11.09	)
	2001	(5)		12.24		0.02			(1.50	)		(0.01	)		(1.05	)		9.70		(12.56	)

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

FIRST AMERICAN FUNDS Annual Report 2005

48

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Small Cap Index Fund (1)(2)
Class A
	2005	(3)	$	10,067		0.83	%		0.27	%		1.01	%		0.09	%		—	%
	2005	(4)		10,323		0.90			0.53			1.03			0.40			23
	2004	(4)		8,749		0.93			0.30			1.02			0.21			25
	2003	(4)		3,480		0.93			0.42			1.05			0.30			41
	2002	(4)		1,908		0.93			0.46			1.09			0.30			49
	2001	(5)		341		0.91			(0.07	)		0.94			(0.10	)		102
Class B
	2005	(3)	$	1,498		1.58	%		(0.48	)%		1.76	%		(0.66	)%		—	%
	2005	(4)		1,555		1.65			(0.23	)		1.78			(0.36	)		23
	2004	(4)		1,494		1.68			(0.46	)		1.77			(0.55	)		25
	2003	(4)		993		1.68			(0.33	)		1.80			(0.45	)		41
	2002	(4)		424		1.68			(0.29	)		1.84			(0.45	)		49
	2001	(6)		107		1.65			(0.84	)		1.69			(0.88	)		102
Class C
	2005	(3)	$	2,068		1.58	%		(0.48	)%		1.76	%		(0.66	)%		—	%
	2005	(4)		2,256		1.65			(0.23	)		1.78			(0.36	)		23
	2004	(4)		1,939		1.68			(0.46	)		1.77			(0.55	)		25
	2003	(4)		1,268		1.68			(0.33	)		1.80			(0.45	)		41
	2002	(4)		447		1.68			(0.26	)		1.84			(0.42	)		49
	2001	(7)		—		—			—			—			—			102
Class R (8)
	2005	(3)	$	23		1.08	%		0.02	%		1.41	%		(0.31	)%		—	%
	2005	(4)		11		1.15			0.30			1.43			0.02			23
	2004	(4)		1		0.93			0.24			0.99			0.18			25
	2003	(4)		3,210		0.93			0.52			1.05			0.40			41
	2002	(4)		13,576		0.93			0.42			1.09			0.26			49
	2001	(5)		13,886		0.88			(0.05	)		0.91			(0.08	)		102
Class Y
	2005	(3)	$	153,572		0.58	%		0.52	%		0.76	%		0.34	%		—	%
	2005	(4)		164,156		0.65			0.78			0.78			0.65			23
	2004	(4)		156,411		0.68			0.54			0.77			0.45			25
	2003	(4)		119,102		0.68			0.68			0.80			0.56			41
	2002	(4)		94,749		0.68			0.68			0.84			0.52			49
	2001	(5)		54,169		0.66			0.19			0.68			0.17			102

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

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

  (3)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year-end was changed from September 30 to October 31. All ratios for the period
have been annualized, except total return and portfolio turnover.

  (4)  For the period October 1 to September 30 in the year indicated.

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

  (6)  For the period from December 11, 2000, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total
return and portfolio turnover.

  (7)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total
return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

49

Notes to Financial StatementsOctober 31, 2005

1 >  Organization

The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF") which is a member of the First American Family of Funds. As of October 31, 2005, FAIF offered 38 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF's articles of incorporation permit the funds' board of directors to create additional funds in the future. The Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund are each diversified open-end management investment companies.

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

The funds' prospectuses provide descriptions of each fund's investment objective, principal investment strategies, and principal risks. All classes of shares have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that 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.

On June 22, 2005 the funds' board of directors approved a change in the funds' fiscal year-end from September 30 to October 31, effective with the one-month period ending October 31, 2005 (the "fiscal period").

2 >  Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds' investments are furnished by one or more independent pricing services that have been approved by the funds' board of directors. Investments in equity securities that are traded on a national securities exchange are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask will be the closing price. If the last trade is below the bid , the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds' board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs, and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of October 31, 2005, the Equity Index Fund and Small Cap Index Fund had fair valued securities with a

FIRST AMERICAN FUNDS Annual Report 2005

50

total market value of $0 and $0 or 0.0% and 0.0%, respectively, of total net assets for the fund. Debt obligations with 60 days or less remaining until maturity may 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. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. The resulting gain/loss is calculated as the difference between the fair value and the underlying cost of the security on the transaction date. 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.

DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared and paid quarterly for Mid Cap Index Fund and Small Cap Index Fund and monthly for Equity Index Fund, and are payable in cash or reinvested in additional shares of the fund. Any net realized capital gains on sales of a fund's securities are distributed to shareholders at least annually.

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

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

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

Fund	Undistributed Net Investment Income		Portfolio Capital
Equity Index Fund	$	385	$	(385	)

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

	October 31, 2005
Fund			Ordinary Income		Return of Capital		Total
Equity Index Fund			$	1,637	$	385	$	2,022
	September 30, 2005
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Equity Index Fund	$	40,001	$	—	$	133	$	40,134
Mid Cap Index Fund		4,638		10,978		—		15,616
Small Cap Index Fund		6,571		8,072		—		14,643
	September 30, 2004
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Equity Index Fund	$	30,594	$	—	$	235	$	30,829
Mid Cap Index Fund		3,008		4,099		—		7,107
Small Cap Index Fund		1,059		600		—		1,659

FIRST AMERICAN FUNDS Annual Report 2005

51

Notes to Financial StatementsOctober 31, 2005

As of October 31, 2005, the components of accumulated earnings on a tax basis were as follows (000):

	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Capital and Post-October Losses			Unrealized Appreciation		Total Accumulated Earnings
Equity Index Fund	$	—	$	—	$	(26,481	)	$	562,109	$	535,628
Mid Cap Index Fund		1,444		20,343		—			59,576		81,363
Small Cap Index Fund		65		4,799		(118	)		30,812		35,558

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

As of October 31, 2005, the following funds had capital loss carryforwards (000):

	Expiration Year
Fund	2009		2010		2012		2013		Total
Equity Index Fund	$	3,112	$	10,901	$	64	$	12,404	$	26,481
Small Cap Index Fund		—		—		—		118		118

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

Upon entering into a futures contract, the fund is required to deposit cash or pledge U.S. government securities in an amount equal to five percent of the purchase price indicated in the futures contract (initial margin). Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund's basis in the contract.

The funds' investment in stock index futures contracts is designed to maintain sufficient liquidity to meet redemption requests and to increase the level of fund assets devoted to replicating the composition of the S&P and Russell Indices while reducing transaction costs. Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These contracts involve market risk in excess of the amount reflected in the fund's statement of assets and liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds' board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, and may have contractual restrictions on resale. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund's investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds' board of directors. At October 31, 2005, Equity Index Fund and Small Cap Index Fund had investments in illiquid securities with a total value of $0 and $0, respectively, or 0.0% and 0.0%, respectively of total net assets.

FIRST AMERICAN FUNDS Annual Report 2005

52

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

Equity Index Fund
Security	Shares		Dates Acquired	Cost Basis (000)
Seagate Escrow Security		44,866	1/01	$	—
Small Cap Index Fund
Security	Shares		Dates Acquired	Cost Basis (000)
FirstBank Fractional Shares		—	8/05	$	—
Mascotech Escrow Shares		9,571	2/99 to 11/00		—
National Penn Fractional Shares		—	10/05		—
Petrocorp Escrow Shares		2,040	6/03 to 8/05		—
Southern Union Company Fractional Shares		—	11/03 to 8/05		—
USB Holding Company Fractional Shares		—	8/05		—

SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund's policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then "marked-to-market" daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. As of October 31, 2005, cash collateral invested was as follows (000):

Fund	Commercial Paper		Corporate Obligations		Repurchase Agreements		Other Short-Term Securities		Total
Equity Index Fund	$	141,918	$	146,742	$	187,791	$	11,319	$	487,770
Mid Cap Index Fund		39,273		40,608		51,966		3,132		134,979
Small Cap Index Fund		12,392		12,813		16,397		989		42,591

U.S. Bancorp Asset Management, Inc. ("USBAM") serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. USBAM acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission ("SEC"). During the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, USBAM received fees equal to 35% of each fund's income from securities lending transactions. Effective January 1, 2006, such fees will be lowered to 32% of each fund's income from securities lending transactions. Fees paid to USBAM by the funds for the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, were as follows (000):

Fund	10/31/05		9/30/05
Equity Index Fund	$	24	$	337
Mid Cap Index Fund		6		68
Small Cap Index Fund		8		75

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. For the fiscal period ended October 31, 2005, the Small Cap Index Fund recorded $2,428 as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolios. For the fiscal year ended September 30, 2005, the Equity Index Fund, Mid Cap Index Fund, and the Small Cap Index Fund recorded $102,331, $70,024, and $6,761 respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolios.

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are generally allocated to the funds on the basis of relative net assets of all funds within the First American Family of Funds. Class specific expenses, such as distribution fees and shareholder servicing fees are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each

FIRST AMERICAN FUNDS Annual Report 2005

53

Notes to Financial StatementsOctober 31, 2005

respective class in proportion to the relative net assets of each class.

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005.

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

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

3 >  Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), USBAM manages each fund's assets and furnishes related office facilities, equipment, research, and personnel. USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"), which is in turn a subsidiary of U.S. Bancorp. The Agreement requires each fund to pay USBAM a monthly fee based upon average daily net assets. The annual fee for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund is 0.25%, 0.25%, and 0.40%, respectively. USBAM has agreed to waive fees and reimburse other fund expenses through June 30, 2006, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
Equity Index Fund		0.62	%		1.37	%		1.37	%		0.87	%		0.37	%
Mid Cap Index Fund		0.75			1.50			1.50			1.00			0.50
Small Cap Index Fund		0.83			1.58			1.58			1.08			0.58

Prior to July 1, 2005, USBAM agreed to waive fees and reimburse other fund expenses so that total fund operating expenses, as a percentage of average daily net assets, did not exceed the following amounts:

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

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 advisor 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.

TRANSFER AGENT FEES – Effective July 1, 2005, U.S. Bancorp Fund Services, LLC ("USBFS"), a subsidiary of U.S. Bancorp, serves as the funds' transfer agent pursuant to a transfer agent and shareholder servicing agreement with FAIF. 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. Under the transfer agent and shareholder servicing agreement, FAIF also pays USBFS a fee equal, on an annual basis, to 0.10% of each fund's average daily net assets. This fee compensates USBFS for providing certain shareholder services and reimburses USBFS for its payments to financial institutions that establish and maintain omnibus accounts and provide cu stomary services for such accounts. In addition to these fees, the funds may reimburse USBFS for any out-of-pocket expenses incurred in providing transfer agent services. Prior to July 1, 2005, these services were provided by USBFS pursuant to the co-administration agreement.

FIRST AMERICAN FUNDS Annual Report 2005

54

For the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, transfer agent fees paid under the transfer agent and shareholder servicing agreement to USBFS by the funds included in this annual report were as follows (000):

Fund	10/31/05		9/30/05
Equity Index Fund	$	254	$	1,427
Mid Cap Index Fund		42		228
Small Cap Index Fund		19		112

ADMINISTRATION FEES – Effective July 1, 2005, USBAM serves as the funds' administrator pursuant to an administration agreement between USBAM and the funds. USBFS serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. Under the administration agreement, USBAM is compensated to provide, or compensate other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. Effective July 1, 2005, the funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.15% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.135% on the next $17 billion of the aggre gate average daily net assets, 0.12% on the next $25 billion of the aggregate average daily net assets, and 0.10% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse USBAM and, indirectly, the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

Prior to July 1, 2005, USBAM and USBFS served as "co-administrators" pursuant to a co-administration agreement between the co-administrators and the funds. The funds paid administration fees to the co-administrators, which were calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.235% 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. In addition, the funds paid transfer agent fees under the co-administration agreement of $18,500 per share class plus additional per account fees. In addition to these fees, the funds reimbursed the co-administrators for any out-of-pocket expenses incurred in providing administration services.

Administration fees paid by the funds included in this annual report to USBAM for the fiscal period ended October 31, 2005 and to USBAM and USBFS for the fiscal year ended September 30, 2005 were as follows (000):

Fund	10/31/05		9/30/05
Equity Index Fund	$	237	$	4,765
Mid Cap Index Fund		39		738
Small Cap Index Fund		18		371

CUSTODIAN FEES – U.S. Bank serves as the funds' custodian pursuant to a custodian agreement with FAIF. Effective July 1, 2005, the fee for each fund was reduced from an annual rate of 0.01% of average daily net assets to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.

Effective July 1, 2005, the funds entered into an arrangement with their custodian whereby interest earned on uninvested cash balances is used to reduce a portion of each fund's custodian expenses. For the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, custodian fees were not reduced as a result of interest earned.

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

FAIF has also adopted and entered into a shareholder servicing plan and agreement with USBAM with respect to the Class R shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.15% of each fund's average daily net assets of the Class R shares. USBAM is currently waiving all fees under this plan and agreement. This waiver may be discontinued at any time.

FIRST AMERICAN FUNDS Annual Report 2005

55

Notes to Financial StatementsOctober 31, 2005

Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar for the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005 (000):

Fund	10/31/05		9/30/05
Equity Index Fund	$	57	$	679
Mid Cap Index Fund		5		47
Small Cap Index Fund		3		31

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, transfer agent fees and administration fees, each fund is responsible for paying other operating expenses including: fees and expenses of independent directors, registration fees, postage and printing of shareholder reports, legal, auditing, insurance, and other miscellaneous expenses. For the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, legal fees and expenses were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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

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

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

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

For the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, total front-end sales charges and CDSCs retained by affiliates of USBAM for distributing the funds' shares were as follows (000):

Fund	10/31/05		9/30/05
Equity Index Fund	$	15	$	332
Mid Cap Index Fund		3		42
Small Cap Index Fund		1		20

4 >  Investment in Common Stock of Affiliate

As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For the fiscal period ended October 31, 2005, Equity Index Fund recorded a net realized loss from the sale of U.S. Bancorp common stock of $6,858 and $0 of dividend income from U.S. Bancorp common stock. For the fiscal year ended September 30, 2005, Equity Index Fund recorded net realized gains from the sale of U.S. Bancorp common stock of $513,006 and $469,763 of dividend income from U.S. Bancorp common stock. At October 31, 2005, Equity Index Fund had an unrealized gain of $2,628,820 with respect to its investment in U.S. Bancorp common stock.

FIRST AMERICAN FUNDS Annual Report 2005

56

5 >  Capital Share Transactions

FAIF has 324 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows (000):

	Equity Index Fund									Mid Cap Index Fund									Small Cap Index Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		196			1,995			4,820			14			385			763			10			212			474
Shares issued in lieu of cash distributions		7			155			108			—			42			13			—			49			3
Shares redeemed		(180	)		(2,991	)		(2,189	)		(28	)		(367	)		(277	)		(5	)		(207	)		(126	)
Total Class A transactions		23			(841	)		2,739			(14	)		60			499			5			54			351
Class B:
Shares issued		5			111			225			2			24			55			—			16			34
Shares issued in lieu of cash distributions		—			25			16			—			9			4			—			8			1
Shares redeemed		(82	)		(924	)		(737	)		(1	)		(41	)		(26	)		(1	)		(28	)		(9	)
Total Class B transactions		(77	)		(788	)		(496	)		1			(8	)		33			(1	)		(4	)		26
Class C:
Shares issued		7			126			214			15			83			118			2			51			70
Shares issued in lieu of cash distributions		—			10			7			—			7			3			—			10			1
Shares redeemed		(78	)		(436	)		(457	)		(20	)		(58	)		(65	)		(10	)		(50	)		(36	)
Total Class C transactions		(71	)		(300	)		(236	)		(5	)		32			56			(8	)		11			35
Class R:
Shares issued		4			60			564			1			9			91			1			1			131
Shares issued in lieu of cash distributions		—			—			19			—			—			7			—			—			2
Shares redeemed		—			(4	)		(3,398	)		—			—			(497	)		—			—			(414	)
Total Class R transactions		4			56			(2,815	)		1			9			(399	)		1			1			(281	)
Class Y:
Shares issued		741			16,348			25,834			237			5,681			9,346			73			3,545			6,867
Shares issued in lieu of cash distributions		51			1,034			928			—			684			357			—			591			80
Shares redeemed		(1,825	)		(27,653	)		(26,886	)		(506	)		(7,277	)		(6,301	)		(460	)		(4,520	)		(5,648	)
Total Class Y transactions		(1,033	)		(10,271	)		(124	)		(269	)		(912	)		3,402			(387	)		(384	)		1,299
Net increase (decrease) in capital shares		(1,154	)		(12,144	)		(932	)		(286	)		(819	)		3,591			(390	)		(322	)		1,430

6 >  Investment Security Transactions

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

Fund	Purchases		Sales
Equity Index Fund	$	2,381	$	25,059
Mid Cap Index Fund		3,821		7,421
Small Cap Index Fund		31		4,717

During the fiscal year ended September 30, 2005, purchases of securities and proceeds from sales of securities other than temporary investments in short-term securities, were as follows (000):

Fund	Purchases		Sales
Equity Index Fund	$	85,835	$	363,453
Mid Cap Index Fund		51,726		72,176
Small Cap Index Fund		40,219		55,840

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at October 31, 2005, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net		Federal Income Tax Cost
Equity Index Fund	$	797,108	$	(234,999	)	$	562,109	$	2,102,593
Mid Cap Index Fund		98,577		(39,001	)		59,576		439,210
Small Cap Index Fund		44,992		(14,180	)		30,812		179,084

FIRST AMERICAN FUNDS Annual Report 2005

57

Notes to Financial StatementsOctober 31, 2005

7 >  Indemnifications

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

8 >  Other

In March 2005, the U.S. Bancorp Pension Plan redeemed $186,709,450 from the First American Equity Index Fund as a redemption-in-kind transaction. In this transaction, the fund distributed a proportionate amount of securities in the fund's portfolio to the U.S. Bancorp Pension Plan. Remaining shareholders in the funds did not recognize any additional capital gains from the transactions.

FIRST AMERICAN FUNDS Annual Report 2005

58

NOTICE TO SHAREHOLDERS October 31, 2005 (unaudited)

TAX INFORMATION

The information set forth below is for each funds's fiscal period as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of the funds' fiscal periods ending September 30, 2004, September 30, 2005 and October 31, 2005 of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2006 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

Dear First American Shareholders:

For the fiscal period ended October 31, 2005, each fund has designated long-term capital gains, ordinary income dividends qualify for the corporate received deduction, and qualified dividend income with regard to distributions paid during the year as follows:

Fund	Long Term Capital Gains Distributions (Tax Basis) (a)			Ordinary Income Distributions (Tax Basis) (b)			Return of Capital Distributions			Total Distributions (Tax Basis)			Corporate Dividends Received Deduction (c)			Qualified Dividend Income (c)(d)
Equity Index Fund		—	%		81	%		19	%		100	%		100	%		100	%
Mid Cap Index Fund		—			—			—			—			—			—
Small Cap Index Fund		—			—			—			—			—			—

(a) and (b) are based on a percentage of the fund's total distributions.

(c) is based on a percentage of ordinary income distributions of the fund.

(d) For the fiscal period ended October 31, 2005, certain dividends paid by the funds may be subject to a maximum tax rate of 15% as provided for by the Internal Revenue Code 1(h). The funds intend to designate the maximum amounts as taxed at the maximum rate of 15%. Complete information will be computed and reported in conjunction with your 2005 Form 1099-DIV. As of October 31, 2005, for the calendar year to date, qualified dividend income as a percentage of ordinary income distributions for each fund was as follows: Equity Income Fund – 100%, Mid Cap Index Fund – 93%, Small Cap Index Fund – 100%.

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, 2005, 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 Commision'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 Commision's website at http://www.sec.gov. In addition, you may review and copy the funds' Forms N-Q at the Commission's Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

FIRST AMERICAN FUNDS Annual Report 2005

59

NOTICE TO SHAREHOLDERSOctober 31, 2005 (unaudited)

Directors and Officers of the Funds

Independent Directors

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003.	Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004; Senior Vice President, Chief Financial Officer & Treasurer, Bemis, through April 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997.	Retired; Vice President, Cargo – United Airlines, from July 2001 through July 2004; Vice President, North America – Mountain Region, United Airlines, prior to July 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003.	Investment consultant and non-profit board member since 2001; Managing Director of Zurich Scudder Investments through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993.	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Retired; Director, President and Chief Executive Officer, Weirton Steel, through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	Cleveland Cliffs Inc (a producer of iron ore pellets)
Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 1984.	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus(TM) LLC, a strategic demographic planning and application development firm, since 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None

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60

Independent Directors — continued

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF's Board since September 1997; Director of FAF since June 1991.	Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Owner and President, Jim Wade Homes, a homebuilding company, since 1999.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None

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

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

FIRST AMERICAN FUNDS Annual Report 2005

61

NOTICE TO SHAREHOLDERSOctober 31, 2005 (unaudited)

Officers

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Thomas S. Schreier, Jr. U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962) *	President	Re-elected by the Board annually; President of FAIF since February 2001.	Chief Executive Officer of U.S. Bancorp Asset Management, Inc., since May 2001; prior thereto, Chief Executive Officer of First American Asset Management from December 2000 to May 2001 and of Firstar Investment & Research Management Company ("FIRMCO") from February 2001 to May 2001; prior to that, Senior Managing Director and Head of Equity Research of U.S. Bancorp Piper Jaffray.
Mark S. Jordahl U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960) *	Vice President – Investments	Re-elected by the Board annually; Vice President – Investments of FAIF since September 2001.	Chief Investment Officer of U.S. Bancorp Asset Management, Inc., since September 2001; prior thereto, President and Chief Investment Officer, ING Investment Management – Americas from September 2000 to June 2001; prior to that, Senior Vice President and Chief Investment Officer, ReliaStar Financial Corp.
Jeffery M. Wilson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956) *	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000.	Senior Vice President of U.S. Bancorp Asset Management, Inc., since May 2001; prior thereto, Senior Vice President of First American Asset Management.
Charles D. Gariboldi, Jr. U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959) *	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since October 2004.	Mutual Fund Treasurer, U.S. Bancorp Asset Management, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans.
Jill M. Stevenson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965) *	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005.	Assistant Treasurer, U.S. Bancorp Asset Management, Inc., since September 2005; prior thereto, Director, Senior Project Manager, U.S. Bancorp Asset Management, Inc., from May 2003 to September 2005; prior to that, Vice President, Director of Operations, Paladin Investment Associates, LLC.
David H. Lui U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960) *	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since February 2005.	Chief Compliance Officer for First American Funds and U.S. Bancorp Asset Management, Inc., since February 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to February 2005; prior to that, Vice President, Charles Schwab & Co., Inc.
Kathleen L. Prudhomme U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1953) *	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998.	Deputy General Counsel, U.S. Bancorp Asset Management, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.
James D. Alt 50 South Sixth Street Suite 1500, Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002.	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.
Brett L. Agnew U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1971) *	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004.	Attorney for U.S. Bancorp Asset Management, Inc., since August 2004; prior thereto, Senior Counsel, Thrivent Financial for Lutherans from May 2001 to August 2004; prior to that, Consultant, Principal Financial Group.

FIRST AMERICAN FUNDS Annual Report 2005

62

Officers — continued

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
James R. Arnold 615 E. Michigan Street Milwaukee, WI 53202 (1957) *	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Vice President, U.S. Bancorp Fund Services, LLC, since March 2002; prior thereto, Senior Administration Services Manager, UMB Fund Services, Inc.
Douglas G. Hess 615 E. Michigan Street Milwaukee, WI 53202 (1967) *	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since September 2001	Vice President, U.S. Bancorp Fund Services, LLC.

*  Messrs. Schreier, Jordahl, Wilson, Gariboldi, Lui and Agnew, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of U.S. Bancorp Asset Management, Inc. which serves as investment adviser and administrator for FAIF. Messrs. Hess and Arnold are officers of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and serves as Transfer Agent for FAIF.

FIRST AMERICAN FUNDS Annual Report 2005

63

(This page has been left blank intentionally.)

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 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.

FIRST AMERICAN FUNDS_®

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers only through the period ended October 31, 2005. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

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

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

INVESTMENT ADVISOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

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.

0394-05 12/2005 AR-INDEX

	FIRST AMERICAN FUNDS®	2005 Annual Report
		STOCK
		FUNDS

TABLE OF CONTENTS

Message to Shareholders	1
Report of Independent Registered Public Accounting Firm	41
Real Estate Securities Fund
Schedule of Investments	42
Statement of Assets and Liabilities	43
Statement of Operations	44
Statement of Changes in Net Assets	45
Financial Highlights	46
International Fund
Schedule of Investments	48
Statement of Assets and Liabilities	50
Statement of Operations	51
Statement of Changes in Net Assets	52
Financial Highlights	54
Small Cap Funds
Schedule of Investments	56
Statements of Assets and Liabilities	61
Statements of Operations	62
Statements of Changes in Net Assets	64
Financial Highlights	66
Mid Cap Funds
Schedule of Investments	72
Statements of Assets and Liabilities	75
Statements of Operations	76
Statements of Changes in Net Assets	77
Financial Highlights	78
Large Cap Funds
Schedule of Investments	82
Statements of Assets and Liabilities	85
Statements of Operations	86
Statements of Changes in Net Assets	88
Financial Highlights	90
Growth & Income Funds
Schedule of Investments	94
Statements of Assets and Liabilities	102
Statements of Operations	103
Statements of Changes in Net Assets	104
Financial Highlights	106
Notes to Financial Statements	110
Notice to Shareholders	126

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED  NO BANK GUARANTEE  MAY LOSE VALUE

Message to SHAREHOLDERS  December 12, 2005

Dear Shareholders:

We invite you to take a few minutes to review the results of the funds’ most recent fiscal period. Because the funds have changed their fiscal year-end from September 30 to October 31, this report covers the one-month time period from October 1, 2005, through October 31, 2005.

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

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

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

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

Sincerely,

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

1

Real Estate Securities fund

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

How did the fund perform the fiscal period ended October 31, 2005?

The First American Real Estate Securities Fund (the "fund"), Class Y shares, returned -1.73% for the one-month period ended October 31, 2005 (Class A shares returned -1.79% without taking the sales charge into account). By comparison, the fund's benchmark, the Morgan Stanley Capital International U.S. Real Estate Investment Trust Index* ("MSCI U.S. REIT Index"), returned -2.38% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

The fund benefited from strong individual stock selection. The portfolio had a definite bias toward growth and quality, and continued to adhere to a bottom-up approach (with focus on individual stocks rather than economic or market cycles) to temper volatility in the real estate investment trust (REIT) market. An emphasis on coastal markets, which experienced better job growth and better supply and demand dynamics, proved beneficial. The fund's best-performing sectors were office, health care, specialty, and diversified.

What did not work for the fund and why?

Fund performance across all property sectors was quite stable. Although the REIT sector experienced a mild selloff during the reporting period, the fund's emphasis on quality helped us outperform the index.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Prologis	6.5	%
Simon Property Group	5.8	%
Avalonbay Communities	4.6	%
Archstone-Smith Trust	4.1	%
Brookfield Properties	3.9	%
Camden Property Trust	3.8	%
Developers Diversified Realty	3.3	%
Boston Properties	3.3	%
Regency Centers	3.1	%
General Growth Properties	3.1	%

Sector Allocation as of October 31, 20051(% of net assets)
Office	21.6	%
Apartments	17.6	%
Malls	12.1	%
Community Centers	12.1	%
Industrials	11.5	%
Hotels	9.1	%
Diversified	5.8	%
Self-Storage	3.0	%
Short-Term Investments	3.0	%
Health Care	2.6	%
Specialty Real Estate	2.5	%
Private Real Estate Companies	0.1	%
Other Assets and Liabilities, Net	(1.0	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

2

Real Estate Securities fundcontinued

Annual Performance¹

	October 31, 2005																		September 30, 2005**
	One-												Since Inception															Since Inception
	month*			1 year			5 years			10 years			2/01/00			9/24/01			1 year			5 years			10 years			2/01/00			9/24/01
Average annual return with sales charge (POP)
Class A		(7.19	)%		12.92	%		18.58	%		14.55	%		—			—			21.91	%		18.07	%		14.50	%		—			—
Class B		(6.72	)%		13.58	%		18.86	%		14.35	%		—			—			22.98	%		18.33	%		14.27	%		—			—
Class C		(2.83	)%		17.57	%		19.03	%		—			20.23	%		—			27.00	%		18.53	%		—			20.96	%		—
Average annual return without sales charge (NAV)
Class A		(1.79	)%		19.50	%		19.93	%		15.20	%		—			—			28.99	%		19.42	%		15.15	%		—			—
Class B		(1.81	)%		18.58	%		19.06	%		14.35	%		—			—			27.98	%		18.53	%		14.27	%		—			—
Class C		(1.85	)%		18.57	%		19.03	%		—			20.23	%		—			28.00	%		18.53	%		—			20.96	%		—
Class R		(1.77	)%		19.16	%		—			—			—			22.40	%		28.60	%		—			—			—			23.48	%
Class Y		(1.73	)%		19.77	%		20.23	%		15.50	%		—			—			29.25	%		19.73	%		15.45	%		—			—
MSCI U.S. REIT Index2		(2.38	)%		17.64	%		19.78	%		14.73	%		19.88	%		21.49	%		27.10	%		19.19	%		14.64	%		20.72	%		22.73	%

Value of a $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/95 to 10/31/05) as compared to the MSCI U.S. REIT Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

²  An unmanaged index of the most actively traded real estate investment trusts.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

3

Real Estate Securities fundcontinued

Expense Example

As a shareholder of the Real Estate Securities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,115.70	$	6.61
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.95	$	6.31
Class B Actual2,3	$	1,000.00	$	1,111.40	$	10.59
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.17	$	10.11
Class C Actual2,3	$	1,000.00	$	1,111.10	$	10.59
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.17	$	10.11
Class R Actual2,3	$	1,000.00	$	1,114.00	$	7.94
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.69	$	7.58
Class Y Actual2,3	$	1,000.00	$	1,116.80	$	5.28
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.21	$	5.04

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.24%, 1.99%, 1.99%, 1.49% and 0.99% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 11.57%, 11.14%, 11.11%, 11.40% and 11.68% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.23%, 1.98%, 1.98%, 1.48% and 0.98% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,115.59 and $1,018.85 for Class A, $1,111.29 and 1,015.07 for Class B, $1,110.99 and $1,015.07 for Class C, $1,113.95 and $1,017.64 for Class R and $1,116.69 and $1,020.11 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.72 and $6.41 for Class A, $10.70 and $10.21 for Class B, $10.70 and $10.21 for Class C, $7.99 and $7.63 for Class R and $5.39 and $5.14 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

4

International fund

Investment Objective: long-term growth of capital

How did the fund perform the fiscal period ended October 31, 2005?

The First American International Fund (the "fund"), Class Y shares, returned -1.86% for the one-month period ended October 31, 2005 (Class A shares returned -1.88% without taking the sales charge into account). By comparison, the fund's benchmark, the Morgan Stanley Capital International Europe and Australasia, Far East Equity Index* ("MSCI EAFE Index"), returned -2.91% for the same period.

What were the general economic and market conditions during the fiscal period?

Rising oil and commodity prices, as well as the outlook for the consumer, have dominated the investment agenda. Even though energy was one of the best performing sectors, it had the effect of leading to concerns over potentially inflationary pressures and the effect of diminishing purchasing power for consumers, particularly at the low end. The high demand for both commodities and oil was in a large part driven by the Asian markets. Consequently, the Far East, Japan, and emerging markets all outperformed the broader EAFE benchmark. Japan's performance is also reflecting early signs of reform and an improving domestic economy; these signs have been perhaps most notable in the financial services arena.

What worked for the fund and why?

Stock selection has been the primary source of positive performance. The portfolio benefited from holdings in emerging markets, Japan and the Pacific Rim. From a sector

perspective, energy, telecommunications and information technology added value. Our two largest positions within the energy sector, Total (a French oil company) and ENI (an Italian oil and gas producer), contributed positively to performance. Both companies benefited from higher oil prices, and remain attractively valued.

Opportunistic exposure to emerging markets proved beneficial, with emerging equities outpacing the developed markets. In particular, the fund's position in CVRD (the Brazilian iron ore producer) proved beneficial with continued demand for iron ore leading to a very strong pricing environment.

What did not work for the fund and why?

At a regional level, stock selection in the United Kingdom was difficult. At the sector level, industrials, financials, and the consumer sectors held back performance. U.K. consumer stocks, for example William Morrison (U.K. food retailer), Kingfisher (home improvement retailer) and Tesco (U.K. food retailer) have been impacted by negative U.K. consumer sentiment in the wake of rising interest rates. These companies remain attractively valued.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Total	4.3	%
Eni	3.3	%
Vodafone	3.1	%
GlaxoSmithKline	2.7	%
HSBC	2.6	%
Mitsubishi Tokyo Financial Group	2.3	%
Roche	2.1	%
UBS	2.1	%
Novartis	2.0	%
Royal Bank of Scotland	1.9	%

Country Allocation as of October 31, 20051(% of net assets)
Great Britain	26.6	%
Japan	20.6	%
Switzerland	11.1	%
France	10.2	%
Germany	5.5	%
Italy	4.8	%
Short-Term Investments	4.7	%
Netherlands	4.4	%
Spain	1.9	%
Belgium	1.9	%
Brazil	1.7	%
Finland	1.4	%
Australia	1.1	%
South Korea	1.1	%
Sweden	1.0	%
Hong Kong	0.7	%
Mexico	0.7	%
Ireland	0.6	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

5

International fundcontinued

Annual Performance¹

	October 31, 2005															September 30, 2005**
	One-												Since Inception												Since Inception
	month*			1 year			5 years			10 years			9/24/01			1 year			5 years			10 years			9/24/01
Average annual return with sales charge (POP)
Class A		(7.26	)%		8.72	%		(1.64	)%		4.91	%		—			14.19	%		(2.46	)%		4.93	%		—
Class B		(6.85	)%		9.21	%		(1.63	)%		4.72	%		—			14.94	%		(2.43	)%		4.74	%		—
Class C		(2.95	)%		13.13	%		—			—			8.19	%		18.88	%		—			—			8.90	%
Average annual return without sales charge (NAV)
Class A		(1.88	)%		15.03	%		(0.52	)%		5.50	%		—			20.80	%		(1.35	)%		5.52	%		—
Class B		(1.95	)%		14.21	%		(1.28	)%		4.72	%		—			19.94	%		(2.08	)%		4.74	%		—
Class C		(1.97	)%		14.13	%		—			—			8.19	%		19.88	%		—			—			8.90	%
Class R		(1.89	)%		14.48	%		(0.75	)%		5.38	%		—			20.38	%		(1.57	)%		5.40	%		—
Class Y		(1.86	)%		15.29	%		(0.29	)%		5.78	%		—			21.12	%		(1.10	)%		5.81	%		—
MSCI EAFE Index2		(2.91	)%		18.59	%		3.42	%		6.15	%		12.39	%		26.32	%		3.55	%		6.18	%		13.50	%

Value of a $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/95 to 10/31/05) as compared to the MSCI EAFE Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

Effective December 8, 2004, J.P. Morgan was named the fund's subadvisor and began managing the fund's assets. On September 24, 2001, the First American International Fund merged with Firstar International Growth Fund and Firstar International Value Fund, both subadvised by Clay Finlay Inc. Performance history prior to September 24, 2001, represents that of the Firstar International Growth Fund.

²  An unmanaged index of common stocks in Europe, Australasia, and the Far East.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

6

International fundcontinued

Expense Example

As a shareholder of the International Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,079.10	$	8.07
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.44	$	7.83
Class B Actual2,3	$	1,000.00	$	1,075.70	$	11.98
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.66	$	11.62
Class C Actual2,3	$	1,000.00	$	1,075.00	$	11.98
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.66	$	11.62
Class R Actual2,3	$	1,000.00	$	1,076.60	$	9.58
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.98	$	9.30
Class Y Actual2,3	$	1,000.00	$	1,080.90	$	6.77
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.70	$	6.56

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.54%, 2.29%, 2.29%, 1.83% and 1.29% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 7.91%, 7.57%, 7.50%, 7.66% and 8.09% for Class A, Class B, Class C, Class R, and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.60%, 2.35%, 2.35%, 1.85% and 1.35% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses was lowered to 1.52%, 2.27%, 2.27%, 1.77%, and 1.27% for Class A, Class B, Class C, Class R, and Class Y, respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,079.20 and $1,017.54 for Class A, $1,075.80 and $1,013.76 for Class B, $1,075.11 and $1,013.76 for Class C, $1,076.92 and $1,016.28 for Class R and $1,081.01 and $1,018.80 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $7.97 and $7.73 for Class A, $11.88 and $11.52 for Class B, $11.87 and $1 1.52 for Class C, $9.26 and $9.00 for Class R and $6.66 and $6.46 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

7

Small Cap Growth Opportunities fund

Investment Objective: growth of capital

How did the fund perform the fiscal period ended October 31, 2005?

The First American Small Cap Growth Opportunities Fund (the "fund"), Class Y shares, returned -4.03% for the one-month period ended October 31, 2005 (Class A shares returned -4.04% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2000 Growth Index*, returned -3.70% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

Financials were our best performing sector due to stock selection. In particular, East West Bancorp, a Southern California-based bank catering to the fast-growing Chinese-American population, made a substantial contribution to performance. Other outstanding performers during this fiscal period were Pacific Sunwear (a clothing retailer) and Embarcadero Technologies (a provider of database tools for enterprise software).

What did not work for the fund and why?

The energy sector was the main detractor from the fund's performance as energy stocks traded down along with the commodity prices. The weakest-performing individual stocks were Compton Petroleum (an oil and gas exploration company), First Horizon Pharmaceuticals, and Motive, Inc. (a provider of subscriber management software to telecom and cable service providers).

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Encore Medical	2.8	%
Polycom	2.6	%
Semtech	2.5	%
Plantronics	2.3	%
Quest Software	2.3	%
Scientific Games, Class A	2.1	%
East West Bancorp	2.0	%
Navigant Consulting	2.0	%
Extreme Networks	1.9	%
Andrx Group	1.9	%

Sector Allocation as of October 31, 20051(% of net assets)
Information Technology	31.7	%
Health Care	19.9	%
Consumer Discretionary	18.5	%
Industrials	11.0	%
Energy	9.3	%
Financials	8.0	%
Short-Term Investments	3.0	%
Other Assets and Liabilities, Net	(1.4	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

8

Small Cap Growth Opportunities fundcontinued

Annual Performance¹

	October 31, 2005																					September 30, 2005**
	One-												Since Inception																		Since Inception
	month*			1 year			5 years			10 years			3/01/99			12/11/00			9/24/01			1 year			5 years			10 years			3/01/99			12/11/00			9/24/01
Average annual return with sales charge (POP)
Class A		(9.31	)%		7.92	%		2.76	%		19.51	%		—			—			—			17.35	%		1.49	%		19.96	%		—			—			—
Class B		(8.88	)%		8.46	%		2.91	%		—			20.31	%		—			—			18.27	%		1.63	%		—			21.37	%		—			—
Class C		(5.09	)%		12.35	%		—			—			—			—			11.28	%		22.28	%		—			—			—			—			12.71	%
Average annual return without sales charge (NAV)
Class A		(4.04	)%		14.20	%		3.93	%		20.19	%		—			—			—			24.21	%		2.64	%		20.64	%		—			—			—
Class B		(4.09	)%		13.41	%		3.15	%		—			20.31	%		—			—			23.27	%		1.87	%		—			21.37	%		—			—
Class C		(4.13	)%		13.34	%		—			—			—			—			11.28	%		23.28	%		—			—			—			—			12.71	%
Class R		(4.09	)%		14.06	%		—			—			—			5.54	%		—			24.06	%		—			—			—			6.57	%		—
Class Y		(4.03	)%		14.43	%		4.18	%		20.50	%		—			—			—			24.47	%		2.89	%		20.95	%		—			—			—
Russell 2000 Growth Index2		(3.70	)%		10.91	%		(1.62	)%		4.81	%		3.18	%		(0.07	)%		10.46	%		17.97	%		(2.54	)%		4.67	%		3.81	%		0.71	%		11.74	%

Value of a $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/31/95 to 10/31/05) as compared to the Russell 2000 Growth Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

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

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

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

²  An unmanaged index that measures the performance of those companies in the Russell 2000 Index (a small-cap index) with higher price-to-book ratios and higher forecasted growth values.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

9

Small Cap Growth Opportunities fundcontinued

Expense Example

As a shareholder of the Small Cap Growth Opportunities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,121.00	$	8.66
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.04	$	8.24
Class B Actual2,3	$	1,000.00	$	1,116.60	$	12.64
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.26	$	12.03
Class C Actual2,3	$	1,000.00	$	1,115.90	$	12.64
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.26	$	12.03
Class R Actual2,3	$	1,000.00	$	1,119.00	$	10.42
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.38	$	9.91
Class Y Actual2,3	$	1,000.00	$	1,122.00	$	7.27
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.35	$	6.92

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.62%, 2.37%, 2.37%, 1.95% and 1.36% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 12.10%, 11.66%, 11.59%, 11.90% and 12.20% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.93%, 2.68%, 2.68%, 2.18% and 1.68% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contactual limitation on annual expenses was lowered to 1.47%, 2.22%, 2.22%, 1.72%, and 1.22% for Class A, Class B, Class C, Class R and Class Y, respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,121.80 and $1,017.80 for Class A, $1,117.40 and $1,014.01 for Class B, $1,116.70 and $1,014.01 for Class C, $1,120.23 and $1,016.53 for Class R and $1,122.74 and $1,019.06 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $7.86 and $7.48 for Class A, $11.84 and $11.27 for Class B, $11.84 and $11. 27 for Class C, $9.19 and $8.74 for Class R and $6.53 and $6.21 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

10

Small Cap Select fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal period ended October 31, 2005?

The First American Small Cap Select Fund (the "fund"), Class Y shares, returned -3.08% for the one-month period ended October 31, 2005 (Class A shares returned -3.10% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2000 Index*, returned -3.10% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

Good stock selection in the financial, healthcare, and consumer sectors was the primary driver of fund performance relative to its index during the fiscal period. Leading performers were First Republic Bank (a California bank) in the financial sector, Sierra Healthcare Services (a managed care provider) in the health care sector, and Rare Hospitality (a restaurant company) in the consumer sector. In the financial sector, a bias toward banks with low-cost core deposits (savings and checking accounts) helped performance as rising interest rates pinched the profit margins at banks with higher-cost deposits (CDs and money market accounts).

What did not work for the fund and why?

During October, the only area of significant underperformance was the technology sector, and this was due primarily to just one stock, Packeteer, Inc. Packeteer is a provider of wide area network traffic management systems. The company's shares sold off sharply in mid-October when it announced a significant sales shortfall due to delayed sales in Asia. With strong U.S. revenues, better-than-expected profitability, and a compelling valuation, we took the opportunity to augment our Packeteer position despite the topline miss. While this move helped in the latter half of October, it did not offset the intial underperformance.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Sierra Health Services	2.3	%
First Republic Bank	2.3	%
SL Green Realty	2.1	%
Cullen/Frost Bankers	1.7	%
BISYS Group	1.7	%
La Quinta	1.7	%
Scientific Games, Class A	1.6	%
W-H Energy Services	1.6	%
Stellent	1.5	%
ENSCO International	1.4	%

Sector Allocation as of October 31, 20051(% of net assets)
Information Technology	21.3	%
Financials	20.8	%
Consumer Discretionary	16.0	%
Industrials	14.0	%
Health Care	13.2	%
Energy	8.0	%
Materials	3.0	%
Short-Term Investments	1.2	%
Telecommunication Services	0.4	%
Other Assets and Liabilities, Net	2.1	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

11

Small Cap Select fundcontinued

Annual Performance¹

	October 31, 2005															September 30, 2005**
	One-												Since Inception												Since Inception
	month*			1 year			5 years			10 years			9/24/01			1 year			5 years			10 years			9/24/01
Average annual return with sales charge (POP)
Class A		(8.42	)%		6.45	%		8.03	%		9.94	%		—			13.82	%		7.97	%		9.47	%		—
Class B		(7.98	)%		7.28	%		8.22	%		9.79	%		—			14.63	%		8.16	%		9.32	%		—
Class C		(4.17	)%		10.88	%		—			—			14.89	%		18.60	%		—			—			16.16	%
Average annual return without sales charge (NAV)
Class A		(3.10	)%		12.63	%		9.26	%		10.56	%		—			20.46	%		9.20	%		10.09	%		—
Class B		(3.14	)%		11.79	%		8.45	%		9.79	%		—			19.45	%		8.40	%		9.32	%		—
Class C		(3.21	)%		11.80	%		—			—			14.89	%		19.58	%		—			—			16.16	%
Class R		(3.11	)%		12.39	%		9.23	%		10.56	%		—			20.16	%		9.19	%		10.09	%		—
Class Y		(3.08	)%		12.92	%		9.53	%		10.88	%		—			20.73	%		9.48	%		10.41	%		—
Russell 2000 Index2		(3.10	)%		12.08	%		6.75	%		9.53	%		14.28	%		17.95	%		6.45	%		9.37	%		15.51	%

Value of $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 11/30/95 to 10/31/05) as compared to the Russell 2000 Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

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

²  An unmanaged small-cap index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

12

Small Cap Select fundcontinued

Expense Example

As a shareholder of the Small Cap Select Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,139.80	$	6.69
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.95	$	6.31
Class B Actual2,3	$	1,000.00	$	1,135.50	$	10.71
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.17	$	10.11
Class C Actual2,3	$	1,000.00	$	1,135.10	$	10.71
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.17	$	10.11
Class R Actual2,3	$	1,000.00	$	1,139.00	$	8.14
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.59	$	7.68
Class Y Actual2,3	$	1,000.00	$	1,141.40	$	5.34
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.21	$	5.04

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.24%, 1.99%, 1.99%, 1.51% and 0.99% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 13.98%, 13.55%, 13.51%, 13.90% and 14.14% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.21%, 1.96%, 1.96%, 1.46% and 0.96% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,139.75 and $1,018.90 for Class A, $1,135.44 and $1,015.12 for Class B, $1,135.05 and $1,015.12 for Class C, $1,139.00 and $1,017.59 for Class R and $1,141.34 and $1,020.15 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.74 and $6.36 for Class A, $10.77 and $10.16 for Class B, $10.76 and $10.16 for Class C, $8.14 and $7.68 for Class R and $5.40 and $5.09 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

13

Small Cap Value fund

Investment Objective: capital appreciation

How did the fund perform the fiscal period ended October 31, 2005?

