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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number    811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

800 Nicollet Mall, Minneapolis, MN	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:  April 30, 2006

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

	2006
	Semiannual Report
	INDEX FUNDS

TABLE OF CONTENTS

Schedule of Investments	5
Statements of Assets and Liabilities	32
Statements of Operations	33
Statements of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	42
Notice to Shareholders	50

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

FIRST AMERICAN FUNDS ONLINE

@ firstamericanfunds.com
Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets.
Online features and functionality include:
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•	The ability to educate yourself through market and investment strategy commentaries
We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.
First American Funds Semiannual Report 2006

Equity Index fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,093.60	$	3.22
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.11
Class B Actual2	$	1,000.00	$	1,089.50	$	7.10
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.00	$	6.85
Class C Actual2	$	1,000.00	$	1,089.90	$	7.10
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.00	$	6.85
Class R Actual2	$	1,000.00	$	1,092.40	$	4.51
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.48	$	4.36
Class Y Actual2	$	1,000.00	$	1,095.40	$	1.92
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	1.86

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 fiscal half-year/365 (to reflect the one-half year period).

²  Based on the actual returns for the six-month period ended April 30, 2006 of 9.36%, 8.95%, 8.99%, 9.24%, and 9.54% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Top 10 Holdings as of April 30, 20063(% of net assets)
Exxon Mobil	3.2	%
General Electric	3.0	%
Citigroup	2.1	%
Bank of America	2.0	%
Microsoft	1.8	%
Procter & Gamble	1.6	%
Pfizer	1.5	%
Johnson & Johnson	1.4	%
American International Group	1.4	%
J.P. Morgan Chase	1.3	%

Sector Allocation as of April 30, 20063(% of net assets)
Financial	21.3	%
Information Technology	15.5
Healthcare	11.9
Industrials	11.5
Consumer Discretionary	9.9
Energy	9.7
Consumer Staples	9.0
Utilities	3.1
Telecommunication Services	3.1
Materials	3.1
Short-Term Investments	1.8
Other Assets and Liabilities, Net	0.1
	100.0	%

³  Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

FIRST AMERICAN FUNDS Semiannual Report 2006

2

Mid Cap Index fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,149.20	$	4.00
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76
Class B Actual2	$	1,000.00	$	1,145.00	$	7.98
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50
Class C Actual2	$	1,000.00	$	1,145.20	$	7.98
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50
Class R Actual2	$	1,000.00	$	1,147.30	$	5.32
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01
Class Y Actual2	$	1,000.00	$	1,151.20	$	2.67
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51

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%, 1.00%, 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 fiscal half-year/365 (to reflect the one-half year period).

²  Based on the actual returns for the six-month period ended April 30, 2006 of 14.92%, 14.50%, 14.52%, 14.73%, and 15.12% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Top 10 Holdings as of April 30, 20063(% of net assets)
Peabody Energy	1.4	%
Expeditors International of Washington	0.8	%
Cognizant Technology Solutions	0.7	%
Smith International	0.7	%
Precision Castparts	0.7	%
ENSCO International	0.7	%
Joy Global	0.7	%
Noble Energy	0.7	%
Microchip Technology	0.6	%
C.H. Robinson Worldwide	0.6	%

Sector Allocation as of April 30, 20063(% of net assets)
Financial	17.9	%
Industrials	15.4
Information Technology	14.9
Consumer Discretionary	14.1
Healthcare	9.5
Energy	8.6
Utilities	7.0
Materials	5.8
Short-Term Investments	4.7
Consumer Staples	1.7
Telecommunication Services	0.4
	100.0	%

³  Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

FIRST AMERICAN FUNDS Semiannual Report 2006

3

Small Cap Index fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,184.50	$	4.50
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.68	$	4.16
Class B Actual2	$	1,000.00	$	1,179.60	$	8.54
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.96	$	7.90
Class C Actual2	$	1,000.00	$	1,180.20	$	8.54
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.96	$	7.90
Class R Actual2	$	1,000.00	$	1,183.00	$	5.85
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.44	$	5.41
Class Y Actual2	$	1,000.00	$	1,185.90	$	3.14
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.92	$	2.91

¹  Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.83%, 1.58%, 1.58%, 1.08%, and 0.58% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²  Based on the actual returns for the six-month period ended April 30, 2006 of 18.45%, 17.96%, 18.02%, 18.30%, and 18.59% for Class A, Class B, Class C, Class R, and Class Y, respectively.

Top 10 Holdings as of April 30, 20063(% of net assets)
Amylin Pharmaceuticals	0.3	%
Level 3 Communications	0.3	%
Intuitive Surgical	0.3	%
Vertex Pharmaceuticals	0.3	%
Rambus	0.3	%
Cimarex Energy	0.3	%
Eagle Materials	0.3	%
Frontier Oil	0.2	%
Commercial Metals	0.2	%
Flowserve	0.2	%

Sector Allocation as of April 30, 20063(% of net assets)
Financial	20.0	%
Information Technology	18.9
Industrials	16.0
Consumer Discretionary	13.1
Healthcare	11.8
Energy	6.6
Materials	5.4
Consumer Staples	2.5
Utilities	2.3
Short-Term Investments	2.1
Telecommunication Services	1.5
Other Assets and Liabilities, Net	(0.2	)
	100.0	%

³  Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

FIRST AMERICAN FUNDS Semiannual Report 2006

4

Schedule of Investments April 30, 2006 (unaudited)

Equity Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.1%
Consumer Discretionary – 9.9%
Amazon.com (a) (b)		55,633	$	1,959
Apollo Group, Class A (a) (b)		26,419		1,444
Autonation (b)		30,244		681
Autozone (b)		10,015		937
Bed Bath & Beyond (a) (b)		53,997		2,071
Best Buy (a)		79,614		4,511
Big Lots (a) (b)		20,784		300
Black & Decker		14,232		1,332
Brunswick		16,977		666
Carnival (a)		78,599		3,680
CBS, Class B (a)		140,686		3,583
Centex (a)		23,203		1,290
Circuit City Stores (a)		37,209		1,070
Clear Channel Communications (a)		86,276		2,461
Coach (b)		68,836		2,273
Comcast, Class A (a) (b)		397,859		12,314
Cooper Tire & Rubber (a)		11,161		142
D.R. Horton (a)		49,389		1,483
Darden Restaurants (a)		24,688		978
Dillard's, Class A (a)		11,172		291
Dollar General		54,658		954
Dow Jones & Company		10,701		396
Eastman Kodak (a)		51,782		1,396
Family Dollar Stores (a)		28,170		704
Federated Department Stores (a)		48,923		3,809
Ford Motor (a)		342,819		2,383
Fortune Brands		26,242		2,107
Gannett (a)		43,527		2,394
Gap		104,129		1,884
General Motors (a)		104,965		2,402
Genuine Parts (a)		31,480		1,374
Goodyear Tire & Rubber (a) (b)		32,167		450
Harley-Davidson (a)		49,827		2,533
Harman International Industries (a)		9,051		796
Harrah's Entertainment		28,389		2,318
Hasbro		28,866		569
Hilton Hotels (a)		61,941		1,669
Home Depot		385,404		15,389
International Game Technology (a)		61,127		2,319
Interpublic Group of Companies (a) (b)		77,083		738
J.C. Penney (a)		43,175		2,826
Johnson Controls (a)		34,216		2,790
Jones Apparel Group		21,209		729
KB HOME		14,205		875
Knight-Ridder		12,814		794
Kohl's (a) (b)		56,597		3,160
Leggett & Platt (a)		33,388		886
Lennar		25,445		1,398
Limited (a)		63,173		1,620
Liz Claiborne (a)		19,356		756
Lowe's (a)		140,621		8,866
Marriott International, Class A (a)		29,875		2,183
Mattel (a)		73,330		1,186
McDonald's		230,618		7,972
McGraw-Hill (a)		69,322		3,858
New York Times, Class A (a)		26,319		652
Newell Rubbermaid (a)		49,585		1,360

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
News (a)		443,928	$	7,618
Nike, Class B (a)		34,489		2,823
Nordstrom (a)		39,660		1,520
Office Depot (a) (b)		57,260		2,324
Officemax		12,829		496
Omnicom Group (a)		32,718		2,945
Pulte (a)		39,128		1,461
RadioShack (a)		24,427		415
Sears (a) (b)		18,955		2,724
Sherwin-Williams (a)		22,094		1,125
Snap-On (a)		10,513		436
Stanley Works (a)		13,195		689
Staples (a)		132,706		3,505
Starbucks (a) (b)		139,442		5,197
Starwood Hotels & Resorts Worldwide (a)		37,118		2,130
Target		159,507		8,470
Tiffany & Company (a)		26,766		934
Time Warner (a)		846,594		14,731
TJX		79,707		1,923
Tribune (a)		54,629		1,575
Univision Communications, Class A (a) (b)		46,325		1,653
V.F. (a)		15,988		978
Viacom, Class B (b)		140,686		5,604
Walt Disney (a)		348,981		9,758
Wendy's International		20,525		1,268
Whirlpool (a)		14,261		1,280
Yum! Brands		51,386		2,656
				218,199
Consumer Staples – 9.0%
Alberto-Culver, Class B		13,694		616
Albertson's (a)		69,000		1,748
Altria Group		378,145		27,665
Anheuser-Busch		140,842		6,279
Archer-Daniels-Midland		112,669		4,094
Avon Products (a)		86,059		2,806
Brown-Forman, Class B		10,417		776
Campbell Soup		33,775		1,086
Clorox		27,340		1,755
Coca-Cola		379,678		15,931
Coca-Cola Enterprises		42,365		827
Colgate-Palmolive		93,999		5,557
ConAgra Foods		96,062		2,179
Constellation Brands, Class A (a) (b)		30,449		752
Costco Wholesale		85,646		4,662
CVS		144,684		4,300
Dean Foods (b)		3,056		121
Estee Lauder, Class A (a)		10,248		380
General Mills		59,929		2,957
H.J. Heinz (a)		60,716		2,520
Hershey Foods (a)		32,865		1,753
Kellogg		46,618		2,159
Kimberly-Clark		84,789		4,963
Kroger (a) (b)		131,359		2,661
McCormick (a)		24,293		846
Molson Coors Brewing (a)		11,429		844
Pepsi Bottling		25,016		803
PepsiCo		306,403		17,845
Procter & Gamble		608,904		35,444
Reynolds American (a)		15,493		1,699

FIRST AMERICAN FUNDS Semiannual Report 2006

5

Schedule of Investments April 30, 2006 (unaudited)

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Safeway (a)		81,422	$	2,046
Sara Lee		137,799		2,462
SUPERVALU (a)		24,161		701
Sysco (a)		119,612		3,575
Tyson Foods, Class A (a)		45,876		670
UST (a)		29,675		1,304
Walgreen (a)		183,616		7,699
Wal-Mart Stores (a)		453,220		20,409
Whole Foods Market (a)		22,810		1,400
Wrigley, William Jr.		30,163		1,420
Wrigley, William Jr., Class B		7,541		356
				198,070
Energy – 9.7%
Amerada Hess		14,691		2,105
Anadarko Petroleum (a)		43,627		4,573
Apache (a)		60,684		4,311
Baker Hughes (a)		62,014		5,013
BJ Services (a)		58,925		2,242
Chesapeake Energy (a)		60,920		1,930
ChevronTexaco		405,461		24,741
ConocoPhillips		302,298		20,224
Devon Energy (a)		83,634		5,027
El Paso (a)		119,039		1,537
EOG Resources (a)		44,342		3,114
Exxon Mobil		1,119,885		70,642
Halliburton (a)		93,491		7,306
Hugoton Royalty Trust		3,979		110
Kerr-McGee (a)		21,557		2,153
Kinder Morgan		15,612		1,374
Marathon Oil (a)		64,455		5,115
Murphy Oil (a)		28,538		1,432
Nabors Industries (a) (b)		53,760		2,007
National-Oilwell Varco (a) (b)		31,787		2,192
Noble		25,127		1,983
Occidental Petroleum (a)		74,670		7,672
Rowan (a)		19,828		879
Schlumberger (a)		213,730		14,777
Sunoco		24,710		2,002
Transocean (b)		60,219		4,882
Valero Energy (a)		111,858		7,242
Weatherford International (a) (b)		59,769		3,164
Williams		103,872		2,278
XTO Energy (a)		66,770		2,828
				214,855
Financial – 21.3%
ACE		53,850		2,991
AFLAC		90,793		4,316
Allstate (a)		127,529		7,204
Ambac Financial Group		19,733		1,625
American Express (a)		224,519		12,081
American International Group		474,888		30,986
Ameriprise Financial		42,681		2,093
AmSouth Bancorp (a)		63,250		1,830
AON		58,780		2,463
Apartment Investment & Management (a)		17,909		800
Archstone-Smith Trust (a)		36,604		1,789
Bank of America		860,394		42,951
Bank of New York		139,735		4,912

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
BB&T (a)		98,412	$	4,226
Bear Stearns (a)		19,619		2,796
Boston Properties (a)		16,291		1,438
Capital One Financial (a)		53,248		4,613
Charles Schwab		184,738		3,307
Chubb (a)		67,318		3,470
Cincinnati Financial		28,668		1,222
CIT Group		36,611		1,977
Citigroup		922,938		46,101
Comerica (a)		29,994		1,706
Compass Bancshares		12,368		680
Countrywide Financial		109,002		4,432
E*TRADE Financial (a) (b)		74,989		1,866
Equity Office Properties Trust (a)		75,979		2,454
Equity Residential Properties Trust (a)		52,346		2,349
Fannie Mae		175,602		8,885
Federated Investors, Class B		15,365		539
Fifth Third Bancorp (a)		100,662		4,069
First Horizon National		22,750		965
Franklin Resources		27,057		2,520
Freddie Mac (a)		125,020		7,634
Genworth Financial, Class A		51,170		1,699
Golden West Financial (a)		46,227		3,322
Goldman Sachs Group		82,081		13,157
Hartford Financial Services Group (a)		52,832		4,857
Huntington Bancshares		38,806		937
J.P. Morgan Chase (a)		642,007		29,134
Janus Capital Group (a)		43,689		850
KeyCorp (a)		73,995		2,828
Kimco Realty (a)		36,464		1,354
Legg Mason		16,784		1,989
Lehman Brothers Holdings (a)		49,004		7,407
Lincoln National (a)		54,575		3,170
Loew's		24,604		2,612
M&T Bank (a)		14,477		1,729
Marsh & McLennan (a)		96,053		2,946
Marshall & Ilsley (a)		37,940		1,735
MBIA (a)		24,452		1,458
Mellon Financial		78,109		2,939
Merrill Lynch (a)		166,729		12,715
Metlife (a)		138,465		7,214
MGIC Investment		18,101		1,280
Moody's (a)		45,044		2,793
Morgan Stanley (a)		196,445		12,631
National City (a)		100,011		3,690
North Fork Bancorp		85,925		2,589
Northern Trust		33,657		1,982
Plum Creek Timber (a)		33,640		1,221
PNC Financial Services		50,426		3,604
Principal Financial Group (a)		59,147		3,035
Progressive (a)		36,370		3,947
Prologis (a)		36,472		1,832
Prudential Financial		93,550		7,309
Public Storage (a)		16,556		1,273
Regions Financial		83,090		3,034
SAFECO		22,682		1,177
Simon Property Group (a)		36,539		2,992
SLM		75,711		4,004
Sovereign Bancorp		65,196		1,445

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

FIRST AMERICAN FUNDS Semiannual Report 2006

6

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
St. Paul Travelers Companies		124,446	$	5,479
State Street (a)		64,831		4,235
SunTrust Banks		62,352		4,822
Synovus Financial (a)		54,253		1,519
T. Rowe Price Group (a)		22,824		1,922
Torchmark		18,834		1,132
U.S. Bancorp (a) (c)		329,600		10,363
UnumProvident		55,083		1,119
Vornado Realty Trust (a)		17,373		1,662
Wachovia (a)		281,541		16,850
Washington Mutual		178,994		8,065
Wells Fargo		303,370		20,838
XL Capital Limited, Class A (a)		29,850		1,967
Zions Bancorporation		16,032		1,331
				468,484
Healthcare – 11.9%
Abbott Laboratories		283,950		12,136
Aetna (a)		106,058		4,083
Allergan (a)		23,500		2,414
AmerisourceBergen (a)		38,349		1,655
Amgen (a) (b)		223,792		15,151
Applied Biosystems Group - Applera		35,832		1,033
Barr Pharmaceuticals (b)		14,470		876
Bausch & Lomb (a)		9,979		488
Baxter International		112,799		4,253
Becton, Dickinson & Company		45,861		2,891
Biogen IDEC (a) (b)		61,563		2,761
Biomet (a)		45,190		1,680
Boston Scientific (a) (b)		208,132		4,837
Bristol-Myers Squibb (a)		352,846		8,955
C.R. Bard		18,927		1,409
Cardinal Health		78,633		5,296
Caremark Rx (a) (b)		81,704		3,722
CIGNA (a)		24,539		2,626
Coventry Health Care (b)		30,007		1,490
Eli Lilly		204,799		10,838
Express Scripts (a) (b)		26,559		2,075
Fisher Scientific International (a) (b)		22,456		1,584
Forest Laboratories, Class A (a) (b)		61,337		2,477
Genzyme (b)		45,162		2,762
Gilead Sciences (a) (b)		79,308		4,560
HCA		75,953		3,334
Health Management Associates, Class A (a)		43,230		895
Hospira (b)		29,863		1,151
Humana (b)		29,681		1,341
IMS Health		42,280		1,149
Johnson & Johnson		540,367		31,671
King Pharmaceuticals (b)		44,880		780
Laboratory Corporation of America Holdings (a) (b)		24,277		1,386
Manor Care		14,424		633
McKesson HBOC		55,186		2,682
Medco Health Solutions (b)		55,750		2,968
Medimmune (a) (b)		45,197		1,422
Medtronic (a)		219,459		10,999
Merck (a)		398,242		13,708
Millipore (b)		9,036		667
Mylan Laboratories		39,613		865
Patterson Companies (a) (b)		25,230		822
PerkinElmer		24,280		521

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Pfizer		1,344,144	$	34,047
Quest Diagnostics (a)		30,231		1,685
Schering-Plough		267,362		5,165
St. Jude Medical (b)		66,709		2,634
Stryker (a)		53,178		2,327
Tenet Healthcare (a) (b)		83,735		697
Thermo Electron (a) (b)		29,512		1,137
UnitedHealth Group (a)		238,682		11,872
Watson Pharmaceuticals (a) (b)		19,912		566
Wellpoint Health Networks (b)		114,629		8,139
Wyeth Pharmaceuticals		242,421		11,799
Zimmer Holdings (a) (b)		45,088		2,836
				261,950
Industrials – 11.5%
3M		143,361		12,247
Allied Waste Industries (a) (b)		39,094		554
American Power Conversion (a)		31,487		700
American Standard (a)		32,468		1,413
Avery Dennison		19,439		1,215
Boeing (a)		151,265		12,623
Burlington Northern Santa Fe (a)		67,748		5,388
Caterpillar (a)		124,027		9,394
Cendant		185,920		3,241
Cintas (a)		25,072		1,052
Cooper Industries		16,919		1,547
CSX		38,980		2,670
Cummins (a)		7,478		781
Danaher (a)		43,041		2,759
Deere & Company		43,776		3,843
Dover		31,018		1,543
Eaton		26,851		2,058
Emerson Electric		75,312		6,398
Equifax		23,682		913
FedEx (a)		52,771		6,076
Fluor		14,656		1,362
General Dynamics (a)		71,140		4,668
General Electric		1,919,046		66,380
Goodrich		21,691		965
H&R Block (a)		65,635		1,498
Honeywell International		155,804		6,622
Illinois Tool Works (a)		37,146		3,815
Ingersoll-Rand		60,033		2,626
ITT Industries (a)		33,392		1,878
L-3 Communications Holdings		18,622		1,521
Lockheed Martin (a)		64,869		4,924
Masco (a)		76,920		2,454
Monster Worldwide (a) (b)		23,009		1,321
Navistar International (b)		11,193		295
Norfolk Southern		75,017		4,051
Northrop Grumman (a)		64,481		4,314
Paccar (a)		30,717		2,209
Pall		22,428		677
Parker Hannifin (a)		21,320		1,728
Pitney Bowes (a)		33,035		1,382
R.R. Donnelley & Sons		39,428		1,328
Raytheon		80,605		3,568
Robert Half International (a)		31,208		1,319
Rockwell Automation (a)		31,091		2,253
Rockwell Collins (a)		32,189		1,841

FIRST AMERICAN FUNDS Semiannual Report 2006

7

Schedule of Investments April 30, 2006 (unaudited)

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Ryder System (a)		11,437	$	596
Southwest Airlines (a)		132,553		2,150
Textron (a)		24,142		2,172
Tyco International (a)		365,215		9,623
Union Pacific (a)		46,341		4,227
United Parcel Service, Class B (a)		196,111		15,899
United Technologies (a)		185,791		11,670
W.W. Grainger		15,441		1,188
Waste Management (a)		99,939		3,744
				252,683
Information Technology – 15.5%
ADC Telecommunications (b)		21,310		477
Adobe Systems (a) (b)		100,342		3,933
Advanced Micro Devices (a) (b)		87,510		2,831
Affiliated Computer Services, Class A (b)		23,943		1,335
Agilent Technologies (a) (b)		77,473		2,977
Altera (a) (b)		65,773		1,437
Analog Devices (a)		66,561		2,524
Andrew (a) (b)		28,996		307
Apple Computer (b)		153,550		10,808
Applied Materials (a)		294,515		5,287
Applied Micro Circuits (b)		51,357		188
Autodesk (a) (b)		41,873		1,760
Automatic Data Processing		105,938		4,670
Avaya (a) (b)		76,379		917
BMC Software (a) (b)		39,258		846
Broadcom, Class A (a) (b)		78,266		3,218
CA (a)		83,261		2,112
Ciena (a) (b)		106,684		436
Cisco Systems (b)		1,114,387		23,346
Citrix Systems (b)		31,365		1,252
Computer Sciences (b)		33,873		1,983
Compuware (b)		72,263		555
Comverse Technology (a) (b)		35,401		802
Convergys (a) (b)		25,532		497
Corning (b)		282,780		7,813
Dell (a) (b)		426,987		11,187
eBay (a) (b)		208,266		7,166
Electronic Arts (a) (b)		54,515		3,096
Electronic Data Systems (a)		88,802		2,405
EMC (b)		433,794		5,861
First Data (a)		143,275		6,833
Fiserv (b)		33,646		1,517
Freescale Semiconductor (a) (b)		72,420		2,294
Gateway (a) (b)		48,094		106
Google, Class A (a) (b)		36,075		15,077
Hewlett-Packard		522,669		16,971
IBM		286,621		23,600
Intel		1,073,921		21,457
Intuit (a) (b)		32,099		1,739
Jabil Circuit (b)		31,558		1,230
JDS Uniphase (b)		304,882		1,064
KLA-Tencor (a)		35,141		1,692
Lexmark International Group, Class A (a) (b)		21,195		1,032
Linear Technology		55,290		1,963
LSI Logic (a) (b)		70,260		748
Lucent Technologies (a) (b)		806,306		2,250
Maxim Integrated Products (a)		59,461		2,097
Micron Technology (a) (b)		110,100		1,868

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Microsoft (a)		1,641,872	$	39,651
Molex (a)		26,187		972
Motorola		446,745		9,538
National Semiconductor (a)		64,869		1,945
NCR (a) (b)		33,314		1,313
Network Appliance (a) (b)		67,729		2,511
Novell (a) (b)		69,270		569
Novellus Systems (a) (b)		24,203		598
NVIDIA (a) (b)		62,250		1,819
Oracle (a) (b)		739,314		10,787
Parametric Technology (a) (b)		19,752		295
Paychex		60,821		2,457
PMC-Sierra (a) (b)		32,233		401
QLogic (b)		29,344		611
QUALCOMM		298,248		15,312
Sabre Holdings, Class A (a)		26,219		605
SanDisk (a) (b)		33,484		2,137
Sanmina - SCI (b)		97,007		503
Seagate, Escrow Shares (b) (d) (e)		44,886		—
Solectron (a) (b)		166,429		666
Sun Microsystems (b)		629,818		3,149
Symantec (a) (b)		197,822		3,240
Symbol Technologies (a)		46,037		490
Tektronix		15,136		535
Tellabs (a) (b)		83,145		1,318
Teradyne (a) (b)		35,287		595
Texas Instruments		295,173		10,245
Unisys (a) (b)		60,172		375
VeriSign (a) (b)		38,940		916
Waters (a) (b)		20,107		911
Xerox (a) (b)		174,347		2,448
Xilinx		62,893		1,740
Yahoo! (a) (b)		226,402		7,421
				341,637
Materials – 3.1%
Air Products and Chemicals (a)		41,164		2,820
Alcoa		158,698		5,361
Allegheny Technologies (a)		15,500		1,075
Ashland (a)		12,240		806
Ball		12,971		519
Bemis		19,204		604
Dow Chemical		177,830		7,222
E.I. Du Pont de Nemours		167,668		7,394
Eastman Chemical (a)		13,662		742
Ecolab		33,455		1,265
Engelhard		21,739		835
Freeport McMoran Copper & Gold, Class B (a)		33,216		2,145
Hercules (a) (b)		20,002		284
International Flavors & Fragrances (a)		12,950		457
International Paper (a)		90,407		3,286
Louisiana Pacific		19,814		546
MeadWestvaco (a)		33,098		944
Monsanto		49,446		4,124
Newmont Mining (a)		79,987		4,668
NuCor (a)		29,735		3,236
Pactiv (b)		27,146		661
Phelps Dodge		36,831		3,174
PPG Industries		30,673		2,059
Praxair		59,774		3,355

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

FIRST AMERICAN FUNDS Semiannual Report 2006

8

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Rohm & Haas (a)		26,271	$	1,329
Sealed Air (a)		14,767		795
Sigma-Aldrich (a)		12,201		837
Temple-Inland (a)		21,205		985
United States Steel (a)		21,164		1,450
Vulcan Materials (a)		18,486		1,571
Weyerhaeuser		42,869		3,021
				67,570
Telecommunication Services – 3.1%
ALLTEL (a)		65,712		4,230
AT&T (a)		708,570		18,572
BellSouth (a)		331,890		11,211
CenturyTel (a)		23,838		899
Citizens Communications (a)		58,111		772
Qwest Communications International (a) (b)		280,050		1,879
Sprint (a)		535,967		13,292
Verizon Communications (a)		514,053		16,979
				67,834
Utilities – 3.1%
AES (a) (b)		118,489		2,011
Allegheny Energy (a) (b)		29,584		1,054
Ameren (a)		34,667		1,746
American Electric Power (a)		71,476		2,392
Centerpoint Energy (a)		55,278		664
CMS Energy (a) (b)		40,471		539
Consolidated Edison (a)		41,316		1,781
Constellation Energy		30,729		1,688
Dominion Resources (a)		62,933		4,712
DTE Energy (a)		30,230		1,233
Duke Energy (a)		219,170		6,382
Dynegy (a) (b)		54,946		273
Edison International		58,904		2,380
Entergy		41,617		2,911
Exelon (a)		123,856		6,688
FirstEnergy		59,636		3,024
FPL Group (a)		71,829		2,844
KeySpan		32,364		1,307
NICOR (a)		8,198		325
NiSource		47,308		999
People's Energy (a)		6,922		251
PG&E (a)		69,751		2,779
Pinnacle West Capital		16,351		656
PPL (a)		66,014		1,917
Progress Energy (a)		44,456		1,903
Progress Energy - Contingent Value Obligation (b)		7,906		2
Public Service Enterprises (a)		43,275		2,713
Sempra Energy		47,268		2,175
Southern		134,524		4,336
TECO Energy (a)		36,028		576
TXU		93,797		4,655
Xcel Energy (a)		71,114		1,340
				68,256
Total Common Stocks (Cost $1,459,462)				2,159,538
Short-Term Investments – 1.8%
Affiliated Money Market Fund – 1.7%
First American Prime Obligations Fund, Class Z (c) (f)		38,241,075		38,241

Equity Index Fund (concluded)

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill (g) 4.641%, 08/31/2006	$	3,000	$	2,953
Total Short-Term Investments (Cost $41,194)				41,194
Investments Purchased with Proceeds from Securities Lending (h) – 28.1% (Cost $617,209)				617,209
Total Investments – 128.0% (Cost $2,117,865)				2,817,941
Other Assets and Liabilities, Net – (28.0)%				(616,100	)
Total Net Assets – 100.0%			$	2,201,841

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $599,323,435 at April 30, 2006. See note 2 in Notes to Financial Statements.

(b)  Non-income producing security.

(c)  Investment in affiliated security. As of April 30, 2006, the market value of these investments was $48,603,699 or 2.2% of total net assets. See notes 3 and 4 in Notes to Financial Statements.

(d)  Security considered illiquid or restricted. As of April 30, 2006, the market value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(e)  Security is fair valued. As of April 30, 2006, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in notes to Financial Statements.

(f)  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.

(g)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of April 30, 2006. See note 2 in Notes to Financial Statements.

(h)  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 money market funds and various short term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased		Notional Contract Value (000)		Settlement Month	Unrealized Appreciation (000)
S&P 500 Index Futures Contracts		119	$	39,148	June 2006	$	319

FIRST AMERICAN FUNDS Semiannual Report 2006

9

Schedule of Investments April 30, 2006 (unaudited)

Mid Cap Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 95.3%
Consumer Discretionary – 14.1%
99 Cents Only Stores (a) (b)		16,427	$	196
Abercrombie & Fitch, Class A (a)		27,856		1,692
Advanced Auto Parts (a)		34,392		1,383
Aeropostale (a) (b)		17,278		531
American Eagle Outfitters (a)		41,825		1,355
American Greetings, Class A (a)		21,413		482
AnnTaylor Stores (b)		23,109		863
Applebee's International		24,247		563
ArvinMeritor		22,354		372
Bandag (a)		3,726		149
Barnes & Noble		16,736		754
Beazer Homes USA (a)		13,426		774
Belo, Class A		30,099		552
BLYTH		8,577		176
Bob Evans Farms (a)		11,552		334
Borders Group (a)		21,228		501
BorgWarner (a)		18,124		1,101
Boyd Gaming (a)		14,011		698
Brinker International (a)		27,347		1,071
Callaway Golf (a)		20,900		334
CarMax (a) (b)		33,278		1,175
Catalina Marketing, Class C (a)		12,519		296
CBRL Group (a)		14,326		583
Cheesecake Factory (a) (b)		24,966		788
Chico's FAS (a) (b)		57,536		2,132
Claire's Stores (a)		31,587		1,112
Corinthian Colleges (a) (b)		27,258		406
DeVry (a) (b)		18,614		481
Dollar Tree Stores (a) (b)		33,817		882
Education Management (b)		21,260		903
Emmis Communications, Class A (b)		10,216		126
Entercom Communications (a)		10,965		290
Foot Locker (a)		49,614		1,150
Furniture Brands International (a)		17,698		407
Gamestop, Class A (a) (b)		18,461		871
Gentex		49,396		724
GTECH Holdings (a)		39,643		1,354
Harte-Hanks (a)		18,047		493
Hovnanian Enterprises, Class A (a) (b)		11,385		453
International Speedway, Class A (a)		11,184		550
Laureate Education (a) (b)		15,821		792
Lear (a)		21,350		503
Lee Enterprises (a)		14,461		445
M.D.C. Holdings (a)		8,738		505
Media General, Class A		7,646		314
Michaels Stores (a)		42,497		1,608
Modine Manufacturing		10,641		309
Mohawk Industries (a) (b)		16,804		1,346
O'Reilly Automotive (b)		34,892		1,182
OSI Restaurant Partners, Inc.		20,706		884
Pacific Sunwear of California (a) (b)		23,686		552
Payless ShoeSource (a) (b)		22,191		510
PETsMART (a)		44,632		1,235
Pier 1 Imports (a)		28,626		345
Polo Ralph Lauren (a)		19,328		1,174
Reader's Digest Association, Class A (a)		31,325		432
Regis		14,391		505

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Rent-A-Center (b)		23,625	$	653
Ross Stores		45,955		1,408
Ruby Tuesday (a)		19,226		572
Ryland Group (a)		14,865		938
Saks (a) (b)		44,187		890
Scholastic (b)		11,552		307
Scientific Games, Class A (b)		20,511		781
Thor Industries (a)		11,056		558
Timberland, Class A (b)		17,437		594
Toll Brothers (a) (b)		37,613		1,209
Tupperware (a)		16,985		358
Urban Outfitters (a) (b)		35,051		813
Valassis Communications (a) (b)		15,129		443
Washington Post, Class B		1,736		1,330
Westwood One (a)		20,856		201
Williams-Sonoma (a) (b)		36,694		1,536
				54,289
Consumer Staples – 1.7%
BJ's Wholesale Club (a) (b)		21,507		659
Church & Dwight (a)		19,946		731
Energizer Holdings (a) (b)		20,767		1,062
Hormel Foods		22,697		762
JM Smucker (a)		18,275		717
Lancaster Colony (a)		8,093		332
PepsiAmericas		19,540		462
Ruddick (a)		11,062		257
Smithfield Foods (b)		30,027		808
Tootsie Roll Industries		8,236		241
Universal		7,392		281
				6,312
Energy – 8.6%
Arch Coal (a)		22,482		2,136
Cooper Cameron (a) (b)		36,065		1,812
Denbury Resources (a) (b)		36,419		1,187
ENSCO International (a)		48,728		2,606
FMC Technologies (a) (b)		21,889		1,195
Forest Oil (b)		17,374		635
Grant Prideco (a) (b)		41,322		2,116
Hanover Compressor (a) (b)		27,606		557
Helmerich & Payne		16,883		1,228
Newfield Exploration (b)		40,448		1,804
Noble Energy		55,614		2,501
Overseas Shipholding Group (a)		9,409		459
Patterson-UTI Energy		54,940		1,778
Pioneer Natural Resources		40,865		1,750
Plains Exploration & Production (b)		25,478		939
Pogo Producing (a)		19,044		946
Pride International (a) (b)		49,051		1,711
Quicksilver Resources (a) (b)		21,252		881
Smith International (a)		63,703		2,690
Southwestern Energy (b)		53,235		1,918
Tidewater		19,228		1,120
Western Gas Resources		18,270		950
				32,919
Financial – 17.9%
A.G. Edwards		24,382		1,288
AMB Property		27,650		1,382
American Financial Group (a)		15,161		671

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

FIRST AMERICAN FUNDS Semiannual Report 2006

10

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
AmeriCredit (a) (b)		41,430	$	1,255
AmerUs Group, Class A (a)		12,043		706
Arthur J. Gallagher (a)		27,108		744
Associated Banc-Corp (a)		43,096		1,458
Astoria Financial (a)		28,079		879
Bank of Hawaii		16,313		886
Brown & Brown (a)		35,350		1,104
Cathay General Bancorp		13,144		503
City National		13,213		964
Colonial BancGroup		47,713		1,237
Commerce Bancorp (a)		55,506		2,239
Cullen/Frost Bankers		14,981		867
Developers Diversified Realty (a)		34,611		1,841
Eaton Vance (a)		41,504		1,182
Everest Re Group		19,479		1,773
Fidelity National Financial		55,170		2,316
Fidelity National Information Services		27,349		1,039
First American		29,389		1,252
First Niagara Financial Group		24,504		343
FirstMerit (a)		26,423		650
GATX (a)		16,236		760
Greater Bay Bancorp		17,060		471
Hanover Insurance Group (a)		17,392		920
HCC Insurance Holdings (a)		35,565		1,191
Highwoods Properties		17,659		557
Horace Mann Educators		13,965		243
Hospitality Properties Trust		22,867		986
Independence Community Bank		23,465		986
IndyMac Bancorp (a)		20,577		994
Investors Financial Services (a)		20,660		989
Jefferies Group (a)		16,211		1,077
Leucadia National (a)		25,705		1,562
Liberty Property Trust		28,058		1,254
Macerich (a)		22,087		1,617
Mack-Cali Realty (a)		18,608		841
Mercantile Bankshares (a)		39,148		1,471
Mercury General		11,148		595
MoneyGram International (a)		27,081		918
New Plan Excel Realty Trust (a)		33,133		817
New York Community Bancorp (a)		83,092		1,430
Ohio Casualty		20,696		614
Old Republic International		72,816		1,620
PMI Group (a)		28,466		1,314
Potlatch (a)		14,028		546
Protective Life		22,087		1,113
Radian Group (a)		26,392		1,655
Raymond James Financial		28,009		850
Rayonier		24,538		1,010
Regency Centers (a)		20,913		1,319
SEI Investments (a)		20,188		867
StanCorp Financial Group		17,350		856
SVB Financial (a) (b)		12,108		615
TCF Financial (a)		36,143		971
Texas Regional Bancshares, Class A		13,766		395
United Dominion Realty Trust (a)		43,614		1,186
Unitrin		14,451		706
W.R. Berkley		53,475		2,001
Waddell & Reed Financial, Class A (a)		27,193		640
Washington Federal (a)		28,532		682
Webster Financial		17,696		831

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Weingarten Realty Investors		25,553	$	1,007
Westamerica Bancorporation (a)		10,209		522
Wilmington Trust		21,331		945
				68,523
Healthcare – 9.5%
Advanced Medical Optics (a) (b)		21,211		988
Affymetrix (a) (b)		21,103		605
Apria Healthcare Group (b)		16,218		355
Beckman Coulter (a)		19,758		1,015
Cephalon (a) (b)		18,662		1,225
Charles River Laboratories International (a) (b)		22,994		1,087
Community Health Systems (b)		28,913		1,048
Covance (a) (b)		20,451		1,193
Cytyc (b)		36,229		937
DENTSPLY International		24,902		1,486
Edwards Lifesciences (a) (b)		18,991		844
Gen-Probe (b)		16,158		864
Health Net (b)		36,863		1,500
Henry Schein (b)		27,716		1,292
Hillenbrand Industries		19,301		991
Intuitive Surgical (a) (b)		11,278		1,432
Invitrogen (a) (b)		16,801		1,109
Lifepoint Hospitals (a) (b)		18,151		575
Lincare Holdings (b)		30,912		1,222
Martek Biosciences (a) (b)		10,082		300
Medicis Pharmaceutical, Class A (a)		14,540		478
Millennium Pharmaceuticals (a) (b)		98,700		896
Mine Safety Appliances (a)		8,360		350
Omnicare (a)		37,384		2,120
Par Pharmaceutical Companies (b)		10,889		280
PDL BioPharma (a) (b)		35,871		1,032
Perrigo (a)		26,075		416
Pharmaceutical Product Development		29,974		1,075
Sepracor (a) (b)		33,725		1,506
STERIS		21,729		500
Techne (b)		11,887		674
Triad Hospitals (a) (b)		27,383		1,128
Universal Health Services (a)		17,350		881
Valeant Pharmaceuticals International (a)		29,452		527
Varian (b)		9,899		428
Varian Medical Systems (a) (b)		41,821		2,191
VCA Antech (b)		25,717		800
Vertex Pharmaceuticals (a) (b)		34,584		1,258
				36,608
Industrials – 15.4%
Adesa		28,475		726
AGCO (a) (b)		28,771		681
AirTran Holdings (a) (b)		28,382		397
Alaska Air Group (a) (b)		10,589		402
Alexander & Baldwin (a)		13,948		696
Alliant Techsystems (a) (b)		11,557		924
AMETEK (a)		22,316		1,099
Banta		7,622		385
Brinks		14,173		720
C.H. Robinson Worldwide		54,335		2,410
Career Education (a) (b)		31,146		1,148
Carlisle Companies		9,326		788
ChoicePoint (a) (b)		28,510		1,255

FIRST AMERICAN FUNDS Semiannual Report 2006

11

Schedule of Investments April 30, 2006 (unaudited)

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Con-way (a)		16,591	$	924
Copart (a) (b)		23,447		630
Corporate Executive Board		12,561		1,346
Crane (a)		15,857		670
Deluxe (a)		16,119		384
Donaldson (a)		21,698		721
DRS Technologies (a)		12,400		689
Dun & Bradstreet (b)		20,800		1,602
Dycom Industries (a) (b)		13,114		287
Expeditors International of Washington (a)		33,899		2,902
Fastenal (a)		39,383		1,843
Federal Signal (a)		15,270		286
Flowserve (a) (b)		17,570		1,011
Graco (a)		21,787		1,019
Granite Construction (a)		10,725		497
Harsco		13,018		1,085
Herman Miller		21,956		676
HNI		17,144		907
Hubbell, Class B		18,704		966
ITT Educational Services (b)		12,076		767
J.B. Hunt Transport Services (a)		39,332		937
Jacobs Engineering Group (b)		18,495		1,530
JetBlue Airways (a) (b)		52,550		539
Joy Global		38,631		2,538
Kelly Services, Class A		6,397		177
Kennametal (a)		12,255		758
Korn/Ferry International (a) (b)		12,684		266
Manpower		27,765		1,809
MSC Industrial Direct		17,040		884
Navigant Consulting (a) (b)		16,271		343
Nordson (a)		10,585		566
Oshkosh Truck		23,623		1,446
Pentair (a)		32,171		1,231
Precision Castparts		42,245		2,661
Quanta Services (a) (b)		39,587		642
Republic Services		38,197		1,681
Rollins		9,609		195
Roper Industries (a)		27,325		1,297
Sequa, Class A (b)		2,102		179
Sotheby's Holdings, Class A (b)		13,628		409
SPX		20,918		1,145
Stericycle (a) (b)		14,029		924
Swift Transportation (b)		17,162		514
Tecumseh Products, Class A		5,876		135
Teleflex		12,743		831
Thomas & Betts (b)		16,840		959
Timken (a)		26,454		923
Trinity Industries (a)		12,923		821
United Rentals (a) (b)		21,971		784
Werner Enterprises (a)		16,406		315
YRC Worldwide (b)		18,462		775
				59,057
Information Technology – 14.9%
3Com (a) (b)		123,024		663
Activision (a) (b)		88,312		1,253
Acxiom		24,078		624
ADTRAN		20,969		527
Advent Software (a) (b)		5,218		184
Alliance Data Systems (a) (b)		21,787		1,198

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Amphenol, Class A		28,252	$	1,633
Anteon International (b)		9,873		540
Arrow Electronics (b)		38,008		1,376
Atmel (a) (b)		138,933		728
Avnet (a) (b)		46,387		1,213
Avocent (a) (b)		15,550		419
BISYS Group (b)		38,405		612
Cabot Microelectronics (a) (b)		7,989		261
Cadence Design Systems (b)		90,192		1,707
CDW (a)		19,961		1,188
Ceridian (b)		46,179		1,119
CheckFree (b)		28,825		1,553
Cognizant Technology Solutions (b)		43,934		2,795
CommScope (a) (b)		16,857		557
Credence Systems (b)		31,742		225
Cree (a) (b)		24,585		733
CSG Systems International (b)		15,455		391
Cypress Semiconductor (a) (b)		43,469		746
Diebold (a)		21,700		923
DST Systems (a) (b)		20,036		1,233
F5 Networks (a) (b)		12,562		736
Fair Isaac (a)		20,781		771
Fairchild Semiconductor International, Class A (a) (b)		38,186		789
Gartner, Class A (b)		18,902		265
Harris (a)		42,527		1,980
Imation		10,131		425
Ingram Micro (a) (b)		36,617		673
Integrated Device Technology (b)		63,461		966
International Rectifier (a) (b)		22,505		1,017
Intersil, Class A (a)		47,662		1,411
Jack Henry & Associates		23,790		534
KEMET (b)		27,558		298
Lam Research (b)		43,232		2,113
Lattice Semiconductor (a) (b)		37,814		251
Macrovision (b)		16,574		380
McAfee (a) (b)		53,334		1,391
McDATA, Class A (b)		48,632		235
MEMC Electronic Materials (a) (b)		51,019		2,071
Mentor Graphics (b)		25,433		334
Micrel (b)		20,891		268
Microchip Technology		66,824		2,490
MPS Group (b)		32,676		522
National Instruments (a)		17,609		558
Newport (a) (b)		12,697		244
Plantronics		15,066		565
Plexus (b)		13,845		603
Polycom (a) (b)		28,391		625
Powerwave Technologies (a) (b)		35,305		394
Reynolds & Reynolds, Class A (a)		16,257		483
RF Micro Devices (a) (b)		61,258		570
RSA Security (a) (b)		23,187		486
Semtech (a) (b)		23,162		434
Silicon Laboratories (a) (b)		14,345		669
SRA International, Class A (a) (b)		11,742		376
Sybase (a) (b)		29,662		646
Synopsys (b)		46,485		1,015
Tech Data (b)		17,950		659
Transaction Systems Architects, Class A (b)		11,555		462

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

FIRST AMERICAN FUNDS Semiannual Report 2006

12

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
TriQuint Semiconductor (b)		45,859	$	249
UTStarcom (a) (b)		34,055		237
Vishay Intertechnology (b)		58,538		914
Western Digital (a) (b)		68,570		1,443
Wind River Systems (a) (b)		23,764		271
Zebra Technology, Class A (b)		22,371		888
				57,112
Materials – 5.8%
Airgas		21,671		877
Albemarle (a)		12,150		581
Bowater (a)		18,553		506
Cabot Microelectronics (a)		19,715		710
Chemtura		77,210		942
Cytec Industries (a)		12,611		763
Ferro		13,326		257
Florida Rock Industries (a)		14,130		881
FMC		12,228		777
Glatfelter		11,270		211
Longview Fibre		17,196		448
Lubrizol (a)		21,617		943
Lyondell Chemical (a)		65,151		1,570
Martin Marietta Materials		14,740		1,565
Minerals Technologies		6,389		366
Olin (a)		22,308		458
Packaging Corporation of America		19,934		448
Peabody Energy (a)		83,606		5,339
RPM (a)		37,320		687
Scotts (a)		14,190		628
Sensient Technologies		14,961		307
Sonoco Products (a)		31,594		989
Steel Dynamics (a)		13,086		817
Valspar		32,196		911
Worthington Industries		22,711		449
				22,430
Telecommunication Services – 0.4%
Cincinnati Bell (b)		78,719		331
Telephone & Data Systems (a)		31,200		1,223
				1,554
Utilities – 7.0%
AGL Resources		24,684		873
Alliant Energy		38,510		1,231
Aqua America (a)		42,064		1,005
Aquila (b)		127,254		551
Black Hills (a)		10,649		388
DPL (a)		40,541		1,102
Duquesne Light Holdings (a)		24,791		421
Energy East (a)		46,954		1,134
Equitable Resources		36,964		1,313
Great Plains Energy (a)		23,749		671
Hawaiian Electric Industries (a)		25,732		691
IDACORP		13,451		458
MDU Resources Group		38,103		1,400
National Fuel Gas (a)		25,056		833
Northeast Utilities (a)		42,610		859
NSTAR (a)		33,952		939
OGE Energy (a)		27,157		819
ONEOK		35,912		1,185
Pepco Holdings		62,091		1,433

Mid Cap Index Fund (concluded)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
PNM Resources (a)		21,862	$	553
Puget Energy		33,191		689
Questar		27,114		2,170
SCANA		36,401		1,425
Sierra Pacific Resources (a) (b)		60,559		855
Vectren		24,191		646
Westar Energy		27,580		578
WGL Holdings (a)		15,283		450
Wisconsin Energy (a)		37,196		1,453
WPS Resources (a)		12,939		647
				26,772
Total Common Stocks (Cost $266,917)				365,576
Short-Term Investments – 4.7%
Affiliated Money Market Fund – 4.3%
First American Prime Obligations Fund, Class Z (c)		16,452,345		16,452
U.S. Treasury Obligation – 0.4%
U.S. Treasury Bill 4.641%, 08/31/2006 (d)	$	1,500		1,476
Total Short-Term Investments (Cost $17,928)				17,928
Investments Purchased with Proceeds from Securities Lending (e) – 47.1% (Cost $180,899)				180,899
Total Investments – 147.1% (Cost $465,744)				564,403
Other Assets and Liabilities, Net – (47.1)%				(180,599	)
Total Net Assets – 100.0%			$	383,804

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $177,045,170 at April 30, 2006. See note 2 in Notes to Financial Statements.

(b)  Non-income producing security.

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

(d)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2006. See note 2 in Notes to Financial Statements.

(e)  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 money market funds and various short term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased		Notional Contract Value (000)		Settlement Month	Unrealized Appreciation (000)
S&P Mid Cap 400 Futures Contracts		43	$	17,342	June 2006	$	229

FIRST AMERICAN FUNDS Semiannual Report 2006

13

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.1%
Consumer Discretionary – 13.1%
1-800 Contacts (a)		1,162	$	15
1-800 Flowers (a)		3,588		26
4Kids Entertainment (a)		1,623		28
99 Cents Only Stores (a) (b)		5,422		65
A.C. Moore Arts & Crafts (a) (b)		1,909		36
Aaron Rents (b)		4,898		132
ADVO (b)		3,970		112
Aeropostale (a)		6,756		207
AFC Enterprises (b)		2,963		41
Aftermarket Technology (a)		2,120		54
Alloy (a)		1,167		15
Ambassadors Group		2,244		60
American Axle & Manufacturing Holdings (b)		5,440		96
America's Car-Mart (a) (b)		1,121		23
Ameristar Casinos		3,130		77
Andersons (b)		844		88
Arbitron		3,825		136
Arctic Cat		1,654		36
ArvinMeritor		8,536		142
Asbury Automotive Group (a)		1,576		30
Audible (a) (b)		3,167		34
Avatar Holdings (a)		747		46
Aztar (a)		4,428		210
Bally Technologies (a) (b)		6,222		111
Bandag (b)		1,414		57
Bassett Furniture		1,422		26
Beasley Broadcast Group		530		5
Big 5 Sporting Goods		2,586		48
Big Lots (a)		13,827		200
BJs Restaurants (a)		1,742		46
Blair		340		13
Blockbuster, Class A (b)		24,188		114
Blount International (a) (b)		3,139		49
Blue Nile (a)		1,595		55
Bluegreen (a)		2,766		34
BLYTH		3,096		64
Bob Evans Farms (b)		4,437		128
Bombay Company (a) (b)		4,726		14
Bon-Ton Stores		576		16
Brightpoint (a)		4,966		166
Brookfield Homes (b)		1,905		89
Brown Shoe		3,336		127
Buckle		963		41
Buffalo Wild Wings (a)		922		40
Build-A-Bear Workshop (a) (b)		1,210		39
Building Materials Holding (b)		3,500		117
Cabelas (a) (b)		3,481		71
Cache (a)		1,536		31
California Coastal Communities (a)		984		36
California Pizza Kitchen (a)		2,580		82
Callaway Golf (b)		9,289		148
Carmike Cinemas (b)		1,397		35
Carters (a)		2,305		155
Casual Male Retail Group (a)		3,417		32
Catalina Marketing, Class C (b)		6,247		148
Cato, Class A		3,830		87
CEC Entertainment (a) (b)		4,459		156

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Champion Enterprise (a) (b)		9,618	$	147
Charles & Colvard (b)		2,161		26
Charlotte Russe Holding (a)		1,869		40
Charming Shoppes (a) (b)		14,588		201
Charter Communications, Class A (a) (b)		49,214		58
Cherokee (b)		1,117		46
Children's Place Retail Stores (a) (b)		2,560		158
Chipotle Mexican Grill (a) (b)		590		31
Christopher & Banks		4,469		118
Churchill Downs		913		35
Citadel Broadcasting (b)		4,918		46
Citi Trends (a) (b)		566		27
CKE Restaurants (b)		7,495		119
Coachmen Industries		1,808		20
Coinmach Service		1,778		18
Coldwater Creek (a) (b)		6,494		182
Comstock Homebuilding, Class A (a) (b)		637		6
Conns (a) (b)		579		20
Cooper Tire & Rubber (b)		8,035		102
Corinthian Colleges (a) (b)		10,735		160
Cost Plus (a) (b)		2,795		49
Courier (b)		1,200		52
Cox Radio (a) (b)		3,837		50
Crown Media Holdings, Class A (a)		2,386		9
CSK Auto (a)		5,672		73
CSS Industries		812		24
Cumulus Media, Class A (a)		6,434		68
Deb Shops		261		8
Deckers Outdoor (a)		1,292		55
Delias (a)		2,334		25
Denny's (a)		11,527		57
Design Within Reach (a)		630		4
DeVry (a) (b)		7,091		183
DHB Industries (a)		3,860		15
Dixie Group (a)		1,610		24
Dominos Pizza		3,502		92
Dover Downs Gaming & Entertainment		1,005		26
Dover Motorsports		2,332		14
Dress Barn (a) (b)		5,362		136
Drew Industries (a) (b)		1,990		72
Drugstore.com (a)		8,979		32
DSW (a)		954		30
Emmis Communications, Class A (a)		3,893		48
Entercom Communications (b)		3,904		103
Entravision Communications (a) (b)		7,831		66
Escala Group (a) (b)		819		23
Escalade		1,284		15
Ethan Allen Interiors (b)		4,119		185
Finish Line, Class A		5,125		84
Fisher Communications (a)		873		38
Fleetwood Enterprises (a) (b)		7,332		69
Fossil (a) (b)		5,893		96
Fred's (b)		4,999		71
FTD Group (a)		1,848		19
Furniture Brands International (b)		5,565		128
Gamestop, Class A (a) (b)		6,415		303
Gaylord Entertainment (a) (b)		5,103		226
Gemstar-TV Guide International (a)		29,982		99
Genesco (a) (b)		2,827		117

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

FIRST AMERICAN FUNDS Semiannual Report 2006

14

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Gray Television		5,265	$	40
Great Wolf Resorts (a) (b)		3,089		34
Group 1 Automotive		2,552		139
GSI Commerce (a) (b)		3,750		66
Guess ? (a) (b)		2,022		80
Guitar Center (a) (b)		3,240		174
Gymboree (a)		3,962		119
Handleman		2,590		22
Harris Interactive (a)		7,004		34
Hartmarx (a)		3,693		32
Haverty Furniture		2,370		36
Hayes Lemmerz International (a)		4,371		15
Hibbett Sporting Goods (a)		4,347		132
Hollinger International		7,763		62
Hooker Furniture		1,092		20
Hot Topic (a)		5,457		81
IHOP		2,384		114
Innovo Group (a)		3,766		5
Insight Enterprises (a)		5,892		116
Interface, Class A (a)		5,560		71
iRobot (a) (b)		111		2
Isle of Capri Casinos (a) (b)		1,720		54
J. Jill Group (a)		2,559		61
Jack in the Box (a)		4,200		176
JAKKS Pacific (a)		3,147		71
Jarden (a) (b)		8,237		280
Jo-Ann Stores (a) (b)		3,050		37
JOS A Bank Clothiers (a) (b)		2,060		87
Journal Communications		3,255		38
Journal Register		5,306		59
K2 (a)		6,043		71
Kellwood		3,142		101
Kenneth Cole Productions		1,357		35
Keystone Automotive Industries (a)		1,997		82
Kimball International		1,020		16
Krispy Kreme Doughnuts (a) (b)		6,729		57
K-Swiss, Class A		3,144		90
Landry's Restaurants (b)		2,218		79
La-Z-Boy (b)		6,631		102
LeapFrog Enterprises (a) (b)		3,945		41
Levitt, Class A		2,162		42
Libbey (b)		1,260		17
Life Time Fitness (a) (b)		2,743		126
Lifetime Brands		1,020		30
Lin TV, Class A (a)		3,617		32
Lithia Motors		1,877		64
LKQ (a)		4,402		93
LodgeNet Entertainment (a)		2,366		45
Lodgian (a)		3,313		44
Lone Star Steakhouse & Saloon		1,764		48
Luby's (a) (b)		3,321		39
M/I Homes		1,512		65
Maidenform Brands (a)		642		7
Marcus		2,536		46
Marine Products		1,649		18
MarineMax (a) (b)		1,679		55
Martha Stewart Living (a) (b)		2,840		56
McCormick & Schmick's Seafood Restaurant (a)		1,156		29
Media General, Class A		2,569		106

