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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number    811-05309

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

Date of fiscal year end:   September 30

Date of reporting period:  September 30, 2005

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

Item 1. Report to Shareholders

2005Annual Report

First American Index Funds

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

TABLE OF CONTENTS

Message to Shareholders	1
Report of Independent Registered Public Accounting Firm	11
Schedule of Investments	12
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Financial Highlights	46
Notes to Financial Statements	52
Notice to Shareholders	60

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message toSHAREHOLDERS  November 14, 2005

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended September 30, 2005.

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

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

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

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

Sincerely,

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

FIRST AMERICAN FUNDS Annual Report 2004

1

Equity Index fund

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

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Equity Index Fund (the "fund"), Class Y shares, returned 11.92% for the fiscal year ended September 30, 2005 (Class A shares returned 11.69% without taking the sales charge into account). By comparison, the fund's benchmark, the S&P 500 Composite Index*, returned 12.25% for the same period.

How did general economic and market conditions affect performance?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004. The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. The energy sector proved a standout, making the most substantial contribution to the fund's performance.

While stocks in general were up in excess of their long-term historical averages, mid- and small-capitalization stocks generally outperformed large-capitalization stocks as they were more leveraged to the growing economy. The S&P 500 Composite Index, constructed of large-cap stocks, lagged somewhat behind the mid- and small- cap indices but still experienced positive returns of more than 12%.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

Fund Overview

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

During the fiscal year, Standard & Poor's modified its methodology: rather than counting all shares outstanding of a particular stock, the index now counts only the freely traded "float" shares outstanding. Since insiders often have significant impediments to trading even if the stock appears over or undervalued, tracking holdings of independent investors (i.e., noninsiders) allows the index to better reflect the consensus judgment of the potential benefit of holding a specific company's stock.

Like the index, the fund benefited from strong performance by the energy sector, which had a total return of 48%. Of the 29 company stocks currently in the energy sector, seven more than doubled in price and none had a total return of less than 24%. In keeping with the developments in the energy market, the small utilities sector rose 39%, primarily on the performance of independent power producers.

Last year's top performer, the consumer discretionary sector, proved the largest detractor from performance during this fiscal period, with a total return of 5% for the year. Although the economy was growing steadily and consumer spending remained robust, the sector was weakened chiefly because it contained two of the three worst performing industries, automobiles and auto components (the third was leisure equipment and products).

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Exxon Mobil	3.6	%
General Electric	3.2	%
Microsoft	2.1	%
Citigroup	2.1	%
Pfizer	1.7	%
Johnson & Johnson	1.7	%
Bank of America	1.5	%
American International Group	1.4	%
Intel	1.4	%
Altria Group	1.4	%

Sector Allocation as of September 30, 20051(% of net assets)
Financials	19.7	%
Information Technology	15.6	%
Heath Care	13.0	%
Industrials	11.1	%
Consumer Discretionary	10.1	%
Energy	10.1	%
Consumer Staples	9.6	%
Utilities	3.5	%
Telecommunication Services	3.0	%
Materials	2.9	%
Short Term Investments	1.5	%
Other Assets and Liabilities, Net	(0.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

2

Equity Index fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			2/01/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		5.54	%		(3.11	)%		8.25	%		-			-
Class B		5.86	%		(3.10	)%		8.06	%		-			-
Class C		9.84	%		(2.75	)%		-			(0.37	)%		-
Average annual return without sales charge (NAV)
Class A		11.69	%		(2.00	)%		8.86	%		-			-
Class B		10.86	%		(2.73	)%		8.06	%		-			-
Class C		10.84	%		(2.75	)%		-			(0.37	)%		-
Class R		11.38	%		-			-			-			6.31	%
Class Y		11.92	%		(1.76	)%		9.13	%		-			-
S&P 500 Composite Index2		12.25	%		(1.49	)%		9.49	%		1.00	%		7.00	%

Value of $10,000 Investment^{1, 3}as of September 30, 2005

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

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

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

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

²  An unmanaged index of large-capitalization stocks that includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, it also serves as a proxy for the total market.

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

The charts above illustrate the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/1995 to 9/30/2005) as compared to the S&P 500 Composite Index.²

FIRST AMERICAN FUNDS Annual Report 2005

3

Equity Index fundcontinued

Expense Example

As a shareholder of the Equity Index Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,047.60	$	3.18
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.96	$	3.14
Class B Actual2	$	1,000.00	$	1,043.80	$	7.02
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.93
Class C Actual2	$	1,000.00	$	1,043.60	$	7.02
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.93
Class R Actual2	$	1,000.00	$	1,046.00	$	4.46
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.71	$	4.41
Class Y Actual2	$	1,000.00	$	1,048.40	$	1.90
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.88

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

² Based on the actual returns for the six months ended September 30, 2005: 4.76% for Class A, 4.38% for Class B, 4.36% for Class C, 4.60% for Class R, and 4.84% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

4

Mid Cap Index fund

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

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Mid Cap Index Fund (the "fund"), Class Y shares, returned 21.82% for the fiscal year ended September 30, 2005 (Class A shares returned 21.43% without taking the sales charge into account). By comparison, the fund's benchmark, the S&P MidCap 400 Index*, returned 22.16% for the same period.

How did general economic and market conditions affect performance?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004. The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. The energy sector proved a standout, making the most substantial contribution to the fund's performance.

While stocks in general were up in excess of their long-term historical averages, the fund benefited from the fact that mid- and small-capitalization stocks generally outperformed large-capitalization stocks as they were more leveraged to the growing economy. The S&P MidCap 400 Index, constructed of stocks in the middle range of company size (companies with market capitalizations between $1.5 billion to $5 billion) reflected this performance, returning more than 22% for the fiscal year.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

Fund Overview

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

During the fiscal year, the largest contributor to performance for the fund was the energy sector, which had, on an average, a weighting of 9% and a total return of 61%. Other contributors to the fund's performance were the consumer staples and utilities sectors, which performed better than the overall index.

The telecommunications sector, in which the fund had a small position, experienced the worst overall performance, falling 2.5% during the fiscal year.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Legg Mason	1.1	%
Peabody Energy	1.0	%
Whole Foods Market	0.8	%
SanDisk	0.8	%
Noble Energy	0.8	%
Lennar	0.7	%
Pioneer Natural Resources	0.7	%
Fidelity National Financial	0.7	%
Questar	0.7	%
ENSCO International	0.7	%

Sector Allocation as of September 30, 20051(% of net assets)
Financials	17.9	%
Consumer Discretionary	15.6	%
Information Technology	14.6	%
Industrials	13.4	%
Health Care	12.0	%
Utilities	8.0	%
Energy	7.7	%
Materials	5.7	%
Consumer Staples	3.3	%
Short Term Investments	1.6	%
Telecommunication Services	0.5	%
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 Annual Report 2005

5

Mid Cap Index fundcontinued

Annual Performance¹as of September 30, 2005

							Since Inception
	1 year			5 year			11/04/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		14.75	%		4.79	%		8.93	%		-			-
Class B		15.57	%		4.92	%		9.09	%		-			-
Class C		19.60	%		-			-			-			13.91	%
Average annual return without sales charge (NAV)
Class A		21.43	%		5.99	%		9.97	%		-			-
Class B		20.57	%		5.25	%		9.20	%		-			-
Class C		20.60	%		-			-			-			13.91	%
Class R		21.09	%		-			-			7.63	%		-
Class Y		21.82	%		6.27	%		10.24	%		-			-
S&P MidCap 400 Index2		22.16	%		7.05	%		11.17	%		8.73	%		15.69	%

Value of $10,000 Investment^{1, 3}as of September 30, 2005

The charts above illustrate the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 11/4/1999 to 9/30/2005) as compared to the S&P MidCap 400 Index.²

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

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

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

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

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

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

²  An unmanaged, capitalization-weighted index that represents the aggregate market value of the common equity of 400 companies chosen by Standard & Poor's with a median capitalization of approximately $700 million to measure the performance of the mid-range sector of the U.S. stock market.

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

FIRST AMERICAN FUNDS Annual Report 2005

6

Mid Cap Index fundcontinued

Expense Example

As a shareholder of the Mid Cap Index Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,091.20	$	3.93
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class B Actual2	$	1,000.00	$	1,087.60	$	7.85
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59
Class C Actual2	$	1,000.00	$	1,087.30	$	7.85
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59
Class R Actual2	$	1,000.00	$	1,089.60	$	5.24
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.05
Class Y Actual2	$	1,000.00	$	1,092.40	$	2.62
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.54

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

² Based on the actual returns for the six months ended September 30, 2005: 9.12% for Class A, 8.76% for Class B, 8.73% for Class C, 8.96% for Class R, and 9.24% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

7

Small Cap Index fund

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

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Small Cap Index Fund (the "fund"), Class Y shares, returned 16.93% for the fiscal year ended September 30, 2005 (Class A shares returned 17.08% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2000 Index*, returned 17.95% for the same period.

How did general economic and market conditions affect performance?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004. The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. The energy sector proved a standout, making the most substantial contribution to the fund's performance.

While stocks in general were up in excess of their long-term historical averages, the fund benefited from the fact that mid- and small-capitalization stocks generally outperformed large-capitalization stocks as they were more leveraged to the growing economy. The Russell 2000 Index, constructed of small-cap stocks, reflected this performance, returning more than 17% for the fiscal year.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

Fund Overview

The fund is invested to replicate the Russell 2000 Index as closely as possible with consideration to turnover costs and fees. The index includes the traded shares of U.S. companies ranked 1,001 through 3,000 in size, thereby skipping large- and mid-capitalization names in the list of investable companies. When Russell "re-constitutes" its list to reflect changes in company size (in late June of each year), the index incurs turnover in excess of 25%.

Unlike the index, the fund must pay transactions costs to adjust its holdings. From these costs – and from management's efforts to reduce them by updating holdings at slightly different dates than other index managers were selling and buying the same names – the fund's performance lagged slightly behind the index.

The fund's 6% weighting in the energy sector helped it take advantage of a very strong performance in that area. During the fiscal year, the sector rose 74%, with many of the smaller, independent producers more than doubling in price. The fund also benefited from exposure to industrials, with a 14% weighting, mainly due to the strong performance of the construction and engineering industries.

Last year's top performer, the consumer discretionary sector, proved the largest detractor from performance during this fiscal period, with a total return of 10.5% for the year. Although the economy was growing steadily and consumer spending remained robust, the sector was weakened chiefly because it contained two of the three worst performing industries, automobiles and auto components (the third was leisure equipment and products).

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Cimarex Energy	0.3	%
Amylin Pharmaceuticals	0.3	%
Cabot Oil & Gas	0.2	%
Intuitive Surgical	0.2	%
Cal Dive International	0.2	%
Frontier Oil	0.2	%
York International	0.2	%
Eagle Materials	0.2	%
Vertex Pharmaceuticals	0.2	%
Jarden	0.2	%
Sector Allocation as of September 30, 20051(% of net assets)
Financials	21.4	%
Information Technology	17.9	%
Industrials	14.9	%
Consumer Discretionary	14.1	%
Heath Care	12.8	%
Energy	6.6	%
Materials	4.7	%
Consumer Staples	2.8	%
Utilities	2.7	%
Telecommunication Services	1.3	%
Short Term Investments	0.7	%
Other Assets and Liabilities, Net	0.1	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

8

Small Cap Index fundcontinued

Annual Performance¹as of September 30, 2005

							Since Inception
	1 year			5 years			12/30/1998			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		10.63	%		6.40	%		8.03	%		-			-
Class B		10.82	%		-			-			6.92	%		-
Class C		14.84	%		-			-			-			12.96	%
Average annual return without sales charge (NAV)
Class A		17.08	%		7.61	%		8.93	%		-			-
Class B		15.82	%		-			-			7.24	%		-
Class C		15.84	%		-			-			-			12.96	%
Class R		16.45	%		7.44	%		8.75	%		-			-
Class Y		16.93	%		7.81	%		9.12	%		-			-
Russell 2000 Index2		17.95	%		6.44	%		8.81	%		8.18	%		15.51	%

Value of $10,000 Investment^{1, 3}as of September 30, 2005

The charts above illustrate the total value of an assumed $10,000 investment in the funds Class A and Class Y shares (from 12/30/1998 to 9/30/2005) as compared to the Russell 2000 Index.²

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

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

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

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

9

Small Cap Index fundcontinued

Expense Example

As a shareholder of the Small Cap Index Fund, 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,085.70	$	4.60
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.66	$	4.46
Class B Actual2,3	$	1,000.00	$	1,081.40	$	8.50
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.90	$	8.24
Class C Actual2,3	$	1,000.00	$	1,081.50	$	8.50
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.90	$	8.24
Class R Actual2,3	$	1,000.00	$	1,085.20	$	5.91
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.40	$	5.72
Class Y Actual2,3	$	1,000.00	$	1,087.00	$	3.29
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.91	$	3.19

¹ Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.88%, 1.63%, 1.63%, 1.13% and 0.63% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

² Based on the actual returns for the six months ended September 30, 2005: 8.57% Class A, 8.14% Class B, 8.15% Class C, 8.52% Class R, and 8.70% for Class Y, respectively.

³Prior to July 1, 2005 the contractual limitation on annual expenses was 0.93%, 1.68%, 1.68%, 1.18%, and 0.68% for Class A, Class B, Class C, Class R, and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for Class A, Class B, Class C, Class R, and Class Y was lowered to 0.83%, 1.58%, 1.58%, 1.08%, and 0.58%, respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been $1,085.96 and $1,020.91 for Class A, $1,081.66 and $1,017.15 for Class B, $1,081.76 and $1,017.15 for Class C, $1,085.46 and $1,019.65 for Class R, and $1,087.26 and $1,022.16 for Class Y, and the actual and hypothetical expenses paid during the period would have been approximately $4.34 and $4.20 for Class A, $8.24 and $7.99 for Class B, $8.24 and $7.99 for Class C, $5.65 and $5.47 for Class R, and $3.03 and $2.94 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

10

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Equity Index, Mid Cap Index, and Small Cap Index Funds (series of First American Investment Funds, Inc.) (the "funds") as of September 30, 2005, and the related statements of operations, statements of changes in net assets and the financial highlights for each of the periods indicated therein, except as noted below. These financial statements and financial highlights are the responsibility of the funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Mid Cap Index and Small Cap Index Funds for the periods presented through October 31, 2000, were audited by other auditors whose report dated December 29, 2000 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designating audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2005, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights audited by us as referred to above present fairly, in all material respects, the financial position of the funds listed above of the First American Investment Funds, Inc. at September 30, 2005, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the periods indicated herein in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota
November 18, 2005

FIRST AMERICAN FUNDS Annual Report 2005

11

Schedule of Investments September 30, 2005

Equity Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.6%
Consumer Discretionary – 10.1%
AutoNation* (a)		36,590	$	731
Autozone*		13,254		1,103
Bed Bath & Beyond*		59,503		2,391
Best Buy		86,529		3,767
Big Lots* (a)		23,098		254
Black & Decker		15,719		1,290
Brunswick		18,613		702
Carnival (a)		101,533		5,075
Centex (a)		25,324		1,635
Circuit City Stores		41,375		710
Clear Channel Communications		95,365		3,137
Coach*		75,306		2,362
Comcast, Class A* (a)		445,645		13,093
Cooper Tire & Rubber		12,929		197
D.R. Horton		53,920		1,953
Dana (a)		30,366		286
Darden Restaurants		27,909		848
Delphi		114,633		316
Dillards, Class A		14,252		298
Dollar General (a)		60,055		1,101
Dow Jones & Company		14,122		539
Eastman Kodak (a)		56,661		1,379
Family Dollar Stores		33,838		672
Federated Department Stores		53,514		3,578
Ford Motor (a)		371,866		3,667
Fortune Brands		28,725		2,336
Gannett (a)		50,184		3,454
Gap		123,951		2,160
General Motors (a)		114,260		3,497
Genuine Parts		34,608		1,485
Goodyear Tire & Rubber* (a)		35,553		554
Harley-Davidson		58,672		2,842
Harrah's Entertainment		31,512		2,054
Hasbro		31,797		625
Hilton Hotels		75,458		1,684
Home Depot (a)		437,526		16,687
International Game Technology (a)		69,000		1,863
Interpublic Group of Companies* (a)		84,361		982
J.C. Penney		53,312		2,528
Johnson Controls		37,496		2,327
Jones Apparel Group		24,349		694
KB HOME (a)		15,656		1,146
Knight-Ridder (a)		13,733		806
Kohl's* (a)		62,453		3,134
Leggett & Platt		37,737		762
Limited		71,922		1,469
Liz Claiborne (a)		21,714		854
Lowe's (a)		153,891		9,911
Marriott International, Class A (a)		40,271		2,537
Mattel (a)		81,925		1,367
Maytag (a)		16,242		297
McDonald's (a)		252,258		8,448
McGraw-Hill (a)		75,652		3,634
New York Times, Class A		29,575		880
Newell Rubbermaid (a)		54,258		1,229
News		523,110		8,155
Nike, Class B (a)		41,949		3,426
Nordstrom		43,596		1,496
Office Depot* (a)		61,244		1,819
Officemax		13,316		422
Omnicom Group (a)		37,431		3,130
Pulte		47,080		2,021
RadioShack		28,263		701
Reebok International		11,933		675

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Sears* (a)		20,660	$	2,571
Sherwin Williams (a)		30,372		1,338
Snap-On		11,538		417
Stanley Works (a)		16,419		766
Staples (a)		149,051		3,178
Starbucks* (a)		79,976		4,007
Starwood Hotels & Resorts Worldwide (a)		40,820		2,334
Target (a)		178,575		9,273
Tiffany & Company		29,181		1,161
Time Warner (a)		931,138		16,863
TJX		95,054		1,947
Tribune (a)		59,311		2,010
Univision Communications, Class A* (a)		51,773		1,374
V.F. (a)		17,498		1,014
Viacom, Class B (a)		327,178		10,800
Visteon*		26,057		255
Walt Disney (a)		404,173		9,753
Wendy's International		22,437		1,013
Whirlpool (a)		13,258		1,005
Yum! Brands		57,664		2,792
				229,046
Consumer Staples – 9.6%
Alberto-Culver, Class B		16,946		758
Albertson's		74,582		1,913
Altria Group		413,621		30,488
Anheuser-Busch (a)		158,300		6,813
Archer-Daniels-Midland		123,753		3,052
Avon Products		93,416		2,522
Brown-Forman, Class B		9,846		586
Campbell Soup		55,814		1,660
Clorox (a)		30,623		1,701
Coca-Cola		432,631		18,685
Coca-Cola Enterprises		47,507		926
Colgate-Palmolive (a)		105,732		5,582
ConAgra Foods (a)		104,873		2,596
Constellation Brands, Class A* (a)		33,200		863
Costco Wholesale (a)		99,260		4,277
CVS (a)		158,520		4,599
General Mills (a)		66,015		3,182
Gillette		191,880		11,167
H.J. Heinz		69,550		2,541
Hershey Foods (a)		43,274		2,437
Kellogg		57,352		2,646
Kimberly-Clark		95,057		5,659
Kroger*		146,178		3,010
McCormick		27,600		901
Molson Coors Brewing (a)		15,666		1,003
Pepsi Bottling (a)		38,883		1,110
PepsiCo		336,660		19,092
Procter & Gamble (a)		492,488		29,283
Reynolds American (a)		17,150		1,424
Safeway (a)		90,595		2,319
Sara Lee (a)		156,284		2,962
SUPERVALU		26,471		824
Sysco (a)		132,130		4,145
Tyson Foods, Class A		50,150		905
UST (a)		33,476		1,401
Walgreen (a)		203,512		8,843
Wal-Mart Stores (a)		520,667		22,816
Wrigley, William Jr.		33,203		2,387
				217,078
Energy – 10.1%
Amerada Hess (a)		16,049		2,207
Anadarko Petroleum (a)		47,624		4,560
Apache		66,318		4,988

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

FIRST AMERICAN FUNDS Annual Report 2005

12

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Baker Hughes (a)		68,876	$	4,111
BJ Services (a)		65,436		2,355
Burlington Resources		77,894		6,334
ChevronTexaco (a)		453,961		29,385
ConocoPhillips		281,328		19,668
Devon Energy (a)		95,722		6,570
El Paso (a)		130,237		1,810
EOG Resources (a)		48,442		3,628
Exxon Mobil (a)		1,279,042		81,270
Halliburton (a)		102,195		7,002
Kerr-McGee		23,525		2,285
Kinder Morgan (a)		19,226		1,849
Marathon Oil		70,678		4,872
Murphy Oil		31,340		1,563
Nabors Industries*		29,560		2,123
National-Oilwell Varco* (a)		34,765		2,288
Noble		27,453		1,879
Occidental Petroleum		80,474		6,875
Rowan* (a)		21,883		777
Schlumberger (a)		119,054		10,046
Sunoco		27,314		2,136
Transocean*		69,462		4,259
Valero Energy (a)		60,810		6,875
Weatherford International* (a)		28,960		1,988
Williams (a)		115,342		2,889
XTO Energy		72,930		3,305
				229,897
Financials – 19.7%
ACE		55,940		2,633
AFLAC (a)		101,587		4,602
Allstate		138,567		7,661
Ambac Financial Group (a)		21,529		1,551
American Express		232,347		13,346
American International Group		524,330		32,487
AmSouth Bancorp (a)		69,346		1,752
AON		64,217		2,060
Apartment Investment & Management (a)		19,538		758
Archstone-Smith Trust (a)		40,210		1,603
Bank of America (a)		814,452		34,288
Bank of New York		153,539		4,516
BB&T (a)		107,976		4,216
Bear Stearns (a)		21,591		2,370
Capital One Financial (a)		58,293		4,635
Charles Schwab (a)		202,294		2,919
Chubb (a)		37,048		3,318
Cincinnati Financial		31,632		1,325
CIT Group		40,732		1,840
Citigroup (a)		1,039,734		47,329
Comerica (a)		34,690		2,043
Compass Bancshares		9,660		443
Countrywide Financial (a)		113,318		3,737
E*TRADE Financial*		74,620		1,313
Equity Office Properties Trust (REIT)		82,897		2,712
Equity Residential Properties Trust (REIT) (a)		57,246		2,167
Fannie Mae		193,852		8,688
Federated Investors, Class B		19,160		637
Fifth Third Bancorp		111,395		4,092
First Horizon National		24,885		905
Franklin Resources		35,645		2,993
Freddie Mac (a)		136,757		7,721
Golden West Financial (a)		53,464		3,175
Goldman Sachs Group (a)		89,898		10,930
Hartford Financial Services Group (a)		57,939		4,471
Huntington Bancshares		45,212		1,016
J.P. Morgan Chase		711,001		24,124

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Janus Capital Group		47,381	$	685
Jefferson-Pilot (a)		26,933		1,378
KeyCorp (a)		81,886		2,641
Lehman Brothers Holdings (a)		55,047		6,412
Lincoln National		35,165		1,829
Loew's		29,676		2,742
M & T Bank		16,540		1,748
Marsh & McLennan (a)		105,272		3,199
Marshall & Ilsley		42,377		1,844
MBIA (a)		28,709		1,740
MBNA		256,143		6,311
Mellon Financial		85,196		2,724
Merrill Lynch		187,616		11,510
Metlife (a)		152,013		7,575
MGIC Investment (a)		19,638		1,261
Moody's (a)		53,748		2,745
Morgan Stanley		218,423		11,782
National City		118,265		3,955
North Fork Bancorp		94,017		2,397
Northern Trust (a)		43,746		2,211
Plum Creek Timber (REIT) (a)		36,766		1,394
PNC Financial Services (a)		55,381		3,213
Principal Financial Group (a)		64,140		3,038
Progressive (a)		39,718		4,161
Prologis (a)		36,820		1,631
Providian Financial* (a)		59,519		1,052
Prudential Financial (a)		102,120		6,899
Public Storage (a)		17,960		1,203
Regions Financial (a)		92,982		2,894
SAFECO		24,785		1,323
Simon Property Group (REIT) (a)		44,306		3,284
SLM		83,370		4,472
Sovereign Bancorp		69,222		1,526
St. Paul Travelers Companies		136,146		6,109
State Street		70,435		3,446
SunTrust Banks		64,764		4,498
Synovus Financial		59,559		1,651
T. Rowe Price Group		25,046		1,636
Torchmark		20,727		1,095
U.S. Bancorp (b)		371,914		10,443
UnumProvident (a)		60,147		1,233
Vornado Realty Trust (a)		19,380		1,679
Wachovia		319,897		15,224
Washington Mutual (a)		173,846		6,818
Wells Fargo		335,648		19,659
XL Capital Limited, Class A		26,999		1,837
Zions Bancorporation (a)		17,740		1,263
				445,746
Health Care – 13.0%
Abbott Laboratories		310,178		13,152
Aetna		58,714		5,058
Allergan (a)		25,816		2,365
AmerisourceBergen (a)		20,944		1,619
Amgen* (a)		250,553		19,962
Applied Biosystems Group – Applera		39,038		907
Bausch & Lomb (a)		10,292		830
Baxter International		121,373		4,839
Becton, Dickinson & Company		50,223		2,633
Biogen IDEC* (a)		68,592		2,708
Biomet		49,957		1,734
Boston Scientific* (a)		142,904		3,340
Bristol-Myers Squibb (a)		386,084		9,289
C.R. Bard		19,100		1,261
Cardinal Health		88,083		5,588
Caremark Rx* (a)		89,340		4,461

FIRST AMERICAN FUNDS Annual Report 2005

13

Schedule of Investments September 30, 2005

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Chiron* (a)		23,560	$	1,028
CIGNA (a)		26,668		3,143
Coventry Health Care*		21,260		1,829
Eli Lilly (a)		224,064		11,992
Express Scripts* (a)		30,500		1,897
Fisher Scientific International* (a)		23,673		1,469
Forest Laboratories, Class A*		69,093		2,693
Genzyme* (a)		49,547		3,550
Gilead Sciences* (a)		86,010		4,194
Guidant		63,694		4,388
HCA		83,147		3,984
Health Management Associates, Class A (a)		47,401		1,113
Hospira*		30,890		1,266
Humana* (a)		31,968		1,531
IMS Health		46,223		1,163
Johnson & Johnson (a)		590,899		37,392
King Pharmaceuticals*		48,849		751
Laboratory Corporation of America Holdings* (a)		27,581		1,343
Manor Care (a)		17,628		677
McKesson HBOC		58,528		2,777
Medco Health Solutions*		60,923		3,340
MedImmune*		49,418		1,663
Medtronic		241,558		12,952
Merck		445,173		12,113
Millipore*		9,917		624
Mylan Laboratories		43,327		834
PerkinElmer		24,388		497
Pfizer		1,500,955		37,479
Quest Diagnostics		36,186		1,829
Schering-Plough (a)		292,463		6,156
St. Jude Medical*		71,998		3,370
Stryker (a)		76,228		3,768
Tenet Healthcare* (a)		91,708		1,030
Thermo Electron* (a)		32,105		992
UnitedHealth Group (a)		256,938		14,440
Watson Pharmaceuticals* (a)		21,647		792
WellPoint Health Networks*		118,772		9,005
Wyeth Pharmaceuticals		265,222		12,272
Zimmer Holdings* (a)		49,926		3,439
				294,521
Industrials – 11.1%
3M (a)		156,270		11,464
Allied Waste Industries*		42,805		362
American Power Conversion		34,401		891
American Standard		35,557		1,655
Apollo Group, Class A* (a)		28,993		1,925
Avery Dennison (a)		21,315		1,117
Boeing (a)		167,985		11,415
Burlington Northern Santa Fe		74,948		4,482
Caterpillar (a)		135,834		7,980
Cendant (a)		210,578		4,346
Cintas (a)		27,356		1,123
Cooper Industries (a)		18,480		1,278
CSX		42,294		1,966
Cummins (a)		8,270		728
Danaher		54,762		2,948
Deere & Company		48,695		2,980
Dover		34,462		1,406
Eaton		29,706		1,888
Emerson Electric		83,601		6,003
Equifax		27,797		971
FedEx (a)		60,031		5,230
Fluor (a)		16,131		1,039
General Dynamics		38,983		4,660
General Electric (a)		2,136,791		71,946

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Goodrich		23,775	$	1,054
H & R Block (a)		71,186		1,707
Honeywell International		170,122		6,380
Illinois Tool Works		55,803		4,594
Ingersoll-Rand, Class A		68,608		2,623
ITT Industries		18,266		2,075
L-3 Communications Holdings (a)		20,661		1,634
Lockheed Martin (a)		79,543		4,855
Masco		92,656		2,843
Monster Worldwide* (a)		23,505		722
Navistar International*		13,242		429
Norfolk Southern		79,588		3,228
Northrop Grumman		71,304		3,875
Paccar		35,132		2,385
Pall		24,545		675
Parker Hannifin		23,353		1,502
Pitney Bowes		38,637		1,613
R.R. Donnelley & Sons (a)		42,381		1,571
Raytheon		88,211		3,354
Robert Half International		31,640		1,126
Rockwell Automation		34,136		1,806
Rockwell Collins (a)		35,139		1,698
Ryder System		12,511		428
Southwest Airlines		154,416		2,293
Textron		27,086		1,943
Tyco International		408,075		11,365
Union Pacific		52,176		3,741
United Parcel Service, Class B (a)		222,341		15,370
United Technologies		209,726		10,872
W.W. Grainger		18,043		1,135
Waste Management		114,010		3,262
				251,961
Information Technology – 15.6%
ADC Telecommunications* (a)		23,486		537
Adobe Systems (a)		99,234		2,962
Advanced Micro Devices* (a)		77,076		1,942
Affiliated Computer Services, Class A* (a)		26,030		1,421
Agilent Technologies*		97,467		3,192
Altera* (a)		75,682		1,446
Analog Devices (a)		74,903		2,782
Andrew* (a)		31,575		352
Apple Computer* (a)		167,554		8,983
Applied Materials		333,598		5,658
Applied Micro Circuits*		62,612		188
Autodesk		46,392		2,154
Automatic Data Processing (a)		118,331		5,093
Avaya* (a)		96,388		993
BMC Software* (a)		45,204		954
Broadcom, Class A* (a)		57,080		2,678
CIENA*		116,869		309
Cisco Systems* (a)		1,293,939		23,200
Citrix Systems*		34,343		863
Computer Associates International (a)		94,402		2,625
Computer Sciences* (a)		37,021		1,751
Compuware*		78,826		749
Comverse Technology* (a)		38,829		1,020
Convergys* (a)		32,160		462
Corning*		292,843		5,661
Dell *		483,990		16,552
eBay* (a)		220,886		9,101
Electronic Arts* (a)		62,208		3,539
Electronic Data Systems		97,618		2,191
EMC* (a)		486,080		6,290
First Data		161,559		6,462
Fiserv* (a)		38,286		1,756

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

FIRST AMERICAN FUNDS Annual Report 2005

14

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Freescale Semiconductor* (a)		79,367	$	1,871
Gateway*		58,921		159
Hewlett-Packard (a)		575,934		16,817
IBM		330,319		26,498
Intel		1,247,330		30,747
Intuit* (a)		37,463		1,679
Jabil Circuit* (a)		38,647		1,195
JDS Uniphase* (a)		333,029		739
KLA-Tencor (a)		38,504		1,877
Lexmark International Group, Class A* (a)		25,305		1,545
Linear Technology (a)		60,899		2,289
LSI Logic* (a)		76,908		758
Lucent Technologies* (a)		895,173		2,909
Maxim Integrated Products (a)		64,998		2,772
Mercury Interactive* (a)		17,932		710
Micron Technology* (a)		120,591		1,604
Microsoft		1,878,122		48,324
Molex		29,406		785
Motorola (a)		485,448		10,724
National Semiconductor (a)		70,678		1,859
NCR* (a)		37,856		1,208
Network Appliance*		71,815		1,705
Novell* (a)		77,299		576
Novellus Systems* (a)		29,810		748
NVIDIA* (a)		33,151		1,136
Oracle*		747,999		9,268
Parametric Technology* (a)		55,129		384
Paychex (a)		74,605		2,766
PMC-Sierra* (a)		35,351		311
QLogic* (a)		18,653		638
QUALCOMM (a)		326,434		14,608
Sabre Holdings, Class A (a)		28,450		577
Sanmina – SCI*		106,912		459
Scientific-Atlanta (a)		30,345		1,138
Seagate Escrow Security (c) (d)		44,886		-
Siebel Systems (a)		104,855		1,083
Solectron*		194,533		761
Sun Microsystems* (a)		673,374		2,640
Symantec* (a)		241,856		5,480
Symbol Technologies		48,163		466
Tektronix		16,770		423
Tellabs*		90,766		955
Teradyne* (a)		38,636		637
Texas Instruments (a)		336,540		11,409
Unisys*		65,967		438
Waters*		24,009		999
Xerox* (a)		190,531		2,601
Xilinx (a)		68,801		1,916
Yahoo!* (a)		245,486		8,307
				353,364
Materials – 2.9%
Air Products and Chemicals		44,936		2,478
Alcoa		176,144		4,301
Allegheny Technologies		17,586		545
Ashland		13,339		737
Ball (a)		22,032		809
Bemis (a)		21,140		522
Dow Chemical		194,230		8,094
E.I. DuPont de Nemours (a)		201,269		7,884
Eastman Chemical		15,047		707
Ecolab		44,396		1,418
Engelhard		24,383		681
Freeport-McMoran Copper & Gold, Class B (a)		36,311		1,764
Georgia-Pacific		52,566		1,790
Hercules* (a)		21,918		268

Equity Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
International Flavors & Fragrances		14,319	$	510
International Paper (a)		99,310		2,959
Louisiana Pacific (a)		21,635		599
MeadWestvaco		36,401		1,005
Monsanto		54,193		3,401
Newmont Mining (a)		89,973		4,244
NuCor		32,380		1,910
Pactiv*		31,179		546
Phelps Dodge (a)		19,106		2,482
PPG Industries (a)		34,067		2,016
Praxair (a)		65,360		3,133
Rohm & Haas (a)		38,413		1,580
Sealed Air* (a)		16,796		797
Sigma-Aldrich		14,013		898
Temple-Inland		23,108		944
United States Steel (a)		23,074		977
Vulcan Materials (a)		20,092		1,491
Weyerhaeuser		47,008		3,232
				64,722
Telecommunication Services – 3.0%
ALLTEL (a)		66,232		4,312
AT&T		161,892		3,205
BellSouth (a)		367,574		9,667
CenturyTel (a)		26,583		930
Citizens Communications (a)		69,291		939
Qwest Communications International*		332,798		1,364
SBC Communications (a)		667,096		15,990
Sprint (a)		580,114		13,795
Verizon Communications		550,387		17,992
				68,194
Utilities – 3.5%
AES* (a)		131,984		2,168
Allegheny Energy* (a)		32,350		994
Ameren (a)		38,137		2,040
American Electric Power (a)		78,161		3,103
Calpine* (a)		130,493		338
CenterPoint Energy (a)		60,543		900
Cinergy		36,004		1,599
CMS Energy* (a)		44,209		727
Consolidated Edison (a)		45,475		2,208
Constellation Energy		32,968		2,031
Dominion Resources (a)		68,803		5,927
DTE Energy (a)		33,250		1,525
Duke Energy (a)		191,727		5,593
Dynegy* (a)		65,856		310
Edison International		64,437		3,047
Entergy (a)		45,143		3,355
Exelon (a)		135,204		7,225
FirstEnergy (a)		65,238		3,400
FPL Group (a)		78,570		3,740
KeySpan		34,056		1,253
NICOR		8,938		376
NiSource (a)		51,937		1,259
People's Energy (a)		3,070		121
PG&E		83,534		3,279
Pinnacle West Capital		18,032		795
PPL (a)		72,468		2,343
Progress Energy (a)		48,731		2,181
Progress Energy-CVO*		7,906		1
Public Service Enterprises		46,971		3,023
Sempra Energy		48,095		2,263
Southern (a)		148,122		5,297
TECO Energy (a)		39,562		713

FIRST AMERICAN FUNDS Annual Report 2005

15

Schedule of Investments September 30, 2005

Equity Index Fund (concluded)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
TXU (a)		51,152	$	5,774
Xcel Energy (a)		77,960		1,529
				80,437
Total Common Stocks (Cost $1,626,578)				2,234,966
Short Term Investments – 1.5%
Affiliated Money Market Fund – 1.3%
First American Prime Obligations Fund, Class Z (b) (e)		28,481,314		28,481
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill 3.735%, 03/02/06 (f)	$	4,600		4,528
Total Short-Term Investments (Cost $33,013)				33,009
Investments Purchased with Proceeds from Securities Lending (g) – 31.4%
		(Cost $712,377)		712,377
Total Investments – 131.5% (Cost $2,371,968)				2,980,352
Other Assets and Liabilities, Net – (31.5)%				(714,628	)
Total Net Assets – 100.0%			$	2,265,724

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $697,331,391 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  Investments in affiliated securities. As of September, 2005, the market value of these investments was $38,924,659 or 1.7% of total net assets. See notes 3 and 4 in Notes to Financial Statements.

(c)  Security considered illiquid or restricted. As of September 30, 2005, the market value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Satements.

(d)  Security is fair valued. As of September 30, 2005, the fair value of this investment was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

(f)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

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

CVO – Contingent Value Obligation

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)		Notional Contract Value (000)		Settlement Month	Unrealized Appreciation (000)
S&P 500 Index Futures Contracts		90	$	27,772	December-05	$	143

Mid Cap Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.7%
Consumer Discretionary – 15.6%
99 Cents Only Stores*		16,863	$	156
Abercrombie & Fitch		30,352		1,513
Advanced Auto Parts* (a)		37,785		1,462
Aeropostale* (a)		19,492		414
American Eagle Outfitters (a)		45,330		1,067
American Greetings, Class A (a)		23,170		635
AnnTaylor Stores*		25,120		667
Applebee's International		27,790		575
ArvinMeritor		24,153		404
Bandag		4,392		188
Barnes & Noble		20,314		766
Belo, Class A		36,539		835
BLYTH		9,189		205
Bob Evans Farms		11,877		270
Borders Group (a)		25,715		570
BorgWarner (a)		19,252		1,087
Boyd Gaming		14,978		646
Brinker International (a)		29,758		1,118
Callaway Golf (a)		24,017		362
CarMax* (a)		36,639		1,146
Catalina Marketing, Class C (a)		13,847		315
CBRL Group (a)		16,491		555
Cheesecake Factory* (a)		26,650		833
Chico's FAS* (a)		62,310		2,293
Claire's Stores		33,880		818
Corinthian Colleges*		30,990		411
DeVry* (a)		20,186		385
Dollar Tree Stores* (a)		38,544		834
Emmis Communications, Class A*		10,421		230
Entercom Communications*		13,690		432
Foot Locker (a)		53,822		1,181
Furniture Brands International		18,185		328
Gentex (a)		54,928		956
GTECH Holdings		39,700		1,273
Harman International Industries (a)		21,850		2,235
Harte-Hanks		20,053		530
Hovnanian Enterprises, Class A* (a)		12,690		650
International Speedway, Class A		12,364		649
Krispy Kreme Doughnuts* (a)		21,498		135
Lear (a)		23,140		786
Lee Enterprises		15,684		666
Lennar (a)		46,156		2,758
Media General, Class A		8,204		476
Michaels Stores (a)		46,482		1,537
Modine Manufacturing		11,023		404
Mohawk Industries* (a)		18,214		1,462
Neiman Marcus Group		16,720		1,671
O'Reilly Automotive*		35,890		1,011
Outback Steakhouse (a)		22,593		827
Pacific Sunwear of California*		26,380		566
Payless ShoeSource* (a)		23,694		412
PETsMART		49,748		1,084
Pier 1 Imports (a)		29,414		332
Polo Ralph Lauren Corp.		20,770		1,045
Reader's Digest Association, Class A		34,190		546
Regis		15,200		575
Rent-A-Center*		24,400		471
Ross Stores		50,378		1,194
Ruby Tuesday (a)		22,240		484
Ryland Group (a)		16,600		1,136
Saks*		49,120		909
Scholastic* (a)		12,806		473
Thor Industries (a)		11,910		405

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

FIRST AMERICAN FUNDS Annual Report 2005

16

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Timberland, Class A*		19,286	$	651
Toll Brothers* (a)		39,328		1,757
Tupperware (a)		18,990		433
Urban Outfitters* (a)		37,520		1,103
Valassis Communications* (a)		17,561		685
Washington Post, Class B		1,789		1,436
Westwood One		23,329		464
Williams-Sonoma* (a)		39,953		1,532
				58,420
Consumer Staples – 3.3%
BJ's Wholesale Club* (a)		23,792		661
Church and Dwight		21,394		790
Dean Foods*		51,546		2,003
Energizer Holdings*		24,780		1,405
Hormel Foods		25,120		829
JM Smucker (a)		20,145		978
Lancaster Colony		8,844		380
PepsiAmericas		24,358		554
Ruddick		12,808		295
Smithfield Foods*		30,925		918
Tootsie Roll Industries		8,686		276
Universal		8,756		340
Whole Foods Market (a)		22,934		3,083
				12,512
Energy – 7.7%
Cooper Cameron* (a)		19,318		1,428
Denbury Resources*		19,960		1,007
ENSCO International		53,211		2,479
FMC Technologies*		24,325		1,024
Forest Oil* (a)		19,011		990
Grant Prideco*		43,840		1,782
Hanover Compressor*		28,440		394
Helmerich & Payne		18,116		1,094
Newfield Exploration* (a)		44,454		2,183
Noble Energy (a)		61,104		2,866
Overseas Shipholding Group		11,148		650
Patterson-UTI Energy		59,640		2,152
Pioneer Natural Resources (a)		48,933		2,687
Plains Exploration & Production* (a)		27,050		1,158
Pogo Producing		20,588		1,213
Pride International*		49,891		1,422
Smith International (a)		73,224		2,439
Tidewater (a)		21,358		1,040
Western Gas Resources (a)		19,312		989
				28,997
Financials – 17.9%
A.G. Edwards		26,189		1,147
Allmerica Financial*		18,230		750
AMB Property		28,426		1,276
American Financial Group		16,124		547
AmeriCredit* (a)		48,102		1,148
AmerUS Group, Class A (a)		13,404		769
Arthur J. Gallagher (a)		30,243		871
Associated Banc-Corp (a)		44,336		1,351
Astoria Financial (a)		33,612		888
Bank of Hawaii		18,139		893
Brown & Brown		19,600		974
City National (a)		14,301		1,002
Colonial BancGroup		49,114		1,100
Commerce Bancorp (a)		57,084		1,752
Cullen/Frost Bankers (a)		16,770		827
Developers Diversified Realty (REIT) (a)		38,180		1,783
Eaton Vance		45,950		1,140

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Everest Re Group (a)		19,151	$	1,875
Fidelity National Financial		59,767		2,661
First American		29,573		1,351
FirstMerit (a)		28,888		774
GATX		17,586		696
Greater Bay Bancorp		17,819		439
HCC Insurance Holdings (a)		34,843		994
Highwoods Properties (REIT) (a)		18,150		536
Horace Mann Educators		14,785		292
Hospitality Properties Trust (REIT)		24,250		1,039
Independence Community Bank (a)		25,416		866
IndyMac Bancorp		21,230		840
Investors Financial Services (a)		23,520		774
Jefferies Group		17,640		768
LaBranche* (a)		19,428		169
Legg Mason (a)		38,404		4,213
Leucadia National (a)		28,693		1,237
Liberty Property Trust (REIT) (a)		30,120		1,281
Macerich (REIT)		20,970		1,362
Mack-Cali Realty (REIT)		19,170		862
Mercantile Bankshares		27,125		1,462
Mercury General		11,470		688
MoneyGram International		30,315		658
New Plan Excel Realty Trust (REIT)		35,150		807
New York Community Bancorp (a)		81,582		1,338
Ohio Casualty		21,274		577
Old Republic International		62,498		1,667
PMI Group (a)		32,620		1,301
Protective Life		23,800		980
Radian Group (a)		30,486		1,619
Raymond James Financial		22,650		728
Rayonier (a)		17,665		1,018
Regency Centers (a)		21,530		1,237
SEI Investments		22,215		835
StanCorp Financial Group		9,733		820
SVB Financial Group* (a)		12,430		605
TCF Financial		43,286		1,158
Texas Regional Bancshares, Class A		12,890		371
United Dominion Realty Trust (REIT)		47,830		1,134
Unitrin (a)		17,984		854
W.R. Berkley		40,889		1,614
Waddell & Reed Financial (a)		28,794		557
Washington Federal (a)		30,122		680
Webster Financial		18,185		818
Weingarten Realty Investors		29,353		1,111
Westamerica Bancorporation		10,941		565
Wilmington Trust		21,947		800
				67,249
Health Care – 12.0%
Advanced Medical Optics*		21,977		834
Apria Healthcare Group*		16,668		532
Barr Pharmaceuticals*		35,621		1,956
Beckman Coulter		21,003		1,134
Cephalon* (a)		19,750		917
Charles River Laboratories International* (a)		24,781		1,081
Community Health Systems* (a)		30,867		1,198
Covance*		21,479		1,031
Cytyc*		39,854		1,070
DENTSPLY International		25,104		1,356
Edwards Lifesciences*		20,354		904
Gen-Probe*		17,780		879
Health Net*		38,533		1,823
Henry Schein*		29,468		1,256
Hillenbrand Industries (a)		19,856		934
INAMED* (a)		12,520		948

FIRST AMERICAN FUNDS Annual Report 2005

17

Schedule of Investments September 30, 2005

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Intuitive Surgical* (a)		12,220	$	896
Invitrogen* (a)		18,301		1,377
IVAX*		74,182		1,955
Lifepoint Hospitals* (a)		19,650		859
Lincare Holdings* (a)		34,366		1,411
Martek Biosciences* (a)		11,160		392
Millennium Pharmaceuticals* (a)		106,361		992
Omnicare (a)		36,333		2,043
PacifiCare Health Systems* (a)		30,004		2,394
Par Pharmaceutical Companies*		12,020		320
Patterson Companies* (a)		47,166		1,888
Perrigo (a)		29,660		424
Protein Design Labs*		37,136		1,040
Renal Care*		23,190		1,097
Sepracor* (a)		36,849		2,174
STERIS		23,670		563
Techne*		13,300		758
Triad Hospitals* (a)		30,306		1,372
Universal Health Services		19,976		951
Valeant Pharmaceuticals International		32,304		649
Varian* (a)		11,882		408
Varian Medical Systems* (a)		46,526		1,838
VCA Antech*		26,448		675
Vertex Pharmaceuticals* (a)		32,708		731
				45,060
Industrials – 13.4%
Adesa		31,399		694
AGCO* (a)		30,713		559
AirTran Holdings* (a)		30,760		389
Alaska Air Group* (a)		8,724		254
Alexander & Baldwin		14,917		794
Alliant Techsystems* (a)		12,570		938
AMETEK (a)		24,494		1,053
Banta		8,610		438
Brinks		19,431		798
C. H. Robinson Worldwide		29,189		1,872
Career Education* (a)		35,136		1,249
Carlisle Companies (a)		10,660		678
ChoicePoint*		30,645		1,323
CNF		17,705		930
Copart*		25,450		607
Corporate Executive Board		14,050		1,096
Crane		18,790		559
Deluxe (a)		17,460		701
Donaldson (a)		24,418		745
Dun & Bradstreet*		23,669		1,559
Dycom Industries* (a)		16,849		341
Education Management*		23,168		747
Expeditors International of Washington (a)		36,508		2,073
Fastenal (a)		21,709		1,326
Federal Signal		15,707		268
Flowserve*		19,462		707
Graco (a)		23,680		812
Granite Construction		11,784		451
Harsco		14,737		966
Herman Miller		24,723		749
HNI		17,548		1,057
Hubbell, Class B		21,555		1,012
ITT Educational Services*		13,080		646
J.B. Hunt Transport Services (a)		45,586		867
Jacobs Engineering Group* (a)		19,944		1,344
JetBlue Airways* (a)		33,082		582
Joy Global (a)		28,110		1,418
Kelly Services, Class A		7,153		219
Kennametal		13,025		639

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Korn/Ferry International*		12,737	$	209
Laureate Education* (a)		16,793		822
Manpower		30,039		1,333
Nordson		10,882		414
Pentair		35,790		1,306
Precision Castparts		45,032		2,391
Quanta Services* (a)		40,679		519
Republic Services		42,366		1,495
Rollins		10,986		214
Sequa, Class A*		2,380		140
Sotheby's Holdings, Class A*		11,284		189
SPX (a)		25,226		1,159
Stericycle* (a)		15,330		876
Swift Transportation* (a)		18,038		319
Tecumseh Products, Class A		5,452		117
Teleflex		13,111		924
Thomas & Betts*		19,201		661
Timken (a)		28,400		841
Trinity Industries (a)		13,319		539
United Rentals*		24,599		485
Werner Enterprises		17,805		308
Yellow Roadway* (a)		19,490		807
York International		14,784		829
				50,357
Information Technology – 14.6%
3Com* (a)		129,950		530
Activision* (a)		69,757		1,427
Acxiom		26,966		505
ADTRAN		21,444		675
Advent Software*		8,524		230
Alliance Data Systems* (a)		21,030		823
Amphenol, Class A		31,020		1,251
Anteon International* (a)		10,170		435
Arrow Electronics*		41,384		1,298
Atmel* (a)		150,797		311
Avnet* (a)		50,883		1,244
Avocent* (a)		17,064		540
BISYS Group*		41,173		553
Cabot Microelectronics* (a)		8,490		249
Cadence Design Systems* (a)		94,390		1,525
CDW (a)		21,661		1,276
Ceridian*		50,939		1,057
Certegy		21,413		857
CheckFree* (a)		30,179		1,141
Cognizant Technology Solutions*		47,690		2,222
CommScope* (a)		17,277		300
Credence Systems* (a)		32,645		261
Cree* (a)		26,465		662
CSG Systems International*		17,797		386
Cypress Semiconductor* (a)		46,339		697
Diebold		24,250		836
DST Systems* (a)		24,069		1,320
F5 Networks*		13,110		570
Fair Isaac (a)		23,285		1,043
Fairchild Semiconductor International, Class A* (a)		41,327		614
Gartner, Class A* (a)		21,308		249
Harris		46,842		1,958
Imation		10,443		448
Integrated Device Technology* (a)		67,855		729
International Rectifier*		22,238		1,002
Intersil, Class A		52,893		1,152
Jack Henry & Associates		27,580		535
Keane* (a)		16,180		185
KEMET*		29,836		250
Lam Research* (a)		47,048		1,434

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

FIRST AMERICAN FUNDS Annual Report 2005

18

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Lattice Semiconductor* (a)		38,846	$	166
LTX*		20,948		88
Macromedia*		26,486		1,077
Macrovision* (a)		17,037		325
McAfee* (a)		57,208		1,797
McDATA, Class A*		55,552		291
MEMC Electronic Materials* (a)		54,150		1,234
Mentor Graphics* (a)		26,152		225
Micrel* (a)		22,694		255
Microchip Technology (a)		72,134		2,173
MPS Group*		35,725		422
National Instruments (a)		19,082		470
Newport*		14,040		196
Plantronics		16,557		510
Plexus*		14,781		253
Polycom* (a)		33,289		538
Powerwave Technologies* (a)		38,570		501
Reynolds & Reynolds, Class A		17,782		487
RF Micro Devices*		66,156		374
RSA Security*		23,832		303
SanDisk* (a)		63,216		3,050
Semtech* (a)		25,564		421
Silicon Laboratories* (a)		13,190		401
SRA International, Class A*		10,000		355
Sybase* (a)		31,310		733
Synopsys* (a)		49,616		938
Tech Data* (a)		19,903		731
Transaction Systems Architects, Class A* (a)		11,893		331
TriQuint Semiconductor*		47,131		166
UTStarcom* (a)		35,010		286
Vishay Intertechnology*		62,241		744
Western Digital* (a)		74,630		965
Wind River Systems* (a)		26,493		343
Zebra Technology, Class A* (a)		24,880		973
				54,902
Materials – 5.7%
Airgas		24,800		735
Albemarle		13,177		497
Arch Coal (a)		22,050		1,488
Bowater (a)		19,061		539
Cabot		21,389		706
Chemtura Corp.		83,200		1,033
Cytec Industries		14,081		611
Ferro		14,467		265
FMC*		13,213		756
Glatfelter		10,670		150
Longview Fibre		17,660		344
Lubrizol (a)		23,465		1,017
Lyondell Chemical (a)		68,383		1,957
Martin Marietta Materials		15,961		1,252
Minerals Technologies (a)		7,081		405
Olin (a)		24,060		457
Packaging Corporation of America		24,144		469
Peabody Energy		44,158		3,725
Potlatch (a)		10,253		534
RPM		40,190		740
Scotts		7,780		684
Sensient Technologies		16,739		317
Sonoco Products (a)		33,805		923
Steel Dynamics (a)		13,990		475
Valspar (a)		35,216		787
Worthington Industries (a)		24,570		517
				21,383

Mid Cap Index Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Telecommunication Services – 0.5%
Cincinnati Bell*		83,996	$	370
Telephone & Data Systems (a)		17,052		665
Telephone & Data Systems Special Shares (a)		18,332		688
				1,723
Utilities – 8.0%
AGL Resources		25,680		953
Alliant Energy		39,572		1,153
Aqua America		33,740		1,283
Aquila*		130,647		517
Black Hills (a)		11,210		486
DPL (a)		44,490		1,237
Duquesne Light Holdings (a)		26,329		453
Energy East		51,876		1,307
Equitable Resources		41,582		1,624
Great Plains Energy (a)		26,228		784
Hawaiian Electric Industries		27,838		776
IDACORP (a)		14,406		434
MDU Resources Group		41,542		1,481
National Fuel Gas		25,823		883
Northeast Utilities		43,974		877
NSTAR (a)		37,522		1,085
OGE Energy (a)		27,980		786
ONEOK (a)		35,420		1,205
Pepco Holdings		65,450		1,523
PNM Resources (a)		24,307		697
Puget Energy (a)		34,240		804
Questar		28,889		2,546
SCANA		38,501		1,626
Sierra Pacific Resources* (a)		63,240		939
Vectren		26,242		744
Westar Energy (a)		29,748		718
WGL Holdings		15,725		505
Wisconsin Energy		40,913		1,633
WPS Resources (a)		13,302		769
				29,828
Total Common Stocks (Cost $299,208)				370,431
Short-Term Investments – 1.6%
Affiliated Money Market Fund – 1.2%
First American Prime Obligations Fund, Class Z (b)		4,590,527		4,591
U.S. Treasury Obligation – 0.4%
U.S. Treasury Bill 3.735%, 03/02/06 (c)	$	1,500		1,476
Total Short-Term Investments (Cost $6,067)				6,067
Investments Purchased with Proceeds from Securities Lending (d) – 36.2%
		(Cost $135,867)		135,867
Total Investments – 136.5% (Cost $441,142)				512,365
Other Assets and Liabilities, Net – (36.5)%				(136,983	)
Total Net Assets – 100.0%			$	375,382

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $133,612,818 at September 30, 2005. See note 2 in Notes to Financial Statements.

FIRST AMERICAN FUNDS Annual Report 2005

19

Schedule of Investments September 30, 2005

Mid Cap Index Fund (concluded)

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

(c)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

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

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)		Notional Contract Value (000)		Settlement Month	Unrealized Appreciation (000)
S&P Mid Cap 400 Futures Contracts		12	$	4,324	December-05	$	20

Small Cap Index Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.2%
Consumer Discretionary – 14.1%
1-800 Contacts*		1,234	$	23
1-800 Flowers*		3,802		27
4Kids Entertainment*		2,378		41
99 Cents Only Stores*		6,630		61
A.C. Moore Arts & Crafts*		2,361		45
Aaron Rents		6,096		129
ADVO		4,703		147
Aeropostale* (a)		8,223		175
AFC Enterprises		3,130		36
Aftermarket Technology*		2,299		42
Alliance Gaming* (a)		7,707		84
Alloy*		5,567		27
Ambassadors Group		2,736		61
American Axle & Manufacturing Holdings (a)		5,800		134
America's Car-Mart*		1,455		26
Ameristar Casinos		3,926		82
Andersons		1,050		31
Arbitron		4,749		189
Arctic Cat		2,013		41
Argosy Gaming*		4,138		194
ArvinMeritor		10,570		177
Asbury Automotive Group*		1,925		33
Audible* (a)		3,730		46
Avatar Holdings*		796		47
Aztar* (a)		5,221		161
Bandag		1,669		72
Bassett Furniture		1,699		32
Beasley Broadcast Group*		593		8
Big 5 Sporting Goods		3,057		73
Big Lots*		16,090		177
BJs Restaurants*		1,863		38
Blair		372		14
Blockbuster, Class A (a)		27,580		131
Blount International*		3,390		60
Blue Nile* (a)		1,720		54
Bluegreen*		2,940		52
BLYTH		3,320		74
Bob Evans Farms		5,325		121
Bombay Company*		6,108		27
Bon-Ton Stores		630		12
Brookfield Homes		2,215		123
Brookstone*		3,439		69
Brown Shoe		2,753		91
Buckle		1,128		38
Buffalo Wild Wings* (a)		980		26
Build-A-Bear Workshop* (a)		1,550		35
Building Materials Holding		2,097		195
Burlington Coat Factory		2,562		97
Cabelas* (a)		3,740		69
Cache*		1,640		25
California Coastal Communities*		1,240		44
California Pizza Kitchen*		3,232		95
Callaway Golf (a)		11,412		172
Carmike Cinemas (a)		1,501		34
Carters* (a)		2,460		140
Casual Male Retail Group*		4,826		33
Catalina Marketing, Class C (a)		7,506		171
Cato, Class A		4,527		90
CEC Entertainment*		5,695		181
Champion Enterprise* (a)		11,945		177
Charles & Colvard		1,852		46
Charlotte Russe Holding*		1,995		27
Charming Shoppes* (a)		18,037		192

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

FIRST AMERICAN FUNDS Annual Report 2005

20

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Charter Communications, Class A* (a)		45,385	$	68
Cherokee		1,176		41
Children's Place Retail Stores*		3,012		107
Christopher & Banks		5,402		75
Churchill Downs		1,316		46
Citadel Broadcasting*		6,440		88
Citi Trends* (a)		600		13
CKE Restaurants		8,892		117
Coachmen Industries		2,427		28
Coldwater Creek* (a)		5,646		142
Comstock Homebuilding, Class A*		680		14
Conns* (a)		720		20
Cooper Tire & Rubber (a)		9,593		146
Corinthian Colleges*		14,080		187
Cost Plus*		3,300		60
Courier		1,652		62
Cox Radio* (a)		4,160		63
Crown Media Holdings, Class A*		2,509		27
CSK Auto*		6,812		101
CSS Industries		972		32
Cumulus Media, Class A*		8,412		105
Dave & Busters*		1,905		25
Deb Shops		297		6
Deckers Outdoor* (a)		1,540		37
Denny's*		14,060		58
Design Within Reach*		730		7
DeVry* (a)		8,280		158
DHB Industries*		4,093		17
Dixie Group*		1,700		27
Dominos Pizza		3,770		88
Dover Downs Gaming & Entertainment		1,201		16
Dover Motorsports		2,461		17
Dress Barn* (a)		3,171		72
Drew Industries*		2,448		63
Drugstore.com*		10,574		39
DSW*		1,050		22
Earle M. Jorgensen*		2,810		27
Electronics Boutique Holdings*		1,767		111
Emmis Communications, Class A*		4,845		107
Entercom Communications*		5,400		171
Entravision Communications*		9,400		74
Escala Group*		870		14
Escalade		1,350		18
Ethan Allen Interiors		5,250		165
Finish Line, Class A		6,356		93
Fisher Communications*		1,039		48
Fleetwood Enterprises* (a)		8,977		110
Fossil*		7,520		137
Fred's (a)		6,004		75
FTD Group*		2,270		23
Furniture Brands International		7,410		134
Gamestop*		6,350		180
Gaylord Entertainment*		5,591		266
Gemstar-TV Guide International*		38,120		113
Genesco*		3,344		125
Goody's Family Clothing		3,236		24
Gray Television		6,555		69
Great Wolf Resorts*		3,890		40
Group 1 Automotive*		3,352		93
GSI Commerce* (a)		4,025		80
Guess?*		2,557		55
Guitar Center*		3,898		215
Gymboree*		5,254		72
Handleman (a)		3,444		43
Harris Interactive*		9,045		39
Hartmarx*		3,910		26

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Haverty Furniture		3,184	$	39
Hayes Lemmerz International*		4,690		21
Hibbett Sporting Goods*		5,268		117
Hollinger International		9,630		94
Hooker Furniture		1,180		20
Hot Topic*		6,762		104
IHOP		3,022		123
Innovo Group*		3,980		8
Insight Communications*		7,513		87
Insight Enterprises*		7,298		136
Interface, Class A*		7,618		63
Isle of Capri Casinos* (a)		2,299		49
J. Jill Group*		3,049		48
Jack in the Box* (a)		5,500		165
JAKKS Pacific* (a)		3,844		62
Jarden* (a)		7,590		312
Jo-Ann Stores*		3,244		56
JOS A Bank Clothiers* (a)		1,761		76
Journal Communications		3,490		52
Journal Register		6,317		102
K2*		7,163		82
Kellwood (a)		4,304		111
Kenneth Cole Productions		1,433		39
Keystone Automotive Industries*		2,610		75
Kimball International		3,288		40
Krispy Kreme Doughnuts* (a)		8,330		52
K-Swiss, Class A		3,774		112
La Quinta (REIT)* (a)		28,164		245
Landry's Restaurants (a)		2,484		73
La-Z-Boy (a)		8,000		106
LeapFrog Enterprises* (a)		4,720		70
Levitt, Class A		2,640		61
Libbey		2,088		32
Liberty		2,221		104
Life Time Fitness*		2,940		97
Lifetime Brands		1,090		29
Lin TV, Class A*		4,085		57
Linens 'N Things* (a)		6,655		178
Lithia Motors		2,454		71
LKQ*		2,500		76
LodgeNet Entertainment*		2,502		37
Lodgian*		3,740		38
Lone Star Steakhouse & Saloon		1,914		50
Luby's*		3,540		46
M/I Homes		1,942		105
Magna Entertainment* (a)		6,473		43
Maidenform Brands*		750		10
Marcus		3,007		60
Marine Products		2,229		25
MarineMax*		2,002		51
Martha Stewart Living* (a)		3,029		76
Maytag (a)		11,470		209
McCormick & Schmicks Seafood Restaurant*		1,220		26
Media General, Class A		2,750		160
Mediacom Communications*		9,314		69
Mestek*		30		-
Midas*		2,657		53
Mikohn Gaming*		3,550		47
Modine Manufacturing		4,111		151
Monaco Coach (a)		4,491		66
Monarch Casino & Resort*		1,370		23
Monro Muffler Brake		1,607		42
Morningstar*		1,340		43
Movado Group		2,616		49
Movie Gallery (a)		3,778		39
MTR Gaming Group*		3,988		32

FIRST AMERICAN FUNDS Annual Report 2005

21

Schedule of Investments September 30, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Multimedia Games* (a)		4,058	$	39
National Presto Industries		803		34
Nautilus Group (a)		4,937		109
Navarre* (a)		3,820		22
Netflix* (a)		5,670		147
New York & Company*		1,740		29
Noble International		1,090		26
NutriSystems* (a)		3,430		86
Oakley		3,555		62
O'Charley's*		3,646		52
Outdoor Channel Holdings*		1,490		22
Overstock.com*		1,714		66
Oxford Industries (a)		2,284		103
P.F. Chang's China Bistro* (a)		4,120		185
Pacific Sunwear of California*		10,910		234
Palm Harbor Homes*		1,631		32
Papa John's International*		1,868		94
Party City*		1,966		33
Payless ShoeSource*		10,412		181
Pep Boys – Manny Moe & Jack		8,583		119
Perry Ellis International*		915		20
PETCO Animal Supplies*		8,270		175
Phillips Van-Heusen		4,153		129
Pier 1 Imports (a)		11,840		133
Pinnacle Entertainment*		6,098		112
Playboy Enterprises, Class B* (a)		3,361		47
Prestige Brand Holdings*		4,820		59
Priceline.com*		3,705		72
PRIMEDIA*		22,870		94
ProQuest*		4,047		147
Provide Commerce*		1,240		30
Quantum Fuel Systems Technologies Worldwde*		7,070		29
R&B*		1,580		16
Radio One* (a)		12,540		165
RARE Hospitality International*		5,647		145
RC2*		2,831		96
RCN* (a)		3,540		75
Reader's Digest Association, Class A		15,440		247
Red Robin Gourmet Burgers* (a)		2,055		94
Regent Communication*		5,986		31
Regis		6,320		239
Rent-Way*		4,504		31
Restoration Hardware*		4,524		29
Retail Ventures* (a)		2,280		25
Riviera Holdings*		1,310		29
Ruby Tuesday (a)		8,800		191
Russ Berrie and Company		525		7
Russell		4,921		69
Ruth's Chris Steak House*		810		15
Ryans Restaurant Group*		7,096		83
Saga Communications, Class A*		2,553		34
Salem Communications*		1,648		30
Sauer-Danfoss		1,727		35
Scholastic*		5,020		186
Select Comfort* (a)		5,442		109
Sharper Image*		2,014		25
Shoe Carnival*		1,267		20
Shopko*		4,496		115
Shuffle Master* (a)		5,579		147
Sinclair Broadcast Group, Class A		6,614		59
Six Flags*		13,799		99
Skechers USA*		3,409		56
Skyline		1,164		47
Sonic Automotive, Class A		4,660		104
Source Interlink Companies*		3,422		38
Spanish Broadcasting System* (a)		6,350		46

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Speedway Motorsports		2,360	$	86
Sports Authority* (a)		3,770		111
Stage Stores		4,064		109
Stamps.com*		2,350		40
Standard Motor Products		2,075		17
Stanley Furniture		1,924		50
Steak 'N Shake* (a)		4,109		75
Stein Mart		4,256		86
Steinway Musical Instruments*		1,153		30
Steven Madden*		1,987		46
Strattec Security*		639		33
Stride Rite		5,369		69
Sturm, Ruger & Company		2,228		20
Sunterra* (a)		3,190		42
Superior Industries International (a)		3,632		78
SYMS		30		-
Systemax*		1,656		12
Talbots		2,900		87
TBC*		3,401		117
Technical Olympic USA		1,981		52
Tenneco Automotive*		6,681		117
Texas Roadhouse, Class A* (a)		5,040		75
Thomas Nelson		1,724		32
Thor Industries (a)		5,128		174
TiVo* (a)		8,821		48
Too* (a)		5,170		142
Tractor Supply*		4,944		226
Trans World Entertainment*		2,939		23
Triarc, Class B		6,144		94
Tuesday Morning		3,901		101
Tupperware (a)		8,114		185
UniFirst		1,508		53
United Auto Group		3,319		110
Universal Electronics*		2,396		41
Vail Resorts*		3,909		112
Valassis Communications*		7,050		275
ValueVision Media* (a)		3,124		35
Visteon		19,399		190
Volcom*		100		3
Warnaco Group, Class A*		7,092		155
WCI Communities* (a)		5,221		148
WESCO International* (a)		4,792		162
West Marine*		2,309		34
Wet Seal, Class A* (a)		6,680		30
Weyco Group		36		1
William Lyon Homes* (a)		382		59
Wilsons The Leather Experts*		2,930		18
Winnebago Industries		4,498		130
WMS Industries*		3,334		94
Wolverine World Wide		8,971		189
World Wrestling Entertainment		471		6
WorldSpace*		800		11
WPT Enterprises*		890		8
Xerium Technologies		2,130		24
Yankee Candle		6,850		168
Zale* (a)		7,842		213
Zumiez*		490		16
				25,230
Consumer Staples – 2.8%
Alico		606		31
Alliance One International		12,262		43
American Italian Pasta (a)		2,754		29
Arden Group, Class A		224		17
Boston Beer, Class A* (a)		450		11
Casey's General Stores (a)		7,554		175

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

FIRST AMERICAN FUNDS Annual Report 2005

22

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Central European Distribution*		2,009	$	86
Central Garden & Pet*		2,901		131
Chattem*		2,677		95
Chiquita Brands International (a)		6,366		178
Coca-Cola Bottling		678		33
Corn Products International (a)		11,442		231
Darling International*		11,339		40
Delta & Pine Land		5,387		142
Elizabeth Arden*		3,848		83
Farmer Brothers		1,160		23
Flowers Foods		7,868		215
Gold Kist*		7,080		138
Great Atlantic & Pacific Tea*		2,715		77
Green Mountain Coffee Roasters*		680		24
Hain Celestial Group* (a)		4,433		86
Hansen Natural* (a)		2,060		97
Ingles Markets, Class A		1,760		28
Inter Parfums (a)		654		13
J&J Snack Foods		1,076		62
John B. Sanfilippo & Son*		1,075		19
Lancaster Colony		4,010		172
Lance		4,410		77
Longs Drug Stores		4,756		204
M & F Worldwide*		1,745		27
Mannatech (a)		2,440		29
Maui Land & Pineapple*		562		17
Nash-Finch (a)		1,921		81
National Beverage*		1,340		10
Natures Sunshine Product		1,657		39
NBTY*		7,940		187
Nu Skin Enterprises		8,462		161
Pantry*		2,249		84
Parlux Fragrances* (a)		980		29
Pathmark Stores*		6,213		70
Peets Coffee & Tea*		2,026		62
Performance Food Group*		5,590		176
Playtex Products*		5,970		66
Ralcorp Holdings		4,467		187
Reddy Ice Holdings		300		6
Revlon*		21,882		70
Ruddick		5,145		119
Sanderson Farms		2,226		83
Seaboard		52		71
Smart & Final*		2,148		28
Spartan Stores*		3,220		33
Star Scientific*		5,069		17
Tiens Biotech Group USA*		720		3
Tootsie Roll Industries		2,950		94
Topps		6,087		50
United Natural Foods* (a)		6,462		228
Universal		3,832		149
Usana Health Sciences* (a)		1,546		74
Vector Group		3,937		79
WD-40 Company		2,584		69
Weis Markets		1,140		46
Wild Oats Markets* (a)		4,815		62
				5,066
Energy – 6.6%
Alon USA Energy*		890		21
Atlas America*		1,901		93
ATP Oil & Gas* (a)		2,810		92
Atwood Oceanics* (a)		2,024		170
Berry Petroleum, Class A		2,589		173
Bill Barrett* (a)		1,490		55
Bois D' Arc Energy*		2,100		36

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Brigham Exploration*		4,350	$	56
Cabot Oil & Gas		7,586		383
Cal Dive International* (a)		5,834		370
Callon Petroleum*		2,150		45
Carbo Ceramics		3,219		212
Carrizo Oil & Gas*		2,910		85
Cheniere Energy* (a)		7,220		299
Cimarex Energy* (a)		12,486		566
Clayton Williams Energy*		869		38
Comstock Resources*		5,988		196
Crosstex Energy		360		23
Delta Petroleum*		3,480		72
Dril-Quip*		1,115		54
Edge Petroleum*		2,240		59
Encore Acquisition*		6,200		241
Endeavour International* (a)		8,740		44
Energy Partners*		4,303		134
Foundation Coal Holdings		3,580		138
Frontier Oil		8,120		360
FX Energy* (a)		5,310		64
Gasco Energy* (a)		9,940		66
Giant Industries*		1,860		109
Global Industries* (a)		12,275		181
Goodrich Petroleum* (a)		1,580		37
Grey Wolf*		31,204		263
Gulf Island Fabrication		724		21
GulfMark Offshore*		2,481		80
Hanover Compressor*		11,793		163
Harvest Natural Resources*		6,178		66
Holly		3,348		214
Hornbeck Offshore Services*		1,470		54
Houston Exploration*		3,818		257
Hydril*		2,732		188
Input/Output* (a)		10,951		87
James River Coal*		1,850		93
KCS Energy*		7,507		207
KFX* (a)		8,862		152
Lone Star Technologies*		4,713		262
Lufkin Industries		2,130		93
Maritrans		1,320		42
MarkWest Hydrocarbon		880		22
Maverick Tube* (a)		6,427		193
McMoRan Exploration* (a)		3,083		60
Meridian Resource*		10,579		44
Newpark Resources*		12,374		104
NGP Capital Resources		2,790		42
NS Group*		3,393		133
Oceaneering International* (a)		4,215		225
Offshore Logistics*		3,478		129
Oil States International*		5,044		183
Pacific Ethanol* (a)		500		5
Parallel Petroleum*		4,830		68
Parker Drilling*		14,426		134
Penn Virginia		2,898		167
Petrocorp Escrow Shares (b) (c)		2,040		-
Petrohawk Energy*		6,917		100
Petroleum Developement*		2,664		102
Petroquest Energy*		6,330		66
Pioneer Drilling Company*		3,090		60
Remington Oil & Gas*		3,719		154
Resource America, Class A		2,547		45
RPC		2,457		63
St. Mary Land & Exploration		8,482		310
SEACOR Holdings*		2,722		198
Spinnaker Exploration*		3,725		241
Stone Energy*		3,554		217

FIRST AMERICAN FUNDS Annual Report 2005

23

Schedule of Investments September 30, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Superior Energy Services*		10,591	$	245
Superior Well Services*		140		3
Swift Energy*		4,260		195
Syntroleum*		6,060		88
Tetra Technologies*		4,770		149
Tipperary*		2,800		21
TODCO		6,310		263
Toreador Resources* (a)		2,200		78
TransMontaigne*		5,125		41
Tri Valley* (a)		4,050		40
Universal Compression Holdings*		2,899		115
Veritas DGC*		5,108		187
W&T Offshore		1,480		48
Warren Resources* (a)		2,920		49
W-H Energy Services*		4,226		137
Whiting Petroleum*		4,680		205
World Fuel Services		3,452		112
				11,755
Financials – 21.4%
1st Source		1,794		42
21st Century Insurance Group		3,817		61
Aames Investment		7,090		45
ABC Bancorp		2,019		39
Acadia Realty Trust		4,569		82
Accredited Home Lenders Holdings* (a)		2,611		92
Ace Cash Express* (a)		1,550		30
Advance America Cash Advance Centers		10,230		136
Advanta, Class B		2,863		81
Affirmative Insurance		1,620		24
Affordable Residential Communities		3,910		40
Agree Realty		40		1
Alabama National		2,052		131
Alexander's (REIT)*		341		92
Alexandria Real Estate Equities (a)		3,340		276
Alfa		5,669		95
AMCORE Financial		3,295		103
Amegy Bancorp		10,576		239
American Campus Communities		2,070		50
American Equity Investment Life Holding		3,750		43
American Home Mortgage Investment (REIT)		5,381		163
American Physicians Capital*		1,462		72
American West Bancorp*		1,757		41
Ames National		420		12
AMLI Residential Properties Trust (REIT)		3,980		128
Anchor Bancorp		3,388		100
Anthracite Capital (REIT)		8,246		95
Anworth Mortgage Asset (REIT)		7,680		64
Apollo Investment		9,390		186
Arbor Realty Trust		1,220		34
Archipelago Holdings*		4,100		163
Ares Capital		3,880		63
Argonaut Group*		3,963		107
Arrow Financial		1,575		43
Ashford Hospitality Trust		4,700		51
Asta Funding (a)		1,600		49
Baldwin & Lyons, Class B		1,381		35
Banc – Alabama*		2,070		22
BancFirst		552		47
Bancorp Bank*		1,356		22
BancorpSouth		11,830		270
BancTrust Financial Group		1,470		28
Bank Mutual		8,917		96
Bank of Granite		1,995		38
Bank of the Ozarks		1,830		63
BankAtlantic Bancorp		7,313		124

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
BankUnited Financial		3,914	$	90
Banner		1,726		46
Bedford Property Investors (REIT)		2,179		52
Berkshire Hills Bancorp		919		31
Beverly Hills Bancorp		2,280		23
BFC Financial*		1,476		10
Bimini Mortgage Management		3,250		37
BioMed Realty Trust		5,400		134
BKF Capital Group		1,050		32
Boston Private Financial		4,231		112
Boykin Lodging (REIT)*		1,810		22
Brandywine Realty Trust (REIT) (a)		8,171		254
Bristol West Holdings (a)		2,600		47
Brookline Bancorp		10,144		160
Calamos Asset Management		3,470		86
Camden National		1,322		50
Capital Automotive		6,272		243
Capital City Bank Group		1,752		66
Capital Corporation of the West		1,538		47
Capital Crossing Bank*		730		25
Capital Lease Funding		3,890		40
Capital Southwest		410		35
Capital Trust		1,780		57
Capitol Bancorp		1,751		57
Cardinal Financial*		2,070		20
Cascade Bancorp		2,858		60
Cash America International		4,345		90
Cathay General Bancorp		6,224		221
Cedar Shopping Centers		3,270		47
Center Financial		1,654		39
Central Coast Bancorp*		1,916		41
Central Pacific Financial		4,855		171
Ceres Group*		5,180		29
Charter Financial		689		23
CharterMac (a)		6,455		132
Chemical Financial		3,796		123
Chittenden		6,992		185
Citizens*		4,768		31
Citizens Banking		6,396		182
Citizens Northern		350		9
City Bank		1,322		45
City Holdings		2,871		103
Clark		2,771		47
Clifton Savings Bancorp		2,360		24
CNA Surety*		2,674		38
Coastal Financial		2,668		40
CoBiz		2,207		41
Cohen & Steers		1,290		26
Collegiate Funding Services*		1,400		21
Colonial Properties Trust (REIT)		4,860		216
Colony Bankcorp		850		23
Columbia Bancorp – Maryland		996		40
Columbia Banking System		2,324		61
Commercial Bankshares		20		1
Commercial Capital Bancorp		6,278		107
Commercial Federal		5,937		203
Commercial Net Lease Realty (REIT)		7,844		157
Community Bancorp – Nevada*		20		1
Community Bank System		4,642		105
Community Banks		3,251		91
Community Trust Bancorp		2,012		65
CompuCredit* (a)		2,913		129
Consolidated-Tomoka Land		841		57
Corporate Office Properties Trust (REIT)		4,527		158
Correctional Properties Trust (REIT)		1,631		48
Corus Bankshares		2,678		147

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

FIRST AMERICAN FUNDS Annual Report 2005

24

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Cousins Properties		6,170	$	186
Covanta Holding*		15,318		206
Crawford & Company		2,204		17
Criimi Mae (REIT)*		2,420		42
CVB Financial		6,976		130
Deerfield Triarc Capital*		1,340		19
Delphi Financial Group		4,134		193
Delta Financial		1,670		12
DiamondRock Hospitality (a)		2,010		24
Digital Realty Trust		1,430		26
Dime Community Bancshares		4,034		59
Direct General (a)		2,500		49
Donegal Group, Class A		1,444		31
Doral Financial (a)		12,350		161
EastGroup Properties (REIT)		3,302		144
ECC Capital (REIT)		9,870		32
Education Realty Trust (REIT)		3,280		55
E-Loan*		8,490		36
EMC Insurance Group		1,053		19
Encore Capital Group*		2,080		37
Enstar Group*		583		38
Enterprise Financial Services		1,200		25
Entertainment Properties Trust (REIT)		3,789		169
Equity Inns (REIT)		8,687		117
Equity Lifestyle Properties		2,949		133
Equity One (REIT)		5,838		136
eSPEED, Class A*		3,848		29
EuroBancshares*		1,390		21
Extra Space Storage		4,720		73
F.N.B		8,700		150
F.N.B. – Virginia		1,245		34
Farmers Capital Bank		1,033		32
FBL Financial Group, Class A		1,951		58
Federal Agricultural Mortgage, Class C		1,449		35
FelCor Lodging Trust (REIT)*		7,780		118
Fidelity Bankshares		3,490		107
Fieldstone Investment (REIT)		7,353		86
Financial Federal		2,582		103
Financial Institutions		1,382		25
First Acceptance*		3,510		35
First Bancorp – North Carolina		1,916		38
First Bancorp of Puerto Rico		10,140		172
First Busey		2,284		44
First Cash Financial Services*		2,020		53
First Charter		4,585		112
First Citizens Bancshares, Class A		909		155
First Commonwealth Financial – Pennsylvania		10,825		144
First Community Bancorp		1,938		93
First Community Bancshares – Nevada		1,493		44
First Defiance Financial		30		1
First Financial – Indiana		2,040		55
First Financial Bancorp – Ohio		5,454		101
First Financial Bankshares		2,772		97
First Financial Holdings		2,073		64
First Indiana		1,800		61
First Industrial Realty Trust (REIT) (a)		6,470		259
First Merchants		2,791		72
First Midwest Bancorp (a)		6,770		252
First Niagara Financial Group		17,447		252
First Oak Brook Bancshares		1,154		35
First Place Financial		2,345		52
First Potomac Realty Trust (REIT)		2,590		67
First Regional Bancorp*		370		29
First Republic Bank – California (a)		3,342		118
First South Bancorp		20		1
First State Bancorp – New Mexico		2,628		56

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
FirstBank Fractional Shares (b) (c)		-	$	-
FirstFed Financial*		2,791		150
Flagstar Bancorp (a)		5,402		87
Flushing Financial		2,904		48
FPIC Insurance Group*		1,380		50
Franklin Bank*		1,820		29
Fremont General (a)		9,620		210
Frontier Financial		3,711		108
GAMCO Investors		1,137		52
GATX		6,524		258
GB&T Bancshares		1,764		37
Getty Realty (REIT)		2,599		75
GFI Group*		540		22
Glacier Bancorp		4,627		143
Gladstone Capital		1,631		37
Gladstone Investment		2,375		35
Glenborough Realty Trust (REIT)		2,974		57
Glimcher Realty Trust (REIT)		5,395		132
GMH Communities Trust		4,970		73
Gold Banc		5,909		88
Government Properties Trust		3,320		33
Gramercy Capital		1,640		39
Great American Financial Resources		1,360		27
Great Southern Bancorp		1,774		53
Greater Bay Bancorp		7,938		196
Greene County Bancshares		30		1
Greenhill & Company		1,650		69
Hancock Holding		4,032		138
Hanmi Financial		5,110		92
Harbor Florida Bancshares		3,084		112
Harleysville Group		2,220		53
Harleysville National		4,160		91
Harris & Harris Group*		2,670		30
Heartland Financial USA		1,710		33
Heritage Commerce		1,840		38
Heritage Property Investment Trust (REIT)		3,710		130
Hersha Hospitality Trust		3,140		31
Highland Hospitality		5,940		61
Highwoods Properties (REIT) (a)		7,971		235
Hilb, Rogal & Hobbs (a)		4,801		179
Home Properties (REIT)		4,899		192
HomeBanc		7,220		56
Horace Mann Educators		6,458		128
Horizon Financial		1,800		40
Hudson United Bancorp		3,750		159
IBERIABANK		1,356		72
IMPAC Mortgage Holdings (REIT) (a)		11,655		143
Independence Holdings		786		14
Independent Bank		2,527		77
Independent Bank – Michigan		3,350		97
Infinity Property & Casualty		3,123		110
Inland Real Estate		8,420		132
Innkeepers USA Trust (REIT)		6,378		99
Integra Bank		2,624		57
Interchange Financial Services		2,832		49
International Securities Exchange*		1,740		41
Investment Technology Group*		6,173		183
Investors Real Estate Trust (REIT)		7,311		69
Irwin Financial		3,011		61
ITLA Capital*		911		48
Jones Lang LaSalle		5,042		232
Kansas City Life Insurance		152		8
Kearny Financial		3,379		42
Kilroy Realty (REIT) (a)		4,470		250
Kite Realty Group Trust		3,330		50
KMG America*		3,340		27

FIRST AMERICAN FUNDS Annual Report 2005

25

Schedule of Investments September 30, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
KNBT Bancorp		5,250	$	82
Knight Capital Group*		16,693		139
LaBranche* (a)		8,130		71
Lakeland Bancorp		3,085		47
Lakeland Financial		995		41
LandAmerica Financial Group (a)		2,723		176
Lasalle Hotel Properties (REIT)		5,063		174
Lexington Corporate Properties Trust (REIT)		8,267		195
LTC Properties (REIT)		2,539		54
Luminent Mortgage Capital		5,750		43
Macatawa Bank		1,715		59
MAF Bancorp		4,090		168
Maguire Properties		5,840		175
Main Street Banks		2,542		68
MainSource Financial Group		1,685		30
MarketAxess Holdings*		3,570		49
Marlin Business Services*		1,020		24
MB Financial		3,312		129
MBT Financial		2,476		46
MCG Capital		5,712		96
Mercantile Bank		1,296		55
MeriStar Hospitality (REIT)*		13,582		124
Metris*		9,031		132
MFA Mortgage Investments (REIT) (a)		12,409		76
Mid-America Apartment Communities (REIT) (a)		2,332		108
Midland		1,561		56
Mid-State Bancshares		3,459		95
Midwest Banc Holdings		1,852		43
MoneyGram International		12,980		282
MortgageIT Holdings		2,530		36
Nara Bancorp		3,160		47
NASB Financial		522		21
Nasdaq Stock Market* (a)		6,910		175
National Financial Partners		5,490		248
National Health Investors (REIT)		3,527		97
National Health Realty (REIT)		30		1
National Interstate		60		1
National Penn Bancshares		5,214		130
National Western Life Insurance, Class A*		330		70
Nationwide Health Properties (REIT)		10,388		242
Navigators Group*		1,471		55
NBC Capital		32		1
NBT Bancorp		5,030		119
NetB@nk		7,976		66
NewAlliance Bancshares		15,080		221
Newcastle Investment (REIT) (a)		6,219		174
Northern Empire Bancshares*		1,240		31
Northstar Realty Finance		2,960		28
Northwest Bancorp		3,241		69
NovaStar Financial (REIT) (a)		4,086		135
OceanFirst Financial		1,535		37
Ocwen Financial*		6,068		42
Odyssey Re Holdings		100		3
Ohio Casualty		9,436		256
Old National Bancorp		10,239		217
Old Second Bancorp		2,304		69
Omega Financial		1,957		55
OMEGA Healthcare Investors (REIT) (a)		8,264		115
One Liberty Properties		40		1
optionsXpress Holdings		3,540		67
Oriental Financial Group		3,336		41
Origen Financial		1,410		11
Orleans Homebuilders (a)		413		10
Pacific Capital Bancorp		6,896		230
Park National		1,893		205
Parkway Properties (REIT)		1,944		91

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Partners Trust Financial Group (a)		5,350	$	62
Peapack-Gladstone Financial		1,257		34
PennFed Financial Services		1,498		27
Pennsylvania (REIT)		5,406		228
Pennsylvania Commerce Bancorp*		680		24
Peoples Bancorp – Ohio		1,459		40
PFF Bancorp		3,204		97
Phoenix Companies (a)		14,319		175
Pinnacle Financial Partners*		1,130		28
Piper Jaffray Companies*		3,090		92
Placer Sierra Bancshares		1,000		27
PMA Capital*		4,644		41
Post Properties (REIT)		6,002		224
Preferred Bank Los Angeles		20		1
Premierwest Bancorp*		2,030		31
Prentiss Properties Trust (REIT)		6,702		272
Presidential Life		3,092		56
PrivateBancorp		2,820		97
ProAssurance*		4,427		207
Prosperity Bancshares		2,864		87
Provident Bankshares		5,107		178
Provident Financial Holdings		868		24
Provident Financial Services		10,930		192
Provident New York Bancorp		6,312		74
PS Business Parks (REIT)		2,705		124
QC Holdings*		850		11
R&G Financial		4,198		58
RAIT Investment Trust (REIT)		3,962		113
Ramco-Gershenson Properties Trust (REIT)		2,448		71
Redwood Trust (REIT) (a)		3,050		148
Renasant		1,542		49
Republic Bancorp		10,947		155
Republic Bancorp, Class A – Kentucky		1,062		22
RLI (a)		3,484		161
Rockville Financial*		1,390		19
Royal Bancshares of Pennsylvania, Class A		17		-
S&T Bancorp (a)		4,065		154
Safety Insurance Group		1,715		61
Sanders Morris Harris Group		2,069		34
Sandy Spring Bancorp		2,168		73
Santander Bancorp		904		22
Saul Centers (REIT)		1,919		69
Saxon Capital		7,520		89
SCBT Financial		1,396		44
SeaBright Insurance Holdings*		1,310		17
Seacoast Banking		1,987		47
Security Bank		1,606		40
Selective Insurance Group		4,277		209
Senior Housing Properties Trust (REIT) (a)		9,227		175
Sierra Bancorp		580		13
Signature Bank*		1,090		29
Simmons First National, Class A		2,174		62
Sizeler Property Investors (REIT)		2,860		35
Sound Federal Bancorp		50		1
Southside Bancshares		1,682		32
Southwest Bancorp – Oklahoma		1,834		40
Sovran Self Storage (REIT)		2,556		125
Spirit Finance		10,930		123
State Auto Financial		2,315		73
State Bancorp		1,664		30
State Financial Services, Class A		987		36
Sterling Bancorp		2,776		62
Sterling Bancshares		6,811		100
Sterling Financial – Pennsylvania		3,863		78
Sterling Financial – Washington		5,121		115
Stewart Information Services		2,584		132

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

FIRST AMERICAN FUNDS Annual Report 2005

26

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Stifel Financial*		1,246	$	45
Strategic Hotel Capital		4,620		84
Suffolk Bancorp		1,578		50
Summit Bancshares		50		1
Summit Financial Group		790		22
Sun Bancorp – New Jersey*		1,748		37
Sun Communities (REIT)		2,507		82
Sunstone Hotel Investors		3,400		83
Susquehanna Bancshares		7,224		174
SVB Financial Group*		5,218		254
SWS Group		2,615		43
SY Bancorp		2,034		48
Tanger Factory Outlet Centers (REIT)		4,676		130
Tarragon Realty Investors*		1,834		34
Taubman Centers (REIT)		7,852		249
Taylor Capital Group		670		25
Technology Investment Capital		410		6
Tejon Ranch*		1,304		61
Texas Capital Bancshares*		3,650		77
Texas Regional Bancshares, Class A		6,206		179
TierOne		2,684		71
Tompkins Trustco		964		42
Tower Group		2,590		39
Town & Country Trust (REIT) (a)		2,650		77
Tradestation Group*		3,229		33
Trammell Crow*		5,174		128
Triad Guaranty* (a)		1,491		58
TriCo Bancshares		1,926		41
TrustCo Bank Corporation of New York (a)		11,331		142
Trustmark		7,010		195
Trustreet Properties (REIT)		9,250		145
UCBH Holdings (a)		12,520		229
UICI		5,335		192
UMB Financial		2,355		155
Umpqua Holdings (a)		6,961		169
Union Bankshares		1,489		62
United Bankshares		5,800		203
United Capital*		40		1
United Community Banks		4,895		140
United Community Financial		4,635		52
United Fire & Casualty		2,484		112
United PanAm Financial*		801		20
United Security Bancshares		900		25
Universal American Financial* (a)		3,770		86
Universal Health Realty Income Trust (REIT)		1,747		58
Univest Corporation of Pennsylvania		1,965		54
Unizan Financial		3,324		80
Urstadt Biddle Properties, Class A (REIT)		3,617		55
USB Holding		2,053		47
USB Holding Company Fractional Share (b) (c)		-		-
USI Holdings*		6,079		79
U-Store-It-Trust		4,840		98
Vineyard National Bancorp		1,210		36
Virginia Commerce Bancorp*		1,467		40
Virginia Financial Group		1,237		45
W Holding Company		14,590		139
Waddell & Reed Financial (a)		10,230		198
Washington Real Estate Investment Trust (REIT)		6,337		197
Washington Trust Bancorp		1,792		49
WesBanco		3,246		89
West Bancorp		2,896		54
West Coast Bancorp – Oregon		2,580		65
Westamerica Bancorporation		4,230		218
Western Sierra Bancorp*		1,108		38
Westfield Financial		561		13
Wilshire Bancorp		2,390		37

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Winston Hotels (REIT)		3,986	$	40
Wintrust Financial		3,643		183
World Acceptance*		2,765		70
WSFS Financial		1,033		61
Yardville National Bancorp		1,494		53
Zenith National Insurance		1,853		116
ZipRealty*		790		10
				38,114
Health Care – 12.8%
Aastrom Biosciences* (a)		15,760		37
Abaxis*		3,000		39
Abgenix* (a)		13,758		174
ABIOMED*		2,620		26
ACADIA Pharmaceuticals*		2,530		29
Adams Respiratory Therapeutics*		720		23
Adeza Biomedical*		650		11
Adolor*		6,513		70
Advanced Neuromodulation Systems*		2,990		142
Advisory Board* (a)		3,042		158
Albany Molecular Research*		3,583		44
Alderwoods Group*		6,040		99
Alexion Pharmaceuticals*		4,212		117
Align Technology* (a)		8,984		60
Alkermes* (a)		13,383		225
Alliance Imaging*		2,171		19
Allied Healthcare International*		4,780		27
Allscripts Healthcare Solutions* (a)		4,731		85
Alpharma, Class A		5,971		149
AMEDISYS* (a)		2,230		87
America Service Group*		1,830		30
American Dental Partners*		1,230		42
American Healthways*		4,908		208
American Medical Systems*		9,410		190
American Retirement*		4,280		81
AMICAS*		6,960		38
AMN Healthcare Services*		1,968		30
Amsurg, Class A* (a)		4,450		122
Amylin Pharmaceuticals* (a)		15,780		549
Analogic		1,940		98
Andrx Group*		11,330		175
Angiodynamics*		380		8
Animas* (a)		1,110		17
Antigenetics* (a)		4,358		24
Applera*		11,423		139
Apria Healthcare Group*		7,210		230
Arena Pharmaceuticals*		5,460		54
Ariad Pharmaceuticals*		7,960		59
Arqule*		4,880		38
Array Biopharma*		5,500		39
Arrow International		3,184		90
Arthrocare*		3,626		146
Aspect Medical Systems*		2,128		63
AtheroGenics* (a)		5,685		91
AVANIR Pharmaceuticals*		16,650		51
Barrier Therapeutics*		1,460		12
Bentley Pharmaceuticals*		2,639		32
Beverly Enterprises* (a)		16,502		202
Bioenvision*		5,270		42
BioMarin Pharmaceutical*		11,070		97
Bio-Rad Laboratories, Class A*		2,650		146
Bio-Reference Labs*		1,440		25
BioScrip*		5,790		38
Biosite*		2,238		138
Bruker BioSciences*		3,747		16
Caliper Life Sciences*		4,240		30

FIRST AMERICAN FUNDS Annual Report 2005

27

Schedule of Investments September 30, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Candela*		3,302	$	32
Cantel Medical* (a)		1,770		37
Caraco Pharmaceutical Laboratories*		1,560		14
Cell Genesys*		6,839		37
Cell Therapeutics* (a)		10,577		30
Centene*		6,270		157
Cepheid*		6,392		47
Chemed		3,746		162
CNS		2,210		58
Coley Pharmaceuticals Group*		190		3
Computer Programs & Systems		1,119		39
CONMED*		4,349		121
Connetics* (a)		5,318		90
Conor Medsystems*		1,370		32
Corvel*		1,088		26
Cotherix*		1,940		27
Cross Country Healthcare*		3,984		74
Cubist Pharmaceuticals* (a)		8,163		176
CuraGen*		7,404		37
Curis*		8,210		38
CV Therapeutics* (a)		6,089		163
Cyberonics* (a)		3,252		97
Cypress Biosciences*		5,050		27
Datascope		1,734		54
deCODE Genetics*		8,248		69
Dendreon*		9,770		66
Dendrite International*		6,134		123
DexCom*		740		9
Diagnostic Products		3,381		178
Digene*		2,416		69
Discovery Laboratories*		8,060		52
Diversa*		4,068		24
DJ Orthopedics* (a)		3,087		89
DOV Pharmaceutical*		3,523		60
Durect* (a)		5,212		36
DUSA Pharmaceuticals*		2,580		27
Eclipsys* (a)		6,104		109
Emageon*		1,380		19
Encore Medical* (a)		6,470		30
Encysive Pharmaceuticals*		8,755		103
Enzo Biochem*		4,356		67
Enzon*		6,621		44
EPIX Medical*		3,924		30
eResearch Technology*		7,543		107
EV3*		710		13
Exelixis*		11,323		87
Eyetech Pharmaceuticals*		5,240		94
First Horizon Pharmaceutical* (a)		4,503		89
FoxHollow Technologies* (a)		2,000		95
Genesis HealthCare*		3,076		124
Genitope* (a)		3,730		26
Gentiva Health Services*		3,528		64
Geron* (a)		8,353		86
Greatbatch*		3,252		89
GTx*		940		9
Haemonetics*		3,486		166
HealthExtras*		3,215		69
HealthTronics*		5,280		53
Hi-Tech Pharmacal*		810		24
Hologic*		3,225		186
Hooper Holmes		9,836		39
Horizon Health*		830		23
Human Genome Sciences* (a)		19,850		270
ICOS*		9,070		251
ICU Medical* (a)		1,831		53
Idenix Pharmaceuticals*		1,040		26

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
IDX Systems*		3,509	$	152
I-Flow* (a)		3,120		43
Illumina*		5,020		64
Immucor* (a)		6,847		188
ImmunoGen*		6,293		46
Incyte*		11,749		55
Inspire Pharmaceuticals*		6,968		53
Integra LifeSciences*		3,277		125
InterMune*		3,795		63
IntraLase*		1,350		20
Introgen Therapeutics* (a)		2,850		15
Intuitive Surgical* (a)		5,210		382
Invacare		4,442		185
Inverness Medical Innovations*		2,447		65
IRIS International*		2,560		47
Isis Pharmaceuticals*		8,906		45
Ista Pharmaceuticals*		1,810		12
Kensey Nash* (a)		1,638		50
Keryx Biopharmaceuticals* (a)		3,720		59
Kindred Healthcare*		4,464		133
K-V Pharmaceutical, Class A*		5,413		96
Kyphon*		4,019		177
LabOne*		2,879		125
Laserscope* (a)		3,118		88
LCA-Vision		2,845		106
Lexicon Genetics*		9,590		38
LifeCell*		4,670		101
Lifeline Systems*		1,906		64
Luminex*		3,858		39
Magellan Health Services*		4,050		142
MannKind*		3,060		42
Marshall Edwards* (a)		1,240		7
Martek Biosciences* (a)		4,810		169
Matria Healthcare*		2,658		100
Matthews International, Class A		4,812		182
Maxygen*		3,869		32
Medarex*		16,641		158
MedCath*		1,040		25
Medicines*		7,324		169
Medicis Pharmaceutical, Class A (a)		7,970		260
Mentor (a)		4,722		260
Merge Technologies* (a)		1,890		32
Meridian Bioscience		2,640		55
Merit Medical Systems*		4,025		71
MGI Pharma*		10,350		241
Micro Therapeutics*		2,025		11
Mine Safety Appliances		4,006		155
Molecular Devices*		2,672		56
Molina Healthcare*		1,780		44
Momenta Pharmaceuticals* (a)		1,430		39
Monogram Biosciences*		18,980		45
MWI Veterinary Supply*		110		2
Myogen*		2,740		64
Myriad Genetics*		4,636		101
NABI Biopharmaceuticals*		8,866		116
Nanogen*		7,200		23
Nastech Pharmaceutical*		2,790		39
National Healthcare		1,027		36
NDCHealth		5,341		101
Nektar Therapeutics* (a)		12,500		212
NeoPharm*		2,961		37
Neurocrine Biosciences* (a)		5,160		254
Neurogen*		3,440		24
Neurometrix*		890		26
New River Pharmaceuticals*		950		46
Nitromed*		2,550		46

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

FIRST AMERICAN FUNDS Annual Report 2005

28

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Northfield Laboratories* (a)		3,540	$	46
Noven Pharmaceuticals*		3,553		50
NPS Pharmaceuticals*		6,299		64
NuVasive*		1,360		25
Nuvelo*		6,268		60
OCA* (a)		7,257		11
Occulogix*		1,450		9
Odyssey Healthcare*		5,461		93
Onyx Pharmaceuticals*		5,467		137
Option Care		3,415		50
OraSure Technologies*		6,826		64
Orchid Cellmark*		3,790		32
Owens & Minor		5,677		167
Pain Therapeutics*		4,225		27
PainCare Holdings*		6,690		25
Palomar Medical Technologies*		2,620		69
Par Pharmaceutical Companies*		5,150		137
PAREXEL International*		3,873		78
Pediatrix Medical Group* (a)		3,375		259
Penwest Pharmaceuticals*		3,364		59
Perrigo (a)		12,748		182
Per-Se Technologies* (a)		3,764		78
Pharmion* (a)		3,800		83
PolyMedica		2,796		98
POZEN*		4,125		45
PRA International*		1,430		43
Priority Healthcare, Class B*		4,986		139
Progenics Pharmaceutical*		2,270		54
PSS World Medical*		9,755		130
Psychiatric Solutions* (a)		3,410		185
Radiation Therapy Services* (a)		1,230		39
Regeneron Pharmaceutical*		5,251		50
RehabCare Group*		2,783		57
Renovis*		2,990		40
Res-Care*		3,000		46
Rigel Pharmaceuticals*		2,840		68
Salix Pharmaceuticals* (a)		5,522		117
Savient Pharmaceuticals*		9,410		35
Seattle Genetics*		4,010		21
Senomyx*		3,260		56
Serologicals* (a)		5,393		122
SFBC International* (a)		2,408		107
Somanetics*		1,600		40
SonoSite*		2,531		75
Specialty Laboratories*		1,368		18
StemCells* (a)		9,680		53
Stereotaxis*		1,870		14
STERIS		10,450		249
Stewart Enterprises, Class A		16,029		106
Stratagene*		1,160		10
Sunrise Senior Living* (a)		2,533		169
SuperGen* (a)		8,548		54
SurModics* (a)		2,441		94
Sybron Dental Specialties*		5,944		247
Symbion*		1,870		48
Symmetry Medical*		1,380		33
Tanox*		4,083		60
Telik* (a)		7,644		125
Tercica*		980		11
Thoratec*		7,594		135
Threshold Pharmaceutical*		30		-
Trimeris*		2,685		41
TriPath Imaging*		4,732		33
TriZetto Group*		5,451		77
U.S. Physical Therapy*		1,840		33
United Surgical Partners*		6,502		254

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
United Therapeutics*		3,291	$	230
Varian* (a)		4,806		165
Ventana Medical Systems*		4,640		177
Ventiv Health*		3,340		88
Vertex Pharmaceuticals* (a)		14,040		314
ViaCell*		1,280		7
Viasys Healthcare*		4,623		116
VistaCare, Class A*		1,550		22
Vital Images* (a)		1,900		42
Vital Signs		979		45
VNUS Medical Technologies*		940		10
WellCare Group*		2,310		86
West Pharmaceutical Services		4,702		140
Wright Medical Group*		4,564		113
Young Innovations		806		31
Zoll Medical*		1,585		42
ZymoGenetics*		3,339		55
				22,813
Industrials – 14.9%
3D Systems*		1,880		42
A.O. Smith		2,526		72
A.S.V.*		2,694		61
AAON*		1,510		28
AAR*		4,893		84
ABM Industries		6,359		132
ABX Air*		9,040		74
Accuride*		1,730		24
Actuant, Class A		4,038		189
Acuity Brands (a)		6,646		197
Administaff		3,051		121
AGCO* (a)		13,220		241
AirTran Holdings* (a)		13,075		166
Alamo Group		950		19
Alaska Air Group* (a)		4,213		122
Albany International, Class A		4,245		157
Amerco		1,600		93
American Ecology		1,870		37
American Reprographics*		1,010		17
American Science & Engineering*		1,280		84
American Superconductor* (a)		4,300		45
American Woodmark		1,838		62
Ameron International		1,408		65
Angelica		1,537		27
Apogee Enterprises		4,193		72
Applied Industrial Technology		4,416		158
Applied Signal Technology		1,704		33
ARGON ST*		1,370		40
Arkansas Best		3,722		130
Armor Holdings* (a)		4,982		214
Artesyn Technologies* (a)		5,907		55
Asset Acceptance Capital*		1,350		40
Astec Industries*		2,372		67
Aviall*		4,390		148
Badger Meter		870		34
Baldor Electric		4,873		124
Banta		3,928		200
Barnes Group		2,585		93
BE Aerospace*		8,590		142
Beacon Roofing Supply*		2,370		77
BlueLinx Holdings		1,010		14
Bowne & Company		5,159		74
Brady, Class A (a)		6,246		193
Briggs & Stratton		6,670		231
Bright Horizons Family Solutions*		4,080		157
Bucyrus International		2,670		131

FIRST AMERICAN FUNDS Annual Report 2005

29

Schedule of Investments September 30, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Builders FirstSource*		1,010	$	23
C&D Technologies		3,826		36
Cascade		1,836		89
Casella Waste Systems*		3,373		44
CBIZ*		10,858		55
CDI		1,190		35
Central Parking		3,183		48
Cenveo*		7,600		79
Ceradyne*		3,694		135
Circor International		2,577		71
CLARCOR		7,764		223
Clean Harbors*		2,460		84
Coinstar*		3,821		71
Color Kinetics*		1,050		16
Comfort Systems USA*		6,610		58
Commercial Vehicle Group*		1,700		36
CompX International		20		-
COMSYS IT Partners*		1,950		24
Consolidated Graphics*		1,753		75
Continental Airlines, Class B* (a)		10,333		100
Corrections Corporation of America*		5,937		236
CoStar Group*		2,415		113
Covenant Transport, Class A*		1,493		18
CRA International*		1,747		73
Crane		6,880		205
Cubic (a)		2,693		46
Curtiss-Wright		3,176		196
Delta Air Lines* (a)		20,780		16
DiamondCluster, Class A*		4,040		31
Dollar Thrifty Automotive*		3,722		125
DRS Technologies		4,076		201
Duratek*		1,748		32
Dycom Industries* (a)		7,486		151
Dynamex*		1,800		28
Dynamic Materials		420		18
EDO		2,345		70
Educate*		3,080		46
EGL*		5,781		157
Electro Rent*		3,099		39
ElkCorp		3,044		109
EMCOR Group* (a)		2,406		143
Encore Wire*		2,727		44
Energy Conversion Devices* (a)		3,282		147
EnerSys*		5,580		85
Engineered Support Systems		5,773		237
Ennis Business Forms		3,770		63
EnPro Industries*		3,145		106
ESCO Technologies* (a)		3,922		196
Essex*		2,790		60
Esterline Technologies* (a)		3,717		141
Evergreen Solar*		6,110		57
Exponent*		1,030		32
ExpressJet Holdings* (a)		6,572		59
Federal Signal		7,294		125
First Advantage*		20		1
Flanders*		2,250		27
Florida East Coast Industries, Class A		3,916		177
Flowserve* (a)		8,506		309
Forward Air		4,873		180
Franklin Electric		2,738		113
Freightcar America		1,240		51
Frontier Airlines*		5,380		53
Frozen Food Express Industries*		2,370		25
FTI Consulting*		6,391		161
FuelCell Energy* (a)		7,169		79
G&K Services, Class A		2,646		104

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Gardner Denver*		3,616	$	161
Gehl Company*		1,575		44
GenCorp*		8,170		152
General Cable*		5,817		98
Genesee & Wyoming, Class A*		3,076		98
Genlyte Group* (a)		3,614		174
Geo Group*		1,427		38
GEVITY HR		4,074		111
Global Power Equipment Group*		5,814		41
Gorman-Rupp		1,428		34
Granite Construction		5,215		199
Greenbrier Companies		979		33
Griffon* (a)		4,213		104
Healthcare Services Group		4,059		78
Heartland Express (a)		7,103		144
HEICO		3,350		78
Heidrick & Struggles International*		2,881		93
Herley Industries*		1,972		37
Hexcel*		7,730		141
Hub Group*		2,640		97
Hudson Highland Group*		3,432		86
Hughes Supply (a)		9,430		307
Huron Consulting Group*		970		26
Huttig Building Products*		2,230		20
II-VI*		3,474		62
IKON Office Solutions		15,510		155
Imagistics International*		2,293		96
Innovative Solutions and Support* (a)		1,800		28
Insituform Technologies, Class A*		4,041		70
Interline Brands*		2,150		45
Intermagnetics General*		4,157		116
Interpool		1,290		24
Ionatron* (a)		3,780		38
Jackson Hewitt Tax Service		5,580		133
Jacuzzi Brands*		11,560		93
JLG Industries		7,554		276
John H. Harland		4,150		184
K&F Industries Holdings*		1,170		20
Kadant*		2,092		42
Kaman		3,504		72
Kansas City Southern Industries*		12,260		286
Kaydon (a)		4,247		121
Kelly Services, Class A		2,957		91
Kennametal		5,621		276
Kforce*		4,390		45
Kirby*		3,283		162
Knight Transportation		6,180		151
Knoll		670		12
Korn/Ferry International*		5,371		88
LaBarge*		1,560		20
Labor Ready*		7,286		187
Lawson Products		680		25
Layne Christensen*		1,690		40
Learning Tree International* (a)		1,507		20
LECG*		2,250		52
Lennox International		7,618		209
Lincoln Electric Holdings		5,421		214
Lindsay Manufacturing		1,953		43
LSI Industries		2,933		56
MAIR Holdings*		60		-
Manitowoc		4,473		225
Marten Transport*		1,580		40
Mascotech Escrow Shares (b) (c)		9,571		-
MasTec*		4,033		44
McGrath Rentcorp		3,320		94
Medis Technologies* (a)		2,236		40

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

FIRST AMERICAN FUNDS Annual Report 2005

30

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Mercury Computer Systems* (a)		3,161	$	83
Mesa Air Group* (a)		5,411		45
Middleby*		630		46
Mobile Mini* (a)		2,191		95
Moog, Class A*		5,269		156
MTC Technologies*		1,242		40
Mueller Industries		5,508		153
NACCO Industries, Class A		769		88
Navigant Consulting*		7,259		139
NCI Building Systems* (a)		3,144		128
NCO Group*		4,649		96
Nordson		3,660		139
NuCo2*		1,420		37
Odyssey Marine Exploration*		5,540		20
Old Dominion Freight Lines*		2,834		95
Omega Flex*		30		-
Orbital Sciences*		8,674		108
PAM Transportation Services*		29		-
Pacer International		4,770		126
Perini*		1,811		33
PHH*		7,250		199
Pico Holdings*		1,369		48
Pike Electric*		1,360		25
Pinnacle Airlines*		3,330		22
Plug Power*		6,639		45
Portfolio Recovery Associates* (a)		2,096		91
Powell Industries*		1,172		26
Power-One*		10,805		60
Preformed Line Products		20		1
Pre-Paid Legal Services		1,680		65
PRG-Schultz International*		7,044		21
Quanta Services* (a)		16,077		205
RailAmerica*		6,325		75
Raven Industries		2,314		68
Regal-Beloit (a)		3,800		123
Reliance Steel & Aluminum		4,296		227
Republic Airways Holdings*		880		13
Resources Connection*		7,056		209
Robbins & Myers		1,864		42
Rollins		4,672		91
Rush Enterprises*		3,240		50
Schawk		1,564		31
School Specialty*		3,377		165
SCS Transportation*		2,555		40
Sequa, Class A*		930		55
Shaw Group*		11,917		294
SI International*		1,140		35
Simpson Manufacturing		5,474		214
SIRVA*		3,630		27
SkyWest		8,628		231
Sotheby's Holdings, Class A*		5,582		93
SOURCECORP*		2,365		51
Spherion*		9,285		71
Standard Register		2,031		30
Standex International		2,032		54
Stewart & Stevenson Services		4,356		104
Strayer Education		2,209		209
Sun Hydraulics		1,035		25
Sypris Solutions		1,163		12
Tecumseh Products, Class A		2,485		53
Teledyne Technologies*		5,016		173
Teletech Holdings*		5,384		54
Tennant		920		38
Tetra Tech*		7,907		133
The Providence Service*		1,490		46
Titan International (a)		2,010		28

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Tredegar		4,315	$	56
Trex* (a)		1,769		42
Trinity Industries		6,048		245
Triumph Group*		2,388		89
TRM*		1,690		26
TurboChef Technologies* (a)		2,000		31
U.S. Xpress Enterprises*		1,003		12
UAP Holding		4,790		87
Ultralife Batteries*		2,410		31
United Industrial		1,450		52
United Rentals*		9,486		187
United Stationers*		4,891		234
Universal Forest Products		2,363		135
Universal Technical Institute*		2,730		97
Universal Truckload Services*		20		-
URS* (a)		5,698		230
USA Truck*		790		20
Valence Technology* (a)		6,557		18
Valmont Industries		2,354		69
Vertrue*		882		32
Viad		2,730		75
Vicor		2,890		44
Volt Information Sciences*		1,366		28
Wabash National		4,608		91
Wabtec		6,772		185
Walter Industries		5,495		269
Washington Group International*		4,061		219
Waste Connections* (a)		5,511		193
Waste Industries USA		880		12
Waste Services*		9,880		37
Water Pik Technologies*		1,710		35
Watsco (a)		3,335		177
Watson Wyatt & Company Holdings		5,348		144
Watts Water Technologies, Class A		3,708		107
Werner Enterprises		7,580		131
Woodward Governor		1,479		126
World Air Holdings*		3,640		39
York International		6,219		349
				26,515
Information Technology – 17.9%
3Com* (a)		55,250		225
Actel*		3,801		55
Acxiom		13,280		249
Adaptec*		16,796		64
ADE*		1,630		37
Adtran		9,490		299
Advanced Analogic Technologies*		460		5
Advanced Digital Information*		9,623		90
Advanced Energy Industries*		3,579		39
Advent Software* (a)		3,462		93
Aeroflex* (a)		11,199		105
Agile Software*		8,968		64
Agilysys		4,434		75
Airspan Networks* (a)		5,290		27
Altiris*		3,522		54
AMIS Holdings*		5,420		64
Amkor Technology* (a)		15,510		68
Anaren*		2,827		40
Anixter International		4,349		175
Ansoft*		1,127		33
ANSYS* (a)		4,686		180
Anteon International* (a)		4,114		176
Applied Digital Solutions* (a)		9,660		28
Applied Films*		2,534		53
Applied Micro Circuits*		45,340		136

FIRST AMERICAN FUNDS Annual Report 2005

31

Schedule of Investments September 30, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
aQuantive* (a)		8,072	$	162
Ariba*		9,801		56
Arris Group*		14,171		168
AsiaInfo Holdings*		6,063		29
Aspen Technology*		7,098		44
Asyst Technologies*		8,076		38
Atari*		7,518		11
Atheros Communications* (a)		3,910		38
Atmel*		65,080		134
ATMI*		5,470		170
Audiovox*		2,681		37
August Technology*		2,660		28
Autobytel*		7,141		36
Avocent* (a)		7,040		223
Axcelis Technologies* (a)		15,013		78
Bankrate* (a)		1,470		40
BearingPoint* (a)		27,000		205
BEI Technologies		1,844		65
Bel Fuse		1,724		63
Belden CDT (a)		6,936		135
Bell Microproducts*		4,480		45
Benchmark Electronics* (a)		6,176		186
Black Box (a)		2,558		107
Blackbaud		1,278		18
Blackboard*		2,100		53
Blue Coat Systems*		1,580		69
Borland Software*		12,003		70
Bottomline Technologies*		1,990		30
Brightpoint*		4,050		78
Brocade Communications Systems*		40,440		165
Brooks Automation* (a)		6,711		89
Cabot Microelectronics* (a)		3,775		111
Catapult Communications*		1,223		22
CCC Information Services Group*		1,349		35
C-COR.net* (a)		7,199		49
Checkpoint Systems*		5,608		133
China Energy Savings Technology*		10		-
CIBER* (a)		8,761		65
Ciena*		84,210		222
Cirrus Logic*		12,823		97
Click Commerce*		1,280		23
CMGI*		72,646		121
CNET Networks* (a)		19,492		265
Cogent* (a)		3,130		74
Cognex		6,095		183
Coherent*		4,534		133
Cohu		3,208		76
CommScope* (a)		8,260		143
Comtech Telecommunications*		3,269		136
Concur Technologies*		4,502		56
Conexant Systems*		72,960		131
Covansys*		3,770		60
Credence Systems* (a)		12,092		96
CSG Systems International*		7,596		165
CTS		5,452		66
CyberGuard*		2,945		24
CyberSource*		4,640		31
Cymer*		5,469		171
Cypress Semiconductor* (a)		19,530		294
Daktronics (a)		2,481		59
Digi International*		3,690		40
Digital Insight*		5,259		137
Digital River* (a)		5,159		180
Digitas* (a)		12,343		140
Diodes*		1,223		44
Dionex*		3,044		165

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Ditech Communications*		4,823	$	33
Dot Hill Systems*		6,599		44
DSP Group*		4,264		109
DTS*		2,600		44
EarthLink*		18,813		201
Echelon*		4,372		40
eCollege.com*		2,742		41
eFunds*		6,847		129
Electro Scientific Industries*		4,277		96
Electronics for Imaging*		8,023		184
EMCORE*		5,730		35
Emulex* (a)		12,380		250
EndWave* (a)		1,050		14
Entegris*		16,057		181
Entrust*		9,343		52
Epicor Software*		7,184		93
EPIQ Systems*		2,346		51
Equinix*		2,380		99
Euronet Worldwide*		4,448		132
Exar*		5,434		76
Excel Technologies*		1,815		47
Extreme Networks* (a)		18,265		81
FactSet Research Systems		5,180		183
Fairchild Semiconductor International, Class A* (a)		17,000		253
FalconStor Software* (a)		3,577		22
Fargo Electronics*		1,960		34
FARO Technologies* (a)		1,820		35
FEI*		3,510		68
FileNet*		6,017		168
Finisar*		28,416		39
FormFactor*		4,790		109
Forrester Research*		1,918		40
Foundry Networks* (a)		17,280		219
Gartner, Class A* (a)		8,416		98
Gateway*		37,823		102
Genesis Microchip*		4,952		109
Glenayre Technologies*		10,360		37
Global Imaging Systems*		3,478		118
GlobeTel Communications* (a)		9,880		14
Greenfield Online*		1,610		9
Harmonic*		11,015		64
Helix Technology		3,937		58
Homestore* (a)		19,786		86
HouseValues* (a)		980		14
Hutchinson Technology* (a)		3,741		98
Hypercom*		7,912		52
Identix*		13,401		63
iGATE*		3,583		13
Imation		4,860		208
Infocrossing* (a)		2,700		25
Informatica*		13,089		157
InfoSpace*		5,002		119
infoUSA		5,471		58
Integral Systems		1,610		33
Integrated Device Technology*		28,845		310
Integrated Silicon Solution*		6,132		52
InterDigital Communications*		7,920		156
Intergraph*		4,253		190
International DisplayWorks* (a)		4,790		28
Internet Capital Group*		5,790		51
Internet Security Systems*		5,899		142
Inter-Tel		3,224		68
Intervideo*		1,470		15
InterVoice*		5,696		51
Interwoven*		6,121		50
Intevac*		2,870		30

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

FIRST AMERICAN FUNDS Annual Report 2005

32

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Intrado*		2,966	$	53
iPass*		7,630		41
iPayment*		1,809		68
Itron*		3,449		157
iVillage*		6,120		44
Ixia* (a)		4,569		67
IXYS*		3,241		34
J2 Global Communications* (a)		3,202		129
Jack Henry & Associates		9,810		190
JAMDAT Mobile* (a)		1,420		30
JDA Software*		4,426		67
Jupitermedia* (a)		2,910		52
Kanbay International*		3,070		58
Keane* (a)		7,234		83
Keithley Instruments		1,890		28
KEMET* (a)		12,822		107
Keynote Systems*		2,645		34
Komag* (a)		4,365		140
Kopin*		10,434		73
Kronos*		4,828		216
Kulicke & Soffa*		8,378		61
Landauer		1,132		55
Lattice Semiconductor* (a)		17,131		73
Lawson Software* (a)		9,545		66
Leadis Technology*		1,070		7
LeCroy*		1,420		21
Lexar Media*		11,974		77
Lionbridge Technologies* (a)		6,443		43
Littelfuse*		3,324		94
Lo-Jack*		2,620		55
LTX*		9,246		39
Macrovision* (a)		7,595		145
Magma Design Automation*		4,284		35
Majesco Entertainment Company*		2,550		3
Manhattan Associates*		4,541		105
ManTech International*		2,365		62
MapInfo* (a)		3,470		43
Marchex* (a)		3,070		51
MatrixOne*		8,698		46
Mattson Technology*		6,857		51
Maximus		2,840		102
Maxtor*		38,190		168
McDATA, Class A*		20,340		107
Measurement Specialties*		1,830		39
Mentor Graphics* (a)		11,767		101
Methode Electronics, Class A		5,391		62
Metrologic Instruments*		1,796		33
Micrel* (a)		9,404		106
Micromuse*		11,958		94
Micros Systems* (a)		5,470		239
Microsemi* (a)		9,286		237
MicroStrategy* (a)		2,082		146
Microtune*		8,840		55
Midway Games* (a)		2,800		43
MIPS Technologies, Class A*		6,290		43
MKS Instruments* (a)		4,924		85
Mobility Electronics*		4,240		45
Monolithic Power Systems*		2,670		23
Motive*		1,890		12
MPS Group*		15,636		185
MRO Software*		3,364		57
MRV Communications*		15,725		33
MTS Systems		2,977		112
Multi-Fineline Electronix*		1,030		30
Ness Technologies*		2,340		23
NETGEAR* (a)		4,800		115

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
NetIQ*		8,476	$	104
Netlogic Microsystems*		1,620		35
NetRatings*		2,128		32
NetScout Systems*		4,077		22
Newport*		5,460		76
NIC*		5,349		35
Novatel Wireless* (a)		4,500		65
OmniVision Technologies* (a)		8,590		108
ON Semiconductor*		20,838		108
Online Resources*		3,290		35
Open Solutions*		2,280		50
Openwave Systems* (a)		10,364		186
Oplink Communications*		15,512		24
Opsware*		9,974		52
Optical Communication Products*		89		-
OSI Systems* (a)		2,269		36
Packeteer*		5,017		63
Palm* (a)		6,265		177
PAR Technology*		620		14
Parametric Technology*		40,257		281
Park Electrochemical		2,998		80
Paxar*		5,289		89
PDF Solutions*		2,516		42
Pegasus Solutions*		3,731		34
Pegasystems*		1,940		12
Pericom Semiconductor*		3,801		34
Perot Systems, Class A*		12,691		180
Phase Forward*		1,720		19
Phoenix Technologies*		3,850		29
Photon Dynamics*		2,555		49
Photronics* (a)		5,607		109
Pixelworks*		6,959		46
Plantronics		7,020		216
Plexus*		6,542		112
PLX Technology*		3,700		31
PMC-Sierra* (a)		26,730		235
Polycom* (a)		14,130		228
PortalPlayer* (a)		1,740		48
Power Integrations*		4,743		103
Powerwave Technologies* (a)		14,763		192
Presstek*		4,417		57
Progress Software*		4,787		152
QAD		2,194		18
Quality Systems		1,152		80
Quantum* (a)		27,624		85
Quest Software* (a)		8,474		128
Radiant Systems*		3,550		37
RadiSys*		2,953		57
Rambus* (a)		14,890		180
RealNetworks*		17,070		97
Redback Networks*		5,410		54
Renaissance Learning		1,314		23
RF Micro Devices*		28,272		160
RightNow Technologies*		1,080		16
Rimage*		1,470		39
Rofin-Sinar Technologies*		2,295		87
Rogers*		2,483		96
RSA Security*		10,726		136
Rudolph Technologies* (a)		1,950		26
S1*		10,580		41
SAFENET* (a)		3,645		132
Sapient* (a)		12,367		77
ScanSoft*		14,581		78
ScanSource*		1,880		92
SeaChange International*		4,205		27
Secure Computing*		6,112		69

FIRST AMERICAN FUNDS Annual Report 2005

33

Schedule of Investments September 30, 2005

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Semitool*		2,792	$	22
Semtech* (a)		10,140		167
SERENA Software*		3,929		78
SigmaTel*		5,180		105
Silicon Image*		11,908		106
Silicon Laboratories* (a)		6,290		191
Silicon Storage Technology*		14,091		76
SiRF Technology Holdings*		4,670		141
Skyworks Solutions* (a)		23,740		167
Sohu.com*		3,801		65
Sonic Solutions*		3,241		70
SonicWALL*		7,929		50
Sonus Networks*		36,780		213
Spatialight* (a)		4,040		18
SpectraLink		2,885		37
SPSS*		2,439		59
SS&C Technologies		2,337		86
SSA Global Technologies*		1,460		26
Standard Microsystems*		3,172		95
StarTek		876		12
Stellent*		3,520		30
StorageNetworks* (b) (c)		15,089		-
Stratasys* (a)		1,581		47
Superior Essex*		2,300		41
Supertex*		1,531		46
Supportsoft*		6,235		31
Sycamore Networks*		26,157		99
Sykes Enterprises*		4,308		51
Symmetricom*		6,951		54
Synaptics* (a)		3,459		65
SYNNEX*		1,130		19
Syntel		1,257		25
TALX (a)		2,954		97
TASER International* (a)		9,460		58
Technitrol		6,275		96
Tekelec*		8,404		176
Telkonet* (a)		5,500		22
Terayon Communications*		11,477		45
Terremark Worldwide*		5,149		23
Tessera Technologies*		6,460		193
ThermoGenesis*		6,800		36
THQ*		8,880		189
TIBCO Software*		31,980		267
TNS*		1,150		28
Transaction Systems Architects, Class A* (a)		5,678		158
TranSwitch* (a)		16,040		28
Travelzoo*		360		8
Trident Microsystems* (a)		3,720		118
TriQuint Semiconductor*		20,579		72
TTM Technologies*		6,397		46
Tyler Technologies*		5,322		44
Ulticom*		1,784		20
Ultimate Software Group*		2,820		52
Ultratech*		3,639		57
United Online		9,043		125
Universal Display*		3,578		40
UNOVA* (a)		7,355		257
UTStarcom* (a)		15,080		123
ValueClick* (a)		12,465		213
Varian Semiconductor Equipment Associates*		5,552		235
Vasco Data Security International*		3,710		34
Veeco Instruments*		3,900		63
VeriFone Holdings* (a)		3,650		73
Verint Systems*		2,001		82
Verity*		4,739		50
ViaSat*		3,244		83

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Vignette*		4,384	$	70
Viisage Technology*		5,250		22
Virage Logic*		2,110		16
Vitesse Semiconductor*		32,897		62
Volterra Semiconductor*		1,470		18
WebEx Communications* (a)		4,867		119
webMethods*		7,944		56
Websense*		3,600		184
WebSideStory*		1,390		25
Westell Technologies, Class A*		8,460		31
Wind River Systems* (a)		10,690		138
Witness Systems*		3,790		79
Wright Express*		6,120		132
X-Rite		3,187		40
Zhone Technologies*		12,450		32
Zoran*		6,558		94
				31,885
Materials – 4.7%
A. Schulman		4,815		86
A.M. Castle & Company*		1,620		28
AK Steel Holdings*		16,274		139
Aleris International*		4,440		122
Alpha Natural Resources*		4,370		131
AMCOL International		3,254		62
American Vanguard (a)		1,720		31
Arch Chemicals		3,558		83
Balchem		1,210		33
Bowater (a)		7,830		221
Brush Engineered Metals*		2,900		46
Buckeye Technologies*		4,966		40
Calgon Carbon		5,838		46
Cambrex		3,975		75
Caraustar Industries*		4,267		47
Carpenter Technology		3,647		214
Century Aluminum* (a)		3,186		72
CF Industries Holdings* (a)		4,660		69
Chaparral Steel*		3,360		85
Chesapeake		2,970		55
Cleveland-Cliffs (a)		3,298		287
Coeur D'Alene Mines*		35,324		149
Commercial Metals (a)		8,960		302
Compass Minerals International		2,600		60
Deltic Timber		1,694		78
Eagle Materials (a)		2,716		330
Ferro		6,317		116
Georgia Gulf		4,848		117
Gibraltar Industries (a)		3,573		82
Glatfelter		4,939		70
GrafTech International*		14,718		80
Graphic Packaging*		9,820		27
Greif, Class A		2,209		133
H.B. Fuller		4,272		133
Headwaters* (a)		6,228		233
Hecla Mining* (a)		17,989		79
Hercules*		17,016		208
Kronos Worldwide		544		17
Longview Fibre		7,703		150
MacDermid		4,646		122
Mercer International*		4,510		37
Metal Management		2,980		76
Metals USA*		3,140		64
Minerals Technologies (a)		3,141		180
Myers Industries		4,130		48
Neenah Paper		1,510		44
NewMarket Group*		2,353		41

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

FIRST AMERICAN FUNDS Annual Report 2005

34

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
NL Industries		1,367	$	26
NN		2,894		35
Octel		1,881		31
Olin (a)		10,552		200
OM Group*		4,291		86
Oregon Steel Mills*		5,330		149
Pioneer Companies*		1,750		42
PolyOne*		13,882		84
Potlatch		4,431		231
Quanex		3,714		246
Roanoke Electric Steel		1,730		35
Rock-Tenn, Class A		4,442		67
Rockwood Holdings*		180		3
Royal Gold (a)		2,395		64
RTI International Metals*		3,341		131
Ryerson Tull (a)		3,783		81
Schnitzer Steel Industries, Class A		3,320		108
Schweitzer-Mauduit International		2,253		50
Sensient Technologies		7,110		135
Silgan Holdings		3,364		112
Spartech		4,345		85
Steel Dynamics (a)		5,816		198
Steel Technologies		1,720		45
Stepan		274		7
Stillwater Mining* (a)		6,142		56
Symyx Technologies*		4,772		125
Terra Industries*		11,790		78
Texas Industries		3,420		186
Titanium Metals*		1,760		70
USEC		12,965		145
W.R. Grace & Company* (a)		10,075		90
Wausau-Mosinee Paper		6,418		80
Wellman		5,482		35
Westlake Chemical		2,040		55
Wheeling-Pittsburgh*		1,320		22
Worthington Industries (a)		9,230		194
Zoltek Companies*		1,690		22
				8,357
Telecommunication Services – 1.3%
Alaska Communications Systems Holdings		1,730		20
Arbinet-thexchange*		510		4
Broadwing* (a)		10,159		51
Centennial Communications, Class A*		3,063		46
Cincinnati Bell* (a)		37,047		163
Cogent Communications Group*		860		4
Commonwealth Telephone Enterprises		3,190		120
Consolidated Communications Holdings		910		12
CT Communications		2,816		35
Dobson Communications, Class A* (a)		16,898		130
FairPoint Communications		4,020		59
General Communication* (a)		7,810		77
Golden Telecom (a)		2,820		89
Hungarian Telephone & Cable*		630		9
IDT*		8,630		105
InPhonic*		2,390		33
Iowa Telecommunications Services		3,320		56
Level 3 Communications* (a)		104,020		241
Neon Communications* (b) (c)		34,093		-
NeuStar*		2,260		72
North Pittsburgh		2,197		45
Premiere Global Services*		10,815		88
Price Communications*		6,339		104
SBA Communications*		11,406		176
Shenandoah Telecommunications		1,016		42
SureWest Communications		2,202		63

Small Cap Index Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Syniverse Holdings*		1,740	$	27
Talk America Holdings*		4,098		39
Time Warner Telecom, Class A*		7,565		59
UbiquiTel*		12,090		106
USA Mobility*		4,108		111
Valor Communications Group		4,430		60
Wireless Facilities* (a)		8,179		47
				2,293
Utilities – 2.7%
ALLETE (a)		3,820		175
American States Water		2,594		87
Aquila*		51,082		202
Avista		7,184		139
Black Hills (a)		4,909		213
California Water Service		2,603		107
Calpine* (a)		85,120		220
Cascade Natural Gas		1,244		27
Central Vermont Public Service		1,838		32
CH Energy Group		2,382		113
CLECO		7,515		177
Connecticut Water Service		1,363		34
Duquesne Light Holdings (a)		11,670		201
El Paso Electric*		7,191		150
Empire District Electric		3,823		87
EnergySouth		1,168		32
IDACORP (a)		6,253		188
Infrasource Services*		1,490		22
ITC Holdings		500		14
Laclede Group		3,272		106
MGE Energy		3,078		112
Middlesex Water		1,944		44
New Jersey Resources		4,254		196
NICOR (a)		5,550		233
Northwest Natural Gas		4,263		159
NorthWestern		5,360		162
Ormat Technologies		1,250		28
Otter Tail		4,412		137
People's Energy		5,460		215
Sierra Pacific Resources* (a)		17,449		259
SJW		1,117		54
South Jersey Industries		4,212		123
Southern Union Company Fractional Share (b) (c)		-		-
Southwest Gas		5,817		159
Southwest Water (a)		3,306		48
UIL Holdings		1,857		97
UniSource Energy Holding		5,351		178
WGL Holdings		7,340		236
				4,766
Total Common Stocks (Cost $139,752)				176,794

FIRST AMERICAN FUNDS Annual Report 2005

35

Schedule of Investments September 30, 2005

Small Cap Index Fund (concluded)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Short-Term Investments – 0.7%
Affiliated Money Market Fund – 0.5%
First American Prime Obligations Fund, Class Z (d)		972,482	$	972
U.S. Treasury Obligations – 0.2%
U.S. Treasury Bill 3.490%, 03/02/06 (e)	$	300		296
Total Short-Term Investments (Cost $1,268)				1,268
Investments Purchased with Proceeds from Securities Lending (f) – 23.0%
	(Cost $40,990)			40,990
Total Investments – 122.9% (Cost $182,010)				219,052
Other Assets and Liabilities, Net – (22.9)%				(40,751	)
Total Net Assets – 100.0%			$	178,301

*  Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $39,574,289 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  Securities are fair valued. As of September 30, 2005, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(c)  Securities considered illiquid. As of September 30, 2005, the value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

(e)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

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

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)		Notional Contract Value (000)		Settlement Month	Unrealized Depreciation (000)
Russell 2000 Index Futures Contracts		2	$	672	December-05	$	0

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

FIRST AMERICAN FUNDS Annual Report 2005

36

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Statements of Assets and Liabilities September 30, 2005, in thousands, except for per share data

	Equity Index Fund			Mid Cap Index Fund		Small Cap Index Fund
ASSETS:
Investments in unaffiliated securities, at value* (cost: $1,622,733, $300,684, $140,048)(note 2)	$	2,229,051		$	371,907	$	177,090
Investments in affiliated securities, at value (cost: $36,858, $4,591, $972)(note 2)		38,924			4,591		972
Investments purchased with proceeds from securities lending (cost $712,377, $135,867, $40,990)(note 2)		712,377			135,867		40,990
Cash**		6,761			1,287		390
Receivable for dividends and interest		2,576			232		194
Receivable for investment securities sold		-			-		457
Receivable for capital shares sold		1,462			163		40
Receivable for variation margin		61			40		5
Prepaid expenses and other assets		41			31		29
Total assets		2,991,253			514,118		220,167
LIABILITIES:
Payable for investment securities purchased		-			-		140
Payable upon return of securities loaned (note 2)		719,125			137,154		41,378
Payable for capital shares redeemed		5,555			1,401		231
Payable to affiliates (note 3)		651			146		88
Payable for distribution and shareholder servicing fees		120			9		5
Accrued expenses and other liabilities		78			26		24
Total liabilities		725,529			138,736		41,866
Net assets	$	2,265,724		$	375,382	$	178,301
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,689,670		$	285,867	$	137,085
Undistributed net investment income		-			99		-
Accumulated net realized gain on investments		(32,473	)		18,173		4,174
Net unrealized appreciation of investments		608,384			71,223		37,042
Net unrealized appreciation of futures contracts		143			20		-
Net assets	$	2,265,724		$	375,382	$	178,301
* Including securities loaned, at value	$	697,331		$	133,613	$	39,574
** Includes cash collateral received related to securities loaned (note 2)	$	6,748		$	1,287	$	388
Class A:
Net assets	$	238,379		$	14,827	$	10,323
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		10,364			1,073		708
Net asset value, and redemption price per share	$	23.00		$	13.82	$	14.57
Maximum offering price per share (1)	$	24.34		$	14.62	$	15.42
Class B:
Net assets	$	58,857		$	3,546	$	1,555
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		2,591			261		110
Net asset value, offering price, and redemption price per share (2)	$	22.72		$	13.59	$	14.21
Class C:
Net assets	$	26,258		$	3,533	$	2,256
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		1,149			259		157
Net asset value, offering price, and redemption price per share (2)	$	22.85		$	13.63	$	14.34
Class R:
Net assets	$	1,663		$	122	$	11
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		72			9		1
Net asset value, offering price, and redemption price per share	$	22.98		$	13.78	$	14.43
Class Y:
Net assets	$	1,940,567		$	353,354	$	164,156
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		84,392			25,550		11,263
Net asset value, offering price, and redemption price per share	$	22.99		$	13.83	$	14.57

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

38

Statements of Operations For the fiscal year ended September 30, 2005, in thousands

	Equity Index Fund			Mid Cap Index Fund			Small Cap Index Fund
INVESTMENT INCOME:
Dividends from unaffiliated securities	$	48,778		$	4,788		$	2,379
Dividends from affiliated securities		933			241			90
Interest from unaffiliated securities		152			46			14
Securities lending income		612			121			134
Total investment income		50,475			5,196			2,617
EXPENSES (note 3):
Investment advisory fees		5,859			913			732
Administration fees		4,793			759			451
Transfer agent fees		1,478			236			116
Custodian fees		206			32			16
Professional fees		136			38			29
Other expenses		89			24			32
Postage and printing fees		78			12			9
Directors' fees		55			8			4
Registration fees		44			44			43
Distribution and shareholder servicing fees – Class A		603			35			25
Distribution and shareholder servicing fees – Class B		665			34			16
Distribution and shareholder servicing fees – Class C		291			30			21
Distribution and shareholder servicing fees – Class R (1)		5			-			-
Total expenses		14,302			2,165			1,494
Less: Fee waivers (note 3)		(4,067	)		(239	)		(234	)
Total net expenses		10,235			1,926			1,260
Investment income – net		40,240			3,270			1,357
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 6):
Net realized gain (loss) on unaffiliated investments		(5,937	)		21,217			9,562
Net realized gain on affiliated investments		513			-			-
Net realized gain on in-kind distribution (note 8)		115,666			-			-
Net realized gain (loss) on futures contracts		(787	)		1,346			740
Net change in unrealized appreciation or depreciation of unaffiliated investments		111,289			45,063			16,613
Net change in unrealized appreciation or depreciation of affiliated investments		(819	)		-			-
Net change in unrealized appreciation or depreciation of future contracts		277			(1	)		(11	)
Net gain on investments and futures contracts		220,202			67,625			26,904
Net increase in net assets resulting from operations	$	260,442		$	70,895		$	28,261

  (1)  For the Mid Cap Index Fund and the Small Cap Index Fund due to the presentation of the financial statements in thousands, the numbers round to zero.