The First American Small Cap Value Fund (the "fund"), Class Y shares, returned -2.58% for the one-month period ended October 31, 2005 (Class A shares returned -2.62% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2000 Value Index*, returned -2.51% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

During the reporting period, the main drivers of the fund's performance were the financial and consumer discretionary sectors, both benefiting from the expectation that the Fed's tightening cycle is approaching the end. In the financial sector, two California banks, First Republic Bank and East West Bancorp, were standout performers due to the volume of their low-cost core deposits (savings and checking accounts). Publisher Thomas Nelson, Inc., buoyed up by the announcement of promising new titles in their catalogue, also added value.

What did not work for the fund and why?

The information technology and industrials sectors were the weakest performers in October. Among individual stocks, Mercury Computer Systems and Magellan Health Services (a behavioral health and employee services company) detracted from performance, as did ESCO Technologies (a supplier of engineered filtration products) weakened by a cautious response from investors while awaiting the signing of a sizeable new contract.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
First Republic Bank – California	2.4	%
Toro	2.0	%
CLARCOR	2.0	%
ESCO Technologies	2.0	%
BISYS Group	2.0	%
East West Bancorp	1.5	%
Capitol Bancorp	1.4	%
First Niagra Financial Group	1.4	%
Ethan Allen Interiors	1.4	%
Ruby Tuesday	1.4	%

Sector Allocation as of October 31, 20051(% of net assets)
Financials	31.2	%
Industrials	16.8	%
Information Technology	14.5	%
Consumer Discretionary	14.4	%
Energy	6.4	%
Health Care	5.6	%
Materials	4.8	%
Utilities	3.3	%
Short-Term Investments	3.3	%
Consumer Staples	1.2	%
Telecommunication Services	0.6	%
Other Assets and Liabilities, Net	(2.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

14

Small Cap Value fundcontinued

Annual Performance¹

	October 31, 2005																					September 30, 2005**
	One-												Since Inception																		Since Inception
	month*			1 year			5 years			10 years			11/24/97			2/01/99			9/24/01			1 year			5 years			10 years			11/24/97			2/01/99			9/24/01
Average annual return with sales charge (POP)
Class A		(8.00	)%		5.57	%		9.22	%		10.44	%		—			—			—			10.36	%		9.49	%		10.18	%		—			—			—
Class B		(7.56	)%		6.21	%		9.33	%		—			6.77	%		—			—			11.00	%		9.61	%		—			7.22	%		—			—
Class C		(3.69	)%		9.90	%		9.62	%		—			—			10.52	%		—			14.94	%		9.91	%		—			—			11.12	%		—
Average annual return without sales charge (NAV)
Class A		(2.62	)%		11.73	%		10.46	%		11.07	%		—			—			—			16.78	%		10.73	%		10.81	%		—			—			—
Class B		(2.69	)%		10.90	%		9.58	%		—			6.77	%		—			—			15.90	%		9.86	%		—			7.22	%		—			—
Class C		(2.72	)%		10.84	%		9.62	%		—			—			10.52	%		—			15.92	%		9.91	%		—			—			11.12	%		—
Class R		(2.69	)%		11.48	%		—			—			—			—			15.44	%		16.60	%		—			—			—			—			16.58	%
Class Y		(2.58	)%		12.02	%		10.71	%		11.36	%		—			—			—			17.08	%		10.99	%		11.15	%		—			—			—
Russell 2000 Value Index2		(2.51	)%		13.04	%		14.68	%		13.50	%		10.16	%		12.96	%		17.54	%		17.75	%		15.18	%		13.33	%		10.64	%		13.57	%		18.69	%

Value of $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/95 to 10/31/05) as compared to the Russell 2000 Value Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

²  An unmanaged index that measures the performance of those companies in the Russell 2000 Index (a small-cap index) with lower price-to-book ratios and lower forecasted growth values.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

15

Small Cap Value fundcontinued

Expense Example

As a shareholder of the Small Cap Value Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,082.10	$	6.56
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.90	$	6.36
Class B Actual2,3	$	1,000.00	$	1,078.10	$	10.48
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.12	$	10.16
Class C Actual2,3	$	1,000.00	$	1,077.70	$	10.47
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.12	$	10.16
Class R Actual2,3	$	1,000.00	$	1,081.00	$	7.76
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.74	$	7.53
Class Y Actual2,3	$	1,000.00	$	1,083.40	$	5.25
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.16	$	5.09

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.48% and 1.00% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 8.21%, 7.81%, 7.77%, 8.10% and 8.34% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.23%, 1.98%, 1.98%, 1.48% and 0.98% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,082.05 and $1,018.85 for Class A, $1,078.05 and $1,015.07 for Class B, $1,077.64 and $1,015.07 for Class C, $1,080.94 and $1,017.69 for Class R and $1,083.35 and $1,020.11 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.61 and $6.41 for Class A, $10.53 and $10.21 for Class B, $10.53 and $10.21 for Class C, $7.82 and $7.58 for Class R and $5.30 and $5.14 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

16

Small-Mid Cap Core fund

Investment Objective: long-term growth of capital

Effective October 3, 2005, based on approval of the fund's board of directors and shareholders, the fund's principal investment strategy was changed from investing primarily in technology stocks (defined as stocks of companies that either have or will develop products, processes, or services that will provide or will benefit significantly from technological innovations, advances, and improvements) to investing primarily in common stocks of small- and mid-capitalization companies. At the same time, the fund's name changed from the First American Technology Fund to the First American Small-Mid Cap Core Fund.

How did the fund perform the fiscal period ended October 31, 2005?

The First American Small-Mid Cap Core Fund ("the fund"), Class Y shares, returned -3.36% for the one-month period ended October 31, 2005 (Class A shares returned -3.37% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2500 Index*, returned -3.11% for the same period. The fund's previous benchmark, the Merrill Lynch 100 Technology Index, returned -3.24% for the period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and employment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

Stock selection was chiefly responsible for the positive aspects of the fund's performance during the reporting period. In the health care sector, Perkin Elmer (a medical instruments manufacturer) delivered strong results, as did Pacific Sunwear (a clothing retailer) in the customer discretionary space. Strong performance from banking institutions Cullen/Frost Bankers and Astoria Financial reflected the growing strength of the financial sector. W.R. Berkley Corp. (a property casualty company) also added value.

What did not work for the fund and why?

The fund's overweight to the energy sector proved to be a drawback at a time when energy stocks were selling off in response to falling energy prices as investors took profits in the sector. Among individual stocks, Packeteer Inc., a provider of wide area network traffic management systems, detracted significantly from performance: the company's shares sold off sharply in mid-October when it announced a significant sales shortfall due to delayed sales in Asia. Other weak performers included Century Aluminum (a holding company), WCI Communities (a building company), Performance Food Group (a foodservice distributor), and Newfield Exploration (a gas and oil exploration company).

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Scientific Games, Class A	3.2	%
PerkinElmer	3.2	%
Kennametal	3.0	%
Toro	2.8	%
Astoria Financial	2.8	%
Newfield Exploration	2.7	%
Pediatrix Medical Group	2.6	%
Dun & Bradstreet	2.6	%
Cullen/Frost Bankers	2.5	%
Hutchinson Technology	2.4	%

Sector Allocation as of October 31, 20051(% of net assets)
Financials	19.7	%
Information Technology	17.0	%
Industrials	15.0	%
Consumer Discretionary	14.9	%
Health Care	14.5	%
Energy	7.3	%
Materials	4.5	%
Utilities	3.9	%
Consumer Staples	1.4	%
Short-Term Investments	1.1	%
Telecommunication Services	0.9	%
Other Assets & Liabilities, Net	(0.2	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

17

Small-Mid Cap Core fundcontinued

Annual Performance¹

	October 31, 2005															September 30, 2005**
	One-												Since Inception												Since Inception
	month*			1 year			5 years			10 years			2/01/00			1 year			5 years			10 years			2/01/00
Average annual return with sales charge (POP)
Class A		(8.65	)%		(2.43	)%		(25.22	)%		(0.03	)%		—			6.13	%		(27.08	)%		(0.12	)%		—
Class B		(8.25	)%		(2.53	)%		(25.18	)%		(0.19	)%		—			6.60	%		(27.04	)%		(0.29	)%		—
Class C		(4.48	)%		1.40	%		(24.94	)%		—			(24.98	)%		10.62	%		(26.79	)%		—			(24.83	)%
Average annual return without sales charge (NAV)
Class A		(3.37	)%		3.21	%		(24.37	)%		0.54	%		—			12.30	%		(26.25	)%		0.44	%		—
Class B		(3.42	)%		2.47	%		(24.95	)%		(0.19	)%		—			11.60	%		(26.81	)%		(0.29	)%		—
Class C		(3.51	)%		2.40	%		(24.94	)%		—			(24.98	)%		11.62	%		(26.79	)%		—			(24.83	)%
Class Y		(3.36	)%		3.47	%		(24.17	)%		0.83	%		—			12.66	%		(26.05	)%		0.73	%		—
Russell 2500 Index2		(3.11	)%		14.90	%		7.86	%		11.63	%		7.64	%		21.29	%		7.94	%		11.63	%		8.35	%
Merrill Lynch 100 Technology Index3		(3.24	)%		8.63	%		(13.80	)%		7.92	%		(13.18	)%		20.42	%		(15.14	)%		8.79	%		(12.86	)%

Value of a $10,000 Investment^1,4as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/95 to 10/31/05) as compared to the Russell 2500 Index² and the Merrill Lynch 100 Technology Index³.

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

*  Total returns have not been annualized.

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

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

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

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

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

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

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

²  An unmanaged small and mid-cap index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index.

³  An equally weighted index of the 100 largest technology companies, as measured by market capitalization.

⁴  Performance for Class B and Class C shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

18

Small-Mid Cap Core fundcontinued

Expense Example

As a shareholder of the Small-Mid Cap Core Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,088.10	$	8.69
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,016.89	$	8.39
Class B Actual2,3	$	1,000.00	$	1,084.50	$	12.66
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.06	$	12.23
Class C Actual2,3	$	1,000.00	$	1,083.10	$	12.65
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.06	$	12.23
Class Y Actual2,3	$	1,000.00	$	1,090.20	$	7.38
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.15	$	7.12

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.65%, 2.41%, 2.41% and 1.40% for Class A, Class B, Class C and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 8.81%, 8.45%, 8.31% and 9.02% for Class A, Class B, Class C and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.23%, 1.98%, 1.98% and 0.98% for Class A, Class B, Class C and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,087.67 and $1,016.48 for Class A, $1,084.08 and 1,012.65 for Class B, $1,082.68 and $1,012.65 for Class C and $1,089.78 and $1,017.74 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $9.11 and $8.79 for Class A, $13.08 and $12.63 for Class B, $13.08 and $12.63 for Class C and $7.80 and $7.53 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

19

Mid Cap Growth Opportunities fund

Investment Objective: capital appreciation

How did the fund perform the fiscal period ended October 31, 2005?

The First American Mid Cap Growth Opportunities Fund (the "fund"), Class Y shares, returned -1.86% for the one-month period ended October 31, 2005 (Class A shares returned -1.88% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell Midcap Growth Index*, returned -2.94% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

The fund's outperformance relative to the index was in large measure a result of good stock selection in the industrials, information technology, and health care sectors. In the industrials space the top performers were job-placement provider Monster Worldwide, industrial product distributor MSC Industrial Direct, and logistics provider UTI Worldwide. The information technology sector saw gains by Apple Computer, whose profits rose steadily thanks in part to the success of its iPod digital player and iTunes music store. In health care, the best-performing stock was that of Perkin Elmer Group, a medical instruments manufacturer.

What did not work for the fund and why?

The fund's investment in Gaylord Entertainment performed poorly during the quarter as some of its noncore operations experienced weaker-than-expected results.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
PerkinElmer	2.9	%
Adobe Systems	2.8	%
Scientific Games, Class A	2.7	%
Dun & Bradstreet	2.6	%
Thermo Electron	2.4	%
DENTSPLY International	2.4	%
Monster Worldwide	2.2	%
L-3 Communications Holdings	2.2	%
Station Casinos	2.1	%
Weatherford International	2.1	%

Sector Allocation as of October 31, 20051(% of net assets)
Information Technology	24.1	%
Industrials	19.1	%
Health Care	18.9	%
Consumer Discretionary	16.5	%
Energy	10.7	%
Financials	5.4	%
Consumer Staples	2.7	%
Short-Term Investments	1.5	%
Other Assets and Liabilities, Net	1.1	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

20

Mid Cap Growth Opportunities fundcontinued

Annual Performance¹

	October 31, 2005																					September 30, 2005**
	One-												Since Inception																		Since Inception
	month*			1 year			5 years			10 years			3/01/99			12/11/00			9/24/01			1 year			5 years			10 years			3/01/99			12/11/00			9/24/01
Average annual return with sales charge (POP)
Class A		(7.28	)%		11.73	%		5.41	%		9.62	%		—			—			—			19.31	%		5.10	%		9.61	%		—			—			—
Class B		(6.83	)%		12.38	%		5.57	%		—			10.44	%		—			—			20.29	%		5.25	%		—			10.91	%		—			—
Class C		(2.90	)%		16.38	%		—			—			—			—			14.29	%		24.27	%		—			—			—			—			15.17	%
Average annual return without sales charge (NAV)
Class A		(1.88	)%		18.24	%		6.61	%		10.24	%		—			—			—			26.25	%		6.30	%		10.23	%		—			—			—
Class B		(1.93	)%		17.38	%		5.79	%		—			10.44	%		—			—			25.29	%		5.48	%		—			10.91	%		—			—
Class C		(1.91	)%		17.38	%		—			—			—			—			14.29	%		25.27	%		—			—			—			—			15.17	%
Class R		(1.91	)%		17.95	%		—			—			—			6.48	%		—			25.95	%		—			—			—			7.02	%		—
Class Y		(1.86	)%		18.55	%		6.87	%		10.51	%		—			—			—			26.57	%		6.56	%		10.50	%		—			—			—
Russell Midcap Growth Index2		(2.94	)%		15.91	%		(3.71	)%		9.05	%		4.78	%		(2.64	)%		12.48	%		23.47	%		(4.50	)%		9.10	%		5.32	%		(2.08	)%		13.60	%

Value of $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/31/95 to 10/31/05) as compared to the Russell Midcap Growth Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

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

²  An unmanaged index that measures the performance of those Russell mid-cap companies with higher price-to-book ratios and higher forecasted growth values.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

21

Mid Cap Growth Opportunities fundcontinued

Expense Example

As a shareholder of the Mid Cap Growth Opportunities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,121.00	$	6.52
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.06	$	6.21
Class B Actual2,3	$	1,000.00	$	1,116.60	$	10.51
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.27	$	10.01
Class C Actual2,3	$	1,000.00	$	1,116.90	$	10.51
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.27	$	10.01
Class R Actual2,3	$	1,000.00	$	1,119.30	$	7.91
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.74	$	7.53
Class Y Actual2,3	$	1,000.00	$	1,122.20	$	5.19
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.32	$	4.94

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.48% and 0.97% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 12.10%, 11.66%, 11.69%, 11.93% and 12.22% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.20%, 1.95%, 1.95%, 1.45% and 0.95% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,120.89 and $1,018.95 for Class A, $1,116.50 and $1,015.17 for Class B, $1,116.80 and $1,015.17 for Class C, $1,119.24 and $1,017.69 for Class R and $1,122.09 and $1,020.21 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.63 and $6.31 for Class A, $10.62 and $10.11 for Class B, $10.62 and $10.11 for Class C, $7.96 and $7.58 for Class R and $5.30 and $5.04 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

22

Mid Cap Value fund

Investment Objective: capital appreciation

How did the fund perform the fiscal period ended October 31, 2005?

The First American Mid Cap Value Fund (the "fund"), Class Y shares, returned -3.36% for the one-month period ended October 31, 2005 (Class A shares returned -3.38% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell Midcap Value Index*, returned -3.06% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

The fund benefited from strong performance in the health care sector, where Perkin Elmer (a medical instruments manufacturer) and Health Net (a managed health care company) led the way. Property casualty stocks also contributed to performance, notably ACE Ltd. and W.R. Berkley Corporation. The financial sector also enjoyed generally robust performance

What did not work for the fund and why?

The fund's overweight in the energy sector and underweight in financials proved detrimental to performance. During the reporting period, energy stocks sold off in response to falling energy prices as investors took profits in the sector. Weaker results from consumer-related stocks like Pilgrim's Pride Corp. (a poultry producer), Liz Claiborne Inc. (clothes retailer), and Federated Department Stores also detracted from performance.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Kroger	2.7	%
Norfolk Southern	2.5	%
Bear Stearns	2.4	%
Genworth Financial	2.2	%
Newfield Exploration	2.2	%
Constellation Energy	2.1	%
ACE	2.1	%
PPL	2.0	%
Sherwin-Williams	1.8	%
CIGNA	1.8	%

Sector Allocation as of October 31, 20051(% of net assets)
Financials	27.4	%
Consumer Discretionary	13.0	%
Utilities	11.8	%
Industrials	9.2	%
Information Technology	8.8	%
Energy	7.3	%
Consumer Staples	7.2	%
Materials	6.8	%
Health Care	6.0	%
Short-Term Investments	2.6	%
Other Assets and Liabilities, Net	(0.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

23

Mid Cap Value fundcontinued

Annual Performance¹

	October 31, 2005																		September 30, 2005**
	One-												Since Inception															Since Inception
	month*			1 year			5 years			10 years			2/01/99			9/24/01			1 year			5 years			10 years			2/01/99			9/24/01
Average annual return with sales charge (POP)
Class A		(8.70	)%		10.47	%		9.30	%		9.83	%		—			—			17.54	%		10.67	%		9.77	%		—			—
Class B		(8.25	)%		11.07	%		9.44	%		9.65	%		—			—			18.47	%		10.82	%		9.59	%		—			—
Class C		(4.37	)%		15.06	%		9.72	%		—			8.62	%		—			22.43	%		11.08	%		—			9.30	%		—
Average annual return without sales charge (NAV)
Class A		(3.38	)%		16.88	%		10.54	%		10.46	%		—			—			24.38	%		11.92	%		10.39	%		—			—
Class B		(3.43	)%		16.07	%		9.72	%		9.65	%		—			—			23.47	%		11.09	%		9.59	%		—			—
Class C		(3.40	)%		16.06	%		9.72	%		—			8.62	%		—			23.43	%		11.08	%		—			9.30	%		—
Class R		(3.34	)%		16.62	%		—			—			—			16.14	%		24.04	%		—			—			—			17.50	%
Class Y		(3.36	)%		17.17	%		10.78	%		10.74	%		—			—			24.68	%		12.17	%		10.68	%		—			—
Russell Midcap Value Index2		(3.06	)%		19.50	%		12.82	%		13.88	%		11.45	%		17.37	%		26.13	%		13.95	%		14.01	%		12.12	%		18.68	%

Value of $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/95 to 10/31/05) as compared to the Russell Midcap Value Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

²  An unmanaged index that measures the performance of those Russell mid-cap companies with lower price-to-book ratios and lower forecasted growth values.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

24

Mid Cap Value fundcontinued

Expense Example

As a shareholder of the Mid Cap Value Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,083.00	$	6.46
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.00	$	6.26
Class B Actual2,3	$	1,000.00	$	1,078.90	$	10.32
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.27	$	10.01
Class C Actual2,3	$	1,000.00	$	1,078.70	$	10.32
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.27	$	10.01
Class R Actual2,3	$	1,000.00	$	1,082.10	$	7.77
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.74	$	7.53
Class Y Actual2,3	$	1,000.00	$	1,084.20	$	5.10
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.32	$	4.94

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.23%, 1.97%, 1.97%, 1.48% and 0.97% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 8.30%, 7.89%, 7.87%, 8.21% and 8.42% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.20%, 1.95%, 1.95%, 1.45% and 0.95% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,082.90 and $1,018.90 for Class A, $1,078.74 and $1,015.12 for Class B, $1,078.54 and $1,015.12 for Class C, $1,082.05 and $1,017.69 for Class R and $1,084.05 and $1,020.16 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.56 and $6.36 for Class A, $10.48 and $10.16 for Class B, $10.48 and $10.16 for Class C, $7.82 and $7.58 for Class R and $5.25 and $5.09 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

25

Large Cap Growth Opportunities fund

Investment Objective: long-term growth of capital

How did the fund perform the fiscal period ended October 31, 2005?

The First American Large Cap Growth Opportunities Fund (the "fund"), Class Y shares, returned -0.52% for the one-month period ended October 31, 2005 (Class A shares returned -0.57% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 1000 Growth Index*, returned -0.97% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

The fund's outperformance relative to the index was in large measure a result of good stock selection in the health care and consumer discretionary sectors. In health care, strong performance came from generic manufacturer Teva Pharmaceuticals as well as medical products maker Medtronic. Starbucks, publisher McGraw-Hill, and retailers Target and Staples all posted strong operating performance and meaningfully contributed to performance during the period.

What did not work for the fund and why?

Adverse stock selection in the energy sector detracted from performance relative to the index. Not owning Wal-Mart when it made gains during a period of declining energy prices was also detrimental.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Procter & Gamble	3.7	%
General Electric	3.4	%
Johnson & Johnson	2.9	%
Lowe's	2.7	%
PepsiCo	2.7	%
Microsoft	2.6	%
Target	2.5	%
Amgen	2.5	%
Intel	2.3	%
Goldman Sachs Group	2.3	%

Sector Allocation as of October 31, 20051(% of net assets)
Information Technology	28.5	%
Health Care	21.3	%
Consumer Discretionary	14.6	%
Industrials	11.0	%
Financials	10.8	%
Consumer Staples	7.5	%
Energy	3.9	%
Short-Term Investments	2.4	%
Materials	1.5	%
Other Assets and Liabilities, Net	(1.5	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

26

Large Cap Growth Opportunities fundcontinued

Annual Performance¹

	October 31, 2005																					September 30, 2005**
	One-												Since Inception																		Since Inception
	month*			1 year			5 years			10 years			3/01/99			11/27/00			9/24/01			1 year			5 years			10 years			3/01/99			11/27/00			9/24/01
Average annual return with sales charge (POP)
Class A		(6.04	)%		3.54	%		(7.00	)%		5.31	%		—			—			—			6.10	%		(7.37	)%		5.13	%		—			—			—
Class B		(5.60	)%		3.73	%		(6.98	)%		—			(2.18	)%		—			—			6.47	%		(7.35	)%		—			(2.11	)%		—			—
Class C		(1.62	)%		7.75	%		—			—			—			—			3.37	%		10.44	%		—			—			—			—			3.60	%
Average annual return without sales charge (NAV)
Class A		(0.57	)%		9.55	%		(5.94	)%		5.91	%		—			—			—			12.30	%		(6.32	)%		5.72	%		—			—			—
Class B		(0.64	)%		8.73	%		(6.65	)%		—			(2.18	)%		—			—			11.47	%		(7.02	)%		—			(2.11	)%		—			—
Class C		(0.62	)%		8.75	%		—			—			—			—			3.37	%		11.44	%		—			—			—			—			3.60	%
Class R		(0.57	)%		9.30	%		—			—			—			(4.77	)%		—			12.04	%		—			—			—			(4.74	)%		—
Class Y		(0.52	)%		9.81	%		(5.70	)%		6.17	%		—			—			—			12.58	%		(6.09	)%		5.99	%		—			—			—
Russell 1000 Growth Index2		(0.97	)%		8.81	%		(7.93	)%		6.78	%		(2.94	)%		(6.27	)%		4.41	%		11.60	%		(8.64	)%		6.89	%		(2.84	)%		(6.19	)%		4.76	%

Value of a $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/31/95 to 10/31/05) as compared to the Russell 1000 Growth Index².

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

*  Total returns have not been annualized.

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

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

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

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

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

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

²  An unmanaged index that measures the performance of those companies in the Russell 1000 Index (a large-cap index) with higher price-to-book ratios and higher forecasted growth values.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

27

Large Cap Growth Opportunities fundcontinued

Expense Example

As a shareholder of the Large Cap Growth Opportunities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,081.50	$	6.24
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.21	$	6.06
Class B Actual2,3	$	1,000.00	$	1,077.00	$	10.16
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.43	$	9.86
Class C Actual2,3	$	1,000.00	$	1,077.50	$	10.16
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.43	$	9.86
Class R Actual2,3	$	1,000.00	$	1,080.50	$	7.66
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.85	$	7.43
Class Y Actual2,3	$	1,000.00	$	1,082.80	$	4.93
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.47	$	4.79

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.46% and 0.94% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six-months ended October 31, 2005, of 8.15%, 7.70%, 7.75%, 8.05% and 8.28% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.15%, 1.90%, 1.90%, 1.40% and 0.90% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,081.44 and $1,019.16 for Class A, $1,076.95 and $1,015.38 for Class B, $1,077.45 and $1,015.38 for Class C, $1,080.50 and $1,017.85 for Class R and $1,082.74 and $1,020.44 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.30 and $6.11 for Class A, $10.21 and $9.91 for Class B, $10.21 and $9.91 for Class C, $7.66 and $7.43 for Class R and $4.99 and $4.84 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

28

Large Cap Select fund

Investment Objective: capital appreciation

How did the fund perform the fiscal period ended October 31, 2005?

The First American Large Cap Select Fund (the "fund"), Class Y shares, returned -1.10% for the one-month period ended October 31, 2005 (Class A shares returned -1.17% without taking the sales charge into account). By comparison, the fund's benchmark, the Standard & Poor's 500 Index* ("S&P 500 Index"), returned -1.67% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

Good stock selection was the main driver of the fund's outperformance relative to the index. Among the standout performers during this reporting period were ACE Ltd. (a property casualty company) the industrial giant Dow Chemical, and the retail gaint Wal-Mart. The fund's underweight position in the utilities sector was also beneficial.

What did not work for the fund and why?

With energy stocks selling off in response to falling energy prices as investors took profits in the sector, the fund's holdings in gas and oil exploration companies Amerada Hess and Apache detracted from performance. Pentair, Inc. (a water technologies company) was another disappointing performer, as was Texas Instruments, reflecting a more muted performance in the information technology sector.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Intel	4.2	%
Dow Chemical	4.0	%
Bank of America	3.8	%
Wells Fargo	3.6	%
Johnson & Johnson	3.6	%
United Parcel Service, Class B	3.4	%
Goldman Sachs Group	3.3	%
Wal-Mart Stores	3.2	%
Wyeth Pharmaceuticals	3.2	%
American International Group	3.1	%

Sector Allocation as of October 31, 20051(% of net assets)
Information Technology	22.1	%
Financials	21.3	%
Health Care	12.2	%
Consumer Discretionary	10.1	%
Energy	8.2	%
Consumer Staples	7.7	%
Industrials	7.5	%
Materials	4.0	%
Telecommunication Services	2.9	%
Short-Term Investments	2.3	%
Utilities	1.1	%
Other Assets and Liabilities, Net	0.6	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

29

Large Cap Select fundcontinued

Annual Performance¹

	October 31, 2005									September 30, 2005**
	One-						Since Inception						Since Inception
	month*			1 year			1/31/03			1 year			1/31/03
Average annual return with sales charge (POP)
Class A		(6.60	)%		7.92	%		13.07	%		11.34	%		14.02	%
Class B		(6.20	)%		8.26	%		13.32	%		12.02	%		14.33	%
Class C		(2.25	)%		12.25	%		14.50	%		15.91	%		15.55	%
Average annual return without sales charge (NAV)
Class A		(1.17	)%		14.17	%		15.42	%		17.83	%		16.46	%
Class B		(1.26	)%		13.26	%		14.47	%		17.02	%		15.52	%
Class C		(1.26	)%		13.25	%		14.50	%		16.91	%		15.55	%
Class R		(1.18	)%		13.87	%		15.17	%		17.54	%		16.21	%
Class Y		(1.10	)%		14.45	%		15.70	%		18.14	%		16.73	%
S&P 500 Index2		(1.67	)%		8.72	%		15.35	%		12.25	%		16.61	%

Value of a $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 1/31/03 to 10/31/05) as compared to the S&P 500 Index².

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

*  Total returns have not been annualized.

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

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

Mutual fund investing involves risk; principal loss is possible.

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

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

²  An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

30

Large Cap Select fundcontinued

Expense Example

As a shareholder of the Large Cap Select Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,078.40	$	6.23
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.21	$	6.06
Class B Actual2,3	$	1,000.00	$	1,073.80	$	10.09
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.48	$	9.80
Class C Actual2,3	$	1,000.00	$	1,073.70	$	10.14
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.43	$	9.86
Class R Actual2,3	$	1,000.00	$	1,076.50	$	7.54
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.95	$	7.32
Class Y Actual2,3	$	1,000.00	$	1,079.30	$	4.93
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.47	$	4.79

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.19%, 1.93%, 1.94%, 1.44% and 0.94% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six-months ended October 31, 2005, of 7.84%, 7.38%, 7.37%, 7.65% and 7.93% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.15%, 1.90%, 1.90%, 1.40% and 0.90% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,078.29 and $1,019.11 for Class A, $1,073.64 and $1,015.32 for Class B, $1,073.60 and $1,015.32 for Class C, $1,076.40 and $1,017.85 for Class R and $1,079.20 and $1,020.37 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.34 and $6.16 for Class A, $10.25 and $9.96 for Class B, $10.24 and $9.96 for Class C, $7.64 and $7.43 for Class R and $5.03 and $4.89 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

31

Large Cap Value fund

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

How did the Fund perform the fiscal period ended October 31, 2005?

The First American Large Cap Value Fund (the "fund"), Class Y shares, returned -2.47% for the one-month period ended October 31, 2005 (Class A shares returned -2.48% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 1000 Value Index*, returned -2.54% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

Strong performance and good stock selection in the health care and materials sectors contributed to the fund's outperformance relative to the index. Standout performers included HCA Inc. (a hospital and health system operator) and the science and technology giant Dow Chemical Co. in the materials sector.

What did not work for the fund and why?

An underweight in the financials sector proved detrimental at a time when the sector enjoyed generally robust performance. Weaker results from information technology companies, notably National Semiconductor Corp. and Texas Instruments, also detracted form the fund's performance.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Exxon Mobil	4.6	%
Bank of America	4.2	%
Hewlett-Packard	3.6	%
Wyeth Pharmaceuticals	3.0	%
Citigroup	3.0	%
Time Warner	2.9	%
Goldman Sachs Group	2.9	%
American International Group	2.9	%
Lehman Brothers Holdings	2.9	%
Dow Chemical	2.8	%

Sector Allocation as of October 31, 20051(% of net assets)
Financials	33.6	%
Energy	13.5	%
Consumer Discretionary	10.0	%
Information Technology	9.3	%
Health Care	8.9	%
Industrials	6.5	%
Consumer Staples	5.8	%
Materials	3.8	%
Utilities	3.6	%
Telecommunication Services	3.2	%
Short-Term Investments	1.9	%
Other Assets and Liabilities, Net	(0.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

32

Large Cap Value fundcontinued

Annual Performance¹

	October 31, 2005																		September 30, 2005**
	One-												Since Inception															Since Inception
	month*			1 year			5 years			10 years			2/01/99			9/24/01			1 year			5 years			10 years			2/01/99			9/24/01
Average annual return with sales charge (POP)
Class A		(7.86	)%		6.28	%		(0.07	)%		7.36	%		—			—			11.16	%		1.26	%		7.47	%		—			—
Class B		(7.42	)%		6.61	%		(0.05	)%		7.17	%		—			—			11.77	%		1.28	%		7.29	%		—			—
Class C		(3.49	)%		10.65	%		0.32	%		—			1.10	%		—			15.75	%		1.64	%		—			1.51	%		—
Average annual return without sales charge (NAV)
Class A		(2.48	)%		12.45	%		1.07	%		7.97	%		—			—			17.62	%		2.42	%		8.08	%		—			—
Class B		(2.55	)%		11.61	%		0.31	%		7.17	%		—			—			16.70	%		1.65	%		7.29	%		—			—
Class C		(2.52	)%		11.65	%		0.32	%		—			1.10	%		—			16.75	%		1.64	%		—			1.51	%		—
Class R		(2.54	)%		12.14	%		—			—			—			7.08	%		17.34	%		—			—			—			7.92	%
Class Y		(2.47	)%		12.74	%		1.32	%		8.25	%		—			—			17.92	%		2.68	%		8.37	%		—			—
Russell 1000 Value Index2		(2.54	)%		11.86	%		4.71	%		11.34	%		5.40	%		9.97	%		16.69	%		5.76	%		11.52	%		5.88	%		10.90	%

Value of a $10,000 Investment^1,3as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/95 to 10/31/05) as compared to the Russell 1000 Value Index².

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

*  Total returns have not been annualized.

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

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

Mutual fund investing involves risk; principal loss is possible.

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

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

²  An unmanaged index that measures the performance of those companies in the Russell 1000 Index (a large-cap index) with lower price-to-book ratios and lower forecasted growth values.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

33

Large Cap Value fundcontinued

Expense Example

As a shareholder of the Large Cap Value Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,064.70	$	6.19
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.21	$	6.06
Class B Actual2,3	$	1,000.00	$	1,061.00	$	10.08
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.43	$	9.86
Class C Actual2,3	$	1,000.00	$	1,060.80	$	10.08
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.43	$	9.86
Class R Actual2,3	$	1,000.00	$	1,063.70	$	7.44
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.00	$	7.27
Class Y Actual2,3	$	1,000.00	$	1,066.20	$	4.90
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.47	$	4.79

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.19%, 1.94%, 1.94%, 1.43% and 0.94% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six-months ended October 31, 2005, of 6.47%, 6.10%, 6.08%, 6.37% and 6.62% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.15%, 1.90%, 1.90%, 1.40% and 0.90% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,064.64 and $1,019.16 for Class A, $1,060.95 and $1,015.38 for Class B, $1,060.75 and $1,015.38 for Class C, $1,063.70 and $1,080.00 for Class R and $1,066.15 and $1,020.42 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.25 and $6.11 for Class A, $10.13 and $9.91 for Class B, $10.13 and $9.91 for Class C, $7.44 and $7.27 for Class R and $4.95 and $4.84 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

34

Balanced fund

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

How did the fund perform the fiscal period ended October 31, 2005?

The First American Balanced Fund (the "fund"), Class Y shares, returned -1.31% for the one-month period ended October 31, 2005 (Class A shares returned -1.40% without taking the sales charge into account). By comparison, the fund's benchmarks, the Russell 3000 Index* and the Lehman Aggregate Bond Index*, returned -1.98% and -0.79%, respectively, for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

Within the stock portion of the fund, good stock selection was the main driver of the fund's performance. Among the standout performers during this reporting period were ACE Ltd. (a property casualty company), Dow Chemical, and Wal-Mart. The fund's underweight position in the utilities sector was also beneficial.

Within the bond section, the fund's defensive positioning to take advantage of rising interest rates proved the key driver of performance. The fund's underweight to the corporate sector and issue selection within corporate bonds and mortgages also added value.

What did not work for the fund and why?

With energy stocks selling off in response to falling energy prices as investors took profits in the sector, the fund's holdings in gas and oil exploration companies Amerada Hess and Apache detracted from performance. Pentair, Inc. (a water technologies company) was another disappointing performer, as was Texas Instruments, reflecting a more muted performance in the technology sector.

Within the fund's bond allocation, an overweight to mortgage-backed securities was a marginal negative for relative performance.

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

Top 10 Holdings as of Ocotber 31, 20051(% of net assets)
iShares MSCI EAFE Index Fund	4.7	%
Intel	2.5	%
Bank of America	2.2	%
Wells Fargo	2.1	%
Johnson & Johnson	2.1	%
Dow Chemical	2.1	%
Goldman Sachs	2.0	%
Walmart	1.9	%
Wyeth	1.9	%
American International Group	1.8	%

Portfolio Allocation as of Ocotber 31, 20051(% of net assets)
Stocks	61.8	%
Bonds	29.7	%
Investment Companies	7.2	%
Short-Term Investments	1.9	%
Other Assets and Liablities, Net	(0.6	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

35

Balanced fundcontinued

Annual Performance¹

	October 31, 2005																					September 30, 2005**
	One-												Since Inception																		Since Inception
	Month*			1 year			5 years			10 years			3/01/99			11/27/00			9/24/01			1 year			5 years			10 years			3/01/99			11/27/00			9/24/01
Average annual return with sales charge (POP)
Class A		(6.86	)%		4.77	%		(0.11	)%		6.09	%		—			—			—			8.21	%		(0.17	)%		6.13	%		—			—			—
Class B		(6.34	)%		5.07	%		(0.08	)%		—			2.84	%		—			—			8.64	%		(0.13	)%		—			3.10	%		—			—
Class C		(2.39	)%		9.05	%		—			—			—			—			5.68	%		12.61	%		—			—			—			—			6.18	%
Average annual return without sales charge (NAV)
Class A		(1.40	)%		10.88	%		1.02	%		6.69	%		—			—			—			14.51	%		0.97	%		6.74	%		—			—			—
Class B		(1.41	)%		10.07	%		0.25	%		—			2.84	%		—			—			13.64	%		0.20	%		—			3.10	%		—			—
Class C		(1.41	)%		10.05	%		—			—			—			—			5.68	%		13.61	%		—			—			—			—			6.18	%
Class R		(1.40	)%		10.55	%		—			—			—			1.69	%		—			14.16	%		—			—			—			2.01	%		—
Class Y		(1.31	)%		11.20	%		1.27	%		6.97	%		—			—			—			14.76	%		1.22	%		7.02	%		—			—			—
Russell 3000 Index2		(1.98	)%		8.72	%		(2.39	)%		7.70	%		0.81	%		(1.10	)%		6.00	%		12.60	%		(2.30	)%		7.81	%		1.13	%		(0.71	)%		6.65	%
Lehman Aggregate Bond Index3		(0.79	)%		1.13	%		6.31	%		6.32	%		5.99	%		6.23	%		4.93	%		2.80	%		6.62	%		6.55	%		6.20	%		6.51	%		5.24	%

Value of a $10,000 Investment^1,4as of October 31, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/31/95 to 10/31/05) as compared to the Russell 3000 Index² and the Lehman Aggregate Bond Index³.

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

*  Total returns have not been annualized.

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

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

Mutual fund investing involves risk; principal loss is possible.

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

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

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

²  An unmanaged index that measures the performance of the 3,000 largest U.S. companies (98% of the investable U.S. equity market) based on total market capitalization.

³  An unmanaged fixed income index covering the U.S. investment-grade fixed-rate bond market.

⁴  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

36

Balanced fundcontinued

Expense Example

As a shareholder of the Balanced Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including advisory 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,060.50	$	5.61
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.76	$	5.50
Class B Actual2,3	$	1,000.00	$	1,056.80	$	9.49
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.98	$	9.30
Class C Actual2,3	$	1,000.00	$	1,056.80	$	9.49
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.98	$	9.30
Class R Actual2,3	$	1,000.00	$	1,059.60	$	6.75
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.65	$	6.61
Class Y Actual2,3	$	1,000.00	$	1,062.60	$	4.32
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,021.02	$	4.23

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.08%, 1.83%, 1.83%, 1.30% and 0.83% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 6.05%, 5.68%, 5.68%, 5.96%, and 6.26% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.05%, 1.80%, 1.80%, 1.30% and 0.80% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for Class A, Class B, Class C, Class R, and Class Y has been increased to 1.10%, 1.85%, 1.85%, 1.35%, and 0.85%, respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,060.40 and $1,019.66 for Class A, $1,056.70 and $1,015.88 for Class B, $1,056.70 and $1,015.88 for Class C, $1,059.34 and $1,018.40 for Class R and $1,062.50 and $1,020.92 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $5.71 and $5.60 for Class A, $9.59 and $9.40 for Class B, $9.59 an d $9.40 for Class C, $7.01 and $6.87 for Class R and $4.42 and $4.33 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

37

Equity Income fund

Investment Objective: long-term growth of capital and income

How did the fund perform the fiscal period ended October 31, 2005?

The First American Equity Income Fund (the "fund"), Class Y shares, returned -1.50% for the one-month period ended October 31, 2005 (Class A shares returned -1.53% without taking the sales charge into account). By comparison, the fund's benchmarks, the Standard and Poor's 500 Index* ("S&P 500 Index"), returned -1.67% for the same period, and the Standard and Poor's 500 Dividend Only Stocks Index* ("S&P 500 Dividend Only Stocks Index"), returned -1.66% for the same period.

What were the general economic and market conditions during the fiscal period?

Broader economic growth continued at a relatively solid pace in October. Indicators for the manufacturing sector suggested robust growth as inventories remained low and recovery and reconstruction activity proceeded following the hurricanes. Companies indicated continued cost pressures from energy and other raw material prices, keeping Fed concerns about inflation intact. This led to an additional 25-basis-point tightening at the November 1 Federal Open Market Committee meeting, giving support to expectations for further short-term rate increases. While activity in the industrial sector remained robust, consumer confidence continued to slump despite gasoline prices falling sharply during the month. Auto sales fell to their lowest monthly pace in more than seven years as the employee discount sales promotions expired. Forward-looking housing market indicators such as mortgage applications for home purchases moved lower, and emplo yment cost data for the third quarter showed the slowest gain in wages in 25 years. Subdued compensation gains suggest that broader inflation should

remain well contained in the coming quarters, which will be a key to bringing an eventual end to Fed tightening and should provide a supportive backdrop to the financial markets.

What worked for the fund and why?

The fund benefited from good stock selection in several sectors. In financials, Alliance Capital and State Street were standout performers, their revenue trends strengthening in a rising stock market. In health care, Teva Pharmaceuticals (a generic pharmaceutical company) performed well on strong revenue and earnings reports. Avery Dennison and United Parcel Services led the way in industrials, having delivered strong quarterly earnings reports. Bemis (a packaging materials company) and Praxair (a provider of industrial gases) were outstanding performers in the materials sector. Bemis rose in anticipation of easing cost pressures on raw materials and the resultant improving outlook for profits. Praxair reported strong earning performance for the third quarter.

What did not work for the fund and why?

The fund's modest overweight in the energy sector detracted from performance. Energy stocks sold off in response to falling energy prices as investors took profits in the sector, which has had very strong price appreciation during 2005.