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Mediacom Communications (a) (b)		7,835	$	54
Mestek (a)		5		—
Midas (a) (b)		1,948		45
Modine Manufacturing		3,818		111
Monaco Coach (b)		3,312		46
Monarch Casino & Resort (a)		1,272		40
Monro Muffler Brake		1,277		46
Morgans Hotel Group (a)		1,023		18
Morningstar (a)		1,064		45
Movado Group (b)		2,231		44
Movie Gallery (b)		3,567		9
MTR Gaming Group (a)		2,831		28
Multimedia Games (a)		3,339		46
National Presto Industries		503		30
Nautilus Group (b)		4,227		69
Navarre (a) (b)		3,604		14
Netflix (a) (b)		4,602		136
New York & Company (a)		1,630		25
Noble International		1,541		25
NutriSystems (a) (b)		3,081		209
Oakley (b)		3,180		58
O'Charleys (a) (b)		2,810		48
Orleans Homebuilders		378		8
Outdoor Channel Holdings (a)		1,016		12
Overstock.com (a) (b)		1,376		36
Oxford Industries		1,746		76
P.F. Chang's China Bistro (a) (b)		3,440		147
Pacific Sunwear of California (a) (b)		9,192		214
Palm Harbor Homes (a) (b)		1,211		26
Pantry (a) (b)		2,106		139
Papa John's International (a) (b)		2,913		97
Payless ShoeSource (a) (b)		8,176		188
Pep Boys – Manny, Moe & Jack (b)		7,028		104
Perry Ellis International (a)		835		19
PETCO Animal Supplies (a) (b)		7,016		154
Phillips Van-Heusen		3,880		156
Pier 1 Imports (b)		10,481		126
Pinnacle Entertainment (a) (b)		5,301		145
Playboy Enterprises, Class B (a)		2,599		34
Prestige Brand Holdings (a)		3,554		43
Priceline.com (a) (b)		3,063		75
PRIMEDIA (a)		18,729		35
Progressive Gaming International (a) (b)		4,952		54
ProQuest (a) (b)		3,183		50
Quantum Fuel Systems Technologies Worldwide (a) (b)		6,690		28
R&B (a)		1,496		16
Radio One (a)		9,465		68
RARE Hospitality International (a) (b)		4,308		134
RC2 (a)		2,185		86
RCN (a)		2,908		78
Reader's Digest Association, Class A (b)		12,125		167
Red Robin Gourmet Burgers (a) (b)		1,926		87
Regent Communication (a)		4,788		20
Regis		5,478		192
Rent-Way (a)		3,453		26
Restoration Hardware (a)		4,271		29
Retail Ventures (a) (b)		2,140		34
Riviera Holdings (a)		1,119		23

FIRST AMERICAN FUNDS Semiannual Report 2006

15

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Ruby Tuesday (b)		7,217	$	215
Russ Berrie and Company (a)		426		6
Russell		4,314		78
Ruth's Chris Steak House (a)		701		16
Ryans Restaurant Group (a)		5,112		68
Saga Communications, Class A (a)		2,409		22
Salem Communications (a)		1,548		24
Sauer-Danfoss		1,260		30
Scholastic (a)		3,881		103
Select Comfort (a) (b)		4,544		182
Sharper Image (a) (b)		1,420		21
Shoe Carnival (a)		994		28
Shuffle Master (a) (b)		4,450		164
Sinclair Broadcast Group, Class A (b)		5,784		45
Six Flags (a) (b)		11,336		104
Skechers USA (a)		3,021		83
Skyline		937		37
Sonic Automotive, Class A		3,693		100
Source Interlink Companies (a) (b)		3,144		34
Spanish Broadcasting System (a)		5,206		26
Speedway Motorsports		1,926		73
Sports Authority (a)		3,292		122
Stage Stores (b)		3,267		102
Stamps.com (a) (b)		1,973		56
Standard Motor Products		1,950		16
Stanley Furniture		1,654		45
Steak 'N Shake (a)		3,544		68
Stein Mart		3,123		49
Steinway Musical Instruments (a)		964		31
Steven Madden		1,872		100
Strattec Security (a)		607		23
Stride Rite		4,604		64
Sturm, Ruger & Company		2,050		14
Sunterra (a)		2,626		35
Superior Industrial International (b)		2,699		51
Systemax (a)		1,575		12
Talbots		2,707		64
Technical Olympic USA		1,848		39
Tenneco Automotive (a) (b)		5,309		128
Texas Roadhouse, Class A (a) (b)		4,686		71
Thomas Nelson		1,397		41
Thor Industries (b)		4,210		213
TiVo (a) (b)		6,939		58
Too (a)		4,228		162
Tractor Supply (a)		3,998		259
Trans World Entertainment (a)		2,237		12
Triarc, Class B		5,333		88
Triple Crown Media (a)		568		3
Tuesday Morning (b)		3,284		62
Tupperware (b)		6,464		136
Under Armour (a)		1,093		40
UniFirst (b)		1,180		37
United Auto Group (b)		3,094		131
Universal Electronics (a)		1,782		31
Vail Resorts (a)		3,650		137
Valassis Communications (a) (b)		6,083		178
ValueVision Media (a)		2,894		36
Visteon (a) (b)		16,346		96
Volcom (a)		60		2

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Warnaco Group, Class A (a)		5,774	$	129
WCI Communities (a) (b)		4,409		113
West Marine (a)		1,660		25
Wet Seal, Class A (a)		6,172		35
William Lyon Homes (a)		308		31
Wilsons The Leather Experts (a)		2,771		11
Winnebago Industries (b)		4,217		124
WMS Industries (a) (b)		2,835		89
Wolverine World Wide		6,614		164
World Wrestling Entertainment		880		15
Worldspace (a)		880		5
WPT Enterprises (a) (b)		842		5
Xerium Technologies		2,017		19
Yankee Candle (b)		5,115		154
Zale (a) (b)		6,147		152
Zumiez (a) (b)		928		30
				21,974
Consumer Staples – 2.5%
Alico		574		29
Alliance One International		10,963		48
American Italian Pasta (b)		2,599		22
Arden Group, Class A		213		20
Boston Beer, Class A (a)		369		10
Casey's General Stores		6,332		135
Central European Distribution (a) (b)		2,186		90
Central Garden and Pet (a)		2,009		99
Chattem (a)		2,237		81
Chiquita Brands International (b)		5,295		86
Coca-Cola Bottling		564		27
Corn Products International		9,154		256
Darling International (a)		8,121		37
Delta & Pine Land		4,537		134
Elizabeth Arden (a) (b)		3,184		73
Farmer Brothers		853		19
Flowers Foods (b)		6,104		171
Gold Kist (a)		6,271		84
Great Atlantic & Pacific Tea (b)		2,218		60
Green Mountain Coffee Roasters (a)		643		26
Hain Celestial Group (a)		3,707		100
Hansen Natural (a) (b)		1,873		242
Ingles Markets, Class A		1,466		27
Inter Parfums		617		12
J&J Snack Foods (b)		1,587		54
John B. Sanfilippo & Son (a) (b)		1,009		16
Lancaster Colony (b)		2,398		98
Lance		3,749		96
Longs Drug Stores		3,743		177
M & F Worldwide (a)		1,455		21
Mannatech		2,007		37
Maui Land & Pineapple (a)		533		20
Nash-Finch (b)		1,623		37
National Beverage		1,277		20
NBTY (a) (b)		6,773		153
Nu Skin Enterprises, Class A (b)		6,606		109
Parlux Fragrances (a) (b)		788		21
Pathmark Stores (a)		5,822		60
Peets Coffee & Tea (a) (b)		1,911		59
Performance Food Group (a)		4,155		128
Playtex Products (a)		5,140		58

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

FIRST AMERICAN FUNDS Semiannual Report 2006

16

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Premium Standard Farms		313	$	5
Ralcorp Holdings (a) (b)		3,594		134
Reddy Ice Holdings		431		10
Revlon (a)		18,393		60
Ruddick (b)		4,337		101
Sanderson Farms (b)		2,075		55
Seaboard		45		69
Smart & Final (a) (b)		1,601		27
Spartan Stores		2,587		36
Star Scientific (a) (b)		4,765		13
Tiens Biotech Group USA (a)		685		4
Tootsie Roll Industries		2,822		83
Topps (b)		4,668		41
United Natural Foods (a) (b)		5,128		164
Universal		3,047		116
Usana Health Sciences (a) (b)		1,289		47
Vector Group (b)		3,288		59
WD-40 Company (b)		1,976		62
Weis Markets		1,020		42
Wild Oats Markets (a) (b)		3,634		62
				4,242
Energy – 6.6%
Alon USA Energy		801		21
Atlas America (a)		2,278		115
ATP Oil & Gas (a) (b)		2,277		104
Atwood Oceanics (a)		3,222		172
Basic Energy Services (a)		979		33
Berry Petroleum, Class A		2,155		159
Bill Barrett (a)		1,380		41
Bois D' Arc Energy (a)		1,687		29
Brigham Exploration (a)		3,652		34
Bristow Group (a)		2,962		106
Bronco Drilling (a)		236		6
Cabot Oil & Gas (b)		5,957		293
Callon Petroleum (a) (b)		1,770		37
Carbo Ceramics (b)		2,565		149
Carrizo Oil & Gas (a) (b)		2,502		73
Cheniere Energy (a) (b)		6,017		258
Cimarex Energy (b)		9,897		425
Clayton Williams Energy (a)		822		34
Comstock Resources (a) (b)		5,175		161
Crosstex Energy		489		36
Delta Petroleum (a) (b)		3,814		76
Dril-Quip (a) (b)		1,050		76
Edge Petroleum (a)		2,096		48
Encore Acquisition (a)		5,785		177
Endeavour International (a)		8,267		27
Energy Partners (a) (b)		4,022		104
EXCO Resources (a)		4,703		60
Foundation Coal Holdings (b)		2,891		147
Frontier Oil (b)		6,672		404
FX Energy (a)		4,688		25
Gasco Energy (a) (b)		9,530		53
Giant Industries (a)		1,739		125
Global Industries (a) (b)		10,081		160
Goodrich Petroleum (a) (b)		1,494		40
Grey Wolf (a) (b)		24,248		189
Gulf Island Fabrication		645		16
GulfMark Offshore (a)		1,886		52

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Hanover Compressor (a) (b)		11,138	$	225
Harvest Natural Resources (a)		4,583		62
Helix Energy Solutions Group (a) (b)		9,428		366
Hercules Offshore (a) (b)		553		23
Holly (b)		2,575		199
Hornbeck Offshore Services (a)		1,746		63
Houston Exploration (a)		3,577		200
Hydril (a)		2,412		193
Input/Output (a) (b)		8,749		88
James River Coal (a) (b)		1,670		59
KCS Energy (a) (b)		6,065		178
KFX (a) (b)		8,059		145
Lone Star Technologies (a)		3,842		204
Lufkin Industries		1,791		115
Maritrans		1,223		29
MarkWest Hydrocarbon		833		19
Maverick Tube (a) (b)		5,222		284
McMoRan Exploration (a) (b)		2,781		48
Meridian Resource (a)		9,850		38
Newpark Resources (a)		10,695		71
NGP Capital Resources		2,644		35
NS Group (a) (b)		2,783		139
Oceaneering International (a)		3,297		201
Oil States International (a)		4,702		190
Pacific Ethanol (a) (b)		474		15
Parallel Petroleum (a)		4,274		99
Parker Drilling (a)		12,160		102
Penn Virginia (b)		2,254		163
Petrocorp, Escrow Shares (a) (c) (d)		2,040		—
Petrohawk Energy (a) (b)		6,469		81
Petroleum Development (a)		2,214		89
PetroQuest Energy (a) (b)		5,117		61
Pioneer Drilling (a)		2,924		47
Remington Oil & Gas (a)		2,933		128
Resource America, Class A		2,023		41
Rosetta Resources (a) (b)		5,487		110
RPC (b)		2,900		80
St. Mary Land & Exploration (b)		6,969		294
SEACOR Holdings (a)		2,290		203
Stone Energy (a)		3,043		143
Superior Energy Services (a) (b)		9,458		304
Superior Well Services (a)		173		6
Swift Energy (a) (b)		3,450		146
Syntroleum (a)		4,961		37
Tetra Technologies (a) (b)		4,239		209
TODCO		5,911		271
Toreador Resources (a) (b)		2,070		64
TransMontaigne (a)		4,769		52
Tri Valley (a) (b)		2,963		19
Union Drilling (a)		1,070		17
Universal Compression Holdings (a)		2,041		114
Veritas DGC (a) (b)		4,453		213
W&T Offshore (b)		1,373		59
Warren Resources (a)		2,837		43
Western Refining		1,812		37
W-H Energy Services (a) (b)		3,641		183
Whiting Petroleum (a) (b)		3,967		168
World Fuel Services		3,224		129
				10,966

FIRST AMERICAN FUNDS Semiannual Report 2006

17

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Financial – 20.0%
1st Source		1,427	$	39
21st Century Insurance Group		3,546		57
Aames Investment		5,233		28
Acadia Realty Trust		3,444		78
Accredited Home Lenders Holdings (a) (b)		2,233		129
Ace Cash Express (a)		1,454		39
Advance America Cash Advance Centers		8,311		123
Advanta, Class B (b)		2,413		92
Affirmative Insurance		1,078		12
Affordable Residential Communities		3,691		34
Alabama National BanCorporation (b)		1,707		118
Alexander's (a)		325		91
Alexandria Real Estate Equities (b)		2,738		248
Alfa (b)		3,959		67
AMCORE Financial		2,578		76
American Campus Communities (b)		1,930		47
American Equity Investment Life Holding		4,080		55
American Home Mortgage Investment		5,016		174
American Physicians Capital (a)		1,100		53
American West Bancorp (a) (b)		1,670		40
Ameris Bancorp		1,443		32
Ames National		349		8
Anchor Bancorp		3,197		93
Anthracite Capital		7,007		74
Anworth Mortgage Asset (b)		6,401		52
Apollo Investment (b)		7,584		142
Arbor Realty Trust (b)		1,112		29
Ares Capital		3,561		60
Argonaut Group (a) (b)		3,710		129
Arrow Financial (b)		1,486		40
Ashford Hospitality Trust (b)		4,393		51
Asta Funding (b)		1,313		48
Baldwin & Lyons, Class B		1,028		26
Banc-Alabama (a)		1,951		22
BancFirst		1,038		45
Bancorp Bank (a)		1,269		31
BancorpSouth		9,319		239
BancTrust Financial Group		1,391		29
Bank Mutual (b)		7,525		85
Bank of Granite		1,884		38
Bank of the Ozarks		1,734		59
BankAtlantic Bancorp, Class A		5,332		80
BankFinancial (a)		174		3
BankUnited Financial, Class A (b)		3,286		101
Banner		1,398		52
Bedford Property Investors		2,055		55
Berkshire Hills Bancorp		854		29
Beverly Hills Bancorp		1,854		19
BFC Financial (a) (b)		1,273		10
BioMed Realty Trust		5,025		139
BKF Capital Group (b)		993		9
Boston Private Financial (b)		3,942		131
Boykin Lodging (a)		1,662		16
Brandywine Realty Trust (b)		10,992		311
Bristol West Holdings (b)		2,104		39
Brookline Bancorp		7,835		116
Calamos Asset Management		2,926		113
Camden National		1,008		38

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Capital City Bank Group		1,649	$	52
Capital Corporation of the West		1,180		40
Capital Crossing Bank (a)		686		20
Capital Lease Funding (b)		3,686		39
Capital Southwest		347		34
Capital Trust		1,679		52
Capitol Bancorp (b)		1,646		68
Cardinal Financial (b)		1,865		22
Cascade Bancorp		2,136		62
Cash America International		3,718		122
Cathay General Bancorp		5,538		212
Cedar Shopping Centers		3,054		45
Centennial Bank Holdings (a)		2,836		32
Center Financial		1,560		35
Centracore Properties Trust		1,538		37
Central Pacific Financial		3,860		146
Ceres Group (a)		4,389		23
Charter Financial		656		25
CharterMac		4,912		95
Chemical Financial		3,204		93
Chittenden		5,650		156
Citizens Banking (b)		5,087		133
Citizens Northern		283		7
Citizens (a) (b)		4,818		26
City Bank		986		46
City Holdings		2,189		79
Clark		2,155		28
Clifton Savings Bancorp		2,247		24
CNA Surety (a)		1,901		34
Coastal Financial		2,029		27
CoBiz (b)		2,084		41
Cohen & Steers		1,219		31
Colonial Properties Trust (b)		4,503		222
Colony Bankcorp		804		15
Columbia Banking System (b)		1,906		64
Columbia Equity Trust		594		10
Commercial Capital Bancorp		5,906		93
Commercial Net Lease Realty (b)		6,865		144
Community Bank System (b)		3,696		76
Community Banks		2,754		72
Community Trust Bancorp		1,887		63
CompuCredit (a) (b)		2,555		102
Consolidated-Tomoka Land		793		49
Corporate Office Properties Trust		4,266		177
Corus Bankshares (b)		2,351		157
Cousins Properties		4,989		157
Covanta Holding (a) (b)		14,412		240
Crawford & Company		2,008		12
CVB Financial (b)		7,475		122
Deerfield Triarc Capital		1,130		15
Delphi Financial Group, Class A		3,539		185
Delta Financial		1,579		14
DiamondRock Hospitality Company		1,791		26
Digital Realty Trust		1,335		38
Dime Community Bancshares (b)		3,600		51
Direct General (b)		1,894		32
Donegal Group, Class A		1,819		34
Doral Financial (b)		10,486		83
EastGroup Properties (b)		3,117		139

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

FIRST AMERICAN FUNDS Semiannual Report 2006

18

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
ECC Capital		9,390	$	15
Education Realty Trust (b)		3,060		46
EMC Insurance Group		1,000		29
Encore Capital Group (a) (b)		1,956		29
Enstar Group (a)		426		36
Enterprise Financial Services		1,135		29
Entertainment Properties Trust		3,254		133
Equity Inns		6,853		111
Equity Lifestyle Properties (b)		2,790		123
Equity One (b)		4,647		107
eSpeed, Class A (a)		2,832		23
EuroBancshares (a)		1,312		14
Extra Space Storage		4,450		70
F.N.B. (b)		7,067		119
F.N.B. – Virginia		887		29
Farmers Capital Bank		982		30
FBL Financial Group, Class A		1,132		38
Federal Agricultural Mortgage, Class C		1,357		39
FelCor Lodging Trust		6,359		138
Fidelity Bankshares (b)		2,851		92
Fieldstone Investment (b)		6,202		71
Financial Federal (b)		3,182		90
Financial Institutions		1,306		25
First Acceptance (a) (b)		2,207		27
First Bancorp – North Carolina		1,450		32
First Bancorp of Puerto Rico (b)		8,334		88
First Busey		1,703		35
First Cash Financial Services (a)		3,181		67
First Charter		3,700		88
First Citizens Bancshares, Class A		600		115
First Commonwealth Financial – Pennsylvania		8,513		114
First Community Bancorp (b)		1,814		105
First Community Bancshares – Nevada		1,408		45
First Financial – Indiana		1,643		50
First Financial Bancorp – Ohio (b)		3,904		63
First Financial Bankshares (b)		2,337		87
First Financial Holdings		1,569		50
First Indiana		1,812		46
First Industrial Realty Trust (b)		5,458		214
First Merchants		2,355		59
First Midwest Bancorp		5,564		200
First Niagara Financial Group		13,613		191
First Oak Brook Bancshares		1,098		30
First Place Financial		1,899		44
First Potomac Realty Trust (b)		2,425		67
First Regional Bancorp (a)		350		32
First Republic Bank – California (b)		2,750		120
First State Bancorp – New Mexico		1,949		50
FirstBank, Fractional Shares (a) (c) (d)		0.27		—
FirstFed Financial (a) (b)		2,162		136
Flagstar Bancorp (b)		4,551		73
Flushing Financial (b)		2,742		46
FPIC Insurance Group (a) (b)		1,294		52
Franklin Bank (a) (b)		1,650		32
Fremont General		7,904		176
Frontier Financial		3,134		104
GAMCO Investors		907		35
GATX (b)		5,285		247
GB&T Bancshares		1,657		37

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Getty Realty (b)		2,452	$	68
GFI Group (a) (b)		491		28
Glacier Bancorp (b)		3,802		115
Gladstone Capital (b)		1,536		34
Gladstone Investment		2,236		32
Glenborough Realty Trust		2,703		57
Glimcher Realty Trust		5,094		131
GMH Communities Trust		4,636		57
Government Properties Trust		3,146		27
Gramercy Capital (b)		1,501		37
Great American Financial Resources		1,159		25
Great Southern Bancorp (b)		1,326		37
Greater Bay Bancorp (b)		6,230		172
Greenhill & Company (b)		1,549		110
Hancock Holding (b)		3,357		167
Hanmi Financial		4,774		93
Harbor Florida Bancshares (b)		2,909		109
Harleysville Group		1,798		54
Harleysville National		3,355		67
Harris & Harris Group (a)		2,495		32
Heartland Financial USA		1,621		38
Heritage Commerce		1,740		41
Heritage Property Investment Trust (b)		3,478		134
Hersha Hospitality Trust (b)		2,969		27
Highland Hospitality		5,519		71
Highwoods Properties		6,768		213
Hilb, Rogal & Hobbs		3,903		160
Home Properties (b)		3,836		192
HomeBanc (b)		6,745		55
Horace Mann Educators		5,447		95
Horizon Financial		1,285		31
IBERIABANK		1,275		75
IMPAC Mortgage Holdings (b)		9,892		94
Independence Holdings		747		16
Independent Bank (b)		2,047		65
Independent Bank – Michigan		2,773		76
Infinity Property & Casualty		2,629		118
Inland Real Estate		7,854		114
Innkeepers USA Trust		6,018		96
Integra Bank		2,075		46
Interchange Financial Services		2,688		60
Intercontinentalexchange (a) (b)		2,089		149
International Securities Exchange (b)		1,375		60
Investment Technology Group (a)		4,827		256
Investors Bancorp (a)		1,195		17
Investors Real Estate Trust (b)		6,936		66
Irwin Financial		2,488		46
ITLA Capital (b)		733		38
Jones Lang LaSalle (b)		4,146		351
Kansas City Life Insurance		121		6
Kearny Financial		3,195		44
Kilroy Realty (b)		3,667		262
Kite Realty Group Trust		3,097		47
KMG America (a)		3,162		29
KNBT Bancorp		4,050		68
Knight Capital Group (a) (b)		13,076		219
LaBranche (a) (b)		6,702		95
Lakeland Bancorp (b)		2,321		34
Lakeland Financial		945		43

FIRST AMERICAN FUNDS Semiannual Report 2006

19

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
LandAmerica Financial Group (b)		2,259	$	157
Lasalle Hotel Properties (b)		4,029		176
Lexington Corporate Properties Trust (b)		7,091		153
LTC Properties		2,344		51
Luminent Mortgage Capital		5,409		45
Macatawa Bank		1,369		48
MAF Bancorp		3,818		169
Maguire Properties (b)		4,679		159
Main Street Banks		2,110		60
MainSource Financial Group		1,585		28
MarketAxess Holdings (a)		3,366		38
Marlin Business Services (a)		966		21
MB Financial (b)		2,742		97
MBT Financial		1,942		32
MCG Capital (b)		5,267		78
Mercantile Bank		996		41
MeriStar Hospitality (a)		11,646		122
MFA Mortgage Investments		10,466		72
Mid-America Apartment Communities (b)		2,173		115
Midland		1,307		47
Mid-State Bancshares		2,906		81
Midwest Banc Holdings (b)		1,740		41
MoneyGram International (b)		10,515		356
MortgageIT Holdings (b)		2,318		27
Nara Bancorp		2,421		45
NASB Financial		496		17
Nasdaq Stock Market (a) (b)		6,164		231
National Financial Partners (b)		4,416		230
National Health Investors (b)		2,980		72
National Interstate		22		—
National Penn Bancshares (b)		5,503		109
National Penn, Fractional Shares (a) (c) (d)		0.50		—
National Western Life Insurance, Class A		283		66
Nationwide Health Properties (b)		8,170		176
Navigators Group (a)		1,377		65
NBT Bancorp		3,947		86
NetB@nk (b)		6,247		44
NewAlliance Bancshares		14,119		204
Newcastle Investment (b)		5,591		125
Newkirk Realty Trust (b)		585		10
Northern Empire Bancshares (a)		1,232		30
NorthStar Realty Finance		2,729		31
Northwest Bancorp		2,576		64
NovaStar Financial (b)		3,453		128
OceanFirst Financial		1,459		33
Ocwen Financial (a)		4,187		46
Odyssey Re Holdings (b)		24		1
Ohio Casualty		7,626		226
Old National Bancorp (b)		8,319		172
Old Second Bancorp (b)		1,820		56
Omega Financial		1,681		54
OMEGA Healthcare Investors		6,674		85
Opteum		3,073		27
optionsXpress Holdings (b)		2,706		85
Oriental Financial Group		2,698		35
Origen Financial		1,265		8
Pacific Capital Bancorp		5,580		187
Park National (b)		1,481		149
Parkway Properties		1,826		72

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Partners Trust Financial Group		4,930	$	58
Peapack-Gladstone Financial		1,187		30
PennFed Financial Services		1,421		25
Pennsylvania		4,579		186
Pennsylvania Commerce Bancorp (a)		643		19
Peoples Bancorp – Ohio		1,380		42
PFF Bancorp		2,366		81
Phoenix Companies (b)		11,499		175
Pinnacle Financial Partners (a)		1,069		31
Piper Jaffray Companies (a)		2,501		175
Placer Sierra Bancshares		944		25
PMA Capital (a) (b)		4,376		43
Post Properties (b)		5,066		221
Potlatch (b)		5,257		205
Premierwest Bancorp		1,914		30
Presidential Life (b)		2,599		64
PrivateBancorp (b)		2,016		89
ProAssurance (a) (b)		3,652		184
Prosperity Bancshares		2,684		87
Provident Bankshares (b)		4,140		144
Provident Financial Holdings		617		18
Provident Financial Services		8,360		153
Provident New York Bancorp		4,689		61
PS Business Parks		2,286		119
QC Holdings (a)		788		12
R&G Financial (b)		3,534		37
RAIT Investment Trust (b)		3,730		97
Ramco-Gershenson Properties Trust (b)		2,326		63
Redwood Trust (b)		2,685		114
Renasant		1,455		54
Republic Bancorp		9,795		112
Republic Bancorp – Kentucky, Class A		1,052		22
Republic Property Trust		1,605		18
RLI (b)		2,925		145
Rockville Financial (a)		1,316		19
S&T Bancorp (b)		3,381		120
Safety Insurance Group		1,617		75
Sanders Morris Harris Group		1,962		32
Sandy Spring Bancorp (b)		1,784		63
Santander Bancorp		709		17
Saul Centers		1,827		75
Saxon Capital		6,560		76
SCBT Financial (b)		1,028		35
SeaBright Insurance Holdings (a)		1,242		21
Seacoast Banking		1,880		52
Security Bank		1,518		34
Selective Insurance Group (b)		3,542		197
Senior Housing Properties Trust (b)		7,585		130
Sierra Bancorp		534		14
Signature Bank (a)		991		35
Simmons First National, Class A		1,823		52
Sizeler Property Investors		2,705		39
Southside Bancshares		1,289		26
Southwest Bancorp – Oklahoma		1,719		39
Sovran Self Storage (b)		2,412		119
Spirit Finance		9,261		107
State Auto Financial		1,837		65
State Bancorp		1,581		25
Sterling Bancorp		2,346		49

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

FIRST AMERICAN FUNDS Semiannual Report 2006

20

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Sterling Bancshares		5,750	$	95
Sterling Financial – Pennsylvania		3,248		68
Sterling Financial – Washington (b)		4,390		141
Stewart Information Services		2,170		94
Stifel Financial (a)		1,175		47
Strategic Hotels & Resorts		6,191		140
Suffolk Bancorp		1,489		45
Summit Financial Group (b)		747		16
Sun Bancorp – New Jersey (a)		1,653		30
Sun Communities (b)		2,371		77
Sunstone Hotel Investors		3,655		105
Susquehanna Bancshares (b)		5,680		136
SVB Financial (a) (b)		4,489		228
SWS Group		2,016		55
SY Bancorp		1,465		38
Tanger Factory Outlet Centers		4,417		145
Tarragon Realty Investors		1,409		25
Taubman Centers		6,665		274
Taylor Capital Group		632		25
Technology Investment Capital		922		13
Tejon Ranch (a)		1,231		56
Texas Capital Bancshares (a) (b)		2,842		66
Texas Regional Bancshares, Class A		5,513		158
TierOne (b)		2,531		86
Tompkins Trustco		911		43
Tower Group		2,449		63
Tradestation Group (a)		2,541		40
Trammell Crow (a)		4,249		165
Triad Guaranty (a) (b)		1,082		59
TriCo Bancshares		1,824		50
TrustCo Bank Corporation of New York (b)		9,162		106
Trustmark (b)		5,757		181
Trustreet Properties		8,162		118
UCBH Holdings (b)		11,140		197
UMB Financial (b)		1,414		96
Umpqua Holdings (b)		5,647		149
Union Bankshares		1,185		49
United Bankshares (b)		4,556		166
United Capital (a)		16		—
United Community Banks		3,847		114
United Community Financial		3,657		44
United Fire & Casualty		2,071		62
United PanAm Financial (a)		759		23
United Security Bancshares (b)		851		22
Universal American Financial (a)		3,549		52
Universal Health Realty Income Trust (b)		1,648		53
Univest Corporation of Pennsylvania		1,548		41
Urstadt Biddle Properties, Class A		3,060		51
USB Holding		1,516		34
USB Holding Company, Fractional Shares (a) (c) (d)		0.10		—
USI Holdings (a) (b)		5,697		87
U-Store-It Trust		3,749		69
Vineyard National Bancorp (b)		1,144		32
Virginia Commerce Bancorp (a)		1,390		50
Virginia Financial Group		872		35
W Holding Company (b)		13,670		102
Waddell & Reed Financial, Class A (b)		9,589		226
Washington Real Estate Investment Trust (b)		5,343		199
Washington Trust Bancorp		1,692		45

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
WesBanco		2,765	$	86
West Bancorp		2,125		42
West Coast Bancorp – Oregon		1,995		57
Westamerica Bancorporation (b)		3,954		202
Western Sierra Bancorp		1,052		44
Westfield Financial		524		12
Wilshire Bancorp		2,260		41
Winston Hotels		3,763		41
Wintrust Financial		2,931		152
World Acceptance (a)		2,415		70
WSFS Financial		718		45
Yardville National Bancorp		1,142		41
Zenith National Insurance		2,560		113
ZipRealty (a)		732		6
				33,539
Healthcare – 11.8%
Aastrom Biosciences (a) (b)		12,933		19
Abaxis (a) (b)		2,513		66
ABIOMED (a)		2,460		32
ACADIA Pharmaceuticals (a) (b)		1,987		23
Adams Respiratory Therapeutics (a)		699		30
Adeza Biomedical (a)		615		11
Adolor (a)		5,204		122
Advisory Board (a) (b)		2,337		131
Albany Molecular Research (a) (b)		2,892		29
Alderwoods Group (a)		5,093		97
Alexion Pharmaceuticals (a) (b)		3,737		127
Align Technology (a) (b)		7,807		69
Alkermes (a) (b)		10,998		236
Alliance Imaging (a)		2,055		11
Allied Healthcare International (a)		3,994		19
Allscripts Healthcare Solutions (a) (b)		4,448		76
Alpharma, Class A		4,825		127
Altus Pharmaceuticals (a)		353		8
AMEDISYS (a) (b)		2,100		70
America Service Group (a)		1,428		20
American Dental Partners (a)		1,744		24
American Medical Systems (a)		8,409		187
American Retirement (a)		3,517		89
AMICAS (a)		6,556		30
AMN Healthcare Services (a)		1,521		29
Amsurg, Class A (a) (b)		3,702		95
Amylin Pharmaceuticals (a) (b)		13,367		582
Analogic		1,669		105
Andrx Group (a) (b)		8,911		208
AngioDynamics (a)		360		11
Antigenics (a) (b)		4,115		9
Applera (a) (b)		7,652		92
Apria Healthcare Group (a)		5,208		114
Arena Pharmaceuticals (a) (b)		5,364		76
Ariad Pharmaceuticals (a)		7,451		44
ArQule (a)		4,005		25
Array Biopharma (a)		4,245		31
Arrow International (b)		1,848		58
Arthrocare (a) (b)		3,042		138
Aspect Medical Systems (a) (b)		1,991		57
AtheroGenics (a) (b)		4,788		68
AVANIR Pharmaceuticals (a) (b)		3,921		46
Barrier Therapeutics (a)		1,336		13

FIRST AMERICAN FUNDS Semiannual Report 2006

21

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Bentley Pharmaceuticals (a) (b)		2,375	$	30
Bioenvision (a) (b)		4,930		32
BioMarin Pharmaceuticals (a) (b)		9,194		113
Bio-Rad Laboratories, Class A (a) (b)		2,141		140
Bio-Reference Labs (a)		1,355		26
BioScrip (a)		4,689		26
Biosite (a) (b)		2,096		118
Brookdale Senior Living (b)		867		33
Bruker BioSciences (a)		3,432		20
Caliper Life Sciences (a) (b)		3,988		24
Candela (a) (b)		2,872		67
Cantel Medical (a)		1,435		21
Caraco Pharmaceutical Laboratories (a)		1,479		18
Cell Genesys (a) (b)		5,528		38
Cell Therapeutics (a) (b)		9,972		18
Centene (a) (b)		5,092		131
Cepheid (a)		5,335		49
Chemed (b)		3,213		175
CNS		1,861		40
Coley Pharmaceutical Group (a) (b)		864		14
Computer Programs & Systems		955		45
CONMED (a) (b)		3,692		81
Connetics (a) (b)		4,236		64
Conor Medsystems (a) (b)		1,015		27
Corvel (a)		739		16
Cotherix (a) (b)		1,817		14
Cross Country Healthcare (a)		3,713		67
Cubist Pharmaceuticals (a)		6,481		147
CuraGen (a)		6,197		25
Curis (a) (b)		6,377		11
CV Therapeutics (a) (b)		5,514		109
Cyberonics (a) (b)		2,673		62
Cypress Bioscience (a)		3,864		29
Datascope		1,486		57
deCODE Genetics (a)		7,169		57
Dendreon (a)		7,916		32
Dendrite International (a)		5,346		66
DexCom (a)		701		18
Diagnostic Products		2,780		161
Digene (a) (b)		1,987		82
Discovery Laboratories (a)		7,547		22
Diversa (a)		3,071		32
DJ Orthopedics (a)		2,754		109
DOV Pharmaceutical (a)		3,191		26
Durect (a) (b)		4,858		24
DUSA Pharmaceuticals (a)		2,418		17
Eclipsys (a)		4,862		107
Emageon (a)		1,259		22
Encore Medical (a) (b)		5,121		28
Encysive Pharmaceuticals (a)		7,636		33
Enzo Biochem (a) (b)		3,655		45
Enzon (a)		5,572		47
EPIX Medical (a)		3,588		14
eResearch Technology (a) (b)		6,418		73
ev3 (a) (b)		1,550		24
Exelixis (a) (b)		10,107		109
First Horizon Pharmaceutical (a) (b)		3,363		75
FoxHollow Technologies (a) (b)		1,743		54
Genesis HealthCare (a)		2,413		114

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Genitope (a)		3,029	$	24
Genomic Health (a)		631		7
Gentiva Health Services (a) (b)		3,062		52
Geron (a) (b)		7,815		59
Greatbatch (a)		2,840		70
GTx (a)		862		8
Haemonetics (a)		3,152		172
HealthExtras (a) (b)		2,715		79
HealthSpring (a)		1,278		22
HealthTronics (a) (b)		4,120		35
Healthways (a) (b)		4,209		206
Hi-Tech Pharmaceutical (a) (b)		1,000		24
Hologic (a) (b)		5,305		253
Hooper Holmes		8,287		24
Horizon Health (a) (b)		741		15
Human Genome Sciences (a) (b)		15,905		181
ICOS (a) (b)		7,774		170
ICU Medical (a)		1,715		71
Idenix Pharmaceuticals (a) (b)		1,229		12
I-Flow (a) (b)		2,532		35
Illumina (a) (b)		4,369		138
Immucor (a) (b)		5,532		161
ImmunoGen (a) (b)		5,208		21
Incyte (a) (b)		10,559		44
Inspire Pharmaceuticals (a)		5,684		29
Integra LifeSciences (a)		2,354		99
InterMune (a) (b)		3,044		49
IntraLase (a)		1,241		27
Introgen Therapeutics (a) (b)		2,683		13
Intuitive Surgical (a) (b)		4,231		537
Invacare		3,713		114
Inverness Medical Innovations (a)		2,277		59
IRIS International (a)		2,182		26
Isis Pharmaceuticals (a)		8,298		71
ISTA Pharmaceuticals (a)		1,695		10
Kensey Nash (a) (b)		1,229		37
Keryx Biopharmaceuticals (a) (b)		3,488		59
Kindred Healthcare (a) (b)		3,614		88
K-V Pharmaceutical, Class A (a) (b)		4,371		94
Kyphon (a)		3,654		152
Laserscope (a) (b)		2,641		63
LCA-Vision		2,674		150
Lexicon Genetics (a)		8,075		42
LifeCell (a) (b)		4,080		110
Luminex (a)		3,243		49
Magellan Health Services (a) (b)		3,372		137
MannKind (a) (b)		2,847		57
Marshall Edwards (a) (b)		1,177		6
Martek Biosciences (a) (b)		3,824		114
Matria Healthcare (a) (b)		2,485		76
Matthews International, Class A (b)		3,890		135
Maxygen (a)		3,244		27
Medarex (a) (b)		13,476		162
MedCath (a)		978		15
Medicines (a)		6,016		116
Medicis Pharmaceutical, Class A (b)		6,607		217
Mentor (b)		3,922		170
Merge Technologies (a) (b)		2,197		28
Meridian Bioscience		2,247		58

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

FIRST AMERICAN FUNDS Semiannual Report 2006

22

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Merit Medical Systems (a)		3,381	$	40
MGI Pharma (a)		9,361		175
Mine Safety Appliances (b)		3,513		147
Molecular Devices (a) (b)		2,060		66
Molina Healthcare (a) (b)		1,457		48
Momenta Pharmaceuticals (a) (b)		1,190		20
Monogram Biosciences (a)		15,456		25
MWI Veterinary Supply (a)		70		2
Myogen (a) (b)		2,566		85
Myriad Genetics (a)		4,378		112
NABI Biopharmaceuticals (a) (b)		7,951		51
Nanogen (a) (b)		6,744		17
Nastech Pharmaceutical (a)		2,617		40
National Healthcare		854		36
Nektar Therapeutics (a) (b)		10,345		223
NeoPharm (a)		2,256		18
Neurocrine Biosciences (a)		4,461		256
Neurogen (a)		2,849		18
NeuroMetrix (a) (b)		842		32
New River Pharmaceuticals (a) (b)		1,518		52
Nitromed (a) (b)		2,152		18
Northfield Laboratories (a) (b)		2,982		30
Noven Pharmaceuticals (a) (b)		2,995		57
NPS Pharmaceuticals (a) (b)		5,112		44
NuVasive (a)		1,455		29
Nuvelo (a) (b)		6,089		100
NxStage Medical (a)		718		9
Occulogix (a) (b)		1,350		4
Odyssey Healthcare (a)		4,381		76
Onyx Pharmaceuticals (a) (b)		4,877		114
Option Care (b)		2,753		39
OraSure Technologies (a) (b)		5,442		58
Orchid Cellmark (a)		3,104		14
Owens & Minor		4,834		154
Pain Therapeutics (a)		3,770		35
PainCare Holdings (a)		6,301		12
Palomar Medical Technologies (a) (b)		2,148		91
Par Pharmaceutical Companies (a)		4,163		107
PAREXEL International (a)		3,178		94
Pediatrix Medical Group (a)		6,074		307
Penwest Pharmaceuticals (a) (b)		2,861		57
Perrigo (b)		10,226		163
Per-Se Technologies (a) (b)		3,837		107
Pharmion (a) (b)		3,083		60
PolyMedica		2,593		107
POZEN (a)		2,908		44
PRA International (a)		1,335		31
Progenics Pharmaceutical (a) (b)		2,102		49
PSS World Medical (a)		7,870		142
Psychiatric Solutions (a) (b)		6,391		211
Radiation Therapy Services (a)		1,137		29
Regeneron Pharmaceutical (a)		4,359		63
RehabCare Group (a)		2,232		37
Renovis (a) (b)		2,801		49
Res-Care (a)		2,570		53
Rigel Pharmaceuticals (a)		2,642		28
Salix Pharmaceuticals (a)		5,532		76
Savient Pharmaceuticals (a)		7,718		43
Seattle Genetics (a)		3,787		19

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Senomyx (a) (b)		3,057	$	44
Serologicals (a) (b)		4,234		132
SFBC International (a) (b)		2,254		53
Somanetics (a)		1,542		25
SonoSite (a) (b)		1,931		73
StemCells (a)		8,224		21
Stereotaxis (a)		2,054		24
STERIS		8,437		194
Stewart Enterprises, Class A		13,504		78
Stratagene		1,097		12
Sunrise Senior Living (a) (b)		4,207		156
SuperGen (a)		6,917		37
SurModics (a) (b)		1,839		65
Sybron Dental Specialties (a)		4,881		230
Symbion (a)		1,724		40
Symmetry Medical (a)		1,060		21
Tanox (a) (b)		3,107		50
Telik (a) (b)		6,607		122
Tercica (a)		886		6
Thoratec (a)		5,877		106
Threshold Pharmaceutical (a) (b)		633		9
Trimeris (a)		2,536		29
TriPath Imaging (a) (b)		4,088		30
TriZetto Group (a)		5,094		80
U.S. Physical Therapy (a)		1,740		27
United Surgical Partners (a) (b)		5,462		180
United Therapeutics (a)		2,755		164
Varian (a)		3,902		169
Ventana Medical Systems (a) (b)		3,793		185
Ventiv Health (a)		3,115		94
Vertex Pharmaceuticals (a) (b)		13,182		479
ViaCell (a)		1,214		7
Viasys Healthcare (a) (b)		3,796		110
VistaCare, Class A (a)		1,457		22
Vital Images (a) (b)		1,537		51
Vital Signs (b)		669		33
VNUS Medical Technologies (a)		897		7
WebMD Health (a)		691		30
WellCare Group (a) (b)		2,153		90
West Pharmaceutical Services		3,786		135
Wright Medical Group (a) (b)		3,690		87
XenoPort (a)		437		10
Young Innovations		606		22
Zoll Medical (a)		1,294		34
ZymoGenetics (a)		3,083		63
				19,670
Industrials – 16.0%
3D Systems (a) (b)		1,618		37
A.O. Smith (b)		2,135		101
A.S.V. (a) (b)		2,136		53
AAON (a)		1,116		31
AAR (a)		4,070		109
ABM Industries (b)		4,807		83
ABX Air (a)		7,660		50
Accuride (a) (b)		1,637		17
Actuant, Class A (b)		3,258		208
Acuity Brands		5,373		222
Administaff (b)		2,533		146
AGCO (a) (b)		10,647		252

FIRST AMERICAN FUNDS Semiannual Report 2006

23

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
AirTran Holdings (a) (b)		11,054	$	155
Alamo Group		451		10
Alaska Air Group (a) (b)		3,404		129
Albany International, Class A		3,575		140
Amerco (a) (b)		1,249		130
American Ecology (b)		1,538		41
American Railcar Industries (b)		511		18
American Reprographics (a)		1,113		39
American Science & Engineering (a) (b)		1,091		93
American Superconductor (a) (b)		4,031		44
American Woodmark (b)		1,378		48
Ameron International (b)		1,147		75
Angelica		1,210		25
Apogee Enterprises		3,529		57
Applied Industrial Technology (b)		3,659		152
Applied Signal Technology (b)		1,498		27
ARGON ST (a)		1,129		37
Arkansas Best (b)		3,219		138
Armor Holdings (a) (b)		4,205		257
Artesyn Technologies (a)		4,761		52
Asset Acceptance Capital (a)		1,275		27
Astec Industries (a)		2,000		79
Aviall (a) (b)		4,108		155
Badger Meter		713		44
Baldor Electric (b)		3,534		117
Banta		3,021		153
Barnes Group (b)		2,122		96
BE Aerospace (a) (b)		8,614		224
Beacon Roofing Supply (a) (b)		2,218		82
BlueLinx Holdings		928		14
Bowne & Company (b)		4,341		68
Brady, Class A (b)		5,019		181
Briggs & Stratton (b)		6,236		210
Bright Horizons Family Solutions (a) (b)		3,297		131
Bucyrus International		3,748		195
Builders FirstSource (a) (b)		907		20
C&D Technologies		3,563		29
Cascade		1,482		61
Casella Waste Systems (a)		2,460		38
CBIZ (a) (b)		7,404		62
CDI		1,085		31
Central Parking (b)		2,127		32
Cenveo (a) (b)		6,415		109
Ceradyne (a) (b)		3,101		164
Circor International		1,985		60
CLARCOR (b)		6,161		216
Clean Harbors (a) (b)		1,980		57
Coinstar (a)		3,093		84
Color Kinetics (a)		1,582		34
Comfort Systems USA (b)		4,801		73
Commercial Vehicle Group (a)		1,578		32
CompX International		3		—
COMSYS IT Partners (a)		1,822		18
Consolidated Graphics (a)		1,438		75
Continental Airlines, Class B (a)		10,437		272
Corrections Corporation of America (a) (b)		4,768		214
CoStar Group (a) (b)		2,068		117
Covenant Transport, Class A (a)		1,152		16
CRA International (a)		1,464		71

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Crane (b)		6,303	$	266
Cubic		2,072		48
Curtiss-Wright (b)		5,328		177
DiamondCluster, Class A (a)		3,378		35
Dollar Thrifty Automotive (a) (b)		3,061		149
DRS Technologies		4,791		266
Duratek (a)		1,630		36
Dycom Industries (a) (b)		5,031		110
Dynamex (a)		1,575		30
Dynamic Materials		792		30
EDO (b)		2,151		56
Educate (a)		2,476		20
EGL (a)		3,945		184
Electro Rent (a)		2,278		37
ElkCorp		2,654		81
EMCOR Group (a)		3,739		187
Encore Wire (a) (b)		1,947		82
Energy Conversion Devices (a) (b)		3,192		160
EnerSys (a)		5,193		73
Ennis Business Forms (b)		3,095		61
EnPro Industries (a) (b)		2,659		98
ESCO Technologies (a) (b)		3,095		157
Essex (a)		2,306		49
Esterline Technologies (a)		3,055		135
Evergreen Solar (a) (b)		5,108		71
Exponent (a)		963		31
ExpressJet Holdings (a) (b)		5,484		31
Federal Signal		5,892		110
First Advantage (a) (b)		473		13
Flanders (a)		1,730		18
Florida East Coast Industries (b)		3,643		204
Flowserve (a) (b)		6,730		387
Forward Air (b)		3,935		158
Franklin Electric (b)		2,551		149
FreightCar America		1,049		70
Frontier Airlines Holdings (a) (b)		5,060		34
Frozen Food Express Industries (a)		2,244		23
FTI Consulting (a) (b)		4,963		143
FuelCell Energy (a) (b)		5,867		77
G&K Services, Class A		2,386		98
Gardner Denver (a)		3,057		228
Gehl Company (a) (b)		1,476		53
GenCorp (a) (b)		6,842		134
General Cable (a)		5,579		176
Genesee & Wyoming, Class A (a) (b)		4,320		142
Genlyte Group (a)		2,914		201
Geo Group (a)		1,347		48
GEVITY HR (b)		3,471		89
Global Cash Access Holdings (a)		1,091		21
Global Power Equipment Group (a) (b)		4,543		20
Gorman-Rupp		1,161		30
Granite Construction (b)		4,216		195
Greenbrier Companies		877		35
Griffon (a) (b)		3,708		99
H&E Equipment Services (a) (b)		938		33
Healthcare Services Group (b)		3,033		65
Heartland Express (b)		5,770		140
HEICO (b)		2,739		90
Heidrick & Struggles International (a)		2,375		86

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

FIRST AMERICAN FUNDS Semiannual Report 2006

24

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Herley Industries (a)		1,480	$	31
Hexcel (a) (b)		9,184		203
Hub Group (a)		2,476		122
Hudson Highland Group (a)		3,050		61
Huron Consulting Group (a)		914		32
Huttig Building Products (a)		2,112		18
IHS, Class A (a)		1,125		32
II-VI (a)		2,930		63
IKON Office Solutions		12,280		162
Infrasource Services (a)		1,381		26
Innovative Solutions & Support (a)		1,688		27
Insituform Technologies, Class A (a)		3,405		87
Interline Brands (a)		1,685		45
Intermagnetics General (a) (b)		5,125		111
Interpool		1,071		22
Ionatron (a) (b)		3,177		44
Jackson Hewitt Tax Service		4,290		128
Jacuzzi Brands (a) (b)		9,338		91
JLG Industries		12,414		356
John H. Harland		3,344		139
K&F Industries Holdings (a)		1,219		22
Kadant (a)		1,765		42
Kaman		2,818		68
Kansas City Southern Industries (a) (b)		8,938		217
Kaydon (b)		3,580		154
Kelly Services, Class A		2,223		61
Kenexa (a)		355		12
Kennametal (b)		4,622		286
Kforce (a)		4,119		58
Kirby (a)		2,652		195
Knight Transportation		7,259		142
Knoll		577		13
Korn/Ferry International (a) (b)		4,328		91
LaBarge (a)		1,475		21
Labor Ready (a) (b)		6,482		171
Lawson Products		641		27
Layne Christensen (a)		1,273		38
Learning Tree International (a)		1,381		15
LECG (a)		2,126		39
Lennox International (b)		6,559		214
Lincoln Electric Holdings (b)		4,385		240
Lindsay Manufacturing		1,635		42
LSI Industries		2,410		40
MAIR Holdings (a) (b)		1,518		8
Manitowoc (b)		7,326		363
Marten Transport (a)		1,885		41
Mascotech, Escrow Shares (a) (c) (d)		9,571		—
MasTec (a) (b)		3,805		47
McGrath Rentcorp (b)		2,617		70
Medis Technologies (a) (b)		1,808		53
Mercury Computer Systems (a)		2,665		51
Mesa Air Group (a) (b)		4,058		43
Middleby (a)		587		52
Mobile Mini (a)		3,694		122
Moog, Class A (a)		4,304		161
MTC Technologies (a)		1,157		33
Mueller Industries		4,456		169
NACCO Industries, Class A		600		97
Navigant Consulting (a) (b)		6,157		130

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
NCI Building Systems (a) (b)		2,533	$	165
NCO Group (a)		3,907		84
Nordson (b)		3,034		162
NuCo2 (a)		1,330		38
Odyssey Marine Exploration (a)		5,210		18
Old Dominion Freight Lines (a)		3,430		110
Orbital Sciences (a)		6,765		106
Pacer International		4,456		153
Perini (a) (b)		1,736		52
PHH (a) (b)		6,408		179
Pico Holdings (a)		1,087		36
Pike Electric (a)		1,246		24
Pinnacle Airlines (a)		2,357		15
Plug Power (a) (b)		6,214		37
Portfolio Recovery Associates (a) (b)		1,965		101
Powell Industries (a)		855		21
Power-One (a) (b)		9,080		64
Pre-Paid Legal Services (b)		1,298		44
PRG-Schultz International (a) (b)		6,696		4
Quanta Services (a) (b)		14,206		230
RailAmerica (a)		4,797		55
Raven Industries		1,962		80
RBC Bearings (a)		310		7
Regal-Beloit		3,213		150
Reliance Steel & Aluminum (b)		3,696		329
Republic Airways Holdings (a)		753		13
Resources Connection (a)		6,045		163
Robbins & Myers		1,566		38
Rollins		3,650		74
Rush Enterprises (a)		2,756		53
Schawk		1,459		37
School Specialty (a)		2,306		84
SCS Transportation (a)		2,077		55
Sequa, Class A (a)		797		68
Shaw Group (a) (b)		9,446		289
SI International (a)		1,058		36
Simpson Manufacturing (b)		4,418		177
SIRVA (a)		3,073		29
SkyWest		7,323		173
Sotheby's Holdings, Class A (a)		4,585		137
SOURCECORP (a)		1,993		49
Spherion (a) (b)		7,836		83
Standard Register		1,887		26
Standex International		1,648		47
Stewart & Stevenson Services		3,672		129
Strayer Education (b)		1,783		185
Sun Hydraulics		978		21
Sypris Solutions		1,088		10
Tecumseh Products, Class A		2,206		51
Teledyne Technologies (a)		4,053		148
Teletech Holdings (a)		4,052		52
Tennant		854		43
Tetra Tech (a)		6,586		128
The Providence Service (a) (b)		1,181		37
Titan International (b)		1,881		36
Tredegar		3,490		56
Trex (a) (b)		1,403		42
Trinity Industries (b)		5,003		318
Triumph Group (a)		1,994		94

FIRST AMERICAN FUNDS Semiannual Report 2006

25

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
TRM (a) (b)		1,581	$	12
TurboChef Technologies (a) (b)		1,892		24
U.S. Xpress Enterprises (a)		923		18
UAP Holding		4,072		84
Ultralife Batteries (a)		1,919		21
United Industrial (b)		1,195		78
United Rentals (a) (b)		8,198		292
United Stationers (a)		3,630		195
Universal Forest Products (b)		1,939		145
Universal Technical Institute (a)		2,550		63
URS (a)		4,970		214
USA Truck (a)		737		16
Valence Technology (a) (b)		6,186		16
Valmont Industries (b)		2,095		113
Vertrue (a) (b)		818		34
Viad		2,543		84
Vicor		2,439		50
Volt Information Sciences (a)		1,068		33
Wabash National		4,016		73
Walter Industries (b)		4,413		293
Washington Group International		3,170		176
Waste Connections (a) (b)		5,117		197
Waste Industries USA		411		8
Waste Services (a)		9,343		30
Watsco		2,612		166
Watson Wyatt & Company Holdings (b)		4,334		143
Watts Water Technologies, Class A (b)		3,178		109
Werner Enterprises (b)		6,227		119
WESCO International (a) (b)		3,906		293
Westinghouse Air Brake Technologies (b)		5,704		208
Williams Scotsman International (a) (b)		975		24
Woodward Governor (b)		3,594		123
World Air Holdings (a)		3,442		31
				26,844
Information Technology – 18.9%
3Com (a) (b)		46,714		252
Actel (a)		3,349		54
Acxiom		10,706		278
Adaptec (a)		13,585		75
ADE (a)		1,345		41
ADTRAN		8,006		201
Advanced Analogic Technologies (a)		366		4
Advanced Digital Information (a)		7,771		66
Advanced Energy Industries (a) (b)		3,345		53
Advent Software (a) (b)		2,740		96
Aeroflex (a)		9,085		115
Agile Software (a)		6,680		47
Agilysys		3,704		54
Airspan Networks (a) (b)		4,968		30
Altiris (a)		2,767		59
AMIS Holdings (a)		5,050		52
Amkor Technology (a) (b)		12,200		148
Anaren (a)		2,201		45
Anixter International (b)		3,886		198
Ansoft (a)		863		38
ANSYS (a)		3,852		217
Anteon International (a)		3,432		188
Applied Digital Solutions (a)		8,346		22
Applied Films (a)		1,899		42

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Applied Micro Circuits (a)		37,511	$	138
aQuantive (a) (b)		8,117		203
Ariba (a) (b)		8,405		78
Arris Group (a)		12,650		150
AsiaInfo Holdings (a)		4,513		21
Aspen Technology (a)		5,222		67
Asyst Technologies (a) (b)		6,236		63
Atari (a)		7,064		5
Atheros Communications (a) (b)		4,156		106
Atmel (a) (b)		51,186		268
ATMI (a)		4,667		133
Audiovox (a) (b)		2,307		28
Autobytel (a)		5,309		24
Avocent (a) (b)		6,047		163
Axcelis Technologies (a)		12,199		72
Bankrate (a) (b)		1,200		58
BearingPoint (a) (b)		23,316		216
Bel Fuse		1,457		48
Belden CDT (b)		5,276		165
Bell Microproducts (a)		3,806		25
Benchmark Electronics (a)		7,612		208
Black Box		2,050		96
Blackbaud		1,191		25
Blackboard (a)		1,947		57
Blue Coat Systems (a) (b)	��	1,327		29
Borland Software (a)		9,993		51
Bottomline Technologies (a) (b)		1,856		22
Brocade Communications Systems (a) (b)		32,694		201
Brooks Automation (a) (b)		9,325		126
Cabot Microelectronics (a) (b)		3,137		103
Catapult Communications (a)		1,140		14
C-COR.net (a)		6,277		51
Checkpoint Systems (a)		4,607		121
CIBER (a) (b)		6,476		44
Ciena (a) (b)		69,675		285
Cirrus Logic (a)		10,687		101
Click Commerce (a) (b)		1,090		23
CMGI (a)		58,729		85
CNET Networks (a) (b)		15,533		167
Cogent (a) (b)		2,929		48
Cognex (b)		5,044		134
Coherent (a)		3,195		118
Cohu (b)		2,635		51
CommScope (a) (b)		6,640		219
Comtech Telecommunications (a) (b)		2,747		78
Concur Technologies (a)		3,678		57
Conexant Systems (a)		57,379		203
Covansys (a) (b)		3,511		61
Credence Systems (a)		11,340		80
CSG Systems International (a)		6,132		155
CTS (b)		4,475		63
CyberSource (a) (b)		3,260		30
Cymer (a) (b)		4,417		228
Cypress Semiconductor (a) (b)		16,044		275
Daktronics		1,826		72
DealerTrack Holdings (a)		617		14
Digi International (a)		3,050		39
Digital Insight (a)		4,246		146
Digital River (a) (b)		4,730		206