FIRST AMERICAN FUNDS Annual Report 2005

39

Statements of Changes in Net Assets in thousands

	Equity Index Fund						Mid Cap Index Fund						Small Cap Index Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	40,240		$	30,485		$	3,270		$	2,246		$	1,357		$	785
Net realized gain (loss) on unaffiliated investments		(5,937	)		4,194			21,217			9,956			9,562			6,383
Net realized gain on affiliated investments		513			-			-			-			-			-
Net realized gain on in-kind distributions		115,666			-			-			-			-			-
Net realized gain (loss) on futures contracts		(787	)		7,968			1,346			1,639			740			1,070
Net change in unrealized appreciation or depreciation of unaffiliated investments		111,289			233,457			45,063			30,236			16,613			15,627
Net change in unrealized appreciation or depreciation of affiliated investments		(819	)		2,166			-			-			-			-
Net change in unrealized appreciation or depreciation of futures contracts		277			1,118			(1	)		152			(11	)		228
Net increase in net assets resulting from operations		260,442			279,388			70,895			44,229			28,261			24,093
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(3,686	)		(2,311	)		(93	)		(42	)		(46	)		(15	)
Class B		(543	)		(335	)		(4	)		(1	)		-			-
Class C		(235	)		(141	)		(3	)		(1	)		-			-
Class R		(10	)		(391	)		-			(13	)		-			(7	)
Class Y		(35,527	)		(27,416	)		(3,117	)		(2,153	)		(1,212	)		(717	)
Net realized gain on investments:
Class A		-			-			(453	)		(99	)		(657	)		(25	)
Class B		-			-			(114	)		(46	)		(112	)		(7	)
Class C		-			-			(95	)		(33	)		(140	)		(10	)
Class R		-			-			-			(76	)		-			(23	)
Class Y		-			-			(11,737	)		(4,643	)		(12,476	)		(855	)
Return of capital:
Class A		(12	)		(18	)		-			-			-			-
Class B		(2	)		(3	)		-			-			-			-
Class C		(1	)		(1	)		-			-			-			-
Class R (1)		-			(3	)		-			-			-			-
Class Y		(118	)		(210	)		-			-			-			-
Total distributions		(40,134	)		(30,829	)		(15,616	)		(7,107	)		(14,643	)		(1,659	)
CAPITAL SHARE TRANSACTIONS (note 5):
Class A:
Proceeds from sales		44,458			101,208			4,932			9,000			2,981			6,263
Reinvestment of distributions		3,435			2,238			532			139			694			39
Payments for redemptions		(66,590	)		(45,584	)		(4,723	)		(3,198	)		(2,870	)		(1,649	)
Increase (decrease) in net assets from Class A transactions		(18,697	)		57,862			741			5,941			805			4,653
Class B:
Proceeds from sales		2,433			4,621			306			628			215			446
Reinvestment of distributions		531			329			116			46			108			7
Payments for redemptions (note 3)		(20,370	)		(15,132	)		(523	)		(304	)		(379	)		(118	)
Increase (decrease) in net assets from Class B transactions		(17,406	)		(10,182	)		(101	)		370			(56	)		335
Class C:
Proceeds from sales		2,768			4,397			1,082			1,356			705			917
Reinvestment of distributions		228			138			92			33			133			10
Payments for redemptions (note 3)		(9,668	)		(9,413	)		(747	)		(753	)		(676	)		(476	)
Increase (decrease) in net assets from Class C transactions		(6,672	)		(4,878	)		427			636			162			451
Class R:
Proceeds from sales		1,362			11,681			119			1,049			11			1,722
Reinvestment of distributions		10			389			-			79			-			29
Payments for redemptions		(99	)		(71,464	)		-			(5,895	)		(2	)		(5,464	)
Increase (decrease) in net assets from Class R transactions		1,273			(59,394	)		119			(4,767	)		9			(3,713	)
Class Y:
Proceeds from sales		363,331			533,400			73,080			108,384			49,781			91,307
Reinvestment of distributions		22,938			19,144			8,661			3,958			8,310			1,001
Payments for redemptions		(613,170	)		(556,690	)		(93,999	)		(73,284	)		(62,922	)		(75,927	)
Increase (decrease) in net assets from Class Y transactions		(226,901	)		(4,146	)		(12,258	)		39,058			(4,831	)		16,381
Increase (decrease) in net assets from capital share transactions		(268,403	)		(20,738	)		(11,072	)		41,238			(3,911	)		18,107
Total increase (decrease) in net assets		(48,095	)		227,821			44,207			78,360			9,707			40,541
Net assets at beginning of period		2,313,819			2,085,998			331,175			252,815			168,594			128,053
Net assets at end of period	$	2,265,724		$	2,313,819		$	375,382		$	331,175		$	178,301		$	168,594
Undistributed net investment income at end of period	$	-		$	51		$	99		$	40		$	-		$	157

  (1)  For the year ended September 30, 2005, due to the presentation of the financial statements in thousands, the number rounds to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

40

FIRST AMERICAN FUNDS Annual Report 2005

41

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

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

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

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

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

  (4)  Includes a tax return of capital of less than $0.01 for the years ended September 30, 2004 and September 30, 2005.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

42

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

FIRST AMERICAN FUNDS Annual Report 2005

43

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

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains or (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (9)
Mid Cap Index Fund (1)
Class A
	2005	(2)	$	11.84	$	0.09		$	2.40		$	(0.09	)	$	(0.42	)	$	13.82		21.43	%
	2004	(2)		10.36		0.05			1.67			(0.05	)		(0.19	)		11.84		16.80
	2003	(2)		8.51		0.04			2.08			(0.04	)		(0.23	)		10.36		25.45
	2002	(2)		9.38		0.04			(0.49	)		(0.04	)		(0.38	)		8.51		(5.45	)
	2001	(2)(3)		12.56		0.05			(2.11	)		(0.05	)		(1.07	)		9.38		(17.60	)
	2000	(4)(5)		10.00		0.04			2.56			(0.04	)		-			12.56		26.48
Class B
	2005	(2)	$	11.67	$	(0.01	)	$	2.37		$	(0.02	)	$	(0.42	)	$	13.59		20.57	%
	2004	(2)		10.25		(0.03	)		1.64			-			(0.19	)		11.67		15.88
	2003	(2)		8.44		(0.03	)		2.07			-			(0.23	)		10.25		24.63
	2002	(2)		9.33		(0.03	)		(0.48	)		-			(0.38	)		8.44		(6.07	)
	2001	(2)(3)		12.52		-			(2.12	)		-			(1.07	)		9.33		(18.15	)
	2000	(4)(5)		10.00		(0.01	)		2.56			(0.03	)		-			12.52		25.65
Class C (2)
	2005		$	11.70	$	(0.01	)	$	2.38		$	(0.02	)	$	(0.42	)	$	13.63		20.60	%
	2004			10.28		(0.03	)		1.64			-			(0.19	)		11.70		15.83
	2003			8.47		(0.03	)		2.07			-			(0.23	)		10.28		24.55
	2002			9.38		(0.02	)		(0.51	)		-			(0.38	)		8.47		(6.22	)
	2001	(6)		9.07		-			0.31			-			-			9.38		3.42
Class R (2)
	2005		$	11.83	$	0.04		$	2.41		$	(0.08	)	$	(0.42	)	$	13.78		21.09	%
	2004	(7)		10.36		0.06			1.65			(0.05	)		(0.19	)		11.83		16.62
	2003			8.50		0.04			2.09			(0.04	)		(0.23	)		10.36		25.60
	2002			9.38		0.04			(0.50	)		(0.04	)		(0.38	)		8.50		(5.56	)
	2001	(8)		11.07		0.04			(1.67	)		(0.06	)		-			9.38		(14.77	)
Class Y
	2005	(2)	$	11.84	$	0.12		$	2.41		$	(0.12	)	$	(0.42	)	$	13.83		21.82	%
	2004	(2)		10.37		0.08			1.66			(0.08	)		(0.19	)		11.84		16.97
	2003	(2)		8.51		0.06			2.09			(0.06	)		(0.23	)		10.37		25.86
	2002	(2)		9.38		0.06			(0.49	)		(0.06	)		(0.38	)		8.51		(5.23	)
	2001	(2)(3)		12.55		0.08			(2.11	)		(0.07	)		(1.07	)		9.38		(17.34	)
	2000	(4)(5)		10.00		0.08			2.55			(0.08	)		-			12.55		26.62

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

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

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

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

  (5)  For the fiscal period ended October 31.

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

44

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Mid Cap Index Fund (1)
Class A
	2005	(2)	$	14,827		0.75	%		0.68	%		0.82	%		0.61	%		15	%
	2004	(2)		11,987		0.75			0.47			0.80			0.42			14
	2003	(2)		5,332		0.75			0.45			0.84			0.36			23
	2002	(2)		3,581		0.75			0.37			0.83			0.29			19
	2001	(2)(3)		2,972		0.75			0.51			0.80			0.46			43
	2000	(4)(5)		1,918		0.75			0.75			0.90			0.60			45
Class B
	2005	(2)	$	3,546		1.50	%		(0.08	)%		1.57	%		(0.15	)%		15	%
	2004	(2)		3,133		1.50			(0.27	)		1.55			(0.32	)		14
	2003	(2)		2,419		1.50			(0.30	)		1.59			(0.39	)		23
	2002	(2)		1,475		1.50			(0.37	)		1.58			(0.45	)		19
	2001	(2)(3)		1,265		1.50			(0.24	)		1.54			(0.28	)		43
	2000	(4)(5)		905		1.50			-			1.65			(0.15	)		45
Class C (2)
	2005		$	3,533		1.50	%		(0.08	)%		1.57	%		(0.15	)%		15	%
	2004			2,653		1.50			(0.27	)		1.55			(0.32	)		14
	2003			1,756		1.50			(0.30	)		1.59			(0.39	)		23
	2002			795		1.50			(0.37	)		1.58			(0.45	)		19
	2001	(6)		-		-			-			-			-			43
Class R (2)
	2005		$	122		1.00	%		0.28	%		1.22	%		0.06	%		15	%
	2004	(7)		1		0.75			0.49			0.80			0.44			14
	2003			4,134		0.75			0.46			0.84			0.37			23
	2002			3,393		0.75			0.37			0.83			0.29			19
	2001	(8)		4,301		0.75			0.47			0.80			0.42			43
Class Y
	2005	(2)	$	353,354		0.50	%		0.92	%		0.57	%		0.85	%		15	%
	2004	(2)		313,403		0.50			0.73			0.55			0.68			14
	2003	(2)		239,174		0.50			0.71			0.59			0.62			23
	2002	(2)		198,545		0.50			0.63			0.58			0.55			19
	2001	(2)(3)		176,857		0.50			0.75			0.53			0.72			43
	2000	(4)(5)		125,881		0.50			1.00			0.65			0.85			45

FIRST AMERICAN FUNDS Annual Report 2005

45

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

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains or (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (8)
	Small Cap Index Fund (1)
Class A
	2005	(2)	$	13.38	$	0.07		$	2.17		$	(0.06	)	$	(0.99	)	$	14.57		17.08	%
	2004	(2)		11.47		0.04			1.98			(0.03	)		(0.08	)		13.38		17.71
	2003	(2)		8.55		0.04			2.92			(0.04	)		-			11.47		34.77
	2002	(2)		9.68		0.05			(1.13	)		(0.05	)		-			8.55		(11.28	)
	2001	(2)(3)		12.23		(0.01	)		(1.49	)		-			(1.05	)		9.68		(12.76	)
	2000	(4)		10.18		(0.01	)		2.20			-			(0.14	)		12.23		21.81
Class B (2)
	2005		$	13.15	$	(0.03	)	$	2.08		$	-		$	(0.99	)	$	14.21		15.82	%
	2004			11.33		(0.06	)		1.96			-			(0.08	)		13.15		16.83
	2003			8.47		(0.03	)		2.90			(0.01	)		-			11.33		33.87
	2002			9.63		(0.03	)		(1.13	)		-			-			8.47		(12.03	)
	2001	(5)		10.97		(0.01	)		(1.33	)		-			-			9.63		(12.11	)
Class C (2)
	2005		$	13.26	$	(0.03	)	$	2.10		$	-		$	(0.99	)	$	14.34		15.84	%
	2004			11.43		(0.06	)		1.97			-			(0.08	)		13.26		16.77
	2003			8.54		(0.03	)		2.93			(0.01	)		-			11.43		33.94
	2002			9.68		(0.03	)		(1.11	)		-			-			8.54		(11.72	)
	2001	(6)		9.49		-			0.19			-			-			9.68		2.11
Class R
	2005	(2)	$	13.31	$	0.04		$	2.11		$	(0.04	)	$	(0.99	)	$	14.43		16.45	%
	2004	(2)(7)		11.41		0.03			1.97			(0.02	)		(0.08	)		13.31		17.65
	2003	(2)		8.52		0.05			2.88			(0.04	)		-			11.41		34.54
	2002	(2)		9.64		0.05			(1.12	)		(0.05	)		-			8.52		(11.26	)
	2001	(2)(3)		12.19		(0.01	)		(1.49	)		-			(1.05	)		9.64		(12.82	)
	2000	(4)		10.17		(0.01	)		2.18			(0.01	)		(0.14	)		12.19		21.54
Class Y
	2005	(2)	$	13.43	$	0.11		$	2.12		$	(0.10	)	$	(0.99	)	$	14.57		16.93	%
	2004	(2)		11.51		0.07			1.99			(0.06	)		(0.08	)		13.43		18.02
	2003	(2)		8.57		0.07			2.94			(0.07	)		-			11.51		35.23
	2002	(2)		9.70		0.07			(1.13	)		(0.07	)		-			8.57		(11.09	)
	2001	(2)(3)		12.24		0.02			(1.50	)		(0.01	)		(1.05	)		9.70		(12.56	)
	2000	(4)		10.19		0.02			2.19			(0.02	)		(0.14	)		12.24		21.93

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

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

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

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

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

46

			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)
Class A
	2005	(2)	$	10,323		0.90	%		0.53	%		1.03	%		0.40	%		23	%
	2004	(2)		8,749		0.93			0.30			1.02			0.21			25
	2003	(2)		3,480		0.93			0.42			1.05			0.30			41
	2002	(2)		1,908		0.93			0.46			1.09			0.30			49
	2001	(2)(3)		341		0.91			(0.07	)		0.94			(0.10	)		102
	2000	(4)		177		0.99			(0.11	)		1.09			(0.21	)		32
Class B (2)
	2005		$	1,555		1.65	%		(0.23	)%		1.78	%		(0.36	)%		23	%
	2004			1,494		1.68			(0.46	)		1.77			(0.55	)		25
	2003			993		1.68			(0.33	)		1.80			(0.45	)		41
	2002			424		1.68			(0.29	)		1.84			(0.45	)		49
	2001	(5)		107		1.65			(0.84	)		1.69			(0.88	)		102
Class C (2)
	2005		$	2,256		1.65	%		(0.23	)%		1.78	%		(0.36	)%		23	%
	2004			1,939		1.68			(0.46	)		1.77			(0.55	)		25
	2003			1,268		1.68			(0.33	)		1.80			(0.45	)		41
	2002			447		1.68			(0.26	)		1.84			(0.42	)		49
	2001	(6)		-		-			-			-			-			102
Class R
	2005	(2)	$	11		1.15	%		0.30	%		1.43	%		0.02	%		23	%
	2004	(2)(7)		1		0.93			0.24			0.99			0.18			25
	2003	(2)		3,210		0.93			0.52			1.05			0.40			41
	2002	(2)		13,576		0.93			0.42			1.09			0.26			49
	2001	(2)(3)		13,886		0.88			(0.05	)		0.91			(0.08	)		102
	2000	(4)		18,057		0.99			(0.11	)		1.09			(0.21	)		32
Class Y
	2005	(2)	$	164,156		0.65	%		0.78	%		0.78	%		0.65	%		23	%
	2004	(2)		156,411		0.68			0.54			0.77			0.45			25
	2003	(2)		119,102		0.68			0.68			0.80			0.56			41
	2002	(2)		94,749		0.68			0.68			0.84			0.52			49
	2001	(2)(3)		54,169		0.66			0.19			0.68			0.17			102
	2000	(4)		60,771		0.69			0.19			1.09			(0.21	)		32

FIRST AMERICAN FUNDS Annual Report 2005

47

Notes to Financial StatementsSeptember 30, 2005

1 >  Organization

The Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF") which is a member of the First American Family of Funds. As of September 30, 2005, FAIF offered 38 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF's articles of incorporation permit the funds' board of directors to create additional funds in the future. The Equity Index Fund, Mid Cap Index Fund and Small Cap Index Fund are each diversified open-end management investment companies.

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

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

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

2 >  Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds' investments are furnished by one or more independent pricing services that have been approved by the funds' board of directors. Investments in equity securities that are traded on a national securities exchange are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds' board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs, and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of September 30, 2005, the Equity Index Fund and Small Cap Index Fund had fair valued securities 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.

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

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

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

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

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

Fund	Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income			Portfolio Capital
Equity Index Fund	$	(115,376	)	$	(157	)	$	115,533
Mid Cap Index Fund		(2,697	)		6			2,691
Small Cap Index Fund		243			(256	)		13

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

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

As of September 30, 2005, the components of accumulated earnings (deficit) on a tax basis were as follows (000):

Undistributed Ordinary Income	Undistributed Long Term Capital Gains		Accumulated Capital and Post-October Losses			Other Accumulated Losses			Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Deficit)
Equity Index Fund $-	$	-	$	(15,453	)	$	-		$	591,507	$	576,054
Mid Cap Index Fund 1,298		18,121		-			(14	)		70,110		89,515
Small Cap Index Fund -		4,799		-			-			36,417		41,216

FIRST AMERICAN FUNDS Annual Report 2005

49

Notes to Financial StatementsSeptember 30, 2005

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 September 30, 2005, the following fund had capital loss carryforwards (000):

	Expiration Year
Fund	2010		2011		2013		Total
Equity Index Fund	$	3,112	$	10,900	$	64	$	14,076

Equity Index Fund incurred a loss of $1,376,053 for tax purposes for the period from November 1, 2004 to September 30, 2005. As permitted by tax regulations, the fund intends to elect to defer and treat this loss as arising in the one-month fiscal period ending October 31, 2005.

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

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

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

ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds' board of directors as reflecting fair value. Each fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, and may have contractual restrictions on resale. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a fund's investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds' board of directors. At September 30, 2005, Equity Index Fund and Small Cap Index Fund had investments in illiquid securities with a total value of $0 and $0, respectively, or 0.0% and 0.0%, respectively of total net assets.

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

Equity Index Fund
Security	Shares		Dates Acquired	Cost Basis (000)
Seagate Escrow Security		44,886	1/01	$	-
Small Cap Index Fund
Security	Shares		Dates Acquired	Cost Basis (000)
FirstBank Fractional Shares		-	8/05	$	-
Mascotech Escrow Shares		9,571	2/99 to 11/00		-
Neon Communications		34,093	9/01 to 6/02		3
Petrocorp Escrow Shares		2,040	6/03 to 8/05		-
Southern Union Company Fractional Shares		-	11/03 to 8/05		-
Storage Networks		15,089	6/02 to 6/03		1
USB Holding Company Fractional Shares		-	8/05		-

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50

SECURITIES LENDING – In order to generate additional income, each fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund's policy is to maintain collateral in the form of cash, U.S. Government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then "marked-to-market" daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. As of September 30, 2005, cash collateral invested was as follows (000):

	Commercial Paper		Corporate Obligations		Repurchase Agreements		Other Short-Term Securities		Total
Equity Index Fund	$	173,876	$	204,715	$	318,368	$	15,418	$	712,377
Mid Cap Index Fund		33,162		39,044		60,720		2,941		135,867
Small Cap Index Fund		10,005		11,779		18,319		887		40,990

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

Fund	Total
Equity Index Fund	$	337
Mid Cap Index Fund		68
Small Cap Index Fund		75

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

51

Notes to Financial StatementsSeptember 30, 2005

3 >  Fees and Expenses

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

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

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

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

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

ADMINISTRATION FEES – Effective July 1, 2005, USBAM serves as the funds' administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC ("USBFS") serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensate other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. Effective July 1, 2005, the funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.15% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.135% on the next $17 billion of the 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 USBAM and, indirectly, the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

Prior to July 1, 2005, USBAM and USBFS served as "co-administrators" pursuant to a co-administration agreement between the co-administrators and the funds. The funds paid the administration fees to the co-administrators, which were calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.235% of the next $17 billion of the aggregate average daily net assets, 0.22% of the next $25 billion of the aggregate daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. In addition, the funds paid transfer agent fees under the co-administration agreement of $18,500 per share class plus additional per account fees. In addition to these fees, the funds reimbursed the co-administrators for any out-of-pocket expenses incurred in providing administration services.

FIRST AMERICAN FUNDS Annual Report 2005

52

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

Fund	Amount
Equity Index Fund	$	4,765
Mid Cap Index Fund		738
Small Cap Index Fund		371

TRANSFER AGENT FEES – Effective July 1, 2005, 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 reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services. Prior to July 1, 2005, these services were provided by USBFS pursuant to the co-administration agreement.

For the fiscal year ended September 30, 2005, transfer agent fees paid to USBFS by the funds included in this annual report were as follows (000):

Fund	Amount
Equity Index Fund	$	1,427
Mid Cap Index Fund		228
Small Cap Index Fund		112

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

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

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

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

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

Fund	Amount
Equity Index Fund	$	679
Mid Cap Index Fund		47
Small Cap Index Fund		31

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

53

Notes to Financial StatementsSeptember 30, 2005

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

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

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

Fund	Amount
Equity Index Fund	$	332
Mid Cap Index Fund		42
Small Cap Index Fund		20

4 >  Investment In Common Stock Of Affiliate

As disclosed in the Schedule of Investments, Equity Index Fund owns common stock issued by U.S. Bancorp. For the fiscal year ended September 30, 2005, Equity Index Fund recorded net realized gains from the sale of U.S. Bancorp common stock of $513,006 and $469,763 of dividend income from U.S. Bancorp common stock. At September 30, 2005, Equity Index Fund had an unrealized gain of $2,067,054 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
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		1,995			4,820			385			763			212			474
Shares issued in lieu of cash distributions		155			108			42			13			49			3
Shares redeemed		(2,991	)		(2,189	)		(367	)		(277	)		(207	)		(126	)
Total Class A transactions		(841	)		2,739			60			499			54			351
Class B:
Shares issued		111			225			24			55			16			34
Shares issued in lieu of cash distributions		25			16			9			4			8			1
Shares redeemed		(924	)		(737	)		(41	)		(26	)		(28	)		(9	)
Total Class B transactions		(788	)		(496	)		(8	)		33			(4	)		26
Class C:
Shares issued		126			214			83			118			51			70
Shares issued in lieu of cash distributions		10			7			7			3			10			1
Shares redeemed		(436	)		(457	)		(58	)		(65	)		(50	)		(36	)
Total Class C transactions		(300	)		(236	)		32			56			11			35
Class R:
Shares issued		60			564			9			91			1			131
Shares issued in lieu of cash distributions		-			19			-			7			-			2
Shares redeemed		(4	)		(3,398	)		-			(497	)		-			(414	)
Total Class R transactions		56			(2,815	)		9			(399	)		1			(281	)
Class Y:
Shares issued		16,348			25,834			5,681			9,346			3,545			6,867
Shares issued in lieu of cash distributions		1,034			928			684			357			591			80
Shares redeemed		(27,653	)		(26,886	)		(7,277	)		(6,301	)		(4,520	)		(5,648	)
Total Class Y transactions		(10,271	)		(124	)		(912	)		3,402			(384	)		1,299
Net increase (decrease) in capital shares		(12,144	)		(932	)		(819	)		3,591			(322	)		1,430

6 >  Investment Security Transactions

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

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

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The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at September 30, 2005, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net		Federal Income Tax Cost
Equity Index Fund	$	825,989	$	(234,482	)	$	591,507	$	2,388,845
Mid Cap Index Fund		107,698		(37,588	)		70,110		442,255
Small Cap Index Fund		48,909		(12,492	)		36,417		182,635

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 US Bancorp Pension Plan. Remaining shareholders in the fund did not recognize any additional capital gains from the transactions.

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

TAX INFORMATION

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

Dear First American Shareholders:

For the fiscal year ended September 30, 2005, each fund has designated long-term capital gains, ordinary income and tax exempt income with regard to distributions paid during the year as follows:

Fund	Long Term Capital Gains Distributions (Tax Basis) (a)			Ordinary Income Distributions (Tax Basis) (b)			Total Distributions (Tax Basis)			Corporate Dividends Received Deduction (c)			Qualified Dividend Income (c)(d)
Equity Index Fund		0	%		100	%		100	%		100	%		100	%
Mid Cap Index Fund		70			30			100			79			79
Small Cap Index Fund		55			45			100			36			36

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

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

(d) For the fiscal period ended September 30, 2005, certain dividends paid by the funds may be subject to a maximum tax rate of 15% as provided for by the Internal Revenue Code 1(h). The funds intend to designate the maximum amounts as taxed at the maximum rate of 15%. Complete information will be computed and reported in conjunction with your 2005 Form 1099-DIV. As of September 30, 2005, for the calendar year to date, qualified dividend income as a percentage of ordinary income distributions for each fund was as follows: Equity Income Fund – 100%, Mid Cap Index Fund – 93%, Small Cap Index Fund – 100%.

The Mid Cap Index Fund hereby designates $2,690,633 as long-term capital gain distributions for the purposes of the dividends paid deduction, which include earnings and profits distributed to shareholders on redemption of fund shares.

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, 2005, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commision's website at http://www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

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

APPROVAL OF INVESTMENT ADVISORY AGREEMENTThe Board of Directors of the Funds (the "Board"), which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds' advisory agreement with U.S. Bancorp Asset Management, Inc. ("USBAM").

At a meeting on May 3-5 2005, the Board considered information relating to the Funds' investment advisory agreement with USBAM (the "Agreement"). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 20-22, 2005, the Board concluded its consideration of and approved the Agreement through June 30, 2006.

Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board,

FIRST AMERICAN FUNDS Annual Report 2005

56

advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of USBAM's services to the Fund, (2) the investment performance of the Fund, (3) the profitability of USBAM related to the Fund, including an analysis of USBAM's cost of providing services and comparative expense information, (4) the extent to which economies of scale are realized as the Fund grows and whether fee levels are adjusted to enable Fund investors to share in these economies of scale, and (5) other benefits that accrue to USBAM through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board's decision to approve the Agreement.

Before approving the Agreement, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by USBAM and the terms of the Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services

The Board examined the nature, quality and extent of the services provided by USBAM to each Fund. The Board reviewed USBAM's key personnel who provide investment management services to each Fund as well as the fact that, under the Agreement, USBAM has the authority and responsibility to make and execute investment decisions for each Fund within the framework of that Fund's investment policies and restrictions, subject to review by the Board. The Board further considered that USBAM's duties with respect to each Fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund's investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the Fund, including the Fund's distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered USBAM's representation that the services provided by USBAM under the Agreement are the type of services customarily provided by investment advisors in the fund industry.

The Board also considered compliance reports about USBAM from the Funds' Chief Compliance Officer.

Based on the foregoing, the Board concluded that each Fund is likely to benefit from the nature, extent and quality of the services provided by USBAM under the Agreement.

Investment Performance of the Funds

The Board considered the performance of each Fund, including how the Fund performed versus the median performance of a group of comparable funds selected by an independent data service (the "performance universe") and how the Fund performed versus its benchmark index. The performance periods reviewed by the Board all ended on February 28, 2005.

Equity Index Fund. The Board noted that the objective of the Fund is to provide investment results that correspond to the performance of the Standard & Poor's 500 Composite Index. The Board considered that, while the Fund performed slightly below its benchmark index for the one-, three-, five- and ten-year periods, on a gross-of-fees basis, the Fund achieved a correlation with its benchmark index over the past three years of over 99.9%. The Fund's performance was comparable to that of its performance universe for all periods, being generally equal to or slightly above the performance universe for Class Y shares and slightly below the performance universe for Class A shares. The Board concluded that, in light of the Fund's close tracking of its benchmark index and competitive performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Mid Cap Index Fund. The Board noted that the objective of the Fund is to provide investment results that correspond to the performance of the Standard & Poor's MidCap 400 Composite Index. The Board considered that, while the Fund performed below its benchmark index for the one-, three-, and five-year periods, on a gross-of-fees basis, the Fund achieved a correlation with its benchmark index over the past three years of over 99.9%. The Fund's performance was equal to or better than that of its performance universe for all periods. The Board concluded that, in light of the Fund's close tracking of its benchmark index and competitive performance vis-à-vis its performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

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NOTICE TO SHAREHOLDERSSeptember 30, 2005 (unaudited)

Small Cap Index Fund. The Board noted that the objective of the Fund is to provide investment results that correspond to the performance of the Russell 2000 Index. The Board considered that, while the Fund performed slightly below its benchmark index for the one- and three-year periods, on a gross-of-fees basis, the Fund achieved a correlation with its benchmark index over the past three years of over 99.9%. For the five-year period, the Fund performed significantly better than its benchmark index. This performance period, however, included a period of time when the Fund was benchmarked against a different index. The Fund underperformed its performance universe for all periods. The Board considered USBAM's assertion, however, that while the performance universe consists of a very large number of funds, only a small number of funds (the "custom performance universe") appear to track the Russell 2000 Index. The Board noted that the Fund's performance compared favorably to the performance of the custom performance universe, being approximately equal to that of the custom performance universe for the one-year period, and slightly lower for the three-year period. The Board concluded that, in light of the Fund's close tracking of its benchmark index and its competitive performance when compared to other funds that track the Russell 2000 Index, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by USBAM

The Board reviewed USBAM's estimated costs in serving as the Funds' investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the reported profitability of USBAM and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by USBAM and of comparable funds managed by other advisers. The Board found that while the management fees for USBAM's institutional separate accounts are lower than the Funds' management fees, the Funds receive additional services from USBAM that separate accounts do not receive.

Using information provided by an independent data service, the Board also evaluated each Fund's advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each Fund's expense ratio after waivers compared to the median expense ratio, after waivers, of comparable funds. In connection with its review of Fund fees and expenses, the Board asked USBAM to articulate its pricing philosophy. USBAM responded that it attempts generally to maintain each Fund's total operating expenses at a level that approximates its peer group median expense ratio. In addition, USBAM committed to waive its investment advisory fees to the extent necessary to maintain the Funds' total expense ratios at levels generally in line with their respective peer groups. Consistent with this pricing philosophy, and after discussions with the Board, USBAM proposed certain changes to the expense ratios of the Small Cap Index Fund, as discussed in more detail below. The Board concluded that USBAM's pricing philosophy is a reasonable one and, after taking into account USBAM's proposed change to the expense ratio of Small Cap Index Fund, that the Funds' advisory fees and expense ratios are reasonable in light of the services provided.

Further detail considered by the Board regarding the advisory fees and expense ratios of each Fund is set forth below:

Equity Index Fund. The Board considered that the Fund's contractual advisory fee is equal to its peer group median contractual advisory fee and that, after waivers, the Fund's advisory fee is significantly lower and the Fund's expense ratio is slightly lower than the peer group median. The Board concluded that the Fund's advisory fee and expense ratio are reasonable.

Mid Cap Index Fund. The Board considered that both the Fund's contractual advisory fee and its advisory fee after waivers are significantly lower than the peer group median fees. In addition, the Fund's expense ratio after waivers is slightly lower than the peer group median. The Board concluded that the Fund's advisory fee and expense ratio are reasonable.

Small Cap Index Fund. The Board considered that, while the Fund's contractual advisory fee is slightly higher than that of the peer group median, after waivers, the Fund's advisory fee is equal to the peer group's median advisory fee. The Board also noted, however, that the Fund's total expense ratio after waivers of 0.93% was higher than the Lipper expense group median of 0.77%. To bring the Fund's total expense ratio more closely in line with that of its peer group median, USBAM agreed to cap total Fund expenses at 0.83%. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the new expense cap, are reasonable.

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Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund's investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by USBAM, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although the Funds do not have advisory fee breakpoints in place, USBAM has committed to waive advisory fees to the extent necessary to keep each Fund's total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The median total expense ratio of a Fund's peer group will necessarily reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group. Therefore, by capping a Fund's total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds' advisory fee schedules. In light of USBAM's commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to USBAM

In evaluating the benefits that accrue to USBAM through its relationship with the Funds, the Board noted that USBAM and certain of its affiliates serve the Funds in various capacities, including as advisor, administrator, sub-administrator, transfer agent, distributor, custodian and securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by USBAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

The Board also considered USBAM's use of the Funds' portfolio brokerage transactions to obtain research. The Board concluded, based on its own review and on representations of USBAM, that USBAM's use of "soft" commission dollars was consistent with regulatory requirements.

After full consideration of these and other factors, the Board concluded that approval of the Agreement was in the best interest of each Fund and its shareholders.

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NOTICE TO SHAREHOLDERSSeptember 30, 2005 (unaudited)

Directors and Officers of the Funds

Independent Directors

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

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Independent Directors - continued

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

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

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

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NOTICE TO SHAREHOLDERSSeptember 30, 2005 (unaudited)

Officers

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

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Officers - continued

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

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

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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. The views expressed in this report reflect those of the portfolio managers only through the period ended September 30, 2005. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

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

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

INVESTMENT ADVISOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

180 East Fifth Street

St. Paul, Minnesota 55101

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

0286-05  11/2005  AR-INDEX

2005
Annual Report

First American Tax Free Income Funds

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

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

TABLE OF CONTENTS

Message to Shareholders	1
Report of Independent Registered Public Accounting Firm	44
Schedule of Investments	45
Statements of Assets and Liabilities	98
Statements of Operations	100
Statements of Changes in Net Assets	102
Financial Highlights	106
Notes to Financial Statements	116
Notice to Shareholders	126

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

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Message to SHAREHOLDERS  November 14, 2005

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended September 30, 2005.

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

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

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

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

Sincerely,

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

FIRST AMERICAN FUNDS Annual Report 2004

1

Arizona Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Arizona state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Arizona Tax Free Fund (the "fund"), Class Y shares, returned 3.65% for the fiscal year ended September 30, 2005 (Class A shares returned 3.49%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman Municipal Bond Index*, returned 4.05%. Performance for the fund's peer group, the Lipper Arizona Municipal Debt Funds Category Average, was 2.95%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund's positive performance relative to its peer group. An overweight in bonds with 15-year and longer maturities allowed the fund to limit the effects of rising short-term rates (when interest rates increase, bond prices generally decline). While short-term interest rates continued to rise during the fiscal period, longer-term rates fell, causing longer-maturity bonds to outperform short- and intermediate-maturity bonds in terms of income and price appreciation.

The sectors with the most notably positive effect on performance were healthcare and transportation. Longer-term general obligation bonds also added value.

In terms of credit quality, lower-rated, investment-grade securities outperformed higher-quality, investment-grade municipals. The fund's increased position in A-rated bonds enjoyed strong performance due to narrowing spreads. However, as spreads narrowed and lower-rated bonds outperformed higher-rated ones, the fund was unable to increase its percentage of BBB-rated securities due to limited supply. The fund held a significant position of prefunded bonds, which significantly underperformed the general obligation and revenue issues.

What strategic moves were made by the fund and why?

The fund's duration was shortened. Given the potential for further short-term rate increases and the flattening yield curve, we sold shorter prerefunded bonds and moved the proceeds to bonds with maturities of 20 years and longer. We continued to selectively increase positions in A-rated securities.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	67.7	%
General Obligations3	20.3	%
Certificates of Participation3	5.2	%
Cash Equivalents	5.6	%
Other Assets and Liabilities, Net	1.2	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	48.9	%
AA/Aa	19.0	%
A/A	8.8	%
BBB/Baa	14.2	%
Non-Rated	9.1	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 18.8% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

2

Arizona Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

							Since Inception
	1 year			5 years			2/1/2000
Average annual return with sales charge (POP)
Class A		(0.94	)%		5.41	%		6.23	%
Class C		2.10	%		5.92	%		6.63	%
Average annual return without sales charge (NAV)
Class A		3.49	%		6.32	%		7.04	%
Class C		3.08	%		5.92	%		6.63	%
Class Y		3.65	%		6.58	%		7.30	%
Lehman Municipal Bond Index2		4.05	%		6.34	%		6.93	%

Value of a $10,000 Investment^{1, 3}as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 2/1/2000 to 9/30/2005) as compared to the Lehman Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

³  Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.

FIRST AMERICAN FUNDS Annual Report 2005

3

Arizona Tax Free fundcontinued

Expense Example

As a shareholder of the Arizona Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,027.20	$	3.81
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class C Actual2	$	1,000.00	$	1,025.20	$	5.84
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82
Class Y Actual2	$	1,000.00	$	1,027.50	$	2.54
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.54

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.72%, 2.52%, and 2.75% for Class A, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

4

California Intermediate Tax Free fund

Investment Objective: current income that is exempt from both federal income tax and California state income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American California Intermediate Tax Free Fund (the "fund"), Class Y shares, returned 2.66% for the fiscal year ended September 30, 2005 (Class A shares returned 2.51%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 2.03%. Performance for the fund's peer group, the Lipper California Intermediate Municipal Debt Funds Category Average, was 1.88%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund outperforming the index. The fund emphasized longer-term securities in order to benefit from the flattening yield curve. Consequently, as short-term interest rates continued to rise while longer-term rates declined, this emphasis on longer-term securities (10 years or more) provided better price appreciation along with higher income. The fund also benefited from an incremental "barbelling" strategy, whereby short- and intermediate-maturity bonds are de-emphasized in favor of cash and longer-maturity issues.

In terms of credit quality, lower-rated, investment-grade securities outperformed higher-quality, investment-grade municipals. Consequently, the fund's holdings in BBB-rated bonds and A-rated bonds had a positive effect on the fund's performance.

Because of the steadily rising short-term interest rates, shorter-maturity bonds, though generating positive returns, nonetheless underperformed longer-maturing bonds. With credit spreads narrowing, the performance of higher-rated bonds was weaker, as was that of prerefunded bonds.

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we increased weighting for bonds with maturities of 10 years or more. The fund's duration was neutral to slightly long to its benchmark throughout most of the fiscal year.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	68.2	%
General Obligations3	19.8	%
Certificates of Participation3	7.0	%
Cash Equivalents	4.3	%
Other Assets and Liabilities, Net	0.7	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	51.7	%
AA/Aa	5.6	%
A/A	22.6	%
BBB/Baa	16.8	%
Non-Rated	3.3	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 9.1% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

5

California Intermediate Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

							Since Inception
	1 year			5 years			8/8/1997
Average annual return with sales charge (POP)
Class A		0.23	%		4.47	%		4.47	%
Average annual return without sales charge (NAV)
Class A		2.51	%		4.94	%		4.76	%
Class Y		2.66	%		5.06	%		4.86	%
Lehman 7-Year Municipal Bond Index2		2.03	%		5.71	%		5.24	%

Value of a $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 8/8/1997 to 9/30/2005) as compared to the Lehman 7-Year Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.

FIRST AMERICAN FUNDS Annual Report 2005

6

California Intermediate Tax Free fundcontinued

Expense Example

As a shareholder of the California Intermediate Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,022.50	$	4.31
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31
Class Y Actual2	$	1,000.00	$	1,023.30	$	3.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.25% and 2.33% for Class A and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

7

California Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and California state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended September 30, 2005?

The First American California Tax Free Fund (the "fund"), Class Y shares, returned 3.85% for the fiscal year ended September 30, 2005 (Class A shares returned 3.50%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman Municipal Bond Index*, returned 4.05%. Performance for the fund's peer group, the Lipper California Municipal Debt Funds Category Average, was 4.52%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

As short-term interest rates continued to rise while longer-term rates declined, shorter-maturity bonds, though generating positive returns, nonetheless underperformed. While the fund emphasized longer-term securities, which provided favorable income with better price appreciation, it would have benefited from a higher allocation at the long end of the yield curve (bond maturities of 22 years or more).

In terms of credit quality, lower-rated, investment-grade securities outperformed higher-quality, investment-grade municipals. The fund's holdings rated BBB outperformed higher-rated bonds as spreads narrowed. Despite the strong performance by these bonds, the fund as a whole underperformed relative to the index, largely because of its relatively lower allocation in bonds with longer maturities.

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we increased weighting for bonds in the maturity range of 15 to 20 years. We were able to slightly increase the weighting for lower-rated bonds. The fund's duration was mostly neutral to the benchmark during the fiscal year.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	71.8	%
General Obligations3	19.9	%
Certificates of Participation3	4.3	%
Cash Equivalents	4.4	%
Other Assets and Liabilities, Net	(0.4	)%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	53.4	%
AA/Aa	12.6	%
A/A	12.5	%
BBB/Baa	17.6	%
Non-Rated	3.9	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 13.2% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

8

California Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

							Since Inception
	1 year			5 years			2/1/2000
Average annual return with sales charge (POP)
Class A		(0.93	)%		5.07	%		6.28	%
Class C		2.12	%		5.60	%		6.70	%
Average annual return without sales charge (NAV)
Class A		3.50	%		5.98	%		7.09	%
Class C		3.11	%		5.60	%		6.70	%
Class Y		3.85	%		6.26	%		7.37	%
Lehman Municipal Bond Index2		4.05	%		6.34	%		6.93	%

Value of a $10,000 Investment^{1, 3}as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 2/1/2000 to 9/30/2005) as compared to the Lehman Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

³  Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.

FIRST AMERICAN FUNDS Annual Report 2005

9

California Tax Free fundcontinued

Expense Example

As a shareholder of the California Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,027.50	$	3.81
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class C Actual2	$	1,000.00	$	1,025.70	$	5.84
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82
Class Y Actual2	$	1,000.00	$	1,028.80	$	2.54
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.54

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.75%, 2.57% and 2.88% for Class A, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

10

Colorado Intermediate Tax Free fund

Investment Objective: current income that is exempt from both federal income tax and Colorado state income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Colorado Intermediate Tax Free Fund (the "fund"), Class Y shares, returned 2.36% for the fiscal year ended September 30, 2005 (Class A shares returned 2.11%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 2.03%. Performance for the fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 1.65%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund outperforming the index. Because of the steadily rising short-term interest rates, shorter-maturity bonds, though generating positive returns, nonetheless underperformed. The fund, however, emphasized longer-term securities in order to benefit from the flattening yield curve and to provide better price appreciation along with higher income.

The fund's emphasis on revenue bonds vs. general obligations bonds was a positive contributor to performance as revenue bonds generally outperformed. The sector with the most notably positive effect on performance was healthcare.

In terms of credit quality, lower-rated, investment-grade securities outperformed higher-quality, investment-grade municipals. The fund's holdings rated A or lower outperformed.

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we increased the weighting for bonds in the maturity range of 10 to 15 years. We also slightly increased the weighting for bonds rated A and BBB. The fund's duration was neutral to slightly long vs. the benchmark during the fiscal year.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	71.6	%
General Obligations3	19.6	%
Certificates of Participation3	7.2	%
Cash Equivalents	0.3	%
Other Assets and Liabilities, Net	1.3	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	52.5	%
AA/Aa	12.7	%
A/A	9.7	%
BBB/Baa	19.4	%
BB/Ba	0.8	%
Non-Rated	4.9	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 11.1% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

11

Colorado Intermediate Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

	1 year			5 years			10 years
Average annual return with sales charge (POP)
Class A		(0.17	)%		4.71	%		4.58	%
Average annual return without sales charge (NAV)
Class A		2.11	%		5.20	%		4.82	%
Class Y		2.36	%		5.33	%		4.87	%
Lehman 7-Year Municipal Bond Index2		2.03	%		5.71	%		5.47	%

Value of a $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/1995 to 9/30/2005) as compared to the Lehman 7-Year Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.

FIRST AMERICAN FUNDS Annual Report 2005

12

Colorado Intermediate Tax Free fundcontinued

Expense Example

As a shareholder of the Colorado Intermediate Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,024.70	$	4.31
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31
Class Y Actual2	$	1,000.00	$	1,026.50	$	3.56
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.47% and 2.65% for Class A and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

13

Colorado Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Colorado state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Colorado Tax Free Fund (the "fund"), Class Y shares, returned 3.70% for the fiscal year ended September 30, 2005 (Class A shares returned 3.36%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman Municipal Bond Index*, returned 4.05%. Performance for the fund's peer group, the Lipper Colorado Municipal Debt Funds Category, was 3.37%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund's positive performance relative to its peer group. In terms of credit quality, lower-rated, investment-grade securities outperformed higher-quality, investment-grade municipals. Consequently, the fund's holdings in BBB-rated bonds and A-rated bonds had a positive effect on the fund's performance. However, due to limited supply in the state, the fund was unable to increase its percentage of nonrated securities, which contributed to its underperformance as spreads narrowed substantially on these securities.

An overweight in bonds with 15-year and longer maturities allowed the fund to limit the effects of rising short-term rates (when interest rates increase, bond prices generally decline). While short-term interest rates continued to rise during the fiscal year, longer-term rates fell, causing longer-maturity bonds to outperform short- and intermediate-maturity bonds in terms of income and price appreciation.

The fund's emphasis on revenue bonds vs. general obligations bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors with the most notably positive effect on performance were healthcare, housing, and solid waste disposal.

What strategic moves were made by the fund and why?

The fund's duration was shortened from long to the benchmark to neutral to the benchmark. Given the potential for further short-term rate increases and the flattening yield curve, we sold underperforming prerefunded bonds and moved the proceeds to bonds with maturities of 20 years and longer. We continued to selectively increase positions in A/BBB-rated bonds.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	68.9	%
Certificates of Participation3	18.2	%
General Obligations3	10.6	%
Cash Equivalents	1.0	%
Other Assets and Liabilities, Net	1.3	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	52.4	%
AA/Aa	12.6	%
A/A	13.1	%
BBB/Baa	20.2	%
Non-Rated	1.7	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 15.9% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

14

Colorado Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

							Since Inception
	1 year			5 years			2/1/2000
Average annual return with sales charge (POP)
Class A		(1.03	)%		6.56	%		6.37	%
Class C		1.97	%		6.15	%		6.77	%
Average annual return without sales charge (NAV)
Class A		3.36	%		5.65	%		7.18	%
Class C		2.95	%		6.15	%		6.77	%
Class Y		3.70	%		6.83	%		7.47	%
Lehman Municipal Bond Index2		4.05	%		6.34	%		6.93	%

Value of a $10,000 Investment^{1, 3}as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 2/1/2000 to 9/30/2005) as compared to the Lehman Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

³  Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.

FIRST AMERICAN FUNDS Annual Report 2005

15

Colorado Tax Free fundcontinued

Expense Example

As a shareholder of the Colorado Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,030.00	$	3.82
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class C Actual2	$	1,000.00	$	1,028.00	$	5.85
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82
Class Y Actual2	$	1,000.00	$	1,032.10	$	2.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.54

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

²  Based on the actual returns for the six months ended September 30, 2005, of 3.00%, 2.80%, and 3.21% for Class A, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

16

Intermediate Tax Free fund

Investment Objective: current income that is exempt from federal income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Intermediate Tax Free Fund (the "fund"), Class Y shares, returned 2.47% for the fiscal year ended September 30, 2005 (Class A shares returned 2.31%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 2.03%. Performance for the fund's peer group, the Lipper Intermediate Municipal Debt Funds Category Average, was 1.79%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita. The fund had well under 1% of its assets in Louisiana and Mississippi combined, the majority of which are insured.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund outperforming the index. The fund emphasized longer-term securities in order to benefit from the flattening yield curve. Consequently, as short-term interest rates continued to rise while longer-term rates declined, this emphasis provided better price appreciation along with higher income.

The fund's emphasis on revenue bonds vs. general obligations bonds was also a positive contributor to performance as revenue bonds generally outperformed. The sectors with the most notably positive effect on performance were healthcare and continuing care retirement community.

In terms of credit quality, lower-rated, investment-grade securities outperformed higher-quality, investment-grade municipals.

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we increased the weighting for bonds in the maturity range of 10 or more years. We slightly increased the fund's weighting for A-rated securities. The fund's duration was mostly neutral to its benchmark throughout the fiscal year.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	61.8	%
General Obligations3	34.6	%
Certificate of Participation3	2.4	%
Cash Equivalents	0.3	%
Other Assets and Liabilities, Net	0.9	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	58.2	%
AA/Aa	13.1	%
A/A	13.5	%
BBB/Baa	9.6	%
BB/Ba	0.9	%
Non-Rated	4.7	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 23.4% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

17

Intermediate Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

	1 year			5 years			10 years
Average annual return with sales charge (POP)
Class A		(0.01	)%		4.71	%		4.59	%
Average annual return without sales charge (NAV)
Class A		2.31	%		5.18	%		4.84	%
Class Y		2.47	%		5.32	%		4.89	%
Lehman 7-Year Municipal Bond Index2		2.03	%		5.71	%		5.47	%

Value of a $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/1995 to 9/30/2005) as compared to the Lehman 7-Year Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.

FIRST AMERICAN FUNDS Annual Report 2005

18

Intermediate Tax Free fundcontinued

Expense Example

As a shareholder of the Intermediate Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,025.00	$	4.31
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31
Class Y Actual2	$	1,000.00	$	1,024.90	$	3.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.50% and 2.49% for Class A and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

19

Minnesota Intermediate Tax Free fund

Investment Objective: current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Minnesota Intermediate Tax Free Fund (the "fund"), Class Y shares, returned 2.50% for the fiscal year ended September 30, 2005 (Class A shares returned 2.33%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 2.03%. Performance for the fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 1.65%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund outperforming the index. The fund emphasized longer-term securities in order to benefit from the flattening yield curve. Consequently, as short-term interest rates continued to rise while longer-term rates declined, this emphasis on longer-term securities provided better price appreciation along with higher income.

The fund's emphasis on revenue bonds vs. general obligations bonds was also a positive contributor to performance as revenue bonds generally outperformed. The sector with the most notably positive effect on performance was healthcare.

In terms of credit quality, lower-rated, investment-grade securities outperformed higher-quality, investment-grade municipals.

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we decreased the weighting for bonds with maturities of five years or less and increased the weighting for bonds with maturities of 10 years or more. The fund's duration was reduced from neutral to slightly short. We also increased the weighting for bonds rated A or lower and increased our position in the healthcare sector.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	56.5	%
General Obligations3	39.5	%
Certificates of Participation3	2.4	%
Cash Equivalents	1.9	%
Other Assets and Liabilities, Net	(0.3	)%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	48.7	%
AA/Aa	22.2	%
A/A	11.4	%
BBB/Baa	8.0	%
BB/Ba	1.5	%
Non-Rated	8.2	%
	100.0	%

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

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 6.2% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

20

Minnesota Intermediate Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

	1 year			5 years			10 years
Average annual return with sales charge (POP)
Class A		0.01	%		4.48	%		4.51	%
Average annual return without sales charge (NAV)
Class A		2.33	%		4.97	%		4.75	%
Class Y		2.50	%		5.09	%		4.78	%
Lehman 7-Year Municipal Bond Index2		2.03	%		5.71	%		5.47	%

Value of a $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/1995 to 9/30/2005) as compared to the Lehman 7-Year Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Minnesota state and federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.

FIRST AMERICAN FUNDS Annual Report 2005

21

Minnesota Intermediate Tax Free fundcontinued

Expense Example

As a shareholder of the Minnesota Intermediate Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,024.10	$	4.31
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31
Class Y Actual2	$	1,000.00	$	1,024.00	$	3.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.41% and 2.40% for Class A and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

22

Minnesota Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Minnesota Tax Free Fund (the "fund"), Class Y shares, returned 4.69% for the fiscal year ended September 30, 2005 (Class A shares returned 4.42%, without taking the sales charge into consideration, for the same period). By comparison, the fund's benchmark, the Lehman Municipal Bond Index*, returned 4.05%. Performance for the fund's peer group, the Lipper Minnesota Municipal Debt Funds Objective Average, was 3.57%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund outperforming the index. An overweight in bonds with 17-year and longer maturities allowed the fund to limit the effects of rising short-term rates (when interest rates increase, bond prices generally decline). While short-term interest rates continued to rise during the fiscal period, longer-term rates fell, causing longer-maturity bonds to outperform short- and intermediate-maturity bonds in terms of income and price appreciation.

The fund's emphasis on revenue bonds vs. general obligations bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that had a positive effect on performance were healthcare and electric utility revenue.

The fund held positions in bonds that were advance-refunded during the fiscal year, which also made a positive contribution to performance. They significantly increased in value following news of their refunding because of their relatively high coupons and now shorter maturities. These bonds will now be retired on their call date, which is typically much earlier than original maturity.

The fund's positions in general obligation bonds detracted from overall performance, as these issues underperformed the broad municipal index.

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we sold short and intermediate maturities (two to nine years) and purchased issues with maturities of 15 years or more. We also placed more emphasis on premium coupon structures – bonds with a coupon that is higher than current market rates. If rates rise, this higher coupon can act as a cushion or buffer.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	85.1	%
General Obligations3	12.1	%
Cash Equivalents	2.1	%
Other Assets and Liabilities, Net	0.7	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	33.0	%
AA/Aa	15.9	%
A/A	23.4	%
BBB/Baa	10.2	%
BB/Ba	1.1	%
Non-Rated	16.4	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 12.5% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

23

Minnesota Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			8/1/1997			2/1/1999
Average annual return with sales charge (POP)
Class A		(0.03	)%		4.88	%		5.06	%		-			-
Class C		3.03	%		5.37	%					-			4.17	%
Average annual return without sales charge (NAV)
Class A		4.42	%		5.79	%		5.52	%		-			-
Class C		4.02	%		5.37	%		-			-			4.17	%
Class Y		4.69	%		6.06	%		-			5.33	%		-
Lehman Municipal Bond Index2		4.05	%		6.34	%		6.06	%		5.62	%		5.28	%

Value of a $10,000 Investment^{1, 3}as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A shares (from 9/30/1995 to 9/30/2005) and Class Y shares (from 8/1/1997 to 9/30/2005) as compared to the Lehman Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Minnesota state and federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

On July 31, 1998, the Minnesota Tax Free Fund became the successor by merger to the Piper Minnesota Tax-Exempt Fund, a series of Piper Funds Inc. Prior to the merger, the First American Fund had no assets or liabilities. Performance presented prior to July 31, 1998, represents that of the Piper Minnesota Tax-Exempt Fund.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

³  Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.

FIRST AMERICAN FUNDS Annual Report 2005

24

Minnesota Tax Free fundcontinued

Expense Example

As a shareholder of the Minnesota Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,030.60	$	4.84
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81
Class C Actual2	$	1,000.00	$	1,028.70	$	6.87
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.83
Class Y Actual2	$	1,000.00	$	1,032.00	$	3.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

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

²  Based on the actual returns for the six months ended September 30, 2005, of 3.06%, 2.87%, and 3.20% for Class A, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

25

Missouri Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Missouri state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Missouri Tax Free Fund (the "fund"), Class Y shares, returned 3.08% for the fiscal year ended September 30, 2005 (Class A shares returned 2.74%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman Municipal Bond Index*, returned 4.05%. Performance for the fund's peer group, the Lipper Missouri Municipal Debt Funds Category Average, was 3.53%

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

As short-term interest rates continued to rise while longer-term rates declined, shorter-maturity bonds, though generating positive returns, nonetheless underperformed. While the fund emphasized longer-term securities, which provided favorable income with better price appreciation, it would have benefited from a higher allocation at the long end of the yield curve (bond maturities of 22 years or more).

In terms of credit quality, lower-rated, investment-grade securities – specifically the fund's holdings rated A or lower – outperformed higher-quality, investment-grade municipals. However, due to limited supply, the fund was unable to increase its position in lower-rated bonds to desired levels.

The fund's emphasis on revenue bonds vs. general obligations bonds was a positive contributor to performance as revenue bonds generally outperformed. The sector with the most notably positive effect on performance was healthcare.

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we increased the weighting for bonds in the maturity range of 17 to 22 years and decreased the weighting for bonds with maturities of 10 years or under.

We also increased the weighting for bonds rated A or lower and decreased the AA-rated allocation. The fund's duration was neutral during most of the fiscal year.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	72.4	%
General Obligations3	23.9	%
Certificates of Participation3	1.9	%
Cash Equivalents	1.3	%
Other Assets and Liabilities, Net	0.5	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	52.3	%
AA/Aa	33.8	%
A/A	6.8	%
BBB/Baa	4.8	%
BB/Ba	1.0	%
Non-Rated	1.3	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 14.2% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

26

Missouri Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		(1.65	)%		4.53	%		4.57	%		-
Class C		1.43	%		-			-			4.04	%
Average annual return without sales charge (NAV)
Class A		2.74	%		5.44	%		5.02	%		-
Class C		2.42	%		-			-			4.04	%
Class Y		3.08	%		5.79	%		5.30	%		-
Lehman Municipal Bond Index2		4.05	%		6.34	%		6.06	%		5.37	%

Value of a $10,000 Investment^{1, 3}as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 11/30/1995 to 9/30/2005) as compared to the Lehman Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

On September 24, 2001, the Missouri Tax Free Fund became the successor by merger to the Firstar Missouri Tax-Exempt Bond Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar Missouri Tax-Exempt Bond Fund. The Firstar Missouri Tax-Exempt Bond Fund was organized on December 11, 2000, and, prior to that, was a separate series of Mercantile Mutual Funds, Inc. The Mercantile fund was organized on October 2, 1995, and prior to that, was a separate series of the ARCH Tax-Exempt Trust, which sold shares of the portfolio that were similar to the current Class Y shares of the fund, which have no distribution or shareholder servicing fees. Performance prior to October 2, 1995, reflects performance without such fees.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

³  Performance for Class C shares is not presented. Performance for this class is lower due to higher expenses.

FIRST AMERICAN FUNDS Annual Report 2005

27

Missouri Tax Free fundcontinued

Expense Example

As a shareholder of the Missouri Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,025.00	$	4.82
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81
Class C Actual2	$	1,000.00	$	1,023.80	$	6.85
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.83
Class Y Actual2	$	1,000.00	$	1,027.10	$	3.56
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.50%, 2.38%, and 2.71% for Class A, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

28

Nebraska Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Nebraska state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Nebraska Tax Free Fund (the "fund"), Class Y shares, returned 3.45% for the fiscal year ended September 30, 2005 (Class A shares returned 3.20%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman Municipal Bond Index*, returned 4.05%. Performance for the fund's peer group, the Lipper Other States Municipal Debt Funds Category Average, was 2.73%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

During this fiscal period, as short-term interest rates continued to rise while longer-term rates declined, the fund held a significant position of its assets in securities maturing in 15 years and longer. To take further advantage of the yield curve flattening, the fund's 13% increase in net assets was directed to bonds with maturities of 20 years and longer. However, though longer-term municipals generally posted outstanding performance, an overweight position of the fund's assets were invested in bonds with maturities between 10 and 15 years, which underperformed the bonds with longer maturities.

In terms of credit quality, as spreads narrowed and lower-rated bonds outperformed higher-rated ones, the fund was unable to increase its percentage of BBB-rated securities due to limited supply.

The fund's positions in the electric utilities sector underperformed. The sector with the most notably positive effect on performance was healthcare and longer-term general obligation bond sectors.

The fund held positions in bonds that were advance-refunded during the fiscal period, which also made a positive contribution to performance. They significantly increased in value following news of their refunding because of their relatively high coupons and now shorter maturities. These bonds will now be retired on their call date, which is typically much earlier than original maturity.

What strategic moves were made by the fund and why?

The fund's duration was shortened. Given the potential for further short-term rate increases and the flattening yield curve, we sold shorter prerefunded bonds and purchased issues with maturities of 20 years or more. We continued to selectively increase positions in A-rated securities when available.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	73.0	%
General Obligations3	20.9	%
Cash Equivalents	5.7	%
Certificates of Participation3	3.2	%
Other Assets and Liabilities, Net	(2.8	)%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	41.8	%
AA/Aa	37.3	%
A/A	12.5	%
BBB	1.3	%
Non-Rated	7.1	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 8.9% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

29

Nebraska Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

				Since Inception
	1 year			2/28/2001
Average annual return with sales charge (POP)
Class A		(1.16	)%		4.35	%
Class C		1.82	%		4.80	%
Average annual return without sales charge (NAV)
Class A		3.20	%		5.34	%
Class C		2.81	%		4.80	%
Class Y		3.45	%		5.59	%
Lehman Municipal Bond Index2		4.05	%		5.64	%

Value of a $10,000 Investment^{1, 3}as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 2/28/2001 to 9/30/2005) as compared to the Lehman Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

³  Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.

FIRST AMERICAN FUNDS Annual Report 2005

30

Nebraska Tax Free fundcontinued

Expense Example

As a shareholder of the Nebraska Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,026.60	$	3.81
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class C Actual2	$	1,000.00	$	1,024.70	$	5.84
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82
Class Y Actual2	$	1,000.00	$	1,027.80	$	2.54
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.54

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.66%, 2.47%, and 2.78% for Class A, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

31

Ohio Tax Free fund

Investment Objective: maximum current income that is exempt from both federal income tax and Ohio state income tax to the extent consistent with prudent investment risk

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Ohio Tax Free Fund (the "fund"), Class Y shares, returned 3.12% for the fiscal year ended September 30, 2005 (Class A shares returned 2.86%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman Municipal Bond Index*, returned 4.05%. Performance for the fund's peer group, the Lipper Ohio Municipal Debt Funds Category Average, was 3.13%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

The fund was launched in 2002 in a low-rate environment and has had limited opportunity to take advantage of refundings, which could have initially provided an increase in price, subsequent underperformance notwithstanding. As short-term interest rates continued to rise while longer-term rates declined, the fund emphasized longer-term securities, which provided favorable income with better price appreciation. However, the fund's shorter-maturity bond holdings, though generating positive returns, nonetheless underperformed.

In terms of credit quality, lower-rated, investment-grade securities – namely the fund's holdings rated A and lower – outperformed higher-quality, investment-grade municipals. However, due to limited supply and pricing opportunities, the fund was unable to increase its position in lower-rated bonds to desirable levels, which had a negative impact the fund's performance.

The fund's increase in revenue bond holdings and reduction in general obligations were positive contributors to performance as the former generally outperformed the latter.

What strategic moves were made by the fund and why?

On the basis of their performance, we increased weighting for bonds rated A or lower. We increased exposure to healthcare and reduced exposure to school districts. The fund's duration was slightly lengthened as lower-rated, higher-yielding securities were added in the range of 15 years or more.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	49.4	%
General Obligations3	46.0	%
Certificates of Participation3	3.2	%
Other Assets and Liabilities, Net	1.4	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	45.1	%
AA/Aa	37.6	%
A/A	12.3	%
BBB/Baa	4.4	%
Non-Rated	0.6	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 8.7% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

32

Ohio Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

				Since Inception
	1 year			4/30/2002
Average annual return with sales charge (POP)
Class A		(1.54	)%		3.85	%
Class C		1.59	%		4.48	%
Average annual return without sales charge (NAV)
Class A		2.86	%		5.17	%
Class C		2.58	%		4.48	%
Class Y		3.12	%		5.45	%
Lehman Municipal Bond Index2		4.05	%		5.59	%

Value of a $10,000 Investment^{1, 3}as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 4/30/2002 to 9/30/2005) as compared to the Lehman Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

³  Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.

FIRST AMERICAN FUNDS Annual Report 2005

33

Ohio Tax Free fundcontinued

Expense Example

As a shareholder of the Ohio Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,029.00	$	3.81
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class C Actual2	$	1,000.00	$	1,027.40	$	5.84
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82
Class Y Actual2	$	1,000.00	$	1,030.30	$	2.54
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.54

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

²  Based on the actual returns for the six months ended September 30, 2005, of 2.90%, 2.74%, and 3.03% for Class A, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

34

Oregon Intermediate Tax Free fund

Investment Objective: current income that is exempt from both federal income tax and Oregon state income tax to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Oregon Intermediate Tax Free Fund (the "fund"), Class Y shares, returned 1.82% for the fiscal year ended September 30, 2005 (Class A shares returned 1.67%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman 7-Year Municipal Bond Index*, returned 2.03%. Performance for the fund's peer group, the Lipper Other States Intermediate Municipal Debt Funds Category Average, was 1.65%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure was the primary contributor to the fund's outperformance of its peer group. As short-term interest rates continued to rise while longer-term rates declined, the fund sought to benefit from the yield curve flattening by emphasizing longer-term securities, which provided favorable income with better price appreciation. The fund also reduced its exposure to securities with maturities shorter than five years. These shorter-maturity bond holdings, though generating positive returns, nonetheless detracted from performance.

In terms of credit quality, as spreads narrowed and lower-rated bonds outperformed higher-rated ones, the fund was unable to increase its percentage of lower-rated securities due to very limited supply in the state. This less-than-optimal allocation was the primary contributor to the fund's underperformance relative to the index.

Higher coupon bonds were refunded, which caused an initial increase in price, but the refunded bonds subsequently underperformed. A decrease in revenue bonds in the portfolio also had a negative impact on performance

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we increased our weighting for bonds in the maturity range of 10 or more years. We have increased the fund's weighting for AA-rated securities. The fund's duration was relatively neutral throughout the fiscal year.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
General Obligations3	61.6	%
Revenue Bonds3	31.3	%
Certificates of Participation3	5.3	%
Cash Equivalents	0.5	%
Other Assets and Liabilities, Net	1.3	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	58.4	%
AA/Aa	34.2	%
A/A	1.4	%
BBB/Baa	3.5	%
Non-Rated	2.5	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 22.4% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

35

Oregon Intermediate Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			2/1/1999
Average annual return with sales charge (POP)
Class A		(0.64	)%		4.39	%		-			3.64	%
Average annual return without sales charge (NAV)
Class A		1.67	%		4.86	%		-			4.01	%
Class Y		1.82	%		4.98	%		4.65	%		-
Lehman 7-Year Municipal Bond Index2		2.03	%		5.71	%		5.47	%		4.86	%

Value of a $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A shares (from 2/1/1999 to 9/30/2005) and Class Y shares (from 9/30/1995 to 9/30/2005) as compared to the Lehman 7-Year Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

Performance prior to August 8, 1997, is that of Oregon Municipal Bond Trust Fund, a predecessor common trust fund. On August 8, 1997, substantially all of the assets of Oregon Municipal Bond Trust Fund were transferred into Oregon Intermediate Tax Free Fund. The objectives, policies, and guidelines of the two funds were, in all material respects, identical. Oregon Municipal Bond Trust Fund was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions that might have adversely affected performance.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between six and eight years.

FIRST AMERICAN FUNDS Annual Report 2005

36

Oregon Intermediate Tax Free fundcontinued

Expense Example

As a shareholder of the Oregon Intermediate Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,020.70	$	4.31
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31
Class Y Actual2	$	1,000.00	$	1,021.40	$	3.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

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

²  Based on the actual returns for the six months ended September 30, 2005 of 2.07% and 2.14% for Class A and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

37

Short Tax Free fund

Investment Objective: to provide investors with currrent income that is exempt from federal income tax, to the extent consistent with the preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Short Tax Free Fund (the "fund"), Class Y shares, returned 0.83% for the fiscal year ended September 30, 2005 (Class A shares returned 0.67%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman 3-Year Municipal Bond Index*, returned 0.77%. Performance for the fund's peer group, the Lipper Short Municipal Debt Funds Category Average, was 1.17%.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund's performance. Selling bonds with the maturities of two and three years and moving to cash and cash equivalents and/or four- to five-year securities gave the portfolio more of a "barbell" structure throughout the year, enabling it to take better advantage of the flattening yield curve (with longer-maturity bonds outperforming short-term issues).

The fund's emphasis on revenue bonds vs. general obligations bonds was a positive contributor to performance as revenue bonds generally outperformed. The sector with the most notably positive effect on performance was healthcare.

In terms of credit quality, lower-rated, investment-grade securities outperformed higher-quality, investment-grade municipals. The fund's increased positions in A-rated and BBB-rated securities had a positive impact on performance.

The fund shortened its duration to 70% of its benchmark through the first and second quarter with a modest extension during the third quarter. With duration shorter than its benchmark for most of the year, the fund outperformed the benchmark but it underperformed its Lipper peer group as a result of being longer than its peers. The fund held a position of 12.7% of the fund's net assets in the prerefunded sector, which underperformed the general obligations and revenue sectors.

What strategic moves were made by the fund and why?

The fund's duration was shortened. To capture the increase in short rates as a result of the Fed tightening, we moved out of the two- to three-year securities and invested in variable rate demand notes. We continued to selectively increase positions in A-rated and BBB-rated securities when available.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	74.9	%
General Obligations3	23.5	%
Cash Equivalents	2.0	%
Certificates of Participation3	1.1	%
Other Assets and Liabilities, Net	(1.5	)%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	34.6	%
AA/Aa	18.8	%
A/A	23.0	%
BBB/Baa	18.8	%
BB/Ba	0.2	%
Non-Rated	4.6	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 12.7% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

38

Short Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

				Since Inception
	1 year			10/25/2002
Average annual return with sales charge (POP)
Class A		(1.60	)%		1.28	%
Average annual return without sales charge (NAV)
Class A		0.67	%		2.07	%
Class Y		0.83	%		2.22	%
Lehman 3-Year Municipal Bond Index2		0.77	%		2.53	%

Value of a $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/25/2002 to 9/30/2005) as compared to the Lehman 3-Year Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between two and four years.

FIRST AMERICAN FUNDS Annual Report 2005

39

Short Tax Free fundcontinued

Expense Example

As a shareholder of the Short Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,010.60	$	3.78
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class Y Actual2	$	1,000.00	$	1,011.40	$	3.03
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04

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

²  Based on the actual returns for the six months ended September 30, 2005, of 1.06% and 1.14% for Class A and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

40

Tax Free fund

Investment Objective: maximum currrent income that is exempt from federal income tax to the extent consistent with the prudent investment risk

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Tax Free Fund (the "fund"), Class Y shares, returned 4.77% for the fiscal year ended September 30, 2005 (Class A shares returned 4.51%, without taking the sales charge into account, for the same period). By comparison, the fund's benchmark, the Lehman Municipal Bond Index*, returned 4.05%. Performance for the fund's peer group, the Lipper General Municipal Debt Funds Objective Average, was 3.49%

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

Despite these short-term measured rate increases, long-term rates for municipals fell, resulting in generally positive price performance for bonds maturing in 15 years or longer. The flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made refunding attractive. Refunding is the refinancing of older, higher-coupon bonds by issuing new, lower-coupon bonds. Heavy refunding volume, in turn, gave rise to the record-breaking supply of new municipal bonds. More than half of these new issues carried insurance. The prevalence of insurance, combined with investor appetite for higher yields, highlighted the scarcity of lower-graded municipals, making them more valuable. Consequently, the difference, or spread, between yields on lower- and higher-rated issues continued to narrow, leading the lower-rated municipals to outperform higher-rated ones.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the disruption to activity from Hurricanes Katrina and Rita. The fund had less than 2% of its assets in Louisiana, all of which were AAA-rated and insured or escrowed in U.S. government securities. The fund had no assets in Mississippi.

How did market conditions and investment strategies affect the fund's performance?

Portfolio structure and security selection were primary contributors to the fund's positive performance relative to the index. An overweight in bonds with 17-year and longer maturities allowed the fund to limit the effects of rising short-term rates (when interest rates increase, bond prices generally decline). While short-term interest rates continued to rise during the fiscal period, longer-term rates fell, causing longer-maturity bonds to outperform short- and intermediate-maturity bonds in terms of income and price appreciation. The fund also benefited from being underweight in shorter-term bonds.

The fund's emphasis on revenue bonds vs. general obligations bonds was a positive contributor to performance as revenue bonds generally outperformed. The sectors that had a positive effect on performance included healthcare and industrial development/pollution control revenue.

Overweighting in Texas, Illinois, Wisconsin, Minnesota, and Colorado, all of which outperformed the broad index, proved beneficial to the fund – as did underweighting in Florida, which underperformed the broad index. The fund's underweighting in California and overweighting in Washington and Indiana detracted from performance.

What strategic moves were made by the fund and why?

Given the potential for further short-term rate increases and the flattening yield curve, we sold short and intermediate maturities (two to nine years) and purchased issues with maturities of 15 years or more. We also placed more emphasis on premium coupon structures – bonds with a coupon that is higher than current market rates. If rates rise, this higher coupon can act as a cushion or buffer.

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

Portfolio Allocation as of September 30, 20051  (% of net assets)
Revenue Bonds3	71.3	%
General Obligations3	26.2	%
Cash Equivalents	1.4	%
Other Assets and Liabilities, Net	1.1	%
	100.0	%

Credit Quality Distribution as of September 30, 20052  (% of market value)
AAA/Aaa	39.2	%
AA/Aa	9.4	%
A/A	18.3	%
BBB/Baa	21.3	%
BB/Ba	0.9	%
Non-Rated	10.9	%
	100.0	%

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

²  In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

³  These sectors may include bonds that are pre-refunded or escrowed to maturity issues, see the fund's Notes to Schedule of Investments. As of September 30, 2005, 19.4% of the fund's net assets were of pre-refunded and escrowed to maturity issues.

FIRST AMERICAN FUNDS Annual Report 2005

41

Tax Free fundcontinued

Annual Performance¹as of September 30, 2005

							Since Inception
	1 year			5 years			11/14/1996			9/24/2001
Average annual return with sales charge (POP)
Class A		0.04	%		5.33	%		5.11	%		-
Class C		3.13	%		-			-			5.00	%
Class Y
Average annual return without sales charge (NAV)
Class A		4.51	%		6.24	%		5.62	%		-
Class C		4.13	%		-			-			5.00	%
Class Y		4.77	%		6.53	%		5.85	%		-
Lehman Municipal Bond Index2		4.05	%		6.34	%		6.02	%		5.37	%

Value of a $10,000 Investment^{1, 3}as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 11/14/1996 to 9/30/2005) as compared to the Lehman Municipal Bond Index².

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

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

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Capital gains distributions, if any, will be subject to tax.

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

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities.

On September 24, 2001, the First American Tax Free Fund merged with the Firstar National Municipal Bond Fund. Performance history prior to September 24, 2001, represents that of the Firstar National Municipal Bond Fund.

²  An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

³  Performance for Class C shares is not presented. Performance of this class is lower due to higher expenses.

FIRST AMERICAN FUNDS Annual Report 2005

42

Tax Free fundcontinued

Expense Example

As a shareholder of the Tax Free Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/1/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/1/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,032.20	$	4.84
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81
Class C Actual2	$	1,000.00	$	1,030.30	$	6.87
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.83
Class Y Actual2	$	1,000.00	$	1,033.50	$	3.57
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

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

²  Based on the actual returns for the six months ended September 30, 2005 of 3.22%, 3.03%, and 3.35% for Class A, Class C, and Class Y, respectively.

FIRST AMERICAN FUNDS Annual Report 2005

43

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of the Arizona Tax Free, California Intermediate Tax Free, California Tax Free, Colorado Intermediate Tax Free, Colorado Tax Free, Intermediate Tax Free, Minnesota Intermediate Tax Free, Minnesota Tax Free, Missouri Tax Free, Nebraska Tax Free, Ohio Tax Free, Oregon Intermediate Tax Free, Short Tax Free, and Tax Free Funds (series of First American Investment Funds, Inc.) (the "funds") as of September 30, 2005, the related statements of operations for the year then ended, changes in net assets and the financial highlights for each of the periods indicated therein, except as noted below. These financial statements and financial highlights are the responsibility of the funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Missouri Tax Free and Tax Free Funds for the period presented through October 31, 2000, were audited by other auditors whose report dated December 29, 2000 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designating audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2005, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights audited by us as referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at September 30, 2005, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the periods indicated herein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota
November 18, 2005

FIRST AMERICAN FUNDS Annual Report 2005

44

Schedule of Investments September 30, 2005

Arizona Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 93.2%
Revenue Bonds – 67.7%
Continuing Care Retirement Communities – 1.7%
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 7.500%, 11/15/23	$	200	$	225
Tempe Industrial Development Authority, Friendship Village Project, Series A 5.375%, 12/01/13		200		203
				428
Education – 7.3%
Gilbert Industrial Development Authority, Southwest Student Services, Pre-refunded 02/01/09 @ 102 5.850%, 02/01/19 (a)		1,000		1,097
Glendale Industrial Development Authority, Midwestern University 5.250%, 05/15/14		140		150
Glendale Industrial Development Authority, Midwestern University, Series A, Callable 05/15/11 @ 101 5.750%, 05/15/21		250		270
University of Arizona Board of Regents, Series A, Pre-refunded 12/01/09 @ 100 (FGIC) 5.800%, 06/01/24 (a)		150		165
University of Arizona Parking & Student Housing Authority, Pre-refunded 06/01/09 @ 100 (AMBAC) 5.750%, 06/01/19 (a)		140		152
				1,834
Healthcare – 21.1%
Arizona Health Facilities Authority, Blood Systems Inc., Callable 04/01/14 @ 100 4.750%, 04/01/25		300		296
Arizona Health Facilities Authority, John C. Lincoln Health Network, Callable 12/01/12 @ 101 5.750%, 12/01/32		150		158
Glendale Industrial Development Authority, Callable 12/01/15 @ 100 4.625%, 12/01/27		200		190
Johnson City, Tennessee Health & Elderly Facilities Authority, Callable 07/01/12 @ 103 7.500%, 07/01/25		100		118
Maricopa County Hospital, Sun Health Corporation, Callable 04/01/15 @ 100 5.000%, 04/01/25		200		202
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A, Callable 07/01/14 @ 100 5.375%, 07/01/23		500		525
Mesa Industrial Development Authority, Discovery Health Systems, Series A, Pre-refunded 01/01/10 @ 101 (MBIA) 5.750%, 01/01/25 (a) 500 5515.625%, 01/01/29 (a)		500		548
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Callable 12/01/11 @ 101 5.700%, 12/01/21		1,000		1,076
Show Low Industrial Development Authority, Hospital Revenue, Navapache Regional Medical Center, Callable 12/01/15 @ 100 (RAAI) 4.375%, 12/01/20 (b)		400		392

Arizona Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
University Medical Center Corporation, Callable 07/01/14 @ 100 5.000%, 07/01/24	$	500	$	507
Yavapai Industrial Development Authority, Yavapai Regional Medical Center, Series A, Callable 08/01/13 @ 100 (RAAI) 5.250%, 08/01/21 375 3946.000%, 08/01/33		100		107
Yuma Industrial Development Authority, Yuma Regional Medical Center, Callable 08/01/07 @ 102, Escrowed to Maturity (MBIA) 5.500%, 08/01/17 (c)		250		265
				5,329
Housing – 6.1%
Arizona State University West Campus Housing LLC, Callable 07/01/15 @ 100 (AMBAC) 4.500%, 07/01/35		500		485
Douglas Community Housing Corporation, Rancho La Perilla, Callable 01/20/10 @ 102 (GNMA) 5.900%, 07/20/20 500 5266.000%, 07/20/25		475		499
Phoenix Industrial Development Authority, The Phoenix Authority, Series 1A, Callable 06/01/10 @ 102 (FHLMC) (FNMA) (GNMA) 5.875%, 06/01/16		20		20
				1,530
Lease Revenue – 3.4%
Nogales Municipal Development Authority, Callable 06/01/15 @ 100 (AMBAC) 5.000%, 06/01/27		500		523
Scottsdale Municipal Property Corporation, Excise Tax, Series C, Callable 07/01/17 @ 100 (AMBAC) 0.000%, 07/01/21 (d)		500		345
				868
Miscellaneous – 4.4%
Arizona Student Loan Acquisition Authority, Series A, Callable 11/01/09 @ 102 (AMT) 5.900%, 05/01/24		100		107
Greater Arizona Infrastructure Development Authority, Series A, Callable 08/01/08 @ 102 (MBIA) 5.625%, 08/01/20		200		216
Greater Arizona Infrastructure Development Authority, Series B, Callable 08/01/14 @ 100 5.250%, 08/01/26		750		793
				1,116
Tax Revenue – 10.1%
Arizona School Facilities Board, State School Improvement, Pre-refunded 07/01/12 @ 100 5.250%, 07/01/16 (a) 750 8265.250%, 07/01/20 (a)		250		275
Kingman, Excise Tax Revenue, Callable 07/01/15 @100 (AMBAC) 4.250%, 07/01/19		245		252
Oro Valley, Excise Tax, Callable 07/01/10 @ 101 (AMBAC) 5.200%, 07/01/14		400		435

FIRST AMERICAN FUNDS Annual Report 2005

45

Schedule of Investments September 30, 2005

Arizona Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Phoenix Civic Improvements, Excise Tax, Callable 07/01/09 @ 101 5.750%, 07/01/16	$	300	$	327
Scottsdale Municipal Property Corporation, Excise Tax Revenue, Series A, Callable 07/14/14 @ 100 4.500%, 07/01/25		100		100
Tempe, Excise Tax, Series A, Callable 07/01/09 @ 100 5.625%, 07/01/20		300		323
				2,538
Transportation – 7.1%
Arizona State Transportation Highway Board, Series A 5.000%, 07/01/09		400		425
Phoenix Civic Improvements, Series B, Callable 07/01/12 @ 100 (AMT) (FGIC) 5.250%, 07/01/21 250 2625.250%, 07/01/27		750		782
Tucson Street & Highway Improvements, Series 1994-E, Pre-refunded 07/01/10 @ 100 (FGIC) 5.000%, 07/01/18 (a)		300		322
				1,791
Utilities – 6.5%
Chandler Water & Sewer Improvements, Pre-refunded 07/01/10 @ 101 (FSA) 5.800%, 07/01/17 (a)		250		279
Gilbert Water Municipal Property Wastewater System & Utility, Callable 04/01/08 @ 100 5.000%, 04/01/17		375		377
Mesa Utility System Revenue, Callable 07/01/15 @ 100 (FSA) 4.125%, 07/01/28		500		472
Tucson Water, Series 1994-A (MBIA) 6.250%, 07/01/16		170		205
Yavapai Industrial Development Authority, Waste Management Project, Series A-2, Mandatory Put 03/01/08 @ 100 (AMT) 4.450%, 03/01/28		300		304
				1,637
Total Revenue Bonds				17,071
General Obligations – 20.3%
Centerra Community Facilities Distributors, Callable 07/15/15 @ 100 5.500%, 07/15/29		200		201
Chandler Public & Recreational Improvements, Callable 07/01/10 @ 101 5.800%, 07/01/18		250		277
Greenlee County School District #18, Morenci 5.000%, 07/01/12		165		172
Peoria, Callable 04/01/09 @ 100 (FGIC) 5.400%, 04/01/15 100 1075.000%, 04/01/18 575 6055.000%, 04/01/19		125		132
Phoenix, Callable 07/01/07 @ 102 5.250%, 07/01/20		250		262
Phoenix, Callable 07/01/10 @ 100 5.250%, 07/01/19 350 3765.375%, 07/01/25		750		805

Arizona Tax Free Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Phoenix, Series B, Callable 07/01/15 @100 4.750%, 07/01/25	$	750	$	771
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33		100		106
Scottsdale, Pre-refunded 07/01/09 @ 100 5.500%, 07/01/22 (a)		250		270
Tucson 5.500%, 07/01/18		250		285
Yavapai County Community College, Callable 07/01/14 @ 100 (AMBAC) 4.500%, 07/01/24		500		504
Yuma & La Paz Counties, Arizona Community College District, Arizona Western College, Callable 07/01/15 @ 100 (FSA) 4.250%, 07/01/25		250		244
Total General Obligations				5,117
Certificates of Participation – 5.2%
Northern Arizona University, Research Projects, Callable 09/01/15 @ 100 (AMBAC) 4.250%, 09/01/28		500		476
Pinal County 5.000%, 12/01/14		400		426
Tucson, Callable 07/01/08 @ 100 (MBIA) 5.500%, 07/01/15		200		212
University of Arizona, Callable 06/01/15 @ 100 (AMBAC) 4.250%, 06/01/22		190		183
Total Certificates of Participation				1,297
Total Municipal Bonds (Cost $22,148)				23,485
Money Market Fund – 0.9%
Federated Arizona Municipal Money Market Fund (Cost $220)		220,226		220
Affiliated Money Market Fund – 4.7%
First American Tax Free Obligations Fund, Class Z (e) (Cost $1,197)		1,197,170		1,197
Total Investments – 98.8% (Cost $23,565)				24,902
Other Assets and Liabilities, Net – 1.2%				308
Total Net Assets – 100.0%			$	25,210

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

(b)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $396,260 or 1.6% of total net assets. See note 2 in Notes to Financial Statements.

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

(d)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed is the rate in effect as of September 30, 2005.

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

AMBAC – American Municipal Bond Assurance Corporation

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

FIRST AMERICAN FUNDS Annual Report 2005

46

Arizona Tax Free Fund (concluded)

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to AMT was $1,455,377 which represents 5.8% of total net assets.

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

RAAI – Radian Asset Assurance Inc.

California Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 95.0%
Revenue Bonds – 68.2%
Continuing Care Retirement Communities – 5.9%
ABAG Financial Authority, O'Connor Woods (ACA) 5.250%, 11/01/05	$	500	$	501
ABAG Financial Authority, Odd Fellows Home of California (CMI) 4.950%, 08/15/07		500		515
California Health Facilities Financing Authority, Paradise Valley Estates (CMI) 4.125%, 01/01/10 500 5104.375%, 01/01/12		540		556
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) 5.000%, 11/15/12		500		534
La Verne, Brethren Hillcrest Homes, Series B, Callable 02/15/13 @ 101 (ACA) 5.600%, 02/15/33		500		528
				3,144
Education – 10.4%
ABAG Financial Authority, Schools of the Sacred Heart, Series A 5.800%, 06/01/08		200		211
California Educational Facilities Authority, Golden Gate University, Callable 10/01/15 @ 100 5.000%, 10/01/20		505		519
California Educational Facilities Authority, Lutheran University, Series C, Callable 10/01/14 @ 100 4.750%, 10/01/15		675		704
California Educational Facilities Authority, University of Pacific, Callable 11/01/14 @ 100 5.000%, 11/01/20		435		458
California Educational Facilities Authority, University of Redlands, Series A, Callable 10/01/15 @ 100 5.000%, 10/01/20		500		522
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A 5.650%, 03/01/07 380 3915.750%, 03/01/08		400		419
California State Higher Educational Facilities Authority, Occidental College Project, Pre-refunded 10/01/07 @ 102 (MBIA) 5.300%, 10/01/10 (a)		500		533
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B 6.000%, 06/01/10		495		542
California State Higher Educational Facilities Authority, University of Redlands, Series A, Escrowed to Maturity 5.550%, 06/01/09 (b)		225		244

FIRST AMERICAN FUNDS Annual Report 2005

47

Schedule of Investments September 30, 2005

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/10 @ 101 5.700%, 06/01/11 (a)	$	250	$	279
5.750%, 06/01/12 (a)		260		291
California Statewide Communities Development Authority, Viewpoint Schools (ACA) 4.125%, 10/01/14		405		401
				5,514
Healthcare – 15.0%
California Health Facilities Financing Authority, Casa Colina, Callable 04/01/12 @ 100 5.500%, 04/01/13		300		320
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/14 @ 100 4.950%, 07/01/26		450		471
California Health Facilities Financing Authority, Marshall Medical Center, Series A, Callable 11/01/14 @ 100 (CMI) 4.750%, 11/01/19		1,200		1,226
California Health Facilities Financing Authority, Valleycare Medical Center, Series A, Callable 05/01/12 @ 100 (CMI) 4.625%, 05/01/13 300 3114.800%, 05/01/14		715		745
California State Health Facilities Authority, Casa de las Campanas, Series A, Callable 08/01/08 @ 100 (CMI) 5.375%, 08/01/09		250		262
California Statewide Communities Development Authority, Daughters of Charity Health, Series G 5.250%, 07/01/13		500		532
California Statewide Communities Development Authority, Elder Care Alliance, Series A 7.250%, 11/15/11		500		505
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/12 @ 100 3.850%, 11/01/29		1,000		993
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC) 5.000%, 06/01/12		150		156
Marysville Hospital, Fremont Rideout Health Project, Series A, Callable 07/01/08 @ 103 (AMBAC) 5.000%, 01/01/10		500		530
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A 5.500%, 11/15/09		650		695
Rancho Mirage Joint Powers Finance Authority, Eisenhower Medical Center, Series A, Callable 07/01/07 @ 102 (MBIA) 5.125%, 07/01/08		500		527
Turlock California Health Facilities Revenue, Emanuel Medical Center, Callable 10/15/14 @ 100 5.000%, 10/15/24		700		709
				7,982

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Housing – 4.1%
ABAG Financial Authority, Archstone Redwood Housing Project, Series A 5.300%, 10/01/08	$	500	$	524
Aztec Shops, California State Auxiliary Organization, San Diego State University, Callable 09/01/10 @ 101 5.400%, 09/01/11		1,035		1,113
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (AMT) (FNMA) (GNMA) 5.250%, 06/01/10		20		20
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/09 @ 100 5.200%, 12/01/29		500		526
				2,183
Lease Revenue – 8.9%
California State Public Works Board, California Community Colleges, Series A, Callable 12/01/09 @ 101 (MLO) 4.875%, 12/01/18		200		207
California State Public Works Board, Department of Corrections, Series A (AMBAC) (MLO) 6.000%, 01/01/06		545		549
California State Public Works Board, Department of Health Services, Callable 11/01/09 @ 101 (MBIA) (MLO) 5.200%, 11/01/12		500		536
California State Public Works Board, Department of Mental Health, Callable 06/01/14 @ 100 5.500%, 06/01/16		540		596
Golden State Tobacco Securitization Corportation, California Tobacco Settlement, Series A, Convertible, Zero Coupon Bond, Callable 06/01/18 @ 100 4.550%, 06/01/22 (c)		500		402
Long Beach Financing Authority, Lease Revenue, Temple & Willow Facilities Refinancing Project, Series A, Callable 05/01/15 @ 100 (MBIA) 4.000%, 05/01/16		305		305
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project, Callable 09/01/15 @ 100 (AMBAC) 5.000%, 09/01/16		1,500		1,613
Los Angeles Municipal Improvement Corporation, Sanitation Equipment, Series A (FSA) (MLO) 6.000%, 02/01/07		500		521
				4,729
Miscellaneous – 3.9%
Children's Trust Fund, Puerto Rico Tobacco Settlement Issue, Escrowed to Maturity 5.000%, 07/01/08 (b)		250		263
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (MBIA) 5.000%, 02/01/12 (c)		535		422

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

FIRST AMERICAN FUNDS Annual Report 2005

48

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Golden West Schools Financing Authority, Series A (MBIA) 5.700%, 02/01/13	$	720	$	817
5.750%, 02/01/14		520		596
				2,098
Recreational Facility Authority – 1.1%
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/12 @ 101 6.000%, 07/01/22 (a)		500		576
Tax Revenue – 4.3%
Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102 6.100%, 10/01/12		165		170
Murrieta Community Facilities District #2, The Oaks Area, Callable 09/01/14 @ 100 5.750%, 09/01/20		250		266
Petaluma Community Development Commission, Tax Allocation, Petaluma Community Development Project, Series A, Callable 05/01/15 @ 100 (MBIA) 4.000%, 05/01/18 (d)		250		246
Roseville Special Tax Refunding, North Roseville Community, Series 1, Callable 09/01/15 @ 100 (AMBAC) 4.000%, 09/01/18		860		834
Stockton Public Financing Revenue, Assessment Districts, Senior Lien, Series A, Callable 09/02/15 @ 100 (RAAI) 4.300%, 09/02/18		790		772
				2,288
Transportation – 3.1%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) 4.650%, 10/01/14 (c)		1,000		690
San Francisco City & County International Airports Commission, Second Series, Issue 25 (AMT) (FSA) 5.500%, 05/01/08		500		526
San Francisco City & County International Airports Commission, SFO Fuel, Series A (AMT) (FSA) 5.250%, 01/01/07		450		462
				1,678
Utilities – 11.5%
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Project, Mandatory Put 09/01/09 @ 100 (AMT) 4.100%, 09/01/14		750		752
California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series B, Callable 07/01/15 @ 100 (AMT) 5.000%, 07/01/27		250		248
California State Department of Water, Central Valley Project, Series O, Pre-refunded 12/01/05 @ 101 5.000%, 12/01/12 (a)		500		507

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
California State Department of Water, Central Valley Project, Series P, Pre-refunded 06/01/06 @ 101 5.300%, 12/01/07 (a)	$	750	$	770
California State Department of Water, Series A, Callable 05/01/12 @ 101 5.875%, 05/01/16		500		560
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Pre-refunded 11/01/09 @ 101 (MBIA) 5.200%, 11/01/11 (a)		405		442
Imperial, Wastewater Treatment Facility, Callable 10/15/11 @ 102 (FGIC) 5.000%, 10/15/20		1,000		1,054
Metropolitan Water District of Southern California, Series B, Callable 07/01/06 @ 102 (MBIA) 4.875%, 07/01/10 190 1965.000%, 07/01/14		295		305
Metropolitan Water District of Southern California,  Series B, Pre-refunded 07/01/06 @ 102 (MBIA) 4.875%, 07/01/10 (a) 135 1405.000%, 07/01/14 (a)		205		212
Richmond Wastewater Systems, Callable 08/01/09 @ 102 (FGIC) 5.200%, 08/01/11		500		538
Whittier Utility Authority, Callable 06/01/13 @ 100 (MBIA) 4.400%, 06/01/17		305		311
4.500%, 06/01/18		65		66
				6,101
Total Revenue Bonds				36,293
General Obligations – 19.8%
A B C California Unified School District, Series A (MBIA) 4.600%, 02/01/16		400		424
Alisal Unified School District, Series C, Zero Coupon Bond (FGIC) 5.050%, 08/01/08 (c)		860		786
Bassett Unified School District, Capital Appreciation-Election 2004-A, Zero Coupon Bond (FSA) 4.470%, 08/01/16 (c)		450		282
California State, Callable 08/01/13 @ 100 5.000%, 02/01/17		1,000		1,060
California State, Callable 04/01/14 @ 100 5.125%, 04/01/24		500		527
Foothill-De Anza Community College District, Callable 08/01/10 @ 101 6.000%, 08/01/11		300		338
Franklin McKinley California School District, Capital Appreciation Election 2004, Series A, Zero Coupon Bond (FGIC) 4.820%, 08/01/16 (c)		475		297
Fresno Unified School District, Series A (MBIA) 6.050%, 08/01/11		500		571
Jefferson Union High School District, San Mateo County, Series A (MBIA) 6.250%, 02/01/14		300		355
Lemon Grove School District, Election of 1998-B, Zero Coupon Bond (FSA) 3.329%, 11/01/20 (c)		375		189

FIRST AMERICAN FUNDS Annual Report 2005

49

Schedule of Investments September 30, 2005

California Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Montebello Unified School District, Zero Coupon Bond (MBIA) 5.680%, 08/01/21 (c)	$	700	$	338
Pomona School District, Series A (MBIA) 5.450%, 02/01/06 250 2525.500%, 08/01/06		250		256
Pomona School District, Series A, Callable 08/01/11 @ 103 (MBIA) 6.150%, 08/01/15		500		582
Puerto Rico Commonwealth, Series B (FSA) 6.500%, 07/01/15		1,000		1,223
Roseville Joint Union High School District, Callable 08/01/11 @ 101 5.200%, 08/01/20		600		636
San Juan Unified School District, Zero Coupon Bond (FSA) 5.420%, 08/01/16 (c)		390		244
San Mateo County Community College District, Series A, Zero Coupon Bond (FGIC) 5.300%, 09/01/17 (c)		760		451
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) 5.150%, 09/01/17 (c)		1,000		593
Walnut Valley Unified School District, Series A, Pre-refunded 08/01/10 @ 102 (FSA) 5.000%, 08/01/12 (a)		255		281
West Covina Unified School District, Series A (MBIA) 5.350%, 02/01/20		770		873
Total General Obligations				10,558
Certificates of Participation – 7.0%
Bakersfield Convention Center Expansion Project, Callable 04/01/07 @ 101 (MBIA) (MLO) 5.500%, 04/01/10		250		261
Grossmont Unified High School District, Pre-refunded 09/01/08 @ 102 (FSA) (MLO) 5.400%, 09/01/13 (a)		300		326
Kern County Board of Education, Series A, Callable 05/01/08 @ 102 (MBIA) (MLO) 5.200%, 05/01/12		905		964
Los Angeles County Schools, Regionalized Business Services Financing Project, Series A 5.000%, 09/01/08		200		210
Los Angeles, Sonnenblick Del Rio, West Los Angeles (AMBAC) (MLO) 5.375%, 11/01/10		500		549
Paradise Unified School District, Measure M Project, Series A, Callable 03/01/06 @ 102 (AMBAC) (MLO) 5.250%, 09/01/07		300		309
Poway California, Callable 08/01/15 @ 100 4.500%, 08/01/16		585		610
San Buenaventura Wastewater Revenue, Callable 03/01/14 @ 100 (MBIA) 4.000%, 03/01/16		500		500
Total Certificates of Participation				3,729
Total Municipal Bonds (Cost $48,317)				50,580

California Intermediate Tax Free Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Money Market Funds – 4.3%
Federated California Municipal Cash Trust		494,143	$	494
Provident California Money Fund		1,769,229		1,769
Total Money Market Funds (Cost $2,263)				2,263
Total Investments – 99.3% (Cost $50,580)				52,843
Other Assets and Liabilities, Net – 0.7%				395
Total Net Assets – 100.0%			$	53,238

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

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

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

(d)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $246,830 or 0.5% of total net assets. See note 2 in Notes to Financial Statements.

ABAG – Association of Bay Area Governments

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $2,007,863 or 3.8% of total net assets.

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

RAAI – Radian Asset Assurance Inc.

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

FIRST AMERICAN FUNDS Annual Report 2005

50

California Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 96.0%
Revenue Bonds – 71.8%
Continuing Care Retirement Community – 0.8%
ABAG Finance Authority, Lincoln Glen Manor Senior Citizens, Callable 02/15/08 @ 101 (CMI) 6.100%, 02/15/25	$	250	$	264
Education – 10.4%
ABAG Financial Authority, Schools of the Sacred Heart, Series A 5.900%, 06/01/10		200		218
California Educational Facilities Authority, University of Redlands, Series A, Callable 10/01/15 @ 100 5.000%, 10/01/20		500		522
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A 5.550%, 03/01/06		250		252
California State Higher Educational Facilities Authority, Fresno Pacific University, Series A, Callable 03/01/10 @ 101 6.750%, 03/01/19		380		415
California State Higher Educational Facilities Authority, University of La Verne & Western University of Health Sciences, Series B, Callable 06/01/10 @ 101 6.625%, 06/01/20		215		235
California State Higher Educational Facilities Authority, University of Redlands, Series A, Pre-refunded 06/01/10 @ 101 5.950%, 06/01/15 (a)		310		349
California State University Foundation, Monterey Bay, Callable 06/01/11 @ 100 (MBIA) 5.300%, 06/01/22		500		538
University of California, Series K, Callable 09/01/08 @ 101 5.000%, 09/01/20		1,000		1,049
				3,578
Healthcare – 11.1%
California Health Facilities Financing Authority, Casa Colina, Callable 04/01/12 @ 100 5.500%, 04/01/13		50		53
California Health Facilities Financing Authority, Cedars-Sinai Medical Center 5.000%, 11/15/15		500		532
California Health Facilities Financing Authority, Marshall Medical Center, Series A, Callable 11/01/14 @ 100 (CMI) 4.750%, 11/01/19		560		572
California Statewide Communities Development Authority, Adventist Health, Series A, Callable 03/01/15 @ 100 5.000%, 03/01/30 (b)		300		305
California Statewide Communities Development Authority, Daughters of Charity Health, Series A, Callable 07/01/15 @ 100 5.250%, 07/01/30		100		103
California Statewide Communities Development Authority, Elder Care Alliance, Series A 7.250%, 11/15/11		250		252
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/12 @ 100 3.850%, 11/01/29		400		397

California Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
California Statewide Communities Development Authority, Los Angeles Orthopedic Hospital Foundation, Callable 06/01/07 @ 101 (AMBAC) 5.000%, 06/01/12	$	350	$	363
California Statewide Communities Development Authority, Redlands Community Hospital, Series A, (RAAI) 5.000%, 04/01/15		500		532
Puerto Rico Industrial Tourist, Educational, Medical & Environmental Control Facilities, Hospital de La Concepcion, Series A 5.500%, 11/15/08		400		423
Turlock California Health Facilities Revenue, Emanuel Medical Center, Callable 10/15/14 @ 100 5.000%, 10/15/24		300		304
				3,836
Housing – 4.3%
Aztec Shops, California State Auxiliary Organization, San Diego State University 5.200%, 09/01/08		455		475
California State Department of Veterans Affairs, Series C, Callable 01/09/11 @ 101 (AMT) 5.500%, 12/01/19		460		485
California State Housing Finance Agency, Single Family Mortgage, Series B, Callable until 05/31/10 @ 100 (AMT) (FNMA) (GNMA) 5.650%, 06/01/10		15		15
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 5.250%, 06/01/29		500		520
				1,495
Lease Revenue – 9.9%
California State Public Works Board, California Community Colleges, Series B, Callable 06/01/14 @ 100 5.500%, 06/01/19		1,035		1,140
Golden State Tobacco Securitization Corportation, California Tobacco Settlement, Series A, Convertible, Zero Coupon Bond, Callable 06/01/18 @ 100 4.550%, 06/01/22 (c)		1,500		1,206
Long Beach Bond Financing Authority, Lease Revenue, Temple & Willow Facilities Refinancing Project, Series A, Callable 05/01/15 @ 100 (MBIA) 4.000%, 05/01/18		330		324
Los Angeles Community Redevelopment Agency, Lease Revenue, Manchester Social Services Project, Callable 09/01/15 @ 100 (AMBAC) 5.000%, 09/01/16		700		753
				3,423
Miscellaneous – 9.7%
Golden West Schools Financing Authority, Glendora Unified School District (MBIA) 5.500%, 09/01/19		910		1,041
Golden West Schools Financing Authority, Series A (MBIA) 5.750%, 02/01/14 250 2875.800%, 08/01/22 320 3835.800%, 08/01/23		345		414

FIRST AMERICAN FUNDS Annual Report 2005

51

Schedule of Investments September 30, 2005

California Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Sacramento City Financing Authority, Pre-refunded 06/01/10 @ 101 (MLO) 5.400%, 06/01/18 (a)	$	455	$	503
5.500%, 06/01/23 (a)		645		716
				3,344
Recreational Facility Authority – 1.7%
California State University Fresno Association, Auxiliary Organization Event Center, Pre-refunded 07/01/12 @ 101 6.000%, 07/01/22 (a)		500		576
Revolving Fund – 0.7%
California Statewide Communities Development Authority Water &  Wastewater Revenue, Pooled Financiing Project, Series 2004A, Callable 10/01/13 @ 101 (FSA) 5.000%, 10/01/16		215		232
Tax Revenue – 8.0%
Grass Valley Community Redevelopment Agency, Tax Allocation, Callable 12/01/08 @ 102 6.400%, 12/01/34		400		438
Long Beach Community Facilities District #5, Towne Center Special Tax, Callable 10/01/06 @ 102 6.100%, 10/01/12		250		258
Los Angeles, Callable 03/01/10 @ 101 5.625%, 03/01/19		200		219
Los Angeles County Community Facilities District #3, Series A, Special Tax, Callable 09/01/10 @ 100 (AMBAC) 5.250%, 09/01/18		715		773
Murrieta Community Facilities District #2, The Oaks Area, Callable 09/01/14 @ 100 5.750%, 09/01/20		125		133
Petaluma Community Development Commission, Tax Allocation, Petaluma Community Development Project, Series A, Callable 05/01/15 @ 100 (MBIA) 4.000%, 05/01/18 (b)		240		236
Stockton Public Financing Revenue, Assessment Districts, Senior Lien, Series A, Callable 09/02/15 @ 100 (RAAI) 4.375%, 09/02/20		740		720
				2,777
Transportation – 1.1%
Puerto Rico Commonwealth Highway &  Transportation Authority, Series X (MBIA) 5.500%, 07/01/15		100		114
San Francisco Airport Commission, SFO Fuel Company, Callable 01/01/08 @ 102 (AMT) (FSA) 5.625%, 01/01/12		250		266
				380
Utilities – 14.1%
California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series A-2, Callable 04/01/15 @ 101 (AMT) 5.400%, 04/01/25		500		518

California Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series B, Callable 07/01/15 @ 100 (AMT) 5.000%, 07/01/27	$	250	$	248
California State Department of Water, Series W (FSA) 5.500%, 12/01/14		450		513
Compton Sewer Authority, Callable 09/01/08 @ 102 (MBIA) 5.375%, 09/01/23		1,150		1,233
Contra Costa Water Authority, Series A, Callable 10/01/12 @ 100 (FGIC) 5.000%, 10/01/20		340		362
Los Angeles County Sanitation District's Filing Authority, Capital Projects, Series A, Callable 10/01/15 @ 100 (MBIA) 4.000%, 10/01/16		175		176
Los Angeles Power System, Series A, Subseries A-1 (MBIA) 5.000%, 07/01/12		1,225		1,336
South Bayside Waste Management Authority, Callable 03/01/09 @ 102 (AMBAC) 5.750%, 03/01/20		150		164
West Kern County Water District, Callable 06/01/10 @ 101 5.200%, 06/01/14		320		334
				4,884
Total Revenue Bonds				24,789
General Obligations – 19.9%
Acalanes Unified High School District, Zero Coupon Bond, Pre-refunded 08/01/10 @ 70.92 (FGIC) 5.560%, 08/01/16 (a) (c)		700		421
Bassett Unified School District, Capital Appreciation-Election 2004-A, Zero Coupon Bond (FSA) 4.610%, 08/01/18 (c)		550		311
California State, Callable 02/01/13 @ 100 5.000%, 02/01/24		700		727
California State, Callable 10/01/10 @ 100 5.250%, 10/01/19		140		149
California State, Pre-refunded 10/01/10 @ 100 5.250%, 10/01/19 (a)		460		504
Glendora Unified School District, Series A, Pre-refunded 09/01/10 @ 101 (FSA) 5.350%, 09/01/20 (a)		340		376
Jefferson Union High School District, San Mateo County, Series A (MBIA) 6.250%, 08/01/20		460		566
Pleasant Valley School District, Ventura County, Series A (MBIA) 5.850%, 02/01/19		250		295
Pomona Unified School District, Series A (MBIA) 5.950%, 02/01/17		855		1,007
Sacramento Unified School District, Series A, Pre-refunded 07/01/09 @ 102 5.750%, 07/01/17 (a)		400		445
Vallejo City Unified School District, Series A (MBIA) 5.900%, 08/01/21		350		421
Ventura County Community College District, Series A, Callable 08/01/12 @ 101 (MBIA) 5.000%, 08/01/18		910		972

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

FIRST AMERICAN FUNDS Annual Report 2005

52

California Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Wiseburn School District, Series A, Pre-refunded 08/01/10 @ 100 (FGIC) 5.250%, 08/01/22 (a)	$	600	$	656
Total General Obligations				6,850
Certificates of Participation – 4.3%
Escondido, Series A, Callable 09/01/10 @ 101 (FGIC) 5.625%, 09/01/20		300		330
Los Angeles, Sonnenblick del Rio Senior Lien, Callable 11/01/10 @ 101 (AMBAC) 6.000%, 11/01/19		330		373
Ridgecrest Civic Center Project, Callable 03/01/09 @ 101 6.250%, 03/01/21		250		265
Westlands Water District Revenue, Series A, Callable 03/01/15 @ 100 (MBIA) 5.000%, 09/01/30		500		520
Total Certificates of Participation				1,488
Total Municipal Bonds (Cost $31,409)				33,127
Money Market Funds – 4.4%
Federated California Municipal Cash Trust		189,697		190
Provident California Money Fund		1,327,694		1,327
Total Money Market Funds (Cost $1,517)				1,517
Total Investments – 100.4% (Cost $32,926)				34,644
Other Assets and Liabilities, Net – (0.4)%				(132	)
Total Net Assets – 100.0%			$	34,512

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

(b)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when issued basis was $542,558 or 1.6% of net assets. See note 2 in Notes to Financial Statements.

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

ABAG – Association of Bay Area Governments

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $1,532,442 or 4.4% of net assets.

CMI – California Mortgage Insurance Program

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

RAAI – Radian Asset Assurance Inc.

Colorado Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.4%
Revenue Bonds – 71.6%
Continuing Care Retirement Communities – 1.1%
Colorado State Health Facilities Revenue, Covenant Retirement Communities, Callable 12/01/15 @ 100 5.000%, 12/01/16	$	500	$	519
Education – 5.0%
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Escrowed to Maturity 6.250%, 09/15/11 (a)		330		355
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity 6.375%, 12/01/11 (a)		800		869
Colorado State Educational & Cultural Facilities Authority, Core Knowledge Charter School, Pre-refunded 11/01/09 @ 100 6.850%, 11/01/16 (b)		440		499
Colorado State Educational & Cultural Facilities Revenue, Northwest Nazarene Project, Callable 11/01/10 @ 102 4.500%, 11/01/15		700		692
				2,415
Healthcare – 21.7%
Colorado State Health Facilities Authority, Boulder Hospital (MBIA) 4.875%, 10/01/09 500 5285.000%, 10/01/10		500		535
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A 5.000%, 03/01/12		500		535
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 12/01/10 @ 102 6.900%, 12/01/25		350		390
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A 4.200%, 06/01/13		200		200
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 100 5.375%, 01/01/16		700		714
Colorado State Health Facilities Authority, North Colorado Medical Center Project (FSA) 5.000%, 05/15/09		1,000		1,056
Colorado State Health Facilities Authority, Parkview Medical Center 5.500%, 09/01/07 250 2605.750%, 09/01/08 250 2655.500%, 09/01/09		500		533
Colorado State Health Facilities Authority, Poudre Valley Healthcare, Pre-refunded 12/01/09 @ 101 (FSA) 5.750%, 12/01/10 (b)		1,000		1,104
Colorado State Health Facilities Authority, Steamboat Springs Health Project, Callable 09/15/08 @ 101 5.300%, 09/15/09		205		209

FIRST AMERICAN FUNDS Annual Report 2005

53

Schedule of Investments September 30, 2005

Colorado Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Colorado State Health Facilities Authority, The Devereux Foundation, Callable 11/01/12 @ 100 (RAAI) 4.200%, 11/01/13	$	80	$	81
Colorado State Health Facilities Authority, Vail Medical Center, Callable 01/15/12 @ 100 5.750%, 01/15/22		800		848
Colorado State Health Facilities Authority, Vail Valley Medical Center Project 5.000%, 01/15/13		300		312
Delta County Memorial Hospital District, Callable 09/01/13 @ 100 5.350%, 09/01/17		500		519
La Junta Hospital, Arkansas Valley Regional Medical Center Project 5.200%, 04/01/06 300 3025.300%, 04/01/07 320 3255.400%, 04/01/08 335 3445.500%, 04/01/09		355		368
Montrose Memorial Hospital 5.300%, 12/01/13		260		265
Montrose Memorial Hospital, Callable 12/01/13 @ 102 5.450%, 12/01/14		390		400
University of Colorado Hospital Authority, Callable 11/15/11 @ 100 5.000%, 11/15/14		300		312
				10,405
Miscellaneous – 4.6%
Colorado State Educational & Cultural Facilities Authority, Colorado Public Radio 4.800%, 07/01/09 250 2584.900%, 07/01/10		265		276
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures, Callable 06/01/11 @ 100 5.250%, 06/01/13		700		745
Denver City & County, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07 @ 100 5.125%, 12/01/17		900		932
				2,211
Recreational Facility Authority – 0.5%
Hyland Hills Metropolitan Park & Recreational District, Series A, Callable 12/15/07 @ 101 6.100%, 12/15/09		210		221
Tax Revenue – 8.0%
Boulder County Sales & Use Tax (FGIC) 5.750%, 12/15/05		870		875
Boulder County Sales & Use Tax, Escrowed to Maturity (FGIC) 5.750%, 12/15/05 (a)		130		131
Douglas County Sales & Use Tax (FSA) 6.000%, 10/15/09		200		221
Larimer County Sales & Use Tax (AMBAC) 5.000%, 12/15/10		460		496
Longmont Sales & Use Tax, Callable 11/15/10 @ 100 5.500%, 11/15/15		500		546
Longmont Sales & Use Tax, Callable 11/15/10 @ 101 (AMBAC) 4.875%, 11/15/18		1,000		1,054

Colorado Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Westminster Sales & Use Tax, Series A, Callable 12/01/07 @ 102 (FGIC) 5.250%, 12/01/11	$	500	$	531
				3,854
Transportation – 14.7%
Colorado Department of Transportation (AMBAC) 6.000%, 06/15/10		1,000		1,116
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) 5.250%, 06/15/15 (c) 2,000 1,6665.350%, 06/15/16 (c)		1,000		840
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (FSA) 5.000%, 06/15/14 (c)		750		622
The E-470 Public Highway Authority, Series B, Zero Coupon Bond (MBIA) 5.250%, 09/01/17 (c) 1,575 9286.400%, 09/01/19 (c) 960 5095.650%, 09/01/20 (c) 500 2515.396%, 09/01/22 (c)		1,620		732
The E-470 Public Highway Authority, Series C, Zero Coupon Bond (MBIA) 4.250%, 09/01/17 (c)		500		399
				7,063
Utilities – 16.0%
Adams County Pollution Control, Public Service Company Project, Series A, Callable 09/01/15 @ 100 4.375%, 09/01/17		1,000		1,016
Arapahoe County Water & Wastewater Authority, Escrowed to Maturity 5.550%, 12/01/06 (a) 140 1445.650%, 12/01/07 (a) 150 1575.750%, 12/01/08 (a)		160		171
Arapahoe County Water & Wastewater Authority, Pre-refunded 12/01/09 @ 100 6.000%, 12/01/11 (b)		185		203
Boulder Water & Sewer 5.750%, 12/01/10		1,545		1,722
Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA) 5.500%, 12/01/17		500		550
Colorado State Water Resources & Power Development Authority, Drinking Water Revenue, Revolving Fund, Series A 5.500%, 09/01/17		500		568
Colorado State Water Resources & Power Development Authority, Small Water Resources, Series A, Callable 11/01/10 @ 100 (FGIC) 5.700%, 11/01/15		100		110
Denver City & County Wastewater, Callable 11/01/12 @ 100 (FGIC) 5.250%, 11/01/17		1,260		1,377
Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA) 5.375%, 06/01/17		875		920
Ute Water Conservancy District (MBIA) 6.000%, 06/15/09		680		745
				7,683
Total Revenue Bonds				34,371

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

FIRST AMERICAN FUNDS Annual Report 2005

54

Colorado Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
General Obligations – 19.6%
Arapahoe County School District #5, Cherry Creek, Pre-refunded 12/15/09 @ 100 (STAID) 5.500%, 12/15/11 (b)	$	1,000	$	1,085
Beacon Metropolitan District, Series B (LOC: Compass Bank) 4.375%, 12/01/15		345		343
Denver West Metropolitan School District 4.125%, 12/01/14 150 1484.200%, 12/01/15		480		470
Douglas County School District #RE-1, Douglas & Elbert Counties, Series B, Zero Coupon Bond (FSA) (STAID) 4.230%, 12/15/15 (c)		1,255		815
Elbert County School District #C-1, Elizabeth 5.150%, 12/01/08		500		531
Garfield County School District #RE-2, Callable 12/01/12 @ 100 (FSA) (STAID) 5.250%, 12/01/19		1,530		1,673
High Plains Metropolitan District, Series B (LOC: Compass Bank) 4.375%, 12/01/15		1,000		995
Jefferson County School District #R-001 (MBIA) (STAID) 6.250%, 12/15/09		1,000		1,117
SBC Metropolitan School District (ACA) 4.250%, 12/01/15		445		440
SBC Metropolitan School District, Callable 12/01/15 @ 100 (ACA) 4.300%, 12/01/16		490		482
Westglenn Metropolitan District, Callable 12/01/09 @ 100 6.000%, 12/01/14		1,220		1,289
Total General Obligations				9,388
Certificates of Participation – 7.2%
Colorado Springs Public Facility Authority, Old City Hall Project (FSA) (MLO) 5.000%, 12/01/10		200		215
Englewood Civic Center Project, Pre-refunded 12/01/08 @ 100 (MBIA) (MLO) 4.900%, 06/01/13 (b)		585		611
Garfield County Building (AMBAC) (MLO) 5.750%, 12/01/09		400		438
Garfield County Building Corporation, Callable 12/01/09 @ 101 (AMBAC) (MLO) 5.300%, 12/01/11		400		431
Pueblo County, Capital Construction 4.300%, 12/01/15		285		283
Pueblo County, Capital Construction, Callable 12/01/15 @ 100 4.400%, 12/01/16		410		407
Westminster Recreational Facilities, Callable 09/01/09 @ 101 (MBIA) (MLO) 5.200%, 09/01/10		1,000		1,075
Total Certificates of Participation				3,460
Total Municipal Bonds(Cost $44,451)				47,219

Colorado Intermediate Tax Free Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Affiliated Money Market Fund – 0.3%
First American Tax Free Obligations Fund, Class Z (d) (Cost $166)		166,389	$	166
Total Investments – 98.7% (Cost $44,617)				47,385
Other Assets and Liabilities, Net – 1.3%				603
Total Net Assets – 100.0%			$	47,988

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

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

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

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

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

RAAI – Radian Asset Assurance Inc.