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

Top 10 Holdings as of October 31, 20051(% of net assets)
Exxon Mobil	3.6	%
Microsoft	3.4	%
Citigroup	2.9	%
General Electric	2.8	%
Wyeth	2.7	%
Bank of America	2.5	%
ConocoPhillips	2.2	%
Praxair	2.1	%
Altria Group	2.1	%
Wachovia	2.0	%

Sector Allocation as of October 31, 20051(% of net assets)
Financials	21.3	%
Energy	13.5	%
Health Care	12.0	%
Industrials	11.3	%
Information Technology	11.1	%
Materials	7.4	%
Consumer Discretionary	6.9	%
Consumer Staples	6.9	%
Telecommunication Services	4.3	%
Utilities	3.8	%
Short-Term Investments	0.8	%
Convertible Preferred Stock	0.6	%
Convertible Corporate Bond	0.2	%
Other Assets and Liabilities, Net	(0.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

38

Equity Income fundcontinued

Annual Performance¹

	October 31, 2005																		September 30, 2005**
	One-												Since Inception															Since Inception
	month*			1 year			5 years			10 years			2/01/99			9/24/01			1 year			5 years			10 years			2/01/99			9/24/01
Average annual return with sales charge (POP)
Class A		(6.96	)%		2.09	%		1.23	%		8.53	%		—			—			4.59	%		2.22	%		8.46	%		—			—
Class B		(6.52	)%		2.17	%		1.31	%		8.37	%		—			—			4.86	%		2.30	%		8.30	%		—			—
Class C		(2.58	)%		6.15	%		1.60	%		—			2.70	%		—			8.84	%		2.58	%		—			2.98	%		—
Average annual return without sales charge (NAV)
Class A		(1.53	)%		8.04	%		2.38	%		9.15	%		—			—			10.65	%		3.38	%		9.07	%		—			—
Class B		(1.60	)%		7.17	%		1.62	%		8.37	%		—			—			9.86	%		2.60	%		8.30	%		—			—
Class C		(1.59	)%		7.15	%		1.60	%		—			2.70	%		—			9.84	%		2.58	%		—			2.98	%		—
Class R		(1.55	)%		7.71	%		—			—			—			5.87	%		10.33	%		—			—			—			6.41	%
Class Y		(1.50	)%		8.34	%		2.63	%		9.45	%		—			—			10.94	%		3.63	%		9.38	%		—			—
S&P 500 Index2		(1.67	)%		8.72	%		(1.74	)%		9.34	%		0.74	%		6.41	%		12.25	%		(1.49	)%		9.49	%		1.00	%		7.00	%
S&P 500 Dividend Only Stocks Index3		(1.66	)%		8.73	%		0.63	%		9.90	%		2.49	%		3.71	%		11.84	%		1.22	%		10.04	%		2.78	%		4.22	%

Value of a $10,000 Investment^1,4as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/95 to 10/31/05) as compared to the S&P 500 Index² and the S&P 500 Dividend Only Stocks Index³.

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

*  Total returns have not been annualized.

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

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

Mutual fund investing involves risk; principal loss is possible.

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

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

On May 18, 1994, the Equity Income Fund became the successor by merger to the Boulevard Strategic Balance Fund. Prior to the merger, the First American fund had no assets or liabilities. Performance prior to May 18, 1994, is that of the Boulevard Strategic Balance Fund.

²  An unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.

³  The S&P 500 Dividend Only Stocks Index custom benchmark is composed of companies in the S&P 500 Index that have an indicated annual dividend.

⁴  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

39

Equity Income fundcontinued

Expense Example

As a shareholder of the Equity Income Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 May 1, 2005, to October 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 (5/01/05)		Ending Account Value (10/31/05)		Expenses Paid During Period1 (5/01/05 to 10/31/05)
Class A Actual2,3	$	1,000.00	$	1,041.20	$	6.07
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.26	$	6.01
Class B Actual2,3	$	1,000.00	$	1,037.20	$	9.91
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.48	$	9.80
Class C Actual2,3	$	1,000.00	$	1,037.10	$	9.91
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.48	$	9.80
Class R Actual2,3	$	1,000.00	$	1,040.00	$	7.35
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.00	$	7.27
Class Y Actual2,3	$	1,000.00	$	1,042.20	$	4.79
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.52	$	4.74

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.18%, 1.93%, 1.93%, 1.43% and 0.93% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended October 31, 2005, of 4.12%, 3.72%, 3.71%, 4.00% and 4.22% for Class A, Class B, Class C, Class R and Class Y, respectively.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.15%, 1.90%, 1.90%, 1.40% and 0.90% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,041.10 and $1,019.16 for Class A, $1,037.10 and $1,015.38 for Class B, $1,037.00 and $1,015.38 for Class C, $1,039.89 and $1,017.90 for Class R and $1,042.10 and $1,020.42 for Class Y. Actual and hypothetical expenses paid during the period would have been approximately $6.17 and $6.11 for Class A , $10.01 and $9.91 for Class B, $10.01 and $9.91 for Class C, $7.46 and $7.37 for Class R and $4.89 and $4.84 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

40

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Real Estate Securities, International, Small Cap Growth Opportunities, Small Cap Select, Small Cap Value, Small-Mid Cap Core (formally Technology Fund), Mid Cap Growth Opportunities, Mid Cap Value, Large Cap Growth Opportunities, Large Cap Select, Large Cap Value, Balanced, and Equity Income Funds (series of First American Investment Funds, Inc.) (collectively, the "funds") as of October 31, 2005, and the related statements of operations, statements of changes in net assets and financial highlights for each of the periods indicated therein. These financial statements and the financial highlights are the responsibility of the funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and sign ificant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included verification by examination of securities held by the custodian as of October 31, 2005 and confirmation of the securities held by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights audited by us as referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at October 31, 2005, the results of their operations, the changes in their net assets, and their financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota
December 9, 2005

FIRST AMERICAN FUNDS Annual Report 2005

41

Schedule of Investments October 31, 2005

Real Estate Securities Fund

DESCRIPTION	SHARES		VALUE (000)
Real Estate Investment Trusts (a) – 97.9%
Apartments – 17.6%
Archstone-Smith Trust (b)		649,615	$	26,355
Avalonbay Communities (b)		343,350		29,614
Camden Property Trust		432,374		24,364
Education Realty Trust		119,160		1,847
Equity Residential Properties Trust (b)		444,520		17,447
Essex Property Trust (b)		80,840		7,266
Mid-America Apartment Communities		144,420		6,737
				113,630
Community Centers – 12.1%
Agree Realty		200,920		5,415
Developers Diversified Realty (b)		495,813		21,657
Kimco Realty (b)		334,640		9,912
Kite Realty Group Trust		559,930		8,276
Pan Pacific Retail Properties (b)		142,460		9,046
Regency Centers (b)		364,630		20,299
Saul Centers (b)		111,610		3,906
				78,511
Diversified – 5.8%
Cousins Properties		129,960		3,839
Forest City Enterprises, Class A		102,010		3,763
Trizec Properties (b)		508,410		11,312
Vornado Realty Trust (b)		229,880		18,620
				37,534
Health Care – 2.6%
American Retirement*		121,840		2,328
Healthcare Realty Trust		76,410		2,891
Ventas		383,500		11,747
				16,966
Hotels – 9.1%
Eagle Hospitality Property Trust		517,450		4,921
Gaylord Entertainment*		79,330		3,132
Hersha Hospitality Trust		380,480		3,729
Hilton Hotels		714,380		13,895
Host Marriott (b)		469,990		7,891
La Quinta* (b)		1,322,210		11,040
Marriott International, Class A (b)		101,720		6,065
Starwood Hotels & Resorts Worldwide (b)		54,100		3,161
Winston Hotels		471,780		4,864
				58,698
Industrials – 11.5%
AMB Property		191,210		8,448
Centerpoint Properties Trust (b)		150,900		6,875
First Potomac Realty Trust		390,360		9,892
Liberty Property Trust (b)		31,020		1,293
Prologis (b)		971,739		41,785
PS Business Parks (b)		130,460		6,072
				74,365
Malls – 12.1%
General Growth Properties (b)		468,370		19,896
Macerich (b)		30,000		1,928
Mills (b)		256,480		13,722
Simon Property Group (b)		522,190		37,399
Taubman Centers		173,050		5,705
				78,650
Office – 21.6%
Alexandria Real Estate Equities (b)		76,790		6,209
Arden Realty		92,670		4,183

Real Estate Securities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
BioMed Realty Trust		144,110	$	3,604
Boston Properties (b)		306,760		21,234
Brascan		197,410		9,035
Brookfield Properties (b)		864,625		25,334
Cogdell Spencer*		473,910		8,194
Corporate Office Properties Trust		109,820		3,817
Equity Office Properties Trust (b)		433,490		13,352
Kilroy Realty (b)		175,820		9,872
Mack-Cali Realty		205,380		8,759
Maguire Properties		293,500		8,805
Reckson Associates Realty (b)		174,210		6,115
SL Green Realty		164,880		11,217
				139,730
Self Storage – 3.0%
Public Storage (b)		226,530		14,996
Sovran Self Storage (b)		97,990		4,561
				19,557
Specialty Real Estate – 2.5%
Equity Lifestyle Properties		148,660		6,293
Newcastle Investment		168,580		4,432
Northstar Realty Finance		555,150		5,252
				15,977
Total Real Estate Investment Trusts (Cost $540,393)				633,618
Private Real Estate Companies – 0.1%
Beacon Capital* (c) (d)		33,750		45
Newcastle Investment Holdings* (c) (d)		35,000		280
Total Private Real Estate Companies (Cost $588)				325
Short-Term Investments – 3.0%
First American Prime Obligations Fund, Class Z (e) (Cost $19,590)		19,590,422		19,590
Investments Purchased with Proceeds from Securities Lending (f) – 46.3%
(Cost $299,612)				299,612
Total Investments – 147.3% (Cost $860,183)				953,145
Other Assets and Liabilities, Net – (47.3)%				(306,006	)
Total Net Assets – 100.0%			$	647,139

*  Non-income producing security

(a)  The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 6 in Notes to Financial Statements.

(b)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $293,354,985 at October 31, 2005. See note 2 in Notes to Financial Statements.

(c)  Security is considered illiquid or restricted. As of October 31, 2005, the value of these investments was $325,212 or 0.1% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security is fair valued. As of October 31, 2005, the fair value of these investments was $325,212 or 0.1% of total net assets. See note 2 in Notes to Financial Statements.

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

(f)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

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

FIRST AMERICAN FUNDS Annual Report 2005

42

Statement of Assets and Liabilities October 31, 2005, in thousands, except for per share data

	Real Estate Securities Fund
ASSETS:
Investments in unaffliated securities, at value† (cost: $540,981) (note 2)	$	633,943
Investments in affliated money market fund, at value (cost: $19,590) (note 2)		19,590
Investments purchased with proceeds from securities lending (cost: $299,612) (note 2)		299,612
Cash*		345
Receivable for dividends and interest		431
Receivable for investment securities sold		8,972
Receivable for capital shares sold		634
Prepaid expenses and other assets		56
Total assets		963,583
LIABILITIES:
Payable for investment securities purchased		15,513
Payable upon return of securities loaned (note 2)		299,957
Payable for capital shares redeemed		388
Payable to affiliates (note 3)		529
Payable for distribution and shareholder servicing fees		36
Accrued expenses and other liabilities		21
Total liabilities		316,444
Net assets	$	647,139
COMPOSITION OF NET ASSETS:
Portfolio capital	$	472,002
Undistributed net investment income		3,478
Accumulated net realized gain on investments		78,697
Net unrealized appreciation of investments		92,962
Net assets	$	647,139
* Includes cash collateral received related to securities loaned (note 2)	$	345
† Including securities loaned, at value	$	293,355
Class A:
Net assets	$	133,339
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		6,225
Net asset value and redemption price per share	$	21.42
Maximum offering price per share (1)	$	22.67
Class B:
Net assets	$	4,419
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		209
Net asset value, offering price and redemption price per share (2)	$	21.14
Class C:
Net assets	$	4,669
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		220
Net asset value, offering price and redemption price per share (2)	$	21.21
Class R:
Net assets	$	57
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		3
Net asset value, offering price, and redemption price per share	$	21.61
Class Y:
Net assets	$	504,655
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		23,430
Net asset value, offering price, and redemption price per share	$	21.54

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

43

Statement of Operations in thousands

	Real Estate Securities Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	22		$	384
Dividends from unaffiliated securities		1,443			27,943
Less: Foreign taxes withheld		(6	)		(61	)
Securities lending income		20			170
Total investment income		1,479			28,436
EXPENSES (note 3):
Investment advisory fees		382			4,277
Transfer agent fees		71			405
Administration fees		70			1,233
Registration fees		4			44
Custodian fees		3			53
Professional fees		2			49
Postage and printing fees		1			45
Directors' fees		1			14
Other expenses		1			14
Distribution and shareholder servicing fees – Class A		28			284
Distribution and shareholder servicing fees – Class B		4			46
Distribution and shareholder servicing fees – Class C		4			47
Distribution and shareholder servicing fees – Class R (1)		—			—
Total expenses		571			6,511
Less: Fee waivers (note 3)		—			(111	)
Total net expenses		571			6,400
Investment income – net		908			22,036
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		6,604			85,317
Net change in unrealized appreciation or depreciation of investments		(19,635	)		47,167
Net gain (loss) on investments		(13,031	)		132,484
Net increase (decrease) in net assets resulting from operations	$	(12,123	)	$	154,520

  (1)  Due to the presentation of the financial statements in thousands, the numbers round to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

44

Statement of Changes in Net Assets in thousands

	Real Estate Securities Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	908		$	22,036		$	14,500
Net realized gain on investments		6,604			85,317			35,085
Net change in unrealized appreciation or depreciation of investments		(19,635	)		47,167			32,394
Net increase (decrease) in net assets resulting from operations		(12,123	)		154,520			81,979
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			(3,209	)		(2,018	)
Class B		—			(92	)		(123	)
Class C		—			(94	)		(120	)
Class R		—			(1	)		(56	)
Class Y		—			(14,545	)		(12,334	)
Net realized gain on investments:
Class A		—			(7,087	)		(1,410	)
Class B		—			(338	)		(136	)
Class C		—			(326	)		(131	)
Class R		—			—			(97	)
Class Y		—			(32,911	)		(8,059	)
Total distributions		—			(58,603	)		(24,484	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		2,854			45,709			50,157
Reinvestment of distributions		—			10,057			3,282
Payments for redemptions		(2,840	)		(24,578	)		(10,941	)
Increase in net assets from Class A transactions		14			31,188			42,498
Class B:
Proceeds from sales		61			1,148			1,101
Reinvestment of distributions		—			386			236
Payments for redemptions (note 3)		(253	)		(1,935	)		(1,051	)
Increase (decrease) in net assets from Class B transactions		(192	)		(401	)		286
Class C:
Proceeds from sales		66			1,485			1,777
Reinvestment of distributions		—			395			239
Payments for redemptions (note 3)		(257	)		(1,887	)		(1,533	)
Increase (decrease) in net assets from Class C transactions		(191	)		(7	)		483
Class R:
Proceeds from sales		22			56			1,277
Reinvestment of distributions		—			—			137
Payments for redemptions		(1	)		(23	)		(4,196	)
Increase (decrease) in net assets from Class R transactions		21			33			(2,782	)
Class Y:
Proceeds from sales		5,951			124,624			228,629
Reinvestment of distributions		—			21,477			8,467
Payments for redemptions		(16,972	)		(112,400	)		(64,875	)
Increase (decrease) in net assets from Class Y transactions		(11,021	)		33,701			172,221
Increase (decrease) in net assets from capital share transactions		(11,369	)		64,514			212,706
Total increase (decrease) in net assets		(23,492	)		160,431			270,201
Net assets at beginning of period		670,631			510,200			239,999
Net assets at end of period	$	647,139		$	670,631		$	510,200
Undistributed net investment income at end of period	$	3,478		$	2,805		$	1,227

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

FIRST AMERICAN FUNDS Annual Report 2005

45

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Real Estate Securities Fund (1)
Class A
	2005	(2)	$	21.81	$	0.03	$	(0.42	)	$	—		$	—		$	—		$	21.42
	2005	(3)		18.62		0.69		4.47			(0.55	)		(1.42	)		—			21.81
	2004	(3)		16.00		0.63		3.21			(0.62	)		(0.60	)		—			18.62
	2003	(3)		13.68		0.69		2.65			(0.69	)		(0.33	)		—			16.00
	2002	(3)		13.12		0.71		0.61			(0.69	)		—			(0.07	)		13.68
	2001	(3)		12.71		0.76		0.32			(0.64	)		—			(0.03	)		13.12
Class B
	2005	(2)	$	21.53	$	0.01	$	(0.40	)	$	—		$	—		$	—		$	21.14
	2005	(3)		18.41		0.54		4.40			(0.40	)		(1.42	)		—			21.53
	2004	(3)		15.85		0.50		3.17			(0.51	)		(0.60	)		—			18.41
	2003	(3)		13.55		0.57		2.64			(0.58	)		(0.33	)		—			15.85
	2002	(3)		13.02		0.59		0.61			(0.60	)		—			(0.07	)		13.55
	2001	(3)		12.61		0.65		0.33			(0.54	)		—			(0.03	)		13.02
Class C
	2005	(2)	$	21.61	$	0.01	$	(0.41	)	$	—		$	—		$	—		$	21.21
	2005	(3)		18.47		0.54		4.42			(0.40	)		(1.42	)		—			21.61
	2004	(3)		15.89		0.50		3.19			(0.51	)		(0.60	)		—			18.47
	2003	(3)		13.62		0.59		2.62			(0.61	)		(0.33	)		—			15.89
	2002	(3)		13.08		0.62		0.59			(0.60	)		—			(0.07	)		13.62
	2001	(3)		12.68		0.69		0.30			(0.59	)		—			—			13.08
Class R (4)
	2005	(2)	$	22.00	$	0.02	$	(0.41	)	$	—		$	—		$	—		$	21.61
	2005	(3)		18.80		0.72		4.43			(0.53	)		(1.42	)		—			22.00
	2004	(3)		16.00		0.61		3.24			(0.45	)		(0.60	)		—			18.80
	2003	(3)		13.69		0.69		2.64			(0.69	)		(0.33	)		—			16.00
	2002	(3)		13.12		0.70		0.62			(0.68	)		—			(0.07	)		13.69
	2001	(5)		12.52		0.11		0.49			—			—			—			13.12
Class Y
	2005	(2)	$	21.92	$	0.03	$	(0.41	)	$	—		$	—		$	—		$	21.54
	2005	(3)		18.71		0.74		4.49			(0.60	)		(1.42	)		—			21.92
	2004	(3)		16.06		0.69		3.22			(0.66	)		(0.60	)		—			18.71
	2003	(3)		13.73		0.73		2.66			(0.73	)		(0.33	)		—			16.06
	2002	(3)		13.15		0.73		0.63			(0.71	)		—			(0.07	)		13.73
	2001	(3)		12.73		0.84		0.28			(0.68	)		—			(0.02	)		13.15

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year-end was changed from September 30 to October 31.
All ratios for the period have been annualized, except total return and portfolio turnover.

  (3)  For the period October 1 to September 30 in the year indicated.

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

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except for total return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

46

			Total Return (6)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Net Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Real Estate Securities Fund (1)
Class A
	2005	(2)		(1.79	)%	$	133,339		1.23	%		1.48	%		1.23	%		1.48	%		11	%
	2005	(3)		28.99			135,745		1.23			3.43			1.25			3.41			118
	2004	(3)		24.98			86,996		1.23			3.63			1.26			3.60			127
	2003	(3)		25.92			35,754		1.23			4.82			1.28			4.77			69
	2002	(3)		10.07			15,422		1.23			5.06			1.32			4.97			99
	2001	(3)		8.69			2,421		1.04			5.89			1.25			5.68			85
Class B
	2005	(2)		(1.81	)%	$	4,419		1.98	%		0.74	%		1.98	%		0.74	%		11	%
	2005	(3)		27.98			4,700		1.98			2.69			2.00			2.67			118
	2004	(3)		24.06			4,412		1.98			2.91			2.01			2.88			127
	2003	(3)		25.03			3,559		1.98			4.10			2.03			4.05			69
	2002	(3)		9.21			2,577		1.98			4.27			2.07			4.18			99
	2001	(3)		7.93			1,724		1.79			5.13			2.00			4.92			85
Class C
	2005	(2)		(1.85	)%	$	4,669		1.98	%		0.75	%		1.98	%		0.75	%		11	%
	2005	(3)		28.00			4,954		1.98			2.68			2.00			2.66			118
	2004	(3)		24.12			4,247		1.98			2.92			2.01			2.89			127
	2003	(3)		24.88			3,229		1.98			4.12			2.03			4.07			69
	2002	(3)		9.27			986		1.98			4.43			2.07			4.34			99
	2001	(3)		7.93			341		1.79			5.27			2.00			5.06			85
Class R (4)
	2005	(2)		(1.77	)%	$	57		1.48	%		1.23	%		1.63	%		1.08	%		11	%
	2005	(3)		28.60			36		1.48			3.37			1.65			3.20			118
	2004	(3)		24.94			1		1.23			3.57			1.26			3.54			127
	2003	(3)		25.80			2,524		1.23			4.87			1.28			4.82			69
	2002	(3)		10.13			1,224		1.23			5.00			1.32			4.91			99
	2001	(5)		4.87			320		0.56			43.93			1.01			43.48			85
Class Y
	2005	(2)		(1.73	)%	$	504,655		0.98	%		1.74	%		0.98	%		1.74	%		11	%
	2005	(3)		29.25			525,196		0.98			3.66			1.00			3.64			118
	2004	(3)		25.33			414,544		0.98			3.95			1.01			3.92			127
	2003	(3)		26.19			194,933		0.98			5.13			1.03			5.08			69
	2002	(3)		10.40			120,091		0.98			5.27			1.07			5.18			99
	2001	(3)		9.01			96,263		0.80			6.50			1.01			6.29			85

FIRST AMERICAN FUNDS Annual Report 2005

47

Schedule of Investments October 31, 2005

International Fund

DESCRIPTION	SHARES		VALUE (000)
Foreign Common Stocks – 95.3%
Australia – 1.1%
BHP Billiton		1,170,000	$	18,147
Belgium – 1.9%
Dexia		790,000		17,063
Fortis (a)		450,000		12,811
				29,874
Brazil – 1.7%
Companhia Vale do Rio Doce, ADR		620,000		25,625
Petroleo Brasileiro, ADR*		22,900		1,463
				27,088
Finland – 1.4%
Nokia Oyj		1,304,770		21,864
France – 10.2%
Axa (a)		704,000		20,392
BNP Paribas (a)		301,900		22,898
Compagnie de Saint-Gobain (a)		430,000		23,558
Dassault Systemes (a)		250,000		12,915
Lafarge (a)		169,600		13,926
Total (a)		269,490		67,820
				161,509
Germany – 5.5%
BASF (a)		160,000		11,518
Bayerische Motoren Werke (BMW) (a)		459,600		19,992
Deutsche Post		600,000		13,411
SAP (a)		71,750		12,304
Schering (a)		210,600		12,986
Siemens (a)		231,000		17,173
				87,384
Great Britain – 26.6%
Aviva		1,000,000		11,810
Barclays		2,725,000		27,005
BG Group		2,750,000		24,193
British Land		900,000		14,182
Centrica		3,370,542		14,247
GlaxoSmithKline		1,625,000		42,266
HSBC (a)		2,626,800		41,260
Kingfisher		3,105,000		11,655
Morrison Supermarket		5,815,000		16,837
National Grid Trasco		1,404,082		12,843
Reckitt Benckiser		524,378		15,845
Royal Bank of Scotland		1,064,000		29,464
Smith & Nephew		1,781,163		15,067
Standard Chartered		1,213,000		25,474
Tesco		5,422,000		28,872
Vodafone		18,435,000		48,402
Wolseley		1,250,000		25,430
WPP Group		1,485,503		14,593
				419,445
Hong Kong – 0.7%
Esprit Holdings		1,564,500		11,083
Ireland – 0.6%
Bank of Ireland		650,000		9,896
Italy – 4.8%
Eni (a)		1,925,800		51,550
Mediaset (a)		702,400		7,716
UniCredito Italiano (a)		2,803,900		15,658
				74,924

International Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Japan – 20.6%
Aeon Credit Service		176,400	$	13,856
Canon		453,600		24,009
Credit Saison (a)		336,900		15,285
Daikin Industries (a)		430,000		11,219
Fanuc		130,000		10,245
Hirose Electric		63,000		7,204
Honda Motor		232,200		12,914
Hoya (a)		120,000		4,203
Hoya (when-issued shares)		360,000		12,463
Matsushita Electric Industrial		614,000		11,252
Mitsubishi		979,800		19,053
Mitsubishi Tokyo Financial Group		2,843		35,732
Nidec Corporation (a)		82,000		4,811
Nidec Corporation (when-issued shares)		47,100		2,610
Nikko Cordial		750,000		9,105
Nippon Oil		925		8
Nitto Denko		268,700		16,269
Secom		235,000		11,725
Sharp		500,000		6,866
Shin-Etsu Chemical (a)		298,000		14,287
SMC (a)		100,600		13,388
Sumitomo		1,902,000		21,262
Takefuji		110,000		7,698
Toyota Motor		466,400		21,627
Yamanouchi Pharmeceutical		498,200		17,795
				324,886
Mexico – 0.7%
Fomento Economico Mexicano, ADR		152,000		10,334
Netherlands – 4.4%
ABN AMRO		725,000		17,149
ING Groep		425,000		12,258
Philips Electronics		590,000		15,430
Reed Elsevier		955,000		12,863
Wolters Kluwer		619,700		11,498
				69,198
South Korea – 1.1%
Samsung Electronics		23,830		12,688
SK Telecom, ADR		250,000		5,052
				17,740
Spain – 1.9%
Altadis		335,000		14,217
Banco Bilbano Vizcaya Argentaria		884,400		15,596
				29,813
Sweden – 1.0%
Ericsson*		4,815,000		15,777
Switzerland – 11.1%
Adecco (a)		377,600		16,109
Holcim		300,000		18,679
Nestle		95,560		28,454
Novartis		600,100		32,276
Roche		220,600		32,958
UBS (a)		385,700		32,883
Zurich Financial Services		84,500		14,409
				175,768
Total Foreign Common Stocks (Cost $1,314,944)				1,504,730

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

FIRST AMERICAN FUNDS Annual Report 2005

48

International Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Short-Term Investments – 4.7%
State Street GA Prime Fund (Cost $74,695)		74,695,131	$	74,695
Investments Purchased with Proceeds from Securities Lending (b) – 18.4%
State Street Navigator Prime Fund (Cost $289,800)		289,800,130		289,800
Total Investments – 118.4% (Cost $1,679,439)				1,869,225
Other Assets and Liabilities, Net – (18.4)%				(290,123	)
Total Net Assets – 100.0%			$	1,579,102

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $280,232,683 at October 31, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral received is invested as noted above.

ADR – American Depository Receipt

At October 31, 2005, sector diversification of the fund was as follows:

	% of Net Assets			Value (000)
Foreign Common Stock
Banking		15.4	%	$	243,001
Diversified Financials		11.7			184,260
Energy		10.1			159,281
Pharmaceutical & Biotechnology		8.8			138,281
Consumer Discretionary		6.8			107,700
Technology		6.5			102,765
Capital Goods		5.6			87,927
Materials		5.4			85,846
Telecommunication Services		4.8			75,318
Retailing		3.6			57,364
Automobiles & Components		3.5			54,533
Commercial Services & Supplies		3.2			49,948
Food & Beverage		1.8			28,454
Health Care		1.8			27,930
Utilities		1.7			27,436
Insurance		1.7			26,219
Manufacturing		1.5			23,558
Industrials		0.7			13,411
Media		0.7			11,498
Total Foreign Common Stocks		95.3			1,504,730
Total Short-Term Investments		4.7			74,695
Total Investments Purchased with Proceeds from Securities Lending		18.4			289,800
Total Investments		118.4			1,869,225
Other Assets and Liabilities, Net		(18.4	)		(290,123	)
Net Assets		100.0	%	$	1,579,102

FIRST AMERICAN FUNDS Annual Report 2005

49

Statement of Assets and Liabilities October 31, 2005, in thousands, except share data

	International Fund
ASSETS:
Investments in securities, at value† (cost $1,389,639) (note 2)	$	1,579,425
Investments purchased with proceeds from securities lending (cost $289,800) (note 2)		289,800
Cash denominated in foreign currencies, at value (cost $895) (note 2)		884
Cash		1,377
Receivable for dividends and interest		3,238
Receivable for capital shares sold		733
Receivable for foreign withholding tax reclaim		112
Prepaid expenses and other assets		45
Total assets		1,875,614
LIABILITIES:
Payable for investment securities purchased		1,335
Payable for capital shares redeemed		3,698
Payable upon return of securities loaned (note 2)		289,800
Payable for advisory and custodian fees		1,266
Payable to affiliates (note 3)		353
Payable for distribution and shareholder servicing fees		22
Accrued expenses and other liabilities		38
Total liabilities		296,512
Net assets	$	1,579,102
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,439,816
Undistributed net investment income		18,107
Accumulated net realized loss on investments		(68,544	)
Net unrealized appreciation of investments		189,786
Net unrealized depreciation of foreign currency, and translation of other assets and liabilities in foreign currency		(63	)
Net assets	$	1,579,102
† Including securities loaned, at value	$	280,233
Class A:
Net assets	$	48,439
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		4,033
Net asset value and redemption price per share	$	12.01
Maximum offering price per share (1)	$	12.71
Class B:
Net assets	$	6,632
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		598
Net asset value, offering price and redemption price per share (2)	$	11.09
Class C:
Net assets	$	7,520
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		655
Net asset value, offering price and redemption price per share (2)	$	11.47
Class R:
Net assets	$	1
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		—
Net asset value, offering price, and redemption price per share	$	11.94
Class Y:
Net assets	$	1,516,510
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		124,702
Net asset value, offering price, and redemption price per share	$	12.16

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

50

Statement of Operations in thousands

	International Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05
INVESTMENT INCOME:
Interest	$	135		$	862
Dividends		2,838			34,786
Less: Foreign taxes withheld		(244	)		(3,519	)
Securities lending income		47			1,095
Other income		—			276
Total investment income		2,776			33,500
EXPENSES (note 3):
Investment advisory fees		1,325			15,077
Transfer agent fees		174			918
Administration fees		173			2,865
Custodian fees		31			194
Professional fees		5			79
Registration fees		4			37
Other expenses		3			28
Postage and printing fees		2			86
Directors' fees		2			32
Distribution and shareholder servicing fees – Class A		10			117
Distribution and shareholder servicing fees – Class B		6			73
Distribution and shareholder servicing fees – Class C		7			84
Distribution and shareholder servicing fees – Class R (1)		—			1
Total expenses		1,742			19,591
Less: Fee waivers (note 3)		—			(525	)
Less: Expenses paid indirectly (note 3)		(47	)		(345	)
Total net expenses		1,695			18,721
Investment income – net		1,081			14,779
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5):
Net realized gain on investments		4,244			158,132
Net realized gain (loss) on foreign currency transactions		(48	)		1,417
Net change in unrealized appreciation or depreciation of investments		(34,720	)		89,806
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency		(8	)		(35	)
Net gain (loss) on investments and foreign currency transactions		(30,532	)		249,320
Net increase (decrease) in net assets resulting from operations	$	(29,451	)	$	264,099

  (1)  Due to the presentation of the financial statements in thousands, the number rounds to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

51

Statement of Changes in Net Assets in thousands

	International Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	1,081		$	14,779		$	7,763
Net realized gain on investments		4,244			158,132			135,849
Net realized gain (loss) on foreign currency transactions		(48	)		1,417			(430	)
Net change in unrealized appreciation or depreciation of investments		(34,720	)		89,806			6,817
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency		(8	)		(35	)		(278	)
Net increase (decrease) in net assets resulting from operations		(29,451	)		264,099			149,721
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			(273	)		(212	)
Class B		—			—			(4	)
Class C		—			—			(5	)
Class S		—			—			(43	)
Class Y		—			(9,941	)		(8,556	)
Total distributions		—			(10,214	)		(8,820	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		1,375			10,293			20,466
Reinvestment of distributions		—			259			202
Payments for redemptions		(874	)		(15,029	)		(20,179	)
Increase (decrease) in net assets from Class A transactions		501			(4,477	)		489
Class B:
Proceeds from sales		142			594			606
Reinvestment of distributions		—			—			4
Payments for redemptions		(196	)		(2,481	)		(2,218	)
Decrease in net assets from Class B transactions		(54	)		(1,887	)		(1,608	)
Class C:
Proceeds from sales		28			755			853
Reinvestment of distributions		—			—			5
Payments for redemptions		(267	)		(2,929	)		(4,123	)
Decrease in net assets from Class C transactions		(239	)		(2,174	)		(3,265	)
Class R:
Proceeds from sales		—			400			1,377
Reinvestment of distributions		—			—			40
Payments for redemptions		(161	)		(244	)		(11,223	)
Increase (decrease) in net assets from Class R transactions		(161	)		156			(9,806	)
Class Y:
Proceeds from sales		34,804			320,811			321,648
Reinvestment of distributions		—			6,151			5,397
Payments for redemptions		(13,103	)		(191,834	)		(304,768	)
Increase in net assets from Class Y transactions		21,701			135,128			22,277
Increase in net assets from capital share transactions		21,748			126,746			8,087
Total increase (decrease) in net assets		(7,703	)		380,631			148,988
Net assets at beginning of period		1,586,805			1,206,174			1,057,186
Net assets at end of period	$	1,579,102		$	1,586,805		$	1,206,174
Undistributed net investment income at end of period	$	18,107		$	17,074		$	8,800

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

FIRST AMERICAN FUNDS Annual Report 2005

52

(This page has been left blank intentionally.)

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (8)
International Fund (1) (2)
Class A
	2005	(3)	$	12.24	$	0.01		$	(0.24	)	$	—		$	—		$	12.01		(1.88	)%
	2005	(4)		10.19		0.09			2.02			(0.06	)		—			12.24		20.80
	2004	(4)		8.99		0.03			1.22			(0.05	)		—			10.19		13.91
	2003	(4)		7.33		0.06			1.60			—			—			8.99		22.65
	2002	(4)		8.96		—			(1.63	)		—			—			7.33		(18.19	)
	2001	(5)		13.96		0.10			(3.63	)		(0.10	)		(1.37	)		8.96		(28.00	)
Class B
	2005	(3)	$	11.31	$	—		$	(0.22	)	$	—		$	—		$	11.09		(1.95	)%
	2005	(4)		9.43		—			1.88			—			—			11.31		19.94
	2004	(4)		8.34		(0.05	)		1.14			—			—			9.43		13.12
	2003	(4)		6.85		—			1.49			—			—			8.34		21.75
	2002	(4)		8.45		(0.06	)		(1.54	)		—			—			6.85		(18.94	)
	2001	(5)		13.28		0.01			(3.43	)		(0.07	)		(1.34	)		8.45		(28.57	)
Class C
	2005	(3)	$	11.70	$	—		$	(0.23	)	$	—		$	—		$	11.47		(1.97	)%
	2005	(4)		9.76		—			1.94			—			—			11.70		19.88
	2004	(4)		8.63		(0.05	)		1.18			—			—			9.76		13.14
	2003	(4)		7.09		—			1.54			—			—			8.63		21.72
	2002	(4)		8.75		(0.06	)		(1.60	)		—			—			7.09		(18.97	)
	2001	(6)		8.31		0.01			0.43			—			—			8.75		5.29
Class R (7)
	2005	(3)	$	12.17	$	(0.02	)	$	(0.21	)	$	—		$	—		$	11.94		(1.89	)%
	2005	(4)		10.11		0.09			1.97			—			—			12.17		20.38
	2004	(4)		8.98		(0.01	)		1.19			(0.05	)		—			10.11		13.16
	2003	(4)		7.31		0.04			1.63			—			—			8.98		22.85	(9)
	2002	(4)		8.96		0.01			(1.66	)		—			—			7.31		(18.42	)
	2001	(5)		13.97		(0.04	)		(3.50	)		(0.10	)		(1.37	)		8.96		(28.03	)
Class Y
	2005	(3)	$	12.39	$	0.01		$	(0.24	)	$	—		$	—		$	12.16		(1.86	)%
	2005	(4)		10.31		0.12			2.05			(0.09	)		—			12.39		21.12
	2004	(4)		9.10		0.06			1.23			(0.08	)		—			10.31		14.13
	2003	(4)		7.40		0.09			1.61			—			—			9.10		22.97	(9)
	2002	(4)		9.03		0.03			(1.66	)		—			—			7.40		(18.05	)
	2001	(5)		14.03		0.07			(3.61	)		(0.11	)		(1.35	)		9.03		(27.93	)

  (1)  The financial highlights for the International Fund as set forth herein include the historical financial highlights of the Firstar International Growth Fund. The assets of the
Firstar Fund were acquired by the First American International Fund on September 24, 2001. In connection with such acquisition, (i) Class A shares of the Firstar
International Growth Fund were exchanged for Class A shares of the First American International Fund, (ii) Firstar Class B shares were exchanged for Class B shares
of the First American International Fund, (iii) Firstar Class Y shares were exchanged for Class S shares of the First American Fund, and (iv) Firstar Institutional Class shares
were exchanged for Class Y shares of the First American International Fund. Historical per share amounts have been adjusted to reflect the conversion ratios utilized for the
merger of the International Fund and First ar International Growth Fund. Firstar International Growth Fund is the accounting survivor.

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

  (3)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year-end was changed from September 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.

  (4)  For the period October 1 to September 30 in the year indicated.

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

  (6)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

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

  (9)  In 2003, 0.14% of Class R share's and 0.13% of Class Y share's total return was a result of the reimbursement by the adviser related to foreign currency principal trades
between the International Fund and U.S. Bank. Excluding the reimbursement, total return for Class R and Class Y shares would have been 22.71% and 22.84%, respectively.
Excluding the reimbursement, total return for Class R and Class Y shares would have been 22.71% and 22.84%, respectively.

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

FIRST AMERICAN FUNDS Annual Report 2005

54

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
International Fund (1) (2)
Class A
	2005	(3)	$	48,439		1.51	%		0.58	%		1.55	%		0.54	%		—	%
	2005	(4)		48,851		1.56			0.77			1.61			0.72			74
	2004	(4)		44,851		1.60			0.31			1.64			0.27			77
	2003	(4)		39,251		1.60			0.77			1.65			0.72			82
	2002	(4)		37,232		1.60			0.04			1.66			(0.02	)		72
	2001	(5)		64,907		1.49			1.02			1.59			0.92			72
Class B
	2005	(3)	$	6,632		2.26	%		(0.17	)%		2.30	%		(0.21	)%		—	%
	2005	(4)		6,819		2.31			0.00			2.36			(0.05	)		74
	2004	(4)		7,371		2.35			(0.48	)		2.39			(0.52	)		77
	2003	(4)		7,936		2.35			0.02			2.40			(0.03	)		82
	2002	(4)		7,459		2.35			(0.68	)		2.41			(0.74	)		72
	2001	(5)		10,857		2.17			0.06			2.27			(0.04	)		72
Class C
	2005	(3)	$	7,520		2.26	%		(0.17	)%		2.30	%		(0.21	)%		—	%
	2005	(4)		7,915		2.31			(0.01	)		2.36			(0.06	)		74
	2004	(4)		8,542		2.35			(0.52	)		2.39			(0.56	)		77
	2003	(4)		10,439		2.35			(0.01	)		2.40			(0.06	)		82
	2002	(4)		11,027		2.35			(0.71	)		2.41			(0.77	)		72
	2001	(6)		17,806		1.48			4.15			1.48			4.15			72
Class R (7)
	2005	(3)	$	1		1.76	%		0.33	%		1.95	%		0.14	%		—	%
	2005	(4)		163		1.81			0.77			2.01			0.57			74
	2004	(4)		1		1.60			(0.11	)		1.64			(0.15	)		77
	2003	(4)		8,533		1.60			0.57			1.65			0.52			82
	2002	(4)		10,817		1.60			0.16			1.66			0.10			72
	2001	(5)		9,461		1.46			(0.33	)		1.61			(0.48	)		72
Class Y
	2005	(3)	$	1,516,510		1.26	%		0.83	%		1.30	%		0.79	%		—	%
	2005	(4)		1,523,057		1.31			1.07			1.36			1.02			74
	2004	(4)		1,145,409		1.35			0.59			1.39			0.55			77
	2003	(4)		991,027		1.35			1.08			1.40			1.03			82
	2002	(4)		540,495		1.35			0.36			1.41			0.30			72
	2001	(5)		661,886		1.23			0.67			1.36			0.54			72

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Schedule of Investments October 31, 2005

Small Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.4%
Consumer Discretionary – 18.5%
Aeropostale* (a)		230,620	$	4,506
Buffalo Wild Wings* (a)		171,310		4,701
Cheesecake Factory* (a)		131,020		4,497
Cosi*		484,237		4,237
Golf Galaxy*		70,029		1,082
GTECH Holdings		70,500		2,245
Guitar Center*		33,858		1,764
Pacific Sunwear of California* (a)		209,240		5,235
Penn National Gaming*		152,410		4,504
Provide Commerce* (a)		214,220		5,212
Scientific Games, Class A* (a)		215,190		6,447
Spanish Broadcasting System* (a)		574,014		3,501
Texas Roadhouse, Class A*		341,977		5,383
ValueVision Media* (a)		233,550		2,293
				55,607
Energy – 9.3%
Arena Resources*		100,320		2,329
Cal Dive International* (a)		44,550		2,742
Compton Petroleum*		457,410		4,996
GMX Resources* (a)		185,130		4,539
Hercules Offshore*		83,610		1,820
Hornbeck Offshore Services*		69,530		2,240
Hydril* (a)		29,470		1,955
Oil States International*		60,760		2,011
Pioneer Drilling*		130,940		2,243
Plains Exploration & Production*		77,090		3,006
				27,881
Financials – 8.0%
Cullen/Frost Bankers (a)		101,110		5,341
East West Bancorp		159,860		6,121
Investors Financial Services (a)		98,760		3,771
Scottish Annuity & Life (a)		94,820		2,328
Sunstone Hotel Investors		109,920		2,462
Triad Guaranty* (a)		94,200		3,962
				23,985
Health Care – 19.9%
AMN Healthcare Services*		152,800		2,521
Andrx Group*		366,270		5,666
Caliper Life Sciences*		321,750		2,098
Coley Pharmaceutical Group* (a)		140,710		2,084
Connetics* (a)		218,130		2,844
CV Therapeutics* (a)		99,910		2,504
Cyberonics* (a)		63,890		1,918
Durect* (a)		371,220		2,354
Dyax*		796,933		3,387
Encore Medical* (a)		1,679,250		8,413
First Horizon Pharmaceutical* (a)		296,780		4,283
Gentiva Health Services*		307,364		4,515
I-Flow* (a)		226,580		2,735
Immucor* (a)		202,380		5,246
MGI Pharma*		116,450		2,185
Protein Design Labs* (a)		111,370		3,121
Rigel Pharmaceuticals*		101,945		2,289
Xenogen* (a)		574,140		1,556
				59,719
Industrials – 11.0%
AMETEK		69,150		2,816
Aries Maritime Transport* (a)		210,880		2,935
Brady, Class A		120,270		3,460
CLARCOR		126,170		3,470

Small Cap Growth Opportunities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
ESCO Technologies* (a)		78,780	$	3,408
Genco Shipping & Trading* (a)		213,970		3,515
Mercury Computer Systems* (a)		132,620		2,518
Navigant Consulting*		282,550		5,925
Toro (a)		137,140		5,007
				33,054
Information Technology (b) – 31.7%
Avocent* (a)		159,780		4,899
Digitas* (a)		512,257		5,532
DSP Group*		207,210		5,093
Embarcadero Technologies*		705,340		5,488
Extreme Networks* (a)		1,199,530		5,794
HouseValues* (a)		232,640		3,424
Hutchinson Technology* (a)		156,220		3,874
Ixia*		405,780		5,121
Jack Henry & Associates		180,960		3,254
Kronos*		71,660		3,286
Maximus		84,280		3,055
M-Systems Flash Disk Pioneers* (a)		73,590		2,332
Orbotech*		152,390		3,311
Plantronics		234,130		6,989
Polycom* (a)		509,770		7,799
Quest Software* (a)		490,990		6,830
Sapient*		625,020		3,244
Semtech*		504,680		7,611
Tridium, Class B* (c) (d)		278,500		—
Varian Semiconductor Equipment Associates* (a)		77,790		2,942
VideoPropulsion* (c) (d)		809,856		—
Wind River Systems*		409,590		5,366
				95,244
Total Common Stocks (Cost $293,873)				295,490
Short-Term Investments – 3.0%
First American Prime Obligations Fund, Class Z (e) (Cost $9,163)		9,163,072		9,163
Investments Purchased with Proceeds from Securities Lending (f) – 30.4%
(Cost $91,376)				91,376
Total Investments – 131.8% (Cost $394,412)				396,029
Other Assets and Liabilities, Net – (31.8)%				(95,665	)
Total Net Assets – 100.0%			$	300,364

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $88,322,789 at October 31, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.