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

FIRST AMERICAN FUNDS Semiannual Report 2006

26

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Digitas (a) (b)		11,202	$	158
Diodes (a)		1,694		69
Dionex (a)		2,454		148
Ditech Communications (a)		4,064		38
Dot Hill Systems (a)		5,760		26
DSP Group (a) (b)		3,506		95
DTS (a)		2,194		41
EarthLink (a)		13,306		121
Echelon (a)		3,595		30
eCollege.com (a) (b)		2,152		46
eFunds (a)		5,515		142
Electro Scientific Industries (a)		3,587		72
Electronics for Imaging (a) (b)		6,589		181
EMCORE (a)		4,708		50
Emulex (a)		10,119		184
Endwave (a)		989		15
Entegris (a) (b)		14,430		147
Entrust (a)		7,871		26
Epicor Software (a) (b)		6,738		82
EPIQ Systems (a)		1,664		29
Equinix (a) (b)		2,008		132
Euronet Worldwide (a) (b)		3,783		135
Exar (a)		4,418		64
Excel Technologies (a)		1,427		42
Extreme Networks (a)		15,479		70
FactSet Research Systems (b)		4,311		190
Fairchild Semiconductor International (a) (b)		14,575		301
FalconStor Software (a)		2,942		22
Fargo Electronics (a)		1,664		31
FARO Technologies (a)		1,435		22
FEI (a) (b)		2,990		65
FileNet (a)		4,984		139
Finisar (a) (b)		26,596		125
FormFactor (a) (b)		4,330		181
Forrester Research (a)		1,809		44
Foundry Networks (a) (b)		14,900		212
Gartner, Class A (a)		7,058		99
Gateway (a) (b)		31,416		69
Genesis Microchip (a) (b)		4,385		69
Glenayre Technologies (a)		8,149		45
Global Imaging Systems (a)		2,245		84
GlobeTel Communications (a) (b)		9,302		16
Greenfield Online (a)		1,471		9
Harmonic (a) (b)		9,290		50
Heartland Payment Systems (a)		360		9
Hittite Microwave (a)		100		4
Homestore (a) (b)		17,931		110
HouseValues (a)		926		9
Hutchinson Technology (a) (b)		3,076		73
Hypercom (a)		6,679		61
Identix (a)		10,827		80
iGATE (a)		2,573		18
Ikanos Communications (a)		282		5
Imation		4,067		171
Infocrossing (a)		2,530		32
Informatica (a)		10,574		163
InfoSpace (a)		3,776		96
infoUSA		3,981		44
Integral Systems		1,323		38

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Integrated Device Technology (a)		23,875	$	363
Integrated Silicon Solutions (a)		5,042		33
InterDigital Communications (a)		6,507		165
Intergraph (a) (b)		3,436		151
Intermec (a) (b)		5,965		158
International DisplayWorks (a) (b)		4,525		25
Internet Capital Group (a)		4,877		46
Internet Security Systems (a)		4,766		107
Inter-Tel (b)		2,694		62
Intervideo (a)		1,384		14
InterVoice (a)		4,807		35
Interwoven (a)		5,253		53
Intevac (a) (b)		2,480		70
iPass (a)		6,746		56
iPayment (a)		1,579		68
Itron (a)		3,050		205
iVillage (a) (b)		5,722		48
Ixia (a) (b)		4,122		47
IXYS (a)		3,033		31
J2 Global Communications (a) (b)		2,888		142
Jack Henry & Associates		8,834		198
JDA Software (a)		3,540		48
Jupitermedia (a) (b)		2,570		45
Kanbay International (a) (b)		2,862		44
Keane (a) (b)		5,753		81
Keithley Instruments		1,622		25
KEMET (a)		10,532		114
Keynote Systems (a)		2,023		22
Komag (a) (b)		3,526		148
Kopin (a) (b)		9,252		51
Kronos (a)		3,905		178
Kulicke & Soffa (a)		6,812		62
Landauer (b)		1,057		52
Lattice Semiconductor (a) (b)		14,435		96
Lawson Software (a) (b)		7,883		61
Leadis Technology (a)		918		6
LeCroy (a)		1,316		19
Lexar Media (a)		10,133		99
Lionbridge Technologies (a) (b)		6,008		49
Littelfuse (a)		2,755		89
Lo-Jack (a) (b)		2,148		48
LTX (a)		7,800		44
Macrovision (a)		6,143		141
Magma Design Automation (a)		3,988		30
Magna Entertainment (a) (b)		5,188		32
Majesco Entertainment Company (a) (b)		2,414		4
Manhattan Associates (a) (b)		3,370		73
ManTech International (a)		1,964		65
MapInfo (a)		2,716		38
Marchex (a) (b)		2,513		55
MatrixOne (a)		6,554		47
Mattson Technology (a)		5,549		64
Maximus		2,333		81
Maxtor (a) (b)		30,831		298
McDATA, Class A (a)		19,034		92
Measurement Specialties (a)		1,644		43
Mentor Graphics (a)		9,513		125
Methode Electronics, Class A		4,005		39
Metrologic Instruments (a)		1,557		26

FIRST AMERICAN FUNDS Semiannual Report 2006

27

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Micrel (a)		7,801	$	100
Micros Systems (a) (b)		4,631		194
Microsemi (a)		7,737		211
MicroStrategy (a)		1,680		158
Microtune (a)		7,022		47
Midway Games (a) (b)		2,240		22
MIPS Technologies, Class A (a)		5,393		40
MKS Instruments (a)		3,973		95
Mobility Electronics (a)		3,524		25
Monolithic Power Systems (a)		2,345		43
MPS Group (a)		12,622		201
MRO Software (a)		2,736		52
MRV Communications (a) (b)		12,697		48
MTS Systems		2,409		108
Multi-Fineline Electronix (a) (b)		962		56
Ness Technologies (a)		2,180		27
NETGEAR (a) (b)		3,874		87
NetIQ (a) (b)		4,835		58
Netlogic Microsystems (a)		1,332		54
NetRatings (a)		1,868		24
NetScout Systems (a)		3,127		30
Newport (a) (b)		4,487		86
NIC (a)		4,079		25
Novatel Wireless (a) (b)		3,686		37
Nuance Communications (a)		15,161		195
OmniVision Technologies (a) (b)		6,389		186
ON Semiconductor (a) (b)		19,954		143
Online Resources (a)		2,659		35
Open Solutions (a) (b)		2,116		58
Openwave Systems (a) (b)		10,571		197
Oplink Communications (a)		1,862		36
Opsware (a) (b)		9,347		79
OSI Systems (a)		1,831		35
Packeteer (a)		4,302		56
Palm (a) (b)		10,174		230
PAR Technology (a)		879		15
Parametric Technology (a)		13,230		198
Park Electrochemical (b)		2,540		79
Paxar (a)		4,454		97
PDF Solutions (a)		2,361		37
Pegasus Solutions (a)		2,837		27
Pegasystems (a)		1,829		15
Pericom Semiconductor (a) (b)		3,579		35
Perot Systems, Class A (a)		9,969		150
Phase Forward (a)		1,924		26
Phoenix Technologies (a)		3,641		21
Photon Dynamics (a) (b)		2,223		42
Photronics (a) (b)		4,903		88
Pixelworks (a)		5,908		23
Plantronics (b)		5,974		224
Plexus (a)		5,279		230
PLX Technology (a)		2,964		39
PMC-Sierra (a) (b)		21,962		273
Polycom (a) (b)		11,199		246
PortalPlayer (a) (b)		1,612		18
Power Integrations (a) (b)		3,736		79
Powerwave Technologies (a) (b)		13,299		148
Presstek (a)		3,711		44
Progress Software (a)		4,453		123

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
QAD		1,642	$	12
Quality Systems		1,918		64
Quantum (a) (b)		22,330		76
Quest Software (a) (b)		7,935		137
Rackable Systems (a)		756		39
Radiant Systems (a)		2,917		38
RadiSys (a)		2,535		54
Rambus (a) (b)		12,115		470
RealNetworks (a) (b)		14,023		141
Redback Networks (a) (b)		5,057		113
Renaissance Learning		1,107		17
RF Micro Devices (a) (b)		22,833		212
RightNow Technologies (a)		984		18
Rimage (a)		1,260		28
Rofin-Sinar Technologies (a)		1,898		107
Rogers (a)		2,085		129
RSA Security (a) (b)		8,671		182
Rudolph Technologies (a)		3,118		52
S1 (a) (b)		8,919		46
SAFENET (a) (b)		2,994		60
Sapient (a) (b)		10,128		79
ScanSource (a)		1,542		97
SeaChange International (a)		3,331		22
Secure Computing (a) (b)		5,953		64
Semitool (a) (b)		2,097		20
Semtech (a) (b)		8,980		168
SigmaTel (a)		4,480		30
Silicon Image (a) (b)		10,043		102
Silicon Laboratories (a) (b)		5,203		243
Silicon Storage Technology (a) (b)		11,162		51
SiRF Technology Holdings (a) (b)		4,374		149
Skyworks Solutions (a) (b)		19,179		137
Sohu.com (a) (b)		3,152		87
Sonic Solutions (a) (b)		3,037		54
SonicWALL (a)		6,789		58
Sonus Networks (a) (b)		30,218		150
Spansion, Class A (a) (b)		5,020		86
Spatialight (a) (b)		3,796		12
SpectraLink		2,514		30
SPSS (a)		2,289		80
SSA Global Technologies (a)		1,163		18
Standard Microsystems (a)		2,617		61
StarTek		782		18
Stellent		3,039		39
Stratasys (a) (b)		1,323		43
SunPower (a) (b)		821		32
Superior Essex (a)		2,156		60
Supertex (a)		1,317		51
Supportsoft (a)		5,873		27
Sycamore Networks (a)		21,262		100
Sykes Enterprises (a)		3,135		51
Symmetricom (a) (b)		5,615		46
Synaptics (a) (b)		2,794		73
SYNNEX (a)		1,057		20
Syntel		953		21
TALX		3,473		90
TASER International (a)		7,440		80
Technitrol		4,927		123
Tekelec (a) (b)		6,881		98

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

FIRST AMERICAN FUNDS Semiannual Report 2006

28

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Telkonet (a) (b)		4,671	$	18
Terremark Worldwide (a) (b)		4,047		33
Tessera Technologies (a) (b)		5,510		177
ThermoGenesis (a)		6,414		27
THQ (a) (b)		7,556		194
TIBCO Software (a)		26,274		227
TNS (a)		1,060		22
Transaction Systems Architects (a)		4,589		183
TranSwitch (a)		15,168		32
Travelzoo (a) (b)		331		13
Trident Microsystems (a) (b)		6,602		176
TriQuint Semiconductor (a)		17,641		96
TTM Technologies (a) (b)		5,023		82
Tyler Technologies (a) (b)		4,595		51
Ulticom (a)		1,675		17
Ultimate Software Group (a)		2,629		67
Ultratech (a) (b)		2,996		59
United Online (b)		7,460		96
Universal Display (a)		2,990		45
UTStarcom (a) (b)		12,827		89
ValueClick (a) (b)		10,635		179
Varian Semiconductor Equipment Associates (a)		6,724		220
Vasco Data Security International (a) (b)		3,188		30
Veeco Instruments (a) (b)		3,348		80
VeriFone Holdings (a) (b)		3,026		94
Verint Systems (a)		1,641		53
ViaSat (a)		2,628		79
Vignette (a)		3,649		58
Viisage Technology (a) (b)		1,647		28
Virage Logic (a)		1,995		25
Vitesse Semiconductor (a) (b)		27,730		51
Volterra Semiconductor (a)		1,342		22
WebEx Communications (a) (b)		4,026		142
webMethods (a)		6,775		65
Websense (a)		5,824		145
WebSideStory (a) (b)		1,144		20
Westell Technologies, Class A (a)		6,856		27
Wind River Systems (a) (b)		8,634		99
Witness Systems (a) (b)		3,521		82
Wright Express (a)		5,102		157
X-Rite (b)		2,779		36
Zhone Technologies (a)		11,525		28
Zoran (a) (b)		5,298		145
				31,721
Materials – 5.4%
A. Schulman		3,733		89
A.M. Castle & Company		1,332		48
AK Steel Holding (a) (b)		13,366		199
Aleris International (a) (b)		3,747		173
Alpha Natural Resources (a) (b)		3,742		94
AMCOL International		2,630		76
American Vanguard (b)		2,174		53
Arch Chemicals		3,109		92
Balchem		1,718		40
Bowater (b)		6,809		186
Brush Engineered Metals (a)		2,438		57
Buckeye Technologies (a)		4,257		34
Calgon Carbon		4,444		33
Cambrex (b)		3,214		65

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Caraustar Industries (a)		3,502	$	35
Carpenter Technology		2,995		356
Century Aluminum (a)		2,855		136
CF Industries Holdings (b)		4,313		75
Chaparral Steel Company (a)		2,761		174
Chesapeake		2,574		36
Cleveland-Cliffs (b)		2,663		228
Coeur D'Alene Mines (a) (b)		32,528		227
Commercial Metals (b)		7,362		400
Compass Minerals International		2,431		64
Deltic Timber (b)		1,339		77
Eagle Materials (b)		6,399		424
Ferro		5,324		103
Georgia Gulf (b)		4,153		123
Gibraltar Industries		2,403		67
Glatfelter		4,569		86
GrafTech International (a)		11,832		80
Graphic Packaging (a)		9,272		25
Greif, Class A		1,877		122
H.B. Fuller		3,620		189
Headwaters (a) (b)		5,250		177
Hecla Mining (a) (b)		14,723		95
Hercules (a)		13,694		195
Innospec		1,518		38
Longview Fibre		6,493		169
MacDermid		3,675		126
Mercer International (a)		4,269		38
Metal Management		2,797		91
Minerals Technologies		2,487		142
Myers Industries		3,459		61
Neenah Paper		1,386		44
NewMarket Group		2,210		112
NL Industries		1,031		14
NN		2,222		28
Olin (b)		8,666		178
OM Group (a) (b)		3,741		107
Oregon Steel Mills (a) (b)		4,314		214
Pioneer Companies (a)		1,655		53
PolyOne (a)		11,183		99
Quanex		4,581		196
Rock-Tenn, Class A		3,587		57
Rockwood Holdings (a)		1,663		40
Royal Gold (b)		2,206		76
RTI International Metals (a) (b)		2,814		169
Ryerson Tull (b)		3,134		92
Schnitzer Steel Industries, Class A (b)		2,663		105
Schweitzer-Mauduit International (b)		1,925		47
Sensient Technologies		5,932		122
Silgan Holdings		2,712		105
Spartech		4,074		96
Steel Dynamics (b)		5,471		342
Steel Technologies		1,416		33
Stepan		230		7
Stillwater Mining (a)		5,119		87
Symyx Technologies (a) (b)		3,970		116
Terra Industries (a) (b)		11,008		91
Texas Industries (b)		2,761		157
Titanium Metals (a) (b)		3,102		222
Tronox (b)		1,024		18

FIRST AMERICAN FUNDS Semiannual Report 2006

29

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
USEC (b)		10,484	$	133
W.R. Grace & Company (a) (b)		8,502		133
Wausau-Mosinee Paper		5,174		74
Wellman (b)		4,319		24
Westlake Chemical		1,767		54
Wheeling-Pittsburgh (a)		1,066		23
Worthington Industries		8,231		163
Zoltek Companies (a) (b)		1,600		41
				9,070
Telecommunication Services – 1.5%
Alaska Communications Systems Group (b)		1,621		20
Arbinet-thexchange (a)		454		4
Broadwing (a) (b)		8,794		122
Centennial Communications, Class A		2,878		20
Cincinnati Bell (a)		31,229		131
Cogent Communications Group (a)		800		8
Commonwealth Telephone Enterprises		2,692		89
Consolidated Communications Holdings		778		12
CT Communications		2,314		33
Dobson Communications, Class A (a) (b)		17,795		160
FairPoint Communications (b)		3,792		50
General Communication (a)		6,749		81
Golden Telecom (b)		2,638		81
Hungarian Telephone & Cable (a)		597		9
IDT (a) (b)		6,922		77
InPhonic (a)		2,251		18
Iowa Telecommunication Services		2,861		52
Level 3 Communications (a) (b)		99,545		538
NeuStar (a) (b)		2,057		72
North Pittsburgh		1,767		40
NTELOS Holdings (a)		849		12
Premiere Global Services (a)		8,765		68
Price Communications (a) (b)		5,703		99
SBA Communications (a) (b)		10,499		264
Shenandoah Telecommunications		855		37
SureWest Communications		1,776		40
Syniverse Holdings (a)		1,592		28
Talk America Holdings (a)		3,847		35
Time Warner Telecom, Class A (a) (b)		7,164		120
UbiquiTel (a)		9,861		102
USA Mobility (b)		3,180		73
Valor Communications Group		3,733		49
Wireless Facilities (a) (b)		7,706		34
				2,578
Utilities – 2.3%
Allete		3,187		149
American States Water (b)		2,133		85
Aquila (a)		45,448		197
Avista		5,906		124
Black Hills (b)		4,085		149
California Water Service		2,168		92
Cascade Natural Gas		1,148		23
Central Vermont Public Service		1,301		26
CH Energy Group		1,979		94
CLECO (b)		6,265		141
Connecticut Water Service (b)		1,295		33
Duquesne Light Holdings (b)		9,847		167
El Paso Electric (a)		5,910		117

Small Cap Index Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Empire District Electric (b)		3,426	$	78
EnergySouth		828		27
IDACORP (b)		5,138		175
ITC Holdings		392		10
Laclede Group		2,684		92
MGE Energy (b)		2,596		83
Middlesex Water		1,448		27
New Jersey Resources (b)		3,383		150
NICOR (b)		5,179		205
Northwest Natural Gas (b)		2,751		95
NorthWestern (b)		4,470		157
Ormat Technologies		876		30
Otter Tail (b)		3,707		111
People's Energy (b)		4,248		154
Sierra Pacific Resources (a) (b)		22,655		320
SJW		1,862		47
South Jersey Industries		3,547		94
Southern Union Company, Fractional Shares (a) (c) (d)		0.85		—
Southwest Gas (b)		4,492		124
Southwest Water		2,621		40
UIL Holdings		1,734		96
UniSource Energy Holding		4,450		135
WGL Holdings (b)		4,970		146
				3,793
Total Common Stocks (Cost $110,156)				164,397
Short-Term Investments – 2.1%
Affiliated Money Market Fund – 1.9%
First American Prime Obligations Fund, Class Z (e)		3,159,648		3,160
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill 4.565%, 08/31/2006 (f)	$	300		295
Total Short-Term Investments (Cost $3,455)				3,455
Investments Purchased with Proceeds from Securities Lending (g) – 49.3%
(Cost $82,610)				82,610
Total Investments – 149.5% (Cost $196,221)				250,462
Other Assets and Liabilities, Net – (49.5)%				(82,921	)
Total Net Assets – 100.0%			$	167,541

(a)  Non-income producing security.

(b)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $80,187,265 at April 30, 2006. See note 2 in Notes to Financial Statements.

(c)  Security is fair valued. As of April 30, 2006, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security considered illiquid or restricted. As of April 30, 2006, the 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 FAF Advisors, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

30

Small Cap Index Fund (concluded)

(f)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2006. 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 money market funds and various short term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased		Notional Contract Value (000)		Settlement Month	Unrealized Appreciation (000)
Russell 2000 Index Futures Contracts		7	$	2,691	June 2006	$	81

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31

Statements of Assets and Liabilities April 30, 2006 (unaudited), 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: $1,454,971, $268,393, and $110,451, respectively) (note 2)	$	2,152,128	$	367,052	$	164,692
Investments in affiliated securities, at value (cost: $45,685, $16,452, and $3,160, respectively) (note 2)		48,604		16,452		3,160
Investments purchased with proceeds from securities lending (cost: $617,209, $180,899, and $82,610, respectively) (note2)		617,209		180,899		82,610
Receivable for dividends and interest		2,720		227		81
Receivable for investment securities sold		—		—		3
Receivable for capital shares sold		1,592		252		94
Receivable for variation margin		24		105		24
Prepaid expenses and other assets		37		27		28
Total assets		2,822,314		565,014		250,692
LIABILITIES:
Payable upon return of securities loaned (note 2)		617,209		180,899		82,610
Payable for capital shares redeemed		2,374		122		412
Payable to affiliates (note 3)		745		166		102
Payable for distribution and shareholder servicing fees		111		9		5
Accrued expenses and other liabilities		34		14		22
Total liabilities		620,473		181,210		83,151
Net assets	$	2,201,841	$	383,804	$	167,541
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,481,941	$	273,177	$	108,187
Undistributed net investment income		652		306		133
Accumulated net realized gain on investments		18,853		11,433		4,899
Net unrealized appreciation of investments		700,076		98,659		54,241
Net unrealized appreciation of futures contracts		319		229		81
Net assets	$	2,201,841	$	383,804	$	167,541
* Including securities loaned, at value	$	599,323	$	177,045	$	80,187
Class A:
Net assets	$	238,434	$	15,112	$	11,234
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		9,715		1,035		693
Net asset value, and redemption price per share	$	24.54	$	14.60	$	16.21
Maximum offering price per share (1)	$	25.97	$	15.45	$	17.15
Class B:
Net assets	$	49,647	$	3,446	$	1,488
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		2,049		241		95
Net asset value, offering price, and redemption price per share (2)	$	24.22	$	14.32	$	15.76
Class C:
Net assets	$	23,616	$	4,119	$	2,468
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		969		287		155
Net asset value, offering price, and redemption price per share (2)	$	24.37	$	14.37	$	15.91
Class R:
Net assets	$	2,447	$	512	$	212
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		100		35		13
Net asset value, offering price, and redemption price per share	$	24.52	$	14.54	$	16.02
Class Y:
Net assets	$	1,887,697	$	360,615	$	152,139
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		76,932		24,673		9,386
Net asset value, offering price, and redemption price per share	$	24.54	$	14.62	$	16.21

  (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 Semiannual Report 2006

32

Statements of Operations For the six-month period ended April 30, 2006 (unaudited), in thousands

	Equity Index Fund			Mid Cap Index Fund			Small Cap Index Fund
INVESTMENT INCOME:
Dividends from unaffiliated securities	$	21,463		$	29		$	1,036
Dividends from affiliated securities		661			203			94
Interest from unaffiliated securities		42			2,412			6
Securities lending income		266			66			80
Total investment income		22,432			2,710			1,216
EXPENSES (note 3):
Investment advisory fees		2,755			466			339
Administration fees		1,404			246			150
Transfer agent fees		1,439			250			112
Custodian fees		61			10			4
Registration fees		25			26			23
Professional fees		8			14			14
Postage and printing fees		50			8			3
Directors' fees		15			8			7
Other expenses		26			14			18
Distribution and shareholder servicing fees – Class A		299			19			14
Distribution and shareholder servicing fees – Class B		266			18			8
Distribution and shareholder servicing fees – Class C		121			19			12
Distribution and shareholder servicing fees – Class R		7			1			1
Total expenses		6,476			1,099			705
Less: Fee waivers (note 3)		(1,701	)		(107	)		(179	)
Less: Indirect payments from custodian (note 3)		(1	)		(1	)		(1	)
Total net expenses		4,774			991			525
Investment income – net		17,658			1,719			691
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6):
Net realized gain on unaffiliated investments		61,082			11,883			5,229
Net realized gain on affiliated investments		359			—			—
Net realized gain on futures contracts		1,339			768			411
Net change in unrealized appreciation or depreciation of unaffiliated investments		120,793			37,953			22,813
Net change in unrealized appreciation or depreciation of affiliated investments		291			—			—
Net change in unrealized appreciation or depreciation of future contracts		(244	)		240			74
Net gain on investments and futures contracts		183,620			50,844			28,527
Net increase in net assets resulting from operations	$	201,278		$	52,563		$	29,218

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

FIRST AMERICAN FUNDS Semiannual Report 2006

33

Statements of Changes in Net Assets in thousands

	Equity Index Fund									Mid Cap Index Fund									Small Cap Index Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
OPERATIONS:
Investment income – net	$	17,658		$	1,637		$	40,240		$	1,719		$	146		$	3,270		$	691		$	65		$	1,357
Net realized gain (loss) on unaffiliated investments		61,082			(10,825	)		(5,937	)		11,883			2,372			21,217			5,229			19			9,562
Net realized gain (loss) on affiliated investments		359			(7	)		513			—			—			—			—			—			—
Net realized gain on in-kind distributions		—			—			115,666			—			—			—			—			—			—
Net realized gain (loss) on futures contracts		1,339			(622	)		(787	)		768			(122	)		1,346			411			(135	)		740
Net change in unrealized appreciation or depreciation of unaffiliated investments		120,793			(32,021	)		111,289			37,953			(10,517	)		45,063			22,813			(5,614	)		16,613
Net change in unrealized appreciation or depreciation of affiliated investments		291			2,629			(819	)		—			—			—			—			—			—
Net change in unrealized appreciation or depreciation of futures contracts		(244	)		420			277			240			(31	)		(1	)		74			7			(11	)
Net increase (decrease) in net assets resulting from operations		201,278			(38,789	)		260,442			52,563			(8,152	)		70,895			29,218			(5,658	)		28,261
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,610	)		(147	)		(3,686	)		(51	)		—			(93	)		(29	)		—			(46	)
Class B		(196	)		(9	)		(543	)		—			—			(4	)		—			—			—
Class C		(87	)		(3	)		(235	)		—			—			(3	)		—			—			—
Class R		(11	)		(1	)		(10	)		—			—			—			(1	)		—			—
Class Y		(15,102	)		(1,477	)		(35,527	)		(1,607	)		—			(3,117	)		(593	)		—			(1,212	)
Net realized gain on investments:
Class A		—			—			—			(865	)		—			(453	)		(306	)		—			(657	)
Class B		—			—			—			(215	)		—			(114	)		(45	)		—			(112	)
Class C		—			—			—			(203	)		—			(95	)		(71	)		—			(140	)
Class R		—			—			—			(6	)		—			—			(5	)		—			—
Class Y		—			—			—			(20,352	)		—			(11,737	)		(4,372	)		—			(12,476	)
Return of capital:
Class A		—			(35	)		(12	)		—			—			—			—			—			—
Class B		—			(2	)		(2	)		—			—			—			—			—			—
Class C		—			(1	)		(1	)		—			—			—			—			—			—
Class R		—			—	(1)		—	(1)		—			—			—			—			—			—
Class Y		—			(347	)		(118	)		—			—			—			—			—			—
Total distributions		(17,006	)		(2,022	)		(40,134	)		(23,299	)		—			(15,616	)		(5,422	)		—			(14,643	)
CAPITAL SHARE TRANSACTIONS (note 5):
Class A:
Proceeds from sales		21,743			4,409			44,458			2,509			189			4,932			1,547			143			2,981
Reinvestment of distributions		1,367			156			3,435			885			—			532			332			—			694
Payments for redemptions		(39,185	)		(4,029	)		(66,590	)		(3,776	)		(374	)		(4,723	)		(2,220	)		(77	)		(2,870	)
Increase (decrease) in net assets from Class A transactions		(16,075	)		536			(18,697	)		(382	)		(185	)		741			(341	)		66			805
Class B:
Proceeds from sales		1,237			119			2,433			148			25			306			185			5			215
Reinvestment of distributions		190			11			531			207			—			116			42			—			108
Payments for redemptions (note 3)		(12,361	)		(1,831	)		(20,370	)		(661	)		(7	)		(523	)		(443	)		(12	)		(379	)
Increase (decrease) in net assets from Class B transactions		(10,934	)		(1,701	)		(17,406	)		(306	)		18			(101	)		(216	)		(7	)		(56	)
Class C:
Proceeds from sales		935			145			2,768			915			194			1,082			634			24			705
Reinvestment of distributions		84			4			228			185			—			92			67			—			133
Payments for redemptions (note 3)		(3,605	)		(1,727	)		(9,668	)		(665	)		(258	)		(747	)		(611	)		(137	)		(676	)
Increase (decrease) in net assets from Class C transactions		(2,586	)		(1,578	)		(6,672	)		435			(64	)		427			90			(113	)		162
Class R:
Proceeds from sales		990			85			1,362			393			12			119			177			12			11
Reinvestment of distributions		11			1			10			7			—			—			5			—			—
Payments for redemptions		(428	)		(6	)		(99	)		(37	)		—			—			(14	)		—			(2	)
Increase in net assets from Class R transactions		573			80			1,273			363			12			119			168			12			9
Class Y:
Proceeds from sales		144,985			16,558			363,331			27,254			3,157			73,080			18,861			1,010			49,781
Reinvestment of distributions		9,143			1,126			22,938			12,778			—			8,661			2,817			—			8,310
Payments for redemptions		(306,690	)		(40,781	)		(613,170	)		(48,996	)		(6,774	)		(93,999	)		(44,862	)		(6,383	)		(62,922	)
Decrease in net assets from Class Y transactions		(152,562	)		(23,097	)		(226,901	)		(8,964	)		(3,617	)		(12,258	)		(23,184	)		(5,373	)		(4,831	)
Decrease in net assets from capital share transactions		(181,584	)		(25,760	)		(268,403	)		(8,854	)		(3,836	)		(11,072	)		(23,483	)		(5,415	)		(3,911	)
Total increase (decrease) in net assets		2,688			(66,571	)		(48,095	)		20,410			(11,988	)		44,207			313			(11,073	)		9,707
Net assets at beginning of period		2,199,153			2,265,724			2,313,819			363,394			375,382			331,175			167,228			178,301			168,594
Net assets at end of period	$	2,201,841		$	2,199,153		$	2,265,724		$	383,804		$	363,394		$	375,382		$	167,541		$	167,228		$	178,301
Undistributed net investment income at end of period	$	652		$	—		$	—		$	306		$	245		$	99		$	133		$	65		$	—

  (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.

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FIRST AMERICAN FUNDS Semiannual Report 2006

35

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
Equity Index Fund (1)
Class A
	2006	(2)	$	22.59	$	0.17	$	1.94		$	(0.16	)	$	—		$	—		$	24.54
	2005	(3)		23.00		0.01		(0.40	)		(0.02	)		—			—	(7)		22.59
	2005	(4)		20.91		0.34		2.09			(0.34	)		—			—	(7)		23.00
	2004	(4)		18.70		0.23		2.22			(0.24	)		—			—	(7)		20.91
	2003	(4)		15.31		0.21		3.38			(0.20	)		—			—			18.70
	2002	(4)		19.50		0.18		(4.19	)		(0.18	)		—			—			15.31
	2001	(4)		27.75		0.18		(7.43	)		(0.17	)		(0.83	)		—			19.50
Class B
	2006	(2)	$	22.31	$	0.08	$	1.91		$	(0.08	)	$	—		$	—		$	24.22
	2005	(3)		22.72		—		(0.40	)		(0.01	)		—			—	(7)		22.31
	2005	(4)		20.66		0.18		2.06			(0.18	)		—			—	(7)		22.72
	2004	(4)		18.48		0.08		2.19			(0.09	)		—			—	(7)		20.66
	2003	(4)		15.13		0.08		3.35			(0.08	)		—			—			18.48
	2002	(4)		19.29		0.03		(4.15	)		(0.04	)		—			—			15.13
	2001	(4)		27.49		—		(7.35	)		(0.02	)		(0.83	)		—			19.29
Class C
	2006	(2)	$	22.44	$	0.08	$	1.93		$	(0.08	)	$	—		$	—		$	24.37
	2005	(3)		22.85		—		(0.40	)		(0.01	)		—			—	(7)		22.44
	2005	(4)		20.78		0.18		2.07			(0.18	)		—			—	(7)		22.85
	2004	(4)		18.59		0.08		2.20			(0.09	)		—			—	(7)		20.78
	2003	(4)		15.23		0.08		3.36			(0.08	)		—			—			18.59
	2002	(4)		19.41		0.03		(4.17	)		(0.04	)		—			—			15.23
	2001	(4)		27.66		—		(7.40	)		(0.02	)		(0.83	)		—			19.41
Class R (5)
	2006	(2)	$	22.57	$	0.13	$	1.95		$	(0.13	)	$	—		$	—		$	24.52
	2005	(3)		22.98		0.01		(0.40	)		(0.02	)		—			—	(7)		22.57
	2005	(4)		20.91		0.26		2.11			(0.30	)		—			—	(7)		22.98
	2004	(4)		18.70		0.23		2.20			(0.22	)		—			—	(7)		20.91
	2003	(4)		15.30		0.21		3.39			(0.20	)		—			—			18.70
	2002	(4)		19.50		0.18		(4.20	)		(0.18	)		—			—			15.30
	2001	(6)		18.80		—		0.70			—			—			—			19.50
Class Y
	2006	(2)	$	22.58	$	0.20	$	1.95		$	(0.19	)	$	—		$	—		$	24.54
	2005	(3)		22.99		0.02		(0.41	)		(0.02	)		—			—	(7)		22.58
	2005	(4)		20.91		0.40		2.08			(0.40	)		—			—	(7)		22.99
	2004	(4)		18.69		0.29		2.22			(0.29	)		—			—	(7)		20.91
	2003	(4)		15.30		0.25		3.38			(0.24	)		—			—			18.69
	2002	(4)		19.49		0.23		(4.19	)		(0.23	)		—			—			15.30
	2001	(4)		27.74		0.23		(7.42	)		(0.23	)		(0.83	)		—			19.49

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

  (2)  For the six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

36

			Total Return (8)			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
	2006	(2)		9.36	%	$	238,434		0.62	%		1.41	%		0.77	%		1.26	%		2	%
	2005	(3)		(1.70	)		234,629		0.62			0.69			0.79			0.52			—
	2005	(4)		11.69			238,379		0.62			1.53			0.79			1.36			4
	2004	(4)		13.12			234,349		0.62			1.13			0.79			0.96			1
	2003	(4)		23.58			158,324		0.62			1.22			0.80			1.04			1
	2002	(4)		(20.75	)		139,007		0.62			0.91			0.80			0.73			8
	2001	(4)		(26.95	)		188,410		0.60			0.74			1.14			0.20			6
Class B
	2006	(2)		8.95	%	$	49,647		1.37	%		0.67	%		1.52	%		0.52	%		2	%
	2005	(3)		(1.78	)		56,097		1.37			(0.06	)		1.54			(0.23	)		—
	2005	(4)		10.86			58,857		1.37			0.79			1.54			0.62			4
	2004	(4)		12.31			69,828		1.37			0.38			1.54			0.21			1
	2003	(4)		22.72			71,624		1.37			0.47			1.55			0.29			1
	2002	(4)		(21.40	)		66,835		1.37			0.16			1.55			(0.02	)		8
	2001	(4)		(27.49	)		95,586		1.35			(0.01	)		1.89			(0.55	)		6
Class C
	2006	(2)		8.99	%	$	23,616		1.37	%		0.67	%		1.52	%		0.52	%		2	%
	2005	(3)		(1.78	)		24,195		1.37			(0.05	)		1.54			(0.22	)		—
	2005	(4)		10.84			26,258		1.37			0.79			1.54			0.62			4
	2004	(4)		12.28			30,111		1.37			0.38			1.54			0.21			1
	2003	(4)		22.65			31,330		1.37			0.47			1.55			0.29			1
	2002	(4)		(21.38	)		21,637		1.37			0.16			1.55			(0.02	)		8
	2001	(4)		(27.51	)		29,560		1.35			(0.01	)		1.89			(0.55	)		6
Class R (5)
	2006	(2)		9.24	%	$	2,447		0.87	%		1.14	%		1.17	%		0.84	%		2	%
	2005	(3)		(1.72	)		1,715		0.87			0.44			1.19			0.12			—
	2005	(4)		11.38			1,663		0.87			1.14			1.19			0.82			4
	2004	(4)		13.00			333		0.62			1.13			0.79			0.96			1
	2003	(4)		23.66			52,925		0.62			1.22			0.80			1.04			1
	2002	(4)		(20.79	)		42,964		0.62			0.93			0.80			0.75			8
	2001	(6)		3.72			38,220		0.72			0.89			1.20			0.41			6
Class Y
	2006	(2)		9.54	%	$	1,887,697		0.37	%		1.67	%		0.52	%		1.52	%		2	%
	2005	(3)		(1.69	)		1,882,517		0.37			0.94			0.54			0.77			—
	2005	(4)		11.92			1,940,567		0.37			1.78			0.54			1.61			4
	2004	(4)		13.45			1,979,198		0.37			1.38			0.54			1.21			1
	2003	(4)		23.89			1,771,795		0.37			1.46			0.55			1.28			1
	2002	(4)		(20.56	)		1,135,653		0.37			1.16			0.55			0.98			8
	2001	(4)		(26.78	)		1,567,607		0.35			0.99			0.89			0.45			6

FIRST AMERICAN FUNDS Semiannual Report 2006

37

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 (10)
Mid Cap Index Fund (1)(2)
Class A
	2006	(3)	$	13.52	$	0.05		$	1.90		$	(0.05	)	$	(0.82	)	$	14.60		14.92	%
	2005	(4)		13.82		—			(0.30	)		—			—			13.52		(2.17	)
	2005	(5)		11.84		0.09			2.40			(0.09	)		(0.42	)		13.82		21.43
	2004	(5)		10.36		0.05			1.67			(0.05	)		(0.19	)		11.84		16.80
	2003	(5)		8.51		0.04			2.08			(0.04	)		(0.23	)		10.36		25.45
	2002	(5)		9.38		0.04			(0.49	)		(0.04	)		(0.38	)		8.51		(5.45	)
	2001	(6)		12.56		0.05			(2.11	)		(0.05	)		(1.07	)		9.38		(17.60	)
Class B
	2006	(3)	$	13.28	$	—		$	1.86		$	—		$	(0.82	)	$	14.32		14.50	%
	2005	(4)		13.59		(0.01	)		(0.30	)		—			—			13.28		(2.28	)
	2005	(5)		11.67		(0.01	)		2.37			(0.02	)		(0.42	)		13.59		20.57
	2004	(5)		10.25		(0.03	)		1.64			—			(0.19	)		11.67		15.88
	2003	(5)		8.44		(0.03	)		2.07			—			(0.23	)		10.25		24.63
	2002	(5)		9.33		(0.03	)		(0.48	)		—			(0.38	)		8.44		(6.07	)
	2001	(6)		12.52		—			(2.12	)		—			(1.07	)		9.33		(18.15	)
Class C
	2006	(3)	$	13.32	$	—		$	1.87		$	—		$	(0.82	)	$	14.37		14.52	%
	2005	(4)		13.63		(0.01	)		(0.30	)		—			—			13.32		(2.27	)
	2005	(5)		11.70		(0.01	)		2.38			(0.02	)		(0.42	)		13.63		20.60
	2004	(5)		10.28		(0.03	)		1.64			—			(0.19	)		11.70		15.83
	2003	(5)		8.47		(0.03	)		2.07			—			(0.23	)		10.28		24.55
	2002	(5)		9.38		(0.02	)		(0.51	)		—			(0.38	)		8.47		(6.22	)
	2001	(7)		9.07		—			0.31			—			—			9.38		3.42
Class R (8)
	2006	(3)	$	13.48	$	0.02		$	1.90		$	(0.04	)	$	(0.82	)	$	14.54		14.73	%
	2005	(4)		13.78		—			(0.30	)		—			—			13.48		(2.18	)
	2005	(5)		11.83		0.04			2.41			(0.08	)		(0.42	)		13.78		21.09
	2004	(5)		10.36		0.06			1.65			(0.05	)		(0.19	)		11.83		16.62
	2003	(5)		8.50		0.04			2.09			(0.04	)		(0.23	)		10.36		25.60
	2002	(5)		9.38		0.04			(0.50	)		(0.04	)		(0.38	)		8.50		(5.56	)
	2001	(9)		11.07		0.04			(1.67	)		(0.06	)		—			9.38		(14.77	)
Class Y
	2005	(3)	$	13.53	$	0.07		$	1.91		$	(0.07	)	$	(0.82	)	$	14.62		15.12	%
	2005	(4)		13.83		0.01			(0.31	)		—			—			13.53		(2.17	)
	2005	(5)		11.84		0.12			2.41			(0.12	)		(0.42	)		13.83		21.82
	2004	(5)		10.37		0.08			1.66			(0.08	)		(0.19	)		11.84		16.97
	2003	(5)		8.51		0.06			2.09			(0.06	)		(0.23	)		10.37		25.86
	2002	(5)		9.38		0.06			(0.49	)		(0.06	)		(0.38	)		8.51		(5.23	)
	2001	(6)		12.55		0.08			(2.11	)		(0.07	)		(1.07	)		9.38		(17.34	)

  (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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  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.

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

  (6)  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.

  (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)  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.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

38

			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
	2006	(3)	$	15,112		0.75	%		0.70	%		0.81	%		0.64	%		4	%
	2005	(4)		14,318		0.75			0.26			0.80			0.21			1
	2005	(5)		14,827		0.75			0.68			0.82			0.61			15
	2004	(5)		11,987		0.75			0.47			0.80			0.42			14
	2003	(5)		5,332		0.75			0.45			0.84			0.36			23
	2002	(5)		3,581		0.75			0.37			0.83			0.29			19
	2001	(6)		2,972		0.75			0.51			0.80			0.46			43
Class B
	2006	(3)	$	3,446		1.50	%		(0.05	)%		1.56	%		(0.11	)%		4	%
	2005	(4)		3,485		1.50			(0.49	)		1.55			(0.54	)		1
	2005	(5)		3,546		1.50			(0.08	)		1.57			(0.15	)		15
	2004	(5)		3,133		1.50			(0.27	)		1.55			(0.32	)		14
	2003	(5)		2,419		1.50			(0.30	)		1.59			(0.39	)		23
	2002	(5)		1,475		1.50			(0.37	)		1.58			(0.45	)		19
	2001	(6)		1,265		1.50			(0.24	)		1.54			(0.28	)		43
Class C
	2006	(3)	$	4,119		1.50	%		(0.05	)%		1.56	%		(0.11	)%		4	%
	2005	(4)		3,388		1.50			(0.49	)		1.55			(0.54	)		1
	2005	(5)		3,533		1.50			(0.08	)		1.57			(0.15	)		15
	2004	(5)		2,653		1.50			(0.27	)		1.55			(0.32	)		14
	2003	(5)		1,756		1.50			(0.30	)		1.59			(0.39	)		23
	2002	(5)		795		1.50			(0.37	)		1.58			(0.45	)		19
	2001	(7)		—		—			—			—			—			43
Class R (8)
	2006	(3)	$	512		1.00	%		0.35	%		1.21	%		0.14	%		4	%
	2005	(4)		131		1.00			0.01			1.20			(0.19	)		1
	2005	(5)		122		1.00			0.28			1.22			0.06			15
	2004	(5)		1		0.75			0.49			0.80			0.44			14
	2003	(5)		4,134		0.75			0.46			0.84			0.37			23
	2002	(5)		3,393		0.75			0.37			0.83			0.29			19
	2001	(9)		4,301		0.75			0.47			0.80			0.42			43
Class Y
	2005	(3)	$	360,615		0.50	%		0.95	%		0.56	%		0.89	%		4	%
	2005	(4)		342,072		0.50			0.51			0.55			0.46			1
	2005	(5)		353,354		0.50			0.92			0.57			0.85			15
	2004	(5)		313,403		0.50			0.73			0.55			0.68			14
	2003	(5)		239,174		0.50			0.71			0.59			0.62			23
	2002	(5)		198,545		0.50			0.63			0.58			0.55			19
	2001	(6)		176,857		0.50			0.75			0.53			0.72			43

FIRST AMERICAN FUNDS Semiannual Report 2006

39

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 (10)
Small Cap Index Fund (1)(2)
Class A
	2006	(3)	$	14.12	$	0.04		$	2.51		$	(0.04	)	$	(0.42	)	$	16.21		18.45	%
	2005	(4)		14.57		—			(0.45	)		—			—			14.12		(3.09	)
	2005	(5)		13.38		0.07			2.17			(0.06	)		(0.99	)		14.57		17.08
	2004	(5)		11.47		0.04			1.98			(0.03	)		(0.08	)		13.38		17.71
	2003	(5)		8.55		0.04			2.92			(0.04	)		—			11.47		34.77
	2002	(5)		9.68		0.05			(1.13	)		(0.05	)		—			8.55		(11.28	)
	2001	(6)		12.23		(0.01	)		(1.49	)		—			(1.05	)		9.68		(12.76	)
Class B
	2006	(3)	$	13.76	$	(0.01	)	$	2.43		$	—		$	(0.42	)	$	15.76		17.96	%
	2005	(4)		14.21		(0.01	)		(0.44	)		—			—			13.76		(3.17	)
	2005	(5)		13.15		(0.03	)		2.08			—			(0.99	)		14.21		15.82
	2004	(5)		11.33		(0.06	)		1.96			—			(0.08	)		13.15		16.83
	2003	(5)		8.47		(0.03	)		2.90			(0.01	)		—			11.33		33.87
	2002	(5)		9.63		(0.03	)		(1.13	)		—			—			8.47		(12.03	)
	2001	(7)		10.97		(0.01	)		(1.33	)		—			—			9.63		(12.11	)
Class C
	2006	(3)	$	13.88	$	(0.01	)	$	2.46		$	—		$	(0.42	)	$	15.91		18.02	%
	2005	(4)		14.34		(0.01	)		(0.45	)		—			—			13.88		(3.21	)
	2005	(5)		13.26		(0.03	)		2.10			—			(0.99	)		14.34		15.84
	2004	(5)		11.43		(0.06	)		1.97			—			(0.08	)		13.26		16.77
	2003	(5)		8.54		(0.03	)		2.93			(0.01	)		—			11.43		33.94
	2002	(5)		9.68		(0.03	)		(1.11	)		—			—			8.54		(11.72	)
	2001	(8)		9.49		—			0.19			—			—			9.68		2.11
Class R (9)
	2006	(3)	$	13.97	$	0.02		$	2.48		$	(0.03	)	$	(0.42	)	$	16.02		18.30	%
	2005	(4)		14.43		—			(0.46	)		—			—			13.97		(3.19	)
	2005	(5)		13.31		0.04			2.11			(0.04	)		(0.99	)		14.43		16.45
	2004	(5)		11.41		0.03			1.97			(0.02	)		(0.08	)		13.31		17.65
	2003	(5)		8.52		0.05			2.88			(0.04	)		—			11.41		34.54
	2002	(5)		9.64		0.05			(1.12	)		(0.05	)		—			8.52		(11.26	)
	2001	(6)		12.19		(0.01	)		(1.49	)		—			(1.05	)		9.64		(12.82	)
Class Y
	2006	(3)	$	14.12	$	0.06		$	2.51		$	(0.06	)	$	(0.42	)	$	16.21		18.59	%
	2005	(4)		14.57		0.01			(0.46	)		—			—			14.12		(3.09	)
	2005	(5)		13.43		0.11			2.12			(0.10	)		(0.99	)		14.57		16.93
	2004	(5)		11.51		0.07			1.99			(0.06	)		(0.08	)		13.43		18.02
	2003	(5)		8.57		0.07			2.94			(0.07	)		—			11.51		35.23
	2002	(5)		9.70		0.07			(1.13	)		(0.07	)		—			8.57		(11.09	)
	2001	(6)		12.24		0.02			(1.50	)		(0.01	)		(1.05	)		9.70		(12.56	)

  (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 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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  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.

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

  (6)  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.

  (7)  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.

  (8)  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.

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

40

			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
	2006	(3)	$	11,234		0.83	%		0.60	%		1.04	%		0.39	%		1	%
	2005	(4)		10,067		0.83			0.27			1.01			0.09			—
	2005	(5)		10,323		0.90			0.53			1.03			0.40			23
	2004	(5)		8,749		0.93			0.30			1.02			0.21			25
	2003	(5)		3,480		0.93			0.42			1.05			0.30			41
	2002	(5)		1,908		0.93			0.46			1.09			0.30			49
	2001	(6)		341		0.91			(0.07	)		0.94			(0.10	)		102
Class B
	2006	(3)	$	1,488		1.58	%		(0.15	)%		1.79	%		(0.36	)%		1	%
	2005	(4)		1,498		1.58			(0.48	)		1.76			(0.66	)		—
	2005	(5)		1,555		1.65			(0.23	)		1.78			(0.36	)		23
	2004	(5)		1,494		1.68			(0.46	)		1.77			(0.55	)		25
	2003	(5)		993		1.68			(0.33	)		1.80			(0.45	)		41
	2002	(5)		424		1.68			(0.29	)		1.84			(0.45	)		49
	2001	(7)		107		1.65			(0.84	)		1.69			(0.88	)		102
Class C
	2006	(3)	$	2,468		1.58	%		(0.15	)%		1.79	%		(0.36	)%		1	%
	2005	(4)		2,068		1.58			(0.48	)		1.76			(0.66	)		—
	2005	(5)		2,256		1.65			(0.23	)		1.78			(0.36	)		23
	2004	(5)		1,939		1.68			(0.46	)		1.77			(0.55	)		25
	2003	(5)		1,268		1.68			(0.33	)		1.80			(0.45	)		41
	2002	(5)		447		1.68			(0.26	)		1.84			(0.42	)		49
	2001	(8)		—		—			—			—			—			102
Class R (9)
	2006	(3)	$	212		1.08	%		0.36	%		1.44	%		—	%		1	%
	2005	(4)		23		1.08			0.02			1.41			(0.31	)		—
	2005	(5)		11		1.15			0.30			1.43			0.02			23
	2004	(5)		1		0.93			0.24			0.99			0.18			25
	2003	(5)		3,210		0.93			0.52			1.05			0.40			41
	2002	(5)		13,576		0.93			0.42			1.09			0.26			49
	2001	(6)		13,886		0.88			(0.05	)		0.91			(0.08	)		102
Class Y
	2006	(3)	$	152,139		0.58	%		0.85	%		0.79	%		0.64	%		1	%
	2005	(4)		153,572		0.58			0.52			0.76			0.34			—
	2005	(5)		164,156		0.65			0.78			0.78			0.65			23
	2004	(5)		156,411		0.68			0.54			0.77			0.45			25
	2003	(5)		119,102		0.68			0.68			0.80			0.56			41
	2002	(5)		94,749		0.68			0.68			0.84			0.52			49
	2001	(6)		54,169		0.66			0.19			0.68			0.17			102

FIRST AMERICAN FUNDS Semiannual Report 2006

41

Notes to Financial Statements(unaudited as of April 30, 2006)

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 April 30, 2006, 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. 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 and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class' servicing or distribution arrangements.

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.

2 >  Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds' investments are furnished by an independent pricing service that has been approved by the funds' board of directors. Investments in equity securities that are traded on a

national securities exchange 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, bro ker-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 April 30, 2006, the Equity Index Fund and Small Cap Index Fund had fair valued securities

FIRST AMERICAN FUNDS Semiannual Report 2006

42

with a 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 MidCap 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 fiscal year that the differences arise.

The tax character of distributions made during the six-month 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 six-month period ended April 30, 2006 (estimated), the one-month fiscal period ended October 31, 2005, and the fiscal year ended September 30, 2005, were as follows (000):

	April 30, 2006
Fund			Ordinary Income		Long Term Gain		Total
Equity Index Fund			$	17,006	$	—	$	17,006
Mid Cap Index Fund				1,658		21,641		23,299
Small Cap Index Fund				623		4,799		5,422
	October 31, 2005
Fund	Ordinary Income		Long Term Gain		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

FIRST AMERICAN FUNDS Semiannual Report 2006

43

Notes to Financial Statementscontinued

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), which if not offset by subsequent capital gains, will expire on the funds' fiscal year-ends as follows:

	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 index, 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 April 30, 2006, 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 Semiannual Report 2006

44

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

Equity Index Fund
Security	Shares		Date Acquired	Cost Basis (000)
Seagate, Escrow Shares		44,886	1/01	$	—
Small Cap Index Fund
Security	Shares		Dates Acquired	Cost Basis (000)
FirstBank, Fractional Shares		0.27	8/05	$	—
Mascotech, Escrow Shares		9,571	2/99 to 11/00		—
National Penn, Fractional Shares		0.50	10/05		—
Petrocorp, Escrow Shares		2,040	6/03 to 8/05		—
Southern Union Company, Fractional Shares		0.85	11/03 to 8/05		—
USB Holding Company, Fractional Shares		0.10	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. Cash collateral is invested in short term, high quality U.S. dollar-denominated securities that would be eligible for i nvestment by a money market fund under Investment Company Act Rule 2a-7. As of April 30, 2006, cash collateral was invested as follows (000):

Fund	Commercial Paper		Corporate Obligations		Repurchase Agreements		Other Short-Term Securities		Total
Equity Index Fund	$	214,653	$	185,451	$	198,909	$	18,196	$	617,209
Mid Cap Index Fund		62,913		54,354		58,299		5,333		180,899
Small Cap Index Fund		28,730		24,822		26,623		2,435		82,610

FAF Advisors, Inc. ("FAF Advisors"), formerly U.S. Bancorp Asset Management, Inc., serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. FAF Advisors 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"). Effective January 1, 2006, FAF Advisors receives fees equal to 32% of each fund's income from securities lending transactions. Prior to January 1, 2006, such fees were 35% of each fund's income from securities lending transactions. Fees paid to FAF Advisors by the funds for the six-month period ended April 30, 2006 were as follows (000):

Fund
Equity Index Fund	$	131
Mid Cap Index Fund		34
Small Cap Index Fund		40

Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to FAF Advisors.

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 six-month period ended April 30, 2006, the Equity Index Fund, Mid Cap Index Fund, and the Small Cap Index Fund recorded $30,624, $2,519, and $16,315 respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolios. The funds received no securities litigation income on securities currently held.

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including 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 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

FIRST AMERICAN FUNDS Semiannual Report 2006

45

Notes to Financial Statementscontinued

registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended April 30, 2006.

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 amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

3 >  Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), FAF Advisors manages each fund's assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay FAF Advisors a monthly fee based upon average daily net assets. The annual fee for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund is 0.25%, 0.25%, and 0.40%, respectively. FAF Advisors has agreed to waive fees and reimburse other fund expenses at least 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

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

ADMINISTRATION FEES – FAF Advisors serves as the funds' administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC ("USBFS") serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Assciation ("U.S. Bank"). Both U.S.Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid mont hly, 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 aggregate 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 FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

For the six-month period ended April 30, 2006, administration fees paid to FAF Advisors by the funds included in this semiannual report were as follows (000):

Fund	Amount
Equity Index Fund	$	1,395
Mid Cap Index Fund		236
Small Cap Index Fund		107

TRANSFER AGENT FEES – USBFS serves as the funds' transfer agent pursuant to a transfer agent and shareholder

FIRST AMERICAN FUNDS Semiannual Report 2006

46

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 customary 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. For the six-month period ended April 30, 2006, transfer agent fees paid to USBFS by the funds included in this se miannual report were as follows (000):

Fund	Amount
Equity Index Fund	$	1,495
Mid Cap Index Fund		253
Small Cap Index Fund		115

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

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund's custodian expenses. These credits, if any, are disclosed as "Indirect payments from custodian" in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred which will increase the fund's custodian expenses. For the six-month period ended April 30, 2006, custodian fees for Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund were increased by $5,574, $782, and $535 as a result of overdrafts and reduced by $996, $757, and $591 as a result of interest earned, respectively.

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 FAF Advisors with respect to the Class R shares. Each fund pays FAF Advisors 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. FAF Advisors 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 six-month period ended April 30, 2006 (000):

Fund	Amount
Equity Index Fund	$	285
Mid Cap Index Fund		31
Small Cap Index Fund		25

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses including: registration fees, legal, auditing, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2006, legal fees and expenses of $13,208 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 eightyears.

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.

FIRST AMERICAN FUNDS Semiannual Report 2006

47

Notes to Financial Statementscontinued

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

For the six-month period ended April 30, 2006, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds' shares were as follows (000):

Fund
Equity Index Fund	$	108
Mid Cap Index Fund		30
Small Cap Index Fund		9

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 six-month period ended April 30, 2006, Equity Index Fund recorded a net realized gain from the sale of U.S. Bancorp common stock of $359,379 and $227,523 of dividend income from U.S. Bancorp common stock. At April 30, 2006, Equity Index Fund had an unrealized gain of $2,918,408 with respect to its investment in U.S. Bancorp common stock.