STAID – State Aid Withholding

FIRST AMERICAN FUNDS Annual Report 2005

55

Schedule of Investments September 30, 2005

Colorado Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.7%
Revenue Bonds – 68.9%
Continuing Care Retirement Communities – 2.9%
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B, Callable 12/01/12 @ 101 6.125%, 12/01/33	$	350	$	374
Colorado State Health Facilities Revenue, Covenant Retirement Communities, Callable 12/01/15 @ 100 5.250%, 12/01/25		200		203
				577
Education – 11.2%
Colorado Springs Revenue, Colorado College Project, Callable 06/01/15 @ 100 4.375%, 06/01/26		400		390
Colorado State Board of Agriculture, Auxiliary Facility Systems, Callable 03/01/07 @ 101 (AMBAC) 5.125%, 03/01/17		200		207
Colorado State Educational & Cultural Facilities Authority, Ave Marie School Project, Callable 12/01/10 @ 100 (RAAI) 6.000%, 12/01/16		200		221
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity 6.375%, 12/01/11 (a)		550		597
Colorado State Educational & Cultural Facilities Authority, University of Denver Project, Pre-refunded 03/01/11 @ 100 (AMBAC) 5.350%, 03/01/20 (b)		500		548
Colorado State Educational & Cultural Facilities Revenue, Northwest Nazarene Project, Callable 11/01/10 @ 102 4.500%, 11/01/15		300		297
				2,260
Healthcare – 19.4%
Boulder County Longmont United Hospital Project (RAAI) 5.300%, 12/01/10		330		354
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 12/01/10 @ 102 6.900%, 12/01/25		150		167
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Series A, Callable 06/01/14 @ 100 5.250%, 06/01/34		230		237
Colorado State Health Facilities Authority, National Jewish Medical & Research Center Project, Callable 01/01/08 @ 100 5.375%, 01/01/16		300		306
Colorado State Health Facilities Authority, Parkview Medical Center 5.600%, 09/01/11		300		326
Colorado State Health Facilities Authority, Portercare Adventist Project, Pre-refunded 11/15/11 @ 101 6.500%, 11/15/23 (b)		600		701
Colorado State Health Facilities Authority, Poudre Valley Health Care, Series F, Callable 03/01/15 @ 100 5.000%, 03/01/25		350		356

Colorado Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Colorado State Health Facilities Authority, Steamboat Springs Health Project, Callable 09/15/08 @ 101 5.300%, 09/15/09	$	205	$	209
Colorado State Health Facilities Authority, Vail Valley Medical Center Project, Callable 01/15/15 @ 100 5.000%, 01/15/20		250		257
Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100 5.800%, 01/15/27		500		527
Delta County Memorial Hospital District, Callable 09/01/13 @ 100 5.350%, 09/01/17		220		228
La Junta, Arkansas Valley Regional Medical Center Project, Callable 04/01/09 @ 101 6.100%, 04/01/24		100		105
Montrose Memorial Hospital, Callable 12/01/13 @ 102 6.375%, 12/01/23		130		141
				3,914
Housing – 4.8%
Burlingame Housing, Multi Family Revenue, Housing Project, Callable 11/01/15 @ 100 (MBIA) 4.500%, 11/01/29		750		737
Colorado State Housing Finance Authority, Multifamily Project, Class I, Series B-4, Callable 10/01/10 @ 100 5.900%, 04/01/31		100		105
Colorado State Housing Finance Authority, Series E-2, Callable 08/01/10 @ 105 (AMT) 7.000%, 02/01/30		60		65
Colorado State Housing Finance Authority, Single Family Housing Program, Series A-2, Callable 10/01/09 @ 105 (AMT) 7.450%, 10/01/16		15		16
Colorado State Housing Finance Authority, Single Family Housing Program, Series B-2, Callable 04/01/10 @ 105 (AMT) 7.100%, 04/01/17		40		41
				964
Miscellaneous – 4.4%
Colorado State Educational & Cultural Facilities Authority, National Conference of State Legislatures, Callable 06/01/11 @ 100 5.250%, 06/01/21		750		781
Denver City & County, Helen G. Bonfils Foundation Project, Series B, Callable 12/01/07 @ 100 5.125%, 12/01/17		100		104
				885
Tax Revenue – 3.7%
Douglas County Sales & Use Tax, Callable 10/15/10 @ 100 (FSA) 5.625%, 10/15/20		200		219
Highlands Ranch Metropolitan District #2, Callable 06/15/06 @ 101 (FSA) 5.000%, 06/15/16		200		204
Larimer County Sales & Use Tax, Callable 12/15/10 @ 100 (AMBAC) 5.625%, 12/15/18		100		110

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

FIRST AMERICAN FUNDS Annual Report 2005

56

Colorado Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Mountain Village Metropolitan District, San Miguel County, Callable 12/01/07 @ 101 (MBIA) 5.200%, 12/01/17	$	200	$	210
				743
Transportation – 11.9%
Denver City & County Airport, Series E, Callable 11/15/07 @ 101 (MBIA) 5.250%, 11/15/23		500		523
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (FSA) 5.000%, 06/15/14 (c)		750		623
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) 5.250%, 06/15/15 (c)		500		417
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond, Callable 06/15/16 @ 100 (AMBAC) 5.700%, 06/15/21 (c)		1,000		838
				2,401
Utilities – 10.6%
Arapahoe County Water & Wastewater (MBIA) 5.000%, 12/01/26		250		261
Boulder Water & Sewer, Callable 12/01/10 @ 100 5.700%, 12/01/19		300		330
Broomfield Water Activity Enterprise, Callable 12/01/10 @ 101 (MBIA) 5.500%, 12/01/19		400		440
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) 5.700%, 07/01/18		250		264
Fort Collins Wastewater Utility Enterprise, Callable 12/01/10 @ 100 (FSA) 5.500%, 12/01/20		300		327
Platte River Power Authority, Series DD, Callable 06/01/07 @ 102 (MBIA) 5.375%, 06/01/17		500		526
				2,148
Total Revenue Bonds				13,892
Certificates of Participation – 18.2%
Arapahoe County Building Finance Authority, Callable 02/15/10 @ 100 (AMBAC) 5.250%, 02/15/19		350		373
5.250%, 02/15/21		650		688
Broomfield Open Space Park & Recreation Facilities, Callable 12/01/10 @ 100 (AMBAC) 5.500%, 12/01/20		800		870
Colorado Springs Old City Hall Project, Callable 12/01/10 @ 100 (FSA) 5.500%, 12/01/17		200		218
5.500%, 12/01/20		200		217
Denver City & County, Series A, Pre-refunded 05/01/10 @ 100 (MBIA) 5.500%, 05/01/17 (b)		400		437
Eagle County, Pre-refunded 12/01/09 @ 101 (MBIA) 5.400%, 12/01/18 (b)		300		328
Garfield County, Callable 12/01/09 @ 101 (AMBAC) 5.750%, 12/01/19		300		329

Colorado Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Pueblo County, Capital Construction, Callable 12/01/15 @ 100 5.000%, 12/01/24	$	200	$	203
Total Certificates of Participation				3,663
General Obligations – 10.6%
Antelope Water System, Callable until 12/01/15 @ 100 4.875%, 12/01/25		175		175
Arapahoe County School District #5, Cherry Creek, Pre-refunded 12/15/09 @ 100 (STAID) 5.500%, 12/15/19 (b)		550		597
Beacon Metropolitan District, Series B (LOC: Compass Bank) 4.375%, 12/01/15		400		398
Boulder Open Space Acquisition, Callable 08/15/10 @ 100 5.450%, 08/15/16		350		380
Dove Valley Metropolitan School District, Arapahoe County, Callable 11/01/15 @ 100 (FSA) 4.500%, 11/01/30		250		243
El Paso County School District #49, Falcon, Series A, Callable 12/01/09 @ 105 (FSA) (STAID) 6.000%, 12/01/18		200		229
SBC Metropolitan School District, Callable 12/01/15 @ 100 (ACA) 5.000%, 12/01/25		115		117
Total General Obligations				2,139
Total Municipal Bonds (Cost $18,120)				19,694
Affiliated Money Market Fund – 1.0%
First American Tax Free Obligations Fund, Class Z (d) (Cost $192)		192,320		192
Total Investments – 98.7% (Cost $18,312)				19,886
Other Assets and Liabilities, Net – 1.3%				262
Total Net Assets – 100.0%			$	20,148

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

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

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

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

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $385,756, which represents 1.9% of net assets.

FSA – Financial Security Assurance

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

RAAI – Radian Asset Assurance Inc.

STAID – State Aid Withholding

FIRST AMERICAN FUNDS Annual Report 2005

57

Schedule of Investments September 30, 2005

Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.8%
Alabama – 0.7%
Alabama State Docks Department, Callable 10/01/08 @ 102 (MBIA) (RB) 5.250%, 10/01/10	$	3,000	$	3,219
Anniston, Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity (RB) 8.000%, 07/01/11 (a)		1,400		1,622
				4,841
Alaska – 0.6%
Alaska Energy Authority, Bradley Lake, Third Series (FSA) (RB) 6.000%, 07/01/10		2,610		2,902
Alaska State Housing Finance Corporation, Series A, Pre-refunded 12/01/05 @ 102 (MBIA) (RB) 5.400%, 12/01/08 (b)		1,000		1,024
				3,926
Arizona – 2.5%
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 (RB) 7.500%, 11/15/23		3,300		3,710
Arizona State Municipal Financing Program, Escrowed to Maturity (COP) (MLO) 8.750%, 08/01/07 (a)		1,500		1,650
Arizona State Municipal Financing Program, Series 15, Escrowed to Maturity (COP) (MLO) 8.750%, 08/01/07 (a)		2,085		2,293
Maricopa County School District #69, Paradise Valley (GO) (MBIA) 5.300%, 07/01/11		1,000		1,098
Maricopa County Unified School District #097, Deer Valley School Improvements Project of 2004, Series A (FSA) (GO) 4.000%, 07/01/16		1,500		1,513
Northern Arizona University, Research Projects, Callable 09/01/15 @ 100 (AMBAC) (COP) 4.250%, 09/01/16		1,405		1,437
Phoenix Street & Highway User (RB) 6.500%, 07/01/09		180		182
6.250%, 07/01/11		900		907
Tempe Industrial Development Authority, Friendship Villiage Project, Series A (RB) 5.375%, 12/01/13		1,300		1,319
Tucson Airport Authority (FSA) (RB) 5.000%, 06/01/13		2,760		2,985
				17,094
Arkansas – 0.8%
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FHA) (RB) (VA) 7.250%, 06/01/10 (a)		2,030		2,157
University of Arkansas, Fayetteville, Series B, Callable 11/01/15 @ 100 (FGIC) (RB) 4.500%, 11/01/16		2,000		2,098
Washington County Hospital Revenue, Regional Medical Center, Series B, Callable 02/01/15 @ 100 (RB) 5.000%, 02/01/16		1,145		1,187
				5,442

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
California – 5.5%
ABAG Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI) (RB) 4.500%, 08/15/12	$	335	$	344
ABAG Finance Authority for Nonprofit Corporations, Elder Care Alliance, Callable 08/15/14 @ 100 (CMI) (RB) 5.000%, 08/15/17		1,215		1,257
ABAG Financial Authority, Archstone Redwood Housing Project, Series A (RB) 5.300%, 10/01/08		290		304
ABC Unified School District, Series A (GO) (MBIA) 4.900%, 02/01/20		1,615		1,752
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC) (RB) 4.650%, 10/01/14 (c)		2,000		1,380
California Educational Facilities Authority, Lutheran University, Series C, Callable 10/01/14 @ 100 (RB) 5.000%, 10/01/24		1,000		1,026
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Project, Mandatory Put 09/01/09 @ 100 (AMT) (RB) 4.100%, 09/01/14		250		251
California State, Callable 08/01/13 @ 100 (GO) 5.000%, 02/01/16		1,000		1,065
5.000%, 02/01/17		2,000		2,121
California State, Callable 11/01/11 @ 100 (GO) 5.000%, 11/01/18		5,000		5,232
California State, Callable 02/01/14 @ 100 (GO) 5.000%, 02/01/21		1,500		1,575
California State, Callable 04/01/14 @ 100 (GO) 5.125%, 04/01/24		500		527
California State Department of Water, Series A, Callable 05/01/12 @ 101 (RB) 5.875%, 05/01/16		2,000		2,242
California State Economic Recovery, Series A (FGIC) (GO) 5.250%, 07/01/14		1,000		1,113
California Statewide Communities Development Authority, Archstone Seascape, Mandatory Put 06/01/08 @ 100 (RB) 5.250%, 06/01/29		1,000		1,040
California Statewide Communities Development Authority, Elder Care Alliance, Series A (RB) 7.250%, 11/15/11		1,450		1,463
California Statewide Communities Development Authority, Health Facilities, Adventist Health, Series A, Callable 03/01/15 @ 100 (RB) 5.000%, 03/01/30 (d)		700		712
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/12 @ 100 (RB) 3.850%, 11/01/29		1,180		1,171
California Statewide Communities Development Authority, Kaiser Permanente, Series I, Mandatory Put 05/01/11 @ 100 (RB) 3.450%, 04/01/35		500		490
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI) (RB) 5.000%, 11/15/12		1,210		1,293

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

FIRST AMERICAN FUNDS Annual Report 2005

58

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Golden State Tobacco Securitization, Pre-refunded 06/01/10 @ 100 (GO) (MLO) 5.600%, 06/01/28 (b)	$	2,450	$	2,697
Golden State Tobacco Securitization, Series B, Escrowed to Maturity (RB) (MLO) 5.000%, 06/01/12 (a)		1,000		1,081
Placentia-Yorba Linda Unified School District, Callable 08/01/14 @ 100 (FGIC) (GO) 5.000%, 08/01/16		500		541
Roseville Joint Unified High School District, Callable 08/01/11 @ 101 (GO) 5.100%, 08/01/19		390		411
San Marcos, Escrowed to Maturity, Zero Coupon Bond (COP) (MLO) 4.890%, 02/15/06 (a) (c)		1,085		1,074
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) (GO) 5.150%, 09/01/17 (c)		1,000		593
Santa Monica Community College, Capital Appreciation 2002 Election, Series C, Callable 08/01/15 @ 95.722, Zero Coupon Bond (GO) (MBIA) 4.420%, 08/01/16 (c)		2,000		1,220
Stockton Public Finance Revenue, Assessment District Senior Lien, Series A, Callable 09/02/15 @ 100 (RAAI) (RB) 4.500%, 09/02/25		1,000		969
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC) (GO) 5.660%, 08/01/23 (c)		2,030		882
Woodland Financial Authority, Callable 03/01/13 @ 102 (RB) (MLO) (XLCA) 4.700%, 03/01/19		815		838
4.800%, 03/01/20		855		883
				37,547
Colorado – 7.8%
Adams County Pollution Control, Public Service Company Project, Series A, Callable 09/01/15 @ 100 (MBIA) (RB) 4.375%, 09/01/17		5,000		5,078
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond (RB) 3.340%, 09/01/10 (a) (c)		9,320		7,807
Colorado Department of Transportation (AMBAC) (RB) 6.000%, 06/15/08		3,000		3,224
Colorado Health Facilities Authority, Parkview Medical Center, Callable 09/01/13 @ 100 (RB) 5.000%, 09/01/16		640		665
Colorado State Educational & Cultural Facilities Authority, Bromley East Charter School Project, Pre-refunded 09/15/11 @ 100 (RB) 6.750%, 09/15/15 (b)		1,200		1,385
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity (RB) 6.375%, 12/01/11 (a)		795		863
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/11 @ 100 (RB)  6.750%, 12/01/16 (b)		1,500		1,765
7.250%, 12/01/21 (b)		1,500		1,802

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Colorado State Educational & Cultural Facilities Authority, Pinnacle Charter School Project, Escrowed to Maturity (RB) 5.250%, 12/01/11 (a)	$	1,335	$	1,417
Colorado State Health Facilities Authority, Catholic Health Initiatives, Series A (RB)  5.000%, 03/01/12		745		797
Colorado State Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond (RB) 5.500%, 07/15/20 (a) (c)		10,000		5,103
Colorado State Health Facilities Revenue, Covenant Retirement Communities, Callable 12/01/15 @ 100 (RB) 5.000%, 12/01/16		500		519
Colorado State Housing Finance Authority, Series A-2, Callable 05/01/06 @ 105 (RB)  7.150%, 11/01/14		95		95
Colorado Water Resources & Power Development Authority, Drinking Water, Revolving Fund, Series A (RB)  5.500%, 09/01/17		1,000		1,137
Denver City & County School District #1, Callable 12/01/13 @ 100 (FSA) (GO) (STAID) 4.000%, 12/01/14		4,545		4,619
El Paso County School District #2, Harrison, Callable 12/01/11 @ 100 (FGIC) (GO) (STAID) 5.500%, 12/01/16		1,280		1,414
High Plains Metropolitan District, Series B (LOC: Compass Bank) (RB) 4.375%, 12/01/15		385		383
Jefferson County School District #R-1 (GO) (MBIA) 6.500%, 12/15/11		4,975		5,796
Loveland, Escrowed to Maturity (GO) 8.875%, 11/01/05 (a)		390		392
Mesa County, Escrowed to Maturity, Zero Coupon Bond (RB) 3.539%, 12/01/11 (a) (c)		5,500		4,373
Montrose Memorial Hospital, Callable 12/01/13 @ 102 (RB) 5.700%, 12/01/17		2,170		2,247
University of Northern Colorado, Callable 06/01/15 @ 100 (FSA) (RB) 4.000%, 06/01/16		1,505		1,515
				52,396
Connecticut – 0.8%
Connecticut State Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI) (RB) 5.000%, 07/01/14		1,185		1,266
Mashantucket Western Pequot Tribe, Series A, Callable 09/01/06 @ 102, Pre-refunded 09/01/07 @ 101 (RB) 6.400%, 09/01/11 (b) (e)		4,170		4,424
				5,690
Florida – 1.6%
Celebration Community Development District, Florida Special Assessment, Callable 05/01/10 @ 100 (MBIA) (RB) 4.000%, 05/01/16		1,735		1,722
Clay County School Board, Series B, Callable 07/01/15 @ 100 (COP) (MBIA) 5.000%, 07/01/18		2,205		2,369

FIRST AMERICAN FUNDS Annual Report 2005

59

Schedule of Investments September 30, 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Greater Orlando Aviation Authority, Airport Facilities (AMT) (FGIC) (RB) 5.250%, 10/01/09	$	1,815	$	1,931
Lee County Industrial Development Authority, Shell Point Village Health Project, Series A (RB) 5.500%, 11/15/08		1,000		1,039
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community (RB) 5.250%, 10/01/13		1,400		1,476
Tampa Excise Tax, Callable 10/01/05 @ 100 (RB) 6.125%, 04/01/08		2,000		2,076
				10,613
Georgia – 0.2%
Cherokee County Water & Sewer Authority, Escrowed to Maturity, Callable 02/01/06 @ 101.50 (MBIA) (RB) 11.250%, 08/01/07 (a)		1,045		1,155
Hawaii – 0.6%
Hawaii State Airport System, Series B (AMT) (FGIC) (RB) 6.250%, 07/01/06		2,000		2,047
Hawaii State Harbor System, Series A (AMT) (FSA) (RB) 5.250%, 07/01/08		2,270		2,386
				4,433
Illinois – 18.0%
Champaign County Community Unit School District #004 (GO) 8.250%, 01/01/09		1,315		1,509
Chicago, City Colleges, Zero Coupon Bond (FGIC) (GO) 5.900%, 01/01/15 (c)		10,000		6,752
Chicago, Midway Airport Project, Series C (MBIA) (RB) 5.500%, 01/01/14		1,300		1,437
Chicago, Park District, Parking Facilities Authority, Escrowed to Maturity (ACA) (RB) 5.500%, 01/01/08 (a)		3,585		3,768
Chicago, Project & Refunding (FSA) (GO) 5.500%, 01/01/13		1,000		1,114
Chicago, Project & Refunding, Series A (FGIC) (GO) 5.250%, 01/01/11		5,000		5,426
Chicago, Single Family Mortgages, Series A, Callable 03/01/06 @ 103 (AMT) (FHLMC) (FNMA) (GNMA) (RB) 5.250%, 03/01/13		25		25
Chicago Water, Zero Coupon Bond (FGIC) (RB) 6.776%, 11/01/08 (c)		5,150		4,656
5.260%, 11/01/09 (c)		6,450		5,606
Cook County Community Unit School District #65, Evanston, Series A (FSA) (GO) 6.375%, 05/01/09		3,000		3,311
Cook County Community Unit School District #102, Zero Coupon Bond (FGIC) (GO) 5.200%, 12/01/13 (c)		2,440		1,750
Cook County Community High School District #219, Zero Coupon Bond (FSA) (GO) 4.900%, 12/01/07 (c)		1,560		1,457
Cook County Community Unit School District #401 Elmwood Park, Zero Coupon Bond (FSA) (GO) 5.800%, 12/01/11 (c)		3,625		2,870

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Cook County, Escrowed to Maturity (MBIA) (GO) 7.250%, 11/01/07 (a)	$	2,000	$	2,078
Cook County High School District #200, Oak Park, Zero Coupon Bond (FSA) (GO) 4.900%, 12/01/06 (c)		2,265		2,189
Cook County School District #088 Bellwood, Series B, Callable 12/01/14 @ 100 (FSA) (GO) 5.000%, 12/01/17		1,675		1,800
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (MBIA) (GO) 5.100%, 12/01/15 (c)		2,250		1,453
Cook County, Series A (MBIA) (GO) 6.250%, 11/15/11		1,000		1,146
Du Page County Community High School District #94, West Chicago (FSA) (GO) 7.250%, 11/01/09		1,780		2,038
Granite Single Family Mortgage, Escrowed to Maturity (RB) 7.750%, 10/01/11 (a)		700		797
Illinois Development Finance Authority, Midwestern University, Series B, Callable 05/15/11 @ 101 (RB) 5.750%, 05/15/16		350		375
Illinois Finance Authority, Friendship Village, Schaumburg, Series A (RB) 5.000%, 02/15/15		2,500		2,519
Illinois Finance Authority, Peoples Gas, Light, and Coke Co., Series A, Mandatory Put 06/01/16 @ 100 (AMBAC) (RB) 4.300%, 06/01/35		2,000		2,009
Illinois Health Facilities Authority, St. Benedict, Series 2003A-2, Callable 11/15/05 @ 100 (RB) 5.750%, 11/15/15		2,750		2,752
Illinois State (AMBAC) (COP) (MLO) 6.000%, 07/01/06		1,000		1,023
Illinois State Development Finance Authority, Elgin School District, Zero Coupon Bond (RB) 5.210%, 01/01/18 (c)		2,750		1,602
Illinois State Development Finance Authority, Elmhurst Community School #205, Pre-refunded 01/01/11 @ 100 (FSA) (RB) 6.375%, 01/01/13 (b)		1,025		1,172
Illinois State Development Finance Authority, Waste Management Project (AMT) (RB) 5.850%, 02/01/07		1,000		1,029
Illinois State Educational Facilities Authority, Loyola University of Chicago, Series A, Escrowed to Maturity (RB) 7.000%, 07/01/07 (a)		1,000		1,048
Illinois State Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/06 @ 100 (RB) 4.700%, 03/01/30		4,500		4,526
Illinois State, First Series, Callable 08/01/10 @ 100 (GO) 5.500%, 08/01/15		4,500		4,884
Illinois State Health Facilities Authority (RB) 6.500%, 02/15/06		1,130		1,143
Illinois State Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) (RB) 3.875%, 12/01/08		1,000		1,010
4.350%, 12/01/10		1,605		1,649

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

FIRST AMERICAN FUNDS Annual Report 2005

60

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Illinois State Health Facilities Authority, Evangelical, Escrowed to Maturity (RB) 6.750%, 04/15/12 (a)	$	1,320	$	1,508
Illinois State Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity, Callable until 12/31/14 @ 100 (RB) 10.000%, 01/01/15 (a)		740		964
Illinois State Sales Tax (RB) 6.000%, 06/15/09		2,500		2,737
5.100%, 06/15/10		2,000		2,151
Kane, Cook & Du Page Counties School District #46, Elgin, Callable 01/01/15 @ 100 (FSA) (GO) 4.000%, 01/01/16		1,660		1,665
Kane County School District #129, Aurora West Side, Series A (GO) (MBIA) 6.500%, 02/01/07		1,000		1,045
Lake County Community School District #50, Woodland, Series A, Pre-refunded 12/01/08 @ 100 (FGIC) (GO) 5.000%, 12/01/09 (b)		1,000		1,056
Lake County Community Unit School District #50, Woodland (GO) (MBIA) 8.500%, 01/01/07		1,460		1,556
Lake County Community Unit School District #60, Waukegan, Series B (FSA) (GO) 6.000%, 12/01/07		2,785		2,956
7.500%, 12/01/08		3,640		4,098
Lake County School District #56, Gurnee (FGIC) (GO) 8.375%, 01/01/10		1,290		1,538
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA) (GO) 5.350%, 12/01/19 (c)		2,100		1,101
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Callable 06/15/06 @ 102 (AMBAC) (RB) 6.000%, 06/15/07		750		780
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Callable 12/15/09 @ 101 (FGIC) (RB) 5.550%, 12/15/11		675		737
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC) (RB) 5.000%, 06/15/09 (a) (c)		1,465		1,292
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Pre-refunded 06/15/06 @ 102 (AMBAC) (RB) 6.000%, 06/15/07 (b)		250		260
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Zero Coupon Bond (FGIC) (RB) 5.000%, 06/15/09 (c)		35		31
Morton Grove Residential Housing, Escrowed to Maturity (MBIA) (RB) 7.350%, 09/01/09 (a)		5,570		6,383
Rockford School District #205 (FGIC) (GO) 5.000%, 02/01/14		500		542
Springfield Electric Revenue (MBIA) (RB) 6.000%, 03/01/06		1,050		1,064
St. Clair County, Callable 10/01/09 @ 102 (FGIC) (GO) 6.000%, 10/01/11		1,000		1,114

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Will County School District #86, Zero Coupon Bond (FSA) (GO) 5.600%, 11/01/17 (c)	$	3,870	$	2,263
Winnebago & Boone Counties School District #205, Series C, Partially Escrowed to Maturity (FGIC) (GO) 6.000%, 02/01/08 (a)		5,065		5,389
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA) (GO) 5.200%, 01/01/17 (c)		3,000		1,820
				121,973
Indiana – 1.8%
Crown Point Multi-School Building, First Mortgage (MBIA) (RB) (MLO) 7.625%, 01/15/08		1,000		1,095
Evansville Vanderburgh, Public Leasing, Pre-refunded 01/15/12 @ 100 (MBIA) (RB) (MLO) 5.750%, 07/15/18 (b)		1,000		1,125
Franklin Township Independent School Building Corporation, Escrowed to Maturity (RB) 5.750%, 07/15/09 (a)		1,235		1,346
Gary Sanitation District, Special Tax District (GO) (RAAI) 3.750%, 02/01/11		1,260		1,260
Indiana State Housing Authority, Series B-1, Callable until 07/01/06 @ 102 (RB) 6.150%, 07/01/17		235		236
Indiana Transportation Finance Authority, Escrowed to Maturity, Callable 06/01/11 @ 100 (RB) 5.750%, 06/01/12 (a)		180		200
Indiana Transportation Finance Authority, Series A (AMBAC) (RB) 5.750%, 06/01/12		1,820		2,053
Indiana University, Series K, Zero Coupon Bond (MBIA) (RB) 5.360%, 08/01/11 (c)		750		602
St. Joseph County Hospital, Callable 02/15/08 @ 101 (MBIA) (RB) 4.750%, 08/15/12		1,000		1,033
St. Joseph County Independent Hospital Authority, Health Facilities Revenue,Madison Center Obligated Group Project, Callable 02/15/15 @ 100 (RB) 5.250%, 02/15/28		2,295		2,324
Zionsville Community Schools Building, First Mortgage Bonds, Pre-refunded 01/15/12 @ 100 (FGIC) (RB) (MLO) (STAID) 5.750%, 07/15/15 (b)		775		861
				12,135
Iowa – 0.9%
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A, Callable 11/15/09 @ 100 (RB) 5.750%, 11/15/19		500		505
Iowa Higher Education Authority, Callable 10/01/12 @ 100 (ACA) (RB) 5.500%, 10/01/28		2,000		2,093
Iowa Higher Education Authority, Central College (RB) 5.450%, 10/01/26		1,000		1,054

FIRST AMERICAN FUNDS Annual Report 2005

61

Schedule of Investments September 30, 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Muscatine Electric, Escrowed to Maturity, Callable 01/01/06 @ 100 (RB) 9.700%, 01/01/13 (a)	$	1,970	$	2,441
				6,093
Kansas – 1.4%
Butler County Public Building Authority (MBIA) (RB) (MLO) 6.375%, 10/01/10		1,000		1,134
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond, Callable 05/01/12 @ 100 (RB) 3.800%, 05/01/12 (a) (c)		7,500		5,866
La Cygne Environmental Improvement Revenue, Kansas City Power & Light (RB) (XLCA) 4.050%, 03/01/15		1,000		992
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA) (RB) 6.700%, 06/01/29		585		588
Sedgwick County School District #267 (AMBAC) (GO) 5.250%, 11/01/12		1,045		1,157
				9,737
Kentucky – 0.8%
Hopkinsville Water & Sewer Revenue, Series A, Callable 10/15/15 @ 100 (AMBAC) (RB) 4.000%, 10/01/16		1,275		1,283
Kentucky State Turnpike Authority, Escrowed to Maturity (RB) 7.200%, 07/01/09 (a)		885		958
Kentucky State Turnpike Authority, Escrowed to Maturity, Callable until 06/30/11 @ 100 (RB) 6.000%, 07/01/11 (a)		640		690
Louisville Water, Escrowed to Maturity (RB) 6.000%, 11/15/07 (a)		1,250		1,319
Louisville Water, Escrowed to Maturity, Callable until 10/31/07 @ 101 (RB) 6.375%, 11/01/07 (a)		1,000		1,034
				5,284
Louisiana – 0.3%
Louisiana Local Government Environmental Facilities, Community Development Authority, Callable 01/01/12 @ 101 (AMT) (RB) 6.650%, 01/01/25		795		845
St. Tammany Parish Wide School District #12 (FSA) (GO) 4.000%, 03/01/16		1,390		1,378
				2,223
Maine – 0.3%
Maine Municipal Bond Bank, Series B (FSA) (GO) 5.750%, 11/01/10		2,000		2,227
Massachusetts – 4.3%
Boston Industrial Development Financing Authority, Crosstown Center Project, Callable 09/01/12 @ 102 (AMT) (RB) 6.500%, 09/01/35		2,000		2,004
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC) (RB) 5.750%, 03/01/10		2,100		2,310

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Massachusetts Bay Transportation Authority, Series A (RB) 6.250%, 03/01/12	$	1,875	$	2,154
Massachusetts State Commonwealth, Special Obligation, Series A (RB) 5.500%, 06/01/13		1,000		1,117
Massachusetts State Health & Educational Facilities Authority, Berkshire Health System, Series F (GTY) (RB) 5.000%, 10/01/15		2,000		2,149
Massachusetts State Health & Educational Facilities Authority, Partners Healthcare System, Series A, Callable 07/01/07 @ 101 (MBIA) (RB) 5.100%, 07/01/10		3,000		3,118
Massachusetts State, Multi-Family Housing, Escrowed to Maturity, Callable 10/01/05 @ 100 (FHA) (RB) 6.350%, 04/01/08 (a)		620		622
Massachusetts State Port Authority (RB) 5.750%, 07/01/12		1,000		1,118
Massachusetts State Port Authority, Escrowed to Maturity, Callable until 06/30/13 @ 100 (RB) 13.000%, 07/01/13 (a)		3,990		5,596
Massachusetts State, Series A, Pre-refunded 01/01/11 @ 100 (GO) 5.125%, 01/01/16 (b)		3,000		3,253
Massachusetts State, Series B, Pre-refunded 05/01/10 @ 100 (GO) 5.000%, 05/01/12 (b)		5,000		5,367
				28,808
Michigan – 4.6%
Chippewa Valley Schools, Callable 05/01/12 @ 100 (GO) (MQSBLF) 5.500%, 05/01/14		1,775		1,960
Constantine Public Schools, Callable 11/01/12 @ 100 (GO) (MQSBLF) 5.000%, 05/01/16		1,075		1,149
Detroit (AMT) (FSA) (GO) 5.750%, 04/01/09		1,255		1,353
Detroit Water Supply, Escrowed to Maturity, Callable until 06/30/12 @ 100 (FGIC) (RB) 6.250%, 07/01/12 (a)		285		316
Lakeshore Public Schools, Callable 05/01/11 @ 100 (GO) 5.000%, 05/01/12		1,160		1,245
Lakeview Public Schools, Callable 05/01/11 @ 100 (GO) 5.000%, 05/01/14		1,985		2,119
Michigan State Hospital Finance Authority, Henry Ford Health Systems, Series A, Callable 03/01/13 @ 100 (RB) 5.500%, 03/01/15		3,500		3,766
Michigan State Hospital Finance Authority, Henry Ford Hospital, Escrowed to Maturity, Callable until 04/30/08 @ 100 (RB) 9.000%, 05/01/08 (a)		3,540		3,852
Michigan State Housing Development Authority, Green Hill Project, Callable until 07/15/06 @ 101 (FNMA) (RB) 5.125%, 07/15/08		1,245		1,259
Michigan State Strategic Fund, Dow-Chemical Project, Mandatory Put 06/01/06 @ 100 (RB) 3.800%, 06/01/14		2,200		2,206

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

FIRST AMERICAN FUNDS Annual Report 2005

62

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Northville Public Schools, Series II, Callable 05/15/15 @ 100 (FSA) (GO) (MQSBLF) 4.000%, 05/01/18	$	1,475	$	1,462
Rochester Community School District, Series 1, Pre-refunded 05/01/10 @ 100 (FGIC) (GO) 5.375%, 05/01/11 (b)		2,000		2,175
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity, Callable until 10/31/05 @ 101 (RB) 7.000%, 11/01/15 (a)		1,300		1,594
Wayne Charter County Airport, Series A, Callable 12/01/08 @ 101 (AMT) (MBIA) (RB) 5.250%, 12/01/09		5,000		5,299
Wyandotte City School District, Callable 05/01/15 @ 100 (FSA) (GO) (MQSBLF) 4.125%, 05/01/17 (d)		1,390		1,381
				31,136
Minnesota – 3.8%
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) (RB) 5.750%, 01/01/10		1,000		1,085
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMBAC) (AMT) (RB) 5.375%, 01/01/10		3,000		3,144
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity (RB) 10.000%, 06/01/13 (a)		925		1,164
Minnesota Agriculture & Economic Development Board, Health Care Systems, Series A, Callable 11/15/10 @ 101 (RB) 5.875%, 11/15/11		2,135		2,348
Minnesota State Municipal Power Agency, Electric Revenue, Callable 10/01/15 @ 100 (RB) 4.000%, 10/01/16		1,000		982
4.375%, 10/01/25		2,000		1,934
Monticello, Big Lake Community Hospital District, Health Care Facilities, Series C (RB) 5.250%, 12/01/11		1,940		1,995
Moorhead Independent School District #152, Callable 04/01/12 @ 100 (FGIC) (GO) (MSDCEP) 5.000%, 04/01/13		1,270		1,370
Robbinsdale Independent School District #281 (GO) (MSDCEP) 5.000%, 02/01/09		1,250		1,321
Robbinsdale Independent School District #281, Callable 02/01/09 @ 100 (GO) (MSDCEP) 5.250%, 02/01/12		1,435		1,523
South Washington County Independent School District #833, Series A, Callable 02/01/10 @ 100 (GO) (MSDCEP) 5.300%, 02/01/11		1,000		1,076
St. Paul Housing & Redevelopment Authority, Callable 08/01/06 @ 102.50 (AMBAC) (RB) 6.400%, 02/01/07		1,195		1,247
6.400%, 08/01/07		1,205		1,268
6.500%, 02/01/09		1,315		1,385
St. Paul Port Authority Hotel, Pre-refunded 08/01/08 @ 100 (RB) 8.050%, 08/01/21 (b)		2,335		2,624
St. Paul Port Authority, Office Building at Cedar St.-03-12 (MLO) (RB) 4.000%, 12/01/11		1,045		1,073
				25,539

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Mississippi – 0.3%
Madison County School District, Series A (FGIC) (GO) 4.000%, 09/01/15	$	1,790	$	1,792
Missouri – 0.2%
Joplin Individual Development Authority Health Facilities, Freeman Health System Project (RB) 4.125%, 02/15/09		750		754
Missouri State Environmental Improvement &  Energy Resourse Authority, Series B (RB) 5.250%, 01/01/16		675		755
				1,509
Montana – 0.3%
Montana Facilities Financial Authority, Health Care Facilities Revenue, Bozeman Deaconess Health Services, Callable 12/01/15 @ 100 (RB) 4.125%, 06/01/18		700		680
4.125%, 06/01/19		940		906
4.250%, 06/01/23		500		474
				2,060
Nebraska – 2.4%
Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC) (RB) 4.800%, 09/01/08		1,400		1,460
Douglas County Hospital Authority #002, Medical Center (GTY) (RB) 5.000%, 11/15/11		2,860		3,037
Douglas County Zoo Facilities Revenue, Omaha's Henry Doorly Zoo Project, Callable until 08/31/17 @ 100 (RB) 4.750%, 09/01/17		745		769
Douglas County Zoo Facilities Revenue, Omaha's Henry Doorly Zoo Project, Callable until 08/31/18 @ 100 (RB) 4.750%, 09/01/18		740		762
Lincoln-Lancaster County Public Building, Tax Supported Lease Rental, Callable 04/15/15 @ 100 (GO) (MLO) 4.500%, 10/15/15		1,020		1,068
Nebraska Educational Finance Authority, Creighton University Project, Callable 01/01/06 @ 101 (AMBAC) (RB) 5.600%, 01/01/07		2,500		2,541
Nebraska Educational Telecommunication Commission, Leasing Project, Series 2000 (MLO) (RB) 6.000%, 02/01/06		1,275		1,288
Nebraska Investment Financial Authority, Great Plains Regional Medical Center (RAAI) (RB) 4.700%, 11/15/11		500		523
Nebraska Investment Financial Authority, Great Plains Regional Medical Center, Callable 05/15/12 @ 100 (RAAI) (RB) 4.800%, 11/15/12		500		524
4.900%, 11/15/13		600		628
Omaha Northwest Library Facilities, Pre-refunded 08/15/07 @ 102 (MLO) (RB) 5.250%, 08/15/12 (b)		975		1,033

FIRST AMERICAN FUNDS Annual Report 2005

63

Schedule of Investments September 30, 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Omaha Tax Allocation, Convention Center Hotel Redevelopment, Series A, Callable 12/15/14 @100 (RB) 5.000%, 12/15/19	$	2,380	$	2,408
				16,041
Nevada – 1.8%
Carson City, Carson-Tahoe Hospital Project (RB) 5.750%, 09/01/11		1,000		1,079
5.750%, 09/01/12		1,055		1,145
Clark County School District, Building & Renovation, Series B, Pre-refunded 06/15/07 @ 101 (FGIC) (GO) 5.750%, 06/15/08 (b)		1,000		1,054
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B, Callable 11/15/14 @ 100 (RB) 6.750%, 11/15/23		2,150		2,213
Nevada State, Pre-refunded 06/01/08 @ 100 (GO) 5.250%, 06/01/11 (b)		3,000		3,163
Washoe County, Escrowed to Maturity, Callable 02/01/06 @ 100 (GO) 9.875%, 08/01/09 (a)		2,890		3,323
				11,977
New Hampshire – 0.5%
New Hampshire Health & Educational Facilities Authority, Callable 07/01/14 @ 100 (RB) 5.375%, 07/01/24		1,250		1,314
New Hampshire Health & Educational Facilities Authority, Southern New Hampshire Medical Center, Series A (RAAI) (RB) 5.000%, 10/01/13		790		841
New Hampshire State Health & Educational Facilities Authority, Speare Memorial Hospital, Callable 07/01/15 @ 100 (RB) 5.500%, 07/01/25		1,000		1,023
				3,178
New Jersey – 1.0%
New Jersey Economic Development Authority, Cigarette Tax (RB) 5.500%, 06/15/16		2,000		2,183
New Jersey Health Care Facilities, Capital Health Systems, Series A (RB) 5.500%, 07/01/12		1,500		1,614
New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.500%, 06/15/08		2,000		2,115
New Jersey State Turnpike Authority, Escrowed to Maturity (RB) 6.750%, 01/01/09 (a)		820		827
				6,739
New York – 2.7%
Hempstead Town Industrial Development Agency, Callable 12/01/06 @ 102 (MBIA) (RB) 5.000%, 12/01/08		2,000		2,079
Long Island Power Authority, Series B (RB) 5.250%, 12/01/13		4,000		4,387
New York, Series A, Callable 08/01/12 @ 100 (GO) 5.750%, 08/01/15		3,220		3,578
New York, Series C, Callable 03/15/12 @ 100 (GO) 5.500%, 03/15/14		3,000		3,267
New York, Series D (GO) 5.500%, 06/01/12		2,000		2,205

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
New York, Series G (GO) (XLCA) 5.500%, 08/01/12	$	2,000	$	2,223
New York State Dormitory Authority Revenue, Supported Debt, 2005 Mental Health, Series D, Callable until 02/14/11 @ 100 (RB) 5.750%, 02/15/11		50		55
New York State Environmental Facilities, Pollution Control, Series D-02, Callable until 11/14/05 @ 102 (RB) 6.400%, 05/15/06		225		230
				18,024
North Carolina – 0.8%
North Carolina Eastern Power Agency, Series D (RB) 5.375%, 01/01/13		2,955		3,180
North Carolina Power Agency #1, Series A, Callable 01/01/13 @ 100 (FSA) (RB) 5.250%, 01/01/16		2,000		2,169
				5,349
North Dakota – 0.2%
Fargo Health Systems, Meritcare Obligated Group, Series A (FSA) (RB) 5.000%, 06/01/09		715		755
North Dakota State Industrial Commission, Lignite Program, Series A (RB) 5.750%, 11/15/05		330		331
				1,086
Ohio – 1.2%
Akron, Callable 06/01/15 @ 100 (COP) (GTY) 5.000%, 12/01/15		1,000		1,071
Hamilton Electric Revenue, Series A (FSA) (RB) 4.100%, 10/15/14		1,500		1,532
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B, Callable 09/01/07 @ 102 (MBIA) (RB) 5.375%, 09/01/09		1,000		1,056
Ohio State Water Development Authority, Escrowed to Maturity, Callable 12/01/05 @ 100 (RB) 9.375%, 12/01/10 (a)		2,010		2,244
Richland County Hospital Facilities, Series A (RB) 5.500%, 11/15/05		725		727
5.550%, 11/15/06		765		785
5.650%, 11/15/08		595		633
				8,048
Oklahoma – 2.2%
Cherokee County Economic, Zero Coupon Bond, Escrowed to Maturity (AMBAC) (RB) 5.610%, 11/01/11 (a) (c)		3,340		2,666
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project, Callable until 09/30/14 @ 101 (AMT) (RB) 5.750%, 01/01/23		1,430		1,439
Oklahoma County Housing Finance Authority, Series B, Zero Coupon Bond, Pre-refunded 03/01/06 @ 56.92 (RB) 5.740%, 07/01/12 (b) (c)		3,690		2,075
Oklahoma Housing Finance Agency, Series A-2, Callable 11/01/05 @ 100, Mandatory Put 11/05/05 @ 100 (FNMA) (RB) 5.500%, 11/01/25		3,000		3,005

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

FIRST AMERICAN FUNDS Annual Report 2005

64

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
South Oklahoma City, Callable until 01/31/13 @ 100, Pre-refunded 02/01/10 @ 100 (RB) 9.750%, 02/01/13 (b)	$	3,570	$	4,235
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B, Callable 12/01/08 @ 101 (RB) 4.600%, 12/01/09		1,195		1,243
				14,663
Oregon – 1.8%
Clackamas County School District #108, Estacada (FSA) (GO) (SBG) 5.250%, 06/15/17		1,205		1,343
Clackamas County School District #7J, Lake Oswego, Pre-refunded 06/01/11 @ 100 (GO) 5.375%, 06/01/14 (b)		3,105		3,418
Lane County School District #52, Bethel (GO) (SBG) 5.500%, 06/15/09		1,000		1,079
Linn County Community School District #9, Lebanon (FGIC) (GO) (SBG) 5.250%, 06/15/22		1,175		1,327
Morrow County School District #001 (FSA) (GO) (SGB) 5.250%, 06/15/16		1,245		1,387
Multnomah County School District #007, Reynolds (GO) (MBIA) (SBG) 5.000%, 06/15/13		1,400		1,524
Oregon State Department, Administrative Services, Series E, Callable 11/01/12 @ 100 (COP) (FSA) (MLO) 5.000%, 11/01/14		2,170		2,349
				12,427
Pennsylvania – 0.8%
Central Greene School District, Capital Appreciation, Escrowed to Maturity, Zero Coupon Bond, Callable 05/31/06 @ 78.123 (GO) (MBIA) (STAID) 4.690%, 12/01/07 (a) (c)		2,000		1,867
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI) (RB) 5.000%, 12/15/15		1,275		1,355
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center, Callable 12/15/15 @ 100 (RAAI) (RB) 5.000%, 12/15/17		1,405		1,481
Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project, Callable 02/01/15 @ 100 (RB) 6.125%, 02/01/28		1,000		1,043
				5,746
Puerto Rico – 0.3%
Puerto Rico Electric Power Authority, Escrowed to Maturity, Series AA (MBIA) (RB) 6.000%, 07/01/06 (a)		150		154
Puerto Rico Electric Power Authority, Un-refunded Balance, Series AA (MBIA) (RB) 6.000%, 07/01/06		850		870
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) (GO) 5.250%, 07/01/33		1,000		1,059
				2,083

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
South Carolina – 1.4%
Charleston EDL Excellence Finance, Charleston County School District Project (RB) 5.000%, 12/01/13	$	2,000	$	2,156
Lexington County Health Services District, Lexington Medical Center, Callable 11/01/13 @ 100 (RB) 5.500%, 11/01/23		2,000		2,112
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A (RB) 6.000%, 08/01/13		1,000		1,099
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C (RB) 6.000%, 08/01/13		2,000		2,198
South Carolina State Public Service Authority, Series A (MBIA) (RB) 5.500%, 01/01/10		1,665		1,811
				9,376
South Dakota – 1.0%
Deadwood (ACA) (COP) (MLO) 5.500%, 11/01/07		800		832
5.600%, 11/01/08		845		894
South Dakota State Health & Educational Facilities Authority, Sioux Valley Hospital (RB) 5.250%, 11/01/08		900		946
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement (RB) 5.800%, 09/01/06		735		746
5.900%, 09/01/07		755		777
4.750%, 09/01/11		530		545
5.000%, 09/01/12		1,000		1,042
South Dakota State Health & Educational Facilities Authority, Westhills Village Retirement Community, Callable 09/01/12 @ 101 (RB) 5.000%, 09/01/13		1,000		1,038
				6,820
Tennessee – 2.1%
Knoxville, Series A (GO) 5.000%, 05/01/16		1,030		1,129
Memphis (MBIA) (GO) 5.000%, 10/01/16		2,000		2,188
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity, Callable 10/01/05 @ 102 (RB) 6.400%, 04/01/11 (a)		1,030		1,186
Shelby County Health Educational & Housing Facilities Board, Pre-refunded 09/01/12 @ 100 (RB) 6.000%, 09/01/16 (b)		565		648
Shelby County Health Educational & Housing Facilities Board, Pre-refunded 09/01/12 @ 100, Callable 09/01/12 @ 100 (RB) 6.000%, 09/01/16 (b)		935		1,073
Shelby County Health, Educational & Housing Facilities Board, St. Jude's Children's Research (RB) 5.000%, 07/01/09		400		418
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project (RB) 6.250%, 09/01/11		1,465		1,615
6.250%, 09/01/12		1,085		1,206

FIRST AMERICAN FUNDS Annual Report 2005

65

Schedule of Investments September 30, 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project, Callable 09/01/12 @ 101 (RB) 6.500%, 09/01/13	$	2,215	$	2,492
Sullivan County Health, Educational & Housing Facilities, Wellmont Health Systems Project, Callable 09/01/13 @ 100 (RAAI) (RB) 5.000%, 09/01/16		2,000		2,092
				14,047
Texas – 9.4%
Abilene Health Facilities Development, Sears Methodist Retirement, Series A (RB) 5.100%, 11/15/05		1,115		1,116
5.250%, 11/15/06		1,175		1,184
5.300%, 11/15/07		1,000		1,024
5.350%, 11/15/08		1,300		1,343
Amarillo Independent School District (GO) (PSFG) 7.000%, 02/01/06		1,035		1,049
Austin, Callable 09/01/11 @ 100 (GO) 5.000%, 09/01/13		4,510		4,852
Bexar County, Zero Coupon Bond (GO) (MBIA) 3.780%, 06/15/06 (c)		1,000		980
Brazos River Authority, Electric Company Project, Series 1999-B, Mandatory Put 04/01/13 @ 100 (AMT) (RB) 6.750%, 09/01/34		2,000		2,275
Brazos River Authority, Electric Company Project, Series C, Mandatory Put 11/01/11 @ 100 (AMT) (RB) 5.750%, 05/01/36		1,585		1,694
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/12 @ 100 (AMT) (RB) 5.700%, 05/15/33		1,000		1,082
Brownsville, Callable 02/15/15 @ 100 (GO) (MBIA) 5.000%, 02/15/17		2,125		2,279
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/10 @ 100 (GO) (PSFG) 5.500%, 02/15/18 (b)		4,000		4,362
Donna Independent School District, Callable 02/15/15 @ 100 (GO) (GTY) (PSFG) 5.000%, 02/15/19		1,440		1,532
Frisco, Callable 02/05/11 @ 100 (FGIC) (GO) 5.000%, 02/15/18		1,125		1,191
5.000%, 02/15/19		1,675		1,772
Grapevine Industrial Development, Air Cargo, Callable 01/01/12 @ 101 (AMT) (RB) 6.500%, 01/01/24		495		516
Grapevine-Colleyville Independent School District (GO) (PSFG) 8.250%, 06/15/07		1,440		1,561
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A (RB) 5.750%, 10/01/09		2,895		3,058
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Callable 02/15/14 @ 101 (RB) 7.000%, 02/15/23		2,000		2,202
Irving Independent School District, Series A, Zero Coupon Bond (GO) (PSFG) 5.000%, 02/15/09 (c)		5,000		4,464

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Kaufman County, Callable 02/15/12 @ 100 (FSA) (GO) 5.000%, 02/15/17	$	1,000	$	1,059
Keller Independent School District, Callable 08/15/11 @ 100 (GO) (PSFG) 5.375%, 08/15/14		2,000		2,185
Mission Independent School District (GO) (GTY) (PSFG) 5.000%, 02/15/15		1,430		1,548
North Harris Montgomery Community College District, Callable 02/15/12 @ 100 (FGIC) (GO) 5.375%, 02/15/15		2,535		2,767
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond, Callable 12/01/05 @ 60.057 (MBIA) (RB) 3.780%, 06/01/12 (a) (c)		1,465		1,132
Port Houston Authority, Harris County, Series B, Callable 10/01/11 @ 100 (AMT) (FGIC) (GO) 5.500%, 10/01/12		2,405		2,595
Richardson Hospital Authority (RB) 5.500%, 12/01/13		1,290		1,392
Richardson Hospital Authority, Callable 12/01/13 @100 (RB) 5.500%, 12/01/14		1,310		1,404
Sam Rayburn Municipal Power Agency, Callable until 08/31/10 @ 100, Partially Pre-refunded 09/01/09 @ 100 (MBIA) (RB) 6.000%, 09/01/10 (b)		1,420		1,561
San Antonio Electric & Gas, Series A, Callable 02/01/09 @ 101 (RB) 5.250%, 02/01/13		2,135		2,280
Santa Fe Independent School District, Callable 02/15/13 @ 100 (GO) (GTY) (PSFG) 4.250%, 02/15/15		1,365		1,392
Texas State Public Finance Authority, Parks & Wildlife Projects, Callable until 07/31/08 @ 100 (AMBAC) (RB) (MLO) 6.000%, 08/01/08		1,000		1,058
Travis County Health Facilities, Development Retirement Facilities Revenue, Querencia Barton Creek Project, Callable 11/15/15 @ 100 (RB) 5.250%, 11/15/17		1,000		986
5.500%, 11/15/25		900		884
Tyler Health Facilities, Mother Frances Hospital (RB) 5.250%, 07/01/12		1,000		1,066
United Independent School District (GO) (PSFG) 5.000%, 08/15/15		1,000		1,085
				63,930
Utah – 0.9%
Ashley Valley Water & Sewer, Escrowed to Maturity, Callable 01/01/06 @ 102 (AMBAC) (GO) 10.900%, 01/01/10 (a)		1,310		1,534
Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC) (RB) 5.000%, 07/01/15		2,500		2,725
South Jordan, Sales Tax, Callable 08/15/11 @ 100 (AMBAC) (RB) 5.500%, 08/15/18		1,000		1,098

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

FIRST AMERICAN FUNDS Annual Report 2005

66

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Utah State Housing Finance Agency, Single Family Mortgages, Issue F-1, Callable until 07/01/06 @ 102 (FHA) (RB) (VA) 6.300%, 01/01/18	$	65	$	65
Utah State Housing Finance Agency, Single Family Mortgages, Series III, Class R, Callable 07/01/06 @ 102 (FHA) (RB) (VA) 5.950%, 07/01/08		575		595
				6,017
Virginia – 0.6%
Richmond Industrial Development Authority, Government Facilities (AMBAC) (RB) 5.000%, 07/15/18		1,845		2,013
Riverside Regional Jail Authority, Callable until 07/01/06 @ 102 (MBIA) (RB) 5.700%, 07/01/08		905		925
Virginia State Peninsula Regional Jail Authority, Pre-refunded 10/01/05 @ 101 (MBIA) (RB) 5.300%, 10/01/09 (b)		1,000		1,010
				3,948
Washington – 4.5%
Clark County School District #37, Vancouver (FSA) (GO) 5.250%, 12/01/14		1,515		1,678
Energy Northwest, Washington Wind Project, Series A, Pre-refunded 01/01/07 @ 103 (RB) 5.100%, 07/01/09 (b)		1,850		1,948
5.200%, 07/01/10 (b)		1,950		2,056
Energy Northwest, Wind Project, Callable 07/01/14 @ 100 (MBIA) (RB) 4.500%, 07/01/15		1,000		1,041
King County (AMBAC) (GO) 5.000%, 12/01/12		2,000		2,173
King County, Series B, Pre-refunded 12/01/07 @ 102 (GO) 5.850%, 12/01/13 (b)		2,035		2,193
5.850%, 12/01/13 (b)		965		1,040
Pierce County School District #320, Sumner (GO) 6.000%, 12/01/06		255		260
Port Seattle Passenger Facility Charge, Series B (AMBAC) (AMT) (RB) 5.000%, 12/01/07		1,000		1,036
Snohomish County, Callable 12/01/11 @ 100 (GO) (MBIA) 5.375%, 12/01/19		5,000		5,467
Snohomish County Housing Authority, Callable 04/01/06 @ 100 (RB) 6.300%, 04/01/16		1,035		1,042
Spokane County School District #081, Callable 06/01/15 @ 100 (GO) (MBIA) (SBG) 0.000%, 06/01/16 (f)		1,000		904
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond (FGIC) (GO) 5.030%, 12/01/14 (c)		5,690		3,884
Washington State Public Power Supply System, Nuclear Project #2, Series A, Callable 07/01/06 @ 102 (AMBAC) (RB) 5.700%, 07/01/11		1,000		1,039
Washington State, Series C (GO) 5.500%, 07/01/14		2,275		2,555

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Washington State, Series S-5, Zero Coupon Bond (FGIC) (GO) 5.830%, 01/01/16 (c)	$	3,000	$	1,924
				30,240
West Virginia – 0.3%
Brooke Pleasants & Tyler Wetzel Counties, Single Family Mortgage, Escrowed to Maturity (RB) 7.400%, 08/15/10 (a)		1,675		1,972
Wisconsin – 2.3%
Door County, Series A, Callable 09/01/11 @ 100 (FGIC) (GO) 5.125%, 09/01/16		1,720		1,854
Middleton-Cross Plains Area School District (FSA) (GO) 5.000%, 04/01/16		1,195		1,301
Wisconsin State Health & Educational Facilities Authority, Aurora Health Care, Series A, Callable 02/15/09 @ 101 (RB) 5.500%, 02/15/20		1,500		1,540
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project, Callable 12/01/11 @ 100 (RB) 5.750%, 12/01/19		2,000		2,012
Wisconsin State Health & Educational Facilities Authority, Fort Healthcare Income Project, Callable 05/01/14 @ 100 (RB) 5.375%, 05/01/18		1,250		1,315
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B (RB) 6.250%, 02/15/09		500		535
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B, Callable 02/15/12 @ 100 (RB) 5.500%, 02/15/13		850		897
Wisconsin State Health & Educational Facilities Authority, Monroe Clinic (RB) 4.450%, 02/15/06		925		929
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A, Callable 04/01/14 @ 100 (RB) 6.125%, 04/01/24		1,500		1,527
Wisconsin State Health & Educational Facilities Authority, Vernon Memorial Healthcare Project (RB) 4.650%, 03/01/15		1,150		1,146
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services (RB) 5.750%, 08/15/11		645		713
Wisconsin State Health & Educational Facilities Authority, Wisconsin Medical College, Callable 12/01/14 @ 100 (RB) 5.000%, 12/01/15		1,450		1,567
				15,336
Wyoming – 0.3%
Lincoln County, Pacificorp Project, Mandatory Put 06/03/12 @ 100 (AMT) (RB) 4.125%, 11/01/25		2,250		2,196
Convertible Bonds – 2.2%
Chicago, Series A, Convertible, Zero Coupon Bond (GO) (MBIA) 3.489%, 01/01/16 (c)		2,000		1,696

FIRST AMERICAN FUNDS Annual Report 2005

67

Schedule of Investments September 30, 2005

Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Cook County High School District #209, Proviso Township, Convertible, Zero Coupon Bond (FSA) (GO) 4.210%, 12/01/16 (c)	$	1,000	$	967
The E-470 Public Highway Authority, Series C, Zero Coupon Bond (MBIA) (RB) 4.250%, 09/01/17 (c)		1,500		1,197
Fayette County School District (FSA) (GO) 4.150%, 03/01/14 (c)		500		408
4.250%, 03/01/15 (c)		265		215
4.350%, 03/01/16 (c)		300		244
Golden State Tobacco Securitization, Tobacco Settlement Revenue, Series A, Callable 06/01/18 @ 100, Convertible, Zero Coupon Bond (FSA) (RB) 4.550%, 06/01/22 (c)		1,630		1,310
Illinois Sports Facilities Authority, Convertible, Zero Coupon Bond (AMBAC) (RB) 4.750%, 06/15/13 (c)		1,405		1,206
Illinois Sports Facilities Authority, Convertible, Zero Coupon Bond, Callable 06/15/15 @ 101 (AMBAC) (RB) 5.100%, 06/15/16 (c)		1,620		1,410
Metropolitan Pier & Exposition Authority, State Sales Tax, Convertible, Zero Coupon Bond (FGIC) (MBIA) (RB) 5.200%, 06/15/17 (c)		1,000		776
Miami-Dade County Special Obligations, Capital Appreciation & Income, Series A, Covertible, Zero Coupon Bond, Callable 10/01/17 @ 100 (MBIA) (RB) 4.420%, 10/01/21 (c) (f)		1,410		1,000
Montgomery BMC Special Care Facilities Finance Authority, Series A-2, Convertible, Zero Coupon Bond, Callable 11/15/14 @ 100 (MBIA) (RB) 4.400%, 11/15/16 (c)		2,000		1,895
Northwest Parkway Public Highway Authority, Convertible, Zero Coupon Bond (AMBAC) (RB) 5.250%, 06/15/15 (c)		2,750		2,291
				14,615
Total Municipal Bonds (Cost $633,012)				667,511
Affiliated Money Market Fund – 0.3%
First American Tax Free Obligations Fund, Class Z (g) (Cost $2,411)		2,410,819		2,411
Total Investments – 99.1% (Cost $635,423)				669,922
Other Assets and Liabilities, Net – 0.9%				5,877
Total Net Assets – 100.0%			$	675,799

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

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

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

(d)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $2,096,139 or 0.3% of total net assets. See note 2 in Notes to Financial Statements.

Intermediate Tax Free Fund (concluded)

(e)  Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $4,424,120 or 0.7% of total net assets.

(f)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed is the rate in effect as of September 30, 2005.

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

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $34,232,822, which represents 5.1% of net assets.

CMI – California Mortgage Insurance Program

COMGTY – Commonwealth Guaranty

COP – Certificate of Participation

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

GO – General Obligation

GTY – Assured Guaranty

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MQSBLF – Michigan Qualified School Board Loan Fund Program

MSDCEP – Minnesota School District Credit Enhancement Program

PSFG – Permanent School Fund Guarantee

RAAI – Radian Asset Assurance Inc.

RB – Revenue Bond

SBG – School Board Guaranty

STAID – State Aid Withholding

VA – Veterans Administration

XLCA – XL Capital Assurance Inc.

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

FIRST AMERICAN FUNDS Annual Report 2005

68

Minnesota Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.4%
Revenue Bonds – 56.5%
Economic Development – 1.4%
Minneapolis Community Development Agency, Series G-3, Callable 12/01/11 @ 100 5.350%, 12/01/21	$	1,000	$	1,054
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series B (AMT) 6.500%, 08/01/08		1,030		1,079
Minnesota State Agricultural & Economic Development Board, Small Business Development, Series C (AMT) 6.625%, 08/01/08		940		987
				3,120
Education – 5.9%
Minneapolis, The Blake School Project, Callable 09/01/11 @ 100 5.000%, 09/01/12		445		472
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4 4.850%, 10/01/09		520		541
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4, Callable 10/01/09 @ 100 5.000%, 10/01/11		500		519
5.000%, 10/01/12		500		517
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 6-C, Callable 05/01/14 @ 100 4.750%, 05/01/18		1,075		1,107
Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1, Pre-refunded 05/01/06 @ 100 5.750%, 11/01/12 (a)		1,375		1,398
Minnesota State Higher Education Facilities Authority, Minneapolis College of Art and Design 5.000%, 05/01/11		250		261
Minnesota State Higher Education Facilities Authority, St. Benedict College, Callable 03/01/07 @ 100 4.875%, 03/01/08		1,000		1,016
5.100%, 03/01/11		2,885		2,924
Minnesota State Higher Education Facilities Authority, St. Benedict College, Series 5-W 4.200%, 03/01/12		345		352
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N1, Callable 10/01/12 @ 100 5.250%, 10/01/22		1,500		1,560
Minnesota State Higher Education Facilities Authority, St. John's University, Series 5, Escrowed to Maturity (MBIA) 5.000%, 10/01/11 (b)		255		277
Minnesota State Higher Education Facilities Authority, St. John's University, Series 5, Pre-refunded 10/01/11 @ 100 (MBIA) 5.000%, 10/01/12 (a)		480		518
Minnesota State Higher Education Facilities Authority, St. John's University, Series 6-G 4.000%, 10/01/15		200		198

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota State Higher Education Facilities Authority, St. John's University, Series 6-G, Callable 10/01/15 @ 100 4.000%, 10/01/16	$	1,000	$	982
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Callable 10/01/14 @ 100 5.250%, 10/01/19		530		571
Minnesota State Higher Education Facilities Authority, University of St. Thomas, Series 4, Callable 04/01/08 @ 100 5.250%, 04/01/12		385		399
				13,612
Healthcare – 20.5%
Cuyuna Range Hospital District, Callable 06/01/13 @ 101 5.000%, 06/01/16		425		431
5.000%, 06/01/19		1,320		1,324
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 5.500%, 06/01/10		435		447
5.650%, 06/01/12		940		967
Duluth Economic Development Authority, Benedictine Health System, Callable 02/15/14 @ 100 5.375%, 02/15/22		2,045		2,154
Glencoe Health Care Facilities, Regional Health Services Project 5.000%, 04/01/13		760		789
Glencoe Health Care Facilities, Regional Health Services Project, Callable 04/01/13 @ 101 5.000%, 04/01/14		800		833
5.000%, 04/01/15		845		872
5.000%, 04/01/17		1,815		1,854
Glencoe Health Care Facilities, Pre-refunded 04/01/11 @ 101 7.400%, 04/01/21 (a)		1,000		1,184
Hastings Health Care Facility, Regina Medical Center, Callable 09/15/08 @ 100 (ACA) 5.000%, 09/15/13		500		511
Maple Grove Health Care Facilities, North Memorial, Callable 09/01/15 @ 100 4.500%, 09/01/17		1,730		1,745
Minneapolis & St. Paul Housing & Redevelopment Authority, Healthspan, Series A, Callable until 11/14/13 @ 101 (AMBAC) 5.000%, 11/15/13		1,000		1,002
Minneapolis Healthcare System, Allina Health System, Series A, Callable 11/15/12 @ 100 6.000%, 11/15/23		2,500		2,723
5.750%, 11/15/32		1,300		1,381
Minneapolis Healthcare System, Fairview Health Services, Series A, Escrowed to Maturity 5.000%, 05/15/12 (b)		605		652
Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A (MBIA) 5.000%, 02/15/10		3,815		4,060
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project 5.500%, 02/01/11		280		298
5.500%, 02/01/12		200		214

FIRST AMERICAN FUNDS Annual Report 2005

69

Schedule of Investments September 30, 2005

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project, Callable 02/01/12 @ 101 5.500%, 02/01/15	$	730	$	775
Minnesota Agricultural & Economic Development Board, Fairview Healthcare Systems, Series A, Pre-refunded 11/15/07 @ 102 (MBIA) 5.500%, 11/15/17 (a)		1,195		1,278
5.750%, 11/15/26 (a)		490		526
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA) 5.400%, 11/15/08		1,000		1,063
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A, Callable 11/15/07 @ 102 (MBIA) 5.500%, 11/15/17		305		324
5.750%, 11/15/26		10		11
Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 5.750%, 12/01/15		2,320		2,391
Moorhead Economic Development Authority, Eventide Senior Housing, Series B, Callable until 05/31/06 @ 101 5.750%, 06/01/16		1,360		1,366
New Hope Housing & Health Care Facilities, Masonic Home North Ridge 5.200%, 03/01/06		645		649
5.300%, 03/01/07		685		697
New Hope Housing & Health Care Facilities, Masonic Home North Ridge, Callable 03/01/09 @ 102 5.500%, 03/01/10		500		519
Plymouth Health Facilities, Westhealth Project, Series A, Callable until 05/31/06 @ 101 (FSA) 6.200%, 06/01/11		1,360		1,377
Rochester, St. Mary's Hospital, Escrowed to Maturity, Callable 10/01/05 @ 100 5.750%, 10/01/07 (b)		825		845
St. Cloud Health Care (FSA) 5.500%, 05/01/07		500		519
5.500%, 05/01/08		1,450		1,531
St. Paul Housing & Redevelopment Authority, HealthEast Project, Callable 11/15/15 @ 100 5.150%, 11/15/20		1,500		1,007
St. Paul Port Authority, Healtheast Midway Campus, Series A 5.250%, 05/01/15		1,500		1,506
St. Paul Port Authority, Healtheast Midway Campus, Series A, Callable 05/01/15 @ 100 5.750%, 05/01/25		2,000		2,032
Shakopee Health Care Facilities, St. Francis Regional Medical Center 4.000%, 09/01/12		305		306
Shakopee Health Care Facilities, St. Francis Regional Medical Center, Callable 09/01/14 @ 100 5.000%, 09/01/17		1,785		1,845
Stillwater Healthcare, Health Systems Obligation Group 4.250%, 06/01/15		300		302
Stillwater Healthcare, Health Systems Obligation Group, Callable 06/01/15 @ 100 4.250%, 06/01/16		760		752

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Todd, Morrison, Cass & Wadena Counties, United Hospital District 4.250%, 12/01/12	$	425	$	431
4.000%, 12/01/13		400		398
Winona Health Care Facilities, Series A, Callable 07/01/12 @ 102 5.300%, 07/01/17		525		543
5.350%, 07/01/18		590		610
				47,044
Housing – 0.6%
Dakota County Housing & Redevelopment Authority, Single Family Mortgages, Callable 10/01/07 @ 101.50 (AMT) (FNMA) (GNMA) 5.125%, 10/01/20		119		120
Minneapolis Mortgage, Callable 10/01/05 @ 100 3.607%, 10/01/12		583		300
Minnesota State Housing Finance Agency, Rental Housing, Series D, Callable until 01/31/06 @ 102 (MBIA) 5.450%, 08/01/07		275		281
Minnesota State Housing Finance Agency, Single Family Mortgages, Series B, Callable 07/01/09 @ 100 5.550%, 07/01/24		525		539
South St. Paul Housing & Redevelopment Authority, Single Family Mortgages, Callable until 08/31/07 @ 100 (FNMA) 5.100%, 09/01/07		60		60
				1,300
Lease Revenue – 3.1%
Andover Economic Development Authority, Andover Community Center, Callable 02/01/14 @ 100 5.000%, 02/01/19		1,225		1,276
Eden Prairie Housing & Redevelopment Authority, Series A, Callable 12/01/10 @ 100 (MLO) 5.000%, 12/01/11		255		274
St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center, Callable 06/01/10 @ 100 4.000%, 06/01/12		1,500		1,519
St. Paul Port Authority, Office Building, Callable 12/01/12 @ 100 (MLO) 5.000%, 12/01/19		2,415		2,580
Stearns County Housing & Redevelopment Authority, Series A, Callable 02/01/08 @ 100 (FSA) (MLO) 4.950%, 02/01/09		1,540		1,602
				7,251
Miscellaneous – 0.9%
Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100 5.450%, 06/01/12		550		597
Seaway Port Authority of Duluth, Cargill Inc. Project 4.200%, 05/01/13		1,500		1,519
				2,116

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

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Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Recreational Facility Authority – 1.2%
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2 6.700%, 08/01/07	$	960	$	970
St. Paul Port Authority, Hotel Facilities, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103 7.375%, 08/01/10		1,685		1,763
				2,733
Revolving Funds – 1.8%
Minnesota State Public Facilities Authority, Drinking Water, Series B, Callable 03/01/09 @ 100 5.125%, 03/01/19		2,000		2,108
Minnesota State Public Facilities Authority, Water Pollution Control, Callable 03/01/07 @ 100 5.000%, 03/01/09		590		606
Minnesota State Public Facilities Authority, Water Pollution Control, Pre-refunded 03/01/07 @ 100 5.000%, 03/01/09 (a)		1,410		1,449
				4,163
Tax Revenue – 2.1%
Bloomington Port Authority, Mall of America Project, Series A (FSA) 4.900%, 02/01/09		1,000		1,055
Childrens Trust Fund, Puerto Rico, Tobacco Settlement 4.000%, 05/15/12		500		501
Minneapolis, St. Anthony Falls Project, Callable until 01/31/17 @ 102 5.000%, 02/01/17		1,040		1,035
St. Paul Port Authority, Energy Park, Tax Increment, Escrowed to Maturity (FSA) 5.000%, 02/01/08 (b)		2,100		2,166
				4,757
Transportation – 6.0%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Callable 01/01/13 @ 100 (MBIA) 5.000%, 01/01/20		2,200		2,329
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) 5.750%, 01/01/10		2,880		3,126
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/08 @ 101 (AMBAC) (AMT) 5.500%, 01/01/09		1,000		1,053
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/09 @ 101 (AMT) (FGIC) 5.625%, 01/01/14		1,000		1,067
Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Callable 01/01/15 @ 100 (FGIC) 4.000%, 01/01/16		430		431
Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Callable 01/01/11 @ 100 (FGIC) 5.125%, 01/01/20		3,095		3,279

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota Public Facilities Authority Tranportation, Callable 03/01/10 @ 100 5.000%, 03/01/12	$	970	$	1,031
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (MBIA) 5.500%, 07/01/13		1,250		1,403
				13,719
Utilities – 13.0%
Chaska Electric, Series A 5.600%, 10/01/08		680		722
5.650%, 10/01/09		720		777
5.650%, 10/01/10		760		829
4.000%, 10/01/12		500		505
4.200%, 10/01/15		1,000		1,002
Chaska Electric, Series A, Pre-refunded 10/01/10 @ 100 5.400%, 10/01/11 (a)		805		879
5.500%, 10/01/12 (a)		845		927
Cohasset Pollution Control, College Allete Project, Callable 07/01/14 @ 100 (RAAI) 4.950%, 07/01/22		2,230		2,278
Northern Minnesota Municipal Power Agency, Electric System (FSA) 5.500%, 01/01/08		2,090		2,200
Princeton Public Utility System, Callable 04/01/12 @ 100 4.100%, 04/01/15		450		448
Rochester Electric Utility, Callable 12/01/10 @ 100 5.000%, 12/01/16		1,150		1,202
Southern Minnesota Municipal Power Agency, Series A (AMBAC) 5.250%, 01/01/14		3,415		3,778
Southern Minnesota Municipal Power Agency, Series A, Callable 01/01/09 @ 101 (AMBAC) 5.000%, 01/01/11		1,270		1,345
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) 5.257%, 01/01/20 (c)		3,500		1,841
5.275%, 01/01/21 (c)		5,000		2,502
Western Minnesota Municipal Power Agency, Series A, Callable 01/01/06 @ 102 (AMBAC) 5.500%, 01/01/11		5,000		5,131
5.500%, 01/01/13		2,000		2,052
Western Minnesota Municipal Power Agency, Series A, Callable 01/01/11 @ 100 (AMBAC) 5.500%, 01/01/12		1,360		1,490
				29,908
Total Revenue Bonds				129,723
General Obligations – 39.5%
Anoka County Capital Improvements, Series B 4.550%, 01/01/11		1,960		2,061
Anoka-Hennepin Independent School District #11, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/14		2,000		2,143
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/10 @ 100 (MSDCEP) 5.300%, 02/01/12 (d)		1,000		1,081
5.375%, 02/01/13 (d)		600		651

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Schedule of Investments September 30, 2005

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Anoka-Hennepin Independent School District #11, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/12	$	2,845	$	3,049
Bloomington Independent School District #271, Series B, Callable 02/01/10 @ 100 (MSDCEP) 5.250%, 02/01/11		1,000		1,074
Brooklyn Park, Series B 4.000%, 02/01/16		600		615
Buffalo Independent School District #877, Series B (FSA) (MSDCEP) 4.500%, 02/01/13		325		344
Burnsville Independent School District #191, Series A, Callable 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/09		1,225		1,275
Cambridge Independent School District #911, Series A, Callable 02/01/15 @ 100 (MSDCEP) 4.000%, 02/01/16		1,060		1,068
Cambridge Independent School District #911, Series B, Zero Coupon Bond, Callable 02/01/18 @ 86.965 (MBIA) (MSDCEP) 4.710%, 02/01/21 (c)		645		322
Centennial Independent School District #12, Series A, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/14		1,040		1,121
Chaska Independent School District #112, Series A (MSDCEP) 4.800%, 02/01/10		1,120		1,188
Crow Wing County, Series A (MBIA) 4.500%, 02/01/14		1,480		1,565
Dakota County Capital Improvements, Series C 4.850%, 02/01/10		1,000		1,065
Delano Independent School District #879, Callable 02/01/15 @ 100 (FSA) (MSDCEP) 4.000%, 02/01/17 (e)		985		983
4.250%, 02/01/19 (e)		1,350		1,358
Elk River Independent School District #728, Series A, Callable 02/01/11 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/18		1,000		1,064
Farmington Independent School District #192, Callable 06/01/13 @ 100 (MBIA) (MSDCEP) 4.000%, 06/01/16		2,830		2,849
Hastings Independent School District #200, Series A, Crossover Refunded 02/01/08 @ 100 (MSDCEP) 5.000%, 02/01/11 (d)		1,095		1,142
Lakeville Independent School District #194, Callable 02/01/09 @ 100 (MSDCEP) 5.000%, 02/01/16		2,000		2,092
Lakeville Independent School District #194, Series A, Callable 02/01/13 @ 100 (FGIC) (MSDCEP) 5.000%, 02/01/22		2,435		2,575
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/08 @ 100 (MSDCEP) 5.125%, 02/01/22 (d)		1,000		1,043
Minneapolis & St. Paul Metropolitan Council, Waste Water Treatment, Series A, Callable 03/01/11 @ 100 5.000%, 03/01/13		1,890		2,065
Minneapolis School District #1 (MSDCEP) 4.500%, 02/01/08		1,450		1,497

Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota State, Callable 08/01/07 @ 100 4.850%, 08/01/12	$	4,420	$	4,556
Monticello, Series A, Callable 02/01/13 @ 100 (FSA) 4.000%, 02/01/14		500		508
Moorhead Independent School District #152 (MSDCEP) 5.000%, 04/01/12		1,220		1,324
Moorhead Independent School District #152, Crossover Refunded 04/01/12 @ 100 (FGIC) (MSDCEP) 5.000%, 04/01/15 (d)		3,450		3,701
5.000%, 04/01/16 (d)		2,510		2,686
Moorhead Independent School District #152, Callable 04/01/14 @ 100 (MSDCEP) 4.000%, 04/01/15		1,100		1,113
Mounds View Independent School District #621, Series A (MSDCEP) 5.250%, 02/01/10		1,230		1,329
Mounds View Independent School District #621, Series A, Callable 02/01/12 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/18		2,340		2,498
5.000%, 02/01/19		2,565		2,738
Mounds View Independent School District #621, Series A, Crossover Refunded 02/01/11 @ 100 (MSDCEP) 5.250%, 02/01/12 (d)		1,000		1,080
5.350%, 02/01/16 (d)		1,000		1,085
Northfield Independent School District #659, Callable 02/01/11 @ 100 (MSDCEP) 4.600%, 02/01/13		1,100		1,155
5.000%, 02/01/15		1,295		1,387
Pequot Lakes Independent School District #186, Callable 02/01/12 @ 100 (FGIC) (MSDCEP) 5.125%, 02/01/18		500		538
Perham, Callable 05/01/11 @ 100 (AMT) 5.850%, 05/01/15		1,205		1,270
Pipestone-Jasper Independent School District #2689, Crossover Refunded 03/01/09 @ 100 (FGIC) (MSDCEP) 5.400%, 03/01/13 (d)		1,095		1,173
Polk County, Callable 02/01/15 @ 100 (MBIA) (MCCEP) 4.500%, 02/01/21 (e)		1,025		1,037
Puerto Rico Commonwealth (MBIA) 6.000%, 07/01/14		1,605		1,883
Puerto Rico Commonwealth, Series A (XLCA) 5.500%, 07/01/17		1,000		1,139
Ramsey County, Series D 5.000%, 02/01/14		2,000		2,194
Robbinsdale Independent School District #281, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/19		1,160		1,238
5.000%, 02/01/20		1,215		1,286
Robbinsdale Independent School District #281, Crossover Refunded 02/01/09 @ 100 (MBIA) (MSDCEP) 5.000%, 02/01/16 (d)		1,000		1,047
Rochester Independent School District #535, Series A, Callable 02/01/11 @ 100 (MSDCEP) 5.000%, 02/01/15		1,595		1,706

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

FIRST AMERICAN FUNDS Annual Report 2005

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Minnesota Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
St. Louis Park Independent School District #283, Crossover Refunded 02/01/09 @ 100 (MSDCEP) 5.250%, 02/01/10 (d)	$	1,500	$	1,592
5.600%, 02/01/15 (d)		725		774
St. Michael Independent School District #885, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/14		1,690		1,822
5.000%, 02/01/17		1,000		1,068
St. Paul, Series A, Callable 03/01/09 @ 100 5.000%, 03/01/10		1,180		1,246
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 89.37 (FSA) (MSDCEP) 5.700%, 02/01/13 (c)		1,055		763
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Callable 02/01/11 @ 94.63 (FSA) 5.753%, 02/01/12 (c)		1,790		1,385
Savage, Series A, Crossover Refunded 02/01/06 @ 100 (FGIC) 5.500%, 02/01/08 (d)		1,000		1,008
South Washington County, Independent School District #833, Series B, Callable 02/01/12 @ 100 (FSA) (MSDCEP) 5.000%, 02/01/15		1,030		1,104
Stillwater Independent School District #834, Callable 02/01/09 @ 100 (MSDCEP) 4.750%, 02/01/11		2,140		2,230
Watertown Independent School District #111, Series A, Callable 08/01/15 @100 (FSA) (MSDCEP) 4.000%, 02/01/16		1,670		1,683
Worthington Independent School District #518, Callable 02/01/14 @ 100 (FSA) (MSDCEP) 4.000%, 02/01/16		1,045		1,052
Total General Obligations				90,688
Certificates of Participation – 2.4%
Hennepin County, Callable 11/15/08 @ 100 (MLO) 5.375%, 11/15/09		2,280		2,418
Minneapolis Special School District #1, Series A, Pre-refunded 02/01/06 @ 100 (MBIA) (MLO) 5.900%, 02/01/11 (a)		2,150		2,172
Northeast Metropolitan Intermediate School District #916, Callable 01/01/14 @ 100 (MLO) 4.250%, 01/01/15		1,000		999
Total Certificates of Participation				5,589
Total Municipal Bonds (Cost $216,478)				226,000
Money Market Fund – 1.9%
Federated Minnesota Municipal Cash Trust (Cost $4,378)		4,378,422		4,378
Total Investments – 100.3% (Cost $220,856)				230,378
Other Assets and Liabilities, Net – (0.3)%				(801	)
Total Net Assets – 100.0%			$	229,577

Minnesota Intermediate Tax Free Fund (concluded)

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

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

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

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

(e)  Security purchased on a when-issued basis. On September 30, 2005 the total cost of investments purchased on a when-issued basis was $3,379,033 or 1.5% of total net assets. See note 2 in Notes to Financial Statements.

ACA – American Capital Access

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $8,701,820, which represents 3.8% of net assets.

FGIC – Financial Guaranty Insurance Corporation

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

MCCEP – Minnesota County Credit Enhancement Program

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

RAAI – Radian Asset Assurance Inc.

XLCA – XL Capital Assurance Inc.

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73

Schedule of Investments September 30, 2005

Minnesota Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.2%
Revenue Bonds – 85.1%
Continuing Care Retirement Communities – 1.1%
Golden Valley, Covenant Retirement Communities, Series A, Callable 12/01/09 @ 101 5.500%, 12/01/29	$	1,750	$	1,813
Economic Development – 4.7%
Minneapolis Community Development, Series G-3, Callable 12/01/11 @ 100 5.450%, 12/01/31		3,250		3,418
Minnesota Agricultural & Economic Development Board, Small Business Development, Series B, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20		1,000		1,068
Minnesota Agricultural & Economic Development Board, Small Business Development, Series C, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20		1,385		1,462
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D, Callable 08/01/08 @ 102 (AMT) 7.250%, 08/01/20		1,120		1,182
Minnesota Agriculture & Economic Development Board, Minnesota Small Business Program, Series A, Callable 08/01/10 @ 100 (AMT) 5.550%, 08/01/16		500		516
				7,646
Education – 7.1%
Golden Valley, The Breck School, Callable 10/01/09 @ 100 5.750%, 10/01/14		1,000		1,079
Minneapolis, The Blake School Project, Callable 09/01/11 @ 100 5.450%, 09/01/21		2,000		2,115
Minnesota State Higher Education Facilities Authority, Augsburg College, Series 4-F1, Pre-refunded 05/01/06 @ 102 6.250%, 05/01/23 (a)		1,500		1,544
Minnesota State Higher Education Facilities Authority, Carleton College, Pre-refunded 11/01/07 @ 100 5.400%, 11/01/15 (a)		1,500		1,571
Minnesota State Higher Education Facilities Authority, Carleton College, Series 3-L1, Pre-refunded 05/01/06 @ 100 5.750%, 11/01/12 (a)		1,050		1,068
Minnesota State Higher Education Facilities Authority, College of Art & Design, Series 5-D, Callable 05/01/10 @ 100 6.625%, 05/01/20		1,000		1,086
Minnesota State Higher Education Facilities Authority, St. John University, Series 6-G, Callable 10/01/15 @ 100 5.000%, 10/01/22		1,000		1,051
4.500%, 10/01/26		1,000		985
Minnesota State Higher Education Facilities Authority, Vermilion Community College, Series 3-T, Callable 01/01/06 @ 100 5.750%, 01/01/13		525		527
University of Minnesota, Series A 5.500%, 07/01/21		500		576
				11,602

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Healthcare – 28.9%
Bemidji Hospital Facilities, North Country Health Services, Callable 09/01/06 @ 102 5.625%, 09/01/15	$	1,600	$	1,653
Cuyuna Range Hospital District, Callable 06/01/13 @ 101 5.500%, 06/01/35		350		351
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 6.000%, 06/01/29		3,000		3,083
Duluth Economic Development Authority, Benedictine Health System, Callable 02/15/14 @ 100 5.250%, 02/15/28		1,000		1,038
5.250%, 02/15/33		1,000		1,032
Fergus Falls Health Care Facilities Authority, Broen Memorial Home, Series A, Callable until 10/31/05 @ 102 7.000%, 11/01/19		1,000		1,010
Fergus Falls Health Care Facilities Authority, Lake Region Hospital, Long Term Care Facilities Project, Callable 12/01/05 @ 102 6.500%, 12/01/25		2,000		2,045
Glencoe Health Care Services Facilities Project, Glencoe Regional Health, Pre-refunded 04/01/11 @ 101 7.500%, 04/01/31 (a)		1,700		2,021
Glencoe Health Care Services Facilities Project, Glencoe Regional Health, Callable 04/01/13 @ 101 5.000%, 04/01/20		500		507
5.000%, 04/01/25		1,000		1,005
5.000%, 04/01/31		1,500		1,481
Maple Grove Health Care Facilities, North Memorial Health Care, Callable 09/01/15 @ 100 5.000%, 09/01/35		2,000		2,036
Marshall Medical Center, Weiner Memorial Medical Center Project, Series A, Callable 11/01/13 @ 100 5.250%, 11/01/16		305		324
5.850%, 11/01/23		875		951
Minneapolis Healthcare System, Allina Health System, Series A, Callable 11/15/12 @ 100 6.000%, 11/15/23		1,500		1,634
5.750%, 11/15/32		2,400		2,549
Minnesota Agricultural & Economic Development Board, Benedictine Health, Series A, Callable 02/15/10 @ 101 (MBIA) 5.250%, 02/15/15		2,000		2,145
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Callable 11/15/07 @ 102 (MBIA) 5.500%, 11/15/11		500		531
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Fairview, Series A, Callable 11/15/07 @ 102 (MBIA)  5.500%, 11/15/17		205		218
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Fairview, Series A, Callable 11/15/10 @ 101 6.375%, 11/15/29		125		136

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

FIRST AMERICAN FUNDS Annual Report 2005

74

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Fairview, Series A, Pre-refunded 11/15/07 @ 102 (MBIA) 5.500%, 11/15/17 (a)	$	795	$	850
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Fairview, Series A, Pre-refunded 11/15/10 @ 101 6.375%, 11/15/29 (a)		3,875		4,440
Monticello, Big Lake Community Hospital, Series A, Callable 12/01/09 @ 100 5.750%, 12/01/19		1,000		1,015
Monticello, Big Lake Community Hospital, Series C, Callable 12/01/12 @ 100 6.200%, 12/01/22		1,000		1,055
Moorhead Economic Development Authority, Eventide Senior Housing, Series B, Callable until 05/31/06 @ 101 6.000%, 06/01/29		1,900		1,908
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge, Callable 03/01/09 @ 102 5.750%, 03/01/15		1,600		1,659
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B, Callable 07/01/14 @ 100 5.500%, 07/01/25		2,000		2,125
St. Paul Housing & Redevelopment Authority, HealthEast Project, Callable 11/15/15 @ 100 6.000%, 11/15/30		800		858
St. Paul Housing & Redevelopment Authority, Regions Hospital, Callable 05/15/09 @ 100 5.250%, 05/15/18		500		510
St. Paul Port Authority, Healtheast Midway Campus, Series A, Callable 05/01/15 @ 100 5.875%, 05/01/30		900		913
St. Paul Port Authority, Healtheast Midway Campus, Series B, Callable 05/01/15 @ 100 6.000%, 05/01/30		1,800		1,830
Shakopee Health Care Facilities, St. Francis Regional Medical Center, Callable 09/01/14 @ 100 5.250%, 09/01/34		2,000		2,054
Stillwater Healthcare, Health Systems Obligation Group, Callable 06/01/15 @ 100 5.000%, 06/01/35		1,000		1,019
Winona Health Care Facilities, Series A, Callable 07/01/12 @ 102 6.000%, 07/01/34		1,000		1,059
				47,045
Housing – 12.2%
Austin Housing & Redevelopment Authority, Courtyard Residence Project, Series A, Callable 01/01/06 @ 102 7.250%, 01/01/26		500		516
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project, Callable 04/20/11 @ 102 (GNMA) 5.900%, 04/20/42		2,000		2,135
Eden Prairie Multifamily Housing, Parkway Apartments Project, Series A, Callable 02/20/07 @ 104 5.700%, 08/20/22		1,000		1,048

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Eden Prairie Multifamily Housing, Preserve Place, Callable 01/20/08 @ 102 (GNMA) 5.500%, 01/20/18	$	500	$	518
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) 3.050%, 06/15/34		2,000		1,971
Hopkins Elderly Housing, St. Theresa Project, Series A, Callable 11/20/07 @ 102 (GNMA) 5.600%, 11/20/17		500		518
Hopkins Multifamily Housing, Renaissance Project, Callable 04/01/07 @ 102 6.250%, 04/01/15		500		519
Maplewood Multifamily Housing, Carefree Cottages II, Callable 04/15/14 @ 100 (AMT) (FNMA) 4.800%, 04/15/34		2,000		2,014
Minnesota State Housing Finance Agency, Residential Housing, Series B, Callable 07/01/11 @ 100 (AMT) 5.650%, 07/01/33		940		979
Minnesota State Housing Finance Agency, Residential Housing, Series B-1-RMK, Callable 07/01/11 @ 100 (AMT) 5.350%, 07/01/33		1,390		1,428
Minnesota State Housing Finance Agency, Residential Housing, Series F, Callable 07/01/11 @ 100 (AMT) 5.400%, 07/01/30		2,715		2,798
Minnesota State Housing Finance Agency, Series A, Callable 08/01/11 @ 100 3.850%, 02/01/13		1,430		1,436
Minnesota State Housing Finance Agency, Single Family Mortgage, Series C, Callable 07/01/09 @ 100 (AMT) 6.100%, 07/01/30		435		447
St. Anthony Housing & Redevelopment Authority, Chandler Place Project, Callable 05/20/06 @ 102 (FHA) (GNMA) 6.250%, 11/20/25		1,500		1,556
St. Louis Park, Multifamily Housing, Knollwood Apartments, Callable 12/01/05 @ 102 (FHA) 6.250%, 12/01/28		500		511
St. Louis Park, Multifamily Housing, Park Ridge Apartments, Callable 11/01/08 @ 102 (FHA) (GNMA) 5.250%, 11/01/20		500		517
White Bear Lake, Lake Square Housing, Lake Square, Series A, Callable 02/01/07 @ 102 (FHA) 6.000%, 08/01/20		1,020		1,055
				19,966
Lease Revenue – 3.4%
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A, Callable 02/01/10 @ 100 4.900%, 02/01/15		850		878
5.000%, 02/01/16		895		925
5.100%, 02/01/17		900		932
Puerto Rico Public Finance, Series A, Callable 02/01/12 @ 100, Mandatory Put 02/01/12 @ 100 5.750%, 08/01/27		1,000		1,090

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Schedule of Investments September 30, 2005

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
St. Paul Port Authority, Office Building at Robert St.-3-11 4.000%, 12/01/13	$	1,695	$	1,722
				5,547
Miscellaneous – 7.1%
Burnsville, YMCA Project (LOC: Wells Fargo Bank) (VRDO) 2.710%, 08/01/16 (b)		1,575		1,575
Little Canada Commercial Development, RLF Minnesota Project, Callable 10/01/05 @ 100 (MLO) 7.100%, 04/01/13		1,150		1,157
Minnesota State Retirement Systems Building, Callable 06/01/10 @ 100 5.875%, 06/01/27		7,000		7,684
Seaway Port Authority of Duluth, Cargill Inc. Project 4.200%, 05/01/13		1,130		1,145
				11,561
Recreational Facility Authority – 2.5%
Moorhead, Golf Course, Series B, Callable 12/01/08 @ 100 5.875%, 12/01/21		2,000		2,042
St. Paul Port Authority, Radisson Kellogg Project, Series 2, Callable 08/01/08 @ 103 7.375%, 08/01/29		2,000		2,093
				4,135
Tax Revenue – 0.3%
Duluth Economic Development Authority 8.000%, 08/01/08		160		167
Minneapolis, St. Anthony Falls Project, Callable 03/01/12 @ 102 5.750%, 02/01/27		300		301
				468
Transportation – 2.7%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A, Pre-refunded 01/01/10 @ 101 (FGIC) 5.750%, 01/01/32 (a)		3,000		3,319
Minneapolis & St. Paul Metropolitan Airports Commission, Series B, Callable 01/01/15 @ 100 (AMBAC) (AMT) 5.000%, 01/01/19		1,000		1,066
				4,385
Utilities – 15.1%
Chaska Electric, Series A, Callable 10/01/10 @ 100 6.100%, 10/01/30		45		50
Chaska Electric, Series A, Pre-refunded 10/01/10 @ 100 6.100%, 10/01/30 (a)		4,955		5,571
Minnesota Municipal Power Agency, Electricity Revenue, Callable 10/01/15 @ 100 5.000%, 10/01/35		1,500		1,545
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (MBIA) 6.650%, 01/01/19 (c)		4,000		2,212
6.700%, 01/01/24 (c)		12,000		5,167
5.800%, 01/01/25 (c)		7,000		2,846
5.600%, 01/01/26 (c)		8,300		3,195
5.151%, 01/01/27 (c)		3,000		1,097

Minnesota Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Western Minnesota Municipal Power Agency, Callable 01/01/11 @ 100 (AMBAC) 5.500%, 01/01/14	$	1,545	$	1,689
5.500%, 01/01/15		550		599
Western Minnesota Municipal Power Agency, Escrowed to Maturity (MBIA) 9.750%, 01/01/16 (d)		410		603
				24,574
Total Revenue Bonds				138,742
General Obligations – 12.1%
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/10 @ 100 (MSDCEP) 5.750%, 02/01/17 (e)		1,000		1,099
Becker Independent School District #726, Series A, Crossover Refunded 02/01/10 @ 100 (FSA) (MSDCEP) 6.000%, 02/01/21 (e)		1,000		1,105
Chaska Independent School District #112, Series A, Crossover Refunded 02/01/09 @ 100 (FSA) (MSDCEP) 5.700%, 02/01/18 (e)		1,000		1,079
Chaska Independent School District #112, Series B, Crossover Refunded 02/01/06 @ 100 (MSDCEP) 5.875%, 02/01/11 (e)		1,000		1,010
6.000%, 02/01/16 (e)		3,025		3,055
Columbia Heights Independent School District #13, Crossover Refunded 02/01/07 @ 100 (MSDCEP) 5.250%, 02/01/15 (e)		1,000		1,026
Delano Independent School District #879, Series A, Callable 02/01/11 @ 100 (FSA) (MSDCEP) 5.875%, 02/01/25		1,000		1,103
Minneapolis Sports Arena, Callable 04/01/08 @ 100 5.100%, 04/01/13		500		522
5.100%, 10/01/13		250		261
North St. Paul Independent School District #622, Series B, Crossover Refunded 05/01/06 @ 100 (MSDCEP) 5.850%, 05/01/17 (e)		500		508
Perham, Disposal System, Callable 05/01/11 @ 100 (AMT) 6.000%, 05/01/22		1,500		1,592
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33		1,000		1,059
St. Louis Park Independent School District #283, Crossover Refunded 02/01/09 @ 100 (MSDCEP) 5.700%, 02/01/17 (e)		2,000		2,140
Sauk Rapids Independent School District #47, Series A, Callable 02/01/11 @ 100 (MBIA) 5.750%, 02/01/23		2,000		2,201
Wayzata Independent School District #284, Series A, Crossover Refunded 02/01/07 @ 100 5.500%, 02/01/17 (e)		2,000		2,059
Total General Obligations				19,819
Total Municipal Bonds (Cost $149,307)				158,561

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

FIRST AMERICAN FUNDS Annual Report 2005

76

Minnesota Tax Free Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Money Market Fund – 2.1%
Federated Minnesota Municipal Cash Trust (Cost $3,377)		3,377,143	$	3,377
Total Investments – 99.3% (Cost $152,684)				161,938
Other Assets and Liabilities, Net – 0.7%				1,157
Total Net Assets – 100.0%			$	163,095

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

(b)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

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

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

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

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $16,521,055, which represents 10.1% of net assets.

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MSDCEP – Minnesota School District Credit Enhancement Program

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

Missouri Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.2%
Revenue Bonds – 72.4%
Continuing Care Retirement Community – 3.0%
Cole County Industrial Development Authority, Lutheran Services Heisinger Project, Callable 02/01/14 @ 100 5.250%, 02/01/24	$	2,000	$	2,068
Illinois Financing Authority, Friendship Village, Schaumburg, Series A, Callable 02/15/15 @ 100 5.375%, 02/15/25		1,800		1,816
Missouri State Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior, Series A, Callable 02/01/15 @ 100 5.375%, 02/01/35		1,500		1,554
				5,438
Education – 9.2%
Missouri State Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project, Callable 11/01/11 @ 100 5.000%, 11/01/19		2,540		2,715
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 06/15/11 @ 100 5.125%, 06/15/41		2,150		2,222
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 02/15/13 @ 100 5.000%, 02/15/33		1,000		1,039
Missouri State Health & Educational Facilities Authority, Washington University, Series A, Callable 02/15/15 @ 100 5.000%, 02/15/19		1,465		1,574
Northwest Missouri State University Housing, Callable 06/01/13 @ 100 (MBIA) 5.000%, 06/01/16		650		694
University of Missouri, Pre-refunded 11/01/07 @ 101 5.500%, 11/01/21 (a)		3,000		3,177
5.800%, 11/01/27 (a)		5,000		5,325
				16,746
Healthcare – 13.5%
Boone County Hospital, Callable 08/01/12 @ 100 5.050%, 08/01/20		1,200		1,237
Boone County Hospital, Callable 08/01/14 @ 100 5.000%, 08/01/16		670		706
Cape Girardeau County Authority, Southeast Missouri Hospital Association, Callable 06/01/12 @ 100 5.625%, 06/01/22		1,500		1,567
Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project, Callable 02/15/15 @ 102 5.500%, 02/15/24		2,000		2,112
Missouri State Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity 6.750%, 05/15/12 (b)		3,310		3,915
Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI) 4.250%, 08/15/13		735		752

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77

Schedule of Investments September 30, 2005

Missouri Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Missouri State Health & Educational Facilities Authority, Jefferson Memorial Hospital, Callable 08/15/14 @ 100 (RAAI) 5.000%, 08/15/19	$	2,300	$	2,395
Missouri State Health & Educational Facilities Authority, Lake Regional Health System Project 5.000%, 02/15/12		515		535
Missouri State Health & Educational Facilities Authority, St. Lukes Health Systems, Series A 5.000%, 11/15/14		3,000		3,233
Missouri State Health & Educational Facilities Authority, SSM Health, Series A, Pre-refunded 06/01/08 @ 101 (MBIA) 5.000%, 06/01/18 (a)		1,555		1,644
Missouri State Health & Educational Facilities Authority, SSM Health, Series B, Callable 06/01/08 @ 101 (MBIA) 5.000%, 06/01/18		445		466
North Kansas City Hospital, Series A, Callable 11/15/13 @ 100 (FSA) 5.000%, 11/15/21		250		263
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A, Callable 11/15/13 @ 100 6.625%, 11/15/35		500		517
University Health Facilities, University of Missouri Health System, Series A, Callable 11/01/06 @ 102 (AMBAC) 5.600%, 11/01/26		5,000		5,205
				24,547
Housing – 0.8%
University City Industrial Development Authority, Multifamily Housing, Series A, Callable 12/20/05 @ 102 5.950%, 12/20/25		1,400		1,431
Lease Revenue – 16.1%
Clay County, Public Building Authority, Callable 05/15/08 @ 100 (MLO) 5.125%, 05/15/14		2,000		2,091
Jackson County, Public Building Corporation, Callable 12/01/14 @ 100 5.000%, 12/01/19		2,060		2,179
5.000%, 12/01/25		1,000		1,043
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond 5.260%, 04/15/27 (c)		2,000		723
Kansas City Special Facilities Revenue, MCI Overhaul Base Project, Series G, Callable 09/01/15 @ 100 (AMT) 4.750%, 09/01/28		4,000		3,932
Missouri State Board of Public Buildings, Series A, Callable 10/15/13 @ 100 5.000%, 10/15/27		1,000		1,048
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MLO) 5.000%, 05/01/17		1,000		1,066
Missouri State Board of Public Buildings, State Office Building Special Obligation, Series A, Callable 05/01/11 @ 100 (MBIA) (MLO) 5.000%, 05/01/23		2,000		2,106
5.000%, 05/01/24		5,130		5,391
5.125%, 05/01/26		5,000		5,224

Missouri Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Missouri State Financial Board Infrastructure Facilities, Branson, Series A, Callable 12/01/12 @ 100 (MLO) 5.000%, 12/01/17	$	1,000	$	1,027
5.375%, 12/01/22		750		779
Springfield Public Building , Capital Improvement Project, Callable 03/01/14 @ 100 (AMBAC) 5.000%, 03/01/24		2,000		2,098
St. Louis Missouri Junior College District Building Corporation, Callable 03/01/15 @ 100 (AMBAC) 4.100%, 03/01/16		600		606
				29,313
Miscellaneous – 1.6%
Missouri Financial Board Cultural Facilities, Nelson Gallery Foundation, Series A, Callable 12/01/11 @ 100 5.250%, 12/01/14		1,000		1,089
Platte County Industrial Development Transportation Authority (MLO) 4.000%, 12/01/14		780		788
Sugar Creek, Lafarge North America, Series A, Callable 06/01/13 @ 101 (AMT) 5.650%, 06/01/37		1,000		1,039
				2,916
Revolving Funds – 14.0%
Missouri State Enviornmental Improvement & Energy Resources Authority, Series A, State Revolving Fund, Pre-refunded 07/01/10 @ 100 5.500%, 07/01/16 (a)		1,875		2,057
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, Drinking Water, Callable 07/01/08 @ 101 5.000%, 01/01/19		2,200		2,315
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A, State Revolving Fund Program, Callable 07/01/10 @ 100. 5.500%, 07/01/16		620		673
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water, Callable 01/01/09 @ 101 5.250%, 01/01/15		2,180		2,318
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, Drinking Water, Callable 01/01/13 @ 100 5.500%, 07/01/14		2,000		2,227
5.500%, 07/01/18		1,400		1,552
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B, State Revolving Fund Program, Callable 01/01/13 @ 100 5.000%, 01/01/17		600		643

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

FIRST AMERICAN FUNDS Annual Report 2005

78

Missouri Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program 5.375%, 07/01/14	$	2,400	$	2,702
5.375%, 07/01/15		1,500		1,694
5.375%, 07/01/16		2,000		2,268
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C, State Revolving Fund Program, Callable 07/01/11 @ 100 5.000%, 07/01/23		6,655		7,042
				25,491
Tax Revenue – 1.8%
Branson Industrial Development Authority Tax Increment Revenue, Branson Landing Retail Project, Callable 06/01/15 @ 100 5.500%, 06/01/29		1,000		1,000
Branson Tax Increment Revenue, Brentwood Square Project 4.125%, 05/01/11		250		250
Riverside Tax Increment Revenue, L-385 Levee Project, Callable 05/01/15 @ 100 5.250%, 05/01/20		1,000		1,025
St. Joseph Industrial Development Authority Tax Increment Revenue, Shoppes at North Village Project, Callable 11/01/14 @ 100 5.375%, 11/01/23		1,000		985
				3,260
Transportation – 6.9%
Missouri State Highways & Transportation Road, Series A, Callable 02/01/11 @ 100 5.250%, 02/01/20		5,000		5,344
Missouri State Highways & Transportation Road, Series A, Callable 02/01/12 @ 100 5.125%, 02/01/17		1,000		1,077
5.000%, 02/01/22		3,725		3,930
Puerto Rico Commonwealth Highway & Transportation Authority, Series K, Callable 07/01/15 @ 100 5.000%, 07/01/17 (d)		1,000		1,056
St. Louis Airport, Capital Improvement Program, Series A, Callable 07/01/12 @ 100 (MBIA) 5.375%, 07/01/21		1,000		1,082
				12,489
Utilities – 5.5%
Kansas City Water, Series A, Callable 12/01/08 @ 101 5.000%, 12/01/11		4,390		4,642
Kansas City Water, Series B, Callable 12/01/06 @ 101 5.000%, 12/01/16		2,200		2,264
Metropolitan St. Louis Sewer District, Series A, Callable 05/01/14 @ 100 (MBIA) 5.000%, 05/01/23		1,075		1,136
Missouri State Development Financial Board, Independence Water Systems, Callable 11/01/14 @ 100 (AMBAC) 5.000%, 11/01/24		1,000		1,054

Missouri Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, Kansas City Power & Light 4.000%, 01/02/12	$	1,000	$	1,009
				10,105
Total Revenue Bonds				131,736
General Obligations – 23.9%
Chesterfield, Callable until 02/14/17 @ 100 4.000%, 02/15/17		1,680		1,685
Columbia School District, Crossover Refunded 03/01/07 @ 100 6.300%, 03/01/11 (e)		365		381
Hazelwood School District, Missouri: Direct Deposit Program, Series A, Callable 03/01/15 @ 100 (FGIC) (STAID) 5.000%, 03/01/17		1,820		1,970
Independence School District, Missouri Direct Deposit Program, Callable 03/01/13 @ 100 (MBIA) (STAID) 5.000%, 03/01/20		1,240		1,317
Jefferson City School District, Series A 6.700%, 03/01/11		1,000		1,124
Missouri State, Fourth State Building, Series A, Pre-refunded 08/01/06 @ 100 5.400%, 08/01/09 (a)		2,000		2,042
Missouri State Water Pollution Control, Series A, Pre-refunded 08/01/06 @ 100 5.750%, 08/01/18 (a)		2,085		2,135
North Kansas City School District, Callable 03/01/11 @ 100 5.000%, 03/01/16		1,265		1,348
North Kansas City School District #74, Callable 03/01/15 @ 100 (STAID) 5.000%, 03/01/25		2,245		2,371
Platte County School District #R-3, Callable 03/01/14 @ 100 (MBIA) 5.000%, 03/01/24		1,000		1,055
Puerto Rico Municipal Finance Agency, Callable 08/01/09 @ 101 5.500%, 08/01/23		3,000		3,257
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33		1,000		1,059
St. Charles County, Francis Howell School District, Missouri Direct Deposit Program (FGIC) (STAID) 5.250%, 03/01/18		2,095		2,341
St. Joseph School District, Missouri Direct Deposit Program (FSA) (STAID) 5.250%, 03/01/17		1,500		1,679
St. Louis County 5.000%, 02/01/12		3,250		3,540
St. Louis County Rockwood School District #R-6, Callable 02/01/11 @ 100 5.000%, 02/01/13		3,000		3,215
St. Louis County Rockwood School District #R-6, Series A, Callable 02/01/13 @ 100 5.000%, 02/01/14		2,000		2,167
St. Louis County School District, Series A (FSA) 5.000%, 03/01/14		2,000		2,184
St. Louis County School District, Series A, Callable 03/01/14 @ 100 5.000%, 03/01/16		1,000		1,080

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79

Schedule of Investments September 30, 2005

Missouri Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
St. Louis Public Safety, Pre-refunded 08/15/09 @ 100 (FGIC) 5.125%, 02/15/17 (a)	$	4,185	$	4,475
Wentzville School District #R-4, Pre-refunded 03/01/08 @ 100 (FSA) 5.100%, 03/01/18 (a)		3,000		3,140
Total General Obligations				43,565
Certificates of Participation – 1.9%
Fenton, Callable 09/01/13 @ 100 (MBIA) (MLO) 3.900%, 09/01/15		1,275		1,261
Mehlville School District #R-9 (FSA) 5.000%, 09/01/15		2,000		2,169
Total Certificates of Participation				3,430
Total Municipal Bonds (Cost $170,928)				178,731
Affiliated Money Market Fund – 1.3%
First American Tax Free Obligations Fund, Class Z (f) (Cost $2,386)		2,386,485		2,386
Total Investments – 99.5% (Cost $173,314)				181,117
Other Assets and Liabilities, Net – 0.5%				971
Total Net Assets – 100.0%			$	182,088

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

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

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

(d)  Security purchased on a when-issued basis. On September 30, 2005 the total cost of investments purchased on a when-issued basis was $1,062,530 or 0.6% of total net assets. See note 2 in Notes to Financial Statements.

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

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

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $4,971,500, which represents 2.7% of net assets.

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

RAAI – Radian Asset Assurance Inc.

STAID – State Aid Withholding

Nebraska Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 95.9%
Revenue Bonds – 73.0%
Education – 16.4%
Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100 5.350%, 12/15/18	$	650	$	669
Nebraska Educational Finance Authority, Creighton University Project, Series A (AMBAC) 5.000%, 09/01/09		500		526
Nebraska Educational Finance Authority, Midland Lutheran College Project, Callable 10/01/10 @ 100 5.200%, 10/01/20		350		357
Nebraska Educational Finance Authority, Wesleyan University Project, Callable 04/01/12 @ 100 (RAAI) 5.000%, 04/01/17		605		628
Nebraska Utility Corporation, University of Nebraska, Lincoln Project, Callable 01/01/12 @ 100 5.250%, 01/01/15		1,045		1,134
University of Nebraska Facility Corporation, Medical Center Research Project, Callable 02/15/12 @ 100 5.000%, 02/15/15		500		531
University of Nebraska Facility Corporation, Deferred Maintenance Project, Callable 07/15/08 @ 100 5.250%, 07/15/11		1,000		1,050
University of Nebraska, Lincoln Memorial Stadium Project, Series A, Callable 05/01/14 @ 100 5.000%, 11/01/15		500		532
University of Nebraska, Lincoln Student Fees, Callable 01/01/13 @ 100 5.000%, 07/01/22		750		783
University of Nebraska, Omaha Student Housing Project, Callable 11/24/13 @ 100 5.000%, 05/15/23		500		526
				6,736
Healthcare – 17.4%
Douglas County Hospital Authority #1, Immanuel Medical Center, Callable 09/01/07 @ 102 (AMBAC) 4.900%, 09/01/09		750		785
Douglas County Hospital Authority #2, Girls & Boys Town Project, Callable 09/01/15 @ 100 4.500%, 09/01/30		1,000		969
Douglas County Hospital Authority #2, Nebraska Medical Center 5.000%, 11/15/16		700		744
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project, Series A, Callable 06/01/11 @ 100 (AMBAC) 5.000%, 06/01/19		500		520
5.125%, 06/01/21		1,200		1,254
Madison County Hospital Authority #1, Faith Regional Health Services Project, Callable 01/01/12 @ 100 (RAAI) 5.500%, 07/01/21		1,000		1,058

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

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80

Nebraska Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Nebraska Investment Finance Authority, Great Plains Regional Medical Center, Callable 05/15/12 @ 100 (RAAI) 5.200%, 11/15/16	$	250	$	263
5.300%, 11/15/17		805		849
Platte County Hospital Authority #1, Columbus Community Hospital Project, Callable 05/01/10 @ 101 (RAAI) 5.850%, 05/01/14		650		701
				7,143
Housing – 5.5%
Nebraska Investment Finance Authority, Multifamily Housing, Callable 07/01/12 @ 100 (AMT) (GNMA) 4.625%, 07/20/12		390		400
Nebraska Investment Finance Authority, Single Family Housing, Series A, Callable 03/01/11 @ 100 (AMT) 5.150%, 03/01/16		445		457
Nebraska Investment Finance Authority, Single Family Housing, Series C, Callable 03/01/14 @ 100 (AMT) 4.400%, 09/01/20 (a)		680		674
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments, Callable 10/01/11 @ 100 (GNMA) 5.150%, 11/20/22		695		718
				2,249
Miscellaneous – 0.8%
Washington County Wastewater Facilities, Cargill Project, Callable 11/01/12 @ 101 (AMT) 5.900%, 11/01/27		300		326
Recreational Facility Authority – 8.7%
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Pre-refunded 09/01/09 @ 100 5.650%, 09/01/11 (b)		1,000		1,087
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Callable 04/13/15 @ 100 4.750%, 09/01/24		1,115		1,116
Omaha Convention Hotel Corporation, Series A, Callable 04/01/12 @ 100 (AMBAC) 5.500%, 04/01/16		275		303
5.125%, 04/01/26		1,000		1,058
				3,564
Revolving Funds – 3.6%
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/09 @ 100 4.500%, 01/01/10		115		119
5.150%, 01/01/16		580		597
Nebraska Investment Finance Authority, Drinking Water System Revolving Fund, Callable 01/01/12 @ 100 4.750%, 07/01/19		750		770
				1,486
Tax Revenue – 2.2%
Omaha Special Tax Revenue, Series A, Callable 02/01/12 @ 101 5.125%, 02/01/32		500		524

Nebraska Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Omaha Tax Allocation, Convention Center Hotel Redevelopment, Series A, Callable 12/15/14 @100 5.000%, 12/15/19	$	400	$	405
				929
Utilities – 18.4%
Alliance Electrical Systems, Callable 06/15/08 @ 100 (AMBAC) 5.000%, 12/15/14		260		271
5.100%, 12/15/15		460		481
Cuming County Public Power District, Pre-refunded 05/15/06 @ 100 5.600%, 05/15/21 (b)		250		252
Elkhorn Rural Public Power District Electrical Systems, Callable 03/01/15 @ 100 (AMBAC) 4.750%, 09/01/25		600		625
Fremont Combined Utility System, Callable 11/01/10 @ 100 (MBIA) 4.300%, 09/01/26 (a)		500		499
Grand Island Electrical Systems, Callable 06/27/11 @ 100 (MBIA) 5.125%, 08/15/16		750		807
Hastings Electrical Systems, Callable 05/01/11 @ 100 (FSA) 5.000%, 01/01/15		1,000		1,069
5.000%, 01/01/16		750		801
Lincoln Electrical Systems, Callable 09/01/11 @ 100 5.000%, 09/01/15		500		537
Lincoln Electrical Systems, Callable 09/01/13 @ 100 5.000%, 09/01/26		250		261
Lincoln Sewer Revenue, Callable 06/15/15 @ 100 4.500%, 06/15/29		1,080		1,064
Omaha Public Power District, Series A, Pre-refunded 02/01/10 @ 100 5.200%, 02/01/22 (b)		630		679
Omaha Public Power Electrical Systems, Escrowed to Maturity 6.200%, 02/01/17 (c)		210		246
				7,592
Total Revenue Bonds				30,025
General Obligations – 19.7%
Dawson County School District #20, Gothenburg Public Schools, Pre-refunded 06/15/06 @ 102 (MBIA) 5.100%, 12/15/16 (b)		365		378
Douglas County School District #17, Millard Public Schools, Series A, Callable 05/15/10 @100 (FSA) 4.500%, 06/15/25		750		749
Douglas County School District #54, Ralston Public Schools, Callable 08/15/11 @ 100 (FSA) 5.000%, 12/15/16		845		905
Lancaster County School District #1, Lincoln Public Schools, Callable 01/15/11 @ 100 5.250%, 07/15/19		220		237

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81

Schedule of Investments September 30, 2005

Nebraska Tax Free Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Lancaster County School District #1, Lincoln Public Schools, Callable 07/15/12 @ 100 5.000%, 01/15/17	$	750	$	800
Lincoln County School District #1, North Platte Public Schools, Callable 05/04/15 @100 (FSA) 4.250%, 12/15/20		500		500
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental, Callable 08/18/14 @ 100 5.000%, 12/01/22		900		955
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental, Callable 04/15/15 @ 100 4.500%, 10/15/26		750		747
Omaha, Series A, Escrowed to Maturity 6.500%, 12/01/18 (c)		825		1,038
Omaha-Douglas Public Building, Callable 05/01/11 @ 100 4.900%, 05/01/16		500		530
5.100%, 05/01/20		300		319
Omaha-Douglas Public Building, Callable 05/01/15 @ 100 4.000%, 05/01/20		405		393
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) 5.250%, 07/01/33		500		529
Total General Obligations				8,080
Certificates of Participation – 3.2%
Western Nebraska Community College, Callable 10/15/07 @ 100 4.700%, 10/15/10		295		301
4.800%, 10/15/11		195		199
4.900%, 10/15/12		250		255
5.000%, 10/15/13		300		306
5.100%, 10/15/14		250		255
Total Certificates of Participation				1,316
Total Municipal Bonds (Cost $37,868)				39,421
Affiliated Money Market Fund – 5.7%
First American Tax Free Obligations Fund, Class Z (d) (Cost $2,371)		2,371,009		2,371
Total Investments – 101.6% (Cost $40,239)				41,792
Other Assets and Liabilities, Net – (1.6)%				(673	)
Total Net Assets – 100.0%			$	41,119

(a)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $1,173,195 or 2.9% of total net assets. See note 2 in Notes to Financial Statements.

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

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

Nebraska Tax Free Fund (concluded)

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

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $1,856,591, which represents 4.5% of net assets.

COMGTY – Commonwealth Guaranty

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

MBIA – Municipal Bond Insurance Association

RAAI – Radian Asset Assurance Inc.

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

FIRST AMERICAN FUNDS Annual Report 2005

82

Ohio Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.6%
Revenue Bonds – 49.4%
Continuing Care Retirement Communities – 4.1%
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A, Callable 07/01/12 @ 100 (RAAI) 5.125%, 07/01/22	$	500	$	517
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A, Callable 07/01/15 @ 100 5.000%, 07/01/26		800		814
Toledo-Lucas County Port Authority Facilities, St. Mary Woods Project, Series A, Callable 05/15/10 @ 100 6.000%, 05/15/24		400		406
				1,737
Economic Development – 0.6%
Summit County Port Authority Board Funding Program, Garfield Heights Project, Series A, Callable 05/15/14 @ 102 5.250%, 05/15/23		250		252
Education – 13.3%
Ohio State Higher Educational Facilities, Baldwin-Wallace College Project 5.000%, 12/01/13		750		789
Ohio State Higher Educational Facilities, Ohio Northern University Project, Callable 05/01/15 @100 5.000%, 05/01/26		1,000		1,041
Ohio State Higher Educational Facilities, Wittenburg University Project, Callable 12/01/15 @100 5.000%, 12/01/24		505		513
Ohio State Higher Educational Facilities, Xavier University Project, Callable 05/01/13 @ 100 (FGIC) 5.250%, 05/01/16		1,000		1,092
Ohio State University, Series B, Callable 06/01/13 @ 100 5.250%, 06/01/16		1,000		1,094
University of Cincinnati, Series A, Callable 06/01/11 @ 101 (FGIC) 5.500%, 06/01/14		1,000		1,107
				5,636
Healthcare – 7.8%
Akron Bath Copley County Hospital Facilities, Summa Health Services, Series A, Callable 11/15/14 @ 100 (RAAI) 5.250%, 11/15/16		800		855
Erie County Hospital Facilities, Firelands Regional Medical Center, Series A, Callable 08/15/12 @ 101 5.500%, 08/15/22		500		525
Fairfield County Hospital Facilities, Fairfield Medical Center, Callable 06/15/12 @ 100 (RAAI) 5.000%, 06/15/22		500		513
Hamilton County Hospital Facilities, Children's Medical Center, Series F (FGIC) 5.200%, 05/15/09		1,000		1,049
Lorain County Hospital, Catholic Healthcare, Callable 10/01/12 @ 100 5.500%, 10/01/17		350		373
				3,315

Ohio Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Lease Revenue – 7.1%
Cleveland-Cuyahoga County Port Authority, Rita Project, Callable 11/15/14 @100 (RAAI) 5.000%, 11/15/19	$	750	$	785
Ohio State Building Authority, State Facility, Administration Building Fund, Series A, Callable 04/01/12 @ 100 (FSA) 5.500%, 04/01/16		1,000		1,101
Riversouth Authority Revenue, Riversouth Area Redevelopment, Series A, Callable 06/01/14 @ 100 5.250%, 12/01/17		1,000		1,093
				2,979
Miscellaneous – 2.4%
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B 4.500%, 12/01/15		1,000		1,022
Revolving Funds – 5.0%
Ohio State Water Development Authority, Escrowed to Maturity, Callable 06/01/06 @ 101 (AMBAC) 5.800%, 12/01/11 (a)		1,000		1,022
Ohio State Water Development Authority, Water Pollution Control, Pre-refunded 06/01/12 @ 100 5.050%, 12/01/21 (b)		1,000		1,088
				2,110
Tax Revenue – 1.0%
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project, Callable 12/01/13 @ 102 5.250%, 12/01/23		400		412
Transportation – 1.2%
Ohio State Turnpike Commission, Series A, Pre-refunded 02/15/06 @ 102 (MBIA) 5.700%, 02/15/13 (b)		500		515
Utilities – 6.9%
Butler County Waterworks, Water District, Callable 12/01/15 @ 100 (AMBAC) 4.000%, 12/01/18		795		789
Hamilton Electrical Systems, Series A, Callable 10/15/15 @ 101 4.300%, 10/15/16		1,000		1,029
Montgomery County Water, Greater Moraine Beaver, Callable 11/15/12 @ 100 (AMBAC) 5.375%, 11/15/16		1,000		1,103
				2,921
Total Revenue Bonds				20,899
General Obligations – 46.0%
Cincinnati, Callable 12/01/11 @ 100 5.000%, 12/01/16		1,000		1,074
5.000%, 12/01/17		1,000		1,071
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC) 5.000%, 12/01/11		1,000		1,087
Dublin City School District, Callable 12/01/14 @ 100 5.500%, 12/01/16		1,000		1,123

FIRST AMERICAN FUNDS Annual Report 2005

83

Schedule of Investments September 30, 2005

Ohio Tax Free Fund (concluded)

DESCRIPTION	PAR (000)		VALUE (000)
Dublin, Refunding & Improvement, Series A, Callable 12/01/09 @ 101 5.250%, 12/01/14	$	1,000	$	1,082
Greater Cleveland Regional Transportation Authority, Pre-refunded 12/01/06 @ 101 (FGIC) 5.650%, 12/01/16 (b)		1,000		1,041
Ohio State Common Schools, Series A, Callable 03/15/12 @ 100 5.125%, 09/15/22		1,750		1,868
Ohio State Higher Education, Series A, Callable 02/01/11 @ 100 5.000%, 02/01/19		1,000		1,064
Ohio State Higher Education, Series A, Callable 02/01/12 @ 100 5.000%, 08/01/22		1,000		1,056
Ohio State Higher Education, Series B, Callable 11/01/11 @ 100 5.000%, 11/01/15		1,000		1,074
Ohio State Infrastructure Improvement, Series A 5.500%, 02/01/20		1,000		1,154
Ohio State Parks & Recreational Facilities, Series II-A, Callable 02/01/15 @ 100 5.250%, 02/01/20		1,000		1,091
Revere Local School District (FSA) 5.000%, 12/01/12		1,150		1,256
Solon, Callable 12/01/12 @ 100 5.000%, 12/01/21		1,000		1,062
Springfield City School District, Callable 12/01/11 @ 102 (FGIC) 5.200%, 12/01/23		1,000		1,083
Summit County, Series R (FGIC) 5.500%, 12/01/21		1,000		1,159
Toledo City School District, School Facilities Improvement, Callable 12/01/13 @ 100 (FSA) 5.000%, 12/01/14		1,000		1,087
Total General Obligations				19,432
Certificate of Participation – 3.2%
Midview Local School District, School Buildings Facilities Project, Callable 05/01/13 @ 100 5.250%, 11/01/17		1,270		1,359
Total Municipal Bonds (Cost $40,333)				41,690
Total Investments – 98.6% (Cost $40,333)				41,690
Other Assets and Liabilities, Net – 1.4%				576
Total Net Assets – 100.0%			$	42,266

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

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

AMBAC – American Municipal Bond Assurance Corporation

FGIC – Financial Guaranty Insurance Corporation

FSA – Financial Security Assurance

MBIA – Municipal Bond Insurance Association

RAAI – Radian Asset Assurance Inc.