(c)  Security is considered illiquid or restricted. As of October 31, 2005, the value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

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

(f)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

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

FIRST AMERICAN FUNDS Annual Report 2005

56

Small Cap Select Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 96.7%
Consumer Discretionary – 16.0%
Children's Place Retail Stores* (a)		86,660	$	3,720
Coldwater Creek* (a)		203,810		5,501
Kerzner International* (a)		69,450		4,052
La Quinta* (a)		1,621,210		13,537
Marvel Enterprises* (a)		368,170		6,480
Men's Wearhouse* (a)		393,550		9,721
Nautilus (a)		286,620		5,196
P.F. Chang's China Bistro* (a)		137,230		6,277
Pacific Sunwear of California*		119,120		2,980
RARE Hospitality International*		252,110		7,704
Ruby Tuesday (a)		443,210		9,711
Ruth's Chris Steak House*		184,650		3,298
Scientific Games, Class A* (a)		436,800		13,087
Sports Authority* (a)		319,160		8,885
Station Casinos (a)		121,750		7,804
Thomas Nelson		296,720		6,353
Too* (a)		333,480		9,474
WCI Communities* (a)		245,590		6,145
				129,925
Energy – 8.0%
Bill Barrett* (a)		138,890		4,421
Cal Dive International* (a)		39,530		2,433
Compton Petroleum*		526,690		5,753
Comstock Resources*		113,500		3,417
ENSCO International (a)		247,460		11,282
Hydril*		37,550		2,491
St. Mary Land & Exploration (a)		75,670		2,574
Tesoro Petroleum		128,770		7,874
Ultra Petroleum*		112,500		5,905
Western Gas Resources (a)		145,760		6,311
W-H Energy Services* (a)		422,800		12,811
				65,272
Financials – 20.8%
Advanta, Class B		218,325		6,194
Affiliated Managers Group* (a)		145,520		11,169
Alexandria Real Estate Equities (a)		50,370		4,072
AmerUS Group, Class A (a)		186,300		11,014
BioMed Realty Trust		165,490		4,139
CoBiz (a)		116,960		2,074
Columbia Banking System		251,615		7,274
Cullen/Frost Bankers (a)		259,980		13,732
Dime Community Bancshares		178,793		2,575
East West Bancorp (a)		253,120		9,692
First Financial Bankshares		90,320		3,252
First Niagara Financial Group		327,290		4,821
First Potomac Realty Trust		168,550		4,271
First Republic Bank		493,020		18,690
FirstFed Financial*		39,670		2,122
GATX (a)		212,050		7,924
Kite Realty Group Trust		411,910		6,088
Lasalle Hotel Properties		125,820		4,453
Maguire Properties (a)		207,352		6,221
Newcastle Investment		150,880		3,967
Old Second Bancorp		41,712		1,296
Platinum Underwriter Holdings		359,940		10,255
SL Green Realty		256,320		17,437
SVB Financial Group* (a)		124,780		6,203
				168,935
Health Care – 13.2%
American Healthways* (a)		195,360		7,924
Amylin Pharmaceuticals* (a)		91,520		3,075

Small Cap Select Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Caliper Life Sciences* (a)		652,642	$	4,255
Curis*		756,563		3,102
ImmunoGen*		511,770		2,866
Medicis Pharmaceutical, Class A (a)		129,520		3,821
Neurocrine Biosciences* (a)		130,520		6,894
Pediatrix Medical Group* (a)		107,900		8,315
Protein Design Labs* (a)		218,940		6,135
Respironics*		152,970		5,487
Senomyx* (a)		253,120		3,607
Sierra Health Services* (a)		249,700		18,727
SonoSite* (a)		18,740		551
SurModics* (a)		284,120		11,228
Sybron Dental Specialties* (a)		168,510		7,229
Symmetry Medical*		189,360		4,192
United Surgical Partners International*		213,090		7,639
Vertex Pharmaceuticals* (a)		109,210		2,485
				107,532
Industrials – 14.0%
AirTran Holdings Inc.* (a)		403,970		6,043
Chicago Bridge & Iron		487,950		10,881
CLARCOR		138,760		3,816
Energy Conversion Devices* (a)		60,630		1,876
ESCO Technologies*		18,640		806
J.B. Hunt Transport Services		458,270		8,895
Kennametal		202,950		10,373
KVH Industries* (a) (b)		764,924		7,068
Labor Ready* (a)		377,480		8,814
Lennox International		167,590		4,674
Manitowoc (a)		97,710		5,199
Mercury Computer Systems* (a)		219,770		4,173
NCI Building Systems* (a)		273,250		11,239
Power-One* (a)		1,617,003		9,185
Roper Industries (a)		56,910		2,146
Terex*		193,980		10,663
Toro (a)		220,180		8,039
				113,890
Information Technology – 21.3%
02micro International*		77,718		1,018
Advanced Analogic Technologies*		254,340		2,772
Aeroflex* (a)		473,254		4,288
ATI Technologies*		588,970		8,511
Benchmark Electronics* (a)		180,120		5,060
BISYS Group* (a)		1,081,750		13,717
Carreker*		614,680		3,375
Cree* (a)		206,050		4,953
Digitas* (a)		794,600		8,582
Embarcadero Technologies*		694,253		5,401
Entegris* (a)		863,874		8,431
EPIQ Systems*		298,330		5,683
F5 Networks*		87,030		4,528
FormFactor*		153,310		3,774
Hyperion Solutions* (a)		207,361		10,028
Integrated Device Technology* (a)		434,230		4,290
Ituran Location and Control* (a)		339,036		4,407
Logitech International* (a)		216,280		8,296
Micromuse*		682,367		4,893
M-Systems Flash Disk Pioneers* (a)		202,980		6,432
Openwave Systems* (a)		181,210		3,238
Opsware* (a)		420,960		2,164
Packeteer*		1,095,191		8,641
Polycom*		538,610		8,241
Silicon Image* (a)		482,970		4,434
Sonic Solutions* (a)		345,370		6,610
Stellent* (a)		1,372,359		12,585

FIRST AMERICAN FUNDS Annual Report 2005

57

Schedule of Investments October 31, 2005

Small Cap Select Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
TIBCO Software* (a)		1,074,180	$	8,153
WebEx Communications*		53,570		1,227
				173,732
Materials – 3.0%
Century Aluminum* (a)		285,030		5,182
Headwaters* (a)		56,520		1,800
Hercules* (a)		169,270		1,886
Olin (a)		220,270		3,938
Schnitzer Steel Industries, Class A		102,650		3,275
Steel Dynamics (a)		202,610		6,275
Texas Industries		39,040		1,936
				24,292
Telecommunication Services – 0.4%
General Communication* (a)		334,970		3,219
Total Common Stocks (Cost $708,180)				786,797
Short-Term Investments – 1.2%
First American Prime Obligations Fund, Class Z (c) (Cost $10,103)		10,103,393		10,103
Investments Purchased with Proceeds from Securities Lending (d) – 34.9%
(Cost $283,842)				283,842
Total Investments – 132.8% (Cost $1,002,125)				1,080,742
Other Assets and Liabilities, Net – (32.8)%				(266,894	)
Total Net Assets – 100.0%			$	813,848

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $278,157,724 at October 31, 2005. See note 2 in Notes to Financial Statements.

(b)  A company is considered to be an affilate of the fund under the Investment Company Act of 1940 if the fund's holdings of that company represent 5% or more of the outstanding voting securities of the company. Transactions with companies that are or were affiliates during the fiscal period ended October 31, 2005 are as follows:

Issuer	Beginning Cost		Purchase Cost		Sales Cost		Ending cost		Dividend Income		Value
KVH Industries	$	9,269,067	$	—	$	1,196,848	$	8,072,219	$	—	$	7,067,898

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

(d)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

Small Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.8%
Consumer Discretionary – 14.4%
Aeropostale* (a)		205,270	$	4,011
American Axle & Manufacturing (a)		182,440		3,977
Ameristar Casinos		104,689		2,233
Aztar* (a)		99,400		2,989
Charming Shoppes*		359,910		4,031
Entercom Communications*		105,440		3,044
Ethan Allen Interiors (a)		164,640		5,568
Interface, Class A*		150,510		1,162
La Quinta* (a)		412,970		3,448
Men's Wearhouse* (a)		207,315		5,121
Pier 1 Imports (a)		290,150		2,994
Polaris Industries (a)		97,550		4,398
Regis		83,130		3,189
Ruby Tuesday (a)		253,020		5,544
Thomas Nelson		191,530		4,101
WCI Communities* (a)		119,850		2,999
				58,809
Consumer Staples – 1.2%
Casey's General Stores		146,280		3,157
Weis Markets		49,020		1,870
				5,027
Energy – 6.4%
Brigham Exploration*		243,320		3,440
Cimarex Energy* (a)		103,580		4,067
Forest Oil* (a)		54,890		2,398
Global Industries* (a)		232,180		2,951
Newfield Exploration*		48,140		2,182
Range Resources		88,770		3,168
TODCO*		90,810		4,064
Tsakos Energy Navigation		105,580		3,625
				25,895
Financials (b) – 31.2%
Astoria Financial		166,825		4,663
BankUnited Financial, Class A (a)		172,040		4,081
Capitol Bancorp		166,860		5,787
CBL & Associates Properties		103,370		3,861
City National (a)		61,350		4,502
Corporate Office Properties Trust		103,740		3,606
Delphi Financial Group, Class A		90,730		4,250
Donegal Group, Class A		155,466		3,445
East West Bancorp		157,850		6,044
Equity One (a)		193,140		4,529
First Midwest Bancorp (a)		84,100		3,197
First Niagara Financial Group		382,070		5,628
First Potomac Realty Trust		195,930		4,965
First Republic Bank – California (a)		255,120		9,672
FPIC Insurance Group*		104,736		3,943
Frontier Financial		39,350		1,269
IBERIABANK		78,952		4,220
Independent Bank		146,220		4,385
Lasalle Hotel Properties (a)		126,640		4,482
Lexington Corporate Properties Trust		180,686		3,935
Mid-America Apartment Communities		114,720		5,352
Newcastle Investment		102,830		2,703
Pennsylvania		76,290		2,937
Philadelphia Consolidated Holding* (a)		40,940		3,941
Platinum Underwriter Holdings		125,700		3,581
Provident Bankshares		101,295		3,531
Redwood Trust		90,160		4,197
Sterling Bancshares		276,680		4,092

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

FIRST AMERICAN FUNDS Annual Report 2005

58

Small Cap Value Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Triad Guaranty*		49,480	$	2,081
Windrose Medical Properties Trust		290,120		4,395
				127,274
Health Care – 5.6%
Magellan Health Services*		137,350	$	4,083
Pediatrix Medical Group* (a)		39,350		3,032
Perrigo		264,420		3,535
STERIS		185,370		4,228
Varian* (a)		116,740		4,292
Vertex Pharmaceuticals* (a)		154,610		3,517
				22,687
Industrials – 16.8%
Artesyn Technologies* (a)		239,570		2,106
Brady, Class A		192,660		5,543
CLARCOR		300,540		8,265
ESCO Technologies*		186,770		8,080
G&K Services, Class A		119,437		4,525
Genco Shipping & Trading*		84,310		1,385
Genlyte Group* (a)		92,240		4,701
Hughes Supply (a)		124,680		4,171
Kennametal		80,480		4,113
Landstar		42,280		1,629
Mercury Computer Systems* (a)		159,240		3,024
Moog, Class A* (a)		138,475		4,106
Pacer International		140,710		3,637
Pentair		146,930		4,774
Toro (a)		227,910		8,321
				68,380
Information Technology – 14.5%
Aeroflex* (a)		365,850		3,315
BISYS Group*		632,600		8,021
Embarcadero Technologies*		219,090		1,704
Entegris*		299,546		2,924
Fairchild Semiconductor International* (a)		260,320		4,009
Hutchinson Technology* (a)		158,540		3,932
Hypercom*		631,820		3,759
Ixia*		166,980		2,107
NETGEAR* (a)		164,530		3,217
Palm* (a)		154,160		3,960
Polycom*		237,310		3,631
Progress Software*		103,970		3,238
Skyworks Solutions* (a)		599,070		3,211
TIBCO Software* (a)		289,950		2,201
Transaction Systems Architects* (a)		141,070		3,810
United Online		186,620		2,503
Xyratex* (a)		277,900		3,763
				59,305
Materials – 4.8%
Carpenter Technology		55,040		3,319
Commercial Metals		107,990		3,433
Crown Holdings*		186,270		3,021
Georgia Gulf		132,430		3,854
Louisiana Pacific		103,470		2,579
Steel Dynamics (a)		104,700		3,243
				19,449
Telecommunication Services – 0.6%
General Communication* (a)		269,280		2,588
Utilities – 3.3%
Black Hills (a)		91,250		3,793
New Jersey Resources		76,710		3,311

Small Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
NSTAR		119,660	$	3,255
Westar Energy (a)		147,540		3,261
				13,620
Total Common Stocks (Cost $342,820)				403,034
Short-Term Investments – 3.3%
First American Prime Obligations Fund, Class Z (c) (Cost $13,521)		13,520,961		13,521
Investments Purchased with Proceeds from Securities Lending (d) – 21.8%
(Cost $89,146)				89,146
Total Investments – 123.9% (Cost $445,487)				505,701
Other Assets and Liabilities, Net – (23.9)%				(97,561	)
Total Net Assets – 100.0%			$	408,140

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $87,681,699 at October 31, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.

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

(d)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

FIRST AMERICAN FUNDS Annual Report 2005

59

Schedule of Investments October 31, 2005

Small-Mid Cap Core Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.1%
Consumer Discretionary – 14.9%
BorgWarner (a)		16,710	$	969
Charming Shoppes*		103,420		1,158
Entercom Communications* (a)		17,910		517
Men's Wearhouse*		32,020		791
Modine Manufacturing		26,330		870
Pacific Sunwear of California*		61,880		1,548
Provide Commerce* (a)		24,690		601
Scientific Games, Class A* (a)		72,440		2,170
WCI Communities* (a)		61,190		1,531
				10,155
Consumer Staples – 1.4%
Performance Food Group*		35,180		971
Energy - 7.3%
Global Industries*		45,780		582
Helmerich & Payne		12,040		667
Hydril* (a)		19,200		1,274
Newfield Exploration*		40,200		1,822
Tesoro		10,180		622
				4,967
Financials – 19.7%
Ameritrade Holding*		34,980		736
AmerUS Group, Class A (a)		19,710		1,165
Astoria Financial		67,400		1,884
Boston Properties		12,900		893
CBL & Associates Properties		22,080		825
City National		8,780		644
Cullen/Frost Bankers		32,700		1,727
First Republic Bank		16,450		624
Lasalle Hotel Properties (a)		24,500		867
MGIC Investment (a)		16,630		985
Newcastle Investment		24,190		636
Redwood Trust (a)		18,120		843
W.R. Berkley		35,480		1,550
				13,379
Health Care – 14.5%
AMN Healthcare Services*		42,230		697
Medicis Pharmaceutical, Class A (a)		33,220		980
Pediatrix Medical Group* (a)		22,880		1,763
PerkinElmer		97,980		2,162
Protein Design Labs* (a)		22,040		618
Respironics*		14,660		526
Serologicals* (a)		24,640		480
Sierra Health Services*		18,990		1,424
SurModics* (a)		31,040		1,227
				9,877
Industrials – 15.0%
Dun & Bradstreet*		27,680		1,753
ESCO Technologies*		11,372		492
Kennametal		40,258		2,058
Landstar System		28,350		1,092
Moog, Class A*		27,125		804
Navigant Consulting*		30,830		646
Precision Castparts		10,050		476
Stericycle*		17,430		1,003
Toro		52,490		1,916
				10,240
Information Technology – 17.0%
Arrow Electronics* (a)		20,323		600
BISYS Group*		97,305		1,234

Small-Mid Cap Core Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Hutchinson Technology* (a)		66,113	$	1,640
Hyperion Solutions*		22,020		1,065
Integrated Device Technology*		164,557		1,626
Maximus		18,870		684
Micromuse*		137,760		988
National Semiconductor (a)		48,191		1,091
Packeteer*		136,087		1,074
Polycom*		36,080		552
Quest Software*		72,650		1,011
				11,565
Materials – 4.5%
Century Aluminum* (a)		38,630		702
Engelhard		34,869		948
Steel Dynamics (a)		45,150		1,398
				3,048
Telecommunication Services – 0.9%
CenturyTel		18,944		620
Utilities – 3.9%
Alliant Energy		39,910		1,056
New Jersey Resources		12,380		534
Westar Energy (a)		46,680		1,032
				2,622
Total Common Stocks (Cost $70,056)				67,444
Short-Term Investments – 1.1%
First American Prime Obligations Fund, Class Z (b) (Cost $716)		716,020		716
Investments Purchased with Proceeds from Securities Lending (c) – 25.8%
(Cost $17,570)				17,570
Total Investments – 126.0% (Cost $88,342)				85,730
Other Assets and Liabilities, Net – (26.0)%				(17,703	)
Total Net Assets – 100.0%			$	68,027

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $17,293,916 at October 31, 2005. See note 2 in Notes to Financial Statements.

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

(c)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

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

FIRST AMERICAN FUNDS Annual Report 2005

60

Statements of Assets and Liabilities October 31, 2005, in thousands, except for per share data

	Small Cap Growth Opportunities Fund			Small Cap Select Fund			Small Cap Value Fund		Small-Mid Cap Core Fund
ASSETS:
Investments in unaffiliated securities, at value† (cost: $293,873, $708,180, $342,820, and $70,056, respectively) (note 2)	$	295,490		$	786,797		$	403,034	$	67,444
Investments in affiliated money market fund, at value (cost: $9,163, $10,103, $13,521, and $716, respectively) (note 2)		9,163			10,103			13,521		716
Investments purchased with proceeds from securities lending (cost: $91,376, $283,842, $89,146, and $17,570, respectively) (note 2)		91,376			283,842			89,146		17,570
Cash*		105			327			103		20
Receivable for dividends and interest		30			181			432		34
Receivable for investment securities sold		4,630			40,068			9,113		—
Receivable for capital shares sold		83			428			58		146
Prepaid expenses and other assets		52			51			49		91
Total assets		400,929			1,121,797			515,456		86,021
LIABILITIES:
Payable for capital shares redeemed		923			2,002			528		227
Payable upon return of securities loaned (note 2)		91,481			284,169			89,249		17,590
Payable for investment securities purchased		7,813			21,023			17,157		—
Payable to affiliates (note 3)		303			679			340		61
Payable for distribution and shareholder servicing fees		26			45			21		17
Accrued expenses and other liabilities		19			31			21		99
Total liabilities		100,565			307,949			107,316		17,994
Net assets	$	300,364		$	813,848		$	408,140	$	68,027
COMPOSITION OF NET ASSETS:
Portfolio capital	$	244,436		$	617,320		$	260,511	$	526,096
Undistributed (distributions in excess of) net investment income		(1	)		(1	)		335		—
Accumulated net realized gain (loss) on investments		54,312			117,912			87,080		(455,457	)
Net unrealized appreciation (depreciation) of investments		1,617			78,617			60,214		(2,612	)
Net assets	$	300,364		$	813,848		$	408,140	$	68,027
* Includes cash collateral received related to securities loaned (note 2)	$	105		$	327		$	103	$	20
† Including securities loaned, at value	$	88,323		$	278,158		$	87,682	$	17,294
Class A:
Net assets	$	78,357		$	104,568		$	46,467	$	22,339
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		3,438			6,823			2,844		2,780
Net asset value and redemption price per share	$	22.79		$	15.33		$	16.34	$	8.03
Maximum offering price per share (1)	$	24.12		$	16.22		$	17.29	$	8.50
Class B:
Net assets	$	8,271		$	13,406		$	8,913	$	10,054
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		387			987			587		1,425
Net asset value, offering price, and redemption price per share (2)	$	21.36		$	13.58		$	15.19	$	7.06
Class C:
Net assets	$	2,962		$	13,453		$	4,590	$	4,253
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		134			909			298		553
Net asset value, offering price and redemption price per share (2)	$	22.05		$	14.79		$	15.39	$	7.69
Class R:
Net assets	$	5		$	333		$	4	$	—
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		—			22			—		—
Net asset value, offering price, and redemption price per share	$	22.75		$	15.24		$	16.29	$	—
Class Y:
Net assets	$	210,769		$	682,088		$	348,166	$	31,381
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		8,853			42,477			20,955		3,764
Net asset value, offering price, and redemption price per share	$	23.81		$	16.06		$	16.62	$	8.34

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

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

FIRST AMERICAN FUNDS Annual Report 2005

61

Statements of Operations in thousands

	Small Cap Growth Opportunities Fund						Small Cap Select Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			One-Month Period Ended 10/31/05			Year Ended 9/30/05
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	21		$	220		$	37		$	501
Dividends from unaffiliated securities		38			891			170			5,045
Less: Foreign taxes withheld		—			—			—			(13	)
Securities lending income		18			162			20			410
Total investment income		77			1,273			227			5,943
EXPENSES (note 3):
Investment advisory fees		257			4,086			484			6,006
Transfer agent fees		37			200			99			542
Administration fees		33			644			89			1,752
Registration fees		3			49			3			46
Professional fees		2			37			4			66
Custodian fees		1			28			3			75
Postage and printing fees		1			16			2			45
Other expenses		1			11			2			22
Directors' fees		1			7			2			20
Distribution and shareholder servicing fees – Class A		17			229			22			259
Distribution and shareholder servicing fees – Class B		7			91			11			136
Distribution and shareholder servicing fees – Class C		3			38			12			145
Distribution and shareholder servicing fees – Class R (1)		—			—			—			—
Total expenses		363			5,436			733			9,114
Less: Fee waivers (note 3)		(23	)		(159	)		—			(245	)
Total net expenses		340			5,277			733			8,869
Investment income (loss) – net		(263	)		(4,004	)		(506	)		(2,926	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		946			70,779			10,384			184,051
Net change in unrealized appreciation or depreciation of investments		(13,513	)		3,567			(36,382	)		(17,021	)
Net gain (loss) on investments		(12,567	)		74,346			(25,998	)		167,030
Net increase (decrease) in net assets resulting from operations	$	(12,830	)	$	70,342		$	(26,504	)	$	164,104

  (1)  Due to the presentation of the financial statements in thousands, the numbers round to zero. Class R is not offered by the Small-Mid Cap Core Fund.

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

FIRST AMERICAN FUNDS Annual Report 2005

62

	Small Cap Value Fund						Small-Mid Cap Core Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			One-Month Period Ended 10/31/05			Year Ended 9/30/05
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	33		$	90		$	4		$	41
Dividends from unaffiliated securities		663			5,966			22			418
Less: Foreign taxes withheld		—			(2	)		—			(24	)
Securities lending income		7			89			2			64
Total investment income		703			6,143			28			499
EXPENSES (note 3):
Investment advisory fees		242			3,009			41			597
Transfer agent fees		49			275			9			60
Administration fees		45			880			8			183
Registration fees		4			40			4			45
Professional fees		2			41			1			54
Custodian fees		2			38			—			8
Postage and printing fees		1			23			—			109
Other expenses		1			13			—			6
Directors' fees		1			10			—			2
Distribution and shareholder servicing fees – Class A		10			117			5			66
Distribution and shareholder servicing fees – Class B		7			97			8			124
Distribution and shareholder servicing fees – Class C		4			48			4			53
Distribution and shareholder servicing fees – Class R (1)		—			—			—			—
Total expenses		368			4,591			80			1,307
Less: Fee waivers (note 3)		—			(84	)		—			(71	)
Total net expenses		368			4,507			80			1,236
Investment income (loss) – net		335			1,636			(52	)		(737	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		7,871			94,694			3,985			8,526
Net change in unrealized appreciation or depreciation of investments		(19,471	)		(28,747	)		(6,380	)		2,726
Net gain (loss) on investments		(11,600	)		65,947			(2,395	)		11,252
Net increase (decrease) in net assets resulting from operations	$	(11,265	)	$	67,583		$	(2,447	)	$	10,515

FIRST AMERICAN FUNDS Annual Report 2005

63

Statements of Changes in Net Assets in thousands

	Small Cap Growth Opportunities Fund									Small Cap Select Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income (loss) – net	$	(263	)	$	(4,004	)	$	(6,363	)	$	(506	)	$	(2,926	)	$	(6,173	)
Net realized gain on investments		946			70,779			89,817			10,384			184,051			231,411
Net gain on written options		—			—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(13,513	)		3,567			(68,591	)		(36,382	)		(17,021	)		(19,782	)
Net change in unrealized appreciation or depreciation of written options		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from operations		(12,830	)		70,342			14,863			(26,504	)		164,104			205,456
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		—			—			—			—			—			—
Net realized gain on investments:
Class A		—			(12,315	)		(611	)		—			(19,383	)		(5,360	)
Class B		—			(1,255	)		(47	)		—			(2,778	)		(900	)
Class C		—			(577	)		(12	)		—			(2,801	)		(821	)
Class R		—			—			(23	)		—			(5	)		(862	)
Class Y		—			(25,220	)		(2,392	)		—			(133,034	)		(70,619	)
Total distributions		—			(39,367	)		(3,085	)		—			(158,001	)		(78,562	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		922			17,883			79,928			2,296			24,096			47,056
Reinvestment of distributions		—			11,923			577			—			18,716			5,191
Payments for redemptions		(3,649	)		(54,396	)		(57,140	)		(1,656	)		(32,858	)		(35,163	)
Increase (decrease) in net assets from Class A transactions		(2,727	)		(24,590	)		23,365			640			9,954			17,084
Class B:
Proceeds from sales		11			590			6,009			32			1,593			2,158
Reinvestment of distributions		—			1,157			45			—			2,700			873
Payments for redemptions		(141	)		(2,716	)		(2,734	)		(202	)		(2,957	)		(2,565	)
Increase (decrease) in net assets from Class B transactions		(130	)		(969	)		3,320			(170	)		1,336			466
Class C:
Proceeds from sales		25			501			4,614			189			3,374			3,975
Reinvestment of distributions		—			561			11			—			2,745			817
Payments for redemptions		(86	)		(2,841	)		(1,012	)		(690	)		(5,249	)		(3,114	)
Increase (decrease) in net assets from Class C transactions		(61	)		(1,779	)		3,613			(501	)		870			1,678
Class R:
Proceeds from sales		—			17			976			119			337			3,323
Reinvestment of distributions		—			—			23			—			5			808
Payments for redemptions		—			(15	)		(5,357	)		(90	)		(57	)		(17,289	)
Increase (decrease) in net assets from Class R transactions		—			2			(4,358	)		29			285			(13,158	)
Class Y:
Proceeds from sales		3,340			38,132			101,703			3,703			102,349			132,590
Reinvestment of distributions		—			18,850			1,934			—			98,881			57,505
Payments for redemptions		(4,484	)		(82,561	)		(278,211	)		(14,868	)		(263,925	)		(559,280	)
Decrease in net assets from Class Y transactions		(1,144	)		(25,579	)		(174,574	)		(11,165	)		(62,695	)		(369,185	)
Decrease in net assets from capital share transactions		(4,062	)		(52,915	)		(148,634	)		(11,167	)		(50,250	)		(363,115	)
Total increase (decrease) in net assets		(16,892	)		(21,940	)		(136,856	)		(37,671	)		(44,147	)		(236,221	)
Net assets at beginning of period		317,256			339,196			476,052			851,519			895,666			1,131,887
Net assets at end of period	$	300,364		$	317,256		$	339,196		$	813,848		$	851,519		$	895,666
Undistributed (distributions in excess of) net investment income at end of period	$	(1	)	$	(1	)	$	(2	)	$	(1	)	$	(1	)	$	(1	)

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

FIRST AMERICAN FUNDS Annual Report 2005

64

	Small Cap Value Fund									Small-Mid Cap Core Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income (loss) – net	$	335		$	1,636		$	2,056		$	(52	)	$	(737	)	$	(1,017	)
Net realized gain on investments		7,871			94,694			92,122			3,985			8,526			4,958
Net gain on written options		—			—			—			—			—			104
Net change in unrealized appreciation or depreciation of investments		(19,471	)		(28,747	)		7,329			(6,380	)		2,726			3,406
Net change in unrealized appreciation or depreciation of written options		—			—			—			—			—			(72	)
Net increase (decrease) in net assets resulting from operations		(11,265	)		67,583			101,507			(2,447	)		10,515			7,379
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			(177	)		(92	)		—			—			—
Class B		—			(23	)		—			—			—			—
Class C		—			(11	)		—			—			—			—
Class R		—			—			(3	)		—			—			—
Class Y		—			(1,626	)		(1,696	)		—			—			—
Net realized gain on investments:
Class A		—			(6,876	)		(1,428	)		—			—			—
Class B		—			(1,565	)		(487	)		—			—			—
Class C		—			(747	)		(183	)		—			—			—
Class R		—			—			(54	)		—			—			—
Class Y		—			(55,117	)		(16,522	)		—			—			—
Total distributions		—			(66,142	)		(20,465	)		—			—			—
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		547			8,656			19,021			784			5,250			18,402
Reinvestment of distributions		—			6,859			1,486			—			—			—
Payments for redemptions		(928	)		(10,711	)		(16,067	)		(676	)		(12,848	)		(20,148	)
Increase (decrease) in net assets from Class A transactions		(381	)		4,804			4,440			108			(7,598	)		(1,746	)
Class B:
Proceeds from sales		31			872			1,193			22			454			884
Reinvestment of distributions		—			1,539			481			—			—			—
Payments for redemptions		(193	)		(2,854	)		(6,346	)		(290	)		(4,645	)		(4,394	)
Increase (decrease) in net assets from Class B transactions		(162	)		(443	)		(4,672	)		(268	)	��	(4,191	)		(3,510	)
Class C:
Proceeds from sales		28			942			1,179			50			405			952
Reinvestment of distributions		—			745			183			—			—			—
Payments for redemptions		(114	)		(1,441	)		(1,855	)		(128	)		(2,541	)		(2,394	)
Increase (decrease) in net assets from Class C transactions		(86	)		246			(493	)		(78	)		(2,136	)		(1,442	)
Class R:
Proceeds from sales		—			3			1,145			—			—			1,139
Reinvestment of distributions		—			—			52			—			—			—
Payments for redemptions		—			—			(2,727	)		—			—			(5,754	)
Increase (decrease) in net assets from Class R transactions		—			3			(1,530	)		—			—			(4,615	)
Class Y:
Proceeds from sales		2,852			63,025			59,568			1,168			17,409			33,338
Reinvestment of distributions		—			48,592			15,745			—			—			—
Payments for redemptions		(8,344	)		(117,619	)		(208,150	)		(2,179	)		(32,835	)		(53,593	)
Decrease in net assets from Class Y transactions		(5,492	)		(6,002	)		(132,837	)		(1,011	)		(15,426	)		(20,255	)
Decrease in net assets from capital share transactions		(6,121	)		(1,392	)		(135,092	)		(1,249	)		(29,351	)		(31,568	)
Total increase (decrease) in net assets		(17,386	)		49			(54,050	)		(3,696	)		(18,836	)		(24,189	)
Net assets at beginning of period		425,526			425,477			479,527			71,723			90,559			114,748
Net assets at end of period	$	408,140		$	425,526		$	425,477		$	68,027		$	71,723		$	90,559
Undistributed (distributions in excess of) net investment income at end of period	$	335		$	—		$	485		$	—		$	—		$	—

FIRST AMERICAN FUNDS Annual Report 2005

65

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Loss			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period		Total Return (9)
Small Cap Growth Opportunities (1)
Class A
	2005	(2) (3)	$	23.75	$	(0.02	)	$	(0.94	)	$	—		$	—		$	22.79		(4.04	)%
	2005	(3) (4)		21.74		(0.32	)		5.28			(2.95	)		—			23.75		24.21
	2004	(3) (4)		21.95		(0.35	)		0.27			(0.13	)		—			21.74		(0.39	)
	2003	(3) (4)		13.86		(0.28	)		8.37			—			—			21.95		58.37
	2002	(4)		16.89		(0.26	)		(2.74	)		—			(0.03	)		13.86		(17.84	)
	2001	(3) (5)		31.26		(0.17	)		(5.20	)		(9.00	)		—			16.89		(21.51	)
Class B
	2005	(2) (3)	$	22.27	$	(0.03	)	$	(0.88	)	$	—		$	—		$	21.36		(4.09	)%
	2005	(3) (4)		20.69		(0.45	)		4.98			(2.95	)		—			22.27		23.27
	2004	(3) (4)		21.05		(0.50	)		0.27			(0.13	)		—			20.69		(1.13	)
	2003	(3) (4)		13.39		(0.40	)		8.06			—			—			21.05		57.21
	2002	(4)		16.44		(0.39	)		(2.63	)		—			(0.03	)		13.39		(18.45	)
	2001	(3) (5)		30.84		(0.31	)		(5.09	)		(9.00	)		—			16.44		(22.07	)
Class C
	2005	(2) (3)	$	23.00	$	(0.04	)	$	(0.91	)	$	—		$	—		$	22.05		(4.13	)%
	2005	(3) (4)		21.28		(0.48	)		5.15			(2.95	)		—			23.00		23.28
	2004	(3) (4)		21.65		(0.49	)		0.25			(0.13	)		—			21.28		(1.14	)
	2003	(3) (4)		13.77		(0.43	)		8.31			—			—			21.65		57.23
	2002	(4)		16.90		(0.19	)		(2.91	)		—			(0.03	)		13.77		(18.42	)
	2001	(3) (6)		16.34		—			0.56			—			—			16.90		3.43
Class R (7)
	2005	(2) (3)	$	23.72	$	(0.03	)	$	(0.94	)	$	—		$	—		$	22.75		(4.09	)%
	2005	(3) (4)		21.74		(0.48	)		5.41			(2.95	)		—			23.72		24.06
	2004	(3) (4)		21.95		(0.42	)		0.34			(0.13	)		—			21.74		(0.39	)
	2003	(3) (4)		13.86		(0.28	)		8.37			—			—			21.95		58.37
	2002	(4)		16.89		(0.26	)		(2.74	)		—			(0.03	)		13.86		(17.84	)
	2001	(3) (8)		20.01		(0.19	)		(2.93	)		—			—			16.89		(15.59	)
Class Y
	2005	(2) (3)	$	24.81	$	(0.02	)	$	(0.98	)	$	—		$	—		$	23.81		(4.03	)%
	2005	(3) (4)		22.55		(0.27	)		5.48			(2.95	)		—			24.81		24.47
	2004	(3) (4)		22.70		(0.32	)		0.30			(0.13	)		—			22.55		(0.11	)
	2003	(3) (4)		14.30		(0.25	)		8.65			—			—			22.70		58.74
	2002	(4)		17.38		(0.25	)		(2.80	)		—			(0.03	)		14.30		(17.62	)
	2001	(3) (5)		31.83		(0.12	)		(5.33	)		(9.00	)		—			17.38		(21.35	)

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year-end was changed from September 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.

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

  (4)  For the period October 1 to September 30 in the year indicated.

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

  (6)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

  (8)  For the period from December 11, 2000, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized, except total
return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

66

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Loss to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Loss to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Small Cap Growth Opportunities (1)
Class A
	2005	(2) (3)	$	78,357		1.47	%		(1.17	)%		1.56	%		(1.26	)%		14	%
	2005	(3) (4)		84,567		1.82			(1.42	)		1.87			(1.47	)		190
	2004	(3) (4)		101,031		1.93			(1.42	)		1.96			(1.45	)		178
	2003	(3) (4)		81,999		1.93			(1.63	)		1.97			(1.67	)		137
	2002	(4)		44,834		1.93			(1.53	)		1.97			(1.57	)		123
	2001	(3) (5)		45,233		1.93			(0.91	)		1.99			(0.97	)		125
Class B
	2005	(2) (3)	$	8,271		2.22	%		(1.93	)%		2.31	%		(2.02	)%		14	%
	2005	(3) (4)		8,760		2.57			(2.16	)		2.62			(2.21	)		190
	2004	(3) (4)		9,063		2.68			(2.16	)		2.71			(2.19	)		178
	2003	(3) (4)		6,441		2.68			(2.38	)		2.72			(2.42	)		137
	2002	(4)		3,779		2.68			(2.28	)		2.72			(2.32	)		123
	2001	(3) (5)		3,165		2.68			(1.68	)		2.74			(1.74	)		125
Class C
	2005	(2) (3)	$	2,962		2.22	%		(1.93	)%		2.31	%		(2.02	)%		14	%
	2005	(3) (4)		3,152		2.57			(2.20	)		2.62			(2.25	)		190
	2004	(3) (4)		4,669		2.68			(2.07	)		2.71			(2.10	)		178
	2003	(3) (4)		1,529		2.68			(2.38	)		2.72			(2.42	)		137
	2002	(4)		260		2.68			(2.31	)		2.72			(2.35	)		123
	2001	(3) (6)		1		1.63			(0.41	)		1.76			(0.54	)		125
Class R (7)
	2005	(2) (3)	$	5		1.72	%		(1.43	)%		1.96	%		(1.67	)%		14	%
	2005	(3) (4)		5		2.07			(2.14	)		2.27			(2.34	)		190
	2004	(3) (4)		1		1.93			(1.67	)		1.96			(1.70	)		178
	2003	(3) (4)		3,694		1.93			(1.62	)		1.97			(1.66	)		137
	2002	(4)		2,027		1.93			(1.53	)		1.97			(1.57	)		123
	2001	(3) (8)		2,014		1.94			(1.06	)		2.00			(1.12	)		125
Class Y
	2005	(2) (3)	$	210,769		1.22	%		(0.92	)%		1.31	%		(1.01	)%		14	%
	2005	(3) (4)		220,772		1.57			(1.15	)		1.62			(1.20	)		190
	2004	(3) (4)		224,432		1.68			(1.25	)		1.71			(1.28	)		178
	2003	(3) (4)		382,389		1.68			(1.38	)		1.72			(1.42	)		137
	2002	(4)		208,439		1.68			(1.28	)		1.72			(1.32	)		123
	2001	(3) (5)		266,115		1.68			(0.64	)		1.74			(0.70	)		125

FIRST AMERICAN FUNDS Annual Report 2005

67

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income Loss			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (8)
Small Cap Select (1) (2)
Class A
	2005	(3)	$	15.82	$	(0.01	)	$	(0.48	)	$	—		$	15.33		(3.10	)%
	2005	(4)		15.95		(0.08	)		3.10			(3.15	)		15.82		20.46
	2004	(4)		14.52		(0.12	)		2.60			(1.05	)		15.95		17.64
	2003	(4)		10.68		(0.09	)		3.93			—			14.52		35.96
	2002	(4)		11.97		(0.10	)		(0.30	)		(0.89	)		10.68		(4.56	)
	2001	(5)		17.60		(0.03	)		(1.89	)		(3.71	)		11.97		(12.63	)
Class B
	2005	(3)	$	14.02	$	(0.02	)	$	(0.42	)	$	—		$	13.58		(3.14	)%
	2005	(4)		14.56		(0.17	)		2.78			(3.15	)		14.02		19.45
	2004	(4)		13.42		(0.22	)		2.41			(1.05	)		14.56		16.88
	2003	(4)		9.95		(0.17	)		3.64			—			13.42		34.88
	2002	(4)		11.28		(0.19	)		(0.25	)		(0.89	)		9.95		(5.23	)
	2001	(5)		16.90		(0.12	)		(1.79	)		(3.71	)		11.28		(13.21	)
Class C
	2005	(3)	$	15.28	$	(0.02	)	$	(0.47	)	$	—		$	14.79		(3.21	)%
	2005	(4)		15.60		(0.19	)		3.02			(3.15	)		15.28		19.58
	2004	(4)		14.32		(0.24	)		2.57			(1.05	)		15.60		16.79
	2003	(4)		10.62		(0.18	)		3.88			—			14.32		34.84
	2002	(4)		11.97		(0.20	)		(0.26	)		(0.89	)		10.62		(5.09	)
	2001	(6)		11.72		—			0.25			—			11.97		2.13
Class R (7)
	2005	(3)	$	15.73	$	(0.01	)	$	(0.48	)	$	—		$	15.24		(3.11	)%
	2005	(4)		15.91		(0.08	)		3.05			(3.15	)		15.73		20.16
	2004	(4)		14.49		(0.13	)		2.60			(1.05	)		15.91		17.60
	2003	(4)		10.66		(0.09	)		3.92			—			14.49		35.93
	2002	(4)		11.94		(0.10	)		(0.29	)		(0.89	)		10.66		(4.48	)
	2001	(5)		17.55		(0.01	)		(1.89	)		(3.71	)		11.94		(12.52	)
Class Y
	2005	(3)	$	16.57	$	(0.01	)	$	(0.50	)	$	—		$	16.06		(3.08	)%
	2005	(4)		16.54		(0.04	)		3.22			(3.15	)		16.57		20.73
	2004	(4)		14.98		(0.09	)		2.70			(1.05	)		16.54		17.98
	2003	(4)		11.00		(0.06	)		4.04			—			14.98		36.18
	2002	(4)		12.26		(0.07	)		(0.30	)		(0.89	)		11.00		(4.19	)
	2001	(5)		17.92		—			(1.95	)		(3.71	)		12.26		(12.49	)

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

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

  (3)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year end was changed from September 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.

  (4)  For the period October 1 to September 30 in the year indicated.

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

  (6)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

68

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Loss to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Small Cap Select (1) (2)
Class A
	2005	(3)	$	104,568		1.25	%		(0.92	)%		1.25	%		(0.92	)%		14	%
	2005	(4)		107,270		1.22			(0.53	)		1.25			(0.56	)		122
	2004	(4)		97,775		1.21			(0.76	)		1.24			(0.79	)		116
	2003	(4)		73,445		1.21			(0.73	)		1.25			(0.77	)		145
	2002	(4)		33,586		1.21			(0.81	)		1.25			(0.85	)		171
	2001	(5)		17,351		1.19			(0.24	)		1.22			(0.27	)		204
Class B
	2005	(3)	$	13,406		2.00	%		(1.67	)%		2.00	%		(1.67	)%		14	%
	2005	(4)		14,023		1.97			(1.28	)		2.00			(1.31	)		122
	2004	(4)		13,050		1.96			(1.51	)		1.99			(1.54	)		116
	2003	(4)		11,541		1.96			(1.48	)		2.00			(1.52	)		145
	2002	(4)		4,613		1.96			(1.56	)		2.00			(1.60	)		171
	2001	(5)		1,979		1.93			(0.99	)		1.97			(1.03	)		204
Class C
	2005	(3)	$	13,453		2.00	%		(1.67	)%		2.00	%		(1.67	)%		14	%
	2005	(4)		14,418		1.97			(1.28	)		2.00			(1.31	)		122
	2004	(4)		13,841		1.96			(1.50	)		1.99			(1.53	)		116
	2003	(4)		11,128		1.96			(1.47	)		2.00			(1.51	)		145
	2002	(4)		3,096		1.96			(1.61	)		2.02			(1.67	)		171
	2001	(6)		—		—			—			—			—			204
Class R (7)
	2005	(3)	$	333		1.50	%		(1.14	)%		1.65	%		(1.29	)%		14	%
	2005	(4)		312		1.47			(0.53	)		1.65			(0.71	)		122
	2004	(4)		19		1.21			(0.81	)		1.24			(0.84	)		116
	2003	(4)		11,627		1.21			(0.75	)		1.25			(0.79	)		145
	2002	(4)		7,640		1.21			(0.80	)		1.25			(0.84	)		171
	2001	(5)		3,721		1.07			(0.05	)		1.14			(0.12	)		204
Class Y
	2005	(3)	$	682,088		1.00	%		(0.67	)%		1.00	%		(0.67	)%		14	%
	2005	(4)		715,496		0.97			(0.28	)		1.00			(0.31	)		122
	2004	(4)		770,981		0.96			(0.52	)		0.99			(0.55	)		116
	2003	(4)		1,024,146		0.96			(0.48	)		1.00			(0.52	)		145
	2002	(4)		403,027		0.96			(0.55	)		1.00			(0.59	)		171
	2001	(5)		291,706		0.93			0.01			0.96			(0.02	)		204

FIRST AMERICAN FUNDS Annual Report 2005

69

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (7)
Small Cap Value Fund (1)
Class A
	2005	(2)	$	16.78	$	0.01		$	(0.45	)	$	—		$	—		$	16.34		(2.62	)%
	2005	(3)		16.84		0.03			2.63			(0.06	)		(2.66	)		16.78		16.78
	2004	(3)		14.28		0.03			3.13			(0.04	)		(0.56	)		16.84		22.70
	2003	(3)		11.26		—			3.02			—			—			14.28		26.86
	2002	(3)		13.40		(0.02	)		(0.13	)		—			(1.99	)		11.26		(2.19	)
	2001	(3)		17.09		0.02			(0.97	)		(0.05	)		(2.69	)		13.40		(6.36	)
Class B
	2005	(2)	$	15.61	$	—		$	(0.42	)	$	—		$	—		$	15.19		(2.69	)%
	2005	(3)		15.92		(0.09	)		2.47			(0.03	)		(2.66	)		15.61		15.90
	2004	(3)		13.60		(0.08	)		2.96			—			(0.56	)		15.92		21.76
	2003	(3)		10.80		(0.08	)		2.88			—			—			13.60		25.93
	2002	(3)		13.01		(0.11	)		(0.11	)		—			(1.99	)		10.80		(2.91	)
	2001	(3)		16.76		(0.09	)		(0.97	)		—			(2.69	)		13.01		(7.24	)
Class C
	2005	(2)	$	15.82	$	—		$	(0.43	)	$	—		$	—		$	15.39		(2.72	)%
	2005	(3)		16.10		(0.09	)		2.50			(0.03	)		(2.66	)		15.82		15.92
	2004	(3)		13.74		(0.08	)		3.00			—			(0.56	)		16.10		21.83
	2003	(3)		10.91		(0.09	)		2.92			—			—			13.74		25.94
	2002	(3)		13.13		(0.11	)		(0.12	)		—			(1.99	)		10.91		(2.96	)
	2001	(3)		16.88		(0.10	)		(0.95	)		(0.01	)		(2.69	)		13.13		(7.08	)
Class R (4)
	2005	(2)	$	16.74	$	0.01		$	(0.46	)	$	—		$	—		$	16.29		(2.69	)%
	2005	(3)		16.83		(0.01	)		2.64			(0.06	)		(2.66	)		16.74		16.60
	2004	(3)		14.27		0.03			3.12			(0.03	)		(0.56	)		16.83		22.69
	2003	(3)		11.26		0.01			3.01			(0.01	)		—			14.27		26.79
	2002	(3)		13.40		(0.01	)		(0.14	)		—			(1.99	)		11.26		(2.19	)
	2001	(5)		12.84		—			0.56			—			—			13.40		4.36
Class Y
	2005	(2)	$	17.06	$	0.01		$	(0.45	)	$	—		$	—		$	16.62		(2.58	)%
	2005	(3)		17.05		0.07			2.67			(0.07	)		(2.66	)		17.06		17.08
	2004	(3)		14.44		0.08			3.16			(0.07	)		(0.56	)		17.05		23.02
	2003	(3)		11.38		0.03			3.05			(0.02	)		—			14.44		27.10
	2002	(3)		13.48		0.02			(0.12	)		(0.01	)		(1.99	)		11.38		(1.83	)
	2001	(3)		17.19		0.06			(1.00	)		(0.08	)		(2.69	)		13.48		(6.25	)
Small-Mid Cap Core Fund (1) (6)
Class A
	2005	(2)	$	8.31	$	(0.01	)	$	(0.27	)	$	—		$	—		$	8.03		(3.37	)%
	2005	(3)		7.40		(0.07	)		0.98			—			—			8.31		12.30
	2004	(3)		7.05		(0.07	)		0.42			—			—			7.40		4.96
	2003	(3)		4.29		(0.03	)		2.79			—			—			7.05		64.34
	2002	(3)		6.36		(0.07	)		(2.00	)		—			—			4.29		(32.55	)
	2001	(3)		47.68		(0.15	)		(33.55	)		—			(7.62	)		6.36		(83.30	)
Class B
	2005	(2)	$	7.31	$	(0.01	)	$	(0.24	)	$	—		$	—		$	7.06		(3.42	)%
	2005	(3)		6.55		(0.11	)		0.87			—			—			7.31		11.60
	2004	(3)		6.29		(0.11	)		0.37			—			—			6.55		4.13
	2003	(3)		3.86		(0.07	)		2.50			—			—			6.29		62.95
	2002	(3)		5.77		(0.11	)		(1.80	)		—			—			3.86		(33.10	)
	2001	(3)		44.40		(0.26	)		(30.75	)		—			(7.62	)		5.77		(83.42	)
Class C
	2005	(2)	$	7.97	$	(0.01	)	$	(0.27	)	$	—		$	—		$	7.69		(3.51	)%
	2005	(3)		7.14		(0.12	)		0.95			—			—			7.97		11.62
	2004	(3)		6.86		(0.12	)		0.40			—			—			7.14		4.08
	2003	(3)		4.20		(0.07	)		2.73			—			—			6.86		63.33
	2002	(3)		6.28		(0.12	)		(1.96	)		—			—			4.20		(33.12	)
	2001	(3)		47.49		(0.26	)		(33.33	)		—			(7.62	)		6.28		(83.43	)
Class Y
	2005	(2)	$	8.63	$	—		$	(0.29	)	$	—		$	—		$	8.34		(3.36	)%
	2005	(3)		7.66		(0.05	)		1.02			—			—			8.63		12.66
	2004	(3)		7.28		(0.05	)		0.43			—			—			7.66		5.22
	2003	(3)		4.42		(0.01	)		2.87			—			—			7.28		64.71
	2002	(3)		6.53		(0.05	)		(2.06	)		—			—			4.42		(32.31	)
	2001	(3)		48.60		(0.11	)		(34.34	)		—			(7.62	)		6.53		(83.26	)

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year end was changed from September 30 to October 31. All ratios for
the period have been annualized, except total return and portfolio turnover.