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
	Six-Month Period Ended 4/30/06			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06			One-Month Period Ended 10/31/05			Year Ended 9/30/05
Class A:
Shares issued		910			196			1,995			178			14			385			100			10			212
Shares issued in lieu of cash distributions		57			7			155			65			—			42			23			—			49
Shares redeemed		(1,639	)		(180	)		(2,991	)		(267	)		(28	)		(367	)		(143	)		(5	)		(207	)
Total Class A transactions		(672	)		23			(841	)		(24	)		(14	)		60			(20	)		5			54
Class B:
Shares issued		53			5			111			11			2			24			13			—			16
Shares issued in lieu of cash distributions		8			—			25			16			—			9			3			—			8
Shares redeemed		(526	)		(82	)		(924	)		(48	)		(1	)		(41	)		(30	)		(1	)		(28	)
Total Class B transactions		(465	)		(77	)		(788	)		(21	)		1			(8	)		(14	)		(1	)		(4	)
Class C:
Shares issued		39			7			126			67			15			83			43			2			51
Shares issued in lieu of cash distributions		4			—			10			14			—			7			5			—			10
Shares redeemed		(152	)		(78	)		(436	)		(48	)		(20	)		(58	)		(42	)		(10	)		(50	)
Total Class C transactions		(109	)		(71	)		(300	)		33			(5	)		32			6			(8	)		11
Class R:
Shares issued		41			4			60			28			1			9			12			1			1
Shares issued in lieu of cash distributions		1			—			—			—			—			—			—			—			—
Shares redeemed		(18	)		—			(4	)		(3	)		—			—			(1	)		—			—
Total Class R transactions		24			4			56			25			1			9			11			1			1
Class Y:
Shares issued		6,070			741			16,348			1,942			237			5,681			1,263			73			3,545
Shares issued in lieu of cash distributions		382			51			1,034			938			—			684			193			—			591
Shares redeemed		(12,879	)		(1,825	)		(27,653	)		(3,488	)		(506	)		(7,277	)		(2,946	)		(460	)		(4,520	)
Total Class Y transactions		(6,427	)		(1,033	)		(10,271	)		(608	)		(269	)		(912	)		(1,490	)		(387	)		(384	)
Net decrease in capital shares		(7,649	)		(1,154	)		(12,144	)		(595	)		(286	)		(819	)		(1,507	)		(390	)		(322	)

FIRST AMERICAN FUNDS Semiannual Report 2006

48

Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2006, the one-month fiscal period ended October 31, 2005, and the fiscal year ended September 30, 2005, were asfollows (000):

Fund	Six-Month Period Ended 4/30/06		One-Month Period Ended 10/31/05		Year Ended 9/30/05
Equity Index Fund		208		30		231
Mid Cap Index Fund		20		—		5
Small Cap Index Fund		1		—		—

6 >  Investment Security Transactions

During the six-month period ended April 30, 2006, 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	$	43,960	$	238,854
Mid Cap Index Fund		14,952		57,895
Small Cap Index Fund		2,437		32,120

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 April 30, 2006, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net		Federal Income Tax Cost
Equity Index Fund	$	860,639	$	(177,446	)	$	683,193	$	2,134,748
Mid Cap Index Fund		124,258		(26,729	)		97,529		466,874
Small Cap Index Fund		63,096		(9,471	)		53,625		196,837

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 Semiannual Report 2006

49

NOTICE TO SHAREHOLDERS April 30, 2006 (unaudited)

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange 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 Semiannual Report 2006

50

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Board of Directors First American Investment Funds, Inc.  

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Vice President, Chief Financial Officer,

and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Retired; former Vice President of Cargo-United Airlines

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; former Managing Director of Zurich Scudder Investments

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Retired; former President and Chief Executive Officer of Weirton Steel

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

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

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330 

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund's portfolio.  

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

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

INVESTMENT ADVISOR 

                FAF Advisors, Inc.

                800 Nicollet Mall

                Minneapolis, Minnesota 55402

ADMINISTRATOR

                FAF Advisors, Inc.

                800 Nicollet Mall

                Minneapolis, Minnesota 55402

TRANSFER AGENT

                U.S. Bancorp Fund Services, LLC 

                615 East Michigan Street 

                Milwaukee, Wisconsin 53202

CUSTODIAN

                U.S. Bank National Association

                60 Livingston Avenue

                St. Paul, Minnesota 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.

0140-06           6/2006             SAR-INDEX

	2006
	Semiannual  Report
	STOCK
	FUNDS

Table of Contents

Real Estate Securities Fund
	Schedule of Investments	28
	Statement of Assets and Liabilities	30
	Statement of Operations	31
	Statement of Changes in Net Assets	32
	Financial Highlights	34
International Fund
	Schedule of Investments	36
	Statement of Assets and Liabilities	38
	Statement of Operations	39
	Statement of Changes in Net Assets	40
	Financial Highlights	42
Small Cap Funds
	Schedule of Investments	44
	Statements of Assets and Liabilities	50
	Statements of Operations	51
	Statements of Changes in Net Assets	52
	Financial Highlights	54
Mid Cap Funds
	Schedule of Investments	62
	Statements of Assets and Liabilities	65
	Statements of Operations	66
	Statements of Changes in Net Assets	67
	Financial Highlights	68
Large Cap Funds
	Schedule of Investments	72
	Statements of Assets and Liabilities	75
	Statements of Operations	76
	Statements of Changes in Net Assets	78
	Financial Highlights	80
Growth & Income Funds
	Schedule of Investments	86
	Statements of Assets and Liabilities	94
	Statements of Operations	95
	Statements of Changes in Net Assets	96
	Financial Highlights	98
Notes to Financial Statements		102
Notice to Shareholders		117

Mutual fund investing involves risk; principal loss  is possible.

NOT FDIC INSURED  NO BANK GUARANTEE  MAY LOSE VALUE

FIRST AMERICAN INVESTMENT FUNDS, INC.
PROSPECTUS SUPPLEMENT DATED FEBRUARY 22, 2006

This supplement updates the following Prospectuses dated December 30, 2005:

First American Stock Funds Class A, Class B and Class C Shares Prospectus
First American Stock Funds Class R Shares Prospectus
First American Stock Funds Class Y Shares Prospectus

Selected First American Funds Class A Shares Prospectus

For Class A, B, C, R, and Y shares, this supplement and the applicable Prospectus dated December 30, 2005 together constitute a current Prospectus. To request a copy of a Prospectus, please call 800-677-FUND.

Information regarding the portfolio managers primarily responsible for the management of Mid Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund (the "funds"), which is set forth in each Prospectus under the heading "Additional Information — Management — Portfolio Management," is replaced by the following:

Mid Cap Growth Opportunities Fund and Large-Cap Growth Opportunities Fund are managed by advisor's Mid- and Large-Cap Growth Team. The members of that team are:

James A Diedrich, CFA, Senior Equity Portfolio Manager. Mr. Diedrich has been a portfolio manager for the funds since joining U.S. Bancorp Asset Management in February 2006 and acts as the lead portfolio manager for the Mid Cap Growth Opportunities Fund. Prior to joining the advisor, Mr. Diedrich was the head of global equity and managed all U.S. and international equity portfolios at St. Paul Companies. Before his tenure with the St. Paul Companies, Mr. Diedrich was a portfolio manager of a U.S. large-cap product at Investment Advisors, Inc. Prior to that, he was an assistant portfolio manager of a corporate equity portfolio at Advantus Capital Management. Mr. Diedrich has been a portfolio manager for 17 years and has 22 years of investment experience.

Thomas A. Gunderson, DFA, Senior Equity Portfolio Manager. Mr. Gunderson is the head of the Mid- and Large-Cap Growth Team. He has been a portfolio manager for the funds since December 2003 and acts as the lead portfolio manager for Large Cap Growth Opportunities Fund. Prior to joining U.S. Bancorp Asset Management in 2003, Mr. Gunderson managed large cap growth portfolios at Advantus Capital Management. Mr. Gunderson has been a portfolio manager for 17 years and has 22 years of financial industry experience.

Hal Goldstein, Senior Equity Portfolio Manager. Mr. Goldstein has been a portfolio manager for Mid Cap Growth Opportunities Fund since March 2003 and for Large Cap Growth Opportunities Fund since July 2002. Prior to joining U.S. Bancorp Asset Management in 2002, Mr. Goldstein was employed at Lutheran Brotherhood as a portfolio manager, at Shearson Lehman Brothers as manager of institutional equities in Chicago, and at Oppenheimer as an institutional sales person. Mr. Goldstein has 24 years of financial industry experience, including 10 years in portfolio management.

IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT 800-677-FUND.

This is not part of the semiannual report.

FIRST AMERICAN INVESTMENT FUNDS, INC.
PROSPECTUS SUPPLEMENT DATED MARCH 20, 2006

This supplement updates the following Prospectuses dated December 30, 2005:

First American Stock Funds Class A, Class B and Class C Shares Prospectus (as previously
supplemented February 22, 2006)
First American Stock Funds Class R Shares Prospectus (as previously
supplemented February 22, 2006)
First American Stock Funds Class Y Shares Prospectus (as previously
supplemented February 22, 2006)

Selected First American Funds Class A Shares Prospectus (as previously
supplemented February 22, 2006 and March 7, 2006)

For Class A, B, C, R, and Y shares, this supplement, any previous supplements, and the applicable Prospectus dated December 30, 2005 together constitute a current Prospectus. To request a copy of a Prospectus, please call 800-677-FUND.

Information regarding the portfolio managers primarily responsible for the management of Small Cap Value Fund, which is set forth in each Prospectus under the heading "Additional Information — Management — Portfolio Management," is replaced by the following:

Small Cap Value Fund. Karen L. Bowie, CFA, Equity Portfolio Manager. Ms. Bowie has been appointed the primary portfolio manager for the fund. Prior to her appointment as primary portfolio manager, she had been a co-manager of the fund since July 2005. Ms. Bowie has more than 22 years of financial industry experience, 13 of which have been with U.S. Bancorp Asset Management in portfolio management, equity research, and fund management.

IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT 800-677-FUND.

This is not part of the semiannual report.

FIRST AMERICAN INVESTMENT FUNDS, INC.
PROSPECTUS SUPPLEMENT DATED APRIL 24, 2006

This supplement updates the following Prospectuses dated December 30, 2005:

First American Stock Funds Class A, Class B and Class C Shares Prospectus (as previously supplemented
February 22, 2006 and March 20, 2006)
First American Stock Funds Class R Shares Prospectus (as previously
supplemented February 22, 2006 and March 20, 2006)
First American Stock Funds Class Y Shares Prospectus (as previously
supplemented February 22, 2006 and March 20, 2006)

Selected First American Funds Class A Shares Prospectus (as previously supplemented
February 22, 2006, March 7, 2006, and March 20, 2006)

For Class A, B, C, R, and Y shares, this supplement, any previous supplements, and the applicable Prospectus dated December 30, 2005 together constitute a current Prospectus. To request a copy of a Prospectus, please call 800-677-FUND.

The following individual has been added to the team of portfolio managers primarily responsible for the management of Mid Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund, which is set forth in each Prospectus under the heading "Additional Information — Management — Portfolio Management":

Scott Mullinix, CFA, Senior Equity Portfolio Manger. Mr. Mullinix has been a portfolio manager for Mid Cap Growth Opportunities Fund and Large Cap Growth Opportunities Fund since joining FAF Advisors in April 2006. Prior to joining FAF Advisors, Mr. Mullinix co-managed the Mid Cap Growth product and managed the Premier Portfolio growth and core equity products at Ameriprise Financial. Prior to that, he was a senior research analyst for the retail/consumer products industry at Ameriprise. He has also co-managed a hedge fund for Deephaven LLC in Minneapolis. Mr. Mullinix has 17 years of financial industry experience, including seven years in portfolio management.

Information regarding the portfolio managers primarily responsible for the management of Small Cap Value Fund, which is set forth in each Prospectus under the heading "Additional Information — Management — Portfolio Management," is replaced by the following:

Small Cap Select Fund. Allen D. Steinkopf, CFA, Equity Portfolio Manager. Mr. Steinkopf has served as the primary portfolio manager for the fund since July 2004. Prior to joining FAF Advisors in 2003, Mr. Steinkopf was employed by Advantus Capital Management from 1986 to 2003 where he served as Vice President and Portfolio Manager. He has 13 years of financial industry experience.

Troy L. Huff, Equity Portfolio Manager. Mr. Huff has co-managed the fund since April 2006. Prior to his appointment as co-manager, he had been an equity research analyst for the Small Cap Select team, where he was responsible for research in all industries within the consumer discretionary and consumer staples sectors. Mr. Huff joined FAF Advisors in 1996 and has 14 years of financial industry experience, including 10 years in investment management and research.

IF YOU HAVE ANY QUESTIONS REGARDING THIS PROSPECTUS SUPPLEMENT, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL, OR YOU MAY CALL FIRST AMERICAN FUNDS INVESTOR SERVICES AT 800-677-FUND.

This is not part of the semiannual report.

(This page has been left blank intentionally.)

 FIRST AMERICAN FUNDS ONLINE

@ firstamericanfunds.com
Visit the First American Funds website for useful information on each of our funds, including fund prices, performance, fund management bios, dividends, and downloadable fact sheets.
Online features and functionality include:
•	The ability to deepen your understanding of the fund family by learning about the full range of investment choices available to you through First American Funds
•	The ability to educate yourself through market and investment strategy commentaries
We stand behind our commitment to serve you with excellence. For more information, call First American Investor Services at 800.677.FUND or visit
firstamericanfunds.com.

FIRST AMERICAN FUNDS Semiannual Report 2006 1)

Real Estate Securities fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,183.60	$	6.77
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26
Class B Actual2	$	1,000.00	$	1,179.20	$	10.81
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class C Actual2	$	1,000.00	$	1,179.60	$	10.81
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class R Actual2	$	1,000.00	$	1,182.10	$	8.12
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50
Class Y Actual2	$	1,000.00	$	1,185.00	$	5.42
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.50%, 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-month period ended April 30, 2006 of 18.36%, 17.92%, 17.96%, 18.21%, and 18.50% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

2

Real Estate Securities fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
Simon Property Group	6.2	%
Prologis	6.1
Host Hotels & Resorts	5.2
Avalonbay Communities	4.0
Archstone-Smith Trust	4.0
Vornado Realty Trust	3.9
Boston Properties	3.6
General Growth Properties	3.3
Trizec Properties	3.2
Macerich	3.0

Sector Allocation as of April 30, 20061(% of net assets)
Office	18.8	%
Apartments	18.6
Malls	12.5
Industrials	11.7
Community Centers	11.5
Diversified	10.4
Hotels	8.3
Self Storage	3.9
Healthcare	2.6
Short-Term Investment	1.2
Manufactured Homes	0.7
Mortgage	0.1
Other Assets and Liabilities, Net	(0.3	)
	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 Semiannual Report 2006

3

International fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,221.40	$	8.37
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.26	$	7.60
Class B Actual2	$	1,000.00	$	1,216.00	$	12.47
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.54	$	11.33
Class C Actual2	$	1,000.00	$	1,216.90	$	12.48
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.54	$	11.33
Class R Actual2	$	1,000.00	$	1,218.60	$	9.74
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.02	$	8.85
Class Y Actual2	$	1,000.00	$	1,223.10	$	7.00
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.36

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.52%, 2.27%, 2.27%, 1.77%, and 1.27% 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-month period ended April 30, 2006 of 22.14%, 21.60%, 21.69%, 21.86%, and 22.31% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

4

International fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
Total	3.9	%
HSBC	3.1
Eni	3.1
GlaxoSmithKline	2.5
UBS	2.5
Vodafone	2.4
Mitsubishi Tokyo Financial Group	2.4
Barclays	2.0
Canon	1.9
Novartis	1.9

Country Allocation as of April 30, 20061(% of net assets)
Japan	22.9	%
Great Britain	22.0
France	12.4
Switzerland	11.2
Netherlands	4.8
Italy	4.8
Germany	4.7
Hong Kong	4.1
Spain	2.1
Belgium	1.9
Brazil	1.8
Finland	1.6
Australia	1.3
Sweden	1.0
South Korea	0.9
Ireland	0.7
Short-Term Investment	0.6
Mexico	0.5
Other Assets and Liabilities, Net	0.7
	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 Semiannual Report 2006

5

Small Cap Growth Opportunities fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,177.50	$	7.94
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35
Class B Actual2	$	1,000.00	$	1,172.80	$	11.96
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.79	$	11.08
Class C Actual2	$	1,000.00	$	1,173.30	$	11.96
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.79	$	11.08
Class R Actual2	$	1,000.00	$	1,175.80	$	9.28
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.27	$	8.60
Class Y Actual2	$	1,000.00	$	1,178.40	$	6.59
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.74	$	6.11

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.47%, 2.22%, 2.22%, 1.72%, and 1.22% 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-month period ended April 30, 2006 of 17.75%, 17.28%, 17.33%, 17.58%, and 17.84% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

6

Small Cap Growth Opportunities fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
Guitar Center	2.8	%
Ember Resources	2.6
WESCO International	2.5
Quest Software	2.4
Emulex	2.2
Avocent	2.1
P.F. Chang's China Bistro	2.1
Polycom	2.1
Embarcadero Technologies	1.8
Compton Petroleum	1.8

Sector Allocation as of April 30, 20061(% of net assets)
Information Technology	32.0	%
Healthcare	18.3
Industrials	14.4
Consumer Discretionary	14.2
Financials	9.4
Energy	8.5
Short-Term Investment	2.7
Other Assets and Liabilities, Net	0.5
	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 Semiannual Report 2006

7

Small Cap Select fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,225.50	$	6.84
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.21
Class B Actual2	$	1,000.00	$	1,220.60	$	10.96
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	9.94
Class C Actual2	$	1,000.00	$	1,220.70	$	10.96
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	9.94
Class R Actual2	$	1,000.00	$	1,223.90	$	8.22
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45
Class Y Actual2	$	1,000.00	$	1,226.50	$	5.47
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96

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-month period ended April 30, 2006 of 22.55%, 22.06%, 22.07%, 22.39%, and 22.65% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

8

Small Cap Select fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
BISYS Group	2.1	%
Pediatrix Medical Group	2.1
Entegris	1.9
First Republic Bank – California	1.7
Cullen/Frost Bankers	1.7
W-H Energy Services	1.6
SL Green Realty	1.6
Sybron Dental Specialties	1.6
Polycom	1.5
Healthways	1.4

Sector Allocation as of April 30, 20061(% of net assets)
Information Technology	20.5	%
Financials	18.0
Industrials	17.0
Healthcare	13.5
Consumer Discretionary	13.4
Energy	7.3
Materials	5.0
Short-Term Investment	4.6
Consumer Staples	0.5
Telecommunication Services	0.4
Utilities	0.1
Other Assets and Liabilities, Net	(0.3	)
	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 Semiannual Report 2006

9

Small Cap Value fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,180.30	$	6.76
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26
Class B Actual2	$	1,000.00	$	1,175.60	$	10.79
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class C Actual2	$	1,000.00	$	1,176.10	$	10.79
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class R Actual2	$	1,000.00	$	1,178.30	$	8.10
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50
Class Y Actual2	$	1,000.00	$	1,181.60	$	5.41
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.50%, 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-month period ended April 30, 2006 of 18.03%, 17.56%, 17.61%, 17.83%, and 18.16% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

10

Small Cap Value fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
BISYS Group	2.5	%
Ameristar Casinos	1.5
Polycom	1.5
Wolverine World Wide	1.5
Plantronics	1.5
Acuity Brands	1.4
Toro	1.4
Crane	1.4
Nu Skin Enterprises, Class A	1.3
Pennsylvania	1.3

Sector Allocation as of April 30, 20061(% of net assets)
Financials	28.7	%
Information Technology	15.7
Industrials	15.2
Consumer Discretionary	11.8
Healthcare	6.7
Materials	6.3
Energy	5.3
Utilities	3.4
Consumer Staples	3.2
Short-Term Investment	2.0
Telecommunication Services	0.7
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 Semiannual Report 2006

11

Small-Mid Cap Core fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,210.50	$	7.73
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.05
Class B Actual2	$	1,000.00	$	1,205.40	$	11.81
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79
Class C Actual2	$	1,000.00	$	1,205.50	$	11.81
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79
Class Y Actual2	$	1,000.00	$	1,211.00	$	6.41
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.41%, 2.16%, 2.16%, and 1.17% 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-month period ended April 30, 2006 of 21.05%, 20.54%, 20.55%, and 21.10% for Class A, Class B, Class C, and Class Y, respectively.  

FIRST AMERICAN FUNDS Semiannual Report 2006

12

Small-Mid Cap Core fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
Scientific Games, Class A	2.2	%
Toro	2.1
Polycom	2.1
WESCO International	1.9
Pediatrix Medical Group	1.9
Hutchinson Technology	1.8
Cullen/Frost Bankers	1.8
Kennametal	1.7
Astoria Financial	1.7
Sierra Health Services	1.7

Sector Allocation as of April 30, 20061(% of net assets)
Information Technology	22.4	%
Industrials	20.7
Financials	14.9
Consumer Discretionary	11.1
Healthcare	11.0
Energy	6.7
Materials	5.4
Utilities	3.2
Consumer Staples	1.8
Short-Term Investment	1.6
Telecommunication Services	1.4
Other Assets and 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 Semiannual Report 2006

13

Mid Cap Growth Opportunities fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,172.50	$	6.68
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.21
Class B Actual2	$	1,000.00	$	1,168.20	$	10.70
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	9.94
Class C Actual2	$	1,000.00	$	1,168.10	$	10.70
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	9.94
Class R Actual2	$	1,000.00	$	1,171.10	$	8.02
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45
Class Y Actual2	$	1,000.00	$	1,174.10	$	5.34
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96

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-month period ended April 30, 2006 of 17.25%, 16.82%, 16.81%, 17.11%, and 17.41% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

14

Mid Cap Growth Opportunities fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
Monster Worldwide	3.4	%
Scientific Games, Class A	2.9
Dun & Bradstreet	2.8
Thermo Electron	2.7
MEMC Electronic Materials	2.3
Station Casinos	2.2
American Tower, Class A	2.2
Bear Stearns	2.1
MSC Industrial Direct, Class A	2.1
L-3 Communications Holdings	2.0

Sector Allocation as of April 30, 20061(% of net assets)
Information Technology	24.5	%
Industrials	19.9
Healthcare	15.6
Consumer Discretionary	14.0
Energy	10.4
Financials	9.9
Telecommunication Services	2.2
Short-Term Investment	1.8
Consumer Staples	1.5
Other Assets and 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 Semiannual Report 2006

15

Mid Cap Value fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,140.20	$	6.63
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26
Class B Actual2	$	1,000.00	$	1,135.80	$	10.59
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class C Actual2	$	1,000.00	$	1,136.00	$	10.59
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88	$	9.99
Class R Actual2	$	1,000.00	$	1,138.60	$	8.01
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.31	$	7.55
Class Y Actual2	$	1,000.00	$	1,141.70	$	5.31
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.25%, 2.00%, 2.00%, 1.51%, 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-month period ended April 30, 2006 of 14.02%, 13.58%, 13.60%, 13.86%, and 14.17% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

16

Mid Cap Value fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
Bear Stearns	2.5	%
Eaton	2.0
Archer-Daniels-Midland	1.9
Kroger	1.8
MGIC Investment	1.8
CIT Group	1.7
Kerr-McGee	1.7
Republic Services	1.7
KeyCorp	1.7
J.C. Penney	1.7

Sector Allocation as of April 30, 20061(% of net assets)
Financials	29.3	%
Consumer Discretionary	14.8
Utilities	9.9
Industrials	9.6
Information Technology	9.2
Consumer Staples	6.6
Energy	6.2
Materials	5.9
Healthcare	5.4
Short-Term Investment	2.8
Other Assets and Liabilities, Net	0.3
	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 Semiannual Report 2006

17

Large Cap Growth Opportunities fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,062.50	$	6.03
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.94	$	5.91
Class B Actual2	$	1,000.00	$	1,058.70	$	9.85
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	9.64
Class C Actual2	$	1,000.00	$	1,058.60	$	9.85
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	9.64
Class R Actual2	$	1,000.00	$	1,060.80	$	7.31
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70	$	7.15
Class Y Actual2	$	1,000.00	$	1,063.90	$	4.76
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.18	$	4.66

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-month period ended April 30, 2006 of 6.25%, 5.87%, 5.86%, 6.08%, and 6.39% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

18

Large Cap Growth Opportunities fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
General Electric	4.8	%
Lowe's	3.1
PepsiCo	2.8
Target	2.8
American Express	2.6
Texas Instruments	2.6
Amgen	2.4
Goldman Sachs Group	2.4
Corning	2.4
Google	2.2

Sector Allocation as of April 30, 20061(% of net assets)
Information Technology	25.0	%
Industrials	17.0
Healthcare	14.4
Financials	13.1
Consumer Discretionary	12.3
Consumer Staples	7.5
Energy	4.6
Short-Term Investment	2.3
Telecommunication Services	1.0
Materials	1.0
Other Assets and Liabilities, Net	1.8
	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 Semiannual Report 2006

19

Large Cap Select fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,085.00	$	6.31
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.74	$	6.11
Class B Actual2	$	1,000.00	$	1,081.80	$	10.17
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.03	$	9.84
Class C Actual2	$	1,000.00	$	1,081.40	$	10.17
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.03	$	9.84
Class R Actual2	$	1,000.00	$	1,083.20	$	7.59
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35
Class Y Actual2	$	1,000.00	$	1,086.60	$	5.02
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.98	$	4.86

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.22%, 1.97%, 1.97%, 1.47%, 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-month period ended April 30, 2006 of 8.50%, 8.18%, 8.14%, 8.32%, and 8.66% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

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Large Cap Select fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
American International Group	4.6	%
General Electric	4.6
Wal-Mart Stores	4.2
Bank of America	4.1
Wyeth Pharmaceuticals	3.7
Hewlett Packard	3.7
Goldman Sachs Group	3.5
Wells Fargo	3.4
Illinois Tool Works	3.0
Dow Chemical	3.0

Sector Allocation as of April 30, 20061(% of net assets)
Financials	25.3	%
Information Technology	17.8
Industrials	11.0
Healthcare	10.8
Energy	10.4
Consumer Discretionary	8.2
Consumer Staples	6.9
Materials	4.2
Short-Term Investment	1.6
Utilities	1.0
Telecommunication Services	0.6
Other Assets and Liabilities, Net	2.2
	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 Semiannual Report 2006

21

Large Cap Value fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,119.50	$	6.20
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.94	$	5.91
Class B Actual2	$	1,000.00	$	1,115.50	$	10.12
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	9.64
Class C Actual2	$	1,000.00	$	1,115.20	$	10.12
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.22	$	9.64
Class R Actual2	$	1,000.00	$	1,118.10	$	7.51
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70	$	7.15
Class Y Actual2	$	1,000.00	$	1,121.20	$	4.89
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.18	$	4.66

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-month period ended April 30, 2006 of 11.95%, 11.55%, 11.52%, 11.81%, and 12.12% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

22

Large Cap Value fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
Exxon Mobil	4.8	%
Bank of America	4.5
Hewlett-Packard	3.6
American International Group	3.1
Citigroup	3.1
Wells Fargo	3.0
Time Warner	2.3
BP, ADR	2.3
General Electric	2.1
Wyeth Pharmaceuticals	2.1

Sector Allocation as of April 30, 20061(% of net assets)
Financials	34.3	%
Energy	15.2
Consumer Discretionary	9.0
Industrials	8.5
Information Technology	8.1
Consumer Staples	6.7
Healthcare	6.6
Materials	3.7
Telecommunication Services	3.5
Utilities	3.4
Short-Term Investment	0.9
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 Semiannual Report 2006

23

Balanced fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,080.10	$	5.67
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51
Class B Actual2	$	1,000.00	$	1,076.30	$	9.52
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25
Class C Actual2	$	1,000.00	$	1,076.00	$	9.52
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25
Class R Actual2	$	1,000.00	$	1,079.40	$	6.96
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76
Class Y Actual2	$	1,000.00	$	1,081.50	$	4.39
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six-month period ended April 30, 2006 of 8.01%, 7.63%, 7.60%, 7.94%, and 8.15% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

24

Balanced fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
iShares MSCI EAFE Index Fund	4.7	%
American International Group	2.7
General Electric	2.7
Wal-Mart	2.5
Bank of America	2.4
Wyeth Pharmaceuticals	2.2
Hewlett Packard	2.1
Goldman Sachs	2.0
Wells Fargo	2.0
Illinois Tool Works	1.8

Portfolio Allocation as of April 30, 20061(% of net assets)
Stocks	61.1	%
Bonds	30.4
Investment Companies	7.1
Short-Term Investments	2.2
Other Assets and Liabilities, Net	(0.8	)
	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 Semiannual Report 2006

25

Equity Income fund

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 November 1, 2005, to April 30, 2006.

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 (11/01/05)		Ending Account Value (4/30/06)		Expenses Paid During Period1 (11/01/05 to 4/30/06)
Class A Actual2	$	1,000.00	$	1,102.30	$	6.10
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86
Class B Actual2	$	1,000.00	$	1,098.60	$	9.99
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.27	$	9.59
Class C Actual2	$	1,000.00	$	1,098.40	$	9.99
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.27	$	9.59
Class R Actual2	$	1,000.00	$	1,101.20	$	7.40
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.10
Class Y Actual2	$	1,000.00	$	1,103.50	$	4.80
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.23	$	4.61

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.17%, 1.92%, 1.92%, 1.42%, and 0.92% 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-month period ended April 30, 2006 of 10.23%, 9.86%, 9.84%, 10.12%, and 10.35% for Class A, Class B, Class C, Class R, and Class Y, respectively.

FIRST AMERICAN FUNDS Semiannual Report 2006

26

Equity Income fundcontinued

Top 10 Holdings as of April 30, 20061(% of net assets)
Exxon Mobil	4.0	%
Bank of America	3.5
General Electric	3.3
Citigroup	3.2
AT&T	3.1
Wyeth	3.0
American International Group	2.8
Abbott Laboratories	2.5
Verizon Communications	2.5
Wachovia	2.4

Sector Allocation as of April 30, 20061(% of net assets)
Financials	21.9	%
Industrials	12.4
Energy	11.3
Healthcare	10.7
Information Technology	9.1
Consumer Staples	8.2
Telecommunication Services	7.7
Consumer Discretionary	6.6
Materials	5.7
Utilities	3.9
Short-Term Investment	1.3
Convertible Corporate Bond	0.3
Other Assets and Liabilities, Net	0.9
	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 Semiannual Report 2006

27

Schedule of Investments April 30, 2006 (unaudited)

Real Estate Securities Fund

DESCRIPTION	SHARES		VALUE (000)
Real Estate Investment Trusts (a) – 99.1%
Apartments – 18.6%
American Campus Communities (b)		188,935	$	4,563
Archstone-Smith Trust (b)		619,890		30,300
Avalonbay Communities (b)		281,520		30,320
BRE Properties (b)		167,539		9,027
Camden Property Trust (b)		270,453		18,588
Equity Residential Properties Trust (b)		484,608		21,744
Essex Property Trust (b)		45,913		5,009
Mid-America Apartment Communities (b)		193,774		10,270
Post Properties (b)		259,318		11,330
				141,151
Community Centers – 11.5%
Agree Realty		48,488		1,525
Developers Diversified Realty (b)		330,561		17,586
Kimco Realty (b)		457,557		16,989
Kite Realty Group Trust		535,847		8,182
Pan Pacific Retail Properties (b)		224,170		14,939
Regency Centers (b)		322,493		20,346
Saul Centers (b)		168,182		6,877
Tanger Factory Outlet Centers		20,571		674
				87,118
Diversified – 10.4%
Brookfield Asset Management (b)		107,921		4,511
Cousins Properties		165,029		5,190
Florida East Coast Industries (b)		172,724		9,655
Forest City Enterprises, Class A		131,549		5,938
Trizec Properties (b)		962,310		24,077
Vornado Realty Trust (b)		307,263		29,387
				78,758
Healthcare – 2.6%
American Retirement (c)		350,332		8,898
Health Care Property Investors (b)		138,674		3,802
Ventas (b)		215,356		7,036
				19,736
Hotels – 8.3%
Hersha Hospitality Trust (b)		505,417		4,624
Host Marriott (b)		1,870,584		39,320
Innkeepers USA Trust		70,415		1,128
LaSalle Hotel Properties		155,390		6,795
Starwood Hotels & Resorts Worldwide (b)		57,854		3,320
Strategic Hotels & Resorts		71,280		1,617
Sunstone Hotel Investors		220,753		6,344
				63,148
Industrials – 11.7%
AMB Property		233,735		11,684
EastGroup Properties (b)		156,872		7,007
First Potomac Realty Trust		476,974		13,160
FirstService (c)		102,190		2,548
Prologis (b)		926,975		46,553
PS Business Parks		152,814		7,939
				88,891
Malls – 12.5%
General Growth Properties (b)		538,857		25,299
Macerich (b)		305,882		22,397
Simon Property Group (b)		576,108		47,172
				94,868
Manufactured Homes – 0.7%
Equity Lifestyle Properties (b)		116,072		5,106

Real Estate Securities Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Mortgage – 0.1%
NorthStar Realty Finance		52,471	$	588
Office – 18.8%
Alexandria Real Estate Equities (b)		50,538		4,579
BioMed Realty Trust		68,634		1,900
Boston Properties (b)		308,200		27,206
Brookfield Properties		509,976		16,370
Cogdell Spencer (d)		288,388		5,577
Columbia Equity Trust		240,263		3,895
Corporate Office Properties Trust		110,336		4,579
Equity Office Properties Trust (b)		688,287		22,232
Glenborough Realty Trust (b)		121,820		2,552
Kilroy Realty (b)		183,021		13,053
Maguire Properties (b)		159,405		5,413
Reckson Associates Realty (b)		279,224		11,359
Republic Property Trust		784,836		8,947
SL Green Realty		155,286		15,373
				143,035
Self Storage – 3.9%
Extra Space Storage (b)		32,558		512
Public Storage (b)		238,465		18,333
Sovran Self Storage (b)		211,706		10,406
				29,251
Specialty Real Estate – 0.0%
Trammell Crow (c)		6,735		262
Total Real Estate Investment Trusts (Cost $590,803)				751,912
Private Real Estate Companies – 0.0%
Beacon Capital (c) (e) (f)		33,750		45
Newcastle Investment Holdings (c) (e) (f)		35,000		326
Total Private Real Estate Companies (Cost $588)				371
Short-Term Investment – 1.2%
First American Prime Obligations Fund, Class Z (g) (Cost $8,859)		8,858,779		8,859
Investments Purchased with Proceeds from Securities Lending (h) – 48.1%
(Cost $364,921)				364,921
Total Investments – 148.4% (Cost $965,171)				1,126,063
Other Assets and Liabilities, Net – (48.4)%				(367,533	)
Total Net Assets – 100.0%			$	758,530

(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 April 30, 2006. Total loaned securities had a market value of $357,078,289 at April 30, 2006. See note 2 in Notes to Financial Statements.

(c)  Non-income producing security.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

28

Real Estate Securities Fund (concluded)

(d)  A company is considered to be an affiliate 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 six-month period ended April 30, 2006 are as follows:

Issuer	Beginning Cost		Purchase Cost		Sales Cost		Ending Cost		Dividend Income		Value
Cogdell Spencer	$	8,056,470	$	82,459	$	3,238,007	$	4,900,922	$	234,611	$	5,577,424

(e)  Security is considered illiquid or restricted. As of April 30, 2006, the value of these investments was $371,413 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(f)  Security is fair valued. As of April 30, 2006, the fair value of these investments was $371,413 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

(h)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

FIRST AMERICAN FUNDS Semiannual Report 2006

29

Statement of Assets and Liabilities April 30, 2006 (unaudited), in thousands, except for per share data

	Real Estate Securities Fund
ASSETS:
Investments in unaffiliated securities, at value* (cost: $591,391) (note 2)	$	752,283
Investments in affiliated money market fund, at value (cost: $8,859) (note 2)		8,859
Investments purchased with proceeds from securities lending (cost: $364,921) (note 2)		364,921
Receivable for dividends and interest		368
Receivable for investment securities sold		16,047
Receivable for capital shares sold		1,432
Prepaid expenses and other assets		22
Total assets		1,143,932
LIABILITIES:
Payable for investment securities purchased		19,442
Payable upon return of securities loaned (note 2)		364,921
Payable for capital shares redeemed		371
Payable to affiliates (note 3)		604
Payable for distribution and shareholder servicing fees		45
Accrued expenses and other liabilities		19
Total liabilities		385,402
Net assets	$	758,530
COMPOSITION OF NET ASSETS:
Portfolio capital	$	553,883
Undistributed net investment income		3,614
Accumulated net realized gain on investments		40,141
Net unrealized appreciation of investments		160,892
Net assets	$	758,530
* Including securities loaned, at value	$	357,078
Class A:
Net assets	$	166,784
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		7,529
Net asset value and redemption price per share	$	22.15
Maximum offering price per share (1)	$	23.44
Class B:
Net assets	$	4,987
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		229
Net asset value, offering price and redemption price per share (2)	$	21.82
Class C:
Net assets	$	5,712
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		261
Net asset value, offering price and redemption price per share (2)	$	21.91
Class R:
Net assets	$	3,914
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		175
Net asset value, offering price, and redemption price per share	$	22.35
Class Y:
Net assets	$	577,133
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		25,878
Net asset value, offering price, and redemption price per share	$	22.30

  (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 Semiannual Report 2006

30

Statement of Operations For the six-month period ended April 30, 2006 (unaudited), in thousands

	Real Estate Securities Fund
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	242
Dividends from unaffiliated securities		13,985
Less: Foreign taxes withheld		(54	)
Securities lending income		146
Total investment income		14,319
EXPENSES (note 3):
Investment advisory fees		2,469
Administration fees		449
Transfer agent fees		479
Custodian fees		18
Professional fees		15
Registration fees		38
Postage and printing fees		25
Directors' fees		11
Other expenses		13
Distribution and shareholder servicing fees – Class A		196
Distribution and shareholder servicing fees – Class B		23
Distribution and shareholder servicing fees – Class C		26
Distribution and shareholder servicing fees – Class R		4
Total expenses		3,766
Less: Fee waivers (note 3)		(1	)
Less: Indirect payments from custodian (note 3)		(4	)
Total net expenses		3,761
Investment income – net		10,558
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
Net realized gain on investments		38,801
Net change in unrealized appreciation or depreciation of investments		67,930
Net gain on investments		106,731
Net increase in net assets resulting from operations	$	117,289

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

FIRST AMERICAN FUNDS Semiannual Report 2006

31

Statement of Changes in Net Assets in thousands

	Real Estate Securities Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
OPERATIONS:
Investment income – net	$	10,558		$	908		$	22,036
Net realized gain on investments		38,801			6,604			85,317
Net change in unrealized appreciation or depreciation of investments		67,930			(19,635	)		47,167
Net increase (decrease) in net assets resulting from operations		117,289			(12,123	)		154,520
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(2,239	)		—			(3,209	)
Class B		(51	)		—			(92	)
Class C		(54	)		—			(94	)
Class R		(22	)		—			(1	)
Class Y		(8,056	)		—			(14,545	)
Net realized gain on investments:
Class A		(16,448	)		—			(7,087	)
Class B		(526	)		—			(338	)
Class C		(558	)		—			(326	)
Class R		(24	)		—			—
Class Y		(59,801	)		—			(32,911	)
Total distributions		(87,779	)		—			(58,603	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		32,677			2,854			45,709
Reinvestment of distributions		18,354			—			10,057
Payments for redemptions		(24,637	)		(2,840	)		(24,578	)
Increase in net assets from Class A transactions		26,394			14			31,188
Class B:
Proceeds from sales		544			61			1,148
Reinvestment of distributions		506			—			386
Payments for redemptions (note 3)		(666	)		(253	)		(1,935	)
Increase (decrease) in net assets from Class B transactions		384			(192	)		(401	)
Class C:
Proceeds from sales		1,141			66			1,485
Reinvestment of distributions		578			—			395
Payments for redemptions (note 3)		(893	)		(257	)		(1,887	)
Increase (decrease) in net assets from Class C transactions		826			(191	)		(7	)
Class R:
Proceeds from sales		4,306			22			56
Reinvestment of distributions		47			—			—
Payments for redemptions		(550	)		(1	)		(23	)
Increase in net assets from Class R transactions		3,803			21			33
Class Y:
Proceeds from sales		71,254			5,951			124,624
Reinvestment of distributions		36,792			—			21,477
Payments for redemptions		(57,572	)		(16,972	)		(112,400	)
Increase (decrease) in net assets from Class Y transactions		50,474			(11,021	)		33,701
Increase (decrease) in net assets from capital share transactions		81,881			(11,369	)		64,514
Total increase (decrease) in net assets		111,391			(23,492	)		160,431
Net assets at beginning of period		647,139			670,631			510,200
Net assets at end of period	$	758,530		$	647,139		$	670,631
Undistributed net investment income at end of period	$	3,614		$	3,478		$	2,805

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

FIRST AMERICAN FUNDS Semiannual Report 2006

32

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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
	2006	(2)	$	21.42	$	0.31	$	3.31		$	(0.30	)	$	(2.59	)	$	—		$	22.15
	2005	(3)		21.81		0.03		(0.42	)		—			—			—			21.42
	2005	(4)		18.62		0.69		4.47			(0.55	)		(1.42	)		—			21.81
	2004	(4)		16.00		0.63		3.21			(0.62	)		(0.60	)		—			18.62
	2003	(4)		13.68		0.69		2.65			(0.69	)		(0.33	)		—			16.00
	2002	(4)		13.12		0.71		0.61			(0.69	)		—			(0.07	)		13.68
	2001	(4)		12.71		0.76		0.32			(0.64	)		—			(0.03	)		13.12
Class B
	2006	(2)	$	21.14	$	0.22	$	3.27		$	(0.22	)	$	(2.59	)	$	—		$	21.82
	2005	(3)		21.53		0.01		(0.40	)		—			—			—			21.14
	2005	(4)		18.41		0.54		4.40			(0.40	)		(1.42	)		—			21.53
	2004	(4)		15.85		0.50		3.17			(0.51	)		(0.60	)		—			18.41
	2003	(4)		13.55		0.57		2.64			(0.58	)		(0.33	)		—			15.85
	2002	(4)		13.02		0.59		0.61			(0.60	)		—			(0.07	)		13.55
	2001	(4)		12.61		0.65		0.33			(0.54	)		—			(0.03	)		13.02
Class C
	2006	(2)	$	21.21	$	0.22	$	3.29		$	(0.22	)	$	(2.59	)	$	—		$	21.91
	2005	(3)		21.61		0.01		(0.41	)		—			—			—			21.21
	2005	(4)		18.47		0.54		4.42			(0.40	)		(1.42	)		—			21.61
	2004	(4)		15.89		0.50		3.19			(0.51	)		(0.60	)		—			18.47
	2003	(4)		13.62		0.59		2.62			(0.61	)		(0.33	)		—			15.89
	2002	(4)		13.08		0.62		0.59			(0.60	)		—			(0.07	)		13.62
	2001	(4)		12.68		0.69		0.30			(0.59	)		—			—			13.08
Class R (5)
	2006	(2)	$	21.61	$	0.25	$	3.38		$	(0.30	)	$	(2.59	)	$	—		$	22.35
	2005	(3)		22.00		0.02		(0.41	)		—			—			—			21.61
	2005	(4)		18.80		0.72		4.43			(0.53	)		(1.42	)		—			22.00
	2004	(4)		16.00		0.61		3.24			(0.45	)		(0.60	)		—			18.80
	2003	(4)		13.69		0.69		2.64			(0.69	)		(0.33	)		—			16.00
	2002	(4)		13.12		0.70		0.62			(0.68	)		—			(0.07	)		13.69
	2001	(6)		12.52		0.11		0.49			—			—			—			13.12
Class Y
	2006	(2)	$	21.54	$	0.33	$	3.34		$	(0.32	)	$	(2.59	)	$	—		$	22.30
	2005	(3)		21.92		0.03		(0.41	)		—			—			—			21.54
	2005	(4)		18.71		0.74		4.49			(0.60	)		(1.42	)		—			21.92
	2004	(4)		16.06		0.69		3.22			(0.66	)		(0.60	)		—			18.71
	2003	(4)		13.73		0.73		2.66			(0.73	)		(0.33	)		—			16.06
	2002	(4)		13.15		0.73		0.63			(0.71	)		—			(0.07	)		13.73
	2001	(4)		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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

34

FIRST AMERICAN FUNDS Semiannual Report 2006

			Total Return (7)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Real Estate Securities Fund (1)
Class A
	2006	(2)		18.36	%	$	166,784		1.25	%		2.84	%		1.25	%		2.84	%		78	%
	2005	(3)		(1.79	)		133,339		1.23			1.48			1.23			1.48			11
	2005	(4)		28.99			135,745		1.23			3.43			1.25			3.41			118
	2004	(4)		24.98			86,996		1.23			3.63			1.26			3.60			127
	2003	(4)		25.92			35,754		1.23			4.82			1.28			4.77			69
	2002	(4)		10.07			15,422		1.23			5.06			1.32			4.97			99
	2001	(4)		8.69			2,421		1.04			5.89			1.25			5.68			85
Class B
	2006	(2)		17.92	%	$	4,987		2.00	%		2.07	%		2.00	%		2.07	%		78	%
	2005	(3)		(1.81	)		4,419		1.98			0.74			1.98			0.74			11
	2005	(4)		27.98			4,700		1.98			2.69			2.00			2.67			118
	2004	(4)		24.06			4,412		1.98			2.91			2.01			2.88			127
	2003	(4)		25.03			3,559		1.98			4.10			2.03			4.05			69
	2002	(4)		9.21			2,577		1.98			4.27			2.07			4.18			99
	2001	(4)		7.93			1,724		1.79			5.13			2.00			4.92			85
Class C
	2006	(2)		17.96	%	$	5,712		2.00	%		2.07	%		2.00	%		2.07	%		78	%
	2005	(3)		(1.85	)		4,669		1.98			0.75			1.98			0.75			11
	2005	(4)		28.00			4,954		1.98			2.68			2.00			2.66			118
	2004	(4)		24.12			4,247		1.98			2.92			2.01			2.89			127
	2003	(4)		24.88			3,229		1.98			4.12			2.03			4.07			69
	2002	(4)		9.27			986		1.98			4.43			2.07			4.34			99
	2001	(4)		7.93			341		1.79			5.27			2.00			5.06			85
Class R (5)
	2006	(2)		18.21	%	$	3,914		1.50	%		2.24	%		1.65	%		2.09	%		78	%
	2005	(3)		(1.77	)		57		1.48			1.23			1.63			1.08			11
	2005	(4)		28.60			36		1.48			3.37			1.65			3.20			118
	2004	(4)		24.94			1		1.23			3.57			1.26			3.54			127
	2003	(4)		25.80			2,524		1.23			4.87			1.28			4.82			69
	2002	(4)		10.13			1,224		1.23			5.00			1.32			4.91			99
	2001	(6)		4.87			320		0.56			43.93			1.01			43.48			85
Class Y
	2006	(2)		18.50	%	$	577,133		1.00	%		3.06	%		1.00	%		3.06	%		78	%
	2005	(3)		(1.73	)		504,655		0.98			1.74			0.98			1.74			11
	2005	(4)		29.25			525,196		0.98			3.66			1.00			3.64			118
	2004	(4)		25.33			414,544		0.98			3.95			1.01			3.92			127
	2003	(4)		26.19			194,933		0.98			5.13			1.03			5.08			69
	2002	(4)		10.40			120,091		0.98			5.27			1.07			5.18			99
	2001	(4)		9.01			96,263		0.80			6.50			1.01			6.29			85

35

Schedule of Investments April 30, 2006 (unaudited)

International Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.7%
Australia – 1.3%
BHP Billiton (a)		1,082,000	$	24,086
Belgium – 1.9%
Dexia (a)		790,000		20,840
Fortis		370,600		13,905
				34,745
Brazil – 1.8%
Companhia Vale do Rio Doce – ADR		620,000		31,943
Petroleo Brasileiro – ADR		22,900		2,263
				34,206
Finland – 1.6%
Nokia Oyj		1,304,770		29,712
France – 12.4%
Axa (a)		744,000		27,305
BNP Paribas (a)		332,089		31,381
Compagnie de Saint-Gobain (a)		430,000		32,251
Imerys (a) (b)		189,400		16,272
Lafarge (a)		211,700		26,040
Sanofi-Aventis		255,100		24,057
Total (a)		263,490		72,867
				230,173
Germany – 4.7%
BASF (a)		175,000		14,980
Bayerische Motoren Werke (BMW) (a)		310,800		16,920
Deutsche Post		600,000		16,002
SAP (a)		82,250		17,993
Siemens		231,000		21,901
				87,796
Great Britain – 22.0%
Aviva		483,188		7,058
Barclays		2,925,000		36,537
BG Group		2,064,900		27,751
British Land		900,000		20,613
Centrica (b)		3,370,542		18,362
GlaxoSmithKline		1,625,000		46,109
Kingfisher		3,105,000		12,754
Morrison Supermarket		5,815,000		19,750
National Grid Transco (b)		1,039,958		10,914
Royal Bank of Scotland		979,000		31,974
Smith & Nephew		1,781,163		14,730
Standard Chartered		1,213,000		32,206
Tesco		5,838,800		34,018
Vodafone		19,116,600		45,144
Wolseley		1,250,000		31,297
WPP Group (b)		1,585,503		19,574
				408,791
Hong Kong – 4.1%
Esprit Holdings		2,275,500		18,167
HSBC		3,390,400		57,809
				75,976
Ireland – 0.7%
Bank of Ireland		650,000		12,186

International Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Italy – 4.8%
Eni (a)		1,865,800	$	56,965
Mediaset (a)		802,400		10,153
Unicredito Italiano (a)		2,803,900		21,118
				88,236
Japan – 22.9%
The Bank of Yokohama		1,102,000		8,642
Canon		453,600		34,698
Credit Saison		336,900		17,664
Daikin Industries (a)		430,000		14,992
Fanuc		130,000		12,296
Hirose Electric		63,000		9,245
Honda Motor		232,200		16,498
Hoya		480,000		19,433
Matsushita Electric Industrial		614,000		14,829
Mitsubishi Tokyo Financial Group		2,843		44,693
Mitsubishi		979,800		23,707
Mitsui Fudosan		412,000		9,227
Mizuho Financial Group		1,522		12,979
Nidec Corporation (a)		169,200		13,047
Nikko Cordial		900,000		14,567
Nippon Oil		925		7
Nitto Denko (a)		268,700		22,536
Secom (a)		235,000		12,816
Seven & I Holdings (b)		225,100		8,718
Sharp		500,000		8,778
Shin-Etsu Chemical		298,000		17,221
SMC		100,600		15,285
Sumitomo		1,902,000		28,497
Toyota Motor		366,400		21,431
Yamanouchi Pharmaceutical		538,200		22,452
				424,258
Mexico – 0.5%
Fomento Economico Mexicano – ADR		103,400		9,604
Netherlands – 4.8%
ABN AMRO (a)		615,600		18,399
ING Groep (a)		425,000		17,297
Philips Electronics		537,000		18,529
Reed Elsevier (a)		1,232,124		18,265
Wolters Kluwer (a)		619,700		16,145
				88,635
South Korea – 0.9%
Samsung Electronics		23,830		16,271
Spain – 2.1%
Altadis		350,000		16,612
Banco Bilbano Vizcaya Argentaria (a)		1,017,008		22,466
				39,078
Sweden – 1.0%
Ericsson (a)		5,215,000		18,567
Switzerland – 11.2%
Adecco		317,600		19,693
Holcim (a)		300,000		25,157
Nestle (a)		95,560		29,145
Novartis		600,100		34,428
Roche		220,600		33,921

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

FIRST AMERICAN FUNDS Semiannual Report 2006

36

International Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
UBS (a)		385,700	$	45,717
Zurich Financial Services		84,500		20,559
				208,620
Total Common Stocks (Cost $1,339,423)				1,830,940
Short-Term Investment – 0.6%
State Street GA Prime Fund (Cost $11,068)		11,068,036	$	11,068
Investments Purchased with Proceeds from Securities Lending (c) – 20.0%
State Street Navigator Prime Fund (Cost $372,266)		372,266,030		372,266
Total Investments – 119.3% (Cost $1,722,757)				2,214,274
Other Assets and Liabilities, Net – (19.3)%				(358,075	)
Total Net Assets – 100.0%			$	1,856,199

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $354,193,884 at April 30, 2006. See note 2 in Notes to Financial Statements.

(b)  Non-income producing security.