Oregon Intermediate Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 98.2%
Revenue Bonds – 31.3%
Continuing Care Retirement Communities – 1.4%
Clackamas County Hospital Facilities Authority, Mary's Woods, Series A, Callable 05/15/09 @ 102 6.125%, 05/15/13	$	1,000	$	1,054
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes, Callable 11/15/05 @ 104 8.000%, 11/15/26		900		933
				1,987
Economic Development – 1.0%
Port Morrow, Callable until 05/31/15 @ 100 6.250%, 06/01/15		1,500		1,501
Education – 6.2%
Forest Grove Campus Improvement, Pacific University Project, Series A, Callable 05/01/15 @ 100 (RAAI) 5.000%, 05/01/22		1,375		1,429
Multnomah County Educational Facilities, University of Portland, Callable 04/01/07 @ 102 (AMBAC) 5.750%, 04/01/10		2,245		2,373
5.700%, 04/01/15		1,000		1,063
Oregon State Facilities Authority, Linfield College Project, Series A, Callable 10/01/15 @ 100 5.000%, 10/01/25		1,000		1,016
Oregon State Health, Housing, Educational & Cultural Facilities Authority, George Fox University, Series A, Pre-refunded 03/01/07 @ 102 (BA) 5.400%, 03/01/09 (a)		395		416
5.450%, 03/01/10 (a)		415		437
Oregon State Health, Housing, Educational & Cultural Facilities Authority, Reed College, Series A, Callable 07/01/06 @ 102 5.375%, 07/01/15		2,000		2,059
				8,793
Healthcare – 5.7%
Clackamas County Hospital Facilities Authority, Legacy Health Systems, Callable 08/15/09 @ 101 5.250%, 02/15/11		2,000		2,133
5.375%, 02/15/12		1,000		1,062
Medford Hospital Facilities Authority, Asante Health Systems, Callable 08/15/08 @ 101 (MBIA) 5.250%, 08/15/11		1,000		1,057
5.375%, 08/15/12		1,000		1,061
Multnomah County Hospital Facilities Authority, Providence Health Systems, Callable 10/01/14 @ 100 5.250%, 10/01/22		1,000		1,073
Salem Hospital Facilities Authority, Callable 08/15/08 @ 101 5.250%, 08/15/14		1,000		1,049

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

FIRST AMERICAN FUNDS Annual Report 2005

84

Oregon Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A 5.000%, 03/01/12	$	690	$	738
				8,173
Housing – 0.6%
Oregon State Housing & Community Services, Series A, Callable until 06/30/06 @ 101 6.400%, 07/01/18		280		283
Oregon State Housing & Community Services, Series A, Callable 07/01/06 @ 102 6.000%, 07/01/16		25		26
Oregon State Housing & Community Services, Series E, Callable 01/01/10 @ 100 (FHA) 5.750%, 07/01/13		410		412
Portland Housing Authority, New Market West Project (LOC: Wells Fargo Bank N.A.) 2.760%, 04/01/34 (b)		150		150
				871
Recreational Facility Authority – 0.8%
Portland Urban Renewal & Redevelopment, Convention Center, Series A, Callable 06/15/10 @ 101 (AMBAC) 5.750%, 06/15/15		1,000		1,109
Tax Revenue – 1.9%
Medford Urban Renewal Agency, Callable 01/01/13 @ 101 4.500%, 06/01/13		1,010		1,049
Oregon State Department of Administrative Services Lottery, Series A, Callable 04/01/10 @ 100 (FSA) 5.000%, 04/01/12		1,050		1,117
Tri-County Metropolitan Transportation District, Series 1 (MGT) 4.900%, 06/01/09		500		524
				2,690
Transportation – 5.8%
Oregon State Department of Transportation, Highway User Tax, Series A, Callable 11/15/14 @ 100 5.000%, 11/15/24		1,325		1,401
Oregon State Department of Transportation, Highway User Tax, Pre-refunded 11/15/10 @ 100 5.125%, 11/15/14 (a)		2,260		2,453
Oregon State Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/12 @ 100 5.500%, 11/15/16 (a)		1,000		1,119
Port Portland Airport, Series 12-A, Callable 01/01/09 @ 101 (FGIC) 5.250%, 07/01/11		1,165		1,237
5.250%, 07/01/12		2,000		2,119
				8,329
Utilities – 7.9%
Eugene Electric Utilities, Callable 08/01/06 @ 100 (FSA) 5.375%, 08/01/11		1,195		1,218
Eugene Electric Utilities, Callable 08/01/07 @ 100 (FSA) 5.000%, 08/01/11		1,305		1,347

Oregon Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Eugene Electric Utilities, Callable 08/01/08 @ 100 (FSA) 4.800%, 08/01/13	$	690	$	715
Port of St. Helens Pollution Control, Portland General Electric 4.800%, 04/01/10		2,450		2,497
4.800%, 06/01/10		400		408
Tualatin Valley Water District, Pre-refunded 06/01/08 @ 100 (FSA) 5.000%, 06/01/12 (a)		1,000		1,043
Washington County Clean Water Services (MBIA) 5.000%, 10/01/14		1,000		1,095
Washington County Clean Water Services, Callable 10/01/11 @ 100 (FGIC) 5.125%, 10/01/14		1,790		1,934
Washington County Unified Sewer Agency, Series 1 (FGIC) 5.750%, 10/01/08		1,000		1,075
				11,332
Total Revenue Bonds				44,785
General Obligations – 61.6%
Chemeketa Community College District, Escrowed to Maturity (FGIC) 5.500%, 06/01/13 (c)		2,170		2,437
Clackamas & Washington Counties School District #3, Linn-Wilsonville District, Series A, Zero Coupon Bond (FGIC) 4.415%, 06/15/15 (d)		4,000		2,649
Clackamas County School District #7, Lake Oswego, Pre-refunded 06/01/11 @ 100 5.500%, 06/01/12 (a)		1,240		1,373
Clackamas County School District #7J, Lake Oswego, (FSA) 5.250%, 06/01/17		2,000		2,233
Clackamas County School District #86, Canby, Callable 06/15/15 @ 100 (FSA) 5.000%, 06/15/24		1,500		1,592
Clackamas County School District #86, Canby, Pre-refunded 06/15/10 @ 100 (SBG) 5.500%, 06/15/15 (a)		1,835		2,011
Columbia County School District #502, Zero Coupon Bond (FGIC) 3.900%, 06/01/12 (d)		1,530		1,188
5.000%, 06/01/16 (d)		1,000		638
Deschutes & Jefferson Counties School District #2, Pre-refunded 06/15/11 @ 100 5.500%, 06/15/14 (a)		1,725		1,911
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (SBG) 5.000%, 06/15/13		1,250		1,361
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (SBG) 5.090%, 06/15/21 (d)		1,000		495
Deschutes County, Callable 12/01/12 @ 100 (FSA) 5.000%, 12/01/14		1,755		1,900
Eugene Public Safety Facilities, Callable 06/01/06 @ 100 (FGIC) 5.700%, 06/01/16		1,295		1,318
Hood River County School District, Callable 06/15/11 @ 100 (SBG) 5.250%, 06/15/16		1,030		1,116

FIRST AMERICAN FUNDS Annual Report 2005

85

Schedule of Investments September 30, 2005

Oregon Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Jackson County School District #6, Central Point, Callable 06/15/14 @ 100 (FSA) (SBG) 5.250%, 06/15/16	$	1,140	$	1,258
Jackson County School District #549, Medford (SBG) 5.000%, 06/15/12		2,000		2,169
Josephine County Unit School District Three Rivers (FGIC) (SBG) 5.000%, 12/15/17		1,000		1,094
Lake Oswego (MBIA) 5.250%, 06/01/13		1,035		1,144
Lane & Douglas Counties School District #97-J (FGIC) (SBG) 5.375%, 06/15/16		1,235		1,392
Lane County School District #4, Eugene (FGIC) 5.000%, 07/01/11		1,785		1,931
Lane County School District #40, Creswell, Callable 06/15/10 @ 100 (SBG) 5.000%, 06/15/11		1,120		1,195
Lane County School District #52, Bethel, Pre-refunded 06/15/10 @ 100 (SBG) 5.350%, 06/15/11 (a)		1,285		1,400
Linn Benton Community College District, Zero Coupon Bond (FGIC) (SBG) 4.000%, 06/15/08 (d)		985		903
4.210%, 06/15/09 (d)		1,000		884
Linn County Community School District, Pre-refunded 06/15/13 @ 100 (FGIC) (SBG) 5.550%, 06/15/21 (a)		1,000		1,128
Marion & Polk Counties School District #7-J, Silverton, Callable until 05/31/06 @ 100.50 (FSA) 5.600%, 06/01/06		860		868
Marion County School District #103C Woodburn, Series B, Zero Coupon Bond (FGIC) 3.700%, 11/01/11 (d)		2,210		1,764
McMinnville School District #40 (FSA) 5.500%, 06/15/12		620		692
5.500%, 06/15/13		1,000		1,119
Metro, Callable 09/01/10 @ 102 5.250%, 09/01/14		1,000		1,097
Morrow County School District #1 (FSA) (SBG) 5.000%, 06/15/14		1,155		1,259
Multnomah County, Series A, Pre-refunded 04/01/10 @ 100 5.000%, 04/01/11 (a)		1,000		1,071
5.125%, 04/01/13 (a)		2,445		2,632
Multnomah County School District #7, Reynolds, Callable 06/01/10 @ 100 (MBIA) 5.000%, 06/01/21		1,545		1,623
Multnomah County School District #7, Reynolds, Pre-refunded 06/15/11 @ 100 (SBG) 5.625%, 06/15/15 (a)		1,000		1,114
Multnomah County School District #40, Callable 12/01/15 @ 100 (FSA) 4.000%, 12/01/18		1,970		1,958
Multnomah-Clackamas County School District #10, Gresham-Barlow, Pre-refunded 06/15/11 @ 100 (FSA) (SBG) 5.500%, 06/15/13 (a)		1,780		1,972
Multnomah-Clackamas County School District #10JT, Gresham-Barlow, (FSA) (SBG) 5.250%, 06/15/17		1,000		1,117

Oregon Intermediate Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Multnomah-Clackamas County School District #28-302, Centennial, Pre-refunded 06/15/11 @ 100 (FGIC) (SBG) 5.500%, 06/15/14 (a)	$	1,500	$	1,662
Oregon State, Series 73F, (LOC: Bayerische Landesbank) 2.750%, 12/01/17 (b)		300		300
Oregon State Board of Higher Education, Series A, Pre-refunded 08/01/09 @ 101 5.500%, 08/01/15 (a)		1,255		1,365
Oregon State Pollution Control, Series A, Callable 11/01/07 @ 100 4.875%, 11/01/11		455		470
Portland Community College Services, Pre-refunded 06/01/11 @ 100 5.375%, 06/01/15 (a)		1,375		1,514
Portland Emergency Facilities, Series A, Callable 06/01/09 @ 100 5.000%, 06/01/12		1,060		1,119
Puerto Rico Public Buildings Authority, Series J, Callable 07/01/12 @ 100 (AMBAC) (COMGTY) 5.000%, 07/01/36		1,000		1,083
Rogue Community College District, Callable 06/15/15 @ 100 (MBIA) (SBG) 5.000%, 06/15/22		1,000		1,066
Salem-Keizer School District #24-J, Callable 06/01/08 @ 100 (FSA) 5.100%, 06/01/12		2,000		2,092
Salem-Keizer School District #24-J, Pre-refunded 06/01/09 @ 100 (SBG) 5.250%, 06/01/12 (a)		1,000		1,071
Tri-County Metropolitan Transportation District, Light Rail Extension, Series A, Callable 07/01/09 @ 101 5.250%, 07/01/10		1,115		1,200
5.250%, 07/01/12		1,000		1,074
Tualatin Hills Park & Recreation District (FGIC) 5.750%, 03/01/13		870		988
Umatilla County School District #016-R, Pendleton (FGIC) 5.000%, 07/01/11		1,000		1,082
5.250%, 07/01/14		1,540		1,712
Wasco County School District #12 5.500%, 06/15/14		1,080		1,219
Washington, Multnomah & Yamhill Counties School District #1-J 5.000%, 11/01/14		1,000		1,095
Washington, Multnomah & Yamhill Counties School District #1-J (FGIC) 5.250%, 06/15/14		1,115		1,238
Washington, Multnomah & Yamhill Counties School District #1-J, Pre-refunded 06/01/09 @ 100 5.250%, 06/01/12 (a)		1,185		1,258
Washington & Clackamas Counties School District #23-J, Tigard (FGIC) 5.250%, 06/01/11		1,335		1,459
5.500%, 06/01/13		1,000		1,122
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond 5.820%, 06/15/14 (d)		1,030		720
Washington County, Callable 06/01/11 @ 100 5.500%, 06/01/14		2,305		2,538

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

FIRST AMERICAN FUNDS Annual Report 2005

86

Oregon Intermediate Tax Free Fund (concluded)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Washington County School District #48-J, Beaverton, Pre-refunded 08/01/08 @ 100 5.250%, 08/01/10 (a)	$	2,000	$	2,115
Wilsonville, Callable 06/01/08 @ 100 5.000%, 12/01/10		255		256
Yamhill County School District #29-J, Newberg (FGIC) (SBG) 5.250%, 06/15/15		2,010		2,242
Total General Obligations				88,066
Certificates of Participation – 5.3%
Multnomah County, Callable 08/01/08 @ 101 (MLO) 4.750%, 08/01/11		1,685		1,759
Multnomah County, Pre-refunded 08/01/08 @ 101 4.750%, 08/01/11 (a)		515		542
Oregon State Department of Administrative Services,  Series A, Callable 05/01/09 @ 101 (AMBAC) (MLO) 5.000%, 05/01/14		1,240		1,318
Oregon State Department of Administrative Services, Series A, Callable 05/01/13 @ 100 (FSA) 5.000%, 05/01/14		1,200		1,296
Oregon State Department of Administrative Services,  Series B, Callable 11/01/07 @ 101 (AMBAC) (MLO) 5.000%, 11/01/11		840		878
Oregon State Department of Administrative Services, Series B, Callable 05/01/14 @ 100 (FSA) 5.000%, 05/01/18		1,680		1,802
Total Certificates of Participation				7,595
Total Municipal Bonds (Cost $135,287)				140,446
Affiliated Money Market Fund – 0.5%
First American Tax Free Obligations Fund, Class Z (e) (Cost $643)		642,629		643
Total Investments – 98.7% (Cost $135,930)				141,089
Other Assets and Liabilities, Net – 1.3%				1,880
Total Net Assets – 100.0%			$	142,969

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

(b)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

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

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

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

AMBAC – American Municipal Bond Assurance Corporation

BA – Bank of America

COMGTY – Commonwealth Guaranty

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FSA – Financial Security Assurance

LOC – Letter of Credit

MBIA – Municipal Bond Insurance Association

MGT – Morgan Guaranty Trust

MLO – Municipal Lease Obligation

RAAI – Radian Asset Assurance Inc.

SBG – School Board Guaranty

Short Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 99.5%
Alabama – 2.4%
Foley Utilities Board, Escrowed to Maturity, Callable 03/01/06 @ 100 (RB) 6.000%, 03/01/07 (a)	$	1,500	$	1,562
Homewood Warrant, Sewer 7, Escrowed to Maturity, Callable until 02/28/07 @ 100 6.125%, 03/01/07 (a)		1,340		1,398
Jefferson County Limited Obligation School Warrant, Series A (RB) 5.000%, 01/01/08		3,500		3,616
Mobile Warrant, Escrowed to Maturity, Callable until 02/14/07 @ 100 (GO) 6.200%, 02/15/07 (a)		1,280		1,334
				7,910
Arizona – 6.6%
Arizona State Funding Program, Series 15, Escrowed to Maturity (COP) 8.750%, 08/01/06 (a)		2,115		2,215
8.750%, 08/01/06 (a)		1,410		1,477
Glendale Industrial Development Authority (RB) 4.250%, 05/15/08		1,240		1,262
Maricopa County Hospital, Sun Health Corp. (RB) 5.000%, 04/01/11		3,815		3,997
Salt River Project, Agricultural Improvement & Power District (RB) 5.000%, 12/01/09		5,500		5,863
Scottsdale Water & Sewer, Project of 1989, Series E (RB) 7.000%, 07/01/08		1,370		1,506
Tempe Industrial Development Authority, Series A (RB) 4.500%, 12/01/06		1,000		1,004
University Medical Center (PUFG) (RB) 5.000%, 07/01/07		300		308
5.000%, 07/01/08		700		727
5.000%, 07/01/09		500		523
Yavapai County Industrial Development Authority, Waste Management Project, Series A-1, Mandatory Put 03/01/06 @ 100 (AMT) (GTY) (RB) 3.650%, 03/01/28		3,100		3,102
				21,984
California – 3.9%
California State (GO) 5.000%, 02/01/08		5,000		5,206
5.000%, 02/01/08		1,000		1,041
California State Public Works Board, Series A (RB) 5.000%, 06/01/09		3,900		4,114
California Statewide Community Development Authority, Daughters of Charity Health (RB) 5.000%, 07/01/09		500		521
Contra Costa Transportation Authority, Series A, Escrowed to Maturity, Callable until 02/28/07 @ 100 (RB) 6.875%, 03/01/07 (a)		2,065		2,131
				13,013
Colorado – 1.8%
Colorado Health Facilities Authority, Covenant Retirement Communities (RB) 4.500%, 12/01/09		500		511

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Schedule of Investments September 30, 2005

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Colorado Health Facilities Authority, Vail Valley Medical Center Project (RB) 4.000%, 01/15/07	$	500	$	503
Denver City & County Airport, Series E (AMT) (RB) (XLCA) 5.000%, 11/15/07		5,000		5,165
				6,179
Florida – 1.0%
Escambia County Health Facilities Authority, Ascension Health Credit, Series A (RB) 5.000%, 11/15/06		815		833
Highlands County Health Facilities Authority, The Adventist Health System, Series B (RB) 3.750%, 11/15/06		2,605		2,621
				3,454
Georgia – 0.7%
Cartersville Development Authority, Sewer Facilities, Anheuser Busch (AMT) (RB) 5.625%, 05/01/09		2,075		2,208
Idaho – 0.5%
Idaho Falls, Escrowed to Maturity, Callable 10/01/05 @ 100 (RB) 10.250%, 04/01/06 (a)		375		388
Idaho Falls, Pre-refunded 04/01/07 @ 100, Callable 10/01/05 @ 100 (RB) 10.375%, 04/01/13 (b)		1,075		1,185
				1,573
Illinois – 7.8%
Champaign County Community Unit School District #4 (GO) 8.300%, 01/01/07		1,120		1,190
Chicago O'Hare International Airport, 2nd Lien, Passenger Facilities, Series C (MBIA) (RB) 5.750%, 01/01/09		1,000		1,076
Chicago Sales Tax Revenue (RB) 5.000%, 01/01/11		3,165		3,400
Cook County Community High School District #218, Partially Escrowed to Maturity, Zero Coupon Bond (FSA) (GO) 2.630%, 12/01/05 (a) (c)		1,760		1,752
Cook County Consolidated High School District #200, Oak Park, Zero Coupon Bond (FSA) (GO) 2.070%, 12/01/05 (c)		2,265		2,254
Cook County High School District #209, Proviso Township (FSA) (GO) 2.650%, 12/01/08 (d)		1,485		1,395
Illinois Development Finance Authority, People's Gas, Light & Coke, Series B, Mandatory Put 02/01/08 @ 100 (AMBAC) (RB) 3.050%, 02/01/33 (e)		3,000		2,978
Illinois Educational Facilities Authority, The Art Institute of Chicago, Mandatory Put 03/01/08 @ 100 (RB) 3.100%, 03/01/34		2,000		1,985
Illinois Finance Authority, DePaul University, Series A (RB) 5.000%, 10/01/07		1,000		1,031
5.000%, 10/01/09		1,000		1,052
5.000%, 10/01/09		1,355		1,426
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI) (RB) 3.375%, 12/01/06		1,365		1,367

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Illinois Health Facilities Authority, University of Chicago, Hospital & Health (MBIA) (RB) 5.000%, 08/15/07	$	1,000	$	1,034
Illinois State Toll Highway Authority, Pre-refunded 07/01/06 @ 100, Callable until 12/31/09 @ 100 (RB) 6.750%, 01/01/10 (b)		10		10
Lake County Community Unit School District #60, Waukegan, Series A (FSA) (GO) 6.000%, 12/01/05		1,115		1,121
Lake County School District #112, Highland Park (GO) 9.000%, 12/01/06		1,655		1,765
9.000%, 12/01/07		1,000		1,119
				25,955
Indiana – 3.2%
Gary Sanitation District, Special Tax District (GO) (RAAI) 3.500%, 02/01/07		1,105		1,108
Indiana Health Facility Financing Authority, Ascension Health Credit (RB) 5.000%, 05/01/09		7,000		7,363
Indiana State Development Finance Authority, Waste Management Income Project, Mandatory Put 10/01/05 @ 100 (AMT) (RB) 2.700%, 10/01/31		1,000		1,000
New Albany & Floyd County School Building (FSA) (RB) 5.000%, 01/15/10		1,310		1,394
				10,865
Iowa – 0.1%
Scott County, Ridgecrest Village (RB) 4.000%, 11/15/06		500		498
Kansas – 0.4%
Augusta Electric Generating & Distribution System, Escrowed to Maturity, Callable 11/15/05 @ 100 (RB) 6.700%, 11/15/07 (a)		1,440		1,473
Kentucky – 0.2%
Kentucky State Turnpike Authority, Escrowed to Maturity, Callable until 06/30/07 @ 100 (RB) 6.125%, 07/01/07 (a)		225		233
Owensboro Electric, Light & Power, Escrowed to Maturity, Callable 01/01/06 @ 100 (RB) 6.850%, 01/01/08 (a)		445		464
				697
Louisiana – 3.5%
Louisiana State Health & Education Authority, Lambeth House Project, Pre-refunded 10/01/06 @ 102 (RB) 9.000%, 10/01/26 (b)		1,000		1,078
Louisiana State, Series A (GO) 5.000%, 08/01/09		8,000		8,453
Tangipahoa Parish Hospital Service District #1, North Oaks Medical Center Project (RB) 5.000%, 02/01/11		2,035		2,107
				11,638

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

FIRST AMERICAN FUNDS Annual Report 2005

88

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Massachusetts – 2.2%
Massachusetts State, Series C (GO) 5.000%, 09/01/09 (f)	$	4,000	$	4,253
Massachusetts State, Series E (GO) 5.500%, 01/01/09		3,000		3,210
				7,463
Michigan – 4.7%
Michigan Municipal Bond Authority, Series A, Escrowed to Maturity (RB) 6.150%, 10/01/05 (a)		1,500		1,500
Michigan State Hospital Finance Authority, Genesys Health System, Series A, Pre-refunded 10/01/05 @ 100 (RB) 7.500%, 10/01/27 (b)		6,620		6,621
Michigan State Hospital Finance Authority, Harper-Grace Hospital, Escrowed to Maturity, Callable until 04/30/09 @ 100 (RB) 7.125%, 05/01/09 (a)		320		343
Michigan State Hospital Finance Authority, Henry Ford Health System, Series A (RB) 5.000%, 03/01/06		1,000		1,008
Michigan State Hospital Finance Authority, Marquette General Hospital Obligated Group (RB) 5.000%, 05/15/10		1,205		1,260
5.000%, 05/15/11		1,000		1,047
Michigan State Hospital Finance Authority, Oakwood Obligated Group (RB) 5.000%, 11/01/06		1,000		1,019
Michigan State Strategic Fund, Dow-Chemical Project, Mandatory Put 06/01/06 @ 100 (RB) 3.800%, 06/01/14 (e)		1,800		1,805
Michigan Strategic Fund Limited Obligation, Ford Motor Company Project, Series A (RB) 7.100%, 02/01/06		1,085		1,087
				15,690
Minnesota – 5.9%
Hennepin County, Series A (GO) (SPA) 2.610%, 12/01/25 (e)		1,800		1,800
Hennepin County Housing & Redevelopment Authority, Loring Park Apartments, Callable 08/15/06 @ 102.50, Mandatory Put 02/15/09 @ 100 (AMT) (FNMA) (RB) 3.050%, 06/15/34 (e)		2,000		1,971
Minneapolis Children's Theatre Project, Callable until 09/30/33 @ 100 (RB) 2.710%, 10/01/33 (e)		2,000		2,000
Minneapolis Convention Center (GO) (SPA) 2.610%, 12/01/18 (e)		1,000		1,000
Minneapolis Convention Center, Series A (GO) (SPA) 2.610%, 12/01/14 (e)		1,000		1,000
Minneapolis Guthrie Parking Ramp, Callable until 11/30/28 @ 100 (GO) (SPA) 2.610%, 12/01/28 (e)		300		300
Minneapolis Healthcare System, Allina Health System, Series A (RB) 5.000%, 11/15/06		1,895		1,932
Minneapolis Healthcare System, Fairview Health Services, Series B (AMBAC) (RB) (SPA) 2.760%, 11/15/29 (e)		400		400

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Minneapolis Housing, One Ten Grant Project (FNMA) (RB) 2.610%, 09/01/08 (e)	$	500	$	500
Minneapolis Library (GO) 2.610%, 12/01/32 (e)		1,200		1,200
Minneapolis Multifamily Housing, Headwigs Assisted Living Project (RB) 2.710%, 12/01/27 (e)		400		400
Minnesota Municipal Power Agency (RB) 4.500%, 10/01/10		1,000		1,044
Minnesota State Higher Education Facilities Authority, Carleton College, Series 5-G (RB) (SPA) 2.610%, 11/01/29 (e)		950		950
Minnesota State Higher Education Facilities Authority, Series 4S, Mandatory Put 04/01/08 @ 100 (RB) 4.600%, 04/01/28 (e)		1,200		1,234
Minnesota State Higher Education Facilities Authority, St. Catherine College, Series 5-N2 (RB) (VRDO) 2.710%, 10/01/32 (e)		900		900
Monticello, Big Lake Community Hospital District, Series C (RB) 4.250%, 12/01/07		1,275		1,273
Northwestern Mutual Life Insurance Co. Tax-Exempt Mortgage Trust #1 (RB) 7.605%, 02/15/09 (e)		23		23
St. Cloud Infrastructure Management (GO) (VRDO) 2.660%, 02/01/16 (e)		400		400
St. Paul Housing & Redevelopment Authority, Cretin-Derham Project (RB) (VRDO) 2.760%, 02/01/26 (e)		300		300
St. Paul Port Authority Lease Revenue, Healtheast Midway Campus (RB) 5.000%, 05/01/10		700		706
University of Minnesota, Series A, (RB) (SPA) 2.820%, 01/01/34 (e)		400		400
				19,733
Mississippi – 1.0%
Mississippi State, Escrowed to Maturity (GO) 6.200%, 02/01/08 (a)		3,025		3,205
Missouri – 1.4%
Boone County Hospital (RB) 5.000%, 08/01/06		1,615		1,639
Little Blue Valley Sewer District, Escrowed to Maturity, Callable until 09/30/07 @ 100 (RB) 5.500%, 10/01/07 (a)		1,000		1,048
Missouri State Development Finance Board, Branson, Series A (RB) 5.000%, 12/01/05		1,000		1,003
St. Louis International Airport, Series A (FSA) (RB) 5.000%, 07/01/07		1,100		1,137
				4,827
Nebraska – 1.3%
Douglas County Hospital Authority #002, Nebraska Medical Center (GTY) (RB) 5.000%, 11/15/07		1,000		1,034
5.000%, 11/15/08		1,000		1,044
Nebraska Investment Finance Authority, Catholic Health Initiatives, Series A (RB) 5.500%, 12/01/07		2,000		2,094
				4,172

FIRST AMERICAN FUNDS Annual Report 2005

89

Schedule of Investments September 30, 2005

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Nevada – 1.8%
Clark County Pollution Control, Series A, Mandatory Put 03/02/09 @ 100 (AMT) (RB) 3.250%, 06/01/31 (e)	$	3,000	$	2,942
Clark County Pollution Control, Series C, Mandatory Put 03/02/09 @ 100 (AMT) (RB) 3.250%, 06/01/31 (e)		3,000		2,942
				5,884
New Jersey – 5.3%
New Jersey Economic Development Authority, Arbor Glen Project, Series A, Pre-refunded 05/15/06 @ 102 (RB) 8.000%, 05/15/12 (b)		1,820		1,906
New Jersey Economic Development Authority, Cigarette Tax (RB) 5.000%, 06/15/07		2,000		2,051
New Jersey Economic Development Authority, School Facilities Construction, Series O (RB) 5.000%, 03/01/09		3,000		3,162
New Jersey Healthcare Facilities Financing Authority, Capital Health Systems, Series A (RB) 5.000%, 07/01/07		2,465		2,523
5.000%, 07/01/08		1,585		1,636
New Jersey State Transportation System, Series C (RB) 5.000%, 06/15/09		3,490		3,685
New Jersey State Turnpike Authority, Escrowed to Maturity (RB) 6.750%, 01/01/09 (a)		2,585		2,607
				17,570
New Mexico – 1.5%
Gallup Pollution Control, Tri-state Generation (AMBAC) (RB) 5.000%, 08/15/10		1,910		2,035
Sandoval County Incentive Payment, Escrowed to Maturity (RB) 4.250%, 12/01/06 (a)		3,000		3,047
				5,082
New York – 7.4%
Monroe County Airport Authority, Greater Rochester International (AMT) (MBIA) (RB) 5.000%, 01/01/09		1,175		1,228
New York, Series G (GO) 5.000%, 08/01/08		1,615		1,697
New York, Series H (GO) 4.000%, 08/01/08		1,675		1,715
New York, Series O (GO) 5.000%, 06/01/09		11,960		12,649
New York State Dormitory Authority, Mental Health, Series F-1 (RB) 5.000%, 02/15/07		2,000		2,050
New York State Dormitory Authority, Rochester General Hospital (RB) 5.000%, 12/01/10		1,970		2,096
Port Authority of New York & New Jersey (AMT) (RB) 5.000%, 07/15/07		3,125		3,222
				24,657
North Carolina – 2.4%
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 2.500%, 11/01/07		1,000		982

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
North Carolina Medical Care Commission, Novant Health Obligated Group, Series A (RB) 5.000%, 11/01/07	$	5,325	$	5,519
University North Carolina Chapel Hill, University Hospital, Series A (RB) 5.000%, 02/01/10		1,060		1,119
5.000%, 02/01/11		500		531
				8,151
Ohio – 1.8%
Allen County Economic Development, Young Men's Christian Association, Mandatory Put 04/14/08 @ 100 (RB) 3.000%, 04/15/18 (e)		5,000		4,956
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project (RB) 3.000%, 12/01/06		1,090		1,086
				6,042
Oklahoma – 0.7%
Oklahoma Development Finance Authority, Conocophillips Company Project, Mandatory Put 12/01/05 @ 100 (AMT) (GTY) (RB) (VRDO) 2.420%, 12/01/38 (e)		1,000		999
Ponca City Utility Authority, Escrowed to Maturity, Callable until 06/30/08 @ 100 (RB) 6.000%, 07/01/08 (a)		1,110		1,195
				2,194
Pennsylvania – 2.8%
Chartiers Valley Industrial & Commercial Development Authority, Friendship Village South, Series A (RB) 3.150%, 08/15/06		400		398
3.450%, 08/15/07		300		297
Hampden Township Sewer Authority, Escrowed to Maturity, Callable until 03/31/07 @ 100 (RB) 6.150%, 04/01/07 (a)		905		934
Pennsylvania Higher Education Facilities Authority, University of Pennsylvania, Health Systems, Series B (RB) 5.000%, 08/15/08		5,000		5,200
Pittsburgh, Series A (GO) (MBIA) 5.000%, 09/01/09		1,515		1,607
Ringgold School District Authority, Escrowed to Maturity, Callable until 01/14/08 @ 100 (RB) 6.700%, 01/15/08 (a)		995		1,047
				9,483
Puerto Rico – 3.9%
Puerto Rico Commonwealth, Highway Transportation Authority, Series AA (RB) 5.000%, 07/01/07		7,200		7,424
Puerto Rico Commonwealth, Series C, Mandatory Put 07/01/08 @ 100 (GO) 5.000%, 07/01/18 (e)		4,250		4,419
Puerto Rico Electric Power Authority, Series 00 (RB) 4.000%, 07/01/07		1,000		1,014
				12,857
Rhode Island – 0.6%
Rhode Island Housing & Mortgage Financial, Homeowner Opportunity, Series 50-C (AMT) (RB) 4.000%, 04/01/08		2,070		2,097

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

FIRST AMERICAN FUNDS Annual Report 2005

90

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
South Carolina – 2.8%
Charleston County Hospital Facilities, Carealliance Health Services, Series A (RB) 5.000%, 08/15/06	$	2,210	$	2,243
5.000%, 08/15/07		700		720
Piedmont Municipal Power Agency, Subseries B-3 (AMBAC) (RB) (VRDO) 2.720%, 01/01/34		1,000		1,000
Richland-Lexington Columbia Apartments (AMT) (CIFG) (RB) 4.000%, 01/01/07 (f)		670		677
4.000%, 01/01/08 (f)		700		710
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C (RB) 4.500%, 08/01/06		660		665
South Carolina State Ports Authority (AMT) (FSA) (RB) 5.500%, 07/01/07		3,330		3,465
				9,480
South Dakota – 0.5%
Sioux Falls Health Facilities, Dow Rummel Village Project, Series B, Mandatory Put 11/15/07 @ 100, Callable 11/15/07 @ 100 (RB) 4.750%, 11/15/33		1,675		1,678
Tennessee – 0.5%
Sullivan County Health Educational & Housing Facilities, Wellmont Health Systems Project (RB) 4.500%, 09/01/06		1,500		1,509
Texas – 13.7%
Brazos River Authority, Utilities Electric Co., Series B, Mandatory Put 06/19/06 @ 100 (AMT) (RB) 5.050%, 06/01/30 (e)		1,730		1,746
Donna Independent School District (GO) 4.000%, 02/15/11		1,505		1,542
Gulf Coast Waste Disposal Authority, Series C, Mandatory Put 05/01/06 @ 100 (AMT) (RB) 3.200%, 05/01/28		4,000		3,991
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Callable 02/15/09 @ 100 (RB) 4.900%, 02/15/10		1,020		1,023
Jefferson County Health Facilities Development Authority, Baptist Hospitals (AMBAC) (FHA) (RB) 4.200%, 08/15/07		1,450		1,475
Laredo Independent School District (GO) (PSFG) 6.750%, 08/01/08		2,150		2,352
Lubbock Health Facilities Development, St. Joseph Health Systems (FSA) (RB) 5.000%, 07/01/07		7,100		7,322
North Central Taxes Health Facility Development, Baylor Health Care Systems Project (RB) 5.500%, 05/15/06		3,500		3,549
5.500%, 05/15/07		1,000		1,033
Northside Independent School District, Series B, Callable 02/01/06 @ 100, Mandatory Put 08/01/06 @ 100 (GO) (PSFG) 2.450%, 08/01/33 (e)		6,600		6,547
Pflugerville Independent School District (GO) 5.000%, 08/15/09		1,595		1,692

Short Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Richardson Hospital Authority (RB) 4.000%, 12/01/06	$	1,165	$	1,172
5.000%, 12/01/07		1,230		1,265
Southeast Hospital Financing Agency, Memorial Hospital System Project, Escrowed to Maturity, Callable until 11/30/08 @ 100 (RB) 8.500%, 12/01/08 (a)		670		724
Tarrant Regional Water District (FSA) (RB) 5.000%, 03/01/08		2,275		2,372
Texas State Turnpike Authority (RB) 5.000%, 06/01/08		7,000		7,325
Tyler Health Facilities Development, Mother Frances Hospital (RB) 5.000%, 07/01/07		575		590
				45,720
Utah – 0.6%
Utah State Board, University of Utah Hospital, Series A (MBIA) (RB) 5.000%, 08/01/09		1,855		1,962
Virgin Islands – 0.5%
Virgin Islands Public Finance Authority (RB) 4.000%, 10/01/05		1,500		1,500
Virginia – 0.7%
Chesapeake Hospital Authority, Chesapeake General Hospital, Series A (RB) 5.000%, 07/01/07		2,300		2,354
Washington – 1.1%
Portland & Seattle Intermediate Lien, Series A (RB) 5.000%, 03/01/10		2,000		2,137
Washington State Housing Finance Commission, Presbyterian Ministries, Series A, Pre-refunded 07/01/06 @ 102 (RB) 6.850%, 07/01/21 (b)		1,390		1,458
				3,595
West Virginia – 0.9%
Putnam County Pollution Control, Appalachian Power Company Project, Series E, Mandatory Put 11/01/06 @ 100 (RB) 2.800%, 05/01/19 (e)		3,000		2,963
Wisconsin – 1.4%
Wisconsin State Health & Educational Facilities Authority, Children's Hospital of Wisconsin, Series A (RB) 4.500%, 08/15/08		1,500		1,547
Wisconsin State Health & Educational Facilities Authority, Froedert & Community Health, Series A (RB) 5.000%, 04/01/10		1,000		1,060
Wisconsin State Health & Educational Facilities Authority, Gundersen Lutheran, Series A (FSA) (RB) 5.000%, 02/15/08		1,000		1,040
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Series A (RB) 5.000%, 08/15/07		1,000		1,030
				4,677
Total Municipal Bonds (Cost $332,791)				331,992

FIRST AMERICAN FUNDS Annual Report 2005

91

Schedule of Investments September 30, 2005

Short Tax Free Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Affiliated Money Market Fund – 2.0%
First American Tax Free Obligations Fund, Class Z (g) (Cost $6,835)		6,835,071	$	6,835
Total Investments – 101.5% (Cost $339,626)				338,827
Other Assets and Liabilities, Net – (1.5)%				(5,077	)
Total Net Assets – 100.0%			$	333,750

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

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

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

(d)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(e)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

(f)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $5,636,221 or 1.7% of total net assets. See note 2 in Notes to Financial Statements.

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

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $37,463,066, which represents 11.2% of net assets.

CIFG – CDC IXIS Financial Guaranty

COP – Certificate of Participation

FHA – Federal Housing Authority

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GO – General Obligation

GTY – Assured Guaranty

MBIA – Municipal Bond Insurance Association

PSFG – Permanent School Fund Guarantee

PUFG – Permanent University Fund Guarantee

RAAI – Radian Asset Assurance Inc.

RB – Revenue Bond

SPA – Standby Purchase Agreement

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

XLCA – XL Capital Assurance Inc.

Tax Free Fund

DESCRIPTION	PAR (000)		VALUE (000)
Municipal Bonds – 97.5%
Alabama – 0.9%
Bessemer Water Revenue, Callable 07/01/06 @ 102 (AMBAC) (RB) 5.750%, 07/01/16	$	2,500	$	2,598
Camden Industrial Development Board Weyerhauser Company, Series A, Callable 12/01/13 @ 100 (RB) 6.125%, 12/01/24		1,000		1,108
Camden Industrial Development Board Weyerhauser Company, Series B, Callable 12/01/13 @ 100 (AMT) (RB) 6.375%, 12/01/24		350		383
				4,089
Alaska – 1.9%
Alaska Energy Authority, Bradley Lake, Third Series (FSA) (RB) 6.000%, 07/01/10		1,000		1,112
6.000%, 07/01/11		4,040		4,551
Alaska State Housing Finance Corporation, Series A, Callable 06/01/07 @ 102 (MBIA) (RB) 5.900%, 12/01/19		695		723
Alaska State Housing Finance Corporation, Series A, Pre-refunded 12/01/05 @ 105 (MBIA) (RB) 5.700%, 12/01/11 (a)		505		518
Anchorage, Series B, Callable 07/01/12 @ 100 (MBIA) (GO) 5.000%, 07/01/22		2,000		2,112
				9,016
Arizona – 1.9%
Arizona Health Facilities Authority, The Terraces Project, Series A, Callable 11/15/13 @ 101 (RB) 7.500%, 11/15/23		3,000		3,373
Arizona State Transportation Board, Pre-refunded 07/01/09 @ 100 (RB) 6.000%, 07/01/12 (a)		3,830		4,206
Tempe Industrial Development Authority, Friendship Villiage Project, Series A (RB) 5.375%, 12/01/13		1,300		1,319
				8,898
Arkansas – 0.3%
Washington County Arkansas Hospital, Regional Medical Center, Series B, Callable 02/01/15 @ 100 (RB) 5.000%, 02/01/30		1,500		1,496
California – 7.5%
Alameda Corridor Transportation Authority, Series A, Zero Coupon Bond (AMBAC) (RB) 5.720%, 10/01/30 (b)		8,000		2,366
California State, Callable 04/01/09 @ 101 (GO) 4.750%, 04/01/22		500		507
California State, Callable 02/01/13 @ 100 (GO) 5.000%, 02/01/21		5,500		5,747
California State, Callable 02/01/14 @ 100 (GO) 5.000%, 02/01/33		2,000		2,066
California Pollution Control Filing Authority, Solid Waste Disposal Revenue, Waste Management Project, Series B, Callable 07/01/15 @ 101 (AMT) (GTY) (RB) 5.000%, 07/01/27		2,500		2,480

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

FIRST AMERICAN FUNDS Annual Report 2005

92

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
California State Department of Water, Series A, Callable 05/01/12 @ 101 (RB) 5.375%, 05/01/22	$	4,500	$	4,898
California State Public Works Board Mental Health-Coalinga, Series A, Callable 06/01/14 @ 100 (RB) 5.500%, 06/01/19		3,000		3,304
California Statewide Communities Development Authority, Los Angeles Jewish Home, Callable 11/01/13 @ 100 (CMI) (RB) 5.250%, 11/15/23		4,000		4,216
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT) (RB) 4.900%, 03/01/23		2,500		2,507
Golden State Tobacco Securitization, Series B, Pre-refunded 06/01/13 @ 100 (RB) 5.500%, 06/01/33 (a)		6,940		7,756
				35,847
Colorado – 4.4%
Antelope Water Systems General Improvement District, Callable 12/01/15 @ 100 (GO) 5.125%, 12/01/35		1,000		1,007
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT) (RB) 5.700%, 07/01/18		1,590		1,679
Colorado State Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/11 @ 100 (RB) 7.250%, 12/01/21 (a)		1,500		1,802
Colorado State Health Facilities Authority, Covenant Retirement Communities, Series B, Callable 12/01/12 @ 101 (RB) 6.125%, 12/01/33		1,150		1,229
Colorado State Health Facilities Authority, Evangelical Lutheran Health Facilities, Callable 10/01/12 @ 100 (RB) 5.900%, 10/01/27		2,500		2,691
Colorado State Health Facilities Authority, Parkview Medical Center, Callable 09/01/11 @ 100 (RB) 6.500%, 09/01/20		1,000		1,108
Colorado State Health Facilities Authority, Vail Valley Medical Center, Callable 01/15/12 @ 100 (RB) 5.800%, 01/15/27		1,500		1,582
E-470 Public Highway Authority, Capital Appreciation, Series A, Zero Coupon Bond (MBIA) (RB) 5.350%, 09/01/34 (b)		10,000		2,409
E 470 Public Highway Authority, Capital Appreciation, Series B, Zero Coupon Bond (MBIA) (RB) 5.110%, 09/01/26 (b)		5,385		1,957
La Junta Hospital, Arkansas Valley Medical Center Project, Callable 04/01/09 @ 101 (RB) 6.000%, 04/01/19		1,000		1,048
Montrose Memorial Hospital, Callable 12/01/13 @ 102 (RB) 6.000%, 12/01/28		1,000		1,039
6.000%, 12/01/33		1,000		1,032

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Northwest Parkway Public Highway Authority, Zero Coupon Bond (AMBAC) (RB) 6.290%, 06/15/29 (b)	$	10,000	$	2,624
				21,207
Florida – 2.8%
Capital Trust Agency, Fort Lauderdale Project, Callable 01/01/14 @ 101 (AMT) (RB) 5.750%, 01/01/32		1,000		1,008
Florida State Department of Transportation, Alligator Alley, Callable 07/01/07 @ 101 (FGIC) (RB) 5.125%, 07/01/13		1,280		1,334
Florida State Department of Transportation Right-of-Way, Callable 07/01/06 @ 101 (GO) 5.250%, 07/01/17		5,525		5,661
Palm Beach County, Park & Recreational Facilities,  Pre-refunded 11/01/06 @ 102 (FSA) (RB) 5.250%, 11/01/16 (a)		5,000		5,206
				13,209
Georgia – 2.7%
Fulton County Developement Authority, Maxon Atlantic Station, Series A (AMT) (RB) 5.125%, 03/01/26		2,300		2,294
Fulton County Residential Care Facilities, Canterbury Court Project, Series A, Callable 02/15/14 @ 101 (RB) 6.125%, 02/15/26		1,500		1,560
6.125%, 02/15/34		2,500		2,561
Gainesville & Hall County Hospital Authority, Northeast Georgia Health Systems Project, Callable 05/15/11 @ 100 (RB) 5.500%, 05/15/31		5,000		5,165
Georgia Municipal Electric Authority Power, Series BB (MBIA) (RB) 5.250%, 01/01/25		1,000		1,128
				12,708
Hawaii – 1.8%
Hawaii State, Series CN, Pre-refunded 03/01/07 @ 102 (FGIC) (GO) 5.500%, 03/01/14 (a)		8,000		8,430
Illinois – 11.1%
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC) (RB) 7.500%, 08/01/10 (c)		990		1,103
Cook County, Series A (MBIA) (GO) 6.250%, 11/15/12		9,090		10,541
Cook County Community School District #97, Oak Park, Series B (FGIC) (GO) 9.000%, 12/01/11		2,235		2,896
Illinois Development Finance Authority, Adventist Health System, Callable 11/15/09 @ 101 (RB) 5.500%, 11/15/29		5,000		5,180
Illinois Financial Authority, Friendship Village Schaumburg, Series A, Callable 02/15/15 @ 100 (RB) 5.375%, 02/15/25		1,700		1,715
Illinois Health Facilities Authority, Condell Medical Center, Callable 05/15/12 @ 100 (RB) 5.500%, 05/15/32		2,500		2,574

FIRST AMERICAN FUNDS Annual Report 2005

93

Schedule of Investments September 30, 2005

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Illinois Health Facilities Authority, Covenant Retirement Communities, Callable 12/01/11 @ 101 (RB) 5.875%, 12/01/31	$	4,500	$	4,687
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A, Callable 12/01/12 @ 100 (RAAI) (RB) 5.500%, 12/01/22		4,000		4,240
Illinois Health Facilities Authority, Lutheran Senior Ministries, Series A, Callable 08/15/11 @ 101 (RB) 7.375%, 08/15/31		3,000		3,235
Illinois State, Callable 05/01/06 @ 102 (MBIA) (GO) 5.750%, 05/01/21		1,410		1,459
Illinois State, Callable 02/01/07 @ 101 (FGIC) (GO) 5.250%, 02/01/13		1,400		1,452
Illinois State Development Finance Authority, Pollution Control Illinois Power Company Project, Series A, Pre-refunded 07/01/06 @ 102 (RB) 7.375%, 07/01/21 (a)		500		526
Illinois State Development Finance Authority, Waste Management Project (AMT) (RB) 5.850%, 02/01/07		1,000		1,029
Illinois State Educational Facilities Authority, Augustana College, Pre-refunded 10/01/07 @ 100 (CLE) (RB) 5.875%, 10/01/17 (a)		500		528
Illinois State Educational Facilities Authority, Augustana College, Pre-refunded 10/01/08 @ 100 (RB) 5.250%, 10/01/18 (a)		1,000		1,055
Illinois State Toll Highway Authority, Series A (RB) 6.300%, 01/01/12		1,000		1,147
McHenry County Community Unit, School District #20 Woodstock, Series A, Callable 01/01/08 @ 100 (FSA) (GO) 5.850%, 01/01/16		560		591
Metropolitan Pier & Exposition Authority, McCormick Place, Illinois Dedicated State Tax, Class B, Zero Coupon Bond (MBIA) (RB) 5.650%, 06/15/22 (b)		5,000		3,049
Northern Illinois University, Auxiliary Facilities Systems, Partially Pre-refunded 04/01/07 @ 100 (FGIC) (RB) 5.700%, 04/01/16 (a)		1,000		1,036
Rock Island, Friendship Manor Project, Escrowed to Maturity (RB) 7.000%, 06/01/06 (c)		260		260
Rockford Multifamily Housing, Rivers Edge Apartments, Series A, Callable 01/20/08 @ 102 (AMT) (GNMA) (RB) 5.875%, 01/20/38		1,215		1,251
Southern Illinois University, Housing & Auxiliary, Series A, Zero Coupon Bond (MBIA) (RB) 5.500%, 04/01/20 (b)		2,280		1,174
St. Clair County, Callable 10/01/09 @ 102 (FGIC) (GO) 6.000%, 10/01/11		2,020		2,251
				52,979
Indiana – 3.2%
Crown Point, Multi-School Building Corporation, First Mortgage (MBIA) (RB) 7.875%, 01/15/06		2,630		2,667

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Indiana State Municipal Power Agency, Power Supply, Series B (MBIA) (RB) 6.000%, 01/01/11	$	1,000	$	1,118
6.000%, 01/01/12		1,000		1,131
Indiana Transportation Finance Authority, Series A (AMBAC) (RB) 5.750%, 06/01/12		3,185		3,592
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (AMT) (GTY) (RB) 5.100%, 01/15/17		3,000		3,144
St. Joseph County Industries Hospital Authority, Madison Center Obligation Group Project, Callable 02/15/15 @ 100 (RB) 5.250%, 02/15/28		3,500		3,544
				15,196
Iowa – 1.0%
Iowa Higher Education Loan Authority, Central College Project, Callable 10/01/11 @ 100 (RAAI) (RB) 5.500%, 10/01/31		1,500		1,577
Iowa Higher Education Loan Authority, Private College Facility – Simpson College, Callable 12/01/10 @ 102 (RB) 5.100%, 12/01/35		2,000		1,976
Muscatine Electric, Escrowed to Maturity, Callable until 12/31/12 @ 100 (RB) 6.700%, 01/01/13 (c)		920		1,023
				4,576
Louisiana – 1.5%
Baton Rouge Sales & Use Tax, Public Improvements, Series A, Callable 08/01/08 @ 101.50 (FGIC) (RB) 5.250%, 08/01/15		2,030		2,159
Jefferson Parish, Drain Sales Tax (AMBAC) (RB) 5.000%, 11/01/11		1,000		1,070
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity, Callable until 07/31/11 @ 100 (FGIC) (FHA) (RB) 7.100%, 08/01/11 (c)		1,000		1,161
Lafayette, Public Improvement Sales Tax, Series B (FGIC) (RB) 7.000%, 03/01/08		1,000		1,082
Louisiana Public Facilities Authority, Tulane University of Louisiana, Series A-1, Callable 11/15/07 @ 102 (MBIA) (RB) 5.100%, 11/15/14		1,500		1,560
				7,032
Massachusetts – 0.7%
Boston Industrial Development Financing Authority, Crosstown Center Project, Callable 09/01/12 @ 102 (AMT) (RB) 6.500%, 09/01/35		2,500		2,505
Massachusetts State Health & Educational Facilities Authority, Series D, Callable 07/01/15 @ 100 (RB) 5.000%, 07/01/33		1,000		995
				3,500
Michigan – 2.1%
Haslett Public School District, Pre-refunded 05/01/07 @ 100 (MBIA) (GO) 5.700%, 05/01/16 (a)		1,200		1,250

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

FIRST AMERICAN FUNDS Annual Report 2005

94

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Kent Hospital Financial Authority, Metropolitan Hospital Project, Series A, Callable 07/01/15 @ 100 (RB) 5.250%, 07/01/30	$	2,000	$	2,018
Lanse Creuse, Public Schools, Pre-refunded 05/01/07 @ 100 (AMBAC) (GO) 5.250%, 05/01/16 (a)		1,000		1,035
Thornapple Kellogg School Building & Site, Callable 11/01/12 @ 100 (MQSBLF) (GO) 5.500%, 05/01/14		1,485		1,644
5.500%, 05/01/16		1,810		2,008
Ypsilanti School District, Pre-refunded 05/01/07 @ 100 (FGIC) (GO) 5.600%, 05/01/12 (a)		2,000		2,080
				10,035
Minnesota – 5.1%
Cuyuna Range Hospital District, Callable 06/01/13 @ 101 (RB) 5.200%, 06/01/25		1,000		1,000
Cuyuna Range Hospital District, Series A, Callable 06/01/07 @ 102 (RB) 6.000%, 06/01/29		650		668
Fergus Falls Health Care Facilities Authority, Series A, Callable until 10/31/05 @ 102 (RB) 7.000%, 11/01/19		150		152
Minneapolis Health Care System, Fairview Health Services, Series A, Pre-refunded 05/15/12 @ 101 (RB) 5.625%, 05/15/32 (a)		7,000		7,853
Minnesota Agricultural & Economic Developement  Board, Health Care System, Fairview, Series A, Callable 11/15/10 @ 101 (RB) 6.375%, 11/15/29		95		103
Minnesota Agricultural & Economic Developement  Board, Health Care System, Fairview, Series A, Pre-refunded 11/15/10 @ 101 (RB) 6.375%, 11/15/29 (a)		2,905		3,328
Minnesota State Housing Finance Agency, Single Family Housing (AMT) (RB) 4.400%, 07/01/07		1,250		1,273
Monticello, Big Lake Community Hospital, Series C,  Callable 12/01/12 @ 100 (RB) 6.200%, 12/01/22		2,995		3,160
Shakopee Health Care Facilities St. Francis Regional Medical Center, Callable 09/01/14 @100 (RB) 5.250%, 09/01/34		1,000		1,027
Southern Minnesota Municipal Power Agency, Capital Appreciation, Series A, Zero Coupon Bond (MBIA) (RB) 4.550%, 01/01/21 (b)		3,500		1,752
4.550%, 01/01/24 (b)		6,745		2,904
St. Anthony Housing & Redevelopment Authority Chandler Place Project, Callable 05/20/06 @ 102 (FHA) (GNMA) (RB) 6.250%, 11/20/25		1,000		1,038
				24,258
Missouri – 0.8%
Cape Girardeau County Authority, Southeast Missouri Hospital, Callable 06/01/12 @ 100 (RB) 5.750%, 06/01/32		2,500		2,602

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Sugar Creek, Lafarge North America, Series A, Callable 06/01/13 @ 101 (AMT) (RB) 5.650%, 06/01/37	$	1,000	$	1,039
				3,641
Nebraska – 2.1%
Douglas County Zoo Facility, Omaha Henry Doorly Zoo Project, Callable until 08/31/24 @ 100 (RB) 4.750%, 09/01/24		3,000		3,002
Hastings Electrical Systems, Callable 05/01/11 @ 100 (FSA) (RB) 5.000%, 01/01/15		1,000		1,069
Lincoln Nebraska Sanitation & Sewer, Callable 06/15/15 @ 100 (RB) 4.500%, 06/15/30		1,130		1,108
Nebraska Educational Finance Authority, Concordia University Project, Callable 12/15/08 @ 100 (RB) 5.250%, 12/15/15		500		517
5.350%, 12/15/18		540		556
Nebraska Educational Finance Authority, Midland Lutheran College, Series A, Callable 09/15/13 @ 100 (RB) 5.600%, 09/15/29		1,800		1,801
Washington County Wastewater Facilities, Cargill Project, Callable 11/01/12 @ 101 (RB) 5.900%, 11/01/27		1,700		1,845
				9,898
Nevada – 2.6%
Carson City, Carson-Tahoe Hospital Project, Callable 09/01/12 @ 101 (RB) 5.750%, 09/01/31		5,000		5,223
Clark County Industrial Development, Southwest Gas Corporation Project, Series A, Callable 07/01/14 @ 100 (AMBAC) (AMT) (RB) 5.250%, 07/01/34		4,000		4,181
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B (RB) 6.000%, 11/15/14		750		772
Director of the State of Nevada, Development of Business & Industry, Las Ventanas Retirement Project, Series B, Callable 11/15/14 @ 100 (RB) 6.750%, 11/15/23		2,300		2,368
				12,544
New Hampshire – 0.4%
New Hampshire Health & Educational Facilities Authority Covenant Health, Callable 07/01/14 @ 100 (RB) 5.375%, 07/01/24		1,250		1,314
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital, Callable 07/01/15 @ 100 (RB) 5.875%, 07/01/34		800		828
				2,142
New Jersey – 0.8%
Camden County, Municipal Utilities Authority Sewer Revenue Refunding, Series C, Callable 07/15/08 @ 101 (FGIC) (GO) 5.100%, 07/15/12		3,500		3,698

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95

Schedule of Investments September 30, 2005

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
New York – 0.8%
New York, Series C, Callable 03/15/12 @ 100 (GO) 5.250%, 03/15/32	$	3,590	$	3,764
North Dakota – 0.5%
North Dakota State Board of Higher Education, Bismark State College, Callable 05/01/15 @ 100 (RB) 5.350%, 05/01/30		2,500		2,459
Ohio – 1.8%
Cincinnati Water System, Callable 06/01/11 @ 100 (RB) 5.000%, 12/01/20		125		132
Cleveland Waterworks, Series H, Pre-refunded 01/01/06 @ 102 (MBIA) (RB) 5.750%, 01/01/16 (a)		1,460		1,500
Lucas County Port Authority, Crocker Park Public Improvement Project, Callable 12/01/13 @ 102 (GO) 5.250%, 12/01/23		2,000		2,059
Ohio State Higher Education, Series B, Callable 11/01/11 @ 100 (GO) 5.000%, 11/01/16		1,500		1,610
Ohio State Higher Educational Facility, Baldwin-Wallace College Project, Callable 06/01/14 @ 100 (RB) 5.125%, 12/01/17		1,490		1,556
5.250%, 12/01/19		1,540		1,613
				8,470
Oregon – 1.4%
Washington County Unified Sewer Agency, Series 1 (FGIC) (RB) 5.750%, 10/01/10		6,110		6,791
Pennsylvania – 1.8%
Chester Upland School Authority, Series A, Callable 09/01/07 @ 100 (FSA) (RB) 5.250%, 09/01/17		2,000		2,073
Erie County Industrial Development Authority, International Paper Company Project, Series A, Callable 11/01/14 @ 100 (AMT) (RB) 5.000%, 11/01/18		1,350		1,366
Pennsylvania State, Callable 03/15/07 @ 101.50 (AMBAC) (GO) 5.125%, 09/15/11		5,000		5,212
				8,651
Puerto Rico – 2.3%
Puerto Rico Electric Power Authority, Series RR, Callable 07/01/15 @ 100 (CIFG) (RB) 5.000%, 07/01/29		5,000		5,268
Puerto Rico Public Building Authority, Series I, Callable 07/01/14 @ 100 (COMGTY) (RB) 5.250%, 07/01/33		4,000		4,236
Puerto Rico Public Finance, Series A, Callable 02/01/12 @ 100, Mandatory Put 02/01/12 @ 100 (RB) 5.750%, 08/01/27		1,000		1,090
Puerto Rico Public Improvements, Pre-refunded 07/01/10 @ 100 (MBIA) (GO) 5.750%, 07/01/26 (a)		500		551
				11,145
Rhode Island – 1.1%
Rhode Island State, Series A, Pre-refunded 08/01/07 @ 101 (MBIA) (GO) 5.125%, 08/01/12 (a)		5,055		5,291

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
South Carolina – 1.3%
Lexington County Health Services District, Lexington Medical Center, Callable 11/01/13 @ 100 (RB) 5.500%, 11/01/23	$	2,000	$	2,112
Richland-Lexington South Carolina Airport District,  Columbia Metropolitain Airport, Callable 01/01/16 @ 100 (AMT)(CIFG)(RB) 4.500%, 01/01/24 (d)		1,400		1,371
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A, Callable 08/01/13 @ 100 (RB) 6.125%, 08/01/23		1,250		1,366
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Callable 08/01/13 @ 100 (RB) 6.375%, 08/01/34		1,250		1,376
				6,225
South Dakota – 1.1%
Sioux Falls, Dow Rummel Village Project, Series A, Callable 11/15/12 @ 100 (RB) 6.625%, 11/15/23		2,200		2,282
Sioux Falls School District #49-5, Series B, Callable 07/01/16 @ 100 (GO) 4.750%, 07/01/20		510		533
South Dakota Economic Development Finance Authority, DTS Project, Series A, Callable 04/01/09 @ 102 (AMT) (RB) 5.500%, 04/01/19		1,055		1,101
South Dakota Economic Development Finance Authority, Pooled Loan Project – Davis Family, Series 4-A, Callable 04/01/14 @ 100 (AMT) (RB) 6.000%, 04/01/29		1,400		1,474
				5,390
Tennessee – 2.6%
Johnson City Health & Educational Facilities Authority Mountain States Health, Series A, Callable 07/01/12 @ 103 (RB) 7.500%, 07/01/33		2,500		2,942
Shelby County Health, Educational & Housing Facilities Board Methodist Healthcare, Pre-refunded 09/01/12 @ 100 (RB) 6.500%, 09/01/21 (a)		1,125		1,325
6.500%, 09/01/21 (a)		1,875		2,209
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project,  Callable 09/01/12 @ 101 (RB) 6.250%, 09/01/32		5,500		5,991
				12,467
Texas – 15.1%
Abilene Health Facilities Development, Sears Methodist Retirement Project, Callable 05/15/09 @ 101 (RB) 5.875%, 11/15/18		500		512
6.000%, 11/15/29		2,000		2,025
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A, Callable 11/15/08 @ 101 (RB) 5.875%, 11/15/18		2,500		2,555
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A, Callable 11/15/13 @ 101 (RB) 7.000%, 11/15/33		4,000		4,340

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

FIRST AMERICAN FUNDS Annual Report 2005

96

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Bexar County Housing Finance Authority, American Opportunity Housing, Series A, Callable 01/01/11 @ 102 (MBIA) (RB) 5.800%, 01/01/31	$	2,000	$	2,097
Brazos River Authority PCR-Texas Utility Company,  Callable 04/01/13 @ 101 (AMT) (RB) 7.700%, 04/01/33		2,500		2,989
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/12 @ 100 (AMT) (RB) 5.700%, 05/15/33		2,500		2,706
Crawford Education Facilities, University of St. Thomas Project, Callable 10/01/12 @ 100 (RB) 5.250%, 10/01/22		1,300		1,325
5.375%, 10/01/27		1,750		1,790
Cypress-Fairbanks Independent School District, Pre-refunded 02/15/10 @ 100 (PSFG) (GO) 5.500%, 02/15/18 (a)		5,000		5,453
Fort Bend Independent School District, Escrowed to Maturity, Callable until 02/15/13 @ 100 (PSFG) (GO) 5.000%, 02/15/14 (c)		500		545
Harris County Health Facilities Development, Memorial Hospital Systems Project, Series A, Callable 06/01/07 @ 102 (MBIA) (RB) 5.500%, 06/01/17		8,000		8,416
Laredo Independent School District (PSFG) (GO) 6.750%, 08/01/09		2,290		2,565
Red River Authority Sewer & Solidwaste Disposal Excel Corporation Project, Callable 02/01/12 @ 101 (AMT) (RB) 6.100%, 02/01/22		3,775		3,997
Remington Municipal Utility District #1, Series A, Callable 09/01/08 @ 100 (RAAI) (GO) 5.800%, 09/01/25		1,000		1,053
Richardson Hospital Authority Richardson Regional Hospital, Callable 12/01/13 @ 100 (RB) 6.000%, 12/01/34		9,500		10,140
San Antonio Independent School District, Pre-refunded 08/15/08 @ 100 (PSFG) (GO) 5.125%, 08/15/14 (a)		6,000		6,329
Spring Branch Independent School District, Pre-refunded 02/01/10 @ 100 (PSFG) (GO) 5.750%, 02/01/25 (a)		2,400		2,631
Texas Employment Community, Callable 01/15/06 @ 100 (MLO) (COP) 8.350%, 02/01/06		20		20
8.350%, 08/01/06		50		51
8.400%, 08/01/07		25		25
8.450%, 08/01/08		55		56
Texas Employment Community, Emnora Lane Project (MLO) (COP) 7.900%, 11/01/05		25		25
8.000%, 11/01/06		30		30
8.050%, 05/01/07		20		20
Texas State, Water Development, Callable 08/01/06 @ 100 (GO) 5.400%, 08/01/21		6,750		6,861
Texas Water Development Board, Series A, Callable 07/15/06 @ 100 (RB) 5.500%, 07/15/10		2,500		2,549
Travis County Texas Health Facilities, Querencia Barton Creek Project, Callable 11/15/15 @ 100 (RB) 5.650%, 11/15/35		1,100		1,081
				72,186

Tax Free Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Utah – 0.2%
Intermountain Power Agency, Utah Power Supply,  Series A (AMBAC) (RB) 6.500%, 07/01/11	$	365	$	421
Intermountain Power Agency, Utah Power Supply,  Series A, Escrowed to Maturity (AMBAC) (RB) 6.500%, 07/01/11 (c)		635		737
				1,158
Virginia – 0.2%
Arlington County Industrial Development Authority,  Berkeley Apartments, Callable 12/01/10 @ 102 (AMT) (FNMA) (RB) 5.850%, 12/01/20		1,000		1,068
Washington – 6.2%
Energy Northwest, Washington Wind Project, Pre-refunded 01/01/07 @ 103 (RB) 5.600%, 07/01/15 (a)		4,640		4,914
King County, Series F, Callable 12/01/07 @ 100 (GO) 5.125%, 12/01/14		5,000		5,197
King County School District #415, Pre-refunded 12/01/07 @ 100 (MBIA) (GO) 5.350%, 12/01/16 (a)		4,050		4,245
Snohomish County Public Utilities District #1, Escrowed to Maturity, Callable 10/01/05 @ 100 (RB) 6.750%, 01/01/12 (c)		1,000		1,123
Washington State, Series C, Pre-refunded 01/01/07 @ 100 (GO) 5.500%, 01/01/17 (a)		4,190		4,320
Washington State Motor Vehicle Fuel Tax, Series D,  Pre-refunded 01/01/07 @ 100 (FGIC) (GO) 5.375%, 01/01/22 (a)		8,000		8,236
Washington State Public Power Supply System, Nuclear Project #3, Series A, Callable 07/01/07 @ 102 (FSA) (RB) 5.250%, 07/01/16		1,000		1,051
Washington State Public Power Supply System, Nuclear Project #3, Series B (RB) 7.125%, 07/01/16		600		755
				29,841
Wisconsin – 4.7%
Amery, Apple River Hospital Project, Callable 06/01/08 @ 100 (RB) 5.700%, 06/01/13		1,440		1,469
Wisconsin State, Series C, Pre-refunded 05/01/07 @ 100 (FGIC) (GO) 5.500%, 05/01/10 (a)		2,095		2,174
Wisconsin State Health & Educational Facilities Authority, Attic Angel Obligation Group, Callable 11/15/08 @ 102 (RB) 5.750%, 11/15/27		1,000		991
Wisconsin State Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A, Callable 08/15/14 @ 100 (RB) 6.750%, 08/15/34		1,000		1,062
Wisconsin State Health & Educational Facilities Authority, Beloit Memorial Hospital, Callable until 07/01/08 @ 100 (RB) 5.800%, 07/01/09		555		556
Wisconsin State Health & Educational Facilities Authority, Eastcastle Place Income Project, Callable 12/01/11 @ 100 (RB) 6.000%, 12/01/24		1,000		1,023

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97

Schedule of Investments September 30, 2005

Tax Free Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Wisconsin State Health & Educational Facilities Authority, Franciscan Skemp Medical Center, Callable 11/15/05 @ 102 (RB) 6.125%, 11/15/15	$	1,000	$	1,023
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic, Series B, Callable 02/15/12 @ 100 (RB) 6.000%, 02/15/25		3,500		3,712
Wisconsin State Health & Educational Facilities Authority, Meriter Hospital, Callable 12/01/06 @ 102 (MBIA) (RB) 6.000%, 12/01/17		2,000		2,099
Wisconsin State Health & Educational Facilities Authority, New Castle Place Project, Series A, Callable 12/01/11 @ 101 (RB) 7.000%, 12/01/31		2,000		2,069
Wisconsin State Health & Educational Facilities Authority, Southwest Health Center, Series A, Callable 04/01/14 @ 100 (RB) 6.250%, 04/01/34		2,000		2,033
Wisconsin State Health & Educational Facilities Authority, Synergy Health, Callable 08/15/13 @ 100 (RB) 6.000%, 11/15/23		1,500		1,622
Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services, Callable 02/15/12 @ 100 (RB) 5.750%, 08/15/30		2,500		2,666
				22,499
Wyoming – 0.8%
Teton County Hospital District, St. John's Medical Center, Callable 06/01/12 @ 101 (RB) 6.750%, 12/01/22		2,100		2,198
6.750%, 12/01/27		1,500		1,555
				3,753
Total Municipal Bonds (Cost $435,308)				465,557
Affiliated Money Market Fund – 1.4%
First American Tax Free Obligations Fund, Class Z (e) (Cost $6,628)		6,628,498		6,628
Total Investments – 98.9% (Cost $441,936)				472,185
Other Assets and Liabilities, Net – 1.1%				5,035
Total Net Assets – 100.0%			$	477,220

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

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

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

(d)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $1,362,508 or 0.3% of total net assets. See note 2 in Notes to Financial Statements.

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

Tax Free Fund (concluded)

AMBAC – American Municipal Bond Assurance Corporation

AMT – Alternative Minimum Tax. As of September 30, 2005, the aggregate market value of securities subject to the AMT was $40,845,331, which represents 8.6% of net assets.

CIFG – CDC IXIS Financial Guaranty

CLE – Connie Lee Insurance Company

CMI – California Mortgage Insurance Program

COMGTY – Commonwealth Guaranty

COP – Certificate of Participation

FGIC – Financial Guaranty Insurance Corporation

FHA – Federal Housing Authority

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance

GNMA – Government National Mortgage Association

GO – General Obligation

GTY – Assured Guaranty

MBIA – Municipal Bond Insurance Association

MLO – Municipal Lease Obligation

MQSBLF – Michigan Qualified School Board Loan Fund Program

PSFG – Permanent School Fund Guarantee

RAAI – Radian Asset Assurance Inc.

RB – Revenue Bond

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

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99

Statements of Assets and Liabilities September 30, 2005, in thousands, except per share data

	Arizona Tax Free Fund		California Intermediate Tax Free Fund		California Tax Free Fund		Colorado Intermediate Tax Free Fund		Colorado Tax Free Fund		Intermediate Tax Free Fund		Minnesota Intermediate Tax Free Fund
Investments in unaffiliated securities, at cost	$	22,368	$	50,580	$	32,926	$	44,451	$	18,120	$	633,012	$	220,856
Investments in affiliated money market fund, at cost		1,197		-		-		166		192		2,411		-
ASSETS:
Investments in unaffiliated securities, at value (note 2)	$	23,705	$	52,843	$	34,644	$	47,219	$	19,694	$	667,511	$	230,378
Investments in affiliated money market fund, at value (note 2)		1,197		-		-		166		192		2,411		-
Receivable for dividends and interest		319		615		360		596		252		8,082		2,635
Receivable for investment securities sold		359		-		-		-		-		568		-
Receivable for capital shares sold		29		49		96		36		16		675		158
Prepaid expenses and other assets		15		15		15		15		15		33		15
Total assets		25,624		53,522		35,115		48,032		20,169		679,280		233,186
LIABILITIES:
Bank overdraft		-		-		-		-		-		-		-
Payable for investment securities purchased		-		-		-		-		-		567		3
Payable for investment securities purchased on a  when-issued basis		396		247		543		-		-		2,096		3,379
Payable for capital shares redeemed		-		-		34		8		3		409		78
Payable to affiliates (note 3)		9		31		17		28		9		385		135
Payable for distribution and shareholder servicing fees		3		-		4		2		4		4		4
Accrued expenses and other liabilities		6		6		5		6		5		20		10
Total liabilities		414		284		603		44		21		3,481		3,609
Net assets	$	25,210	$	53,238	$	34,512	$	47,988	$	20,148	$	675,799	$	229,577
COMPOSITION OF NET ASSETS:
Portfolio capital	$	23,663	$	50,784	$	32,720	$	44,914	$	17,981	$	640,261	$	218,537
Undistributed net investment income		-		17		9		23		7		46		153
Accumulated net realized gain (loss) on investments		210		174		65		283		586		993		1,365
Net unrealized appreciation (depreciation) of investments		1,337		2,263		1,718		2,768		1,574		34,499		9,522
Net assets	$	25,210	$	53,238	$	34,512	$	47,988	$	20,148	$	675,799	$	229,577
Class A:
Net assets	$	9,547	$	3,946	$	11,888	$	13,426	$	8,362	$	34,658	$	32,326
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		853		381		1,057		1,249		740		3,174		3,183
Net asset value and redemption price per share	$	11.19	$	10.35	$	11.24	$	10.74	$	11.30	$	10.92	$	10.16
Maximum offering price per share (1)	$	11.69	$	10.59	$	11.74	$	10.99	$	11.80	$	11.17	$	10.39
Class C:
Net assets	$	1,628		-	$	3,068		-	$	3,423		-		-
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		146		-		273		-		304		-		-
Net asset value, offering price, and redemption price per share (2)	$	11.18		-	$	11.25		-	$	11.28		-		-
Class Y:
Net assets	$	14,035	$	49,292	$	19,556	$	34,562	$	8,363	$	641,141	$	197,251
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		1,254		4,752		1,739		3,224		739		58,831		19,515
Net asset value, offering price, and redemption price per share	$	11.19	$	10.37	$	11.25	$	10.72	$	11.32	$	10.90	$	10.11

	Minnesota Tax Free Fund		Missouri Tax Free Fund		Nebraska Tax Free Fund		Ohio Tax Free Fund		Oregon Intermediate Tax Free Fund		Short Tax Free Fund			Tax Free Fund
Investments in unaffiliated securities, at cost	$	152,684	$	170,928	$	37,868	$	40,333	$	135,287	$	332,791		$	435,308
Investments in affiliated money market fund, at cost		-		2,386		2,371		-		643		6,835			6,628
ASSETS:
Investments in unaffiliated securities, at value (note 2)	$	161,938	$	178,731	$	39,421	$	41,690	$	140,446	$	331,992		$	465,557
Investments in affiliated money market fund, at value (note 2)		-		2,386		2,371		-		643		6,835			6,628
Receivable for dividends and interest		2,161		2,196		505		623		1,967		4,233			6,697
Receivable for investment securities sold		-		-		-		-		-		-			1,314
Receivable for capital shares sold		181		10		5		20		-		56			87
Prepaid expenses and other assets		15		16		15		15		15		33			35
Total assets		164,295		183,339		42,317		42,348		143,071		343,149			480,318
LIABILITIES:
Bank overdraft		-		-		-		2		-		-			-
Payable for investment securities purchased		-		-		-		-		-		3,173			1,311
Payable for investment securities purchased on a  when-issued basis		-		1,063		1,173		-		-		5,636			1,363
Payable for capital shares redeemed		1,075		68		-		56		10		407			126
Payable to affiliates (note 3)		95		105		17		18		82		168			274
Payable for distribution and shareholder servicing fees		21		6		2		-		1		-			9
Accrued expenses and other liabilities		9		9		6		6		9		15			15
Total liabilities		1,200		1,251		1,198		82		102		9,399			3,098
Net assets	$	163,095	$	182,088	$	41,119	$	42,266	$	142,969	$	333,750		$	477,220
COMPOSITION OF NET ASSETS:
Portfolio capital	$	153,260	$	172,960	$	39,491	$	40,839	$	137,235	$	334,919		$	445,842
Undistributed net investment income		182		66		12		29		19		255			185
Accumulated net realized gain (loss) on investments		399		1,259		63		41		556		(625	)		944
Net unrealized appreciation (depreciation) of investments		9,254		7,803		1,553		1,357		5,159		(799	)		30,249
Net assets	$	163,095	$	182,088	$	41,119	$	42,266	$	142,969	$	333,750		$	477,220
Class A:
Net assets	$	106,783	$	30,188	$	7,136	$	988	$	9,356	$	4,103		$	38,205
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		9,526		2,486		675		95		930		419			3,443
Net asset value and redemption price per share	$	11.21	$	12.14	$	10.58	$	10.42	$	10.07	$	9.78		$	11.10
Maximum offering price per share (1)	$	11.71	$	12.68	$	11.05	$	10.88	$	10.30	$	10.01		$	11.59
Class C:
Net assets	$	9,841	$	190	$	1,565	$	174		-		-		$	2,712
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		881		16		149		17		-		-			245
Net asset value, offering price, and redemption price per share (2)	$	11.17	$	12.12	$	10.50	$	10.32		-		-		$	11.05
Class Y:
Net assets	$	46,471	$	151,710	$	32,418	$	41,104	$	133,613	$	329,647		$	436,303
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		4,150		12,489		3,064		3,939		13,268		33,718			39,279
Net asset value, offering price, and redemption price per share	$	11.20	$	12.15	$	10.58	$	10.43	$	10.07	$	9.78		$	11.11

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

  (2)  Class C has a 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.

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FIRST AMERICAN FUNDS Annual Report 2005

101

Statements of Operations For the fiscal year ended September 30, 2005, in thousands

	Arizona Tax Free Fund			California Intermediate Tax Free Fund			California Tax Free Fund			Colorado Intermediate Tax Free Fund			Colorado Tax Free Fund			Intermediate Tax Free Fund			Minnesota Intermediate Tax Free Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	1,086		$	2,378		$	1,374		$	2,367		$	1,090		$	32,007		$	11,092
Dividends from affiliated money market fund		2			-			-			14			5			144			-
Total investment income		1,088			2,378			1,374			2,381			1,095			32,151			11,092
EXPENSES (note 3):
Investment advisory fees		111			261			148			254			110			3,326			1,199
Administration fees		52			114			68			111			52			1,397			509
Transfer agent fees		15			33			20			32			14			425			151
Professional fees		13			15			14			15			14			44			24
Registration fees		8			5			7			5			7			23			5
Other expenses		4			5			4			5			4			16			9
Custodian fees		2			5			3			4			2			58			21
Directors' fees		1			1			1			1			1			16			6
Postage and printing fees		1			2			1			2			1			25			9
Distribution and shareholder servicing fees – Class A		24			10			26			36			23			87			85
Distribution and shareholder servicing fees – Class C		16			-			17			-			38			-			-
Total expenses		247			451			309			465			266			5,417			2,018
Less: Fee waivers (note 3)		(102	)		(80	)		(124	)		(88	)		(108	)		(709	)		(288	)
Total net expenses		145			371			185			377			158			4,708			1,730
Investment income – net		943			2,007			1,189			2,004			937			27,443			9,362
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain (loss) on investments		215			174			66			284			586			1,758			1,370
Net change in unrealized appreciation or depreciation of investments		(401	)		(809	)		(182	)		(1,134	)		(804	)		(13,264	)		(4,978	)
Net gain (loss) on investments		(186	)		(635	)		(116	)		(850	)		(218	)		(11,506	)		(3,608	)
Net increase in net assets resulting from operations	$	757		$	1,372		$	1,073		$	1,154		$	719		$	15,937		$	5,754

	Minnesota Tax Free Fund			Missouri Tax Free Fund			Nebraska Tax Free Fund			Ohio Tax Free Fund			Oregon Intermediate Tax Free Fund			Short Tax Free Fund			Tax Free Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	8,303		$	8,285		$	1,726		$	1,768		$	6,277		$	12,331		$	23,876
Dividends from affiliated money market fund		-			37			22			-			23			170			110
Total investment income		8,303			8,322			1,748			1,768			6,300			12,501			23,986
EXPENSES (note 3):
Investment advisory fees		832			905			193			212			715			1,942			2,330
Administration fees		352			383			85			93			306			824			976
Transfer agent fees		106			116			25			27			91			238			299
Professional fees		21			21			14			15			19			31			35
Registration fees		9			8			8			7			6			23			31
Other expenses		7			7			5			5			6			12			13
Custodian fees		15			16			3			4			13			35			41
Directors' fees		4			4			1			1			3			9			11
Postage and printing fees		7			8			2			2			5			15			20
Distribution and shareholder servicing fees – Class A		278			71			15			3			22			14			97
Distribution and shareholder servicing fees – Class C		99			2			18			1			-			-			27
Total expenses		1,730			1,541			369			370			1,186			3,143			3,880
Less: Fee waivers (note 3)		(223	)		(202	)		(149	)		(154	)		(173	)		(804	)		(503	)
Total net expenses		1,507			1,339			220			216			1,013			2,339			3,377
Investment income – net		6,796			6,983			1,528			1,552			5,287			10,162			20,609
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain (loss) on investments		399			1,283			67			58			590			(387	)		1,085
Net change in unrealized appreciation or depreciation of investments		20			(2,964	)		(332	)		(282	)		(3,269	)		(6,969	)		(206	)
Net gain (loss) on investments		419			(1,681	)		(265	)		(224	)		(2,679	)		(7,356	)		879
Net increase in net assets resulting from operations	$	7,215		$	5,302		$	1,263		$	1,328		$	2,608		$	2,806		$	21,488

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

FIRST AMERICAN FUNDS Annual Report 2005

102

FIRST AMERICAN FUNDS Annual Report 2005

103

Statements of Changes in Net Assets in thousands

	Arizona Tax Free Fund						California Intermediate Tax Free Fund						California Tax Free Fund						Colorado Intermediate Tax Free Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	943		$	902		$	2,007		$	1,910		$	1,189		$	1,130		$	2,004		$	2,441
Net realized gain on investments		215			230			174			358			66			274			284			631
Net change in unrealized appreciation or depreciation of investments		(401	)		17			(809	)		(628	)		(182	)		(104	)		(1,134	)		(1,415	)
Net increase in net assets resulting from operations		757			1,149			1,372			1,640			1,073			1,300			1,154			1,657
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(412	)		(413	)		(142	)		(154	)		(400	)		(415	)		(577	)		(660	)
Class C		(64	)		(60	)		-			-			(60	)		(43	)		-			-
Class Y		(516	)		(414	)		(1,860	)		(1,780	)		(744	)		(681	)		(1,500	)		(1,748	)
Net realized gain on investments:
Class A		(99	)		(50	)		(25	)		(13	)		(89	)		(84	)		(44	)		-
Class C		(18	)		(8	)		-			-			(13	)		(9	)		-			-
Class Y		(113	)		(41	)		(331	)		(141	)		(149	)		(117	)		(125	)		-
Total distributions		(1,222	)		(986	)		(2,358	)		(2,088	)		(1,455	)		(1,349	)		(2,246	)		(2,408	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		2,145			1,820			1,367			1,820			4,192			1,756			4,258			2,059
Reinvestment of distributions		422			397			120			128			383			413			428			471
Payments for redemptions		(1,831	)		(5,214	)		(852	)		(2,787	)		(2,086	)		(3,770	)		(4,917	)		(10,910	)
Increase (decrease) in net assets from Class A transactions		736			(2,997	)		635			(839	)		2,489			(1,601	)		(231	)		(8,380	)
Class C:
Proceeds from sales		201			372			-			-			1,840			577			-			-
Reinvestment of distributions		65			50			-			-			65			49			-			-
Payments for redemptions (note 3)		(192	)		(698	)		-			-			(109	)		(439	)		-			-
Increase (decrease) in net assets from Class C transactions		74			(276	)		-			-			1,796			187			-			-
Class Y:
Proceeds from sales		5,175			2,320			6,384			8,208			6,071			4,068			6,325			2,159
Reinvestment of distributions		73			27			80			29			33			22			53			8
Payments for redemptions		(499	)		(2,150	)		(3,209	)		(5,478	)		(2,349	)		(3,260	)		(8,784	)		(11,728	)
Increase (decrease) in net assets from Class Y transactions		4,749			197			3,255			2,759			3,755			830			(2,406	)		(9,561	)
Increase (decrease) in net assets from capital share transactions		5,559			(3,076	)		3,890			1,920			8,040			(584	)		(2,637	)		(17,941	)
Total increase (decrease) in net assets		5,094			(2,913	)		2,904			1,472			7,658			(633	)		(3,729	)		(18,692	)
Net assets at beginning of period		20,116			23,029			50,334			48,862			26,854			27,487			51,717			70,409
Net assets at end of period	$	25,210		$	20,116		$	53,238		$	50,334		$	34,512		$	26,854		$	47,988		$	51,717
Undistributed net investment income at end of period	$	-		$	44		$	17		$	12		$	9		$	24		$	23		$	96

	Colorado Tax Free Fund						Intermediate Tax Free Fund						Minnesota Intermediate Tax Free Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	937		$	1,086		$	27,443		$	29,117		$	9,362		$	10,291
Net realized gain on investments		586			177			1,758			3,586			1,370			796
Net change in unrealized appreciation or depreciation of investments		(804	)		(145	)		(13,264	)		(11,098	)		(4,978	)		(3,173	)
Net increase in net assets resulting from operations		719			1,118			15,937			21,605			5,754			7,914
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(420	)		(515	)		(1,423	)		(1,374	)		(1,267	)		(1,251	)
Class C		(153	)		(152	)		-			-			-			-
Class Y		(419	)		(431	)		(26,720	)		(27,568	)		(8,038	)		(9,017	)
Net realized gain on investments:
Class A		(77	)		(90	)		(194	)		(38	)		(114	)		(59	)
Class C		(30	)		(29	)		-			-			-			-
Class Y		(70	)		(68	)		(3,485	)		(799	)		(683	)		(444	)
Total distributions		(1,169	)		(1,285	)		(31,822	)		(29,779	)		(10,102	)		(10,771	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		303			879			7,869			15,334			5,677			13,308
Reinvestment of distributions		421			542			1,256			1,138			1,026			940
Payments for redemptions		(2,770	)		(4,575	)		(8,912	)		(14,985	)		(8,801	)		(9,940	)
Increase (decrease) in net assets from Class A transactions		(2,046	)		(3,154	)		213			1,487			(2,098	)		4,308
Class C:
Proceeds from sales		485			273			-			-			-			-
Reinvestment of distributions		172			172			-			-			-			-
Payments for redemptions (note 3)		(950	)		(924	)		-			-			-			-
Increase (decrease) in net assets from Class C transactions		(293	)		(479	)		-			-			-			-
Class Y:
Proceeds from sales		1,391			1,223			111,544			98,239			16,162			21,189
Reinvestment of distributions		15			13			3,541			2,319			335			333
Payments for redemptions		(2,293	)		(1,255	)		(96,251	)		(152,459	)		(32,427	)		(41,022	)
Increase (decrease) in net assets from Class Y transactions		(887	)		(19	)		18,834			(51,901	)		(15,930	)		(19,500	)
Increase (decrease) in net assets from capital share transactions		(3,226	)		(3,652	)		19,047			(50,414	)		(18,028	)		(15,192	)
Total increase (decrease) in net assets		(3,676	)		(3,819	)		3,162			(58,588	)		(22,376	)		(18,049	)
Net assets at beginning of period		23,824			27,643			672,637			731,225			251,953			270,002
Net assets at end of period	$	20,148		$	23,824		$	675,799		$	672,637		$	229,577		$	251,953
Undistributed net investment income at end of period	$	7		$	62		$	46		$	746		$	153		$	96

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

FIRST AMERICAN FUNDS Annual Report 2005

104

FIRST AMERICAN FUNDS Annual Report 2005

105

Statements of Changes in Net Assets in thousands

	Minnesota Tax Free Fund						Missouri Tax Free Fund						Nebraska Tax Free Fund						Ohio Tax Free Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	6,796		$	6,945		$	6,983		$	7,270		$	1,528		$	1,416		$	1,552		$	1,477
Net realized gain (loss) on investments		399			851			1,283			913			67			(5	)		58			115
Net change in unrealized appreciation or depreciation of investments		20			(1,049	)		(2,964	)		(1,413	)		(332	)		91			(282	)		120
Net increase in net assets resulting from operations		7,215			6,747			5,302			6,770			1,263			1,502			1,328			1,712
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(4,455	)		(4,878	)		(1,038	)		(1,014	)		(239	)		(178	)		(36	)		(38	)
Class C		(361	)		(421	)		(7	)		(8	)		(65	)		(60	)		(4	)		(7	)
Class Y		(1,939	)		(1,970	)		(5,959	)		(6,239	)		(1,277	)		(1,153	)		(1,524	)		(1,393	)
Net realized gain on investments:
Class A		(552	)		(947	)		(140	)		(75	)		-			(17	)		(3	)		(8	)
Class C		(49	)		(93	)		(1	)		(1	)		-			(6	)		-			(2	)
Class Y		(210	)		(358	)		(783	)		(437	)		-			(99	)		(130	)		(358	)
Total distributions		(7,566	)		(8,667	)		(7,928	)		(7,774	)		(1,581	)		(1,513	)		(1,697	)		(1,806	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		8,058			7,430			4,587			3,852			3,144			1,430			253			810
Reinvestment of distributions		4,005			5,356			621			564			113			120			25			20
Payments for redemptions		(20,033	)		(22,419	)		(1,714	)		(5,313	)		(989	)		(1,516	)		(480	)		(469	)
Increase (decrease) in net assets from Class A transactions		(7,970	)		(9,633	)		3,494			(897	)		2,268			34			(202	)		361
Class C:
Proceeds from sales		933			854			2			2			411			547			110			112
Reinvestment of distributions		384			480			8			8			47			49			1			2
Payments for redemptions (note 3)		(1,841	)		(2,766	)		(34	)		(70	)		(736	)		(389	)		(55	)		(206	)
Increase (decrease) in net assets from Class C transactions		(524	)		(1,432	)		(24	)		(60	)		(278	)		207			56			(92	)
Class Y:
Proceeds from sales		8,746			6,064			22,140			15,823			7,132			4,887			8,183			5,782
Reinvestment of distributions		211			239			279			269			93			63			238			263
Payments for redemptions		(5,285	)		(10,775	)		(21,183	)		(30,637	)		(4,286	)		(3,318	)		(6,200	)		(6,189	)
Increase (decrease) in net assets from Class Y transactions		3,672			(4,472	)		1,236			(14,545	)		2,939			1,632			2,221			(144	)
Increase (decrease) in net assets from capital share transactions		(4,822	)		(15,537	)		4,706			(15,502	)		4,929			1,873			2,075			125
Total increase (decrease) in net assets		(5,173	)		(17,457	)		2,080			(16,506	)		4,611			1,862			1,706			31
Net assets at beginning of period		168,268			185,725			180,008			196,514			36,508			34,646			40,560			40,529
Net assets at end of period	$	163,095		$	168,268		$	182,088		$	180,008		$	41,119		$	36,508		$	42,266		$	40,560
Undistributed net investment income at end of period	$	182		$	141		$	66		$	87		$	12		$	65		$	29		$	41

	Oregon Intermediate Tax Free Fund						Short Tax Free Fund						Tax Free Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	5,287		$	5,538		$	10,162		$	11,631		$	20,609		$	21,168
Net realized gain (loss) on investments		590			530			(387	)		(238	)		1,085			4,298
Net change in unrealized appreciation or depreciation of investments		(3,269	)		(1,354	)		(6,969	)		(6,917	)		(206	)		(4,320	)
Net increase in net assets resulting from operations		2,608			4,714			2,806			4,476			21,488			21,146
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(317	)		(324	)		(134	)		(170	)		(1,623	)		(1,741	)
Class C		-			-			-			-			(105	)		(142	)
Class Y		(4,973	)		(5,228	)		(10,086	)		(11,193	)		(18,782	)		(19,659	)
Net realized gain on investments:
Class A		(30	)		(66	)		-			(44	)		(379	)		(405	)
Class C		-			-			-			-			(28	)		(46	)
Class Y		(481	)		(1,095	)		-			(2,391	)		(4,002	)		(4,411	)
Total distributions		(5,801	)		(6,713	)		(10,220	)		(13,798	)		(24,919	)		(26,404	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		2,055			2,426			2,110			3,312			4,259			8,839
Reinvestment of distributions		226			244			104			164			1,669			1,855
Payments for redemptions		(1,426	)		(2,041	)		(4,320	)		(3,434	)		(7,589	)		(12,976	)
Increase (decrease) in net assets from Class A transactions		855			629			(2,106	)		42			(1,661	)		(2,282	)
Class C:
Proceeds from sales		-			-			-			-			277			462
Reinvestment of distributions		-			-			-			-			126			181
Payments for redemptions (note 3)		-			-			-			-			(352	)		(2,823	)
Increase (decrease) in net assets from Class C transactions		-			-			-			-			51			(2,180	)
Class Y:
Proceeds from sales		19,409			17,962			67,779			163,207			69,526			44,937
Reinvestment of distributions		405			779			676			3,494			1,078			1,184
Payments for redemptions		(21,076	)		(25,235	)		(150,873	)		(135,099	)		(47,832	)		(85,368	)
Increase (decrease) in net assets from Class Y transactions		(1,262	)		(6,494	)		(82,418	)		31,602			22,772			(39,247	)
Increase (decrease) in net assets from capital share transactions		(407	)		(5,865	)		(84,524	)		31,644			21,162			(43,709	)
Total increase (decrease) in net assets		(3,600	)		(7,864	)		(91,938	)		22,322			17,731			(48,967	)
Net assets at beginning of period		146,569			154,433			425,688			403,366			459,489			508,456
Net assets at end of period	$	142,969		$	146,569		$	333,750		$	425,688		$	477,220		$	459,489
Undistributed net investment income at end of period	$	19		$	22		$	255		$	313		$	185		$	86

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

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FIRST AMERICAN FUNDS Annual Report 2005

107

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

		Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (1)
Arizona Tax Free Fund
Class A
	2005	$	11.42	$	0.46	$	(0.07	)	$	(0.49	)	$	(0.13	)	$	11.19		3.49	%
	2004		11.33		0.49		0.12			(0.47	)		(0.05	)		11.42		5.50
	2003		11.41		0.46		(0.06	)		(0.45	)		(0.03	)		11.33		3.61
	2002		10.99		0.48		0.44			(0.48	)		(0.02	)		11.41		8.69
	2001		10.45		0.55		0.53			(0.54	)		-			10.99		10.50
Class C
	2005	$	11.41	$	0.42	$	(0.08	)	$	(0.44	)	$	(0.13	)	$	11.18		3.08	%
	2004		11.31		0.43		0.14			(0.42	)		(0.05	)		11.41		5.17
	2003		11.40		0.42		(0.08	)		(0.40	)		(0.03	)		11.31		3.10
	2002		10.98		0.44		0.44			(0.44	)		(0.02	)		11.40		8.28
	2001		10.44		0.53		0.51			(0.50	)		-			10.98		10.15
Class Y
	2005	$	11.43	$	0.50	$	(0.09	)	$	(0.52	)	$	(0.13	)	$	11.19		3.65	%
	2004		11.33		0.50		0.15			(0.50	)		(0.05	)		11.43		5.85
	2003		11.41		0.48		(0.06	)		(0.47	)		(0.03	)		11.33		3.86
	2002		10.99		0.51		0.44			(0.51	)		(0.02	)		11.41		8.95
	2001		10.45		0.57		0.53			(0.56	)		-			10.99		10.76
California Intermediate Tax Free Fund
Class A
	2005	$	10.55	$	0.39	$	(0.13	)	$	(0.39	)	$	(0.07	)	$	10.35		2.51	%
	2004		10.64		0.40		(0.05	)		(0.41	)		(0.03	)		10.55		3.36
	2003		10.80		0.41		(0.14	)		(0.41	)		(0.02	)		10.64		2.58
	2002		10.41		0.42		0.39			(0.42	)		-			10.80		8.01
	2001		10.02		0.44		0.39			(0.44	)		-			10.41		8.41
Class Y
	2005	$	10.57	$	0.40	$	(0.13	)	$	(0.40	)	$	(0.07	)	$	10.37		2.66	%
	2004		10.66		0.41		(0.05	)		(0.42	)		(0.03	)		10.57		3.51
	2003		10.81		0.43		(0.14	)		(0.42	)		(0.02	)		10.66		2.83
	2002		10.43		0.43		0.38			(0.43	)		-			10.81		8.05
	2001		10.04		0.44		0.39			(0.44	)		-			10.43		8.39
California Tax Free Fund
Class A
	2005	$	11.40	$	0.44	$	(0.05	)	$	(0.44	)	$	(0.11	)	$	11.24		3.50	%
	2004		11.40		0.46		0.08			(0.46	)		(0.08	)		11.40		4.93
	2003		11.63		0.47		(0.16	)		(0.47	)		(0.07	)		11.40		2.85
	2002		11.17		0.48		0.50			(0.47	)		(0.05	)		11.63		9.10
	2001		10.66		0.52		0.50			(0.51	)		-			11.17		9.73
Class C
	2005	$	11.41	$	0.40	$	(0.05	)	$	(0.40	)	$	(0.11	)	$	11.25		3.11	%
	2004		11.41		0.41		0.09			(0.42	)		(0.08	)		11.41		4.52
	2003		11.64		0.43		(0.16	)		(0.43	)		(0.07	)		11.41		2.45
	2002		11.18		0.42		0.52			(0.43	)		(0.05	)		11.64		8.69
	2001		10.66		0.47		0.51			(0.46	)		-			11.18		9.42
Class Y
	2005	$	11.40	$	0.47	$	(0.04	)	$	(0.47	)	$	(0.11	)	$	11.25		3.85	%
	2004		11.40		0.48		0.09			(0.49	)		(0.08	)		11.40		5.19
	2003		11.63		0.49		(0.15	)		(0.50	)		(0.07	)		11.40		3.11
	2002		11.17		0.49		0.52			(0.50	)		(0.05	)		11.63		9.36
	2001		10.66		0.54		0.50			(0.53	)		-			11.17		9.99

		Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Arizona Tax Free Fund
Class A
	2005	$	9,547		0.75	%		4.14	%		1.18	%		3.71	%		20	%
	2004		9,008		0.75			4.16			1.12			3.79			21
	2003		11,928		0.75			4.03			1.09			3.69			37
	2002		12,413		0.75			4.40			1.37			3.78			30
	2001		13,971		0.25			5.10			1.45			3.90			19
Class C
	2005	$	1,628		1.15	%		3.74	%		1.93	%		2.96	%		20	%
	2004		1,588		1.15			3.76			1.87			3.04			21
	2003		1,857		1.15			3.63			1.84			2.94			37
	2002		2,910		1.15			4.00			2.12			3.03			30
	2001		2,003		0.65			4.66			1.84			3.47			19
Class Y
	2005	$	14,035		0.50	%		4.39	%		0.93	%		3.96	%		20	%
	2004		9,520		0.50			4.42			0.87			4.05			21
	2003		9,244		0.50			4.28			0.84			3.94			37
	2002		10,656		0.50			4.64			1.12			4.02			30
	2001		5,822		-			5.33			1.19			4.14			19
California Intermediate Tax Free Fund
Class A
	2005	$	3,946		0.85	%		3.71	%		1.10	%		3.46	%		29	%
	2004		3,381		0.85			3.78			1.06			3.57			20
	2003		4,262		0.85			3.86			1.06			3.65			17
	2002		4,870		0.85			4.01			1.14			3.72			23
	2001		3,392		0.70			4.25			1.21			3.74			12
Class Y
	2005	$	49,292		0.70	%		3.86	%		0.85	%		3.71	%		29	%
	2004		46,953		0.70			3.93			0.81			3.82			20
	2003		44,600		0.70			4.02			0.81			3.91			17
	2002		45,212		0.70			4.16			0.89			3.97			23
	2001		43,647		0.70			4.26			0.96			4.00			12
California Tax Free Fund
Class A
	2005	$	11,888		0.75	%		3.88	%		1.15	%		3.48	%		14	%
	2004		9,513		0.75			4.03			1.09			3.69			16
	2003		11,143		0.75			4.16			1.08			3.83			20
	2002		12,954		0.75			4.26			1.31			3.70			33
	2001		18,139		0.25			4.75			1.35			3.65			19
Class C
	2005	$	3,068		1.15	%		3.47	%		1.90	%		2.72	%		14	%
	2004		1,294		1.15			3.65			1.84			2.96			16
	2003		1,101		1.15			3.75			1.83			3.07			20
	2002		1,115		1.15			3.86			2.06			2.95			33
	2001		647		0.65			4.38			1.75			3.28			19
Class Y
	2005	$	19,556		0.50	%		4.12	%		0.90	%		3.72	%		14	%
	2004		16,047		0.50			4.29			0.84			3.95			16
	2003		15,243		0.50			4.40			0.83			4.07			20
	2002		11,853		0.50			4.51			1.06			3.95			33
	2001		6,726		-			5.00			1.10			3.90			19

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

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

FIRST AMERICAN FUNDS Annual Report 2005

108

FIRST AMERICAN FUNDS Annual Report 2005

109

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

		Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
	Colorado Intermediate Tax Free Fund
Class A
	2005	$	10.98	$	0.42	$	(0.19	)	$	(0.43	)	$	(0.04	)	$	-		$	10.74
	2004		11.08		0.45		(0.11	)		(0.44	)		-			-			10.98
	2003		11.12		0.41		(0.02	)		(0.43	)		-			-			11.08
	2002		10.79		0.47		0.32			(0.46	)		-			-			11.12
	2001		10.28		0.46		0.52			(0.47	)		-			-			10.79
Class Y
	2005	$	10.95	$	0.43	$	(0.18	)	$	(0.44	)	$	(0.04	)	$	-		$	10.72
	2004		11.05		0.46		(0.11	)		(0.45	)		-			-			10.95
	2003		11.10		0.43		(0.03	)		(0.45	)		-			-			11.05
	2002		10.76		0.49		0.33			(0.48	)		-			-			11.10
	2001		10.26		0.48		0.49			(0.47	)		-			-			10.76
	Colorado Tax Free Fund
Class A
	2005	$	11.52	$	0.49	$	(0.11	)	$	(0.51	)	$	(0.09	)	$	-		$	11.30
	2004		11.57		0.51		0.02			(0.50	)		(0.08	)		-			11.52
	2003		11.65		0.50		(0.10	)		(0.48	)		-			-			11.57
	2002		11.09		0.48		0.56			(0.47	)		(0.01	)		-			11.65
	2001		10.42		0.54		0.66			(0.53	)		-			-			11.09
Class C
	2005	$	11.50	$	0.43	$	(0.10	)	$	(0.46	)	$	(0.09	)	$	-		$	11.28
	2004		11.56		0.44		0.03			(0.45	)		(0.08	)		-			11.50
	2003		11.63		0.44		(0.08	)		(0.43	)		-			-			11.56
	2002		11.08		0.44		0.56			(0.44	)		(0.01	)		-			11.63
	2001		10.41		0.49		0.67			(0.49	)		-			-			11.08
Class Y
	2005	$	11.53	$	0.51	$	(0.09	)	$	(0.54	)	$	(0.09	)	$	-		$	11.32
	2004		11.59		0.52		0.03			(0.53	)		(0.08	)		-			11.53
	2003		11.67		0.51		(0.09	)		(0.50	)		-			-			11.59
	2002		11.10		0.48		0.60			(0.50	)		(0.01	)		-			11.67
	2001		10.43		0.58		0.64			(0.55	)		-			-			11.10
	Intermediate Tax Free Fund
Class A
	2005	$	11.18	$	0.44	$	(0.19	)	$	(0.45	)	$	(0.06	)	$	-		$	10.92
	2004		11.30		0.44		(0.10	)		(0.45	)		(0.01	)		-			11.18
	2003		11.32		0.44		(0.03	)		(0.43	)		-			-			11.30
	2002		10.95		0.43		0.40			(0.43	)		-			(0.03	)		11.32
	2001		10.48		0.48		0.46			(0.47	)		-			-			10.95
Class Y
	2005	$	11.16	$	0.46	$	(0.19	)	$	(0.47	)	$	(0.06	)	$	-		$	10.90
	2004		11.28		0.46		(0.11	)		(0.46	)		(0.01	)		-			11.16
	2003		11.30		0.46		(0.03	)		(0.45	)		-			-			11.28
	2002		10.93		0.44		0.40			(0.44	)		-			(0.03	)		11.30
	2001		10.46		0.48		0.46			(0.47	)		-			-			10.93

		Total Return (1)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
	Colorado Intermediate Tax Free Fund
Class A
	2005		2.11	%	$	13,426		0.85	%		3.85	%		1.10	%		3.60	%		20	%
	2004		3.12			13,969		0.85			4.00			1.06			3.79			4
	2003		3.64			22,555		0.85			3.79			1.06			3.58			14
	2002		7.56			15,244		0.85			4.48			1.11			4.22			15
	2001		9.75			8,320		0.70			4.55			1.34			3.91			24
Class Y
	2005		2.36	%	$	34,562		0.70	%		4.01	%		0.85	%		3.86	%		20	%
	2004		3.29			37,748		0.70			4.15			0.81			4.04			4
	2003		3.71			47,854		0.70			3.94			0.81			3.83			14
	2002		7.83			48,398		0.70			4.60			0.86			4.44			15
	2001		9.67			47,907		0.70			4.58			1.09			4.19			24
	Colorado Tax Free Fund
Class A
	2005		3.36	%	$	8,362		0.75	%		4.23	%		1.18	%		3.80	%		30	%
	2004		4.71			10,598		0.75			4.25			1.09			3.91			12
	2003		3.53			13,843		0.75			4.23			1.07			3.91			14
	2002		9.72			19,633		0.75			4.32			1.30			3.77			22
	2001		11.78			20,550		0.25			5.03			1.42			3.86			23
Class C
	2005		2.95	%	$	3,423		1.15	%		3.83	%		1.93	%		3.05	%		30	%
	2004		4.21			3,787		1.15			3.85			1.84			3.16			12
	2003		3.23			4,284		1.15			3.83			1.82			3.16			14
	2002		9.23			3,705		1.15			3.95			2.05			3.05			22
	2001		11.41			1,698		0.65			4.61			1.82			3.44			23
Class Y
	2005		3.70	%	$	8,363		0.50	%		4.48	%		0.93	%		4.05	%		30	%
	2004		4.87			9,439		0.50			4.51			0.84			4.17			12
	2003		3.78			9,516		0.50			4.49			0.82			4.17			14
	2002		10.07			9,244		0.50			4.59			1.05			4.04			22
	2001		12.02			1,923		-			5.32			1.18			4.14			23
	Intermediate Tax Free Fund
Class A
	2005		2.31	%	$	34,658		0.85	%		3.98	%		1.05	%		3.78	%		15	%
	2004		3.06			35,276		0.85			3.98			1.05			3.78			10
	2003		3.74			34,231		0.85			3.91			1.05			3.71			15
	2002		7.78			29,838		0.85			3.87			1.03			3.69			28
	2001		9.19			23,236		0.70			4.43			1.13			4.00			12
Class Y
	2005		2.47	%	$	641,141		0.70	%		4.13	%		0.80	%		4.03	%		15	%
	2004		3.22			637,361		0.70			4.13			0.80			4.03			10
	2003		3.90			696,994		0.70			4.05			0.80			3.95			15
	2002		7.95			485,592		0.70			4.04			0.78			3.96			28
	2001		9.21			458,743		0.70			4.43			0.87			4.26			12

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

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

FIRST AMERICAN FUNDS Annual Report 2005

110

FIRST AMERICAN FUNDS Annual Report 2005

111

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

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (5)
Minnesota Intermediate Tax Free Fund
Class A
	2005		$	10.34	$	0.39	$	(0.15	)	$	(0.39	)	$	(0.03	)	$	10.16		2.33	%
	2004			10.44		0.39		(0.08	)		(0.39	)		(0.02	)		10.34		3.03
	2003			10.51		0.40		(0.04	)		(0.41	)		(0.02	)		10.44		3.55
	2002			10.21		0.43		0.29			(0.42	)		-			10.51		7.23
	2001			9.80		0.44		0.41			(0.44	)		-			10.21		8.85
Class Y
	2005		$	10.29	$	0.40	$	(0.15	)	$	(0.40	)	$	(0.03	)	$	10.11		2.50	%
	2004			10.40		0.41		(0.10	)		(0.40	)		(0.02	)		10.29		3.10
	2003			10.46		0.42		(0.03	)		(0.43	)		(0.02	)		10.40		3.82
	2002			10.17		0.45		0.27			(0.43	)		-			10.46		7.31
	2001			9.76		0.44		0.41			(0.44	)		-			10.17		8.89
Minnesota Tax Free Fund
Class A
	2005		$	11.23	$	0.45	$	0.03		$	(0.45	)	$	(0.05	)	$	11.21		4.42	%
	2004			11.34		0.44		(0.01	)		(0.45	)		(0.09	)		11.23		3.94
	2003			11.39		0.48		(0.05	)		(0.45	)		(0.03	)		11.34		3.90
	2002			11.06		0.47		0.34			(0.47	)		(0.01	)		11.39		7.23
	2001			10.64		0.53		0.43			(0.54	)		-			11.06		9.24
Class C
	2005		$	11.19	$	0.41	$	0.03		$	(0.41	)	$	(0.05	)	$	11.17		4.02	%
	2004			11.31		0.39		(0.01	)		(0.41	)		(0.09	)		11.19		3.45
	2003			11.36		0.43		(0.04	)		(0.41	)		(0.03	)		11.31		3.51
	2002			11.04		0.43		0.33			(0.43	)		(0.01	)		11.36		7.10
	2001			10.62		0.49		0.43			(0.50	)		-			11.04		8.88
Class Y
	2005		$	11.22	$	0.48	$	0.03		$	(0.48	)	$	(0.05	)	$	11.20		4.69	%
	2004			11.33		0.47		(0.01	)		(0.48	)		(0.09	)		11.22		4.20
	2003			11.38		0.51		(0.05	)		(0.48	)		(0.03	)		11.33		4.16
	2002			11.05		0.49		0.35			(0.50	)		(0.01	)		11.38		7.84
	2001			10.63		0.55		0.44			(0.57	)		-			11.05		9.52
Missouri Tax Free Fund
Class A
	2005		$	12.32	$	0.45	$	(0.12	)	$	(0.45	)	$	(0.06	)	$	12.14		2.74	%
	2004			12.37		0.45		(0.02	)		(0.45	)		(0.03	)		12.32		3.60
	2003			12.47		0.45		(0.04	)		(0.45	)		(0.06	)		12.37		3.45
	2002			12.05		0.46		0.47			(0.47	)		(0.04	)		12.47		7.99
	2001	(1)(2)		11.54		0.46		0.50			(0.44	)		(0.01	)		12.05		8.44
	2000	(3)		11.31		0.48		0.23			(0.48	)		-			11.54		6.41
Class C
	2005		$	12.29	$	0.40	$	(0.11	)	$	(0.40	)	$	(0.06	)	$	12.12		2.42	%
	2004			12.35		0.40		(0.03	)		(0.40	)		(0.03	)		12.29		3.11
	2003			12.46		0.40		(0.04	)		(0.41	)		(0.06	)		12.35		3.05
	2002			12.05		0.41		0.48			(0.44	)		(0.04	)		12.46		7.58
	2001	(4)		12.03		-		0.02			-			-			12.05		0.17
Class Y
	2005		$	12.32	$	0.48	$	(0.11	)	$	(0.48	)	$	(0.06	)	$	12.15		3.08	%
	2004			12.38		0.48		(0.03	)		(0.48	)		(0.03	)		12.32		3.77
	2003			12.48		0.49		(0.05	)		(0.48	)		(0.06	)		12.38		3.71
	2002			12.06		0.48		0.48			(0.50	)		(0.04	)		12.48		8.25
	2001	(1)(2)		11.55		0.49		0.50			(0.47	)		(0.01	)		12.06		8.67
	2000	(3)		11.32		0.50		0.23			(0.50	)		-			11.55		6.60

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Minnesota Intermediate Tax Free Fund
Class A
	2005		$	32,326		0.85	%		3.78	%		1.06	%		3.57	%		15	%
	2004			35,047		0.85			3.77			1.05			3.57			8
	2003			31,044		0.85			3.85			1.05			3.65			15
	2002			19,914		0.85			4.27			1.03			4.09			15
	2001			12,408		0.70			4.38			1.13			3.95			13
Class Y
	2005		$	197,251		0.70	%		3.93	%		0.81	%		3.82	%		15	%
	2004			216,906		0.70			3.92			0.80			3.82			8
	2003			238,958		0.70			4.01			0.80			3.91			15
	2002			251,597		0.70			4.41			0.78			4.33			15
	2001			255,939		0.70			4.38			0.88			4.20			13
Minnesota Tax Free Fund
Class A
	2005		$	106,783		0.95	%		4.04	%		1.06	%		3.93	%		16	%
	2004			114,981		0.95			3.87			1.05			3.77			25
	2003			125,916		0.95			4.25			1.06			4.14			23
	2002			135,607		0.95			4.22			1.09			4.08			26
	2001			107,260		0.95			4.84			1.18			4.61			15
Class C
	2005		$	9,841		1.35	%		3.64	%		1.81	%		3.18	%		16	%
	2004			10,387		1.35			3.47			1.80			3.02			25
	2003			11,951		1.35			3.85			1.81			3.39			23
	2002			11,703		1.35			3.80			1.84			3.31			26
	2001			6,382		1.35			4.39			1.58			4.16			15
Class Y
	2005		$	46,471		0.70	%		4.29	%		0.81	%		4.18	%		16	%
	2004			42,900		0.70			4.12			0.80			4.02			25
	2003			47,858		0.70			4.50			0.81			4.39			23
	2002			54,638		0.70			4.47			0.84			4.33			26
	2001			49,078		0.70			5.09			0.93			4.86			15
Missouri Tax Free Fund
Class A
	2005		$	30,188		0.95	%		3.65	%		1.06	%		3.54	%		19	%
	2004			27,114		0.95			3.68			1.05			3.58			15
	2003			28,141		0.95			3.69			1.06			3.58			20
	2002			26,496		0.95			3.81			1.06			3.70			25
	2001	(1)(2)		22,573		0.94			4.23			1.00			4.17			9
	2000	(3)		19,876		0.87			4.59			0.98			4.48			3
Class C
	2005		$	190		1.35	%		3.25	%		1.81	%		2.79	%		19	%
	2004			218		1.35			3.28			1.80			2.83			15
	2003			279		1.35			3.30			1.81			2.84			20
	2002			21		1.35			3.28			1.81			2.82			25
	2001	(4)		-		-			-			-			-			9
Class Y
	2005		$	151,710		0.70	%		3.90	%		0.81	%		3.79	%		19	%
	2004			152,676		0.70			3.93			0.80			3.83			15
	2003			168,094		0.70			3.94			0.81			3.83			20
	2002			142,344		0.70			4.06			0.81			3.95			25
	2001	(1)(2)		129,715		0.69			4.48			0.75			4.42			9
	2000	(3)		126,896		0.67			4.79			1.08			4.38			3

  (1)  The financial highlights for the Missouri Tax Free Fund prior to September 24, 2001 are those of the Firstar Missouri Tax-Exempt Bond Fund Class A shares and Class I
shares. The assets of the Firstar Missouri Tax-Exempt Bond Fund were acquired by Missouri Tax Free Fund on September 24, 2001. In connection with such acquisition,
Class A shares and Class I shares of the Firstar Missouri Tax-Exempt Bond Fund were exchanged for Class A shares and Class Y shares of Missouri Tax Free Fund, respectively.

  (2)  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.

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

112

FIRST AMERICAN FUNDS Annual Report 2005

113

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

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (3)
Nebraska Tax Free Fund
Class A
	2005		$	10.66	$	0.39	$	(0.05	)	$	(0.42	)	$	-		$	10.58		3.20	%
	2004			10.66		0.41		0.03			(0.40	)		(0.04	)		10.66		4.18
	2003			10.70		0.41		(0.04	)		(0.40	)		(0.01	)		10.66		3.57
	2002			10.20		0.41		0.49			(0.40	)		-			10.70		9.09
	2001	(1)		10.00		0.24		0.20			(0.24	)		-			10.20		4.48
Class C
	2005		$	10.58	$	0.35	$	(0.06	)	$	(0.37	)	$	-		$	10.50		2.81	%
	2004			10.58		0.35		0.04			(0.35	)		(0.04	)		10.58		3.80
	2003			10.63		0.36		(0.04	)		(0.36	)		(0.01	)		10.58		3.10
	2002			10.14		0.36		0.50			(0.37	)		-			10.63		8.66
	2001	(1)		10.00		0.20		0.17			(0.23	)		-			10.14		3.71
Class Y
	2005		$	10.66	$	0.43	$	(0.07	)	$	(0.44	)	$	-		$	10.58		3.45	%
	2004			10.65		0.43		0.04			(0.42	)		(0.04	)		10.66		4.54
	2003			10.69		0.43		(0.03	)		(0.43	)		(0.01	)		10.65		3.82
	2002			10.19		0.43		0.50			(0.43	)		-			10.69		9.37
	2001	(1)		10.00		0.26		0.19			(0.26	)		-			10.19		4.51
Ohio Tax Free Fund
Class A
	2005		$	10.52	$	0.36	$	(0.06	)	$	(0.36	)	$	(0.04	)	$	10.42		2.86	%
	2004			10.54		0.36		0.07			(0.35	)		(0.10	)		10.52		4.16
	2003			10.58		0.36		(0.03	)		(0.37	)		-			10.54		3.22
	2002	(2)		10.00		0.15		0.59			(0.16	)		-			10.58		7.42
Class C
	2005		$	10.41	$	0.32	$	(0.05	)	$	(0.32	)	$	(0.04	)	$	10.32		2.58	%
	2004			10.44		0.29		0.09			(0.31	)		(0.10	)		10.41		3.69
	2003			10.57		0.32		(0.12	)		(0.33	)		-			10.44		1.95
	2002	(2)		10.00		0.13		0.58			(0.14	)		-			10.57		7.13
Class Y
	2005		$	10.53	$	0.38	$	(0.05	)	$	(0.39	)	$	(0.04	)	$	10.43		3.12	%
	2004			10.55		0.38		0.07			(0.37	)		(0.10	)		10.53		4.42
	2003			10.57		0.39		(0.02	)		(0.39	)		-			10.55		3.65
	2002	(2)		10.00		0.16		0.58			(0.17	)		-			10.57		7.41
Oregon Intermediate Tax Free Fund
Class A
	2005		$	10.30	$	0.36	$	(0.19	)	$	(0.36	)	$	(0.04	)	$	10.07		1.67	%
	2004			10.43		0.37		(0.05	)		(0.37	)		(0.08	)		10.30		3.20
	2003			10.49		0.37		(0.03	)		(0.38	)		(0.02	)		10.43		3.31
	2002			10.18		0.40		0.31			(0.40	)		-			10.49		7.23
	2001			9.74		0.43		0.44			(0.43	)		-			10.18		9.08
Class Y
	2005		$	10.30	$	0.38	$	(0.19	)	$	(0.38	)	$	(0.04	)	$	10.07		1.82	%
	2004			10.43		0.39		(0.05	)		(0.39	)		(0.08	)		10.30		3.35
	2003			10.49		0.40		(0.05	)		(0.39	)		(0.02	)		10.43		3.46
	2002			10.18		0.42		0.31			(0.42	)		-			10.49		7.39
	2001			9.74		0.43		0.44			(0.43	)		-			10.18		9.08

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Nebraska Tax Free Fund
Class A
	2005		$	7,136		0.75	%		3.78	%		1.12	%		3.41	%		21	%
	2004			4,925		0.75			3.82			1.08			3.49			17
	2003			4,869		0.75			3.87			1.07			3.55			15
	2002			4,904		0.75			3.98			1.29			3.44			35
	2001	(1)		5,090		0.55			4.12			1.38			3.29			30
Class C
	2005		$	1,565		1.15	%		3.38	%		1.87	%		2.66	%		21	%
	2004			1,861		1.15			3.42			1.83			2.74			17
	2003			1,657		1.15			3.46			1.82			2.79			15
	2002			982		1.15			3.57			2.04			2.68			35
	2001	(1)		226		0.95			3.73			1.75			2.93			30
Class Y
	2005		$	32,418		0.50	%		4.03	%		0.87	%		3.66	%		21	%
	2004			29,722		0.50			4.07			0.83			3.74			17
	2003			28,120		0.50			4.11			0.82			3.79			15
	2002			27,348		0.50			4.22			1.04			3.68			35
	2001	(1)		22,443		0.30			4.36			1.13			3.53			30
Ohio Tax Free Fund
Class A
	2005		$	988		0.75	%		3.41	%		1.11	%		3.05	%		13	%
	2004			1,200		0.75			3.43			1.08			3.10			19
	2003			849		0.75			3.52			1.09			3.18			22
	2002	(2)		453		0.75			3.25			1.23			2.77			3
Class C
	2005		$	174		1.15	%		3.01	%		1.86	%		2.30	%		13	%
	2004			120		1.15			3.03			1.83			2.35			19
	2003			215		1.15			3.08			1.84			2.39			22
	2002	(2)		1		1.15			3.01			1.98			2.18			3
Class Y
	2005		$	41,104		0.50	%		3.66	%		0.86	%		3.30	%		13	%
	2004			39,240		0.50			3.68			0.82			3.36			19
	2003			39,465		0.50			3.78			0.84			3.44			22
	2002	(2)		38,083		0.50			3.74			0.98			3.26			3
Oregon Intermediate Tax Free Fund
Class A
	2005		$	9,356		0.85	%		3.56	%		1.06	%		3.35	%		20	%
	2004			8,700		0.85			3.62			1.05			3.42			12
	2003			8,189		0.85			3.67			1.05			3.47			17
	2002			7,030		0.85			3.95			1.05			3.75			18
	2001			5,477		0.70			4.27			1.13			3.84			20
Class Y
	2005		$	133,613		0.70	%		3.71	%		0.81	%		3.60	%		20	%
	2004			137,869		0.70			3.77			0.80			3.67			12
	2003			146,244		0.70			3.82			0.80			3.72			17
	2002			151,928		0.70			4.10			0.80			4.00			18
	2001			153,951		0.70			4.28			0.89			4.09			20

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

114

FIRST AMERICAN FUNDS Annual Report 2005

115

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

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (6)
Short Tax Free Fund
Class A
	2005		$	9.96	$	0.24	$	(0.17	)	$	(0.25	)	$	-		$	9.78		0.67	%
	2004			10.18		0.26		(0.17	)		(0.25	)		(0.06	)		9.96		0.90
	2003	(1)		10.00		0.26		0.19			(0.27	)		-			10.18		4.54
Class Y
	2005		$	9.96	$	0.26	$	(0.18	)	$	(0.26	)	$	-		$	9.78		0.83	%
	2004			10.18		0.27		(0.17	)		(0.26	)		(0.06	)		9.96		1.05
	2003	(1)		10.00		0.28		0.18			(0.28	)		-			10.18		4.66
Tax Free Fund
Class A
	2005		$	11.18	$	0.47	$	0.03		$	(0.47	)	$	(0.11	)	$	11.10		4.51	%
	2004			11.28		0.47		0.02			(0.48	)		(0.11	)		11.18		4.45
	2003			11.44		0.47		(0.03	)		(0.47	)		(0.13	)		11.28		4.06
	2002			10.99		0.47		0.44			(0.46	)		-			11.44		8.56
	2001	(2)(3)		10.53		0.42		0.43			(0.39	)		-			10.99		8.22
	2000	(4)		10.20		0.40		0.34			(0.41	)		-			10.53		7.43
Class C
	2005		$	11.13	$	0.42	$	0.03		$	(0.42	)	$	(0.11	)	$	11.05		4.13	%
	2004			11.24		0.43		-			(0.43	)		(0.11	)		11.13		3.92
	2003			11.40		0.42		(0.02	)		(0.43	)		(0.13	)		11.24		3.67
	2002			10.96		0.42		0.45			(0.43	)		-			11.40		8.14
	2001	(5)		10.93		0.01		0.02			-			-			10.96		0.27
Class Y
	2005		$	11.19	$	0.50	$	0.02		$	(0.49	)	$	(0.11	)	$	11.11		4.77	%
	2004			11.29		0.50		0.01			(0.50	)		(0.11	)		11.19		4.71
	2003			11.45		0.50		(0.03	)		(0.50	)		(0.13	)		11.29		4.31
	2002			11.00		0.49		0.45			(0.49	)		-			11.45		8.84
	2001	(2)(3)		10.53		0.44		0.45			(0.42	)		-			11.00		8.59
	2000	(4)		10.21		0.42		0.33			(0.43	)		-			10.53		7.63

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Short Tax Free Fund
Class A
	2005		$	4,103		0.75	%		2.46	%		1.06	%		2.15	%		37	%
	2004			6,329		0.75			2.55			1.05			2.25			30
	2003	(1)		6,448		0.75			2.67			1.05			2.37			54
Class Y
	2005		$	329,647		0.60	%		2.62	%		0.81	%		2.41	%		37	%
	2004			419,359		0.60			2.70			0.80			2.50			30
	2003	(1)		396,918		0.60			3.00			0.80			2.80			54
Tax Free Fund
Class A
	2005		$	38,205		0.95	%		4.20	%		1.06	%		4.09	%		8	%
	2004			40,156		0.95			4.18			1.05			4.08			23
	2003			42,942		0.95			4.21			1.05			4.11			23
	2002			43,708		0.95			4.20			1.02			4.13			39
	2001	(2)(3)		48,769		1.16			4.27			1.18			4.25			3
	2000	(4)		1,526		0.98			4.34			1.09			4.23			4
Class C
	2005		$	2,712		1.35	%		3.80	%		1.81	%		3.34	%		8	%
	2004			2,682		1.35			3.77			1.80			3.32			23
	2003			4,880		1.35			3.81			1.80			3.36			23
	2002			6,199		1.35			3.82			1.77			3.40			39
	2001	(5)		4,494		1.04			5.61			1.04			5.61			3
Class Y
	2005		$	436,303		0.70	%		4.45	%		0.81	%		4.34	%		8	%
	2004			416,651		0.70			4.43			0.80			4.33			23
	2003			460,634		0.70			4.46			0.80			4.36			23
	2002			497,140		0.70			4.47			0.77			4.40			39
	2001	(2)(3)		501,361		0.73			4.32			0.74			4.31			3
	2000	(4)		253,803		0.78			4.54			1.19			4.13			4

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

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

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

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

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

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

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

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FIRST AMERICAN FUNDS Annual Report 2005

117

Notes to Financial StatementsSeptember 30, 2005

1 >  Organization

The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, Oregon Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF"), which is a member of the First American Family of Funds. As of September 30, 2005, FAIF offered 38 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company. FAIF's articles of incorporation permit the board of directors to create additional funds in the future. The Intermediate Tax Free Fund, Short Tax Free Fund, and Tax Free Fund are each diversified open-end management investment companies. The Arizona Tax Free Fund, California Intermediate Tax Free Fund, California Tax Free Fund, Colorado Intermediate Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Oregon Intermediate Tax Free Fund are each non-diversified open-end management investment companies. Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

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

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

2 >  Summary of Significant Accounting Policies

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

SECURITY VALUATIONS – Security valuations for the funds' investments are furnished by one or more independent pricing services that have been approved by the funds' board of directors. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the funds' board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of September 30, 2005, the funds held no fair-valued securities. Debt obligations with 60 days or

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less remaining until maturity will be valued at their amortized cost, which approximates market value. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

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

DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared and paid monthly and are payable in cash or reinvested in additional shares of each respective 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 book and tax differences for classification of dividends paid by the funds. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period that the differences arise.

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

Fund	Accumulated Net Realized Gain			Undistributed Net Investment Income
Arizona Tax Free Fund	$	(5	)	$	5

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

	2005
Fund	Tax Exempt Income		Ordinary Income		Long Term Gain		Total
Arizona Tax Free Fund	$	984	$	3	$	235	$	1,222
California Intermediate Tax Free Fund		2,002		27		329		2,358
California Tax Free Fund		1,203		53		199		1,455
Colorado Intermediate Tax Free Fund		2,077		-		169		2,246
Colorado Tax Free Fund		992		-		177		1,169
Intermediate Tax Free Fund		28,143		-		3,679		31,822
Minnesota Intermediate Tax Free Fund		9,305		-		797		10,102
Minnesota Tax Free Fund		6,755		-		811		7,566
Missouri Tax Free Fund		7,004		-		924		7,928
Nebraska Tax Free Fund		1,581		-		-		1,581
Ohio Tax Free Fund		1,564		-		133		1,697
Oregon Intermediate Tax Free Fund		5,290		-		511		5,801
Short Tax Free Fund		10,220		-		-		10,220
Tax Free Fund		20,510		-		4,409		24,919

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Notes to Financial StatementsSeptember 30, 2005

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

As of September 30, 2005, the components of accumulated earnings (deficit) on a tax basis were as follows (000):

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long Term Capital Gains		Accumulated Capital and Post-October Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
Arizona Tax Free Fund	$	-	$	-	$	210	$	-		$	1,337		$	1,547
California Intermediate Tax Free Fund		85		16		90		-			2,263			2,454
California Tax Free Fund		12		9		53		-			1,718			1,792
Colorado Intermediate Tax Free Fund		21		19		266		-			2,768			3,074
Colorado Tax Free Fund		52		-		541		-			1,574			2,167
Intermediate Tax Free Fund		6		43		990		-			34,499			35,538
Minnesota Intermediate Tax Free Fund		23		136		1,359		-			9,522			11,040
Minnesota Tax Free Fund		28		172		381		-			9,254			9,835
Missouri Tax Free Fund		2		66		1,257		-			7,803			9,128
Nebraska Tax Free Fund		-		12		63		-			1,553			1,628
Ohio Tax Free Fund		-		29		41		-			1,357			1,427
Oregon Intermediate Tax Free Fund		16		3		556		-			5,159			5,734
Short Tax Free Fund		-		255		-		(625	)		(799	)		(1,169	)
Tax Free Fund		28		157		944		-			30,249			31,378

As of September 30, 2005, Short Tax Free Fund had a capital loss carryforward of $238,000 that will expire in 2013.

The Short Tax Free Fund incurred a loss for tax purposes for the period from November 1, 2004 to September 30, 2005. As permitted by tax regulations, the fund intends to elect to defer and treat those losses as arising in the fiscal year ending September 30, 2006. The fund had a deferred loss of $387,000.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations and the fund maintains, in a segregated account with its custodian, assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of a fund's net asset value if the fund makes such investments while remaining substantially fully invested. At September 30, 2005, the following funds had outstanding when-issued commitments (000):

Fund	Cost		Segregated Assets
Arizona Tax Free Fund	$	396	$	1,433
California Intermediate Tax Free Fund		247		2,542
California Tax Free Fund		543		1,738
Intermediate Tax Free Fund		2,096		15,966
Minnesota Intermediate Tax Free Fund		3,379		9,191
Missouri Tax Free Fund		1,063		10,568
Nebraska Tax Free Fund		1,173		1,824
Short Tax Free Fund		5,636		8,380
Tax Free Fund		1,363		37,713

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120

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 September 30, 2005, no fund had investments in illiquid securities.

INVERSE FLOATERS – As part of their investment strategy, the funds may invest in certain securities for which the potential income return is inversely related to changes in a floating interest rate ("inverse floaters"). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Inverse floaters may be characterized as derivative securities and may subject a fund to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market value of such securities will generally be more volatile than that of fixed-rate, tax-exempt securities. To the extent the funds invest in inverse floaters, the net asset value of the funds' shares may be more volatile than if the funds did not invest in such securities. At September 30, 2005, no fund had investments in inverse floaters.