  (3)  For the period October 1 to September 30 in the year indicated.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

70

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Small Cap Value Fund (1)
Class A
	2005	(2)	$	46,467		1.25	%		0.78	%		1.25	%		0.78	%		15	%
	2005	(3)		48,128		1.24			0.19			1.26			0.17			72
	2004	(3)		43,192		1.23			0.21			1.25			0.19			34
	2003	(3)		32,416		1.23			0.02			1.25			—			49
	2002	(3)		27,205		1.23			(0.12	)		1.26			(0.15	)		37
	2001	(3)		34,292		1.15			0.11			1.15			0.11			53
Class B
	2005	(2)	$	8,913		2.00	%		0.03	%		2.00	%		0.03	%		15	%
	2005	(3)		9,325		1.99			(0.56	)		2.01			(0.58	)		72
	2004	(3)		9,901		1.98			(0.51	)		2.00			(0.53	)		34
	2003	(3)		12,560		1.98			(0.73	)		2.00			(0.75	)		49
	2002	(3)		12,008		1.98			(0.87	)		2.01			(0.90	)		37
	2001	(3)		12,392		1.90			(0.64	)		1.90			(0.64	)		53
Class C
	2005	(2)	$	4,590		2.00	%		0.03	%		2.00	%		0.03	%		15	%
	2005	(3)		4,808		1.99			(0.56	)		2.01			(0.58	)		72
	2004	(3)		4,609		1.98			(0.52	)		2.00			(0.54	)		34
	2003	(3)		4,354		1.98			(0.74	)		2.00			(0.76	)		49
	2002	(3)		4,873		1.98			(0.87	)		2.01			(0.90	)		37
	2001	(3)		4,547		1.90			(0.65	)		1.90			(0.65	)		53
Class R (4)
	2005	(2)	$	4		1.50	%		0.59	%		1.65	%		0.44	%		15	%
	2005	(3)		4		1.49			(0.04	)		1.66			(0.21	)		72
	2004	(3)		1		1.23			0.22			1.25			0.20			34
	2003	(3)		1,351		1.23			0.04			1.25			0.02			49
	2002	(3)		424		1.24			(0.11	)		1.27			(0.14	)		37
	2001	(5)		—		—			—			—			—			53
Class Y
	2005	(2)	$	348,166		1.00	%		1.03	%		1.00	%		1.03	%		15	%
	2005	(3)		363,261		0.99			0.44			1.01			0.42			72
	2004	(3)		367,774		0.98			0.50			1.00			0.48			34
	2003	(3)		428,846		0.98			0.27			1.00			0.25			49
	2002	(3)		368,092		0.98			0.13			1.01			0.10			37
	2001	(3)		434,097		0.90			0.37			0.90			0.37			53
Small-Mid Cap Core Fund (1) (6)
Class A
	2005	(2)	$	22,339		1.34	%		(0.86	)%		1.34	%		(0.86	)%		80	%
	2005	(3)		23,016		1.42			(0.83	)		1.50			(0.91	)		197
	2004	(3)		27,356		1.23			(0.86	)		1.28			(0.91	)		51
	2003	(3)		27,936		1.23			(0.52	)		1.29			(0.58	)		110
	2002	(3)		18,267		1.23			(0.89	)		1.70			(1.36	)		288
	2001	(3)		29,084		1.15			(0.88	)		1.22			(0.95	)		269
Class B
	2005	(2)	$	10,054		2.09	%		(1.61	)%		2.09	%		(1.61	)%		80	%
	2005	(3)		10,685		2.17			(1.59	)		2.25			(1.67	)		197
	2004	(3)		13,445		1.98			(1.60	)		2.03			(1.65	)		51
	2003	(3)		16,016		1.98			(1.26	)		2.04			(1.32	)		110
	2002	(3)		11,190		1.98			(1.64	)		2.45			(2.11	)		288
	2001	(3)		15,974		1.90			(1.63	)		1.97			(1.70	)		269
Class C
	2005	(2)	$	4,253		2.09	%		(1.61	)%		2.09	%		(1.61	)%		80	%
	2005	(3)		4,485		2.17			(1.59	)		2.25			(1.67	)		197
	2004	(3)		6,000		1.98			(1.60	)		2.03			(1.65	)		51
	2003	(3)		7,056		1.98			(1.25	)		2.04			(1.31	)		110
	2002	(3)		5,064		1.98			(1.64	)		2.45			(2.11	)		288
	2001	(3)		9,010		1.90			(1.63	)		1.98			(1.71	)		269
Class Y
	2005	(2)	$	31,381		1.09	%		(0.61	)%		1.09	%		(0.61	)%		80	%
	2005	(3)		33,537		1.17			(0.58	)		1.25			(0.66	)		197
	2004	(3)		43,758		0.98			(0.60	)		1.03			(0.65	)		51
	2003	(3)		59,817		0.98			(0.24	)		1.04			(0.30	)		110
	2002	(3)		44,134		0.98			(0.64	)		1.45			(1.11	)		288
	2001	(3)		59,653		0.90			(0.62	)		0.96			(0.67	)		269

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

  (6)  The financial highlights for Small-Mid Cap Core Fund as set forth herein include the historical financial highlights of the First American
Technology Fund. Effective October 3, 2005, the fund's name and strategy changed.

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

FIRST AMERICAN FUNDS Annual Report 2005

71

Schedule of Investments October 31, 2005

Mid Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 97.4%
Consumer Discretionary – 16.5%
Chico's FAS*		225,250	$	8,906
Coach*		486,770		15,664
Coldwater Creek* (a)		975,284		26,323
Fortune Brands		234,730		17,832
Gaylord Entertainment* (a)		288,030		11,371
Harman International Industries (a)		234,830		23,450
Harrah's Entertainment		319,540		19,326
Scientific Games, Class A* (a)		1,453,000		43,532
Starwood Hotels & Resorts Worldwide (a)		350,100		20,456
Station Casinos (a)		528,320		33,865
Texas Roadhouse, Class A* (a)		1,440,078		22,667
XM Satellite* (a)		677,350		19,528
				262,920
Consumer Staples – 2.7%
Corn Products International (a)		778,500		18,536
Hershey Foods (a)		426,470		24,236
				42,772
Energy – 10.7%
Apache		195,214		12,461
BJ Services (a)		532,420		18,502
Chesapeake Energy (a)		251,950		8,088
National-Oilwell*		389,510		24,333
Newfield Exploration*		572,230		25,939
Smith International (a)		213,740		6,925
Southwestern Energy*		107,330		7,786
Valero Energy		100,208		10,546
Weatherford International* (a)		528,470		33,082
XTO Energy		497,586		21,625
				169,287
Financials – 5.4%
Ameritrade Holding* (a)		838,619		17,636
Bear Stearns (a)		268,430		28,400
Calamos Asset Management (a)		344,300		8,363
Chicago Mercantile Exchage (a)		33,130		12,097
Legg Mason (a)		180,730		19,394
				85,890
Health Care – 18.9%
Aetna		256,710		22,734
American Healthways* (a)		390,420		15,835
C.R. Bard		97,870		6,105
Caremark Rx*		348,160		18,244
Cooper (a)		236,350		16,270
Coventry Health Care*		401,925		21,700
DENTSPLY International (a)		679,500		37,468
Endo Pharmaceuticals*		458,550		12,344
Fisher Scientific International* (a)		317,250		17,925
PerkinElmer		2,093,950		46,214
Quest Diagnostics (a)		329,390		15,386
Sierra Health Services* (a)		249,440		18,708
Thermo Electron* (a)		1,275,770		38,516
Zimmer Holdings* (a)		206,630		13,177
				300,626
Industrials – 19.1%
Dun & Bradstreet*		655,390		41,499
Dycom Industries* (a)		827,840		16,499
Hexcel* (a)		426,130		6,741
Kennametal (a)		350,930		17,936

Mid Cap Growth Opportunities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
L-3 Communications Holdings (a)		447,140	$	34,796
Monster Worldwide* (a)		1,088,730		35,721
MSC Industrial Direct		736,950		28,137
Pentair		372,960		12,117
Precision Castparts		399,900		18,939
Republic Services		688,755		24,348
Roper Industries (a)		519,300		19,578
Stericycle* (a)		282,150		16,241
Toro		357,430		13,050
UTI Worldwide (a)		216,486		18,518
				304,120
Information Technology – 24.1%
Adobe Systems (a)		1,401,780		45,207
Altera* (a)		850,280		14,157
Amphenol, Class A		612,190		24,469
Apple Computer* (a)		276,790		15,940
Autodesk (a)		360,150		16,254
Broadcom, Class A* (a)		455,760		19,352
Cogent* (a)		554,330		14,717
Cognizant Technology Solutions* (a)		508,160		22,349
Cognos* (a)		471,430		17,693
F5 Networks* (a)		183,250		9,535
Freescale Semiconductor* (a)		347,230		8,226
Hyperion Solutions* (a)		337,760		16,334
Linear Technology		790,470		26,252
Macromedia*		213,030		9,356
Marvell Technology Group* (a)		224,270		10,408
MEMC Electronic Materials* (a)		1,036,950		18,603
Microchip Technology		765,520		23,096
National Semiconductor (a)		737,470		16,689
NCR* (a)		816,310		24,669
Paychex (a)		422,740		16,385
Research in Motion* (a)		208,870		12,843
				382,534
Total Common Stocks (Cost $1,293,271)				1,548,149
Short-Term Investments – 1.5%
First American Prime Obligations Fund, Class Z (b) (Cost $23,139)		23,138,676		23,139
Investments Purchased with Proceeds from Securities Lending (c) – 38.3%
(Cost $609,013)				609,013
Total Investments – 137.2% (Cost $1,925,423)				2,180,301
Other Assets and Liabilities, Net – (37.2)%				(591,353	)
Total Net Assets – 100.0%			$	1,588,948

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $603,509,844 at October 31, 2005. See note 2 in Notes to Financial Statements.

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

(c)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

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

FIRST AMERICAN FUNDS Annual Report 2005

72

Mid Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 97.5%
Consumer Discretionary – 13.0%
Black & Decker (a)		92,930	$	7,632
BorgWarner		149,780		8,686
Darden Restaurants (a)		282,070		9,145
Federated Department Stores		163,960		10,062
Fortune Brands		109,930		8,351
Harrah's Entertainment		109,560		6,626
Liz Claiborne (a)		191,030		6,724
Office Depot*		310,550		8,549
Pulte Homes		250,000		9,448
Sherwin Williams (a)		289,900		12,335
				87,558
Consumer Staples – 7.2%
Archer-Daniels-Midland		456,600		11,127
Kroger*		906,490		18,039
Molson Coors Brewing (a)		79,330		4,895
Pepsi Bottling (a)		267,480		7,605
Pilgrim's Pride (a)		205,410		6,466
				48,132
Energy – 7.3%
BJ Services (a)		194,400		6,755
GlobalSantaFe (a)		152,760		6,806
Kerr-McGee		74,260		6,315
National-Oilwell*		104,390		6,521
Newfield Exploration*		320,370		14,522
Noble Energy		200,160		8,016
				48,935
Financials (b) – 27.4%
ACE		267,090		13,915
Ambac Financial Group (a)		99,530		7,056
AON		285,410		9,661
Astoria Financial		241,830		6,759
Bear Stearns (a)		151,180		15,995
Boston Properties (a)		120,560		8,345
CIT Group		152,760		6,986
Comerica		200,660		11,594
Cullen/Frost Bankers		173,150		9,146
Developers Diversified Realty (a)		181,640		7,934
Equity Office Properties Trust (a)		249,770		7,693
Genworth Financial (a)		470,980		14,925
KeyCorp (a)		281,410		9,073
Marshall & Ilsley (a)		218,630		9,392
MGIC Investment (a)		132,080		7,824
Northern Trust (a)		167,410		8,973
Principal Financial Group (a)		66,930		3,322
Synovus Financial		280,200		7,697
Vornado Realty Trust (a)		86,150		6,978
W.R. Berkley		251,692		10,999
				184,267
Health Care – 6.0%
CIGNA		105,350		12,207
Community Health Systems* (a)		271,050		10,059
Health Net* (a)		169,930		7,960
PerkinElmer		466,880		10,304
				40,530

Mid Cap Value Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Industrials – 9.2%
American Standard		194,690	$	7,406
Eaton (a)		165,550		9,739
Joy Global (a)		144,365		6,622
Kennametal		210,950		10,782
Norfolk Southern		416,590		16,747
Republic Services		299,150		10,575
				61,871
Information Technology – 8.8%
Amphenol, Class A		146,590		5,859
Arrow Electronics* (a)		410,910		12,126
Electronic Data Systems		305,560		7,123
Harris		167,420		6,881
Ingram Micro*		570,150		10,320
Lucent Technologies* (a)		1,098,920		3,132
National Semiconductor (a)		303,970		6,879
Xerox* (a)		516,200		7,005
				59,325
Materials – 6.8%
Ashland (a)		126,110		6,748
Eastman Chemical (a)		139,590		7,365
Engelhard		303,950		8,267
Lyondell Chemical (a)		294,000		7,879
Phelps Dodge (a)		62,670		7,550
Rohm & Haas (a)		178,800		7,783
				45,592
Utilities – 11.8%
Alliant Energy		194,050		5,133
Constellation Energy		262,370		14,378
DPL (a)		155,640		4,011
DTE Energy (a)		111,710		4,826
Edison International		248,020		10,853
PG&E (a)		317,200		11,540
PNM Resources		200,270		5,077
PPL		435,390		13,645
Sempra Energy		77,240		3,422
Wisconsin Energy (a)		177,360		6,710
				79,595
Total Common Stocks (Cost $572,584)				655,805

FIRST AMERICAN FUNDS Annual Report 2005

73

Schedule of Investments October 31, 2005

Mid Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Short-Term Investments – 2.6%
First American Prime Obligations Fund, Class Z (c) (Cost $17,341)		17,341,190	$	17,341
Investments Purchased with Proceeds from Securities Lending (d) – 31.6%
(Cost $212,246)				212,246
Total Investments – 131.7% (Cost $802,171)				885,392
Other Assets and Liabilities, Net – (31.7)%				(213,363	)
Total Net Assets – 100.0%			$	672,029

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $207,720,075 at October 31, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund significantly invested in this industry and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.

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

(d)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

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

FIRST AMERICAN FUNDS Annual Report 2005

74

Statements of Assets and Liabilities October 31, 2005, in thousands, except for per share data

	Mid Cap Growth Opportunities Fund			Mid Cap Value Fund
ASSETS:
Investments in unaffliated securities, at value* (cost: $1,293,271 and $572,584, respectively) (note 2)	$	1,548,149		$	655,805
Investments in affliated money market fund, at value (cost: $23,139 and $17,341, respectively) (note 2)		23,139			17,341
Investments purchased with proceeds from securities lending (cost: $609,013 and $212,246, respectively) (note 2)		609,013			212,246
Cash**		7,845			244
Receivable for dividends and interest		531			338
Receivable for investment securities sold		27,606			28,557
Receivable for capital shares sold		1,934			1,082
Prepaid expenses and other assets		58			50
Total assets		2,218,275			915,663
LIABILITIES:
Payable for investment securities purchased		16,173			29,932
Payable upon return of securities loaned (note 2)		609,714			212,490
Payable for capital shares redeemed		2,007			619
Payable to affiliates (note 3)		1,300			545
Payable for distribution and shareholder servicing fees		94			26
Accrued expenses and other liabilities		39			22
Total liabilities		629,327			243,634
Net assets	$	1,588,948		$	672,029
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,217,823		$	553,714
Undistributed (distributions in excess of) net investment income		(1	)		186
Accumulated net realized gain on investments		116,248			34,908
Net unrealized appreciation of investments		254,878			83,221
Net assets	$	1,588,948		$	672,029
* Including securities loaned, at value	$	603,510		$	207,720
** Includes cash collateral received related to securities loaned (note 2)	$	701		$	244
Class A:
Net assets	$	314,830		$	56,125
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		7,722			2,334
Net asset value and redemption price per share	$	40.77		$	24.04
Maximum offering price per share (1)	$	43.14		$	25.44
Class B:
Net assets	$	14,586		$	9,252
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		383			400
Net asset value, offering price and redemption price per share (2)	$	38.12		$	23.12
Class C:
Net assets	$	15,435		$	7,439
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		391			316
Net asset value, offering price and redemption price per share (2)	$	39.46		$	23.57
Class R:
Net assets	$	5,502		$	785
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		135			33
Net asset value, offering price, and redemption price per share	$	40.61		$	24.00
Class Y:
Net assets	$	1,238,595		$	598,428
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		29,065			24,785
Net asset value, offering price, and redemption price per share	$	42.61		$	24.14

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

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

FIRST AMERICAN FUNDS Annual Report 2005

75

Statements of Operations

	Mid Cap Growth Opportunities Fund						Mid Cap Value Fund
One-Month	Year Period Ended 10/31/05			One-Month Ended 9/30/05			Year Period Ended 10/31/05			Ended 9/30/05
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	134		$	916		$	49		$	328
Dividends from unaffiliated securities		514			6,858			359			9,742
Less: Foreign taxes withheld		—			(5	)		—			(6	)
Securities lending income		34			495			11			166
Total investment income		682			8,264			419			10,230
EXPENSES (note 3):
Investment advisory fees		942			10,195			397			4,051
Transfer agent fees		179			955			72			387
Administration fees		172			2,931			73			1,163
Custodian fees		7			126			3			49
Professional fees		5			91			2			48
Registration fees		4			40			4			41
Postage and printing fees		3			76			1			31
Directors' fees		3			34			1			13
Other expenses		3			30			1			14
Distribution and shareholder servicing fees – Class A		66			549			12			87
Distribution and shareholder servicing fees – Class B		12			132			8			101
Distribution and shareholder servicing fees – Class C		14			144			6			46
Distribution and shareholder servicing fees – Class R		2			7			—	(1)		1
Total expenses		1,412			15,310			580			6,032
Less: Fee waivers (note 3)		(1	)		(478	)		—			(231	)
Total net expenses		1,411			14,832			580			5,801
Investment income (loss) – net		(729	)		(6,568	)		(161	)		4,429
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		33,519			180,742			4,915			88,747
Net change in unrealized appreciation or depreciation of investments		(63,233	)		166,265			(27,884	)		30,399
Net gain (loss) on investments		(29,714	)		347,007			(22,969	)		119,146
Net increase (decrease) in net assets resulting from operations	$	(30,443	)	$	340,439		$	(23,130	)	$	123,575

  (1)  Due to the presentation of the financial statements in thousands, the numbers round to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

76

Statements of Changes in Net Assets in thousands

	Mid Cap Growth Opportunities Fund									Mid Cap Value Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income (loss) – net	$	(729	)	$	(6,568	)	$	(8,420	)	$	(161	)	$	4,429		$	2,640
Net realized gain on investments		33,519			180,742			222,462			4,915			88,747			47,402
Net change in unrealized appreciation or depreciation of investments		(63,233	)		166,265			10,165			(27,884	)		30,399			37,910
Net increase (decrease) in net assets resulting from operations		(30,443	)		340,439			224,207			(23,130	)		123,575			87,952
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			—			—			(164	)		(65	)
Class B		—			—			—			—			(1	)		(4	)
Class C		—			—			—			—			—			(1	)
Class R		—			—			—			—			—			(3	)
Class Y		—			—			—			—			(3,591	)		(2,029	)
Net realized gain on investments:
Class A		—			(26,799	)		(4,797	)		—			—			—
Class B		—			(1,832	)		(306	)		—			—			—
Class C		—			(1,996	)		(393	)		—			—			—
Class R		—			(2	)		(322	)		—			—			—
Class Y		—			(164,469	)		(34,963	)		—			—			—
Tax return of capital:
Class A		—			—			—			—			—			(2	)
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		—			—			—			—			—			(55	)
Total distributions		—			(195,098	)		(40,781	)		—			(3,756	)		(2,159	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		7,177			141,968			29,575			4,466			29,979			13,198
Reinvestment of distributions		—			25,770			4,705			—			156			65
Payments for redemptions		(4,287	)		(44,583	)		(35,852	)		(866	)		(11,836	)		(5,352	)
Increase (decrease) in net assets from Class A transactions		2,890			123,155			(1,572	)		3,600			18,299			7,911
Class B:
Proceeds from sales		139			3,307			2,328			84			2,023			1,051
Reinvestment of distributions		—			1,767			291			—			1			4
Payments for redemptions		(186	)		(2,148	)		(1,842	)		(662	)		(3,940	)		(3,446	)
Increase (decrease) in net assets from Class B transactions		(47	)		2,926			777			(578	)		(1,916	)		(2,391	)
Class C:
Proceeds from sales		445			6,924			1,776			427			4,164			1,189
Reinvestment of distributions		—			1,992			392			—			—			1
Payments for redemptions		(1,748	)		(5,357	)		(4,056	)		(165	)		(994	)		(1,405	)
Increase (decrease) in net assets from Class C transactions		(1,303	)		3,559			(1,888	)		262			3,170			(215	)
Class R:
Proceeds from sales		198			5,771			1,017			421			366			776
Reinvestment of distributions		—			2			285			—			—			2
Payments for redemptions		(94	)		(481	)		(13,131	)		(5	)		(5	)		(1,919	)
Increase (decrease) in net assets from Class R transactions		104			5,292			(11,829	)		416			361			(1,141	)
Class Y:
Proceeds from sales		9,636			217,915			142,884			6,506			155,251			101,305
Reinvestment of distributions		—			131,612			29,145			—			2,282			1,435
Payments for redemptions		(20,617	)		(366,059	)		(316,100	)		(8,542	)		(79,482	)		(79,863	)
Increase (decrease) in net assets from Class Y transactions		(10,981	)		(16,532	)		(144,071	)		(2,036	)		78,051			22,877
Increase (decrease) in net assets from capital share transactions		(9,337	)		118,400			(158,583	)		1,664			97,965			27,041
Total increase (decrease) in net assets		(39,780	)		263,741			24,843			(21,466	)		217,784			112,834
Net assets at beginning of period		1,628,728			1,364,987			1,340,144			693,495			475,711			362,877
Net assets at end of period	$	1,588,948		$	1,628,728		$	1,364,987		$	672,029		$	693,495		$	475,711
Undistributed (distributions in excess of) net investment income at end of period	$	(1	)	$	(1	)	$	(2	)	$	186		$	186		$	153

FIRST AMERICAN FUNDS Annual Report 2005

77

Financial Highlights For a share outstanding throughout the indicated period.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (9)
Mid Cap Growth Opportunities (1)
Class A
	2005	(2) (3)	$	41.55	$	(0.02	)	$	(0.76	)	$	—		$	40.77		(1.88	)%
	2005	(3) (4)		38.19		(0.24	)		9.65			(6.05	)		41.55		26.25
	2004	(3) (4)		33.68		(0.30	)		5.88			(1.07	)		38.19		16.88
	2003	(3) (4)		26.45		(0.18	)		7.41			—			33.68		27.33
	2002	(4)		28.33		(0.11	)		(1.77	)		—			26.45		(6.64	)
	2001	(3) (5)		54.63		(0.06	)		(8.40	)		(17.84	)		28.33		(20.00	)
Class B
	2005	(2) (3)	$	38.87	$	(0.05	)	$	(0.70	)	$	—		$	38.12		(1.93	)%
	2005	(3) (4)		36.31		(0.51	)		9.12			(6.05	)		38.87		25.29
	2004	(3) (4)		32.30		(0.55	)		5.63			(1.07	)		36.31		16.03
	2003	(3) (4)		25.56		(0.39	)		7.13			—			32.30		26.37
	2002	(4)		27.59		(0.18	)		(1.85	)		—			25.56		(7.36	)
	2001	(3) (5)		53.97		(0.29	)		(8.25	)		(17.84	)		27.59		(20.60	)
Class C
	2005	(2) (3)	$	40.23	$	(0.05	)	$	(0.72	)	$	—		$	39.46		(1.91	)%
	2005	(3) (4)		37.40		(0.53	)		9.41			(6.05	)		40.23		25.27
	2004	(3) (4)		33.24		(0.57	)		5.80			(1.07	)		37.40		16.03
	2003	(3) (4)		26.29		(0.40	)		7.35			—			33.24		26.43
	2002	(4)		28.33		(0.10	)		(1.94	)		—			26.29		(7.20	)
	2001	(3) (6)		27.40		—			0.93			—			28.33		3.39
Class R (7)
	2005	(2) (3)	$	41.40	$	(0.03	)	$	(0.76	)	$	—		$	40.61		(1.91	)%
	2005	(3) (4)		38.15		(0.31	)		9.61			(6.05	)		41.40		25.95
	2004	(3) (4)		33.66		(0.30	)		5.86			(1.07	)		38.15		16.83
	2003	(3) (4)		26.43		(0.17	)		7.40			—			33.66		27.36
	2002	(4)		28.29		(0.07	)		(1.79	)		—			26.43		(6.58	)
	2001	(3) (8)		35.75		(0.06	)		(7.40	)		—			28.29		(20.87	)
Class Y
	2005	(2) (3)	$	43.42	$	(0.02	)	$	(0.79	)	$	—		$	42.61		(1.86	)%
	2005	(3) (4)		39.58		(0.16	)		10.05			(6.05	)		43.42		26.57
	2004	(3) (4)		34.78		(0.21	)		6.08			(1.07	)		39.58		17.18
	2003	(3) (4)		27.25		(0.09	)		7.62			—			34.78		27.68
	2002	(4)		29.11		(0.05	)		(1.81	)		—			27.25		(6.39	)
	2001	(3) (5)		55.52		0.02			(8.59	)		(17.84	)		29.11		(19.84	)

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year-end was changed from September 30 to October 31. All ratios for
the period have been annualized, except total return and portfolio turnover.

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

  (4)  For the period October 1 to September 30 in the year indicated.

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

  (6)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

  (8)  For the period from December 11, 2000, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

78

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Mid Cap Growth Opportunities (1)
Class A
	2005	(2) (3)	$	314,830		1.23	%		(0.72	)%		1.23	%		(0.72	)%		9	%
	2005	(3) (4)		317,906		1.21			(0.62	)		1.24			(0.65	)		107
	2004	(3) (4)		173,436		1.20			(0.79	)		1.24			(0.83	)		135
	2003	(3) (4)		154,499		1.20			(0.58	)		1.25			(0.63	)		145
	2002	(4)		75,002		1.20			(0.34	)		1.26			(0.40	)		162
	2001	(3) (5)		82,043		1.20			(0.19	)		1.22	��		(0.21	)		204
Class B
	2005	(2) (3)	$	14,586		1.98	%		(1.47	)%		1.98	%		(1.47	)%		9	%
	2005	(3) (4)		14,922		1.96			(1.40	)		1.99			(1.43	)		107
	2004	(3) (4)		10,974		1.95			(1.54	)		1.99			(1.58	)		135
	2003	(3) (4)		9,055		1.95			(1.33	)		2.00			(1.38	)		145
	2002	(4)		4,227		1.95			(1.08	)		2.01			(1.14	)		162
	2001	(3) (5)		2,606		1.94			(0.95	)		1.97			(0.98	)		204
Class C
	2005	(2) (3)	$	15,435		1.98	%		(1.47	)%		1.98	%		(1.47	)%		9	%
	2005	(3) (4)		17,079		1.96			(1.40	)		1.99			(1.43	)		107
	2004	(3) (4)		12,356		1.95			(1.54	)		1.99			(1.58	)		135
	2003	(3) (4)		12,649		1.95			(1.33	)		2.00			(1.38	)		145
	2002	(4)		1,136		1.95			(1.07	)		2.01			(1.13	)		162
	2001	(3) (6)		—		—			—			—			—			204
Class R (7)
	2005	(2) (3)	$	5,502		1.48	%		(0.97	)%		1.63	%		(1.12	)%		9	%
	2005	(3) (4)		5,501		1.46			(0.77	)		1.64			(0.95	)		107
	2004	(3) (4)		1		1.20			(0.81	)		1.24			(0.85	)		135
	2003	(3) (4)		10,284		1.20			(0.56	)		1.25			(0.61	)		145
	2002	(4)		5,869		1.20			(0.33	)		1.26			(0.39	)		162
	2001	(3) (8)		1,484		1.19			(0.24	)		1.23			(0.28	)		204
Class Y
	2005	(2) (3)	$	1,238,595		0.98	%		(0.47	)%		0.98	%		(0.47	)%		9	%
	2005	(3) (4)		1,273,320		0.96			(0.40	)		0.99			(0.43	)		107
	2004	(3) (4)		1,168,220		0.95			(0.54	)		0.99			(0.58	)		135
	2003	(3) (4)		1,153,657		0.95			(0.30	)		1.00			(0.35	)		145
	2002	(4)		477,210		0.95			(0.08	)		1.01			(0.14	)		162
	2001	(3) (5)		406,349		0.95			0.06			0.97			0.04			204

FIRST AMERICAN FUNDS Annual Report 2005

79

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Return of Capital			Net Asset Value End of Period		Total Return (7)
Mid Cap Value Fund (1)
Class A
	2005	(2)	$	24.88	$	(0.01	)	$	(0.83	)	$	—		$	—		$	24.04		(3.38	)%
	2005	(3)		20.09		0.13			4.76			(0.10	)		—			24.88		24.38
	2004	(3)		16.30		0.08			3.77			(0.06	)		—	(6)		20.09		23.65
	2003	(3)		13.29		0.18			2.96			(0.12	)		(0.01	)		16.30		23.71
	2002	(3)		13.74		0.13			(0.44	)		(0.10	)		(0.04	)		13.29		(2.41	)
	2001	(3)		14.62		0.10			(0.88	)		(0.10	)		—			13.74		(5.41	)
Class B
	2005	(2)	$	23.94	$	(0.02	)	$	(0.80	)	$	—		$	—		$	23.12		(3.43	)%
	2005	(3)		19.39		(0.05	)		4.60			—			—			23.94		23.47
	2004	(3)		15.81		(0.06	)		3.65			(0.01	)		—	(6)		19.39		22.69
	2003	(3)		12.92		0.07			2.87			(0.04	)		(0.01	)		15.81		22.84
	2002	(3)		13.37		0.01			(0.41	)		(0.01	)		(0.04	)		12.92		(3.07	)
	2001	(3)		14.28		(0.01	)		(0.88	)		(0.02	)		—			13.37		(6.21	)
Class C
	2005	(2)	$	24.40	$	(0.02	)	$	(0.81	)	$	—		$	—		$	23.57		(3.40	)%
	2005	(3)		19.77		(0.03	)		4.66			—			—			24.40		23.43
	2004	(3)		16.12		(0.06	)		3.72			(0.01	)		—	(6)		19.77		22.69
	2003	(3)		13.17		0.07			2.93			(0.04	)		(0.01	)		16.12		22.84
	2002	(3)		13.63		0.01			(0.43	)		—			(0.04	)		13.17		(3.09	)
	2001	(3)		14.55		(0.01	)		(0.89	)		(0.02	)		—			13.63		(6.17	)
Class R (4)
	2005	(2)	$	24.83	$	(0.01	)	$	(0.82	)	$	—		$	—		$	24.00		(3.34	)%
	2005	(3)		20.09		0.12			4.70			(0.08	)		—			24.83		24.04
	2004	(3)		16.31		0.07			3.76			(0.05	)		—	(6)		20.09		23.51
	2003	(3)		13.29		0.16			2.99			(0.12	)		(0.01	)		16.31		23.80
	2002	(3)		13.74		0.13			(0.44	)		(0.10	)		(0.04	)		13.29		(2.40	)
	2001	(5)		13.31		0.01			0.42			—			—			13.74		3.23
Class Y
	2005	(2)	$	24.98	$	—		$	(0.84	)	$	—		$	—		$	24.14		(3.36	)%
	2005	(3)		20.17		0.18			4.78			(0.15	)		—			24.98		24.68
	2004	(3)		16.36		0.12			3.79			(0.10	)		—	(6)		20.17		23.95
	2003	(3)		13.33		0.21			2.98			(0.15	)		(0.01	)		16.36		24.06
	2002	(3)		13.77		0.17			(0.44	)		(0.13	)		(0.04	)		13.33		(2.12	)
	2001	(3)		14.68		0.14			(0.92	)		(0.13	)		—			13.77		(5.37	)

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year end was changed from September 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.

  (3)  For the period October 1 to September 30 in the year indicated.

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

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

80

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Mid Cap Value Fund (1)
Class A
	2005	(2)	$	56,125		1.23	%		(0.48	)%		1.23	%		(0.48	)%		10	%
	2005	(3)		54,360		1.21			0.59			1.25			0.55			101
	2004	(3)		28,561		1.20			0.41			1.25			0.36			83
	2003	(3)		16,598		1.20			1.21			1.25			1.16			102
	2002	(3)		13,083		1.20			0.83			1.26			0.77			90
	2001	(3)		13,583		1.15			0.67			1.15			0.67			104
Class B
	2005	(2)	$	9,252		1.98	%		(1.25	)%		1.98	%		(1.25	)%		10	%
	2005	(3)		10,157		1.96			(0.21	)		2.00			(0.25	)		101
	2004	(3)		9,928		1.95			(0.35	)		2.00			(0.40	)		83
	2003	(3)		10,154		1.95			0.50			2.00			0.45			102
	2002	(3)		10,410		1.95			0.08			2.01			0.02			90
	2001	(3)		11,311		1.90			(0.08	)		1.90			(0.08	)		104
Class C
	2005	(2)	$	7,439		1.98	%		(1.24	)%		1.98	%		(1.24	)%		10	%
	2005	(3)		7,426		1.96			(0.15	)		2.00			(0.19	)		101
	2004	(3)		3,342		1.95			(0.33	)		2.00			(0.38	)		83
	2003	(3)		2,916		1.95			0.51			2.00			0.46			102
	2002	(3)		3,207		1.95			0.08			2.01			0.02			90
	2001	(3)		3,312		1.90			(0.04	)		1.90			(0.04	)		104
Class R (4)
	2005	(2)	$	785		1.47	%		(0.69	)%		1.62	%		(0.84	)%		10	%
	2005	(3)		380		1.46			0.52			1.65			0.33			101
	2004	(3)		1		1.20			0.37			1.25			0.32			83
	2003	(3)		966		1.20			1.07			1.25			1.02			102
	2002	(3)		158		1.20			0.87			1.26			0.81			90
	2001	(5)		44		0.85			5.19			0.85			5.19			104
Class Y
	2005	(2)	$	598,428		0.98	%		(0.24	)%		0.98	%		(0.24	)%		10	%
	2005	(3)		621,172		0.96			0.80			1.00			0.76			101
	2004	(3)		433,879		0.95			0.66			1.00			0.61			83
	2003	(3)		332,243		0.95			1.45			1.00			1.40			102
	2002	(3)		259,990		0.95			1.08			1.01			1.02			90
	2001	(3)		291,932		0.90			0.92			0.90			0.92			104

FIRST AMERICAN FUNDS Annual Report 2005

81

Schedule of Investments October 31, 2005

Large Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.1%
Consumer Discretionary – 14.6%
Coach*		224,920	$	7,238
Harrah's Entertainment		72,910		4,410
Lowe's (a)		445,230		27,057
McGraw-Hill		245,560		12,018
Nike, Class B (a)		120,440		10,123
Omnicom Group (a)		207,400		17,206
Staples		812,245		18,462
Starbucks*		373,840		10,572
Station Casinos (a)		188,880		12,107
Target (a)		447,210		24,905
				144,098
Consumer Staples – 7.5%
Altria Group		143,240		10,750
PepsiCo		457,520		27,030
Procter & Gamble		645,984		36,169
				73,949
Energy – 3.9%
Apache		200,400		12,792
ConocoPhillips		115,250		7,535
Exxon Mobil		123,240		6,919
Halliburton (a)		96,770		5,719
National-Oilwell Varco*		86,880		5,427
				38,392
Financials – 10.8%
Allstate		197,920		10,448
American Express		355,610		17,699
American International Group		232,100		15,040
Capital One Financial (a)		79,300		6,055
Goldman Sachs Group (a)		180,870		22,857
Legg Mason		85,550		9,180
Lehman Brothers Holdings (a)		67,980		8,135
Wells Fargo		280,320		16,875
				106,289
Health Care – 21.3%
Aetna		242,760		21,499
Alcon* (a)		88,180		11,719
Amgen* (a)		321,660		24,369
Caremark Rx*		302,356		15,843
Genentech* (a)		135,190		12,248
Johnson & Johnson		448,660		28,095
Medtronic		400,010		22,665
PacifiCare Health Systems*		93,670		7,715
PerkinElmer		445,400		9,830
St. Jude Medical*		356,140		17,120
Teva Pharmaceutical Industries, ADR (a)		222,020		8,463
UnitedHealth Group (a)		332,660		19,258
Zimmer Holdings* (a)		164,899		10,516
				209,340
Industrials – 11.0%
Danaher (a)		223,650		11,652
Dun & Bradstreet*		135,690		8,592
General Electric		996,490		33,791
Pentair		231,920		7,535
United Parcel Service, Class B		278,760		20,333
United Technologies		359,240		18,422
UTi Worldwide (a)		89,382		7,646
				107,971

Large Cap Growth Opportunities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Information Technology (b) – 28.5%
Adobe Systems (a)		449,480	$	14,496
Amphenol, Class A		263,280		10,523
Apple Computer* (a)		275,690		15,877
Autodesk (a)		170,530		7,696
Corning*		612,810		12,311
Dell*		482,950		15,396
eBay* (a)		431,440		17,085
EMC*		980,910		13,694
Google* (a)		49,480		18,413
Hewlett-Packard		360,150		10,099
Intel		973,800		22,884
Linear Technology		217,850		7,235
Marvell Technology Group* (a)		116,510		5,407
Microchip Technology (a)		279,660		8,437
Microsoft		978,290		25,142
Motorola (a)		792,190		17,555
NCR*		173,230		5,235
Paychex (a)		228,210		8,845
QUALCOMM		202,900		8,067
Research in Motion* (a)		111,910		6,881
Texas Instruments (a)		766,830		21,893
Yahoo!* (a)		192,510		7,117
				280,288
Materials – 1.5%
Dow Chemical		324,870		14,899
Total Common Stocks (Cost $872,499)				975,226
Short-Term Investments – 2.4%
First American Prime Obligations Fund, Class Z (c) (Cost $23,774)		23,773,810		23,774
Investments Purchased with Proceeds from Securities Lending (d) – 26.1%
(Cost $257,330)				257,330
Total Investments – 127.6% (Cost $1,153,603)				1,256,330
Other Assets and Liabilities, Net – (27.6)%				(271,546	)
Total Net Assets – 100.0%			$	984,784

*   Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $254,856,194 at October 31, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.

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

(d)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes in Financial Statements.

ADR – American Depository Receipt

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

FIRST AMERICAN FUNDS Annual Report 2005

82

Schedule of Investments October 31, 2005

Large Cap Select Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 97.1%
Consumer Discretionary – 10.1%
Coach*		110,800	$	3,566
Harrah's Entertainment		64,500		3,901
J.C. Penney (a)		110,400		5,652
Omnicom Group (a)		68,910		5,717
Sherwin Williams (a)		158,130		6,728
Station Casinos (a)		57,530		3,688
Time Warner		318,814		5,684
				34,936
Consumer Staples – 7.7%
PepsiCo		113,467		6,704
Procter & Gamble		159,368		8,923
Wal-Mart Stores (a)		237,700		11,246
				26,873
Energy – 8.2%
Amerada Hess (a)		29,090		3,639
Apache		115,576		7,377
ConocoPhillips		112,910		7,382
Exxon Mobil		56,860		3,192
Halliburton (a)		52,856		3,124
National-Oilwell Varco*		60,600		3,786
				28,500
Financials – 21.3%
ACE		152,644		7,953
Allstate		94,225		4,974
American International Group		165,030		10,694
Bank of America (a)		300,978		13,165
Capital One Financial (a)		51,914		3,964
Goldman Sachs Group (a)		91,547		11,569
Lehman Brothers Holdings (a)		75,040		8,980
Wells Fargo		210,080		12,647
				73,946
Health Care – 12.2%
Amgen* (a)		118,130		8,949
Johnson & Johnson		199,359		12,484
Teva Pharmaceutical Industries, ADR (a)		93,780		3,575
UnitedHealth Group (a)		109,998		6,368
Wyeth Pharmaceuticals		246,260		10,973
				42,349
Industrials – 7.5%
Eaton (a)		46,070		2,710
Emerson Electric		76,600		5,327
Illinois Tool Works (a)		72,250		6,124
United Parcel Service, Class B		161,560		11,784
				25,945
Information Technology – 22.1%
Amphenol, Class A		136,450		5,454
Autodesk (a)		100,350		4,529
EMC*		444,960		6,212
Hewlett-Packard		368,660		10,337
Intel		618,539		14,536
Microsoft		382,180		9,822
Motorola (a)		370,720		8,215
Oracle*		634,260		8,042
QUALCOMM		125,398		4,986
Texas Instruments		163,830		4,677
				76,810

Large Cap Select Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Materials – 4.0%
Dow Chemical (a)		306,464	$	14,054
Telecommunication Services – 2.9%
Verizon Communications (a)		321,098		10,118
Utilities – 1.1%
PG&E (a)		105,710		3,846
Total Common Stocks (Cost $319,372)				337,377
Short-Term Investments – 2.3%
First American Prime Obligations Fund, Class Z (b) (Cost $7,944)		7,944,149		7,944
Investments Purchased with Proceeds from Securities Lending (c) – 30.7%
(Cost $106,665)				106,665
Total Investments – 130.1% (Cost $433,981)				451,986
Other Assets and Liabilities, Net – (30.1)%				(104,488	)
Total Net Assets – 100.0%			$	347,498

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $105,590,135 at October 31, 2005. See note 2 in Notes to Financial Statements.