(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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

At April 30, 2006, sector diversification of the fund was as follows:

	% of Net Assets			Value (000)
Foreign Common Stock
Financials*		29.4	%	$	545,142
Industrials		12.3			228,737
Consumer Discretionary		9.8			181,187
Materials		9.6			178,235
Energy		9.6			178,215
Healthcare		9.5			175,697
Information Technology		8.6			158,966
Consumer Staples		5.9			109,129
Telecommunication Services		2.4			45,144
Utilities		1.6			30,488
Total Foreign Common Stock		98.7			1,830,940
Total Short-Term Investment		0.6			11,068
Total Investments Purchased with Proceeds from Securities Lending		20.0			372,266
Total Investments		119.3			2,214,274
Other Assets and Liabilities, Net		(19.3	)		(358,075	)
Net Assets		100	%	$	1,856,199

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

FIRST AMERICAN FUNDS Semiannual Report 2006

37

Statement of Assets and Liabilities April 30, 2006 (unaudited), in thousands, except per share data

	International Fund
ASSETS:
Investments in securities, at value* (cost $1,350,491) (note 2)	$	1,842,008
Investments purchased with proceeds from securities lending (cost $372,266) (note 2)		372,266
Cash denominated in foreign currencies, at value (cost $640) (note 2)		653
Receivable for dividends and interest		8,860
Receivable for investment securities sold		12,700
Receivable for capital shares sold		1,182
Receivable for foreign withholding tax reclaim		302
Receivable from custodian (note 3)		150
Prepaid expenses and other assets		30
Total assets		2,238,151
LIABILITIES:
Bank overdraft		73
Payable for investment securities purchased		2,921
Payable for capital shares redeemed		4,719
Payable upon return of securities loaned (note 2)		372,266
Payable to affiliates (note 3)		1,894
Payable for distribution and shareholder servicing fees		24
Accrued expenses and other liabilities		55
Total liabilities		381,952
Net assets	$	1,856,199
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,395,200
Undistributed net investment income		4,900
Accumulated net realized loss on investments		(35,745	)
Net unrealized appreciation of investments		491,517
Net unrealized appreciation of foreign currency, and translation of other assets and liabilities in foreign currency		327
Net assets	$	1,856,199
* Including securities loaned, at value	$	354,194
Class A:
Net assets	$	54,195
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		3,733
Net asset value and redemption price per share	$	14.52
Maximum offering price per share (1)	$	15.37
Class B:
Net assets	$	7,597
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		565
Net asset value, offering price and redemption price per share (2)	$	13.44
Class C:
Net assets	$	8,708
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		626
Net asset value, offering price and redemption price per share (2)	$	13.92
Class R:
Net assets	$	—
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		—
Net asset value, offering price, and redemption price per share	$	14.55
Class Y:
Net assets	$	1,785,699
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		121,592
Net asset value, offering price, and redemption price per share	$	14.69

  (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 Semiannual Report 2006

38

Statement of Operations For the six-month period ended April 30, 2006 (unaudited), in thousands

	International Fund
INVESTMENT INCOME:
Interest	$	402
Dividends		18,080
Less: Foreign taxes withheld		(1,223	)
Securities lending income		360
Total investment income		17,619
EXPENSES (note 3):
Investment advisory fees		8,445
Administration fees		1,088
Transfer agent fees		1,180
Custodian fees		182
Professional fees		18
Registration fees		26
Postage and printing fees		60
Directors' fees		17
Other expenses		16
Distribution and shareholder servicing fees – Class A		63
Distribution and shareholder servicing fees – Class B		35
Distribution and shareholder servicing fees – Class C		40
Distribution and shareholder servicing fees – Class R		—
Total expenses		11,170
Less: Fee waivers (note 3)		(29	)
Less: Indirect payments from custodian (note 3)		(273	)
Total net expenses		10,868
Investment income – net		6,751
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5):
Net realized gain on investments		33,131
Net realized loss on foreign currency transactions		(332	)
Net change in unrealized appreciation or depreciation of investments		301,731
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency		390
Net gain on investments and foreign currency transactions		334,920
Net increase in net assets resulting from operations	$	341,671

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

FIRST AMERICAN FUNDS Semiannual Report 2006

39

Statement of Changes in Net Assets in thousands

	International Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
OPERATIONS:
Investment income – net	$	6,751		$	1,081		$	14,779
Net realized gain on investments		33,131			4,244			158,132
Net realized gain (loss) on foreign currency transactions		(332	)		(48	)		1,417
Net change in unrealized appreciation or depreciation of investments		301,731			(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		390			(8	)		(35	)
Net increase (decrease) in net assets resulting from operations		341,671			(29,451	)		264,099
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(525	)		—			(273	)
Class B		(23	)		—			—
Class C		(22	)		—			—
Class R:		—			—			—
Class Y		(19,388	)		—			(9,941	)
Total distributions		(19,958	)		—			(10,214	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		7,709			1,375			10,293
Reinvestment of distributions		475			—			259
Payments for redemptions		(12,177	)		(874	)		(15,029	)
Increase (decrease) in net assets from Class A transactions		(3,993	)		501			(4,477	)
Class B:
Proceeds from sales		634			142			594
Reinvestment of distributions		23			—			—
Payments for redemptions (note 3)		(1,056	)		(196	)		(2,481	)
Decrease in net assets from Class B transactions		(399	)		(54	)		(1,887	)
Class C:
Proceeds from sales		594			28			755
Reinvestment of distributions		21			—			—
Payments for redemptions (note 3)		(1,003	)		(267	)		(2,929	)
Decrease in net assets from Class C transactions		(388	)		(239	)		(2,174	)
Class R:
Proceeds from sales		—			—			400
Reinvestment of distributions		—			—			—
Payments for redemptions		(1	)		(161	)		(244	)
Increase (decrease) in net assets from Class R transactions		(1	)		(161	)		156
Class Y:
Proceeds from sales		127,517			34,804			320,811
Reinvestment of distributions		11,130			—			6,151
Payments for redemptions		(178,482	)		(13,103	)		(191,834	)
Increase (decrease) in net assets from Class Y transactions		(39,835	)		21,701			135,128
Increase (decrease) in net assets from capital share transactions		(44,616	)		21,748			126,746
Total increase (decrease) in net assets		277,097			(7,703	)		380,631
Net assets at beginning of period		1,579,102			1,586,805			1,206,174
Net assets at end of period	$	1,856,199		$	1,579,102		$	1,586,805
Undistributed net investment income at end of period	$	4,900		$	18,107		$	17,074

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

FIRST AMERICAN FUNDS Semiannual Report 2006

40

(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 (9)
International Fund (1) (2)
Class A
	2006	(3)	$	12.01	$	0.04		$	2.60		$	(0.13	)	$	—		$	14.52		22.14	%
	2005	(4)		12.24		0.01			(0.24	)		—			—			12.01		(1.88	)
	2005	(5)		10.19		0.09			2.02			(0.06	)		—			12.24		20.80
	2004	(5)		8.99		0.03			1.22			(0.05	)		—			10.19		13.91
	2003	(5)		7.33		0.06			1.60			—			—			8.99		22.65
	2002	(5)		8.96		—			(1.63	)		—			—			7.33		(18.19	)
	2001	(6)		13.96		0.10			(3.63	)		(0.10	)		(1.37	)		8.96		(28.00	)
Class B
	2006	(3)	$	11.09	$	(0.01	)	$	2.40		$	(0.04	)	$	—		$	13.44		21.60	%
	2005	(4)		11.31		—			(0.22	)		—			—			11.09		(1.95	)
	2005	(5)		9.43		—			1.88			—			—			11.31		19.94
	2004	(5)		8.34		(0.05	)		1.14			—			—			9.43		13.12
	2003	(5)		6.85		—			1.49			—			—			8.34		21.75
	2002	(5)		8.45		(0.06	)		(1.54	)		—			—			6.85		(18.94	)
	2001	(6)		13.28		0.01			(3.43	)		(0.07	)		(1.34	)		8.45		(28.57	)
Class C
	2006	(3)	$	11.47	$	(0.01	)	$	2.49		$	(0.03	)	$	—		$	13.92		21.69	%
	2005	(4)		11.70		—			(0.23	)		—			—			11.47		(1.97	)
	2005	(5)		9.76		—			1.94			—			—			11.70		19.88
	2004	(5)		8.63		(0.05	)		1.18			—			—			9.76		13.14
	2003	(5)		7.09		—			1.54			—			—			8.63		21.72
	2002	(5)		8.75		(0.06	)		(1.60	)		—			—			7.09		(18.97	)
	2001	(7)		8.31		0.01			0.43			—			—			8.75		5.29
Class R (8)
	2006	(3)	$	11.94	$	0.01		$	2.60		$	—		$	—		$	14.55		21.86	%
	2005	(4)		12.17		(0.02	)		(0.21	)		—			—			11.94		(1.89	)
	2005	(5)		10.11		0.09			1.97			—			—			12.17		20.38
	2004	(5)		8.98		(0.01	)		1.19			(0.05	)		—			10.11		13.16
	2003	(5)		7.31		0.04			1.63			—			—			8.98		22.85	(10)
	2002	(5)		8.96		0.01			(1.66	)		—			—			7.31		(18.42	)
	2001	(6)		13.97		(0.04	)		(3.50	)		(0.10	)		(1.37	)		8.96		(28.03	)
Class Y
	2006	(3)	$	12.16	$	0.05		$	2.64		$	(0.16	)	$	—		$	14.69		22.31	%
	2005	(4)		12.39		0.01			(0.24	)		—			—			12.16		(1.86	)
	2005	(5)		10.31		0.12			2.05			(0.09	)		—			12.39		21.12
	2004	(5)		9.10		0.06			1.23			(0.08	)		—			10.31		14.13
	2003	(5)		7.40		0.09			1.61			—			—			9.10		22.97	(10)
	2002	(5)		9.03		0.03			(1.66	)		—			—			7.40		(18.05	)
	2001	(6)		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 Firstar International Gro wth Fund.

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

  (3)  For the six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  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.

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

  (6)  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.

  (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.

  (10)  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 advisor 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.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

42

FIRST AMERICAN FUNDS Semiannual Report 2006

			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
	2006	(3)	$	54,195		1.52	%		0.54	%		1.56	%		0.50	%		8	%
	2005	(4)		48,439		1.51			0.58			1.55			0.54			—
	2005	(5)		48,851		1.56			0.77			1.61			0.72			74
	2004	(5)		44,851		1.60			0.31			1.64			0.27			77
	2003	(5)		39,251		1.60			0.77			1.65			0.72			82
	2002	(5)		37,232		1.60			0.04			1.66			(0.02	)		72
	2001	(6)		64,907		1.49			1.02			1.59			0.92			72
Class B
	2006	(3)	$	7,597		2.27	%		(0.20	)%		2.31	%		(0.24	)%		8	%
	2005	(4)		6,632		2.26			(0.17	)		2.30			(0.21	)		—
	2005	(5)		6,819		2.31			0.00			2.36			(0.05	)		74
	2004	(5)		7,371		2.35			(0.48	)		2.39			(0.52	)		77
	2003	(5)		7,936		2.35			0.02			2.40			(0.03	)		82
	2002	(5)		7,459		2.35			(0.68	)		2.41			(0.74	)		72
	2001	(6)		10,857		2.17			0.06			2.27			(0.04	)		72
Class C
	2006	(3)	$	8,708		2.27	%		(0.20	)%		2.31	%		(0.24	)%		8	%
	2005	(4)		7,520		2.26			(0.17	)		2.30			(0.21	)		—
	2005	(5)		7,915		2.31			(0.01	)		2.36			(0.06	)		74
	2004	(5)		8,542		2.35			(0.52	)		2.39			(0.56	)		77
	2003	(5)		10,439		2.35			(0.01	)		2.40			(0.06	)		82
	2002	(5)		11,027		2.35			(0.71	)		2.41			(0.77	)		72
	2001	(7)		17,806		1.48			4.15			1.48			4.15			72
Class R (8)
	2006	(3)	$	—		1.77	%		0.13	%		1.96	%		(0.06	)%		8	%
	2005	(4)		1		1.76			0.33			1.95			0.14			—
	2005	(5)		163		1.81			0.77			2.01			0.57			74
	2004	(5)		1		1.60			(0.11	)		1.64			(0.15	)		77
	2003	(5)		8,533		1.60			0.57			1.65			0.52			82
	2002	(5)		10,817		1.60			0.16			1.66			0.10			72
	2001	(6)		9,461		1.46			(0.33	)		1.61			(0.48	)		72
Class Y
	2006	(3)	$	1,785,699		1.27	%		0.82	%		1.31	%		0.78	%		8	%
	2005	(4)		1,516,510		1.26			0.83			1.30			0.79			—
	2005	(5)		1,523,057		1.31			1.07			1.36			1.02			74
	2004	(5)		1,145,409		1.35			0.59			1.39			0.55			77
	2003	(5)		991,027		1.35			1.08			1.40			1.03			82
	2002	(5)		540,495		1.35			0.36			1.41			0.30			72
	2001	(6)		661,886		1.23			0.67			1.36			0.54			72

43

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 96.8%
Consumer Discretionary – 14.2%
Aeropostale (a)		143,706	$	4,413
Cheesecake Factory (a) (b)		62,559		1,974
Cosi (a) (b)		514,991		4,836
Guitar Center (a) (b)		180,179		9,685
Kuhlman Company (a) (c) (e) (f)		1,408,401		1,998
Kuhlman Company (a) (b) (c)		42,204		68
Oxford Industries (b)		105,445		4,608
P.F. Chang's China Bistro (a) (b)		167,174		7,123
Scientific Games, Class A (a) (b)		130,051		4,954
Texas Roadhouse, Class A (a) (b)		399,382		6,031
Trump Entertainment Resorts (a) (b)		178,816		3,417
				49,107
Energy – 8.5%
Compton Petroleum (a)		447,812		6,088
Ember Resources (a)		1,346,427		8,839
Helix Energy Solutions Group (a) (b)		85,831		3,332
Hornbeck Offshore Services (a)		33,436		1,201
Hydril (a)		21,180		1,698
Oil States International (a)		104,642		4,224
Plains Exploration & Production (a)		106,144		3,914
				29,296
Financials – 9.4%
BankAtlantic Bancorp, Class A (b)		278,994		4,163
Scottish Annuity & Life (b)		184,803		4,293
SeaBright Insurance Holdings (a)		272,574		4,639
Sunstone Hotel Investors		103,178		2,965
SVB Financial (a) (b)		94,908		4,819
Triad Guaranty (a)		75,750		4,130
United Community Banks (b)		123,430		3,656
Waddell & Reed Financial, Class A (b)		159,740		3,757
				32,422
Healthcare – 18.3%
Coley Pharmaceutical Group (a) (b)		168,320		2,692
Cutera (a)		159,573		4,200
Cyberonics (a) (b)		193,247		4,481
Durect (a) (b)		565,061		2,746
Dyax (a)		627,190		2,822
Encore Medical (a) (b)		962,594		5,275
ev3 (a) (b)		106,725		1,675
Hollis-Eden Pharmaceuticals (a) (b)		291,091		1,659
Hologic (a) (b)		38,928		1,856
Horizon Health (a) (b)		241,982		5,057
ICOS (a) (b)		158,190		3,469
I-Flow (a) (b)		205,878		2,816
Integra LifeSciences (a)		99,538		4,177
Keryx Biopharmaceuticals (a) (b)		164,131		2,795
Kyphon (a)		124,493		5,173
Merge Technologies (a) (b)		110,967		1,403
Neurocrine Biosciences (a)		24,656		1,414
NPS Pharmaceuticals (a) (b)		41,380		355
Pediatrix Medical Group (a)		54,120		2,740
Salix Pharmaceuticals (a)		313,675		4,297
United Therapeutics (a)		34,948		2,081
				63,183
Industrials – 14.4%
AMETEK		93,635		4,613
DRS Technologies (b)		90,086		5,002
ESCO Technologies (a) (b)		66,372		3,365
Flanders (a)		301,504		3,124
Genco Shipping & Trading (b)		277,695		4,793

Small Cap Growth Opportunities Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
McGrath Rentcorp (b)		126,678	$	3,406
Mobile Mini (a)		82,860		2,733
Navigant Consulting (a) (b)		165,395		3,487
PHH (a)		141,147		3,935
RBC Bearings (a)		142,997		3,388
Toro (b)		66,575		3,292
WESCO International (a) (b)		112,975		8,473
				49,611
Information Technology (d) – 32.0%
Agere Systems (a) (b)		290,343		4,564
Avocent (a) (b)		271,633		7,318
Digitas (a) (b)		384,396		5,424
Eagle Test Systems (a)		161,290		2,548
Embarcadero Technologies (a)		1,009,328		6,147
Emulex (a)		409,386		7,430
Forrester Research (a)		191,601		4,694
Hutchinson Technology (a) (b)		234,835		5,582
International DisplayWorks (a) (b)		635,385		3,571
Ixia (a) (b)		341,372		3,858
Kanbay International (a) (b)		373,831		5,794
Maximus		74,594		2,599
Orbotech (a)		138,053		3,508
Plantronics (b)		66,839		2,506
PMC-Sierra (a) (b)		325,330		4,044
Polycom (a) (b)		322,630		7,098
Powerwave Technologies (a)		366,467		4,086
Quest Software (a) (b)		483,269		8,317
RADWARE (a)		282,232		4,473
Semtech (a) (b)		299,287		5,612
STATS ChipPAC – ADR (a) (b)		407,551		3,468
Tridium, Class B, Escrow Shares (a) (e) (f)		278,500		86
Varian Semiconductor Equipment Associates (a) (b)		149,060		4,882
VideoPropulsion (a) (e) (f)		809,856		—
WebSideStory (a) (b)		175,390		3,013
				110,622
Total Common Stocks (Cost $313,979)				334,241
Warrants – 0.0%
Hollis-Eden Pharmaceuticals Warrants (e) (f)		70,545		89
Kuhlman Company Warrants (a) (c) (e) (f)		281,680		31
(Cost $434)				120
Short-Term Investment – 2.7%
First American Prime Obligations Fund, Class Z (g) (Cost $9,185)		9,185		9,185
Investments Purchased with Proceeds from Securities Lending (h) – 37.1%
(Cost $127,970)				127,970
Total Investments – 136.6% (Cost $451,568)				471,516
Other Assets and Liabilities, Net – (36.6)%				(126,338	)
Total Net Assets – 100.0%			$	345,178

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

FIRST AMERICAN FUNDS Semiannual Report 2006

44

Small Cap Growth Opportunities Fund (concluded)

(a)  Non-income producing security.

(b)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $124,771,946 at April 30, 2006. See note 2 in Notes to Financial Statements.

(c)  A company is considered to be an affiliate 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 six-month period ended April 30, 2006 are as follows:

Issuer	Beginning Cost		Purchase Cost		Sales Cost		Ending Cost			Dividend Income		Value
Kuhlman Company	$	—	$	2,896,063	$	—	$	2,896,063		$	—	$	1,997,901
Kuhlman Company		—		112,330		—		112,330			—		67,526
Kuhlman Company Warrants		—		272,839		—		272,839	��		—		31,109

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

(e)  Security considered illiquid or restricted. As of April 30, 2006, the market value of these investments was $2,203,449 or 0.6% of total net assets. See Note 2 in Notes to Financial Statements.

(f)  Security is fair valued. As of April 30, 2006, the fair value of these investments was $2,203,449 or 0.6% of total net assets. See Note 2 in Notes to Financial Statements.

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

(h)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

Small Cap Select Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 95.7%
Consumer Discretionary – 13.4%
Cheesecake Factory (a)		163,165	$	5,149
Children's Place Retail Stores (a) (b)		197,390		12,195
Christopher & Banks		433,371		11,450
GSI Commerce (a) (b)		249,435		4,363
Interface, Class A (a)		222,735		2,864
Nautilus Group (b)		751,946		12,332
P.F. Chang's China Bistro (a) (b)		264,415		11,267
PETCO Animal Supplies (a) (b)		428,589		9,386
RARE Hospitality International (a)		232,536		7,236
Ruby Tuesday (b)		124,407		3,704
Ruth's Chris Steak House (a)		252,263		5,890
Scientific Games, Class A (a)		326,388		12,432
Station Casinos (b)		124,400		9,589
Thomas Nelson		152,101		4,494
Too (a)		163,449		6,280
WCI Communities (a) (b)		250,920		6,431
				125,062
Consumer Staples – 0.5%
Reliv International (b)		384,608		4,304
Energy – 7.3%
Compton Petroleum (a)		622,985		8,470
Comstock Resources (a) (b)		197,635		6,143
Helix Energy Solutions Group (a) (b)		252,401		9,798
Hydril (a)		60,796		4,873
St. Mary Land & Exploration (b)		150,796		6,358
Tesoro Petroleum (b)		129,277		9,039
Western Gas Resources		132,150		6,872
Western Refining		36,585		740
W-H Energy Services (a)		305,259		15,339
				67,632
Financials – 18.0%
Affiliated Managers Group (a) (b)		98,444		9,972
AmerUs Group, Class A (b)		190,340		11,164
BioMed Realty Trust		226,091		6,258
CoBiz (b)		117,990		2,327
Columbia Banking System		152,047		5,132
Cullen/Frost Bankers		265,620		15,374
Dime Community Bancshares (b)		312,268		4,425
East West Bancorp (b)		232,850		9,237
First Financial Bankshares (b)		92,290		3,430
First Potomac Realty Trust (b)		316,940		8,744
First Republic Bank – California (b)		368,227		16,025
GATX (b)		173,250		8,108
Independent Bank (b)		218,491		6,952
Kite Realty Group Trust		446,430		6,817
Lasalle Hotel Properties (b)		106,729		4,667
Maguire Properties (b)		185,212		6,290
Newcastle Investment (b)		175,360		3,930
NorthStar Realty Finance		335,920		3,766
Platinum Underwriters Holdings		367,750		10,139
SL Green Realty (b)		152,174		15,065
Thomas Weisel Partners Group (a) (b)		50,743		1,029
Umpqua Holdings (b)		243,719		6,434
Winston Hotels		211,767		2,281
				167,566
Healthcare – 13.5%
Alkermes (a) (b)		171,772		3,688
American Retirement (a)		179,424		4,557
Caliper Life Sciences (a) (b)		305,500		1,861

FIRST AMERICAN FUNDS Semiannual Report 2006

45

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Select Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Curis (a) (b)		826,530	$	1,430
DJ Orthopedics (a)		303,078		12,050
FoxHollow Technologies (a)		112,369		3,500
Healthways (a) (b)		272,344		13,361
Hologic (a) (b)		71,948		3,430
Human Genome Sciences (a) (b)		239,103		2,728
ICU Medical (a)		39,188		1,614
ImmunoGen (a) (b)		674,432		2,752
Medarex (a) (b)		186,672		2,242
Merge Technologies (a) (b)		106,499		1,346
Neurocrine Biosciences (a) (b)		96,702		5,547
Pediatrix Medical Group (a) (b)		387,858		19,633
Senomyx (a) (b)		332,400		4,757
Sierra Health Services (a) (b)		250,097		9,806
SonoSite (a)		175,083		6,610
SurModics (a) (b)		212,125		7,543
Sybron Dental Specialties (a)		310,775		14,619
Vertex Pharmaceuticals (a) (b)		70,453		2,562
				125,636
Industrials – 17.0%
Acuity Brands		224,285		9,258
AirTran Holdings (a) (b)		494,444		6,912
AMETEK (b)		201,140		9,910
CLARCOR (b)		60,139		2,105
CRA International (a)		142,733		6,960
Energy Conversion Devices (a) (b)		61,980		3,100
ESCO Technologies (a)		158,620		8,042
J.B. Hunt Transport Services (b)		191,532		4,564
Kennametal		140,607		8,697
KVH Industries (a) (b) (c)		494,330		5,339
Labor Ready (a) (b)		255,359		6,749
Lennox International (b)		273,155		8,913
Manitowoc (b)		171,644		8,512
NCI Building Systems (a) (b)		194,859		12,664
Power-One (a) (b)		1,739,292		12,262
Steelcase, Class A (b)		296,590		5,552
Terex (a) (b)		107,077		9,267
Timken (b)		191,811		6,694
Toro (b)		225,836		11,168
WESCO International (a) (b)		150,582		11,294
				157,962
Information Technology – 20.5%
Advanced Analogic Technologies (a)		192,010		2,154
Aeroflex (a)		473,254		5,968
BISYS Group (a)		1,235,109		19,688
Carreker (a)		548,669		3,446
Cogent (a) (b)		331,089		5,417
Digital River (a) (b)		135,787		5,912
Digitas (a) (b)		636,962		8,987
Embarcadero Technologies (a)		653,853		3,982
Entegris (a) (b)		1,780,804		18,129
EPIQ Systems (a) (b)		336,024		5,850
Fargo Electronics (a)		8,976		166
Genesis Microchip (a) (b)		154,912		2,435
Harmonic (a) (b)		1,016,043		5,436
Hutchinson Technology (a) (b)		382,127		9,083
Hyperion Solutions (a)		179,883		5,508
Integrated Device Technology (a)		178,580		2,718
Ituran Location and Control		154,517		2,571
M-Systems Flash Disk Pioneers (a) (b)		163,444		5,634
Openwave Systems (a) (b)		302,193		5,624
Opsware (a) (b)		420,960		3,561
Packeteer (a)		615,592		8,040
Polycom (a) (b)		615,620		13,544

Small Cap Select Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Silicon Image (a) (b)		554,265	$	5,653
Stellent		898,435		11,509
Stratasys (a) (b)		91,291		2,990
Stratex Networks (a)		581,672		3,670
Tessera Technologies (a) (b)		111,735		3,583
TIBCO Software (a) (b)		805,462		6,943
Varian Semiconductor Equipment Associates (a)		153,841		5,038
WebEx Communications (a)		70,869		2,505
Wind River Systems (a) (b)		421,617		4,811
				190,555
Materials – 5.0%
Albemarle (b)		201,952		9,657
Century Aluminum (a) (b)		164,980		7,855
FMC		128,295		8,154
Hercules (a)		614,712		8,735
Schnitzer Steel Industries, Class A (b)		168,943		6,645
Texas Industries (b)		94,638		5,366
				46,412
Telecommunication Services – 0.4%
General Communication (a)		342,260		4,107
Utilities – 0.1%
Avista		3,150		66
NSTAR (b)		24,190		669
Westar Energy		13,380		280
				1,015
Total Common Stocks (Cost $728,802)				890,251
Short-Term Investment – 4.6%
First American Prime Obligations Fund, Class Z (d)
(Cost $43,057)		43,057		43,057
Investments Purchased with Proceeds from Securities Lending (e) – 37.3%
(Cost $346,578)				346,578
Total Investments – 137.6% (Cost $1,118,437)				1,279,886
Other Assets and Liabilities, Net – (37.6)%				(349,467	)
Total Net Assets – 100.0%			$	930,419

(a)  Non-income producing security.

(b)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $335,679,805 at April 30, 2006. See note 2 in Notes to Financial Statements.

(c)  A company is considered to be an affiliate 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 six-month period ended April 30, 2006 are as follows:

Issuer	Beginning Cost		Purchase Cost		Sales Cost		Ending Cost		Dividend Income		Value
KVH Industries	$	8,072,219	$	152,994	$	3,355,288	$	4,869,925	$	—	$	5,338,764

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

(e)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, 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 Semiannual Report 2006

46

Small Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 97.0%
Consumer Discretionary – 11.8%
Aeropostale (a)		139,563	$	4,286
Ameristar Casinos		274,603		6,758
Callaway Golf		283,221		4,526
Dominos Pizza		41,543		1,094
Ethan Allen Interiors (b)		115,652		5,192
Interface, Class A (a)		386,846		4,975
Media General, Class A		37,593		1,544
Nautilus Group (b)		259,062		4,248
PETCO Animal Supplies (a)		208,627		4,569
Polaris Industries (b)		113,169		5,421
Ruby Tuesday (b)		95,779		2,851
Wolverine World Wide		262,627		6,524
				51,988
Consumer Staples – 3.2%
J&J Snack Foods		115,461		3,955
Nu Skin Enterprises, Class A		358,843		5,928
Ralcorp Holdings (a) (b)		111,037		4,139
				14,022
Energy – 5.3%
Brigham Exploration (a)		282,390		2,663
Cabot Oil & Gas (b)		63,714		3,138
Cimarex Energy (b)		113,613		4,880
Global Industries (a) (b)		243,587		3,866
Penn Virginia		51,026		3,688
Veritas DGC (a) (b)		87,611		4,198
Warrior Energy (a)		36,663		1,100
				23,533
Financials (c) – 28.7%
Alabama National BanCorporation (b)		61,800		4,257
BankUnited Financial, Class A (b)		145,853		4,476
Boston Private Financial (b)		140,622		4,676
Capitol Bancorp (b)		114,210		4,736
CBL & Associates Properties (b)		103,370		4,134
Citizens Banking (b)		176,374		4,612
Delphi Financial Group, Class A (b)		90,730		4,753
First Midwest Bancorp		145,969		5,259
First Niagara Financial Group		366,520		5,131
First Potomac Realty Trust		154,830		4,272
First Republic Bank – California		102,447		4,458
FPIC Insurance Group (a)		128,550		5,136
Frontier Financial (b)		124,732		4,157
Independent Bank (b)		146,220		4,653
Lexington Corporate Properties Trust (b)		170,896		3,685
Mercantile Bank		71,346		2,932
Newcastle Investment		206,986		4,639
Pennsylvania		139,560		5,661
PFF Bancorp		136,690		4,684
Platinum Underwriters Holdings		125,700		3,466
Provident Bankshares (b)		130,740		4,545
PS Business Parks		58,661		3,047
Redwood Trust (b)		94,730		4,023
Selective Insurance Group		83,954		4,673
Sterling Bancshares		179,724		2,976
Strategic Hotels & Resorts		202,865		4,601
Triad Guaranty (a)		82,987		4,524
Waddell & Reed Financial, Class A (b)		190,595		4,483
Windrose Medical Properties Trust		268,910		4,055
				126,704

Small Cap Value Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Healthcare – 6.7%
CNS		225,658	$	4,854
CONMED (a)		108,876		2,375
Perrigo (b)		330,090		5,268
Sierra Health Services (a)		80,459		3,155
STERIS (b)		191,590		4,410
Tanox (a) (b)		105,012		1,690
Varian (a)		116,740		5,051
Vertex Pharmaceuticals (a) (b)		78,826		2,867
				29,670
Industrials – 15.2%
Acuity Brands		151,389		6,249
AMETEK		47,207		2,326
Arkansas Best (b)		54,992		2,360
Armor Holdings (a) (b)		65,064		3,973
Banta		83,268		4,212
Brady, Class A (b)		101,350		3,646
Crane (b)		144,657		6,112
ESCO Technologies (a)		104,346		5,290
G&K Services, Class A		98,733		4,045
Genlyte Group (a)		73,561		5,069
Labor Ready (a) (b)		137,183		3,626
Moog, Class A (a)		111,250		4,166
Toro (b)		123,957		6,130
Trinity Industries (b)		40,442		2,568
URS (a)		100,240		4,317
WESCO International (a)		44,396		3,330
				67,419
Information Technology – 15.7%
BISYS Group (a)		680,940		10,854
Emulex (a)		173,098		3,142
Entegris (a) (b)		299,546		3,049
Fairchild Semiconductor International (a)		196,099		4,053
Hutchinson Technology (a) (b)		181,224		4,308
Hypercom (a)		407,403		3,699
NETGEAR (a) (b)		220,554		4,952
Palm (a) (b)		64,428		1,456
Plantronics (b)		172,270		6,460
Polycom (a) (b)		300,560		6,612
Progress Software (a)		150,364		4,149
Rudolph Technologies (a)		205,570		3,408
Silicon Image (a)		215,449		2,198
Skyworks Solutions (a) (b)		286,445		2,048
TIBCO Software (a)		502,047		4,328
Transaction Systems Architects (a)		121,130		4,838
				69,554
Materials – 6.3%
Albemarle (b)		72,532		3,469
Arch Chemicals		102,091		3,008
Commercial Metals (b)		79,247		4,311
Georgia Gulf (b)		93,572		2,775
Hercules (a) (b)		288,080		4,094
Steel Dynamics (b)		65,862		4,112
Texas Industries (b)		57,548		3,263
Worthington Industries		148,876		2,940
				27,972
Telecommunication Services – 0.7%
Cincinnati Bell (a)		722,422		3,034

FIRST AMERICAN FUNDS Semiannual Report 2006

47

Schedule of Investments April 30, 2006 (unaudited)

Small Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Utilities – 3.4%
Black Hills (b)		146,615	$	5,337
New Jersey Resources (b)		104,612		4,631
Westar Energy		237,029		4,963
				14,931
Total Common Stocks (Cost $363,635)				428,827
Short-Term Investment – 2.0%
First American Prime Obligations Fund, Class Z (d)
(Cost $8,625)		8,625		8,625
Investments Purchased with Proceeds
from Securities Lending (e) – 28.4%
(Cost $125,423)				125,423
Total Investments – 127.4% (Cost $497,683)				562,875
Other Assets and Liabilities, Net – (27.4)%				(120,927	)
Total Net Assets – 100.0%			$	441,948

(a)  Non-income producing security.

(b)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $122,990,984 at April 30, 2006. See note 2 in Notes to Financial Statements.

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

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

(e)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

Small-Mid Cap Core Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.6%
Consumer Discretionary – 11.1%
Autoliv		24,181	$	1,337
BorgWarner (a)		12,706		772
Children's Place Retail Stores (a) (b)		11,375		703
Christopher & Banks		60,184		1,590
Dollar Tree Stores (b)		43,702		1,139
Ethan Allen Interiors (a)		20,702		929
Interface, Class A (b)		46,832		602
Polaris Industries (a)		16,730		802
Scientific Games, Class A (a) (b)		60,890		2,319
WCI Communities (a) (b)		57,480		1,473
				11,666
Consumer Staples – 1.8%
Corn Products International		45,868		1,284
Nu Skin Enterprises, Class A		40,038		662
				1,946
Energy – 6.7%
Global Industries (a) (b)		65,600		1,041
Hydril (b)		18,430		1,477
Newfield Exploration (b)		35,200		1,570
St. Mary Land & Exploration (a)		18,240		769
Tesoro Petroleum (a)		16,170		1,131
Veritas DGC (a) (b)		23,240		1,114
				7,102
Financials – 14.9%
Ambac Financial Group		6,670		549
Astoria Financial (a)		55,870		1,750
CBL & Associates Properties		22,810		912
Cullen/Frost Bankers		32,190		1,863
First Midwest Bancorp		13,200		476
LaSalle Hotel Properties (a)		15,440		675
MGIC Investment (a)		17,080		1,208
Newcastle Investment		64,080		1,436
PMI Group		32,915		1,519
Redwood Trust (a)		30,030		1,275
Selective Insurance Group		11,860		660
SL Green Realty (a)		11,800		1,168
TD Ameritrade		57,572		1,069
W.R. Berkley		31,950		1,196
				15,756
Healthcare – 11.0%
CNS		50,383		1,084
Coley Pharmaceutical Group (a) (b)		25,680		411
Encore Medical (b)		99,670		546
Endo Pharmaceuticals (b)		27,350		860
Kyphon (b)		27,810		1,155
NPS Pharmaceuticals (a) (b)		140,382		1,203
Pediatrix Medical Group (b)		39,840		2,017
PerkinElmer		78,946		1,693
Sierra Health Services (a) (b)		44,470		1,744
SurModics (a) (b)		24,200		860
				11,573
Industrials – 20.7%
AMETEK		28,970		1,427
Armor Holdings (b)		26,553		1,622
Dun & Bradstreet (a) (b)		22,580		1,739
ESCO Technologies (a) (b)		20,390		1,034
Kennametal		29,028		1,795
Lennox International (a)		16,150		527
Moog, Class A (b)		27,835		1,043

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

FIRST AMERICAN FUNDS Semiannual Report 2006

48

Small-Mid Cap Core Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
MSC Industrial Direct, Class A		33,459	$	1,735
Navigant Consulting (a) (b)		49,580		1,045
NCI Building Systems (a) (b)		25,080		1,630
Precision Castparts		15,580		981
Republic Services (a)		39,448		1,736
Stericycle (a) (b)		18,050		1,188
Toro (a)		45,040		2,227
WESCO International (b)		27,379		2,054
				21,783
Information Technology – 22.4%
Amphenol, Class A		25,600		1,480
Arrow Electronics (b)		46,000		1,665
Autodesk (b)		25,077		1,054
BISYS Group (b)		104,655		1,668
EPIQ Systems (a) (b)		28,880		503
F5 Networks (b)		8,357		489
Fairchild Semiconductor International (a) (b)		56,260		1,163
Hutchinson Technology (a) (b)		79,601		1,892
Hyperion Solutions (b)		33,495		1,026
Ixia (a) (b)		53,280		602
Maximus		18,980		661
MEMC Electronic Materials (a) (b)		29,185		1,185
Microchip Technology		14,330		534
National Semiconductor		49,205		1,475
Packeteer (b)		106,889		1,396
Polycom (a) (b)		99,280		2,184
Quest Software (b)		75,280		1,296
Red Hat (a) (b)		53,430		1,570
Varian Semiconductor Equipment Associates (b)		19,425		636
WebEx Communications (b)		31,530		1,115
				23,594
Materials – 5.4%
Commercial Metals		22,460		1,222
FMC		10,550		671
Packaging Corporation of America		25,100		564
Steel Dynamics (a)		27,010		1,686
Texas Industries (a)		27,240		1,545
				5,688
Telecommunication Services – 1.4%
American Tower, Class A (a) (b)		23,155		790
CenturyTel		18,583		701
				1,491
Utilities – 3.2%
Alliant Energy		29,630		947
NSTAR (a)		21,190		586
Westar Energy		47,900		1,003
Wisconsin Energy		22,330		872
				3,408
Total Common Stocks (Cost $93,340)				104,007

Small-Mid Cap Core Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Short-Term Investment – 1.6%
First American Prime Obligations Fund, Class Z (c)
(Cost $1,706)		1,706	$	1,706
Investments Purchased with Proceeds from Securities Lending (d) – 32.9%
(Cost $34,658)				34,658
Total Investments – 133.1% (Cost $129,704)				140,371
Other Assets and Liabilities, Net – (33.1)%				(34,874	)
Total Net Assets – 100.0%			$	105,497

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $34,017,075 at April 30, 2006. See note 2 in Notes to Financial Statements.

(b)  Non-income producing security.

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

(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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

FIRST AMERICAN FUNDS Semiannual Report 2006

49

Statements of Assets and Liabilities April 30, 2006 (unaudited), 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: $311,132, $728,802, $363,635, and $93,340, respectively) (note 2)	$	332,265		$	890,251		$	428,827		$	104,007
Investments in affiliated securities, at value (cost: $12,466, $43,057, $8,625, and $1,706, respectively) (note 2)		11,281			43,057			8,625			1,706
Investments purchased with proceeds from securities lending (cost: $127,970, $346,578, $125,423, and $34,658, respectively) (note 2)		127,970			346,578			125,423			34,658
Receivable for dividends and interest		56			346			370			43
Receivable for investment securities sold		26,165			6,885			6,859			2,497
Receivable for capital shares sold		2,266			5,759			2,925			597
Prepaid expenses and other assets		31			32			29			27
Total assets		500,034			1,292,908			573,058			143,535
LIABILITIES:
Payable for capital shares redeemed		569			2,098			1,534			103
Payable upon return of securities loaned (note 2)		127,970			346,578			125,423			34,658
Payable for investment securities purchased		25,924			13,006			3,766			3,133
Payable to affiliates (note 3)		342			725			343			98
Payable for distribution and shareholder servicing fees		29			54			23			17
Accrued expenses and other liabilities		22			28			21			29
Total liabilities		154,856			362,489			131,110			38,038
Net assets	$	345,178		$	930,419		$	441,948		$	105,497
COMPOSITION OF NET ASSETS:
Portfolio capital	$	292,549		$	718,724		$	316,009		$	546,983
Undistributed (distributions in excess of) net investment income		(1,093	)		(711	)		(275	)		255
Accumulated net realized gain (loss) on investments		33,774			50,957			61,022			(452,408	)
Net unrealized appreciation of investments		19,948			161,449			65,192			10,667
Net assets	$	345,178		$	930,419		$	441,948		$	105,497
* Including securities loaned, at value	$	124,772		$	335,680		$	122,991		$	34,017
Class A:
Net assets	$	92,413		$	137,617		$	55,700		$	27,870
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		4,211			9,098			3,707			2,866
Net asset value and redemption price per share	$	21.95		$	15.13		$	15.03		$	9.72
Maximum offering price per share (1)	$	23.23		$	16.01		$	15.90		$	10.29
Class B:
Net assets	$	8,613		$	15,325		$	8,867		$	9,885
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		427			1,185			649			1,163
Net asset value, offering price, and redemption price per share (2)	$	20.18		$	12.93		$	13.66		$	8.51
Class C:
Net assets	$	3,259		$	16,820		$	4,652		$	4,407
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		155			1,167			335			475
Net asset value, offering price and redemption price per share (2)	$	21.00		$	14.41		$	13.90		$	9.27
Class R:
Net assets	$	379		$	1,833		$	655		$	—
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		17			122			43			—
Net asset value, offering price, and redemption price per share	$	21.87		$	15.00		$	14.91		$	—
Class Y:
Net assets	$	240,514		$	758,824		$	372,074		$	63,335
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		10,378			47,300			24,263			6,269
Net asset value, offering price, and redemption price per share	$	23.17		$	16.04		$	15.34		$	10.10

  (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 Semiannual Report 2006

50

Statements of Operations For the six-month period ended April 30, 2006 (unaudited), in thousands

	Small Cap Growth Opportunities Fund			Small Cap Select Fund			Small Cap Value Fund			Small-Mid Cap Core Fund
INVESTMENT INCOME:
Dividends from affiliated securities	$	213		$	507		$	162		$	38
Dividends from unaffiliated securities		722			3,105			3,380			827
Less: Foreign taxes withheld		—			(6	)		—			—
Securities lending income		116			188			44			15
Total investment income		1,051			3,794			3,586			880
EXPENSES (note 3):
Investment advisory fees		1,618			2,984			1,465			314
Administration fees		210			544			269			69
Transfer agent fees		222			564			275			63
Custodian fees		8			27			11			3
Professional fees		14			12			14			(3	)
Registration fees		34			36			34			32
Postage and printing fees		10			26			12			28
Directors' fees		8			10			8			7
Other expenses		12			13			11			11
Distribution and shareholder servicing fees — Class A		108			146			63			31
Distribution and shareholder servicing fees — Class B		43			71			45			50
Distribution and shareholder servicing fees — Class C		15			74			23			21
Distribution and shareholder servicing fees — Class R (1)		1			3			1			—
Total expenses		2,303			4,510			2,231			626
Less: Fee waivers (note 3)		(156	)		(1	)		—	(2)		—
Less: Indirect payments from custodian (note 3)		(4	)		(5	)		(1	)		(1	)
Total net expenses		2,143			4,504			2,230			625
Investment income (loss) – net		(1,092	)		(710	)		1,356			255
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		34,983			91,493			63,584			3,049
Net change in unrealized appreciation or depreciation of investments		18,331			82,832			4,978			13,279
Net gain on investments		53,314			174,325			68,562			16,328
Net increase in net assets resulting from operations	$	52,222		$	173,615		$	69,918		$	16,583

  (1)  Class R is not offered by the Small-Mid Cap Core Fund.

  (2)  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 Semiannual Report 2006

51

Statements of Changes in Net Assets in thousands

	Small Cap Growth Opportunities Fund									Small Cap Select Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
OPERATIONS:
Investment income (loss) – net	$	(1,092	)	$	(263	)	$	(2,940	)	$	(710	)	$	(506	)	$	(2,926	)
Net realized gain on investments		34,983			946			69,715			91,493			10,384			184,051
Net change in unrealized appreciation or depreciation of investments		18,331			(13,513	)		3,567			82,832			(36,382	)		(17,021	)
Net increase (decrease) in net assets resulting from operations		52,222			(12,830	)		70,342			173,615			(26,504	)		164,104
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class Y		—			—			—			—			—			—
Net realized gain on investments:
Class A		(15,190	)		—			(12,315	)		(21,746	)		—			(19,383	)
Class B		(1,681	)		—			(1,255	)		(3,108	)		—			(2,778	)
Class C		(580	)		—			(577	)		(2,833	)		—			(2,801	)
Class R		(1	)		—			—			(130,679	)		—			(5	)
Class Y		(38,069	)		—			(25,220	)		(82	)		—			(133,034	)
Total distributions		(55,521	)		—			(39,367	)		(158,448	)		—			(158,001	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		13,926			922			17,883			28,911			2,296			24,096
Reinvestment of distributions		14,824			—			11,923			21,190			—			18,716
Payments for redemptions		(13,235	)		(3,649	)		(54,396	)		(18,753	)		(1,656	)		(32,858	)
Increase (decrease) in net assets from Class A transactions		15,515			(2,727	)		(24,590	)		31,348			640			9,954
Class B:
Proceeds from sales		361			11			590			666			32			1,593
Reinvestment of distributions		1,555			—			1,157			2,956			—			2,700
Payments for redemptions (note 3)		(1,259	)		(141	)		(2,716	)		(1,445	)		(202	)		(2,957	)
Increase (decrease) in net assets from Class B transactions		657			(130	)		(969	)		2,177			(170	)		1,336
Class C:
Proceeds from sales		619			25			501			2,841			189			3,374
Reinvestment of distributions		576			—			561			2,746			—			2,745
Payments for redemptions (note 3)		(797	)		(86	)		(2,841	)		(2,301	)		(690	)		(5,249	)
Increase (decrease) in net assets from Class C transactions		398			(61	)		(1,779	)		3,286			(501	)		870
Class R:
Proceeds from sales		394			—			17			1,496			119			337
Reinvestment of distributions		1			—			—			82			—			5
Payments for redemptions		(37	)		—			(15	)		(143	)		(90	)		(57	)
Increase in net assets from Class R transactions		358			—			2			1,435			29			285
Class Y:
Proceeds from sales		29,721			3,340			38,132			65,510			3,703			102,349
Reinvestment of distributions		29,517			—			18,850			103,456			—			98,881
Payments for redemptions		(28,053	)		(4,484	)		(82,561	)		(105,808	)		(14,868	)		(263,925	)
Increase (decrease) in net assets from Class Y transactions		31,185			(1,144	)		(25,579	)		63,158			(11,165	)		(62,695	)
Increase (decrease) in net assets from capital share transactions		48,113			(4,062	)		(52,915	)		101,404			(11,167	)		(50,250	)
Total increase (decrease) in net assets		44,814			(16,892	)		(21,940	)		116,571			(37,671	)		(44,147	)
Net assets at beginning of period		300,364			317,256			339,196			813,848			851,519			895,666
Net assets at end of period	$	345,178		$	300,364		$	317,256		$	930,419		$	813,848		$	851,519
Undistributed (distributions in excess of) net investment income at end of period	$	(1,093	)	$	(1	)	$	(1	)	$	(711	)	$	(1	)	$	(1	)

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

FIRST AMERICAN FUNDS Semiannual Report 2006

52

	Small Cap Value Fund									Small-Mid Cap Core Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
OPERATIONS:
Investment income (loss) – net	$	1,356		$	335		$	1,636		$	255		$	(52	)	$	(737	)
Net realized gain on investments		63,584			7,871			94,694			3,049			3,985			8,526
Net change in unrealized appreciation or depreciation of investments		4,978			(19,471	)		(28,747	)		13,279			(6,380	)		2,726
Net increase (decrease) in net assets resulting from operations		69,918			(11,265	)		67,583			16,583			(2,447	)		10,515
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(145	)		—			(177	)		—			—			—
Class B		—			—			(23	)		—			—			—
Class C		—			—			(11	)		—			—			—
Class R		(2	)		—			—			—			—			—
Class Y		(1,819	)		—			(1,626	)		—			—			—
Net realized gain on investments:
Class A		(10,660	)		—			(6,876	)		—			—			—
Class B		(2,162	)		—			(1,565	)		—			—			—
Class C		(1,094	)		—			(747	)		—			—			—
Class R		(75,707	)		—			—			—			—			—
Class Y		(19	)		—			(55,117	)		—			—			—
Total distributions		(91,608	)		—			(66,142	)		—			—			—
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		6,575			547			8,656			6,659			784			5,250
Reinvestment of distributions		10,483			—			6,859			—			—			—
Payments for redemptions		(5,326	)		(928	)		(10,711	)		(5,790	)		(676	)		(12,848	)
Increase (decrease) in net assets from Class A transactions		11,732			(381	)		4,804			869			108			(7,598	)
Class B:
Proceeds from sales		287			31			872			251			22			454
Reinvestment of distributions		2,072			—			1,539			—			—			—
Payments for redemptions (note 3)		(1,713	)		(193	)		(2,854	)		(2,308	)		(290	)		(4,645	)
Increase (decrease) in net assets from Class B transactions		646			(162	)		(443	)		(2,057	)		(268	)		(4,191	)
Class C:
Proceeds from sales		421			28			942			848			50			405
Reinvestment of distributions		1,070			—			745			—			—			—
Payments for redemptions (note 3)		(1,090	)		(114	)		(1,441	)		(1,477	)		(128	)		(2,541	)
Increase (decrease) in net assets from Class C transactions		401			(86	)		246			(629	)		(78	)		(2,136	)
Class R:
Proceeds from sales		633			—			3			—			—			—
Reinvestment of distributions		21			—			—			—			—			—
Payments for redemptions		(41	)		—			—			—			—			—
Increase in net assets from Class R transactions		613			—			3			—			—			—
Class Y:
Proceeds from sales		34,364			2,852			63,025			34,203			1,168			17,409
Reinvestment of distributions		66,461			—			48,592			—			—			—
Payments for redemptions		(58,719	)		(8,344	)		(117,619	)		(11,499	)		(2,179	)		(32,835	)
Increase (decrease) in net assets from Class Y transactions		42,106			(5,492	)		(6,002	)		22,704			(1,011	)		(15,426	)
Increase (decrease) in net assets from capital share transactions		55,498			(6,121	)		(1,392	)		20,887			(1,249	)		(29,351	)
Total increase (decrease) in net assets		33,808			(17,386	)		49			37,470			(3,696	)		(18,836	)
Net assets at beginning of period		408,140			425,526			425,477			68,027			71,723			90,559
Net assets at end of period	$	441,948		$	408,140		$	425,526		$	105,497		$	68,027		$	71,723
Undistributed (distributions in excess of) net investment income at end of period	$	(275	)	$	335		$	—		$	255		$	—		$	—

FIRST AMERICAN FUNDS Semiannual Report 2006

53

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			Distributions from Return of Capital			Net Asset Value End of Period		Total Return (10)
Small Cap Growth Opportunities Fund (1)
Class A
	2006	(2)	$	22.79	$	(0.09	)	$	3.74		$	(4.49	)	$	—		$	21.95		17.75	%
	2005	(3) (4)		23.75		(0.02	)		(0.94	)		—			—			22.79		(4.04	)
	2005	(4) (5)		21.74		(0.32	)		5.28			(2.95	)		—			23.75		24.21
	2004	(4) (5)		21.95		(0.35	)		0.27			(0.13	)		—			21.74		(0.39	)
	2003	(4) (5)		13.86		(0.28	)		8.37			—			—			21.95		58.37
	2002	(5)		16.89		(0.26	)		(2.74	)		—			(0.03	)		13.86		(17.84	)
	2001	(4) (6)		31.26		(0.17	)		(5.20	)		(9.00	)		—			16.89		(21.51	)
Class B
	2006	(2)	$	21.36	$	(0.16	)	$	3.47		$	(4.49	)	$	—		$	20.18		17.28	%
	2005	(3) (4)		22.27		(0.03	)		(0.88	)		—			—			21.36		(4.09	)
	2005	(4) (5)		20.69		(0.45	)		4.98			(2.95	)		—			22.27		23.27
	2004	(4) (5)		21.05		(0.50	)		0.27			(0.13	)		—			20.69		(1.13	)
	2003	(4) (5)		13.39		(0.40	)		8.06			—			—			21.05		57.21
	2002	(5)		16.44		(0.39	)		(2.63	)		—			(0.03	)		13.39		(18.45	)
	2001	(4) (6)		30.84		(0.31	)		(5.09	)		(9.00	)		—			16.44		(22.07	)
Class C
	2006	(2)	$	22.05	$	(0.16	)	$	3.60		$	(4.49	)	$	—		$	21.00		17.33	%
	2005	(3)(4)		23.00		(0.04	)		(0.91	)		—			—			22.05		(4.13	)
	2005	(4)(5)		21.28		(0.48	)		5.15			(2.95	)		—			23.00		23.28
	2004	(4) (5)		21.65		(0.49	)		0.25			(0.13	)		—			21.28		(1.14	)
	2003	(4) (5)		13.77		(0.43	)		8.31			—			—			21.65		57.23
	2002	(5)		16.90		(0.19	)		(2.91	)		—			(0.03	)		13.77		(18.42	)
	2001	(4) (7)		16.34		—			0.56			—			—			16.90		3.43
Class R (8)
	2006	(2)	$	22.75	$	(0.12	)	$	3.73		$	(4.49	)	$	—		$	21.87		17.58	%
	2005	(3)(4)		23.72		(0.03	)		(0.94	)		—			—			22.75		(4.09	)
	2005	(4)(5)		21.74		(0.48	)		5.41			(2.95	)		—			23.72		24.06
	2004	(4)(5)		21.95		(0.42	)		0.34			(0.13	)		—			21.74		(0.39	)
	2003	(4)(5)		13.86		(0.28	)		8.37			—			—			21.95		58.37
	2002	(5)		16.89		(0.26	)		(2.74	)		—			(0.03	)		13.86		(17.84	)
	2001	(4)(9)		20.01		(0.19	)		(2.93	)		—			—			16.89		(15.59	)
Class Y
	2006	(2)	$	23.81	$	(0.07	)	$	3.92		$	(4.49	)	$	—		$	23.17		17.84	%
	2005	(3)(4)		24.81		(0.02	)		(0.98	)		—			—			23.81		(4.03	)
	2005	(4)(5)		22.55		(0.27	)		5.48			(2.95	)		—			24.81		24.47
	2004	(4)(5)		22.70		(0.32	)		0.30			(0.13	)		—			22.55		(0.11	)
	2003	(4)(5)		14.30		(0.25	)		8.65			—			—			22.70		58.74
	2002	(5)		17.38		(0.25	)		(2.80	)		—			(0.03	)		14.30		(17.62	)
	2001	(4)(6)		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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

  (6)  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.

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

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

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

54

FIRST AMERICAN FUNDS Semiannual Report 2006

			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 Fund (1)
Class A
	2006	(2)	$	92,413		1.47	%		(0.82	)%		1.57	%		(0.92	)%		110	%
	2005	(3) (4)		78,357		1.47			(1.17	)		1.56			(1.26	)		14
	2005	(4) (5)		84,567		1.82			(1.42	)		1.87			(1.47	)		190
	2004	(4) (5)		101,031		1.93			(1.42	)		1.96			(1.45	)		178
	2003	(4) (5)		81,999		1.93			(1.63	)		1.97			(1.67	)		137
	2002	(5)		44,834		1.93			(1.53	)		1.97			(1.57	)		123
	2001	(4) (6)		45,233		1.93			(0.91	)		1.99			(0.97	)		125
Class B
	2006	(2)	$	8,613		2.22	%		(1.57	)%		2.32	%		(1.67	)%		110	%
	2005	(3) (4)		8,271		2.22			(1.93	)		2.31			(2.02	)		14
	2005	(4) (5)		8,760		2.57			(2.16	)		2.62			(2.21	)		190
	2004	(4) (5)		9,063		2.68			(2.16	)		2.71			(2.19	)		178
	2003	(4) (5)		6,441		2.68			(2.38	)		2.72			(2.42	)		137
	2002	(5)		3,779		2.68			(2.28	)		2.72			(2.32	)		123
	2001	(4) (6)		3,165		2.68			(1.68	)		2.74			(1.74	)		125
Class C
	2006	(2)	$	3,259		2.22	%		(1.57	)%		2.32	%		(1.67	)%		110	%
	2005	(3)(4)		2,962		2.22			(1.93	)		2.31			(2.02	)		14
	2005	(4)(5)		3,152		2.57			(2.20	)		2.62			(2.25	)		190
	2004	(4) (5)		4,669		2.68			(2.07	)		2.71			(2.10	)		178
	2003	(4) (5)		1,529		2.68			(2.38	)		2.72			(2.42	)		137
	2002	(5)		260		2.68			(2.31	)		2.72			(2.35	)		123
	2001	(4) (7)		1		1.63			(0.41	)		1.76			(0.54	)		125
Class R (8)
	2006	(2)	$	379		1.72	%		(1.15	)%		1.97	%		(1.40	)%		110	%
	2005	(3)(4)		5		1.72			(1.43	)		1.96			(1.67	)		14
	2005	(4)(5)		5		2.07			(2.14	)		2.27			(2.34	)		190
	2004	(4)(5)		1		1.93			(1.67	)		1.96			(1.70	)		178
	2003	(4)(5)		3,694		1.93			(1.62	)		1.97			(1.66	)		137
	2002	(5)		2,027		1.93			(1.53	)		1.97			(1.57	)		123
	2001	(4)(9)		2,014		1.94			(1.06	)		2.00			(1.12	)		125
Class Y
	2006	(2)	$	240,514		1.22	%		(0.57	)%		1.32	%		(0.67	)%		110	%
	2005	(3)(4)		210,769		1.22			(0.92	)		1.31			(1.01	)		14
	2005	(4)(5)		220,772		1.57			(1.15	)		1.62			(1.20	)		190
	2004	(4)(5)		224,432		1.68			(1.25	)		1.71			(1.28	)		178
	2003	(4)(5)		382,389		1.68			(1.38	)		1.72			(1.42	)		137
	2002	(5)		208,439		1.68			(1.28	)		1.72			(1.32	)		123
	2001	(4)(6)		266,115		1.68			(0.64	)		1.74			(0.70	)		125

55

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 (9)
Small Cap Select Fund (1) (2)
Class A
	2006	(3)	$	15.33	$	(0.03	)	$	3.04		$	(3.21	)	$	15.13		22.55	%
	2005	(4)		15.82		(0.01	)		(0.48	)		—			15.33		(3.10	)
	2005	(5)		15.95		(0.08	)		3.10			(3.15	)		15.82		20.46
	2004	(5)		14.52		(0.12	)		2.60			(1.05	)		15.95		17.64
	2003	(5)		10.68		(0.09	)		3.93			—			14.52		35.96
	2002	(5)		11.97		(0.10	)		(0.30	)		(0.89	)		10.68		(4.56	)
	2001	(6)		17.60		(0.03	)		(1.89	)		(3.71	)		11.97		(12.63	)
Class B
	2006	(3)	$	13.58	$	(0.07	)	$	2.63		$	(3.21	)	$	12.93		22.06	%
	2005	(4)		14.02		(0.02	)		(0.42	)		—			13.58		(3.14	)
	2005	(5)		14.56		(0.17	)		2.78			(3.15	)		14.02		19.45
	2004	(5)		13.42		(0.22	)		2.41			(1.05	)		14.56		16.88
	2003	(5)		9.95		(0.17	)		3.64			—			13.42		34.88
	2002	(5)		11.28		(0.19	)		(0.25	)		(0.89	)		9.95		(5.23	)
	2001	(6)		16.90		(0.12	)		(1.79	)		(3.71	)		11.28		(13.21	)
Class C
	2006	(3)	$	14.79	$	(0.08	)	$	2.91		$	(3.21	)	$	14.41		22.07	%
	2005	(4)		15.28		(0.02	)		(0.47	)		—			14.79		(3.21	)
	2005	(5)		15.60		(0.19	)		3.02			(3.15	)		15.28		19.58
	2004	(5)		14.32		(0.24	)		2.57			(1.05	)		15.60		16.79
	2003	(5)		10.62		(0.18	)		3.88			—			14.32		34.84
	2002	(5)		11.97		(0.20	)		(0.26	)		(0.89	)		10.62		(5.09	)
	2001	(7)		11.72		—			0.25			—			11.97		2.13
Class R (8)
	2006	(3)	$	15.24	$	(0.04	)	$	3.01		$	(3.21	)	$	15.00		22.39	%
	2005	(4)		15.73		(0.01	)		(0.48	)		—			15.24		(3.11	)
	2005	(5)		15.91		(0.08	)		3.05			(3.15	)		15.73		20.16
	2004	(5)		14.49		(0.13	)		2.60			(1.05	)		15.91		17.60
	2003	(5)		10.66		(0.09	)		3.92			—			14.49		35.93
	2002	(5)		11.94		(0.10	)		(0.29	)		(0.89	)		10.66		(4.48	)
	2001	(6)		17.55		(0.01	)		(1.89	)		(3.71	)		11.94		(12.52	)
Class Y
	2006	(3)	$	16.06	$	(0.01	)	$	3.20		$	(3.21	)	$	16.04		22.65	%
	2005	(4)		16.57		(0.01	)		(0.50	)		—			16.06		(3.08	)
	2005	(5)		16.54		(0.04	)		3.22			(3.15	)		16.57		20.73
	2004	(5)		14.98		(0.09	)		2.70			(1.05	)		16.54		17.98
	2003	(5)		11.00		(0.06	)		4.04			—			14.98		36.18
	2002	(5)		12.26		(0.07	)		(0.30	)		(0.89	)		11.00		(4.19	)
	2001	(6)		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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  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.