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are generally allocated to the funds on the basis of relative net assets of all funds within the First American 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 Securities and Exchange Commission, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended September 30, 2005.

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

3 >  Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), U.S. Bancorp Asset Management, Inc. ("USBAM"), a subsidiary of U.S. Bank National Association ("U.S. Bank"), manages each fund's assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay USBAM a monthly fee based upon average daily net assets. The annual fee for each fund is 0.50%. USBAM has agreed to waive fees and reimburse other fund expenses through June 30, 2006, so that total fund operating

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121

Notes to Financial StatementsSeptember 30, 2005

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

				Share Class
Fund	A			C			Y
Arizona Tax Free Fund		0.75	%		1.15	%		0.50	%
California Intermediate Tax Free Fund		0.85			NA			0.70
California Tax Free Fund		0.75			1.15			0.50
Colorado Intermediate Tax Free Fund		0.85			NA			0.70
Colorado Tax Free Fund		0.75			1.15			0.50
Intermediate Tax Free Fund		0.85			NA			0.70
Minnesota Intermediate Tax Free Fund		0.85			NA			0.70
Minnesota Tax Free Fund		0.95			1.35			0.70
Missouri Tax Free Fund		0.95			1.35			0.70
Nebraska Tax Free Fund		0.75			1.15			0.50
Ohio Tax Free Fund		0.75			1.15			0.50
Oregon Intermediate Tax Free Fund		0.85			NA			0.70
Short Tax Free Fund		0.75			NA			0.60
Tax Free Fund		0.95			1.35			0.70

NA = Not Applicable

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

ADMINISTRATION FEES – Effective July 1, 2005, USBAM serves as the funds' administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC ("USBFS") serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM 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. Effective July 1, 2005, the funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.15% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.135% on the next $17 billion of the 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 USBAM and, indirectly, the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

Prior to July 1, 2005, USBAM and USBFS served as "co-administrators" pursuant to a co-administration agreement between the co-administrators and the funds. The funds paid the administration fees to the co-administrators, which were calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.235% of the next $17 billion of the aggregate average daily net assets, 0.22% of the next $25 billion of the aggregate daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. In addition, the funds paid transfer agent fees under the co-administration agreement of $18,500 per share class plus additional per account fees. In addition to these fees, the funds reimbursed the co-administrators for any out-of-pocket expenses incurred in providing administration services.

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

Fund	Amount
Arizona Tax Free Fund	$	45
California Intermediate Tax Free Fund		106
California Tax Free Fund		59
Colorado Intermediate Tax Free Fund		103
Colorado Tax Free Fund		45
Intermediate Tax Free Fund		1,347
Minnesota Intermediate Tax Free Fund		488
Minnesota Tax Free Fund		338
Missouri Tax Free Fund		366
Nebraska Tax Free Fund		78
Ohio Tax Free Fund		86
Oregon Intermediate Tax Free Fund		290
Short Tax Free Fund		796
Tax Free Fund		942

TRANSFER AGENT FEES – Effective July 1, 2005, 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 new transfer agent and shareholder servicing agreement, FAIF also pays USBFS a fee equal, on an annual basis, to 0.10% of each fund's

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122

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 reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services. Prior to July 1, 2005, these services were provided by USBFS pursuant to the co-administration agreement.

For the fiscal year ended September 30, 2005, transfer agent fees paid to USBFS by the funds included in this annual report were as follows (000):

Fund	Amount
Arizona Tax Free Fund	$	14
California Intermediate Tax Free Fund		32
California Tax Free Fund		19
Colorado Intermediate Tax Free Fund		31
Colorado Tax Free Fund		13
Intermediate Tax Free Fund		411
Minnesota Intermediate Tax Free Fund		146
Minnesota Tax Free Fund		102
Missouri Tax Free Fund		112
Nebraska Tax Free Fund		24
Ohio Tax Free Fund		26
Oregon Intermediate Tax Free Fund		88
Short Tax Free Fund		230
Tax Free Fund		290

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

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

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

Quasar is currently waiving fees equal to an annual rate of 0.10% of average daily net assets for Class A shares in California Intermediate Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, and Short Tax Free Fund. For Class C shares, Quasar is currently waiving fees equal to an annual rate of 0.35% of average daily net assets for Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Free Fund, and Tax Free Fund.

For the fiscal year ended September 30, 2005, total distribution and shareholder servicing fees waived by Quasar for the funds included in this annual report were as follows (000):

Fund	Amount
Arizona Tax Free Fund	$	6
California Intermediate Tax Free Fund		4
California Tax Free Fund		6
Colorado Intermediate Tax Free Fund		14
Colorado Tax Free Fund		13
Intermediate Tax Free Fund		35
Minnesota Intermediate Tax Free Fund		34
Minnesota Tax Free Fund		35
Missouri Tax Free Fund		1
Nebraska Tax Free Fund		6
Ohio Tax Free Fund		-	*
Oregon Intermediate Tax Free Fund		9
Short Tax Free Fund		5
Tax Free Fund		10

*  Rounds to zero.

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

Fund	Amount
Arizona Tax Free Fund	$	5
California Intermediate Tax Free Fund		6
California Tax Free Fund		25
Colorado Intermediate Tax Free Fund		17
Colorado Tax Free Fund		15
Intermediate Tax Free Fund		40
Minnesota Intermediate Tax Free Fund		29
Minnesota Tax Free Fund		60
Missouri Tax Free Fund		64
Nebraska Tax Free Fund		6
Ohio Tax Free Fund		4
Oregon Intermediate Tax Free Fund		12
Short Tax Free Fund		8
Tax Free Fund		41

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Notes to Financial StatementsSeptember 30, 2005

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

CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge ("CDSC") of 1.00% is imposed on redemptions made in the Class C shares for the first 12 months. The CDSC is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less.

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

Fund	Amount
Arizona Tax Free Fund	$	-	*
California Intermediate Tax Free Fund		19
California Tax Free Fund		159
Colorado Intermediate Tax Free Fund		46
Colorado Tax Free Fund		17
Intermediate Tax Free Fund		14
Minnesota Intermediate Tax Free Fund		45
Minnesota Tax Free Fund		77
Missouri Tax Free Fund		110
Nebraska Tax Free Fund		22
Ohio Tax Free Fund		8
Oregon Intermediate Tax Free Fund		29
Short Tax Free Fund		12
Tax Free Fund		42

*  Rounds to zero.

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):

	Arizona Tax Free Fund						California Intermediate Tax Free Fund						California Tax Free Fund						Colorado Intermediate Tax Free Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		189			162			131			174			373			155			392			187
Shares issued in lieu of cash distributions		37			35			11			12			33			37			39			43
Shares redeemed		(162	)		(461	)		(81	)		(267	)		(184	)		(335	)		(454	)		(994	)
Total Class A transactions		64			(264	)		61			(81	)		222			(143	)		(23	)		(764	)
Class C:
Shares issued		18			33			-			-			163			51			-			-
Shares issued in lieu of cash distributions		6			4			-			-			6			4			-			-
Shares redeemed		(17	)		(62	)		-			-			(9	)		(38	)		-			-
Total Class C transactions		7			(25	)		-			-			160			17			-			-
Class Y:
Shares issued		459			204			609			777			536			358			583			196
Shares issued in lieu of cash distributions		6			2			8			3			3			2			5			1
Shares redeemed		(44	)		(189	)		(307	)		(523	)		(207	)		(290	)		(810	)		(1,081	)
Total Class Y transactions		421			17			310			257			332			70			(222	)		(884	)
Net increase (decrease) in capital shares		492			(272	)		371			176			714			(56	)		(245	)		(1,648	)

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	Colorado Tax Free Fund						Intermediate Tax Free Fund						Minnesota Intermediate Tax Free Fund			Minnesota Tax Free Fund						Missouri Tax Free Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		26			77			714			1,364			553			1,288			716			664			374			314
Shares issued in lieu of cash distributions		37			47			114			102			100			91			356			477			51			46
Shares redeemed		(243	)		(400	)		(809	)		(1,341	)		(859	)		(963	)		(1,782	)		(2,006	)		(140	)		(434	)
Total Class A transactions		(180	)		(276	)		19			125			(206	)		416			(710	)		(865	)		285			(74	)
Class C:
Shares issued		42			24			-			-			-			-			83			76			-			1
Shares issued in lieu of cash distributions		15			15			-			-			-			-			34			43			1			1
Shares redeemed		(83	)		(80	)		-			-			-			-			(164	)		(248	)		(3	)		(6	)
Total Class C transactions		(26	)		(41	)		-			-			-			-			(47	)		(129	)		(2	)		(4	)
Class Y:
Shares issued		122			106			10,127			8,772			1,581			2,053			779			540			1,808			1,288
Shares issued in lieu of cash distributions		1			1			321			208			33			32			19			21			23			22
Shares redeemed		(202	)		(110	)		(8,735	)		(13,668	)		(3,175	)		(3,996	)		(471	)		(961	)		(1,732	)		(2,503	)
Total Class Y transactions		(79	)		(3	)		1,713			(4,688	)		(1,561	)		(1,911	)		327			(400	)		99			(1,193	)
Net increase (decrease) in capital shares		(285	)		(320	)		1,732			(4,563	)		(1,767	)		(1,495	)		(430	)		(1,394	)		382			(1,271	)

	Nebraska Tax Free Fund						Ohio Tax Free Fund						Oregon Intermediate Tax Free Fund			Short Tax Free Fund						Tax Free Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		295			137			24			77			202			237			213			330			382			791
Shares issued in lieu of cash distributions		11			12			2			2			22			24			11			16			150			166
Shares redeemed		(93	)		(144	)		(45	)		(46	)		(139	)		(201	)		(440	)		(344	)		(682	)		(1,170	)
Total Class A transactions		213			5			(19	)		33			85			60			(216	)		2			(150	)		(213	)
Class C:
Shares issued		39			51			10			11			-			-			-			-			25			42
Shares issued in lieu of cash distributions		4			5			-			1			-			-			-			-			11			16
Shares redeemed		(70	)		(37	)		(5	)		(20	)		-			-			-			-			(32	)		(251	)
Total Class C transactions		(27	)		19			5			(8	)		-			-			-			-			4			(193	)
Class Y:
Shares issued		669			461			779			558			1,909			1,741			6,860			16,264			6,235			4,012
Shares issued in lieu of cash distributions		9			6			22			25			39			76			69			347			97			106
Shares redeemed		(403	)		(317	)		(590	)		(596	)		(2,067	)		(2,448	)		(15,310	)		(13,499	)		(4,293	)		(7,665	)
Total Class Y transactions		275			150			211			(13	)		(119	)		(631	)		(8,381	)		3,112			2.039			(3,547	)
Net increase (decrease) in capital shares		461			174			197			12			(34	)		(571	)		(8,597	)		3,114			1,893			(3,953	)

5 >  Investment Security Transactions

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

Fund	Purchases		Sales
Arizona Tax Free Fund	$	8,413	$	4,379
California Intermediate Tax Free Fund		18,729		14,453
California Tax Free Fund		11,086		4,031
Colorado Intermediate Tax Free Fund		9,613		12,511
Colorado Tax Free Fund		6,545		10,205
Intermediate Tax Free Fund		110,131		98,187
Minnesota Intermediate Tax Free Fund		36,449		55,211
Minnesota Tax Free Fund		27,857		25,682
Missouri Tax Free Fund		36,849		33,451
Nebraska Tax Free Fund		11,853		7,927
Ohio Tax Free Fund		7,576		5,253
Oregon Intermediate Tax Free Fund		28,400		30,866
Short Tax Free Fund		136,907		217,089
Tax Free Fund		61,495		37,638

The aggregate gross unrealized appreciation and depreciation for securities held by the funds and the total cost of securities for federal income tax purposes at September 30, 2005, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net			Federal Income Tax Cost
Arizona Tax Free Fund	$	1,393	$	(56	)	$	1,337		$	23,565
California Intermediate Tax Free Fund		2,322		(59	)		2,263			50,580
California Tax Free Fund		1,776		(58	)		1,718			32,926
Colorado Intermediate Tax Free Fund		2,975		(207	)		2,768			44,617
Colorado Tax Free Fund		1,582		(8	)		1,574			18,312
Intermediate Tax Free Fund		35,291		(792	)		34,499			635,423
Minnesota Intermediate Tax Free Fund		9,782		(260	)		9,522			220,856
Minnesota Tax Free Fund		9,412		(158	)		9,254			152,684
Missouri Tax Free Fund		7,941		(138	)		7,803			173,314
Nebraska Tax Free Fund		1,594		(41	)		1,553			40,239
Ohio Tax Free Fund		1,403		(46	)		1,357			40,333
Oregon Intermediate Tax Free Fund		5,372		(213	)		5,159			135,930
Short Tax Free Fund		1,293		(2,092	)		(799	)		339,626
Tax Free Fund		30,475		(226	)		30,249			441,936

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Notes to Financial StatementsSeptember 30, 2005

6 >  Concentration of Credit Risk

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

The ratings of long-term securities as a percentage of the total value of investments at September 30, 2005, were as follows (unaudited):

Standard & Poor's/ Moody's/ Fitch's Ratings:	Arizona Tax Free Fund			California Intermediate Tax Free Fund			California Tax Free Fund			Colorado Intermediate Tax Free Fund
AAA/Aaa		48.9	%		51.7	%		53.4	%		52.5	%
AA/Aa		19.0			5.6			12.6			12.7
A/A		8.8			22.6			12.5			9.7
BBB/Baa		14.2			16.8			17.6			19.4
BB/Ba		-			-			-			0.8
Nonrated		9.1			3.3			3.9			4.9
		100	%		100	%		100	%		100	%

Standard &  Poor's/ Moody's/ Fitch's Ratings:	Colorado Tax Free Fund			Intermediate Tax Free Fund			Minnesota Intermediate Tax Free Fund			Minnesota Tax Free Fund			Missouri Tax Free Fund
AAA/Aaa		52.4	%		58.2	%		48.7	%		33.0	%		52.3	%
AA/Aa		12.6			13.1			22.2			15.9			33.8
A/A		13.1			13.5			11.4			23.4			6.8
BBB/Baa		20.2			9.6			8.0			10.2			4.8
BB/Ba		-			0.9			1.5			1.1			1.0
Nonrated		1.7			4.7			8.2			16.4			1.3
		100	%		100	%		100	%		100	%		100	%
Standard &  Poor's/ Moody's/ Fitch's Ratings:	Nebraska Tax Free Fund			Ohio Tax Free Fund			Oregon Intermediate Tax Free Fund			Short Tax Free Fund			Tax Free Fund
AAA/Aaa		41.8	%		45.1	%		58.4	%		34.6	%		39.2	%
AA/Aa		37.3			37.6			34.2			18.8			9.4
A/A		12.5			12.3			1.4			23.0			18.3
BBB/Baa		1.3			4.4			3.5			18.8			21.3
BB/Ba		-			-			-			-			0.9
B/B		-			-			-			0.2			-
Nonrated		7.1			0.6			2.5			4.6			10.9
		100	%		100	%		100	%		100	%		100	%

In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

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.

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

TAX INFORMATION

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

Dear First American Shareholders:

For the fiscal year ended September 30, 2005, each fund has designated long term capital gains, ordinary income, and tax exempt income with regard to distributions paid during the year as follows:

Fund	Long Term Capital Gains Distributions (Tax Basis)			Tax Exempt Interest			Ordinary Income Distributions (Tax Basis)			Return of Capital			Total Distributions (Tax Basis) (a)
Arizona Tax Free Fund		19	%		81	%		-	%		-	%		100	%
California Intermediate Tax Free Fund		14			85			1			-			100
California Tax Free Fund		14			83			3			-			100
Colorado Intermediate Tax Free Fund		8			92			-			-			100
Colorado Tax Free Fund		15			85			-			-			100
Intermediate Tax Free Fund		12			88			-			-			100
Minnesota Intermediate Tax Free Fund		8			92			-			-			100
Minnesota Tax Free Fund		11			89			-			-			100
Missouri Tax Free Fund		12			88			-			-			100
Nebraska Tax Free Fund		-			100			-			-			100
Ohio Tax Free Fund		8			92			-			-			100
Oregon Intermediate Tax Free Fund		9			91			-			-			100
Short Tax Free Fund		-			100			-			-			100
Tax Free Fund		18			82			-			-			100

(a) None of the distributions made by these funds are eligible for the dividends received deduction or are characterized as qualified dividend income.

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

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to porfolio securities during the most recent 12 month period ended June 30, 2005 is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Directors of the funds (the "Board"), which is comprised entirely of independent directors, oversees the management of each fund and, as required by law, determines annually whether to renew the funds' advisory agreement with U.S. Bancorp Asset Management, Inc. ("USBAM").

At a meeting on May 3-5 2005, the Board considered information relating to the funds' investment advisory agreement with USBAM (the "Agreement"). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 20-22, 2005, the Board concluded its consideration of and approved the Agreement through June 30, 2006.

Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the funds, the Board separately considered and approved the Agreement with respect to each fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality, and extent of USBAM's services to the fund, (2) the investment performance of the fund, (3) the profitability of USBAM related to the fund, including an analysis of USBAM's cost of providing services and comparative expense information, (4) the extent to which economies of scale are realized as the fund grows and whether fee levels are adjusted to enable fund investors to share in these economies of scale, and (5) other benefits that accrue to USBAM through its relationship with the funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board's decision to approve the Agreement.

Before approving the Agreement, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by USBAM and the terms of the Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each fund. In reaching its conclusions, the Board considered the following:

Nature, Quality, and Extent of Investment Advisory Services

The Board examined the nature, quality, and extent of the services provided by USBAM to each fund. The Board reviewed USBAM's key personnel who provide investment management services to each fund as well as the fact that, under the Agreement, USBAM has the authority and responsibility to make and execute investment decisions for each fund within the framework of that fund's investment policies and restrictions, subject to review by the Board. The Board further considered that USBAM's duties with respect to each fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the fund's investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the fund, including the fund's distributor, sub-administrator, transfer agent, and custodian. Finally, the Board considered USBAM's representation that the services provided by USBAM under the Agreement are the type of services customarily provided by investment advisors in the fund industry.

The Board also considered compliance reports about USBAM from the fund's Chief Compliance Officer.

Based on the foregoing, the Board concluded that each fund is likely to benefit from the nature, extent, and quality of the services provided by USBAM under the Agreement.

Investment Performance of the Funds

The Board considered the performance of each fund, as summarized below, including how the fund performed versus the median performance of a group of comparable funds selected by an independent data service (the "performance universe") and how the fund performed versus its benchmark index. The performance periods reviewed by the Board all ended on February 28, 2005. In the case of each of the state-specific funds, the Board considered that fund's benchmark index is a national municipal index, rather than a state-specific index, and noted USBAM's assertion that the Board should place more weight on the fund's performance compared to its performance universe.

Arizona Tax Free Fund. The fund significantly outperformed its performance universe for the one-, three-, and five-year periods. The fund also outperformed its benchmark index for the three- and five-year periods (although it underperformed the index

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for the one-year period). The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe and its long-term out-performance of its benchmark, it would be in the interest of the fund and its shareholders to renew the Agreement.

California Intermediate Tax Free Fund. The fund significantly outperformed both its benchmark index and its performance universe for the one-year period. For the three- and five-year periods, the fund outperformed its performance universe, but underperformed its benchmark index. The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe and its recent out-performance of the benchmark index, it would be in the interest of the fund and its shareholders to renew the Agreement.

California Tax Free Fund. The fund outperformed its performance universe for the one-, three-, and five-year periods. The fund's Class Y shares also outperformed the benchmark index for each of these periods; the fund's Class A shares outperformed the benchmark index for the five-year period. The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe and its long-term out-performance of the benchmark index, it would be in the interest of the fund and its shareholders to renew the Agreement.

Colorado Tax Free Fund. The fund's performance was comparable to or better than that of its performance universe for the one-, three-, and five-year periods. Also, the fund outperformed its benchmark for the three- and five-year periods (although it underperformed its benchmark index for the one-year period). The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe and its long-term out-performance of the benchmark index, it would be in the interest of the fund and its shareholders to renew the Agreement.

Colorado Intermediate Tax Free Fund. The fund significantly outperformed both its benchmark index and its performance universe for the one-year period. For the three-, five-, and ten-year periods, the fund outperformed its performance universe, but underperformed its benchmark index. The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe and its recent out-performance of the benchmark index, it would be in the interest of the fund and its shareholders to renew the Agreement.

Intermediate Tax Free Fund. The fund significantly outperformed both its benchmark index and its performance universe for the one-year period. For the three-, five-, and ten-year periods, the fund outperformed its performance universe, but underperformed its benchmark index. The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe and its recent out-performance of the benchmark index, it would be in the interest of the fund and its shareholders to renew the Agreement.

Minnesota Tax Free Fund. The fund significantly outperformed its performance universe for the one-, three-, five-, and ten-year periods, although it underperformed its benchmark index for each of those periods. The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe, it would be in the interest of the fund and its shareholders to renew the Agreement.

Minnesota Intermediate Tax Free Fund. The fund significantly outperformed both its benchmark index and its performance universe for the one-year period. For the three-, five-, and ten-year periods, the fund outperformed its performance universe, but underperformed its benchmark index. The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe and its recent out-performance of the benchmark index, it would be in the interest of the fund and its shareholders to renew the Agreement.

Missouri Tax Free Fund. The fund's performance was slightly below that of its performance universe for the one-year period. For the three- and five-year periods, Class Y shares outperformed the performance universe and Class A shares underperformed, whereas for the ten-year period, both share classes outperformed the performance universe. The fund underperformed its benchmark index for each of the periods. The Board concluded that, in light of the fund's longer-term competitive performance compared to the fund's performance universe, it would be in the interest of the fund and its shareholders to renew the Agreement.

Nebraska Tax Free Fund. The fund outperformed its performance universe for the one- and three-year periods. The fund underperformed its benchmark for the one-year period. For the three-year period, the fund's Class Y shares outperformed the

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

benchmark and Class A shares underperformed the benchmark. The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe, it would be in the interest of the fund and its shareholders to renew the Agreement.

Ohio Tax Free Fund. The fund commenced operations in April 2002. For the one-year period, the fund underperformed its benchmark index. For the period since inception, Class Y share performance was in line with the benchmark, while Class A share performance was below that of the benchmark. Class Y share performance was equal to that of the performance universe for the one-year period, while Class A shares underperformed. The Board noted USBAM's assertion that interest rates at the time the fund commenced operations precluded the fund from benefiting from pre-refundings that occurred at that time. USBAM also explained that the fund's performance had been adversely affected by the difficulty of obtaining lower investment grade issues, which have generally outperformed since the fund's inception. The Board concluded that, in light of the fund's fairly short operating history and its generally competitive performance, it would be in the interest of the fund and its shareholders to renew the Agreement and to continue to monitor the development of the fund's performance record.

Oregon Intermediate Tax Free Fund. The fund outperformed its performance universe for the one-, three-, five-, and ten-year periods. For each of these periods, the fund underperformed its benchmark index. The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe, it would be in the interest of the fund and its shareholders to renew the Agreement.

Short Tax Free Fund. The fund performed in line with its benchmark index for the period since the fund's inception in October 2002 through February 28, 2005. For the one-year period ended February 28, 2005, the fund underperformed both its performance universe and its benchmark. The Board concluded that, in light of the fund's competitive performance since inception as compared to that of its benchmark, and the fund's fairly limited performance history, it would be in the interest of the fund and its shareholders to renew the Agreement and to continue to monitor the development of the fund's performance record.

Tax Free Fund. The fund significantly outperformed its performance universe for the one-, three-, and five-year periods. The fund outperformed its benchmark for the three-year period (although it underperformed its benchmark for the one- and five-year periods). The Board concluded that, in light of the fund's strong performance compared to the fund's performance universe and its three-year out-performance of the benchmark index, it would be in the interest of the fund and its shareholders to renew the Agreement.

Costs of Services and Profits Realized by USBAM

The Board reviewed USBAM's estimated costs in serving as the funds' investment manager, including the costs associated with the personnel and systems necessary to manage each fund. The Board also considered the reported profitability of USBAM and its affiliates resulting from their relationship with each fund. For each fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by USBAM and of comparable funds managed by other advisers. The Board found that while the advisory fees for USBAM's institutional separate accounts are lower than the funds' advisory fees, the funds receive additional services from USBAM that separate accounts do not receive.

Using information provided by an independent data service, the Board also evaluated each fund's advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each fund's expense ratio after waivers compared to the median expense ratio, after waivers, of comparable funds. In connection with its review of fund fees and expenses, the Board asked USBAM to articulate its pricing philosophy. USBAM responded that it attempts generally to maintain each fund's total operating expenses at a level that approximates its peer group median expense ratio. In addition, USBAM committed to waive its investment advisory fees to the extent necessary to maintain the funds' total expense ratios at levels generally in line with their respective peer groups. The Board concluded that USBAM's pricing philosophy is a reasonable one.

Further detail considered by the Board regarding the advisory fees and expense ratios of each fund is set forth below:

Arizona Tax Free Fund, California Tax Free Fund, Colorado Tax Free Fund, Colorado Intermediate Tax Free Fund, Intermediate Tax Free Fund, Minnesota Tax Free Fund, Missouri Tax Free Fund, Nebraska Tax Free Fund, Ohio Tax Tree Fund, and Oregon Intermediate Tax Free Fund. For

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each of the foregoing funds, the fund's contractual advisory fee was equal or nearly equal to the peer group median advisory fee and, on an after waivers basis, the fund's advisory fee was lower than the peer group median. Furthermore, each of the foregoing funds had a total expense ratio after waivers that was lower than the peer group median expense ratio, except that the total expense ratios for Minnesota Tax Free Fund and Missouri Tax Free Fund were slightly higher than the peer group median expense ratio.

California Intermediate Tax Free Fund. The fund's advisory fee, both before and after waivers, was slightly higher than the peer group median, as was the fund's total expense ratio after waivers.

Minnesota Intermediate Tax Free Fund. The fund's contractual advisory fee was equal to the peer group median advisory fee. On an after waivers basis, the fund's advisory fee and the peer group's advisory fee were nearly the same. Furthermore, the fund's total expense ratio after waivers was equal to the peer group median.

Short Tax Free Fund. The fund's advisory fee, after waivers, was slightly lower than the peer group median (although, on a contractual basis, it was slightly higher than the peer group median advisory fee). The fund's total expense ratio after waivers was slightly lower than the peer group median.

Tax Free Fund. The fund's advisory fee was slightly higher than the peer group median on a contractual basis, and nearly the same as the peer group median on an after waivers basis. The fund had a total expense ratio after waivers that was slightly higher than the peer group median

As noted above, in most cases the funds' advisory fees and expense ratios were lower than those of the respective peer group. In those instances where fees and expenses were slightly higher, the Board noted that they were nevertheless in a range consistent with USBAM's pricing philosophy. The Board concluded that the funds' advisory fees and expense ratios are reasonable in light of the services provided.

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each fund's investment advisory fee reflects economies of scale for the benefit of fund shareholders. Based on information provided by USBAM, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although the funds do not have advisory fee breakpoints in place, USBAM has committed to waive advisory fees to the extent necessary to keep each fund's total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The median total expense ratio of a fund's peer group will necessarily reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group. Therefore, by capping a fund's total expense ratio at a level close to the median, fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds' advisory fee schedules. In light of USBAM's commitment to keep total fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each fund and its shareholders to renew the Agreement.

Other Benefits to USBAM

In evaluating the benefits that accrue to USBAM through its relationship with the funds, the Board noted that USBAM and certain of its affiliates serve the funds in various capacities, including as advisor, administrator, sub-administrator, transfer agent, distributor, custodian, and securities lending agent, and receive compensation from the funds in connection with providing services to the funds. The Board considered that each service provided to the funds by USBAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

After full consideration of these and other factors, the Board concluded that approval of the Agreement was in the best interest of each fund and its shareholders.

FIRST AMERICAN FUNDS Annual Report 2005

131

NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

Directors and Officers of the Funds

Independent Directors

Name, Address, and Year of Birth	Position(s)  Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329(1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003.	Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004; Senior Vice President, Chief Financial Officer & Treasurer, Bemis, through April 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329(1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997.	Retired; Vice President, Cargo – United Airlines, since July 2001; Vice President, North America – Mountain Region, United Airlines, prior to July 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329(1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003.	Investment consultant and non-profit board member since 2001; Managing Director of Zurich Scudder Investments through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329(1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993.	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329(1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Retired; Director, President and Chief Executive Officer, Weirton Steel, through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	Cleveland Cliffs Inc (a producer of iron ore pellets)
Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329(1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991.	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus(TM) LLC, a strategic demographic planning and application development firm, since 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None

FIRST AMERICAN FUNDS Annual Report 2005

132

Independent Directors - continued

Name, Address, and Year of Birth	Position(s)  Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329(1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF's Board since September 1997; Director of FAIF since August 1987.	Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329(1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Owner and President, Jim Wade Homes, a homebuilding company, since 1999.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None

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

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

FIRST AMERICAN FUNDS Annual Report 2005

133

NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

Officers

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

FIRST AMERICAN FUNDS Annual Report 2005

134

Officers - continued

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

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

FIRST AMERICAN FUNDS Annual Report 2005

135

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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. The views expressed in this report reflect those of the portfolio managers only through the period ended September 30, 2005. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

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

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

INVESTMENT ADVISOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

180 East Fifth Street

St. Paul, Minnesota 55101

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

0287-04  11/2005  AR-TAXFREEINCOME

2005
Annual Report

First American Stock Funds

Stocks are shares of ownership that a company sells in order to raise money to run its business. As an owner or shareholder, you take part in the company’s achievements and failures.

Stocks and stock funds offer you a number of options. Some are defined by the size of the companies they invest in, some by the style of the company, and others by where they invest – by geographic location or by industry. Because the various types of stocks outperform and underperform at different times, dividing your money among several types may help smooth out your portfolio’s returns.

TABLE OF CONTENTS

Message to Shareholders	1
Report of Independent Registered Public
Accounting Firm	41
Real Estate Securities Fund
Schedule of Investments	42
Statement of Assets and Liabilities	43
Statement of Operations	44
Statement of Changes in Net Assets	45
Financial Highlights	46
International Fund
Schedule of Investments	48
Statement of Assets and Liabilities	50
Statement of Operations	51
Statement of Changes in Net Assets	52
Financial Highlights	54
Small Cap Funds
Schedule of Investments	56
Statements of Assets and Liabilities	62
Statements of Operations	63
Statements of Changes in Net Assets	64
Financial Highlights	66
Mid Cap Funds
Schedule of Investments	72
Statements of Assets and Liabilities	74
Statements of Operations	75
Statements of Changes in Net Assets	76
Financial Highlights	78
Large Cap Funds
Schedule of Investments	82
Statements of Assets and Liabilities	85
Statements of Operations	86
Statements of Changes in Net Assets	88
Financial Highlights	90
Growth & Income Funds
Schedule of Investments	94
Statements of Assets and Liabilities	102
Statements of Operations	103
Statements of Changes in Net Assets	104
Financial Highlights	106
Notes to Financial Statements	110
Notice to Shareholders	126

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

FIRST AMERICAN INVESTMENT FUNDS, INC.
PROSPECTUS SUPPLEMENT DATED JULY 25, 2005

This supplement updates the following Prospectuses dated January 31, 2005, as previously supplemented May 23, July 1, and July 20, 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

For each share class, this supplement, the supplements dated May 23, July 1, and July 20, 2005, and the applicable Prospectus dated January 31, 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:

The portfolio managers primarily responsible for the management of Small Cap Value Fund are:

Chad M. Kilmer, Senior Equity Portfolio Manager. Mr. Kilmer has served as the primary portfolio manager for the fund since July 2005. Prior to joining U.S. Bancorp Asset Management in 2004, Mr. Kilmer served as a small-cap investment analyst at Gabelli Woodland Partners, a subsidiary of Gabelli Asset Management. Mr. Kilmer has seven years of financial industry experience.

Karen L. Bowie, CFA, Equity Portfolio Manager. Ms. Bowie has co-managed the fund since July 2005. Ms. Bowie has more than 22 years of financial industry experience, 12 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 annual report.

FIRST AMERICAN INVESTMENT FUNDS, INC.
PROSPECTUS SUPPLEMENT DATED SEPTEMBER 8, 2005

This supplement updates the following Prospectuses dated January 31, 2005, as previously supplemented May 23, July 1, July 20 and July 25, 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

For each share class, this supplement, the supplements dated May 23, July 1, July 20 and July 25, 2005, and the applicable Prospectus dated January 31, 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, which is set forth in each Prospectus under the heading "Additional Information - Management - Portfolio Management," is replaced by the following:

The portfolio managers primarily responsible for the management of Mid Cap Growth Opportunities Fund are:

Thomas A. Gunderson, CFA, Senior Equity Portfolio Manager. Mr. Gunderson has served as the primary portfolio manager for the fund since September 2005. He also is the primary portfolio manager for Large Cap Growth Opportunities Fund, a position he has held since December 2003. 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 co-managed the fund since September 2005. He also is a co-manager for Large Cap Growth Opportunities Fund, a position he has held 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 annual report.

Message to SHAREHOLDERS  November 14, 2005

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended September 30, 2005.

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

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

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

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

Sincerely,

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

FIRST AMERICAN FUNDS Annual Report 2005

1

Real Estate Securities fund

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

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Real Estate Securities Fund (the "fund"), Class Y shares, returned 29.25% for the fiscal year ended September 30, 2005 (Class A shares returned 28.99% without taking the sales charge into account). By comparison, the fund's benchmark, the Morgan Stanley Capital International U.S. Real Estate Investment Trust Index* ("MSCI U.S. REIT Index*"), returned 27.10% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

During the fiscal year, sustained employment growth improved the outlook for most commercial property types.

Occupancy levels rose, which should lead to rent growth and improved earnings outlook for the real estate investment trust (REIT) sector.

What worked for the fund and why?

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

What did not work for the fund and why?

In what was another year of strong performance for the REIT sector, even an average cash position of 2% was detrimental to the fund's performance. A hotel stock, Great Wolf Resorts, had significant negative performance on weak second-quarter results and forward guidance.

What strategic moves were made by the fund and why?

The fund's emphasis on coastal markets was a successful strategy. The fund was overweight in the hotel sector and industrial sector, given increased employment, sustained GDP growth, and favorable supply/demand characteristics. The fund was underweight in the healthcare sector due to its more bond-like characteristics and the potential for rising interest rates.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Prologis	6.6	%
Simon Property Group	5.8	%
Avalonbay Communities	4.5	%
Brookfield Properties	4.1	%
Camden Property Trust	3.9	%
Boston Properties	3.5	%
Archstone-Smith Trust	3.4	%
General Growth Properties	3.1	%
Developers Diversified Realty	2.8	%
Equity Residential	2.6	%

Sector Allocation as of September 30, 20051(% of net assets)
Office	20.0	%
Apartments	16.7	%
Malls	12.3	%
Hotels	12.2	%
Industrials	11.7	%
Community Centers	11.5	%
Diversified	6.4	%
Health Care	3.1	%
Self-Storage	2.6	%
Specialty	2.6	%
Short-Term Investments	1.7	%
Other Assets and Liabilities, Net	(0.8	)%
	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 Annual Report 2005

2

Real Estate Securities fundcontinued

Annual Performance1as of September 30, 2005
										Since Inception
	1 year			5 years			10 years			2/1/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		21.91	%		18.07	%		14.50	%		-			-
Class B		22.98	%		18.33	%		14.27	%		-			-
Class C		27.00	%		18.53	%		-			20.96	%		-
Average annual return without sales charge (NAV)
Class A		28.99	%		19.42	%		15.15	%		-			-
Class B		27.98	%		18.53	%		14.27	%		-			-
Class C		28.00	%		18.53	%		-			20.96	%		-
Class R		28.60	%		-			-			-			23.48	%
Class Y		29.25	%		19.73	%		15.45	%		-			-
MSCI U.S. REIT Index2		27.10	%		19.19	%		14.64	%		20.72	%		22.73	%

Value of a $10,000 Investment^1,3as of September 30, 2005

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

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

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

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

3

Real Estate Securities fundcontinued

Expense Example

As a shareholder of the Real Estate Securities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,177.70	$	6.76
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.86	$	6.27
Class B Actual2,3	$	1,000.00	$	1,172.90	$	10.82
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.11	$	10.04
Class C Actual2,3	$	1,000.00	$	1,172.80	$	10.82
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.10	$	10.04
Class R Actual2,3	$	1,000.00	$	1,176.00	$	8.13
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.59	$	7.54
Class Y Actual2,3	$	1,000.00	$	1,178.70	$	5.39
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.12	$	5.00

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

²Based on the actual returns for the six months ended September 30, 2005: 17.77% for Class A, 17.29% for Class B, 17.28% for Class C, 17.60% for Class R and 17.87% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.23%, 1.98%, 1.98%, 1.48% and 0.98% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,177.58 and $1,018.75 for Class A, $1,172.77 and $1,014.99 for Class B, $1,172.67 and $1,014.99 for Class C, $1,175.87 and $1,017.48 for Class R, and $1,178.57 and $1,020.00 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.88 and $6.38 for Class A, $10.95 and $10.15 for Class B, $10.95 and $10.16 for Class C, $8.26 and $7.66 for Class R and $5.52 and $5.12 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

4

International fund

Investment Objective: long-term growth of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American International Fund (the "fund"), Class Y shares, returned 21.12% for the fiscal year ended September 30, 2005 (Class A shares returned 20.80% without taking the sales charge into account). By comparison, the fund's benchmark, the Morgan Stanley Capital International Europe and Australasia, Far East Equity Index* ("MSCI EAFE Index*"), returned 26.32% for the same period.

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

For the year ending September 30, 2005, equity markets posted extremely attractive returns. International stocks continued to outpace the United States. This strong return reflects both attractive earnings numbers and continued productivity gains. Global growth, driven in large part by Asia, also had a positive effect on performance.

What worked for the fund and why?

Stock selection has been the primary source of performance. The portfolio benefited from holdings in emerging markets, Japan, and the Pacific-Rim. From a sector perspective, energy, telecommunications, and information technology added the most value.

Within the energy sector our two largest positions, Total (French oil company) and ENI (Italian oil and gas producer), contributed positively to performance. Both companies reaped benefits from higher oil prices and remain attractively valued.

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

What did not work for the fund and why?

While the portfolio achieved a very attractive absolute return, the fund did lag the benchmark. In a market that, during the period, was dominated by small-cap and value stocks, the portfolio's slight bias toward large capitalization, quality, and growth style was the main cause of underperformance.

At a regional level, stock selection in the United Kingdom was difficult. U.K. consumer stocks – for example, William Morrison (food retailer) and Kingfisher (home improvement retailer) – were affected by negative U.K. consumer sentiment in the wake of rising interest rates. Both companies, however, remain attractively valued. At the sector level, industrials, consumer discretionary, and healthcare held back performance.

What strategic moves were made by the fund and why?

The fund was positioned to focus on larger-capitalization companies growing at a faster pace than their peers yet more attractively priced. In keeping with this general orientation, we reduced a number of holdings in the portfolio. The valuation of small-cap stocks currently looks stretched in relation to their large-cap peers, so a future correction of that valuation is likely to add luster to large-caps.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Total	4.6	%
Eni	3.6	%
Vodafone	3.0	%
HSBC	2.7	%
GlaxoSmithKline	2.6	%
Mitsubishi Tokyo Financial Group	2.4	%
UBS	2.1	%
Roche	1.9	%
Novartis	1.9	%
Royal Bank of Scotland	1.9	%

Country Allocation as of September 30, 20051(% of net assets)
Great Britain	27.0	%
Japan	20.7	%
Switzerland	10.9	%
France	10.6	%
Germany	5.8	%
Italy	5.1	%
Netherlands	4.4	%
Spain	2.9	%
Belgium	1.9	%
Brazil	1.8	%
Finland	1.4	%
Australia	1.3	%
South Korea	1.2	%
Sweden	1.1	%
Hong Kong	0.7	%
Mexico	0.7	%
Ireland	0.6	%
Short-Term Investments	1.9	%
	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 Annual Report 2005

5

International fundcontinued

Annual Performance1as of September 30, 2005
										Since Inception
	1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		14.19	%		(2.46	)%		4.93	%		-
Class B		14.94	%		(2.43	)%		4.74	%		-
Class C		18.88	%		-			-			8.90	%
Average annual return without sales charge (NAV)
Class A		20.80	%		(1.35	)%		5.52	%		-
Class B		19.94	%		(2.08	)%		4.74	%		-
Class C		19.88	%		-			-			8.90	%
Class R		20.38	%		(1.57	)%		5.40	%		-
Class Y		21.12	%		(1.10	)%		5.81	%		-
MSCI EAFE Index2		26.32	%		3.55	%		6.18	%		13.50	%

Value of a $10,000 Investment^1,3as of September 30, 2005

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

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

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

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

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

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

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

²  The MSCI EAFE (Morgan Stanley Capital International, Europe, Australasia, Far East) Index is an unmanaged index including approximately 1,000 companies representing the stock markets of 21 countries in Europe, Australasia, and the Far East.

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

FIRST AMERICAN FUNDS Annual Report 2005

6

International fundcontinued

Expense Example

As a shareholder of the International Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,081.30	$	8.14
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.25	$	7.89
Class B Actual2,3	$	1,000.00	$	1,077.10	$	12.03
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.49	$	11.66
Class C Actual2,3	$	1,000.00	$	1,076.40	$	12.02
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.49	$	11.66
Class R Actual2,3	$	1,000.00	$	1,078.90	$	9.43
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.99	$	9.15
Class Y Actual2,3	$	1,000.00	$	1,082.10	$	6.84
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.50	$	6.63

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.56%, 2.31%, 2.31%, 1.81%, and 1.31% for Class A, Class B, Class C, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 8.13% for Class A, 7.71% for Class B, 7.64% for Class C, 7.89% for Class R and 8.21% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.60%, 2.35%, 2.35%, 1.85% and 1.35% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses was lowered to 1.52%, 2.27%, 2.27%, 1.77%, and 1.27% for Class A, Class B, Class C, Class R, and Class Y, respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,081.51 and $1,017.45 for Class A, $1,077.31 and $1,013.69 for Class B, $1,076.61 and $1,013.69 for Class C, $1,079.11 and $1,016.19 for Class R, and $1,082.31 and $1,018.70 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $7.93 and $7.69 for Class A, $11.82 and $11.46 for Class B, $11.82 and $11.46 for Class C, $9.22 and $8.95 for Class R and $6.63 and $6.43 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

7

Small Cap Growth Opportunities fund

Investment Objective: growth of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Small Cap Growth Opportunities Fund (the "fund"), Class Y shares, returned 24.47% for the fiscal year ended September 30, 2005 (Class A shares returned 24.21% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2000 Growth Index*, returned 17.97% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

During most of the fiscal year – except toward the end – the market generally favored small-cap companies, because of stronger-than-expected consumer spending (despite rising gas prices) and readily available financing for small-cap company growth. However, in an economic environment of growing uncertainty, like that produced by Hurricanes Katrina and Rita, smaller companies tend to look riskier to investors and potential creditors. Furthermore, while a year ago the valuations for small caps were cheap relative to their mid- and large-cap counterparts, this gap has closed somewhat because of small caps' strong performance.

What worked for the fund and why?

Technology was the largest contributor to performance, due to both stock selection and an overweight position in the sector. Favorable supply and demand characteristics fueled the performance of energy stocks in the portfolio, and unflagging consumer spending benefited the consumer discretionary sector.

The fund's best performing stock was Energy Conversion, developer of solar cells and hybrid vehicle technology. The company's stock was buoyed by the changing investor attitudes toward alternative energy solutions, which no longer appear cost-prohibitive in view of rising oil prices. In the consumer sector, upscale restaurant chains Cheesecake Factory, P.F. Chang's, and Cosi added value. We believe that demand for upscale dining is less impacted by rising energy prices as higher-income consumers view dining out as a staple, rather than luxury item. Lottery businesses also performed well, as lottery play is largely unaffected by fluctuations in disposable income.

What did not work for the fund and why?

Returns from the fund's healthcare sector lagged those of the Russell 2000 Growth benchmark, led by Xenogen, which sells products that increase the efficiency and productivity of drug discovery. Investor concerns include potential additional funding requirements and questions over the ultimate timing of profitability, despite the company's strong revenue growth and capable management team.

What strategic moves were made by the fund and why?

During the latter part of the fiscal year, we began reducing the fund's energy positions, as solid fundamentals became fully reflected in stock prices. Consumer stocks remain a focus for us, although we are levered primarily to the upper-income consumer. We remain heavily weighted in technology shares, as valuations are attractive and the companies benefit from strong secular trends. We continue to maintain small underweight positions in healthcare and financials, as valuations in those sectors seem fairly priced.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Compton Petroleum	2.7	%
Encore Medical	2.5	%
Quest Software	2.4	%
East West Bancorp	2.3	%
Polycom	2.1	%
Scientific Games, Class A	2.1	%
Navigant Consulting	2.0	%
Cullen/Frost Bankers	2.0	%
Semtech	1.9	%
Embarcadero Technologies	1.9	%

Sector Allocation as of September 30, 20051(% of net assets)
Information Technology	30.3	%
Health Care	19.5	%
Consumer Discretionary	16.2	%
Energy	11.5	%
Industrials	11.3	%
Financials	8.6	%
Short-Term Investments	0.9	%
Other Assets and Liabilities, Net	1.7	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

8

Small Cap Growth Opportunities fundcontinued

Annual Performance1as of September 30, 2005
										Since Inception
	1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		17.35	%		1.49	%		19.96	%		-			-			-
Class B		18.27	%		1.63	%		-			21.37	%		-			-
Class C		22.28	%		-			-			-			-			12.71	%
Average annual return without sales charge (NAV)
Class A		24.21	%		2.64	%		20.64	%		-			-			-
Class B		23.27	%		1.87	%		-			21.37	%		-			-
Class C		23.28	%		-			-			-			-			12.71	%
Class R		24.06	%		-			-			-			6.57	%		-
Class Y		24.47	%		2.89	%		20.95	%		-			-			-
Russell 2000 Growth Index2		17.97	%		(2.54	)%		4.67	%		3.81	%		0.71	%		11.74	%

Value of a $10,000 Investment^1,3as of September 30, 2005

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

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

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

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

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

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

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

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

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

²  An unmanaged index that measures the performance of those companies in the Russell 2000 Index with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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

FIRST AMERICAN FUNDS Annual Report 2005

9

Small Cap Growth Opportunities fundcontinued

Expense Example

As a shareholder of the Small Cap Growth Opportunities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,090.50	$	8.90
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,016.55	$	8.59
Class B Actual2,3	$	1,000.00	$	1,086.30	$	12.81
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,012.79	$	12.36
Class C Actual2,3	$	1,000.00	$	1,085.90	$	12.80
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,012.79	$	12.36
Class R Actual2,3	$	1,000.00	$	1,089.10	$	10.21
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.30	$	9.84
Class Y Actual2,3	$	1,000.00	$	1,092.00	$	7.60
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.81	$	7.33

¹Expenses are equal to the fund's expense ratio for the most recent six-month period of 1.70%, 2.45%, 2.45%, 1.95% and 1.45% for Class A, Class B, Class C, Class R and Class Y, respectively, mulitplied by the average account value over the period, multiplied by the number of days in the most recent half-year/365 days (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 9.05% for Class A, 8.63% for Class B, 8.59% for Class C, 8.91% for Class R and 9.20% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.93%, 2.68%, 2.68%, 2.18% and 1.68% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses was lowered to 1.47%, 2.22%, 2.22%, 1.72%, and 1.22% for Class A, Class B, Class C, Class R, and Class Y, respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,091.70 and $1,017.70 for Class A, $1,087.50 and $1,013.94 for Class B, $1,087.09 and $1,013.94 for Class C, $1,090.30 and $1,016.44 for Class R, and $1,093.20 and $1,018.95 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $7.70 and $7.44 for Class A, $11.61 and $11.21 for Class B, $11.61 and $11.21 for Class C, $9.01 and $8.69 for Class R and $6.40 and $6.17 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

10

Small Cap Select fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Small Cap Select Fund (the "fund"), Class Y shares, returned 20.73% for the fiscal year ended September 30, 2005 (Class A shares returned 20.46% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2000 Index*, returned 17.95% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

During most of the fiscal year – except toward the end – the market generally favored small-cap companies because of stronger-than-expected consumer spending (despite rising gas prices) and readily available financing for small-cap company growth. However, in an economic environment of growing uncertainty, like that produced by Hurricanes Katrina and Rita, smaller companies tend to look riskier to investors and potential creditors. Furthermore, while a year ago the valuations for small caps were cheap relative to their mid- and large-cap counterparts, this gap has closed somewhat because of small caps' strong performance.

What worked for the fund and why?

Good stock selection was the driver of fund performance relative to its index for the fiscal year. Stock selection in the healthcare, technology, and industrial sectors was especially good, with each sector adding more than 100 basis points in relative performance. Stock selection was lead by Renal Care Group (a dialysis provider) in the healthcare sector, Logitech International (a hardware manufacturer) in the technology sector, and Chicago Bridge and Iron in the industrial sector. Chicago Bridge and Iron specializes in engineering and construction of refineries and saw demand for its services skyrocket in the current environment of surging energy demand.

What did not work for the fund and why?

The only sector with meaningful underperformance relative to the index was materials. Century Aluminum (an aluminum manufacturer) was the primary culprit in the sector as aluminum prices never saw the strength of some of the other commodity prices like steel. Also, the fact that the fund was underweight in steel stocks over the course of the fiscal year added to weakness in the sectors results. In the financial sector, Investors Financial Services Corp, a bank holding company, saw its shares drop after the firm provided guidance significantly below street expectations primarily due to a flattening yield curve.

What strategic moves were made by the fund and why?

Relative to the index, the fund keeps its sector weights fairly neutral, allowing stock selection to drive portfolio performance. The fund has trimmed its position in Chicago Bridge and Iron and AirTran as these stocks have hit our price targets. We sold our holdings in Investors Financial Services since we believe their operating performance will take a number of quarters to regain its momentum. Our single largest overweight of a specific stock is Sierra Health Services, Inc., a provider of health care services in the booming Las Vegas market.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Sierra Health Services	2.7	%
SL Green Realty (REIT)	2.1	%
Scientific Games, Class A	2.0	%
Chicago Bridge & Iron	2.0	%
Pediatrix Medical Group	1.8	%
Maguire Properties (REIT)	1.8	%
GATX	1.7	%
First Republic Bank	1.7	%
Logitech International	1.6	%
W-H Energy Services	1.6	%

Sector Allocation as of September 30, 20051(% of net assets)
Information Technology	23.0	%
Financials	18.7	%
Industrials	16.2	%
Health Care	15.1	%
Consumer Discretionary	13.9	%
Energy	8.5	%
Materials	3.6	%
Short-Term Investments	2.2	%
Telecommunication Services	0.5	%
Other Assets and Liabilities, Net	(1.7	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

11

Small Cap Select fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		13.82	%		7.97	%		9.47	%		-
Class B		14.63	%		8.16	%		9.32	%		-
Class C		18.60	%		-			-			16.16	%
Average annual return without sales charge (NAV)
Class A		20.46	%		9.20	%		10.09	%		-
Class B		19.45	%		8.40	%		9.32	%		-
Class C		19.58	%		-			-			16.16	%
Class R		20.16	%		9.19	%		10.09	%		-
Class Y		20.73	%		9.48	%		10.41	%		-
Russell 2000 Index2		17.95	%		6.45	%		9.37	%		15.51	%

Value of $10,000 Investment^1,3as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 11/30/95 to 9/30/05) as compared to the Russell 2000 Index².

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

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

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

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

12

Small Cap Select fundcontinued

Expense Example

As a shareholder of the Small Cap Select Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,115.70	$	6.53
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.90	$	6.23
Class B Actual2,3	$	1,000.00	$	1,110.90	$	10.48
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.14	$	10.00
Class C Actual2,3	$	1,000.00	$	1,111.30	$	10.48
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.14	$	10.00
Class R Actual2,3	$	1,000.00	$	1,114.00	$	7.99
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.51	$	7.62
Class Y Actual2,3	$	1,000.00	$	1,116.60	$	5.20
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.16	$	4.96

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.23%, 1.98%, 1.98%, 1.51% and 0.98% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 11.57% for Class A, 11.09% for Class B, 11.13% for Class C, 11.40% for Class R and 11.66% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.21%, 1.96%, 1.96%, 1.46% and 0.96% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,115.59 and $1,018.79 for Class A, $1,110.79 and $1,015.04 for Class B, $1,111.19 and $1,015.03 for Class C, $1,113.93 and $1,017.44 for Class R, and $1,116.49 and $1,020.05 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.64 and $6.33 for Class A, $10.59 and $10.11 for Class B, $10.59 and $10.11 for Class C, $8.06 and $7.69 for Class R and $5.31 and $5.07 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

13

Small Cap Value fund

Investment Objective: capital appreciation

Recent changes to the fund:

Effective July 25, 2005, the portfolio managers primarily responsible for the management of the fund have changed. See additional details in the front of this report.

How did the Fund perform for the fiscal year ended September 30, 2005?

The First American Small Cap Value Fund (the "fund"), Class Y shares, returned 17.08% for the fiscal year ended September 30, 2005 (Class A shares returned 16.78% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 2000 Value Index*, returned 17.75% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

During most of the fiscal year – except toward the end – the market generally favored small-cap companies because of stronger-than-expected consumer spending (despite rising gas prices) and readily available financing for small-cap company growth. However, in an economic environment of growing uncertainty, like that produced by Hurricanes Katrina and Rita, smaller companies tend to look riskier to investors and potential creditors. Furthermore, while a year ago the valuations for small caps were cheap relative to their mid- and large-cap counterparts, this gap has closed somewhat because of small caps' strong performance.

What worked for the fund and why?

The fund's overweight in the energy sector benefited the portfolio because of the favorable supply and demand characteristics in the energy market and the resulting rise in energy prices. Healthcare and utilities were strong performers, and an overweight in materials also added value, especially the initial upward pricing in chemicals and the demand for those goods from overseas.

Among individual stocks, CNS, a manufacturer of health and personal care products, proved a true value gem, with a steep rise in sales and profitability, driven by the launch of new products and international expansion. In the energy sector, TODCO, a leading provider of contract oil and gas drilling services, benefited from demand-driven increase in drilling requests and needs. And in technology, NETGEAR, a developer of networking products for small business and home users, enjoyed revenue growth of more than 20%, with healthy profit margins and improving cash flow management.

What did not work for the fund and why?

With the pressure of rising interest rates and commodity costs on consumers' wallets and the squeeze on margins for small industrial players, both the consumer discretionary and industrials sectors underperformed the index. Adverse stock selection in several different sectors also detracted from performance. GrafTech, a manufacturer of carbon and graphite products, saw declining revenue due to pricing pressure and lower-than-expected sales. A chemical stock, Georgia Gulf Corp., was hurt by lower prices in the PVC plastic market, led by overseas PVC price declines on rising capacity in Asia. And NCO Group, a debt-collection firm, saw a rising number of new competitors, which caused investor concerns about margin opportunities and growth, hurting the stock performance.

What strategic moves were made by the fund and why?

Having benefited from last year's move to an overweight position in the energy sector, we began reducing that overweight based on valuations, which reached our target. At the same time, we increased the fund's technology weighting based on historically more reasonable values and better earnings growth outlook.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
BISYS Group	2.4	%
CLARCOR	2.2	%
First Republic Bank – California	2.1	%
ESCO Technologies	2.1	%
Toro	1.8	%
Corporate Office Properties Trust (REIT)	1.5	%
Aeropostale	1.4	%
Brady, Class A	1.4	%
Black Hills	1.4	%
First Niagara Financial Group	1.3	%

Sector Allocation as of September 30, 20051(% of net assets)
Financials	29.7	%
Industrials	17.8	%
Information Technology	13.1	%
Consumer Discretionary	12.1	%
Energy	6.9	%
Materials	5.4	%
Utilities	4.9	%
Health Care	4.8	%
Consumer Staples	2.8	%
Short-Term Investments	2.0	%
Telecommunication Services	0.6	%
Other Assets and Liabilities, Net	(0.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

14

Small Cap Value fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			11/24/1997			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		10.36	%		9.49	%		10.18	%		-			-			-
Class B		11.00	%		9.61	%		-			7.22	%		-			-
Class C		14.94	%		9.91	%		-			-			11.12	%		-
Average annual return without sales charge (NAV)
Class A		16.78	%		10.73	%		10.81	%		-			-			-
Class B		15.90	%		9.86	%		-			7.22	%		-			-
Class C		15.92	%		9.91	%		-			-			11.12	%		-
Class R		16.60	%		-			-			-			-			16.58	%
Class Y		17.08	%		10.99	%		11.15	%		-			-			-
Russell 2000 Value Index2		17.75	%		15.18	%		13.33	%		10.64	%		13.57	%		18.69	%

Value of $10,000 Investment^1,3as of September 30, 2005

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

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

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

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

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

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

²  An unmanaged index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index is an unmanaged index comprised of the smallest 2,000 companies in the Russell 3000 Index. The Russell 3000 Index is composed of 3,000 large U.S. companies based on total market capitalization, representing approximately 98% of the investable U.S. equity market.

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

FIRST AMERICAN FUNDS Annual Report 2005

15

Small Cap Value fundcontinued

Expense Example

As a shareholder of the Small Cap Value Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,060.00	$	6.43
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.83	$	6.30
Class B Actual2,3	$	1,000.00	$	1,056.20	$	10.28
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.07	$	10.07
Class C Actual2,3	$	1,000.00	$	1,056.80	$	10.28
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.07	$	10.07
Class R Actual2,3	$	1,000.00	$	1,059.50	$	7.67
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.62	$	7.51
Class Y Actual2,3	$	1,000.00	$	1,061.60	$	5.14
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.08	$	5.03

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

²Based on the actual returns for the six months ended September 30, 2005: 6.00% for Class A, 5.62% for Class B, 5.68% for Class C, 5.95% for Class R and 6.16% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.23%, 1.98%, 1.98%, 1.48% and 0.98% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,059.92 and $1,018.75 for Class A, $1,056.12 and $1,014.99 for Class B, $1,056.71 and $1,014.99 for Class C, $1,059.45 and $1,017.57 for Class R, and $1,061.52 and $1,020.00 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.51 and $6.38 for Class A, $10.36 and $10.16 for Class B, $10.37 and $10.16 for Class C, $7.72 and $7.57 for Class R and $5.22 and $5.12 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

16

Small-Mid Cap Core fund (formerly Technology Fund)

Investment Objective: long-term growth of capital

Recent changes to the fund:

On October 3, 2005, the fund's name was changed from the First American Technology Fund to the First American Small-Mid Cap Core Fund (the "fund"), and a new investment strategy was implemented. The fund no longer concentrates its investments solely in the technology sector, although it may continue to make investments in that sector. Instead, the fund now invests primarily in common stocks of small- and mid-capitalization companies. These companies are defined as companies having market capitalizations within the range of market capitalizations of companies constituting the Russell 2500 Index. The discussion below relates to the fund's performance before these changes were implemented, when the fund operated as a technology fund.

How did the fund perform for the fiscal year ended September 30, 2005?

The fund's Class Y shares, returned 12.66% for the fiscal year ended September 30, 2005 (Class A shares returned 12.30% without taking the sales charge into account). By comparison, the fund's benchmark during the fiscal year, the Merrill Lynch 100 Technology Index*, returned 20.42% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

What worked for the fund and why?

To a limited extent, the fund benefited from good stock selection. Among the standout performers were NETGEAR (networking solutions for home and business users), aQuantive (digital marketing), Concord Communications (business software service management and application performance management), and Synaptics (custom-designed user interface solutions for mobile computing, communications and entertainment devices).

What did not work for the fund and why?

Poor sector allocation was the primary reason for the fund's underperformance relative to the index. Having adopted a fairly defensive portfolio strategy, the fund held an overweight in aerospace and defense stocks and an underweight in technology. The overall effect of these allocations was detrimental to the fund's performance, since the technology sector, benefiting from solid economic growth, produced strong results during the fiscal year.

Adverse stock selection also detracted from performance. The fund was underweight in Autodesk, a supplier of advanced PC design tools, and Corning, a diversified technology company, at the time when both companies recorded strong revenues. The fund was also hurt by not owning certain other strong-performing stocks. Among such missed opportunities were graphic chipmaker nVidia and data storage card company Sandisk, both of which posted strong results, as well as National Semiconductor, its earnings reflecting increased demand for semiconductor products.

What strategic moves were made by the fund and why?

Continuing last year's defensive strategy relative to technology stocks, the fund allocated a large portion of the portfolio to stocks not associated with the technology market. This approach did not, however, achieve positive results, as technology stocks enjoyed generally strong performance this fiscal year, benefiting from solid economic growth.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Motorola	3.9	%
Texas Instruments	3.6	%
Amphenol, Class A	3.5	%
Adobe Systems	3.3	%
Scientific Games	3.1	%
Intel	3.1	%
EMC	3.0	%
Anolog Devices	2.7	%
Newfield Exploration	2.7	%
Nasdaq-100 Tracking Stock	2.5	%

Sector Allocation as of September 30, 20051(% of net assets)
Semiconductors & Semiconductor Equipment	19.8	%
Communications Equipment	13.8	%
Software	13.5	%
Computers & Peripherals	12.3	%
Health Care Equipment & Supplies	5.6	%
Electronic Equipment & Instruments	4.5	%
Aerospace & Defense	4.0	%
Internet Software & Services	3.6	%
Machinery	3.2	%
Hotels, Restaurants & Leisure	3.1	%
Oil, Gas & Consumable Fuels	2.7	%
Investment Company	2.5	%
Health Care Providers & Services	2.1	%
Wireless Telecommunications Services	2.0	%
IT Services	1.9	%
Commercial Services & Supplies	1.7	%
Chemicals	1.1	%
Diversified Telecommunication Services	0.8	%
Short-Term Investments	3.0	%
Other Assets and Liabilities, Net	(1.2	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

17

Small-Mid Cap Core fundcontinued

Annual Performance1as of September 30, 2005
										Since Inception
	1 year			5 years			10 years			2/1/2000
Average annual return with sales charge (POP)
Class A		6.13	%		(27.08	)%		(0.12	)%		-
Class B		6.60	%		(27.04	)%		(0.29	)%		-
Class C		10.62	%		(26.79	)%		-			(24.83	)%
Average annual return without sales charge (NAV)
Class A		12.30	%		(26.25	)%		0.44	%		-
Class B		11.60	%		(26.81	)%		(0.29	)%		-
Class C		11.62	%		(26.79	)%		-			(24.83	)%
Class Y		12.66	%		(26.05	)%		0.73	%		-
Merrill Lynch 100 Technology Index2		20.42	%		(15.14	)%		8.79	%		(12.86	)%

Value of a $10,000 Investment^1,3as of September 30, 2005

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

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

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

Investments in the First American Technology Fund are more vulnerable to price fluctuation as a result of the narrow focus of technology investing and the fact that the products of companies in which the fund invests may be subject to rapid obsolescence.

Effective October 3, 2005, the fund's investment strategy changed. Stocks of small- and mid-capitalization companies involve substantial risk and may be subject to increased volatility and more price fluctuation than large-capitalization companies.

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

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

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

²  An equally weighted index of the 100 largest technology companies, as measured by market capitalization.

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

FIRST AMERICAN FUNDS Annual Report 2005

18

Small-Mid Cap Core fundcontinued

Expense Example

As a shareholder of the Small-Mid Cap Core Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,072.30	$	8.47
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,016.89	$	8.24
Class B Actual2,3	$	1,000.00	$	1,068.70	$	12.39
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.09	$	12.05
Class C Actual2,3	$	1,000.00	$	1,069.80	$	12.41
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,013.07	$	12.07
Class Y Actual2,3	$	1,000.00	$	1,074.70	$	7.14
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.19	$	6.95

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.63%, 2.39%, 2.39% and 1.37% for Class A, Class B, Class C and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 7.23% for Class A, 6.87% for Class B, 6.98% for Class C, and 7.47% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.23%, 1.98%, 1.98% and 0.98% for Class A, Class B, Class C and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,071.82 and $1,016.43 for Class A, $1,068.23 and $1,012.63 for Class B, $1,069.32 and $1,012.62 for Class C, and $1,074.21 and $1,017.72 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $8.95 and $8.71 for Class A, $12.86 and $12.51 for Class B, $12.89 and $12.53 for Class C, and $7.63 and $7.42 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

19

Mid Cap Growth Opportunities fund

Investment Objective: capital appreciation

Recent changes to the fund:

Effective September 8, 2005, the portfolio managers primarily responsible for the management of the fund have changed. See additional details in the front of this report.

How did the Fund perform for the fiscal year ended September 30, 2005?

The First American Mid Cap Growth Opportunities Fund (the "fund"), Class Y shares, returned 26.57% for the fiscal year ended September 30, 2005 (Class A shares returned 26.25% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell Midcap Growth Index*, returned 23.47% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Energy was one of the dominant economic considerations throughout the year, and it had a meaningful bearing on the fund's strategy and a positive effect on its performance. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

What worked for the fund and why?

The fund's outperformance relative to the index was in large measure a result of good stock selection in the consumer discretionary, information technology, and healthcare sectors. An overweight in the energy sector also added value, as energy stock prices continued to rise, propelled by unflagging demand for energy and soaring commodity prices. In the consumer discretionary space the top performers were women's clothier Chicos, leisure company Marvel Entertainment (benefiting from various licensing initiatives), and Scientific Games Corp., a service and systems provider for lottery and wagering industries. The technology sector saw gains by Apple Computer, whose profits rose steadily thanks in part to the success of its iPod digital player and iTunes music store. MEMC Electronic Materials, Inc., a supplier of silicone and other semiconductor-grade wafers, also added value. In healthcare, the best-performing stocks belonged to insurers Aetna and Pacificare, as well as pharmacy benefits manager Caremark.

What did not work for the fund and why?

The fund's underweight in the utilities and telecommunications services detracted somewhat form performance. Adverse stock selection in the financial sector also had a negative impact on performance: Investors Financial Services Corp., a service provider for a variety of asset managers, saw its stock price decline following lower-than-expected earnings.

What strategic moves were made by the fund and why?

Having benefited from last year's move to an overweight position in the energy sector, we then took a more defensive approach and began reducing that overweight, based on valuations, which reached our target price.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
NCR	3.5	%
Scientific Games	2.8	%
National-Oilwell	2.7	%
Dun & Bradstreet	2.7	%
PerkinElmer	2.6	%
Adobe Systems	2.6	%
Thermo Electron	2.4	%
DENTSPLY International	2.3	%
Weatherford International	2.2	%
L-3 Communications Holdings	2.2	%

Sector Allocation as of September 30, 20051(% of net assets)
Information Technology	23.1	%
Industrials	18.1	%
Consumer Discretionary	17.7	%
Health Care	17.6	%
Energy	12.3	%
Financials	4.8	%
Consumer Staples	3.3	%
Short-Term Investments	2.4	%
Other Assets and Liabilities, Net	0.7	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

20

Mid Cap Growth Opportunities fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			3/1/1999			12/11/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		19.31	%		5.10	%		9.61	%		-			-			-
Class B		20.29	%		5.25	%		-			10.91	%		-			-
Class C		24.27	%		-			-			-			-			15.17	%
Average annual return without sales charge (NAV)
Class A		26.25	%		6.30	%		10.23	%		-			-			-
Class B		25.29	%		5.48	%		-			10.91	%		-			-
Class C		25.27	%		-			-			-			-			15.17	%
Class R		25.95	%		-			-			-			7.02	%		-
Class Y		26.57	%		6.56	%		10.50	%		-			-			-
Russell Midcap Growth Index2		23.47	%		(4.50	)%		9.10	%		5.32	%		(2.08	)%		13.60	%

Value of $10,000 Investment^1,3as of September 30, 2005

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

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

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

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

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

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

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

²  An unmanaged index that measures the performance of those Russell mid-cap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Growth Index is part of the larger Russell 1000 Growth Index. The Russell 1000 Growth Index is an unmanaged index that measures performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000 companies include the 1,000 largest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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

FIRST AMERICAN FUNDS Annual Report 2005

21

Mid Cap Growth Opportunities fundcontinued

Expense Example

As a shareholder of the Mid Cap Growth Opportunities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,101.20	$	6.43
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.95	$	6.18
Class B Actual2,3	$	1,000.00	$	1,096.80	$	10.34
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.20	$	9.94
Class C Actual2,3	$	1,000.00	$	1,096.80	$	10.35
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.20	$	9.94
Class R Actual2,3	$	1,000.00	$	1,099.60	$	7.78
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.65	$	7.48
Class Y Actual2,3	$	1,000.00	$	1,102.60	$	5.10
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.21	$	4.90

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

²Based on the actual returns for the six months ended September 30, 2005: 10.12% for Class A, 9.68% for Class B, 9.68% for Class C, 9.96% for Class R and 10.26% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.20%, 1.95%, 1.95%, 1.45% and 0.95% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,101.08 and $1,018.83 for Class A, $1,096.68 and $1,015.07 for Class B, $1,096.67 and $1,015.07 for Class C, $1,099.51 and $1,017.57 for Class R, and $1,102.46 and $1,020.08 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.55 and $6.30 for Class A, $10.48 and $10.07 for Class B, $10.48 and $10.07 for Class C, $7.87 and $7.56 for Class R and $5.24 and $5.04 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

22

Mid Cap Value fund

Investment Objective: capital appreciation

How did the Fund perform for the fiscal year ended September 30, 2005?

The First American Mid Cap Value Fund (the "fund"), Class Y shares, returned 24.68% for the fiscal year ended September 30, 2005 (Class A shares returned 24.38% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell Midcap Value Index*, returned 26.13% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

What worked for the fund and why?

The fund benefited from strong performance in the financials, industrials, energy, and utilities sectors. Strong energy demand boosted the results of the companies involved in oil services and exploration and production: National Oilwell Varco, Newfield Exploration, and EOG Resources. In concert with the energy market, several utility stocks also turned in strong performance, notably TXU, a Texas electricity provider, and Constellation Energy Group, a power wholesaler. Joy Global, a mining equipment and service company, was the top contributor to performance across all sectors. Other notable performers included Norfolk Southern, which enjoyed rising revenues during the period, and technology stocks including National Semiconductor and Harris Corp.

What did not work for the fund and why?

Adverse stock selection in the materials sector, coupled with a slight overweight and unfavorable stock selection in the consumer discretionary area, caused the fund to underperform relative to the index. In the materials sector, chemical companies Cytec Industries and Lyondell, specialty packaging producer Pactiv Corp, and paper company MeadWestvaco, performed below expectations. Most of the weak performance for the stocks in the consumer discretionary space occurred during the second half of the fiscal year, mainly due to concerns about higher energy prices and their impact on consumer spending. In this environment, both paint retailer Sherwin-Williams and power tool maker Black & Decker underperformed.

What strategic moves were made by the fund and why?

In terms of sector positioning, the fund ended the fiscal year as it began. Overweights were maintained in the technology and energy sectors as we continued to feel that technology stocks would benefit from a growing economy and that the continuation of high commodity prices, coupled with favorable supply and demand characteristics, would lead to strong performance in the energy sector. We maintained underweights in the financials and utilities sectors based on our belief that these sectors are enjoying peak fundamental conditions and full valuations.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Kroger	2.4	%
Federated Department Stores	2.2	%
Genworth Financial	2.2	%
Norfolk Southern	2.2	%
Constellation Energy	2.1	%
PG&E	2.1	%
Bear Stearns	2.1	%
Newfield Exploration	2.0	%
PPL	2.0	%
Sherwin-Williams	1.8	%

Sector Allocation as of September 30, 20051(% of net assets)
Financials	26.9	%
Consumer Discretionary	13.9	%
Utilities	12.7	%
Information Technology	9.6	%
Industrials	8.8	%
Energy	7.4	%
Materials	6.7	%
Health Care	6.3	%
Consumer Staples	5.5	%
Short-Term Investments	2.1	%
Other Assets and Liabilities, Net	0.1	%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

23

Mid Cap Value fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		17.54	%		10.67	%		9.77	%		-			-
Class B		18.47	%		10.82	%		9.59	%		-			-
Class C		22.43	%		11.08	%		-			9.30	%		-
Average annual return without sales charge (NAV)
Class A		24.38	%		11.92	%		10.39	%		-			-
Class B		23.47	%		11.09	%		9.59	%		-			-
Class C		23.43	%		11.08	%		-			9.30	%		-
Class R		24.04	%		-			-			-			17.50	%
Class Y		24.68	%		12.17	%		10.68	%		-			-
Russell Midcap Value Index2		26.13	%		13.95	%		14.01	%		12.12	%		18.68	%

Value of $10,000 Investment^1,3as of September 30, 2005

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

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

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

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

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

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

²  An unmanaged index that measures the performance of those Russell mid-cap companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Value Index is part of the larger Russell 1000 Value Index. The Russell 1000 Value Index is an unmanaged index that measures performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Russell 1000 companies include the 1,000 largest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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

FIRST AMERICAN FUNDS Annual Report 2005

24

Mid Cap Value fundcontinued

Expense Example

As a shareholder of the Mid Cap Value Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,083.30	$	6.39
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.94	$	6.19
Class B Actual2,3	$	1,000.00	$	1,079.40	$	10.26
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.20	$	9.94
Class C Actual2,3	$	1,000.00	$	1,078.70	$	10.26
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.19	$	9.95
Class R Actual2,3	$	1,000.00	$	1,081.50	$	7.72
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.65	$	7.49
Class Y Actual2,3	$	1,000.00	$	1,084.50	$	5.06
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.21	$	4.91

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

²Based on the actual returns for the six months ended September 30, 2005: 8.33% for Class A, 7.94% for Class B, 7.87% for Class C, 8.15% for Class R and 8.45% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.20%, 1.95%, 1.95%, 1.45% and 0.95% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,083.13 and $1,018.77 for Class A, $1,079.21 and $1,015.01 for Class B, $1,078.52 and $1,015.03 for Class C, $1,081.37 and $1,017.52 for Class R, and $1,084.31 and $1,020.03 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.56 and $6.36 for Class A, $10.45 and $10.13 for Class B, $10.44 and $10.12 for Class C, $7.85 and $7.61 for Class R and $5.25 and $5.09 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

25

Large Cap Growth Opportunities fund

Investment Objective: long-term growth of capital

How did the Fund perform for the fiscal year ended September 30, 2005?

The First American Large Cap Growth Opportunities Fund (the "fund"), Class Y shares, returned 12.58% for the fiscal year ended September 30, 2005 (Class A shares returned 12.30% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 1000 Growth Index*, returned 11.60% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Energy was one of the dominant economic considerations throughout the year, and it had a meaningful bearing on the fund's strategy and a positive effect on its performance. Underlying economic conditions remain generally favorable for the financial markets, although risks have increased with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

What worked for the fund and why?

The fund's outperformance relative to the index was in large measure a result of good stock selection in the information technology, healthcare, and consumer discretionary sectors. An overweight in the energy sector also added value, as energy stock prices continued to rise, propelled by unflagging demand for energy and soaring commodity prices. Within the technology sector, the Internet portal Google was a robust performer, continuing to gain market value at a record-breaking pace and quadrupling its share price in the 14 months since going public. NCR Corp., a provider of hardware and software business solutions, was another standout, as was Texas Instruments, its earnings reflecting increased demand for semiconductor products. In healthcare, insurer Aetna and Alcon, a manufacturer of eye-care drugs and devices, led the way, while in the consumer space, hotel chain Marriott, global information-media services company McGraw-Hill, and women's clothing company Chicos drove performance.

What did not work for the fund and why?

Adverse stock selection in the financials sector detracted from performance relative to the index. Investors Financial Services Corp., a service provider for a variety of asset managers, saw its stock price decline following lower-than-expected earnings. MBNA, a credit card company, also experienced a slump in earnings, reflecting a continued slowdown in the U.S. credit-card business.

What strategic moves were made by the fund and why?

The fund management team gained confidence in specific companies throughout the fiscal year, which led the team to reduce the number of stocks held within the portfolio and increase the weightings of the holdings relative to the fund's benchmark. In its stock selection, the fund continues to focus on companies that demonstrate the potential for sustainable earnings growth.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Procter & Gamble	3.5	%
General Electric	3.4	%
Intel	3.0	%
Johnson & Johnson	2.9	%
PepsiCo	2.6	%
Amgen	2.6	%
Microsoft	2.5	%
Lowe's	2.4	%
Target	2.4	%
Dell	2.2	%

Sector Allocation as of September 30, 20051(% of net assets)
Information Technology	29.1	%
Health Care	21.6	%
Consumer Discretionary	13.7	%
Industrials	10.5	%
Financials	10.2	%
Consumer Staples	7.6	%
Energy	5.9	%
Short-Term Investments	1.2	%
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 Annual Report 2005

26

Large Cap Growth Opportunities fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			3/01/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		6.10	%		(7.37	)%		5.13	%		-			-			-
Class B		6.47	%		(7.35	)%		-			(2.11	)%		-			-
Class C		10.44	%		-			-			-			-			3.60	%
Average annual return without sales charge (NAV)
Class A		12.30	%		(6.32	)%		5.72	%		-			-			-
Class B		11.47	%		(7.02	)%		-			(2.11	)%		-			-
Class C		11.44	%		-			-			-			-			3.60	%
Class R		12.04	%		-			-			-			(4.74	)%		-
Class Y		12.58	%		(6.09	)%		5.99	%		-			-			-
Russell 1000 Growth Index2		11.60	%		(8.64	)%		6.89	%		(2.84	)%		(6.19	)%		4.76	%

Value of a $10,000 Investment^1,3as of September 30, 2005

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

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

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

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

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

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

On September 24, 2001, the First American Large Cap Growth Opportunities Fund became the successor by merger to the Firstar Large Cap Core Equity Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar Large Cap Core Equity Fund. Prior to January 10, 1995, the Firstar fund offered one class of shares to investors without a distribution or shareholder servicing fee. Performance presented prior to January 10, 1995, does not reflect these fees.

²  An unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000 companies include the 1,000 largest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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

FIRST AMERICAN FUNDS Annual Report 2005

27

Large Cap Growth Opportunities fundcontinued

Expense Example

As a shareholder of the Large Cap Growth Opportunities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,060.90	$	6.10
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.15	$	5.98
Class B Actual2,3	$	1,000.00	$	1,056.90	$	9.96
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.39	$	9.76
Class C Actual2,3	$	1,000.00	$	1,056.90	$	9.96
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.39	$	9.76
Class R Actual2,3	$	1,000.00	$	1,059.90	$	7.55
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.74	$	7.39
Class Y Actual2,3	$	1,000.00	$	1,062.40	$	4.82
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.40	$	4.72

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.18%, 1.93%, 1.93%, 1.46% and 0.93% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 6.09% for Class A, 5.69% for Class B, 5.69% for Class C, 5.99% for Class R and 6.24% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.15%, 1.90%, 1.90%, 1.40% and 0.90% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,060.80 and $1,019.06 for Class A, $1,056.81 and $1,015.29 for Class B, $1,056.81 and $1,015.29 for Class C, $1,059.90 and $1,017.74 for Class R, and $1,062.31 and $1,020.31 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.20 and $6.07 for Class A, $10.05 and $9.85 for Class B, $10.05 and $9.85 for Class C, $7.55 and $7.39 for Class R and $4.91 and $4.81 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

28

Large Cap Select fund

Investment Objective: capital appreciation

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Large Cap Select Fund (the "fund"), Class Y shares, returned 18.14% for the fiscal year ended September 30, 2005 (Class A shares returned 17.83% without taking the sales charge into account). By comparison, the fund's benchmark, the Standard & Poor's 500 Composite Index* ("S&P 500 Composite Index*"), returned 12.25% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

What worked for the fund and why?

Good stock selection across most sectors, as well as overweights in energy and healthcare and underweights in materials and telecommunications services, caused the fund to outperform relative to the index. In the energy sector, where rising prices made for strong profit growth, standout performers – National Oilwell Varco, Amerada Hess, Halliburton, and Conoco – are engaged either in oil and gas exploration or petroleum production and sales, and their strong performance was spurred by growing demand and higher prices. In healthcare, Wyeth, a pharmaceutical company, produced strong results following a turnaround, while in the technology sector Motorola, a mobile phone and semiconductor manufacturer, and NCR Corp., a provider of hardware and software business solutions, were key drivers of performance.

What did not work for the fund and why?

The fund was underweight in utilities, which performed better than expected, but this deficiency had a negligible impact on performance since good stock selection in the sector compensated for it.

What strategic moves were made by the fund and why?

The fund adheres closely to the First American Funds signature approach to the stock selection process, whereby fundamental analysts, quantitative analysts, and portfolio managers collaborate closely in making portfolio decisions. Convinced of the effectiveness of this investment process, we trimmed the number of the names in the portfolio as our investment process increased our conviction. We moved to an overweight in the technology sector, based on historically more reasonable values and better earnings growth outlook. Early in the fiscal year we moved the fund to an overweight in the energy sector, taking advantage of the supply/demand imbalance that brought prices higher and generated strong earnings growth; we have now reduced this overweight based on valuations, which reached our target price. We expect to get most of our return through stock selection.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Intel	4.4	%
Goldman Sachs Group	3.7	%
Bank of America	3.7	%
Johnson & Johnson	3.7	%
Wells Fargo	3.6	%
Wyeth Pharmaceuticals	3.3	%
Hewlett-Packard	3.1	%
General Electric	3.0	%
Microsoft	2.9	%
Procter & Gamble	2.8	%

Sector Allocation as of September 30, 20051(% of net assets)
Information Technology	22.9	%
Financials	20.9	%
Health Care	12.4	%
Energy	11.2	%
Industrials	10.7	%
Consumer Discretionary	10.6	%
Consumer Staples	4.6	%
Short-Term Investments	3.0	%
Materials	2.5	%
Telecommunication Services	2.5	%
Utilities	1.2	%
Other Assets and Liabilities, Net	(2.5	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

29

Large Cap Select fundcontinued

Annual Performance¹as of September 30, 2005

				Since Inception
	1 year			1/31/2003
Average annual return with sales charge (POP)
Class A		11.34	%		14.02	%
Class B		12.02	%		14.33	%
Class C		15.91	%		15.55	%
Average annual return without sales charge (NAV)
Class A		17.83	%		16.46	%
Class B		17.02	%		15.52	%
Class C		16.91	%		15.55	%
Class R		17.54	%		16.21	%
Class Y		18.14	%		16.73	%
S&P 500 Composite Index2		12.25	%		16.61	%

Value of a $10,000 Investment^1,3as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 1/31/03 to 9/30/05) as compared to the S&P 500 Composite Index².

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

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

Mutual fund investing involves risk; principal loss is possible.

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

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

²  An unmanaged index of large-capitalization stocks that includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, it also serves as a proxy for the total market.

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

FIRST AMERICAN FUNDS Annual Report 2005

30

Large Cap Select fundcontinued

Expense Example

As a shareholder of the Large Cap Select Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,068.70	$	6.17
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.10	$	6.02
Class B Actual2,3	$	1,000.00	$	1,064.00	$	9.96
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.42	$	9.73
Class C Actual2,3	$	1,000.00	$	1,063.90	$	9.99
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.39	$	9.75
Class R Actual2,3	$	1,000.00	$	1,066.70	$	7.25
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.05	$	7.08
Class Y Actual2,3	$	1,000.00	$	1,068.90	$	4.84
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.39	$	4.72

¹  Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.19%, 1.93%, 1.93%, 1.40% and 0.93% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 6.87% for Class A, 6.40% for Class B, 6.39% for Class C, 6.67% for Class R and 6.89% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.15%, 1.90%, 1.90%, 1.40% and 0.90% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,068.55 and $1,018.96 for Class A, $1,063.78 and $1,015.21 for Class B, $1,063.72 and $1,015.21 for Class C, $1,066.56 and $1,017.91 for Class R, and $1,068.71 and $1,020.20 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.32 and $6.16 for Class A, $10.18 and $9.94 for Class B, $10.17 and $9.93 for Class C, $7.39 and $7.22 for Class R and $5.03 and $4.91 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

31

Large Cap Value fund

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

How did the Fund perform for the fiscal year ended September 30, 2005?

The First American Large Cap Value Fund (the "fund"), Class Y shares, returned 17.92% for the fiscal year ended September 30, 2005 (Class A shares returned 17.62% without taking the sales charge into account). By comparison, the fund's benchmark, the Russell 1000 Value Index*, returned 16.69% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

What worked for the fund and why?

Strong performance and good stock selection in the energy, technology, consumer discretionary, and utilities sectors contributed to the fund's outperformance relative to the index. High energy demand, coupled with rising prices, boosted the results of the companies involved in crude oil and natural exploration and production – Conoco Phillips and EOG Resources – as well as those in the oil service industry, like Halliburton and National Oilwell Varco. In the technology sector, strong results from Texas Instruments and National Semiconductor were a reflection of increased demand for a broad range of semiconductor products. NCR Corp., a provider of hardware and software business solutions, and Motorola were also strong performers in the technology sector. In the consumer discretionary sector, high occupancy levels driven by increased company travel budgets led to positive results from Hilton Hotels. The fund also benefited from positive performance by Lehman Brothers Holdings, Goldman Sachs, and Phelps Dodge.

What did not work for the fund and why?

Weaker performance in the consumer staples, industrials, and materials sectors detracted from the overall performance of the fund. In the consumer staples area, our lack of exposure to grocery store retailers earlier in the fiscal year proved a missed opportunity, as these stocks traded up on speculation of buyout activity. Clorox and General Mills performed below expectations. In the materials sector, Dow Chemical, as well as Weyerhauser and MeadWestvaco (paper companies), produced disappointing results, as did Tyco and Eaton Corp. in the industrial sector.

What strategic moves were made by the fund and why?

In terms of sector positioning, the fund ended the fiscal year as it began. Overweights were maintained in the technology and energy sectors, as we continued to feel that technology stocks would benefit from a growing economy and that the continuation of high commodity prices, coupled with favorable supply and demand characteristics, would lead to strong performance in the energy sector. We maintained underweights in the financials and utilities sectors based on our belief that these sectors are enjoying peak fundamental conditions and full valuations.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Exxon Mobil	5.1	%
Bank of America	3.9	%
Hewlett-Packard	3.6	%
ConocoPhillips	3.1	%
Wyeth Pharmaceuticals	3.1	%
Citigroup	2.9	%
Time Warner	2.9	%
Lehman Brothers Holdings	2.7	%
Goldman Sachs Group	2.7	%
Wells Fargo	2.7	%

Sector Allocation as of September 30, 20051(% of net assets)
Financials	31.5	%
Energy	16.8	%
Information Technology	9.5	%
Consumer Discretionary	9.1	%
Health Care	9.0	%
Industrials	7.4	%
Consumer Staples	5.6	%
Materials	3.7	%
Utilities	3.7	%
Telecommunication Services	3.2	%
Short-Term Investments	0.6	%
Other Assets and Liabilities, Net	(0.1	)%
	100.0	%

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

FIRST AMERICAN FUNDS Annual Report 2005

32

Large Cap Value fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			2/01/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		11.16	%		1.26	%		7.47	%		-			-
Class B		11.77	%		1.28	%		7.29	%		-			-
Class C		15.75	%		1.64	%		-			1.51	%		-
Average annual return without sales charge (NAV)
Class A		17.62	%		2.42	%		8.08	%		-			-
Class B		16.70	%		1.65	%		7.29	%		-			-
Class C		16.75	%		1.64	%		-			1.51	%		-
Class R		17.34	%		-			-			-			7.92	%
Class Y		17.92	%		2.68	%		8.37	%		-			-
Russell 1000 Value Index2		16.69	%		5.76	%		11.52	%		5.88	%		10.90	%

Value of a $10,000 Investment^1,3as of September 30, 2005

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

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

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

Mutual fund investing involves risk; principal loss is possible.

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

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

²  An unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Russell 1000 companies include the 1,000 largest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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

FIRST AMERICAN FUNDS Annual Report 2005

33

Large Cap Value fundcontinued

Expense Example

As a shareholder of the Large Cap Value Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,067.50	$	6.12
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.15	$	5.98
Class B Actual2,3	$	1,000.00	$	1,063.50	$	9.98
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.39	$	9.75
Class C Actual2,3	$	1,000.00	$	1,063.20	$	9.98
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.39	$	9.75
Class R Actual2,3	$	1,000.00	$	1,066.50	$	7.40
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.90	$	7.23
Class Y Actual2,3	$	1,000.00	$	1,069.20	$	4.83
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.40	$	4.72

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

²Based on the actual returns for the six months ended September 30, 2005: 6.75% for Class A, 6.35% for Class B, 6.32% for Class C, 6.65% for Class R and 6.92% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.15%, 1.90%, 1.90%, 1.40% and 0.90% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,067.40 and $1,019.05 for Class A, $1,063.39 and $1,015.29 for Class B, $1,063.09 and $1,015.29 for Class C, $1,066.49 and $1,017.90 for Class R, and $1,069.10 and $1,020.30 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.22 and $6.07 for Class A, $10.09 and $9.86 for Class B, $10.09 and $9.85 for Class C, $7.41 and $7.23 for Class R and $4.93 and $4.81 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

34

Balanced fund

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

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Balanced Fund (the "fund"), Class Y shares, returned 14.76% for the fiscal year ended September 30, 2005 (Class A shares returned 14.51% without taking the sales charge into account). By comparison, the fund's benchmarks, the Russell 3000 Index* and the Lehman Aggregate Bond Index*, returned 12.60% and 2.80%, respectively, for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

While the Fed's measured approach to tightening monetary policy helped foster stability in the bond market, it had little effect on long-term rates, which remained low as short-term rates inched higher. As a result, the flattening yield curve (i.e., a greater rise in short-term rates than in long-term rates) made bonds with maturities of 10 years or longer more attractive than their shorter-term counterparts. The corporate sector of the economy has performed very well, with operating earnings up sharply through the third quarter of 2005. As a result, high-yield credit enjoyed continued strong performance, though increasingly there have been indications that the credit cycle has passed its peak.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

What worked for the fund and why?

Within the stock portion of the fund, good stock selection across several sectors, as well as overweights in energy and healthcare and underweights in materials and telecommunications services, caused the fund to outperform relative to the index. In the energy sector, where rising prices made for strong profit growth, standout performers – National Oilwell Varco, Amerada Hess, Halliburton, and Conoco Phillips – engaged in oil and gas exploration or petroleum production and sales, and their strong performance was spurred by growing demand and higher prices. In healthcare, Wyeth, a pharmaceutical company, produced strong results following a turnaround, while in the technology sector Motorola and NCR Corp., a provider of hardware and software business solutions, were key drivers of performance.

Within the bond section, the fund's strategic positioning to take advantage of the flattening yield curve was the main driver of performance. Emerging market bonds (issued by national governments) also added value, as did asset-backed and mortgage-backed securities.

What did not work for the fund and why?

In the stock portion, the fund was underweight in utilities, which performed better than expected, but this deficiency had negligible impact on performance since good stock selection in the sector compensated for it. In fixed income, periodic underweights in A- and AA-rated corporate bonds dampened performance as credit continued to rally. On the whole, however, this portion of the portfolio also enjoyed very strong performance.

What strategic moves were made by the fund and why?

Along with maintaining larger-than-normal allocations to equities generally, and to large-capitalization stocks in particular, we established positions in foreign stocks by investing in Exchange Traded Index Funds midway through the reporting period. These investments, which offer fairly broad diversification across developed and emerging markets, currently amount to approximately 10% of the fund's total equity segment. Added to the portfolio in anticipation of good results due to strong growth and reasonable valuations abroad, this portion of the fund produced strong outperformance against domestic equities in the final quarter of the reporting period.

The fixed-income portion of the portfolio was positioned for the flatter yield curve and was modestly short on duration. Having begun the fiscal year with overweights in lower-grade (BBB) corporate bonds and high-yield bonds, we reduced these positions late in the fiscal year, given the maturing credit cycle and less attractive valuations following a year of strong performance.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
iShares MSCI EAFE Index fund	4.7	%
Intel	2.5	%
Goldman Sachs	2.1	%
Bank of America	2.1	%
Johnson & Johnson	2.1	%
Wells Fargo	2.0	%
Wyeth	1.9	%
Hewlett Packard	1.8	%
General Electric	1.7	%
Microsoft	1.6	%
Proctor & Gamble	1.6	%

Portfolio Allocation as of September 30, 20051(% of net assets)
Stocks	62.3	%
Bonds	29.9	%
Investment Companies	7.2	%
Short-Term Investments	1.4	%
Other Assets and Liabilities, Net	(0.8	)%
	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 Annual Report 2005

35

Balanced fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			3/1/1999			11/27/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		8.21	%		(0.17	)%		6.13	%		-			-			-
Class B		8.64	%		(0.13	)%		-			3.10	%		-			-
Class C		12.61	%		-			-			-			-			6.18	%
Average annual return without sales charge (NAV)
Class A		14.51	%		0.97	%		6.74	%		-			-			-
Class B		13.64	%		0.20	%		-			3.10	%		-			-
Class C		13.61	%		-			-			-			-			6.18	%
Class R		14.16	%		-			-			-			2.01	%		-
Class Y		14.76	%		1.22	%		7.02	%		-			-			-
Russell 3000 Index2		12.60	%		(2.30	)%		7.81	%		1.13	%		(0.71	)%		6.65	%
Lehman Aggregate Bond Index3		2.80	%		6.62	%		6.55	%		6.20	%		6.51	%		5.24	%

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

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/31/95 to 9/30/05) as compared to the Russell 3000 Index² and the Lehman Aggregate Bond Index³.

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

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

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

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

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

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

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

³  An unmanaged index composed of the Lehman Government/Credit Bond Index, the Lehman Mortgage Backed Securities Index, and the Lehman Asset Backed Securities Index. The Lehman Government/Credit Bond Index is comprised of Treasury securities, other securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, including U.S. agency mortgage securities, and investment-grade corporate debt securities. The Lehman Mortgage Backed Securities Index is comprised of the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. The Lehman Asset Backed Securities Index is comprised of debt securities rated investment grade or higher that are backed by credit card, auto, and home equity loans.

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

FIRST AMERICAN FUNDS Annual Report 2005

36

Balanced fundcontinued

Expense Example

As a shareholder of the Balanced Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including advisory fees; distribution and/or service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,063.60	$	5.56
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.68	$	5.44
Class B Actual2,3	$	1,000.00	$	1,059.00	$	9.42
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.92	$	9.22
Class C Actual2,3	$	1,000.00	$	1,059.90	$	9.42
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.92	$	9.22
Class R Actual2,3	$	1,000.00	$	1,062.70	$	6.85
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,018.42	$	6.70
Class Y Actual2,3	$	1,000.00	$	1,064.80	$	4.27
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.93	$	4.18

¹  Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.08%, 1.83%, 1.83%, 1.33% and 0.83% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 6.36% for Class A, 5.90% for Class B, 5.99% for Class C, 6.27% for Class R and 6.48% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.05%, 1.80%, 1.80%, 1.30% and 0.80% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses was increased to 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R, and Class Y, respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,063.47 and $1,019.55 for Class A, $1,058.87 and $1,015.79 for Class B, $1,059.77 and $1,015.79 for Class C, $1,062.57 and $1,018.30 for Class R, and $1,064.67 and $1,020.81 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $5.69 and $5.57 for Class A, $9.55 and $9.35 for Class B, $9.55 and $9.35 for Class C, $6.98 and $6.83 for Class R and $4.40 and $4.31 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

37

Equity Income fund

Investment Objective: long-term growth of capital and income

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Equity Income Fund (the "fund"), Class Y shares, returned 10.94% for the fiscal year ended September 30, 2005 (Class A shares returned 10.65% without taking the sales charge into account). By comparison, the fund's benchmark, the Standard and Poor's 500 Composite Index* ("S&P Composite Index*"), returned 12.25% for the same period.

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

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The corporate sector of the economy has performed very well in this economic environment, with operating earnings up sharply through the third quarter of 2005. Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

With its emphasis on companies that pay dividends, the fund is generally expected to perform better in down markets and lag the index in up markets, a tendency that was reflected during this fiscal year's strong market environment.

What worked for the fund and why?

The fund benefited from an overweight and good stock selection in the energy sector, where rising commodity prices made for strong profit growth. Standout performers in this sector – Conoco Phillips, Apache Corporation, Halliburton, Kerr McGee, and British Petroleum – are engaged in oil and gas exploration, production, or refining and their strong performance was spurred by growing demand and higher commodity prices. The fund's underweight in the consumer discretionary sector also proved beneficial, since the sector lagged during the year, with a number of stocks weak, discounting investor concerns about a slowdown in consumer spending trends. In addition, stock selection in the healthcare sector had a positive impact on performance: Baxter International, a medical products and services company, McKesson, a drug distributor, and Wyeth, a pharmaceutical company, posted strong returns on better-than-expected company earnings growth.

What did not work for the fund and why?

The fund's overweight in the materials sector contributed to the fund's underperformance. Particularly disappointing performance came from Bemis, a packaging materials company and DuPont, a paint and chemical coating producer, where earnings results disappointed investors. Stock selection in the utilities space also detracted from fund performance. The fund continued to focus on higher dividend-paying utilities rather than the stronger performing lower-dividend paying companies. Finally, a few individual stocks took their toll on performance, notably insurance broker Marsh & McLennan, which experienced a management turnover and lower earnings as a result of the New York attorney general's investigation into the firm's pricing practices.

What strategic moves were made by the fund and why?

Earlier in the fiscal year, we moved the fund to an overweight position in the energy sector, taking advantage of investor pullback from energy stocks and following our conviction that the supply/demand imbalance in the energy market would persist, bringing the prices higher and generating strong earnings growth. We also moved to an overweight in the technology sector, based on historically more reasonable values and better earnings growth outlook. We maintained an underweight in the consumer discretionary space out of concern about a decline in the rate of growth in consumer spending.

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

Top 10 Holdings as of September 30, 20051(% of net assets)
Exxon Mobil	4.0	%
Microsoft	3.3	%
Citigroup	2.8	%
General Electric	2.7	%
Wyeth	2.7	%
Bank of America	2.3	%
ConocoPhillips	2.3	%
BP PLC	2.0	%
Johnson & Johnson	2.0	%
Altria Group	2.0	%

Sector Allocation as of September 30, 20051(% of net assets)
Financials	19.7	%
Energy	14.4	%
Health Care	11.9	%
Information Technology	11.2	%
Industrials	11.0	%
Consumer Discretionary	7.8	%
Materials	7.0	%
Consumer Staples	6.6	%
Telecommunication Services	4.3	%
Utilities	4.0	%
Short-Term Investments	1.6	%
Convertible Preferred Stock	0.6	%
Convertible Corporate Bond	0.3	%
Other Assets and Liabilities, Net	(0.4	)%
	100	%

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

FIRST AMERICAN FUNDS Annual Report 2005

38

Equity Income fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		4.59	%		2.22	%		8.46	%		-			-
Class B		4.86	%		2.30	%		8.30	%		-			-
Class C		8.84	%		2.58	%		-			2.98	%		-
Average annual return without sales charge (NAV)
Class A		10.65	%		3.38	%		9.07	%		-			-
Class B		9.86	%		2.60	%		8.30	%		-			-
Class C		9.84	%		2.58	%		-			2.98	%		-
Class R		10.33	%		-			-			-			6.41	%
Class Y		10.94	%		3.63	%		9.38	%		-			-
S&P 500 Composite Index2		12.25	%		(1.49	)%		9.49	%		1.00	%		7.00	%

Value of a $10,000 Investment^1,3as of September 30, 2005

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

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

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

Mutual fund investing involves risk; principal loss is possible.

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

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

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

²  An unmanaged index of large-capitalization stocks that includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, it also serves as a proxy for the total market.

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

FIRST AMERICAN FUNDS Annual Report 2005

39

Equity Income fundcontinued

Expense Example

As a shareholder of the Equity Income Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2,3	$	1,000.00	$	1,042.20	$	6.02
Class A Hypothetical (5% return before expenses)3	$	1,000.00	$	1,019.17	$	5.95
Class B Actual2,3	$	1,000.00	$	1,038.20	$	9.84
Class B Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.41	$	9.73
Class C Actual2,3	$	1,000.00	$	1,038.10	$	9.84
Class C Hypothetical (5% return before expenses)3	$	1,000.00	$	1,015.41	$	9.73
Class R Actual2,3	$	1,000.00	$	1,041.20	$	7.30
Class R Hypothetical (5% return before expenses)3	$	1,000.00	$	1,017.91	$	7.22
Class Y Actual2,3	$	1,000.00	$	1,043.20	$	4.74
Class Y Hypothetical (5% return before expenses)3	$	1,000.00	$	1,020.43	$	4.69

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

²Based on the actual returns for the six months ended September 30, 2005: 4.22% for Class A, 3.82% for Class B, 3.81% for Class C, 4.12% for Class R and 4.32% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.15%, 1.90%, 1.90%, 1.40% and 0.90% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was removed. If this limitation had not been in place during the entire period, actual and hypothetical ending account balances would have been approximately $1,042.09 and $1,019.06 for Class A, $1,038.09 and $1,015.30 for Class B, $1,037.99 and $1,015.30 for Class C, $1,041.10 and $1,017.82 for Class R, and $1,043.08 and $1,020.32 for Class Y and actual and hypothetical expenses paid during the period would have been approximately $6.13 and $6.06 for Class A, $9.95 and $9.84 for Class B, $9.95 and $9.84 for Class C, $7.40 and $7.32 for Class R and $4.86 and $4.80 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

40

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Real Estate Securities, International, Small Cap Growth Opportunities, Small Cap Select, Small Cap Value, Small-Mid Cap Core (formally Technology Fund), Mid Cap Growth Opportunities, Mid Cap Value, Large Cap Growth Opportunities, Large Cap Select, Large Cap Value, Balanced, and Equity Income Funds (series of First American Investment Funds, Inc.) (collectively, the "funds") as of September 30, 2005, and the related statements of operations for the year then ended and changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein, except as noted below. These financial statements and the financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the International, Small Cap Growth Opportunities, Small Cap Select, Mid Cap Growth Opportunities, Large Cap Growth Opportunities, Balanced, and Equity Income Funds for the periods presented through October 31, 2000, were audited by other auditors whose report dated December 29, 2000 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds internal control over financial reporting. Our Audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2005, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights audited by us as referred to above present fairly, in all material respects, the financial position of the Funds listed above of First American Investment Funds, Inc. at September 30, 2005, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the periods indicated herein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota
November 18, 2005

FIRST AMERICAN FUNDS Annual Report 2005

41

Schedule of Investments September 30, 2005

Real Estate Securities Fund

DESCRIPTION	SHARES		VALUE (000)
Real Estate Investment Trusts (a) – 99.1%
Apartments – 16.7%
Archstone-Smith Trust (b)		571,385	$	22,781
Avalonbay Communities (b)		355,170		30,438
Camden Property Trust		473,514		26,398
Education Realty Trust		204,110		3,409
Equity Residential Properties Trust (b)		460,620		17,434
Essex Property Trust (b)		68,320		6,149
Mid-America Apartment Communities (b)		124,490		5,790
				112,399
Community Centers – 11.5%
Agree Realty		179,580		5,073
Developers Diversified Realty (b)		394,953		18,444
Equity One		196,780		4,575
Kimco Realty (b)		314,070		9,868
Kite Realty Group Trust		568,620		8,484
Pan Pacific Retail Properties (b)		147,180		9,699
Regency Centers (b)		301,310		17,310
Saul Centers		98,440		3,543
				76,996
Diversified – 6.4%
Cousins Properties		168,200		5,083
Forest City Enterprises, Class A		230,200		8,771
Trizec Properties (b)		675,550		15,578
Vornado Realty Trust (b)		154,480		13,381
				42,813
Health Care – 3.1%
American Retirement*		187,240		3,526
Healthcare Realty Trust		76,410		3,067
Ventas		449,610		14,477
				21,070
Hotels – 12.2%
Eagle Hospitality Property Trust		532,530		5,315
Hersha Hospitality Trust		406,220		4,034
Hilton Hotels		681,970		15,222
Host Marriott (b)		929,930		15,716
La Quinta* (b)		1,370,030		11,906
Marriott International, Class A (b)		149,920		9,445
Starwood Hotels & Resorts Worldwide		251,120		14,356
Winston Hotels		557,100		5,571
				81,565
Industrials – 11.7%
AMB Property		204,970		9,203
Centerpoint Properties Trust (b)		152,140		6,816
First Potomac Realty Trust		285,790		7,345
Liberty Property Trust (b)		31,020		1,320
Prologis (b)		991,839		43,948
PS Business Parks (b)		218,630		10,013
				78,645
Malls – 12.3%
General Growth Properties (b)		461,830		20,750
Macerich		77,990		5,065
Mills (b)		237,260		13,068
Simon Property Group (b)		522,190		38,705
Taubman Centers		149,460		4,738
				82,326
Office – 20.0%
Alexandria Real Estate Equities (b)		73,600		6,086
BioMed Realty Trust		285,290		7,075

Real Estate Securities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Boston Properties (b)		333,200	$	23,624
Brandywine Realty Trust (b)		127,010		3,949
Brascan		217,100		10,117
Brookfield Properties (b)		924,025		27,231
Corporate Office Properties Trust		94,190		3,292
Equity Office Properties Trust (b)		265,990		8,700
Kilroy Realty (b)		180,330		10,104
Mack-Cali Realty		181,840		8,172
Maguire Properties		256,930		7,721
Reckson Associates Realty		217,840		7,526
SL Green Realty		152,270		10,382
				133,979
Self Storage – 2.6%
Public Storage (b)		204,610		13,709
Sovran Self Storage (b)		73,070		3,577
				17,286
Specialty Real Estate – 2.6%
Equity Lifestyle Properties		167,020		7,516
Newcastle Investment		168,580		4,703
Northstar Realty Finance		539,130		5,062
				17,281
Total Real Estate Investment Trusts (Cost $551,431)				664,360
Private Real Estate Companies – 0.0%
Beacon Capital* (c) (d)		33,750		46
Newcastle Investment Holdings* (c) (d)		35,000		210
Total Private Real Estate Companies (Cost $588)				256
Affiliated Money Market Fund – 1.7%
First American Prime Obligations Fund, Class Z (e) (Cost $11,143)		11,142,640		11,143
Investments Purchased with Proceeds from Securities Lending (f) – 46.4%
(Cost $311,484)				311,484
Total Investments – 147.2% (Cost $874,646)				987,243
Other Assets and Liabilities, Net – (47.2)%				(316,612	)
Total Net Assets – 100.0%			$	670,631

* Non-income producing security

(a)  The fund is primarily invested in the Real Estate sector and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financials Statements.

(b)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $310,350,186 at September 30, 2005. See note 2 in Notes to Financial Statements.

(c)  Security is considered illiquid or restricted. As of September 30, 2005, the value of these investments was $255,913 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security is fair valued. As of September 30, 2005, the fair value of these investments was $255,913 or 0.0% if total net assets. See note 2 in Notes to Financial Statements.

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

42

Statement of Assets and Liabilities September 30, 2005, in thousands, except for per share data

	Real Estate Securities Fund
ASSETS:
Investments in unaffiliated securities, at value† (cost: $552,019) (note 2)	$	664,616
Investments in affiliated money market fund, at value (cost: $11,143) (note 2)		11,143
Investments purchased with proceeds from securities lending (cost: $311,484) (note 2)		311,484
Cash*		3,089
Receivable for dividends and interest		3,688
Receivable for investment securities sold		55
Receivable for capital shares sold		357
Prepaid expenses and other assets		31
Total assets		994,463
LIABILITIES:
Payable for investment securities purchased		5,686
Payable upon return of securities loaned (note 2)		314,434
Payable for capital shares redeemed		3,111
Payable to affiliates (note 3)		542
Payable for distribution and shareholder servicing fees		35
Accrued expenses and other liabilities		24
Total liabilities		323,832
Net assets	$	670,631
COMPOSITION OF NET ASSETS:
Portfolio capital	$	483,371
Undistributed net investment income		2,805
Accumulated net realized gain on investments		71,858
Net unrealized appreciation of investments		112,597
Net assets	$	670,631
* Includes cash collateral received related to securities loaned (note 2)	$	2,950
† Including securities loaned, at value	$	310,350
Class A:
Net assets	$	135,745
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		6,225
Net asset value and redemption price per share	$	21.81
Maximum offering price per share (1)	$	23.08
Class B:
Net assets	$	4,700
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		218
Net asset value, offering price and redemption price per share (2)	$	21.53
Class C:
Net assets	$	4,954
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		229
Net asset value, offering price and redemption price per share (2)	$	21.61
Class R:
Net assets	$	36
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		2
Net asset value, offering price, and redemption price per share	$	22.00
Class Y:
Net assets	$	525,196
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		23,958
Net asset value, offering price, and redemption price per share	$	21.92

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

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

FIRST AMERICAN FUNDS Annual Report 2005

43

Statement of Operations For the fiscal year ended September 30, 2005, in thousands

	Real Estate Securities Fund
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	384
Dividends from unaffiliated securities		27,943
Less: Foreign taxes withheld		(61	)
Securities lending income		170
Total investment income		28,436
EXPENSES (note 3):
Investment advisory fees		4,277
Administration fees		1,233
Transfer agent fees		405
Custodian fees		53
Professional fees		49
Postage and printing fees		45
Registration fees		44
Directors' fees		14
Other expenses		14
Distribution and shareholder servicing fees – Class A		284
Distribution and shareholder servicing fees – Class B		46
Distribution and shareholder servicing fees – Class C		47
Distribution and shareholder servicing fees – Class R (1)		-
Total expenses		6,511
Less: Fee waivers (note 3)		(111	)
Total net expenses		6,400
Investment income – net		22,036
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
Net realized gain on investments		85,317
Net change in unrealized appreciation or depreciation of investments		47,167
Net gain on investments		132,484
Net increase in net assets resulting from operations	$	154,520

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

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

FIRST AMERICAN FUNDS Annual Report 2005

44

Statement of Changes in Net Assets in thousands

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

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

FIRST AMERICAN FUNDS Annual Report 2005

45

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

46

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

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

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

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

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

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47

Schedule of Investments September 30, 2005

International Fund

DESCRIPTION	SHARES		VALUE (000)
Foreign Common Stocks – 98.1%
Australia – 1.3%
BHP Billiton		1,170,000	$	19,850
Belgium – 1.9%
Dexia		790,000		17,777
Fortis (a)		450,000		13,002
				30,779
Brazil – 1.8%
Companhia Vale do Rio Doce, ADR		620,000		27,193
Petroleo Brasileiro, ADR*		22,900		1,637
				28,830
Finland – 1.4%
Nokia Oyj		1,304,770		21,852
France – 10.6%
Axa (a)		704,000		19,318
BNP Paribas (a)		301,900		22,941
Compagnie de Saint-Gobain (a)		430,000		24,725
Dassault Systemes (a)		250,000		12,915
Lafarge (a)		169,600		14,915
Total (a)		269,490		73,528
				168,342
Germany – 5.8%
BASF (a)		160,000		12,034
Bayerische Motoren Werke (BMW) (a)		459,600		21,529
Deutsche Post		600,000		14,042
SAP (a)		71,750		12,413
Schering (a)		210,600		13,342
Siemens (a)		231,000		17,803
				91,163
Great Britain – 27.0%
Aviva		1,000,000		10,974
Barclays		2,725,000		27,526
BG Group		2,750,000		26,082
British Land		900,000		14,922
Centrica		3,370,542		14,617
GlaxoSmithKline		1,625,000		41,309
HSBC (a)		2,626,800		42,672
Kingfisher		3,105,000		11,823
Morrison Supermarket		5,815,000		18,222
National Grid Transco		1,404,082		13,156
Reckitt Benckiser		524,378		15,965
Royal Bank of Scotland		1,064,000		30,180
Smith & Nephew		1,781,163		14,946
Standard Chartered		1,213,000		26,153
Tesco		5,422,000		29,583
Vodafone		18,435,000		47,936
Wolseley		1,250,000		26,421
WPP Group		1,485,503		15,110
				427,597
Hong Kong – 0.7%
Esprit Holdings		1,564,500		11,680
Far East Pharmaceutical Technology* (b) (c)		2,836,000		-
Peregrine Investment Holdings* (b) (c)		142,000		-
				11,680
Ireland – 0.6%
Bank of Ireland		650,000		10,269

International Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Italy – 5.1%
Eni (a)		1,925,800	$	57,171
Mediaset (a)		702,400		8,308
UniCredito Italiano (a)		2,803,900		15,799
				81,278
Japan – 20.7%
Aeon Credit Service		176,400		12,820
Canon		453,600		24,495
Chugai Pharmaceutical (a)		378,100		7,211
Credit Saison		336,900		14,780
Daikin Industries (a)		430,000		11,516
Fanuc (a)		130,000		10,513
Hirose Electric (a)		63,000		7,343
Honda Motor (a)		232,200		13,132
Hoya (a)		120,000		3,985
Hoya W/I		360,000		12,242
Matsushita Electric Industrial (a)		614,000		10,402
Mitsubishi (a)		979,800		19,335
Mitsubishi Tokyo Financial Group (a)		2,843		37,317
Nidec Corporation (a)		47,100		2,801
Nidec Corporation W/I		47,100		2,797
Nikko Cordial (a)		750,000		8,675
Nippon Oil		925		8
Nitto Denko (a)		268,700		15,126
Secom		235,000		11,303
Sharp (a)		500,000		7,241
Shin-Etsu Chemical (a)		298,000		12,995
SMC (a)		100,600		13,391
Sumitomo (a)		1,902,000		20,073
Takefuji		110,000		8,576
Toyota Motor (a)		466,400		21,365
Yamanouchi Pharmeceutical		498,200		18,740
				328,182
Mexico – 0.7%
Fomento Economico Mexicano, ADR		152,000		10,628
Netherlands – 4.4%
ABN AMRO		725,000		17,360
ING Groep (a)		425,000		12,653
Philips Electronics		590,000		15,672
Reed Elsevier		955,000		13,172
Wolters Kluwer		619,700		11,525
				70,382
South Korea – 1.2%
Samsung Electronics		23,830		13,424
SK Telecom, ADR		250,000		5,460
				18,884
Spain – 2.9%
Altadis		335,000		15,000
Banco Bilbano Vizcaya Argentaria		884,400		15,502
Telefonica		977,184		15,990
				46,492
Sweden – 1.1%
Ericsson*		4,815,000		17,576
Switzerland – 10.9%
Adecco (a)		377,600		17,241
Holcim		300,000		19,921
Nestle		95,560		27,980
Novartis		600,100		30,436

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

FIRST AMERICAN FUNDS Annual Report 2005

48

International Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Roche		220,600	$	30,643
UBS (a)		385,700		32,777
Zurich Financial Services		84,500		14,395
				173,393
Total Foreign Common Stocks (Cost $1,332,671)				1,557,177
Short-Term Investments – 1.9%
State Street GA Prime Fund (Cost $30,076)		30,076,244		30,076
Investments Purchased with Proceeds from Securities Lending – 24.7%
State Street Navigator Prime (Cost $390,941)		390,940,688		390,941
Total Investments – 124.7% (Cost $1,753,688)				1,978,194
Other Assets and Liabilities, Net – (24.7)%				(391,389	)
Total Net Assets – 100.0%			$	1,586,805

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $371,692,911 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  Security considered illiquid investment and is fair valued under guidelines established by the Board of Directors. As of September 30, 2005, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(c)  Security is fair valued. As of September 30, 2005, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

ADR – American Depository Receipts

At September 30, 2005, sector diversification of the fund was as follows:
	% of Net Assets			Value (000)
Foreign Common Stock
Banking		15.8	%	$	248,972
Diversified Financials		11.4			182,748
Energy		10.8			173,043
Pharmaceutical & Biotechnology		8.9			141,681
Consumer Discretionary		7.9			127,469
Technology		6.6			104,215
Telecommunication Services		5.7			91,238
Capital Goods		5.7			88,773
Materials		5.6			87,198
Retailing		3.8			59,628
Automobiles & Components		3.5			56,026
Commercial Services & Supplies		3.3			51,271
Health Care		1.7			28,118
Food & Beverage		1.8			27,980
Insurance		1.6			25,369
Manufacturing		1.6			24,725
Industrials		0.9			14,042
Utilities		0.8			13,156
Media		0.7			11,525
Total Foreign Common Stocks		98.1			1,557,177
Total Short-Term Investments		1.9			30,076
Total Investments Purchased with Proceeds from Securities Lending		24.7			390,941
Total Investments		124.7			1,978,194
Other Assets and Liabilities, Net		(24.7	)		(391,389	)
Net Assets		100.0	%	$	1,586,805

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49

Statement of Assets and Liabilities September 30, 2005, in thousands, except per share data

	International Fund
ASSETS:
Investments in securities, at value† (cost $1,362,747) (note 2)	$	1,587,253
Investments purchased with proceeds from securities lending (cost $390,941) (note 2)		390,941
Cash denominated in foreign currencies, at value (cost $377) (note 2)		379
Cash		396
Receivable for dividends and interest		3,413
Receivable for investment securities sold		5,888
Receivable for capital shares sold		814
Receivable for foreign withholding tax reclaim		114
Prepaid expenses and other assets		26
Total assets		1,989,224
LIABILITIES:
Payable for investment securities purchased		7,544
Payable for capital shares redeemed		2,273
Payable upon return of securities loaned (note 2)		390,941
Payable for advisory and custodian fees		1,242
Payable to affiliates (note 3)		357
Payable for distribution and shareholder servicing fees		22
Accrued expenses and other liabilities		40
Total liabilities		402,419
Net assets	$	1,586,805
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,421,194
Undistributed net investment income		17,074
Accumulated net realized loss on investments		(75,914	)
Net unrealized appreciation of investments		224,506
Net unrealized depreciation of foreign currency, and translation of other assets and liabilities in foreign currency		(55	)
Net assets	$	1,586,805
† Including securities loaned, at value	$	371,693
Class A:
Net assets	$	48,851
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		3,990
Net asset value and redemption price per share	$	12.24
Maximum offering price per share (1)	$	12.95
Class B:
Net assets	$	6,819
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		603
Net asset value, offering price and redemption price per share (2)	$	11.31
Class C:
Net assets	$	7,915
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		676
Net asset value, offering price and redemption price per share (2)	$	11.70
Class R:
Net assets	$	163
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		13
Net asset value, offering price, and redemption price per share	$	12.17
Class Y:
Net assets	$	1,523,057
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		122,900
Net asset value, offering price, and redemption price per share	$	12.39

  (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.

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50

Statement of Operations For the fiscal year ended September 30, 2005, in thousands

	International Fund
INVESTMENT INCOME:
Interest	$	862
Dividends		34,786
Less: Foreign taxes withheld		(3,519	)
Securities lending income		1,095
Other income		276
Total investment income		33,500
EXPENSES (note 3):
Investment advisory fees		15,077
Administration fees		2,865
Transfer agent fees		918
Custodian fees		194
Postage and printing fees		86
Professional fees		79
Registration fees		37
Directors' fees		32
Other expenses		28
Distribution and shareholder servicing fees – Class A		117
Distribution and shareholder servicing fees – Class B		73
Distribution and shareholder servicing fees – Class C		84
Distribution and shareholder servicing fees – Class R		1
Total expenses		19,591
Less: Fee waivers (note 3)		(525	)
Less: Expenses paid indirectly (note 3)		(345	)
Total net expenses		18,721
Investment income – net		14,779
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS – NET (note 5):
Net realized gain on investments		158,132
Net realized gain on foreign currency transactions		1,417
Net change in unrealized appreciation or depreciation of investments		89,806
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency		(35	)
Net gain on investments and foreign currency transactions		249,320
Net increase in net assets resulting from operations	$	264,099

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51

Statement of Changes in Net Assets in thousands

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

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

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

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (7)
	International Fund (1)(2)
Class A
	2005		$	10.19	$	0.09		$	2.02		$	(0.06	)	$	-		$	12.24		20.80	%
	2004			8.99		0.03			1.22			(0.05	)		-			10.19		13.91
	2003			7.33		0.06			1.60			-			-			8.99		22.65
	2002			8.96		-			(1.63	)		-			-			7.33		(18.19	)
	2001	(3)		13.96		0.10			(3.63	)		(0.10	)		(1.37	)		8.96		(28.00	)
	2000	(4)		15.94		(0.03	)		(0.42	)		(0.10	)		(1.43	)		13.96		(3.59	)
Class B
	2005		$	9.43	$	-		$	1.88		$	-		$	-		$	11.31		19.94	%
	2004			8.34		(0.05	)		1.14			-			-			9.43		13.12
	2003			6.85		-			1.49			-			-			8.34		21.75
	2002			8.45		(0.06	)		(1.54	)		-			-			6.85		(18.94	)
	2001	(3)		13.28		0.01			(3.43	)		(0.07	)		(1.34	)		8.45		(28.57	)
	2000	(4)		15.27		(0.10	)		(0.42	)		(0.07	)		(1.40	)		13.28		(4.22	)
Class C
	2005		$	9.76	$	-		$	1.94		$	-		$	-		$	11.70		19.88	%
	2004			8.63		(0.05	)		1.18			-			-			9.76		13.14
	2003			7.09		-			1.54			-			-			8.63		21.72
	2002			8.75		(0.06	)		(1.60	)		-			-			7.09		(18.97	)
	2001	(5)		8.31		0.01			0.43			-			-			8.75		5.29
Class R (6)
	2005		$	10.11	$	0.09		$	1.97		$	-		$	-		$	12.17		20.38	%
	2004			8.98		(0.01	)		1.19			(0.05	)		-			10.11		13.16
	2003			7.31		0.04			1.63			-			-			8.98		22.85	(8)
	2002			8.96		0.01			(1.66	)		-			-			7.31		(18.42	)
	2001	(3)		13.97		(0.04	)		(3.50	)		(0.10	)		(1.37	)		8.96		(28.03	)
	2000	(4)		15.95		(0.03	)		(0.42	)		(0.10	)		(1.43	)		13.97		(3.59	)
Class Y
	2005		$	10.31	$	0.12		$	2.05		$	(0.09	)	$	-		$	12.39		21.12	%
	2004			9.10		0.06			1.23			(0.08	)		-			10.31		14.13
	2003			7.40		0.09			1.61			-			-			9.10		22.97	(8)
	2002			9.03		0.03			(1.66	)		-			-			7.40		(18.05	)
	2001	(3)		14.03		0.07			(3.61	)		(0.11	)		(1.35	)		9.03		(27.93	)
	2000	(4)		15.97		0.01			(0.42	)		(0.12	)		(1.41	)		14.03		(3.27	)

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

FIRST AMERICAN FUNDS Annual Report 2005

54

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
	International Fund (1)(2)
Class A
	2005		$	48,851		1.56	%		0.77	%		1.61	%		0.72	%		74	%
	2004			44,851		1.60			0.31			1.64			0.27			77
	2003			39,251		1.60			0.77			1.65			0.72			82
	2002			37,232		1.60			0.04			1.66			(0.02	)		72
	2001	(3)		64,907		1.49			1.02			1.59			0.92			72
	2000	(4)		3,591		1.58			(0.26	)		1.76			(0.44	)		90
Class B
	2005		$	6,819		2.31	%		0.00	%		2.36	%		(0.05	)%		74	%
	2004			7,371		2.35			(0.48	)		2.39			(0.52	)		77
	2003			7,936		2.35			0.02			2.40			(0.03	)		82
	2002			7,459		2.35			(0.68	)		2.41			(0.74	)		72
	2001	(3)		10,857		2.17			0.06			2.27			(0.04	)		72
	2000	(4)		732		2.28			(0.96	)		2.46			(1.14	)		90
Class C
	2005		$	7,915		2.31	%		(0.01	)%		2.36	%		(0.06	)%		74	%
	2004			8,542		2.35			(0.52	)		2.39			(0.56	)		77
	2003			10,439		2.35			(0.01	)		2.40			(0.06	)		82
	2002			11,027		2.35			(0.71	)		2.41			(0.77	)		72
	2001	(5)		17,806		1.48			4.15			1.48			4.15			72
Class R (6)
	2005		$	163		1.81	%		0.77	%		2.01	%		0.57	%		74	%
	2004			1		1.60			(0.11	)		1.64			(0.15	)		77
	2003			8,533		1.60			0.57			1.65			0.52			82
	2002			10,817		1.60			0.16			1.66			0.10			72
	2001	(3)		9,461		1.46			(0.33	)		1.61			(0.48	)		72
	2000	(4)		16,373		1.58			(0.26	)		1.76			(0.44	)		90
Class Y
	2005		$	1,523,057		1.31	%		1.07	%		1.36	%		1.02	%		74	%
	2004			1,145,409		1.35			0.59			1.39			0.55			77
	2003			991,027		1.35			1.08			1.40			1.03			82
	2002			540,495		1.35			0.36			1.41			0.30			72
	2001	(3)		661,886		1.23			0.67			1.36			0.54			72
	2000	(4)		122,329		1.28			0.04			1.76			(0.44	)		90

  (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 (now designated Class R shares) of the First American Fund, and
(iv) Firstar Institutional Class shares were exchanged for Class Y shares of the First American 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 Growth Fund. Firstar International Growth Fund is the accounting survivor.

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

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

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

55

Schedule of Investments September 30, 2005

Small Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 97.4%
Consumer Discretionary – 16.2%
Aeropostale* (a)		269,980	$	5,737
Buffalo Wild Wings* (a)		161,950		4,292
Cheesecake Factory* (a)		174,210		5,442
Cosi*		415,027		4,076
GTECH Holdings		102,480		3,285
MTR Gaming Group*		273,420		2,190
P.F. Chang's China Bistro* (a)		63,780		2,859
Pacific Sunwear of California* (a)		232,830		4,992
Provide Commerce* (a)		196,540		4,770
Scientific Games, Class A*		210,850		6,536
Spanish Broadcasting System* (a)		652,084		4,682
ValueVision Media* (a)		228,620		2,595
				51,456
Energy – 11.5%
Arena Resources*		64,790		1,600
Cal Dive International* (a)		44,550		2,825
Compton Petroleum*		639,120		8,632
GMX Resources* (a)		183,860		4,830
Helmerich & Payne		35,060		2,117
Hornbeck Offshore Services*		78,810		2,887
Hydril*		29,470		2,023
Oil States International*		60,760		2,206
Pioneer Drilling*		204,260		3,987
Plains Exploration & Production*		123,980		5,309
				36,416
Financials – 8.6%
Cullen/Frost Bankers (a)		126,820		6,257
East West Bancorp		218,210		7,428
Investors Financial Services (a)		140,800		4,632
Scottish Annuity & Life (a)		91,330		2,177
Sunstone Hotel Investors*		129,410		3,156
Triad Guaranty* (a)		90,850		3,563
				27,213
Health Care – 19.5%
AMN Healthcare Services*		152,800		2,364
Andrx Group* (a)		362,070		5,587
Caliper Life Sciences*		337,280		2,371
Coley Pharmaceutical Group* (a)		140,710		2,561
Connetics* (a)		172,030		2,909
CV Therapeutics* (a)		119,720		3,202
Cyberonics* (a)		48,980		1,462
Durect* (a)		365,820		2,506
Dyax*		746,523		4,173
Encore Medical* (a)		1,679,250		7,892
First Horizon Pharmaceutical* (a)		258,790		5,142
Gentiva Health Services*		282,267		5,115
I-Flow* (a)		220,690		3,026
Immucor*		142,450		3,909
Protein Design Labs*		110,530		3,095
Rigel Pharmaceuticals*		101,945		2,423
Salix Pharmaceuticals* (a)		104,830		2,228
Xenogen* (a)		574,140		1,780
				61,745

Small Cap Growth Opportunities Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Industrials – 11.3%
AMETEK (a)		57,730	$	2,481
Aries Maritime Transport*		198,630		2,979
Brady, Class A (a)		79,330		2,454
CLARCOR		104,420		2,999
Energy Conversion Devices*		79,600		3,572
ESCO Technologies* (a)		68,100		3,410
Genco Shipping & Trading*		211,250		4,029
Mercury Computer Systems* (a)		130,220		3,418
Navigant Consulting* (a)		337,400		6,465
Toro		114,630		4,214
				36,021
Information Technology (b) – 30.3%
Avocent* (a)		134,770		4,264
Digitas* (a)		424,037		4,817
DSP Group*		192,790		4,947
Embarcadero Technologies*		886,470		5,975
Emulex*		195,750		3,956
Extreme Networks* (a)		1,170,550		5,209
HouseValues* (a)		232,640		3,327
Hutchinson Technology* (a)		156,220		4,080
Integrated Device Technology* (a)		237,830		2,554
Jack Henry & Associates		164,870		3,198
Kronos*		70,040		3,127
Maximus		85,050		3,041
Motive*		550,090		3,488
M-Systems Flash Disk Pioneers*		106,340		3,182
NIC*		125,627		823
Orbotech*		114,050		2,853
Plantronics		178,840		5,510
Polycom* (a)		407,180		6,584
Quest Software* (a)		504,060		7,596
Sapient*		625,020		3,906
Semtech*		373,210		6,147
Tridium, Class B* (c) (d)		278,500		123
Varian Semiconductor Equipment Associates*		60,140		2,548
VideoPropulsion* (c) (d)		809,856		-
Wind River Systems*		370,370		4,789
				96,044
Total Common Stocks (Cost $293,765)				308,895
Affiliated Money Market Fund – 0.9%
First American Prime Obligations Fund, Class Z (e) (Cost $2,860)		2,859,824		2,860
Investments Purchased with Proceeds from Securities Lending (f) – 27.6%
(Cost $87,587)				87,587
Total Investments – 125.9% (Cost $384,212)				399,342
Other Assets and Liabilities, Net – (25.9)%				(82,086	)
Total Net Assets – 100.0%			$	317,256

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

FIRST AMERICAN FUNDS Annual Report 2005

56

Small Cap Growth Opportunities Fund (concluded)

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $83,863,031 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.