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

(c)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes in Financial Statements.

ADR – American Depository Receipt

FIRST AMERICAN FUNDS Annual Report 2005

83

Schedule of Investments October 31, 2005

Large Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.2%
Consumer Discretionary – 10.0%
Comcast, Class A* (a)		496,070	$	13,806
Federated Department Stores		227,000		13,931
Harrah's Entertainment		136,650		8,265
Nike, Class B (a)		107,860		9,066
Sherwin Williams (a)		395,090		16,811
Time Warner		1,450,910		25,870
				87,749
Consumer Staples – 5.8%
Altria Group		238,180		17,875
Colgate-Palmolive (a)		164,840		8,730
General Mills (a)		221,030		10,667
Kroger*		691,690		13,765
				51,037
Energy – 13.5%
Apache		222,044		14,173
BP, ADR		288,390		19,149
ConocoPhillips		326,550		21,350
Exxon Mobil		722,824		40,579
Halliburton (a)		126,910		7,500
National-Oilwell Varco*		101,160		6,319
Valero Energy		91,410		9,620
				118,690
Financials (b) – 33.6%
ACE		394,140		20,535
Allstate		251,720		13,288
American International Group		387,810		25,130
Bank of America (a)		850,266		37,191
Capital One Financial (a)		150,770		11,511
Citigroup		579,012		26,507
Comerica		187,900		10,857
Freddie Mac		102,610		6,295
Genworth Financial (a)		550,350		17,441
Goldman Sachs Group (a)		200,860		25,383
Lehman Brothers Holdings (a)		209,890		25,118
Marshall & Ilsley (a)		183,970		7,903
Merrill Lynch (a)		216,480		14,015
MGIC Investment (a)		137,910		8,170
Northern Trust (a)		230,040		12,330
Wachovia		171,260		8,652
Wells Fargo		412,330		24,822
				295,148
Health Care – 8.9%
CIGNA		96,950		11,234
HCA (a)		207,510		10,000
Johnson & Johnson		103,320		6,470
Merck		308,040		8,693
Pfizer		690,460		15,011
Wyeth Pharmaceuticals		598,680		26,677
				78,085
Industrials – 6.5%
American Standard		115,620		4,398
Eaton (a)		160,190		9,424
Emerson Electric		289,490		20,134
General Electric		380,950		12,918
Norfolk Southern		245,550		9,871
				56,745

Large Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Information Technology – 9.3%
Hewlett-Packard		1,123,010	$	31,489
Motorola (a)		740,260		16,404
National Semiconductor (a)		429,100		9,710
Oracle*		997,700		12,651
Texas Instruments		387,500		11,063
				81,317
Materials – 3.8%
Dow Chemical		545,290		25,007
Phelps Dodge (a)		68,870		8,297
				33,304
Telecommunication Services – 3.2%
BellSouth (a)		451,780		11,755
Verizon Communications (a)		526,302		16,584
				28,339
Utilities – 3.6%
Entergy		230,770		16,320
PG&E (a)		420,240		15,288
				31,608
Total Common Stocks (Cost $747,947)				862,022
Short-Term Investments – 1.9%
First American Prime Obligations Fund, Class Z (c) (Cost $16,729)		16,729,449		16,729
Investments Purchased with Proceeds from Securities Lending (d) – 27.7%
(Cost $243,683)				243,683
Total Investments – 127.8% (Cost $1,008,359)				1,122,434
Other Assets and Liabilities, Net – (27.8)%				(244,248	)
Total Net Assets – 100.0%			$	878,186

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $239,711,929 at October 31, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 6 in Notes to Financial Statements.

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

(d)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes in Financial Statements.

ADR – American Depository Receipt

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

FIRST AMERICAN FUNDS Annual Report 2005

84

Statements of Assets and Liabilities October 31, 2005, in thousands, except for per share data

	Large Cap Growth Opportunities Fund			Large Cap Select Fund		Large Cap Value Fund
ASSETS:
Investments in unaffiliated securities, at value* (cost: $872,499, $319,372 and $747,947, respectively)(note 2)	$	975,226		$	337,377	$	862,022
Investments in affiliated money market fund, at value (cost: $23,774, $7,944 and $16,729, respectively)(note 2)		23,774			7,944		16,729
Investments purchased with proceeds from securities lending, at value (cost: $257,330, $106,665 and $243,683, respectively)(note 2)		257,330			106,665		243,683
Cash**		296			123		280
Receivable for dividends and interest		530			278		764
Receivable for investment securities sold		23,367			7,372		—
Receivable for capital shares sold		307			767		364
Prepaid expenses and other assets		47			43		46
Total assets		1,280,877			460,569		1,123,888
LIABILITIES:
Payable for investment securities purchased		36,512			5,936		—
Payable upon return of securities loaned (note 2)		257,626			106,788		243,963
Payable for capital shares redeemed		1,084			68		959
Payable to affiliates (note 3)		781			259		701
Payable for distribution and shareholder servicing fees		48			2		41
Accrued expenses and other liabilities		42			18		38
Total liabilities		296,093			113,071		245,702
Net assets	$	984,784		$	347,498	$	878,186
COMPOSITION OF NET ASSETS:
Portfolio capital	$	995,088		$	315,502	$	737,583
Undistributed (distributions in excess of) net investment income		(1	)		156		—
Accumulated net realized gain (loss) on investments		(113,030	)		13,835		26,528
Net unrealized appreciation of investments		102,727			18,005		114,075
Net assets	$	984,784		$	347,498	$	878,186
* Including securities loaned, at value	$	254,856		$	105,590	$	239,712
** Includes cash collateral received related to securities loaned (note 2)	$	296		$	123	$	280
Class A:
Net assets	$	104,960		$	5,682	$	118,443
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		3,767			397		6,054
Net asset value and redemption price per share	$	27.86		$	14.30	$	19.56
Maximum offering price per share (1)	$	29.48		$	15.13	$	20.70
Class B:
Net assets	$	19,601		$	573	$	13,826
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		737			41		723
Net asset value, offering price and redemption price per share (2)	$	26.58		$	14.12	$	19.12
Class C:
Net assets	$	10,739		$	180	$	5,399
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		396			13		279
Net asset value, offering price and redemption price per share (2)	$	27.12		$	14.13	$	19.35
Class R:
Net assets	$	290		$	2	$	7
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		11			—		—
Net asset value, offering price, and redemption price per share	$	27.78		$	14.26	$	19.55
Class Y:
Net assets	$	849,194		$	341,061	$	740,511
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		29,652			23,803		37,741
Net asset value, offering price, and redemption price per share	$	28.64		$	14.33	$	19.62

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

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

FIRST AMERICAN FUNDS Annual Report 2005

85

Statements of Operations in thousands

	Large Cap Growth Opportunities Fund						Large Cap Select Fund						Large Cap Value Fund
One-Month	Year Period Ended 10/31/05			One-Month Ended 9/30/05			Year Period Ended 10/31/05			One-Month Ended 9/30/05			Year Period Ended 10/31/05				Ended 9/30/05
INVESTMENT INCOME:
Interest from unaffiliated securities	$	—		$	—		$	—		$	3		$	—			$	—
Dividends from affiliated money market fund		53			434			24			256			34		��		207
Dividends from unaffiliated securities		539			12,714			255			4,316			723				21,039
Less: Foreign taxes withheld		—			(44	)		—			(12	)		—				(4	)
Securities lending income		17			319			4			61			14				220
Total investment income		609			13,423			283			4,624			771				21,462
EXPENSES (note 3):
Investment advisory fees		534			7,471			184			1,894			482				6,703
Transfer agent fees		127			689			38			185			113				623
Administration fees		105			2,376			37			595			95				2,130
Professional fees		5			79			2			35			5				73
Custodian fees		4			103			1			25			4				92
Postage and printing fees		3			60			—			16			2				54
Registration fees		3			40			4			40			4				39
Other expenses		3			29			1			10			2				26
Directors' fees		3			28			1			7			2				25
Distribution and shareholder servicing fees – Class A		22			276			1			5			25				297
Distribution and shareholder servicing fees – Class B		17			232			—			4			12				182
Distribution and shareholder servicing fees – Class C		9			122			—			1			5				62
Distribution and shareholder servicing fees – Class R (1)		—			—			—			—			—				—
Total expenses		835			11,505			269			2,817			751				10,306
Less: Fee waivers (note 3)		—			(370	)		—			(135	)		—				(341	)
Total net expenses		835			11,135			269			2,682			751				9,965
Investment income (loss) – net		(226	)		2,288			14			1,942			20				11,497
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, IN-KIND DISTRIBUTIONS AND FUTURES CONTRACTS – NET (note 5):
Net realized gain (loss) on investments		(3,309	)		54,623			(731	)		16,321			4,760				84,365
Net realized gain on in-kind distribution (note 10)		—			76,740			—			24,162			—				70,893
Net realized loss on futures contracts		—			—			—			(201	)		—				—
Net change in unrealized appreciation or depreciation of investments		(1,715	)		8,655			(2,844	)		8,570			(27,139	)			17,537
Net change in unrealized appreciation or depreciation of futures contracts		—			—			—			165			—				—
Net gain (loss) on investments, in-kind distributions and futures contracts		(5,024	)		140,018			(3,575	)		49,017			(22,379	)			172,795
Net increase (decrease) in net assets resulting from operations	$	(5,250	)	$	142,306		$	(3,561	)	$	50,959		$	(22,359	)		$	184,292

  (1)  Due to the presentation of the financial statements in thousands, the numbers round to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

86

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Statements of Changes in Net Assets in thousands

	Large Cap Growth Opportunities Fund									Large Cap Select Fund
OPERATIONS:
Investment income (loss) – net	$	(226	)	$	2,288		$	975		$	14		$	1,942		$	1,294
Net realized gain (loss) on investments		(3,309	)		54,623			81,430			(731	)		16,321			2,068
Net realized gain on in-kind distributions		—			76,740			—			—			24,162			—
Net realized gain (loss) on futures		—			—			—			—			(201	)		1,671
Net change in unrealized appreciation or depreciation of investments		(1,715	)		8,655			36,383			(2,844	)		8,570			9,176
Net change in unrealized appreciation or depreciation of futures contracts		—			—			—			—			165			(50	)
Net increase (decrease) in net assets resulting from operations		(5,250	)		142,306			118,788			(3,561	)		50,959			14,159
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			(169	)		(50	)		—			(10	)		(2	)
Class B		—			(19	)		—			—			—			—
Class C		—			(9	)		—			—			—			—
Class R		—			—			(7	)		—			—			—
Class Y		—			(2,091	)		(1,127	)		—			(1,808	)		(1,279	)
Net realized gain on investments:
Class A		—			—			—			—			(17	)		(3	)
Class B		—			—			—			—			(4	)		(1	)
Class C		—			—			—			—			(1	)		—
Class R		—			—			—			—			—			—
Class Y		—			—			—			—			(4,604	)		(1,552	)
Return of capital:
Class A		—			(56	)		(11	)		—			—			—
Class B		—			(6	)		—	(1)		—			—			—
Class C		—			(3	)		—	(1)		—			—			—
Class R		—			—	(1)		(1	)		—			—			—
Class Y		—			(692	)		(249	)		—			—			—
Total distributions		—			(3,045	)		(1,445	)		—			(6,444	)		(2,837	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		945			15,121			40,942			488			4,711			973
Reinvestment of distributions		—			217			59			—			18			5
Payments for redemptions		(2,433	)		(33,271	)		(30,173	)		(49	)		(362	)		(501	)
Increase (decrease) in net assets from Class A transactions		(1,488	)		(17,933	)		10,828			439			4,367			477
Class B:
Proceeds from sales		48			1,151			2,182			16			341			204
Reinvestment of distributions		—			25			—			—			5			1
Payments for redemptions		(557	)		(9,138	)		(18,001	)		(3	)		(98	)		(57	)
Increase (decrease) in net assets from Class B transactions		(509	)		(7,962	)		(15,819	)		13			248			148
Class C:
Proceeds from sales		57			1,190			1,418			—			144			49
Reinvestment of distributions		—			12			—			—			1			—
Payments for redemptions		(392	)		(4,197	)		(5,343	)		—			(31	)		(19	)
Increase (decrease) in net assets from Class C transactions		(335	)		(2,995	)		(3,925	)		—			114			30
Class R:
Proceeds from sales		2			286			1,810			—			—			1
Reinvestment of distributions		—			—			7			—			—			—
Payments for redemptions		—			—			(19,633	)		—			—			(1	)
Increase (decrease) in net assets from Class R transactions		2			286			(17,816	)		—			—			—
Class Y:
Proceeds from sales		14,066			165,303			312,207			17,143			229,583			169,597
Reinvestment of distributions		—			1,595			725			—			4,810			2,310
Payments for redemptions		(9,839	)		(628,503	)		(299,071	)		(2,242	)		(240,782	)		(17,779	)
Increase (decrease) in net assets from Class Y transactions		4,227			(461,605	)		13,861			14,901			(6,389	)		154,128
Increase (decrease) in net assets from capital share transactions		1,897			(490,209	)		(12,871	)		15,353			(1,660	)		154,783
Total increase (decrease) in net assets		(3,353	)		(350,948	)		104,472			11,792			42,855			166,105
Net assets at beginning of period		988,137			1,339,085			1,234,613			335,706			292,851			126,746
Net assets at end of period	$	984,784		$	988,137		$	1,339,085		$	347,498		$	335,706		$	292,851
Undistributed (distributions in excess of) net investment income at end of period	$	(1	)	$	(1	)	$	(2	)	$	156		$	142		$	18

  (1)  Due to the presentation of the financial statements in thousands, the numbers round to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

88

	Large Cap Value Fund
OPERATIONS:
Investment income (loss) – net	$	20		$	11,497		$	12,916
Net realized gain (loss) on investments		4,760			84,365			109,490
Net realized gain on in-kind distributions		—			70,893			—
Net realized gain (loss) on futures		—			—			—
Net change in unrealized appreciation or depreciation of investments		(27,139	)		17,537			44,184
Net change in unrealized appreciation or depreciation of futures contracts		—			—			—
Net increase (decrease) in net assets resulting from operations		(22,359	)		184,292			166,590
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(13	)		(1,072	)		(930	)
Class B		—			(62	)		(107	)
Class C		—			(21	)		(25	)
Class R		—			—			(126	)
Class Y		(148	)		(10,036	)		(11,517	)
Net realized gain on investments:
Class A		—			—			—
Class B		—			—			—
Class C		—			—			—
Class R		—			—			—
Class Y		—			—			—
Return of capital:
Class A		—			—			—
Class B		—			—			—
Class C		—			—			—
Class R		—			—			—
Class Y		—			—			—
Total distributions		(161	)		(11,191	)		(12,705	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		1,048			17,717			38,252
Reinvestment of distributions		12			1,012			878
Payments for redemptions		(1,369	)		(28,635	)		(26,540	)
Increase (decrease) in net assets from Class A transactions		(309	)		(9,906	)		12,590
Class B:
Proceeds from sales		20			698			909
Reinvestment of distributions		—			61			106
Payments for redemptions		(705	)		(10,604	)		(14,541	)
Increase (decrease) in net assets from Class B transactions		(685	)		(9,845	)		(13,526	)
Class C:
Proceeds from sales		60			666			808
Reinvestment of distributions		—			20			25
Payments for redemptions		(226	)		(2,263	)		(2,322	)
Increase (decrease) in net assets from Class C transactions		(166	)		(1,577	)		(1,489	)
Class R:
Proceeds from sales		—			5			2,695
Reinvestment of distributions		—			—			125
Payments for redemptions		—			—			(29,940	)
Increase (decrease) in net assets from Class R transactions		—			5			(27,120	)
Class Y:
Proceeds from sales		4,449			88,145			216,890
Reinvestment of distributions		85			6,324			7,917
Payments for redemptions		(9,749	)		(502,220	)		(210,060	)
Increase (decrease) in net assets from Class Y transactions		(5,215	)		(407,751	)		14,747
Increase (decrease) in net assets from capital share transactions		(6,375	)		(429,074	)		(14,798	)
Total increase (decrease) in net assets		(28,895	)		(255,973	)		139,087
Net assets at beginning of period		907,081			1,163,054			1,023,967
Net assets at end of period	$	878,186		$	907,081		$	1,163,054
Undistributed (distributions in excess of) net investment income at end of period	$	—		$	137		$	119

FIRST AMERICAN FUNDS Annual Report 2005

89

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Large Cap Growth Opportunities (1) (2)
Class A
	2005	(3)	$	28.02	$	(0.01	)	$	(0.15	)	$	—		$	—		$	—		$	27.86
	2005	(4)		25.00		(0.01	)		3.08			(0.04	)		—			(0.01	)		28.02
	2004	(4)		22.84		(0.03	)		2.20			(0.01	)		—			—	(10)		25.00
	2003	(4)		19.16		—			3.73			(0.05	)		—			—			22.84
	2002	(4)		24.44		—			(5.23	)		(0.05	)		—			—			19.16
	2001	(5)		43.33		(0.01	)		(14.00	)		—			(4.88	)		—			24.44
Class B
	2005	(3)	$	26.75	$	(0.03	)	$	(0.14	)	$	—		$	—		$	—		$	26.58
	2005	(4)		24.02		(0.20	)		2.96			(0.02	)		—			(0.01	)		26.75
	2004	(4)		22.10		(0.21	)		2.13			—			—			—	(10)		24.02
	2003	(4)		18.64		(0.18	)		3.64			—			—			—			22.10
	2002	(4)		23.94		(0.18	)		(5.09	)		(0.03	)		—			—			18.64
	2001	(5)		42.80		(0.22	)		(13.76	)		—			(4.88	)		—			23.94
Class C
	2005	(3)	$	27.29	$	(0.03	)	$	(0.14	)	$	—		$	—		$	—		$	27.12
	2005	(4)		24.51		(0.20	)		3.00			(0.01	)		—			(0.01	)		27.29
	2004	(4)		22.55		(0.21	)		2.17			—			—			—	(10)		24.51
	2003	(4)		19.03		(0.18	)		3.72			(0.02	)		—			—			22.55
	2002	(4)		24.44		(0.18	)		(5.19	)		(0.04	)		—			—			19.03
	2001	(6)		23.75		—			0.69			—			—			—			24.44
Class R (7)
	2005	(3)	$	27.94	$	(0.02	)	$	(0.14	)	$	—		$	—		$	—		$	27.78
	2005	(4)		24.98		(0.16	)		3.17			(0.05	)		—			—	(10)		27.94
	2004	(4)		22.85		(0.02	)		2.16			(0.01	)		—			—	(10)		24.98
	2003	(4)		19.17		—			3.73			(0.05	)		—			—			22.85
	2002	(4)		24.45		—			(5.23	)		(0.05	)		—			—			19.17
	2001	(8)		35.53		(0.01	)		(11.07	)		—			—			—			24.45
Class Y
	2005	(3)	$	28.79	$	(0.01	)	$	(0.14	)	$	—		$	—		$	—		$	28.64
	2005	(4)		25.63		0.07			3.15			(0.04	)		—			(0.02	)		28.79
	2004	(4)		23.38		0.03			2.25			(0.02	)		—			(0.01	)		25.63
	2003	(4)		19.59		0.07			3.80			(0.08	)		—			—			23.38
	2002	(4)		24.93		0.06			(5.33	)		(0.07	)		—			—			19.59
	2001	(5)		44.00		0.06			(14.25	)		—			(4.88	)		—			24.93
Large Cap Select (2)
Class A
	2005	(3)	$	14.47	$	—		$	(0.17	)	$	—		$	—		$	—		$	14.30
	2005	(4)		12.52		0.06			2.15			(0.06	)		(0.20	)		—			14.47
	2004	(4)		11.45		0.04			1.19			(0.05	)		(0.11	)		—			12.52
	2003	(9)		10.00		0.03			1.46			(0.04	)		—			—			11.45
Class B
	2005	(3)	$	14.30	$	(0.01	)	$	(0.17	)	$	—		$	—		$	—		$	14.12
	2005	(4)		12.41		(0.05	)		2.15			(0.01	)		(0.20	)		—			14.30
	2004	(4)		11.41		(0.06	)		1.18			(0.01	)		(0.11	)		—			12.41
	2003	(9)		10.00		(0.03	)		1.45			(0.01	)		—			—			11.41
Class C
	2005	(3)	$	14.31	$	(0.01	)	$	(0.17	)	$	—		$	—		$	—		$	14.13
	2005	(4)		12.43		(0.05	)		2.14			(0.01	)		(0.20	)		—			14.31
	2004	(4)		11.42		(0.06	)		1.19			(0.01	)		(0.11	)		—			12.43
	2003	(9)		10.00		(0.02	)		1.45			(0.01	)		—			—			11.42
Class R (7)
	2005	(3)	$	14.43	$	(0.01	)	$	(0.16	)	$	—		$	—		$	—		$	14.26
	2005	(4)		12.49		0.02			2.15			(0.03	)		(0.20	)		—			14.43
	2004	(4)		11.44		0.02			1.18			(0.04	)		(0.11	)		—			12.49
	2003	(9)		10.00		0.03			1.44			(0.03	)		—			—			11.44
Class Y
	2005	(3)	$	14.49	$	—		$	(0.16	)	$	—		$	—		$	—		$	14.33
	2005	(4)		12.53		0.09			2.16			(0.09	)		(0.20	)		—			14.49
	2004	(4)		11.45		0.07			1.19			(0.07	)		(0.11	)		—			12.53
	2003	(9)		10.00		0.05			1.45			(0.05	)		—			—			11.45

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

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

  (3)  For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund's fiscal year-end was changed from September 30 to October 31. All ratios for the period
have been annualized, except total return and portfolio turnover.

  (4)  For the period October 1 to September 30 in the year indicated.

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

FIRST AMERICAN FUNDS Annual Report 2005

90

			Total Return (11)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Large Cap Growth Opportunities (1) (2)
Class A
	2005	(3)		(0.57	)%	$	104,960		1.21	%		(0.47	)%		1.21	%		(0.47	)%		6	%
	2005	(4)		12.30			107,079		1.17			(0.03	)		1.20			(0.06	)		103
	2004	(4)		9.52			112,379		1.15			(0.13	)		1.19			(0.17	)		113
	2003	(4)		19.50			93,331		1.15			(0.02	)		1.19			(0.06	)		83
	2002	(4)		(21.46	)		24,647		1.15			(0.02	)		1.22			(0.09	)		43
	2001	(5)		(35.83	)		34,330		1.20			(0.04	)		1.24			(0.08	)		40
Class B
	2005	(3)		(0.64	)%	$	19,601		1.96	%		(1.22	)%		1.96	%		(1.22	)%		6	%
	2005	(4)		11.47			20,239		1.92			(0.77	)		1.95			(0.80	)		103
	2004	(4)		8.69			25,633		1.90			(0.87	)		1.94			(0.91	)		113
	2003	(4)		18.58			37,853		1.90			(0.84	)		1.94			(0.88	)		83
	2002	(4)		(22.06	)		2,928		1.90			(0.75	)		1.97			(0.82	)		43
	2001	(5)		(36.28	)		2,954		1.93			(0.79	)		1.97			(0.83	)		40
Class C
	2005	(3)		(0.62	)%	$	10,739		1.96	%		(1.22	)%		1.96	%		(1.22	)%		6	%
	2005	(4)		11.44			11,147		1.92			(0.78	)		1.95			(0.81	)		103
	2004	(4)		8.69			12,811		1.90			(0.87	)		1.94			(0.91	)		113
	2003	(4)		18.60			15,365		1.90			(0.81	)		1.94			(0.85	)		83
	2002	(4)		(22.03	)		476		1.90			(0.73	)		1.97			(0.80	)		43
	2001	(6)		2.95			—		—			—			—			—			40
Class R (7)
	2005	(3)		(0.57	)%	$	290		1.46	%		(0.72	)%		1.61	%		(0.87	)%		6	%
	2005	(4)		12.04			290		1.42			(0.57	)		1.60			(0.75	)		103
	2004	(4)		9.38			1		1.15			(0.08	)		1.19			(0.12	)		113
	2003	(4)		19.51			15,890		1.15			(0.01	)		1.19			(0.05	)		83
	2002	(4)		(21.45	)		2,376		1.15			—			1.22			(0.07	)		43
	2001	(8)		(31.16	)		2,802		1.18			(0.03	)		1.22			(0.07	)		40
Class Y
	2005	(3)		(0.52	)%	$	849,194		0.96	%		(0.22	)%		0.96	%		(0.22	)%		6	%
	2005	(4)		12.58			849,382		0.92			0.26			0.95			0.23			103
	2004	(4)		9.76			1,188,261		0.90			0.13			0.94			0.09			113
	2003	(4)		19.78			1,072,174		0.90			0.31			0.94			0.27			83
	2002	(4)		(21.23	)		255,311		0.90			0.24			0.97			0.17			43
	2001	(5)		(35.70	)		316,213		0.94			0.20			0.98			0.16			40
Large Cap Select (2)
Class A
	2005	(3)		(1.17	)%	$	5,682		1.19	%		(0.20	)%		1.19	%		(0.20	)%		8	%
	2005	(4)		17.83			5,299		1.17			0.41			1.22			0.36			176
	2004	(4)		10.82			714		1.15			0.30			1.21			0.24			67
	2003	(9)		14.91			215		1.15			0.42			1.24			0.33			65
Class B
	2005	(3)		(1.26	)%	$	573		1.94	%		(0.95	)%		1.94	%		(0.95	)%		8	%
	2005	(4)		17.02			567		1.92			(0.36	)		1.97			(0.41	)		176
	2004	(4)		9.89			270		1.90			(0.44	)		1.96			(0.50	)		67
	2003	(9)		14.18			113		1.90			(0.35	)		1.99			(0.44	)		65
Class C
	2005	(3)		(1.26	)%	$	180		1.94	%		(0.95	)%		1.94	%		(0.95	)%		8	%
	2005	(4)		16.91			182		1.92			(0.35	)		1.97			(0.40	)		176
	2004	(4)		9.98			59		1.90			(0.45	)		1.96			(0.51	)		67
	2003	(9)		14.27			26		1.90			(0.32	)		1.99			(0.41	)		65
Class R (7)
	2005	(3)		(1.18	)%	$	2		1.44	%		(0.45	)%		1.59	%		(0.60	)%		8	%
	2005	(4)		17.54			2		1.42			0.14			1.62			(0.06	)		176
	2004	(4)		10.60			1		1.32			0.18			1.38			0.12			67
	2003	(9)		14.76			1		1.15			0.39			1.24			0.30			65
Class Y
	2005	(3)		(1.10	)%	$	341,061		0.94	%		0.05	%		0.94	%		0.05	%		8	%
	2005	(4)		18.14			329,656		0.92			0.67			0.97			0.62			176
	2004	(4)		11.10			291,807		0.90			0.57			0.96			0.51			67
	2003	(9)		15.02			126,391		0.90			0.71			0.99			0.62			65

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

  (6)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

  (8)  For the period from November 27, 2000, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

  (9)  Commenced operations on January 31, 2003. All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

91

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (6)
Large Cap Value Fund (1)
Class A
	2005	(2)	$	20.06	$	—		$	(0.50	)	$	—		$	—		$	19.56		(2.48	)%
	2005	(3)		17.21		0.17			2.85			(0.17	)		—			20.06		17.62
	2004	(3)		14.97		0.15			2.24			(0.15	)		—			17.21		16.01
	2003	(3)		12.77		0.18			2.20			(0.18	)		—			14.97		18.71
	2002	(3)		15.98		0.14			(3.21	)		(0.14	)		—			12.77		(19.37	)
	2001	(3)		20.59		0.16			(2.67	)		(0.16	)		(1.94	)		15.98		(13.72	)
Class B
	2005	(2)	$	19.62	$	(0.01	)	$	(0.49	)	$	—		$	—		$	19.12		(2.55	)%
	2005	(3)		16.87		0.03			2.78			(0.06	)		—			19.62		16.70
	2004	(3)		14.70		0.03			2.20			(0.06	)		—			16.87		15.19
	2003	(3)		12.55		0.08			2.15			(0.08	)		—			14.70		17.83
	2002	(3)		15.71		0.02			(3.15	)		(0.03	)		—			12.55		(19.96	)
	2001	(3)		20.30		0.02			(2.63	)		(0.04	)		(1.94	)		15.71		(14.42	)
Class C
	2005	(2)	$	19.85	$	(0.01	)	$	(0.49	)	$	—		$	—		$	19.35		(2.52	)%
	2005	(3)		17.07		0.03			2.81			(0.06	)		—			19.85		16.75
	2004	(3)		14.87		0.03			2.23			(0.06	)		—			17.07		15.21
	2003	(3)		12.70		0.08			2.17			(0.08	)		—			14.87		17.76
	2002	(3)		15.90		0.02			(3.19	)		(0.03	)		—			12.70		(19.97	)
	2001	(3)		20.51		0.02			(2.65	)		(0.04	)		(1.94	)		15.90		(14.36	)
Class R (4)
	2005	(2)	$	20.06	$	(0.01	)	$	(0.50	)	$	—		$	—		$	19.55		(2.54	)%
	2005	(3)		17.22		0.12			2.85			(0.13	)		—			20.06		17.34
	2004	(3)		14.96		0.17			2.23			(0.14	)		—			17.22		16.05
	2003	(3)		12.77		0.18			2.19			(0.18	)		—			14.96		18.63
	2002	(3)		15.97		0.13			(3.18	)		(0.15	)		—			12.77		(19.36	)
	2001	(5)		15.32		—			0.65			—			—			15.97		4.24
Class Y
	2005	(2)	$	20.12	$	—		$	(0.50	)	$	—		$	—		$	19.62		(2.47	)%
	2005	(3)		17.26		0.22			2.86			(0.22	)		—			20.12		17.92
	2004	(3)		15.01		0.20			2.24			(0.19	)		—			17.26		16.31
	2003	(3)		12.80		0.22			2.20			(0.21	)		—			15.01		19.04
	2002	(3)		16.02		0.18			(3.22	)		(0.18	)		—			12.80		(19.22	)
	2001	(3)		20.64		0.21			(2.68	)		(0.21	)		(1.94	)		16.02		(13.53	)

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective in 2005, the fund's fiscal year end was changed from September 30 to October 31. All ratios for the period
have been annualized, except total return and portfolio turnover.

  (3)  For the period October 1 to September 30 in the year indicated.

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

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

92

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Large Cap Value Fund (1)
Class A
	2005	(2)	$	118,443		1.21	%		(0.17	)%		1.21	%		(0.17	)%		2	%
	2005	(3)		121,809		1.17			0.90			1.20			0.87			61
	2004	(3)		113,683		1.15			0.91			1.19			0.87			104
	2003	(3)		88,024		1.15			1.30			1.20			1.25			94
	2002	(3)		85,182		1.15			0.86			1.20			0.81			82
	2001	(3)		94,064		1.05			0.88			1.15			0.78			64
Class B
	2005	(2)	$	13,826		1.96	%		(0.92	)%		1.96	%		(0.92	)%		2	%
	2005	(3)		14,876		1.92			0.15			1.95			0.12			61
	2004	(3)		21,829		1.90			0.19			1.94			0.15			104
	2003	(3)		30,987		1.90			0.56			1.95			0.51			94
	2002	(3)		33,720		1.90			0.11			1.95			0.06			82
	2001	(3)		38,108		1.80			0.13			1.90			0.03			64
Class C
	2005	(2)	$	5,399		1.96	%		(0.92	)%		1.96	%		(0.92	)%		2	%
	2005	(3)		5,710		1.92			0.15			1.95			0.12			61
	2004	(3)		6,344		1.90			0.18			1.94			0.14			104
	2003	(3)		6,844		1.90			0.56			1.95			0.51			94
	2002	(3)		7,524		1.90			0.11			1.95			0.06			82
	2001	(3)		10,141		1.80			0.12			1.90			0.02			64
Class R (4)
	2005	(2)	$	7		1.46	%		(0.42	)%		1.61	%		(0.57	)%		2	%
	2005	(3)		7		1.42			0.61			1.60			0.43			61
	2004	(3)		1		1.15			1.00			1.19			0.96			104
	2003	(3)		23,845		1.15			1.30			1.20			1.25			94
	2002	(3)		24,129		1.15			0.90			1.20			0.85			82
	2001	(5)		—		—			—			—			—			64
Class Y
	2005	(2)	$	740,511		0.96	%		0.08	%		0.96	%		0.08	%		2	%
	2005	(3)		764,679		0.92			1.17			0.95			1.14			61
	2004	(3)		1,021,197		0.90			1.17			0.94			1.13			104
	2003	(3)		874,267		0.90			1.55			0.95			1.50			94
	2002	(3)		825,179		0.90			1.11			0.95			1.06			82
	2001	(3)		970,190		0.80			1.13			0.90			1.03			64

FIRST AMERICAN FUNDS Annual Report 2005

93

Schedule of Investments October 31, 2005

Balanced Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 61.8%
Consumer Discretionary – 6.8%
Children's Place Retail Stores*		2,300	$	99
Coach*		73,550		2,367
Coldwater Creek* (a)		5,370		145
Harrah's Entertainment		42,820		2,590
J.C. Penney (a)		73,290		3,752
Kerzner International* (a)		1,810		106
La Quinta* (a)		42,490		355
Marvel Entertainment* (a)		9,635		170
Men's Wearhouse* (a)		10,305		255
Nautilus Group (a)		7,510		136
Omnicom Group (a)		45,740		3,795
P.F. Chang's China Bistro* (a)		3,580		164
Pacific Sunwear of California* (a)		3,160		79
RARE Hospitality International*		6,600		202
Ruby Tuesday (a)		11,600		254
Ruth's Chris Steak House*		5,320		95
Scientific Games, Class A* (a)		11,430		342
Sherwin Williams (a)		103,754		4,415
Sports Authority* (a)		8,360		233
Station Casinos		41,370		2,652
Thomas Nelson		7,760		166
Time Warner		211,647		3,774
Too*		8,730		248
WCI Communities* (a)		6,430		161
				26,555
Consumer Staples – 4.6%
PepsiCo		75,327		4,450
Procter & Gamble		105,794		5,923
Wal-Mart Stores (a)		157,800		7,466
				17,839
Energy – 5.3%
Amerada Hess (a)		19,310		2,416
Apache		76,728		4,898
Bill Barrett* (a)		3,630		116
Cal Dive International* (a)		1,030		63
Compton Petroleum*		13,790		151
Comstock Resources*		3,260		98
ConocoPhillips		74,960		4,901
ENSCO International (a)		6,480		295
Exxon Mobil		37,745		2,119
Halliburton (a)		35,088		2,074
Hydril* (a)		980		65
National-Oilwell*		40,227		2,513
St. Mary Land & Exploration		1,970		67
Tesoro Petroleum		3,360		205
Ultra Petroleum*		2,936		154
Western Gas Resources (a)		3,800		165
W-H Energy Services* (a)		11,070		335
				20,635
Financials – 13.6%
ACE		100,046		5,212
Advanta, Class B		5,715		162
Affiliated Managers Group* (a)		3,810		292
Alexandria Real Estate Equities (a)		1,300		105
Allstate (a)		62,550		3,302
American International Group		108,170		7,009
AmerUS Group, Class A (a)		4,870		288
Bank of America (a)		199,810		8,740
BioMed Realty Trust		4,370		109
Capital One Financial		34,460		2,631
CoBiz		3,050		54

Balanced Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Columbia Banking System		6,589	$	191
Cullen/Frost Bankers		6,800		359
Dime Community Bancshares		5,139		74
East West Bancorp		6,630		254
First Financial Bankshares		2,356		85
First Niagara Financial Group		8,570		126
First Potomac Realty Trust		4,410		112
First Republic Bank (a)		12,910		489
FirstFed Financial*		1,140		61
GATX (a)		5,550		207
Goldman Sachs Group		60,772		7,680
Kite Realty Group Trust		10,780		159
Lasalle Hotel Properties		3,290		116
Lehman Brothers Holdings (a)		49,810		5,961
Maguire Properties (a)		5,431		163
Newcastle Investment		4,340		114
Old Second Bancorp		1,226		38
Platinum Underwriter Holdings		10,490		299
SL Green Realty		6,710		456
SVB Financial Group*		3,260		162
Wells Fargo		139,470		8,396
				53,406
Health Care – 7.9%
American Healthways* (a)		5,110		207
Amgen* (a)		78,420		5,941
Amylin Pharmaceuticals* (a)		2,410		81
Caliper Life Sciences* (a)		17,213		112
Curis*		19,818		81
ImmunoGen*		13,460		75
Johnson & Johnson		132,350		8,288
Medicis Pharmaceutical, Class A (a)		3,380		100
Neurocrine Biosciences* (a)		3,410		180
Pediatrix Medical Group* (a)		2,830		218
Protein Design Labs*		5,730		161
Respironics*		4,010		144
Senomyx* (a)		6,630		94
Sierra Health Services* (a)		6,540		491
SonoSite* (a)		490		14
SurModics* (a)		7,440		294
Sybron Dental Specialties* (a)		4,410		189
Symmetry Medical*		4,960		110
Teva Pharmaceutical Industries, ADR (a)		62,259		2,373
United Surgical Partners*		5,590		200
UnitedHealth Group (a)		73,016		4,227
Vertex Pharmaceuticals* (a)		2,880		66
Wyeth		163,491		7,285
				30,931
Industrials – 4.8%
AirTran Holdings* (a)		10,580		158
Chicago Bridge & Iron		12,780		285
CLARCOR		3,660		101
Eaton		30,581		1,799
Emerson Electric		50,847		3,536
Energy Conversion Devices* (a)		1,590		49
ESCO Technologies*		540		23
Illinois Tool Works (a)		47,960		4,065
J.B. Hunt Transport Services		12,060		234
Kennametal		5,300		271
KVH Industries* (a)		20,043		185
Labor Ready* (a)		9,870		230
Lennox International		4,400		123
Manitowoc (a)		2,560		136
Mercury Computer Systems* (a)		5,750		109
NCI Building Systems* (a)		7,150		294

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

FIRST AMERICAN FUNDS Annual Report 2005

94

Balanced Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Power-One* (a)		42,378	$	241
Roper Industries (a)		1,490		56
Terex*		5,070		279
Toro		5,760		210
United Parcel Service, Class B		90,300		6,586
				18,970
Information Technology – 14.2%
02micro International*		2,243		29
Advanced Analogic Technologies*		7,300		80
Aeroflex* (a)		12,390		112
Amphenol, Class A		90,580		3,620
ATI Technologies*		15,430		223
Autodesk (a)		66,620		3,007
Benchmark Electronics* (a)		4,710		132
BISYS Group* (a)		31,140		395
Carreker*		16,090		88
Cree* (a)		5,920		142
Digitas*		20,810		225
Embarcadero Technologies*		18,341		143
EMC*		295,400		4,124
Entegris* (a)		22,626		221
EPIQ Systems*		7,840		149
F5 Networks*		2,300		120
FormFactor*		4,010		99
Hewlett-Packard		244,740		6,863
Hyperion Solutions*		5,442		263
Integrated Device Technology* (a)		11,372		112
Intel		410,633		9,650
Ituran Location and Control* (a)		8,886		116
Logitech International* (a)		5,660		217
Micromuse*		17,859		128
Microsoft		253,720		6,521
Motorola (a)		246,105		5,454
M-Systems Flash Disk Pioneer*		5,860		186
Openwave Systems* (a)		4,740		85	��
Opsware* (a)		11,070		57
Oracle*		421,073		5,339
Packeteer*		31,531		249
Polycom*		15,540		238
QUALCOMM		83,247		3,310
Silicon Image* (a)		12,645		116
Sonic Solutions* (a)		9,050		173
Stellent* (a)		35,948		330
Texas Instruments		108,766		3,105
TIBCO Software* (a)		28,130		214
WebEx Communications*		1,400		32
				55,667
Materials – 2.2%
Century Aluminum* (a)		7,460		136
Dow Chemical		175,715		8,058
Headwaters* (a)		1,480		47
Hercules*		4,430		49
Olin		5,760		103
Schnitzer Steel Industries, Class A		2,680		86
Steel Dynamics (a)		5,300		164
Texas Industries		1,030		51
				8,694
Telecommunication Services – 1.7%
General Communication* (a)		8,773		84
Verizon Communications		210,692		6,639
				6,723

Balanced Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Utilities – 0.7%
PG&E		70,177	$	2,553
Total Common Stocks (Cost $213,247)				241,973
Investment Companies – 7.2%
iShares MSCI EAFE Index Fund		327,100		18,399
iShares MSCI Emerging Markets Index Fund (a)		44,000		3,498
iShares MSCI EMU Index Fund		8,300		614
iShares MSCI Japan Index Fund (a)		270,000		3,270
iShares MSCI Pacific ex-Japan Index Fund (a)		10,600		1,035
iShares S&P Europe 350 Index Fund (a)		15,800		1,234
Total Investment Companies (Cost $25,446)				28,050
U.S. Government Agency Mortgage-Backed Securities – 9.0%
Adjustable Rate (b) – 0.4%
Federal Home Loan Mortgage Corporation Pool 4.614%, 01/01/28, #786281	$	418		427
Federal National Mortgage Association Pool 4.674%, 04/01/18, #070009		57		59
5.083%, 09/01/33, #725553 (a)		1,004		1,029
				1,515
Fixed Rate – 8.6%
Federal Home Loan Mortgage Corporation Pool 6.500%, 04/01/08, #E00225		16		16
7.000%, 04/01/08, #E46044		8		8
4.000%, 10/01/10, #M80855		995		973
5.500%, 03/01/13, #E00546		158		159
4.500%, 05/01/18, #P10032		485		477
6.500%, 11/01/28, #C00676		628		645
7.000%, 12/01/29, #G01091		124		130
6.500%, 07/01/31, #A17212		468		480
6.000%, 05/01/32, #C01361		141		143
Federal National Mortgage Association Pool 5.500%, 03/01/06, #424411		46		46
3.790%, 07/01/13, #386314 (a)		1,372		1,275
6.000%, 09/01/17, #653368		349		357
5.000%, 07/01/18, #555621		1,447		1,429
5.000%, 12/01/18, #725012		1,166		1,151
4.500%, 06/01/19, #045181		405		392
5.000%, 11/01/19, #725934		341		336
4.500%, 06/01/20, #828929		356		345
6.000%, 10/01/22, #254513		572		580
5.500%, 10/01/24, #255456 (a)		1,132		1,124
5.500%, 12/01/24, #357662		898		891
5.500%, 02/01/25, #255628		1,115		1,107
7.000%, 04/01/29, #323681		144		151
6.500%, 12/01/31, #254169 (a)		553		568
6.500%, 05/01/32, #640032		923		947
7.000%, 07/01/32, #545815 (a)		270		282
6.000%, 09/01/32, #254447 (a)		465		470
6.000%, 01/01/33, #676647		866		875
5.500%, 04/01/33, #694605 (a)		1,194		1,179
5.500%, 07/01/33, #728667		672		663
5.500%, 08/01/33, #733380 (a)		1,379		1,361
5.000%, 10/01/33, #741897		959		924
6.000%, 11/01/33, #772130		223		225
6.000%, 11/01/33, #772256		259		261
5.500%, 12/01/33, #756202 (a)		814		803
5.000%, 03/01/34, #725205 (a)		1,037		999
5.000%, 03/01/34, #725250 (a)		920		886
5.500%, 04/01/34, #725424 (a)		518		511