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

  (6)  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.

  (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.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

56

FIRST AMERICAN FUNDS Semiannual Report 2006

			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 Fund (1) (2)
Class A
	2006	(3)	$	137,617		1.24	%		(0.34	)%		1.24	%		(0.34	)%		51	%
	2005	(4)		104,568		1.25			(0.92	)		1.25			(0.92	)		14
	2005	(5)		107,270		1.22			(0.53	)		1.25			(0.56	)		122
	2004	(5)		97,775		1.21			(0.76	)		1.24			(0.79	)		116
	2003	(5)		73,445		1.21			(0.73	)		1.25			(0.77	)		145
	2002	(5)		33,586		1.21			(0.81	)		1.25			(0.85	)		171
	2001	(6)		17,351		1.19			(0.24	)		1.22			(0.27	)		204
Class B
	2006	(3)	$	15,325		1.99	%		(1.10	)%		1.99	%		(1.10	)%		51	%
	2005	(4)		13,406		2.00			(1.67	)		2.00			(1.67	)		14
	2005	(5)		14,023		1.97			(1.28	)		2.00			(1.31	)		122
	2004	(5)		13,050		1.96			(1.51	)		1.99			(1.54	)		116
	2003	(5)		11,541		1.96			(1.48	)		2.00			(1.52	)		145
	2002	(5)		4,613		1.96			(1.56	)		2.00			(1.60	)		171
	2001	(6)		1,979		1.93			(0.99	)		1.97			(1.03	)		204
Class C
	2006	(3)	$	16,820		1.99	%		(1.09	)%		1.99	%		(1.09	)%		51	%
	2005	(4)		13,453		2.00			(1.67	)		2.00			(1.67	)		14
	2005	(5)		14,418		1.97			(1.28	)		2.00			(1.31	)		122
	2004	(5)		13,841		1.96			(1.50	)		1.99			(1.53	)		116
	2003	(5)		11,128		1.96			(1.47	)		2.00			(1.51	)		145
	2002	(5)		3,096		1.96			(1.61	)		2.02			(1.67	)		171
	2001	(7)		—		—			—			—			—			204
Class R (8)
	2006	(3)	$	1,833		1.49	%		(0.56	)%		1.64	%		(0.71	)%		51	%
	2005	(4)		333		1.50			(1.14	)		1.65			(1.29	)		14
	2005	(5)		312		1.47			(0.53	)		1.65			(0.71	)		122
	2004	(5)		19		1.21			(0.81	)		1.24			(0.84	)		116
	2003	(5)		11,627		1.21			(0.75	)		1.25			(0.79	)		145
	2002	(5)		7,640		1.21			(0.80	)		1.25			(0.84	)		171
	2001	(6)		3,721		1.07			(0.05	)		1.14			(0.12	)		204
Class Y
	2006	(3)	$	758,824		0.99	%		(0.10	)%		0.99	%		(0.10	)%		51	%
	2005	(4)		682,088		1.00			(0.67	)		1.00			(0.67	)		14
	2005	(5)		715,496		0.97			(0.28	)		1.00			(0.31	)		122
	2004	(5)		770,981		0.96			(0.52	)		0.99			(0.55	)		116
	2003	(5)		1,024,146		0.96			(0.48	)		1.00			(0.52	)		145
	2002	(5)		403,027		0.96			(0.55	)		1.00			(0.59	)		171
	2001	(6)		291,706		0.93			0.01			0.96			(0.02	)		204

57

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
	2006	(2)	$	16.34	$	0.03		$	2.51		$	(0.04	)	$	(3.81	)	$	15.03		18.03	%
	2005	(3)		16.78		0.01			(0.45	)		—			—			16.34		(2.62	)
	2005	(4)		16.84		0.03			2.63			(0.06	)		(2.66	)		16.78		16.78
	2004	(4)		14.28		0.03			3.13			(0.04	)		(0.56	)		16.84		22.70
	2003	(4)		11.26		—			3.02			—			—			14.28		26.86
	2002	(4)		13.40		(0.02	)		(0.13	)		—			(1.99	)		11.26		(2.19	)
	2001	(4)		17.09		0.02			(0.97	)		(0.05	)		(2.69	)		13.40		(6.36	)
Class B
	2006	(2)	$	15.19	$	(0.02	)	$	2.30		$	—		$	(3.81	)	$	13.66		17.56	%
	2005	(3)		15.61		—			(0.42	)		—			—			15.19		(2.69	)
	2005	(4)		15.92		(0.09	)		2.47			(0.03	)		(2.66	)		15.61		15.90
	2004	(4)		13.60		(0.08	)		2.96			—			(0.56	)		15.92		21.76
	2003	(4)		10.80		(0.08	)		2.88			—			—			13.60		25.93
	2002	(4)		13.01		(0.11	)		(0.11	)		—			(1.99	)		10.80		(2.91	)
	2001	(4)		16.76		(0.09	)		(0.97	)		—			(2.69	)		13.01		(7.24	)
Class C
	2006	(2)	$	15.39	$	(0.02	)	$	2.34		$	—		$	(3.81	)	$	13.90		17.61	%
	2005	(3)		15.82		—			(0.43	)		—			—			15.39		(2.72	)
	2005	(4)		16.10		(0.09	)		2.50			(0.03	)		(2.66	)		15.82		15.92
	2004	(4)		13.74		(0.08	)		3.00			—			(0.56	)		16.10		21.83
	2003	(4)		10.91		(0.09	)		2.92			—			—			13.74		25.94
	2002	(4)		13.13		(0.11	)		(0.12	)		—			(1.99	)		10.91		(2.96	)
	2001	(4)		16.88		(0.10	)		(0.95	)		(0.01	)		(2.69	)		13.13		(7.08	)
Class R (5)
	2006	(2)	$	16.29	$	0.01		$	2.49		$	(0.07	)	$	(3.81	)	$	14.91		17.83	%
	2005	(3)		16.74		0.01			(0.46	)		—			—			16.29		(2.69	)
	2005	(4)		16.83		(0.01	)		2.64			(0.06	)		(2.66	)		16.74		16.60
	2004	(4)		14.27		0.03			3.12			(0.03	)		(0.56	)		16.83		22.69
	2003	(4)		11.26		0.01			3.01			(0.01	)		—			14.27		26.79
	2002	(4)		13.40		(0.01	)		(0.14	)		—			(1.99	)		11.26		(2.19	)
	2001	(6)		12.84		—			0.56			—			—			13.40		4.36
Class Y
	2006	(2)	$	16.62	$	0.05		$	2.55		$	(0.07	)	$	(3.81	)	$	15.34		18.16	%
	2005	(3)		17.06		0.01			(0.45	)		—			—			16.62		(2.58	)
	2005	(4)		17.05		0.07			2.67			(0.07	)		(2.66	)		17.06		17.08
	2004	(4)		14.44		0.08			3.16			(0.07	)		(0.56	)		17.05		23.02
	2003	(4)		11.38		0.03			3.05			(0.02	)		—			14.44		27.10
	2002	(4)		13.48		0.02			(0.12	)		(0.01	)		(1.99	)		11.38		(1.83	)
	2001	(4)		17.19		0.06			(1.00	)		(0.08	)		(2.69	)		13.48		(6.25	)

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

  (2)  For the six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

58

FIRST AMERICAN FUNDS Semiannual Report 2006

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets
Small Cap Value Fund (1)
Class A
	2006	(2)	$	55,700		1.25	%		0.46	%
	2005	(3)		46,467		1.25			0.78
	2005	(4)		48,128		1.24			0.19
	2004	(4)		43,192		1.23			0.21
	2003	(4)		32,416		1.23			0.02
	2002	(4)		27,205		1.23			(0.12	)
	2001	(4)		34,292		1.15			0.11
Class B
	2006	(2)	$	8,867		2.00	%		(0.29	)%
	2005	(3)		8,913		2.00			0.03
	2005	(4)		9,325		1.99			(0.56	)
	2004	(4)		9,901		1.98			(0.51	)
	2003	(4)		12,560		1.98			(0.73	)
	2002	(4)		12,008		1.98			(0.87	)
	2001	(4)		12,392		1.90			(0.64	)
Class C
	2006	(2)	$	4,652		2.00	%		(0.29	)%
	2005	(3)		4,590		2.00			0.03
	2005	(4)		4,808		1.99			(0.56	)
	2004	(4)		4,609		1.98			(0.52	)
	2003	(4)		4,354		1.98			(0.74	)
	2002	(4)		4,873		1.98			(0.87	)
	2001	(4)		4,547		1.90			(0.65	)
Class R (5)
	2006	(2)	$	655		1.50	%		0.20	%
	2005	(3)		4		1.50			0.59
	2005	(4)		4		1.49			(0.04	)
	2004	(4)		1		1.23			0.22
	2003	(4)		1,351		1.23			0.04
	2002	(4)		424		1.24			(0.11	)
	2001	(6)		—		—			—
Class Y
	2006	(2)	$	372,074		1.00	%		0.71	%
	2005	(3)		348,166		1.00			1.03
	2005	(4)		363,261		0.99			0.44
	2004	(4)		367,774		0.98			0.50
	2003	(4)		428,846		0.98			0.27
	2002	(4)		368,092		0.98			0.13
	2001	(4)		434,097		0.90			0.37

59

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)
Small-Mid Cap Core Fund (1) (2)
Class A
	2006	(3)	$	8.03	$	0.02		$	1.67		$	—	$	—		$	9.72		21.05	%
	2005	(4)		8.31		(0.01	)		(0.27	)		—		—			8.03		(3.37	)
	2005	(5)		7.40		(0.07	)		0.98			—		—			8.31		12.30
	2004	(5)		7.05		(0.07	)		0.42			—		—			7.40		4.96
	2003	(5)		4.29		(0.03	)		2.79			—		—			7.05		64.34
	2002	(5)		6.36		(0.07	)		(2.00	)		—		—			4.29		(32.55	)
	2001	(5)		47.68		(0.15	)		(33.55	)		—		(7.62	)		6.36		(83.30	)
Class B
	2006	(3)	$	7.06	$	(0.01	)	$	1.46		$	—	$	—		$	8.51		20.54	%
	2005	(4)		7.31		(0.01	)		(0.24	)		—		—			7.06		(3.42	)
	2005	(5)		6.55		(0.11	)		0.87			—		—			7.31		11.60
	2004	(5)		6.29		(0.11	)		0.37			—		—			6.55		4.13
	2003	(5)		3.86		(0.07	)		2.50			—		—			6.29		62.95
	2002	(5)		5.77		(0.11	)		(1.80	)		—		—			3.86		(33.10	)
	2001	(5)		44.40		(0.26	)		(30.75	)		—		(7.62	)		5.77		(83.42	)
Class C
	2006	(3)	$	7.69	$	(0.01	)	$	1.59		$	—	$	—		$	9.27		20.55	%
	2005	(4)		7.97		(0.01	)		(0.27	)		—		—			7.69		(3.51	)
	2005	(5)		7.14		(0.12	)		0.95			—		—			7.97		11.62
	2004	(5)		6.86		(0.12	)		0.40			—		—			7.14		4.08
	2003	(5)		4.20		(0.07	)		2.73			—		—			6.86		63.33
	2002	(5)		6.28		(0.12	)		(1.96	)		—		—			4.20		(33.12	)
	2001	(5)		47.49		(0.26	)		(33.33	)		—		(7.62	)		6.28		(83.43	)
Class Y
	2006	(3)	$	8.34	$	0.04		$	1.72		$	—	$	—	��	$	10.10		21.10	%
	2005	(4)		8.63		—			(0.29	)		—		—			8.34		(3.36	)
	2005	(5)		7.66		(0.05	)		1.02			—		—			8.63		12.66
	2004	(5)		7.28		(0.05	)		0.43			—		—			7.66		5.22
	2003	(5)		4.42		(0.01	)		2.87			—		—			7.28		64.71
	2002	(5)		6.53		(0.05	)		(2.06	)		—		—			4.42		(32.31	)
	2001	(5)		48.60		(0.11	)		(34.34	)		—		(7.62	)		6.53		(83.26	)

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

  (2)  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.

  (3)  For the six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  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.

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

60

FIRST AMERICAN FUNDS Semiannual Report 2006

			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-Mid Cap Core Fund (1) (2)
Class A
	2006	(3)	$	27,870		1.41	%		0.54	%		1.41	%		0.54	%		61	%
	2005	(4)		22,339		1.34			(0.86	)		1.34			(0.86	)		80
	2005	(5)		23,016		1.42			(0.83	)		1.50			(0.91	)		197
	2004	(5)		27,356		1.23			(0.86	)		1.28			(0.91	)		51
	2003	(5)		27,936		1.23			(0.52	)		1.29			(0.58	)		110
	2002	(5)		18,267		1.23			(0.89	)		1.70			(1.36	)		288
	2001	(5)		29,084		1.15			(0.88	)		1.22			(0.95	)		269
Class B
	2006	(3)	$	9,885		2.16	%		(0.19	)%		2.16	%		(0.19	)%		61	%
	2005	(4)		10,054		2.09			(1.61	)		2.09			(1.61	)		80
	2005	(5)		10,685		2.17			(1.59	)		2.25			(1.67	)		197
	2004	(5)		13,445		1.98			(1.60	)		2.03			(1.65	)		51
	2003	(5)		16,016		1.98			(1.26	)		2.04			(1.32	)		110
	2002	(5)		11,190		1.98			(1.64	)		2.45			(2.11	)		288
	2001	(5)		15,974		1.90			(1.63	)		1.97			(1.70	)		269
Class C
	2006	(3)	$	4,407		2.16	%		(0.23	)%		2.16	%		(0.23	)%		61	%
	2005	(4)		4,253		2.09			(1.61	)		2.09			(1.61	)		80
	2005	(5)		4,485		2.17			(1.59	)		2.25			(1.67	)		197
	2004	(5)		6,000		1.98			(1.60	)		2.03			(1.65	)		51
	2003	(5)		7,056		1.98			(1.25	)		2.04			(1.31	)		110
	2002	(5)		5,064		1.98			(1.64	)		2.45			(2.11	)		288
	2001	(5)		9,010		1.90			(1.63	)		1.98			(1.71	)		269
Class Y
	2006	(3)	$	63,335		1.17	%		0.80	%		1.17	%		0.80	%		61	%
	2005	(4)		31,381		1.09			(0.61	)		1.09			(0.61	)		80
	2005	(5)		33,537		1.17			(0.58	)		1.25			(0.66	)		197
	2004	(5)		43,758		0.98			(0.60	)		1.03			(0.65	)		51
	2003	(5)		59,817		0.98			(0.24	)		1.04			(0.30	)		110
	2002	(5)		44,134		0.98			(0.64	)		1.45			(1.11	)		288
	2001	(5)		59,653		0.90			(0.62	)		0.96			(0.67	)		269

61

Schedule of Investments April 30, 2006 (unaudited)

Mid Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.0%
Consumer Discretionary – 14.0%
Circuit City Stores (a)		519,999	$	14,950
Coldwater Creek (a) (b)		1,275,340		35,658
Harman International Industries (a)		291,808		25,676
Harrah's Entertainment (a)		314,550		25,680
P.F. Chang's China Bistro (a) (b)		246,463		10,502
Scientific Games, Class A (b)		1,386,973		52,830
Station Casinos (a)		520,080		40,088
Texas Roadhouse, Class A (a) (b)		1,514,263		22,865
XM Satellite (a) (b)		1,121,950		22,686
				250,935
Consumer Staples – 1.5%
Corn Products International (a)		467,501		13,090
Hershey Foods (a)		238,117		12,701
				25,791
Energy – 10.4%
BJ Services (a)		756,287		28,777
Chesapeake Energy (a)		248,020		7,857
Cooper Cameron (a) (b)		475,241		23,876
Hugoton Royalty Trust		29,194		807
Newfield Exploration (a) (b)		563,300		25,123
Smith International (a)		420,186		17,745
Southwestern Energy (a) (b)		466,696		16,810
Valero Energy		197,276		12,772
Weatherford International (a) (b)		611,400		32,362
XTO Energy (a)		489,826		20,744
				186,873
Financials – 9.9%
AllianceBernstein Holding		268,014		17,274
Bear Stearns (a)		264,240		37,657
Calamos Asset Management (a)		228,482		8,856
Chicago Mercantile Exchange (a)		32,610		14,935
CIT Group		363,340		19,624
ICICI Bank – ADR		714,334		19,594
Legg Mason		177,910		21,079
Northern Trust		283,427		16,691
TD Ameritrade (a)		1,155,248		21,441
				177,151
Healthcare – 15.6%
Aetna (a)		108,107		4,162
Caremark Rx (a) (b)		455,704		20,757
Coventry Health Care (b)		441,195		21,914
DENTSPLY International		523,554		31,240
Endo Pharmaceuticals (a) (b)		451,400		14,197
Fisher Scientific International (a) (b)		312,300		22,033
Healthways (a) (b)		469,659		23,041
Humana (b)		366,948		16,579
PerkinElmer		1,670,455		35,815
Quest Diagnostics (a)		417,989		23,295
Sierra Health Services (a) (b)		491,100		19,256
Thermo Electron (b)		1,255,870		48,401
				280,690
Industrials – 19.9%
Dun & Bradstreet (a) (b)		645,170		49,691
Kennametal (a)		345,450		21,366
L-3 Communications Holdings (a)		440,160		35,961

Mid Cap Growth Opportunities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Monster Worldwide (a) (b)		1,071,750	$	61,519
MSC Industrial Direct, Class A		725,450		37,622
Precision Castparts (a)		480,620		30,269
Republic Services		678,015		29,839
Rockwell Automation		309,231		22,407
Roper Industries (a)		511,200		24,262
Toro (a)		351,850		17,399
UTi Worldwide (a)		854,088		26,639
				356,974
Information Technology – 24.5%
Adobe Systems (a) (b)		686,444		26,909
Amphenol, Class A		602,640		34,833
Apple Computer (b)		272,470		19,179
Autodesk (b)		798,637		33,575
Broadcom, Class A (a) (b)		672,975		27,666
Citrix Systems (b)		496,939		19,838
Cogent (a) (b)		346,960		5,676
Cognizant Technology Solutions (a) (b)		500,230		31,820
Cognos (a) (b)		632,399		23,569
Electronic Data Systems (a)		624,260		16,905
Freescale Semiconductor, Class A (a) (b)		341,810		10,808
Freescale Semiconductor, Class B (b)		269,240		8,527
Hyperion Solutions (b)		530,365		16,240
Linear Technology (a)		523,533		18,585
MEMC Electronic Materials (a) (b)		1,020,780		41,444
Microchip Technology (a)		753,580		28,078
National Semiconductor		414,376		12,423
Paychex (a)		734,994		29,686
Red Hat (a) (b)		629,750		18,508
Trident Microsystems (a) (b)		609,990		16,226
				440,495
Telecommunication Services – 2.2%
American Tower, Class A (a) (b)		1,170,927		39,975
Total Common Stocks (Cost $1,326,456)				1,758,884
Short-Term Investment – 1.8%
First American Prime Obligations Fund, Class Z (c) (Cost $32,963)		32,962,721		32,963
Investments Purchased with Proceeds from Securities Lending (d) – 35.8%
(Cost $642,880)				642,880
Total Investments – 135.6% (Cost $2,002,299)				2,434,727
Other Assets and Liabilities, Net – (35.6)%				(638,826	)
Total Net Assets – 100.0%			$	1,795,901

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $627,791,534 at April 30, 2006. See note2 in Notes to Financial Statements.

(b)  Non-income producing security.

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

(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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

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

FIRST AMERICAN FUNDS Semiannual Report 2006

62

Mid Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 96.9%
Consumer Discretionary – 14.8%
Autoliv		144,830	$	8,009
Black & Decker (a)		141,601		13,255
BorgWarner (a)		174,834		10,618
Circuit City Stores (a)		249,416		7,171
Dollar Tree Stores (a) (b)		217,575		5,672
Federated Department Stores		55,690		4,335
Foot Locker (a)		254,443		5,898
Fortune Brands		118,463		9,513
Harrah's Entertainment		118,059		9,638
J.C. Penney (a)		211,134		13,821
Office Depot (a) (b)		255,017		10,349
Pulte Homes (a)		347,824		12,991
Sherwin-Williams (a)		229,348		11,683
				122,953
Consumer Staples – 6.6%
Archer-Daniels-Midland		428,788		15,582
Corn Products International		212,461		5,949
Kroger (a) (b)		756,940		15,336
Molson Coors Brewing (a)		91,406		6,751
Pepsi Bottling		357,571		11,478
				55,096
Energy – 6.2%
Amerada Hess (a)		69,305		9,929
BJ Services (a)		209,492		7,971
GlobalSantaFe (a)		199,277		12,198
Kerr-McGee		142,585		14,238
Newfield Exploration (b)		160,238		7,147
				51,483
Financials (c)– 29.3%
ACE		207,908		11,547
Ambac Financial Group		163,706		13,483
AON (a)		307,573		12,890
Astoria Financial (a)		327,733		10,265
Bear Stearns (a)		147,790		21,062
Boston Properties (a)		129,914		11,467
Brookfield Properties		195,992		6,291
Camden Property Trust (a)		90,156		6,196
CIT Group		265,583		14,344
Comerica (a)		138,245		7,862
Cullen/Frost Bankers		186,590		10,800
Developers Diversified Realty (a)		195,737		10,413
Genworth Financial, Class A		363,958		12,083
KeyCorp (a)		364,412		13,928
Marshall & Ilsley (a)		301,062		13,765
MGIC Investment (a)		207,499		14,670
Northern Trust		180,409		10,624
PMI Group (a)		133,916		6,180
Principal Financial Group (a)		72,121		3,701
Prologis		115,150		5,783
Synovus Financial (a)		201,557		5,644
Vornado Realty Trust (a)		92,833		8,879
W.R. Berkley		302,055		11,303
				243,180
Healthcare – 5.4%
Biogen IDEC (b)		73,549		3,299
CIGNA		80,250		8,587

Mid Cap Value Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Community Health Systems (b)		346,762	$	12,566
Health Net (b)		225,355		9,172
PerkinElmer		503,130		10,787
				44,411
Industrials – 9.6%
American Standard (a)		309,765		13,484
Armor Holdings (a) (b)		139,716		8,532
CSX		68,062		4,662
Eaton		211,846		16,238
Kennametal (a)		192,565		11,910
Norfolk Southern		195,935		10,580
Republic Services		322,380		14,188
				79,594
Information Technology – 9.2%
Amphenol, Class A		157,965		9,130
Arrow Electronics (b)		378,845		13,714
Electronic Data Systems (a)		481,997		13,053
Freescale Semiconductor, Class B (b)		306,753		9,715
Harris (a)		180,419		8,402
Ingram Micro (a) (b)		411,899		7,575
Lucent Technologies (a) (b)		1,184,262		3,304
National Semiconductor		150,857		4,523
Xerox (a) (b)		462,183		6,489
				75,905
Materials – 5.9%
Ashland (a)		166,261		10,943
Packaging Corporation of America		368,363		8,281
Phelps Dodge		52,078		4,489
Rohm & Haas		255,608		12,934
Sonoco Products (a)		385,330		12,068
				48,715
Utilities – 9.9%
Alliant Energy (a)		209,109		6,683
Constellation Energy		220,294		12,099
Edison International		267,274		10,801
PG&E (a)		286,615		11,419
PPL		469,195		13,625
Public Service Enterprises (a)		145,867		9,146
Sempra Energy		173,650		7,991
Wisconsin Energy		261,004		10,192
				81,956
Total Common Stocks (Cost $649,953)				803,293

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63

Schedule of Investments April 30, 2006 (unaudited)

Mid Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Short-Term Investment – 2.8%
First American Prime Obligations Fund, Class Z (d) (Cost $23,541)		23,540,890	$	23,541
Investments Purchased with Proceeds from Securities Lending (e) – 32.0%
(Cost $265,380)				265,380
Total Investments – 131.7% (Cost $938,874)				1,092,214
Other Assets and Liabilities, Net – (31.7)%				(262,706	)
Total Net Assets – 100.0%			$	829,508

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $260,432,203 at April 30, 2006. See note2 in Notes to Financial Statements.

(b)  Non-income producing security.

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

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

(e)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

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

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64

Statements of Assets and Liabilities April 30, 2006, (unaudited) in thousands, except for per share data

		Mid Cap Growth Opportunities Fund		Mid Cap Value Fund
ASSETS:
Investments in unaffiliated securities, at value* (cost: $1,326,456, and $649,953, respectively) (note 2)		$	1,758,884	$	803,293
Investments in affiliated money market fund, at value (cost: $32,963 and $23,541, respectively) (note 2)			32,963		23,541
Investments purchased with proceeds from securities lending (cost: $642,880 and $265,380, respectively) (note 2)			642,880		265,380
Receivable for dividends and interest			487		394
Receivable for investment securities sold			19,875		—
Receivable for capital shares sold	��		2,385		3,597
Prepaid expenses and other assets			31		33
Total assets			2,457,505		1,096,238
LIABILITIES:
Payable for investment securities purchased			14,332		—
Payable upon return of securities loaned (note 2)			642,880		265,380
Payable for capital shares redeemed			2,799		609
Payable to affiliates (note 3)			1,437		667
Payable for distribution and shareholder servicing fees			108		41
Accrued expenses and other liabilities			48		33
Total liabilities			661,604		266,730
Net assets		$	1,795,901	$	829,508
COMPOSITION OF NET ASSETS:
Portfolio capital		$	1,315,185	$	652,387
Undistributed net investment income			977		15
Accumulated net realized gain on investments			47,311		23,766
Net unrealized appreciation of investments			432,428		153,340
Net assets		$	1,795,901	$	829,508
* Including securities loaned, at value		$	627,792	$	260,432
Class A:
Net assets		$	346,805	$	105,279
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)			8,045		4,054
Net asset value and redemption price per share		$	43.11	$	25.97
Maximum offering price per share (1)		$	45.62	$	27.48
Class B:
Net assets		$	17,327	$	8,986
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)			435		361
Net asset value, offering price and redemption price per share (2)		$	39.85	$	24.87
Class C:
Net assets		$	19,574	$	12,660
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)			473		499
Net asset value, offering price and redemption price per share (2)		$	41.41	$	25.38
Class R:
Net assets		$	14,709	$	5,827
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)			343		225
Net asset value, offering price, and redemption price per share		$	42.87	$	25.89
Class Y:
Net assets		$	1,397,486	$	696,756
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)			30,828		26,708
Net asset value, offering price, and redemption price per share		$	45.33	$	26.09

  (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.

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65

Statements of Operations For the six-month period ended April 30, 2006 (unaudited), in thousands

	Mid Cap Growth Opportunities Fund			Mid Cap Value Fund
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	644		$	410
Dividends from unaffiliated securities		8,961			6,612
Less: Foreign taxes withheld		—			(5	)
Securities lending income	��	248			100
Total investment income		9,853			7,117
EXPENSES (note 3):
Investment advisory fees		5,876			2,625
Administration fees		1,064			478
Transfer agent fees		1,153			528
Custodian fees		42			19
Professional fees		17			17
Registration fees		40			36
Postage and printing fees		57			27
Directors' fees		17			12
Other expenses		16			13
Distribution and shareholder servicing fees – Class A		403			100
Distribution and shareholder servicing fees – Class B		80			46
Distribution and shareholder servicing fees – Class C		89			50
Distribution and shareholder servicing fees – Class R		38			8
Total expenses		8,892			3,959
Less: Fee waivers (note 3)		(9	)		(2	)
Less: Indirect payments from custodian (note 3)		(8	)		(7	)
Total net expenses		8,875			3,950
Investment income – net		978			3,167
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
Net realized gain on investments		88,535			24,470
Net change in unrealized appreciation or depreciation of investments		177,550			70,119
Net gain on investments		266,085			94,589
Net increase in net assets resulting from operations	$	267,063		$	97,756

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

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66

Statements of Changes in Net Assets in thousands

	Mid Cap Growth Opportunities Fund									Mid Cap Value Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
OPERATIONS:
Investment income (loss) – net	$	978		$	(729	)	$	(6,568	)	$	3,167		$	(161	)	$	4,429
Net realized gain on investments		88,535			33,519			180,742			24,470			4,915			88,747
Net change in unrealized appreciation or depreciation of investments		177,550			(63,233	)		166,265			70,119			(27,884	)		30,399
Net increase (decrease) in net assets resulting from operations		267,063			(30,443	)		340,439			97,756			(23,130	)		123,575
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			—			(331	)		—			(164	)
Class B		—			—			—			(14	)		—			(1	)
Class C		—			—			—			(21	)		—			—
Class R		—			—			—			(11	)		—			—
Class Y		—			—			—			(2,961	)		—			(3,591	)
Net realized gain on investments:
Class A		(31,106	)		—			(26,799	)		(3,267	)		—			—
Class B		(1,639	)		—			(1,832	)		(485	)		—			—
Class C		(1,741	)		—			(1,996	)		(427	)		—			—
Class R		(1,068	)		—			(2	)		(81	)		—			—
Class Y		(121,918	)		—			(164,469	)		(31,352	)		—			—
Total distributions		(157,472	)		—			(195,098	)		(38,950	)		—			(3,756	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		85,868			7,177			141,968			47,083			4,466			29,979
Reinvestment of distributions		30,411			—			25,770			3,448			—			156
Payments for redemptions		(104,093	)		(4,287	)		(44,583	)		(7,677	)		(866	)		(11,836	)
Increase in net assets from Class A transactions		12,186			2,890			123,155			42,854			3,600			18,299
Class B:
Proceeds from sales		1,742			139			3,307			973			84			2,023
Reinvestment of distributions		1,544			—			1,767			483			—			1
Payments for redemptions (note 3)		(1,368	)		(186	)		(2,148	)		(2,403	)		(662	)		(3,940	)
Increase (decrease) in net assets from Class B transactions		1,918			(47	)		2,926			(947	)		(578	)		(1,916	)
Class C:
Proceeds from sales		4,926			445			6,924			5,023			427			4,164
Reinvestment of distributions		1,697			—			1,992			424			—			—
Payments for redemptions (note 3)		(3,461	)		(1,748	)		(5,357	)		(986	)		(165	)		(994	)
Increase (decrease) in net assets from Class C transactions		3,162			(1,303	)		3,559			4,461			262			3,170
Class R:
Proceeds from sales		8,324			198			5,771			5,151			421			366
Reinvestment of distributions		1,068			—			2			87			—			—
Payments for redemptions		(846	)		(94	)		(481	)		(374	)		(5	)		(5	)
Increase in net assets from Class R transactions		8,546			104			5,292			4,864			416			361
Class Y:
Proceeds from sales		102,845			9,636			217,915			68,600			6,506			155,251
Reinvestment of distributions		98,347			—			131,612			26,014			—			2,282
Payments for redemptions		(129,642	)		(20,617	)		(366,059	)		(47,173	)		(8,542	)		(79,482	)
Increase (decrease) in net assets from Class Y transactions		71,550			(10,981	)		(16,532	)		47,441			(2,036	)		78,051
Increase (decrease) in net assets from capital share transactions		97,362			(9,337	)		118,400			98,673			1,664			97,965
Total increase (decrease) in net assets		206,953			(39,780	)		263,741			157,479			(21,466	)		217,784
Net assets at beginning of period		1,588,948			1,628,728			1,364,987			672,029			693,495			475,711
Net assets at end of period	$	1,795,901		$	1,588,948		$	1,628,728		$	829,508		$	672,029		$	693,495
Undistributed (distributions in excess of) net investment income at end of period	$	977		$	(1	)	$	(1	)	$	15		$	186		$	186

FIRST AMERICAN FUNDS Semiannual Report 2006

67

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 (10)
Mid Cap Growth Opportunities Fund (1)
Class A
	2006	(2) (3)	$	40.77	$	(0.01	)	$	6.62		$	(4.27	)	$	43.11		17.25	%
	2005	(3) (4)		41.55		(0.02	)		(0.76	)		—			40.77		(1.88	)
	2005	(3) (5)		38.19		(0.24	)		9.65			(6.05	)		41.55		26.25
	2004	(3) (5)		33.68		(0.30	)		5.88			(1.07	)		38.19		16.88
	2003	(3) (5)		26.45		(0.18	)		7.41			—			33.68		27.33
	2002	(5)		28.33		(0.11	)		(1.77	)		—			26.45		(6.64	)
	2001	(3)(6)		54.63		(0.06	)		(8.40	)		(17.84	)		28.33		(20.00	)
Class B
	2006	(2) (3)	$	38.12	$	(0.15	)	$	6.15		$	(4.27	)	$	39.85		16.82	%
	2005	(3) (4)		38.87		(0.05	)		(0.70	)		—			38.12		(1.93	)
	2005	(3) (5)		36.31		(0.51	)		9.12			(6.05	)		38.87		25.29
	2004	(3) (5)		32.30		(0.55	)		5.63			(1.07	)		36.31		16.03
	2003	(3) (5)		25.56		(0.39	)		7.13			—			32.30		26.37
	2002	(5)		27.59		(0.18	)		(1.85	)		—			25.56		(7.36	)
	2001	(3)(6)		53.97		(0.29	)		(8.25	)		(17.84	)		27.59		(20.60	)
Class C
	2006	(2) (3)	$	39.46	$	(0.16	)	$	6.38		$	(4.27	)	$	41.41		16.81	%
	2005	(3) (4)		40.23		(0.05	)		(0.72	)		—			39.46		(1.91	)
	2005	(3) (5)		37.40		(0.53	)		9.41			(6.05	)		40.23		25.27
	2004	(3) (5)		33.24		(0.57	)		5.80			(1.07	)		37.40		16.03
	2003	(3) (5)		26.29		(0.40	)		7.35			—			33.24		26.43
	2002	(5)		28.33		(0.10	)		(1.94	)		—			26.29		(7.20	)
	2001	(3)(7)		27.40		—			0.93			—			28.33		3.39
Class R (8)
	2006	(2) (3)	$	40.61	$	(0.07	)	$	6.60		$	(4.27	)	$	42.87		17.11	%
	2005	(3) (4)		41.40		(0.03	)		(0.76	)		—			40.61		(1.91	)
	2005	(3) (5)		38.15		(0.31	)		9.61			(6.05	)		41.40		25.95
	2004	(3) (5)		33.66		(0.30	)		5.86			(1.07	)		38.15		16.83
	2003	(3) (5)		26.43		(0.17	)		7.40			—			33.66		27.36
	2002	(5)		28.29		(0.07	)		(1.79	)		—			26.43		(6.58	)
	2001	(3)(9)		35.75		(0.06	)		(7.40	)		—			28.29		(20.87	)
Class Y
	2006	(2) (3)	$	42.61	$	0.04		$	6.95		$	(4.27	)	$	45.33		17.41	%
	2005	(3) (4)		43.42		(0.02	)		(0.79	)		—			42.61		(1.86	)
	2005	(3) (5)		39.58		(0.16	)		10.05			(6.05	)		43.42		26.57
	2004	(3) (5)		34.78		(0.21	)		6.08			(1.07	)		39.58		17.18
	2003	(3) (5)		27.25		(0.09	)		7.62			—			34.78		27.68
	2002	(5)		29.11		(0.05	)		(1.81	)		—			27.25		(6.39	)
	2001	(3) (6)		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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

  (4)  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.

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

  (6)  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.

  (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.

  (9)  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.

  (10)  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 Semiannual Report 2006

68

FIRST AMERICAN FUNDS Semiannual Report 2006

			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 Fund (1)
Class A
	2006	(2) (3)	$	346,805		1.24	%		(0.04	)%		1.24	%		(0.04	)%		30	%
	2005	(3) (4)		314,830		1.23			(0.72	)		1.23			(0.72	)		9
	2005	(3) (5)		317,906		1.21			(0.62	)		1.24			(0.65	)		107
	2004	(3) (5)		173,436		1.20			(0.79	)		1.24			(0.83	)		135
	2003	(3) (5)		154,499		1.20			(0.58	)		1.25			(0.63	)		145
	2002	(5)		75,002		1.20			(0.34	)		1.26			(0.40	)		162
	2001	(3)(6)		82,043		1.20			(0.19	)		1.22			(0.21	)		204
Class B
	2006	(2) (3)	$	17,327		1.99	%		(0.81	)%		1.99	%		(0.81	)%		30	%
	2005	(3) (4)		14,586		1.98			(1.47	)		1.98			(1.47	)		9
	2005	(3) (5)		14,922		1.96			(1.40	)		1.99			(1.43	)		107
	2004	(3) (5)		10,974		1.95			(1.54	)		1.99			(1.58	)		135
	2003	(3) (5)		9,055		1.95			(1.33	)		2.00			(1.38	)		145
	2002	(5)		4,227		1.95			(1.08	)		2.01			(1.14	)		162
	2001	(3)(6)		2,606		1.94			(0.95	)		1.97			(0.98	)		204
Class C
	2006	(2) (3)	$	19,574		1.99	%		(0.80	)%		1.99	%		(0.80	)%		30	%
	2005	(3) (4)		15,435		1.98			(1.47	)		1.98			(1.47	)		9
	2005	(3) (5)		17,079		1.96			(1.40	)		1.99			(1.43	)		107
	2004	(3) (5)		12,356		1.95			(1.54	)		1.99			(1.58	)		135
	2003	(3) (5)		12,649		1.95			(1.33	)		2.00			(1.38	)		145
	2002	(5)		1,136		1.95			(1.07	)		2.01			(1.13	)		162
	2001	(3)(7)		—		—			—			—			—			204
Class R (8)
	2006	(2) (3)	$	14,709		1.49	%		(0.33	)%		1.64	%		(0.48	)%		30	%
	2005	(3) (4)		5,502		1.48			(0.97	)		1.63			(1.12	)		9
	2005	(3) (5)		5,501		1.46			(0.77	)		1.64			(0.95	)		107
	2004	(3) (5)		1		1.20			(0.81	)		1.24			(0.85	)		135
	2003	(3) (5)		10,284		1.20			(0.56	)		1.25			(0.61	)		145
	2002	(5)		5,869		1.20			(0.33	)		1.26			(0.39	)		162
	2001	(3)(9)		1,484		1.19			(0.24	)		1.23			(0.28	)		204
Class Y
	2006	(2) (3)	$	1,397,486		0.99	%		0.18	%		0.99	%		0.18	%		30	%
	2005	(3) (4)		1,238,595		0.98			(0.47	)		0.98			(0.47	)		9
	2005	(3) (5)		1,273,320		0.96			(0.40	)		0.99			(0.43	)		107
	2004	(3) (5)		1,168,220		0.95			(0.54	)		0.99			(0.58	)		135
	2003	(3) (5)		1,153,657		0.95			(0.30	)		1.00			(0.35	)		145
	2002	(5)		477,210		0.95			(0.08	)		1.01			(0.14	)		162
	2001	(3) (6)		406,349		0.95			0.06			0.97			0.04			204

69

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 Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Mid Cap Value Fund (1)
Class A
	2006	(2)	$	24.04	$	0.07		$	3.21		$	(0.09	)	$	(1.26	)		—		$	25.97
	2005	(3)		24.88		(0.01	)		(0.83	)		—			—			—			24.04
	2005	(4)		20.09		0.13			4.76			(0.10	)		—			—			24.88
	2004	(4)		16.30		0.08			3.77			(0.06	)		—			—	(7)		20.09
	2003	(4)		13.29		0.18			2.96			(0.12	)		—			(0.01	)		16.30
	2002	(4)		13.74		0.13			(0.44	)		(0.10	)		—			(0.04	)		13.29
	2001	(4)		14.62		0.10			(0.88	)		(0.10	)		—			—			13.74
Class B
	2006	(2)	$	23.12	$	(0.01	)	$	3.06		$	(0.04	)	$	(1.26	)		—		$	24.87
	2005	(3)		23.94		(0.02	)		(0.80	)		—			—			—			23.12
	2005	(4)		19.39		(0.05	)		4.60			—			—			—			23.94
	2004	(4)		15.81		(0.06	)		3.65			(0.01	)		—			—	(7)		19.39
	2003	(4)		12.92		0.07			2.87			(0.04	)		—			(0.01	)		15.81
	2002	(4)		13.37		0.01			(0.41	)		(0.01	)		—			(0.04	)		12.92
	2001	(4)		14.28		(0.01	)		(0.88	)		(0.02	)		—			—			13.37
Class C
	2006	(2)	$	23.57	$	(0.02	)	$	3.14		$	(0.05	)	$	(1.26	)		—		$	25.38
	2005	(3)		24.40		(0.02	)		(0.81	)		—			—			—			23.57
	2005	(4)		19.77		(0.03	)		4.66			—			—			—			24.40
	2004	(4)		16.12		(0.06	)		3.72			(0.01	)		—			—	(7)		19.77
	2003	(4)		13.17		0.07			2.93			(0.04	)		—			(0.01	)		16.12
	2002	(4)		13.63		0.01			(0.43	)		—			—			(0.04	)		13.17
	2001	(4)		14.55		(0.01	)		(0.89	)		(0.02	)		—			—			13.63
Class R (5)
	2006	(2)	$	24.00	$	0.02		$	3.21		$	(0.08	)	$	(1.26	)		—		$	25.89
	2005	(3)		24.83		(0.01	)		(0.82	)		—			—			—			24.00
	2005	(4)		20.09		0.12			4.70			(0.08	)		—			—			24.83
	2004	(4)		16.31		0.07			3.76			(0.05	)		—			—	(7)		20.09
	2003	(4)		13.29		0.16			2.99			(0.12	)		—			(0.01	)		16.31
	2002	(4)		13.74		0.13			(0.44	)		(0.10	)		—			(0.04	)		13.29
	2001	(6)		13.31		0.01			0.42			—			—			—			13.74
Class Y
	2006	(2)	$	24.14	$	0.11		$	3.21		$	(0.11	)	$	(1.26	)		—		$	26.09
	2005	(3)		24.98		—			(0.84	)		—			—			—			24.14
	2005	(4)		20.17		0.18			4.78			(0.15	)		—			—			24.98
	2004	(4)		16.36		0.12			3.79			(0.10	)		—			—	(7)		20.17
	2003	(4)		13.33		0.21			2.98			(0.15	)		—			(0.01	)		16.36
	2002	(4)		13.77		0.17			(0.44	)		(0.13	)		—			(0.04	)		13.33
	2001	(4)		14.68		0.14			(0.92	)		(0.13	)		—			—			13.77

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

  (2)  For the six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

  (8)  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 Semiannual Report 2006

70

FIRST AMERICAN FUNDS Semiannual Report 2006

			Total Return (8)			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
	2006	(2)		14.02	%	$	105,279		1.25	%		0.60	%		1.25	%		0.60	%		30	%
	2005	(3)		(3.38	)		56,125		1.23			(0.48	)		1.23			(0.48	)		10
	2005	(4)		24.38			54,360		1.21			0.59			1.25			0.55			101
	2004	(4)		23.65			28,561		1.20			0.41			1.25			0.36			83
	2003	(4)		23.71			16,598		1.20			1.21			1.25			1.16			102
	2002	(4)		(2.41	)		13,083		1.20			0.83			1.26			0.77			90
	2001	(4)		(5.41	)		13,583		1.15			0.67			1.15			0.67			104
Class B
	2006	(2)		13.58	%	$	8,986		2.00	%		(0.07	)%		2.00	%		(0.07	)%		30	%
	2005	(3)		(3.43	)		9,252		1.98			(1.25	)		1.98			(1.25	)		10
	2005	(4)		23.47			10,157		1.96			(0.21	)		2.00			(0.25	)		101
	2004	(4)		22.69			9,928		1.95			(0.35	)		2.00			(0.40	)		83
	2003	(4)		22.84			10,154		1.95			0.50			2.00			0.45			102
	2002	(4)		(3.07	)		10,410		1.95			0.08			2.01			0.02			90
	2001	(4)		(6.21	)		11,311		1.90			(0.08	)		1.90			(0.08	)		104
Class C
	2006	(2)		13.60	%	$	12,660		2.00	%		(0.15	)%		2.00	%		(0.15	)%		30	%
	2005	(3)		(3.40	)		7,439		1.98			(1.24	)		1.98			(1.24	)		10
	2005	(4)		23.43			7,426		1.96			(0.15	)		2.00			(0.19	)		101
	2004	(4)		22.69			3,342		1.95			(0.33	)		2.00			(0.38	)		83
	2003	(4)		22.84			2,916		1.95			0.51			2.00			0.46			102
	2002	(4)		(3.09	)		3,207		1.95			0.08			2.01			0.02			90
	2001	(4)		(6.17	)		3,312		1.90			(0.04	)		1.90			(0.04	)		104
Class R (5)
	2006	(2)		13.86	%	$	5,827		1.51	%		0.31	%		1.66	%		0.16	%		30	%
	2005	(3)		(3.34	)		785		1.47			(0.69	)		1.62			(0.84	)		10
	2005	(4)		24.04			380		1.46			0.52			1.65			0.33			101
	2004	(4)		23.51			1		1.20			0.37			1.25			0.32			83
	2003	(4)		23.80			966		1.20			1.07			1.25			1.02			102
	2002	(4)		(2.40	)		158		1.20			0.87			1.26			0.81			90
	2001	(6)		3.23			44		0.85			5.19			0.85			5.19			104
Class Y
	2006	(2)		14.17	%	$	696,756		1.00	%		0.91	%		1.00	%		0.91	%		30	%
	2005	(3)		(3.36	)		598,428		0.98			(0.24	)		0.98			(0.24	)		10
	2005	(4)		24.68			621,172		0.96			0.80			1.00			0.76			101
	2004	(4)		23.95			433,879		0.95			0.66			1.00			0.61			83
	2003	(4)		24.06			332,243		0.95			1.45			1.00			1.40			102
	2002	(4)		(2.12	)		259,990		0.95			1.08			1.01			1.02			90
	2001	(4)		(5.37	)		291,932		0.90			0.92			0.90			0.92			104

71

Schedule of Investments April 30, 2006 (unaudited)

Large Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 95.9%
Consumer Discretionary – 12.3%
Harrah's Entertainment (a)		172,245	$	14,062
Lowe's (a)		496,504		31,305
Nike, Class B (a)		149,439		12,230
Staples (a)		412,692		10,899
Starbucks (a) (b)		403,438		15,036
Station Casinos (a)		185,840		14,324
Target		531,182		28,206
				126,062
Consumer Staples – 7.5%
Altria Group		140,930		10,310
Coca-Cola		144,349		6,057
Colgate-Palmolive (a)		135,407		8,005
PepsiCo		494,769		28,815
Procter & Gamble (a)		320,661		18,666
Wal-Mart Stores (a)		111,825		5,036
				76,889
Energy – 4.6%
Apache (a)		160,528		11,404
Baker Hughes (a)		100,535		8,126
Exxon Mobil (a)		203,292		12,824
Halliburton (a)		73,222		5,722
Valero Energy		132,469		8,576
				46,652
Financials – 13.1%
Allstate (a)		194,730		11,000
American Express		494,930		26,632
American International Group		263,010		17,161
Capital One Financial (a)		78,020		6,760
CIT Group		158,940		8,584
Goldman Sachs Group (a)		154,361		24,743
ICICI Bank, ADR (a)		388,656		10,661
TD Ameritrade		500,000		9,280
Wells Fargo (a)		275,800		18,945
				133,766
Healthcare – 14.4%
Aetna		80,502		3,099
Alcon (a) (b)		72,309		7,355
Amgen (a) (b)		369,990		25,048
Caremark Rx (a) (b)		297,486		13,550
Genentech (a) (b)		74,338		5,925
Humana (b)		108,071		4,883
Medtronic (a)		430,442		21,574
Novartis AG, ADR		244,907		14,085
PerkinElmer		464,390		9,956
Teva Pharmaceutical Industries, ADR (a)		218,440		8,847
UnitedHealth Group		420,601		20,921
Zimmer Holdings (a) (b)		190,855		12,005
				147,248
Industrials – 17.0%
Boeing		131,335		10,960
Danaher (a)		232,030		14,875
Dun & Bradstreet (b)		133,500		10,282
Fastenal (a)		185,142		8,667
General Electric		1,419,395		49,097
Illinois Tool Works		162,190		16,657
Precision Castparts (a)		180,412		11,362
Rockwell Automation		134,970		9,780
Rockwell Collins (a)		150,502		8,609
United Technologies		353,450		22,200
UTi Worldwide (a)		357,240		11,142
				173,631

Large Cap Growth Opportunities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Information Technology (c) – 25.0%
Adobe Systems (a) (b)		386,840	$	15,164
Amphenol, Class A		259,040		14,973
Apple Computer (b)		273,922		19,281
Autodesk (b)		279,975		11,770
Broadcom, Class A (b)		161,346		6,633
Corning (b)		889,925		24,589
eBay (a) (b)		181,237		6,236
EMC (b)		965,120		13,039
Google (b)		54,842		22,921
Hewlett-Packard		536,630		17,424
Linear Technology (a)		214,340		7,609
MEMC Electronic Materials (a) (b)		245,993		9,987
Microchip Technology (a)		275,150		10,252
Microsoft		189,187		4,569
Motorola		642,390		13,715
Paychex (a)		337,735		13,641
QUALCOMM		262,531		13,478
Red Hat (a) (b)		166,979		4,908
Texas Instruments (a)		754,334		26,183
				256,372
Materials – 1.0%
Dow Chemical		252,708		10,263
Telecommunication Services – 1.0%
American Tower, Class A (a) (b)		313,961		10,719
Total Common Stocks (Cost $845,239)				981,602
Short-Term Investment – 2.3%
First American Prime Obligations Fund, Class Z (d) (Cost $23,567)		23,566,982		23,567
Investments Purchased with Proceeds from Securities Lending (e) – 31.3%
(Cost $320,819)				320,819
Total Investments – 129.5% (Cost $1,189,625)				1,325,988
Other Assets and Liabilities, Net – (29.5)%				(302,012	)
Total Net Assets – 100.0%			$	1,023,976

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $315,276,509 at April 30, 2006. See note 2 in Notes to Financial Statements.

(b)  Non-income producing security.

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

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

(e)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

ADR – American Depositary Receipt

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

FIRST AMERICAN FUNDS Semiannual Report 2006

72

Schedule of Investments April 30, 2006 (unaudited)

Large Cap Select Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 96.2%
Consumer Discretionary – 8.2%
Circuit City Stores		113,843	$	3,273
Harrah's Entertainment (a)		79,824		6,517
J.C. Penney (a)		80,454		5,266
Omnicom Group (a)		85,261		7,674
Scientific Games, Class A (a) (b)		137,227		5,227
Starbucks (b)		101,472		3,782
Station Casinos		71,185		5,487
				37,226
Consumer Staples – 6.9%
Avon Products (a)		135,116		4,406
PepsiCo		134,706		7,845
Wal-Mart Stores (a)		423,053		19,050
				31,301
Energy – 10.4%
Amerada Hess		36,009		5,159
Apache		142,995		10,158
Baker Hughes (a)		116,199		9,392
ConocoPhillips		139,717		9,347
Exxon Mobil		104,592		6,598
Halliburton (a)		84,068		6,570
				47,224
Financials (c) – 25.3%
ACE		188,881		10,490
Allstate		116,590		6,586
Ambac Financial Group		54,781		4,512
American International Group		321,730		20,993
Bank of America		372,427		18,592
Capital One Financial (a)		64,237		5,565
CIT Group		91,959		4,967
Goldman Sachs Group (a)		98,145		15,732
Lehman Brothers Holdings (a)		47,778		7,222
PMI Group (a)		95,973		4,429
Wells Fargo		226,807		15,579
				114,667
Healthcare – 10.8%
Alcon (a)		43,184		4,392
Amgen (a) (b)		100,557		6,808
Humana (b)		101,064		4,566
Novartis AG, ADR		80,494		4,629
Teva Pharmaceutical Industries, ADR (a)		116,026		4,699
UnitedHealth Group		136,096		6,770
Wyeth Pharmaceuticals		346,502		16,864
				48,728
Industrials – 11.0%
Boeing		80,340		6,704
Eaton (a)		112,875		8,652
General Electric		604,755		20,919
Illinois Tool Works		132,094		13,566
				49,841
Information Technology – 17.8%
Adobe Systems (b)		69,676		2,731
Apple Computer (b)		104,429		7,351
Autodesk (b)		225,415		9,477
Corning (b)		308,122		8,513
Electronic Data Systems (a)		176,132		4,770
Hewlett-Packard		510,784		16,585
Motorola		453,858		9,690
QUALCOMM		187,666		9,635
Red Hat (a) (b)		157,198		4,620
Texas Instruments		202,720		7,036
				80,408

Large Cap Select Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Materials – 4.2%
Dow Chemical		332,480	$	13,502
International Paper (a)		150,337		5,465
				18,967
Telecommunication Services – 0.6%
American Tower, Class A (a) (b)		81,340		2,777
Utilities – 1.0%
Mirant (a) (b)		177,667		4,364
Total Common Stocks (Cost $390,040)				435,503
Short-Term Investment – 1.6%
First American Prime Obligations Fund, Class Z (d) (Cost $7,364)		7,363,581		7,364
Investments Purchased with Proceeds from Securities Lending (e) – 28.2%
(Cost $127,549)				127,549
Total Investments – 126.0% (Cost $524,953)				570,416
Other Assets and Liabilities, Net – (26.0)%				(117,787	)
Total Net Assets – 100.0%			$	452,629

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $124,948,730 at April 30, 2006. See note 2 in Notes to Financial Statements.

(b)  Non-income producing security.

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

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

(e)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

ADR – American Depositary Receipt

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73

Schedule of Investments April 30, 2006 (unaudited)

Large Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.0%
Consumer Discretionary – 9.0%
Comcast, Class A (a) (b)		378,811	$	11,724
Harrah's Entertainment (a)		133,880		10,930
J.C. Penney (a)		199,626		13,068
Nike, Class B (a)		157,964		12,928
Sherwin-Williams (a)		253,190		12,897
Time Warner		1,247,435		21,705
				83,252
Consumer Staples – 6.7%
Altria Group		233,352		17,072
Archer-Daniels-Midland		224,126		8,145
Colgate-Palmolive (a)		161,499		9,548
General Mills (a)		216,549		10,684
Kroger (a) (b)		804,617		16,302
				61,751
Energy – 15.2%
Apache		217,543		15,454
BP, ADR (a)		282,544		20,829
ChevronTexaco		187,782		11,459
Exxon Mobil (a)		708,186		44,672
GlobalSantaFe (a)		156,213		9,562
Halliburton (a)		124,340		9,717
Marathon Oil		214,184		16,998
Valero Energy		179,113		11,596
				140,287
Financials (c) – 34.3%
ACE		329,500		18,300
Allstate (a)		246,623		13,932
Ambac Financial Group		144,746		11,921
American International Group		443,816		28,959
Bank of America		833,054		41,586
Capital One Financial (a)		147,714		12,798
CIT Group		263,353		14,224
Citigroup		567,288		28,336
Comerica (a)		160,084		9,104
Freddie Mac		100,531		6,138
Genworth Financial		423,688		14,067
Goldman Sachs Group (a)		104,463		16,744
Lehman Brothers Holdings (a)		87,866		13,281
Marshall & Ilsley (a)		180,242		8,241
Merrill Lynch (a)		212,096		16,175
MGIC Investment (a)		170,951		12,086
Northern Trust		225,376		13,272
Wachovia		167,793		10,042
Wells Fargo		403,976		27,749
				316,955
Healthcare – 6.6%
CIGNA		68,953		7,378
HCA (a)		150,452		6,603
Merck (a)		301,802		10,388
Pfizer		676,476		17,135
Wyeth Pharmaceuticals (a)		404,398		19,682
				61,186
Industrials – 8.5%
Boeing		93,592		7,810
Deere & Company (a)		133,959		11,759
Eaton (a)		189,166		14,500
Emerson Electric		138,214		11,741
General Electric		572,413		19,800
Norfolk Southern (a)		238,782		12,894
				78,504

Large Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Information Technology – 8.1%
Accenture (a)		309,806	$	9,006
Electronic Data Systems (a)		279,714		7,575
Hewlett-Packard		1,031,468		33,492
Motorola		496,316		10,596
Texas Instruments		418,510		14,526
				75,195
Materials – 3.7%
Dow Chemical		417,975		16,974
International Paper (a)		319,729		11,622
Phelps Dodge		65,802		5,672
				34,268
Telecommunication Services – 3.5%
BellSouth		442,629		14,952
Verizon Communications (a)		515,642		17,032
				31,984
Utilities – 3.4%
Exelon (a)		287,453		15,522
PG&E (a)		411,734		16,404
				31,926
Total Common Stocks (Cost $741,071)				915,308
Short Term Investment – 0.9%
First American Prime Obligations Fund, Class Z (d) (Cost $8,779)		8,779,145		8,779
Investments Purchased with Proceeds from Securities Lending (e) – 26.3%
(Cost $243,189)				243,189
Total Investments – 126.2% (Cost $993,039)				1,167,276
Other Assets and Liabilities, Net – (26.2)%				(242,666	)
Total Net Assets – 100.0%			$	924,610

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $238,712,703 at April 30, 2006. See note 2 in Notes to Financial Statements.