(c)  Security is considered illiquid or restricted. As of September 30, 2005, the value of these investments was $122,540 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security is fair valued. As of September 30, 2005, the fair value of these investments was $122,540 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

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

Small Cap Select Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.5%
Consumer Discretionary – 13.9%
Gray Television		161,850	$	1,714
Kerzner International* (a)		69,450		3,858
La Quinta* (a)		1,425,810		12,390
Marvel Enterprises* (a)		599,130		10,706
Men's Wearhouse* (a)		303,570		8,105
Nautilus (a)		178,480		3,939
P.F. Chang's China Bistro* (a)		103,020		4,618
RARE Hospitality International*		217,280		5,584
Ruby Tuesday (a)		443,210		9,644
Ruth's Chris Steak House*		23,690		435
Scientific Games, Class A* (a)		559,550		17,346
Sports Authority* (a)		285,330		8,400
Station Casinos (a)		92,170		6,116
Thomas Nelson		296,720		5,566
Too* (a)		471,190		12,925
WCI Communities* (a)		245,590		6,967
				118,313
Energy – 8.5%
Bill Barrett* (a)		138,890		5,114
Cal Dive International* (a)		39,530		2,507
Compton Petroleum* (a)		526,690		7,113
ENSCO International		289,660		13,495
Hydril* (a)		37,550		2,577
St. Mary Land & Exploration (a)		75,670		2,770
Tesoro Petroleum		140,590		9,453
Ultra Petroleum* (a)		164,560		9,360
Western Gas Resources (a)		120,800		6,189
W-H Energy Services* (a)		422,800		13,707
				72,285
Financials – 18.7%
Advanta, Class B		218,325		6,163
Affiliated Managers Group* (a)		145,520		10,539
Alexandria Real Estate Equities (a)		101,200		8,368
AmerUS Group, Class A (a)		186,300		10,688
CoBiz (a)		116,960		2,177
Columbia Banking System		176,054		4,618
Cullen/Frost Bankers (a)		259,980		12,827
East West Bancorp (a)		253,120		8,616
First Financial Bankshares		90,320		3,146
First Niagara Financial Group		327,290		4,726
First Potomac Realty Trust (REIT)		168,550		4,332
First Republic Bank		416,420		14,671
GATX (a)		376,420		14,887
Kite Realty Group Trust (REIT)		377,660		5,635
Lasalle Hotel Properties (REIT)		125,820		4,335
Maguire Properties (REIT) (a)		501,140		15,059
SL Green Realty (REIT) (a)		256,320		17,476
SVB Financial Group* (a)		225,590		10,973
				159,236
Health Care – 15.1%
Alkermes* (a)		74,900		1,258
American Healthways* (a)		195,360		8,283
Caliper Life Sciences* (a)		721,800		5,074
Curis*		685,913		3,148
ImmunoGen* (a)		430,870		3,163
Medicis Pharmaceutical, Class A (a)		129,520		4,217

FIRST AMERICAN FUNDS Annual Report 2005

57

Schedule of Investments September 30, 2005

Small Cap Select Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Neurocrine Biosciences* (a)		159,600	$	7,851
Pediatrix Medical Group* (a)		198,130		15,220
Protein Design Labs*		292,960		8,203
Respironics*		106,060		4,474
Senomyx*		224,060		3,816
Sierra Health Services* (a)		330,330		22,750
SonoSite* (a)		205,470		6,098
SurModics* (a)		288,800		11,174
Sybron Dental Specialties* (a)		168,510		7,007
Symmetry Medical*		348,140		8,251
United Surgical Partners International*		230,420		9,012
				128,999
Industrials – 16.2%
AirTran* (a)		403,970		5,114
Chicago Bridge & Iron		540,090		16,791
CLARCOR		138,760		3,985
EGL*		420,900		11,427
Energy Conversion Devices* (a)		35,870		1,610
J.B. Hunt Transport Services (a)		458,270		8,712
Kennametal (a)		254,760		12,493
KVH Industries* (a) (d)		858,220		8,368
Labor Ready* (a)		377,480		9,682
Lennox International		167,590		4,594
Manitowoc		97,710		4,910
Mercury Computer Systems* (a)		292,670		7,683
NCI Building Systems* (a)		273,250		11,146
Power-One* (a)		1,617,003		8,958
Roper Industries (a)		113,780		4,470
Terex*		193,980		9,588
Toro (a)		220,180		8,094
				137,625
Information Technology – 23.0%
ADC Telecommunications* (a)		201,120		4,598
Advanced Analogic Technologies*		72,500		811
Aeroflex* (a)		473,254		4,430
ATI Technologies* (a)		850,200		11,852
Benchmark Electronics* (a)		180,120		5,425
BISYS Group* (a)		908,330		12,199
Carreker*		614,680		4,340
Digitas* (a)		794,600		9,027
Embarcadero Technologies*		694,253		4,679
Emulex* (a)		422,350		8,536
Entegris* (a)		770,664		8,709
EPIQ Systems*		156,090		3,406
FormFactor*		172,980		3,947
Hyperion Solutions* (a)		229,801		11,180
Integrated Device Technology* (a)		1,148,020		12,330
Ituran Location and Control*		323,190		4,250
Logitech International* (a)		340,640		13,881
Micromuse*		682,367		5,377
M-Systems Flash Disk Pioneer*		106,600		3,189
Openwave Systems* (a)		286,510		5,151
Opsware*		420,960		2,185
Packeteer*		908,971		11,408
Silicon Image* (a)		1,345,200		11,959
Sonic Solutions* (a)		415,860		8,941
Stellent* (a)		1,372,359		11,761
TIBCO Software* (a)		1,102,890		9,220

Small Cap Select Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
TNS*		93,580	$	2,269
ValueClick* (a)		72,480		1,239
				196,299
Materials – 3.6%
Century Aluminum* (a)		378,420		8,507
Headwaters* (a)		56,520		2,114
Hercules* (a)		169,270		2,069
Olin (a)		341,680		6,489
Schnitzer Steel Industries, Class A		65,740		2,141
Steel Dynamics (a)		202,610		6,881
Texas Industries		39,040		2,124
				30,325
Telecommunication Services – 0.5%
General Communication* (a)		480,630		4,758
Total Common Stocks (Cost $732,841)				847,840
Affiliated Money Market Fund – 2.2%
First American Prime Obligations Fund, Class Z (b) (Cost $18,478)		18,478,008		18,478
Investments Purchased with Proceeds from Securities Lending (c) – 41.4%
(Cost $352,384)				352,384
Total Investments – 143.1% (Cost $1,103,703)				1,218,702
Other Assets and Liabilities, Net – (43.1)%				(367,183	)
Total Net Assets – 100.0%			$	851,519

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $344,196,944 at September 30, 2005. See note 2 in Notes to Financial Statements.

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

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

(d)  A company is considered to be an affilate of the fund under the Investment Company Act of 1940 if the funds holdings of that company represent 5% or more of the outstanding voting securities of the company. Transactions with companies that are or were affiliates during the fiscal year ended September 30, 2005 are as follows:

Issuer	Beginning Cost		Purchase Cost		Sales Cost		Ending cost		Dividend Income		Value
KVH Industries	$	-	$	9,269,067	$	-	$	9,269,067	$	-	$	8,367,645

REIT – Real Estate Investment Trust

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

FIRST AMERICAN FUNDS Annual Report 2005

58

Small Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.1%
Consumer Discretionary – 12.1%
Aeropostale* (a)		281,490	$	5,982
American Axle & Manufacturing (a)		136,160		3,143
Aztar*		74,920		2,308
Charming Shoppes*		304,890		3,253
Entercom Communications*		98,460		3,110
Ethan Allen Interiors (a)		149,350		4,682
La Quinta* (a)		412,970		3,589
Men's Wearhouse* (a)		148,655		3,969
Modine Manufacturing		91,010		3,338
Regis		106,240		4,018
Ruby Tuesday (a)		217,010		4,722
Scientific Games, Class A*		70,410		2,183
Thomas Nelson		200,890		3,769
WCI Communities* (a)		121,120		3,436
				51,502
Consumer Staples – 2.8%
Casey's General Stores		185,220		4,297
Elizabeth Arden*		126,490		2,730
Performance Food Group*		74,190		2,341
Weis Markets		64,700		2,589
				11,957
Energy – 6.9%
Brigham Exploration*		359,080		4,614
Cimarex Energy* (a)		79,400		3,599
Forest Oil* (a)		49,890		2,599
Foundation Coal Holdings		62,230		2,393
Global Industries* (a)		215,220		3,172
Newfield Exploration*		48,140		2,364
Range Resources		83,240		3,214
TODCO*		90,810		3,788
Tsakos Energy Navigation		97,070		3,496
				29,239
Financials (b) – 29.7%
Astoria Financial (a)		166,825		4,408
BankUnited Financial, Class A		168,810		3,861
Capitol Bancorp		166,860		5,406
CBL & Associates Properties (REIT)		103,370		4,237
City National (a)		61,350		4,300
Corporate Office Properties Trust (REIT)		182,150		6,366
Delphi Financial Group, Class A		82,370		3,855
Donegal Group, Class A		155,466		3,374
East West Bancorp		127,650		4,345
Equity One (REIT)		193,140		4,490
First Midwest Bancorp (a)		73,110		2,723
First Niagara Financial Group		382,070		5,517
First Potomac Realty Trust (REIT)		195,930		5,035
First Republic Bank – California (a)		255,120		8,988
FPIC Insurance Group*		102,450		3,687
IBERIABANK		62,212		3,307
Independent Bank		141,300		4,293
Lasalle Hotel Properties (REIT)		107,350		3,698
Lexington Corporate Properties Trust (REIT)		203,456		4,791
Mid-America Apartment Communities (REIT) (a)		96,940		4,509
Newcastle Investment (REIT) (a)		102,830		2,869
Pennsylvania (REIT)		76,290		3,218

Small Cap Value Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
Philadelphia Consolidated Holding*		40,940	$	3,476
Platinum Underwriter Holdings		125,700		3,757
Preferred Bank Los Angeles		13,675		550
Redwood Trust (REIT) (a)		90,160		4,383
RLI		27,900		1,291
Sterling Bancshares		276,680		4,070
Triad Guaranty*		72,970		2,862
Universal American Financial* (a)		188,780		4,293
Windrose Medical Properties Trust (REIT)		290,120		4,433
				126,392
Health Care – 4.8%
Magellan Health Services*		88,620		3,115
Pediatrix Medical Group* (a)		48,750		3,745
Perrigo		146,210		2,092
Serologicals* (a)		105,290		2,375
STERIS		134,430		3,198
Varian* (a)		77,830		2,671
Vertex Pharmaceuticals* (a)		145,820		3,259
				20,455
Industrials – 17.8%
Artesyn Technologies* (a)		298,050		2,772
Brady, Class A (a)		192,660		5,961
CLARCOR		329,520		9,464
ESCO Technologies*		174,800		8,752
G&K Services, Class A		119,437		4,705
Genco Shipping & Trading*		125,370		2,391
Genlyte Group* (a)		80,040		3,848
Hughes Supply (a)		115,840		3,776
Kennametal (a)		75,220		3,689
Landstar		90,830		3,636
Mercury Computer Systems* (a)		122,380		3,212
Moog, Class A* (a)		110,695		3,268
NCO Group* (a)		121,540		2,511
Pacer International		169,100		4,457
Pentair		146,930		5,363
Toro (a)		213,940		7,864
				75,669
Information Technology – 13.1%
Aeroflex* (a)		287,740		2,693
BISYS Group*		761,500		10,227
Embarcadero Technologies*		287,650		1,939
Entegris*		272,386		3,078
Fairchild Semiconductor International* (a)		256,680		3,814
Hutchinson Technology* (a)		158,540		4,141
Hypercom*		631,820		4,119
MKS Instruments* (a)		122,540		2,111
NETGEAR* (a)		96,670		2,326
Palm* (a)		108,740		3,081
Progress Software*		70,190		2,230
Skyworks Solutions* (a)		322,670		2,265
TIBCO Software* (a)		333,660		2,789
Transaction Systems Architects*		85,530		2,382
United Online		172,040		2,383
VeriFone Holdings* (a)		105,530		2,122
Xyratex*		277,900		4,088
				55,788

FIRST AMERICAN FUNDS Annual Report 2005

59

Schedule of Investments September 30, 2005

Small Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Materials – 5.4%
Carpenter Technology		56,890	$	3,334
Commercial Metals (a)		114,500		3,863
Crown Holdings*		130,860		2,086
Georgia Gulf		99,930		2,406
Louisiana Pacific		134,620		3,728
Minerals Technologies (a)		36,860		2,109
Silgan Holdings		72,200		2,401
Steel Dynamics (a)		84,060		2,855
				22,782
Telecommunication Services – 0.6%
General Communication* (a)		269,670		2,670
Utilities – 4.9%
Black Hills (a)		137,160		5,949
New Jersey Resources		61,120		2,810
NSTAR (a)		146,180		4,228
PNM Resources		122,745		3,519
Westar Energy		181,100		4,370
				20,876
Total Common Stocks (Cost $337,645)				417,330
Affiliated Money Market Fund – 2.0%
First American Prime Obligations Fund, Class Z (c) (Cost $8,769)		8,768,745		8,769
Investments Purchased with Proceeds from Securities Lending (d) – 25.2%
(Cost $107,113)				107,113
Total Investments – 125.3% (Cost $453,527)				533,212
Other Assets and Liabilities, Net – (25.3)%				(107,686	)
Total Net Assets – 100.0%			$	425,526

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $104,166,316 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.

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

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

REIT – Real Estate Investment Trust

Small-Mid Cap Core Fund (formerly Technology Fund)

DESCRIPTION	SHARES		VALUE (000)
Common Stocks (a) – 95.7%
Aerospace & Defense – 4.0%
L-3 Communications Holdings (b)		10,040	$	794
Lockheed Martin (b)		11,700		714
Mercury Computer Systems* (b)		27,829		731
Moog, Class A*		20,475		604
				2,843
Chemicals – 1.1%
Engelhard		27,459		766
Commercial Services & Supplies – 1.7%
Monster Worldwide*		39,645		1,218
Communications Equipment – 13.8%
Cisco Systems*		40,810		732
Juniper Networks*		33,250		791
L.M. Ericsson Telephone (b)		21,520		793
Motorola		125,460		2,771
NETGEAR* (b)		31,373		755
Packeteer*		96,137		1,207
QUALCOMM		38,350		1,716
Scientific-Atlanta (b)		29,850		1,120
				9,885
Computers & Peripherals – 12.3%
Apple Computer*		17,170		921
EMC*		166,680		2,157
Hewlett-Packard		54,108		1,580
Hutchinson Technology* (b)		54,323		1,419
IBM		8,170		655
Komag* (b)		32,450		1,037
Western Digital* (b)		81,070		1,048
				8,817
Diversified Telecommunication Services – 0.8%
CenturyTel		16,244		568
Electronic Equipment & Instruments – 4.5%
Amphenol, Class A		62,669		2,528
Arrow Electronics*		21,343		669
				3,197
Health Care Equipment & Supplies – 5.6%
PerkinElmer		81,170		1,653
STERIS		29,640		705
Thermo Electron* (b)		54,481		1,683
				4,041
Health Care Providers & Services – 2.1%
Per-Se Technologies* (b)		74,146		1,532
Hotels, Restaurants & Leisure – 3.1%
Scientific Games, Class A* (b)		71,690		2,222
Internet Software & Services – 3.6%
Google* (b)		4,682		1,482
ValueClick* (b)		65,704		1,123
				2,605
IT Services – 1.9%
BISYS Group*		99,995		1,343
Machinery – 3.2%
ESCO Technologies*		34,852		1,745
Kennametal		10,838		532
				2,277
Oil, Gas & Consumable Fuels – 2.7%
Newfield Exploration* (b)		39,780		1,953

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

FIRST AMERICAN FUNDS Annual Report 2005

60

Small-Mid Cap Core Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Semiconductors & Semiconductor Equipment – 19.8%
Analog Devices (b)		52,810	$	1,961
Fairchild Semiconductor International, Class A* (b)		98,793		1,468
Integrated Device Technology*		148,497		1,595
Intel		89,450		2,205
Marvell Technology Group* (b)		19,560		902
Maxim Integrated Products		38,550		1,644
OmniVision Technologies* (b)		47,634		601
Silicon Image* (b)		144,270		1,283
Texas Instruments		75,254		2,551
				14,210
Software – 13.5%
Adobe Systems (b)		79,620		2,377
Compuware*		105,640		1,004
Intuit* (b)		16,880		756
Oracle*		85,412		1,058
Parametric Technology* (b)		134,100		935
Sybase*		39,030		914
THQ*		46,486		991
TIBCO Software*		103,301		864
Transaction Systems Architects, Class A*		29,023		808
				9,707
Wireless Telecommunications Services – 2.0%
ALLTEL (b)		22,543		1,468
Total Common Stocks (Cost $64,885)				68,652
Investment Company – 2.5%
Nasdaq-100 Index Tracking Stock (Cost $1,797)		45,563		1,798
Affiliated Money Market Fund – 3.0%
First American Prime Obligations Fund, Class Z (c) (Cost $2,150)		2,150,195		2,150
Investments Purchased with Proceeds from Securities Lending (d) – 35.7%
(Cost $25,565)				25,565
Total Investments – 136.9% (Cost $94,397)				98,165
Other Assets and Liabilities, Net – (36.9)%				(26,442	)
Total Net Assets – 100.0%			$	71,723

* Non-income producing security

(a)  The fund is primarily invested in the technology industry and therefore is subject to additional risks. See notes 1 and 7 in Notes to Financial Statements.

(b)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $24,900,414 at September 30, 2005. See note 2 in Notes to Financial Statements.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

61

Statements of Assets and Liabilities September 30, 2005, in thousands, except for per share data

	Small Cap Growth Opportunities Fund			Small Cap Select Fund			Small Cap Value Fund		Small-Mid Cap Core Fund
ASSETS:
Investments in unaffiliated securities, at value†  (cost $293,765, $732,841, $337,645 and $66,682, respectively) (note 2)	$	308,895		$	847,840		$	417,330	$	70,450
Investments in affiliated money market fund, at value (cost $2,860, $18,478, $8,769 and $2,150, respectively) (note 2)		2,860			18,478			8,769		2,150
Investments purchased with proceeds from securities lending (cost $87,587, $352,384, $107,113 and $25,565, respectively) (note 2)		87,587			352,384			107,113		25,565
Cash*		1,864			3,350			1,027		241
Receivable for dividends and interest		74			620			530		34
Receivable for investment securities sold		16,505			5,473			1,059		5,711
Receivable for capital shares sold		233			421			164		37
Prepaid expenses and other assets		30			31			29		25
Total assets		418,048			1,228,597			536,021		104,213
LIABILITIES:
Payable for capital shares redeemed		767			2,043			1,143		5,513
Payable upon return of securities loaned (note 2)		88,417			355,722			108,127		25,807
Payable for investment securities purchased		11,264			18,562			835		952
Payable to affiliates (note 3)		298			675			347		63
Payable for distribution and shareholder servicing fees		27			45			22		18
Accrued expenses and other liabilities		19			31			21		137
Total liabilities		100,792			377,078			110,495		32,490
Net assets	$	317,256		$	851,519		$	425,526	$	71,723
COMPOSITION OF NET ASSETS:
Portfolio capital	$	248,498		$	637,512		$	266,632	$	528,791
Distributions in excess of net investment income		(1	)		(1	)		-		-
Accumulated net realized gain (loss) on investments		53,629			99,009			79,209		(460,836	)
Net unrealized appreciation of investments		15,130			114,999			79,685		3,768
Net assets	$	317,256		$	851,519		$	425,526	$	71,723
* Includes cash collateral received related to securities loaned (note 2)	$	830		$	3,338		$	1,014	$	242
† Including securities loaned, at value	$	83,863		$	344,197		$	104,166	$	24,900
Class A:
Net assets	$	84,567		$	107,270		$	48,128	$	23,016
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		3,560			6,781			2,867		2,768
Net asset value and redemption price per share	$	23.75		$	15.82		$	16.78	$	8.31
Maximum offering price per share (1)	$	25.13		$	16.74		$	17.76	$	8.79
Class B:
Net assets	$	8,760		$	14,023		$	9,325	$	10,685
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		393			1,000			598		1,462
Net asset value, offering price, and redemption price per share (2)	$	22.27		$	14.02		$	15.61	$	7.31
Class C:
Net assets	$	3,152		$	14,418		$	4,808	$	4,485
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		137			944			304		563
Net asset value, offering price and redemption price per share (2)	$	23.00		$	15.28		$	15.82	$	7.97
Class R:
Net assets	$	5		$	312		$	4		-
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		-			20			-		-
Net asset value, offering price, and redemption price per share	$	23.72		$	15.73		$	16.74		-
Class Y:
Net assets	$	220,772		$	715,496		$	363,261	$	33,537
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		8,900			43,178			21,289		3,888
Net asset value, offering price, and redemption price per share	$	24.81		$	16.57		$	17.06	$	8.63

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

62

Statements of Operations For the fiscal year ended September 30, 2005, 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 money market fund	$	220		$	501		$	90		$	41
Dividends from unaffiliated securities		891			5,045			5,966			418
Less: Foreign taxes withheld		-			(13	)		(2	)		(24	)
Securities lending income		162			410			89			64
Total investment income		1,273			5,943			6,143			499
EXPENSES (note 3):
Investment advisory fees		4,086			6,006			3,009			597
Administration fees		644			1,752			880			183
Transfer agent fees		200			542			275			60
Registration fees		49			46			40			45
Professional fees		37			66			41			54
Custodian fees		28			75			38			8
Postage and printing fees		16			45			23			109
Other expenses		11			22			13			6
Directors' fees		7			20			10			2
Distribution and shareholder servicing fees – Class A		229			259			117			66
Distribution and shareholder servicing fees – Class B		91			136			97			124
Distribution and shareholder servicing fees – Class C		38			145			48			53
Distribution and shareholder servicing fees – Class R (1)		-			-			-			-
Total expenses		5,436			9,114			4,591			1,307
Less: Fee waivers (note 3)		(159	)		(245	)		(84	)		(71	)
Total net expenses		5,277			8,869			4,507			1,236
Investment income (loss) – net		(4,004	)		(2,926	)		1,636			(737	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS – NET (note 5):
Net realized gain on investments		70,779			184,051			94,694			8,526
Net change in unrealized appreciation or depreciation of investments		3,567			(17,021	)		(28,747	)		2,726
Net gain on investments		74,346			167,030			65,947			11,252
Net increase in net assets resulting from operations	$	70,342		$	164,104		$	67,583		$	10,515

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

FIRST AMERICAN FUNDS Annual Report 2005

63

Statements of Changes in Net Assets in thousands

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

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

FIRST AMERICAN FUNDS Annual Report 2005

64

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

FIRST AMERICAN FUNDS Annual Report 2005

65

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

			Net Asset Value Beginning of Period		Net Investment Loss			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period		Total Return (8)
Small Cap Growth Opportunities (1)
Class A
	2005	(2)	$	21.74	$	(0.32	)	$	5.28		$	(2.95	)	$	-		$	23.75		24.21	%
	2004	(2)		21.95		(0.35	)		0.27			(0.13	)		-			21.74		(0.39	)
	2003	(2)		13.86		(0.28	)		8.37			-			-			21.95		58.37
	2002			16.89		(0.26	)		(2.74	)		-			(0.03	)		13.86		(17.84	)
	2001	(2) (3)		31.26		(0.17	)		(5.20	)		(9.00	)		-			16.89		(21.51	)
	2000	(2) (4)		21.80		(0.40	)		15.99			(6.13	)		-			31.26		87.43
Class B
	2005	(2)	$	20.69	$	(0.45	)	$	4.98		$	(2.95	)	$	-		$	22.27		23.27	%
	2004	(2)		21.05		(0.50	)		0.27			(0.13	)		-			20.69		(1.13	)
	2003	(2)		13.39		(0.40	)		8.06			-			-			21.05		57.21
	2002			16.44		(0.39	)		(2.63	)		-			(0.03	)		13.39		(18.45	)
	2001	(2) (3)		30.84		(0.31	)		(5.09	)		(9.00	)		-			16.44		(22.07	)
	2000	(2) (4)		21.69		(0.61	)		15.89			(6.13	)		-			30.84		86.13
Class C
	2005	(2)	$	21.28	$	(0.48	)	$	5.15		$	(2.95	)	$	-		$	23.00		23.28	%
	2004	(2)		21.65		(0.49	)		0.25			(0.13	)		-			21.28		(1.14	)
	2003	(2)		13.77		(0.43	)		8.31			-			-			21.65		57.23
	2002			16.90		(0.19	)		(2.91	)		-			(0.03	)		13.77		(18.42	)
	2001	(2) (5)		16.34		-			0.56			-			-			16.90		3.43
Class R (6)
	2005	(2)	$	21.74	$	(0.48	)	$	5.41		$	(2.95	)	$	-		$	23.72		24.06	%
	2004	(2)		21.95		(0.42	)		0.34			(0.13	)		-			21.74		(0.39	)
	2003	(2)		13.86		(0.28	)		8.37			-			-			21.95		58.37
	2002			16.89		(0.26	)		(2.74	)		-			(0.03	)		13.86		(17.84	)
	2001	(2) (7)		20.01		(0.19	)		(2.93	)		-			-			16.89		(15.59	)
Class Y
	2005	(2)	$	22.55	$	(0.27	)	$	5.48		$	(2.95	)	$	-		$	24.81		24.47	%
	2004	(2)		22.70		(0.32	)		0.30			(0.13	)		-			22.55		(0.11	)
	2003	(2)		14.30		(0.25	)		8.65			-			-			22.70		58.74
	2002			17.38		(0.25	)		(2.80	)		-			(0.03	)		14.30		(17.62	)
	2001	(2) (3)		31.83		(0.12	)		(5.33	)		(9.00	)		-			17.38		(21.35	)
	2000	(2) (4)		22.06		(0.31	)		16.21			(6.13	)		-			31.83		87.90

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

FIRST AMERICAN FUNDS Annual Report 2005

66

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment 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 Growth Opportunities (1)
Class A
	2005	(2)	$	84,567		1.82	%		(1.42	)%		1.87	%		(1.47	)%		190	%
	2004	(2)		101,031		1.93			(1.42	)		1.96			(1.45	)		178
	2003	(2)		81,999		1.93			(1.63	)		1.97			(1.67	)		137
	2002			44,834		1.93			(1.53	)		1.97			(1.57	)		123
	2001	(2) (3)		45,233		1.93			(0.91	)		1.99			(0.97	)		125
	2000	(2) (4)		43,031		1.96			(1.31	)		1.96			(1.31	)		179
Class B
	2005	(2)	$	8,760		2.57	%		(2.16	)%		2.62	%		(2.21	)%		190	%
	2004	(2)		9,063		2.68			(2.16	)		2.71			(2.19	)		178
	2003	(2)		6,441		2.68			(2.38	)		2.72			(2.42	)		137
	2002			3,779		2.68			(2.28	)		2.72			(2.32	)		123
	2001	(2) (3)		3,165		2.68			(1.68	)		2.74			(1.74	)		125
	2000	(2) (4)		2,136		2.71			(2.06	)		2.71			(2.06	)		179
Class C
	2005	(2)	$	3,152		2.57	%		(2.20	)%		2.62	%		(2.25	)%		190	%
	2004	(2)		4,669		2.68			(2.07	)		2.71			(2.10	)		178
	2003	(2)		1,529		2.68			(2.38	)		2.72			(2.42	)		137
	2002			260		2.68			(2.31	)		2.72			(2.35	)		123
	2001	(2) (5)		1		1.63			(0.41	)		1.76			(0.54	)		125
Class R (6)
	2005	(2)	$	5		2.07	%		(2.14	)%		2.27	%		(2.34	)%		190	%
	2004	(2)		1		1.93			(1.67	)		1.96			(1.70	)		178
	2003	(2)		3,694		1.93			(1.62	)		1.97			(1.66	)		137
	2002			2,027		1.93			(1.53	)		1.97			(1.57	)		123
	2001	(2) (7)		2,014		1.94			(1.06	)		2.00			(1.12	)		125
Class Y
	2005	(2)	$	220,772		1.57	%		(1.15	)%		1.62	%		(1.20	)%		190	%
	2004	(2)		224,432		1.68			(1.25	)		1.71			(1.28	)		178
	2003	(2)		382,389		1.68			(1.38	)		1.72			(1.42	)		137
	2002			208,439		1.68			(1.28	)		1.72			(1.32	)		123
	2001	(2) (3)		266,115		1.68			(0.64	)		1.74			(0.70	)		125
	2000	(2) (4)		322,981		1.71			(1.06	)		1.71			(1.06	)		179

  (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 (now designated Class R shares) of the
First American Fund, and (iv) Firstar Institutional Class shares were exchanged for Class Y shares of the First American Fund.

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

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

  (4)  For the fiscal period ended October 31.

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

67

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

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (7)
Small Cap Select (1)(2)
Class A
	2005		$	15.95	$	(0.08	)	$	3.10		$	-		$	(3.15	)	$	15.82		20.46	%
	2004			14.52		(0.12	)		2.60			-			(1.05	)		15.95		17.64
	2003			10.68		(0.09	)		3.93			-			-			14.52		35.96
	2002			11.97		(0.10	)		(0.30	)		-			(0.89	)		10.68		(4.56	)
	2001	(3)		17.60		(0.03	)		(1.89	)		-			(3.71	)		11.97		(12.63	)
	2000	(4)		13.84		(0.10	)		4.13			(0.01	)		(0.26	)		17.60		29.65
Class B
	2005		$	14.56	$	(0.17	)	$	2.78		$	-		$	(3.15	)	$	14.02		19.45	%
	2004			13.42		(0.22	)		2.41			-			(1.05	)		14.56		16.88
	2003			9.95		(0.17	)		3.64			-			-			13.42		34.88
	2002			11.28		(0.19	)		(0.25	)		-			(0.89	)		9.95		(5.23	)
	2001	(3)		16.90		(0.12	)		(1.79	)		-			(3.71	)		11.28		(13.21	)
	2000	(4)		13.38		(0.13	)		3.92			-			(0.27	)		16.90		28.81
Class C
	2005		$	15.60	$	(0.19	)	$	3.02		$	-		$	(3.15	)	$	15.28		19.58	%
	2004			14.32		(0.24	)		2.57			-			(1.05	)		15.60		16.79
	2003			10.62		(0.18	)		3.88			-			-			14.32		34.84
	2002			11.97		(0.20	)		(0.26	)		-			(0.89	)		10.62		(5.09	)
	2001	(5)		11.72		-			0.25			-			-			11.97		2.13
Class R (6)
	2005		$	15.91	$	(0.08	)	$	3.05		$	-		$	(3.15	)	$	15.73		20.16	%
	2004			14.49		(0.13	)		2.60			-			(1.05	)		15.91		17.60
	2003			10.66		(0.09	)		3.92			-			-			14.49		35.93
	2002			11.94		(0.10	)		(0.29	)		-			(0.89	)		10.66		(4.48	)
	2001	(3)		17.55		(0.01	)		(1.89	)		-			(3.71	)		11.94		(12.52	)
	2000	(4)		13.80		(0.01	)		4.03			(0.01	)		(0.26	)		17.55		29.67
Class Y
	2005		$	16.54	$	(0.04	)	$	3.22		$	-		$	(3.15	)	$	16.57		20.73	%
	2004			14.98		(0.09	)		2.70			-			(1.05	)		16.54		17.98
	2003			11.00		(0.06	)		4.04			-			-			14.98		36.18
	2002			12.26		(0.07	)		(0.30	)		-			(0.89	)		11.00		(4.19	)
	2001	(3)		17.92		-			(1.95	)		-			(3.71	)		12.26		(12.49	)
	2000	(4)		14.07		0.05			4.10			(0.03	)		(0.27	)		17.92		30.01

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

FIRST AMERICAN FUNDS Annual Report 2005

68

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Loss to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Small Cap Select (1)(2)
Class A
	2005		$	107,270		1.22	%		(0.53	)%		1.25	%		(0.56	)%		122	%
	2004			97,775		1.21			(0.76	)		1.24			(0.79	)		116
	2003			73,445		1.21			(0.73	)		1.25			(0.77	)		145
	2002			33,586		1.21			(0.81	)		1.25			(0.85	)		171
	2001	(3)		17,351		1.19			(0.24	)		1.22			(0.27	)		204
	2000	(4)		9,538		1.28			(0.01	)		1.39			(0.12	)		91
Class B
	2005		$	14,023		1.97	%		(1.28	)%		2.00	%		(1.31	)%		122	%
	2004			13,050		1.96			(1.51	)		1.99			(1.54	)		116
	2003			11,541		1.96			(1.48	)		2.00			(1.52	)		145
	2002			4,613		1.96			(1.56	)		2.00			(1.60	)		171
	2001	(3)		1,979		1.93			(0.99	)		1.97			(1.03	)		204
	2000	(4)		1,331		1.98			(0.71	)		2.09			(0.82	)		91
Class C
	2005		$	14,418		1.97	%		(1.28	)%		2.00	%		(1.31	)%		122	%
	2004			13,841		1.96			(1.50	)		1.99			(1.53	)		116
	2003			11,128		1.96			(1.47	)		2.00			(1.51	)		145
	2002			3,096		1.96			(1.61	)		2.02			(1.67	)		171
	2001	(5)		-		-			-			-			-			204
Class R (6)
	2005		$	312		1.47	%		(0.53	)%		1.65	%		(0.71	)%		122	%
	2004			19		1.21			(0.81	)		1.24			(0.84	)		116
	2003			11,627		1.21			(0.75	)		1.25			(0.79	)		145
	2002			7,640		1.21			(0.80	)		1.25			(0.84	)		171
	2001	(3)		3,721		1.07			(0.05	)		1.14			(0.12	)		204
	2000	(4)		4,442		1.28			(0.01	)		1.39			(0.12	)		91
Class Y
	2005		$	715,496		0.97	%		(0.28	)%		1.00	%		(0.31	)%		122	%
	2004			770,981		0.96			(0.52	)		0.99			(0.55	)		116
	2003			1,024,146		0.96			(0.48	)		1.00			(0.52	)		145
	2002			403,027		0.96			(0.55	)		1.00			(0.59	)		171
	2001	(3)		291,706		0.93			0.01			0.96			(0.02	)		204
	2000	(4)		134,617		0.98			0.29			1.39			(0.12	)		91

  (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 (now designated Class R shares) of the First American Fund, and (iv) Firstar Institutional Class shares were
exchanged for Class Y shares of the First American Fund.

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

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

69

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

70

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

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

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

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

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

  (5)  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.

FIRST AMERICAN FUNDS Annual Report 2005

71

Schedule of Investments September 30, 2005

Mid Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 96.9%
Consumer Discretionary – 17.7%
Chico's FAS* (a)		601,630	$	22,140
Coldwater Creek* (a)		906,464		22,861
Fortune Brands		234,730		19,091
Gaylord Entertainment* (a)		610,860		29,107
Harman International Industries (a)		217,440		22,238
Harrah's Entertainment		257,870		16,810
P.F. Chang's China Bistro* (a)		153,310		6,873
Scientific Games, Class A* (a)		1,453,000		45,043
Starwood Hotels & Resorts Worldwide (a)		489,300		27,973
Station Casinos (a)		462,390		30,684
Texas Roadhouse, Class A* (a)		1,401,760		20,886
XM Satellite* (a)		677,350		24,324
				288,030
Consumer Staples – 3.3%
Bunge Limited (a)		305,970		16,100
Corn Products International (a)		778,500		15,702
Hershey Foods (a)		388,120		21,855
				53,657
Energy – 12.3%
Apache		195,214		14,684
BJ Services (a)		532,420		19,162
Chesapeake Energy (a)		251,950		9,637
National-Oilwell*		663,690		43,671
Newfield Exploration* (a)		572,230		28,096
Smith International (a)		213,740		7,120
Southwestern Energy*		107,330		7,878
Valero Energy		100,208		11,329
Weatherford International* (a)		528,470		36,285
XTO Energy (a)		497,586		22,551
				200,413
Financials – 4.8%
Ameritrade Holding*		838,619		18,013
Bear Stearns		153,340		16,829
Calamos Asset Management		344,300		8,497
Chicago Mercantile Exchage		33,130		11,175
Legg Mason (a)		180,730		19,824
Refco*		118,410		3,347
				77,685
Health Care – 17.6%
Aetna		256,710		22,113
American Healthways* (a)		390,420		16,554
C.R. Bard		97,870		6,462
Caremark Rx*		348,160		17,384
Cooper (a)		236,350		18,107
Coventry Health Care*		267,950		23,049
DENTSPLY International		679,500		36,707
Fisher Scientific International* (a)		317,250		19,685
PerkinElmer		2,093,950		42,654
Quest Diagnostics (a)		329,390		16,647
Sierra Health Services*		205,700		14,167
Thermo Electron*		1,275,770		39,421
Zimmer Holdings* (a)		206,630		14,235
				287,185
Industrials – 18.1%
Dun & Bradstreet*		655,390		43,170
Dycom Industries* (a)		827,840		16,739
Hexcel* (a)		426,130		7,794
Kennametal (a)		350,930		17,210
L-3 Communications Holdings (a)		447,140		35,355

Mid Cap Growth Opportunities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Monster Worldwide* (a)		1,088,730	$	33,435
MSC Industrial Direct (a)		736,950		24,445
Pentair		493,440		18,011
Precision Castparts		372,480		19,779
Republic Services		688,755		24,306
Roper Industries (a)		306,600		12,046
Stericycle* (a)		282,150		16,125
UTI Worldwide (a)		337,580		26,230
				294,645
Information Technology – 23.1%
Adobe Systems (a)		1,401,780		41,843
Altera* (a)		1,235,420		23,609
Amphenol, Class A*		517,260		20,866
Apple Computer*		530,980		28,466
Autodesk (a)		360,150		16,725
Cogent* (a)		554,330		13,165
Cognizant Technology Solutions*		508,160		23,675
Cognos* (a)		471,430		18,353
Freescale Semiconductor* (a)		347,230		8,129
Hyperion Solutions* (a)		337,760		16,432
Linear Technology (a)		790,470		29,714
Macromedia*		213,030		8,664
Marvell Technology Group* (a)		224,270		10,341
MEMC Electronic Materials*		784,010		17,868
Microchip Technology		500,140		15,064
National Semiconductor		472,240		12,420
NCR* (a)		1,779,000		56,768
Research in Motion* (a)		208,870		14,287
				376,389
Total Common Stocks (Cost $1,259,893)				1,578,004
Affiliated Money Market Fund – 2.4%
First American Prime Obligations Fund, Class Z (b) (Cost $39,046)		39,045,603		39,046
Investments Purchased with Proceeds from Securities Lending (c) – 33.8%
(Cost $551,086)				551,086
Total Investments – 133.1% (Cost $1,850,025)				2,168,136
Other Assets and Liabilities, Net – (33.1)%				(539,408	)
Total Net Assets – 100.0%			$	1,628,728

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $544,077,326 at September 30, 2005. See note 2 in Notes to Financial Statements.

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

72

Mid Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 97.8%
Consumer Discretionary – 13.9%
Black & Decker (a)		92,930	$	7,629
BorgWarner (a)		118,370		6,683
Darden Restaurants (a)		222,650		6,762
Federated Department Stores		228,200		15,260
Fortune Brands		109,930		8,941
Harrah's Entertainment		109,560		7,142
Knight-Ridder (a)		107,310		6,297
Lennar (a)		139,060		8,310
Liz Claiborne (a)		191,030		7,511
Office Depot* (a)		310,550		9,223
Sherwin Williams		289,900		12,776
				96,534
Consumer Staples – 5.5%
Archer-Daniels-Midland		391,060		9,644
Kroger*		811,390		16,707
Molson Coors Brewing (a)		79,330		5,078
Pepsi Bottling (a)		224,270		6,403
				37,832
Energy – 7.4%
GlobalSantaFe (a)		203,320		9,275
Kerr-McGee		74,260		7,211
National-Oilwell*		175,440		11,544
Newfield Exploration* (a)		288,590		14,170
Noble Energy		200,160		9,387
				51,587
Financials (b) – 26.9%
ACE		245,870		11,573
Ambac Financial Group (a)		99,530		7,172
AON (a)		232,150		7,447
Astoria Financial (a)		241,830		6,389
Bear Stearns (a)		130,030		14,271
Boston Properties (REIT) (a)		120,560		8,548
Comerica		200,660		11,819
Cullen/Frost Bankers		173,150		8,543
Developers Diversified Realty (REIT) (a)		181,640		8,483
Equity Office Properties Trust (REIT) (a)		249,770		8,170
Genworth Financial (a)		470,980		15,184
KeyCorp (a)		281,410		9,075
Lincoln National (a)		161,680		8,411
Marshall & Ilsley (a)		218,630		9,513
MGIC Investment (a)		132,080		8,480
Northern Trust (a)		208,990		10,564
Principal Financial Group (a)		156,250		7,402
Synovus Financial		280,200		7,767
Vornado Realty Trust (REIT) (a)		86,150		7,462
W.R. Berkley		251,692		9,937
				186,210
Health Care – 6.3%
CIGNA		105,350		12,417
Community Health Systems* (a)		271,050		10,519
Health Net* (a)		235,730		11,155
PerkinElmer		466,880		9,510
				43,601
Industrials – 8.8%
American Standard*		155,030		7,217
Eaton		193,100		12,271
Joy Global (a)		144,365		7,285
Kennametal (a)		178,920		8,774
Norfolk Southern		370,950		15,046
Republic Services		299,150		10,557
				61,150

Mid Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Information Technology – 9.6%
Amphenol, Class A		233,330	$	9,413
Arrow Electronics*		235,640		7,390
Electronic Data Systems		305,560		6,857
Harris		258,490		10,805
Ingram Micro*		463,870		8,600
Lucent Technologies* (a)		1,098,920		3,572
National Semiconductor (a)		439,250		11,552
Xerox* (a)		639,750		8,733
				66,922
Materials – 6.7%
Ashland		126,110		6,966
Eastman Chemical		89,130		4,186
Engelhard		234,890		6,556
Lyondell Chemical (a)		130,780		3,743
MeadWestvaco		224,490		6,200
Pactiv*		73,850		1,294
Phelps Dodge (a)		76,060		9,882
Rohm & Haas (a)		178,800		7,354
				46,181
Utilities – 12.7%
Alliant Energy		194,050		5,653
Constellation Energy		234,920		14,471
DPL (a)		225,550		6,270
DTE Energy (a)		111,710		5,123
Edison International		248,020		11,726
PG&E (a)		364,990		14,326
PNM Resources		200,270		5,742
PPL (a)		435,390		14,076
Sempra Energy		77,240		3,635
Wisconsin Energy		177,360		7,080
				88,102
Total Common Stocks (Cost $567,014)				678,119
Affiliated Money Market Fund – 2.1%
First American Prime Obligations Fund, Class Z (c) (Cost $14,475)		14,475,448		14,475
Investments Purchased with Proceeds from Securities Lending (d) – 34.6%
(Cost $239,898)				239,898
Total Investments – 134.5% (Cost $821,387)				932,492
Other Assets and Liabilities, Net – (34.5)%				(238,997	)
Total Net Assets – 100.0%			$	693,495

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $235,239,778 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this industry and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.

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

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

REIT – Real Estate Investment Trust

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

FIRST AMERICAN FUNDS Annual Report 2005

73

Statements of Assets and Liabilities September 30, 2005, in thousands, except for per share data

	Mid Cap Growth Opportunities Fund			Mid Cap Value Fund
ASSETS:
Investments in unaffiliated securities, at value† (cost: $1,259,893 and $567,014, respectively) (note 2)	$	1,578,004		$	678,119
Investments in affiliated money market fund, at value (cost: $39,046 and $14,475, respectively) (note 2)		39,046			14,475
Investments purchased with proceeds from securities lending (cost: $551,086 and $239,898, respectively) (note 2)		551,086			239,898
Cash*		5,220			2,272
Receivable for dividends and interest		477			1,548
Receivable for investment securities sold		29,533			-
Receivable for capital shares sold		1,265			896
Prepaid expenses and other assets		33			29
Total assets		2,204,664			937,237
LIABILITIES:
Payable for investment securities purchased		12,129			-
Payable upon return of securities loaned (note 2)		556,306			242,170
Payable for capital shares redeemed		6,077			979
Payable to affiliates (note 3)		1,292			544
Payable for distribution and shareholder servicing fees		91			25
Accrued expenses and other liabilities		41			24
Total liabilities		575,936			243,742
Net assets	$	1,628,728		$	693,495
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,236,388		$	552,050
Undistributed (distributions in excess of) net investment income		(1	)		186
Accumulated net realized gain on investments		74,230			30,154
Net unrealized appreciation of investments		318,111			111,105
Net assets	$	1,628,728		$	693,495
* Includes cash collateral received related to securities loaned (note 2)	$	5,220		$	2,272
† Including securities loaned, at value	$	544,077		$	235,240
Class A:
Net assets	$	317,906		$	54,360
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		7,652			2,185
Net asset value and redemption price per share	$	41.55		$	24.88
Maximum offering price per share (1)	$	43.97		$	26.33
Class B:
Net assets	$	14,922		$	10,157
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		384			424
Net asset value, offering price and redemption price per share (2)	$	38.87		$	23.94
Class C:
Net assets	$	17,079		$	7,426
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		424			304
Net asset value, offering price and redemption price per share (2)	$	40.23		$	24.40
Class R:
Net assets	$	5,501		$	380
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		133			15
Net asset value, offering price, and redemption price per share	$	41.40		$	24.83
Class Y:
Net assets	$	1,273,320		$	621,172
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		29,326			24,871
Net asset value, offering price, and redemption price per share	$	43.42		$	24.98

  (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.

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74

Statements of Operations For the fiscal year ended September 30, 2005, in thousands

	Mid Cap Growth Opportunities Fund			Mid Cap Value Fund
INVESTMENT INCOME:
Dividends from affiliated money market fund	$	916		$	328
Dividends from unaffiliated securities		6,858			9,742
Less: Foreign taxes withheld		(5	)		(6	)
Securities lending income		495			166
Total investment income		8,264			10,230
EXPENSES (note 3):
Investment advisory fees		10,195			4,051
Administration fees		2,931			1,163
Transfer agent fees		955			387
Custodian fees		126			49
Professional fees		91			48
Postage and printing fees		76			31
Registration fees		40			41
Directors' fees		34			13
Other expenses		30			14
Distribution and shareholder servicing fees – Class A		549			87
Distribution and shareholder servicing fees – Class B		132			101
Distribution and shareholder servicing fees – Class C		144			46
Distribution and shareholder servicing fees – Class R		7			1
Total expenses		15,310			6,032
Less: Fee waivers (note 3)		(478	)		(231	)
Total net expenses		14,832			5,801
Investment income (loss) – net		(6,568	)		4,429
REALIZED AND UNREALIZED GAINS ON INVESTMENTS – NET (note 5):
Net realized gain on investments		180,742			88,747
Net change in unrealized appreciation or depreciation of investments		166,265			30,399
Net gain on investments		347,007			119,146
Net increase in net assets resulting from operations	$	340,439		$	123,575

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

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75

Statements of Changes in Net Assets in thousands

	Mid Cap Growth Opportunities Fund						Mid Cap Value Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income (loss) – net	$	(6,568	)	$	(8,420	)	$	4,429		$	2,640
Net realized gain on investments		180,742			222,462			88,747			47,402
Net change in unrealized appreciation or depreciation of investments		166,265			10,165			30,399			37,910
Net increase in net assets resulting from operations		340,439			224,207			123,575			87,952
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		-			-			(164	)		(65	)
Class B		-			-			(1	)		(4	)
Class C		-			-			-			(1	)
Class R		-			-			-			(3	)
Class Y		-			-			(3,591	)		(2,029	)
Net realized gain on investments:
Class A		(26,799	)		(4,797	)		-			-
Class B		(1,832	)		(306	)		-			-
Class C		(1,996	)		(393	)		-			-
Class R		(2	)		(322	)		-			-
Class Y		(164,469	)		(34,963	)		-			-
Tax return of capital:
Class A		-			-			-			(2	)
Class B		-			-			-			-
Class C		-			-			-			-
Class R		-			-			-			-
Class Y		-			-			-			(55	)
Total distributions		(195,098	)		(40,781	)		(3,756	)		(2,159	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		141,968			29,575			29,979			13,198
Reinvestment of distributions		25,770			4,705			156			65
Payments for redemptions		(44,583	)		(35,852	)		(11,836	)		(5,352	)
Increase (decrease) in net assets from Class A transactions		123,155			(1,572	)		18,299			7,911
Class B:
Proceeds from sales		3,307			2,328			2,023			1,051
Reinvestment of distributions		1,767			291			1			4
Payments for redemptions		(2,148	)		(1,842	)		(3,940	)		(3,446	)
Increase (decrease) in net assets from Class B transactions		2,926			777			(1,916	)		(2,391	)
Class C:
Proceeds from sales		6,924			1,776			4,164			1,189
Reinvestment of distributions		1,992			392			-			1
Payments for redemptions		(5,357	)		(4,056	)		(994	)		(1,405	)
Increase (decrease) in net assets from Class C transactions		3,559			(1,888	)		3,170			(215	)
Class R:
Proceeds from sales		5,771			1,017			366			776
Reinvestment of distributions		2			285			-			2
Payments for redemptions		(481	)		(13,131	)		(5	)		(1,919	)
Increase (decrease) in net assets from Class R transactions		5,292			(11,829	)		361			(1,141	)
Class Y:
Proceeds from sales		217,915			142,884			155,251			101,305
Reinvestment of distributions		131,612			29,145			2,282			1,435
Payments for redemptions		(366,059	)		(316,100	)		(79,482	)		(79,863	)
Increase (decrease) in net assets from Class Y transactions		(16,532	)		(144,071	)		78,051			22,877
Increase (decrease) in net assets from capital share transactions		118,400			(158,583	)		97,965			27,041
Total increase in net assets		263,741			24,843			217,784			112,834
Net assets at beginning of period		1,364,987			1,340,144			475,711			362,877
Net assets at end of period	$	1,628,728		$	1,364,987		$	693,495		$	475,711
Undistributed (distributions in excess of) net investment income at end of period	$	(1	)	$	(2	)	$	186		$	153

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

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

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income		Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (8)
Mid Cap Growth Opportunities (1)
Class A
	2005	(2)	$	38.19	$	(0.24	)	$	9.65		$	-	$	(6.05	)	$	41.55		26.25	%
	2004	(2)		33.68		(0.30	)		5.88			-		(1.07	)		38.19		16.88
	2003	(2)		26.45		(0.18	)		7.41			-		-			33.68		27.33
	2002			28.33		(0.11	)		(1.77	)		-		-			26.45		(6.64	)
	2001	(2) (3)		54.63		(0.06	)		(8.40	)		-		(17.84	)		28.33		(20.00	)
	2000	(2) (4)		37.80		(0.18	)		17.80			-		(0.79	)		54.63		47.23
Class B
	2005	(2)	$	36.31	$	(0.51	)	$	9.12		$	-	$	(6.05	)	$	38.87		25.29	%
	2004	(2)		32.30		(0.55	)		5.63			-		(1.07	)		36.31		16.03
	2003	(2)		25.56		(0.39	)		7.13			-		-			32.30		26.37
	2002			27.59		(0.18	)		(1.85	)		-		-			25.56		(7.36	)
	2001	(2) (3)		53.97		(0.29	)		(8.25	)		-		(17.84	)		27.59		(20.60	)
	2000	(2) (4)		37.63		(0.53	)		17.66			-		(0.79	)		53.97		46.13
Class C
	2005	(2)	$	37.40	$	(0.53	)	$	9.41		$	-	$	(6.05	)	$	40.23		25.27	%
	2004	(2)		33.24		(0.57	)		5.80			-		(1.07	)		37.40		16.03
	2003	(2)		26.29		(0.40	)		7.35			-		-			33.24		26.43
	2002			28.33		(0.10	)		(1.94	)		-		-			26.29		(7.20	)
	2001	(2) (5)		27.40		-			0.93			-		-			28.33		3.39
Class R (6)
	2005	(2)	$	38.15	$	(0.31	)	$	9.61		$	-	$	(6.05	)	$	41.40		25.95	%
	2004	(2)		33.66		(0.30	)		5.86			-		(1.07	)		38.15		16.83
	2003	(2)		26.43		(0.17	)		7.40			-		-			33.66		27.36
	2002			28.29		(0.07	)		(1.79	)		-		-			26.43		(6.58	)
	2001	(2) (7)		35.75		(0.06	)		(7.40	)		-		-			28.29		(20.87	)
Class Y
	2005	(2)	$	39.58	$	(0.16	)	$	10.05		$	-	$	(6.05	)	$	43.42		26.57	%
	2004	(2)		34.78		(0.21	)		6.08			-		(1.07	)		39.58		17.18
	2003	(2)		27.25		(0.09	)		7.62			-		-			34.78		27.68
	2002			29.11		(0.05	)		(1.81	)		-		-			27.25		(6.39	)
	2001	(2) (3)		55.52		0.02			(8.59	)		-		(17.84	)		29.11		(19.84	)
	2000	(2) (4)		38.32		(0.05	)		18.04			-		(0.79	)		55.52		47.56

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

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			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Mid Cap Growth Opportunities (1)
Class A
	2005	(2)	$	317,906		1.21	%		(0.62	)%		1.24	%		(0.65	)%		107	%
	2004	(2)		173,436		1.20			(0.79	)		1.24			(0.83	)		135
	2003	(2)		154,499		1.20			(0.58	)		1.25			(0.63	)		145
	2002			75,002		1.20			(0.34	)		1.26			(0.40	)		162
	2001	(2) (3)		82,043		1.20			(0.19	)		1.22			(0.21	)		204
	2000	(2) (4)		108,326		1.20			(0.38	)		1.22			(0.40	)		205
Class B
	2005	(2)	$	14,922		1.96	%		(1.40	)%		1.99	%		(1.43	)%		107	%
	2004	(2)		10,974		1.95			(1.54	)		1.99			(1.58	)		135
	2003	(2)		9,055		1.95			(1.33	)		2.00			(1.38	)		145
	2002			4,227		1.95			(1.08	)		2.01			(1.14	)		162
	2001	(2) (3)		2,606		1.94			(0.95	)		1.97			(0.98	)		204
	2000	(2) (4)		666		1.95			(1.13	)		1.97			(1.15	)		205
Class C
	2005	(2)	$	17,079		1.96	%		(1.40	)%		1.99	%		(1.43	)%		107	%
	2004	(2)		12,356		1.95			(1.54	)		1.99			(1.58	)		135
	2003	(2)		12,649		1.95			(1.33	)		2.00			(1.38	)		145
	2002			1,136		1.95			(1.07	)		2.01			(1.13	)		162
	2001	(2) (5)		-		-			-			-			-			204
Class R (6)
	2005	(2)	$	5,501		1.46	%		(0.77	)%		1.64	%		(0.95	)%		107	%
	2004	(2)		1		1.20			(0.81	)		1.24			(0.85	)		135
	2003	(2)		10,284		1.20			(0.56	)		1.25			(0.61	)		145
	2002			5,869		1.20			(0.33	)		1.26			(0.39	)		162
	2001	(2) (7)		1,484		1.19			(0.24	)		1.23			(0.28	)		204
Class Y
	2005	(2)	$	1,273,320		0.96	%		(0.40	)%		0.99	%		(0.43	)%		107	%
	2004	(2)		1,168,220		0.95			(0.54	)		0.99			(0.58	)		135
	2003	(2)		1,153,657		0.95			(0.30	)		1.00			(0.35	)		145
	2002			477,210		0.95			(0.08	)		1.01			(0.14	)		162
	2001	(2) (3)		406,349		0.95			0.06			0.97			0.04			204
	2000	(2) (4)		435,613		0.95			(0.13	)		0.97			(0.15	)		205

  (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 Firstar 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 (now designated Class R 
shares) of the First American Fund, and (iv) Firstar Class Institutional shares were exchanged for Class Y shares of the First American Fund.

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

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

  (4)  For the fiscal year ended October 31.

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

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

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

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

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79

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

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (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
	2005		$	20.09	$	0.13		$	4.76		$	(0.10	)	$	-	$	-		$	24.88
	2004			16.30		0.08			3.77			(0.06	)		-		-	(4)		20.09
	2003			13.29		0.18			2.96			(0.12	)		-		(0.01	)		16.30
	2002			13.74		0.13			(0.44	)		(0.10	)		-		(0.04	)		13.29
	2001			14.62		0.10			(0.88	)		(0.10	)		-		-			13.74
Class B
	2005		$	19.39	$	(0.05	)	$	4.60		$	-		$	-	$	-		$	23.94
	2004			15.81		(0.06	)		3.65			(0.01	)		-		-	(4)		19.39
	2003			12.92		0.07			2.87			(0.04	)		-		(0.01	)		15.81
	2002			13.37		0.01			(0.41	)		(0.01	)		-		(0.04	)		12.92
	2001			14.28		(0.01	)		(0.88	)		(0.02	)		-		-			13.37
Class C
	2005		$	19.77	$	(0.03	)	$	4.66		$	-		$	-	$	-		$	24.40
	2004			16.12		(0.06	)		3.72			(0.01	)		-		-	(4)		19.77
	2003			13.17		0.07			2.93			(0.04	)		-		(0.01	)		16.12
	2002			13.63		0.01			(0.43	)		-			-		(0.04	)		13.17
	2001			14.55		(0.01	)		(0.89	)		(0.02	)		-		-			13.63
Class R (2)
	2005		$	20.09	$	0.12		$	4.70		$	(0.08	)	$	-	$	-		$	24.83
	2004			16.31		0.07			3.76			(0.05	)		-		-	(4)		20.09
	2003			13.29		0.16			2.99			(0.12	)		-		(0.01	)		16.31
	2002			13.74		0.13			(0.44	)		(0.10	)		-		(0.04	)		13.29
	2001	(3)		13.31		0.01			0.42			-			-		-			13.74
Class Y
	2005		$	20.17	$	0.18		$	4.78		$	(0.15	)	$	-	$	-		$	24.98
	2004			16.36		0.12			3.79			(0.10	)		-		-	(4)		20.17
	2003			13.33		0.21			2.98			(0.15	)		-		(0.01	)		16.36
	2002			13.77		0.17			(0.44	)		(0.13	)		-		(0.04	)		13.33
	2001			14.68		0.14			(0.92	)		(0.13	)		-		-			13.77

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

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			Total Return (5)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Mid Cap Value Fund (1)
Class A
	2005			24.38	%	$	54,360		1.21	%		0.59	%		1.25	%		0.55	%		101	%
	2004			23.65			28,561		1.20			0.41			1.25			0.36			83
	2003			23.71			16,598		1.20			1.21			1.25			1.16			102
	2002			(2.41	)		13,083		1.20			0.83			1.26			0.77			90
	2001			(5.41	)		13,583		1.15			0.67			1.15			0.67			104
Class B
	2005			23.47	%	$	10,157		1.96	%		(0.21	)%		2.00	%		(0.25	)%		101	%
	2004			22.69			9,928		1.95			(0.35	)		2.00			(0.40	)		83
	2003			22.84			10,154		1.95			0.50			2.00			0.45			102
	2002			(3.07	)		10,410		1.95			0.08			2.01			0.02			90
	2001			(6.21	)		11,311		1.90			(0.08	)		1.90			(0.08	)		104
Class C
	2005			23.43	%	$	7,426		1.96	%		(0.15	)%		2.00	%		(0.19	)%		101	%
	2004			22.69			3,342		1.95			(0.33	)		2.00			(0.38	)		83
	2003			22.84			2,916		1.95			0.51			2.00			0.46			102
	2002			(3.09	)		3,207		1.95			0.08			2.01			0.02			90
	2001			(6.17	)		3,312		1.90			(0.04	)		1.90			(0.04	)		104
Class R (2)
	2005			24.04	%	$	380		1.46	%		0.52	%		1.65	%		0.33	%		101	%
	2004			23.51			1		1.20			0.37			1.25			0.32			83
	2003			23.80			966		1.20			1.07			1.25			1.02			102
	2002			(2.40	)		158		1.20			0.87			1.26			0.81			90
	2001	(3)		3.23			44		0.85			5.19			0.85			5.19			104
Class Y
	2005			24.68	%	$	621,172		0.96	%		0.80	%		1.00	%		0.76	%		101	%
	2004			23.95			433,879		0.95			0.66			1.00			0.61			83
	2003			24.06			332,243		0.95			1.45			1.00			1.40			102
	2002			(2.12	)		259,990		0.95			1.08			1.01			1.02			90
	2001			(5.37	)		291,932		0.90			0.92			0.90			0.92			104

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

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

81

Schedule of Investments September 30, 2005

Large Cap Growth Opportunities Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 98.6%
Consumer Discretionary – 13.7%
Harrah's Entertainment		72,910	$	4,753
Kohl's*		138,040		6,927
Lowe's (a)		369,540		23,798
McGraw-Hill		245,560		11,797
Nike, Class B		120,440		9,838
Omnicom Group (a)		207,400		17,345
Staples		812,245		17,317
Starbucks*		186,920		9,365
Station Casinos (a)		161,850		10,740
Target (a)		447,210		23,224
				135,104
Consumer Staples – 7.6%
Altria Group (a)		143,240		10,558
Gillette		63,010		3,667
PepsiCo		457,520		25,946
Procter & Gamble (a)		584,550		34,757
				74,928
Energy – 5.9%
Apache		200,400		15,074
ConocoPhillips		251,820		17,605
Exxon Mobil		206,060		13,093
Halliburton (a)		96,770		6,631
National-Oilwell Varco* (a)		86,880		5,717
				58,120
Financials – 10.2%
Allstate		197,920		10,943
American Express		355,610		20,426
American International Group		232,100		14,381
Capital One Financial (a)		79,300		6,306
Goldman Sachs Group		147,270		17,905
Legg Mason (a)		85,550		9,384
Lehman Brothers Holdings (a)		67,980		7,918
Wells Fargo		241,230		14,129
				101,392
Health Care – 21.6%
Aetna		242,760		20,911
Alcon* (a)		88,180		11,276
Amgen*		321,660		25,627
Caremark Rx* (a)		302,356		15,097
Genentech* (a)		135,190		11,384
Guidant (a)		122,760		8,457
Johnson & Johnson		448,660		28,391
Medtronic		400,010		21,449
PacifiCare Health Systems* (a)		93,670		7,473
PerkinElmer		445,400		9,073
St. Jude Medical*		356,140		16,667
Teva Pharmaceutical Industries, ADR (a)		222,020		7,420
UnitedHealth Group (a)		332,660		18,696
Zimmer Holdings* (a)		164,899		11,360
				213,281
Industrials – 10.5%
Danaher (a)		223,650		12,039
Dun & Bradstreet*		135,690		8,938
General Electric		996,490		33,552
Pentair		316,620		11,557

Large Cap Growth Opportunities Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
United Parcel Service, Class B (a)		166,360	$	11,500
United Technologies		359,240		18,623
UTi Worldwide (a)		103,170		8,016
				104,225
Information Technology (b) – 29.1%
Adobe Systems (a)		449,480		13,417
Altera* (a)		323,710		6,186
Amphenol, Class A (a)		208,610		8,415
Apple Computer*		275,690		14,780
Autodesk (a)		170,530		7,919
Dell*		631,720		21,605
eBay*		311,880		12,849
EMC*		980,910		12,693
Google* (a)		49,480		15,658
Hewlett-Packard		360,150		10,516
Intel		1,193,500		29,420
Linear Technology (a)		217,850		8,189
Marvell Technology Group* (a)		116,510		5,372
Microchip Technology (a)		279,660		8,423
Microsoft		978,290		25,171
Motorola (a)		792,190		17,500
NCR* (a)		446,770		14,256
Paychex (a)		228,210		8,462
QUALCOMM		280,550		12,555
Research in Motion* (a)		111,910		7,655
Texas Instruments		582,380		19,743
Yahoo!* (a)		192,510		6,515
				287,299
Total Common Stocks (Cost $869,907)				974,349
Affiliated Money Market Fund – 1.2%
First American Prime Obligations Fund, Class Z (c) (Cost $12,078)		12,077,705		12,078
Investments Purchased with Proceeds from Securities Lending (d) – 29.1%
(Cost $287,524)				287,524
Total Investments – 128.9% (Cost $1,169,509)				1,273,951
Other Assets and Liabilities, Net – (28.9)%				(285,814	)
Total Net Assets – 100.0%			$	988,137

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $284,098,540 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.

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

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

ADR – American Depository Receipt

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

FIRST AMERICAN FUNDS Annual Report 2005

82

Schedule of Investments September 30, 2005

Large Cap Select Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.5%
Consumer Discretionary – 10.6%
Chico's FAS* (a)		99,260	$	3,653
Coach*		108,050		3,388
Harrah's Entertainment		62,900		4,100
J.C. Penney (a)		107,660		5,105
Omnicom Group (a)		67,200		5,620
Sherwin Williams (a)		99,200		4,372
Station Casinos		56,100		3,723
Time Warner		310,914		5,631
				35,592
Consumer Staples – 4.6%
PepsiCo		110,657		6,275
Procter & Gamble (a)		155,418		9,241
				15,516
Energy – 11.2%
Amerada Hess (a)		52,060		7,158
Apache		112,716		8,479
ConocoPhillips		110,110		7,698
Exxon Mobil		55,450		3,523
Halliburton (a)		51,546		3,532
National-Oilwell Varco*		107,030		7,043
				37,433
Financials – 20.9%
ACE		151,970		7,153
Allstate		91,885		5,080
American International Group		135,140		8,373
Bank of America (a)		293,518		12,357
Capital One Financial (a)		50,624		4,026
Goldman Sachs Group		102,927		12,514
Lehman Brothers Holdings (a)		73,180		8,524
Wells Fargo		204,870		11,999
				70,026
Health Care – 12.4%
Amgen*		115,200		9,178
Johnson & Johnson		194,419		12,303
Teva Pharmaceutical Industries, ADR (a)		91,460		3,057
UnitedHealth Group (a)		107,268		6,029
Wyeth Pharmaceuticals		240,160		11,112
				41,679
Industrials – 10.7%
Eaton		44,930		2,855
Emerson Electric		74,700		5,363
General Electric		302,483		10,185
Illinois Tool Works		41,500		3,417
Pentair		132,190		4,825
United Parcel Service, Class B (a)		132,660		9,171
				35,816
Information Technology – 22.9%
Amphenol, Class A		133,070		5,368
Autodesk (a)		97,860		4,545
EMC*		433,930		5,615
Hewlett-Packard		359,520		10,498
Intel		603,209		14,869
Microsoft		372,710		9,590
Motorola (a)		361,530		7,986
Oracle*		618,540		7,664

Large Cap Select Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
QUALCOMM		122,288	$	5,472
Texas Instruments		159,770		5,416
				77,023
Materials – 2.5%
Dow Chemical (a)		199,990		8,334
Telecommunication Services – 2.5%
Verizon Communications (a)		259,858		8,495
Utilities – 1.2%
PG&E (a)		103,090		4,046
Total Common Stocks (Cost $313,111)				333,960
Affiliated Money Market Fund – 3.0%
First American Prime Obligations Fund, Class Z (b) (Cost $10,188)		10,188,381		10,188
Investments Purchased with Proceeds from Securities Lending (c) – 24.0%
(Cost $80,406)				80,406
Total Investments – 126.5% (Cost $403,705)				424,554
Other Assets and Liabilities, Net – (26.5)%				(88,848	)
Total Net Assets – 100.0%			$	335,706

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $79,049,139 at September 30, 2005. See note 2 in Notes to Financial Statements.

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

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

ADR – American Depository Receipt

FIRST AMERICAN FUNDS Annual Report 2005

83

Schedule of Investments September 30, 2005

Large Cap Value Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 99.5%
Consumer Discretionary – 9.1%
Comcast, Class A* (a)		496,070	$	14,575
Federated Department Stores		227,000		15,179
Harrah's Entertainment		136,650		8,908
Sherwin Williams (a)		395,090		17,412
Time Warner		1,450,910		26,276
				82,350
Consumer Staples – 5.6%
Altria Group		238,180		17,556
Colgate-Palmolive		164,840		8,702
General Mills (a)		221,030		10,654
Kroger*		691,690		14,242
				51,154
Energy – 16.8%
Apache		222,044		16,702
BP, ADR		288,390		20,432
ConocoPhillips		398,500		27,859
Exxon Mobil		722,824		45,928
Halliburton (a)		200,300		13,725
National-Oilwell Varco*		166,950		10,985
Valero Energy		144,950		16,388
				152,019
Financials (b) – 31.5%
ACE		350,060		16,477
Allstate		251,720		13,918
American International Group		387,810		24,029
Bank of America (a)		850,266		35,796
Capital One Financial (a)		150,770		11,989
Citigroup		579,012		26,357
Comerica (a)		187,900		11,067
Freddie Mac		102,610		5,793
Genworth Financial (a)		550,350		17,743
Goldman Sachs Group		200,860		24,421
Lehman Brothers Holdings (a)		209,890		24,448
Marshall & Ilsley (a)		183,970		8,005
Merrill Lynch		216,480		13,281
MGIC Investment (a)		137,910		8,854
Northern Trust (a)		230,040		11,629
Wachovia (a)		171,260		8,150
Wells Fargo		412,330		24,150
				286,107
Health Care – 9.0%
CIGNA		96,950		11,427
HCA		207,510		9,944
Johnson & Johnson		103,320		6,538
Merck		308,040		8,382
Pfizer		690,460		17,241
Wyeth Pharmaceuticals		598,680		27,701
				81,233
Industrials – 7.4%
Eaton		160,190		10,180
Emerson Electric		289,490		20,785
General Electric		380,950		12,827
Norfolk Southern		245,550		9,960
Tyco International (a)		492,000		13,702
				67,454

Large Cap Value Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Information Technology – 9.5%
Hewlett-Packard		1,123,010	$	32,792
Motorola (a)		740,260		16,352
National Semiconductor (a)		429,100		11,285
Oracle*		997,700		12,361
Texas Instruments		387,500		13,136
				85,926
Materials – 3.7%
Dow Chemical		545,290		22,722
Phelps Dodge (a)		84,010		10,915
				33,637
Telecommunication Services – 3.2%
BellSouth (a)		451,780		11,882
Verizon Communications (a)		526,302		17,205
				29,087
Utilities – 3.7%
Entergy (a)		230,770		17,151
PG&E (a)		420,240		16,494
				33,645
Total Common Stocks (Cost $761,398)				902,612
Affiliated Money Market Fund – 0.6%
First American Prime Obligations Fund, Class Z (c) (Cost $5,453)		5,452,796		5,453
Investments Purchased with Proceeds from Securities Lending (d) – 27.0%
(Cost $244,907)				244,907
Total Investments – 127.1% (Cost $1,011,758)				1,152,972
Other Assets and Liabilities, Net – (27.1)%				(245,891	)
Total Net Assets – 100.0%			$	907,081

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $240,234,151 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  The fund is significantly invested in this sector and therefore is subject to additional risks. See note 7 in Notes to Financial Statements.

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

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

ADR – American Depository Receipt

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

FIRST AMERICAN FUNDS Annual Report 2005

84

Statements of Assets and Liabilities September 30, 2005, in thousands, except for per share data

	Large Cap Growth Opportunities Fund			Large Cap Select Fund		Large Cap Value Fund
ASSETS:
Investments in unaffiliated securities, at value† (cost: $869,907, $313,111 and  $761,398, respectively) (note 2)	$	974,349		$	333,960	$	902,612
Investments in affiliated money market fund, at value (cost: $12,078, $10,188 and  $5,453, respectively) (note 2)		12,078			10,188		5,453
Investments purchased with proceeds from securities lending, at value (cost: $287,524, $80,406 and $244,907, respectively) (note 2)		287,524			80,406		244,907
Cash*		2,723			762		2,320
Receivable for dividends and interest		561			306		1,284
Receivable for investment securities sold		10,625			3,231		-
Receivable for capital shares sold		454			1,029		256
Prepaid expenses and other assets		28			23		28
Total assets		1,288,342			429,905		1,156,860
LIABILITIES:
Payable for investment securities purchased		4,972			12,599		-
Payable upon return of securities loaned (note 2)		290,247			81,168		247,227
Payable for capital shares redeemed		4,142			168		1,781
Payable to affiliates (note 3)		757			245		694
Payable for distribution and shareholder servicing fees		48			1		42
Accrued expenses and other liabilities		39			18		35
Total liabilities		300,205			94,199		249,779
Net assets	$	988,137		$	335,706	$	907,081
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,015,061		$	300,149	$	743,958
Undistributed (distributions in excess of) net investment income		(1	)		142		137
Accumulated net realized gain (loss) on investments		(131,365	)		14,566		21,772
Net unrealized appreciation of investments		104,442			20,849		141,214
Net assets	$	988,137		$	335,706	$	907,081
* Includes cash collateral received related to securities loaned (note 2)	$	2,723		$	762	$	2,320
† Including securities loaned, at value	$	284,099		$	79,049	$	240,234
Class A:
Net assets	$	107,079		$	5,299	$	121,809
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		3,822			366		6,072
Net asset value and redemption price per share	$	28.02		$	14.47	$	20.06
Maximum offering price per share (1)	$	29.65		$	15.31	$	21.23
Class B:
Net assets	$	20,239		$	567	$	14,876
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		757			40		758
Net asset value, offering price and redemption price per share (2)	$	26.75		$	14.30	$	19.62
Class C:
Net assets	$	11,147		$	182	$	5,710
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		408			13		288
Net asset value, offering price and redemption price per share (2)	$	27.29		$	14.31	$	19.85
Class R:
Net assets	$	290		$	2	$	7
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		10			-		-
Net asset value, offering price, and redemption price per share	$	27.94		$	14.43	$	20.06
Class Y:
Net assets	$	849,382		$	329,656	$	764,679
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		29,501			22,746		38,008
Net asset value, offering price, and redemption price per share	$	28.79		$	14.49	$	20.12

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

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

FIRST AMERICAN FUNDS Annual Report 2005

85

Statements of Operations For the fiscal year ended September 30, 2005, in thousands

	Large Cap Growth Opportunities Fund			Large Cap Select Fund			Large Cap Value Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	-		$	3		$	-
Dividends from affiliated money market fund		434			256			207
Dividends from unaffiliated securities		12,714			4,316			21,039
Less: Foreign taxes withheld		(44	)		(12	)		(4	)
Securities lending income		319			61			220
Total investment income		13,423			4,624			21,462
EXPENSES (note 3):
Investment advisory fees		7,471			1,894			6,703
Administration fees		2,376			595			2,130
Transfer agent fees		689			185			623
Custodian fees		103			25			92
Professional fees		79			35			73
Postage and printing fees		60			16			54
Registration fees		40			40			39
Other expenses		29			10			26
Directors' fees		28			7			25
Distribution and shareholder servicing fees – Class A		276			5			297
Distribution and shareholder servicing fees – Class B		232			4			182
Distribution and shareholder servicing fees – Class C		122			1			62
Distribution and shareholder servicing fees – Class R (1)		-			-			-
Total expenses		11,505			2,817			10,306
Less: Fee waivers (note 3)		(370	)		(135	)		(341	)
Total net expenses		11,135			2,682			9,965
Investment income – net		2,288			1,942			11,497
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FUTURES CONTRACTS – NET (note 5):
Net realized gain on investments		54,623			16,321			84,365
Net realized gain on in-kind distribution (note 11)		76,740			24,162			70,893
Net realized loss on futures contracts		-			(201	)		-
Net change in unrealized appreciation or depreciation of investments		8,655			8,570			17,537
Net change in unrealized appreciation or depreciation of futures contracts		-			165			-
Net gain on investments and futures contracts		140,018			49,017			172,795
Net increase in net assets resulting from operations	$	142,306		$	50,959		$	184,292

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

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

FIRST AMERICAN FUNDS Annual Report 2005

86

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Statements of Changes in Net Assets in thousands

	Large Cap Growth Opportunities Fund						Large Cap Select Fund						Large Cap Value Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	2,288		$	975		$	1,942		$	1,294		$	11,497		$	12,916
Net realized gain on investments		54,623			81,430			16,321			2,068			84,365			109,490
Net realized gain on in-kind distributions		76,740			-			24,162			-			70,893			-
Net realized gain (loss) on futures		-			-			(201	)		1,671			-			-
Net change in unrealized appreciation or depreciation of investments		8,655			36,383			8,570			9,176			17,537			44,184
Net change in unrealized appreciation or depreciation of futures contracts		-			-			165			(50	)		-			-
Net increase in net assets resulting from operations		142,306			118,788			50,959			14,159			184,292			166,590
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(169	)		(50	)		(10	)		(2	)		(1,072	)		(930	)
Class B		(19	)		-			-			-			(62	)		(107	)
Class C		(9	)		-			-			-			(21	)		(25	)
Class R		-			(7	)		-			-			-			(126	)
Class Y		(2,091	)		(1,127	)		(1,808	)		(1,279	)		(10,036	)		(11,517	)
Net realized gain on investments:
Class A		-			-			(17	)		(3	)		-			-
Class B		-			-			(4	)		(1	)		-			-
Class C		-			-			(1	)		-			-			-
Class R		-			-			-			-			-			-
Class Y		-			-			(4,604	)		(1,552	)		-			-
Return of capital:
Class A		(56	)		(11	)		-			-			-			-
Class B (1)		(6	)		-			-			-			-			-
Class C (1)		(3	)		-			-			-			-			-
Class R		-			(1	)		-			-			-			-
Class Y		(692	)		(249	)		-			-			-			-
Total distributions		(3,045	)		(1,445	)		(6,444	)		(2,837	)		(11,191	)		(12,705	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		15,121			40,942			4,711			973			17,717			38,252
Reinvestment of distributions		217			59			18			5			1,012			878
Payments for redemptions		(33,271	)		(30,173	)		(362	)		(501	)		(28,635	)		(26,540	)
Increase (decrease) in net assets from Class A transactions		(17,933	)		10,828			4,367			477			(9,906	)		12,590
Class B:
Proceeds from sales		1,151			2,182			341			204			698			909
Reinvestment of distributions		25			-			5			1			61			106
Payments for redemptions		(9,138	)		(18,001	)		(98	)		(57	)		(10,604	)		(14,541	)
Increase (decrease) in net assets from Class B transactions		(7,962	)		(15,819	)		248			148			(9,845	)		(13,526	)
Class C:
Proceeds from sales		1,190			1,418			144			49			666			808
Reinvestment of distributions		12			-			1			-			20			25
Payments for redemptions		(4,197	)		(5,343	)		(31	)		(19	)		(2,263	)		(2,322	)
Increase (decrease) in net assets from Class C transactions		(2,995	)		(3,925	)		114			30			(1,577	)		(1,489	)
Class R:
Proceeds from sales		286			1,810			-			1			5			2,695
Reinvestment of distributions		-			7			-			-			-			125
Payments for redemptions		-			(19,633	)		-			(1	)		-			(29,940	)
Increase (decrease) in net assets from Class R transactions		286			(17,816	)		-			-			5			(27,120	)
Class Y:
Proceeds from sales		165,303			312,207			229,583			169,597			88,145			216,890
Reinvestment of distributions		1,595			725			4,810			2,310			6,324			7,917
Payments for redemptions		(628,503	)		(299,071	)		(240,782	)		(17,779	)		(502,220	)		(210,060	)
Increase (decrease) in net assets from Class Y transactions		(461,605	)		13,861			(6,389	)		154,128			(407,751	)		14,747
Increase (decrease) in net assets from capital share transactions		(490,209	)		(12,871	)		(1,660	)		154,783			(429,074	)		(14,798	)
Total increase (decrease) in net assets		(350,948	)		104,472			42,855			166,105			(255,973	)		139,087
Net assets at beginning of period		1,339,085			1,234,613			292,851			126,746			1,163,054			1,023,967
Net assets at end of period	$	988,137		$	1,339,085		$	335,706		$	292,851		$	907,081		$	1,163,054
Undistributed (distributions in excess of) net investment income at end of period	$	(1	)	$	(2	)	$	142		$	18		$	137		$	119

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

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

FIRST AMERICAN FUNDS Annual Report 2005

88

FIRST AMERICAN FUNDS Annual Report 2005

89

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

			Net Asset Value Beginning of Period		Net Investment Income (Loss)			Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Large Cap Growth Opportunities (1) (2)
Class A
	2005		$	25.00	$	(0.01	)	$	3.08		$	(0.04	)	$	-		$	(0.01	)	$	28.02
	2004			22.84		(0.03	)		2.20			(0.01	)		-			-	(9)		25.00
	2003			19.16		-			3.73			(0.05	)		-			-			22.84
	2002			24.44		-			(5.23	)		(0.05	)		-			-			19.16
	2001	(3)		43.33		(0.01	)		(14.00	)		-			(4.88	)		-			24.44
	2000	(4)		37.96		(0.15	)		7.55			-			(2.03	)		-			43.33
Class B
	2005		$	24.02	$	(0.20	)	$	2.96		$	(0.02	)	$	-		$	(0.01	)	$	26.75
	2004			22.10		(0.21	)		2.13			-			-			-	(9)		24.02
	2003			18.64		(0.18	)		3.64			-			-			-			22.10
	2002			23.94		(0.18	)		(5.09	)		(0.03	)		-			-			18.64
	2001	(3)		42.80		(0.22	)		(13.76	)		-			(4.88	)		-			23.94
	2000	(4)		37.78		(0.47	)		7.52			-			(2.03	)		-			42.80
Class C
	2005		$	24.51	$	(0.20	)	$	3.00		$	(0.01	)	$	-		$	(0.01	)	$	27.29
	2004			22.55		(0.21	)		2.17			-			-			-	(9)		24.51
	2003			19.03		(0.18	)		3.72			(0.02	)		-			-			22.55
	2002			24.44		(0.18	)		(5.19	)		(0.04	)		-			-			19.03
	2001	(5)		23.75		-			0.69			-			-			-			24.44
Class R (6)
	2005		$	24.98	$	(0.16	)	$	3.17		$	(0.05	)	$	-		$	-	(9)	$	27.94
	2004			22.85		(0.02	)		2.16			(0.01	)		-			-	(9)		24.98
	2003			19.17		-			3.73			(0.05	)		-			-			22.85
	2002			24.45		-			(5.23	)		(0.05	)		-			-			19.17
	2001	(7)		35.53		(0.01	)		(11.07	)		-			-			-			24.45
Class Y
	2005		$	25.63	$	0.07		$	3.15		$	(0.04	)	$	-		$	(0.02	)	$	28.79
	2004			23.38		0.03			2.25			(0.02	)		-			(0.01	)		25.63
	2003			19.59		0.07			3.80			(0.08	)		-			-			23.38
	2002			24.93		0.06			(5.33	)		(0.07	)		-			-			19.59
	2001	(3)		44.00		0.06			(14.25	)		-			(4.88	)		-			24.93
	2000	(4)		38.42		(0.04	)		7.65			-			(2.03	)		-			44.00
Large Cap Select (2)
Class A
	2005		$	12.52	$	0.06		$	2.15		$	(0.06	)	$	(0.20	)	$	-		$	14.47
	2004			11.45		0.04			1.19			(0.05	)		(0.11	)		-			12.52
	2003	(8)		10.00		0.03			1.46			(0.04	)		-			-			11.45
Class B
	2005		$	12.41	$	(0.05	)	$	2.15		$	(0.01	)	$	(0.20	)	$	-		$	14.30
	2004			11.41		(0.06	)		1.18			(0.01	)		(0.11	)		-			12.41
	2003	(8)		10.00		(0.03	)		1.45			(0.01	)		-			-			11.41
Class C
	2005		$	12.43	$	(0.05	)	$	2.14		$	(0.01	)	$	(0.20	)	$	-		$	14.31
	2004			11.42		(0.06	)		1.19			(0.01	)		(0.11	)		-			12.43
	2003			10.00		(0.02	)		1.45			(0.01	)		-			-			11.42
Class R (6)
	2005		$	12.49	$	0.02		$	2.15		$	(0.03	)	$	(0.20	)	$	-		$	14.43
	2004			11.44		0.02			1.18			(0.04	)		(0.11	)		-			12.49
	2003	(8)		10.00		0.03			1.44			(0.03	)		-			-			11.44
Class Y
	2005		$	12.53	$	0.09		$	2.16		$	(0.09	)	$	(0.20	)	$	-		$	14.49
	2004			11.45		0.07			1.19			(0.07	)		(0.11	)		-			12.53
	2003	(8)		10.00		0.05			1.45			(0.05	)		-			-			11.45

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

FIRST AMERICAN FUNDS Annual Report 2005

90

			Total Return (10)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Large Cap Growth Opportunities (1) (2)
Class A
	2005			12.30	%	$	107,079		1.17	%		(0.03	)%		1.20	%		(0.06	)%		103	%
	2004			9.52			112,379		1.15			(0.13	)		1.19			(0.17	)		113
	2003			19.50			93,331		1.15			(0.02	)		1.19			(0.06	)		83
	2002			(21.46	)		24,647		1.15			(0.02	)		1.22			(0.09	)		43
	2001	(3)		(35.83	)		34,330		1.20			(0.04	)		1.24			(0.08	)		40
	2000	(4)		19.92			51,232		1.20			(0.35	)		1.21			(0.36	)		60
Class B
	2005			11.47	%	$	20,239		1.92	%		(0.77	)%		1.95	%		(0.80	)%		103	%
	2004			8.69			25,633		1.90			(0.87	)		1.94			(0.91	)		113
	2003			18.58			37,853		1.90			(0.84	)		1.94			(0.88	)		83
	2002			(22.06	)		2,928		1.90			(0.75	)		1.97			(0.82	)		43
	2001	(3)		(36.28	)		2,954		1.93			(0.79	)		1.97			(0.83	)		40
	2000	(4)		19.06			1,483		1.95			(1.10	)		1.96			(1.11	)		60
Class C
	2005			11.44	%	$	11,147		1.92	%		(0.78	)%		1.95	%		(0.81	)%		103	%
	2004			8.69			12,811		1.90			(0.87	)		1.94			(0.91	)		113
	2003			18.60			15,365		1.90			(0.81	)		1.94			(0.85	)		83
	2002			(22.03	)		476		1.90			(0.73	)		1.97			(0.80	)		43
	2001	(5)		2.95			-		-			-			-			-			40
Class R (6)
	2005			12.04	%	$	290		1.42	%		(0.57	)%		1.60	%		(0.75	)%		103	%
	2004			9.38			1		1.15			(0.08	)		1.19			(0.12	)		113
	2003			19.51			15,890		1.15			(0.01	)		1.19			(0.05	)		83
	2002			(21.45	)		2,376		1.15			-			1.22			(0.07	)		43
	2001	(7)		(31.16	)		2,802		1.18			(0.03	)		1.22			(0.07	)		40
Class Y
	2005			12.58	%	$	849,382		0.92	%		0.26	%		0.95	%		0.23	%		103	%
	2004			9.76			1,188,261		0.90			0.13			0.94			0.09			113
	2003			19.78			1,072,174		0.90			0.31			0.94			0.27			83
	2002			(21.23	)		255,311		0.90			0.24			0.97			0.17			43
	2001	(3)		(35.70	)		316,213		0.94			0.20			0.98			0.16			40
	2000	(4)		20.24			339,166		0.95			(0.10	)		0.96			(0.11	)		60
Large Cap Select (2)
Class A
	2005			17.83	%	$	5,299		1.17	%		0.41	%		1.22	%		0.36	%		176	%
	2004			10.82			714		1.15			0.30			1.21			0.24			67
	2003	(8)		14.91			215		1.15			0.42			1.24			0.33			65
Class B
	2005			17.02	%	$	567		1.92	%		(0.36	)%		1.97	%		(0.41	)%		176	%
	2004			9.89			270		1.90			(0.44	)		1.96			(0.50	)		67
	2003	(8)		14.18			113		1.90			(0.35	)		1.99			(0.44	)		65
Class C
	2005			16.91	%	$	182		1.92	%		(0.35	)%		1.97	%		(0.40	)%		176	%
	2004			9.98			59		1.90			(0.45	)		1.96			(0.51	)		67
	2003			14.27			26		1.90			(0.32	)		1.99			(0.41	)		65
Class R (6)
	2005			17.54	%	$	2		1.42	%		0.14	%		1.62	%		(0.06	)%		176	%
	2004			10.60			1		1.32			0.18			1.38			0.12			67
	2003	(8)		14.76			1		1.15			0.39			1.24			0.30			65
Class Y
	2005			18.14	%	$	329,656		0.92	%		0.67	%		0.97	%		0.62	%		176	%
	2004			11.10			291,807		0.90			0.57			0.96			0.51			67
	2003	(8)		15.02			126,391		0.90			0.71			0.99			0.62			65

  (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 (now designated Class R shares) of
the First American Fund, and (iv) Firstar Class Institutional shares were exchanged for Class Y shares of the First American Fund.

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

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

  (4)  For the fiscal period ended October 31.

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

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

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

  (8)  Commenced operations on January 31, 2003. All ratios for the period have been annualized, except total return and portfolio turnover.

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

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

FIRST AMERICAN FUNDS Annual Report 2005

91

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

			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 (4)
Large Cap Value Fund (1)
Class A
	2005		$	17.21	$	0.17	$	2.85		$	(0.17	)	$	-		$	20.06		17.62	%
	2004			14.97		0.15		2.24			(0.15	)		-			17.21		16.01
	2003			12.77		0.18		2.20			(0.18	)		-			14.97		18.71
	2002			15.98		0.14		(3.21	)		(0.14	)		-			12.77		(19.37	)
	2001			20.59		0.16		(2.67	)		(0.16	)		(1.94	)		15.98		(13.72	)
Class B
	2005		$	16.87	$	0.03	$	2.78		$	(0.06	)	$	-		$	19.62		16.70	%
	2004			14.70		0.03		2.20			(0.06	)		-			16.87		15.19
	2003			12.55		0.08		2.15			(0.08	)		-			14.70		17.83
	2002			15.71		0.02		(3.15	)		(0.03	)		-			12.55		(19.96	)
	2001			20.30		0.02		(2.63	)		(0.04	)		(1.94	)		15.71		(14.42	)
Class C
	2005		$	17.07	$	0.03	$	2.81		$	(0.06	)	$	-		$	19.85		16.75	%
	2004			14.87		0.03		2.23			(0.06	)		-			17.07		15.21
	2003			12.70		0.08		2.17			(0.08	)		-			14.87		17.76
	2002			15.90		0.02		(3.19	)		(0.03	)		-			12.70		(19.97	)
	2001			20.51		0.02		(2.65	)		(0.04	)		(1.94	)		15.90		(14.36	)
Class R (2)
	2005		$	17.22	$	0.12	$	2.85		$	(0.13	)	$	-		$	20.06		17.34	%
	2004			14.96		0.17		2.23			(0.14	)		-			17.22		16.05
	2003			12.77		0.18		2.19			(0.18	)		-			14.96		18.63
	2002			15.97		0.13		(3.18	)		(0.15	)		-			12.77		(19.36	)
	2001	(3)		15.32		-		0.65			-			-			15.97		4.24
Class Y
	2005		$	17.26	$	0.22	$	2.86		$	(0.22	)	$	-		$	20.12		17.92	%
	2004			15.01		0.20		2.24			(0.19	)		-			17.26		16.31
	2003			12.80		0.22		2.20			(0.21	)		-			15.01		19.04
	2002			16.02		0.18		(3.22	)		(0.18	)		-			12.80		(19.22	)
	2001			20.64		0.21		(2.68	)		(0.21	)		(1.94	)		16.02		(13.53	)

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

FIRST AMERICAN FUNDS Annual Report 2005

92

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income 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
Large Cap Value Fund (1)
Class A
	2005		$	121,809		1.17	%		0.90	%		1.20	%		0.87	%		61	%
	2004			113,683		1.15			0.91			1.19			0.87			104
	2003			88,024		1.15			1.30			1.20			1.25			94
	2002			85,182		1.15			0.86			1.20			0.81			82
	2001			94,064		1.05			0.88			1.15			0.78			64
Class B
	2005		$	14,876		1.92	%		0.15	%		1.95	%		0.12	%		61	%
	2004			21,829		1.90			0.19			1.94			0.15			104
	2003			30,987		1.90			0.56			1.95			0.51			94
	2002			33,720		1.90			0.11			1.95			0.06			82
	2001			38,108		1.80			0.13			1.90			0.03			64
Class C
	2005		$	5,710		1.92	%		0.15	%		1.95	%		0.12	%		61	%
	2004			6,344		1.90			0.18			1.94			0.14			104
	2003			6,844		1.90			0.56			1.95			0.51			94
	2002			7,524		1.90			0.11			1.95			0.06			82
	2001			10,141		1.80			0.12			1.90			0.02			64
Class R (2)
	2005		$	7		1.42	%		0.61	%		1.60	%		0.43	%		61	%
	2004			1		1.15			1.00			1.19			0.96			104
	2003			23,845		1.15			1.30			1.20			1.25			94
	2002			24,129		1.15			0.90			1.20			0.85			82
	2001	(3)		-		-			-			-			-			64
Class Y
	2005		$	764,679		0.92	%		1.17	%		0.95	%		1.14	%		61	%
	2004			1,021,197		0.90			1.17			0.94			1.13			104
	2003			874,267		0.90			1.55			0.95			1.50			94
	2002			825,179		0.90			1.11			0.95			1.06			82
	2001			970,190		0.80			1.13			0.90			1.03			64

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

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

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

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

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93

Schedule of Investments September 30, 2005

Balanced Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 62.3%
Consumer Discretionary – 6.8%
Chico's FAS* (a)		67,570	$	2,487
Coach*		73,550		2,307
Gray Television		4,540		48
Harrah's Entertainment		42,820		2,791
J.C. Penney		73,290		3,475
Kerzner International* (a)		1,930		107
La Quinta (REIT)* (a)		39,700		345
Marvel Entertainment* (a)		16,685		298
Men's Wearhouse* (a)		8,445		226
Nautilus Group (a)		4,970		110
Omnicom Group (a)		45,740		3,825
P.F. Chang's China Bistro* (a)		2,890		130
RARE Hospitality International*		6,040		155
Ruby Tuesday (a)		12,330		268
Ruth's Chris Steak House*		670		12
Scientific Games, Class A* (a)		15,580		483
Sherwin Williams (a)		67,534		2,976
Sports Authority* (a)		7,940		234
Station Casinos (a)		40,750		2,704
Thomas Nelson		8,250		155
Time Warner		211,647		3,833
Too*		13,120		360
WCI Communities* (a)		6,840		194
				27,523
Consumer Staples – 2.6%
PepsiCo		75,327		4,272
Procter & Gamble (a)		105,794		6,291
				10,563
Energy – 6.8%
Amerada Hess (a)		35,440		4,873
Apache		76,728		5,772
Bill Barrett* (a)		3,870		143
Cal Dive International* (a)		1,110		70
Compton Petroleum* (a)		14,630		198
ConocoPhillips		74,960		5,240
ENSCO International (a)		8,050		375
Exxon Mobil		37,745		2,398
Halliburton (a)		35,088		2,404
Hydril* (a)		1,060		73
National-Oilwell* (a)		72,857		4,794
St. Mary Land & Exploration (a)		2,110		77
Tesoro Petroleum		3,910		263
Ultra Petroleum* (a)		4,586		261
Western Gas Resources		3,360		172
W-H Energy Services* (a)		11,770		382
				27,495
Financials – 12.9%
ACE		103,450		4,869
Advanta, Class B		6,075		172
Affiliated Managers Group* (a)		4,110		298
Alexandria Real Estate Equities (REIT)		2,830		234
Allstate (a)		62,550		3,458
American International Group		91,990		5,700
AmerUS Group, Class A (a)		5,180		297
Bank of America (a)		199,810		8,412
Capital One Financial (a)		34,460		2,740

Balanced Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
CoBiz (a)		3,260	$	61
Columbia Banking System		4,929		129
Cullen/Frost Bankers		7,230		357
East West Bancorp		7,040		240
First Financial Bankshares		2,516		88
First Niagara Financial Group		9,110		132
First Potomac Realty Trust (REIT)		4,750		122
First Republic Bank (a)		11,620		409
GATX (a)		10,470		414
Goldman Sachs Group		70,062		8,518
Kite Realty Group Trust		10,520		157
Lasalle Hotel Properties (REIT)		3,500		121
Lehman Brothers Holdings (a)		49,810		5,802
Maguire Properties		13,950		419
SL Green Realty		7,140		487
SVB Financial Group* (a)		6,280		305
Wells Fargo		139,470		8,169
				52,110
Health Care – 8.0%
Alkermes* (a)		2,110		35
American Healthways* (a)		5,440		231
Amgen* (a)		78,420		6,248
Caliper Life Sciences* (a)		20,090		141
Curis*		18,958		87
ImmunoGen* (a)		12,230		90
Johnson & Johnson		132,350		8,375
Medicis Pharmaceutical, Class A		3,600		117
Neurocrine Biosciences* (a)		4,480		220
Pediatrix Medical Group* (a)		5,510		423
Protein Design Labs*		8,150		228
Respironics*		2,990		126
Senomyx*		6,220		106
Sierra Health Services* (a)		9,260		638
SonoSite* (a)		5,720		170
SurModics* (a)		8,090		313
Sybron Dental Specialties* (a)		4,690		195
Symmetry Medical*		9,670		229
Teva Pharmaceutical Industries, ADR (a)		62,259		2,081
United Surgical Partners*		6,490		254
UnitedHealth Group (a)		73,016		4,104
Wyeth		163,491		7,565
				31,976
Industrials – 7.0%
AirTran Holdings* (a)		11,130		141
Chicago Bridge & Iron		15,040		468
CLARCOR		3,950		113
Eaton		30,581		1,943
EGL*		12,000		326
Emerson Electric		50,847		3,651
Energy Conversion Devices* (a)		1,010		45
General Electric		205,914		6,933
Illinois Tool Works		28,250		2,326
J.B. Hunt Transport Services (a)		13,010		247
Kennametal (a)		7,090		348
KVH Industries* (a)		23,890		233
Labor Ready* (a)		10,510		270
Lennox International		4,750		130
Manitowoc		2,710		136
Mercury Computer Systems* (a)		8,150		214

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

FIRST AMERICAN FUNDS Annual Report 2005

94

Balanced Fund (continued)

DESCRIPTION	SHARES		VALUE (000)
NCI Building Systems* (a)		7,600	$	310
Pentair		89,990		3,285
Power-One* (a)		45,028		249
Roper Industries		3,160		124
Terex*		5,390		266
Toro		6,150		226
United Parcel Service, Class B (a)		90,300		6,242
				28,226
Information Technology – 14.4%
A D C Telecommunications* (a)		5,600		128
Advanced Analogic Technologies*		2,030		23
Aeroflex*		13,170		123
Amphenol, Class A (a)		90,580		3,654
ATI Technologies* (a)		23,660		330
Autodesk (a)		66,620		3,094
Benchmark Electronics* (a)		5,020		151
BISYS Group* (a)		25,310		340
Carreker*		17,110		121
Digitas* (a)		22,120		251
Embarcadero Technologies*		19,341		130
EMC*		295,400		3,823
Emulex* (a)		11,830		239
Entegris* (a)		21,436		242
EPIQ Systems*		4,420		96
FormFactor*		4,810		110
Hewlett-Packard		244,740		7,146
Hyperion Solutions* (a)		6,392		311
Integrated Device Technology* (a)		31,902		343
Intel		410,633		10,122
Ituran Location and Control*		9,150		120
Logitech International* (a)		9,480		386
Micromuse*		19,009		150
Microsoft		253,720		6,528
Motorola (a)		246,105		5,436
M-Systems Flash Disk Pioneer*		3,020		90
Openwave Systems* (a)		7,970		143
Opsware*		11,960		62
Oracle*		421,073		5,217
Packeteer*		25,311		318
QUALCOMM		83,247		3,725
Silicon Image* (a)		37,450		333
Sonic Solutions* (a)		11,500		247
Stellent* (a)		38,208		327
Texas Instruments		108,766		3,687
TIBCO Software* (a)		30,700		257
TNS*		2,650		64
ValueClick* (a)		2,030		35
				57,902
Materials – 1.6%
Century Aluminum* (a)		10,530		237
Dow Chemical		136,140		5,673
Headwaters* (a)		1,600		60
Hercules*		4,710		58
Olin (a)		9,530		181
Schnitzer Steel Industries, Class A		1,860		61
Steel Dynamics		5,650		192
Texas Industries		1,110		60
				6,522

Balanced Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Telecommunication Services – 1.5%
General Communication* (a)		13,373	$	132
Verizon Communications		176,892		5,783
				5,915
Utilities – 0.7%
PG&E		70,177		2,754
Total Common Stocks (Cost $219,191)				250,986
Investment Companies – 7.2%
iShares MSCI EAFE Index Fund (a)		327,100		19,005
iShares MSCI Emerging Markets Index Fund (a)		44,000		3,735
iShares MSCI EMU Index Fund		8,300		638
iShares MSCI Japan Index Fund (a)		270,000		3,291
iShares MSCI Pacific ex-Japan Index Fund		10,600		1,093
iShares S&P Europe 350 Index Fund (a)		15,800		1,273
Total Investment Companies (Cost $25,446)				29,035
U.S. Government Agency Mortgage-Backed Securities – 10.2%
Adjustable Rate (b) – 0.4%
Federal Home Loan Mortgage Corporation Pool
4.614%, 01/01/28, #786281	$	426		438
Federal National Mortgage Association Pool
4.333%, 04/01/18, #070009		58		59
4.700%, 09/01/33, #725553 (a)		1,036		1,057
				1,554
Fixed Rate – 9.8%
Federal Home Loan Mortgage Corporation Pool
6.500%, 04/01/08, #E00225		17		17
7.000%, 04/01/08, #E46044		10		10
4.000%, 10/01/10, #M80855		1,017		1,003
5.500%, 03/01/13, #E00546		164		167
4.500%, 05/01/18, #P10032		489		486
6.500%, 11/01/28, #C00676		645		664
7.000%, 12/01/29, #G01091		133		139
6.500%, 07/01/31, #A17212		490		505
6.000%, 05/01/32, #C01361		144		147
Federal National Mortgage Association Pool
5.500%, 03/01/06, #424411		53		53
3.790%, 07/01/13, #386314 (a)		1,375		1,295
6.000%, 09/01/17, #653368		355		365
5.000%, 07/01/18, #555621		1,479		1,477
5.000%, 12/01/18, #725012		2,035		2,030
4.500%, 06/01/19, #045181		412		404
5.000%, 11/01/19, #725934		347		346
4.500%, 06/01/20, #828929 (a)		1,034		1,013
6.000%, 10/01/22, #254513 (a)		594		607
5.500%, 10/01/24, #255456 (a)		1,152		1,158
5.500%, 12/01/24, #357662		934		939
5.500%, 02/01/25, #255628 (a)		1,132		1,138
7.000%, 04/01/29, #323681		146		153
6.500%, 12/01/31, #254169 (a)		571		588
6.500%, 05/01/32, #640032		975		1,004
7.000%, 07/01/32, #545815 (a)		282		296
6.000%, 09/01/32, #254447 (a)		479		487
6.000%, 01/01/33, #676647		903		919
5.500%, 04/01/33, #694605 (a)		1,228		1,229
5.500%, 07/01/33, #728667		693		693
5.500%, 08/01/33, #733380 (a)		1,407		1,407

FIRST AMERICAN FUNDS Annual Report 2005

95

Schedule of Investments September 30, 2005

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
5.000%, 10/01/33, #741897 (a)	$	3,345	$	3,278
6.000%, 11/01/33, #772130		223		227
6.000%, 11/01/33, #772256		285		290
5.500%, 12/01/33, #756202 (a)		828		828
5.000%, 03/01/34, #725205 (a)		1,052		1,031
5.000%, 03/01/34, #725250 (a)		933		914
5.500%, 04/01/34, #725424 (a)		529		530
5.500%, 05/01/34, #357571		928		928
5.000%, 06/01/34, #782909		448		438
6.500%, 06/01/34, #735273 (a)		1,103		1,135
6.000%, 10/01/34, #781776		861		876
5.289%, 11/01/34, #735054		951		954
4.500%, 03/01/35, #819357		1,089		1,040
Federal National Mortgage Association TBA (c)
6.000%, 10/13/35		3,070		3,120
5.500%, 10/15/35		1,870		1,869
Government National Mortgage Association Pool
6.500%, 10/20/10, #002108		32		34
7.500%, 06/15/27, #447728		18		19
7.500%, 09/15/27, #455516		13		13
7.000%, 04/15/29, #506639		219		231
6.000%, 11/15/33, #00GNMA (a)		969		993
				39,487
Total U.S. Government Agency Mortgage-Backed Securities (Cost $41,453)				41,041
U.S. Government & Agency Securities – 6.2%
U.S. Agency Debentures – 0.8%
Federal Home Loan Bank
4.430%, 04/07/08, Callable 04/07/06 @ 100 (a)		2,400		2,387
Federal National Mortgage Association
6.125%, 03/15/12 (a)		280		303
5.250%, 08/01/12		720		733
				3,423
U.S. Treasuries – 5.4%
U.S. Inflation Index Bonds (TIPS)
1.625%, 01/15/15 (a) (d)		1,269		1,254
2.375%, 01/15/25 (a) (d)		1,130		1,209
U.S. Treasury Bonds
9.000%, 11/15/18 (a)		800		1,152
6.250%, 08/15/23 (a)		1,500		1,793
7.625%, 02/15/25 (a)		390		538
6.875%, 08/15/25 (a)		1,600		2,062
5.500%, 08/15/28 (a)		210		236
5.250%, 11/15/28 (a)		1,400		1,526
5.250%, 02/15/29 (a)		1,460		1,592
5.375%, 02/15/31 (a)		2,020		2,263
U.S. Treasury Notes
1.500%, 03/31/06		735		726
3.875%, 09/15/10		1,430		1,410
4.250%, 08/15/15 (a)		5,925		5,888
				21,649
Total U.S. Government & Agency Securities (Cost $24,804)				25,072
Asset-Backed Securities – 4.9%
Automobiles – 0.5%
Bank One Auto Receivable Series 2003-1, Class A3 1.820%, 09/20/07		776		771

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Ford Credit Auto Trust Series 2005-B, Class A3 4.170%, 01/15/09	$	780	$	777
Nissan Auto Receivables Trust Series 2005-B, Class A2 3.750%, 09/17/07		430		429
				1,977
Commercial – 2.1%
Bank of America Commercial Mortgage Series 2004-5, Class A3 4.561%, 11/10/41		710		700
Bear Stearns Asset Backed Securities Series 2004-T14, Class A4 5.200%, 01/12/41		205		209
Commercial Mortgage Series 2004-CNL, Class A1 3.791%, 09/15/14 (e)		780		780
Series 2005-LP5, Class A2 4.630%, 05/10/43		925		918
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 6.538%, 06/15/31		543		558
Global Signal Trust Series 2004-2A, Class A 4.232%, 12/15/14 (e)		750		730
GMAC Commercial Mortgage Series 2004-C2, Class A1 3.896%, 08/10/38		690		678
GS Mortgage Securities Series 2004-G62, Class A3 4.602%, 08/10/38		1,500		1,496
LB-UBS Series 2003-C3, Class A2 3.086%, 05/15/27		1,280		1,228
Merrill Lynch Mortgage Investors Series 1998-C1, Class A1 6.310%, 11/15/26		209		209
Nomura Asset Securities Series 1998-D6, Class A1B 6.590%, 03/15/30		750		781
				8,287
Credit Cards – 1.1%
Chase Credit Card Master Trust Series 2003-2, Class A 3.878%, 07/15/10 (b)		735		737
Citibank Credit Card Issuance Trust Series 2003-A2 2.700%, 01/15/08		400		398
Series 2003-A5, Class A5 2.500%, 04/07/08		625		620
MBNA Master Trust Series 2001-A1, Class A1 5.750%, 10/15/08		635		641
Series 2005-A1, Class A1 4.200%, 09/15/10		1,130		1,122
Providian Gateway Master Trust Series 2004-DA, Class A 3.350%, 09/15/11 (e)		975		951
				4,469

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

FIRST AMERICAN FUNDS Annual Report 2005

96

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Equipment Leases – 0.3%
Caterpillar Financial Trust Series 2005-A, Class A2 3.660%, 12/26/07	$	410	$	409
CNH Series 2003-B, Class A3B 2.470%, 01/15/08		970		962
				1,371
Home Equity – 0.4%
Contimortgage 7.120%, 08/15/28		10		10
Countrywide Financial Series 2003-BC1, Class A1 4.230%, 03/25/33 (b)		108		110
First Franklin Mortgage Series 2004-FFB, Class A3 4.264%, 06/25/24		240		238
New Century Home Equity Loan Trust Series 2004-4, Class A4 4.110%, 02/25/35 (b)		950		951
Saxon Asset Securities Trust Series 2004-1, Class A 4.100%, 03/25/35 (b)		92		93
				1,402
Other – 0.5%
GRP/AG Real Estate Asset Trust Series 2004-1, Class A 3.960%, 03/25/09 (e) (f)		84		83
Series 2005-1, Class A 4.850%, 01/25/35 (e) (f)		310		308
William Street Funding Series 2004-4, Class A 1.930%, 09/23/10 (e)		1,200		1,201
Series 2005-1, Class A (e) 3.041%, 01/23/11		465		464
				2,056
Total Asset-Backed Securities (Cost $19,775)				19,562
CMO – Private Mortgage-Backed Securities – 3.8%
Adjustable Rate (b) – 1.6%
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21 4.765%, 01/25/36		825		820
IMPAC CMB Trust Series 2003-12, Class A1 4.210%, 12/25/33		530		532
MLCC Mortgage Investors Series 2003-H, Class A3A 4.949%, 01/25/29		279		284
Series 2004-B, Class A3 4.854%, 05/25/29		519		531
Morgan Stanley Loan Trust Series 2004-9, Class 1A 6.282%, 11/25/34		636		644
Sequoia Mortgage Trust Series 2004-5, Class A1 4.688%, 06/20/34		612		626
Series 2004-7, Class A2 4.840%, 08/20/34		489		495

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Structured Adjustable Rate Mortgage Loan Trust Series 2044-11, Class A 5.321%, 08/25/34	$	294	$	300
Thornburg Mortgage Trust Series 2005-2, Class A 1 3.861%, 07/25/45		775		774
Wells Fargo Mortgage Backed Securities Series 2003-D, Class A1 4.836%, 02/25/33		523		524
Series 2004-N, Class A3 4.111%, 08/25/34		1,080		1,069
				6,599
Fixed Rate – 2.2%
Bank of America Mortgage Backed Securities Series 2003-6, Class 1 A30 4.750%, 08/25/33		585		576
Series 2004-G, Class 2A3 4.232%, 08/25/34		810		802
Citicorp Mortgage Securities Series 2005-4, Class 1A6 5.500%, 07/25/35		845		840
Countrywide Alternative Loan Trust Series 2004-2CB, Class 1A1 4.250%, 03/25/34		614		608
Series 2004-24CB, Class 1A1 6.000%, 11/25/34		542		546
GMAC Commercial Mortgage Series 2004-J5, Class A7 6.500%, 01/25/35		655		669
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1 5.500%, 08/25/19		544		550
Master Alternative Loans Trust Series 2005-2, Class 1 1A3 6.500%, 03/25/35		536		548
Master Asset Securitization Trust Series 2003-6, Class 1A3 5.000%, 07/25/18		865		855
Residential Asset Mortgage Products Series 2004-SL4, Class A3 6.500%, 07/25/32		424		433
Residential Asset Security Trust Series 2002-A12, Class 1A1 5.200%, 11/25/32		118		117
Washington Mutual Series 2003-S10, Class A2 5.000%, 10/25/18		1,080		1,071
Wells Fargo Mortgage Backed Securities Series 2003-14, Class A1 4.750%, 12/25/18		700		689
Series 2004-EE, Class B1 3.989%, 01/25/35		610		587
Westam Mortgage Financial Series 11, Class A 6.360%, 08/26/20		2		2
				8,893
Total CMO – Private Mortgage-Backed Securities (Cost $15,676)				15,492

FIRST AMERICAN FUNDS Annual Report 2005

97

Schedule of Investments September 30, 2005

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Corporate Bonds – 3.7%
Banking – 0.1%
Chuo Mitsui Trust & Banking Callable 4/15/15 @ 100 5.506%, 12/31/49 (e) (f)	$	365	$	347
JP Morgan Chase XVII 5.850%, 08/01/35		295		287
				634
Basic Industry – 0.4%
Allegheny Technologies 8.375%, 12/15/11		275		296
Celulosa Arauco Y Constitucion 5.625%, 04/20/15 (e)		230		228
Falconbridge 7.350%, 06/05/12		320		353
PolyOne 10.625%, 05/15/10		300		310
Southern Peru Copper 7.500%, 07/27/35 (e)		390		380
				1,567
Brokerage – 0.2%
Lazard 7.125%, 05/15/15 (e)		245		242
Merrill Lynch, Series B 5.360%, 02/01/07		420		424
				666
Capital Goods – 0.2%
Hutchison Whampoa International 7.450%, 11/24/33 (a) (e)		260		300
Owens-Illinois 8.100%, 05/15/07 (a)		325		334
				634
Communications – 0.5%
America Movil SA De CV 6.375%, 03/01/35		235		228
British Telecommunications PLC 8.875%, 12/15/30		170		231
Clear Channel Communications 5.500%, 09/15/14 (a)		435		419
Dex Media West 9.875%, 08/15/13		221		244
News American 7.700%, 10/30/25		600		696
Time Warner 8.375%, 07/15/33		270		338
				2,156
Consumer Cyclical – 0.5%
Centex 5.450%, 08/15/12		445		442
DaimlerChrysler 4.875%, 06/15/10 (a)		230		226
6.500%, 11/15/13 (a)		240		254
Duty Free International 7.000%, 10/01/05 (g) (h) (i)		605		24
Ford Motor Credit 7.000%, 10/01/13 (a)		195		180
Harrah's 5.625%, 06/01/15 (e)		350		345
5.750%, 10/01/17 (e)		210		206

Balanced Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
MGM Mirage 6.625%, 07/15/15 (e)	$	290	$	287
				1,964
Consumer Non-Cyclical – 0.3%
Albertson's 7.500%, 02/15/11		300		296
Kraft Foods 4.625%, 11/01/06		670		670
RJ Reynolds Tobacco Holdings 6.500%, 07/15/10 (e)		460		459
				1,425
Electric – 0.2%
Exelon 4.900%, 06/15/15		540		509
TXU Energy 7.000%, 03/15/13 (a)		260		282
				791
Energy – 0.6%
Bluewater Financial Callable 02/15/07 @ 105.125 10.250%, 02/15/12		300		327
Gazprom International 7.201%, 02/01/20 (e)		350		382
Kerr McGee 6.950%, 07/01/24		435		450
Nexen 5.875%, 03/10/35		270		265
Petrobras International Finance 7.750%, 09/15/14		310		336
Petro-Canada 5.350%, 07/15/33		190		174
Tengizcheveroil 6.124%, 11/15/14 (e)		370		376
				2,310
Finance Companies – 0.1%
American General Finance 5.875%, 07/14/06		400		404
Sovereigns – 0.4%
Republic of Turkey 9.000%, 06/30/11		340		391
7.375%, 02/05/25		275		275
United Mexican States 5.875%, 01/15/14 (a)		830		859
				1,525
Technology – 0.2%
Chartered Semiconductor 6.375%, 08/03/15 (a)		250		244
Ciena 3.750%, 02/01/08		120		110
Corning Zero Coupon Bond 2.000%, 11/08/15 (j)		260		211
LG Electronics 5.000%, 06/17/10 (e)		340		333
				898
Total Corporate Bonds (Cost $15,611)				14,974

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

FIRST AMERICAN FUNDS Annual Report 2005

98

Balanced Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
CMO – U.S. Government Agency Mortgage-Backed Securities – 1.1%
Fixed Rate – 1.1%
Federal Home Loan Mortgage Association Series 85, Class C 8.600%, 01/15/21	$	113	$	113
Series 1136, Class H 6.000%, 09/15/21		98		97
Series 2763, Class TA
4.000%, 03/15/11		760		743
Series T-060, Class 1A4B 5.343%, 03/25/44		765		767
Federal National Mortgage Association Series 1989-2, Class D 8.800%, 01/25/19		7		8
Series 1989-37, Class G 8.000%, 07/25/19		118		124
Series 1990-30, Class E 6.500%, 03/25/20		49		50
Series 1990-63, Class H 9.500%, 06/25/20		24		26
Series 1990-89, Class K 6.500%, 07/25/20		6		6
Series 1990-105, Class J 6.500%, 09/25/20		82		84
Series 1996-21, Class PK 6.000%, 02/25/11		333		336
Series 2005-44, Class PC 5.000%, 11/25/27		1,139		1,137
Series 2005-47, Class HK 4.500%, 06/25/20		985		939
Government National Mortgage Association Series 3, Class F 6.500%, 06/17/20		10		10
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $4,529)				4,440
Short-Term Investments – 1.4%
Affiliated Money Market Fund – 1.4%
First American Prime Obligations Fund, Class Z (l)		5,848,662		5,849
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill 3.374%, 11/10/05 (k)		75		75
Total Short-Term Investments (Cost $5,924)				5,924
Investments Purchased with Proceeds from Securities Lending (m) – 37.5%
		(Cost $151,188)		151,188
Total Investments – 138.3% (Cost $523,597)				557,714
Other Assets and Liabilities, Net – (38.3)%				(154,583	)
Total Net Assets – 100.0%			$	403,131

* Non-income producing security

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $148,273,158 at September 30, 2005. See note 2 in Notes to financial Statements.

(b)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

Balanced Fund (concluded)

(c)  Security purchased on a when-issued basis (TBA). On September 30, the total cost of investments purchased on a when-issued basis was $4,997,487 or 1.2% of net assets. See note 2 in Notes to Financial Statements.

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

(e)  Security sold within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under the guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $8,400,556 or 2.1% of total net assets.

(f)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed is the rate in effect as of September 30, 2005.

(g)  Security considered illiquid or restricted. As of September 30,2005 the value of these investments was $24,215 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(h)  Security is in default at September 30, 2005.

(i)  Security is fair valued. As of September 30, 2005, the fair value of this investment was $24,215 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

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

(k)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield at September 20, 2005.

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

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

ADR – American Depository Receipt

CMO – Collateralized Mortgage Obligation

PLC – Public Limited Company

REIT – Real Estate Investment Trust

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Notional Contract Value (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
Euro Dollar 90 Day Futures		(16	)	$	15,272		March 06	$	21
U.S. Treasury 2 year Futures		20			4,118		December 05		(31	)
U.S. Treasury 5 year Futures		(14	)		(1,496	)	December 05		23
U.S. Treasury 10 year Futures		(19	)		(2,089	)	December 05		44
U.S. Treasury Long Bond Futures		8			915		December 05		(11	)
								$	46

Credit Default Swap Agreements

Counterparty	Reference Entity	Buy/Sell Protection	Pay/Receive Fixed Rate			Expiration Date		Notional Amount (000)		Unrealized (Depreciation) (000)
Citigroup	Dow Jones CDX IG Hvol5 Index	Buy		0.85	%		12/20/10		1,000	$	(2)

FIRST AMERICAN FUNDS Annual Report 2005

99

Schedule of Investments September 30, 2005

Equity Income Fund

DESCRIPTION	SHARES		VALUE (000)
Common Stocks – 97.9%
Consumer Discretionary – 7.8%
Gannett (a)		205,550	$	14,148
Harrah's Entertainment		312,980		20,403
Home Depot (a)		408,600		15,584
McDonald's (a)		606,620		20,316
Starwood Hotels & Resorts Worldwide (a)		453,270		25,913
Time Warner		790,860		14,322
				110,686
Consumer Staples – 6.6%
Altria Group		378,170		27,875
Colgate-Palmolive (a)		404,780		21,368
General Mills (a)		301,920		14,553
PepsiCo		267,690		15,181
Procter & Gamble (a)		256,950		15,278
				94,255
Energy – 14.4%
Apache (a)		239,880		18,044
Baker Hughes (a)		206,540		12,326
BP, ADR		409,286		28,998
ChevronTexaco (a)		359,480		23,269
ConocoPhillips		458,700		32,068
Exxon Mobil		887,562		56,396
Halliburton		204,840		14,036
Royal Dutch Petroleum, ADR		142,030		9,323
Schlumberger (a)		112,970		9,532
				203,992
Financials – 19.7%
Alliance Capital Management Holding		382,280		18,292
AMB Property (REIT)		206,440		9,269
American International Group		267,910		16,600
Apartment Investment & Management (REIT) (a)		330,640		12,822
Bank of America (a)		779,478		32,816
Citigroup (a)		871,691		39,679
Duke Realty (REIT) (a)		177,922		6,028
Fannie Mae		33,260		1,491
Goldman Sachs Group (a)		144,370		17,552
J.P. Morgan Chase		717,950		24,360
Merrill Lynch (a)		248,310		15,234
Morgan Stanley		206,490		11,138
Northern Trust (a)		157,905		7,982
Partners Trust Financial Group		400,240		4,611
State Street		428,580		20,966
Wachovia		555,785		26,450
Wells Fargo		254,210		14,889
				280,179
Health Care – 11.9%
Abbott Laboratories		521,660		22,118
Baxter International		476,640		19,004
HCA		210,090		10,068
Johnson & Johnson		446,090		28,229
McKesson HBOC		164,800		7,820
Medtronic		151,790		8,139
Pfizer		1,070,232		26,724
Teva Pharmaceutical Industries, ADR (a)		271,310		9,067
Wyeth		831,540		38,475
				169,644

Equity Income Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Industrials – 11.0%
3M (a)		254,910	$	18,700
Avery Dennison (a)		151,834		7,955
Emerson Electric		234,580		16,843
General Dynamics		162,250		19,397
General Electric		1,147,640		38,641
Honeywell International		517,250		19,397
Ingersoll-Rand, Class A (a)		437,340		16,720
United Parcel Service, Class B (a)		267,260		18,476
				156,129
Information Technology – 11.2%
Hewlett-Packard		883,420		25,796
Intel		1,071,450		26,411
Microsoft		1,819,160		46,807
Motorola (a)		1,189,810		26,283
QUALCOMM (a)		333,350		14,917
SAP, ADR		179,650		7,784
Texas Instruments (a)		331,860		11,250
				159,248
Materials – 7.0%
Bemis (a)		550,280		13,592
Dow Chemical		208,450		8,686
E.I. DuPont de Nemours (a)		302,060		11,832
Ecolab		223,770		7,145
Engelhard		647,650		18,076
Praxair (a)		581,420		27,867
Weyerhaeuser		176,639		12,144
				99,342
Telecommunication Services – 4.3%
ALLTEL (a)		282,480		18,392
BellSouth (a)		506,710		13,326
SBC Communications (a)		642,190		15,393
Verizon Communications		442,540		14,467
				61,578
Utilities – 4.0%
Alliant Energy (a)		593,830		17,298
Cinergy		409,590		18,190
ITC Holdings		23,490		681
Xcel Energy (a)		1,049,960		20,590
				56,759
Total Common Stocks (Cost $1,083,729)				1,391,812
Convertible Corporate Bond – 0.3%
Medarex Callable 05/20/09 @ 100.64 2.250%, 05/15/11 (a) (Cost $3,371)	$	3,934		3,613
Convertible Preferred Stock – 0.6%
Freeport-McMoran Copper & Gold 5.500%, 12/31/49 (Cost $7,248)		7,483		8,265

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

FIRST AMERICAN FUNDS Annual Report 2005

100

Equity Income Fund (concluded)

DESCRIPTION	SHARES		VALUE (000)
Affiliated Money Market Fund – 1.6%
First American Prime Obligations Fund, Class Z (b) (Cost $22,835)		22,835,262	$	22,835
Investments Purchased with Proceeds from Securities Lending (c) – 22.7%
	(Cost $323,274)			323,274
Total Investments – 123.1% (Cost $1,440,457)				1,749,799
Other Assets and Liabilities, Net – (23.1)%				(328,256	)
Total Net Assets – 100.0%			$	1,421,543

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $316,720,783 at September 30, 2005. See note 2 in Notes to Financial Statements.