FIRST AMERICAN FUNDS Annual Report 2005

95

Schedule of Investments October 31, 2005

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
5.500%, 05/01/34, #357571	$	915	$	903
5.000%, 06/01/34, #782909		441		425
6.500%, 06/01/34, #735273 (a)		1,083		1,111
5.290%, 11/01/34, #735054 (a)		934		929
4.500%, 03/01/35, #819357		1,084		1,014
6.000%, 11/01/35, #REL06N (c)		1,230		1,237
Federal National Mortgage Association (c) 5.500%, 11/01/33		1,445		1,425
5.000%, 11/01/35		2,460		2,367
Government National Mortgage Association Pool 6.500%, 10/20/10, #002108		26		27
7.500%, 06/15/27, #447728		16		17
7.500%, 09/15/27, #455516		12		13
7.000%, 04/15/29, #506639		202		212
6.000%, 11/15/33, #00GNMA (a)		932		950
				33,799
Total U.S. Government Agency Mortgage-Backed Securities (Cost $35,954)				35,314
U.S. Government & Agency Securities – 6.8%
U.S. Agency Debentures – 0.9%
Federal Home Loan Bank 4.430%, 04/07/08, Callable 04/07/06 @ 100 (a)		2,400		2,380
Federal National Mortgage Association 6.125%, 03/15/12 (a)		280		299
5.250%, 08/01/12		720		722
				3,401
U.S. Treasuries (a) – 5.9%
U.S. Inflation Index Bonds (TIPS) 2.375%, 01/15/25 (d)		1,136		1,181
U.S. Treasury Bonds 9.000%, 11/15/18		800		1,128
8.125%, 08/15/21		200		273
6.250%, 08/15/23		1,500		1,751
7.625%, 02/15/25		390		525
6.875%, 08/15/25		1,600		2,013
5.500%, 08/15/28		210		230
5.250%, 11/15/28		1,400		1,485
5.250%, 02/15/29		1,460		1,548
5.375%, 02/15/31		890		970
U.S. Treasury Notes 4.125%, 08/15/08		1,870		1,856
3.875%, 09/15/10		4,770		4,646
4.250%, 10/15/10		10		10
4.250%, 08/15/15		5,580		5,443
				23,059
Total U.S. Government & Agency Securities (Cost $26,589)				26,460
CMO – Private Mortgage-Backed Securities – 4.7%
Adjustable Rate (b) – 1.6%
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21 4.765%, 01/25/36		807		800
IMPAC CMB Trust Series 2003-12, Class A1 4.418%, 12/25/33		504		506
MLCC Mortgage Investors Series 2003-H, Class A3A 5.057%, 01/25/29		252		255

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Series 2004-B, Class A3 5.203%, 05/25/29	$	485	$	492
Morgan Stanley Loan Trust Series 2004-9, Class 1A 6.273%, 11/25/34		604		609
Sequoia Mortgage Trust Series 2004-5, Class A1 4.734%, 06/20/34		575		582
Series 2004-7, Class A2 4.847%, 08/20/34		455		459
Structured Adjustable Rate Mortgage Loan Trust Series 2044-11, Class A 5.352%, 08/25/34		261		263
Thornburg Mortgage Trust Series 2005-2, Class A1 4.258%, 07/25/45		746		745
Wells Fargo Mortgage Backed Securities Series 2003-D, Class A1 4.839%, 02/25/33		511		512
Series 2004-N, Class A3 4.108%, 08/25/34		1,080		1,067
				6,290
Fixed Rate – 3.1%
Bank of America Mortgage Backed Securities Series 2003-6, Class 1 A30 4.750%, 08/25/33		585		572
Series 2004-G, Class 2A3 4.232%, 08/25/34		810		802
Citicorp Mortgage Securities Series 2005-4, Class 1A6 5.500%, 07/25/35		845		825
Citigroup/Deutsche Bank Commercial Mortgage Series 2005-CD1, Class A4 5.225%, 09/15/20		1,495		1,494
Countrywide Alternative Loan Trust Series 2004-2CB, Class 1A1 4.250%, 03/25/34		598		590
Series 2004-24CB, Class 1A1 6.000%, 11/25/34		521		523
GMAC Commercial Mortgage Series 2004-J5, Class A7 6.500%, 01/25/35		641		649
Greenwich Capital Commercial Funding Series 2005-GG5, Class A5 5.225%, 04/10/37		875		871
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1 5.500%, 08/25/19		534		535
Master Alternative Loans Trust Series 2005-2, Class 1 1A3 6.500%, 03/25/35		508		517
Master Asset Securitization Trust Series 2003-6, Class 1 1A3 5.000%, 07/25/18		853		839
Residential Asset Mortgage Products Series 2004-SL4, Class A3 6.500%, 07/25/32		418		425
Residential Asset Security Trust Series 2002-A12, Class 1A1 5.200%, 11/25/32		89		88
Washington Mutual Series 2003-S10, Class A2 5.000%, 10/25/18		1,071		1,055
Wells Fargo Mortgage Backed Securities Series 2003-14, Class A1 4.750%, 12/25/18		693		677

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

FIRST AMERICAN FUNDS Annual Report 2005

96

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Series 2004-EE, Class B1 3.989%, 01/25/35	$	609	$	580
Series 2005-12, Class 1A2 5.500%, 11/25/35		990		954
Westam Mortgage Financial Series 11, Class A 6.360%, 08/26/20		2		2
				11,998
Total CMO – Private Mortgage-Backed Securities (Cost $18,578)				18,288
Asset-Backed Securities – 4.5%
Automobiles – 0.5%
Bank One Auto Receivable Series 2003-1, Class A3 1.820%, 09/20/07		672		668
Ford Credit Auto Trust Series 2005-B, Class A3 4.170%, 01/15/09		780		775
Nissan Auto Receivables Trust Series 2005-B, Class A2 3.750%, 09/15/07		430		428
				1,871
Commercial – 2.1%
Bank of America Commericial Mortgage Series 2004-5, Class A3 4.561%, 11/10/41		710		691
Bear Stearns Asset Backed Securities Series 2004-T14, Class A4 5.200%, 01/12/41		205		206
Commercial Mortgage Series 2004-CNL, Class A1 4.190%, 09/15/14 (b)		780		780
Series 2005-LP5, Class A2 4.630%, 05/10/43 (e)		925		910
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 6.538%, 06/15/31		533		546
Global Signal Trust Series 2004-2A, Class A 4.232%, 12/15/14 (e)		750		723
GMAC Commercial Mortgage Series 2004-C2, Class A1 3.896%, 08/10/38		680		665
GS Mortgage Securities Series 2004-G62, Class A3 4.602%, 08/10/38		1,500		1,485
LB-UBS Series 2003-C3, Class A2 3.086%, 05/15/27		1,280		1,223
Merrill Lynch Mortgage Investors Series 1998-C1, Class A1 6.310%, 11/15/26		190		190
Nomura Asset Securities Series 1998-D6, Class A 1B 6.590%, 03/15/30		750		776
				8,195
Credit Cards – 0.8%
Citibank Credit Card Issuance Trust Series 2003-A5, Class A5 2.500%, 04/07/08		625		620
MBNA Master Trust Series 2001-A1, Class A1 5.750%, 10/15/08		635		640

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Series 2005-A1, Class A1 4.200%, 09/15/10	$	1,130	$	1,116
Providian Gateway Master Trust Series 2004-DA, Class A 3.350%, 09/15/11 (e)		975		948
				3,324
Equipment Leases – 0.3%
Caterpillar Financial Trust Series 2005-A, Class A2 3.660%, 12/25/07		410		404
CNH Series 2003-B, Class A3B 2.470%, 01/15/08		866		859
				1,263
Home Equity – 0.4%
Countrywide Financial Series 2003-BC1, Class A1 4.438%, 03/25/33 (b)		98		100
First Franklin Mortgage Series 2004-FFB, Class A3 4.264%, 06/25/24		240		238
New Century Home Equity Loan Trust Series 2004-4, Class A4 4.110%, 02/25/35 (b)		950		951
Saxon Asset Securities Trust Series 2004-1, Class A 4.308%, 03/25/35 (b)		86		86
				1,375
Other – 0.4%
GRP/AG Real Estate Asset Trust Series 2004-1, Class A 3.960%, 03/25/09 (e) (f)		58		57
Series 2005-1, Class A 4.850%, 01/25/35 (e) (f)		286		284
William Street Funding Series 2004-4, Class A 4.320%, 09/23/10 (b) (e)		1,200		1,189
				1,530
Total Asset-Backed Securities (Cost $17,852)				17,558
Corporate Bonds – 3.6%
Banking – 0.2%
Chuo Mitsui Trust & Banking Callable 04/15/15 @ 100 5.506%, 12/31/49 (e) (f)		365		346
JP Morgan Chase XVII 5.850%, 08/01/35		295		279
				625
Basic Industry – 0.4%
Allegheny Technologies 8.375%, 12/15/11		275		294
Celulosa Arauco Y Constitucion 5.625%, 04/20/15 (e)		230		223
Falconbridge 7.350%, 06/05/12		320		347
PolyOne 10.625%, 05/15/10		300		296
Southern Peru Copper 7.500%, 07/27/35 (a) (e)		390		379
				1,539

FIRST AMERICAN FUNDS Annual Report 2005

97

Schedule of Investments October 31, 2005

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Brokerage – 0.2%
Lazard 7.125%, 05/15/15 (e)	$	245	$	238
Merrill Lynch, Series B 5.360%, 02/01/07		420		423
				661
Capital Goods – 0.1%
Hutchison Whampoa International 7.450%, 11/24/33 (a) (e)		260		288
Owens-Illinois 8.100%, 05/15/07 (a)		325		330
				618
Communications – 0.6%
America Movil SA De CV 6.375%, 03/01/35		235		219
AT&T 9.050%, 11/15/11 (f)		380		420
British Telecommunications PLC 8.875%, 12/15/30		170		222
Clear Channel Communications 5.500%, 09/15/14		435		408
Dex Media West 9.875%, 08/15/13		221		245
News American 7.700%, 10/30/25		600		670
Time Warner 8.375%, 07/15/33		270		325
				2,509
Consumer Cyclical – 0.5%
Centex 5.450%, 08/15/12		445		434
DaimlerChrysler 4.875%, 06/15/10 (a)		230		223
6.500%, 11/15/13 (a)		240		249
Duty Free International 7.000%, 11/01/05 (g) (h) (i)		605		17
Ford Motor Credit 7.000%, 10/01/13 (a)		195		179
Harrah's 5.625%, 06/01/15 (e)		350		339
5.750%, 10/01/17 (e)		210		199
MGM Mirage 6.625%, 07/15/15 (e)		290		281
				1,921
Consumer Non-Cyclical – 0.4%
Albertson's 7.500%, 02/15/11		300		298
Kraft Foods 4.625%, 11/01/06		670		669
RJ Reynolds Tobacco Holdings 6.500%, 07/15/10 (e)		460		453
				1,420
Electric – 0.1%
Oncor Electric Delivery 7.000%, 05/01/32		325		359
Energy – 0.5%
Bluewater Financial Callable 02/15/07 @ 105.125 10.250%, 02/15/12		300		320
Gazprom International 7.201%, 02/01/20 (e)		350		372

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Kerr McGee 6.950%, 07/01/24 (a)	$	285	$	291
Nexen 5.875%, 03/10/35		270		258
Petrobras International Finance 7.750%, 09/15/14		310		330
Petro-Canada 5.350%, 07/15/33		190		171
Tengizcheveroil 6.124%, 11/15/14 (e)		370		369
				2,111
Finance Companies – 0.1%
American General Finance 5.875%, 07/14/06		400		403
Sovereigns – 0.3%
Republic of Turkey 9.000%, 06/30/11		340		384
United Mexican States 5.875%, 01/15/14 (a)		830		840
				1,224
Technology – 0.2%
Chartered Semiconductor 6.375%, 08/03/15		250		239
Ciena 3.750%, 02/01/08		120		109
Corning Zero Coupon Bond 2.000%, 11/08/15 (j)		260		212
LG Electronics 5.000%, 06/17/10 (e)		340		329
				889
Total Corporate Bonds (Cost $15,157)				14,279
CMO – U.S. Government Agency Mortgage-Backed Securities – 1.1%
Fixed Rate – 1.1%
Federal Home Loan Mortgage Corporation Series 85, Class C 8.600%, 01/15/21		110		110
Series 1136, Class H 6.000%, 09/15/21		93		93
Series 2763, Class TA 4.000%, 03/15/11		745		724
Series T-060, Class 1A4B 5.343%, 03/25/44		717		717
Federal National Mortgage Association Series 1989-2, Class D 8.800%, 01/25/19		7		7
Series 1989-37, Class G 8.000%, 07/25/19		117		122
Series 1990-30, Class E 6.500%, 03/25/20		48		49
Series 1990-63, Class H 9.500%, 06/25/20		24		25
Series 1990-89, Class K 6.500%, 07/25/20		6		6
Series 1990-105, Class J 6.500%, 09/25/20		78		79
Series 1996-21, Class PK 6.000%, 02/25/11		333		335
Series 2005-44, Class PC 5.000%, 11/25/27		1,139		1,124

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

FIRST AMERICAN FUNDS Annual Report 2005

98

Balanced Fund (continued)

DESCRIPTION	PAR (000)/CONTRACTS/SHARES		VALUE (000)
Series 2005-47, Class HK 4.500%, 06/25/20	$	985	$	922
Government National Mortgage Association Series 3, Class F 6.500%, 06/17/20		10		10
				4,323
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $4,449)				4,323
Purchased Options – 0.0%
U.S. Treasury 10 Year Note Future Put @ 107 12/05 (Cost $3)		26		3
Short-Term Investments – 1.9%
Affiliated Money Market Fund – 1.9%
First American Prime Obligations Fund, Class Z (k) (Cost $7,434)		7,434,365		7,434
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill 3.360%, 11/10/05 (l)  (Cost $75)		75		75
Total Short-Term Investments (Cost $7,509)				7,509
Investments Purchased with Proceeds from Securities Lending (m) – 30.8%
(Cost $120,355)				120,355
Total Investments – 131.4% (Cost $485,139)				514,112
Other Assets and Liabilities, Net – (31.4)%				(122,824	)
Total Net Assets – 100.0%			$	391,288

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $118,276,782 at October 31, 2005. See note 2 in Notes to financial Statements.

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

(c)  Security purchased on a when-issued basis. On October 31, 2005, the total cost of investments purchased on a when-issued basis was $5,059,884 or 1.3% of net assets. See note 2 in Notes to Financial Statements.

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

(e)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under guidelines established by the funds' board of directors. As of October 31, 2005, the value of these investments was $7,926,898 or 2.0% of total net assets.

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

(g)  Securities considered illiquid or restricted. As of October 31, 2005 the value of these investments was $16,709 or 0% of total net assets. See note 2 in Notes to Financial Statements.

(h)  Security is in default at October 31, 2005.

(i)  Security is fair valued. As of October 31, 2005, the fair value of this investment was $16,709 or 0% of total net assets. See note 2 in Notes to Financial Statements.

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

Balanced Fund (concluded)

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

(l)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of October 31, 2005.

(m)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

ADR – American Depository Receipt

CMO – Collateralized Mortgage Obligation

PLC – Public Limited Company

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Notional Contract Value (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 2 year Futures		20		$	4,104		December-05	$	(45	)
U.S. Treasury 5 year Futures		(14	)		(1,482	)	December-05		37
U.S. Treasury 10 year Futures		(49	)		(5,314	)	December-05		105
								$	97

Credit Default Swap Agreements

Counterparty	Reference Entity	Buy/Sell Protection	Pay/Receive Fixed Rate			Expiration Date		Notional Amount (000)		Unrealized Appreciation (000)
Citigroup	Dow Jones CDX IG Hvol5 Index	Buy		0.85	%		12/20/10		1,000	$	2

Interest Rate Swap Agreements

Counterparty

Floating Rate Index

Pay/Receive Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000)

Unrealized Depreciation (000)

Citigroup

3-Month LIBOR

Pay

4.856

%

10/06/15

$

2,500

$

(41

)

FIRST AMERICAN FUNDS Annual Report 2005

99

Schedule of Investments October 31, 2005

Equity Income Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.5%
Consumer Discretionary – 6.9%
Harrah's Entertainment		312,980	$	18,929
Home Depot (a)		408,600		16,769
McDonald's		606,620		19,169
Starwood Hotels & Resorts Worldwide (a)		453,270		26,485
Time Warner		790,860		14,101
				95,453
Consumer Staples – 6.9%
Altria Group (a)		378,170		28,382
Colgate-Palmolive		404,780		21,437
General Mills (a)		301,920		14,571
PepsiCo		267,690		15,815
Procter & Gamble		256,950		14,387
				94,592
Energy – 13.5%
Apache (a)		239,880		15,312
Baker Hughes		206,540		11,351
BP, ADR		409,286		27,177
ChevronTexaco (a)		359,480		20,516
ConocoPhillips		458,700		29,990
Exxon Mobil		887,562		49,828
Halliburton (a)		204,840		12,106
Royal Dutch Petroleum, ADR (a)		142,030		8,812
Schlumberger (a)		112,970		10,254
				185,346
Financials – 21.3%
Alliance Capital Management Holding		382,280		20,234
AMB Property (a)		206,440		9,121
American International Group (a)		267,910		17,361
Apartment Investment & Management (a)		330,640		12,697
Bank of America (a)		779,478		34,094
Citigroup		871,691		39,906
Duke Realty (a)		177,922		6,067
Fannie Mae		33,260		1,581
Goldman Sachs Group (a)		144,370		18,244
J.P. Morgan Chase		717,950		26,291
Merrill Lynch (a)		248,310		16,076
Morgan Stanley		206,490		11,235
Northern Trust (a)		157,905		8,464
Partners Trust Financial Group		400,240		4,663
State Street (a)		428,580		23,670
Wachovia (a)		555,785		28,078
Wells Fargo		254,210		15,303
				293,085
Health Care – 12.0%
Abbott Laboratories		521,660		22,457
Baxter International		476,640		18,222
HCA		210,090		10,124
Johnson & Johnson (a)		446,090		27,934
McKesson HBOC		164,800		7,487
Medtronic		151,790		8,600
Pfizer		1,070,232		23,267
Teva Pharmaceutical Industries, ADR (a)		271,310		10,342
Wyeth		831,540		37,053
				165,486
Industrials – 11.3%
3M (a)		254,910		19,368
Avery Dennison (a)		151,834		8,601
Emerson Electric (a)		234,580		16,315
General Dynamics		162,250		18,870

Equity Income Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
General Electric		1,147,640	$	38,916
Honeywell International		517,250		17,690
Ingersoll-Rand, Class A		437,340		16,527
United Parcel Service, Class B (a)		267,260		19,494
				155,781
Information Technology – 11.1%
Hewlett-Packard		883,420		24,771
Intel		1,071,450		25,179
Microsoft		1,819,160		46,752
Motorola (a)		1,189,810		26,366
QUALCOMM (a)		333,350		13,254
SAP, ADR		179,650		7,714
Texas Instruments		331,860		9,475
				153,511
Materials – 7.4%
Bemis (a)		550,280		14,538
Dow Chemical (a)		208,450		9,560
E.I. DuPont de Nemours (a)		302,060		12,593
Ecolab		223,770		7,402
Engelhard		647,650		17,616
Praxair (a)		581,420		28,728
Weyerhaeuser		176,639		11,188
				101,625
Telecommunication Services – 4.3%
ALLTEL (a)		282,480		17,474
BellSouth (a)		506,710		13,185
SBC Communications (a)		642,190		15,316
Verizon Communications		442,540		13,944
				59,919
Utilities – 3.8%
Alliant Energy		593,830		15,707
Cinergy		409,590		16,343
ITC Holdings (a)		23,490		646
Xcel Energy (a)		1,049,960		19,246
				51,942
Total Common Stocks (Cost $1,068,866)				1,356,740
Convertible Corporate Bond – 0.2%
Medarex Callable 05/20/09 @ 100.64  2.250%, 05/15/11 (a)  (Cost $3,378)		3,934		3,443
Convertible Preferred Stock – 0.6%
Freeport-McMoran Copper & Gold 5.500%,12/31/49  (Cost $7,248)		7,483		8,227

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

FIRST AMERICAN FUNDS Annual Report 2005

100

Equity Income Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Short-Term Investments – 0.8%
First American Prime Obligations Fund, Class Z (b) (Cost $11,168)		11,168,132	$	11,168
Investments Purchased with Proceeds from Securities Lending (c) – 25.2%
(Cost $346,553)				346,553
Total Investments – 125.3% (Cost $1,437,213)				1,726,131
Other Assets and Liabilities, Net – (25.3)%				(348,132	)
Total Net Assets – 100.0%			$	1,377,999

(a)  This security or a portion of this security is out on loan at October 31, 2005. Total loaned securities had a market value of $339,875,080 at October 31, 2005. See note 2 in Notes to Financial Statements.

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

(c)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations.

ADR – American Depository Receipt

FIRST AMERICAN FUNDS Annual Report 2005

101

Statements of Assets and Liabilities October 31, 2005, in thousands, except per share data

	Balanced Fund			Equity Income Fund
ASSETS:
Investments in unaffiliated securities, at value* (cost $357,350 and $1,079,492, repectively) (note 2)	$	386,323		$	1,368,410
Investments in affiliated money market fund, at value (cost $7,434 and $11,168, respectively) (note 2 )		7,434			11,168
Investments purchased with proceeds from security lending (cost $120,355 and $346,553, respectively) (note 2)		120,355			346,553
Cash**		575			399
Receivable for dividends and interest		1,010			1,814
Receivable for investment securities sold		14,361			—
Receivable for capital shares sold		381			307
Prepaid expenses and other assets		46			45
Total assets		530,485			1,728,696
LIABILITIES:
Payable for investment securities purchased		11,728			—
Payable for investment securities purchased on a when-issued basis		5,060			—
Payable upon return of securities loaned (note 2)		120,493			346,952
Payable for capital shares redeemed		1,538			2,526
Payable to affiliates (note 3)		278			1,101
Payable for distribution and shareholder servicing fees		45			68
Payable for swap contracts		31			—
Payable for variation margin		3			—
Accrued expenses and other liabilities		21			50
Total liabilities		139,197			350,697
Net assets	$	391,288		$	1,377,999
COMPOSITION OF NET ASSETS:
Portfolio capital	$	363,196		$	1,083,269
Undistributed net investment income		634			124
Accumulated net realized gain (loss) on investments and futures contracts		(1,573	)		5,688
Net unrealized appreciation of investments		28,973			288,918
Net unrealized appreciation of futures contracts		97			—
Net unrealized depreciation of swap agreements		(39	)		—
Net assets	$	391,288		$	1,377,999
* Including securities loaned, at value	$	118,277		$	339,875
** Includes cash collateral received related to securities loaned (note 2)	$	138		$	399
Class A:
Net assets	$	112,557		$	171,998
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		9,983			12,581
Net asset value and redemption price per share	$	11.27		$	13.67
Maximum offering price per share (1)	$	11.93		$	14.47
Class B:
Net assets	$	19,409		$	21,003
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		1,736			1,548
Net asset value, offering price, and redemption price per share (2)	$	11.18		$	13.57
Class C:
Net assets	$	4,787		$	15,313
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		427			1,126
Net asset value, offering price and redemption price per share (2)	$	11.22		$	13.59
Class R:
Net assets	$	1		$	418
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		—			31
Net asset value, offering price, and redemption price per share	$	11.29		$	13.66
Class Y:
Net assets	$	254,534		$	1,169,267
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		22,510			84,973
Net asset value, offering price, and redemption price per share	$	11.31		$	13.76

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

102

Statements of Operations in thousands

	Balanced Fund						Equity Income Fund
One-Month	Year Period Ended 10/31/05			One-Month Ended 9/30/05			Year Period Ended 10/31/05			Ended 9/30/05
INVESTMENT INCOME:
Interest from unaffliliated securities	$	461		$	6,017		$	15		$	222
Dividends from affliliated money market fund		18			167			36			294
Dividends from unaffiliated securities		175			3,863			2,144			42,040
Less: Foreign taxes withheld		—			(12	)		4			(76	)
Securities lending income		14			141			19			294
Total investment income		668			10,176			2,218			42,774
EXPENSES (note 3):
Investment advisory fees		217			2,747			759			10,284
Transfer agent fees		49			266			173			979
Administration fees		45			886			149			3,246
Registration fees		4			43			4			43
Professional fees		2			43			7			99
Custodian fees		2			37			6			140
Postage & printing fees		1			23			3			82
Other expenses		1			13			4			35
Directors' fees		1			10			3			37
Distribution and shareholder servicing fees – Class A		24			297			36			462
Distribution and shareholder servicing fees – Class B		16			246			18			231
Distribution and shareholder servicing fees – Class C		4			59			13			181
Distribution and shareholder servicing fees – Class R (1)		—			—			—			1
Total expenses		366			4,670			1,175			15,820
Less: Fee waivers (note 3)		(38	)		(637	)		—			(516	)
Total net expenses		328			4,033			1,175			15,304
Investment income – net		340			6,143			1,043			27,470
REALIZED AND UNREALIZED GAINS (LOSSES) – NET (note 5):
Net realized gain (loss) on investments		(634	)		44,140			(1,938	)		43,644
Net realized gain on in-kind distribution (note 10)		—			—			—			45,141
Net realized gain (loss) on futures contracts		2			(21	)		—			—
Net realized gain on swap agreements		—			47			—			—
Net realized gain on written options		—			132			—			—
Net change in unrealized appreciation or depreciation of investments		(5,144	)		7,744			(20,424	)		50,906
Net change in unrealized appreciation or depreciation of futures contracts		51			158			—			—
Net change in unrealized appreciation or depreciation of swap agreements		(37	)		(2	)		—			—
Net gain (loss)		(5,762	)		52,198			(22,362	)		139,691
Net increase (decrease) in net assets resulting from operations	$	(5,422	)	$	58,341		$	(21,319	)	$	167,161

  (1)  Due to the presentation of the finanacial statements in thousands, the numbers round to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

103

Statements of Changes in Net Assets in thousands

	Balanced Fund									Equity Income Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	340		$	6,143		$	7,045		$	1,043		$	27,470		$	26,113
Net realized gain (loss) on investments		(634	)		44,140			26,114			(1,938	)		43,644			22,327
Net realized gain on in-kind distribution		—			—			—			—			45,141			—
Net realized gain (loss) on futures contracts		2			(21	)		923			—			—			—
Net realized gain on swap agreements		—			47			—			—			—			—
Net realized gain on written options		—			132			214			—			—			—
Net change in unrealized appreciation or depreciation of investments		(5,144	)		7,744			8,139			(20,424	)		50,906			134,451
Net change in unrealized appreciation or depreciation of futures contracts		51			158			202			—			—			—
Net change in unrealized appreciation or depreciation of swap agreements	(37)									(2)
Net change in unrealized appreciation or depreciation of written options		—			—			28			—			—			—
Net increase (decrease) in net assets resulting from operations		(5,422	)		58,341			42,665			(21,319	)		167,161			182,891
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			(1,628	)		(1,535	)		(89	)		(3,048	)		(2,721	)
Class B		—			(148	)		(228	)		—			(222	)		(224	)
Class C		—			(37	)		(47	)		—			(176	)		(183	)
Class R		—			—			(237	)		—			(2	)		(196	)
Class Y		—			(4,412	)		(5,588	)		(829	)		(25,969	)		(25,834	)
Net realized gain on investments:
Class A		—			—			—			—			(160	)		—
Class B		—			—			—			—			(21	)		—
Class C		—			—			—			—			(17	)		—
Class Y		—			—			—			—			(1,245	)		—
Total distributions		—			(6,225	)		(7,635	)		(918	)		(30,860	)		(29,158	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		1,355			13,247			33,852			862			21,141			53,380
Reinvestment of distributions		—			1,585			1,487			82			2,988			2,528
Payments for redemptions		(1,628	)		(34,236	)		(20,593	)		(3,060	)		(47,176	)		(31,031	)
Increase (decrease) in net assets from Class A transactions		(273	)		(19,404	)		14,746			(2,116	)		(23,047	)		24,877
Class B:
Proceeds from sales		40			1,081			1,605			70			1,913			4,986
Reinvestment of distributions		—			142			219			—			229			209
Payments for redemptions		(1,003	)		(11,765	)		(8,962	)		(367	)		(6,332	)		(5,788	)
Decrease in net assets from Class B transactions		(963	)		(10,542	)		(7,138	)		(297	)		(4,190	)		(593	)
Class C:
Proceeds from sales		29			860			858			107			1,226			2,790
Reinvestment of distributions		—			36			47			—			192			183
Payments for redemptions		(685	)		(1,977	)		(2,596	)		(663	)		(6,129	)		(5,027	)
Decrease in net assets from Class C transactions		(656	)		(1,081	)		(1,691	)		(556	)		(4,711	)		(2,054	)
Class R:
Proceeds from sales		—			—			3,496			9			422			2,328
Reinvestment of distributions		—			—			237			—			2			191
Payments for redemptions		—			—			(29,325	)		(1	)		(25	)		(21,497	)
Increase (decrease) in net assets from Class R transactions		—			—			(25,592	)		8			399			(18,978	)
Class Y:
Proceeds from sales		2,780			38,526			61,896			4,504			172,670			300,945
Reinvestment of distributions		—			4,180			5,332			233			9,228			9,109
Payments for redemptions		(7,309	)		(96,953	)		(171,415	)		(23,083	)		(497,089	)		(316,521	)
Decrease in net assets from Class Y transactions		(4,529	)		(54,247	)		(104,187	)		(18,346	)		(315,191	)		(6,467	)
Decrease in net assets from capital share transactions		(6,421	)		(85,274	)		(123,862	)		(21,307	)		(346,740	)		(3,215	)
Total increase (decrease) in net assets		(11,843	)		(33,158	)		(88,832	)		(43,544	)		(210,439	)		150,518
Net assets at beginning of period		403,131			436,289			525,121			1,421,543			1,631,982			1,481,464
Net assets at end of period	$	391,288		$	403,131		$	436,289		$	1,377,999		$	1,421,543		$	1,631,982
Undistributed (distributions in excess of ) net investment income at end of period	$	634		$	270		$	89		$	124		$	(1	)	$	(4,922	)

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

FIRST AMERICAN FUNDS Annual Report 2005

104

(This page has been left blank intentionally.)

Financial Highlights For a share outstanding throughout the indicated periods.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (9)
Balanced Fund (1)
Class A
	2005	(2) (3)	$	11.43	$	0.01	$	(0.17	)	$	—		$	—		$	11.27		(1.40	)%
	2005	(3) (4)		10.12		0.15		1.31			(0.15	)		—			11.43		14.51
	2004	(3) (4)		9.47		0.13		0.66			(0.14	)		—			10.12		8.39
	2003	(4)		8.38		0.17		1.08			(0.16	)		—			9.47		14.98
	2002	(3) (4)		9.50		0.20		(1.12	)		(0.20	)		—			8.38		(9.90	)
	2001	(3) (5)		13.83		0.18		(2.24	)		(0.20	)		(2.07	)		9.50		(17.03	)
Class B
	2005	(2) (3)	$	11.34	$	—	$	(0.16	)	$	—		$	—		$	11.18		(1.41	)%
	2005	(3) (4)		10.04		0.07		1.30			(0.07	)		—			11.34		13.64
	2004	(3) (4)		9.41		0.05		0.65			(0.07	)		—			10.04		7.46
	2003	(4)		8.32		0.10		1.08			(0.09	)		—			9.41		14.25
	2002	(3) (4)		9.44		0.13		(1.12	)		(0.13	)		—			8.32		(10.64	)
	2001	(3) (5)		13.75		0.17		(2.29	)		(0.13	)		(2.06	)		9.44		(17.64	)
Class C
	2005	(2) (3)	$	11.38	$	—	$	(0.16	)	$	—		$	—		$	11.22		(1.41	)%
	2005	(3) (4)		10.08		0.07		1.30			(0.07	)		—			11.38		13.61
	2004	(3) (4)		9.44		0.05		0.66			(0.07	)		—			10.08		7.53
	2003	(4)		8.35		0.09		1.10			(0.10	)		—			9.44		14.24
	2002	(3) (4)		9.49		0.13		(1.14	)		(0.13	)		—			8.35		(10.77	)
	2001	(3) (6)		9.29		—		0.20			—			—			9.49		2.15
Class R (6)
	2005	(2) (3)	$	11.45	$	0.01	$	(0.17	)	$	—		$	—		$	11.29		(1.40	)%
	2005	(3) (4)		10.14		0.11		1.32			(0.12	)		—			11.45		14.16
	2004	(3) (4)		9.49		0.14		0.64			(0.13	)		—			10.14		8.22
	2003	(4)		8.39		0.15		1.10			(0.15	)		—			9.49		15.08
	2002	(3) (4)		9.50		0.20		(1.12	)		(0.19	)		—			8.39		(9.90	)
	2001	(3) (8)		11.27		0.18		(1.74	)		(0.21	)		—			9.50		(14.03	)
Class Y
	2005	(2) (3)	$	11.46	$	0.01	$	(0.16	)	$	—		$	—		$	11.31		(1.31	)%
	2005	(3) (4)		10.15		0.17		1.32			(0.18	)		—			11.46		14.76
	2004	(3) (4)		9.50		0.16		0.66			(0.17	)		—			10.15		8.62
	2003	(4)		8.40		0.19		1.09			(0.18	)		—			9.50		15.35
	2002	(3) (4)		9.53		0.23		(1.13	)		(0.23	)		—			8.40		(9.74	)
	2001	(3) (5)		13.87		0.16		(2.20	)		(0.23	)		(2.07	)		9.53		(16.84	)

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year end was changed from September 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.

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

  (4)  For the period October 1 to September 30 in the year indicated.

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

  (6)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

  (7)  Prior to July 1, 2004, Class R shares were named Class S shares.

  (8)  For the period from November 27, 2000, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

106

			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
Balanced Fund (1)
Class A
	2005	(2) (3)	$	112,557		1.10	%		0.90	%		1.21	%		0.79	%		12	%
	2005	(3) (4)		114,388		1.06			1.35			1.21			1.20			147
	2004	(3) (4)		119,292		1.05			1.27			1.19			1.13			110
	2003	(4)		98,016		1.05			1.75			1.23			1.57			156
	2002	(3) (4)		98,557		1.05			2.07			1.23			1.89			79
	2001	(3) (5)		127,590		1.22			1.96			1.28			1.90			54
Class B
	2005	(2) (3)	$	19,409		1.85	%		0.15	%		1.96	%		0.04	%		12	%
	2005	(3) (4)		20,657		1.81			0.60			1.96			0.45			147
	2004	(3) (4)		28,101		1.80			0.54			1.94			0.40			110
	2003	(4)		33,015		1.80			1.00			1.98			0.82			156
	2002	(3) (4)		35,641		1.80			1.32			1.98			1.14			79
	2001	(3) (5)		47,150		1.93			1.22			1.99			1.16			54
Class C
	2005	(2) (3)	$	4,787		1.85	%		0.15	%		1.96	%		0.04	%		12	%
	2005	(3) (4)		5,528		1.81			0.60			1.96			0.45			147
	2004	(3) (4)		5,890		1.80			0.55			1.94			0.41			110
	2003	(4)		7,089		1.80			0.99			1.98			0.81			156
	2002	(3) (4)		2,233		1.80			1.32			1.98			1.14			79
	2001	(3) (6)		2,351		0.94			2.20			0.94			2.20			54
Class R (6)
	2005	(2) (3)	$	1		1.35	%		0.65	%		1.61	%		0.39	%		12	%
	2005	(3) (4)		1		1.31			1.06			1.61			0.76			147
	2004	(3) (4)		1		1.05			1.39			1.19			1.25			110
	2003	(4)		23,844		1.05			1.76			1.23			1.58			156
	2002	(3) (4)		36,194		1.05			2.07			1.23			1.89			79
	2001	(3) (8)		39,527		1.22			1.94			1.28			1.88			54
Class Y
	2005	(2) (3)	$	254,534		0.85	%		1.15	%		0.96	%		1.04	%		12	%
	2005	(3) (4)		262,557		0.81			1.60			0.96			1.45			147
	2004	(3) (4)		283,005		0.80			1.55			0.94			1.41			110
	2003	(4)		363,157		0.80			2.00			0.98			1.82			156
	2002	(3) (4)		290,288		0.80			2.32			0.98			2.14			79
	2001	(3) (5)		375,983		0.97			2.21			1.04			2.14			54

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107

Financial Highlights For a share outstanding throughout the indicated periods

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (6)
Equity Income Fund (1)
Class A
	2005	(2)	$	13.89	$	0.01	$	(0.22	)	$	(0.01	)	$	—		$	13.67		(1.53	)%
	2005	(3)		12.77		0.20		1.15			(0.22	)		(0.01	)		13.89		10.65
	2004	(3)		11.56		0.18		1.23			(0.20	)		—			12.77		12.26
	2003	(3)		9.58		0.18		1.99			(0.19	)		—			11.56		22.81
	2002	(3)		12.13		0.16		(2.48	)		(0.19	)		(0.04	)		9.58		(19.51	)
	2001	(3)		16.29		0.29		(0.74	)		(0.32	)		(3.39	)		12.13		(3.89	)
Class B
	2005	(2)	$	13.79	$	—	$	(0.22	)	$	—		$	—		$	13.57		(1.60	)%
	2005	(3)		12.68		0.10		1.14			(0.12	)		(0.01	)		13.79		9.86
	2004	(3)		11.49		0.08		1.22			(0.11	)		—			12.68		11.37
	2003	(3)		9.52		0.10		1.98			(0.11	)		—			11.49		21.97
	2002	(3)		12.07		0.09		(2.49	)		(0.11	)		(0.04	)		9.52		(20.10	)
	2001	(3)		16.24		0.18		(0.75	)		(0.21	)		(3.39	)		12.07		(4.64	)
Class C
	2005	(2)	$	13.81	$	—	$	(0.22	)	$	—		$	—		$	13.59		(1.59	)%
	2005	(3)		12.70		0.11		1.13			(0.12	)		(0.01	)		13.81		9.84
	2004	(3)		11.51		0.08		1.22			(0.11	)		—			12.70		11.34
	2003	(3)		9.54		0.10		1.98			(0.11	)		—			11.51		21.95
	2002	(3)		12.09		0.10		(2.50	)		(0.11	)		(0.04	)		9.54		(20.08	)
	2001	(3)		16.28		0.18		(0.76	)		(0.22	)		(3.39	)		12.09		(4.74	)
Class R (4)
	2005	(2)	$	13.88	$	0.01	$	(0.23	)	$	—		$	—		$	13.66		(1.55	)%
	2005	(3)		12.78		0.11		1.20			(0.20	)		(0.01	)		13.88		10.33
	2004	(3)		11.56		0.19		1.22			(0.19	)		—			12.78		12.18
	2003	(3)		9.57		0.19		1.99			(0.19	)		—			11.56		22.91
	2002	(3)		12.12		0.15		(2.47	)		(0.19	)		(0.04	)		9.57		(19.47	)
	2001	(5)		11.57		0.01		0.54			—			—			12.12		4.75
Class Y
	2005	(2)	$	13.98	$	0.01	$	(0.21	)	$	(0.01	)	$	(0.01	)	$	13.76		(1.50	)%
	2005	(3)		12.85		0.24		1.15			(0.25	)		(0.01	)		13.98		10.94
	2004	(3)		11.63		0.21		1.24			(0.23	)		—			12.85		12.54
	2003	(3)		9.63		0.21		2.00			(0.21	)		—			11.63		23.20
	2002	(3)		12.20		0.21		(2.52	)		(0.22	)		(0.04	)		9.63		(19.30	)
	2001	(3)		16.37		0.33		(0.76	)		(0.35	)		(3.39	)		12.20		(3.71	)

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

  (2)  For the period October 1, 2005 to October 31, 2005. Effective October 1, 2005, the fund's fiscal year end was changed from September 30 to October 31. All ratios for the
period have been annualized, except total return and portfolio turnover.

  (3)  For the period October 1 to September 30 in the year indicated.

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

  (5)  For the period from September 24, 2001, when the class of shares was first offered, to September 30, 2001. All ratios for the period have been annualized,
except total return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

108

			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
Equity Income Fund (1)
Class A
	2005	(2)	$	171,998		1.20	%		0.70	%		1.20	%		0.70	%		—	%
	2005	(3)		176,878		1.16			1.51			1.19			1.48			27
	2004	(3)		184,381		1.15			1.39			1.19			1.35			12
	2003	(3)		144,282		1.15			1.70			1.20			1.65			43
	2002	(3)		128,142		1.15			1.43			1.20			1.38			38
	2001	(3)		24,557		1.00			1.97			1.15			1.82			33
Class B
	2005	(2)	$	21,003		1.95	%		(0.05	)%		1.95	%		(0.05	)%		—	%
	2005	(3)		21,639		1.91			0.78			1.94			0.75			27
	2004	(3)		23,869		1.90			0.65			1.94			0.61			12
	2003	(3)		22,156		1.90			0.95			1.95			0.90			43
	2002	(3)		18,699		1.90			0.80			1.95			0.75			38
	2001	(3)		11,516		1.75			1.20			1.90			1.05			33
Class C
	2005	(2)	$	15,313		1.95	%		(0.05	)%		1.95	%		(0.05	)%		—	%
	2005	(3)		16,128		1.91			0.79			1.94			0.76			27
	2004	(3)		19,300		1.90			0.66			1.94			0.62			12
	2003	(3)		19,386		1.90			0.95			1.95			0.90			43
	2002	(3)		11,171		1.90			0.86			1.95			0.81			38
	2001	(3)		8,028		1.75			1.20			1.90			1.05			33
Class R (4)
	2005	(2)	$	418		1.45	%		0.45	%		1.60	%		0.30	%		—	%
	2005	(3)		415		1.41			0.83			1.59			0.65			27
	2004	(3)		1		1.15			1.52			1.19			1.48			12
	2003	(3)		17,170		1.15			1.80			1.20			1.75			43
	2002	(3)		36,522		1.15			1.34			1.20			1.29			38
	2001	(5)		328		1.23			4.08			1.42			3.89			33
Class Y
	2005	(2)	$	1,169,267		0.95	%		0.95	%		0.95	%		0.95	%		—	%
	2005	(3)		1,206,483		0.91			1.80			0.94			1.77			27
	2004	(3)		1,404,431		0.90			1.65			0.94			1.61			12
	2003	(3)		1,278,470		0.90			1.95			0.95			1.90			43
	2002	(3)		678,352		0.90			1.80			0.95			1.75			38
	2001	(3)		267,361		0.75			2.21			0.90			2.06			33

FIRST AMERICAN FUNDS Annual Report 2005

109

Notes to Financial StatementsOctober 31, 2005

1 >  Organization

The Real Estate Securities Fund, International Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund (named Technology Fund prior to October 3, 2005), Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund and Equity Income Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF"), which is a member of the First American Family of Funds. As of October 31, 2005, FAIF offered 38 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF's articles of incorporation permit the fund's board of directors to create additional funds in the future. Each fund other than Real Estate Securities Fund is a diversified op en-end management investment company. The Real Estate Securities Fund is a non-diversified open-end management investment company. Prior to October 3, 2005, Small-Mid Cap Core Fund had different investment strategies, was named Technology Fund and also was non-diversified. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

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

The funds' prospectuses provide descriptions of each fund's investment objective, principal investment strategies and principal risks. All classes of shares of a fund have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that certain fees, 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.

On June 22, 2005, the funds' board of directors approved a change in the funds' fiscal year end from September 30 to October 31, effective with the one month period ended October 31, 2005 (the "fiscal period").