(b)  Non-income producing security.

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

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

(e)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

ADR – American Depositary Receipt

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

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Statements of Assets and Liabilities April 30, 2006 (unaudited), 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: $845,239, $390,040 and $741,071, respectively) (note 2)	$	981,602		$	435,503		$	915,308
Investments in affiliated money market fund, at value (cost: $23,567, $7,364 and $8,779, respectively) (note 2)		23,567			7,364			8,779
Investments purchased with proceeds from securities lending, at value (cost: $320,819, $127,549 and $243,189, respectively) (note 2)		320,819			127,549			243,189
Receivable for dividends and interest		564			118			961
Receivable for investment securities sold		21,529			8,270			—
Receivable for capital shares sold		825			1,786			587
Prepaid expenses and other assets		29			29			26
Total assets		1,348,935			580,619			1,168,850
LIABILITIES:
Payable for investment securities purchased		1,811			—			—
Payable upon return of securities loaned (note 2)		320,819			127,549			243,189
Payable for capital shares redeemed		1,473			52			302
Payable to affiliates (note 3)		779			358			682
Payable for distribution and shareholder servicing fees		43			2			37
Accrued expenses and other liabilities		34			29			30
Total liabilities		324,959			127,990			244,240
Net assets	$	1,023,976		$	452,629		$	924,610
COMPOSITION OF NET ASSETS:
Portfolio capital	$	971,704		$	404,448		$	715,080
Undistributed (distributions in excess of) net investment income		265			(115	)		173
Accumulated net realized gain (loss) on investments		(84,356	)		2,833			35,120
Net unrealized appreciation of investments		136,363			45,463			174,237
Net assets	$	1,023,976		$	452,629		$	924,610
* Including securities loaned, at value	$	315,277		$	124,949		$	238,713
Class A:
Net assets	$	98,934		$	6,326		$	117,538
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		3,342			425			5,572
Net asset value and redemption price per share	$	29.60		$	14.86		$	21.09
Maximum offering price per share (1)	$	31.32		$	15.72		$	22.32
Class B:
Net assets	$	17,205		$	635		$	11,366
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		611			43			553
Net asset value, offering price and redemption price per share (2)	$	28.14		$	14.65		$	20.55
Class C:
Net assets	$	10,054		$	249		$	5,349
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		350			17			257
Net asset value, offering price and redemption price per share (2)	$	28.71		$	14.65		$	20.80
Class R:
Net assets	$	489		$	39		$	9
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		17			3			1
Net asset value, offering price, and redemption price per share	$	29.47		$	14.80		$	21.06
Class Y:
Net assets	$	897,294		$	445,380		$	790,348
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		29,452			29,893			37,322
Net asset value, offering price, and redemption price per share	$	30.47		$	14.90		$	21.18

  (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.

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Statements of Operations For the six-month period ended April 30, 2006 (unaudited), in thousands

	Large Cap Growth Opportunities Fund			Large Cap Select Fund			Large Cap Value Fund
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	316		$	211		$	204
Dividends from unaffiliated securities		4,918			2,831			10,051
Less: Foreign taxes withheld		(20	)		(9	)		—
Securities lending income		110			42			95
Total investment income		5,324			3,075			10,350
EXPENSES (note 3):
Investment advisory fees		3,327			1,298			2,907
Administration fees		651			255			568
Transfer agent fees		675			296			584
Custodian fees		28			10			22
Professional fees		9			16			9
Registration fees		36			32			26
Postage and printing fees		33			16			27
Directors' fees		10			10			9
Other expenses		13			12			13
Distribution and shareholder servicing fees – Class A		132			8			149
Distribution and shareholder servicing fees – Class B		92			3			62
Distribution and shareholder servicing fees – Class C		53			1			27
Distribution and shareholder servicing fees – Class R		1			—	(1)		—	(1)
Total expenses		5,060			1,957			4,403
Less: Indirect payments from custodian (note 3)		(2	)		(2	)		(1	)
Total net expenses		5,058			1,955			4,402
Investment income – net		266			1,120			5,948
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
Net realized gain on investments		28,674			4,218			36,420
Net change in unrealized appreciation or depreciation of investments		33,636			27,458			60,162
Net gain on investments		62,310			31,676			96,582
Net increase in net assets resulting from operations	$	62,576		$	32,796		$	102,530

  (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.

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(This page has been left blank intentionally.)

Statements of Changes in Net Assets in thousands

	Large Cap Growth Opportunities Fund									Large Cap Select Fund									Large Cap Value Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
OPERATIONS:
Investment income (loss) – net	$	266		$	(226	)	$	2,288		$	1,120		$	14		$	1,942		$	5,948		$	20		$	11,497
Net realized gain (loss) on investments		28,674			(3,309	)		54,623			4,218			(731	)		16,321			36,420			4,760			84,365
Net realized gain on in-kind distributions		—			—			76,740			—			—			24,162			—			—			70,893
Net realized loss on futures		—			—			—			—			—			(201	)		—			—			—
Net change in unrealized appreciation or depreciation of investments		33,636			(1,715	)		8,655			27,458			(2,844	)		8,570			60,162			(27,139	)		17,537
Net change in unrealized appreciation or depreciation of futures contracts		—			—			—			—			—			165			—			—			—
Net increase (decrease) in net assets resulting from operations		62,576			(5,250	)		142,306			32,796			(3,561	)		50,959			102,530			(22,359	)		184,292
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		—			—			(169	)		(16	)		—			(10	)		(747	)		(13	)		(1,072	)
Class B		—			—			(19	)		—	(1)		—			—			(67	)		—			(62	)
Class C		—			—			(9	)		—	(1)		—			—			(27	)		—			(21	)
Class R		—			—			—			—	(1)		—			—			—	(1)		—			—
Class Y		—			—			(2,091	)		(1,375	)		—			(1,808	)		(4,934	)		(148	)		(10,036	)
Net realized gain on investments:
Class A		—			—			—			(250	)		—			(17	)		(3,787	)		—			—
Class B		—			—			—			(26	)		—			(4	)		(419	)		—			—
Class C		—			—			—			(8	)		—			(1	)		(170	)		—			—
Class R		—			—			—			(1	)		—			—			—	(1)		—			—
Class Y		—			—			—			(14,935	)		—			(4,604	)		(23,452	)		—			—
Return of capital:
Class A		—			—			(56	)		—			—			—			—			—			—
Class B		—			—			(6	)		—			—			—			—			—			—
Class C		—			—			(3	)		—			—			—			—			—			—
Class R		—			—			—	(1)		—			—			—			—			—			—
Class Y		—			—			(692	)		—			—			—			—			—			—
Total distributions		—			—			(3,045	)		(16,611	)		—			(6,444	)		(33,603	)		(161	)		(11,191	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		7,595			945			15,121			3,412			488			4,711			6,457			1,048			17,717
Reinvestment of distributions		—			—			217			132			—			18			4,249			12			1,012
Payments for redemptions		(20,102	)		(2,433	)		(33,271	)		(3,129	)		(49	)		(362	)		(20,578	)		(1,369	)		(28,635	)
Increase (decrease) in net assets from Class A transactions		(12,507	)		(1,488	)		(17,933	)		415			439			4,367			(9,872	)		(309	)		(9,906	)
Class B:
Proceeds from sales		473			48			1,151			109			16			341			234			20			698
Reinvestment of distributions		—			—			25			23			—			5			476			—			61
Payments for redemptions (note 3)		(3,993	)		(557	)		(9,138	)		(92	)		(3	)		(98	)		(4,065	)		(705	)		(10,604	)
Increase (decrease) in net assets from Class B transactions		(3,520	)		(509	)		(7,962	)		40			13			248			(3,355	)		(685	)		(9,845	)
Class C:
Proceeds from sales		357			57			1,190			58			—			144			226			60			666
Reinvestment of distributions		—			—			12			8			—			1			193			—			20
Payments for redemptions (note 3)		(1,664	)		(392	)		(4,197	)		(5	)		—			(31	)		(861	)		(226	)		(2,263	)
Increase (decrease) in net assets from Class C transactions		(1,307	)		(335	)		(2,995	)		61			—			114			(442	)		(166	)		(1,577	)
Class R:
Proceeds from sales		189			2			286			36			—			—			2			—			5
Reinvestment of distributions		—			—			—			1			—			—			—			—			—
Payments for redemptions		(8	)		—			—			—			—			—			(1	)		—			—
Increase in net assets from Class R transactions		181			2			286			37			—			—			1			—			5
Class Y:
Proceeds from sales		75,270			14,066			165,303			103,415			17,143			229,583			40,389			4,449			88,145
Reinvestment of distributions		—			—			1,595			6,974			—			4,810			18,134			85			6,324
Payments for redemptions		(81,501	)		(9,839	)		(628,503	)		(21,996	)		(2,242	)		(240,782	)		(67,358	)		(9,749	)		(502,220	)
Increase (decrease) in net assets from Class Y transactions		(6,231	)		4,227			(461,605	)		88,393			14,901			(6,389	)		(8,835	)		(5,215	)		(407,751	)
Increase (decrease) in net assets from capital share transactions		(23,384	)		1,897			(490,209	)		88,946			15,353			(1,660	)		(22,503	)		(6,375	)		(429,074	)
Total increase (decrease) in net assets		39,192			(3,353	)		(350,948	)		105,131			11,792			42,855			46,424			(28,895	)		(255,973	)
Net assets at beginning of period		984,784			988,137			1,339,085			347,498			335,706			292,851			878,186			907,081			1,163,054
Net assets at end of period	$	1,023,976		$	984,784		$	988,137		$	452,629		$	347,498		$	335,706		$	924,610		$	878,186		$	907,081
Undistributed (distributions in excess of) net investment income at end of period	$	265		$	(1	)	$	(1	)	$	(115	)	$	156		$	142		$	173		$	—		$	137

  (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.

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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			Dividends from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Large Cap Growth Opportunities Fund (1) (2)
Class A
	2006	(3)	$	27.86	$	(0.02	)	$	1.76		$	—		$	—		$	—		$	29.60
	2005	(4)		28.02		(0.01	)		(0.15	)		—			—			—			27.86
	2005	(5)		25.00		(0.01	)		3.08			(0.04	)		—			(0.01	)		28.02
	2004	(5)		22.84		(0.03	)		2.20			(0.01	)		—			—	(10)		25.00
	2003	(5)		19.16		—			3.73			(0.05	)		—			—			22.84
	2002	(5)		24.44		—			(5.23	)		(0.05	)		—			—			19.16
	2001	(6)		43.33		(0.01	)		(14.00	)		—			(4.88	)		—			24.44
Class B
	2006	(3)	$	26.58	$	(0.12	)	$	1.68		$	—		$	—		$	—		$	28.14
	2005	(4)		26.75		(0.03	)		(0.14	)		—			—			—			26.58
	2005	(5)		24.02		(0.20	)		2.96			(0.02	)		—			(0.01	)		26.75
	2004	(5)		22.10		(0.21	)		2.13			—			—			—	(10)		24.02
	2003	(5)		18.64		(0.18	)		3.64			—			—			—			22.10
	2002	(5)		23.94		(0.18	)		(5.09	)		(0.03	)		—			—			18.64
	2001	(6)		42.80		(0.22	)		(13.76	)		—			(4.88	)		—			23.94
Class C
	2006	(3)	$	27.12	$	(0.13	)	$	1.72		$	—		$	—		$	—		$	28.71
	2005	(4)		27.29		(0.03	)		(0.14	)		—			—			—			27.12
	2005	(5)		24.51		(0.20	)		3.00			(0.01	)		—			(0.01	)		27.29
	2004	(5)		22.55		(0.21	)		2.17			—			—			—	(10)		24.51
	2003	(5)		19.03		(0.18	)		3.72			(0.02	)		—			—			22.55
	2002	(5)		24.44		(0.18	)		(5.19	)		(0.04	)		—			—			19.03
	2001	(7)		23.75		—			0.69			—			—			—			24.44
Class R (8)
	2006	(3)	$	27.78	$	(0.06	)	$	1.75		$	—		$	—		$	—		$	29.47
	2005	(4)		27.94		(0.02	)		(0.14	)		—			—			—			27.78
	2005	(5)		24.98		(0.16	)		3.17			(0.05	)		—			—	(10)		27.94
	2004	(5)		22.85		(0.02	)		2.16			(0.01	)		—			—	(10)		24.98
	2003	(5)		19.17		—			3.73			(0.05	)		—			—			22.85
	2002	(5)		24.45		—			(5.23	)		(0.05	)		—			—			19.17
	2001	(9)		35.53		(0.01	)		(11.07	)		—			—			—			24.45
Class Y
	2006	(3)	$	28.64	$	0.02		$	1.81		$	—		$	—		$	—		$	30.47
	2005	(4)		28.79		(0.01	)		(0.14	)		—			—			—			28.64
	2005	(5)		25.63		0.07			3.15			(0.04	)		—			(0.02	)		28.79
	2004	(5)		23.38		0.03			2.25			(0.02	)		—			(0.01	)		25.63
	2003	(5)		19.59		0.07			3.80			(0.08	)		—			—			23.38
	2002	(5)		24.93		0.06			(5.33	)		(0.07	)		—			—			19.59
	2001	(6)		44.00		0.06			(14.25	)		—			(4.88	)		—			24.93

  (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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  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.

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

  (6)  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.

  (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)  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.

  (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.

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

FIRST AMERICAN FUNDS Semiannual Report 2006

80

FIRST AMERICAN FUNDS Semiannual Report 2006

			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 Fund (1) (2)
Class A
	2006	(3)		6.25	%	$	98,934		1.18	%		(0.14	)%		1.18	%		(0.14	)%		37	%
	2005	(4)		(0.57	)		104,960		1.21			(0.47	)		1.21			(0.47	)		6
	2005	(5)		12.30			107,079		1.17			(0.03	)		1.20			(0.06	)		103
	2004	(5)		9.52			112,379		1.15			(0.13	)		1.19			(0.17	)		113
	2003	(5)		19.50			93,331		1.15			(0.02	)		1.19			(0.06	)		83
	2002	(5)		(21.46	)		24,647		1.15			(0.02	)		1.22			(0.09	)		43
	2001	(6)		(35.83	)		34,330		1.20			(0.04	)		1.24			(0.08	)		40
Class B
	2006	(3)		5.87	%	$	17,205		1.93	%		(0.89	)%		1.93	%		(0.89	)%		37	%
	2005	(4)		(0.64	)		19,601		1.96			(1.22	)		1.96			(1.22	)		6
	2005	(5)		11.47			20,239		1.92			(0.77	)		1.95			(0.80	)		103
	2004	(5)		8.69			25,633		1.90			(0.87	)		1.94			(0.91	)		113
	2003	(5)		18.58			37,853		1.90			(0.84	)		1.94			(0.88	)		83
	2002	(5)		(22.06	)		2,928		1.90			(0.75	)		1.97			(0.82	)		43
	2001	(6)		(36.28	)		2,954		1.93			(0.79	)		1.97			(0.83	)		40
Class C
	2006	(3)		5.86	%	$	10,054		1.93	%		(0.89	)%		1.93	%		(0.89	)%		37	%
	2005	(4)		(0.62	)		10,739		1.96			(1.22	)		1.96			(1.22	)		6
	2005	(5)		11.44			11,147		1.92			(0.78	)		1.95			(0.81	)		103
	2004	(5)		8.69			12,811		1.90			(0.87	)		1.94			(0.91	)		113
	2003	(5)		18.60			15,365		1.90			(0.81	)		1.94			(0.85	)		83
	2002	(5)		(22.03	)		476		1.90			(0.73	)		1.97			(0.80	)		43
	2001	(7)		2.95			—		—			—			—			—			40
Class R (8)
	2006	(3)		6.08	%	$	489		1.43	%		(0.40	)%		1.58	%		(0.55	)%		37	%
	2005	(4)		(0.57	)		290		1.46			(0.72	)		1.61			(0.87	)		6
	2005	(5)		12.04			290		1.42			(0.57	)		1.60			(0.75	)		103
	2004	(5)		9.38			1		1.15			(0.08	)		1.19			(0.12	)		113
	2003	(5)		19.51			15,890		1.15			(0.01	)		1.19			(0.05	)		83
	2002	(5)		(21.45	)		2,376		1.15			—			1.22			(0.07	)		43
	2001	(9)		(31.16	)		2,802		1.18			(0.03	)		1.22			(0.07	)		40
Class Y
	2006	(3)		6.39	%	$	897,294		0.93	%		0.11	%		0.93	%		0.11	%		37	%
	2005	(4)		(0.52	)		849,194		0.96			(0.22	)		0.96			(0.22	)		6
	2005	(5)		12.58			849,382		0.92			0.26			0.95			0.23			103
	2004	(5)		9.76			1,188,261		0.90			0.13			0.94			0.09			113
	2003	(5)		19.78			1,072,174		0.90			0.31			0.94			0.27			83
	2002	(5)		(21.23	)		255,311		0.90			0.24			0.97			0.17			43
	2001	(6)		(35.70	)		316,213		0.94			0.20			0.98			0.16			40

81

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			Dividends from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (7)
Large Cap Select Fund (1)
Class A
	2006	(2)	$	14.30	$	0.02		$	1.17		$	(0.03	)	$	(0.60	)	$	14.86		8.50	%
	2005	(3)		14.47		—			(0.17	)		—			—			14.30		(1.17	)
	2005	(4)		12.52		0.06			2.15			(0.06	)		(0.20	)		14.47		17.83
	2004	(4)		11.45		0.04			1.19			(0.05	)		(0.11	)		12.52		10.82
	2003	(6)		10.00		0.03			1.46			(0.04	)		—			11.45		14.91
Class B
	2006	(2)	$	14.12	$	(0.03	)	$	1.16		$	—		$	(0.60	)	$	14.65		8.18	%
	2005	(3)		14.30		(0.01	)		(0.17	)		—			—			14.12		(1.26	)
	2005	(4)		12.41		(0.05	)		2.15			(0.01	)		(0.20	)		14.30		17.02
	2004	(4)		11.41		(0.06	)		1.18			(0.01	)		(0.11	)		12.41		9.89
	2003	(6)		10.00		(0.03	)		1.45			(0.01	)		—			11.41		14.18
Class C
	2006	(2)	$	14.13	$	(0.03	)	$	1.16		$	(0.01	)	$	(0.60	)	$	14.65		8.14	%
	2005	(3)		14.31		(0.01	)		(0.17	)		—			—			14.13		(1.26	)
	2005	(4)		12.43		(0.05	)		2.14			(0.01	)		(0.20	)		14.31		16.91
	2004	(4)		11.42		(0.06	)		1.19			(0.01	)		(0.11	)		12.43		9.98
	2003	(6)		10.00		(0.02	)		1.45			(0.01	)		—			11.42		14.27
Class R (5)
	2006	(2)	$	14.26	$	(0.01	)	$	1.17		$	(0.02	)	$	(0.60	)	$	14.80		8.32	%
	2005	(3)		14.43		(0.01	)		(0.16	)		—			—			14.26		(1.18	)
	2005	(4)		12.49		0.02			2.15			(0.03	)		(0.20	)		14.43		17.54
	2004	(4)		11.44		0.02			1.18			(0.04	)		(0.11	)		12.49		10.60
	2003	(6)		10.00		0.03			1.44			(0.03	)		—			11.44		14.76
Class Y
	2006	(2)	$	14.33	$	0.04		$	1.18		$	(0.05	)	$	(0.60	)	$	14.90		8.66	%
	2005	(3)		14.49		—			(0.16	)		—			—			14.33		(1.10	)
	2005	(4)		12.53		0.09			2.16			(0.09	)		(0.20	)		14.49		18.14
	2004	(4)		11.45		0.07			1.19			(0.07	)		(0.11	)		12.53		11.10
	2003	(6)		10.00		0.05			1.45			(0.05	)		—			11.45		15.02

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

  (2)  For the six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

  (6)  For the period from January 31, 2003, when the class of shares was first offered, to September 30, 2003. All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

82

FIRST AMERICAN FUNDS Semiannual Report 2006

			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 Select Fund (1)
Class A
	2006	(2)	$	6,326		1.22	%		0.34	%		1.22	%		0.34	%		50	%
	2005	(3)		5,682		1.19			(0.20	)		1.19			(0.20	)		8
	2005	(4)		5,299		1.17			0.41			1.22			0.36			176
	2004	(4)		714		1.15			0.30			1.21			0.24			67
	2003	(6)		215		1.15			0.42			1.24			0.33			65
Class B
	2006	(2)	$	635		1.97	%		(0.42	)%		1.97	%		(0.42	)%		50	%
	2005	(3)		573		1.94			(0.95	)		1.94			(0.95	)		8
	2005	(4)		567		1.92			(0.36	)		1.97			(0.41	)		176
	2004	(4)		270		1.90			(0.44	)		1.96			(0.50	)		67
	2003	(6)		113		1.90			(0.35	)		1.99			(0.44	)		65
Class C
	2006	(2)	$	249		1.97	%		(0.45	)%		1.97	%		(0.45	)%		50	%
	2005	(3)		180		1.94			(0.95	)		1.94			(0.95	)		8
	2005	(4)		182		1.92			(0.35	)		1.97			(0.40	)		176
	2004	(4)		59		1.90			(0.45	)		1.96			(0.51	)		67
	2003	(6)		26		1.90			(0.32	)		1.99			(0.41	)		65
Class R (5)
	2006	(2)	$	39		1.47	%		(0.10	)%		1.62	%		(0.25	)%		50	%
	2005	(3)		2		1.44			(0.45	)		1.59			(0.60	)		8
	2005	(4)		2		1.42			0.14			1.62			(0.06	)		176
	2004	(4)		1		1.32			0.18			1.38			0.12			67
	2003	(6)		1		1.15			0.39			1.24			0.30			65
Class Y
	2006	(2)	$	445,380		0.97	%		0.57	%		0.97	%		0.57	%		50	%
	2005	(3)		341,061		0.94			0.05			0.94			0.05			8
	2005	(4)		329,656		0.92			0.67			0.97			0.62			176
	2004	(4)		291,807		0.90			0.57			0.96			0.51			67
	2003	(6)		126,391		0.90			0.71			0.99			0.62			65

83

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)
Large Cap Value Fund (1)
Class A
	2006	(2)	$	19.56	$	0.11		$	2.17		$	(0.12	)	$	(0.63	)	$	21.09		11.95	%
	2005	(3)		20.06		—			(0.50	)		—			—			19.56		(2.48	)
	2005	(4)		17.21		0.17			2.85			(0.17	)		—			20.06		17.62
	2004	(4)		14.97		0.15			2.24			(0.15	)		—			17.21		16.01
	2003	(4)		12.77		0.18			2.20			(0.18	)		—			14.97		18.71
	2002	(4)		15.98		0.14			(3.21	)		(0.14	)		—			12.77		(19.37	)
	2001	(4)		20.59		0.16			(2.67	)		(0.16	)		(1.94	)		15.98		(13.72	)
Class B
	2006	(2)	$	19.12	$	0.04		$	2.12		$	(0.10	)	$	(0.63	)	$	20.55		11.55	%
	2005	(3)		19.62		(0.01	)		(0.49	)		—			—			19.12		(2.55	)
	2005	(4)		16.87		0.03			2.78			(0.06	)		—			19.62		16.70
	2004	(4)		14.70		0.03			2.20			(0.06	)		—			16.87		15.19
	2003	(4)		12.55		0.08			2.15			(0.08	)		—			14.70		17.83
	2002	(4)		15.71		0.02			(3.15	)		(0.03	)		—			12.55		(19.96	)
	2001	(4)		20.30		0.02			(2.63	)		(0.04	)		(1.94	)		15.71		(14.42	)
Class C
	2006	(2)	$	19.35	$	0.04		$	2.14		$	(0.10	)	$	(0.63	)	$	20.80		11.52	%
	2005	(3)		19.85		(0.01	)		(0.49	)		—			—			19.35		(2.52	)
	2005	(4)		17.07		0.03			2.81			(0.06	)		—			19.85		16.75
	2004	(4)		14.87		0.03			2.23			(0.06	)		—			17.07		15.21
	2003	(4)		12.70		0.08			2.17			(0.08	)		—			14.87		17.76
	2002	(4)		15.90		0.02			(3.19	)		(0.03	)		—			12.70		(19.97	)
	2001	(4)		20.51		0.02			(2.65	)		(0.04	)		(1.94	)		15.90		(14.36	)
Class R (5)
	2006	(2)	$	19.55	$	0.08		$	2.17		$	(0.11	)	$	(0.63	)	$	21.06		11.81	%
	2005	(3)		20.06		(0.01	)		(0.50	)		—			—			19.55		(2.54	)
	2005	(4)		17.22		0.12			2.85			(0.13	)		—			20.06		17.34
	2004	(4)		14.96		0.17			2.23			(0.14	)		—			17.22		16.05
	2003	(4)		12.77		0.18			2.19			(0.18	)		—			14.96		18.63
	2002	(4)		15.97		0.13			(3.18	)		(0.15	)		—			12.77		(19.36	)
	2001	(6)		15.32		—			0.65			—			—			15.97		4.24
Class Y
	2006	(2)	$	19.62	$	0.14		$	2.18		$	(0.13	)	$	(0.63	)	$	21.18		12.12	%
	2005	(3)		20.12		—			(0.50	)		—			—			19.62		(2.47	)
	2005	(4)		17.26		0.22			2.86			(0.22	)		—			20.12		17.92
	2004	(4)		15.01		0.20			2.24			(0.19	)		—			17.26		16.31
	2003	(4)		12.80		0.22			2.20			(0.21	)		—			15.01		19.04
	2002	(4)		16.02		0.18			(3.22	)		(0.18	)		—			12.80		(19.22	)
	2001	(4)		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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

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

FIRST AMERICAN FUNDS Semiannual Report 2006

84

FIRST AMERICAN FUNDS Semiannual Report 2006

			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
	2006	(2)	$	117,538		1.18	%		1.14	%		1.18	%		1.14	%		21	%
	2005	(3)		118,443		1.21			(0.17	)		1.21			(0.17	)		2
	2005	(4)		121,809		1.17			0.90			1.20			0.87			61
	2004	(4)		113,683		1.15			0.91			1.19			0.87			104
	2003	(4)		88,024		1.15			1.30			1.20			1.25			94
	2002	(4)		85,182		1.15			0.86			1.20			0.81			82
	2001	(4)		94,064		1.05			0.88			1.15			0.78			64
Class B
	2006	(2)	$	11,366		1.93	%		0.42	%		1.93	%		0.42	%		21	%
	2005	(3)		13,826		1.96			(0.92	)		1.96			(0.92	)		2
	2005	(4)		14,876		1.92			0.15			1.95			0.12			61
	2004	(4)		21,829		1.90			0.19			1.94			0.15			104
	2003	(4)		30,987		1.90			0.56			1.95			0.51			94
	2002	(4)		33,720		1.90			0.11			1.95			0.06			82
	2001	(4)		38,108		1.80			0.13			1.90			0.03			64
Class C
	2006	(2)	$	5,349		1.93	%		0.39	%		1.93	%		0.39	%		21	%
	2005	(3)		5,399		1.96			(0.92	)		1.96			(0.92	)		2
	2005	(4)		5,710		1.92			0.15			1.95			0.12			61
	2004	(4)		6,344		1.90			0.18			1.94			0.14			104
	2003	(4)		6,844		1.90			0.56			1.95			0.51			94
	2002	(4)		7,524		1.90			0.11			1.95			0.06			82
	2001	(4)		10,141		1.80			0.12			1.90			0.02			64
Class R (5)
	2006	(2)	$	9		1.43	%		0.85	%		1.58	%		0.70	%		21	%
	2005	(3)		7		1.46			(0.42	)		1.61			(0.57	)		2
	2005	(4)		7		1.42			0.61			1.60			0.43			61
	2004	(4)		1		1.15			1.00			1.19			0.96			104
	2003	(4)		23,845		1.15			1.30			1.20			1.25			94
	2002	(4)		24,129		1.15			0.90			1.20			0.85			82
	2001	(6)		—		—			—			—			—			64
Class Y
	2006	(2)	$	790,348		0.93	%		1.38	%		0.93	%		1.38	%		21	%
	2005	(3)		740,511		0.96			0.08			0.96			0.08			2
	2005	(4)		764,679		0.92			1.17			0.95			1.14			61
	2004	(4)		1,021,197		0.90			1.17			0.94			1.13			104
	2003	(4)		874,267		0.90			1.55			0.95			1.50			94
	2002	(4)		825,179		0.90			1.11			0.95			1.06			82
	2001	(4)		970,190		0.80			1.13			0.90			1.03			64

85

Schedule of Investments April 30, 2006 (unaudited)

Balanced Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 61.1%
Consumer Discretionary – 5.5%
Cheesecake Factory (a) (b)		3,399	$	107
Children's Place Retail Stores (a) (b)		4,200		259
Christopher & Banks (a)		9,302		246
Circuit City Stores (a)		56,787		1,633
GSI Commerce (a) (b)		5,600		98
Harrah's Entertainment		39,817		3,251
Interface, Class A (b)		894		12
J.C. Penney (a)		40,132		2,627
Nautilus Group (a)		16,103		264
Omnicom Group (a)		42,529		3,828
P.F. Chang's China Bistro (a) (b)		5,600		239
PETCO Animal Supplies (a) (b)		9,101		199
RARE Hospitality International (a) (b)		4,900		152
Ruby Tuesday (a)		2,650		79
Ruth's Chris Steak House (b)		5,400		126
Scientific Games, Class A (a) (b)		75,451		2,874
Starbucks (a) (b)		50,616		1,886
Station Casinos (a)		38,107		2,937
Thomas Nelson		3,199		95
Too (b)		3,500		134
WCI Communities (b)		5,300		136
				21,182
Consumer Staples – 4.0%
Avon Products		67,398		2,198
PepsiCo		67,193		3,913
Reliv' International		8,101		91
Wal-Mart Stores (a)		211,025		9,502
				15,704
Energy – 6.5%
Amerada Hess (a)		17,962		2,573
Apache		71,328		5,067
Baker Hughes (a)		57,962		4,685
Compton Petroleum (b)		13,303		181
Comstock Resources (a) (b)		4,200		130
ConocoPhillips		69,693		4,662
Exxon Mobil		52,172		3,291
Halliburton (a)		41,934		3,277
Helix Energy Solutions Group (a) (b)		5,400		210
Hydril (a) (b)		1,299		104
St. Mary Land & Exploration		3,199		135
Tesoro Petroleum (a)		2,700		189
Western Gas Resources		2,799		146
Western Refining		699		14
W-H Energy Services (a) (b)		6,501		327
				24,991
Financials – 15.7%
ACE		94,217		5,233
Affiliated Managers Group (a) (b)		2,100		213
Allstate		58,157		3,285
Ambac Financial Group		27,326		2,251
American International Group		160,484		10,472
AmerUs Group, Class A (a)		4,000		235
Bank of America		185,772		9,274
BioMed Realty Trust (a)		4,800		133
Capital One Financial (a)		32,042		2,776
CIT Group		45,870		2,477
CoBiz		2,500		49
Columbia Banking System		3,199		108
Cullen/Frost Bankers		5,701		330
Dime Community Bancshares		6,701		95
East West Bancorp		5,000		198

Balanced Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
First Financial Bankshares (a)		1,900	$	71
First Potomac Realty Trust		6,800		188
First Republic Bank		7,901		344
GATX (a)		3,700		173
Goldman Sachs Group		48,956		7,847
Independent Bank (a)		4,600		146
Kite Realty Group Trust		9,502		145
Lasalle Hotel Properties		2,199		96
Lehman Brothers Holdings (a)		23,832		3,602
Maguire Properties (a)		3,900		132
Newcastle Investment (a)		3,700		83
NorthStar Realty Finance		7,200		81
Platinum Underwriters Holdings (a)		7,901		218
PMI Group (a)		47,873		2,209
SL Green Realty (a)		3,199		317
Thomas Weisel Partners Group (a) (b)		999		20
Umpqua Holdings (a)		5,100		135
Wells Fargo		113,135		7,771
Winston Hotels		4,500		48
				60,755
Healthcare – 7.0%
Alcon (a)		21,541		2,191
Alkermes (a) (b)		3,599		77
American Retirement (a) (b)		3,800		97
Amgen (a) (b)		50,159		3,396
Caliper Life Sciences (a) (b)		6,916		42
Curis (a) (b)		17,304		30
DJ Orthopedics (b)		6,501		258
FoxHollow Technologies (b)		2,258		70
Healthways (a) (b)		5,800		285
Hologic (a) (b)		1,499		71
Human Genome Sciences (a) (b)		5,000		57
Humana (b)		50,412		2,278
ICU Medical (b)		828		34
ImmunoGen (a) (b)		14,402		59
Medarex (a) (b)		4,000		48
Merge Technologies (a) (b)		2,199		28
Neurocrine Biosciences (b)		1,999		115
Novartis AG – ADR		40,152		2,309
Pediatrix Medical Group (b)		8,200		415
Senomyx (a) (b)		7,101		102
Sierra Health Services (a) (b)		5,300		208
SonoSite (b)		3,599		136
SurModics (a) (b)		4,500		160
Sybron Dental Specialties (b)		6,600		310
Teva Pharmaceutical Industries – ADR (a)		57,875		2,344
UnitedHealth Group		67,887		3,377
Vertex Pharmaceuticals (a) (b)		1,499		54
Wyeth Pharmaceuticals		172,840		8,412
				26,963
Industrials – 7.3%
Acuity Brands		4,800		198
AirTran Holdings (a) (b)		10,601		148
AMETEK (a)		4,300		212
Boeing		40,075		3,344
CLARCOR (a)		1,199		42
CRA International (a) (b)		2,999		146
Eaton		56,304		4,316
Energy Conversion Devices (a) (b)		1,299		65
ESCO Technologies (a) (b)		3,399		172
General Electric		301,661		10,434
Illinois Tool Works		65,890		6,767
J.B. Hunt Transport Services		4,100		98
Kennametal		2,999		186

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

FIRST AMERICAN FUNDS Semiannual Report 2006

86

Balanced Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
KVH Industries (a) (b)		10,730	$	116
Labor Ready (a) (b)		5,400		143
Lennox International (a)		5,800		189
Manitowoc (a)		3,599		179
NCI Building Systems (a) (b)		4,100		266
Power-One (a) (b)		37,308		263
Steelcase, Class A		6,301		118
Terex (b)		2,300		199
Timken (a)		4,000		140
Toro		4,800		237
WESCO International (a) (b)		3,199		240
				28,218
Information Technology – 11.4%
Adobe Systems (a) (b)		34,755		1,362
Advanced Analogic Technologies (b)		4,005		45
Aeroflex (b)		10,102		127
Apple Computer (b)		52,091		3,667
Autodesk (a) (b)		112,440		4,727
BISYS Group (b)		26,505		423
Carreker (b)		11,702		74
Cogent (a) (b)		7,000		115
Corning (b)		153,696		4,247
Digital River (a) (b)		2,799		122
Digitas (a) (b)		13,658		193
Electronic Data Systems (a)		87,857		2,379
Embarcadero Technologies (b)		14,002		85
Entegris (a) (b)		39,063		398
EPIQ Systems (a) (b)		7,200		125
Fargo Electronics (b)		26		—
Genesis Microchip (a) (b)		3,199		50
Harmonic (a) (b)		21,804		117
Hewlett-Packard		254,787		8,273
Hutchinson Technology (a) (b)		8,401		200
Hyperion Solutions (b)		3,800		116
Integrated Device Technology (a) (b)		3,800		58
Ituran Location and Control		3,300		55
Motorola		226,391		4,833
M-Systems Flash Disk Pioneers (a) (b)		3,413		118
Openwave Systems (a) (b)		6,400		119
Opsware (a) (b)		9,001		76
Packeteer (b)		13,202		172
Polycom (a) (b)		13,202		290
QUALCOMM		93,611		4,806
Red Hat (a) (b)		78,413		2,305
Silicon Image (a) (b)		11,902		121
Stellent		19,304		247
Stratasys (a) (b)		1,644		54
Stratex Networks (a) (b)		12,365		78
Tessera Technologies (b)		2,399		77
Texas Instruments		101,120		3,510
TIBCO Software (b)		17,304		149
Varian Semiconductor Equipment Associates (a) (b)		3,300		108
WebEx Communications (a) (b)		1,499		53
Wind River Systems (a) (b)		9,001		103
				44,177
Materials – 2.7%
Albemarle (a)		4,200		201
Century Aluminum (b)		3,540		168
Dow Chemical		165,846		6,735
FMC		2,700		172
Hercules (b)		13,202		188
International Paper (a)		74,990		2,726
Schnitzer Steel Industries, Class A		3,599		141
Texas Industries		1,999		113
				10,444

Balanced Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Telecommunication Services – 0.4%
American Tower, Class A (a) (b)		40,574	$	1,385
General Communication (a) (b)		7,301		88
				1,473
Utilities – 0.6%
Mirant (a) (b)		88,623		2,177
NSTAR (a)		499		14
Westar Energy		199		4
				2,195
Total Common Stocks (Cost $196,401)				236,102
Investment Companies – 7.1%
iShares MSCI EAFE Index Fund (a)		267,100		18,171
iShares MSCI Emerging Markets Index Fund (a)		29,200		3,079
iShares MSCI EMU Index Fund (a)		8,300		756
iShares MSCI Japan Index Fund (a)		190,500		2,819
iShares MSCI Pacific ex-Japan Index Fund		8,700		990
iShares S&P Europe 350 Index Fund (a)		15,800		1,477
Total Investment Companies (Cost $20,359)				27,292
U.S. Government Agency Mortgage-Backed Securities – 9.6%
Adjustable Rate (c) – 0.8%
Federal Home Loan Mortgage Corporation Pool 5.447%, 01/01/2028, #786281 (e)	$	301		306
Federal National Mortgage Association Pool 5.680%, 04/01/2018, #070009		53		53
5.821%, 09/01/2033, #725553		890		903
5.286%, 11/01/2034, #735054		881		862
4.879%, 09/01/2035, #745168		879		856
				2,980
Fixed Rate – 8.8%
Federal Home Loan Mortgage Corporation Pool 6.500%, 04/01/2008, #E00225		12		12
7.000%, 04/01/2008, #E46044		6		6
4.000%, 10/01/2010, #M80855		924		884
5.500%, 03/01/2013, #E00546		137		136
4.500%, 05/01/2018, #P10032 (a)		454		440
6.500%, 11/01/2028, #C00676		554		566
7.000%, 12/01/2029, #G01091		107		110
6.500%, 07/01/2031, #A17212 (a)		407		415
6.000%, 05/01/2032, #C01361		128		128
Federal National Mortgage Association Pool 3.790%, 07/01/2013, #386314		1,353		1,228
6.000%, 09/01/2017, #653368		288		291
5.000%, 07/01/2018, #555621		1,300		1,268
5.000%, 12/01/2018, #725012		1,074		1,048
5.000%, 05/01/2019 (d)		1,205		1,173
4.500%, 06/01/2019, #045181		377		360
5.000%, 11/01/2019, #725934		310		302
5.500%, 01/01/2020, #735386 (a)		598		594
5.500%, 06/01/2020, #735792		513		509
5.000%, 02/01/2021, #745279		1,636		1,593
6.000%, 10/01/2022, #254513 (a)		508		509
5.500%, 10/01/2024, #255456 (a)		1,034		1,013
5.500%, 12/01/2024, #357662		859		841
5.500%, 02/01/2025, #255628 (a)		1,034		1,013
7.000%, 04/01/2029, #323681		124		128
6.500%, 05/01/2029 (d)		1,670		1,698
6.500%, 12/01/2031, #254169		482		490
6.000%, 04/01/2032, #745101 (a)		1,094		1,102

FIRST AMERICAN FUNDS Semiannual Report 2006

87

Schedule of Investments April 30, 2006 (unaudited)

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
6.500%, 05/01/2032, #640032	$	823	$	839
7.000%, 07/01/2032, #545815 (a)		227		234
6.000%, 09/01/2032, #254447 (a)		417		416
6.000%, 01/01/2033, #676647		700		699
5.500%, 04/01/2033, #694605		1,112		1,083
5.500%, 06/01/2033, #843435 (a)		482		470
5.500%, 07/01/2033, #728667		597		582
5.500%, 08/01/2033, #733380		1,285		1,251
5.000%, 10/01/2033, #741897		872		828
6.000%, 11/01/2033, #772130		221		221
6.000%, 11/01/2033, #772256		213		212
5.500%, 12/01/2033, #756202		766		746
5.000%, 03/01/2034, #725205 (a)		972		923
5.000%, 03/01/2034, #725250 (a)		864		820
5.500%, 04/01/2034, #725424 (a)		473		460
5.000%, 05/01/2034 (d)		1,237		1,171
5.500%, 05/01/2034 (d)		2,015		1,957
5.500%, 05/01/2034, #357571		854		831
5.000%, 06/01/2034, #782909 (a)		417		396
6.500%, 06/01/2034, #735273		926		945
Government National Mortgage Association Pool 6.500%, 10/20/2010, #002108		17		18
7.500%, 06/15/2027, #447728		9		9
7.500%, 09/15/2027, #455516		12		13
7.000%, 04/15/2029, #506639		168		174
6.000%, 11/15/2033, #612374		772		776
				33,931
Total U.S. Government Agency Mortgage-Backed Securities (Cost $37,830)				36,911
Asset-Backed Securities – 5.6%
Automotive – 1.2%
Ford Credit Auto Owner Trust Series 2005-B, Class A3 4.170%, 01/15/2009		780		773
Harley Davidson Motorcycle Trust Series 2005-4, Class A2 4.850%, 06/15/2012		470		466
Hertz Vehicle Financing Series 2005-2A, Class A6 5.080%, 11/25/2011 (e)		935		918
Nissan Auto Receivables Owner Trust Series 2006-A, Class A2 4.800%, 06/16/2008		860		858
Triad Auto Receivables Owner Trust Series 2006-A, Class A3 4.770%, 01/12/2011		720		713
Volkswagen Auto Loan Enhanced Trust Series 2005-1, Class A4 4.860%, 04/20/2012		1,170		1,157
				4,885
Commercial – 3.4%
Bank of America Commercial Mortgage Series 2004-5, Class A3 4.561%, 11/10/2041		710		678
Bear Stearns Asset Backed Securities Series 2004-T14, Class A4 5.200%, 01/12/2041		205		198
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4 5.405%, 12/11/2040 (a)		635		620
Commercial Mortgage Pass-Through Certificates Series 2005-LP5, Class A2 4.630%, 05/10/2043		925		900
Series 2006-CN2A, Class A2FX 5.449%, 02/05/2019 (e)		585		580

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 6.538%, 06/15/2031	$	440	$	447
GE Capital Commercial Mortgage Corporation Series 2005-C3, Class A2 4.853%, 07/10/2045		725		710
Global Signal Trust Series 2004-2A, Class A 4.232%, 12/15/2014 (e)		750		722
Series 2006-1, Class E 6.495%, 02/15/2036 (e)		400		400
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1 3.896%, 08/10/2038		620		605
Series 2005-C1, Class A2 4.471%, 05/10/2043		1,195		1,155
Greenwich Capital Commercial Funding Series 2005-GG5, Class A5 5.224%, 04/10/2037 (a)		1,210		1,166
GS Mortgage Securities II Series 2004-GG2, Class A3 4.602%, 08/10/2038		1,500		1,466
J.P. Morgan Chase Commercial Mortgage Securities Series 2005-LDP5, Class A4 5.346%, 12/15/2044		540		522
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2 3.086%, 05/15/2027		1,280		1,226
Series 2005-C7, Class A2 5.103%, 11/15/2030		800		789
Merrill Lynch Mortgage Investors Series 1998-C1, Class A1 6.310%, 11/15/2026		74		74
Nomura Asset Securities Series 1998-D6, Class A1B 6.590%, 03/15/2030		750		766
				13,024
Credit Cards – 0.7%
Citibank Credit Card Issuance Trust Series 2006-B2, Class B2 5.150%, 03/07/2011		535		531
MBNA Credit Card Master Note Trust Series 2005-A1, Class A1 4.200%, 09/15/2010		1,130		1,110
Providian Gateway Master Trust Series 2004-DA, Class A 3.350%, 09/15/2011 (e)		975		948
				2,589
Home Equity – 0.0%
Countrywide Financial Series 2003-BC1, Class A1 5.359%, 03/25/2033 (c)		68		69
Saxon Asset Securities Trust Series 2004-1, Class A 5.088%, 03/25/2035 (c)		44		44
				113
Other – 0.3%
Small Business Administration Series 2006-P10A, Class 1 5.408%, 02/10/2016		1,085		1,060
Total Asset-Backed Securities (Cost $22,154)				21,671

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

FIRST AMERICAN FUNDS Semiannual Report 2006

88

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Corporate Bonds – 5.2%
Banking – 0.5%
Goldman Sachs Group 5.350%, 01/15/2016 (a)	$	970	$	927
J.P. Morgan Chase 5.150%, 10/01/2015		350		331
J.P. Morgan Chase XVII 5.850%, 08/01/2035		295		266
Mizuho Capital Investment, Callable 06/30/2016 @ 100, 6.686% through 06/30/2016   thereafter variable, 06/30/2046 (e)		430		417
				1,941
Basic Industry – 0.5%
Celulosa Arauco y Constitucion 5.625%, 04/20/2015		230		217
Falconbridge 7.350%, 06/05/2012		320		340
Ineos Group Holdings PLC, Callable 02/15/2011 @ 104.25 8.500%, 02/15/2016 (a) (e)		410		389
LPG International 7.250%, 12/20/2015 (e)		290		282
Southern Copper 7.500%, 07/27/2035 (a)		390		378
Teck Cominco Limited 6.125%, 10/01/2035		190		175
Vale Overseas 6.250%, 01/11/2016		175		172
Vedanta Resources PLC 6.625%, 02/22/2010 (e)		180		177
				2,130
Brokerage – 0.2%
Morgan Stanley 4.750%, 04/01/2014		645		597
Capital Goods – 0.2%
Case New Holland, Callable 03/01/2010 @ 103.56 7.125%, 03/01/2014 (e)		175		172
Hutchison Whampoa International 7.450%, 11/24/2033 (a) (e)		260		280
Owens-Illinois 8.100%, 05/15/2007		325		328
				780
Communications – 0.8%
AT&T, 9.050% through 05/15/2006 thereafter   7.300%, 11/15/2011		380		410
AT&T, 9.750% through 05/15/2006 thereafter   8.000%, 11/15/2031		230		272
C & M Finance, Callable 02/01/2011 @ 104.05 8.100%, 02/01/2016 (e)		180		178
Comcast 7.050%, 03/15/2033		430		440
Dex Media West, Callable 08/15/2008 @ 104.94 9.875%, 08/15/2013		221		243
News America 7.700%, 10/30/2025		600		643

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Telecom Italia Capital 4.000%, 11/15/2008 (a)	$	375	$	362
Verizon Global Funding 7.750%, 12/01/2030		420		463
				3,011
Consumer Cyclical – 0.5%
Autonation, Callable 04/15/2009 @ 105.25 7.000%, 04/15/2014 (e)		290		292
CBS 7.875%, 07/30/2030		195		210
Choada Modern Agricultural 7.750%, 02/08/2010 (e)		230		230
DaimlerChrysler 4.875%, 06/15/2010		230		222
Duty Free International 7.000%, 01/15/2004 (f) (g) (h)		588		118
Galaxy Entertainment, Callable 12/15/2009 @ 104.94 9.875%, 12/15/2012 (a) (e)		175		181
Harrah's 5.750%, 10/01/2017		210		197
May Department Stores 6.700%, 07/15/2034 (a)		295		292
MGM Mirage 6.625%, 07/15/2015		290		281
				2,023
Consumer Non-Cyclical – 0.4%
HCA 6.500%, 02/15/2016		280		269
Kroger 7.450%, 03/01/2008		475		490
Lippo Karwaci Finance, Callable 03/09/2009 @ 104.44 8.875%, 03/09/2011		175		173
R.J. Reynolds Tobacco 6.500%, 07/15/2010		460		459
				1,391
Electric – 0.3%
Florida Power & Light 5.650%, 02/01/2037		270		250
NRG Energy, Callable 02/01/2009 @ 107.25 7.250%, 02/01/2014 (a)		310		312
Oncor Electric Delivery 7.000%, 05/01/2032		325		342
Pacific Gas & Electric 6.050%, 03/01/2034		305		292
				1,196
Energy – 0.5%
Bluewater Finance, Callable 02/15/2007 @ 105.13 10.250%, 02/15/2012		300		312
Gazprom International 7.201%, 02/01/2020 (e)		225		235
Nexen 5.875%, 03/10/2035		270		245
Petro-Canada 5.350%, 07/15/2033		190		161
Tengizcheveroil Finance 6.124%, 11/15/2014 (e)		370		364

FIRST AMERICAN FUNDS Semiannual Report 2006

89

Schedule of Investments April 30, 2006 (unaudited)

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Tesoro, Callable 11/01/2010 @ 103.31 6.625%, 11/01/2015 (a) (e)	$	375	$	371
XTO Energy 6.100%, 04/01/2036		345		325
				2,013
Finance Companies – 0.2%
American General Finance 3.875%, 10/01/2009		475		452
Gazprombank 6.500%, 09/23/2015		240		229
				681
Insurance – 0.2%
Liberty Mutual Group 6.500%, 03/15/2035 (e)		350		314
Unumprovident 5.997%, 05/15/2008		335		336
				650
Real Estate Investment Trust – 0.1%
Prologis 5.750%, 04/01/2016		445		433
Sovereigns – 0.6%
Republic of Indonesia 6.875%, 03/09/2017 (e)		350		346
Republic of Uruguay 8.000%, 11/18/2022		345		356
Russian Federation, 5.000% through 03/31/2000 thereafter   7.500 %03/31/2030 (e)		330		358
United Mexican States 5.625%, 01/15/2017 (a)		1,120		1,072
6.750%, 09/27/2034 (a)		295		300
				2,432
Technology – 0.2%
Chartered Semiconductor 6.375%, 08/03/2015 (a)		250		244
Ciena 3.750%, 02/01/2008		120		116
LG Electronics 5.000%, 06/17/2010 (e)		340		327
				687
Transportation – 0.0%
Hertz, Callable 01/01/2010 @ 104.44 8.875%, 01/01/2014 (e)		175		186
Total Corporate Bonds (Cost $21,177)				20,151
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 4.9%
Adjustable Rate (c) – 1.9%
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21 4.745%, 01/25/2036		742		733
Citigroup Mortgage Loan Trust Series 2005-7, Class 2A1A 4.862%, 09/25/2035		838		816

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
IMPAC CMB Trust Series 2003-12, Class A1 5.198%, 12/25/2033	$	270	$	270
MLCC Mortgage Investors Series 2003-H, Class A3A 5.987%, 01/25/2029		174		176
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A 6.232%, 11/25/2034		498		500
Sequoia Mortgage Trust Series 2004-5, Class A1 5.586%, 06/20/2034		376		381
Series 2004-7, Class A2 5.930%, 08/20/2034		290		292
Structured Adjustable Rate Mortgage Loan Trust Series 2004-11, Class A 6.255%, 08/25/2034		158		158
Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1 4.984%, 10/20/2035		701		691
Washington Mutual Series 2004-AR7, Class A6 3.943%, 07/25/2034		775		744
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1 4.814%, 03/25/2033		431		429
Series 2003-O, Class 5A1 4.821%, 01/25/2034		940		909
Series 2004-N, Class A3 4.101%, 08/25/2034		1,080		1,066
				7,165
Fixed Rate – 3.0%
Bank of America Mortgage Securities Series 2003-6, Class 1A30 4.750%, 08/25/2033		585		566
Series 2004-G, Class 2A3 4.232%, 08/25/2034		506		503
Countrywide Alternative Loan Trust Series 2004-12CB, Class 1A1 5.000%, 07/25/2019		544		525
Series 2004-2CB, Class 1A1 4.250%, 03/25/2034		483		470
Series 2004-24CB, Class 1A1 6.000%, 11/25/2034		441		436
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7 6.500%, 01/25/2035		597		593
GRP/AG Real Estate Asset Trust Series 2005-1, Class A 4.850%, 01/25/2035 (e)		150		148
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1 5.500%, 08/25/2019		498		488
Master Alternative Loans Trust Series 2005-2, Class 1A3 6.500%, 03/25/2035		403		405
Master Asset Securitization Trust Series 2003-6, Class 3A1 5.000%, 07/25/2018		783		767
Residential Asset Mortgage Products Series 2004-SL4, Class A3 6.500%, 07/25/2032		372		377
Residential Asset Securitization Trust Series 2002-A12, Class 1A1 5.200%, 11/25/2032		18		18

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

FIRST AMERICAN FUNDS Semiannual Report 2006

90

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Washington Mutual Series 2003-S10, Class A2 5.000%, 10/25/2018	$	990	$	964
Series 2004-CB1, Class 1A 5.250%, 06/25/2019		781		765
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1 4.750%, 12/25/2018		644		615
Series 2004-7, Class 2A2 5.000%, 07/25/2019		1,652		1,602
Series 2004-EE, Class B1 3.988%, 12/25/2034		606		579
Series 2005-12, Class 1A2 5.500%, 11/25/2035		990		925
Series 2005-14, Class 2A1 5.500%, 12/25/2035		943		904
Westam Mortgage Financial Series 11, Class A 6.360%, 08/26/2020		1		1
				11,651
Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (Cost $19,233)				18,816
U.S. Government & Agency Securities – 4.1%
U.S. Agency Debentures – 0.5%
Federal National Mortgage Association 6.125%, 03/15/2012 (a)		280		292
5.250%, 08/01/2012 (a)		1,745		1,716
				2,008
U.S. Treasuries (a) – 3.6%
U.S. Treasury Bonds 9.000%, 11/15/2018		835		1,122
8.125%, 08/15/2021		200		259
6.250%, 08/15/2023		850		939
7.625%, 02/15/2025		390		496
6.875%, 08/15/2025		1,600		1,899
5.500%, 08/15/2028		480		492
5.250%, 11/15/2028		615		611
5.250%, 02/15/2029		435		432
4.500%, 02/15/2036		1,185		1,065
U.S. Treasury Notes 2.500%, 10/31/2006		445		440
3.375%, 11/15/2008		1,290		1,244
4.375%, 11/15/2008		90		89
4.500%, 02/28/2011		3,560		3,495
4.500%, 11/15/2015		430		411
4.500%, 02/15/2016		1,135		1,085
				14,079
Total U.S. Government & Agency Securities (Cost $16,554)				16,087
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 1.0%
Fixed Rate – 1.0%
Federal Home Loan Mortgage Corporation Series 85, Class C 8.600%, 01/15/2021		96		95
Series 1136, Class H 6.000%, 09/15/2021		78		78

Balanced Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Series 2763, Class TA 4.000%, 03/15/2011	$	686	$	666
Series T-060, Class 1A4B 5.343%, 03/25/2044		495		492
Federal National Mortgage Association Series 1989-2, Class D 8.800%, 01/25/2019		6		7
Series 1989-37, Class G 8.000%, 07/25/2019		100		106
Series 1990-30, Class E 6.500%, 03/25/2020		43		44
Series 1990-63, Class H 9.500%, 06/25/2020		22		24
Series 1990-89, Class K 6.500%, 07/25/2020		5		5
Series 1990-105, Class J 6.500%, 09/25/2020		67		68
Series 1996-21, Class PK 6.000%, 02/25/2011		333		333
Series 2005-44, Class PC 5.000%, 11/25/2027		1,139		1,113
Series 2005-47, Class HK 4.500%, 06/25/2020		985		889
Government National Mortgage Association Series 3, Class F 6.500%, 06/17/2020		8		8
				3,928
Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (Cost $4,089)				3,928
Short-Term Investments – 2.2%
Affiliated Money Market Fund – 2.2%
First American Prime Obligations Fund, Class Z (i)		8,564,338		8,564
U.S. Treasury Obligations – 0.0%
U.S. Treasury Bills (j) 4.476%, 05/18/2006	$	30		30
4.548%, 06/29/2006		65		65
4.641%, 08/31/2006		100		98
				193
Total Short-Term Investments (Cost $8,757)				8,757
Investments Purchased with Proceeds from Securities Lending (k) – 30.7%
(Cost $118,637)				118,637
Total Investments – 131.5% (Cost $465,191)				508,352
Other Assets and Liabilities, Net – (31.5)%				(121,669	)
Total Net Assets – 100.0%			$	386,683

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a market value of $116,410,821 at April 30, 2006. See note 2 in Notes to Financial Statements.