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

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

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

FIRST AMERICAN FUNDS Annual Report 2005

101

Statements of Assets and Liabilities September 30, 2005, in thousands, except per share data

	Balanced Fund			Equity Income Fund
ASSETS:
Investments in unaffiliated securities, at value† (cost $366,560 and $1,094,348, respectively) (note 2)	$	400,677		$	1,403,690
Investments in affiliated money market fund, at value (cost $5,849 and $22,835, respectively) (note 2 )		5,849			22,835
Investments purchased with proceeds from security lending (cost $151,188 and $323,274, respectively) (note 2)		151,188			323,274
Cash*		5,577			3,062
Receivable for dividends and interest		983			1,335
Receivable for investment securities sold		7,053			-
Receivable for variation margin		5			-
Receivable for capital shares sold		184			589
Receivable for swap contracts		5			-
Prepaid expenses and other assets		28			27
Total assets		571,549			1,754,812
LIABILITIES:
Payable for investment securities purchased		6,820			-
Payable for security purchased on when-issued basis		4,997			-
Payable upon return of securities loaned (note 2)		152,620			326,336
Payable for capital shares redeemed		3,644			5,714
Payable to affiliates (note 3)		272			1,104
Payable for distribution and shareholder servicing fees		45			68
Accrued expenses and other liabilities		20			47
Total liabilities		168,418			333,269
Net assets	$	403,131		$	1,421,543
COMPOSITION OF NET ASSETS:
Portfolio capital	$	369,617		$	1,104,576
Undistributed (distributions in excess of) net investment income		270			(1	)
Accumulated net realized gain (loss) on investments and options written		(917	)		7,626
Net unrealized appreciation of investments		34,117			309,342
Net unrealized appreciation of futures contracts		46			-
Net unrealized depreciation of swap agreements		(2	)		-
Net assets	$	403,131		$	1,421,543
* Includes cash collateral received related to securities loaned (note 2)	$	1,432		$	3,062
† Including securities loaned, at value	$	148,273		$	316,721
Class A:
Net assets	$	114,388		$	176,878
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		10,009			12,737
Net asset value and redemption price per share	$	11.43		$	13.89
Maximum offering price per share (1)	$	12.10		$	14.70
Class B:
Net assets	$	20,657		$	21,639
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		1,821			1,570
Net asset value, offering price, and redemption price per share (2)	$	11.34		$	13.79
Class C:
Net assets	$	5,528		$	16,128
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		486			1,168
Net asset value, offering price and redemption price per share (2)	$	11.38		$	13.81
Class R:
Net assets	$	1		$	415
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		-			30
Net asset value, offering price, and redemption price per share	$	11.45		$	13.88
Class Y:
Net assets	$	262,557		$	1,206,483
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		22,912			86,324
Net asset value, offering price, and redemption price per share	$	11.46		$	13.98

  (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 Annual Report 2005

102

Statements of Operations For the fiscal year end September 30, 2005, in thousands

	Balanced Fund			Equity Income Fund
INVESTMENT INCOME:
Interest from unaffliliated securities	$	6,017		$	222
Dividends from affliliated money market fund		167			294
Dividends from unaffiliated securities		3,863			42,040
Less: Foreign taxes withheld		(12	)		(76	)
Securities lending income		141			294
Total investment income		10,176			42,774
EXPENSES (note 3):
Investment advisory fees		2,747			10,284
Administration fees		886			3,246
Transfer agent fees		266			979
Professional fees		43			99
Registration fees		43			43
Custodian fees		37			140
Postage & printing fees		23			82
Other expenses		13			35
Directors' fees		10			37
Distribution and shareholder servicing fees – Class A		297			462
Distribution and shareholder servicing fees – Class B		246			231
Distribution and shareholder servicing fees – Class C		59			181
Distribution and shareholder servicing fees – Class R (1)		-			1
Total expenses		4,670			15,820
Less: Fee waivers (note 3)		(637	)		(516	)
Total net expenses		4,033			15,304
Investment income – net		6,143			27,470
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, WRITTEN OPTIONS AND SWAP AGREEMENTS – NET (note 5):
Net realized gain on investments		44,140			43,644
Net realized gain on in-kind distribution (note 11)		-			45,141
Net realized loss on futures contracts		(21	)		-
Net realized gain on swap agreements		47			-
Net realized gain on written options		132			-
Net change in unrealized appreciation or depreciation of investments		7,744			50,906
Net change in unrealized appreciation or depreciation of futures contracts		158			-
Net change in unrealized appreciation or depreciation of swap agreements		(2	)		-
Net gain on investments, futures contracts, written options, and swap agreements		52,198			139,691
Net increase in net assets resulting from operations	$	58,341		$	167,161

  (1)  Due to the presentation of the Financial Statements in thousands, the numbers round to zero.

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

FIRST AMERICAN FUNDS Annual Report 2005

103

Statements of Changes in Net Assets in thousands

	Balanced Fund						Equity Income Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	6,143		$	7,045		$	27,470		$	26,113
Net realized gain on investments		44,187			26,114			43,644			22,327
Net realized gain on in-kind distribution		-			-			45,141			-
Net realized gain (loss) on futures contracts		(21	)		923			-			-
Net realized gain on written options		132			214			-			-
Net change in unrealized appreciation or depreciation of investments		7,744			8,139			50,906			134,451
Net change in unrealized appreciation or depreciation of futures contracts		158			202			-			-
Net change in unrealized appreciation or depreciation of swap agreements		(2	)		-			-			-
Net change in unrealized appreciation or depreciation of written options		-			28			-			-
Net increase in net assets resulting from operations		58,341			42,665			167,161			182,891
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,628	)		(1,535	)		(3,048	)		(2,721	)
Class B		(148	)		(228	)		(222	)		(224	)
Class C		(37	)		(47	)		(176	)		(183	)
Class R		-			(237	)		(2	)		(196	)
Class Y		(4,412	)		(5,588	)		(25,969	)		(25,834	)
Net realized gain on investments:
Class A		-			-			(160	)		-
Class B		-			-			(21	)		-
Class C		-			-			(17	)		-
Class Y		-			-			(1,245	)		-
Total distributions		(6,225	)		(7,635	)		(30,860	)		(29,158	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		13,247			33,852			21,141			53,380
Reinvestment of distributions		1,585			1,487			2,988			2,528
Payments for redemptions		(34,236	)		(20,593	)		(47,176	)		(31,031	)
Increase (decrease) in net assets from Class A transactions		(19,404	)		14,746			(23,047	)		24,877
Class B:
Proceeds from sales		1,081			1,605			1,913			4,986
Reinvestment of distributions		142			219			229			209
Payments for redemptions		(11,765	)		(8,962	)		(6,332	)		(5,788	)
Decrease in net assets from Class B transactions		(10,542	)		(7,138	)		(4,190	)		(593	)
Class C:
Proceeds from sales		860			858			1,226			2,790
Reinvestment of distributions		36			47			192			183
Payments for redemptions		(1,977	)		(2,596	)		(6,129	)		(5,027	)
Decrease in net assets from Class C transactions		(1,081	)		(1,691	)		(4,711	)		(2,054	)
Class R:
Proceeds from sales		-			3,496			422			2,328
Reinvestment of distributions		-			237			2			191
Payments for redemptions		-			(29,325	)		(25	)		(21,497	)
Increase (decrease) in net assets from Class R transactions		-			(25,592	)		399			(18,978	)
Class Y:
Proceeds from sales		38,526			61,896			172,670			300,945
Reinvestment of distributions		4,180			5,332			9,228			9,109
Payments for redemptions		(96,953	)		(171,415	)		(497,089	)		(316,521	)
Decrease in net assets from Class Y transactions		(54,247	)		(104,187	)		(315,191	)		(6,467	)
Decrease in net assets from capital share transactions		(85,274	)		(123,862	)		(346,740	)		(3,215	)
Total increase (decrease) in net assets		(33,158	)		(88,832	)		(210,439	)		150,518
Net assets at beginning of period		436,289			525,121			1,631,982			1,481,464
Net assets at end of period	$	403,131		$	436,289		$	1,421,543		$	1,631,982
Undistributed (distributions in excess of) net investment income at end of period	$	270		$	89		$	(1	)	$	(4,922	)

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

FIRST AMERICAN FUNDS Annual Report 2005

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(This page has been left blank intentionally.)

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

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (8)
	Balanced Fund (1)
Class A
	2005	(2)	$	10.12	$	0.15	$	1.31		$	(0.15	)	$	-		$	11.43		14.51	%
	2004	(2)		9.47		0.13		0.66			(0.14	)		-			10.12		8.39
	2003			8.38		0.17		1.08			(0.16	)		-			9.47		14.98
	2002	(2)		9.50		0.20		(1.12	)		(0.20	)		-			8.38		(9.90	)
	2001	(2)(3)		13.83		0.18		(2.24	)		(0.20	)		(2.07	)		9.50		(17.03	)
	2000	(4)		12.39		0.23		2.12			(0.22	)		(0.69	)		13.83		19.46
Class B
	2005	(2)	$	10.04	$	0.07	$	1.30		$	(0.07	)	$	-		$	11.34		13.64	%
	2004	(2)		9.41		0.05		0.65			(0.07	)		-			10.04		7.46
	2003			8.32		0.10		1.08			(0.09	)		-			9.41		14.25
	2002	(2)		9.44		0.13		(1.12	)		(0.13	)		-			8.32		(10.64	)
	2001	(2)(3)		13.75		0.17		(2.29	)		(0.13	)		(2.06	)		9.44		(17.64	)
	2000	(4)		12.33		0.13		2.11			(0.14	)		(0.68	)		13.75		18.77
Class C
	2005	(2)	$	10.08	$	0.07	$	1.30		$	(0.07	)	$	-		$	11.38		13.61	%
	2004	(2)		9.44		0.05		0.66			(0.07	)		-			10.08		7.53
	2003			8.35		0.09		1.10			(0.10	)		-			9.44		14.24
	2002	(2)		9.49		0.13		(1.14	)		(0.13	)		-			8.35		(10.77	)
	2001	(2)(5)		9.29		-		0.20			-			-			9.49		2.15
Class R (6)
	2005	(2)	$	10.14	$	0.11	$	1.32		$	(0.12	)	$	-		$	11.45		14.16	%
	2004	(2)		9.49		0.14		0.64			(0.13	)		-			10.14		8.22
	2003			8.39		0.15		1.10			(0.15	)		-			9.49		15.08
	2002	(2)		9.50		0.20		(1.12	)		(0.19	)		-			8.39		(9.90	)
	2001	(2)(7)		11.27		0.18		(1.74	)		(0.21	)		-			9.50		(14.03	)
Class Y
	2005	(2)	$	10.15	$	0.17	$	1.32		$	(0.18	)	$	-		$	11.46		14.76	%
	2004	(2)		9.50		0.16		0.66			(0.17	)		-			10.15		8.62
	2003			8.40		0.19		1.09			(0.18	)		-			9.50		15.35
	2002	(2)		9.53		0.23		(1.13	)		(0.23	)		-			8.40		(9.74	)
	2001	(2)(3)		13.87		0.16		(2.20	)		(0.23	)		(2.07	)		9.53		(16.84	)
	2000	(4)		12.43		0.26		2.13			(0.26	)		(0.69	)		13.87		19.94

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

FIRST AMERICAN FUNDS Annual Report 2005

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			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
	Balanced Fund (1)
Class A
	2005	(2)	$	114,388		1.06	%		1.35	%		1.21	%		1.20	%		147	%
	2004	(2)		119,292		1.05			1.27			1.19			1.13			110
	2003			98,016		1.05			1.75			1.23			1.57			156
	2002	(2)		98,557		1.05			2.07			1.23			1.89			79
	2001	(2)(3)		127,590		1.22			1.96			1.28			1.90			54
	2000	(4)		54,380		1.22			1.66			1.28			1.60			79
Class B
	2005	(2)	$	20,657		1.81	%		0.60	%		1.96	%		0.45	%		147	%
	2004	(2)		28,101		1.80			0.54			1.94			0.40			110
	2003			33,015		1.80			1.00			1.98			0.82			156
	2002	(2)		35,641		1.80			1.32			1.98			1.14			79
	2001	(2)(3)		47,150		1.93			1.22			1.99			1.16			54
	2000	(4)		2,243		1.97			0.91			2.03			0.85			79
Class C
	2005	(2)	$	5,528		1.81	%		0.60	%		1.96	%		0.45	%		147	%
	2004	(2)		5,890		1.80			0.55			1.94			0.41			110
	2003			7,089		1.80			0.99			1.98			0.81			156
	2002	(2)		2,233		1.80			1.32			1.98			1.14			79
	2001	(2)(5)		2,351		0.94			2.20			0.94			2.20			54
Class R (6)
	2005	(2)	$	1		1.31	%		1.06	%		1.61	%		0.76	%		147	%
	2004	(2)		1		1.05			1.39			1.19			1.25			110
	2003			23,844		1.05			1.76			1.23			1.58			156
	2002	(2)		36,194		1.05			2.07			1.23			1.89			79
	2001	(2)(7)		39,527		1.22			1.94			1.28			1.88			54
Class Y
	2005	(2)	$	262,557		0.81	%		1.60	%		0.96	%		1.45	%		147	%
	2004	(2)		283,005		0.80			1.55			0.94			1.41			110
	2003			363,157		0.80			2.00			0.98			1.82			156
	2002	(2)		290,288		0.80			2.32			0.98			2.14			79
	2001	(2)(3)		375,983		0.97			2.21			1.04			2.14			54
	2000	(4)		163,158		0.97			1.91			1.03			1.85			79

  (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 (now designated Class R shares) of the First American Fund, and (iv) Firstar Class Institutional shares were
exchanged for Class Y shares of the First American Fund.

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

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

  (4)  For the fiscal period ended October 31.

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

107

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

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (4)
	Equity Income Fund (1)
Class A
	2005		$	12.77	$	0.20	$	1.15		$	(0.22	)	$	(0.01	)	$	13.89		10.65	%
	2004			11.56		0.18		1.23			(0.20	)		-			12.77		12.26
	2003			9.58		0.18		1.99			(0.19	)		-			11.56		22.81
	2002			12.13		0.16		(2.48	)		(0.19	)		(0.04	)		9.58		(19.51	)
	2001			16.29		0.29		(0.74	)		(0.32	)		(3.39	)		12.13		(3.89	)
Class B
	2005		$	12.68	$	0.10	$	1.14		$	(0.12	)	$	(0.01	)	$	13.79		9.86	%
	2004			11.49		0.08		1.22			(0.11	)		-			12.68		11.37
	2003			9.52		0.10		1.98			(0.11	)		-			11.49		21.97
	2002			12.07		0.09		(2.49	)		(0.11	)		(0.04	)		9.52		(20.10	)
	2001			16.24		0.18		(0.75	)		(0.21	)		(3.39	)		12.07		(4.64	)
Class C
	2005		$	12.70	$	0.11	$	1.13		$	(0.12	)	$	(0.01	)	$	13.81		9.84	%
	2004			11.51		0.08		1.22			(0.11	)		-			12.70		11.34
	2003			9.54		0.10		1.98			(0.11	)		-			11.51		21.95
	2002			12.09		0.10		(2.50	)		(0.11	)		(0.04	)		9.54		(20.08	)
	2001			16.28		0.18		(0.76	)		(0.22	)		(3.39	)		12.09		(4.74	)
Class R (2)
	2005		$	12.78	$	0.11	$	1.20		$	(0.20	)	$	(0.01	)	$	13.88		10.33	%
	2004			11.56		0.19		1.22			(0.19	)		-			12.78		12.18
	2003			9.57		0.19		1.99			(0.19	)		-			11.56		22.91
	2002			12.12		0.15		(2.47	)		(0.19	)		(0.04	)		9.57		(19.47	)
	2001	(3)		11.57		0.01		0.54			-			-			12.12		4.75
Class Y
	2005		$	12.85	$	0.24	$	1.15		$	(0.25	)	$	(0.01	)	$	13.98		10.94	%
	2004			11.63		0.21		1.24			(0.23	)		-			12.85		12.54
	2003			9.63		0.21		2.00			(0.21	)		-			11.63		23.20
	2002			12.20		0.21		(2.52	)		(0.22	)		(0.04	)		9.63		(19.30	)
	2001			16.37		0.33		(0.76	)		(0.35	)		(3.39	)		12.20		(3.71	)

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

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108

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
	Equity Income Fund (1)
Class A
	2005		$	176,878		1.16	%		1.51	%		1.19	%		1.48	%		27	%
	2004			184,381		1.15			1.39			1.19			1.35			12
	2003			144,282		1.15			1.70			1.20			1.65			43
	2002			128,142		1.15			1.43			1.20			1.38			38
	2001			24,557		1.00			1.97			1.15			1.82			33
Class B
	2005		$	21,639		1.91	%		0.78	%		1.94	%		0.75	%		27	%
	2004			23,869		1.90			0.65			1.94			0.61			12
	2003			22,156		1.90			0.95			1.95			0.90			43
	2002			18,699		1.90			0.80			1.95			0.75			38
	2001			11,516		1.75			1.20			1.90			1.05			33
Class C
	2005		$	16,128		1.91	%		0.79	%		1.94	%		0.76	%		27	%
	2004			19,300		1.90			0.66			1.94			0.62			12
	2003			19,386		1.90			0.95			1.95			0.90			43
	2002			11,171		1.90			0.86			1.95			0.81			38
	2001			8,028		1.75			1.20			1.90			1.05			33
Class R (2)
	2005		$	415		1.41	%		0.83	%		1.59	%		0.65	%		27	%
	2004			1		1.15			1.52			1.19			1.48			12
	2003			17,170		1.15			1.80			1.20			1.75			43
	2002			36,522		1.15			1.34			1.20			1.29			38
	2001	(3)		328		1.23			4.08			1.42			3.89			33
Class Y
	2005		$	1,206,483		0.91	%		1.80	%		0.94	%		1.77	%		27	%
	2004			1,404,431		0.90			1.65			0.94			1.61			12
	2003			1,278,470		0.90			1.95			0.95			1.90			43
	2002			678,352		0.90			1.80			0.95			1.75			38
	2001			267,361		0.75			2.21			0.90			2.06			33

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

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

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

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

FIRST AMERICAN FUNDS Annual Report 2005

109

Notes to Financial StatementsSeptember 30, 2005

1 >  Organization

The Real Estate Securities Fund, International Fund, Small Cap Growth Opportunities Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund (named Technology Fund prior to October 3, 2005), Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund and Equity Income Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF"), which is a member of the First American Family of Funds. As of September 30, 2005, FAIF offered 38 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF's articles of incorporation permit the fund's board of directors to create additional funds in the future. Each Fund other than Real Estate Securities Fund is a diversified open-end management investment company. The Real Estate Securities Fund is a non-diversified open-end management investment company. Prior to October 3, 2005, Small-Mid Cap Core Fund had different investment strategies, was named Technology Fund and also was non-diversified (see Note 12). Non-diversified funds may invest a large component of their net assets in securities of relatively few issuers.

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

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

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

2 >  Summary of Significant Accounting Policies

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

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

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110

the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The International Fund is supplied with information from an unaffiliated third party with respect to the fair value of foreign securities. Price movements in futures contracts and American Depository Receipts, and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of September 30, 2005, Real Estate Securities Fund, International Fund, Small Cap Growth Opportunities Fund, and Balanced Fund held fair valued securities with a market value of $255,913, $0, $122,540, and $24,215, respectively, or 0.0%, 0.0%, 0.0%, and 0.0% of total net assets, respectively. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchange on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

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

DISTRIBUTIONS TO SHAREHOLDERS – Equity Income Fund and Large Cap Value Fund declare and pay income dividends monthly. Balanced Fund, Large Cap Select Fund, Mid Cap Value Fund and Real Estate Securities Fund declare and pay income dividends quarterly. Large Cap Growth Opportunities Fund, Mid Cap Growth Opportunites Fund, Small Cap Growth Opportunites Fund, Small Cap Select Fund, Small Cap Value Fund, Small-Mid Cap Core Fund and the International Fund declare and pay income dividends annually. Distributions are payable in cash or reinvested in additional shares of the funds. Any net realized capital gains on sales of a fund's securities are distributed to shareholders at least annually.

The Real Estate Securities Fund receives substantial distributions from holdings in Real Estate Investment Trusts ("REITs"). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, Real Estate Securities Fund must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a fund shareholder may represent a return of capital.

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

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to post-October losses, losses deferred due to wash sales, proceeds from securities litigation, book gains recognized from in-kind distributions, foreign currency gains and losses, investments in limited partnerships and REITs, decreases in undistributed amounts due to shareholder redemptions and the "mark-to-market" of certain Passive Foreign Investment Companies ("PFICs") for tax purposes. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period that the differences arise.

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111

Notes to Financial StatementsSeptember 30, 2005

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

Fund	Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income			Portfolio Capital
Real Estate Securities Fund	$	(1,816	)	$	(2,517	)	$	4,333
International Fund		(3,711	)		3,709			2
Small Cap Growth Opportunities Fund		(12,778	)		4,005			8,773
Small Cap Select Fund		(15,455	)		2,926			12,529
Small Cap Value Fund		(11,441	)		(284	)		11,725
Small-Mid Cap Core Fund		-			737			(737	)
Mid Cap Growth Opportunities Fund		(31,544	)		6,569			24,975
Mid Cap Value Fund		(225	)		(640	)		865
Large Cap Growth Opportunities Fund		(76,740	)		758			75,982
Large Cap Select Fund		(24,162	)		-			24,162
Large Cap Value Fund		(72,078	)		(288	)		72,366
Balanced Fund		(263	)		263			-
Equity Income Fund		(51,947	)		6,868			45,079

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

	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
	2004
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Real Estate Securities Fund	$	17,709	$	6,775	$	-	$	24,484
International Fund		8,820		-		-		8,820
Small Cap Growth Opportunities Fund		-		3,085		-		3,085
Small Cap Select Fund		62,602		15,960		-		78,562
Small Cap Value Fund		6,941		13,524		-		20,465
Mid Cap Growth Opportunities Fund		19,503		21,278		-		40,781
Mid Cap Value Fund		2,102		-		57		2,159
Large Cap Growth Opportunities Fund		1,184		-		261		1,445
Large Cap Select Fund		2,504		333		-		2,837
Large Cap Value Fund		12,705		-		-		12,705
Balanced Fund		7,635		-		-		7,635
Equity Income Fund		29,158		-		-		29,158

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As of September 30, 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		Other Accumulated Gains (Losses)			Total Accumulated Earnings (Deficit)
Real Estate Securities Fund	$	25,505	$	46,363	$	-		$	115,391	$	1		$	187,259
International Fund		17,368		-		(74,685	)		222,929		(1	)		165,611
Small Cap Growth Opportunities Fund		46,281		8,237		-			14,254		(14	)		68,758
Small Cap Select Fund		50,757		98,409		(48,604	)		113,552		(107	)		214,007
Small Cap Value Fund		6,453		73,456		-			78,994		(9	)		158,894
Small-Mid Cap Core Fund		-		-		(460,504	)		3,436		-			(457,068	)
Mid Cap Growth Opportunities Fund		47,679		76,989		(50,420	)		318,092		(1	)		392,340
Mid Cap Value Fund		186		30,897		-			110,362		-			141,445
Large Cap Growth Opportunities Fund		-		-		(129,848	)		102,925		(1	)		(26,924	)
Large Cap Select Fund		8,114		7,247		-			20,215		(19	)		35,557
Large Cap Value Fund		137		23,071		-			139,915		-			163,123
Balanced Fund		269		-		(41	)		33,715		(429	)		33,514
Equity Income Fund		-		7,683		-			309,284		-			316,967

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales and investments in limited partnerships and REITs, and the amount of gain (loss) recognized for tax purposes due to mark to market adjustments on open futures contracts and the mark to market for certain PFICs for tax purposes.

As of September 30, 2005, the following funds had capital loss carryforwards (000):

	Expiration Year
Fund	2007		2008		2009		2010		2011		2012		Total
International Fund	$	1,708	$	2,509	$	1,069	$	2,439	$	66,960	$	-	$	74,685
Small Cap Select Fund		-		-		-		48,604		-		-		48,604
Small-Mid Cap Core Fund		-		12,002		6,095		335,981		102,106		4,320		460,504
Mid Cap Growth Opportunities Fund		-		-		-		50,420		-		-		50,420
Large Cap Growth Opportunities Fund		-		-		-		119,702		10,146		-		129,848
Balanced Fund		-		-		-		-		41		-		41

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

Risks of entering into futures contracts, in general, include the possibility that there will not be a perfect price correlation between the futures contracts and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a fund could lose more than the original margin deposit required to initiate a futures transaction. These

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Notes to Financial StatementsSeptember 30, 2005

contracts involve market risk in excess of the amount reflected in the fund's statement of assets and liabilities. Unrealized gains (losses) on outstanding positions in futures contracts held at the close of the year will be recognized as capital gains (losses) for federal income tax purposes.

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

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

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

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

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

The International Fund does not isolate the portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The International Fund reports certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. At September 30, 2005, foreign currency holdings consisted of multiple denominations, primarily European Monetary Units and Australian Dollar.

FORWARD FOREIGN CURRENCY CONTRACTS – The International Fund may enter into forward foreign currency contracts as hedges against either specific transactions or fund positions. The aggregate principal amount of the contracts are not recorded because the International Fund intends to settle the contracts prior to delivery. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The International Fund realizes gains or losses at the time the forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes.

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the 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. There were no outstanding forward foreign currency contracts at September 30, 2005.

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SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations and the portfolio maintains, in a segregated account with its custodian, assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the fund's net asset value if the fund makes such purchases while remaining substantially fully invested. At September 30, 2005, the following fund had outstanding when-issued commitments (000):

Fund	Cost		Segregated Assets
Balanced Fund	$	4,997	$	6,317

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

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 September 30, 2005, Real Estate Securities Fund, International Fund, Small Cap Growth Opportunities Fund, and Balanced Fund had investments in illiquid securities with a total value of $255,913, $0, $122,540, and $24,215, respectively, or 0.0%, 0.0%, 0.0%, and 0.0%, respectively, of total net assets.

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

Real Estate Securities Fund
Security	Shares		Dates Acquired	Cost Basis (000)
Beacon Capital		33,750	3/98	$	435
Newcastle Investment Holdings		35,000	6/98		153
International Fund
Security	Shares		Dates Acquired	Cost Basis (000)
Far East Pharmaceutical Technology		2,836,000	4/04	$	423
Peregrine Investment Holdings		142,000	12/94-8/97		288
Small Cap Growth Opportunities Fund
Security	Shares		Dates Acquired	Cost Basis (000)
Tridium, Class B		278,500	4/99-8/99	$	1,524
VideoPropulsion		809,856	12/99		-	*

*Rounds to zero.

Balanced Fund
Security	Par (000)		Dates Acquired		Cost Basis (000)
Duty Free International	$	605		1/99-11/02	$	605

SECURITIES LENDING – In order to generate additional income, a fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each fund's policy is to maintain collateral in the form of cash, U.S. Government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then "marked-to-market" daily

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Notes to Financial StatementsSeptember 30, 2005

until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. As of September 30, 2005, cash collateral invested was as follows (000):

	Commercial Paper		Corporate Obligations		Repurchase Agreements		Money Market Fund		Other Short-Term Securities		Total
Real Estate Securities Fund	$	76,027	$	89,511	$	139,205	$	-	$	6,741	$	311,484
International Fund		-		-		-		390,941		-		390,941
Small Cap Growth Opportunities Fund		21,378		25,170		39,143		-		1,896		87,587
Small Cap Select Fund		86,010		101,264		157,484		-		7,626		352,384
Small Cap Value Fund		26,144		30,781		47,870		-		2,318		107,113
Small-Mid Cap Core Fund		6,240		7,347		11,425		-		553		25,565
Mid Cap Growth Opportunities Fund		134,508		158,365		246,286		-		11,927		551,086
Mid Cap Value Fund		58,554		68,939		107,213		-		5,192		239,898
Large Cap Growth Opportunities Fund		70,179		82,625		128,497		-		6,223		287,524
Large Cap Select Fund		19,625		23,107		35,934		-		1,740		80,406
Large Cap Value Fund		59,777		70,378		109,451		-		5,301		244,907
Balanced Fund		36,902		43,447		67,567		-		3,272		151,188
Equity Income Fund		78,904		92,899		144,474		-		6,997		323,274

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

Fund	Amount
Real Estate Securities Fund	$	99
International Fund		408
Small Cap Growth Opportunities Fund		89
Small Cap Select Fund		214
Small Cap Value Fund		48
Small-Mid Cap Core Fund		34
Mid Cap Growth Opportunities Fund		269
Mid Cap Value Fund		92
Large Cap Growth Opportunities Fund		171
Large Cap Select Fund		33
Large Cap Value Fund		121
Balanced Fund		80
Equity Income Fund		159

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

Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest (i.e., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal). At September 30, 2005, Balanced Fund had not entered into any interest rate swap agreements.

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

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

SECURITY LITIGATION SETTLEMENTS – Income from settlement proceeds related to portfolio securities is recorded as an adjustment to realized or unrealized gains or losses. For the fiscal year ended September 30, 2005, Real Estate Securities Fund, Small Cap Growth Opportunities, Small Cap Select, Small-Mid Cap Core Fund, Mid Cap Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Growth Opportunities Fund, Large Cap Value Fund, Balanced Fund and Equity Income Fund received settlement proceeds of $942, $1,063,765, $40,402, $84,326, $140,115, $8,035, $72,577, $152,053, $31,571 and $25,533 respectively, as an adjustment to realized gains or losses for settlement proceeds related to securities no longer included in the portfolio.

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

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

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the "Plan"), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of part or all of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds as designated by the board of directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

USE OF ESTIMATES IN PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

3 >  Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), USBAM, a subsidiary of U.S. Bank National Association ("U.S. Bank"), manages each fund's assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay USBAM a monthly fee based upon average daily net assets. The annual fee for each fund is as follows:

Fund	Advisory fee  as a % of average daily net assets
Real Estate Securities Fund		0.70	%
International Fund1		1.00
Small Cap Growth Opportunities Fund2		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 Fund3		0.65
Large Cap Select Fund3		0.65
Large Cap Value Fund3		0.65
Balanced Fund3		0.65
Equity Income Fund3		0.65

(1) Effective July 1, 2005. Prior to July 1, 2005, the advisory fee paid to USBAM by International Fund was equal to a rate of 1.10% of the average daily net assets up to $1.5 billion, 1.05% of the average daily net assets on the next $1 billion, and 1.00% of the average daily net assets in excess of $2.5 billion.

(2) Effective July 1, 2005. Prior to July 1, 2005, the advisory fee paid to USBAM by Small Cap Growth Opportunities Fund was equal to a rate of 1.40% of the average daily net assets.

(3) The advisory fees paid by Large Cap Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced Fund, and Equity Income Fund are equal to an annual rate of 0.65% of the average daily net assets up to $3 billion, 0.625% of the average daily net assets on the next $2 billion, and 0.60% of the average daily net assets in excess of $5 billion.

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Notes to Financial StatementsSeptember 30, 2005

USBAM has agreed to waive fees and reimburse other fund expenses through June 30, 2006, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund		A		B		C		R		Y
International Fund		1.52	%	2.27	%	2.27	%	1.77	%	1.27	%
Small Cap Growth Opportunities Fund		1.47		2.22		2.22		1.72		1.22
Balanced Fund		1.10		1.85		1.85		1.35		0.85

Prior to July 1, 2005, USBAM agreed to waive fees and reimburse other fund expenses so that total fund operating expenses, as a percentage of average daily net assets, did not exceed the following amounts:

	Share Class
Fund		A		B		C		R		Y
Real Estate Securities Fund		1.23	%	1.98	%	1.98	%	1.48	%	0.98	%
International Fund		1.60		2.35		2.35		1.85		1.35
Small Cap Growth Opportunities Fund		1.93		2.68		2.68		2.18		1.68
Small Cap Select Fund		1.21		1.96		1.96		1.46		0.96
Small Cap Value Fund		1.23		1.98		1.98		1.48		0.98
Small-Mid Cap Core Fund		1.23		1.98		1.98		NA		0.98
Mid Cap Growth Opportunities Fund		1.20		1.95		1.95		1.45		0.95
Mid Cap Value Fund		1.20		1.95		1.95		1.45		0.95
Large Cap Growth Opportunities Fund		1.15		1.90		1.90		1.40		0.90
Large Cap Select Fund		1.15		1.90		1.90		1.40		0.90
Large Cap Value Fund		1.15		1.90		1.90		1.40		0.90
Balanced Fund		1.05		1.80		1.80		1.30		0.80
Equity Income Fund		1.15		1.90		1.90		1.40		0.90

NA = not applicable

The funds may invest in related money market funds that are series of First American Funds, Inc. ("FAF"), subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to USBAM, which acts as the investment advisor to both the investing funds and the related money market funds, USBAM will reimburse each investing fund an amount equal to that portion of USBAM's investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. For financial statement purposes, these reimbursements are recorded as investment income.

SUB-ADVISORY FEES – Effective December 8, 2004, J.P. Morgan Investment Management Inc. ("J.P. Morgan") serves as investment sub-advisor to the International Fund, pursuant to a Sub-Advisory Agreement with USBAM. For its services under the Sub-Advisory Agreement with USBAM, J.P. Morgan is paid a monthly fee by USBAM calculated on an annual basis equal to 0.34% of the first $100 million of the fund's average daily net assets, 0.30% of the next $250 million of the fund's average daily net assets, 0.24% of the next $1,250 million of the fund's average daily net assets and 0.22% of the fund's average daily net assets in excess of $1,600 million.

Prior to December 8, 2004, Clay Finlay, Inc. ("Clay Finlay") served as investment sub-advisor to the International Fund. For its services under the Sub-Advisory Agreement with USBAM, Clay Finlay was paid a monthly fee by USBAM calculated on an annual basis equal to 0.25% of the first $500 million of the fund's average daily net assets and 0.10% of the fund's average daily net assets in excess of $500 million.

ADMINISTRATION FEES – Effective July 1, 2005, USBAM serves as the funds' administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC ("USBFS") serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensate other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. Effective July 1, 2005, the funds pay USBAM administration fees which are calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.15% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.135% on the next $17 billion of the 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 USBAM and, indirectly, the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

Prior to July 1, 2005, USBAM and USBFS served as "co-administrators" pursuant to a co-administration agreement between the co-administrators and the funds. The funds paid the administration fees to the co-administrators, which were calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net

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assets of all open-end mutual funds in the First American Family of Funds, up to $8 billion, 0.235% of the next $17 billion of the aggregate average daily assets, 0.22% of the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. In addition, the funds paid transfer agent fees under the co-administration agreement of $18,500 per share class plus additional per account fees. In addition to these fees, the funds reimbursed the co-administrators for any out-of-pocket expenses incurred in providing administration services.

For the fiscal year ended September 30, 2005, administration fees paid to USBAM and USBFS by the funds included in this annual report were as follows (000):

Fund	Amount
Real Estate Securities Fund	$	1,224
International Fund		2,820
Small Cap Growth Opportunities Fund		637
Small Cap Select Fund		1,743
Small Cap Value Fund		870
Small-Mid Cap Core Fund		175
Mid Cap Growth Opportunities Fund		2,921
Mid Cap Value Fund		1,154
Large Cap Growth Opportunities Fund		2,368
Large Cap Select Fund		588
Large Cap Value Fund		2,120
Balanced Fund		859
Equity Income Fund		3,235

TRANSFER AGENT FEES – Effective July 1, 2005, 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 new transfer agent and shareholder servicing agreement, FAIF also pays USBFS a fee equal, on an annual basis, to 0.10% of each fund's average daily net assets. This fee compensates USBFS for providing certain shareholder services and reimburses USBFS for its payments to financial institutions that establish and maintain omnibus accounts and provide customary services for such accounts. In addition to these fees, the funds reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services. Prior to July 1, 2005, these services were provided by USBFS pursuant to the co-administration agreement.

For the fiscal year ended September 30, 2005, transfer agent fees paid to USBFS by the funds included in this annual report were as follows (000):

Fund	Amount
Real Estate Securities Fund	$	392
International Fund		896
Small Cap Growth Opportunities Fund		194
Small Cap Select Fund		524
Small Cap Value Fund		266
Small-Mid Cap Core Fund		51
Mid Cap Growth Opportunities Fund		929
Mid Cap Value Fund		377
Large Cap Growth Opportunities Fund		665
Large Cap Select Fund		181
Large Cap Value Fund		602
Balanced Fund		257
Equity Income Fund		945

CUSTODIAN FEES – U.S. Bank serves as the funds' custodian pursuant to a custodian agreement with FAIF for all funds except the International Fund. Effective July 1, 2005, the fee for each fund (except the International Fund) was reduced from an annual rate of 0.01% of average daily net assets to an annual rate of 0.005% of average daily net assets. Effective July 1, 2005, State Street Bank ("SSB") serves as International Fund's custodian pursuant to a custodian agreement with the fund. International Fund pays SSB various asset-based fees and transaction charges based on the issuer's country. All fees are computed daily and paid monthly.

Effective July 1, 2005, the funds have entered into an agreement with their custodians whereby interest earned on uninvested cash balances will be used to reduce a portion of each fund's custodian expenses. For the fiscal year ended September 30, 2005, custodian fees were not reduced as a result of interest earned. The International Fund has also entered into an agreement with its custodian to receive certain credits to reduce the amount of custody fees incurred. These credits are disclosed as Expenses paid indirectly in the Statement of Operations.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors LLC ("Quasar"), a subsidiary of U.S. Bancorp, serves as the distributor of the funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each fund under rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each fund's average daily net assets of the Class A shares, Class B shares, Class C shares, and Class R shares, respectively. No distribution or

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119

Notes to Financial StatementsSeptember 30, 2005

shareholder servicing fees are paid by Class Y shares. These fees may be used by Quasar to provide compensation for sales support, distribution activities, or shareholder servicing activities.

FAIF has also adopted and entered into a shareholder servicing plan and agreement with USBAM with respect to the Class R shares. Each fund, except Small-Mid Cap Core Fund, pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.15% of each fund's average daily net assets of the Class R shares. USBAM is currently waiving all fees under this plan and agreement. This waiver may be discontinued at any time.

Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar for the fiscal year ended September 30, 2005 (000):

Fund	Amount
Real Estate Securities Fund	$	297
International Fund		85
Small Cap Growth Opportunities Fund		191
Small Cap Select Fund		269
Small Cap Value Fund		106
Small-Mid Cap Core Fund		65
Mid Cap Growth Opportunities Fund		479
Mid Cap Value Fund		88
Large Cap Growth Opportunities Fund		272
Large Cap Select Fund		6
Large Cap Value Fund		238
Balanced Fund		347
Equity Income Fund		525

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, transfer agent fees and administration fees, each fund is responsible for paying other operating expenses, including: fees and expenses of independent directors, registration fees, postage and printing of shareholder reports, legal, auditing, insurance, and other miscellaneous expenses. For the fiscal year ended September 30, 2005, legal fees and expenses were paid to a law firm of which an Assistant Secretary of the funds is a partner.

CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge ("CDSC") is imposed on redemptions made in the Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares. Class B shares automatically convert to Class A shares after eight years.

Year Since Purchase	CDSC as a Percentage of Dollar Amount Subject to Charge
First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		-
Eighth		-

A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first twelve months.

The CDSC for Class B shares and Class C shares is imposed on the value of the purchased shares or the value at the time of redemption, whichever is less.

For the fiscal year ended September 30, 2005, total front-end sales charges and CDSCs retained by affiliates of USBAM for distributing the funds' shares were as follows (000):

Fund	Amount
Real Estate Securities Fund	$	218
International Fund		76
Small Cap Growth Opportunities Fund		109
Small Cap Select Fund		205
Small Cap Value Fund		86
Small-Mid Cap Core Fund		36
Mid Cap Growth Opportunities Fund		375
Mid Cap Value Fund		165
Large Cap Growth Opportunities Fund		164
Large Cap Select Fund		34
Large Cap Value Fund		104
Balanced Fund		156
Equity Income Fund		406

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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
	Year ended 9/30/05			Year ended 9/30/04			Year ended 9/30/05			Year ended 9/30/04			Year ended 9/30/05			Year ended 9/30/04
Class A:
Shares issued		2,268			2,885			900			1,986			805			3,228
Shares issued in lieu of cash distributions		504			192			23			20			553			25
Shares redeemed		(1,219	)		(640	)		(1,335	)		(1,969	)		(2,445	)		(2,342	)
Total Class A transactions		1,553			2,437			(412	)		37			(1,087	)		911
Class B:
Shares issued		57			64			56			64			28			251
Shares issued in lieu of cash distributions		19			14			-			1			57			2
Shares redeemed		(98	)		(63	)		(235	)		(234	)		(130	)		(121	)
Total Class B transactions		(22	)		15			(179	)		(169	)		(45	)		132
Class C:
Shares issued		75			104			70			87			23			191
Shares issued in lieu of cash distributions		20			14			-			1			27			-
Shares redeemed		(96	)		(91	)		(269	)		(422	)		(132	)		(43	)
Total Class C transactions		(1	)		27			(199	)		(334	)		(82	)		148
Class R:
Shares issued		3			75			35			135			1			39
Shares issued in lieu of cash distributions		-			8			-			4			-			1
Shares redeemed		(1	)		(241	)		(22	)		(1,090	)		(1	)		(208	)
Total Class R transactions		2			(158	)		13			(951	)		-			(168	)
Class Y:
Shares issued		6,209			13,274			28,181			31,294			1,632			4,004
Shares issued in lieu of cash distributions		1,073			499			542			526			839			79
Shares redeemed		(5,485	)		(3,750	)		(16,895	)		(29,700	)		(3,522	)		(10,975	)
Total Class Y transactions		1,797			10,023			11,828			2,120			(1,051	)		(6,892	)
Net increase (decrease) in capital shares		3,329			12,344			11,051			703			(2,265	)		(5,869	)

	Small Cap Select Fund						Small Cap Value Fund						Small-Mid Cap Core Fund
	Year ended 9/30/05			Year ended 9/30/04			Year ended 9/30/05			Year ended 9/30/04			Year ended 9/30/05			Year ended 9/30/04
Class A:
Shares issued		1,586			2,909			526			1,192			653			2,255
Shares issued in lieu of cash distributions		1,274			352			432			100			-			-
Shares redeemed		(2,207	)		(2,193	)		(656	)		(997	)		(1,583	)		(2,520	)
Total Class A transactions		653			1,068			302			295			(930	)		(265	)
Class B:
Shares issued		118			146			57			77			64			123
Shares issued in lieu of cash distributions		206			65			104			34			-			-
Shares redeemed		(221	)		(174	)		(185	)		(413	)		(655	)		(616	)
Total Class B transactions		103			37			(24	)		(302	)		(591	)		(493	)
Class C:
Shares issued		229			251			60			77			52			119
Shares issued in lieu of cash distributions		192			56			50			13			-			-
Shares redeemed		(364	)		(197	)		(93	)		(120	)		(329	)		(308	)
Total Class C transactions		57			110			17			(30	)		(277	)		(189	)
Class R:
Shares issued		22			208			-			72			-			138
Shares issued in lieu of cash distributions		1			55			-			3			-			-
Shares redeemed		(4	)		(1,065	)		-			(170	)					(697	)
Total Class R transactions		19			(802	)		-			(95	)		-			(559	)
Class Y:
Shares issued		6,525			8,030			3,781			3,675			2,087			3,912
Shares issued in lieu of cash distributions		6,437			3,768			3,016			1,045			-			-
Shares redeemed		(16,385	)		(33,562	)		(7,079	)		(12,846	)		(3,915	)		(6,414	)
Total Class Y transactions		(3,423	)		(21,764	)		(282	)		(8,126	)		(1,828	)		(2,502	)
Net increase (decrease) in capital shares		(2,591	)		(21,351	)		13			(8,258	)		(3,626	)		(4,008	)

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Notes to Financial StatementsSeptember 30, 2005

	Mid Cap Growth Opportunities Fund						Mid Cap Value Fund						Large Cap Growth Opportunities Fund
	Year ended 9/30/05			Year ended 9/30/04			Year ended 9/30/05			Year ended 9/30/04			Year ended  9/30/05			Year ended  9/30/04
Class A:
Shares issued		3,556			778			1,266			682			565			1,608
Shares issued in lieu of cash distributions		683			135			7			4			8			2
Shares redeemed		(1,128	)		(959	)		(510	)		(282	)		(1,246	)		(1,201	)
Total Class A transactions		3,111			(46	)		763			404			(673	)		409
Class B:
Shares issued		90			65			91			57			45			89
Shares issued in lieu of cash distributions		49			9			-			-			1			-
Shares redeemed		(58	)		(51	)		(179	)		(188	)		(356	)		(735	)
Total Class B transactions		81			23			(88	)		(131	)		(310	)		(646	)
Class C:
Shares issued		182			48			179			64			45			57
Shares issued in lieu of cash distributions		54			11			-			-			-			-
Shares redeemed		(142	)		(110	)		(44	)		(76	)		(160	)		(216	)
Total Class C transactions		94			(51	)		135			(12	)		(115	)		(159	)
Class R:
Shares issued		145			27			15			41			10			72
Shares issued in lieu of cash distributions		-			8			-			-			-			-
Shares redeemed		(12	)		(341	)		-			(100	)		-			(767	)
Total Class R transactions		133			(306	)		15			(59	)		10			(695	)
Class Y:
Shares issued		5,339			3,700			6,771			5,379			6,018			12,178
Shares issued in lieu of cash distributions		3,346			810			99			77			59			29
Shares redeemed		(8,873	)		(8,163	)		(3,514	)		(4,252	)		(22,930	)		(11,718	)
Total Class Y transactions		(188	)		(3,653	)		3,356			1,204			(16,853	)		489
Net increase (decrease) in capital shares		3,231			(4,033	)		4,181			1,406			(17,941	)		(602	)

	Large Cap Select Fund						Large Cap Value Fund						Balanced Fund
	Year  ended  9/30/05			Year  ended  9/30/04			Year  ended  9/30/05			Year  ended  9/30/04			Year  ended  9/30/05			Year  ended  9/30/04
Class A:
Shares issued		334			78			935			2,249			1,220			3,334
Shares issued in lieu of cash distributions		1			-			54			53			145			148
Shares redeemed		(26	)		(40	)		(1,521	)		(1,580	)		(3,146	)		(2,038	)
Total Class A transactions		309			38			(532	)		722			(1,781	)		1,444
Class B:
Shares issued		25			17			38			55			100			159
Shares issued in lieu of cash distributions		-			-			3			6			13			22
Shares redeemed		(7	)		(5	)		(577	)		(876	)		(1,091	)		(892	)
Total Class B transactions		18			12			(536	)		(815	)		(978	)		(711	)
Class C:
Shares issued		10			4			36			49			79			85
Shares issued in lieu of cash distributions		-			-			1			2			4			4
Shares redeemed		(2	)		(1	)		(121	)		(139	)		(181	)		(256	)
Total Class C transactions		8			3			(84	)		(88	)		(98	)		(167	)
Class R:
Shares issued		-			-			-			160			-			345
Shares issued in lieu of cash distributions		-			-			-			7			-			23
Shares redeemed		-			-			-			(1,761	)		-			(2,881	)
Total Class R transactions		-			-			-			(1,594	)		-			(2,513	)
Class Y:
Shares issued		16,640			13,492			4,666			12,949			3,524			6,123
Shares issued in lieu of cash distributions		358			191			335			471			382			529
Shares redeemed		(17,545	)		(1,430	)		(26,155	)		(12,532	)		(8,890	)		(16,991	)
Total Class Y transactions		(547	)		12,253			(21,154	)		888			(4,984	)		(10,339	)
Net increase (decrease) in capital shares		(212	)		12,306			(22,306	)		(887	)		(7,841	)		(12,286	)

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	Equity Income Fund
	Year ended 9/30/05			Year ended 9/30/04
Class A:
Shares issued		1,568			4,209
Shares issued in lieu of cash distributions		222			200
Shares redeemed		(3,494	)		(2,448	)
Total Class A transactions		(1,704	)		1,961
Class B:
Shares issued		144			396
Shares issued in lieu of cash distributions		17			17
Shares redeemed		(473	)		(459	)
Total Class B transactions		(312	)		(46	)
Class C:
Shares issued		92			221
Shares issued in lieu of cash distributions		14			14
Shares redeemed		(457	)		(401	)
Total Class C transactions		(351	)		(166	)
Class R:
Shares issued		32			185
Shares issued in lieu of cash distributions		-			15
Shares redeemed		(2	)		(1,685	)
Total Class R transactions		30			(1,485	)
Class Y:
Shares issued		12,906			23,673
Shares issued in lieu of cash distributions		681			718
Shares redeemed		(36,568	)		(25,006	)
Total Class Y transactions		(22,981	)		(615	)
Net decrease in capital shares		(25,318	)		(351	)

5 > Investment Security Transactions

During the fiscal year ended September 30, 2005, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows (000):

	U.S. Government Securities				Other Investment Securities
Fund	Purchases		Sales		Purchases		Sales
Real Estate Securities Fund	$	-	$	-	$	732,503	$	704,152
International Fund		-		-		1,143,587		1,006,658
Small Cap Growth Opportunities Fund		-		-		580,171		666,069
Small Cap Select Fund		-		-		1,021,695		1,211,070
Small Cap Value Fund		-		-		307,452		375,516
Small-Mid Cap Core Fund		-		-		162,372		192,244
Mid Cap Growth Opportunities Fund		-		-		1,513,684		1,581,597
Mid Cap Value Fund		-		-		673,901		572,614
Large Cap Growth Opportunities Fund		-		-		1,167,380		1,652,947
Large Cap Select Fund		-		-		506,853		497,038
Large Cap Value Fund		-		-		629,829		1,043,816
Balanced Fund		209,598		203,768		401,629		461,813
Equity Income Fund		-		-		425,021		788,092

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Notes to Financial StatementsSeptember 30, 2005

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 September 30, 2005, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net		Federal Income Tax Cost
Real Estate Securities Fund	$	120,411	$	(5,020	)	$	115,391	$	871,852
International Fund		257,180		(34,196	)		222,984		1,755,210
Small Cap Growth Opportunities Fund		30,491		(16,237	)		14,254		385,088
Small Cap Select Fund		136,797		(23,245	)		113,552		1,105,150
Small Cap Value Fund		89,020		(10,026	)		78,994		454,218
Small-Mid Cap Core Fund		6,420		(2,984	)		3,436		94,729
Mid Cap Growth Opportunities Fund		339,639		(21,547	)		318,092		1,850,044
Mid Cap Value Fund		117,022		(6,660	)		110,362		822,130
Large Cap Growth Opportunities Fund		120,955		(18,030	)		102,925		1,171,026
Large Cap Select Fund		28,458		(8,243	)		20,215		404,339
Large Cap Value Fund		159,097		(19,182	)		139,915		1,013,057
Balanced Fund		41,343		(7,628	)		33,715		523,999
Equity Income Fund		322,365		(13,081	)		309,284		1,440,515

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 Passive Foreign Investments Companies (PFICs) for tax purposes.

6 >  Options Written

Transactions in options written for the fiscal year ended September 30, 2005, were as follows:

	Number of Contracts			Premium Amount (000)
Put Options Written
Balanced Fund:
Balance at September 30, 2004		-		$	-
Opened		168			71
Expired		(91	)		(38	)
Closed		(77	)		(33	)
Balance at September 30, 2005		-		$	-
Call Options Written
Balanced Fund:
Balance at September 30, 2004		-		$	-
Opened		167			77
Expired		(33	)		(15	)
Closed		(134	)		(62	)
Balance at September 30, 2005		-		$	-

7 >  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. Through the fiscal year-end, the Small-Mid Cap Core Fund primarily invested in the technology industry. Competitive pressures may have a significant effect on the financial condition of companies in this industry. For example, if technology continues to advance at an accelerate rate and the number of companies could become offerings continue to expand these companies and because increasingly sensitive to short production cycles and aggressive pricing. Prior to October 3, 2005, Small-Mid Cap Core Fund, operating as the Technology Fund primarily invests in equity securities of companies in the technology industry. Competitive pressures may have a significant effect on the financial condition of companies in this industry. For example, if technology continues to advance at an accelerated rate and the number of companies and product offerings continues to expand, these companies could become increasingly sensitive to short product cycles and aggressive pricing. As of September 30, 2005, Large Cap Growth Opportunities Fund and Small Cap Growth Opportunities Fund had a significant portion of their assets invested in the information technology sector, which could be more sensitive to short product cycles and aggressive pricing than the technology industry as a whole. As of the same date, Small Cap Value Fund, Large Cap Value Fund, and Mid Cap Value Fund had significant portions of their assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition and consumer confidence and spending.

8 >  Indemnifications

The funds enter into contracts that contain a variety of indemnifications. The funds' maximum exposure under these arrangements is unknown. However, the funds have not had prior claims of losses pursuant to these contracts and expect the risk of loss to be remote.

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9>  Additional Information Related to Small Cap Growth Opportunities Fund

As a result of an internal review, USBAM uncovered an action involving potentially improper trading of a portfolio security held in the First American Small Cap Growth Opportunities Fund. USBAM engaged an outside law firm to conduct a review of those trades, and, as a result of this review, the law firm concluded that no USBAM employee violated the applicable securities laws. USBAM has reported this to the Fund's board of directors and to the Securities and Exchange Commission (SEC). The SEC is investigating the matter, and USBAM is cooperating fully with the investigation.

10>  Replacement of Investment Sub-Advisor

On September 16, 2004, the funds' board of directors approved the appointment of J.P. Morgan ("JPMorgan") to replace Clay Finlay, Inc. as the investment sub-advisor to International Fund. At a special meeting of International Fund's shareholders held on December 8, 2004, shareholders approved the appointment of JPMorgan.

11>  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.

12>  Investment Strategy Changes and Name Change for Technology Fund

On September 26, 2005, Technology Fund's shareholders approved a change to the fundamental investment policies of the Technology Fund. This change took effect on October 3, 2005, along with a number of other investment strategy changes and a change in the fund's name to Small-Mid Cap Core Fund.

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

TAX INFORMATION

The information set forth below is for each fund's fiscal year as required by federal laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent in early 2006 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended September 30, 2005, each fund has designated long-term capital gains, ordinary income, dividends qualifying for the corporate received deduction, and qualified dividend income with regard to distributions paid during the year as follows:

	Long Term Capital Gains Distributions (Tax Basis)(a)			Ordinary Income Distributions (Tax Basis)(a)			Return of Capital (Tax Basis)(a)			Total Distributions (Tax Basis)			Dividends Received Deduction(b)			Corporate Qualified Dividend Income (000)		Qualified Dividend Income(b)(c)
Real Estate Securities Fund		69	%		31	%		-	%		100	%		0.46	%	$	715		1.26	%
International Fund		-			100			-			100			-			33,621		100
Small Cap Growth Opportunities Fund		67			33			-			100			1.30			605		1.30
Small Cap Select Fund		61			39			-			100			2.60			3,467		2.68
Small Cap Value Fund		86			14			-			100			23.70			3,349		23.97
Small-Mid Cap Core Fund		-			-			-			-			-			256		-
Mid Cap Growth Opportunities Fund		59			41			-			100			4.9			6,798		5.07
Mid Cap Value Fund		-			100			-			100			100			7,738		100
Large Cap Growth Opportunities Fund		-			75			25			100			100			12,600		100
Large Cap Select Fund		24			76			-			100			42.4			4,216		45.55
Large Cap Value Fund		-			100			-			100			100			20,920		100
Balanced Fund		-			100			-			100			56.3			3,791		59.15
Equity Income Fund		26			74			-			100			100			39,204		100

(a) Based on a percentage of the fund's total distributions.

(b) Based on a percentage of ordinary income distributions of the fund.

(c) For the fiscal year ended September 30, 2005 certain dividends paid by the funds may be subject to a maximum tax rate of 15%, as provided by the Internal Revenue Code 1(h). The funds intend to designate the maximum amounts as taxed at a maximum rate of 15%. Complete information was computed and reported in conjunction with your 2004 Form 1099-Div. As of September 30, 2005, for the calendar year to date, qualified dividend income as a percentage of ordinary income distributions for each Fund was as follows: Real Estate Securities, International, Small Cap Growth Opportunities, Small Cap Select, Small Cap Value, Small-Mid Cap Core, Mid Cap Growth Opportunities, Mid Cap Value, Large Cap Growth Opportunities, Large Cap Select, Large Cap Value, Balanced and Equity Income Funds were 0%, 0%, 0%, 0%, 0%, 0%, 100%, 0%, 100%,100%, 59% and 100%, respectively.

(d) The International Fund has elected to pass through to shareholders foreign taxes under Section 853 of the Internal Revenue Code. Foreign taxes paid and foreign source income for the fund were $3,215,745 and $35,073,032, respectively.

The following funds hereby designate the following as long-term capital gain distributions for the purposes of the dividends paid deduction, which include earnings and profits distributed to shareholders on redemptions of fund shares (unaudited):

Fund	Long-Term Capital Gain Distributions
Real Estate Securities Fund	$	46,287,027
Small Cap Growth Opportunities Fund		35,232,980
Small Cap Select Fund		108,259,597
Small Cap Value Fund		68,826,377
Mid Cap Growth Opportunities Fund		127,989,776
Mid Cap Value Fund		865,733
Large Cap Select Fund		1,525,005
Large Cap Value Fund		1,472,523
Equity Income Fund		8,129,359

SHAREHOLDER MEETING

At a special meeting of the Shareholders of the Technology Fund (now called the Small-Mid Cap Core Fund) on September 26, 2005, the shareholders voted to approve the following proposal:

Approval of a change in the fund's policy of concentrating its investments in the technology industry, to a policy of not concentrating its investments in a particular industry.

At the meeting, shareholders approved this proposal as follows:

Shared Voted For		Shares Voted Against		Shares Abstained
	4,111,930		370,813		451,816

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HOW TO OBTAIN A COPY OF THE FUNDS' PROXY VOTING POLICIES AND PROXY VOTING RECORD

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, 2005, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commision's website at http://www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds' Forms N-Q are available (1) without charge upon request by calling 800.677.FUND and (2) on the U.S. Securities and Exchange Commision's website at http://www.sec.gov. In addition, you may review and copy the funds' Forms N-Q at the Commission's Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

QUARTERLY PORTFOLIO HOLDINGS

Each fund will make complete portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 days of the quarter end.

APPROVAL OF THE FUNDS' INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Directors of the Funds (the "Board"), which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds' advisory agreement with U.S. Bancorp Asset Management, Inc. ("USBAM"). In addition to determining whether to renew the agreement with USBAM, the Board also is responsible for determining whether to approve subadvisory agreements for the Funds.

At a meeting on May 3-5 2005, the Board considered information relating to the Funds' investment advisory agreement with USBAM (the "Agreement") and, with respect to the International Fund, information relating to the sub-advisory agreement between USBAM and J.P. Morgan Investment Management Inc. ("JP Morgan") (the "Sub-Advisory Agreement"). In advance of the meeting, the Board received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 20-22, 2005, the Board concluded its consideration of and approved the Agreement and the Sub-Advisory Agreement through June 30, 2006.

Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of USBAM's services to the Fund, (2) the investment performance of the Fund, (3) the profitability of USBAM related to the Fund, including an analysis of USBAM's cost of providing services and comparative expense information, (4) the extent to which economies of scale are realized as the Fund grows and whether fee levels are adjusted to enable Fund investors to share in these economies of scale, and (5) other benefits that accrue to USBAM through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board's decision to approve the Agreements.

Before approving the Agreement and the Sub-Advisory Agreement, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by USBAM and the terms of the Agreement and the Sub-Advisory Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund and that the Sub-Advisory Agreement is fair and in the interests of the shareholders of the International Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services

The Board examined the nature, quality and extent of the services provided by USBAM to each Fund, and the nature, quality and extent of the services provided by JP Morgan to the International Fund.

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For the Funds other than the International Fund, the Board reviewed USBAM's key personnel who provide investment management services to each Fund as well as the fact that, under the Agreement, USBAM has the authority and responsibility to make and execute investment decisions for each Fund within the framework of that Fund's investment policies and restrictions, subject to review by the Board. The Board further considered that USBAM's duties with respect to each Fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund's investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the Fund, including the Fund's distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered USBAM's representation that the services provided by USBAM under the Agreement are the type of services customarily provided by investment advisors in the fund industry.

With respect to the International Fund, the Board examined the nature, quality and extent of the services provided by JP Morgan and reviewed JP Morgan's key personnel who provide investment management services to the Fund. The Board noted that, under the Sub-Advisory Agreement, JP Morgan has the authority and responsibility to make and execute investment decisions for the Fund within the framework of the Fund's investment policies and restrictions, subject to the supervision of USBAM and review by the Board. The Board further considered that JP Morgan's duties with respect to the International Fund include investment research and stock selection and adherence to the Fund's investment policies and restrictions. The Board noted that, under the Agreement, USBAM is responsible for monitoring the performance of JP Morgan as well as various organizations providing services to the International Fund, including the Fund's distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered USBAM's representation that the services provided by JP Morgan under the Sub-Advisory Agreement are the type of services customarily provided by investment advisors in the fund industry.

The Board considered compliance reports about USBAM and JP Morgan from the Fund's Chief Compliance Officer (CCO).

Based on the foregoing, the Board concluded that (i) each Fund is likely to benefit from the nature, extent and quality of the services provided by USBAM under the Agreement and (ii) the International Fund is likely to benefit from the nature, extent and quality of the services provided by JP Morgan under the Sub-Advisory Agreement.

Investment Performance of the Funds

The Board considered the performance of each Fund, including how the Fund performed versus the median performance of a group of comparable funds selected by an independent data service (the "performance universe") and how the Fund performed versus its benchmark index.

Balanced Fund. The Board considered that the Fund significantly outperformed both its benchmark index and its performance universe for the year ended February 28, 2005. For longer periods, the Fund generally underperformed both its benchmark index and the performance universe. The Board noted, however, that the Fund's current management team has been in place only since 2004. Thus, the underperformance for longer time periods is attributable to a former management team. The Board concluded that, in light of the Fund's good relative performance over the last year, which was achieved by its new management team, it would be in the interest of the Fund and its shareholders to renew the Agreement and to continue to allow the current management team to develop its performance record with the Fund.

Equity Income Fund. The Board considered that the Fund's performance was comparable to that of its benchmark for the one-year period ended February 28, 2005 and that the Fund outperformed the benchmark for the five-year period ended February 28, 2005. While the Fund's performance was below the median of its performance universe for the one-, three-, five- and ten-year periods ended February 28, 2005, the Board considered USBAM's assertion that the performance universe included a number of funds which had different investment restrictions and styles than those of the Fund. USBAM represented to the Board that this difference contributed to the Fund's underperformance compared to its performance universe. In light of this discrepancy, the Board compared the Fund's performance to the performance of a custom performance universe which USBAM indicated provided a more meaningful comparison. The Board noted that the Fund's performance compared favorably to this custom performance universe for the five- and ten-year periods, although it still lagged for the more recent periods The Board concluded that, in light of the Fund's positive long-term performance vis-à-vis

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its benchmark and the custom performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement, while continuing to monitor the Fund's performance closely.

International Fund. The Board noted that the Fund has underperformed both its benchmark and its performance universe for the one-, three- and five-year periods ended February 28, 2005. The Board considered, however, that the Fund's new sub-adviser, JP Morgan, did not begin managing the Fund until December 2004 and that JP Morgan, therefore, is not responsible for the performance record reviewed by the Board. The Board concluded that, in light of JP Morgan's very limited period of managing the Fund, it would be in the interest of the Fund and its shareholders to renew the Agreement and the Sub-Advisory Agreement and to closely monitor the performance record that JP Morgan develops as subadviser to the Fund.

Large Cap Growth Opportunities Fund. The Board considered that the Fund significantly outperformed both its benchmark index and its performance universe for the one-, three- and five-year periods ended February 28, 2005. The Fund underperformed both its benchmark index and its performance universe for the ten-year period ended February 28, 2005, but the Board noted that this underperformance could be attributed to a former management team. The Board concluded that, in light of the Fund's strong performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Large Cap Select Fund. The Board considered that the Fund significantly outperformed both its benchmark index and its performance universe for the one-year period ended February 28, 2005, and that the Fund's performance since inception (January 31, 2003) through February 28, 2005 was only slightly below that of its benchmark. The Board concluded that, in light of the Fund's recent strong performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Large Cap Value Fund. The Board noted that the Fund significantly outperformed its performance universe for the one-year period ended February 28, 2005, although it did underperform its benchmark. The Board also noted that the Fund's performance was below that of its performance universe and its benchmark for the three-, five- and ten-year periods ended February 28, 2005. The Board, however, also considered the management transitions that have occurred during the past five years, and that USBAM is currently seeking a new manager. The Board concluded that, in light of these facts, it would be in the interest of the Fund and its shareholders to renew the Agreement, while continuing to closely monitor USBAM's search for a new team and the performance of the Fund.

Mid Cap Growth Opportunities Fund. The Board considered that the Fund significantly outperformed both its benchmark index and its performance universe for the one-, three-, five- and ten-year periods ended February 28, 2005. The Board concluded that, in light of this performance, it would be in the interest of the Fund and its shareholders to renew the Agreement with respect to the Fund.

Mid Cap Value Fund. The Board considered that the Fund outperformed both its benchmark index and its performance universe for the one-year period ended February 28, 2005. In addition, the Board noted that the Fund's three- and five-year performance also was strong, although somewhat below the benchmark for the five-year period. While the Fund underperformed both its benchmark index and its performance universe for the ten-year period ended February 28, 2005, the Board noted that this underperformance could be attributed primarily to a former management team. The Board concluded that, in light of the Fund's strong recent performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Real Estate Securities Fund. The Board considered that the Fund's performance was better than or comparable to that of its benchmark index and its performance universe for the one-, three- and five-year periods ended February 28, 2005 and for the period since inception in 1995 through February 28, 2005. The Board concluded that, in light of this performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small Cap Growth Opportunities Fund. The Board noted that the Fund outperformed its benchmark for the three- and five-year periods ended February 28, 2005 and for the period since inception in 1995 through February 28, 2005. The Board also considered that the Fund's performance was below that of its performance universe for the one-, three- and five-year periods ended February 28, 2005. The Board considered, however, USBAM's assertion that the Fund's performance should

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be compared to a universe of small-cap growth funds, rather than the universe of small-cap core funds provided by the independent data service, because the new portfolio management team does not manage the Fund as a micro-cap fund (which the prior management team did). When compared to a small- cap growth universe, the Fund outperformed for the three- and five-year periods ended February 28, 2005. Finally, the Board considered that the current portfolio management team has been in place for less than one year, and that any underperformance for that one-year period could be attributed to the transition to that new management team. The Board concluded that, in light of the Fund's outperformance of both its benchmark and the small-cap growth fund universe for the three- and five-year periods, and the Fund's new management team, it would be in the interest of the Fund and its shareholders to renew the Agreement and to closely monitor the performance record that the new management team develops.

Small Cap Select Fund. The Board noted that the Fund's performance was in line with its benchmark and performance universe for the three-, five- and ten-year periods ended February 28, 2005. The Board also considered that, while the Fund's performance was significantly below that of its benchmark and its performance universe for the one-year period ended February 28, 2005, the Fund significantly exceeded its benchmark for the five-year period. The Board considered that current Fund management has been in place for less than one year, and that the underperformance for that first year could be attributed to the transition to the new management team. The Board concluded that, in light of the Fund's new management team and the Fund's competitive long-term performance, it would be in the interest of the Fund and its shareholders to renew the Agreement and to monitor the performance record that the new management team develops.

Small Cap Value Fund. The Board noted that the Fund outperformed both its benchmark and its performance universe for the year ended February 28, 2005. Furthermore, the Fund outperformed its performance universe for the three-, five- and ten-year periods, although it underperformed the benchmark for each of these periods. The Board concluded that, in light of the Fund's strong recent performance, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Small-Mid Cap Core Fund. The Board noted that the Fund's performance was below that of its benchmark and its performance universe for the one-, five- and ten-year periods ended February 28, 2005. The Board also considered, however, that the Fund soon would be converted to a small- and mid-cap core fund, with a different management team and different investment objectives and policies. In light of the impending change, the Board concluded it would be in the interest of the Fund and its shareholders to renew the Agreement and to closely monitor the performance record developed by the Fund in its new form.

Costs of Services and Profits Realized by USBAM

The Board reviewed USBAM's estimated costs in serving as the Funds' investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the reported profitability of USBAM and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by USBAM and of comparable funds managed by other advisers. The Board found that while the management fees for USBAM's institutional separate accounts are lower than the Funds' management fees, the Funds receive additional services from USBAM that separate accounts do not receive.

Using information provided by an independent data service, the Board also evaluated each Fund's advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each Fund's expense ratio after waivers compared to the median expense ratio, after waivers, of comparable funds. In connection with its review of Fund fees and expenses, the Board asked USBAM to articulate its pricing philosophy. USBAM responded that it attempts generally to maintain each Fund's total operating expenses at a level that approximates its peer group median expense ratio. In addition, USBAM committed to waive its investment advisory fees to the extent necessary to maintain the Funds' total expense ratios at levels generally in line with their respective peer groups. Consistent with this pricing philosophy, and after discussions with the Board, USBAM proposed certain changes to the advisory fees and expense ratios of the Funds, as discussed in more detail below. The Board concluded that USBAM's pricing philosophy is a reasonable one and, after taking into account USBAM's proposed changes to advisory fees and expense ratios, that the Funds' advisory fees and expense ratios are reasonable in light of the services provided.

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Further detail considered by the Board regarding the advisory fees and expense ratios of each Fund is set forth below:

Balanced Fund. The Board considered that, after waivers, the Fund's advisory fee is significantly lower and the Fund's expense ratio is slightly lower than the peer group median (even though, ignoring the waivers, the Fund's contractual advisory fee is slightly higher than that of its peer group median) The Board then considered USBAM's proposal to increase its voluntary expense cap for the Fund by 0.05%, which would lower the Fund's expense ratio from 1.15% to 1.10%. The Board noted that this change would bring the Fund to within 3 basis points of the peer group median expense ratio of 1.07%. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap change, are reasonable.

Equity Income Fund. The Board considered that, after waivers, the Fund's advisory fee is close to the peer group median advisory fee and the Fund's expense ratio is slightly lower than the peer group median expense ratio. The Board also considered that the Fund's contractual advisory fee is slightly higher than the peer group median advisory fee. The Board then considered USBAM's proposal to remove the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would have remained competitive. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

International Fund. The Board noted that the Fund's advisory fee, both before and after waivers, is higher than that of its peer group median, as is the Fund's total expense ratio after waivers. To bring the Fund's total expense ratio more closely in line that of its peer group median, the Board and USBAM agreed to contractually decrease the advisory fee from 1.10% to 1.00% and to cap total Fund expenses at 1.52%. The Board noted that although the Fund's advisory fee will continue to be higher than that of its peer group median, the expense cap change would bring the Fund to within 10 basis points of the peer group median expense ratio of 1.42%. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the contractual decrease in the advisory fee and the expense cap change, are reasonable.

Large Cap Growth Opportunities Fund. The Board considered that the Fund's contractual advisory fee is equal to the peer group median advisory fee. The Board also considered that, after waivers, the Fund's advisory fee and expense ratio are lower than the peer group median expense ratio. The Board then considered USBAM's proposal to remove the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would have still been lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Large Cap Select Fund. The Board considered that the Fund's advisory fee, both contractual and after waivers, and its expense ratio after waivers are lower than the peer group median. The Board then considered USBAM's proposal to remove the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would still have been lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Large Cap Value Fund. The Board considered that, after waivers the Fund's advisory fee and expense ratio are lower than the peer group median (even though, if the waivers were ignored, the Fund's contractual advisory fee is slightly higher than that of its peer group median). The Board then considered USBAM's proposal to remove the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would have continued to be competitive. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Mid Cap Growth Opportunities Fund. The Board considered that the Fund's advisory fee, both contractual and after waivers, and its expense ratio after waivers are lower than the peer group median. The Board then considered USBAM's proposal to remove the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would still have been lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Mid Cap Value Fund. The Board considered that the Fund's advisory fee, both contractual and after waivers, and its expense ratio after waivers are lower than the peer group median. The Board then considered USBAM's proposal to remove

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the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would still have been lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Real Estate Securities Fund. The Board considered that the Fund's advisory fee, both contractual and after waivers, and its expense ratio after waivers are lower than the peer group median. The Board then considered USBAM's proposal to remove the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would still have been lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Small Cap Growth Opportunities Fund. The Board considered that the Fund's advisory fee, both contractual and after waivers, and its expense ratio after waivers are higher than the peer group median. To bring the Fund's total expense ratio more closely in line with that of its peer group median, the Board and USBAM agreed to contractually decrease the advisory fee from 1.40% to 1.00% and to cap total Fund expenses at 1.47%. The Board noted that although the Fund's advisory fee would continue to be higher than the peer group median, the expense cap change would bring the Fund to within 10 basis points of the peer group median expense ratio of 1.37%. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the contractual decrease in the advisory fee and the expense cap change, are reasonable.

Small Cap Select Fund. The Board considered that the Fund's advisory fee, both contractual and after waivers, and its expense ratio after waivers are lower than the peer group median. The Board then considered USBAM's proposal to remove the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would still have been lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Small Cap Value Fund. The Board considered that the Fund's advisory fee, both contractual and after waivers, and its expense ratio after waivers are lower than the peer group median. The Board then considered USBAM's proposal to remove the expense cap for the Fund. The Board noted that, absent the expense cap, the Fund's total expense ratio for its last fiscal year would still have been lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Small-Mid Cap Core Fund. The Board considered that the Fund's contractual advisory fee and its expense ratio after waivers are lower than the peer group median. The Board also considered that the Fund's advisory fee after waivers is approximately equal to the peer group median. The Board then considered USBAM's proposal to remove the expense cap for the Fund. Absent the expense cap, the Fund's total expense ratio for its last fiscal year would still have been lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap removal, are reasonable.

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund's investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by USBAM, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although most Funds do not have advisory fee breakpoints in place, USBAM has committed to waive advisory fees to the extent necessary to keep each Fund's total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The median total expense ratio of a Fund's peer group will necessarily reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group. Therefore, by capping a Fund's total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds' advisory fee schedules. In light of USBAM's commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

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Other Benefits to USBAM

In evaluating the benefits that accrue to USBAM through its relationship with the Funds, the Board noted that USBAM and certain of its affiliates serve the Funds in various capacities, including as advisor, administrator, transfer agent, distributor, custodian and securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by USBAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

The Board also considered USBAM's use of the Funds' portfolio brokerage transactions to obtain research. The Board concluded, based on its own review and on representations of USBAM, that USBAM's use of "soft" commission dollars was consistent with regulatory requirements.

After full consideration of these and other factors, the Board concluded that approval of the Agreement was in the best interest of each Fund and its shareholders.

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Directors and Officers of the Funds

Independent Directors

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Benjamin R. Field III P.O. Box 1329  Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF, since September 2003.	Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004; Senior Vice President, Chief Financial Officer & Treasurer, Bemis, through April 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Roger A. Gibson  P.O. Box 1329  Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997.	Retired; Vice President, Cargo – United Airlines, from July 2001 through July 2004; Vice President, North America – Mountain Region, United Airlines, prior to July 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Victoria J. Herget  P.O. Box 1329  Minneapolis, MN 55440-1329 (1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003.	Investment consultant and non-profit board member since 2001; Managing Director of Zurich Scudder Investments through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Leonard W. Kedrowski P.O. Box 1329  Minneapolis, MN 55440-1329 (1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993.	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Richard K. Riederer P.O. Box 1329  Minneapolis, MN 55440-1329 (1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Retired; Director, President and Chief Executive Officer, Weirton Steel through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	Cleveland-Cliffs Inc (a producer of iron ore pellets)

FIRST AMERICAN FUNDS Annual Report 2005

134

Independent Directors - continued

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Joseph D. Strauss  P.O. Box 1329  Minneapolis, MN 55440-1329 (1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 1984.	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus(TM) LLC, a strategic demographic planning and application development firm, since 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Virginia L. Stringer  P.O. Box 1329  Minneapolis, MN 55440-1329 (1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF's Board since September 1997; Director of FAIF since June 1991.	Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329 (1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Owner and President, Jim Wade Homes, a homebuilding company, since 1999.	First American Funds Complex; eleven registered investment companies, including fifty-five portfolios.	None

†  Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act.

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800-677-FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

FIRST AMERICAN FUNDS Annual Report 2005

135

NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

Officers

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Thomas S. Schreier, Jr.  U.S. Bancorp Asset Management, Inc.  800 Nicollet Mall  Minneapolis, MN 55402 (1962)*	President	Re-elected by the Board annually; President of FAIF since February  2001.	Chief Executive Officer of U.S. Bancorp Asset Management, Inc., since May 2001; prior thereto, Chief Executive Officer of First American Asset Management from December 2000 to May 2001 and of Firstar Investment & Research Management Company ("FIRMCO") from February 2001 to May 2001; prior to that, Senior Managing Director and Head of Equity Research of U.S. Bancorp Piper Jaffray.
Mark S. Jordahl  U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall  Minneapolis, MN 55402 (1960)*	Vice President – Investments	Re-elected by the Board annually; Vice President – Investments of FAIF since September 2001.	Chief Investment Officer of U.S. Bancorp Asset Management, Inc., since September 2001; prior thereto, President and Chief Investment Officer, ING Investment Management–Americas, from September 2000 to June 2001; prior to that, Senior Vice President and Chief Investment Officer, ReliaStar Financial Corp.
Jeffery M. Wilson  U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1956)*	Vice President – Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000.	Senior Vice President of U.S. Bancorp Asset Management, Inc., since May 2001; prior thereto, Senior Vice President of First American Asset Management.
Charles D Gariboldi, Jr.  U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall  Minneapolis, MN 55402 (1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since October 2004.	Mutual Fund Treasurer, U.S. Bancorp Asset Management, Inc., since October 2004; prior thereto, Vice President of investment accounting and Fund Treasurer for Thrivent Financial for Lutherans.
Jill M. Stevenson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402 (1965) *	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005.	Assistant Treasurer, U.S. Bancorp Asset Management, Inc., since September 2005; prior thereto, Director, Senior Project Manager, U.S. Bancorp Asset Management, Inc., from May 2003; prior to that, Vice President, Director of Operations, Paladin Investment Associates, LLC.
David H. Lui  U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall  Minneapolis, MN 55402 (1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since February 2005.	Chief Compliance Officer for First American Funds and U.S. Bancorp Asset Management, Inc., since February 2005; prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004; prior to that, Vice President Charles Schwab & Co,. Inc
Kathleen L. Prudhomme  U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall  Minneapolis, MN 55402 (1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998.	Deputy General Counsel, U.S. Bancorp Asset Management, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.
James D. Alt  50 South Sixth Street  Suite 1500  Minneapolis, MN 55402 (1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002.	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.
Brett L. Agnew, U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall  Minneapolis, MN 55402 (1971)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004.	Attorney for U.S. Bancorp Asset Management, Inc., since August 2004; prior thereto, Senior Counsel, Thrivent Financial for Lutherans from 2001 to 2004; prior to that, Consultant, Principal Financial Group.

FIRST AMERICAN FUNDS Annual Report 2005

136

Officers - continued

Name, Address, and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
James R. Arnold  615 E. Michigan Street Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003.	Vice President, U.S. Bancorp Fund Services, LLC since March 2002; prior thereto, Senior Administration Services Manager, UMB Fund Services, Inc.
Douglas G. Hess  615 E. Michigan Street Milwaukee, WI 53202 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since September 2001.	Vice President, U.S. Bancorp Fund Services, LLC.

*  Messrs. Schreier, Jordahl, Wilson, Gariboldi, Lui and Agnew, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of U.S. Bancorp Asset Management, Inc., which serves as investment adviser and administrator for FAIF. Messrs. Hess and Arnold are officers of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and serves as Transfer Agent for FAIF.

FIRST AMERICAN FUNDS Annual Report 2005

137

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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. The views expressed in this report reflect those of the portfolio managers only through the period ended September 30, 2005. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

0288-05  11/2005  AR-EQUITY

2005
Annual Report

First American Income Funds

First American Income Funds invest in taxable bonds, which are debt obligations issued by a government, federal agency, or corporation to raise money. Investors lend money to the issuer until the bond matures and, in exchange, receive regular interest payments at a predetermined rate. Income funds generate income that is normally subject to federal, state, and local taxes.

TABLE OF CONTENTS

Message to Shareholders	1
Report of Independent Registered Public  Accounting Firm	26
Schedule of Investments	27
Statements of Assets and Liabilities	56
Statements of Operations	60
Statements of Changes in Net Assets	62
Financial Highlights	64
Notes to Financial Statements	74
Notice to Shareholders	86

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 NOVEMBER 7, 2005

This supplement updates the following Prospectuses dated January 31, 2005:

First American Income Funds Class A, Class B and Class C Shares Prospectus (as previously supplemented July 1, 2005)

First American Income Funds Class R Shares Prospectus

First American Income Funds Class Y Shares Prospectus (as previously supplemented July 1, 2005)

Selected First American Funds Class A Shares Prospectus

For each share class, this supplement, any previous supplement, and the applicable Prospectus dated January 31, 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 High Income Bond Fund, which is set forth in each Prospectus under the heading "Additional Information - Management - Portfolio Management," is supplemented by the following:

John T. Fruit, CFA, Senior Fixed-Income Portfolio Manager, has been appointed as an additional co-manager of High Income Bond Fund. Prior to joining U.S. Bancorp Asset Management as a senior credit research analyst in 2001, Mr. Fruit was employed at Aid Association for Lutherans as a fixed-income analyst/trader. He also previously did analysis and institutional trading for Arbor Research and Trading and worked in sales and trading in securities lending and fixed income for the firm. Mr. Fruit has more than 17 years of financial industry experience. Douglas P. Hedberg will continue to act as the fund's primary portfolio manager and Philip A. Melville will continue to act as a co-manager.

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 annual report.

(This page has been left blank intentionally.)

Message to SHAREHOLDERS  November 14, 2005

Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended September 30, 2005.

This report includes comparative performance graphs and tables, portfolio commentaries, complete listings of portfolio holdings, and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.

Also, through our website, firstamericanfunds.com, we provide quarterly performance fact sheets on all First American Funds, the economic outlook as viewed by our senior investment officers, and other information about fund investments and portfolio strategies.

Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.FUND.

We appreciate your investment with First American Funds and look forward to serving your financial needs in the future.

Sincerely,

/s/ Virginia L. Stringer	/s/ Thomas S. Schreier, Jr.
Virginia L. Stringer	Thomas S. Schreier, Jr.
Chairperson of the Board	President
First American Investment Funds, Inc.	First American Investment Funds, Inc.

FIRST AMERICAN FUNDS Annual Report 2005

1

Core Bond fund

Investment Objective: high current income consistent with limited risk to capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Core Bond Fund (the "fund"), Class Y shares, returned 3.01% for the fiscal year ended September 30, 2005 (Class A shares returned 2.75% without taking the sales charge into account). By comparison, the fund's benchmark, the Lehman Aggregate Bond Index*, returned 2.80% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

While the Fed's measured approach to tightening monetary policy helped foster stability in the bond market, it had little effect on long-term rates, which remained low as short-term rates inched higher. As a result, the flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made bonds with maturities of 10 years or longer more attractive than their shorter-term counterparts. Given strong corporate profits, corporate bonds enjoyed continued strong performance, though increasingly there have been indications that the credit cycle has passed its peak.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

The fund's strategic positioning to take advantage of the flattening yield curve by underweights in intermediate-term bonds accounted for a significant portion of the fund's outperformance relative to the index. With lower-quality issues outperforming higher-rated bonds, the fund benefited from an overweight in BBB-rated credit throughout most of the fiscal year. An overweight in mortgage-backed securities, as well as overweights in asset-backed securities and commercial mortgage-backed securities, also added value.

What strategic moves were made by the fund and why?

The fund gradually trimmed its overweight in BBB-rated bonds, as these issues performed increasingly well. By the end of the reporting period, the fund shifted to a modest underweight in BBB-rated bonds and remained underweight in higher-quality corporate issues as well. Though this transition was driven chiefly by less attractive valuations rather than the fundamental economic developments, we believe that the credit cycle has peaked and that an increase in shareholder friendly activity (mergers and acquisitions, leveraged buyouts, share buybacks, etc,) makes corporate bonds less appealing. Although we believe rates will continue to increase, we view current valuations on mortgage-backed securities as attractive and are overweight in this position. We continue to emphasize high-quality collateral in the mortgage-backed and asset-backed markets as the economic expansion matures and credit risk for consumers increases. We believe the continued economic growth and mounting inflationary pressures will drive the interest rates upward; accordingly the fund's duration is shorter than the benchmark.

*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Portfolio Allocation as of September 30, 2005¹(% of net assets)

Mortgage-Backed	48.6	%
U.S. Treasury	19.1
Asset-Backed	16.7
Corporate Bond	8.9
U.S. Government Agency	4.9
Cash Equivalents	2.9
Other Assets and Liabilities, Net	(1.1	)
	100	%

Credit Quality Distribution as of September 30, 2005²(% of market value)

AAA/Aaa	88.0	%
AA/Aa	1.9
A/A	1.8
BBB/Baa	8.3
	100	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

FIRST AMERICAN FUNDS Annual Report 2005

2

Core Bond fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			2/1/1999			9/24/2001
Average annual return with sales charge (POP)
Class A		(1.61	)%		4.78	%		5.21	%		-			-
Class B		(2.94	)%		4.56	%		4.90	%		-			-
Class C		1.00	%		4.90	%		-			4.05	%		-
Average annual return without sales charge (NAV)
Class A		2.75	%		5.68	%		5.67	%		-			-
Class B		2.00	%		4.89	%		4.90	%		-			-
Class C		1.99	%		4.90	%		-			4.05	%		-
Class R		2.51	%		-			-			-			4.15	%
Class Y		3.01	%		5.95	%		5.94	%		-			-
Lehman Aggregate Bond Index2		2.80	%		6.62	%		6.55	%		5.83	%		5.24	%

Value of $10,000 Investment^1,3as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/1995 to 9/30/2005) as compared to the Lehman Aggregate Bond Index.²

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the fund's maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of the Lehman Government/Credit Bond Index, the Lehman Mortgage Backed Securities Index, and the Lehman Asset Backed Securities Index. The Lehman Government/Credit Bond Index is comprised of Treasury securities, other securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, including U.S. agency mortgage securities, and investment-grade corporate debt securities. The Lehman Mortgage Backed Securities Index is comprised of the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. The Lehman Asset Backed Securities Index is comprised of debt securities rated investment grade or higher that are backed by credit card, auto, and home equity loans.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

3

Core Bond fundcontinued

Expense Example

As a shareholder of the Core Bond Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,019.00	$	4.81
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81
Class B Actual2	$	1,000.00	$	1,015.30	$	8.59
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.55	$	8.59
Class C Actual2	$	1,000.00	$	1,016.20	$	8.59
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.55	$	8.59
Class R Actual2	$	1,000.00	$	1,018.40	$	6.07
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07
Class Y Actual2	$	1,000.00	$	1,021.20	$	3.55
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20% and 0.70% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 1.90% for Class A, 1.53% for Class B, 1.62% for Class C, 1.84% for Class R, and 2.12% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

4

High Income Bond fund

Investment Objective: high current income

How did the fund perform for the fiscal year ended September 30, 2005?

The First American High Income Bond Fund (the "fund"), Class Y shares, returned 7.01% for the fiscal year ended September 30, 2005 (Class A shares returned 6.74% without taking the sales charge into account). By comparison, the fund's benchmark, the Lehman Corporate High Yield Index*, returned 6.71% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation has risen with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

While the Fed's measured approach to tightening monetary policy helped foster stability in the bond market, it had little effect on long-term rates, which remained low as short-term rates inched higher. As a result, the flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made bonds with maturities of 10 years or longer more attractive than their shorter-term counterparts. Given strong corporate profits, high-yield credit enjoyed continued strong performance, though increasingly there have been indications that the credit cycle has passed its peak.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

Most of the decisions that affected the fund during the fiscal year were related to individual security selections. Benefiting the fund were overweights in corporate bonds that outperformed the benchmark through much of the reporting period: Allegheny Technologies, Case New Holland, Dobson Cellular, McDermott International, North American Energy, Roundy's, and Witco Chemical.

In terms of credit quality, the fund benefited from an overweight to CCC-rated securities in the fall of 2004, when these issues handily outperformed others in the high-yield area. Later on during the fiscal year, the fund's position in BBB-rated securities helped us weather the weak spell in the high-yield market. Also contributing to the good returns were positions taken in emerging markets.

On the downside, adverse security selection detracted somewhat from the fund's performance, with overweights to bonds that underperformed, including Calpine, Collins & Aikman, Delphi, Elan, Intelsat, Mercer, and Tembec.

What strategic moves were made by the fund and why?

Due to increasing concern about the maturing credit cycle, we improved the overall quality of the fund by eliminating the overweight in CCC-rated debt early in 2005. Similarly, we began to shift emphasis from idiosyncratic risk (large positions in single names) to market risk, reducing a number of large overweights in individual names while increasing our exposure to derivative products where the underlying credit risk is diversified among a large number of corporate issuers. During the year, we tactically invested in emerging market debt, specifically sovereign debt (issued by national governments).

*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Portfolio Allocation as of September 30, 2005¹(% of net assets)

Corporate Bond	93.8	%
Asset-Backed	2.6
Cash Equivalents	1.4
Preferred Stock	0.9
Common Stock	0.1
Other Assets and Liabilities, Net	1.2
	100	%

Credit Quality Distribution as of September 30, 2005²(% of market value)

AAA/Aaa	2.9	%
BBB/Baa	4.1
BB/Ba	31.2
B/B	44.5
CCC/Caa	15.3
CC/Ca	0.3
C/C	0.1
Non-Rated	1.6
	100	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

FIRST AMERICAN FUNDS Annual Report 2005

5

High Income Bond fundcontinued

Annual Performance¹as of September 30, 2005

				Since Inception
	1 year			8/30/2001			9/24/2001
Average annual return with sales charge (POP)
Class A		2.20	%		5.46	%		-
Class B		0.99	%		5.48	%		-
Class C		4.97	%		5.81	%		-
Average annual return without sales charge (NAV)
Class A		6.74	%		6.58	%		-
Class B		5.97	%		5.87	%		-
Class C		5.96	%		5.81	%		-
Class R		6.23	%		-			7.85	%
Class Y		7.01	%		6.89	%		-
Lehman Corporate High Yield Index2		6.71	%		8.96	%		11.13	%

Value of $10,000 Investment^1,3as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 8/30/2001 to 9/30/2005) as compared to the Lehman Corporate High Yield Index.²

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

The fund invests in lower-rated and non-rated securities which present a greater risk of loss to principal and interest than higher-rated securities.

Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the fund's maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

²  An unmanaged index that covers the universe of fixed-rate, dollar-denominated, below-investment-grade debt with at least one year to final maturity. Payment-in-kind bonds, Eurobonds, and emerging markets debt securities are excluded, but SEC-registered Canadian and global bonds of issuers in non-emerging countries are included. Original issue zero coupon bonds, step-up coupon structures, and Rule 144A securities are also included.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

6

High Income Bond fundcontinued

Expense Example

As a shareholder of the High Income Bond Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2, 3	$	1,000.00	$	1,038.40	$	5.37
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32
Class B Actual2, 3	$	1,000.00	$	1,034.70	$	9.18
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.04	$	9.10
Class C Actual2, 3	$	1,000.00	$	1,034.70	$	9.18
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.04	$	9.10
Class R Actual2, 3	$	1,000.00	$	1,036.60	$	6.64
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.58
Class Y Actual2, 3	$	1,000.00	$	1,039.70	$	4.09
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.05

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.05%, 1.80%, 1.80%, 1.30% and 0.80% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 3.84% for Class A, 3.47% for Class B, 3.47% for Class C, 3.66% for Class R, and 3.97% for Class Y.

³Prior to July 1, 2005, the contractual limitation on annual expenses was 1.00%, 1.75%, 1.75%, 1.25% and 0.75% for Class A, Class B, Class C, Class R and Class Y, respectively. Effective July 1, 2005, the contractual limitation on annual expenses for each class was increased to 1.10%, 1.85%, 1.85%, 1.35%, and .085% for Class A, Class B, Class C, Class R, and Class Y respectively. If this new limitation had been in place during the entire period, actual and hypothetical ending account balances would have been $1,038.15 and $1,019.55 for Class A, $1,034.44 and $1,015.79 for Class B, $1,034.44 and $1,015.79 for Class C, $1,036.35 and $1,018.30 for Class R, and $1,039.44 and $1,020.81 for Class Y and actual and hypothetical expenses paid during the period would have been $5.62 and $5.57 for Class A, $9.44 and $9.35 for Class B, $9.44 and $9.35 for Class C, $6.89 and $6.83 for Class R and $4.35 and $4.31 for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

7

Inflation Protected Securities fund

Investment Objective: provide investors with total return while providing protection against inflation

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Inflation Protected Securities Fund (the "fund") Class Y shares, returned 5.24% for the fiscal year ended September 30, 2005 (Class A shares returned 4.93% without taking the sales charge into account). By comparison, the fund's benchmark, the Lehman Treasury Inflation Protected Securities Index*, returned 5.90% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The Fed's measured approach to tightening monetary policy helped foster stability in the bond market, keeping long-term rates anchored while short-term rates moved higher. As a result, the yield curve flattened. Given strong corporate profits, corporate bonds enjoyed continued strong performance, though increasingly there have been indications that the credit cycle has passed its peak.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

Treasury Inflation-Protected Securities (TIPS) did not enjoy particularly strong performance during this fiscal year, underperforming dramatically during the second quarter and recovering thereafter. As yield spreads between five-year and 30-year Treasuries narrowed dramatically throughout the reporting period, the fund's overweight in longer maturities was a positive contributor to performance. The non-TIPS allocation was beneficial to the fund in the second quarter, when TIPS underperformed, but non-TIPS bonds gave back gains when TIPS recovered in the third quarter. The fund's underweight in short-maturity TIPS detracted from performance, as these bonds – especially the two-year sector – outperformed other Treasuries, their principal value increasing as a result of the inflationary change triggered by rising energy prices. We adjusted the fund's duration tactically as rates moved up or down within the market range throughout the fiscal year.

What strategic moves were made by the fund and why?

With yield curve spreads much compressed, we've reduced our position in longer-maturity TIPS, increasing our holdings in bonds with five-year maturities. Because of tight spreads, we eliminated our exposure to emerging market and high-yield bonds (which accounted for 5% of the portfolio), and we are looking for a more advantageous point at which to resume holding these securities. We continue to hold short-duration asset-backed and commercial mortgage-backed securities, a good alternative to holding short-end TIPS, which tend to be volatile with energy price movements.

*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Portfolio Allocation as of September 30, 2005¹(% of net assets)

U.S. Treasury	89.6	%
U.S. Government Agency	4.9
Asset-Backed	2.1
Corporate Bond	1.1
Cash Equivalent	0.7
Mortgage-Backed	0.5
Other Assets and Liabilities, Net	1.1
	100	%

Credit Quality Distribution as of September 30, 2005²(% of market value)

AAA/Aaa	97.6	%
AA/Aa	1.9
A/A	0.3
BB/Ba	0.2
	100	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

FIRST AMERICAN FUNDS Annual Report 2005

8

Inflation Protected Securities fundcontinued

Annual Performance¹as of September 30, 2005

	Since Inception
	10/1/2004
Average annual return with sales charge (POP)
Class A		0.51	%
Class C		3.18	%
Average annual return without sales charge (NAV)
Class A		4.93	%
Class C		4.18	%
Class R		4.81	%
Class Y		5.24	%
Lehman TIPS (Treasury Inflation Protected Securities) Index2		5.90	%

Value of $10,000 Investment^1,3as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/01/2004 to 9/30/2005) as compared to the Lehman TIPS Index.²

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the fund's maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A Shares and the maximum contingent deferred sales charge ("CDSC") for Class C shares for the relevant period. Maximum CDSC is 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of inflation-protected securities issued by the US Treasury that have at least one year to final maturity, at least $250 million par amount outstanding, and are investment-grade rated (Baa or better).

³  Performance for Class C and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

9

Inflation Protected Securities fundcontinued

Expense Example

As a shareholder of the Inflation Protected Securities Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,027.70	$	4.32
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31
Class C Actual2	$	1,000.00	$	1,024.10	$	8.12
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.05	$	8.09
Class R Actual2	$	1,000.00	$	1,026.80	$	5.59
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.57
Class Y Actual2	$	1,000.00	$	1,028.90	$	3.05
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.85%, 1.60%, 1.10% and 0.60% for Class A, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 2.77% for Class A, 2.41% for Class C, 2.68% for Class R, and 2.89% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

10

Intermediate Government Bond fund

Investment Objective: provide investors with current income that is exempt from state income tax, to the extent consistent with the preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Intermediate Government Bond Fund (the "fund"), Class Y shares, returned 1.43% for the fiscal year ended September 30, 2005 (Class A shares returned 1.40% without taking the sales charge into account). By comparison, the fund's benchmark, the Lehman Intermediate Treasury Bond Index*, returned 1.00% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation has been basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

While the Fed's measured approach to tightening monetary policy helped foster stability in the bond market, it had little effect on long-term rates, which remained low as short-term rates inched higher. As a result, the flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made bonds with maturities of 10 years or longer more attractive than their shorter-term counterparts.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

The fund's strategic positioning to take advantage of the flattening yield curve was the main contributor to performance: as the yield spread between the two-year and 10-year Treasury bonds collapsed throughout the fiscal year, the fund benefited from an overweight in longer maturities (mainly 10-year and, to a lesser extent, 10- to 15-year Treasuries). An overweight to agency bonds, which are not included in the fund's benchmark index, was another significant contributor to performance. On average, 50% of the portfolio was composed of agency bonds, which provided good returns. We adjusted the fund's duration tactically as rates moved up or down within the market range throughout the fiscal year.

What strategic moves were made by the fund and why?

During most of the fiscal year, the fund maintained an overweight in longer-maturity bonds in order to take advantage of the flattening yield curve. As yield curve spreads compressed, we reduced out overweight in long-maturity bonds, looking for further curve flattening to come more slowly. In line with this more defensive position, we also reduced the fund's overweight to agency bonds, particularly ones with longer maturities. We continue to approach the fund's duration tactically, remaining neutral relative to the index.

*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Portfolio Allocation as of September 30, 2005¹(% of net assets)

U.S. Government Agency	97.9	%
Other Assets and Liabilities, Net	2.1
	100	%

Credit Quality Distribution as of September 30, 2005²(% of market value)

AAA/Aaa 100.0 %

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

FIRST AMERICAN FUNDS Annual Report 2005

11

Intermediate Government Bond fundcontinued

Annual Performance¹as of September 30, 2005

				Since Inception
	1 year			10/25/2002
Average annual return with sales charge (POP)
Class A		(0.85	)%		1.22	%
Average annual return without sales charge (NAV)
Class A		1.40	%		2.01	%
Class Y		1.43	%		2.11	%
Lehman Intermediate Treasury Bond Index2		1.00	%		2.34	%

Value of $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/25/2002 to 9/30/2005) as compared to the Lehman Intermediate Treasury Bond Index.²

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the fund's maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A Shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of public obligations of the U.S. Treasury with a remaining maturity between one and 10 years.

FIRST AMERICAN FUNDS Annual Report 2005

12

Intermediate Government Bond fundcontinued

Expense Example

As a shareholder of the Intermediate Government Bond Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,016.30	$	3.77
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78
Class Y Actual2	$	1,000.00	$	1,017.10	$	3.02
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 1.63% for Class A and 1.71% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

13

Intermediate Term Bond fund

Investment Objective: current income to the extent consistent with preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Intermediate Term Bond Fund (the "fund"), Class Y shares, returned 1.85% for the fiscal year ended September 30, 2005 (Class A shares returned 1.69% without taking the sales charge into account). By comparison, the fund's benchmark, the Lehman Intermediate Government/Credit Bond Index*, returned 1.50% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

The Fed's measured approach to tightening monetary policy helped foster stability in the bond market, keeping long-term rates anchored while short-term rates moved higher. As a result, the yield curve flattened. Given strong corporate profits, corporate bonds enjoyed continued strong performance, though increasingly there have been indications that the credit cycle has passed its peak.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

The fund's strategic positioning to take advantage of the flattening yield curve was the main contributor to performance: as the yield spread between the two-year and 10-year Treasury bonds collapsed throughout the fiscal year, the fund benefited from an overweight in longer maturities (mainly 10-year and, to a lesser extent, 10- to 15-year Treasuries). In general, our duration was neutral or short relative to the index – a fairly defensive position we assumed in view of the rising short-term interest rates. The fund's investments in nonindex securities (mainly structured products like mortgage-backed, commercial mortgage-backed, and asset-backed securities) paid off, as these sectors performed well for most of the reporting period. Our overweight in BBB-rated securities brought strong gains early in the fiscal period, but their performance declined later on, especially following the downgrades of Ford and General Motors bonds to junk status, which caused BBB-rated issues to underperform.

What strategic moves were made by the fund and why?

We moved to a sizeable underweight in corporate bonds because, while corporate earnings growth remains strong, the reward for credit risk is not compelling, especially in an environment increasingly characterized by shareholder friendly activity on the part of issuers (leveraged buyouts, share buybacks, etc.). The fund maintained an overweight in structured securities, principally asset-backed and commercial mortgage-backed. As we monitor the effects of rising interest rates, we continue to approach the fund's duration tactically, remaining modestly defensive relative to the index.

*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Portfolio Allocation as of September 30, 2005¹(% of net assets)

U.S. Treasury	30.1	%
Asset-Backed	21.4
Mortgage-Backed	20.8
Corporate Bond	14.8
U.S. Government Agency	11.8
Cash Equivalents	0.4
Other Assets and Liabilities, Net	0.7
	100	%

Credit Quality Distribution as of September 30, 2005²(% of market value)

AAA/Aaa	82.6	%
AA/Aa	2.0
A/A	4.1
BBB/Baa	11.3
	100	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

FIRST AMERICAN FUNDS Annual Report 2005

14

Intermediate Term Bond fundcontinued

Annual Performance¹as of September 30, 2005

	1 year			5 years			10 years
Average annual return with sales charge (POP)
Class A		(0.64	)%		4.85	%		5.31	%
Average annual return without sales charge (NAV)
Class A		1.69	%		5.33	%		5.54	%
Class Y		1.85	%		5.47	%		5.76	%
Lehman Intermediate Government/Credit Bond Index2		1.50	%		6.16	%		6.12	%

Value of $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 10/31/1995 to 9/30/2005) as compared to the Lehman Intermediate Government/Credit Bond Index.²

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the fund's maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares for the relevant period. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

²  An unmanaged index of Treasury Securities, other securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, and investment-grade corporate debt securities. In each case with maturities of one to 10 years.

FIRST AMERICAN FUNDS Annual Report 2005

15

Intermediate Term Bond fundcontinued

Expense Example

As a shareholder of the Intermediate Term Bond Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,016.20	$	3.79
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class Y Actual2	$	1,000.00	$	1,017.10	$	3.03
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 1.62% for Class A and 1.71% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

16

Short Term Bond fund

Investment Objective: current income while maintaining a high degree of principal stability

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Short Term Bond Fund (the "fund") Class Y shares returned 1.23% for the fiscal year ended September 30, 2005 (Class A shares returned 1.08% without taking the sales charge into account). By comparison, the fund's benchmark, the Lehman 1-3 Year Government/Credit Bond Index*, returned 1.19% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

While the Fed's measured approach to tightening monetary policy helped foster stability in the bond market, it had little effect on long-term rates, which remained low as short-term rates inched higher. As a result, the flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made bonds with longer maturities more attractive, helping five-year issues outperform their two-year counterparts.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

With its emphasis on short-term securities, fund's strategy is defensive, seeking to minimize risk to income from rate changes over the long term. Therefore, in an environment characterized by rising short-term rates, which adversely affect short-term bond yields, returns tend to be modest, as they indeed were during this fiscal year. The fund's positive performance came from a combination of sector weighting, duration strategy, and yield-curve positioning. The fund focused on generating income by overweighting sectors not included in its benchmark index; in this space, an overweight to asset-backed securities proved beneficial, as they performed very well during the fiscal year. An overweight to short-term mortgage products also added value. In terms of duration, we were defensively positioned (80% to 90% of the benchmark), which added to performance. An underweight in short-term Treasury bonds helped the fund benefit from the flattening yield curve, as the fund held a combination short reset-floating-rate securities and three- to five-year securities as a substitute. An overweight to BBB-rated corporate bonds held back performance during the spring months, when Ford and General Motors bonds were downgraded to junk status; but, in the context of the entire fiscal year, this period of underperformance had a negligible effect.

What strategic moves were made by the fund and why?

Because of the increase in shareholder friendly activity (mergers and acquisitions, leveraged buyouts, stock buybacks) in the corporate sector, we trimmed the fund's overweight position in BBB-rated corporate bonds, moving instead to asset-backed securities and to mortgage-backed securities. Generally, we have been reducing lower-quality risk and ensuring that the fund is well diversified by keeping allocations to individual names small. While we believe the Fed will continue to raise short-term rates, the tightening cycle is, in our view, nearing the end; accordingly, we have moved the fund's duration from short to neutral.

*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Portfolio Allocation as of September 30, 2005¹(% of net assets)

Asset-Backed	33.5	%
Mortgage-Backed	28.2
Corporate Bond	21.0
U.S. Treasury	11.1
U.S. Government Agency	4.9
Cash Equivalents	1.1
Other Assets and Liabilities, Net	0.2
	100	%

Credit Quality Distribution as of September 30, 2005²(% of market value)

AAA/Aaa	71.8	%
AA/Aa	3.7
A/A	8.8
BBB/Baa	15.7
	100	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

FIRST AMERICAN FUNDS Annual Report 2005

17

Short Term Bond fundcontinued

Annual Performance¹as of September 30, 2005

	1 year			5 years			10 years
Average annual return with sales charge (POP)
Class A		(1.17	)%		3.39	%		4.51	%
Average annual return without sales charge (NAV)
Class A		1.08	%		3.86	%		4.75	%
Class Y		1.23	%		4.02	%		4.84	%
Lehman 1-3 Year Government/Credit Index2		1.19	%		4.55	%		5.25	%

Value of $10,000 Investment¹as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 9/30/1995 to 9/30/2005) as compared to the Lehman 1-3 Year Government/Credit Index.²

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the fund's maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 2.25% for Class A shares for the relevant period. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

²  An unmanaged index of one-to-three-year Treasury securities, other securities issued or guaranteed by the U.S. Government or its agencies or Instrumentalities, and investment-grade corporate debt securities.

FIRST AMERICAN FUNDS Annual Report 2005

18

Short Term Bond fundcontinued

Expense Example

As a shareholder of the Short Term Bond Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,013.30	$	3.79
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80
Class Y Actual2	$	1,000.00	$	1,013.10	$	3.03
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 1.33% for Class A and 1.31% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

19

Total Return Bond fund

Investment Objective: high current income consistent with prudent risk to capital

Change of fund name, strategy and index:

In May 2005, the fund changed its name from the First American Corporate Bond Fund to the First American Total Return Bond Fund (the "fund"). The new name reflects the key change in the fund's investment strategy: to expand risk-adjusted return opportunities, the fund now provides tactical allocation to nontraditional fixed-income sectors. These allocations, which can constitute up to 30% of the portfolio, include high yield (below-investment-grade corporate bonds with none rated lower than CCC), nondollar denominated bonds, and emerging market bonds (dollar-denominated bonds issued by governments and corporations in emerging markets such as Latin America, Asia, and Eastern Europe). At least 70% of the portfolio is composed of actively managed mortgage-backed, corporate, asset-backed, and U.S. Government securities. The benchmark for the fund was changed to the Lehman Aggregate Bond Index.

How did the fund perform for the fiscal year ended September 30, 2005?

The First American Total Return Fund, Class Y shares, returned 3.83% for the fiscal year ended September 30, 2005 (Class A shares returned 3.57% without taking the sales charge into account). By comparison, the fund's benchmark, the Lehman Aggregate Bond Index*, returned 2.80% for the same period. The fund's benchmark prior to its investment strategy changes, the Lehman U.S. Credit A/Baa Index*, returned 2.85% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal period. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

While the Fed's measured approach to tightening monetary policy helped foster stability in the bond market, it had little effect on long-term rates, which remained low as short-term rates inched higher. As a result, the flattening yield curve (i.e., a greater rise in short-term than in long-term rates) made bonds with maturities of 10 years or longer more attractive than their shorter-term counterparts. Given strong corporate profits, both investment-grade and high-yield credit enjoyed continued strong performance, though increasingly there have been indications that the credit cycle has passed its peak.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

The fund's strategic positioning to benefit from the flattening yield curve was a positive contributor to performance, as were the fund's positions in all three of its noncore sectors during the latter part of the period: emerging markets, high yield, and nondollar denominated bonds. Emerging markets enjoyed a particularly strong year, boosted both by fundamental improvements (notably improved public finances and improving credit ratings) and by the economic cycle, with growing demand for commodities and continued global growth making for positive trade flow and exports. An overweight in high-yield corporate bonds proved beneficial, as these issues enjoyed strong performance. The fund's positioning in asset-backed and mortgage-backed sectors, as well as issue selection within corporate bonds and mortgage-backed securities also added value.

What strategic moves were made by the fund and why?

With high-yield corporate bonds and, to a lesser extent, emerging market bonds becoming more expensive later in the second half of the fiscal year, we reduced their weights in the portfolio. This was primarily driven by less attractive valuations and, in the case of corporate bonds, increased risk to bondholders from the issuers' shareholder friendly activities (mergers and acquisitions, leveraged buyouts, share buybacks, etc.). In keeping with this more defensive position, we increased our holdings in U.S. Treasuries and high-quality mortgage-backed securities. We continue to view foreign bond markets as attractive relative to the United States, and although we expect some strength in the U.S. dollar in the near term, our longer-term outlook for the dollar is marginally negative.

*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Portfolio Allocation as of September 30, 2005¹(% of net assets)

Mortgage-Backed	37.7	%
U.S. Treasury	19.2
Asset-Backed	19.0
Corporate Bond	18.2
Cash Equivalents	4.8
U.S. Government Agency	1.7
Other Assets and Liabilities, Net	(0.6	)
	100	%

Credit Quality Distribution as of September 30, 2005²(% of market value)

AAA/Aaa	80.1	%
AA/Aa	1.0
A/A	5.3
BBB/Baa	9.2
BB/Ba	3.5
B/B	0.9
	100	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

FIRST AMERICAN FUNDS Annual Report 2005

20

Total Return Bond fundcontinued

Annual Performance¹as of September 30, 2005

							Since Inception
	1 year			5 years			2/1/2000			9/24/2001
Average annual return with sales charge (POP)
Class A		(0.79	)%		5.69	%		5.96	%		-
Class B		(2.16	)%		5.47	%		5.82	%		-
Class C		1.72	%		5.80	%		5.93	%		-
Average annual return without sales charge (NAV)
Class A		3.57	%		6.62	%		6.77	%		-
Class B		2.81	%		5.79	%		5.95	%		-
Class C		2.71	%		5.80	%		5.93	%		-
Class R		3.40	%		-			-			5.69	%
Class Y		3.83	%		6.86	%		7.01	%		-
Lehman U.S. Credit A/Baa Bond Index2		2.85	%		7.82	%		7.96	%		6.66	%
Lehman Aggregate Bond Index3		2.80	%		6.62	%		7.18	%		5.24	%

Value of $10,000 Investment^1,4as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares (from 2/01/2000 to 9/30/2005) as compared to the Lehman U.S. Credit A/Baa Bond Index² and the Lehman Aggregate Bond Index.³

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.

¹Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were in effect. In the absence of such fee waivers, total returns would be reduced. Index performance is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

A significant portion of the Fund's portfolio may consist of lower-rated debt obligations, which are commonly called "high-yield" securities or "junk bonds." High-yield securities generally have more volatile prices and carry more risk to principal than investment-grade securities. The Fund may also invest in foreign securities. International investing involves risks not typically associated with domestic investing including risks of adverse currency fluctuations, potential political and economic instability, different accounting standards, limited liquidity, and volatile prices. Performance reflects voluntary fee waivers in effect. In the absence of such fee waivers, total returns would be reduced.

Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the fund's maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

²An unmanaged index comprised of fixed-rate, dollar-denominated U.S. corporate securities with at least one year to final maturity. Securities must be rated Baa or A based on the lower of Moody's and Standard & Poor's ratings, and must have a minimum issue size of $250 million. Rule 144A securities with registration rights are included in the index.

³  An unmanaged index comprised of the Lehman Government/Credit Bond Index, the Lehman Mortgage Backed Securities Index, and the Lehman Asset Backed Securities Index. The Lehman Government/Credit Bond Index is comprised of Treasury securities, other securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, including U.S. agency mortgage securities, and investment-grade corporate debt securities. The Lehman Mortgage Backed Securities Index is comprised of the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. The Lehman Asset Backed Securities Index is comprised of debt securities rated investment grade or higher that are backed by credit card, auto, and home equity loans. Previously, the fund used the Lehman U.S. Credit A/Baa Bond Index as a benchmark. Going forward, the fund will use the Lehman Aggregate Bond Index as a comparison, because its composition better matches the fund's investment strategies.

⁴Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

21

Total Return Bond fundcontinued

Expense Example

As a shareholder of the Total Return Bond Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,024.30	$	5.07
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06
Class B Actual2	$	1,000.00	$	1,019.50	$	8.86
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.29	$	8.85
Class C Actual2	$	1,000.00	$	1,019.50	$	8.86
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.29	$	8.85
Class R Actual2	$	1,000.00	$	1,022.60	$	6.34
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33
Class Y Actual2	$	1,000.00	$	1,024.60	$	3.81
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 1.00%, 1.75%, 1.75%, 1.25% and 0.75% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 2.43% for Class A, 1.95% for Class B, 1.95% for Class C, 2.26% for Class R, and 2.46% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

22

U.S. Government Mortgage fund

Investment Objective: high current income to the extent consistent with the preservation of capital

How did the fund perform for the fiscal year ended September 30, 2005?

The First American U.S. Government Mortgage Fund (the "fund"), Class Y shares returned 2.75% for the fiscal year ended September 30, 2005 (Class A shares returned 2.59% without taking the sales charge into account). By comparison, the fund's benchmark, the Lehman Mortgage-Backed Securities Index*, returned 3.29% for the same period.

What were the general economic and market conditions during the fiscal year?

Economic growth moderated but nevertheless continued at a solid pace over the course of the fiscal year. Solid economic growth, in turn, improved labor market conditions. While core inflation remained basically stable at a relatively low level, overall inflation rose with the continuing climb of energy prices during the past year. The combination of solid growth, lower unemployment, and the potential for higher energy prices to be reflected by broader inflation measures has kept the Fed incrementally raising the Fed Funds Rate at each Federal Open Market Committee meeting since June 2004.

While the Fed's measured approach to tightening monetary policy helped foster stability in the bond market, it had little effect on long-term rates, which remained low as short-term rates inched higher. The low, long-term rates boosted the housing market, which, along with the low-volatility environment promoted by the Fed's measured tightening, created a favorable market climate for mortgage-backed securities.

Underlying economic conditions remain generally favorable for the financial markets, although risks have risen with energy prices and the widespread disruption to activity from Hurricanes Katrina and Rita.

How did market conditions and investment strategies affect the fund's performance?

Mortgages performed reasonably well in the final quarter of 2004 and the first quarter of 2005, but their performance flagged thereafter, so in aggregate the returns were positive but unspectacular during the fiscal year. Rising interest rates, the flatter yield curve, and a lack of sufficient sponsorship from traditional mortgage investors like banks or government-sponsored enterprises all contributed to the somewhat lackluster sector performance. An overweight in the fund's nonagency mortgage position also added value, as these securities outperformed agency issues. 

What strategic moves were made by the fund and why?

In view of the rising rates and slowing growth in the housing market, the fund has been making a transition to a more defensive posture, with emphasis on higher-quality mortgage-backed securities. Motivated by concern about extension risk (i.e., a lengthening in a security's duration due to the deceleration of prepayments), we have been focusing on higher-coupon issues and underweighting discount securities, which pose the greatest extension risk. To bolster stability, we have increased our position in seasoned paper (mortgages that have been outstanding for three to four years). We have also been acquiring higher-quality, nonagency securities in order to minimize potential risk. While we believe the Fed will continue to raise short-term rates, the tightening cycle is, in our view, nearing the end; accordingly, we have moved the fund's duration from short to neutral.

*Unlike mutual funds, index returns do not reflect any expenses, transaction costs, or cash flow effects.

Portfolio Allocation as of September 30, 2005¹(% of net assets)

Mortgage-Backed	112.4	%
Asset-Backed	0.5
Cash Equivalent	3.1
Other Assets and Liabilities, Net	(16.0	)
	100	%

Credit Quality Distribution as of September 30, 2005²(% of market value)

AAA/Aaa	97.4	%
AA/Aa	2.4
A/A	0.2
	100	%

¹Portfolio allocations are subject to change and are not recommendations to buy or sell any security.

²In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

FIRST AMERICAN FUNDS Annual Report 2005

23

U.S. Government Mortgage fundcontinued

Annual Performance¹as of September 30, 2005

										Since Inception
	1 year			5 years			10 years			9/24/2001
Average annual return with sales charge (POP)
Class A		(1.81	)%		4.35	%		4.69	%		-
Class B		(3.18	)%		3.87	%		4.37	%		-
Class C		0.83	%		-			-			2.90	%
Average annual return without sales charge (NAV)
Class A		2.59	%		5.25	%		5.15	%		-
Class B		1.72	%		4.38	%		4.37	%		-
Class C		1.82	%		-			-			2.90	%
Class R		2.18	%		5.08	%		5.06	%		-
Class Y		2.75	%		5.41	%		5.39	%		-
Lehman Mortgage-Backed Securites Index2		3.29	%		6.12	%		6.46	%		4.72	%

Value of $10,000 Investment^1,3as of September 30, 2005

The chart above illustrates the total value of an assumed $10,000 investment in the fund's Class A and Class Y shares from (11/30/1995 to 9/30/2005) as compared to the Lehman Mortgage-Backed Securities Index.²

The performance data quoted on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be obtained by calling 800.677.FUND.

¹  Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Investment performance reflects fee waivers that are or were in effect. In the absence of such fee waivers, total returns would be reduced. Index is for illustrative purposes only and does not reflect any expenses, transaction costs, or cash flow effects. Direct investment in the index is not available.

Total returns at net asset value ("NAV") reflect performance over the time period indicated without including the fund's maximum sales charge and assume reinvestment of all distributions at NAV.

Total returns at public offering price ("POP") reflect performance over the time period indicated including maximum sales charges of 4.25% for Class A shares and the maximum contingent deferred sales charge ("CDSC") for Class B and Class C shares for the relevant period. Maximum CDSC is 5.00% for Class B shares, decreasing annually to 0% in the seventh year following purchase, and 1.00% for Class C shares. Total returns assume reinvestment of all distributions at NAV.

On September 24, 2001, the U.S. Government Mortgage Fund became the successor by merger to the Firstar U.S. Government Securities Fund, a series of Firstar Funds, Inc. Prior to the merger, the First American fund had no assets or liabilities. Performance presented prior to September 24, 2001, represents that of the Firstar U.S. Government Securities Fund. The Firstar U.S. Government Securities Fund was organized on November 27, 2000, and, prior to that, was a separate series of Mercantile Mutual Funds, Inc.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

²  An unmanaged index comprised of the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae, and Freddie Mac. It is formed by grouping the universe of more than 600,000 individual fixed-rate MBS pools into approximately 3,500 generic aggregates. The aggregates included are priced daily using a matrix pricing routine based on trade price quotations by agency, program, coupon, and degree of seasoning.

³  Performance for Class B, Class C, and Class R shares is not presented. Performance for these classes will vary due to different expense structures.

FIRST AMERICAN FUNDS Annual Report 2005

24

U.S. Government Mortgage fundcontinued

Expense Example

As a shareholder of the U.S. Government Mortgage Fund (the "fund"), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including 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 April 1, 2005, to September 30, 2005.

Actual Expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table for each class is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense Examples

	Beginning Account Value (4/01/05)		Ending Account Value (9/30/05)		Expenses Paid During Period1 (4/01/05 to 9/30/05)
Class A Actual2	$	1,000.00	$	1,016.90	$	4.80
Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81
Class B Actual2	$	1,000.00	$	1,012.10	$	8.57
Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.55	$	8.59
Class C Actual2	$	1,000.00	$	1,013.10	$	8.58
Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.55	$	8.59
Class R Actual2	$	1,000.00	$	1,014.70	$	6.06
Class R Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07
Class Y Actual2	$	1,000.00	$	1,018.20	$	3.54
Class Y Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55

¹Expenses are equal to the fund's annualized expense ratio for the most recent six-month period of 0.95%, 1.70%, 1.70%, 1.20% and 0.70% for Class A, Class B, Class C, Class R and Class Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²Based on the actual returns for the six months ended September 30, 2005: 1.69% for Class A, 1.21% for Class B, 1.31% for Class C, 1.47% for Class R, and 1.82% for Class Y.