2 >  Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds' investments are furnished by one or more independent pricing services that have been approved by the funds' board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Securities for which prices are not available from an independent pricing service but where an active market exists are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures establish ed and approved by the funds' board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; 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

FIRST AMERICAN FUNDS Annual Report 2005

110

the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The International Fund is supplied with information from an unaffiliated third party with respect to the fair value of foreign securities. Price movements in futures contracts and American Depository Receipts, and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of October 31, 2005, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair va lued securities with a total value of $325,212, $0, and $16,709, respectively, or 0.1%, 0.0%, and 0.0% of total net assets, respectively. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchange on which they trade unless they are fair valued as described above. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

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

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

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

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

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

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111

Notes to Financial StatementsOctober 31, 2005

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

Fund	Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income			Portfolio Capital
Real Estate Securities Fund	$	235		$	(235	)	$	—
International Fund		3,174			(48	)		(3,126	)
Small Cap Growth Opportunities Fund		(263	)		263			—
Small Cap Select Fund		8,519			506			(9,025	)
Small-Mid Cap Core Fund		1,394			52			(1,446	)
Mid Cap Growth Opportunities Fund		8,499			729			(9,228	)
Mid Cap Value Fund		(161	)		161			—
Large Cap Growth Opportunities Fund		21,644			226			(21,870	)
Large Cap Value Fund		(4	)		4			—
Balanced Fund		(24	)		24			—

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

	October 31, 2005
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Large Cap Value Fund	$	161	$	—	$	—	$	161
Equity Income Fund		918		—		—		918
	September 30, 2005
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Real Estate Securities Fund	$	17,941	$	40,662	$	—	$	58,603
International Fund		10,214		—		—		10,214
Small Cap Growth Opportunities Fund		12,908		26,459		—		39,367
Small Cap Select Fund		62,270		95,731		—		158,001
Small Cap Value Fund		9,040		57,102		—		66,142
Mid Cap Growth Opportunities Fund		79,521		115,577		—		195,098
Mid Cap Value Fund		3,756		—		—		3,756
Large Cap Growth Opportunities Fund		2,288		—		757		3,045
Large Cap Select Fund		4,919		1,525		—		6,444
Large Cap Value Fund		11,191		—		—		11,191
Balanced Fund		6,225		—		—		6,225
Equity Income Fund		22,731		8,129		—		30,860

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	September 30, 2004
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Real Estate Securities Fund	$	17,709	$	6,775	$	—	$	24,484
International Fund		8,820		—		—		8,820
Small Cap Growth Opportunities Fund		—		3,085		—		3,085
Small Cap Select Fund		62,602		15,960		—		78,562
Small Cap Value Fund		6,941		13,524		—		20,465
Mid Cap Growth Opportunities Fund		19,503		21,278		—		40,781
Mid Cap Value Fund		2,102		—		57		2,159
Large Cap Growth Opportunities Fund		1,184		—		261		1,445
Large Cap Select Fund		2,504		333		—		2,837
Large Cap Value Fund		12,705		—		—		12,705
Balanced Fund		7,635		—		—		7,635
Equity Income Fund		29,158		—		—		29,158

As of October 31, 2005, the components of accumulated earnings (deficit) on a tax basis were as follows (000):

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Capital and Post-October Losses			Unrealized Appreciation/ (Depreciation)			Other Accumulated Losses			Total Accumulated Earnings (Deficit)
Real Estate Securities Fund	$	27,040	$	52,223	$	—		$	95,874		$	—		$	175,137
International Fund		18,401		—		(67,315	)		188,233			(33	)		139,286
Small Cap Growth Opportunities Fund		47,283		8,237		—			460			(52	)		55,928
Small Cap Select Fund		50,757		107,691		(38,883	)		77,143			(180	)		196,528
Small Cap Value Fund		9,967		80,010		—			57,759			(107	)		147,629
Small-Mid Cap Core Fund		—		—		(455,395	)		(2,612	)		(62	)		(458,069	)
Mid Cap Growth Opportunities Fund		52,862		104,609		(40,336	)		253,990			—			371,125
Mid Cap Value Fund		247		35,553		—			82,515			—			118,315
Large Cap Growth Opportunities Fund		—		—		(111,594	)		101,291			(1	)		(10,304	)
Large Cap Select Fund		8,129		7,247		(680	)		17,323			(23	)		31,996
Large Cap Value Fund		851		26,976		—			112,776			—			140,603
Balanced Fund		638		—		(654	)		28,417			(309	)		28,092
Equity Income Fund		124		7,683		(1,938	)		288,861			—			294,730

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

As of October 31, 2005, the following funds had capital loss carryforwards (000):

	Expiration Year
Fund	2007		2008		2009		2010		2011		2012		2013		Total
International Fund	$	3,524	$	—	$	6,853	$	56,938	$	—	$	—	$	—	$	67,315
Small Cap Select Fund		—		—		38,883		—		—		—		—		38,883
Small-Mid Cap Core Fund		124		9,840		339,005		102,106		4,320		—		—		455,395
Mid Cap Growth Opportunities Fund		—		—		40,336		—		—		—		—		40,336
Large Cap Growth Opportunities Fund		—		—		108,204		—		—		—		3,390		111,594
Large Cap Select Fund		—		—		—		—		—		—		680		680
Balanced Fund		—		—		—		41		—		—		613		654
Equity Income Fund		—		—		—		—		—		—		1,938		1,938

In accordance with Section 382 of the Internal Revenue Code, utilization of all or a portion of the above capital loss carryovers is limited on an annual basis for International Fund, Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunities Fund, Small Cap Select Fund, and Small-Mid Cap Core Fund to (000) $4,046, $24,385, $10,084, $9,721 and $1,524, respectively. For the short period ended October 31, 2005, this is further limited to a pro-rata portion of this amount.

FUTURES TRANSACTIONS – In order to gain exposure to or protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, certain funds may enter into S&P stock index futures contracts and other stock index futures contracts. The Balanced Fund may also enter into interest rate index futures contracts.

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Notes to Financial StatementsOctober 31, 2005

Upon entering into a futures or currency contract, the fund is required to deposit cash or pledge U.S. Government securities in an amount equal to five percent of the purchase price indicated in the futures or currency contract (initial margin). Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund's basis in the contract.

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

OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance returns. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received red uces the cost of the security which is purchased upon exercise of the option. At October 31, 2005, the funds held no outstanding written options.

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

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

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

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

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

The International Fund reports certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. At October 31, 2005, foreign currency holdings consisted of multiple denominations, primarily European Monetary Units and Australian Dollars.

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

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the

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securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit a potential gain that might result should the value of the currency increase. These contracts involve market risk in excess of the amount reflected in the fund's statement of assets and liabilities. The face or contract amount in U.S. dollars reflects the total exposure the fund has in that particular currency contract. In addition, there could be exposure to risks (limited to the amount of unrealized gains) if the counterparties to the contracts are unable to meet the terms of their contracts. At October 31, 2005, the International Fund had no outstanding forward currency contracts.

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

Fund	Cost		Segregated Assets
Balanced Fund	$	5,060	$	7,713

In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the fund to "roll over" its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage. At October 31, 2005, the funds did not have any dollar rolls.

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds' board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, and may have co ntractual restrictions on resale. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund's investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds' board of directors. At October 31, 2005, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund had investments in illiquid securities with a total value of $325,212, $0, and $16,709, respectively, or 0.1%, 0.0%, and 0.0%, respectively, of total net assets.

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

Real Estate Securities Fund
Security	Shares		Dates Acquired	Cost Basis (000)
Beacon Capital		33,750	3/98	$	435
Newcastle Investment Holdings		35,000	6/98		153
Small Cap Growth Opportunities Fund
Security	Shares		Dates Acquired	Cost Basis (000)
Tridium, Class B		278,500	4/99-8/99	$	1,524
VideoPropulsion		809,856	12/99		—	*

*  Rounds to zero.

Balanced Fund
Security	Par (000)		Dates Acquired		Cost Basis (000)
Duty Free International	$	605		1/99-11/02	$	605

SECURITIES LENDING – In order to generate additional income, a fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund's policy is to maintain collateral in the form of cash, U.S. Government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then "marked-to-market" daily until the securities are returned. As with other extensions

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Notes to Financial StatementsOctober 31, 2005

of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. As of October 31, 2005, cash collateral invested was as follows (000):

	Commercial Paper		Corporate Obligations		Repurchase Agreements		Money Market Fund		Other Short-Term Securities		Total
Real Estate Securities Fund	$	87,173	$	90,136	$	115,350	$	—	$	6,953	$	299,612
International Fund		—		—		—		289,800		—		289,800
Small Cap Growth Opportunities Fund		26,586		27,490		35,180		—		2,120		91,376
Small Cap Select Fund		82,585		85,392		109,279		—		6,586		283,842
Small Cap Value Fund		25,937		26,819		34,321		—		2,069		89,146
Small-Mid Cap Core Fund		5,112		5,286		6,764		—		408		17,570
Mid Cap Growth Opportunities Fund		177,194		183,217		234,469		—		14,133		609,013
Mid Cap Value Fund		61,754		63,853		81,714		—		4,925		212,246
Large Cap Growth Opportunities Fund		74,871		77,416		99,072		—		5,971		257,330
Large Cap Select Fund		31,035		32,089		41,066		—		2,475		106,665
Large Cap Value Fund		70,900		73,310		93,818		—		5,655		243,683
Balanced Fund		35,018		36,208		46,336		—		2,793		120,355
Equity Income Fund		100,831		104,258		133,422		—		8,042		346,553

U.S. Bancorp Asset Management, Inc. ("USBAM") serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. USBAM acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the Securities and Exchange Commission ("SEC"). During the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, USBAM received fees equal to 35% of each fund's income from securities lending transactions. Effective January 1, 2006, such fees will be lowered to 32% of each fund's income from securities lending transactions. With respect to International Fund, a portion of this amount was paid to State Street Bank and Trust for acting as sub-lending agent. Fees paid to USBAM by the funds for the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, were as follows (000):

Fund	10/31/05		9/30/05
Real Estate Securities Fund	$	11	$	99
International Fund		26		408
Small Cap Growth Opportunities Fund		11		89
Small Cap Select Fund		12		214
Small Cap Value Fund		3		48
Small-Mid Cap Core Fund		1		34
Mid Cap Growth Opportunities Fund		18		269
Mid Cap Value Fund		7		92
Large Cap Growth Opportunities Fund		9		171
Large Cap Select Fund		3		33
Large Cap Value Fund		9		121
Balanced Fund		12		80
Equity Income Fund		13		159

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

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

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a specified issuer on its obligation (typically a corporate issue or sovereign issue of an emerging country). The fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the fund owns an issuance of or otherwise has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

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

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the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. For the fiscal period ended October 31, 2005, Mid Cap Growth Opportunities Fund and Mid Cap Value Fund, received settlement proceeds of $20,447 and $8,035 respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolio. For the fiscal year ended September 30, 2005, Real Estate Securities Fund, Small Cap Growth Opportunities, Small Cap Select, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, Large Cap Growth Opportunities Fund, Large Cap Value Fund, Balanced Fund and Equity Income Fund received settlement proceeds of $942, $1,063,765, $40,402, $84,326, $140,115, $72,577, $152,053, $31,571 and $ 25,533 respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolio.

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

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005.

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

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

3 >  Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), USBAM manages each fund's assets and furnishes related office facilities, equipment, research, and personnel. USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"), which is in turn a subsidiary of U.S. Bancorp. The Agreement requires each fund to pay USBAM a monthly fee based upon average daily net assets. The annual fee for each fund is as follows:

Fund	Adivsory Fee as a % of Average Daily Net Assets
Real Estate Securities Fund		0.70	%
International Fund (1)		1.00
Small Cap Growth Opportunities Fund (2)		1.00
Small Cap Select Fund		0.70
Small Cap Value Fund		0.70
Small-Mid Cap Core Fund		0.70
Mid Cap Growth Opportunities Fund		0.70
Mid Cap Value Fund		0.70
Large Cap Growth Opportunities Fund (3)		0.65
Large Cap Select Fund (3)		0.65
Large Cap Value Fund (3)		0.65
Balanced Fund (3)		0.65
Equity Income Fund (3)		0.65

(1) Effective July 1, 2005. Prior to July 1, 2005, the advisory fee paid to USBAM by International Fund was equal to a rate of 1.10% of the average daily net assets up to $1.5 billion, 1.05% of the average daily net assets on the next $1 billion, and 1.00% of the average daily net assets in excess of $2.5 billion.

(2) Effective July 1, 2005. Prior to July 1, 2005, the advisory fee paid to USBAM by Small Cap Growth Opportunities Fund was equal to a rate of 1.40% of the average daily net assets.

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

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Notes to Financial StatementsOctober 31, 2005

USBAM has agreed to waive fees and reimburse other fund expenses for certain funds through June 30, 2006, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund		A		B		C		R		Y
International Fund		1.52	%	2.27	%	2.27	%	1.77	%	1.27	%
Small Cap Growth Opportunities Fund		1.47		2.22		2.22		1.72		1.22
Balanced Fund		1.10		1.85		1.85		1.35		0.85

Prior to July 1, 2005, USBAM agreed to waive fees and reimburse other fund expenses so that total fund operating expenses, as a percentage of average daily net assets, did not exceed the following amounts:

	Share Class
Fund		A		B		C		R		Y
Real Estate Securities Fund		1.23	%	1.98	%	1.98	%	1.48	%	0.98	%
International Fund		1.60		2.35		2.35		1.85		1.35
Small Cap Growth Opportunities Fund		1.93		2.68		2.68		2.18		1.68
Small Cap Select Fund		1.21		1.96		1.96		1.46		0.96
Small Cap Value Fund		1.23		1.98		1.98		1.48		0.98
Small-Mid Cap Core Fund		1.23		1.98		1.98		NA		0.98
Mid Cap Growth Opportunities Fund		1.20		1.95		1.95		1.45		0.95
Mid Cap Value Fund		1.20		1.95		1.95		1.45		0.95
Large Cap Growth Opportunities Fund		1.15		1.90		1.90		1.40		0.90
Large Cap Select Fund		1.15		1.90		1.90		1.40		0.90
Large Cap Value Fund		1.15		1.90		1.90		1.40		0.90
Balanced Fund		1.05		1.80		1.80		1.30		0.80
Equity Income Fund		1.15		1.90		1.90		1.40		0.90

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 advisor 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.

SUB-ADVISORY FEES – Since December 8, 2004, J.P. Morgan Investment Management Inc. ("J.P. Morgan") has served as investment sub-advisor to the International Fund, pursuant to a Sub-Advisory Agreement with USBAM. For its services under the Sub-Advisory Agreement with USBAM, J.P. Morgan is paid a monthly fee by USBAM calculated on an annual basis equal to 0.34% of the first $100 million of the fund's average daily net assets, 0.30% of the next $250 million of the fund's average daily net assets, 0.24% of the next $1,250 million of the fund's average daily net assets and 0.22% of the fund's average daily net assets in excess of $1,600 million.

Prior to December 8, 2004, Clay Finlay, Inc. ("Clay Finlay") served as investment sub-advisor to the International Fund. For its services under the Sub-Advisory Agreement with USBAM, Clay Finlay was paid a monthly fee by USBAM calculated on an annual basis equal to 0.25% of the first $500 million of the fund's average daily net assets and 0.10% of the fund's average daily net assets in excess of $500 million.

TRANSFER AGENT FEES – Effective July 1, 2005, U.S. Bancorp Fund Services, LLC ("USBFS"), a subsidiary of U.S. Bancorp, serves as the funds' transfer agent pursuant to a transfer agent and shareholder servicing agreement with FAIF. 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. Under the new transfer agent and shareholder servicing agreement, FAIF also pays USBFS a fee equal, on an annual basis, to 0.10% of each fund's average daily net assets. This fee compensates USBFS for providing certain shareholder services and reimburses USBFS for its payments to financial institutions that establish and maintain omnibus accounts and provid e customary services for such accounts. In addition to these fees, the funds reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services. Prior to July 1, 2005, these services were provided by USBFS pursuant to the co-administration agreement.

For the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, transfer agent fees paid under the transfer agent and shareholder servicing agreement to USBFS by the funds included in this annual report were as follows (000):

Fund	10/31/05		9/30/05
Real Estate Securities Fund	$	74	$	392
International Fund		181		896
Small Cap Growth Opportunities Fund		35		194
Small Cap Select Fund		94		524
Small Cap Value Fund		47		266
Small-Mid Cap Core Fund		8		51
Mid Cap Growth Opportunities Fund		183		929
Mid Cap Value Fund		77		377
Large Cap Growth Opportunities Fund		112		665
Large Cap Select Fund		39		181
Large Cap Value Fund		101		602
Balanced Fund		45		257
Equity Income Fund		159		945

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118

ADMINISTRATION FEES – Effective July 1, 2005, USBAM serves as the funds' administrator pursuant to an administration agreement between USBAM and the funds. USBFS serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. Under the administration agreement, USBAM is compensated to provide, or compensate other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. Effective July 1, 2005, the funds pay USBAM administration fees which are calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.15% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.135% on the next $17 billion of the aggreg ate average daily net assets, 0.12% on the next $25 billion of the aggregate average daily net assets, and 0.10% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse USBAM and, indirectly, the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

Prior to July 1, 2005, USBAM and USBFS served as "co-administrators" pursuant to a co-administration agreement between the co-administrators and the funds. The funds paid administration fees to the co-administrators, which were calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.235% of the next $17 billion of the aggregate average daily assets, 0.22% of the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. In addition, the funds paid transfer agent fees under the co-administration agreement of $18,500 per share class plus additional per account fees. In addition to these fees, the funds reimbursed the co-administrators for any out-of-pocket expens es incurred in providing administration services.

Administration fees paid by the funds included in this annual report to USBAM for the fiscal period ended October 31, 2005 and to USBAM and USBFS for the fiscal year ended September 30, 2005 were as follows (000):

Fund	10/31/05		9/30/05
Real Estate Securities Fund	$	69	$	1,224
International Fund		169		2,820
Small Cap Growth Opportunities Fund		33		637
Small Cap Select Fund		88		1,743
Small Cap Value Fund		44		870
Small-Mid Cap Core Fund		7		175
Mid Cap Growth Opportunities Fund		171		2,921
Mid Cap Value Fund		72		1,154
Large Cap Growth Opportunities Fund		105		2,368
Large Cap Select Fund		36		588
Large Cap Value Fund		94		2,120
Balanced Fund		42		859
Equity Income Fund		149		3,235

CUSTODIAN FEES – U.S. Bank serves as the funds' custodian pursuant to a custodian agreement with FAIF for all funds except the International Fund. Effective July 1, 2005, the fee for each fund (except the International Fund) was reduced from an annual rate of 0.01% of average daily net assets to an annual rate of 0.005% of average daily net assets. State Street Bank ("SSB") has served as International Fund's custodian since July 1, 2005, pursuant to a custodian agreement with the fund. International Fund pays SSB various asset-based fees and transaction charges based on the issuer's country. All fees are computed daily and paid monthly.

Effective July 1, 2005, the funds entered into an agreement with their custodians whereby interest earned on uninvested cash balances is used to reduce a portion of each fund's custodian expenses. For the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, custodian fees were not reduced as a result of interest earned. The International Fund has also entered into an agreement with its custodian to receive credits to reduce the amount of custody fees incurred. These credits are disclosed as "Expenses paid indirectly" in the Statement of Operations.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors LLC ("Quasar"), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each fund's average daily net

FIRST AMERICAN FUNDS Annual Report 2005

119

Notes to Financial StatementsOctober 31, 2005

assets of the Class A shares, Class B shares, Class C shares, and Class R shares, respectively. No distribution or shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, or shareholder servicing activities.

FAIF has also adopted and entered into a shareholder servicing plan and agreement with USBAM with respect to the Class R shares. Each fund, except Small-Mid Cap Core Fund, pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.15% of each fund's average daily net assets of the Class R shares. USBAM is currently waiving all fees under this plan and agreement. This waiver may be discontinued at any time.

Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar for the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005 (000):

Fund	10/31/05		9/30/05
Real Estate Securities Fund	$	13	$	97
International Fund		10		85
Small Cap Growth Opportunities Fund		9		191
Small Cap Select Fund		24		269
Small Cap Value Fund		10		106
Small-Mid Cap Core Fund		5		65
Mid Cap Growth Opportunities Fund		42		479
Mid Cap Value Fund		12		88
Large Cap Growth Opportunities Fund		25		272
Large Cap Select Fund		1		8
Large Cap Value Fund		21		238
Balanced Fund		27		347
Equity Income Fund		46		525

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, transfer agent fees and administration fees, each fund is responsible for paying other operating expenses, including: fees and expenses of independent directors, registration fees, postage and printing of shareholder reports, legal, auditing, insurance, and other miscellaneous expenses. For the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, legal fees and expenses were paid to a law firm of which an Assistant Secretary of the funds is a partner.

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

Class B shares automatically convert to Class A shares after eight years.

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

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

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

For the fiscal period ended October 31, 2005 and the fiscal year ended September 30, 2005, total front-end sales charges and CDSCs retained by affiliates of USBAM for distributing the funds' shares were as follows (000):

Fund	10/31/05		9/30/05
Real Estate Securities Fund	$	6	$	218
International Fund		6		76
Small Cap Growth Opportunities Fund		6		109
Small Cap Select Fund		12		205
Small Cap Value Fund		8		86
Small-Mid Cap Core Fund		2		36
Mid Cap Growth Opportunities Fund		25		375
Mid Cap Value Fund		16		165
Large Cap Growth Opportunities Fund		8		164
Large Cap Select Fund		6		34
Large Cap Value Fund		10		104
Balanced Fund		7		156
Equity Income Fund		17		406

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120

4 >  Capital Share Transactions

FAIF has 324 billion shares of $0.0001 par value capital stock authorized. Capital share transactions for the funds were as follows (000):

		Real Estate Securities Fund									International Fund									Small Cap Growth Opportunities Fund
		One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued			136			2,268			2,885			116			900			1,986			41			805			3,228
Shares issued in lieu of cash distributions			—			504			192			0			23			20			—			553			25
Shares redeemed			(136	)		(1,219	)		(640	)		(73	)		(1,335	)		(1,969	)		(163	)		(2,445	)		(2,342	)
Total Class A transactions			—			1,553			2,437			43			(412	)		37			(122	)		(1,087	)		911
Class B:
Shares issued			3			57			64			13			56			64			1			28			251
Shares issued in lieu of cash distributions	��		—			19			14			0			—			1			—			57			2
Shares redeemed			(12	)		(98	)		(63	)		(18	)		(235	)		(234	)		(7	)		(130	)		(121	)
Total Class B transactions			(9	)		(22	)		15			(5	)		(179	)		(169	)		(6	)		(45	)		132
Class C:
Shares issued			3			75			104			2			70			87			1			23			191
Shares issued in lieu of cash distributions			—			20			14			0			—			1			—			27			—
Shares redeemed			(12	)		(96	)		(91	)		(23	)		(269	)		(422	)		(4	)		(132	)		(43	)
Total Class C transactions			(9	)		(1	)		27			(21	)		(199	)		(334	)		(3	)		(82	)		148
Class R:
Shares issued			1			3			75			0			35			135			—			1			39
Shares issued in lieu of cash distributions			—			—			8			0			—			4			—			—			1
Shares redeemed			—			(1	)		(241	)		(13	)		(22	)		(1,090	)		—			(1	)		(208	)
Total Class R transactions			1			2			(158	)		(13	)		13			(951	)		—			—			(168	)
Class Y:
Shares issued			283			6,209			13,274			2,883			28,181			31,294			143			1,632			4,004
Shares issued in lieu of cash distributions			—			1,073			499			0			542			526			—			839			79
Shares redeemed			(811	)		(5,485	)		(3,750	)		(1,081	)		(16,895	)		(29,700	)		(190	)		(3,522	)		(10,975	)
Total Class Y transactions			(528	)		1,797			10,023			1,802			11,828			2,120			(47	)		(1,051	)		(6,892	)
Net increase (decrease) in capital shares			(545	)		3,329			12,344			1,806			11,051			703			(178	)		(2,265	)		(5,869	)

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Notes to Financial StatementsOctober 31, 2005

	Small Cap Select Fund									Small Cap Value Fund									Small-Mid Cap Core Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		151			1,586			2,909			34			526			1,192			97			653			2,255
Shares issued in lieu of cash distributions		—			1,274			352			—			432			100			—			—			—
Shares redeemed		(109	)		(2,207	)		(2,193	)		(57	)		(656	)		(997	)		(85	)		(1,583	)		(2,520	)
Total Class A transactions		42			653			1,068			(23	)		302			295			12			(930	)		(265	)
Class B:
Shares issued		2			118			146			2			57			77			3			64			123
Shares issued in lieu of cash distributions		—			206			65			—			104			34			—			—			—
Shares redeemed		(15	)		(221	)		(174	)		(13	)		(185	)		(413	)		(40	)		(655	)		(616	)
Total Class B transactions		(13	)		103			37			(11	)		(24	)		(302	)		(37	)		(591	)		(493	)
Class C:
Shares issued		12			229			251			2			60			77			7			52			119
Shares issued in lieu of cash distributions		—			192			56			—			50			13			—			—			—
Shares redeemed		(47	)		(364	)		(197	)		(8	)		(93	)		(120	)		(17	)		(329	)		(308	)
Total Class C transactions		(35	)		57			110			(6	)		17			(30	)		(10	)		(277	)		(189	)
Class R:
Shares issued		8			22			208			—			—			72			—			—			138
Shares issued in lieu of cash distributions		—			1			55			—			—			3			—			—			—
Shares redeemed		(6	)		(4	)		(1,065	)		—			—			(170	)		—			—			(697	)
Total Class R transactions		2			19			(802	)		—			—			(95	)		—			—			(559	)
Class Y:
Shares issued		233			6,525			8,030			175			3,781			3,675			140			2,087			3,912
Shares issued in lieu of cash distributions		—			6,437			3,768			—			3,016			1,045			—			—			—
Shares redeemed		(934	)		(16,385	)		(33,562	)		(509	)		(7,079	)		(12,846	)		(264	)		(3,915	)		(6,414	)
Total Class Y transactions		(701	)		(3,423	)		(21,764	)		(334	)		(282	)		(8,126	)		(124	)		(1,828	)		(2,502	)
Net increase (decrease) in capital shares		(705	)		(2,591	)		(21,351	)		(374	)		13			(8,258	)		(159	)		(3,626	)		(4,008	)

	Mid Cap Growth Opportunities Fund									Mid Cap Value Fund									Large Cap Growth Opportunities Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		176			3,556			778			186			1,266			682			34			565			1,608
Shares issued in lieu of cash distributions		—			683			135			—			7			4			—			8			2
Shares redeemed		(106	)		(1,128	)		(959	)		(37	)		(510	)		(282	)		(89	)		(1,246	)		(1,201	)
Total Class A transactions		70			3,111			(46	)		149			763			404			(55	)		(673	)		409
Class B:
Shares issued		3			90			65			4			91			57			2			45			89
Shares issued in lieu of cash distributions		—			49			9			—			—			—			—			1			—
Shares redeemed		(4	)		(58	)		(51	)		(28	)		(179	)		(188	)		(22	)		(356	)		(735	)
Total Class B transactions		(1	)		81			23			(24	)		(88	)		(131	)		(20	)		(310	)		(646	)
Class C:
Shares issued		11			182			48			19			179			64			2			45			57
Shares issued in lieu of cash distributions		—			54			11			—			—			—			—			—			—
Shares redeemed		(44	)		(142	)		(110	)		(7	)		(44	)		(76	)		(14	)		(160	)		(216	)
Total Class C transactions		(33	)		94			(51	)		12			135			(12	)		(12	)		(115	)		(159	)
Class R:
Shares issued		4			145			27			18			15			41			1			10			72
Shares issued in lieu of cash distributions		—			—			8			—			—			—			—			—			—
Shares redeemed		(2	)		(12	)		(341	)		—			—			(100	)		—			—			(767	)
Total Class R transactions		2			133			(306	)		18			15			(59	)		1			10			(695	)
Class Y:
Shares issued		228			5,339			3,700			271			6,771			5,379			501			6,018			12,178
Shares issued in lieu of cash distributions		—			3,346			810			—			99			77			—			59			29
Shares redeemed		(489	)		(8,873	)		(8,163	)		(357	)		(3,514	)		(4,252	)		(350	)		(22,930	)		(11,718	)
Total Class Y transactions		(261	)		(188	)		(3,653	)		(86	)		3,356			1,204			151			(16,853	)		489
Net increase (decrease) in capital shares		(223	)		3,231			(4,033	)		69			4,181			1,406			65			(17,941	)		(602	)

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122

	Large Cap Select Fund									Large Cap Value Fund									Balanced Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		35			334			78			53			935			2,249			120			1,220			3,334
Shares issued in lieu of cash distributions		—			1			—			—			54			53			—			145			148
Shares redeemed		(4	)		(26	)		(40	)		(71	)		(1,521	)		(1,580	)		(146	)		(3,146	)		(2,038	)
Total Class A transactions		31			309			38			(18	)		(532	)		722			(26	)		(1,781	)		1,444
Class B:
Shares issued		1			25			17			1			38			55			4			100			159
Shares issued in lieu of cash distributions		—			—			—			—			3			6			—			13			22
Shares redeemed		—			(7	)		(5	)		(36	)		(577	)		(876	)		(89	)		(1,091	)		(892	)
Total Class B transactions		1			18			12			(35	)		(536	)		(815	)		(85	)		(978	)		(711	)
Class C:
Shares issued		—			10			4			3			36			49			3			79			85
Shares issued in lieu of cash distributions		—			—			—			—			1			2			—			4			4
Shares redeemed		—			(2	)		(1	)		(12	)		(121	)		(139	)		(62	)		(181	)		(256	)
Total Class C transactions		—			8			3			(9	)		(84	)		(88	)		(59	)		(98	)		(167	)
Class R:
Shares issued		—			—			—			—			—			160			—			—			345
Shares issued in lieu of cash distributions		—			—			—			—			—			7			—			—			23
Shares redeemed		—			—			—			—			—			(1,761	)		—			—			(2,881	)
Total Class R transactions		—			—			—			—			—			(1,594	)		—			—			(2,513	)
Class Y:
Shares issued		1,217			16,640			13,492			230			4,666			12,949			248			3,524			6,123
Shares issued in lieu of cash distributions		—			358			191			5			335			471			—			382			529
Shares redeemed		(160	)		(17,545	)		(1,430	)		(502	)		(26,155	)		(12,532	)		(650	)		(8,890	)		(16,991	)
Total Class Y transactions		1,057			(547	)		12,253			(267	)		(21,154	)		888			(402	)		(4,984	)		(10,339	)
Net increase (decrease) in capital shares		1,089			(212	)		12,306			(329	)		(22,306	)		(887	)		(572	)		(7,841	)		(12,286	)

	Equity Income Fund
	One-Month Period Ended 10/31/05			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		64			1,568			4,209
Shares issued in lieu of cash distributions		6			222			200
Shares redeemed		(226	)		(3494	)		(2,448	)
Total Class A transactions		(156	)		(1,704	)		1,961
Class B:
Shares issued		5			144			396
Shares issued in lieu of cash distributions		—			17			17
Shares redeemed		(27	)		(473	)		(459	)
Total Class B transactions		(22	)		(312	)		(46	)
Class C:
Shares issued		8			92			221
Shares issued in lieu of cash distributions		—			14			14
Shares redeemed		(50	)		(457	)		(401	)
Total Class C transactions		(42	)		(351	)		(166	)
Class R:
Shares issued		1			32			185
Shares issued in lieu of cash distributions		—			—			15
Shares redeemed		—			(2	)		(1,685	)
Total Class R transactions		1			30			(1,485	)
Class Y:
Shares issued		333			12,906			23,673
Shares issued in lieu of cash distributions		17			681			718
Shares redeemed		(1,701	)		(36,568	)		(25,006	)
Total Class Y transactions		(1,351	)		(22,981	)		(615	)
Net decrease in capital shares		(1,570	)		(25,318	)		(351	)

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123

Notes to Financial StatementsOctober 31, 2005

5 >  Investment Security Transactions

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

	U.S. Government Securities				Other Investment Securities
Fund	Purchases		Sales		Purchases		Sales
Real Estate Securities Fund	$	—	$	—	$	69,760	$	87,402
International Fund		—		—		2,040		24,013
Small Cap Growth Opportunities Fund		—		—		43,720		44,558
Small Cap Select Fund		—		—		112,657		147,702
Small Cap Value Fund		—		—		59,515		62,211
Small-Mid Cap Core Fund		—		—		54,859		55,469
Mid Cap Growth Opportunities Fund		—		—		146,773		146,914
Mid Cap Value Fund		—		—		67,291		66,636
Large Cap Growth Opportunities Fund		—		—		66,130		60,229
Large Cap Select Fund		—		—		33,998		27,006
Large Cap Value Fund		—		—		15,228		33,439
Balanced Fund		23,288		26,073		22,766		26,140
Equity Income Fund		—		—		—		12,953

During the fiscal year ended September 30, 2005, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows (000):

	U.S. Government Securities				Other Investment Securities
Fund	Purchases		Sales		Purchases		Sales
Real Estate Securities Fund	$	—	$	—	$	732,503	$	704,152
International Fund		—		—		1,143,587		1,006,657
Small Cap Growth Opportunities Fund		—		—		580,171		666,069
Small Cap Select Fund		—		—		1,021,695		1,211,070
Small Cap Value Fund		—		—		307,452		375,516
Small-Mid Cap Core Fund		—		—		162,372		192,244
Mid Cap Growth Opportunities Fund		—		—		1,513,684		1,581,597
Mid Cap Value Fund		—		—		673,901		572,614
Large Cap Growth Opportunities Fund		—		—		1,167,380		1,652,947
Large Cap Select Fund		—		—		506,853		497,038
Large Cap Value Fund		—		—		629,829		1,043,816
Balanced Fund		209,598		203,768		401,629		461,813
Equity Income Fund		—		—		425,021		788,092

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal tax purposes at October 31, 2005, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net			Federal Income Tax Cost
Real Estate Securities Fund	$	104,042	$	(8,168	)	$	95,874		$	857,271
International Fund		188,122		(753	)		187,369			1,681,856
Small Cap Growth Opportunities Fund		21,566		(21,106	)		460			395,569
Small Cap Select Fund		109,963		(32,820	)		77,143			1,003,599
Small Cap Value Fund		70,221		(12,462	)		57,759			447,942
Small-Mid Cap Core Fund		1,468		(4,080	)		(2,612	)		88,342
Mid Cap Growth Opportunities Fund		284,271		(30,281	)		253,990			1,926,311
Mid Cap Value Fund		93,104		(10,589	)		82,515			802,877
Large Cap Growth Opportunities Fund		120,898		(19,607	)		101,291			1,155,039
Large Cap Select Fund		24,758		(7,435	)		17,323			434,663
Large Cap Value Fund		134,722		(21,946	)		112,776			1,009,658
Balanced Fund		34,805		(6,348	)		28,457			485,655
Equity Income Fund		305,910		(17,049	)		288,861			1,437,270

FIRST AMERICAN FUNDS Annual Report 2005

124

The difference between cost for financial statement purposes and federal tax purposes is primarily due to losses deferred from wash sales, investments in limited partnerships and REITs, the amount of gain (loss) recognized for tax purposes due to mark to market adjustments on open futures contracts and the mark to market of certain PFICs for tax purposes.

6 >  Concentration of Risks

Portfolios that primarily invest in a particular sector may experience greater volatility than portfolios investing in a broad range of industry sectors. Real Estate Securities Fund primarily invests in income-producing common stocks of publicly traded companies engaged in the real estate industry. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to in the future. As of October 31, 2005, Large Cap Growth Opportunities Fund and Small Cap Growth Opportunities Fund each had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. As of the same date, Small Cap Value Fund, Large Cap Value Fund, and Mid Cap Value Fund had significant portions of their assets invested in the financials sect or. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition and consumer confidence and spending.

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 of losses pursuant to these contracts and expect the risk of loss to be remote.

8 >  Replacement of Investment Sub-Advisor

On September 16, 2004, the funds' board of directors approved the appointment of J.P. Morgan to replace Clay Finley, Inc. as the investment sub-advisor to International Fund. At a special meeting of International Fund's shareholders held on December 8, 2004, shareholders aproved the appointment of J.P. Morgan.

9 >  Additional Information Related to Small Cap Growth Opportunities Fund

As a result of an internal review, USBAM uncovered an action involving potentially improper trading of a portfolio security held in the First American Small Cap Growth Opportunities Fund. USBAM engaged an outside law firm to conduct a review of those trades, and, as a result of this review, the law firm concluded that no USBAM employee violated the applicable securities laws. USBAM has reported this to the Fund's board to directors and to the Securities and Exchange Commission (SEC). The SEC is investigating the matter, and USBAM is cooperating fully with the investigation.

10 >  Other

In March 2005, the U.S. Bancorp Pension Plan redeemed $302,966,587, $395,010,013, $200,889,108 and $132,582,404 from the First American Large Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund and Equity Income Fund, respectively, as redemption-in-kind transactions. In these transactions, each fund paid redemption proceeds to U.S. Bancorp Pension Plan by distributing a proportionate amount of securities in the fund's portfolio to the Plan. Remaining shareholders in the funds did not recognize any additional capital gains from the transactions.

11 >  Investment Strategy Changes and Name Change for Technology Fund

On September 26, 2005, Technology Fund's shareholders approved a change to the fundamental investment policies of the Technology Fund. This change took effect on October 3, 2005, along with a number of other investment strategy changes and a change in the fund's name to Small-Mid Cap Core Fund.

FIRST AMERICAN FUNDS Annual Report 2005

125

NOTICE TO SHAREHOLDERS October 31, 2005 (unaudited)

TAX INFORMATION

The information set forth below is for each fund's fiscal period as required by federal laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of the fund's fiscal periods ending September 30, 2004, September 30, 2005 and October 31, 2005. Accordingly, the information needed by shareholders for income tax purposes will be sent in early 2006 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal period ended October 31, 2005, each fund has designated long-term capital gains, ordinary income, dividends qualifying for the corporate received deduction, and qualified dividend income with regard to distributions paid during the period as follows:

	Long Term Capital Gains Distributions (Tax Basis)(a)			Ordinary Income Distributions (Tax Basis)(a)			Total Distributions (Tax Basis)			Corporate Dividends Received Deduction(b)			Qualified Dividend Income (000)		Qualified Dividend Income(b)(c)
International Fund (d)		—	%		—	%		—	%		—	%	$	—		—	%
Large Cap Value Fund		0			100			100			100			723		97
Equity Income Fund		0			100			100			100			2,053		100

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

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

(c) For the fiscal period ended October 31, 2005 certain dividends paid by the funds may be subject to a maximum tax rate of 15%, as provided by the Internal Revenue Code 1(h). The funds intend to designate the maximum amounts as taxed at a maximum rate of 15%. Complete information was computed and reported in conjunction with your 2004 Form 1099-Div. As of October 31, 2005, for the calendar year to date, qualified dividend income as a percentage of ordinary income distributions for each fund was as follows: Real Estate Securities, International, Small Cap Growth Opportunities, Small Cap Select, Small Cap Value, Small-Mid Cap Core, Mid Cap Growth Opportunities, Mid Cap Value, Large Cap Growth Opportunities, Large Cap Select, Large Cap Value, Balanced and Equity Income Funds were 0%, 0%, 0%, 0%, 0%, 0%, 0%, 100%, 0%, 100%, 59% and 100%, respectively.

(d) The International Fund has elected to pass through to shareholders foreign taxes under Section 853 of the Internal Revenue Code. Foreign taxes paid and foreign source income for the fund were $243,736 and $2,845,421, respectively.

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126

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, 2005, 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 Commision'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 Commision'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 calendar quarter end.

FIRST AMERICAN FUNDS Annual Report 2005

127

NOTICE TO SHAREHOLDERS  October 31, 2005 (unaudited)

Directors and Officers of the Funds

Independent Directors

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF, since September 2003.	Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004; Senior Vice President, Chief Financial Officer & Treasurer, Bemis, through April 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997.	Retired; Vice President, Cargo – United Airlines, from July 2001 through July 2004; Vice President, North America – Mountain Region, United Airlines, prior to July 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003.	Investment consultant and non-profit board member since 2001; Managing Director of Zurich Scudder Investments through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993.	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Retired; Director, President and Chief Executive Officer, Weirton Steel through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	Cleveland-Cliffs Inc (a producer of iron ore pellets)
Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 1984.	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus(TM) LLC, a strategic demographic planning and application development firm, since 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None

FIRST AMERICAN FUNDS Annual Report 2005

128

Independent Directors — continued

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF's Board since September 1997; Director of FAIF since June 1991.	Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios.	None
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Owner and President, Jim Wade Homes, a homebuilding company, since 1999.	First American Funds Complex; eleven registered investment companies, including fifty-five portfolios.	None

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

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

FIRST AMERICAN FUNDS Annual Report 2005

129

NOTICE TO SHAREHOLDERS  October 31, 2005 (unaudited)

Officers

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Thomas S. Schreier, Jr. U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1962)*	President	Re-elected by the Board annually; President of FAIF since February 2001.	Chief Executive Officer of U.S. Bancorp Asset Management, Inc., since May 2001; prior thereto, Chief Executive Officer of First American Asset Management from December 2000 to May 2001 and of Firstar Investment & Research Management Company ("FIRMCO") from February 2001 to May 2001; prior to that, Senior Managing Director and Head of Equity Research of U.S. Bancorp Piper Jaffray.
Mark S. Jordahl U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Vice President – Investments	Re-elected by the Board annually; Vice President – Investments of FAIF since September 2001.	Chief Investment Officer of U.S. Bancorp Asset Management, Inc., since September 2001; prior thereto, President and Chief Investment Officer, ING Investment Management–Americas from September 2000 to June 2001; prior to that, Senior Vice President and Chief Investment Officer, ReliaStar Financial Corp.
Jeffery M. Wilson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000.	Senior Vice President of U.S. Bancorp Asset Management, Inc., since May 2001; prior thereto, Senior Vice President of First American Asset Management.
Charles D. Gariboldi, Jr. U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since October 2004.	Mutual Fund Treasurer, U.S. Bancorp Asset Management, Inc., since October 2004; prior thereto, Vice President of Investment Accounting and Fund Treasurer for Thrivent Financial for Lutherans.
Jill M. Stevenson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965) *	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005.	Assistant Treasurer, U.S. Bancorp Asset Management, Inc., since September 2005; prior thereto, Director, Senior Project Manager, U.S. Bancorp Asset Management, Inc., from May 2003 to September 2005; prior to that, Vice President, Director of Operations, Paladin Investment Associates, LLC.
David H. Lui U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since February 2005.	Chief Compliance Officer for First American Funds and U.S. Bancorp Asset Management, Inc., since February 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004 to February 2005; prior to that, Vice President, Charles Schwab & Co., Inc.
Kathleen L. Prudhomme U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998.	Deputy General Counsel, U.S. Bancorp Asset Management, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.
James D. Alt 50 South Sixth Street Suite 1500 Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002.	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.
Brett L. Agnew U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1971)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004.	Attorney for U.S. Bancorp Asset Management, Inc., since August 2004; prior thereto, Senior Counsel, Thrivent Financial for Lutherans from May 2001 to August 2004; prior to that, Consultant, Principal Financial Group.

FIRST AMERICAN FUNDS Annual Report 2005

130

Officers — continued

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
James R. Arnold 615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003.	Vice President, U.S. Bancorp Fund Services, LLC, since March 2002; prior thereto, Senior Administration Services Manager, UMB Fund Services, Inc.
Douglas G. Hess 615 E. Michigan Street Milwaukee, WI 53202 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since September 2001.	Vice President, U.S. Bancorp Fund Services, LLC.

*  Messrs. Schreier, Jordahl, Wilson, Gariboldi, Lui and Agnew, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of U.S. Bancorp Asset Management, Inc., which serves as investment adviser and administrator for FAIF. Messrs. Hess and Arnold are officers of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and serves as Transfer Agent for FAIF.

FIRST AMERICAN FUNDS Annual Report 2005

131

(This page has been left blank intentionally.)

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 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.

FIRST AMERICAN FUNDS_®

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers only through the period ended October 31, 2005. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

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

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

INVESTMENT ADVISOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

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.

0393-05 12/2005 AR-EQUITY

Item 2—Code of Ethics

(a) The registrant has adopted a code of ethics that applies to its Principal Executive Officer and Principal Financial Officer.

(b) During the period covered by this report, there were no amendments to the provisions of the registrant’s code of ethics that apply to the registrant’s Principal Executive Officer and Principal Financial Officer and that relate to any element of the code of ethics definition enumerated in this Item.

(c) During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provisions of its code of ethics.

(d) The registrant undertakes to furnish a copy of its code of ethics to any person upon request, without charge, by calling 1-800-677-3863.

Item 3—Audit Committee Financial Expert

The registrant’s Board of Directors has determined that Leonard W. Kedrowski, Benjamin R. Field III, and Richard K. Riederer, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item.

Item 4—Principal Accountant Fees and Services

(a) Audit Fees - Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $74,027 in the fiscal period ended October 31, 2005, $608,819 in the fiscal year ended September 30, 2005, and $391,795 in the fiscal year ended September 30, 2004, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form N-CSR.

(b) Audit-Related Fees – E&Y billed the registrant audit-related fees totaling $184 in the fiscal period ended October 31, 2005, $13,759 in the fiscal year ended September 30, 2005, and $36,134 in the fiscal year ended September 30, 2004, including fees associated with the semi-annual review of fund disclosures.

(c) Tax Fees - E&Y billed the registrant fees of $10,628 in the fiscal period ended October 31, 2005, $105,382 in the fiscal year ended September 30, 2005, and $115,034 in the fiscal year ended September 30, 2004 for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.

(d) All Other Fees - There were no fees billed by E&Y for other services to the registrant during the fiscal period ended October 31, 2005, the fiscal year ended September 30, 2005, and the fiscal year ended September 30, 2004.

(e)(1) The audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below:

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

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

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

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

• Meet quarterly with the partner of the independent audit firm

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

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

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

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

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

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

Audit Services

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

• Annual Fund financial statement audits

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

• SEC and regulatory filings and consents

Audit-related Services

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

• Accounting consultations

• Fund merger support services

• Other accounting related matters

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

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

Tax Services

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

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

• Federal, state and local income tax compliance, and

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

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

Other Non-audit Services

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

Proscribed Services

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

• Management functions

• Accounting and bookkeeping services

• Internal audit services

• Financial information systems design and implementation

• Valuation services supporting the financial statements

• Actuarial services supporting the financial statements

• Executive recruitment

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

• Investment banking

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

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

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

(e)(2) All of the services described in paragraphs (b) through (d) of this Item 4 that were provided to the registrant on or after May 6, 2003, the effective date of SEC rules relating to the pre-approval of non-audit services, were pre-approved by the audit committee.

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

(g) The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $10,812 in the fiscal period ended October 31, 2005, $144,841 in the fiscal year ended September 30, 2005, and $181,918 in the fiscal year ended September 30, 2004, including services provided prior to May 6, 2003, the effective date of SEC rules relating to the pre-approval of non-audit services.

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

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12—Exhibits

(a)(1)  Not applicable.  Registrant’s code of ethics is provided to any person upon request without charge.

(a)(2)  Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act 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: January 6, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: January 6, 2006

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

Date: January 6, 2006