(b)  Non-income producing security.

(c)  Variable Rate Security – The rate shown is the rate in effect as of April 30, 2006.

(d)  Security purchased on a when-issued basis. On April 30, 2006, the total cost of investments purchased on a when-issued basis was $6,002,303 or 1.6% of net assets. See note 2 in Notes to Financial Statements.

(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

FIRST AMERICAN FUNDS Semiannual Report 2006

91

Schedule of Investments April 30, 2006 (unaudited)

Balanced Fund (concluded)

securities have been determined to be liquid under the guidelines established by the fund's board of directors. As of April 30, 2006, the value of these investments was $9,120,819 or 2.4% of total net assets. See note 2 in Notes to Financial Statements.

(f)  Securities considered illiquid or restricted. As of April 30, 2006 the value of these investments was $117,611 or 0% of total net assets. See note 2 in Notes to Financial Statements.

(g)  Security is in default at April 30, 2006.

(h)  Security is fair valued. As of April 30, 2006, the fair value of this investment was $117,611 or 0% of total net assets. See note 2 in Notes to Financial Statements.

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

(j)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of April 30, 2006. See note 2 in Notes to Financial Statements.

(k)  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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

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)
Eurodollar 90 Day Futures		(22	)	$	(20,854	)	March 2007	$	(7	)
S&P 500 Futures		5			1,645		June 2006		15
U.S. Treasury 2 Year Note Futures		27			5,501		June 2006		3
U.S. Treasury 5 Year Note Futures		(25	)		(2,604	)	June 2006		8
U.S. Treasury 10 Year Note Futures		(44	)		(4,645	)	June 2006		37
U.S. Treasury Long Bond Futures		(5	)		(534	)	June 2006		(2	)
								$	54

Credit Default Swap Agreements

Counterparty

Reference Entity

Buy/Sell Protection

Pay/Receive Fixed Rate

Expiration Date

Notional Amount (000)

Unrealized Depreciation (000)

UBS

Dow Jones CDX IG Hvol5 Index

Buy

0.85

%

12/20/2010

$

3,000

$

(33

)

Equity Income Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 97.4%
Consumer Discretionary – 6.6%
Harrah's Entertainment		312,980	$	25,552
Home Depot (a)		408,600		16,315
McDonald's		568,380		19,649
Polaris Industries (a)		310,040		14,851
Time Warner (a)		790,860		13,761
				90,128
Consumer Staples – 8.2%
Altria Group		338,980		24,800
Avon Products (a)		224,087		7,308
Colgate-Palmolive		404,780		23,931
General Mills (a)		301,920		14,897
PepsiCo		267,690		15,590
Wal-Mart Stores (a)		570,600		25,694
				112,220
Energy – 11.2%
BP, ADR		409,286		30,173
ChevronTexaco		359,480		21,936
ConocoPhillips		458,700		30,687
Exxon Mobil		863,702		54,482
Halliburton (a)		204,840		16,008
				153,286
Financials – 21.9%
AllianceBernstein Holding		382,280		24,638
American International Group		583,830		38,095
Apartment Investment & Management (a)		315,440		14,097
Bank of America		949,278		47,388
Citigroup		871,691		43,541
Duke Realty		177,922		6,298
Goldman Sachs Group (a)		109,220		17,507
Merrill Lynch (a)		202,350		15,431
Northern Trust (a)		157,905		9,299
Partners Trust Financial Group (a)		400,240		4,723
State Street (a)		413,440		27,006
Wachovia (a)		555,785		33,264
Wells Fargo		254,210		17,461
				298,748
Healthcare – 10.7%
Abbott Laboratories		811,609		34,688
Baxter International		476,640		17,969
Johnson & Johnson		446,090		26,146
Pfizer		1,070,232		27,109
Wyeth Pharmaceuticals		831,540		40,471
				146,383
Industrials – 12.4%
3M		254,910		21,777
Avery Dennison		151,834		9,490
Deere & Company (a)		40,140		3,523
Emerson Electric		234,580		19,928
General Dynamics (a)		243,912		16,005
General Electric (a)		1,294,777		44,786
Honeywell International		517,250		21,983
Ingersoll-Rand, Class A		235,763		10,315
United Parcel Service, Class B (a)		267,260		21,667
				169,474
Information Technology – 9.1%
Hewlett-Packard (a)		883,420		28,685
Intel		1,584,024		31,649
Microsoft		788,118		19,033

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

FIRST AMERICAN FUNDS Semiannual Report 2006

92

Equity Income Fund (concluded)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Motorola		773,094	$	16,505
QUALCOMM (a)		333,350		17,114
Texas Instruments		331,860		11,519
				124,505
Materials – 5.7%
Dow Chemical		743,775		30,205
E.I. Du Pont de Nemours (a)		535,094		23,598
Ecolab (a)		223,770		8,458
Praxair (a)		261,653		14,686
				76,947
Telecommunication Services – 7.7%
ALLTEL (a)		194,170		12,499
AT&T (a)		1,589,400		41,658
BellSouth		506,710		17,117
Verizon Communications (a)		1,026,530		33,906
				105,180
Utilities – 3.9%
Alliant Energy		543,220		17,361
Duke Energy (a)		534,736		15,572
ITC Holdings		23,490		607
Xcel Energy (a)		1,049,960		19,781
				53,321
Total Common Stocks (Cost $1,022,001)				1,330,192
Convertible Corporate Bond – 0.3%
Medarex Callable 05/20/2009 @100.64 2.250%, 05/15/2011 (Cost $3,422)	$	3,934		4,111
Short-Term Investment – 1.3%
First American Prime Obligations Fund, Class Z (b) (Cost $17,935)		17,935,395		17,935
Investments Purchased with Proceeds from Securities Lending (c) – 16.9%
(Cost $230,507)				230,507
Total Investments – 115.9% (Cost $1,273,865)				1,582,745
Other Assets and Liabilities, Net (15.9)%				(217,675	)
Total Net Assets – 100.0%			$	1,365,070

(a)  This security or a portion of this security is out on loan at April 30, 2006. Total loaned securities had a value of $225,199,770 at April 30, 2006. See note 2 in Notes to Financial Statements.

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

(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 money market funds and short-term, high quality debt obligations, such as repurchase agreements, commercial paper, and other corporate obligations. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipt

FIRST AMERICAN FUNDS Semiannual Report 2006

93

Statements of Assets and Liabilities April 30, 2006 (unaudited), in thousands, except per share data

	Balanced Fund			Equity Income Fund
ASSETS:
Investments in unaffiliated securities, at value* (cost $337,990 and $1,025,423, repectively) (note 2)	$	381,151		$	1,334,303
Investments in affiliated money market fund, at value (cost $8,564 and $17,935, respectively) (note 2 )		8,564			17,935
Investments purchased with proceeds from security lending (cost $118,637 and $230,507, respectively) (note 2)		118,637			230,507
Receivable for dividends and interest		940			2,528
Receivable for investment securities sold		7,552			24,279
Receivable for capital shares sold		454			505
Prepaid expenses and other assets		26			27
Total assets		517,324			1,610,084
LIABILITIES:
Payable for investment securities purchased		4,731			10,205
Payable for investment securities purchased on a when-issued basis		6,002			—
Payable upon return of securities loaned (note 2)		118,637			230,507
Payable for capital shares redeemed		889			3,204
Payable to affiliates (note 3)		290			999
Payable for distribution and shareholder servicing fees		40			64
Payable for swap contracts		21			—
Payable for variation margin		10			—
Accrued expenses and other liabilities		21			35
Total liabilities		130,641			245,014
Net assets	$	386,683		$	1,365,070
COMPOSITION OF NET ASSETS:
Portfolio capital	$	331,690		$	952,337
Undistributed net investment income		365			584
Accumulated net realized gain on investments, futures contracts, and swap agreements		11,446			103,269
Net unrealized appreciation of investments		43,161			308,880
Net unrealized appreciation of futures contracts		54			—
Net unrealized depreciation of swap agreements		(33	)		—
Net assets	$	386,683		$	1,365,070
* Including securities loaned, at value	$	116,411		$	225,200
Class A:
Net assets	$	113,051		$	170,630
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		9,363			11,464
Net asset value and redemption price per share	$	12.07		$	14.88
Maximum offering price per share (1)	$	12.77		$	15.75
Class B:
Net assets	$	16,483		$	20,708
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		1,376			1,403
Net asset value, offering price, and redemption price per share (2)	$	11.98		$	14.76
Class C:
Net assets	$	3,805		$	13,191
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		316			892
Net asset value, offering price and redemption price per share (2)	$	12.05		$	14.78
Class R:
Net assets	$	15		$	521
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		1			35
Net asset value, offering price, and redemption price per share	$	12.15		$	14.87
Class Y:
Net assets	$	253,329		$	1,160,020
Shares issued and outstanding ($0.0001 par value — 2 billion authorized)		20,925			77,416
Net asset value, offering price, and redemption price per share	$	12.11		$	14.98

  (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 Semiannual Report 2006

94

Statements of Operations For the six-month period ended April 30, 2006 (unaudited), in thousands

	Balanced Fund			Equity Income Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	2,848		$	88
Dividends from affiliated money market fund		103			239
Dividends from unaffiliated securities		2,202			17,695
Less: Foreign taxes withheld		(3	)		(15	)
Securities lending income		96			115
Total investment income		5,246			18,122
EXPENSES (note 3):
Investment advisory fees		1,269			4,470
Administration fees		260			873
Transfer agent fees		256			880
Custodian fees		11			36
Professional fees		15			7
Registration fees		24			24
Postage & printing fees		11			39
Directors' fees		8			10
Other expenses		12			14
Distribution and shareholder servicing fees – Class A		141			217
Distribution and shareholder servicing fees – Class B		90			104
Distribution and shareholder servicing fees – Class C		24			72
Distribution and shareholder servicing fees – Class R		—	(1)		2
Total expenses		2,121			6,748
Less: Fee waivers (note 3)		(201	)		—
Less: Indirect payments from custodian (note 3)		(4	)		(2	)
Total net expenses		1,916			6,746
Investment income – net		3,330			11,376
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, AND SWAP AGREEMENTS – NET (note 5):
Net realized gain on investments		12,852			105,264
Net realized gain on futures contracts		174			—
Net realized loss on swap agreements		(7	)		—
Net change in unrealized appreciation or depreciation of investments		14,188			19,962
Net change in unrealized appreciation or depreciation of futures contracts		(43	)		—
Net change in unrealized appreciation or depreciation of swap agreements		6			—
Net gain on investments, futures contracts, and swap agreements		27,170			125,226
Net increase in net assets resulting from operations	$	30,500		$	136,602

  (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 Semiannual Report 2006

95

Statements of Changes in Net Assets in thousands

	Balanced Fund									Equity Income Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
OPERATIONS:
Investment income – net	$	3,330		$	340		$	6,143		$	11,376		$	1,043		$	27,470
Net realized gain (loss) on investments		12,852			(634	)		44,140			105,264			(1,938	)		43,644
Net realized gain on in-kind distribution		—			—			—			—			—			45,141
Net realized gain (loss) on futures contracts		174			2			(21	)		—			—			—
Net realized gain (loss) on swap agreements		(7	)		—			47			—			—			—
Net realized gain on written options		—			—			132			—			—			—
Net change in unrealized appreciation or depreciation of investments		14,188			(5,144	)		7,744			19,962			(20,424	)		50,906
Net change in unrealized appreciation or depreciation of futures contracts		(43	)		51			158			—			—			—
Net change in unrealized appreciation or depreciation of swap agreements		6			(37	)		(2	)		—			—			—
Net increase (decrease) in net assets resulting from operations		30,500			(5,422	)		58,341			136,602			(21,319	)		167,161
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(961	)		—			(1,628	)		(1,239	)		(89	)		(3,048	)
Class B		(80	)		—			(148	)		(93	)		—			(222	)
Class C		(9	)		—			(37	)		(66	)		—			(176	)
Class R		—			—			—			(3	)		—			(2	)
Class Y		(2,549	)		—			(4,412	)		(9,515	)		(829	)		(25,969	)
Net realized gain on investments:
Class A		—			—			—			(975	)		—			(160	)
Class B		—			—			—			(119	)		—			(21	)
Class C		—			—			—			(83	)		—			(17	)
Class R		—			—			—			(2	)		—			—
Class Y		—			—			—			(6,504	)		—			(1,245	)
Total distributions		(3,599	)		—			(6,225	)		(18,599	)		(918	)		(30,860	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		6,445			1,355			13,247			6,497			862			21,141
Reinvestment of distributions		936			—			1,585			2,060			82			2,988
Payments for redemptions		(14,696	)		(1,628	)		(34,236	)		(24,706	)		(3,060	)		(47,176	)
Decrease in net assets from Class A transactions		(7,315	)		(273	)		(19,404	)		(16,149	)		(2,116	)		(23,047	)
Class B:
Proceeds from sales		233			40			1,081			550			70			1,913
Reinvestment of distributions		75			—			142			202			—			229
Payments for redemptions (note 3)		(4,501	)		(1,003	)		(11,765	)		(2,811	)		(367	)		(6,332	)
Decrease in net assets from Class B transactions		(4,193	)		(963	)		(10,542	)		(2,059	)		(297	)		(4,190	)
Class C:
Proceeds from sales		367			29			860			504			107			1,226
Reinvestment of distributions		9			—			36			148			—			192
Payments for redemptions (note 3)		(1,701	)		(685	)		(1,977	)		(4,005	)		(663	)		(6,129	)
Decrease in net assets from Class C transactions		(1,325	)		(656	)		(1,081	)		(3,353	)		(556	)		(4,711	)
Class R:
Proceeds from sales		14			—			—			66			9			422
Reinvestment of distributions		—			—			—			5			—			2
Payments for redemptions		—			—			—			(7	)		(1	)		(25	)
Increase in net assets from Class R transactions		14			—			—			64			8			399
Class Y:
Proceeds from sales		20,413			2,780			38,526			36,787			4,504			172,670
Reinvestment of distributions		2,405			—			4,180			6,660			233			9,228
Payments for redemptions		(41,505	)		(7,309	)		(96,953	)		(152,882	)		(23,083	)		(497,089	)
Decrease in net assets from Class Y transactions		(18,687	)		(4,529	)		(54,247	)		(109,435	)		(18,346	)		(315,191	)
Decrease in net assets from capital share transactions		(31,506	)		(6,421	)		(85,274	)		(130,932	)		(21,307	)		(346,740	)
Total decrease in net assets		(4,605	)		(11,843	)		(33,158	)		(12,929	)		(43,544	)		(210,439	)
Net assets at beginning of period		391,288			403,131			436,289			1,377,999			1,421,543			1,631,982
Net assets at end of period	$	386,683		$	391,288		$	403,131		$	1,365,070		$	1,377,999		$	1,421,543
Undistributed (distributions in excess of) net investment income at end of period	$	365		$	634		$	270		$	584		$	124		$	(1	)

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

FIRST AMERICAN FUNDS Semiannual Report 2006

96

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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 (10)
Balanced Fund (1)
Class A
	2006	(2) (3)	$	11.27	$	0.09	$	0.81		$	(0.10	)	$	—		$	12.07		8.01	%
	2005	(3) (4)		11.43		0.01		(0.17	)		—			—			11.27		(1.40	)
	2005	(3) (5)		10.12		0.15		1.31			(0.15	)		—			11.43		14.51
	2004	(3) (5)		9.47		0.13		0.66			(0.14	)		—			10.12		8.39
	2003	(5)		8.38		0.17		1.08			(0.16	)		—			9.47		14.98
	2002	(3) (5)		9.50		0.20		(1.12	)		(0.20	)		—			8.38		(9.90	)
	2001	(3) (6)		13.83		0.18		(2.24	)		(0.20	)		(2.07	)		9.50		(17.03	)
Class B
	2006	(2) (3)	$	11.18	$	0.05	$	0.80		$	(0.05	)	$	—		$	11.98		7.63	%
	2005	(3) (4)		11.34		—		(0.16	)		—			—			11.18		(1.41	)
	2005	(3) (5)		10.04		0.07		1.30			(0.07	)		—			11.34		13.64
	2004	(3) (5)		9.41		0.05		0.65			(0.07	)		—			10.04		7.46
	2003	(5)		8.32		0.10		1.08			(0.09	)		—			9.41		14.25
	2002	(3) (5)		9.44		0.13		(1.12	)		(0.13	)		—			8.32		(10.64	)
	2001	(3) (6)		13.75		0.17		(2.29	)		(0.13	)		(2.06	)		9.44		(17.64	)
Class C
	2006	(2) (3)	$	11.22	$	0.05	$	0.80		$	(0.02	)	$	—		$	12.05		7.60	%
	2005	(3) (4)		11.38		—		(0.16	)		—			—			11.22		(1.41	)
	2005	(3) (5)		10.08		0.07		1.30			(0.07	)		—			11.38		13.61
	2004	(3) (5)		9.44		0.05		0.66			(0.07	)		—			10.08		7.53
	2003	(5)		8.35		0.09		1.10			(0.10	)		—			9.44		14.24
	2002	(3) (5)		9.49		0.13		(1.14	)		(0.13	)		—			8.35		(10.77	)
	2001	(3) (7)		9.29		—		0.20			—			—			9.49		2.15
Class R (8)
	2006	(2) (3)	$	11.29	$	0.06	$	0.84		$	(0.04	)	$	—		$	12.15		7.94	%
	2005	(3) (4)		11.45		0.01		(0.17	)		—			—			11.29		(1.40	)
	2005	(3) (5)		10.14		0.11		1.32			(0.12	)		—			11.45		14.16
	2004	(3) (5)		9.49		0.14		0.64			(0.13	)		—			10.14		8.22
	2003	(5)		8.39		0.15		1.10			(0.15	)		—			9.49		15.08
	2002	(3) (5)		9.50		0.20		(1.12	)		(0.19	)		—			8.39		(9.90	)
	2001	(3) (9)		11.27		0.18		(1.74	)		(0.21	)		—			9.50		(14.03	)
Class Y
	2006	(2) (3)	$	11.31	$	0.11	$	0.81		$	(0.12	)	$	—		$	12.11		8.15	%
	2005	(3) (4)		11.46		0.01		(0.16	)		—			—			11.31		(1.31	)
	2005	(3) (5)		10.15		0.17		1.32			(0.18	)		—			11.46		14.76
	2004	(3) (5)		9.50		0.16		0.66			(0.17	)		—			10.15		8.62
	2003	(5)		8.40		0.19		1.09			(0.18	)		—			9.50		15.35
	2002	(3) (5)		9.53		0.23		(1.13	)		(0.23	)		—			8.40		(9.74	)
	2001	(3) (6)		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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

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

  (4)  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.

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

  (6)  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.

  (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.

  (9)  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.

  (10)  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 Semiannual Report 2006

98

FIRST AMERICAN FUNDS Semiannual Report 2006

			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
	2006	(2) (3)	$	113,051		1.10	%		1.58	%		1.21	%		1.47	%		62	%
	2005	(3) (4)		112,557		1.10			0.90			1.21			0.79			12
	2005	(3) (5)		114,388		1.06			1.35			1.21			1.20			147
	2004	(3) (5)		119,292		1.05			1.27			1.19			1.13			110
	2003	(5)		98,016		1.05			1.75			1.23			1.57			156
	2002	(3) (5)		98,557		1.05			2.07			1.23			1.89			79
	2001	(3) (6)		127,590		1.22			1.96			1.28			1.90			54
Class B
	2006	(2) (3)	$	16,483		1.85	%		0.85	%		1.96	%		0.74	%		62	%
	2005	(3) (4)		19,409		1.85			0.15			1.96			0.04			12
	2005	(3) (5)		20,657		1.81			0.60			1.96			0.45			147
	2004	(3) (5)		28,101		1.80			0.54			1.94			0.40			110
	2003	(5)		33,015		1.80			1.00			1.98			0.82			156
	2002	(3) (5)		35,641		1.80			1.32			1.98			1.14			79
	2001	(3) (6)		47,150		1.93			1.22			1.99			1.16			54
Class C
	2006	(2) (3)	$	3,805		1.85	%		0.85	%		1.96	%		0.74	%		62	%
	2005	(3) (4)		4,787		1.85			0.15			1.96			0.04			12
	2005	(3) (5)		5,528		1.81			0.60			1.96			0.45			147
	2004	(3) (5)		5,890		1.80			0.55			1.94			0.41			110
	2003	(5)		7,089		1.80			0.99			1.98			0.81			156
	2002	(3) (5)		2,233		1.80			1.32			1.98			1.14			79
	2001	(3) (7)		2,351		0.94			2.20			0.94			2.20			54
Class R (8)
	2006	(2) (3)	$	15		1.35	%		0.96	%		1.61	%		0.70	%		62	%
	2005	(3) (4)		1		1.35			0.65			1.61			0.39			12
	2005	(3) (5)		1		1.31			1.06			1.61			0.76			147
	2004	(3) (5)		1		1.05			1.39			1.19			1.25			110
	2003	(5)		23,844		1.05			1.76			1.23			1.58			156
	2002	(3) (5)		36,194		1.05			2.07			1.23			1.89			79
	2001	(3) (9)		39,527		1.22			1.94			1.28			1.88			54
Class Y
	2006	(2) (3)	$	253,329		0.85	%		1.84	%		0.96	%		1.73	%		62	%
	2005	(3) (4)		254,534		0.85			1.15			0.96			1.04			12
	2005	(3) (5)		262,557		0.81			1.60			0.96			1.45			147
	2004	(3) (5)		283,005		0.80			1.55			0.94			1.41			110
	2003	(5)		363,157		0.80			2.00			0.98			1.82			156
	2002	(3) (5)		290,288		0.80			2.32			0.98			2.14			79
	2001	(3) (6)		375,983		0.97			2.21			1.04			2.14			54

99

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 (7)
Equity Income Fund (1)
Class A
	2006	(2)	$	13.67	$	0.10	$	1.29		$	(0.10	)	$	(0.08	)	$	14.88		10.23	%
	2005	(3)		13.89		0.01		(0.22	)		(0.01	)		—			13.67		(1.53	)
	2005	(4)		12.77		0.20		1.15			(0.22	)		(0.01	)		13.89		10.65
	2004	(4)		11.56		0.18		1.23			(0.20	)		—			12.77		12.26
	2003	(4)		9.58		0.18		1.99			(0.19	)		—			11.56		22.81
	2002	(4)		12.13		0.16		(2.48	)		(0.19	)		(0.04	)		9.58		(19.51	)
	2001	(4)		16.29		0.29		(0.74	)		(0.32	)		(3.39	)		12.13		(3.89	)
Class B
	2006	(2)	$	13.57	$	0.05	$	1.28		$	(0.06	)	$	(0.08	)	$	14.76		9.86	%
	2005	(3)		13.79		—		(0.22	)		—			—			13.57		(1.60	)
	2005	(4)		12.68		0.10		1.14			(0.12	)		(0.01	)		13.79		9.86
	2004	(4)		11.49		0.08		1.22			(0.11	)		—			12.68		11.37
	2003	(4)		9.52		0.10		1.98			(0.11	)		—			11.49		21.97
	2002	(4)		12.07		0.09		(2.49	)		(0.11	)		(0.04	)		9.52		(20.10	)
	2001	(4)		16.24		0.18		(0.75	)		(0.21	)		(3.39	)		12.07		(4.64	)
Class C
	2006	(2)	$	13.59	$	0.05	$	1.28		$	(0.06	)	$	(0.08	)	$	14.78		9.84	%
	2005	(3)		13.81		—		(0.22	)		—			—			13.59		(1.59	)
	2005	(4)		12.70		0.11		1.13			(0.12	)		(0.01	)		13.81		9.84
	2004	(4)		11.51		0.08		1.22			(0.11	)		—			12.70		11.34
	2003	(4)		9.54		0.10		1.98			(0.11	)		—			11.51		21.95
	2002	(4)		12.09		0.10		(2.50	)		(0.11	)		(0.04	)		9.54		(20.08	)
	2001	(4)		16.28		0.18		(0.76	)		(0.22	)		(3.39	)		12.09		(4.74	)
Class R (5)
	2006	(2)	$	13.66	$	0.08	$	1.30		$	(0.09	)	$	(0.08	)	$	14.87		10.12	%
	2005	(3)		13.88		0.01		(0.23	)		—			—			13.66		(1.55	)
	2005	(4)		12.78		0.11		1.20			(0.20	)		(0.01	)		13.88		10.33
	2004	(4)		11.56		0.19		1.22			(0.19	)		—			12.78		12.18
	2003	(4)		9.57		0.19		1.99			(0.19	)		—			11.56		22.91
	2002	(4)		12.12		0.15		(2.47	)		(0.19	)		(0.04	)		9.57		(19.47	)
	2001	(6)		11.57		0.01		0.54			—			—			12.12		4.75
Class Y
	2006	(2)	$	13.76	$	0.12	$	1.30		$	(0.12	)	$	(0.08	)	$	14.98		10.35	%
	2005	(3)		13.98		0.01		(0.21	)		(0.01	)		(0.01	)		13.76		(1.50	)
	2005	(4)		12.85		0.24		1.15			(0.25	)		(0.01	)		13.98		10.94
	2004	(4)		11.63		0.21		1.24			(0.23	)		—			12.85		12.54
	2003	(4)		9.63		0.21		2.00			(0.21	)		—			11.63		23.20
	2002	(4)		12.20		0.21		(2.52	)		(0.22	)		(0.04	)		9.63		(19.30	)
	2001	(4)		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 six-month period ended April 30, 2006 (unaudited). All ratios for the period have been annualized, except total return and portfolio turnover.

  (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)  Prior to July 1, 2004, Class R shares were named Class S shares.

  (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)  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.

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FIRST AMERICAN FUNDS Semiannual Report 2006

			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
	2006	(2)	$	170,630		1.17	%		1.46	%		1.17	%		1.46	%		13	%
	2005	(3)		171,998		1.20			0.70			1.20			0.70			—
	2005	(4)		176,878		1.16			1.51			1.19			1.48			27
	2004	(4)		184,381		1.15			1.39			1.19			1.35			12
	2003	(4)		144,282		1.15			1.70			1.20			1.65			43
	2002	(4)		128,142		1.15			1.43			1.20			1.38			38
	2001	(4)		24,557		1.00			1.97			1.15			1.82			33
Class B
	2006	(2)	$	20,708		1.92	%		0.71	%		1.92	%		0.71	%		13	%
	2005	(3)		21,003		1.95			(0.05	)		1.95			(0.05	)		—
	2005	(4)		21,639		1.91			0.78			1.94			0.75			27
	2004	(4)		23,869		1.90			0.65			1.94			0.61			12
	2003	(4)		22,156		1.90			0.95			1.95			0.90			43
	2002	(4)		18,699		1.90			0.80			1.95			0.75			38
	2001	(4)		11,516		1.75			1.20			1.90			1.05			33
Class C
	2006	(2)	$	13,191		1.92	%		0.73	%		1.92	%		0.73	%		13	%
	2005	(3)		15,313		1.95			(0.05	)		1.95			(0.05	)		—
	2005	(4)		16,128		1.91			0.79			1.94			0.76			27
	2004	(4)		19,300		1.90			0.66			1.94			0.62			12
	2003	(4)		19,386		1.90			0.95			1.95			0.90			43
	2002	(4)		11,171		1.90			0.86			1.95			0.81			38
	2001	(4)		8,028		1.75			1.20			1.90			1.05			33
Class R (5)
	2006	(2)	$	521		1.42	%		1.18	%		1.57	%		1.03	%		13	%
	2005	(3)		418		1.45			0.45			1.60			0.30			—
	2005	(4)		415		1.41			0.83			1.59			0.65			27
	2004	(4)		1		1.15			1.52			1.19			1.48			12
	2003	(4)		17,170		1.15			1.80			1.20			1.75			43
	2002	(4)		36,522		1.15			1.34			1.20			1.29			38
	2001	(6)		328		1.23			4.08			1.42			3.89			33
Class Y
	2006	(2)	$	1,160,020		0.92	%		1.71	%		0.92	%		1.71	%		13	%
	2005	(3)		1,169,267		0.95			0.95			0.95			0.95			—
	2005	(4)		1,206,483		0.91			1.80			0.94			1.77			27
	2004	(4)		1,404,431		0.90			1.65			0.94			1.61			12
	2003	(4)		1,278,470		0.90			1.95			0.95			1.90			43
	2002	(4)		678,352		0.90			1.80			0.95			1.75			38
	2001	(4)		267,361		0.75			2.21			0.90			2.06			33

101

Notes to Financial Statements(unaudited as of April 30, 2006)

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, 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 April 30, 2006, 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 open-end management investment company. The Real Esta te 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. 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 and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class' servicing or distribution arrangements.

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.

2 >  Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds' investments are furnished by an independent pricing service that has been approved by the funds' board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask will be the closing price. If the last trade is below the bid, the bid will be the closing pr ice. 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 appr oved 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

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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 April 30, 2006, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a total value of $371,413, $2,203,449, and $117,611, respec tively, or 0.0%, 0.6%, 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 Opportunities Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund and 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 fiscal period that the differences arise.

The tax 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 six-month period ended

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Notes to Financial Statementscontinued

April 30, 2006 (estimated), the one-month fiscal period ended October 31, 2005, and the fiscal year ended September 30, 2005, were as follows (000):

	April 30, 2006
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Real Estate Securities Fund	$	10,422	$	77,357	$	—	$	87,779
International Fund		19,958		—		—		19,958
Small Cap Growth Opportunities Fund		—		55,521		—		55,521
Small Cap Select Fund		—		158,448		—		158,448
Small Cap Value Fund		1,966		89,642		—		91,608
Mid Cap Growth Opportunities Fund		—		157,472		—		157,472
Mid Cap Value Fund		3,338		35,612		—		38,950
Large Cap Select Fund		1,391		15,220		—		16,611
Large Cap Value Fund		5,775		27,828		—		33,603
Balanced Fund		3,599		—		—		3,599
Equity Income Fund		10,916		7,683		—		18,599
	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

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.

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As of October 31, 2005, the following funds had capital loss carryforwards (000), which, if not offset by subsequent capital gains, will expire on the funds' fiscal year-ends as follows:

	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.

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. 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 index, 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 record s 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 April 30, 2006, 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

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Notes to Financial Statementscontinued

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 April 30, 2006, 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 is 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 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 April 30, 2006, 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 Balanced Fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction. Such securities do not earn interest, are subject to market fluctuations, and may increase or decrease in value prior to their delivery. The fund segregates assets with a market value equal to or greater than the amount of that fund's 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 April 30, 2006, Balanced Fund had the following outstanding when-issued commitments (000):

Fund	Cost		Segregated Assets
Balanced Fund	$	6,002	$	128,595

In connection with its ability to purchase securities on a when-issued basis, Balanced 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 April 30, 2006, Balanced Fund 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 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

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determined to be liquid in accordance with procedures adopted by the funds' board of directors. At April 30, 2006, Real Estate Securities Fund, Small Cap Growth Opportunities Fund, and Balanced Fund had investments in illiquid securities with a total value of $371,413, $2,203,449, and $117,611, respectively, or 0.0%, 0.6%, 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)
Kuhlman Company		1,408,401	1/06	$	2,896
Kuhlman Company Warrants		281,680	1/06		273
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	$	588		1/99-11/02	$	588

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 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. Cash collateral is invested in short term high quality U.S. dollar denominated securities that would be eligible for inves tment by a money market fund under Investment Company Act Rule 2a-7. As of April 30, 2006, 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	$	126,913	$	109,647	$	117,604	$	3,950	$	6,807	$	364,921
International Fund		—		—		—		372,266		—		372,266
Small Cap Growth Opportunities Fund		44,505		38,451		41,241		1,386		2,387		127,970
Small Cap Select Fund		120,533		104,135		111,693		3,752		6,465		346,578
Small Cap Value Fund		43,620		37,685		40,420		1,358		2,340		125,423
Small-Mid Cap Core Fund		12,053		10,413		11,170		375		647		34,658
Mid Cap Growth Opportunities Fund		223,581		193,164		207,182		6,960		11,993		642,880
Mid Cap Value Fund		92,294		79,738		85,525		2,873		4,950		265,380
Large Cap Growth Opportunities Fund		111,575		96,395		103,391		3,473		5,985		320,819
Large Cap Select Fund		44,359		38,324		41,106		1,381		2,379		127,549
Large Cap Value Fund		84,577		73,070		78,373		2,633		4,536		243,189
Balanced Fund		41,260		35,647		38,233		1,284		2,213		118,637
Equity Income Fund		80,166		69,260		74,286		2,495		4,300		230,507

FAF Advisors, Inc. ("FAF Advisors"), formerly U.S. Bancorp Asset Management, Inc., serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. FAF Advisors 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"). Effective January 1, 2006, FAF Advisors receives fees equal to 32% of each fund's income from securities lending transactions. Prior to January 1, 2006, such fees were 35% 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 FAF Advisors by the funds for the six-month period ended April 30, 2006, were as follows (000):

Fund	4/30/06
Real Estate Securities Fund	$	73
International Fund		123
Small Cap Growth Opportunities Fund		57
Small Cap Select Fund		108
Small Cap Value Fund		29
Small-Mid Cap Core Fund		8
Mid Cap Growth Opportunities Fund		125
Mid Cap Value Fund		51
Large Cap Growth Opportunities Fund		55
Large Cap Select Fund		21
Large Cap Value Fund		46
Balanced Fund		43
Equity Income Fund		54

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Notes to Financial Statementscontinued

Income from securities lending is recorded on the Statement of Operations as securities lending income net of fees paid to FAF Advisors.

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 rate 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 the counterparty to the agreements may default on its obligation to perform or disagree a s 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 six-month period ended April 30, 2006, Real Estate Securities Fund, International Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund received settlement proceeds of $28,767, $204,969, $218,033, $97,418, $37,339, $105,623, $2,555, $8,439, $6,256, $3,548 and $137,345, respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolio. The funds received no securities litigation income on securities currently held.

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including 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 six-month period ended April 30, 2006.

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

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and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

3 >  Fees and Expenses

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

Fund	Advisory Fee as a % of Average Daily Net Assets
Real Estate Securities Fund		0.70	%
International Fund		1.00
Small Cap Growth Opportunities Fund		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 (1)		0.65
Large Cap Select Fund (1)		0.65
Large Cap Value Fund (1)		0.65
Balanced Fund (1)		0.65
Equity Income Fund (1)		0.65

(1) 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.

FAF Advisors has agreed to waive fees and reimburse other fund expenses for certain funds at least 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

The funds may invest in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acts as the investment advisor to both the investing funds and the related money market funds, FAF Advisors will reimburse each investing fund an amount equal to that portion of FAF Advisor'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.

ADMINISTRATION FEES – FAF Advisors serves as the funds' administrator pursuant to an administration agreement between FAF Advisors and the funds. U.S. Bancorp Fund Services, LLC ("USBFS") serves as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association ("U.S. Bank"). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. The funds pay FAF Advisors administration fees, which are calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.15% 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 aggregate 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 FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

For the six-month period ended April 30, 2006, administration fees paid to FAF Advisors by the funds included in this semiannual report were as follows (000):

Fund	4/30/06
Real Estate Securities Fund	$	446
International Fund		1,069
Small Cap Growth Opportunities Fund		205
Small Cap Select Fund		539
Small Cap Value Fund		265
Small-Mid Cap Core Fund		57
Mid Cap Growth Opportunities Fund		1,062
Mid Cap Value Fund		475
Large Cap Growth Opportunities Fund		648
Large Cap Select Fund		253
Large Cap Value Fund		566
Balanced Fund		247
Equity Income Fund		870

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Notes to Financial Statementscontinued

SUB-ADVISORY FEES – J. P. Morgan Investment Management Inc. ("JPMorgan") serves as investment sub-advisor to the International Fund, pursuant to a Sub-Advisory Agreement with FAF Advisors. For its services under the Sub-Advisory Agreement with FAF Advisors, JPMorgan is paid a monthly fee by FAF Advisors equal, on an annual basis, 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 $1.25 billion of the fund's average daily net assets and 0.22% of the fund's average daily net assets in excess of $1.6 billion.

TRANSFER AGENT FEES – USBFS 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 customary services for such accounts. In addition to these fees, the funds may reimburse USBF S for out-of-pocket expenses incurred in providing transfer agent services.

For the six-month period ended April 30, 2006, transfer agent fees paid to USBFS by the funds included in this semiannual report were as follows (000):

Fund	4/30/06
Real Estate Securities Fund	$	478
International Fund		1,145
Small Cap Growth Opportunities Fund		219
Small Cap Select Fund		578
Small Cap Value Fund		284
Small-Mid Cap Core Fund		61
Mid Cap Growth Opportunities Fund		1,138
Mid Cap Value Fund		508
Large Cap Growth Opportunities Fund		694
Large Cap Select Fund		270
Large Cap Value Fund		607
Balanced Fund		265
Equity Income Fund		933

CUSTODIAN FEES – U.S. Bank serves as the funds' custodian pursuant to a custodian agreement with FAIF for all funds except the International Fund. The fee for each fund (except the International Fund) is equal 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.

Under the custodian agreements, interest earned on uninvested cash balances is used to reduce a portion of each fund's custodian expenses. These credits, if any, are disclosed as "Indirect payments from custodian" in the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which will increase the fund's custodian expenses.

The International Fund has also entered into an additional agreement with its custodian to receive credits to reduce the gross amount of custody fees incurred. These credits are also disclosed as "Indirect payments from custodian" in the Statement of Operations.

For the six-month period ended April 30, 2006, custodian fees were increased as a result of overdrafts, and decreased as a result of interest earned and credits received, as follows:

Fund	Increased		Decreased
Real Estate Securities Fund	$	248	$	3,983
International Fund		570		272,984
Small Cap Growth Opportunities Fund		166		3,693
Small Cap Select Fund		5,559		5,040
Small Cap Value Fund		936		1,454
Small-Mid Cap Core Fund		648		620
Mid Cap Growth Opportunities Fund		—		8,268
Mid Cap Value Fund		—		6,584
Large Cap Growth Opportunities Fund		2,931		1,616
Large Cap Select Fund		—		2,138
Large Cap Value Fund		—		812
Balanced Fund		1,021		3,873
Equity Income Fund		1,628		1,927

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

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compensation for sales support, distribution activities, or shareholder servicing activities.

FAIF has also adopted and entered into a shareholder servicing plan and agreement with FAF Advisors with respect to the Class R shares. Each fund except Small-Mid Cap Core Fund (which does not issue Class R shares) pays FAF Advisors 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. FAF Advisors 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 six-month period ended April 30, 2006 (000):

Fund	4/30/06
Real Estate Securities Fund	$	200
International Fund		52
Small Cap Growth Opportunities Fund		109
Small Cap Select Fund		135
Small Cap Value Fund		69
Small-Mid Cap Core Fund		34
Mid Cap Growth Opportunities Fund		287
Mid Cap Value Fund		156
Large Cap Growth Opportunities Fund		113
Large Cap Select Fund		15
Large Cap Value Fund		119
Balanced Fund		166
Equity Income Fund		249

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying other operating expenses, including legal, auditing, registration fees, postage and printing of shareholder reports, insurance, and other miscellaneous expenses. For the six-month period ended April 30, 2006, legal fees and expenses of $39,855 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 12 months.

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

For the six-month period ended April 30, 2006, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the funds' shares were as follows (000):

Fund	4/30/06
Real Estate Securities Fund	$	53
International Fund		56
Small Cap Growth Opportunities Fund		62
Small Cap Select Fund		91
Small Cap Value Fund		64
Small-Mid Cap Core Fund		23
Mid Cap Growth Opportunities Fund		202
Mid Cap Value Fund		92
Large Cap Growth Opportunities Fund		74
Large Cap Select Fund		36
Large Cap Value Fund		41
Balanced Fund		58
Equity Income Fund		121

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Notes to Financial Statementscontinued

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
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
Class A:
Shares issued		1,531			136			2,268			576			116			900			645			41			805
Shares issued in lieu of cash distributions		904			—			504			37			—			23			735			—			553
Shares redeemed		(1,131	)		(136	)		(1,219	)		(913	)		(73	)		(1,335	)		(607	)		(163	)		(2,445	)
Total Class A transactions		1,304			—			1,553			(300	)		43			(412	)		773			(122	)		(1,087	)
Class B:
Shares issued		25			3			57			51			13			56			18			1			28
Shares issued in lieu of cash distributions		26			—			19			2			—			—			84			—			57
Shares redeemed		(31	)		(12	)		(98	)		(86	)		(18	)		(235	)		(62	)		(7	)		(130	)
Total Class B transactions		20			(9	)		(22	)		(33	)		(5	)		(179	)		40			(6	)		(45	)
Class C:
Shares issued		53			3			75			47			2			70			30			1			23
Shares issued in lieu of cash distributions		29			—			20			2			—			—			30			—			27
Shares redeemed		(41	)		(12	)		(96	)		(78	)		(23	)		(269	)		(39	)		(4	)		(132	)
Total Class C transactions		41			(9	)		(1	)		(29	)		(21	)		(199	)		21			(3	)		(82	)
Class R:
Shares issued		195			1			3			—			—			35			19			—			1
Shares issued in lieu of cash distributions		2			—			—			—			—			—			—			—			—
Shares redeemed		(25	)		—			(1	)		—			(13	)		(22	)		(2	)		—			(1	)
Total Class R transactions		172			1			2			—			(13	)		13			17			—			—
Class Y:
Shares issued		3,264			283			6,209			9,568			2,883			28,181			1,319			143			1,632
Shares issued in lieu of cash distributions		1,805			—			1,073			865			—			542			1,388			—			839
Shares redeemed		(2,621	)		(811	)		(5,485	)		(13,543	)		(1,081	)		(16,895	)		(1,182	)		(190	)		(3,522	)
Total Class Y transactions		2,448			(528	)		1,797			(3,110	)		1,802			11,828			1,525			(47	)		(1,051	)
Net increase (decrease) in capital shares		3,985			(545	)		3,329			(3,472	)		1,806			11,051			2,376			(178	)		(2,265	)

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	Small Cap Select Fund									Small Cap Value Fund									Small-Mid Cap Core Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
Class A:
Shares issued		1,976			151			1,586			451			34			526			731			97			653
Shares issued in lieu of cash distributions		1,596			—			1,274			769			—			432			—			—			—
Shares redeemed		(1,297	)		(109	)		(2,207	)		(357	)		(57	)		(656	)		(645	)		(85	)		(1,583	)
Total Class A transactions		2,275			42			653			863			(23	)		302			86			12			(930	)
Class B:
Shares issued		53			2			118			22			2			57			32			3			64
Shares issued in lieu of cash distributions		260			—			206			167			—			104			—			—			—
Shares redeemed		(115	)		(15	)		(221	)		(127	)		(13	)		(185	)		(294	)		(40	)		(655	)
Total Class B transactions		198			(13	)		103			62			(11	)		(24	)		(262	)		(37	)		(591	)
Class C:
Shares issued		206			12			229			31			2			60			96			7			52
Shares issued in lieu of cash distributions		217			—			192			85			—			50			—			—			—
Shares redeemed		(165	)		(47	)		(364	)		(79	)		(8	)		(93	)		(174	)		(17	)		(329	)
Total Class C transactions		258			(35	)		57			37			(6	)		17			(78	)		(10	)		(277	)
Class R:
Shares issued		104			8			22			45			—			—			—			—			—
Shares issued in lieu of cash distributions		6			—			1			1			—			—			—			—			—
Shares redeemed		(10	)		(6	)		(4	)		(3	)		—			—			—			—			—
Total Class R transactions		100			2			19			43			—			—			—			—			—
Class Y:
Shares issued		4,295			233			6,525			2,311			175			3,781			3,738			140			2,087
Shares issued in lieu of cash distributions		7,353			—			6,437			4,769			—			3,016			—			—			—
Shares redeemed		(6,825	)		(934	)		(16,385	)		(3,772	)		(509	)		(7,079	)		(1,233	)		(264	)		(3,915	)
Total Class Y transactions		4,823			(701	)		(3,423	)		3,308			(334	)		(282	)		2,505			(124	)		(1,828	)
Net increase (decrease) in capital shares		7,654			(705	)		(2,591	)		4,313			(374	)		13			2,251			(159	)		(3,626	)

	Mid Cap Growth Opportunities Fund									Mid Cap Value Fund									Large Cap Growth Opportunities Fund
Six-Month Period Ended	One-Month 4/30/06 (unaudited)			Year Period Ended 10/31/05			Six-Month Period Ended Ended 9/30/05			One-Month 4/30/06 (unaudited)			Year Period Ended 10/31/05			Six-Month Period Ended Ended 9/30/05			One-Month 4/30/06 (unaudited)			Year Period Ended 10/31/05			Ended 9/30/05
Class A:
Shares issued		2,059			176			3,556			1,883			186			1,266			259			34			565
Shares issued in lieu of cash distributions		775			—			683			142			—			7			—			—			8
Shares redeemed		(2,511	)		(106	)		(1,128	)		(305	)		(37	)		(510	)		(684	)		(89	)		(1,246	)
Total Class A transactions		323			70			3,111			1,720			149			763			(425	)		(55	)		(673	)
Class B:
Shares issued		45			3			90			40			4			91			17			2			45
Shares issued in lieu of cash distributions		42			—			49			21			—			—			—			—			1
Shares redeemed		(35	)		(4	)		(58	)		(100	)		(28	)		(179	)		(143	)		(22	)		(356	)
Total Class B transactions		52			(1	)		81			(39	)		(24	)		(88	)		(126	)		(20	)		(310	)
Class C:
Shares issued		124			11			182			205			19			179			12			2			45
Shares issued in lieu of cash distributions		45			—			54			18			—			—			—			—			—
Shares redeemed		(87	)		(44	)		(142	)		(40	)		(7	)		(44	)		(58	)		(14	)		(160	)
Total Class C transactions		82			(33	)		94			183			12			135			(46	)		(12	)		(115	)
Class R:
Shares issued		201			4			145			204			18			15			6			1			10
Shares issued in lieu of cash distributions		27			—			—			3			—			—			—			—			—
Shares redeemed		(20	)		(2	)		(12	)		(15	)		—			—			—			—			—
Total Class R transactions		208			2			133			192			18			15			6			1			10
Class Y:
Shares issued		2,362			228			5,339			2,729			271			6,771			2,493			501			6,018
Shares issued in lieu of cash distributions		2,385			—			3,346			1,063			—			99			—			—			59
Shares redeemed		(2,984	)		(489	)		(8,873	)		(1,869	)		(357	)		(3,514	)		(2,693	)		(350	)		(22,930	)
Total Class Y transactions		1,763			(261	)		(188	)		1,923			(86	)		3,356			(200	)		151			(16,853	)
Net increase (decrease) in capital shares		2,428			(223	)		3,231			3,979			69			4,181			(791	)		65			(17,941	)

FIRST AMERICAN FUNDS Semiannual Report 2006

113

Notes to Financial Statementscontinued

	Large Cap Select Fund									Large Cap Value Fund									Balanced Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05			Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
Class A:
Shares issued		235			35			334			320			53			935			550			120			1,220
Shares issued in lieu of cash distributions		9			—			1			215			—			54			80			—			145
Shares redeemed		(216	)		(4	)		(26	)		(1,017	)		(71	)		(1,521	)		(1,250	)		(146	)		(3,146	)
Total Class A transactions		28			31			309			(482	)		(18	)		(532	)		(620	)		(26	)		(1,781	)
Class B:
Shares issued		8			1			25			12			1			38			20			4			100
Shares issued in lieu of cash distributions		1			—			—			25			—			3			6			—			13
Shares redeemed		(7	)		—			(7	)		(207	)		(36	)		(577	)		(386	)		(89	)		(1,091	)
Total Class B transactions		2			1			18			(170	)		(35	)		(536	)		(360	)		(85	)		(978	)
Class C:
Shares issued		4			—			10			11			3			36			31			3			79
Shares issued in lieu of cash distributions		—			—			—			10			—			1			1			—			4
Shares redeemed		—			—			(2	)		(43	)		(12	)		(121	)		(143	)		(62	)		(181	)
Total Class C transactions		4			—			8			(22	)		(9	)		(84	)		(111	)		(59	)		(98	)
Class R:
Shares issued		3			—			—			1			—			—			1			—			—
Shares issued in lieu of cash distributions		—			—			—			—			—			—			—			—			—
Shares redeemed		—			—			—			—			—			—			—			—			—
Total Class R transactions		3			—			—			1			—			—			1			—			—
Class Y:
Shares issued		7,114			1,217			16,640			1,989			230			4,666			1,726			248			3,524
Shares issued in lieu of cash distributions		485			—			358			916			5			335			204			—			382
Shares redeemed		(1,509	)		(160	)		(17,545	)		(3,324	)		(502	)		(26,155	)		(3,515	)		(650	)		(8,890	)
Total Class Y transactions		6,090			1,057			(547	)		(419	)		(267	)		(21,154	)		(1,585	)		(402	)		(4,984	)
Net increase (decrease) in capital shares		6,127			1,089			(212	)		(1,092	)		(329	)		(22,306	)		(2,675	)		(572	)		(7,841	)

	Equity Income Fund
	Six-Month Period Ended 4/30/06 (unaudited)			One-Month Period Ended 10/31/05			Year Ended 9/30/05
Class A:
Shares issued		452			64			1,568
Shares issued in lieu of cash distributions		144			6			222
Shares redeemed		(1,713	)		(226	)		(3494	)
Total Class A transactions		(1,117	)		(156	)		(1,704	)
Class B:
Shares issued		38			5			144
Shares issued in lieu of cash distributions		14			—			17
Shares redeemed		(197	)		(27	)		(473	)
Total Class B transactions		(145	)		(22	)		(312	)
Class C:
Shares issued		35			8			92
Shares issued in lieu of cash distributions		11			—			14
Shares redeemed		(280	)		(50	)		(457	)
Total Class C transactions		(234	)		(42	)		(351	)
Class R:
Shares issued		5			1			32
Shares issued in lieu of cash distributions		—			—			—
Shares redeemed		(1	)		—			(2	)
Total Class R transactions		4			1			30
Class Y:
Shares issued		2,538			333			12,906
Shares issued in lieu of cash distributions		463			17			681
Shares redeemed		(10,558	)		(1,701	)		(36,568	)
Total Class Y transactions		(7,557	)		(1,351	)		(22,981	)
Net decrease in capital shares		(9,049	)		(1,570	)		(25,318	)

FIRST AMERICAN FUNDS Semiannual Report 2006

114

Class B shares converted to Class A shares (reflected as Class A shares issued and Class B shares redeemed) during the six-month period ended April 30, 2006, the one-month fiscal period ended October 31, 2005, and the fiscal year ended September 30, 2005, were as follows (000):

Fund	Six-Month Period Ended 4/30/06		One-Month Period Ended 10/31/05		Year Ended 9/30/05
Real Estate Securities Fund		8		4		23
International Fund		22		3		40
Small Cap Growth Opportunities Fund		25		1		10
Small Cap Select Fund		32		2		38
Small Cap Value Fund		34		6		77
Small-Mid Cap Core Fund		98		15		138
Mid Cap Growth Opportunities Fund		8		—		8
Mid Cap Value Fund		56		16		91
Large Cap Growth Opportunities Fund		80		10		176
Large Cap Value Fund		128		27		326
Balanced Fund		190		48		469
Equity Income Fund		65		7		175

5 >  Investment Security Transactions

During the six-month period ended April 30, 2006, 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	$	—	$	—	$	558,190	$	546,552
International Fund		—		—		127,936		136,383
Small Cap Growth Opportunities Fund		—		—		347,913		362,138
Small Cap Select Fund		—		—		425,496		496,270
Small Cap Value Fund		—		—		278,966		321,698
Small-Mid Cap Core Fund		—		—		74,174		53,939
Mid Cap Growth Opportunities Fund		—		—		489,299		544,543
Mid Cap Value Fund		—		—		270,722		217,820
Large Cap Growth Opportunities Fund		—		—		371,818		426,959
Large Cap Select Fund		—		—		261,478		195,028
Large Cap Value Fund		—		—		189,630		232,920
Balanced Fund		83,011		91,603		156,671		172,330
Equity Income Fund		—		—		182,182		340,749

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 April 30, 2006, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net		Federal Income Tax Cost
Real Estate Securities Fund	$	165,641	$	(7,660	)	$	157,981	$	968,082
International Fund		507,368		(17,373	)		489,995		1,724,279
Small Cap Growth Opportunities Fund		32,697		(13,906	)		18,791		452,725
Small Cap Select Fund		184,338		(24,363	)		159,975		1,119,911
Small Cap Value Fund		68,618		(5,881	)		62,737		500,138
Small-Mid Cap Core Fund		13,018		(2,351	)		10,667		129,704
Mid Cap Growth Opportunities Fund		459,148		(27,608	)		431,540		2,003,187
Mid Cap Value Fund		157,355		(4,721	)		152,634		939,580
Large Cap Growth Opportunities Fund		153,754		(18,826	)		134,928		1,191,060
Large Cap Select Fund		50,970		(6,189	)		44,781		525,635
Large Cap Value Fund		183,987		(11,049	)		172,938		994,338
Balanced Fund		49,535		(6,890	)		42,645		465,707
Equity Income Fund		322,644		(13,821	)		308,823		1,273,922

FIRST AMERICAN FUNDS Semiannual Report 2006

115

Notes to Financial Statementscontinued

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 April 30, 2006, 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, International Fund, Small Cap Value Fund, Large Cap Select Fund, Large Cap Value Fund, and Mid Cap Value Fund had significant portions of the ir assets invested in the financials sector. 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 >  Additional Information Related to Small Cap Growth Opportunities Fund

As the result of an internal review, FAF Advisors uncovered potentially improper trading of a portfolio security held in the First American Small Cap Growth Opportunities Fund, which occurred in April 2002. FAF Advisors reported this matter to the fund's board of directors and to the Securities and Exchange Commission ("SEC"). The SEC commenced an investigation of the matter and the Staff of the SEC has advised the fund that it intends to recommend that the SEC seek from the fund any economic benefit the fund received (plus prejudgment interest) as a result of the alleged improper trading. If the fund is required to make any such payments, FAF Advisors has agreed to hold the fund harmless and make any such payments itself. Accordingly, this matter is not expected to have any impact on the fund's NAV.

9 > 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.

FIRST AMERICAN FUNDS Semiannual Report 2006

116

NOTICE TO SHAREHOLDERS  April 30, 2006 (unaudited)

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

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

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds' Forms N-Q are available (1) without charge upon request by calling 800.677.FUND and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. In addition, you may review and copy the funds' Forms N-Q at the Commission's Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

QUARTERLY PORTFOLIO HOLDINGS

Each fund will make 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 Semiannual Report 2006

117

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Board of Directors First American Investment Funds, Inc.  

Virginia Stringer

Chairperson of First American Investment Funds, Inc.

Owner and President of Strategic Management Resources, Inc.

Benjamin Field III

Director of First American Investment Funds, Inc.

Retired; former Senior Vice President, Chief Financial Officer,

and Treasurer of Bemis Company, Inc.

Roger Gibson

Director of First American Investment Funds, Inc.

Retired; former Vice President of Cargo-United Airlines

Victoria Herget

Director of First American Investment Funds, Inc.

Investment Consultant; former Managing Director of Zurich Scudder Investments

Leonard Kedrowski

Director of First American Investment Funds, Inc.

Owner and President of Executive and Management Consulting, Inc.

Richard Riederer

Director of First American Investment Funds, Inc.

Retired; former President and Chief Executive Officer of Weirton Steel

Joseph Strauss

Director of First American Investment Funds, Inc.

Owner and President of Strauss Management Company

James Wade

Director of First American Investment Funds, Inc.

Owner and President of Jim Wade Homes

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

Direct fund correspondence to:

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio.

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

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

INVESTMENT ADVISOR

                FAF Advisors, Inc.

                800 Nicollet Mall

                Minneapolis, Minnesota 55402

ADMINISTRATOR

                FAF Advisors, Inc.

                800 Nicollet Mall

                Minneapolis, Minnesota 55402

TRANSFER AGENT

                U.S. Bancorp Fund Services, LLC

                615 East Michigan Street

                Milwaukee, Wisconsin 53202

CUSTODIAN

                U.S. Bank National Association

                60 Livingston Avenue

                St. Paul, Minnesota 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.

0139-06           6/2006             SAR-EQUITY

Item 2—Code of Ethics

Not applicable to semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11—Controls and Procedures

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

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

Item 12—Exhibits

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

Signatures

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

First American Investment Funds, Inc.

By:

/s/ Thomas S. Schreier, Jr.

Thomas S. Schreier, Jr.

President

Date: July 10, 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: July 10, 2006

By:

/s/ Charles D. Gariboldi, Jr.

Charles D. Gariboldi, Jr.

Treasurer

Date: July 10, 2006