FIRST AMERICAN FUNDS Annual Report 2005

25

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors
First American Investment Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Core Bond, High Income Bond, Inflation Protected Securities, Intermediate Government Bond, Intermediate Term Bond, Short Term Bond, Total Return Bond, and U.S. Government Mortgage Funds (series of First American Investment Funds, Inc.) (the "funds") as of September 30, 2005, and the related statements of operations for the year then ended and changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein, except as noted below. These financial statements and the financial highlights are the responsibility of the funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of the Intermediate Term Bond and U.S. Government Mortgage Funds for the periods presented through October 31, 2000, were audited by other auditors whose report dated December 29, 2000 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the funds' internal control of financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2005, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights audited by us as referred to above present fairly, in all material respects, the financial position of the funds listed above of First American Investment Funds, Inc. at September 30, 2005, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the periods indicated herein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota
November 18, 2005

FIRST AMERICAN FUNDS Annual Report 2005

26

Schedule of Investments September 30, 2005

Core Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government Agency Mortgage-Backed Securities – 31.7%
Adjustable Rate (a) – 4.5%
FHLMC 4.917%, 05/01/25 #846757	$	418	$	428
4.743%, 04/01/29 #847190 (b)		3,606		3,690
4.997%, 03/01/30 #847180 (b)		4,791		4,918
4.833%, 07/01/30 #847240 (b)		5,012		5,130
4.728%, 06/01/31 #846984 (b)		2,345		2,375
FNMA Pool 4.835%, 08/01/30 #555843 (b)		11,577		11,875
4.921%, 03/01/31 #545359		1,711		1,747
4.700%, 09/01/33 #725553 (b)		4,070		4,149
5.289%, 11/01/34 #735054 (b)		14,052		14,095
5.000%, 05/01/35 #357883		20,464		20,054
5.500%, 08/01/35 #255814 (b)		18,664		18,664
				87,125
Fixed Rate – 27.2%
FHLMC Gold Pool 4.000%, 10/01/10 #M80855		13,545		13,349
4.500%, 03/01/18 #P10023		3,273		3,257
4.500%, 05/01/18 #P10032		6,992		6,950
5.000%, 05/01/18 #E96700		12,793		12,767
6.500%, 01/01/28 #G00876		1,829		1,887
6.500%, 11/01/28 #G00676		3,355		3,456
6.500%, 12/01/28 #C00689		2,365		2,437
6.500%, 04/01/29 #C00742		1,430		1,472
6.500%, 07/01/31 #A17212		7,583		7,808
6.000%, 11/01/33 #A15521		5,538		5,634
FNMA Pool 7.750%, 06/01/08 #001464		9		9
3.790%, 07/01/13 #386314 (b)		25,782		24,290
5.500%, 02/01/14 #440780 (b)		3,660		3,719
7.000%, 02/01/15 #535206		964		1,006
7.000%, 08/01/16 #591038 (b)		2,318		2,420
5.500%, 12/01/17 #673010		6,524		6,623
5.000%, 06/01/18 #555545 (b)		9,345		9,329
5.000%, 11/01/18 #750989		22,481		22,443
4.500%, 01/01/19 #755666 (b)		5,208		5,104
5.000%, 11/01/19 #725934		4,420		4,410
4.500%, 06/01/20 #828929 (b)		6,591		6,453
6.000%, 10/01/22 #254513 (b)		6,180		6,318
5.500%, 10/01/24 #255456 (b)		15,322		15,409
5.500%, 01/01/25 #255575 (b)		13,192		13,262
5.500%, 02/01/25 #255628 (b)		17,928		18,023
7.000%, 04/01/26 #340798		669		701
7.000%, 05/01/26 #250551		700		734
6.500%, 02/01/29 #252255		2,837		2,924
6.500%, 12/01/31 #254169 (b)		9,050		9,318
7.000%, 07/01/32 #254379 (b)		4,476		4,684
7.000%, 07/01/32 #545813 (b)		1,962		2,053
7.000%, 07/01/32 #545815 (b)		1,255		1,314
6.000%, 09/01/32 #254447 (b)		6,864		6,986
6.000%, 03/01/33 #688330		10,451		10,636
5.500%, 04/01/33 #694605 (b)		12,282		12,293
6.500%, 05/01/33 #555798		9,362		9,639
5.500%, 07/01/33 #709446 (b)		15,293		15,298
5.500%, 07/01/33 #728667		5,889		5,891
5.500%, 08/01/33 #733380 (b)		14,067		14,072
5.000%, 10/01/33 #741897 (b)		30,169		29,566
6.000%, 11/01/33 #772130		1,024		1,041
6.000%, 11/01/33 #772256		1,610		1,638
5.500%, 12/01/33 #756202 (b)		10,011		10,015

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
6.000%, 12/01/33 #756200	$	6,178	$	6,281
5.000%, 03/01/34 #725205 (b)		9,490		9,301
5.000%, 03/01/34 #725248 (b)		4,731		4,637
5.000%, 03/01/34 #725250 (b)		8,416		8,248
5.500%, 04/01/34 #725424 (b)		13,080		13,084
5.000%, 05/01/34 #725456		15,100		14,788
5.500%, 05/01/34 #357571 (b)		16,045		16,046
5.000%, 06/01/34 #782909		6,784		6,644
6.500%, 06/01/34 #735273 (b)		14,549		14,975
5.500%, 10/01/34 #255411		2,924		2,924
6.000%, 10/01/34 #781776		2,851		2,899
6.500%, 10/01/34 #803797 (b)		9,172		9,441
4.500%, 03/01/35 #819357		13,790		13,162
FNMA TBA (c) 5.500%, 10/01/34		19,020		19,008
6.000%, 10/13/35		28,155		28,613
GNMA Pool 3.750%, 08/20/23 #008259 (a)		3		3
7.500%, 11/15/30 #537699 (b)		947		1,003
6.000%, 11/15/33 #612374 (b)		11,395		11,670
				519,365
Total U.S. Government Agency Mortgage-Backed Securities (Cost $613,218)				606,490
U.S. Government & Agency Securities – 24.0%
U.S. Agency Debentures – 4.9%
FHLB 4.430%, 04/07/08, Callable 04/07/06 @ 100 (b)		37,210		37,006
FHLMC 4.375%, 03/01/10, Callable 03/01/06 @ 100 (b)		19,000		18,725
FNMA 4.750%, 08/25/08, Callable 08/25/06 @ 100 (b)		18,990		18,995
6.125%, 03/15/12 (b)		9,200		9,972
5.250%, 08/01/12 (b)		9,065		9,223
				93,921
U.S. Treasuries – 19.1%
U.S. Inflation Index Bonds (TIPS) 1.625%, 01/15/15 (b) (d)		19,594		19,361
2.375%, 01/15/25 (b) (d)		17,666		18,903
U.S. Treasury Bonds 9.000%, 11/15/18 (b)		12,440		17,916
8.750%, 08/15/20 (b)		6,300		9,117
6.250%, 08/15/23 (b)		33,500		40,054
7.625%, 02/15/25 (b)		6,055		8,359
5.500%, 08/15/28 (b)		15,000		16,856
5.250%, 11/15/28		14,170		15,445
5.250%, 02/15/29 (b)		35,155		38,325
5.375%, 02/15/31 (b)		22,655		25,377
U.S. Treasury Notes 1.625%, 02/28/06 (b)		11,890		11,782
1.500%, 03/31/06		11,795		11,656
4.125%, 08/15/08 (b)		9,145		9,131
4.125%, 08/15/10 (b)		16,325		16,246
3.875%, 09/15/10		14,500		14,294
4.250%, 08/15/15 (b)		93,235		92,652
				365,474
Total U.S. Government & Agency Securities (Cost $456,608)				459,395

FIRST AMERICAN FUNDS Annual Report 2005

27

Schedule of Investments September 30, 2005

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Asset-Backed Securities – 16.7%
Automotive – 0.9%
Ford Credit Auto Owner Trust Series 2005-B, Class A3 4.170%, 01/15/09	$	9,825	$	9,789
Nissan Auto Receivables Owner Trust Series 2005-B, Class A2 3.750%, 09/15/07		6,765		6,743
				16,532
Commercial – 7.6%
Bank of America Commercial Mortgage Series 2004-5, Class A3 4.561%, 11/10/41		14,830		14,622
Bank of America - First Union NB Commercial Mortgages Series 2001-3, Class A1 4.890%, 04/11/37		5,973		5,970
Commercial Mortgage Series 2004-CNL, Class A1 3.988%, 09/15/14 (a) (e)		11,740		11,737
Series 2005-LP5, Class A2 4.630%, 05/10/43		14,180		14,076
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 6.538%, 06/15/31		8,005		8,232
Global Signal Trust Series 2004-2A, Class A 4.232%, 12/15/14 (e)		11,480		11,173
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1 3.896%, 08/10/38		10,169		9,995
Greenwich Capital Commercial Funding Series 2003-C1, Class A2 3.285%, 07/05/35		14,170		13,532
LB-UBS Commercial Mortgage Trust Series 2003-C3, Class A2 3.086%, 05/15/27		19,520		18,730
Morgan Stanley Capital Investments Series 1999-FNV1, Class A1 6.120%, 03/15/31		3,816		3,871
Nomura Asset Securities Series 1998-D6, Class A1B 6.590%, 03/15/30		12,400		12,914
Wachovia Bank Commercial Mortgage Trust Series 2005-C19, Class A5 4.661%, 05/15/44		21,080		20,941
				145,793
Credit Card – 4.1%
American Express Credit Account Series 2004-4, Class C 4.238%, 03/15/12 (a) (e)		4,500		4,509
Chase Issuance Trust Series 2005-A9, Class A9 3.816%, 11/15/11 (a)		31,335		31,396
MBNA Credit Card Master Note Trust Series 2001-A1, Class A1 5.750%, 10/15/08		9,124		9,206
Series 2003-C6, Class C6 4.948%, 12/15/10 (a)		4,800		4,893
Series 2005-A1, Class A1 4.200%, 09/15/10		14,285		14,184

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Providian Gateway Master Trust Series 2004-DA, Class A 3.350%, 09/15/11 (e)	$	15,310	$	14,934
				79,122
Equipment Leases – 1.2%
Caterpillar Financial Asset Trust Series 2005-A, Class A2 3.660%, 12/26/07		10,545		10,510
CNH Equipment Trust Series 2003-B, Class A3B 2.470%, 01/15/08		11,536		11,437
				21,947
Home Equity – 1.3%
Amresco Residential Security Mortgage Series 1997-3, Class A9 6.960%, 03/25/27		1,020		982
Contimortgage Home Equity Loan Trust Series 1997-3, Class A8 7.580%, 08/15/28		951		950
Countrywide Asset-Backed Certificates Series 2003-BC1, Class A1 4.230%, 03/25/33 (a) (f)		1,593		1,633
Series 2003-SC1, Class M2 5.330%, 09/25/23 (a) (f)		5,000		5,020
First Franklin Mortgage Loan Series 2004-FFB, Class A3 4.264%, 06/25/24		4,265		4,239
Residential Asset Securities 2004-KS3, Class A2B2 4.040%, 04/25/34 (a) (f)		8,308		8,324
Saxon Asset Securities Trust Series 2004-1, Class A 4.100%, 03/25/35 (a) (f)		3,842		3,855
				25,003
Other – 1.6%
GRP/AG Real Estate Asset Trust Series 2004-1, Class A 3.960%, 03/25/09 (e) (f)		261		257
Series 2004-2, Class A 4.210%, 07/25/34 (e) (f)		1,854		1,821
Series 2005-1, Class A 4.850%, 01/25/35 (e) (f)		4,982		4,955
Small Business Administration Series 2005-P10B, Class 1 4.940%, 08/10/15		10,965		11,052
William Street Funding Series 2004-4, Class A 4.320%, 09/23/10 (a) (e)		6,390		6,394
Series 2005-1, Class A 3.920%, 01/23/11 (a) (e)		5,870		5,857
				30,336
Total Asset-Backed Securities (Cost $322,149)				318,733
CMO – Private Mortgage-Backed Securities – 12.8%
Adjustable Rate (a) – 5.5%
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21 4.765%, 01/25/36		12,947		12,874
Granite Mortgages Series 2003-1, Class 1C 5.070%, 01/20/43 (f)		7,000		7,145

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

28

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
MLCC Mortgage Investors Series 2003-G, Class A3 4.963%, 01/25/29	$	8,775	$	8,984
Series 2003-H, Class A3A 5.057%, 01/25/29		2,555		2,606
Series 2004-B, Class A3 5.203%, 05/25/29		7,467		7,628
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A 6.274%, 11/25/34		10,814		10,959
Sequoia Mortgage Trust Series 2004-4, Class X1 0.800%, 05/20/34 (h)		206,346		760
Series 2004-5, Class A1 4.734%, 06/20/34		8,911		9,112
Series 2004-7, Class A2 4.847%, 08/20/34		7,504		7,596
Structured Mortgage Loan Trust Series 2004-11, Class A 5.352%, 08/25/34		4,318		4,404
Thornburg Mortgage Securities Trust Series 2005-2, Class A1 4.050%, 07/25/45		10,728		10,714
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1 4.839%, 02/25/33		6,691		6,703
Series 2004-N, Class A3 4.108%, 08/25/34		16,045		15,875
				105,360
Fixed Rate – 7.3%
Bank of America Mortgage Securities Series 2003-6, Class 1A30 4.750%, 08/25/33		7,350		7,239
Series 2004-G, Class 2A3 4.232%, 08/25/34		12,370		12,248
Citicorp Mortgage Securities Series 2005-4, Class 1A6 5.500%, 07/25/35		13,732		13,651
Countrywide Alternative Loan Trust Series 2004-2CB, Class 1A1 4.250%, 03/25/34		8,056		7,978
Series 2004-24CB, Class 1A1 6.000%, 11/25/34		8,526		8,593
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7 6.500%, 01/25/35		10,263		10,488
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1 5.500%, 08/25/19		8,658		8,759
Master Alternative Loans Trust Series 2005-2, Class 1A3 6.500%, 03/25/35		6,436		6,592
Master Asset Securitization Trust Series 2003-6, Class 3A1 5.000%, 07/25/18		10,908		10,779
Residential Asset Mortgage Products Series 2003-SL1, Class M1 7.320%, 04/25/31		8,726		9,013
Series 2004-SL4, Class A3 6.500%, 07/25/32		5,285		5,398
Residential Asset Securitization Trust Series 2002-A12, Class 1A1 5.200%, 11/25/32		1,405		1,391

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Washington Mutual Series 2003-S10, Class A2 5.000%, 10/25/18	$	11,980	$	11,877
Series 2004-S3, Class 3A3 6.000%, 07/25/34		7,000		7,122
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1 4.750%, 12/25/18		10,764		10,590
Series 2004-EE, Class B1 3.988%, 01/25/35		8,670		8,340
Westam Mortgage Financial Series 11, Class A 6.360%, 08/26/20		98		98
				140,156
Total CMO – Private Mortgage-Backed Securities (Cost $249,637)				245,516
Corporate Bonds – 8.9%
Banking – 0.5%
Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100 5.506%, 12/31/49 (e) (f)		4,345		4,127
First National Bank of Chicago 8.080%, 01/05/18		1,442		1,693
JP Morgan Chase XVII 5.850%, 08/01/35		4,300		4,188
				10,008
Basic Industry – 0.5%
Celulosa Arauco Constitucion 5.625%, 04/20/15 (e)		3,000		2,975
Falconbridge 7.350%, 06/05/12		5,135		5,665
				8,640
Brokerage – 0.3%
Merrill Lynch, Series B 5.360%, 02/01/07		6,355		6,424
Capital Goods – 0.2%
Hutchison Whampoa International 7.450%, 11/24/33 (b) (e)		3,900		4,493
Communications – 1.7%
America Movil S A De C V 6.375%, 03/01/35		2,980		2,891
AT&T Broadband 8.375%, 03/15/13		6,165		7,294
British Telecommunications PLC 8.875%, 12/15/30		2,145		2,909
Clear Channel Communications 5.500%, 09/15/14 (b)		6,875		6,622
News America Holdings 7.700%, 10/30/25		4,015		4,654
Time Warner Entertainment 8.375%, 07/15/33		4,200		5,258
Verizon Wireless 5.375%, 12/15/06		3,300		3,329
				32,957
Consumer Cyclical – 1.3%
Centex 5.450%, 08/15/12		6,990		6,949
DaimlerChrysler 4.875%, 06/15/10 (b)		3,735		3,664
6.500%, 11/15/13 (b)		3,450		3,648

FIRST AMERICAN FUNDS Annual Report 2005

29

Schedule of Investments September 30, 2005

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Duty Free International 7.000%, 10/01/05 (g) (i) (j)	$	2,256	$	90
Ford Motor Credit 7.000%, 10/01/13 (b)		2,130		1,971
Harrah's 5.625%, 06/01/15 (e)		5,670		5,585
5.750%, 10/01/17 (e)		3,345		3,280
				25,187
Consumer NonCyclical – 0.8%
Albertson's 7.500%, 02/15/11		4,595		4,531
Kraft Foods 4.625%, 11/01/06		9,850		9,856
				14,387
Electric – 1.2%
Exelon 4.900%, 06/15/15 (b)		8,200		7,729
MidAmerican Energy Holdings 5.875%, 10/01/12 (b)		8,845		9,307
TXU Energy 7.000%, 03/15/13 (b)		5,170		5,613
				22,649
Energy – 0.9%
Gazprom International 7.201%, 02/01/20 (e)		5,170		5,647
Nexen 5.875%, 03/10/35		4,140		4,058
Petro-Canada 5.350%, 07/15/33		3,310		3,033
Tengizcheveroil Finance 6.124%, 11/15/14 (e)		4,655		4,734
				17,472
Finance Companies – 0.3%
American General 5.875%, 07/14/06 (b)		6,105		6,172
Natural Gas – 0.2%
Duke Energy Field Services 7.875%, 08/16/10		4,200		4,716
Sovereigns – 0.8%
United Mexican States 5.875%, 01/15/14 (b)		14,100		14,601
Technology – 0.1%
Chartered Semiconductor 6.375%, 08/03/15		1,715		1,675
Transportation – 0.0%
Northwest Airlines Series 1997-1, Class 1C 7.039%, 01/02/06 (g) (j)		55		5
Total Corporate Bonds (Cost $172,856)				169,386
CMO – U.S. Government Agency Mortgage-Backed Securities – 4.1%
Fixed Rate – 4.0%
FHLMC REMIC Series 6, Class C 9.050%, 06/15/19		45		46

Core Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Series 162, Class F 7.000%, 05/15/21	$	193	$	193
Series 188, Class H 7.000%, 09/15/21		389		388
Series 1022, Class J 6.000%, 12/15/20		56		56
Series 1723, Class PJ 7.000%, 02/15/24		1,197		1,200
Series 1790, Class A 7.000%, 04/15/22		158		162
Series 1998-M1, Class A2 6.250%, 01/25/08		3,208		3,262
Series 2763, Class TA 4.000%, 03/15/11		11,973		11,701
Series 2910, Class BE 4.500%, 12/15/19		10,702		10,233
Series 2981, Class BC 4.500%, 05/15/20		5,000		4,772
Series 2987, Class KE 5.000%, 12/15/34		12,850		12,771
Series T-60, Class 1A4B 5.343%, 03/25/44		10,716		10,732
FNMA REMIC Series 1988-24, Class G 7.000%, 10/25/18		91		94
Series 1989-44, Class H
9.000%, 07/25/19		82		87
Series 1989-90, Class E 8.700%, 12/25/19		14		15
Series 1990-30, Class E 6.500%, 03/25/20		50		51
Series 1990-61, Class H 7.000%, 06/25/20		55		57
Series 1990-72, Class B 9.000%, 07/25/20		47		51
Series 1990-102, Class J 6.500%, 08/25/20		60		62
Series 1990-105, Class J 6.500%, 09/25/20		624		640
Series 1991-56, Class M 6.750%, 06/25/21		248		255
Series 1992-120, Class C 6.500%, 07/25/22		93		95
Series 2005-44, Class PC 5.000%, 11/25/27		18,520		18,494
				75,417
Z-Bonds (k) – 0.1%
FHLMC REMIC Series 1118, Class Z 8.250%, 07/15/21		90		90
FNMA REMIC Series 1991-134, Class Z 7.000%, 10/25/21		415		429
Series 1996-35, Class Z 7.000%, 07/25/26		1,838		1,871
				2,390
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $79,155)				77,807

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

30

Core Bond Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Short-Term Investments – 2.9%
Affiliated Money Market Fund – 2.9%
First American Prime Obligations Fund, Class Z (l)		54,924,545	$	54,925
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill 3.387%, 11/10/05 (m)	$	315		315
Total Short-Term Investments (Cost $55,240)				55,420
Investments Purchased with Proceeds from Securities Lending (n) – 44.2%
(Cost $844,992)				844,992
Total Investments – 145.3% (Cost $2,793,855)				2,777,559
Other Assets and Liabilities, Net – (45.3)%				(865,939	)
Total Net Assets – 100.0%			$	1,911,620

(a)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

(b)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a value of $831,476,342 at September 30, 2005. See note 2 in Notes to Financial Statements.

(c)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $47,703,854 or 2.5% of total net assets. See note 2 in Notes to Financial Statements.

(d)  U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(e)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $92,481,044 or 4.8% of total net assets. See note 2 to Notes to Financial Statements.

(f)  Delayed Interest (Step Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(g)  Security considered illiquid. As of September 30, 2005, the value of this investment was $95,215 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(h)  Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupoon rate in effect as of September 30, 2005.

(i)  Security is fair valued. As of September 30, 2005, the fair value of this investment was $90,227 or 0.0% of net assets. See note 2 in Notes to Financial Statements.

(j)  Security in default at September 30, 2005.

(k)  Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows.

(l)  Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Core Bond Fund (concluded)

(m)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

(n)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

CMO – Collateralized Mortgage Obligation

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

PLC – Public Limited Company

REIMC – Real Estate Mortgage Investment Conduit

TBA – To Be Announced

TIPS – Treasury Inflation Protected Securities

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Notional  Contract Value (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 2 year Futures		174		$	35,825		December 05	$	(272	)
U.S. Treasury 5 year Futures		(213	)		(22,761	)	December 05		175
U.S. Treasury 10 year Futures		42			4,617		December 05		(22	)
U.S. Treasury Long Bond Futures		108			12,356		December 05		(101	)
Euro Dollar 90 Day Futures		(243	)		(231,944	)	March 06		322
								$	102

Credit Default Swap Agreements

Counterparty

Reference Entity

Buy/Sell Protection

Pay/ Receive Fixed Rate

Expiration Date

Notional Amount (000)

Unrealized (Depreciation) (000)

Citigroup

Dow Jones CDX IG Hvol5 Index

Buy

0.85

%

12/20/10

$

20,000

$

(49

)

FIRST AMERICAN FUNDS Annual Report 2005

31

Schedule of Investments September 30, 2005

High Income Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
High Yield Corporate Bonds – 91.4%
Banking – 0.2%
Chevy Chase Bank, Callable 12/01/08 @ 103.44 6.875%, 12/01/13	$	500	$	517
Basic Industry – 11.6%
Abitibi-Consolidated 8.550%, 08/01/10 (a) (b)		1,750		1,781
Allegheny Technologies 8.375%, 12/15/11		1,550		1,666
Caraustar Industries, Callable 04/01/06 @ 105.25 9.875%, 04/01/11		1,000		1,001
Chaparral Steel, Callable 07/15/09 @ 105 10.000%, 07/15/13 (c)		1,000		1,055
Equistar Chemicals, Callable 05/01/07 @ 105.31 10.625%, 05/01/11		2,000		2,180
Freeport-McMoran Copper & Gold 5.500%, 12/31/49		298		329
Callable 02/01/09 @ 103.44 6.875%, 02/01/14		1,000		985
Geon 7.500%, 12/15/15		1,000		910
Georgia-Pacific 8.875%, 05/15/31		1,975		2,350
Gerdau Ameristeel, Callable 07/15/07 @ 105.38 10.375%, 07/15/11 (a)		1,000		1,110
Huntsman ICI Chemicals, Callable 07/15/08 @ 105.75 11.500%, 07/15/12		1,320		1,505
IMC Global, Series B 10.875%, 06/01/08		1,000		1,122
International Wire Group, Callable 10/15/07 @ 105.38 10.000%, 10/15/11		546		541
Invista, Callable 05/01/08 @ 104.63 9.250%, 05/01/12 (a) (c)		1,000		1,090
James River Coal, Callable 06/01/09 @ 104.69 9.375%, 06/01/12		1,000		1,070
Mercer International, Callable 02/15/09 @ 104.63 9.250%, 02/15/13 (a)		1,000		850
Neenah Paper, Callable 11/15/09 @ 103.69 7.375%, 11/15/14		1,000		962
Newark Group, Callable 03/15/09 @ 104.88 9.750%, 03/15/14		800		712
Norske Skog Canada, Series D, Callable 06/15/06 @ 104.31 8.625%, 06/15/11 (a)		700		707
OM Group, Callable 12/15/06 @ 104.63 9.250%, 12/15/11		1,000		1,020
Polyone, Callable 05/15/07 @ 105.31 10.625%, 05/15/10		500		516

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Resolution Performance, Callable 11/15/05 @ 106.75 13.500%, 11/15/10	$	1,000	$	1,062
Rhodia 10.250%, 06/01/10 (a) (b)		1,000		1,066
Southern Peru Copper 6.375%, 07/27/15 (a) (c)		1,000		996
Stone Container, Callable 07/01/07 @ 104.19 8.375%, 07/01/12 (b)		2,000		1,910
Tembec Industries 8.500%, 02/01/11 (a)		570		373
Witco 6.875%, 02/01/26		1,500		1,537
				30,406
Brokerage – 0.7%
E*Trade Financial, Callable 06/15/08 @ 104 8.000%, 06/15/11		750		774
Lazard 7.125%, 05/15/15 (c)		1,250		1,234
				2,008
Capital Goods – 7.1%
Allied Waste North America, Callable 04/15/08 @ 103.94 7.875%, 04/15/13		1,000		1,026
Callable 02/15/09 @ 103.06 6.125%, 02/15/14 (b)		1,000		927
Callable 03/15/10 @ 103.63 7.250%, 03/15/15 (b) (c)		1,000		985
Bombardier 6.750%, 05/01/12 (a) (b) (c)		1,000		937
Case New Holland, Callable 08/01/07 @ 104.62 9.250%, 08/01/11		1,000		1,057
Chart Industries, Callable 10/15/10 @ 104.56 9.125%, 10/15/15 (c)		1,200		1,219
Compression Polymers, Callable 07/01/09 @ 105.25 10.500%, 07/01/13 (c)		1,000		927
Crown Cork & Seal 7.375%, 12/15/26		1,000		950
Crown European Holdings, Callable 03/01/07 @ 104.75 9.500%, 03/01/11 (a)		1,000		1,096
Graham Packaging, Callable 10/15/09 @ 104.94 9.875%, 10/15/14 (b)		1,000		960
Graphic Packaging International, Callable 08/15/08 @ 104.75 9.500%, 08/15/13 (b)		1,000		933
Greif Brothers, Callable 08/01/07 @ 104.44 8.875%, 08/01/12		700		745
L-3 Communications, Callable 01/15/10 @ 102.94 5.875%, 01/15/15		2,000		1,930
Nortek, Callable 09/01/09 @ 104.25 8.500%, 09/01/14		500		462

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

32

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Owens-Brockway Glass Container, Callable 02/15/06 @ 104.44 8.875%, 02/15/09	$	1,000	$	1,052
Owens-Illinois 8.100%, 05/15/07 (b)		1,000		1,026
Sequa 9.000%, 08/01/09		1,000		1,062
Terex, Callable 01/15/09 @ 103.69 7.375%, 01/15/14		500		507
United Rentals of North America, Callable 02/15/08 @ 103.25 6.500%, 02/15/12		1,000		962
				18,763
Communications – 16.9%
Alamosa Delaware, Callable 07/31/07 @ 105.50 11.000%, 07/31/10		650		733
AT&T 9.050%, 11/15/11 (d)		1,947		2,194
CCH, Callable 10/01/10 @ 105.50 11.000%, 10/01/15 (c)		1,000		975
CCO Holdings, Callable 12/15/06 @ 102 7.995%, 12/15/10 (b) (e)		1,000		990
Centennial Communications, Callable 06/15/08 @ 105.06 10.125%, 06/15/13		500		559
Charter Communications Holdings 8.000%, 04/30/12 (b) (c)		2,000		2,010
Callable 09/15/08 @ 105.12 10.250%, 09/15/10 (b)		1,000		1,027
Citizens Communications 9.250%, 05/15/11		1,000		1,100
CSC Holdings 7.875%, 02/15/18		500		476
Series B 7.625%, 04/01/11		1,000		985
Dex Media West, Callable 08/15/08 @ 104.94 9.875%, 08/15/13		500		552
DirecTV Holdings, Callable 03/15/08 @ 104.19 8.375%, 03/15/13		298		326
Callable 06/15/10 @ 103.19 6.375%, 06/15/15 (b) (c)		1,000		985
Dobson Cellular Systems, Callable 11/01/08 @ 104.94 9.875%, 11/01/12		1,000		1,097
Echostar 6.625%, 10/01/14 (b)		2,000		1,985
Horizon PCS, Callable 07/15/08 @ 105.69 11.375%, 07/15/12		900		1,035
Houghton Mifflin, Callable 02/01/08 @ 104.94 9.875%, 02/01/13 (b)		1,000		1,061
Callable 10/15/08 @ 105.75 0.000%, 10/15/13 (f)		1,000		755
Iesy Repository, Callable 02/15/10 @ 105.19 10.375%, 02/15/15 (a) (b) (c)		500		529

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Insight Midwest, Callable 11/01/05 @ 105.25 10.500%, 11/01/10	$	500	$	525
Intelsat Bermuda, Callable until 7/14/06 @ 102 8.695%, 01/15/12 (a) (c) (e)		1,000		1,020
Liberty Media, Callable until 02/15/30 @ 100 3.750%, 02/15/30 (g)		1,000		558
MCI, Callable until 04/30/06 @ 102.45 5.908%, 05/01/07 (f)		1,000		1,009
Callable 05/01/09 @ 103.37 8.735%, 05/01/14 (f)		1,500		1,678
Nextel Communications, Callable 08/01/08 @ 103.69 7.375%, 08/01/15		500		536
Nextel Partners, Callable 07/01/07 @ 104.06 8.125%, 07/01/11		1,000		1,080
Panamsat, Callable 08/15/09 @ 104.50 9.000%, 08/15/14		649		686
Paxson Communications, Callable 01/15/06 @ 106.12 0.000%, 01/15/09 (f)		500		485
Primedia, Callable 05/15/06 @ 104.44 8.875%, 05/15/11		800		836
Qwest 8.875%, 03/15/12		2,000		2,180
Callable until 06/14/06 @ 102.69 7.500%, 06/15/23		1,000		910
Qwest Capital Funding 7.000%, 08/03/09 (b)		1,000		980
Qwest Services, Callable 12/15/05 @ 106.50 13.500%, 12/15/10		2,000		2,292
R. H. Donnelley Finance, Callable 12/15/07 @ 105.44 10.875%, 12/15/12 (c)		1,000		1,122
Rogers Cable 6.250%, 06/15/13 (a)		1,500		1,462
Rogers Wireless 6.375%, 03/01/14 (a)		1,000		1,010
7.500%, 03/15/15 (a)		1,000		1,077
Shaw Communications 8.250%, 04/11/10 (a)		1,000		1,082
Sinclair Broadcast Group, Callable 03/15/07 @ 104 8.000%, 03/15/12		1,000		1,030
Sirius Satellite Radio, Callable 09/01/09 @ 104.81 9.625%, 08/01/13 (b) (c)		1,000		960
Time Warner Telecommunications Holdings, Callable 02/15/09 @ 104.62 9.250%, 02/15/14		1,500		1,522
Triton PCS, Callable 02/01/06 @ 104.69 9.375%, 02/01/11 (b)		1,000		825
				44,239

FIRST AMERICAN FUNDS Annual Report 2005

33

Schedule of Investments September 30, 2005

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Consumer Cyclical – 17.2%
AMC Entertainment, Callable 03/01/09 @ 104 8.000%, 03/01/14 (b)	$	1,000	$	880
Arvinmeritor 8.750%, 03/01/12 (b)		500		492
Asbury Automotive Group, Callable 06/15/07 @ 104.50 9.000%, 06/15/12		1,000		1,012
Beazer Homes USA, Callable 04/15/07 @ 104.19 8.375%, 04/15/12		1,000		1,050
Buffets, Callable 07/15/06 @ 105.63 11.250%, 07/15/10		500		506
D. R. Horton 5.000%, 01/15/09		500		496
Delphi 6.500%, 08/15/13 (b) (h)		500		335
Dominos, Series B, Callable 07/01/07 @ 104.13 8.250%, 07/01/11		547		574
Felcor Lodging (REIT) 8.500%, 06/01/11		500		544
Ford Motor 7.450%, 07/16/31 (b)		3,000		2,340
General Motors Acceptance 5.625%, 05/15/09 (b)		2,000		1,837
6.750%, 12/01/14 (b)		1,000		873
8.000%, 11/01/31		1,000		875
Glenoit, Callable 11/14/05 @ 100 11.000%, 04/15/07 (i) (j) (k) (l)		100		-
Goodyear Tire & Rubber 7.857%, 08/15/11 (b)		1,000		975
GSC Holdings, Callable 10/01/09 @ 104 8.000%, 10/01/12 (b) (c)		1,000		995
Host Marriott, (REIT) Callable 11/01/08 @ 103.56 7.125%, 11/01/13 (b)		1,000		1,025
IMAX, Callable 12/01/07 @ 104.81 9.625%, 12/01/10 (a)		1,000		1,070
Inn of the Mountain Gods Resort, Callable 11/15/07 @ 106 12.000%, 11/15/10 (b)		1,000		1,133
Isle of Capri Casinos, Callable 03/01/09 @ 103.50 7.000%, 03/01/14		1,000		959
J.C. Penney 7.950%, 04/01/17		1,000		1,145
Jean Coutu Group, Callable 08/01/09 @ 104.25 8.500%, 08/01/14 (a) (b)		1,000		995
KB Home 5.750%, 02/01/14		1,000		953
Landrys Restaurants, Callable 12/15/09 @ 103.75 7.500%, 12/15/14		1,000		950
Levi Strauss & Co., Callable 01/15/08 @ 104.88 9.750%, 01/15/15		1,000		1,018

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
M/I Homes 6.875%, 04/01/12	$	1,000	$	930
Meristar Hospitality 9.125%, 01/15/11		1,000		1,065
MGM Mirage 8.375%, 02/01/11 (b)		2,000		2,150
Mohegan Tribal Gaming, Callable 02/15/10 @ 103.44 6.875%, 02/15/15		750		761
Neiman Marcus Group, Callable 10/15/10 @ 105.19 10.375%, 10/15/15 (c)		1,700		1,692
Oxford Industries, Callable 06/01/07 @ 104.44 8.875%, 06/01/11		500		520
Park Place Entertainment 7.875%, 03/15/10		1,000		1,088
Penn National Gaming, Callable 03/15/06 @ 104.44 8.875%, 03/15/10		1,000		1,055
Royal Caribbean Cruises 8.000%, 05/15/10 (a)		1,000		1,086
Russell, Callable 05/01/06 @ 104.63 9.250%, 05/01/10		500		509
Service Corporation International 7.700%, 04/15/09		1,000		1,050
Six Flags, Callable 04/15/08 @ 104.88 9.750%, 04/15/13 (b)		1,000		988
Spectrum Brands, Callable 02/01/10 @ 103.69 7.375%, 02/01/15 (b)		1,000		895
Stanley-Martin, Callable 08/15/10 @ 104.88 9.750%, 08/15/15 (c)		750		735
Standard Pacific 7.000%, 08/15/15		250		241
Station Casinos, Callable 03/01/09 @ 102.58 6.875%, 03/01/16 (c)		500		508
Tenneco Automotive, Callable 11/15/09 @ 104.31 8.625%, 11/15/14 (b)		1,000		1,008
Toys R Us 7.375%, 10/15/18		1,000		810
Trump Entertainment Resorts, Callable 06/01/10 @ 104.25 8.500%, 06/01/15		1,000		968
Visteon 7.000%, 03/10/14		500		434
Warnaco, Callable 06/15/08 @ 104.44 8.875%, 06/15/13		500		543
Warner Music Group 7.375%, 04/15/14		1,000		1,006
WCI Communities, Callable 05/01/07 @ 104.56 9.125%, 05/01/12		1,000		1,035
Wynn Las Vegas, Callable 12/01/09 @ 103.31 6.625%, 12/01/14		1,000		953
				45,062

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

34

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Consumer NonCyclical – 7.2%
Amerisourcebergen 5.875%, 09/15/15 (c)	$	1,000	$	993
Del Monte, Callable 12/15/07 @ 104.31 8.625%, 12/15/12		1,000		1,075
Delhaize America 9.000%, 04/15/31 (b)		1,000		1,169
Dole Foods, Callable 03/15/07 @ 104.44 8.875%, 03/15/11		356		368
Fisher Scientific International, Callable 08/15/09 @ 103.38 6.750%, 08/15/14		500		523
HCA 5.750%, 03/15/14		1,000		958
HCA Columbia Healthcare 8.750%, 09/01/10		2,000		2,215
Healthsouth 7.625%, 06/01/12		1,000		933
Iasis Healthcare Capital, Callable 06/15/09 @ 104.38 8.750%, 06/15/14		1,000		1,040
R.J. Reynolds Tobacco 6.500%, 07/15/10 (c)		1,000		998
Revlon Consumer Products, Callable 04/01/08 @ 104.75 9.500%, 04/01/11		1,000		940
Roundy's, Callable 06/15/07 @ 104.44 8.875%, 06/15/12		1,000		1,050
Sealy Mattress, Callable 06/15/09 @ 104.13 8.250%, 06/15/14		750		746
Stater Brothers Holdings, Callable 06/15/08 @ 104.06 8.125%, 06/15/12 (b)		1,000		988
Swift & Co., Callable 10/01/06 @ 106.25 12.500%, 01/01/10		750		818
Tenet Healthcare 6.500%, 06/01/12 (b)		1,000		935
9.250%, 02/01/15 (c)		1,000		1,013
Triad Hospitals, Callable 11/15/08 @ 103.50 7.000%, 11/15/13		1,000		1,013
U.S. Oncology, Callable 08/15/08 @ 104.50 9.000%, 08/15/12		1,000		1,080
				18,855
Electric – 7.7%
AES Red Oak , Series B 9.200%, 11/30/29		1,000		1,140
Allegheny Energy Supply 8.250%, 04/15/12 (c) (d)		500		561
Aquila 11.875%, 07/01/12 (f)		500		682
Aventine Renewable Energy, Callable 12/15/06 @ 103 9.870%, 12/15/11 (c) (e)		1,000		1,040
Calpine, Callable until 07/14/06 @ 103 9.349%, 07/15/07 (c) (e)		980		784

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Callable until 07/14/07 @ 100 8.750%, 07/15/07	$	500	$	315
Callable 07/15/07 @ 104.25 8.500%, 07/15/10 (c)		1,000		715
Callable 04/01/08 @ 103.5 9.090%, 04/01/10 (e)		1,000		1,010
CMS Energy 8.500%, 04/15/11 (b)		1,185		1,318
Dynegy-Roseton Danskamme, Series B 7.670%, 11/08/16		2,000		1,983
Empresa Nacional de Electricidad 8.350%, 08/01/13 (a)		1,000		1,149
Mission Energy Holdings 13.500%, 07/15/08		1,750		2,054
Reliant Energy, Callable 07/15/08 @ 104.75 9.500%, 07/15/13		750		829
Callable 12/15/09 @ 103.38 6.750%, 12/15/14		500		489
Sierra Pacific Resources, Callable 03/15/09 @ 104.31 8.625%, 03/15/14 (b)		1,500		1,650
Teco Energy 7.200%, 05/01/11		1,000		1,064
TXU Corporation 5.550%, 11/15/14		2,500		2,375
Utilicorp Canada Finance 7.750%, 06/15/11 (a)		1,000		1,050
				20,208
Energy – 5.7%
Bluewater Finance, Callable 02/15/07 @ 105.13 10.250%, 02/15/12 (a)		1,000		1,090
Chesapeake Energy, Callable 08/15/09 @ 103.50 7.000%, 08/15/14		1,000		1,055
Harvest Operations, Callable 10/15/08 @ 103.94 7.875%, 10/15/11 (a)		1,250		1,238
J. Ray McDermott, Callable 12/15/08 @ 105.50 11.000%, 12/15/13 (a) (c)		1,000		1,155
Kerr-McGee 6.950%, 07/01/24		1,250		1,294
Lone Star Technologies, Callable 06/01/06 @ 104.50 9.000%, 06/01/11		1,000		1,063
North American Energy Partners, Callable 12/01/07 @ 104.38 8.750%, 12/01/11 (a) (b)		1,500		1,429
Ocean Rig Norway, Callable 07/01/09 @ 104.19 8.375%, 07/01/13 (a) (c)		500		541
Parker Drilling, Series B, Callable until 11/14/05 @ 105.06 10.125%, 11/15/09		156		163
Petrobras International Financie 7.750%, 09/15/14 (a)		1,500		1,628
Petroleum Geo-Services, Callable 11/05/07 @ 105 10.000%, 11/05/10 (a)		1,000		1,125
Range Resources, Callable 07/15/08 @ 103.69 7.375%, 07/15/13		1,000		1,070

FIRST AMERICAN FUNDS Annual Report 2005

35

Schedule of Investments September 30, 2005

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
United Refining, Callable 08/15/08 @ 105.25 10.500%, 08/15/12	$	1,000	$	1,060
Whiting Petroleum 7.000%, 02/01/14 (c)		1,000		1,014
				14,925
Finance – 0.1%
Finova Group 7.500%, 11/15/09		580		226
Industrial Other – 0.3%
Amsted Industries, Callable 10/15/07 @ 105.13 10.250%, 10/15/11 (c)		800		870
Diamond Brands Operating, Callable until 04/14/06 @ 100 10.125%, 04/15/08 (i) (j) (k) (l)		50		-
				870
Insurance – 1.1%
Fairfax Financial Holdings 7.750%, 04/26/12 (a)		1,000		960
First American Capital Trust I 8.500%, 04/15/12		750		821
Ohio Casualty 7.300%, 06/15/14		1,000		1,076
				2,857
Miscellaneous – 5.5%
Dow Jones Series 3-2 6.375%, 12/29/09 (b) (c)		5,000		4,966
Series 4-T1 8.250%, 06/29/10 (c)		2,970		2,944
Series 4-T2 6.750%, 06/29/10 (c)		4,000		3,933
Series 4-T3 8.000%, 06/29/10 (b) (c)		2,500		2,503
				14,346
Natural Gas – 3.5%
El Paso 6.375%, 02/01/09		1,000		970
7.750%, 01/15/32		1,000		1,010
El Paso Natural Gas, Callable 08/01/07 @ 103.81 7.625%, 08/01/10		1,400		1,460
Suburban Propane Partners, Callable 12/15/08 @ 103.44 6.875%, 12/15/13		1,000		935
Tennessee Gas Pipeline 7.500%, 04/01/17 (b)		1,500		1,614
Williams 6.375%, 10/01/10 (c)		1,000		993
7.750%, 06/15/31 (b)		2,000		2,170
				9,152
Sovereigns – 2.2%
Federal Republic of Brazil 10.250%, 06/17/13 (a)		350		417
Government of Jamaica 10.625%, 06/20/17 (a) (b)		500		555
Republic of Panama 7.250%, 03/15/15 (a)		1,000		1,090

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Republic of Philippines 8.875%, 03/17/15 (a) (b)	$	1,000	$	1,064
9.875%, 01/15/19 (a) (b)		600		670
Republic of Turkey 9.000%, 06/30/11 (a)		500		575
7.375%, 02/05/25 (a)		1,400		1,401
				5,772
Technology – 3.5%
Avnet 9.750%, 02/15/08		1,000		1,103
Freescale Semiconductor, Callable 07/15/08 @ 103.44 6.875%, 07/15/11 (b)		1,000		1,040
Hynix Semiconductor, Callable 07/01/09 @ 105.25 9.875%, 07/01/12 (a) (b) (c)		500		551
Iron Mountain, Callable 04/01/06 @ 104.31 8.625%, 04/01/13		500		525
Lucent Technologies 5.500%, 11/15/08 (b)		1,000		999
Nortel Networks 6.125%, 02/15/06 (a)		1,000		1,003
Sanmina Sci, Callable 03/01/09 @ 103.38 6.750%, 03/01/13 (b)		1,000		947
Sungard Data Systems 4.875%, 01/15/14		500		435
Callable 08/15/09 @ 104.56 9.125%, 08/15/13 (c)		500		516
Callable 08/15/10 @ 105.13 10.250%, 08/15/15 (c)		500		506
Xerox 9.750%, 01/15/09		500		560
7.200%, 04/01/16		1,000		1,075
				9,260
Transportation – 0.9%
Air Jamaica 9.375%, 07/08/15 (a) (c)		500		498
Continental Airlines, Series 2001-1, Class B 7.033%, 12/15/12		668		597
Delta Air Lines 7.900%, 12/15/09 (j)		1,000		183
Delta Air Lines, Series 2000-1, Class B 7.920%, 11/18/10 (j)		1,000		690
Progress Rail Services, Callable 04/01/08 @ 107.75 7.750%, 04/01/12 (c)		500		509
				2,477
Total High Yield Corporate Bonds (Cost $237,450)				239,943
Asset-Backed Securities – 2.6%
Commercial – 2.6%
GMAC Commercial Mortgage Securities Series 2003-C3, Class A2 4.223%, 04/10/40		7,000		6,895
Manufactured Housing – 0.0%
Green Tree Financial Series 1998-1, Class A1 6.040%, 11/01/29 (i)		12		12
Total Asset-Backed Securities (Cost $7,049)				6,907

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

36

High Income Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Corporate Bonds – 2.4%
Basic Industry – 0.8%
Glencore Funding 6.000%, 04/15/14 (c)	$	1,000	$	922
Vale Overseas 8.250%, 01/17/34		1,000		1,130
				2,052
Consumer Cyclical – 0.7%
Ford Motor Credit 5.800%, 01/12/09 (b)		1,000		935
7.000%, 10/01/13 (b)		1,000		925
				1,860
Energy – 0.5%
Tengizcheveroil Finance 6.124%, 11/15/14 (c)		1,250		1,271
Transportation – 0.4%
American Airlines, Series 1999-1, Class A2 7.024%, 04/15/11		1,000		1,013
Total Corporate Bonds (Cost $6,327)				6,196
Preferred Stocks – 0.9%
United States – 0.9%
Alamosa Holdings, Series B, Callable 11/10/06 @ 312.50		1,000		1,275
iStar Financial, Series G, Callable 12/19/08 @ 25 (REIT)		20,000		501
Nebco Evans Holdings (PIK) (i) (j) (k) (l)		300		-
Pegasus Communications Fractional Shares (i) (k)		15,109		-
Rural Cellular, Series B, Callable 11/14/05 @ 1,028.44 (PIK)		500		623
Total Preferred Stocks (Cost $1,754)				2,399
Common Stocks – 0.1%
Bermuda – 0.0%
Viatel Holdings (i) (k) (l)		338		-
Canada – 0.0%
Manitoba Telecom Services		40		1
United States – 0.1%
NII Holdings, Class B (l)		1,869		158
Total Common Stocks (Cost $147)				159
Warrant – 0.0%
United States – 0.0%
Sterling Chemical Holdings, Expires 08/15/09 (Cost $3) (i) (j) (k) (l)		100		-

High Income Bond Fund (continued)

DESCRIPTION	SHARES/PAR (000)		VALUE (000)
Short-Term Investments – 1.4%
Affiliated Money Market Fund – 1.4%
First American Prime Obligations Fund, Class Z (m)		3,642,445	$	3,642
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill 3.375%, 11/10/05 (n)	$	40		40
Total Short-Term Investments (Cost $3,682)				3,682
Investments Purchased with Proceeds from Securities Lending (o) – 22.2% (Cost $58,210)				58,210
Total Investments – 121.0% (Cost $314,622)				317,496
Other Assets and Liabilities, Net – (21.0)%				(55,144	)
Total Net Assets – 100.0%			$	262,352

(a)  Represents a foreign high yield (non-investment grade) bond. On September 30, 2005, the value of these investments was $38,525,330, which represents 14.7% of total net assets.

(b)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a value of $56,870,706 at September 30, 2005. See note 2 in Notes to Financial Statements.

(c)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $49,768,694 or 19.0% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security for which the coupon rate of interest will adjust based on ratings by Standard & Poor's and Moody's Investor Service. The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(e)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

(f)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(g)  Security is convertible into shares of Sprint PCS common stock.

(h)  Security defaulted subsequent to September 30, 2005.

(i)  Security considered illiquid. As of September 30, 2005, the value of these investments was $12,458 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(j)  Security in bankruptcy at September 30, 2005.

(k)  Security is fair valued. As of September 30, 2005, the fair value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

(l)  Non-income producing security.

(m)  Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(n)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

(o)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

PIK – Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

REIT – Real Estate Investment Trust

FIRST AMERICAN FUNDS Annual Report 2005

37

Schedule of Investments September 30, 2005

High Income Bond Fund (concluded)

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Notional  Contract  Value (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 5 year Futures		(34	)	$	(3,633	)	December 05	$	29
U.S. Treasury 10 year Futures		(85	)		(9,343	)	December 05		165
U.S. Treasury Long Bond Futures		46			5,263		December 05		(122	)
								$	72

Credit Default Swap Agreements

Counterparty	Reference Entity	Buy/Sell Protection	Pay/ Receive Fixed Rate			Expiration Date	Notional Amount (000)		Unrealized Appreciation (000)
Citigroup	Dow Jones CDX NA HY4 Index	Sell		3.60	%	6/20/10	$	4,950	$	71
J.P. Morgan	Dow Jones CDX NA HY4 Index	Sell		3.60		6/20/10		1,980		19
									$	90

Inflation Protected Securities Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government & Agency Securities – 94.4%
U.S. Agency Debentures – 4.9%
BECCS Callable 05/15/06 @ 100,  0.000%, 05/15/11 (a)	$	1,000	$	977
FHLMC Callable 08/22/06 @ 100, 4.500%, 08/22/07		2,500		2,497
Callable 11/05/07 @ 100, 5.250%, 11/05/12 (b)		5,120		5,106
FNMA Callable 03/24/06 @ 100, 4.200%, 03/24/08 (b)		5,000		4,955
				13,535
U.S. Treasuries – 89.5%
U.S. Treasury Bonds 8.125%, 08/15/21		1,500		2,092
2.375%, 01/15/25 (c)		29,228		31,274
7.625%, 02/15/25 (b)		1,900		2,623
3.625%, 04/15/28 (b) (c)		21,260		27,827
3.875%, 04/15/29 (c)		16,371		22,407
U.S. Treasury Notes
3.375%, 01/15/07 (c)		13,009		13,452
3.625%, 01/15/08 (c)		18,442		19,523
3.875%, 01/15/09 (b) (c)		16,201		17,576
4.250%, 01/15/10 (b) (c)		13,877		15,522
0.875%, 04/15/10 (c)		12,891		12,563
3.500%, 01/15/11 (c)		3,732		4,111
3.000%, 07/15/12 (b) (c)		9,236		10,051
1.875%, 07/15/13 (b) (c)		5,585		5,659
2.000%, 01/15/14 (b) (c)		8,987		9,176
2.000%, 07/15/14 (c)		17,957		18,344
1.625%, 01/15/15 (b) (c)		29,032		28,688
4.125%, 05/15/15 (b)		1,250		1,228
1.875%, 07/15/15 (b) (c)		6,027		6,081
				248,197
Total U.S. Government & Agency Securities (Cost $263,045)				261,732
Asset-Backed Securities – 2.1%
Commercial – 1.9%
Deutsche Mortgage and Asset Recieving Series 1998-C1, Class A2 6.538%, 06/15/31		393		404
GMAC Commercial Mortgage Securities Series 2003-C3, Class A2 4.223%, 04/10/40		2,000		1,970
Greenwich Capital Commercial Funding Series 2005-GG3, Class A2 4.305%, 08/10/42		2,000		1,968
GS Mortgage Securities II Series 2003-C1, Class A2A 3.590%, 01/10/40		500		487
Nomura Asset Securities Series 1998-D6, Class A1B 6.590%, 03/15/30		500		521
				5,350
Other – 0.2%
GRP/AG Real Estate Asset Trust Series 2004-1, Class A 3.960%, 03/25/09 (a) (d)		63		62
Series 2005-1, Class A 4.850%, 01/25/35 (d)		616		613
				675
Total Asset-Backed Securities (Cost $6,141)				6,025

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

38

Inflation Protected Securities Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Corporate Bonds – 1.1%
Miscellaneous – 0.9%
Dow Jones, Series 3-1 8.250%, 06/29/10 (d)	$	2,475	$	2,453
Sovereigns – 0.2%
Republic of Turkey 9.000%, 06/30/11		500		575
Total Corporate Bonds (Cost $2,982)				3,028
CMO – U.S. Government Agency Mortgage-Backed Securities – 0.5%
Fixed Rate – 0.5%
FHLMC Gold Pool 4.000%, 10/01/10, #M80855		869		857
FHLMC REMIC Series 2763, Class TA 4.000%, 03/15/11		417		408
Total CMO – U.S. Government Agency Mortgage-Backed Securities  (Cost $1,287)				1,265
Short-Term Investments – 0.8%
Affiliated Money Market Fund – 0.7%
First American Prime Obligations Fund, Class Z (e)		1,989,860		1,990
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill 2.520%, 11/10/05 (f)	$	250		249
Total Short-Term Investments (Cost $2,239)				2,239
Investments Purchased with Proceeds from Securities Lending (g) – 43.8% (Cost $121,305)				121,305
Total Investments – 142.7% (Cost $396,999)				395,594
Other Assets and Liabilities, Net – (42.7)%				(118,409	)
Total Net Assets – 100.0%			$	277,185

(a)  Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(b)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a value of $119,460,086 at September 30, 2005. See note 2 in Notes to Financial Statements.

(c)  U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(d)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $3,128,122 or 1.1% of total net assets. See note 2 in Notes to Financial Statements.

(e)  Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

Inflation Protected Securities Fund (concluded)

(f)  Security has been deposited as inital margin on open futures contracts. Yield shown is the effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

(g)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

BECCS – Bearer Corporate Conversion System

CMO – Collateralized Mortgage Obligation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

REMIC – Real Estate Mortgage Investment Conduit

Schedule of Open Futures Contract

Description	Number of Contracts Purchased/ (Sold)			Notional  Contract Value (000)			Settlement Month	Unrealized (Depreciation) (000)
Euro Dollar 90 Day Futures		(33	)	$	(31,500	)	March 06	$	43
Euro FX Futures		(14	)		(2,110	)	December 05		(1	)
Japanese Yen FX Futures		40			4,439		December 05		(89	)
U.S. Treasury Long Bond Futures		5			572		December 05		(17	)
								$	(64	)

Credit Default Swap Agreement

Counterparty	Reference Entity	Buy/Sell Protection	Pay/ Receive Fixed Rate			Expiration Date		Notional Amount (000)		Unrealized Appreciation (000)
Citigroup	Dow Jones CDX EM 3 Index	Sell		2.10	%		6/20/10	$	2,000	$	90

FIRST AMERICAN FUNDS Annual Report 2005

39

Schedule of Investments September 30, 2005

Intermediate Government Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government & Agency Securities – 97.9%
U.S. Agency Debentures – 61.3%
FFCB 2.375%, 10/02/06	$	3,750	$	3,679
1.875%, 01/16/07		1,895		1,837
3.250%, 06/15/07		2,865		2,812
2.625%, 09/17/07		3,750		3,627
3.000%, 12/17/07		1,805		1,752
4.125%, 07/17/09		1,100		1,086
5.750%, 01/18/11		1,800		1,900
FHLB
2.125%, 05/15/06		600		593
3.000%, 05/15/06		1,900		1,887
2.875%, 05/22/06		2,550		2,530
5.250%, 08/15/06		3,000		3,026
2.875%, 02/15/07		3,100		3,039
Callable 04/07/06 @ 100, 4.430%, 04/07/08		2,000		1,989
Callable 05/16/06 @ 100, 4.250%, 05/16/08		1,600		1,585
Callable 06/13/06 @ 100, 4.100%, 06/13/08		1,590		1,570
TVA
5.375%, 11/13/08		2,455		2,521
5.625%, 01/18/11		3,450		3,621
6.790%, 05/23/12		3,175		3,568
4.375%, 06/15/15		1,150		1,126
				43,748
U.S. Treasuries – 36.6%
U.S. Inflation Index Bond 1.625%, 01/15/15 (a)		1,448		1,431
U.S. Treasury Bond (STRIPS) 0.000%, 11/15/11 (b)		1,670		1,598
U.S. Treasury Bonds 12.750%, 11/15/10		2,335		2,359
13.250%, 05/15/14		2,400		3,122
11.750%, 11/15/14		2,575		3,300
9.250%, 02/15/16		600		839
7.250%, 05/15/16		1,275		1,577
9.125%, 05/15/18		1,250		1,802
9.000%, 11/15/18		510		734
8.125%, 08/15/19		1,075		1,468
8.750%, 05/15/20		1,350		1,948
U.S. Treasury Notes
3.875%, 05/15/10		2,715		2,675
3.625%, 06/15/10		1,925		1,876
3.875%, 07/15/10		1,100		1,083
4.000%, 02/15/15		265		258
				26,070
Total U.S. Government & Agency Securities (Cost $71,110)				69,818
Total Investments – 97.9% (Cost $71,110)				69,818
Other Assets and Liabilities, Net – 2.1%				1,501
Total Net Assets – 100.0%			$	71,319

(a)  U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(b)  Principal only – Represents securities that entitle holders to receive only principal payments on the underlying mortgages. The yield to maturity of a principal only is sensitive to the rate of principal payments on the underlying mortgage assets. A slow (rapid) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The zero coupon rate represents the lack of interest as part of payments received.

Intermediate Government Bond Fund (concluded)

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

TVA – Tennesse Valley Authority

STRIPS – Separate Trading of Registered Interest and Principal of Securities

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

40

Intermediate Term Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government & Agency Securities – 41.9%
U.S. Agency Debentures – 11.8%
FHLB Callable 04/07/06 @ 100,   4.430%, 04/07/08 (a)	$	24,000	$	23,868
FHLMC Callable 06/23/06 @ 100, 4.250%, 06/23/08 (a)		11,800		11,689
Callable 08/04/06 @ 100, 4.500%, 08/04/08 (a)		11,420		11,362
Callable 03/01/06 @ 100, 4.375%, 03/01/10 (a)		12,260		12,083
FNMA
Callable 11/22/05 @ 100, 3.000%, 11/22/06 (a)		23,845		23,484
Callable 08/25/06 @ 100, 4.750%, 08/25/08 (a)		11,345		11,348
Callable 11/17/05 @ 100, 3.875%, 11/17/08		13,000		12,765
7.250%, 01/15/10 (a)		11,170		12,346
6.125%, 03/15/12 (a)		7,020		7,609
5.250%, 08/01/12 (a)		5,990		6,094
				132,648
U.S. Treasuries – 30.1%
U.S. Treasury Bonds
9.250%, 02/15/16 (a)		8,725		12,204
7.250%, 05/15/16 (a)		10,200		12,616
9.125%, 05/15/18 (a)		8,685		12,524
9.000%, 11/15/18 (a)		8,620		12,414
8.750%, 05/15/20 (a)		18,000		25,979
U.S. Treasury Notes
1.625%, 02/28/06 (a)		5,645		5,594
1.500%, 03/31/06		10,500		10,376
3.875%, 07/31/07 (a)		4,245		4,222
3.750%, 05/15/08 (a)		85		84
4.125%, 08/15/08 (a)		14,225		14,203
3.875%, 07/15/10 (a)		50,360		49,581
4.125%, 08/15/10 (a)		57,280		57,003
3.875%, 09/15/10 (a)		9,945		9,804
1.625%, 01/15/15 (a) (b)		23,635		23,355
4.125%, 05/15/15 (a)		7,000		6,880
4.250%, 08/15/15 (a)		81,310		80,802
				337,641
Total U.S. Government & Agency Securities (Cost $473,361)				470,289
Asset-Backed Securities – 21.4%
Automotive – 2.2%
Nissan Auto Receivables Owner Trust Series 2005-A, Class A2 3.220%, 07/16/07		10,432		10,394
Series 2005-B, Class A2 3.750%, 09/17/07		4,255		4,241
USAA Auto Owner Trust Series 2003-1, Class A4 2.040%, 02/16/10		1,495		1,470
WFS Financial Owner Trust Series 2004-4, Class A3 2.980%, 09/17/09		9,170		8,994
				25,099
Commercial – 5.9%
Banc of America Commercial Mortgage Series 2004-4, Class A3 4.128%, 07/10/42		8,715		8,546
Commercial Mortgage Series 2004-CNL, Class A1 3.988%, 09/15/14 (c) (d)		7,455		7,453

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Deutsche Mortgage and Asset Receiving Series 1998-C1, Class A2 6.538%, 06/15/31	$	5,550	$	5,708
GMAC Commercial Mortgage Securities Series 2004-C2, Class A1 3.896%, 08/10/38		7,031		6,910
Greenwich Capital Commercial Funding Series 2003-C1, Class A2 3.285%, 07/05/35		5,000		4,775
GS Mortgage Securities II Series 2003-C1, Class A2A 3.590%, 01/10/40		13,840		13,479
Series 2004-GG2, Class A1 3.109%, 08/10/38		5,788		5,737
Morgan Stanley Capital Investments Series 1999-FNV1, Class A1 6.120%, 03/15/31		1,869		1,896
Nomura Asset Securities Series 1998-D6, Class A1B 6.590%, 03/15/30		11,675		12,159
				66,663
Credit Card – 7.3%
American Express Credit Account Series 2004-4, Class C 4.238%, 03/15/12 (c) (d)		3,100		3,106
Capital One Multi-Asset Execution Trust Series 2003-A6, Class A6 2.950%, 08/17/09		7,500		7,391
Chase Issuance Trust Series 2005-A9, Class A9 3.816%, 11/15/11 (d)		18,475		18,511
Citibank Credit Card Issuance Trust Series 2004-A4, Class A4 3.200%, 08/24/09		10,065		9,822
Fleet Credit Card Master Trust Series 2001-B, Class A 5.600%, 12/15/08		10,820		10,903
MBNA Credit Card Master Note Trust Series 2001-A1, Class A1 5.750%, 10/15/08		5,830		5,882
Series 2003-A1, Class A1 3.300%, 07/15/10 12,560 12,220Series 2003-C6, Class C6 4.948%, 12/15/10 (d)		3,200		3,262
Providian Gateway Master Trust Series 2004-DA, Class A 3.350%, 09/15/11 (c)		10,355		10,100
				81,197
Equipment Leases – 1.3%
Caterpillar Financial Asset Trust Series 2005-A, Class A2 3.660%, 12/26/07		6,725		6,703
CNH Equipment Trust Series 2003-B, Class A3B 2.470%, 01/15/08		7,298		7,236
				13,939
Home Equity – 3.1%
Amresco Residential Security Mortgage Series 1997-3, Class A9 6.960%, 03/25/27		696		670

FIRST AMERICAN FUNDS Annual Report 2005

41

Schedule of Investments September 30, 2005

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Contimortgage Home Equity Loan Trust Series 1997-2, Class A9 7.090%, 04/15/28	$	398	$	398
Series 1997-3, Class A9 7.120%, 08/15/28		138		137
Countrywide Series 2003-BC1, Class A1 4.230%, 03/25/33 (d) (e)		1,104		1,132
Equity One Series 2003-4, Class AF3 3.531%, 10/25/34		12,168		12,106
First Franklin Mortgage Loan Series 2004-FFB, Class A3 4.264%, 06/25/24		3,090		3,071
Household Home Equity Loan Trust Series 2002-3, Class A 4.246%, 07/20/32 (d)		5,161		5,164
Residential Asset Mortgage Products Series 2004-RS4, Class AI2 3.247%, 09/25/25		3,866		3,842
Residential Funding Mortgage Securities Series 2004-HI2, Class A3 4.270%, 11/25/16		5,435		5,397
Saxon Asset Securities Trust Series 2004-1, Class A 4.100%, 03/25/35 (d) (e)		3,056		3,066
				34,983
Manufactured Housing – 0.0%
Green Tree Financial Series 1996-9, Class A5 7.200%, 01/15/28		260		260
Other – 1.6%
GRP/AG Real Estate Asset Trust Series 2004-1, Class A 3.960%, 03/25/09 (c) (e) 345 340Series 2004-2, Class A 4.210%, 07/25/34 (c) (e)		927		911
Series 2005-1, Class A 4.850%, 01/25/35 (c) (e)		3,105		3,089
Global Signal Trust Series 2004-2A, Class A 4.232%, 12/15/14 (c)		7,390		7,192
Small Business Administration Series 2005-P10B, Class 1 4.940%, 08/01/15		6,540		6,592
				18,124
Total Asset-Backed Securities (Cost $244,159)				240,265
Corporate Bonds – 14.8%
Banking – 0.8%
Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100 5.506%, 12/31/49 (c) (e)		2,840		2,698
Credit Suisse First Boston 3.875%, 01/15/09 (a)		6,270		6,122
				8,820
Basic Industry – 0.2%
Celulosa Arauco Constitucion 5.625%, 04/20/15 (c)		2,000		1,984
Brokerage – 0.4%
Merrill Lynch, Series B 5.360%, 02/01/07		4,280		4,326

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Capital Goods – 0.2%
Hutchison Whampoa International 6.250%, 01/24/14 (c)	$	2,680	$	2,825
Communications – 2.6%
America Movil SA 5.750%, 01/15/15		3,255		3,279
AT&T Broadband 8.375%, 03/15/13		4,345		5,141
Clear Channel Communications 5.500%, 09/15/14		4,360		4,200
Deutsche Telecom 8.500%, 06/15/10		3,690		4,168
Telecom De Puerto Rico 6.650%, 05/15/06		4,000		4,048
Verizon Global Funding 7.250%, 12/01/10		3,750		4,140
6.875%, 06/15/12		3,925		4,332
				29,308
Consumer Cyclical – 1.2%
Centex 5.450%, 08/15/12		4,045		4,021
DaimlerChrysler 6.500%, 11/15/13 (a)		2,230		2,358
Ford Motor Credit 7.000%, 10/01/13 (a)		1,295		1,198
Harrah's 5.625%, 06/01/15 (c)		3,535		3,482
5.750%, 10/01/17 (c)		1,950		1,912
				12,971
Consumer NonCyclical – 1.6%
Albertson's 7.500%, 02/15/11		2,730		2,692
Conagra Foods 7.875%, 09/15/10		4,260		4,758
Kraft Foods 4.625%, 11/01/06		6,750		6,754
Kroger 7.450%, 03/01/08		4,000		4,227
				18,431
Electric – 2.7%
DTE Energy 7.050%, 06/01/11		4,600		5,034
Exelon 4.900%, 06/15/15		5,000		4,713
FPL Group Capital 7.625%, 09/15/06		4,540		4,669
MidAmerican Energy Holdings 3.500%, 05/15/08		4,600		4,443
National Rural Utilities 5.750%, 08/28/09		3,850		3,989
Pacific Gas & Electric 4.200%, 03/01/11		2,065		1,988
Southern California Edison 5.000%, 01/15/14 (a)		2,000		2,003
TXU Energy 7.000%, 03/15/13 (a)		3,075		3,338
				30,177

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

42

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Energy – 0.6%
Gazprom International 7.201%, 02/01/20 (c)	$	3,500	$	3,824
Tengizcheveroil Finance 6.124%, 11/15/14 (c)		3,095		3,148
				6,972
Finance Companies – 0.4%
American General 5.875%, 07/14/06 (a)		4,085		4,130
Insurance – 0.2%
Fund American Companies 5.875%, 05/15/13		1,915		1,906
Miscellaneous – 1.1%
Core Investment Grade Trust 4.659%, 11/30/07 (e)		12,712		12,645
Natural Gas – 1.0%
Duke Energy Field Services 7.875%, 08/16/10		10,000		11,229
REITS – 0.9%
Colonial Realty 4.750%, 02/01/10		4,915		4,777
Mack-Cali Realty 7.250%, 03/15/09		4,500		4,820
				9,597
Sovereigns – 0.8%
United Mexican States 5.875%, 01/15/14 (a)		8,760		9,071
Technology – 0.1%
Chartered Semiconductor 5.750%, 08/03/10		1,500		1,483
Total Corporate Bonds (Cost $166,908)				165,875
CMO – Private Mortgage-Backed Securities – 12.2%
Adjustable Rate (d) – 10.2%
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21 4.765%, 01/25/36		7,665		7,622
CS First Boston Mortgage Securities Series 2003-AR24, Class 2A4 4.058%, 10/25/33		13,390		13,232
Granite Mortgages Series 2003-1, Class 1C 5.070%, 01/20/43 (e)		4,500		4,593
IMPAC CMB Trust Series 2003-12, Class A1 4.210%, 12/25/33 (e)		3,973		3,985
MLCC Mortgage Investors Series 2003-G, Class A3 4.963%, 01/25/29		6,453		6,607
Series 2003-H, Class A3A 5.057%, 01/25/29		3,553		3,624
Series 2004-B, Class A3 5.203%, 05/25/29		5,032		5,141
Sequoia Mortgage Trust Series 2004-5, Class A1 4.734%, 06/20/34		6,110		6,247
Series 2004-7, Class A2 4.847%, 08/20/34		5,162		5,226

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Structured Mortgage Loan Trust Series 2004-11, Class A 5.352%, 08/25/34	$	2,984	$	3,043
Thornburg Mortgage Securities Trust Series 2005-2, Class A1 4.050%, 07/25/45		7,483		7,473
Washington Mutual Series 2003-AR10, Class A6 4.069%, 10/25/33		10,560		10,459
Wells Fargo Mortgage Backed Securities Trust Series 2003-J, Class 2A5 4.450%, 10/25/33		11,500		11,231
Series 2004-E, Class A5 3.662%, 05/25/34		9,010		8,811
Series 2004-EE, Class B1 3.988%, 01/25/35		5,737		5,519
Series 2004-N, Class A3 4.108%, 08/25/34		11,108		10,991
				113,804
Fixed Rate – 2.0%
Bank of America Mortgage Securities Series 2003-6, Class 1A29 4.250%, 08/25/33		9,000		8,899
Countrywide Alternative Loan Trust Series 2004-2CB, Class 1A1 4.250%, 03/25/34		5,469		5,416
Salomon Brothers Mortgage Securities Series 1986-1, Class A 6.000%, 12/25/11		147		147
Sequoia Mortgage Trust Series 2004-4, Class X1 0.800%, 05/20/34 (f)		116,185		428
Structured Asset Securities Corporation Series 2005-6, Class 5A6 5.000%, 05/25/35		8,241		8,184
Westam Mortgage Financial Series 11, Class A 6.360%, 08/26/20		57		57
				23,131
Total CMO – Private Mortgage-Backed Securities (Cost $138,778)				136,935
CMO – U.S. Government Agency Mortgage-Backed Securities – 5.0%
Fixed Rate – 5.0%
FHLMC REMIC Series 1167, Class E 7.500%, 11/15/21		38		38
Series 1286, Class A 6.000%, 05/15/22		134		134
Series 1634, Class PH 6.000%, 11/15/22		293		293
Series 2763, Class TA 4.000%, 03/15/11		8,035		7,852
Series 2893 5.000%, 12/15/27		11,590		11,615
Series 2987, Class KE 5.000%, 12/15/34		7,785		7,737
Series 2991, Class QD 5.000%, 08/15/34		11,705		11,542
Series T-60, Class 1A4B 5.343%, 03/25/44		7,267		7,279

FIRST AMERICAN FUNDS Annual Report 2005

43

Schedule of Investments September 30, 2005

Intermediate Term Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
FNMA REMIC Series 1990-89, Class K 6.500%, 07/25/20	$	29	$	29
Series 2004-76, Class CE 4.500%, 02/25/21		9,670		9,538
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $57,062)				56,057
U.S. Government Agency Mortgage-Backed Securities – 3.6%
Adjustable Rate (d) – 2.1%
FHLMC 4.577%, 04/01/29, #847190		3,375		3,454
FHLMC Pool 4.614%, 01/01/28, #786281		3,014		3,096
4.797%, 10/01/30, #847209 (a)		6,111		6,283
4.693%, 05/01/31, #847161		1,624		1,666
4.741%, 09/01/33, #847210 (a)		4,946		5,094
FNMA Pool 4.818%, 09/01/33, #725111 (a)		4,197		4,324
				23,917
Fixed Rate – 1.5%
FHLMC Gold Pool 5.500%, 09/01/06, #G40394		239		240
4.000%, 10/01/10, #M80855		7,399		7,293
FNMA Pool 6.000%, 07/01/06, #252632		100		100
3.790%, 07/01/13, #386314 (a)		9,907		9,334
				16,967
Total U.S. Government Agency Mortgage-Backed Securities (Cost $41,691)				40,884
Short-Term Investments – 0.4%
Affiliated Money Market Fund – 0.4%
First American Prime Obligations Fund, Class Z (g)		4,131,921		4,132
Treasury Obligation – 0.0%
U.S. Treasury Bill 3.389%, 11/10/05 (h)	$	195		194
Total Short-Term Investments (Cost $4,326)				4,326
Investments Purchased with Proceeds from Securities Lending (i) – 45.6%
(Cost $512,452)				512,452
Total Investments – 144.9% (Cost $1,638,737)				1,627,083
Other Assets and Liabilities, Net – (44.9)%				(504,033	)
Total Net Assets – 100.0%			$	1,123,050

(a)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a value of $503,024,391 at September 30, 2005. See note 2 in Notes to Financial Statements.

(b)  U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(c)  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." 

Intermediate Term Bond Fund (concluded)

These securities have been determined to be liquid under guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $52,063,334 or 4.6% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

(e)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future dates. The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(f)  Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of September 30, 2005

(g)  Investment in affiliated security.This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(h)  Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

(i)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 to Notes to Financial Statements.

CMO – Collateralized Mortgage Obligation

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased  (Sold)			Notional Contract Value (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
Euro Dollar 90 Day Futures		(145	)	$	(138,404	)	March 06	$	192
U.S. Treasury 2 year Futures		103			21,207		December 05		(28	)
U.S. Treasury 10 year Futures		(1	)		(110	)	December 05		1
U.S. Treasury Long Bond Futures		17			1,945		December 05		(58	)
								$	107

Credit Default Swap Agreements

Counterparty

Reference Entity

Buy/Sell Protection

Pay/ Receive Fixed Rate

Expiration Date

Notional Amount (000)

Unrealized (Depreciation) (000)

Citigroup

Dow Jones CDX IG Hvol5 Index

Buy

0.85

%

12/20/10

11,000

$

(27

)

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

44

Short Term Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
Asset-Backed Securities – 33.5%
Automotive – 8.3%
AESOP Funding II Series 2003-2A, Class A1 2.740%, 06/20/07 (a)	$	10,000	$	9,921
Auto Bond Receivables Trust Series 1993-I, Class A 6.125%, 11/15/21 (b) (c) (d)		106		-
Capital One Auto Finance Trust Series 2003-A, Class A4A 2.470%, 01/15/10		7,000		6,877
Ford Credit Auto Owner Trust Series 2005-B, Class A3 4.170%, 01/15/09		10,000		9,963
Harley-Davidson Motorcycle Trust Series 2003-2, Class A2 2.070%, 02/15/11		7,000		6,843
Honda Auto Receivables Owner Trust Series 2002-4, Class A4 2.700%, 03/17/08		2,982		2,965
Nissan Auto Receivables Owner Trust Series 2005-A, Class A2 3.220%, 07/16/07		8,629		8,598
Series 2002-C, Class A4 3.330%, 01/15/08		3,761		3,742
Toyota Auto Receivables Owner Trust Series 2003-B, Class A4 2.790%, 01/15/10		2,000		1,957
Series 2003-A, Class A4 2.200%, 03/15/10		4,000		3,955
WFS Financial Owner Trust Series 2004-3, Class A3 3.300%, 03/17/09		5,000		4,957
				59,778
Commercial – 6.5%
Banc of America Commercial Mortgage Series 2004-2, Class A1 2.764%, 11/10/38		6,364		6,116
Series 2004-4, Class A2 4.041%, 07/10/42		7,475		7,324
Bear Stearns Commercial Mortgage Securities Series 2004-T14, Class A1 3.570%, 01/12/41		4,969		4,835
Commercial Mortgage Series 2004-LB3A, Class A1 3.765%, 07/10/37		6,328		6,234
GMAC Commercial Mortgage Securities Series 2004-C1, Class A2 4.100%, 03/10/38		4,000		3,895
Greenwich Capital Commercial Funding Series 2004-GG1, Class A2 3.835%, 06/10/36		6,118		6,012
GS Mortgage Securities Series 2004-C1, Class A1 3.659%, 10/10/28		5,910		5,726
LB-UBS Commercial Mortgage Trust Series 2004-C2, Class A1 2.946%, 03/15/29		7,142		6,814
				46,956
Credit Cards – 9.1%
American Express Credit Account Series 2004-4, Class C 4.238%, 03/15/12 (a) (e)		2,400		2,405

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Capital One Master Trust Series 2001-3A, Class C 4.918%, 03/16/09 (a) (e)	$	2,000	$	2,008
Series 2001-5, Class A 5.300%, 06/15/09		4,000		4,032
Series 2001-8A, Class A 4.600%, 08/17/09		6,000		6,011
Capital One Multi-Asset Execution Trust Series 2003-A6, Class A6 2.950%, 08/17/09		7,000		6,898
Citibank Credit Card Issuance Trust Series 2004-A1, Class A1 2.550%, 01/20/09		800		781
Discover Card Master Trust I Series 2000-9, Class A 6.350%, 07/15/08		2,000		2,012
Series 2001-6, Class A 5.750%, 12/15/08		5,000		5,050
Series 2005-1, Class B 3.918%, 09/15/10		9,000		9,013
Fleet Credit Card Master Trust Series 2001-B, Class A 5.600%, 12/15/08		3,000		3,023
Fleet Credit Card Master Trust II Series 2003-A, Class A 2.400%, 07/15/08		8,500		8,461
MBNA Credit Card Master Note Trust Series 2001-A1, Class A1 5.750%, 10/15/08		3,500		3,531
Series 2005-A1, Class A1 4.200%, 09/15/10		10,000		9,929
Providian Gateway Master Trust Series 2004-DA, Class A 3.350%, 09/15/11 (a)		2,625		2,560
Sears Credit Account Master Trust Series 1999-3, Class A 6.450%, 11/17/09		167		167
				65,881
Equipment Leases – 1.4%
CIT Equipment Collateral Series 2004-VT1, Class A3 2.200%, 03/20/08		6,023		5,937
CNH Equipment Trust Series 2004-A, Class A3B 2.940%, 10/15/08		4,700		4,625
				10,562
Home Equity – 4.2%
Centex Home Equity Series 2003-C, Class AV 4.130%, 09/25/33 (e)		211		211
Equivantage Home Equity Loan Trust Series 1996-1, Class A 6.550%, 10/25/25		241		238
Series 1996-4, Class A 7.250%, 01/25/28		701		700
First Franklin Mortgage Loan Series 2004-FFB, Class A3 4.264%, 06/25/24		2,530		2,515
GMAC Mortgage Corporation Loan Trust Series 2004-HE2, Class M1 3.950%, 10/25/33 (f)		4,850		4,659

FIRST AMERICAN FUNDS Annual Report 2005

45

Schedule of Investments September 30, 2005

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Home Equity Mortgage Trust Series 2004-2, Class B1 5.730%, 08/25/34 (e) (f)	$	2,200	$	2,208
Series 2004-6, Class M2 5.321%, 04/25/35 (f)		1,500		1,446
Household Home Equity Loan Trust Series 2003-1, Class A 4.146%, 10/20/32 (e)		1,014		1,017
IMC Home Equity Loan Trust Series 1998-3, Class A7 6.720%, 08/20/29 (f)		2,602		2,601
New Century Home Equity Loan Trust Series 1997-NC6, Class A7 7.190%, 01/25/29 (f)		1,451		1,450
Residential Funding Mortgage Securities Series 2004-HI2, Class A3 4.270%, 11/25/16		5,000		4,965
Saxon Asset Securities Trust Series 2004-1, Class M1 4.360%, 03/25/35 (e)(f)		8,000		8,046
				30,056
Other – 1.3%
GRP/AG Real Estate Asset Trust Series 2004-1, Class A 3.960%, 03/25/09 (a) (f)		168		166
Series 2004-2, Class A 4.210%, 07/25/34 (a) (f)		927		911
Series 2005-1, Class A 4.850%, 01/25/35 (a)		2,230		2,218
Global Signal Trust Series 2004-2A, Class A 4.232%, 12/15/14 (a)		6,380		6,209
				9,504
Utilities – 2.7%
Detroit Edison Securitization Funding Series 2001-1, Class A3 5.875%, 03/01/10		4,279		4,358
Massachusetts RRB Special Purpose Trust Series 1999-1, Class A4 6.910%, 09/15/09		4,173		4,285
Peco Energy Transition Trust Series 1999-A, Class A6 6.050%, 03/01/09		7,437		7,543
Public Service New Hampshire Funding Series 2001-1, Class A2 5.730%, 11/01/10		3,158		3,219
				19,405
Total Asset-Backed Securities (Cost $246,496)				242,142
Corporate Bonds – 21.0%
Banking – 1.6%
Credit Suisse First Boston 7.750%, 05/15/06 (a)		7,350		7,490
Key Bank 7.125%, 08/15/06		4,000		4,083
				11,573
Basic Industry – 0.3%
Potash 7.125%, 06/15/07		2,075		2,155

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Brokerage – 1.3%
Bear Stearns 6.500%, 05/01/06	$	5,900	$	5,969
Merrill Lynch, Series B 6.130%, 05/16/06		3,655		3,693
				9,662
Capital Goods – 0.5%
Boeing Capital 5.650%, 05/15/06		3,483		3,511
Communications – 3.1%
Alltel 4.656%, 05/17/07		3,500		3,497
Comcast Cable Communications 6.200%, 11/15/08 (g)		4,000		4,157
Telecom De Puerto Rico 6.650%, 05/15/06		10,000		10,119
Telefonos De Mexico SA 4.750%, 01/27/10 (a)		5,000		4,988
				22,761
Consumer Cyclical – 3.1%
Caesars Entertainment 8.500%, 11/15/06		5,000		5,200
Ford Motor Credit 6.875%, 02/01/06 (g)		4,000		4,017
6.625%, 06/16/08		2,500		2,450
Harrah's 5.750%, 10/01/17 (a)		1,265		1,241
Lennar 7.625%, 03/01/09		3,500		3,754
May Department Stores 3.950%, 07/15/07		2,000		1,970
Time Warner 6.150%, 05/01/07 (g)		4,000		4,086
				22,718
Consumer NonCyclical – 1.2%
Kraft Foods 4.625%, 11/01/06		5,500		5,504
Wellpoint 3.750%, 12/14/07		3,000		2,933
				8,437
Electric – 3.9%
Calenergy 7.630%, 10/15/07		6,255		6,594
Constellation Energy Group 6.350%, 04/01/07		4,275		4,372
Empresa Nacional Electric 7.750%, 07/15/08		5,984		6,364
National Rural Utilities 6.000%, 05/15/06 (g)		4,000		4,039
Pepco Holdings 3.750%, 02/15/06		4,600		4,588
PSEG Funding Trust 5.381%, 11/16/07		2,000		2,013
				27,970
Energy – 0.6%
PEMEX Project Funding Master Trust 6.125%, 08/15/08		4,000		4,120

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

46

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Finance Companies – 1.6%
American General Finance 5.910%, 06/12/06	$	1,000	$	1,010
Countrywide Home Loans 2.875%, 02/15/07		4,000		3,906
International Lease Finance 3.125%, 05/03/07		4,000		3,909
Residential Capital 6.375%, 06/30/10 (a)		3,000		3,035
				11,860
Natural Gas – 1.5%
Atmos Energy 4.000%, 10/15/09		3,995		3,844
Duke Energy Field Services 5.750%, 11/15/06		4,915		4,964
Ras Laffan Liquid Natural Gas 7.628%, 09/15/06 (a)		1,662		1,680
				10,488
REITS – 1.4%
Istar Financial 6.000%, 12/15/10		4,500		4,621
Simon Property Group 6.375%, 11/15/07		5,000		5,156
				9,777
Supranationals – 0.7%
Corporacion Andina De Fomento 7.250%, 03/01/07		5,000		5,161
Technology – 0.2%
Chartered Semiconductor 5.750%, 08/03/10		1,500		1,483
Total Corporate Bonds (Cost $153,400)				151,676
CMO – Private Mortgage-Backed Securities – 14.7%
Adjustable Rate (e) – 10.4%
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21 4.765%, 01/25/36		4,970		4,942
Merrill Lynch Mortgage Investors Series 2003-C, Class A1 4.160%, 06/25/28 (f)		7,668		7,668
MLCC Mortgage Investors Series 2004-B, Class A1 4.080%, 05/25/29 (f)		2,376		2,370
Series 2004-B, Class A3 5.203%, 05/25/29		5,260		5,373
Sequoia Mortgage Trust Series 2003-2, Class A1 4.126%, 06/20/33 (f) (g)		4,526		4,529
Series 2004-4, Class B2 4.696%, 05/20/34 (f)		4,350		4,328
Series 2004-7, Class A2 4.842%, 08/20/34		3,079		3,117
Structured Mortgage Loan Trust Series 2004-11, Class A 5.352%, 08/25/34		2,353		2,400
Thornburg Mortgage Securities Trust Series 2005-3, Class A2 3.500%, 09/01/10		6,855		6,855

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Washington Mutual Series 2003-AR3, Class A5 3.927%, 04/25/33	$	7,807	$	7,784
Series 2003-AR10, Class A6 4.069%, 10/25/33		5,000		4,952
Wells Fargo Mortgage Backed Securities Trust Series 2004-E, Class A5 3.662%, 05/25/34		5,868		5,738
Series 2004-N, Class A3 4.108%, 08/25/34		7,000		6,926
Series 2004-EE, Class 3A1 3.988%, 12/25/34		8,678		8,506
				75,488
Fixed Rate – 4.3%
Bank of America Mortgage Securities Series 2004-F, Class 2A2 4.021%, 07/25/34		7,200		7,160
Citigroup Mortgage Loan Trust Series 2005-WF1, Class A2 4.490%, 02/25/35		6,650		6,543
IMPAC Secured Assets Series 2004-2, Class A2 3.926%, 08/25/34		4,574		4,556
Merrill Lynch Mortgage Investors Series 2003-A5, Class 2A3 3.246%, 08/25/33		341		341
Mortgage Capital Funding Series 1997-MC1, Class A3 7.288%, 07/20/27		1,158		1,184
Residential Accredited Loans Series 2003-QS17, Class CB7 5.500%, 09/25/33		2,732		2,738
Residential Asset Securitization Trust Series 2002-A12, Class 1A1 5.200%, 11/25/32		1,258		1,246
Structured Asset Securities Corporation Series 2005-6, Class 5A6 5.000%, 05/25/35		7,000		6,952
				30,720
Total CMO – Private Mortgage-Backed Securities (Cost $107,152)				106,208
U.S. Government & Agency Securities – 15.9%
U.S. Agency Debentures – 4.9%
FHLMC Callable 12/02/05 @ 100 2.280%, 06/02/06 (g)		7,000		6,914
Callable 11/02/05 @ 100 3.250%, 11/02/07 (g)		11,000		10,752
FNMA 4.000%, 09/02/08 (g)		10,000		9,843
4.250%, 05/15/09 (g)		7,500		7,442
				34,951
U.S. Treasuries – 11.0%
U.S. Treasury Bond (STRIPS) 0.000%, 11/15/11 (g) (h)		11,200		10,715

FIRST AMERICAN FUNDS Annual Report 2005

47

Schedule of Investments September 30, 2005

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Treasury Notes 3.875%, 07/31/07 (g)	$	13,620	$	13,546
3.750%, 05/15/08 (g)		22,035		21,797
4.125%, 08/15/08 (g)		2,250		2,246
3.125%, 10/15/08 (g)		15,000		14,543
3.875%, 01/15/09 (g) (i)		10,722		11,631
4.125%, 08/15/10 (g)		5,320		5,294
				79,772
Total U.S. Government & Agency Securities (Cost $116,020)				114,723
U.S. Government Agency Mortgage-Backed Securities – 8.5%
Adjustable Rate (e) – 6.8%
FHLMC Pool
5.225%, 12/01/26, #786591 (g)		1,511		1,539
4.691%, 01/01/29, #846946 (g)		1,088		1,117
4.207%, 10/01/29, #786853		945		970
5.439%, 04/01/30, #972055 (g)		878		901
4.088%, 05/01/30, #847014 (g)		925		937
4.622%, 06/01/31, #847367		504		517
4.655%, 08/01/32, #847331 (g)		8,278		8,490
4.602%, 10/01/32, #847063 (g)		1,115		1,136
4.236%, 05/01/33, #780456 (g)		2,776		2,778
FNMA Pool
4.737%, 11/01/25, #433988 (g)		1,226		1,255
4.338%, 02/01/28, #415285		481		490
4.639%, 10/01/30, #847241 (g)		4,733		4,856
4.864%, 06/01/31, #625338 (g)		873		889
5.299%, 12/01/31, #535363 (g)		2,476		2,524
5.057%, 03/01/32, #545791		429		437
5.062%, 05/01/32, #545717		2,328		2,369
5.437%, 05/01/32, #634948 (g)		616		628
4.490%, 10/01/32, #661645 (g)		1,803		1,802
4.635%, 12/01/32, #671884 (g)		3,429		3,416
5.078%, 04/01/34, #775389 (g)		1,647		1,669
4.278%, 07/01/34, #795242 (g)		4,609		4,572
3.886%, 08/01/36, #555369 (g)		2,335		2,368
GNMA Pool
3.750%, 08/20/21, #8824		374		379
3.750%, 07/20/22, #8006 (g)		409		414
3.750%, 09/20/25, #8699		228		231
4.375%, 04/20/26, #8847		234		236
3.750%, 08/20/27, #80106		75		76
4.375%, 01/20/28, #80154		121		122
4.375%, 05/20/29, #80283 (g)		638		643
4.375%, 06/20/29, #80291 (g)		1,076		1,085
4.375%, 04/20/31, #80507 (g)		373		375
4.500%, 02/20/32, #80580 (g)		363		368
				49,589
Fixed Rate – 1.7%
FHLMC Gold Pool 5.500%, 10/01/06		119		119
FHLMC Pool 7.750%, 07/01/09		9		10
FNMA Pool 6.195%, 06/01/07 (g)		4,901		4,966
6.625%, 09/15/09 (g)		2,900		3,118
5.500%, 05/01/12 (g)		1,718		1,754

Short Term Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
GNMA Pool 3.875%, 11/20/30(g)	$	682	$	687
3.500%, 08/20/31(g)		1,419		1,425
				12,079
Total U.S. Government Agency Mortgage-Backed Securities (Cost $62,477)				61,668
CMO – U.S. Government Agency Mortgage-Backed Securities – 5.0%
Fixed Rate – 5.0%
FHLMC REMIC Series 2822, Class VM 5.000%, 04/15/10		4,091		4,076
Series 2763, Class TA 4.000%, 03/15/11		5,829		5,696
Series 1022, Class J 6.000%, 12/15/20		55		55
Series 2738, Class UA 3.570%, 12/15/23 (g)		5,283		5,177
Series 2589, Class GK 4.000%, 03/15/26 (g)		4,030		4,000
Series 2731, Class PU 4.500%, 05/15/26		5,000		4,916
Series 2893 5.000%, 12/15/27		6,367		6,381
FNMA REMIC Series 2004-76, Class CE 4.500%, 02/25/21		6,000		5,918
Series 1992-150, Class MA 5.500%, 09/25/22		170		168
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $37,186)				36,387
Short-Term Investments – 1.2%
Affiliated Money Market Fund – 1.1%
First American Prime Obligations Fund, Class Z (j)		8,235,157		8,235
U.S. Treasury Obligation – 0.1%
U.S. Treasury Bill 3.375%, 11/10/05 (k)	$	395		393
Total Short-Term Investments (Cost $8,629)				8,628
Investments Purchased with Proceeds from Securities Lending (l) – 26.7%
		(Cost $193,160)		193,160
Total Investments – 126.5% (Cost $924,520)				914,592
Other Assets and Liabilities, Net – (26.5)%				(191,337	)
Total Net Assets – 100.0%			$	723,255

(a)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $44,830,741 or 6.2% of total net assets. See note 2 in Notes to Financial Statements.

(b)  Security considered illiquid. As of September 30, 2005, the value of these investments was $0 or 0.0% of total net assets. See note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

48

Short Term Bond Fund (concluded)

(c)  Security is fair valued. As of September 30, 2005, the fair value of these investments was $0 or 0% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security currently in default.

(e)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

(f)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(g)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a value of $189,691,554 at September 30, 2005. See note 2 in Notes to Financial Statements.

(h)  Principal only – Represents securities that entitle holders to receive only principal payments on the underlying mortgages. The yield to maturity of a principal only is sensitive to the rate of principal payments on the underlying mortgage assets. A slow (rapid) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The zero coupon rate represents the lack of interest as part of payments received.

(i)  U.S. Treasury inflation-protected securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(j)  Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(k)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

(l)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

CMO – Collateralized Mortgage Obligation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Corporation

GNMA – Government National Mortgage Association

REITS – Real Estate Investment Trusts

REMIC – Real Estate Mortgage Investment Conduit

STRIPS – Separate Trading of Registered Interest and Principal of Securities

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Notional  Contract Value  (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 2 year Futures		364		$	37,472		December 05	$	(58	)
U.S. Treasury 5 year Futures		(690	)		(73,733	)	December 05		1027
U.S. Treasury 10 year Futures		(1	)		(110	)	December 05		1
								$	970

Interest Rate Swap Agreements

Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Expiration Date	Notional Amount (000)		Unrealized Depreciation (000)
Citigroup	3-Month LIBOR	Pay		3.568	%	1/11/07	$	140,303	$	(1,697	)
UBS	3-Month LIBOR	Pay		3.806	%	1/13/08		36,969		(31	)
UBS	3-Month LIBOR	Pay		3.806	%	1/13/08		24,579		(421	)
									$	(2,149	)

Total Return Bond Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government Agency Mortgage-Backed Securities – 27.2%
Adjustable Rate (a) – 4.3%
FHLMC Pool
4.918%, 10/01/29, #1L0117	$	1,739	$	1,809
4.695%, 07/01/30, #847240 (b)		2,125		2,175
4.454%, 05/01/33, #847411		1,339		1,371
FNMA Pool
5.289%, 11/01/34, #735054 (b)		2,092		2,098
5.000%, 05/01/35, #357883		2,952		2,893
5.500%, 08/01/35, #255814 (b)		2,760		2,760
				13,106
Fixed Rate – 22.9%
FHLMC Pool
5.000%, 09/01/18, #E99575		1,386		1,383
6.500%, 07/01/31, #A17212		5,131		5,283
FNMA Pool
5.500%, 12/01/18, #735575 (b)		2,464		2,501
4.500%, 06/01/20, #828929 (b)		10,584		10,363
5.500%, 02/01/25, #255628 (b)		3,696		3,715
5.000%, 10/01/33, #741897 (b)		4,879		4,781
5.500%, 11/01/33, #555967 (b)		8,505		8,507
5.000%, 03/01/34, #725205 (b)		1,535		1,504
5.000%, 03/01/34, #725250 (b)		1,361		1,334
5.500%, 04/01/34, #725424 (b)		4,021		4,022
5.000%, 05/01/34, #725456		1,369		1,341
5.000%, 06/01/34, #782909		1,038		1,017
5.500%, 09/01/34, #725773		2,775		2,775
4.500%, 03/01/35, #819357		1,954		1,865
6.000%, 04/01/35, #735503 (b)		4,968		5,051
5.500%, 08/01/35, #829679 (b)		5,344		5,344
FNMA TBA (c)
5.500%, 10/01/34, #28229		4,520		4,517
6.000%, 10/13/35, #36237		4,460		4,532
				69,835
Total U.S. Government Agency Mortgage-Backed Securities (Cost $83,657)				82,941
U.S. Government & Agency Securities – 20.7%
U.S. Agency Debentures – 1.7%
FHLB Callable 04/07/06 @ 100, 4.430%, 04/07/08, (b)		5,000		4,973
U.S. Treasuries – 19.0%
U.S. Inflation Index Bond
1.625%, 01/15/15 (b)		2,870		2,836
2.375%, 01/15/25 (b)		2,850		3,050
U.S. Treasury Bonds
9.000%, 11/15/18 (b)		1,825		2,628
6.250%, 08/15/23 (b)		5,900		7,054
7.625%, 02/15/25 (b)		950		1,311
6.875%, 08/15/25 (b)		740		954
5.500%, 08/15/28 (b)		3,685		4,141
5.250%, 02/15/29 (b)		4,900		5,342
5.375%, 02/15/31 (b)		3,820		4,279
U.S. Treasury Notes
1.625%, 02/28/06 (b)		1,775		1,759
1.500%, 03/31/06		1,800		1,779
3.500%, 05/31/07 (b)		195		193
3.875%, 07/31/07 (b)		5,000		4,973
4.125%, 08/15/08 (b)		1,585		1,583

FIRST AMERICAN FUNDS Annual Report 2005

49

Schedule of Investments September 30, 2005

Total Return Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
3.875%, 07/15/10 (b)	$	415	$	409
4.125%, 08/15/10 (b)		2,240		2,229
3.875%, 09/15/10		3,445		3,396
4.250%, 08/15/15 (b)		10,230		10,166
				58,082
Total U.S. Government & Agency Securities (Cost $64,137)				63,055
Corporate Bonds – 18.2%
Banking – 2.5%
CBA Capital Trust I, Callable 06/30/15 @ 100 5.805%, 12/31/49 (d)		985		1,019
Chuo Mitsui Trust & Bank, Callable 04/15/15 @ 100 5.506%, 12/31/49 (d) (e)		575		546
ING Capital Funding Trust III, Callable 12/31/10 @ 100 8.439%, 12/12/49		1,500		1,726
J.P. Morgan Chase XVII 5.850%, 08/01/35		650		633
SOC General Real Estate, Callable 09/30/07 @ 100 7.640%, 12/29/49 (a) (d)		1,465		1,535
Wells Fargo, Callable 12/15/06 @ 103.98 7.960%, 12/15/26		2,000		2,138
				7,597
Basic Industry – 1.5%
Allegheny Technologies 8.375%, 12/15/11		500		538
Celulosa Arauco Y Constitucion 8.625%, 08/15/10		1,500		1,717
Falconbridge 7.350%, 06/05/12		755		833
Polyone 8.875%, 05/01/12 (b)		500		475
Southern Peru 7.500%, 07/27/35 (d)		900		878
				4,441
Brokerage – 0.4%
Lazard Group 7.125%, 05/15/15 (d)		1,325		1,308
Capital Goods – 0.5%
Hutchinson Whamp International 7.450%, 11/24/33 (d)		750		864
Owens-Illinois 8.100%, 05/15/07		500		513
				1,377
Communications – 3.6%
Alltel 4.656%, 05/17/07		2,000		1,998
AT&T 7.300%, 11/15/11		473		533
AT&T Broadband 8.375%, 03/15/13		1,000		1,183
Clear Channel Communications 5.500%, 09/15/14		1,000		963
Dex Media West, Callable 08/15/08 @ 104.94 9.875%, 08/15/13		500		552

Total Return Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
News America Holdings 7.750%, 01/20/24	$	680	$	786
Telefonos De Mexico SA de CV (Telmex), Series L 4.750%, 01/27/10		1,000		998
Time Warner Entertainment 8.375%, 07/15/33		720		901
Verizon Wireless 5.375%, 12/15/06		2,980		3,006
				10,920
Consumer Cyclical – 1.3%
Centex 5.450%, 08/15/12		1,035		1,029
DaimlerChrysler 4.875%, 06/15/10 (b)		550		540
Ford Motor Credit 7.000%, 10/01/13 (b)		315		291
Harrah's 5.625%, 06/01/15 (d)		835		823
5.750%, 10/01/17 (d)		520		510
MGM Mirage 6.625%, 07/15/15		725		717
				3,910
Consumer Non Cyclical – 1.5%
Albertson's 7.500%, 02/15/11		720		710
CIGNA 7.400%, 05/15/07		2,500		2,601
R.J. Reynolds Tobacco 6.500%, 07/15/10 (d)		1,250		1,247
				4,558
Electric – 1.6%
Exelon 4.900%, 06/15/15		1,290		1,216
FPL Group Capital 7.625%, 09/15/06		1,975		2,031
MidAmerican Energy Holdings 5.875%, 10/01/12 (b)		990		1,042
TXU Energy 7.000%, 03/15/13 (b)		550		597
				4,886
Energy – 1.4%
Gazprom International 7.201%, 02/01/20 (d)		1,000		1,093
Kerr-McGee 6.950%, 07/01/24		800		828
Petrobras International Finance 7.750%, 09/15/14		730		792
Petro-Canada 5.350%, 07/15/33		500		458
Tengizcheveroil Finance 6.124%, 11/15/14 (d)		1,250		1,271
				4,442
Miscellaneous – 0.8%
Dow Jones, Series 4-T1 8.250%, 06/29/10 (d)		2,465		2,444
Natural Gas – 0.9%
Duke Energy Field Services 7.875%, 08/16/10		980		1,100

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

50

Total Return Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
El Paso Natural Gas Series A, Callable 08/01/07 @ 103.81 7.625%, 08/01/10	$	500	$	521
Teppco Partners 7.625%, 02/15/12		1,000		1,118
				2,739
Sovereigns – 1.8%
Republic of Philippines 8.250%, 01/15/14 (f)		1,000		1,037
Republic of Turkey 7.250%, 03/15/15 (f)		1,500		1,579
7.375%, 02/05/25 (f)		925		926
United Mexican States 5.875%, 01/15/14		1,950		2,019
				5,561
Technology – 0.4%
Chartered Semiconductor 6.375%, 08/03/15		590		576
LG Electronics 5.000%, 06/17/10 (d)		785		768
				1,344
Total Corporate Bonds (Cost $55,314)				55,527
Asset-Backed Securities – 19.0%
Automotive – 2.1%
Nissan Auto Receivables Owner Trust Series 2005-B, Class A2 3.750%, 09/17/07		960		957
USAA Auto Owner Trust Series 2003-1, Class A4 2.040%, 02/16/10		5,500		5,408
				6,365
Commercial – 6.3%
Commercial Mortgage Pass-Through Certificates Series 2004-CNL, Class A1 3.988%, 09/15/14 (c) (a)		1,930		1,929
Series 2005-LP5, Class A2 4.630%, 05/10/43		2,750		2,730
Deutsche Mortgage & Asset Receiving Series 1998-C1, Class A2 6.538%, 06/15/31		2,093		2,152
GE Capital Commercial Mortgage Corporation Series 2004-C1, Class A2 3.915%, 11/10/38		3,000		2,897
GMAC Commercial Mortgage Securities Series 2003-C3, Class A2 4.223%, 04/10/40		3,000		2,955
Greenwich Capital Commercial Funding Series 2003-C1, Class A2 3.285%, 07/05/35		1,500		1,432
GS Mortgage Securities Corporation II Series 2004-GG2, Class A6 5.396%, 08/10/38		1,250		1,297
GSR Mortgage Loan Trust Series 2004-10F, Class 3A1 5.500%, 08/25/19		1,297		1,313
Nomura Asset Securities Series 1998-D6, Class A1B 6.590%, 03/15/30		2,325		2,421
				19,126

Total Return Bond Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
Credit Cards – 7.0%
Chase Issuance Trust Series 2005-A3, Class A 3.788%, 10/17/11 (a)	$	6,000	$	6,011
Series 2005-A9, Class A9 3.816%, 11/15/11		6,000		6,012
Citibank Credit Card Issuance Trust Series 2003-A5, Class A5 2.500%, 04/07/08		1,885		1,869
MBNA Credit Card Master Note Trust Series 2001-A1, Class A1 5.750%, 10/15/08		5,630		5,680
Series 2003-A1, Class A1 3.300%, 07/15/10		405		394
Series 2005-A1, Class A1 4.200%, 09/15/10		825		819
Providian Gateway Master Trust Series 2004-DA, Class A 3.350%, 09/15/11 (d)		620		605
				21,390
Equipment Leases – 0.6%
Caterpillar Financial Asset Trust Series 2004-A, Class A3 3.130%, 01/26/09		1,900		1,876
Home Equity – 2.5%
Ace Securities Series 2003-OP1, Class M3 5.480%, 12/25/33 (a)		1,500		1,510
GRMT Mortgage Loan Trust Series 2001-1A, Class M1 7.772%, 07/20/31 (d)		435		446
Residential Asset Securities Series 2004-KS3, Class A2B2 4.040%, 04/25/34 (a)		5,816		5,827
				7,783
Manufactured Housing – 0.2%
Green Tree Financial Series 1996-8, Class A7 8.050%, 10/15/27		545		577
Other – 0.3%
GRP/AG Real Estate Asset Trust Series 2004-1, Class A 3.960%, 03/25/09 (d) (e)		189		186
Series 2005-1, Class A 4.850%, 01/25/35 (d)		729		725
				911
Total Asset-Backed Securities (Cost $58,310)				58,028
CMO – Private Mortgage-Backed Securities – 7.3%
Adjustable Rate (a) – 2.5%
Adjustable Rate Mortgage Trust Series 2005-10, Class 1A21 4.765%, 01/25/36		2,045		2,034
MLCC Mortgage Investors Series 2003-H, Class A3A 5.057%, 01/25/29		1,799		1,835
Series 2005-A, Class A1 4.060%, 03/25/30		1,761		1,759

FIRST AMERICAN FUNDS Annual Report 2005

51

Schedule of Investments September 30, 2005

Total Return Bond Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Thornburg Mortgage Securities Trust Series 2005-2, Class A1 4.050%, 07/25/45	$	1,800	$	1,798
				7,426
Fixed Rate – 4.8%
Bank of America Mortgage Securities Series 2004-11, Class 1A8 5.500%, 01/25/35		4,250		4,256
Citigroup Mortgage Loan Trust Series 2005-WF1, Class A2 4.490%, 02/25/35		2,000		1,968
Citigroup Mortgage Securities Series 2005-4, Class 1A6 5.500%, 07/25/35		2,010		1,998
Countrywide Alternative Loan Trust Series 2004-24CB, Class 2A1 5.000%, 11/25/19		2,720		2,696
Wells Fargo Mortgage Backed Securities Trust Series 2004-8, Class A1 5.000%, 08/25/19		3,865		3,835
				14,753
Total CMO – Private Mortgage-Backed Securities (Cost $22,356)				22,179
CMO – U.S. Government Agency Mortgage-Backed Securities – 3.2%
Fixed Rate – 3.2%
FHLMC REMIC Series 2893, Class PB 5.000%, 12/15/27		3,000		3,006
Series 2987, Class KE 5.000%, 12/15/34		1,920		1,908
FNMA REMIC Series 2005-44, Class PC 5.000%, 11/25/27		2,750		2,746
Series 2005-47, Class HK 4.500%, 06/25/20		2,252		2,148
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $9,972)				9,808
Short-Term Investments – 5.0%
Affiliated Money Market Fund – 4.8%
First American Prime Obligations Fund, Class Z (g)		14,778,081		14,778
U.S. Treasury Obligation – 0.2%
U.S. Treasury Bill 3.370%, 11/10/05 (h)	$	725		722
Total Short-Term Investments (Cost $15,500)				15,500
Investments Purchased with Proceeds from Securities Lending (i) – 39.0%
(Cost $118,983)				118,983
Total Investments – 139.6% (Cost $428,229)				426,021
Other Assets and Liabilities, Net – (39.6)%				(120,875	)
Total Net Assets – 100.0%			$	305,146

Total Return Bond Fund (concluded)

(a)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

(b)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a market value of $117,009,393 at September 30, 2005. See note 2 in Notes to Financial Statements.

(c)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $9,065,070 or 3.0% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $18,196,224 or 6.0% of total net assets. See note 2 in Notes to Financial Statements.

(e)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future dates. The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(f)  Represents a foreign high yield (non-investment grade) bond. On September 30, 2005, the value of these investments was $3,541,175, which represents 1.2% of total net assets.

(g)  Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor to this fund. See note 3 in Notes to Financial Statements.

(h)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

(i)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

CMO – Collateralized Mortgage Obligation

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

REMIC – Real Estate Mortgage Investment Conduit

TBA – To Be Announced

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Notional  Contract Value (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
Euro Dollar 90 Day Futures		(37	)	$	(35,316	)	March 06	$	49
Euro Currency Futures		(29	)		(3,919	)	December 06		(2	)
Japan Currency Futures		76			8,433		December 05		(170	)
Long Gilt Futures		36			7,154		December 05		(45	)
U.S. Treasury 2 Year Futures		47			9,677		December 05		(74	)
U.S. Treasury 5 Year Futures		(124	)		13,251		December 05		165
U.S. Treasury 10 Year Futures		22			2,418		December 05		(7	)
U.S. Treasury Long Bond Futures		21			2,403		December 05		(14	)
								$	(98	)

Credit Default Swap Agreements

Counterparty

Reference Entity

Buy/Sell Protection

Pay/ Receive Fixed Rate

Expiration Date

Notional Amount (000)

Unrealized Depreciation (000)

Citigroup

Dow Jones CDX IG Hvol5 Index

Buy

0.85

%

12/20/10

$

3,000

$

(7

)

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

52

U.S. Government Mortgage Fund

DESCRIPTION	PAR (000)		VALUE (000)
U.S. Government Agency Mortgage-Backed Securities – 91.6%
Adjustable Rate (a) – 1.7%
FNMA Pool
4.852%, 08/01/27, #545271	$	2,225	$	2,290
5.078%, 04/01/34, #775389 (b)		1,066		1,080
				3,370
Fixed Rate – 89.9%
FHLMC Gold Pool
8.500%, 03/01/06, #E00022		2		2
7.500%, 04/01/08, #E45929		16		16
7.000%, 07/01/11, #E20252		45		47
7.000%, 11/01/11, #E65619		4		4
7.500%, 09/01/12, #G10735		209		219
5.500%, 05/01/13, #G10814		240		244
6.000%, 10/01/13, #E72802		380		390
5.500%, 01/01/14, #E00617		1,273		1,293
7.000%, 09/01/14, #E00746		230		240
5.000%, 04/01/20, #B18125		4,627		4,613
6.000%, 03/01/21, #CP0428		564		577
6.000%, 09/01/22, #C90580		858		877
6.500%, 01/01/28, #G00876		582		600
6.500%, 11/01/28, #C00676		1,187		1,223
7.500%, 01/01/30, #C35768		94		99
6.500%, 03/01/31, #G01244		895		922
7.000%, 06/01/32, #C68248		376		393
5.000%, 09/01/33, #C01622		2,439		2,390
FNMA Pool
7.000%, 11/01/11, #250738		21		22
7.000%, 11/01/11, #349630		16		17
7.000%, 11/01/11, #351122		23		24
6.000%, 04/01/13, #425550		239		245
6.500%, 08/01/13, #251901		203		209
6.000%, 11/01/13, #556195		330		339
7.000%, 07/01/14, #252637		344		359
7.000%, 10/01/14, #252799		153		160
5.500%, 04/01/16, #580516 (b)		1,002		1,018
6.500%, 07/01/17, #254373		1,248		1,291
7.000%, 07/01/17, #254414		1,259		1,315
5.500%, 12/01/17, #673010 (b)		913		927
5.500%, 04/01/18, #695765		1,113		1,130
4.500%, 05/01/18, #254720		5,001		4,912
5.000%, 07/01/18, #555621 (b)		1,775		1,772
5.000%, 11/01/18, #750989		3,724		3,717
4.500%, 06/01/20, #828929 (b)		4,282		4,192
6.000%, 12/01/21, #254138		827		846
6.000%, 01/01/22, #254179		952		974
6.500%, 06/01/22, #254344		928		960
6.000%, 10/01/22, #254513		1,070		1,094
5.500%, 10/01/24, #255456		2,607		2,622
5.500%, 12/01/24, #357662		2,417		2,430
5.500%, 02/01/25, #255628 (b)		4,619		4,644
7.000%, 12/01/27, #313941		706		740
7.000%, 09/01/31, #596680		1,581		1,655
6.500%, 12/01/31, #254169		1,810		1,864
6.500%, 06/01/32, #596712		3,948		4,063
6.500%, 07/01/32, #545759		1,943		2,001
7.000%, 07/01/32, #545813		490		513
7.000%, 07/01/32, #545815 (b)		439		460
6.000%, 08/01/32, #656269 (b)		1,301		1,333
5.500%, 03/01/33, #689109 (b)		3,192		3,195
5.500%, 04/01/33, #703392 (b)		3,648		3,651
5.500%, 05/01/33, #704523		2,738		2,739
5.500%, 07/01/33, #726520 (b)		3,583		3,584

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
5.500%, 07/01/33, #728667	$	2,252	$	2,252
4.500%, 08/01/33, #555680 (b)		2,448		2,342
5.000%, 08/01/33, #736158		3,218		3,154
5.500%, 08/01/33, #728855		2,185		2,186
5.500%, 08/01/33, #733380 (b)		2,813		2,814
5.000%, 09/01/33, #734566		3,834		3,757
5.000%, 10/01/33, #747533 (b)		3,395		3,327
5.500%, 11/01/33, #555967 (b)		4,082		4,083
5.500%, 12/01/33, #756202 (b)		2,257		2,258
6.000%, 01/01/34, #763687		3,074		3,126
5.500%, 04/01/34, #774999		1,293		1,293
5.000%, 05/01/34, #780889 (b)		7,083		6,937
6.500%, 06/01/34, #735273 (b)		2,757		2,838
4.500%, 09/01/34, #725866		1,415		1,350
5.000%, 05/01/35, #357883		5,933		5,814
5.500%, 08/01/35, #830953		3,500		3,500
FNMA TBA
5.500%, 10/01/34 (c)		20,300		20,287
6.000%, 10/13/35 (c)		11,655		11,844
GNMA Pool
8.000%, 01/15/07, #315126		5		5
9.000%, 11/15/09, #359559		33		35
8.000%, 10/15/10, #414750		83		87
6.500%, 07/15/13, #462638		534		555
7.500%, 12/15/22, #347332		110		117
7.000%, 09/15/27, #455304		29		31
6.500%, 07/15/28, #780825		987		1,032
6.500%, 08/20/31, #003120		447		464
7.500%, 12/15/31, #570134		377		400
6.500%, 02/15/32, #569621		611		635
6.000%, 03/15/33, #603520		1,340		1,373
6.000%, 06/15/33, #553314 (b)		2,308		2,364
5.500%, 07/15/33, #553367 (b)		1,198		1,210
5.500%, 08/15/33, #604567 (b)		4,733		4,783
6.000%, 11/15/33, #612374 (b)		1,523		1,560
6.000%, 07/15/34, #631574 (b)		1,488		1,524
6.000%, 09/15/34, #633605 (b)		2,692		2,756
				177,259
Total U.S. Government Agency Mortgage-Backed Securities (Cost $181,821)				180,629
CMO – Private Mortgage-Backed Securities – 18.8%
Adjustable Rate (a) – 1.7%
Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A 6.274%, 11/25/34		2,326		2,357
Wells Fargo Mortgage Backed Securities Trust Series 2003-D, Class A1 4.839%, 02/25/33		1,045		1,047
				3,404
Fixed Rate – 17.1%
Bank of America Mortgage Securities Series 2004-11 Class 1A8 5.500%, 01/25/35		980		981
Chase Mortgage Finance Corporation Series 2003-S10, Class A1 4.750%, 11/25/18		3,472		3,415
Countrywide Alternative Loan Trust Series 2004-24CB, Class 1A1 6.000%, 11/25/34		2,291		2,309

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Schedule of Investments September 30, 2005

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)		VALUE (000)
GMAC Mortgage Corporation Loan Trust Series 2004-J5, Class A7 6.500%, 01/25/35	$	2,206	$	2,255
Master Alternative Loans Trust Series 2005-2, Class 1A3 6.500%, 03/25/35		1,541		1,578
Master Asset Securitization Trust Series 2003-6, Class 3A1 5.000%, 07/25/18		1,206		1,192
Residential Asset Mortgage Products Series 2003-SL1, Class M1 7.320%, 04/25/31		2,854		2,947
Series 2004-SL4, Class A3 6.500%, 07/25/32		2,758		2,817
Residential Funding Mortgage Securitization Trust Series 2003-S8, Class A1 5.000%, 05/25/18		3,177		3,150
Sequoia Mortgage Trust Series 2004-5, Class X1 0.800%, 06/20/34 (d)		76,584		574
Washington Mutual Series 2003-S10, Class A2 5.000%, 10/25/18		2,880		2,855
Series 2003-S13, Class 21A1 4.500%, 12/25/18		2,437		2,389
Series 2004-S3, Class 3A3 6.000%, 07/25/34		1,200		1,221
Washington Mutual MSC Mortgage Series 2003-MS9, Class CB1 7.444%, 04/25/33		1,680		1,731
Wells Fargo Mortgage Backed Securities Trust Series 2003-14, Class A1 4.750%, 12/25/18		4,271		4,202
				33,616
Total CMO – Private Mortgage-Backed Securities (Cost $37,762)				37,020
CMO – U.S. Government Agency Mortgage-Backed Securities – 2.0%
Fixed Rate – 2.0%
FHLMC REMIC Series 2382, Class DA 5.500%, 10/15/30		460		463
FNMA REMIC Series 2004-29, Class WG 4.500%, 05/25/19		2,000		1,878
Series 2002-W1, Class 2A 7.500%, 02/25/42		1,528		1,588
Total CMO – U.S. Government Agency Mortgage-Backed Securities (Cost $3,943)				3,929
Asset-Backed Securities – 0.5%
Home Equity – 0.1%
GRMT Mortgage Loan Trust Series 2001-1A, Class M1 7.772%, 07/20/31 (e)		145		148
Manufactured Housing – 0.3%
Vanderbilt Mortgage Finance Series 1999-B, Class 1A4 6.545%, 04/07/18		631		635

U.S. Government Mortgage Fund (continued)

DESCRIPTION	PAR (000)/SHARES		VALUE (000)
Other – 0.1%
GRP/AG Real Estate Asset Trust Series 2004-1, Class A 3.960%, 03/25/09 (e) (f)	$	168	$	166
Total Asset-Backed Securities (Cost $971)				949
Short-Term Investments – 3.1%
Affiliated Money Market Fund – 3.1%
First American Government Obligations Fund, Class Z (g)		6,160,728		6,161
U.S. Treasury Obligation – 0.0%
U.S. Treasury Bill 3.400%, 11/10/05 (h)	$	100		100
Total Short-Term Investments (Cost $6,261)				6,261
Investments Purchased with Proceeds from Securities Lending (i) – 33.6%
		(Cost $66,368)		66,368
Total Investments – 149.6% (Cost $297,126)				295,156
Other Assets and Liabilities, Net – (49.6)%				(97,908	)
Total Net Assets – 100.0%			$	197,248

(a)  Variable Rate Security – The rate shown is the rate in effect as of September 30, 2005.

(b)  This security or a portion of this security is out on loan at September 30, 2005. Total loaned securities had a value of $64,690,388 at September 30, 2005. See note 2 in Notes to Financial Statements.

(c)  Security purchased on a when-issued basis. On September 30, 2005, the total cost of investments purchased on a when-issued basis was $32,293,913 or 16.4% of total net assets. See note 2 in Notes to Financial Statements.

(d)  Interest only – Represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate in effect as of September 30, 2005.

(e)  Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been determined to be liquid under guidelines established by the funds' board of directors. As of September 30, 2005, the value of these investments was $314,479 or 0.2% of total net assets. See note 2 in Notes to Financials.

(f)  Delayed Interest (Step-Bonds) – Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of September 30, 2005.

(g)  Investment in affiliated security. This money market fund is advised by U.S. Bancorp Asset Management, Inc., which also serves as advisor for this fund. See note 3 in Notes to Financial Statements.

(h)  Security has been deposited as initial margin on open futures contracts. Yield shown is the effective yield as of September 30, 2005. See note 2 in Notes to Financial Statements.

(i)  The fund may loan securities in return for collateral in the form of cash, U.S. Government securities, or other high grade debt obligations. The cash collateral is invested in various short-term fixed income securities, such as repurchase agreements, commercial paper, money market funds and other corporate obligations. See note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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U.S. Government Mortgage Fund (concluded)

CMO – Collateralized Mortgage Obligation

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Corporation

GNMA – Government National Mortgage Association

REMIC – Real Estate Mortgage Investment Conduit

TBA – To Be Announced

Schedule of Open Futures Contracts

Description	Number of Contracts Purchased (Sold)			Notional  Contract Value (000)			Settlement Month	Unrealized Appreciation (Depreciation) (000)
Euro Dollar 90 Day Futures		(65	)	$	(62,043	)	March 06	$	35
U.S. Treasury Long Bond Futures		4			458		December 05		(14	)
U.S. Treasury 2 year Futures		(120	)		(12,353	)	December 05		77
U.S. Treasury 5 year Futures		(35	)		(3,740	)	December 05		52
U.S. Treasury 10 year Futures		29			3,188		December 05		(44	)
								$	106

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Statements of Assets and Liabilities September 30, 2005, in thousands

	Core Bond Fund			High Income Bond Fund			Inflation Protected Securities Fund			Intermediate Government Bond Fund			Intermediate Term Bond Fund			Short Term Bond Fund			Total Return Bond Fund			U.S. Government Mortgage Fund
Investments in unaffiliated securities, at cost	$	1,893,938		$	252,770		$	273,704		$	71,110		$	1,122,153		$	723,125		$	294,468		$	224,597
Investments in affiliated money market fund, at cost		54,925			3,642			1,990			-			4,132			8,235			14,778			6,161
Investments purchased with proceeds from securities lending, at cost (note 2)		844,992			58,210			121,305			-			512,452			193,160			118,983			66,368
Cash denominated in foreign currencies, at cost		-			-			-			-			-			-			100			-
ASSETS:
Investments in unaffiliated securities, at value* (note 2)	$	1,877,642		$	255,644		$	272,299		$	69,818		$	1,110,499		$	713,197		$	292,260		$	222,627
Investments in affiliated money market fund, at value (note 2)		54,925			3,642			1,990			-			4,132			8,235			14,778			6,161
Investments purchased with proceeds from securities lending, at value (note 2)		844,992			58,210			121,305			-			512,452			193,160			118,983			66,368
Cash**		45,159			555			1,149			473			8,770			1,830			10,738			629
Cash denominated in foreign currencies, at value		-			-			-			-			-			-			98			-
Receivable for dividends and interest		10,986			5,402			2,016			1,064			8,366			5,346			1,967			940
Receivable for investment securities sold		49,968			3,803			1,248			10			10,517			-			6,332			-
Receivable for capital shares sold		770			158			1,227			-			361			159			410			749
Receivable for swap contracts		90			-			64			-			-			-			13			-
Receivable for variation margin		5			45			-			-			-			-			-			16
Prepaid expenses and other assets		40			37			41			31			83			32			46			38
Total assets		2,884,577			327,496			401,339			71,396			1,655,180			921,959			445,625			297,528
LIABILITIES:
Payable upon return of securities loaned (note 2)		852,996			58,761			122,454			-			517,306			194,990			120,110			66,997
Payable for investment securities purchased		64,190			5,907			-			-			10,379			-			10,943			354
Payable for investment securities purchased on a when-issued basis		47,704			-			-			-			-			-			9,065			32,294
Payable for capital shares redeemed		6,868			224			1,544			36			3,835			1,284			124			496
Payable for variation margin		-			-			11			-			2			50			38			-
Payable for swap contracts		-			38			-			-			-			1,967			-			-
Payable to affiliates (note 3)		1,091			176			134			33			558			364			182			111
Payable for distribution and shareholder servicing fees		47			24			2			-			6			12			10			17
Accrued expenses and other liabilities		61			14			9			8			44			37			7			11
Total liabilities		972,957			65,144			124,154			77			532,130			198,704			140,479			100,280
Net assets	$	1,911,620		$	262,352		$	277,185		$	71,319		$	1,123,050		$	723,255		$	305,146		$	197,248
COMPOSITION OF NET ASSETS:
Portfolio capital	$	1,919,152		$	269,134		$	277,187		$	72,331		$	1,133,862		$	745,327		$	327,296		$	204,015
Undistributed net investment income		868			19			1,292			77			1,447			2,148			117			132
Accumulated net realized gain (loss) on investments		7,843			(9,837	)		85			203			(685	)		(13,113	)		(19,952	)		(5,035	)
Net unrealized appreciation (depreciation) of investments		(16,296	)		2,874			(1,405	)		(1,292	)		(11,654	)		(9,928	)		(2,208	)		(1,970	)
Net unrealized appreciation (depreciation) on futures contracts		102			72			(64	)		-			107			970			(98	)		106
Net unrealized depreciation of forward foreign currency contracts,  foreign currency, and translation of other assets and liabilities denominated in foreign currency		-			-			-			-			-			-			(2	)		-
Net unrealized appreciation (depreciation) on swap agreements		(49	)		90			90			-			(27	)		(2,149	)		(7	)		-
Net assets	$	1,911,620		$	262,352		$	277,185		$	71,319		$	1,123,050		$	723,255		$	305,146		$	197,248
*Including securities loaned, at value	$	831,476		$	56,871		$	119,460			-		$	503,024		$	189,692		$	117,009		$	64,690
**Includes cash collateral received related to securities loaned (note 2)	$	8,004		$	551		$	1,149			-		$	4,854		$	1,830		$	1,127		$	629

The accompanying notes are an integral part of the financial statements.

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Statements of Assets and Liabilities September 30, 2005, in thousands, except for per share data (continued)

	Core Bond Fund		High Income Bond Fund		Inflation Protected Securities Fund		Intermediate Government Bond Fund		Intermediate Term Bond Fund		Short Term Bond Fund		Total Return Bond Fund		U.S. Government Mortgage Fund
Class A:
Net assets	$	161,410	$	34,144	$	6,917	$	1,970	$	48,426	$	97,863	$	19,113	$	24,504
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		14,476		3,628		683		239		4,847		9,857		1,878		2,328
Net asset value and redemption price per share	$	11.15	$	9.41	$	10.12	$	8.26	$	9.99	$	9.93	$	10.18	$	10.53
Maximum offering price per share (1)	$	11.64	$	9.83	$	10.57	$	8.45	$	10.22	$	10.16	$	10.63	$	11.00
Class B:
Net assets	$	17,078	$	7,191		-		-		-		-	$	4,395	$	7,926
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		1,543		767		-		-		-		-		434		752
Net asset value, offering price, and redemption price per share (2)	$	11.07	$	9.37		-		-		-		-	$	10.14	$	10.54
Class C:
Net assets	$	7,266	$	13,403	$	855		-		-		-	$	2,858	$	6,585
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		654		1,429		85		-		-		-		283		628
Net asset value per share (2)	$	11.12	$	9.38	$	10.11		-		-		-	$	10.12	$	10.49
Class R:
Net assets	$	16	$	4	$	1		-		-		-	$	3	$	3
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		1		-		-		-		-		-		-		-
Net asset value, offering price, and redemption price per share	$	11.17	$	9.53	$	10.13		-		-		-	$	10.23	$	10.51
Class Y:
Net assets	$	1,725,850	$	207,610	$	269,412	$	69,349	$	1,074,624	$	625,392	$	278,777	$	158,230
Shares issued and outstanding ($0.0001 par value - 2 billion authorized)		154,814		22,047		26,595		8,401		107,895		62,965		27,408		15,029
Net asset value, offering price, and redemption price per share	$	11.15	$	9.42	$	10.13	$	8.25	$	9.96	$	9.93	$	10.17	$	10.53

  (1)  The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge. For a description of front-end sales charges,
see note 1 in Notes to Financial Statements.

  (2)  Class B and C have a contingent deferred sales charge. For a description of this sales charge, see notes 1 and 3 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

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Statements of Operations for the fiscal year ended September 30, 2005, in thousands

	Core Bond Fund			High Income Bond Fund			Inflation Protected Securites Fund			Intermediate Government Bond Fund			Intermediate Term Bond Fund			Short Term Bond Fund			Total Return Bond Fund			U.S. Government Mortgage Fund
INVESTMENT INCOME:
Interest from unaffiliated securities	$	83,761		$	21,756		$	9,511		$	3,623		$	48,761		$	31,398		$	14,221		$	9,743
Dividends from affiliated money market fund		1,058			77			88			15			222			169			365			151
Dividends from unaffiliated securities		-			64			-			-			-			-			24			-
Securities lending income		871			165			40			-			553			146			67			34
Total investment income		85,690			22,062			9,639			3,638			49,536			31,713			14,677			9,928
EXPENSES (note 3):
Investment advisory fees		9,590			1,955			851			463			6,091			4,630			1,906			1,045
Administration fees		3,962			598			335			199			2,541			1,960			594			445
Transfer agent fees		1,223			173			131			54			760			555			183			132
Custodian fees		168			25			14			8			107			83			25			18
Professional fees		119			27			63			17			74			59			27			23
Postage and printing fees		65			14			6			3			43			33			21			7
Directors' fees		44			6			4			2			28			22			7			5
Registration fees		41			41			30			24			21			22			41			43
Other expenses		41			10			6			6			28			23			10			9
Distribution and shareholder servicing fees – Class A		431			100			8			5			138			282			50			71
Distribution and shareholder servicing fees – Class B		192			80			-			-			-			-			48			87
Distribution and shareholder servicing fees – Class C		81			151			5			-			-			-			34			84
Distribution and shareholder servicing fees – Class R		-			-			-			-			-			-			-			-
Total expenses		15,957			3,180			1,453			781			9,831			7,669			2,946			1,969
Less: Fee waivers (note 3)		(1,827	)		(690	)		(419	)		(223	)		(2,439	)		(1,945	)		(691	)		(264	)
Total net expenses		14,130			2,490			1,034			558			7,392			5,724			2,255			1,705
Investment income – net		71,560			19,572			8,605			3,080			42,144			25,989			12,422			8,223
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS, WRITTEN OPTIONS, FOREIGN CURRENCY TRANSACTIONS
AND SWAP AGREEMENTS – NET (note 5):
Net realized gain (loss) on investments		13,556			7,856			(139	)		54			(2,596	)		(6,244	)		5,824			696
Net realized gain (loss) on futures contracts		(4,532	)		573			11			64			(730	)		(2,529	)		(465	)		43
Net realized gain (loss) on options written		1,881			-			94			63			1,217			142			157			(102	)
Net realized gain (loss) on swap agreements		727			272			133			-			639			783			857			-
Net realized loss on forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		-			-			-			-			-			-			(6	)		-
Net change in unrealized appreciation or depreciation of investments		(28,161	)		(9,575	)		(1,405	)		(2,006	)		(18,673	)		(7,121	)		(8,750	)		(3,451	)
Net change in unrealized appreciation or depreciation of futures contracts		1,442			27			(64	)		53			624			1,494			165			112
Net change in unrealized appreciation or depreciation of forward foreign currency contracts, foreign currency, and translation of other assets and liabilities denominated in foreign currency		-			-			-			-			-			-			(2	)		-
Net change in unrealized appreciation or depreciation of swap agreements		(49	)		90			90			-			(27	)		(2,149	)		(7	)		-
Net loss on investments, futures contracts, written options,  foreign currency transactions and swap agreements		(15,136	)		(757	)		(1,280	)		(1,772	)		(19,546	)		(15,624	)		(2,227	)		(2,702	)
Net increase in net assets resulting from operations	$	56,424		$	18,815		$	7,325		$	1,308		$	22,598		$	10,365		$	10,195		$	5,521

The accompanying notes are an integral part of the financial statements.

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Statements of Changes in Net Assets in thousands

	Core Bond Fund						High Income Bond Fund						Inflation Protected Securities Fund			Intermediate Government Bond Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended(1) 9/30/05			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	71,560		$	73,461		$	19,572		$	20,792		$	8,605		$	3,080		$	5,648
Net realized gain (loss) on investments		13,556			18,668			7,856			12,424			(139	)		54			5,815
Net realized gain (loss) on futures contracts		(4,532	)		(4,060	)		573			(261	)		11			64			(293	)
Net realized gain (loss) on options written		1,881			2,256			-			75			94			63			279
Net realized gain (loss) on swap agreements		727			-			272			-			133			-			-
Net realized gain (loss) on forward foreign currency contracts,  foreign currency, and translation of other assets and liabilities denominated in foreign currency		-			-			-			62			-			-			-
Net change in unrealized appreciation or depreciation of investments		(28,161	)		(35,329	)		(9,575	)		(2,836	)		(1,405	)		(2,006	)		(10,413	)
Net change in unrealized appreciation or depreciation of futures contracts		1,442			(1,340	)		27			45			(64	)		53			(53	)
Net change in unrealized appreciation or depreciation of written options		-			343			-			-			-			-			51
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency		-			-			-			(4	)		-			-			-
Net change in unrealized appreciation or depreciation of swap agreements		(49	)		-			90			-			90			-			-
Net increase in net assets resulting from operations		56,424			53,999			18,815			30,297			7,325			1,308			1,034
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(6,383	)		(6,707	)		(2,729	)		(3,109	)		(138	)		(64	)		(55	)
Class B		(572	)		(691	)		(494	)		(601	)		-			-			-
Class C		(240	)		(311	)		(929	)		(1,260	)		(17	)		-			-
Class R		-			(773	)		(1	)		(30	)		-			-			-
Class Y		(68,228	)		(70,747	)		(15,519	)		(15,894	)		(7,166	)		(3,114	)		(5,443	)
Net realized gain on investments:
Class A		(120	)		(2,811	)		-			-			-			(84	)		(258	)
Class B		(14	)		(404	)		-			-			-			-			-
Class C		(6	)		(191	)		-			-			-			-			-
Class R		-			(591	)		-			-			-			-			-
Class Y		(1,148	)		(28,710	)		-			-			(6	)		(4,844	)		(29,444	)
Return of capital:
Class A		-			-			(3	)		-			-			-			-
Class B		-			-			(1	)		-			-			-			-
Class C		-			-			(1	)		-			-			-			-
Class R		-			-			-	(2)		-			-			-			-
Class Y		-			-			(15	)		-			-			-			-
Total distributions		(76,711	)		(111,936	)		(19,692	)		(20,894	)		(7,327	)		(8,106	)		(35,200	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		23,283			64,537			6,693			10,439			7,676			1,284			799
Reinvestment of distributions		5,127			7,247			2,001			2,352			100			134			221
Payments for redemptions		(50,134	)		(73,658	)		(18,399	)		(12,507	)		(869	)		(1,194	)		(1,360	)
Increase (decrease) in net assets from Class A transactions		(21,724	)		(1,874	)		(9,705	)		284			6,907			224			(340	)
Class B:
Proceeds from sales		1,003			1,965			760			2,346			-			-			-
Reinvestment of distributions		514			948			310			365			-			-			-
Payments for redemptions		(5,294	)		(9,240	)		(2,383	)		(3,441	)		-			-			-
Decrease in net assets from Class B transactions		(3,777	)		(6,327	)		(1,313	)		(730	)		-			-			-
Class C:
Proceeds from sales		884			1,348			521			2,087			886			-			-
Reinvestment of distributions		239			491			828			1,109			17			-			-
Payments for redemptions		(2,913	)		(5,799	)		(5,303	)		(6,143	)		(44	)		-			-
Increase (decrease) in net assets from Class C transactions		(1,790	)		(3,960	)		(3,954	)		(2,947	)		859			-			-
Class R:
Proceeds from sales		15			6,356			45			308			1			-			-
Reinvestment of distributions		-			1,329			1			20			-			-			-
Payments for redemptions		-			(46,072	)		(43	)		(1,112	)		-			-			-
Increase (decrease) in net assets from Class R transactions		15			(38,387	)		3			(784	)		1			-			-
Class Y:
Proceeds from sales		403,595			394,559			75,166			94,505			294,003			14,803			21,991
Reinvestment of distributions		22,339			40,091			1,986			2,351			2,104			4,328			26,896
Payments for redemptions		(422,205	)		(599,130	)		(103,437	)		(48,429	)		(26,687	)		(72,879	)		(220,111	)
Increase (decrease) in net assets from Class Y transactions		3,729			(164,480	)		(26,285	)		48,427			269,420			(53,748	)		(171,224	)
Increase (decrease) in net assets from capital share transactions		(23,547	)		(215,028	)		(41,254	)		44,250			277,187			(53,524	)		(171,564	)
Total increase (decrease) in net assets		(43,834	)		(272,965	)		(42,131	)		53,653			277,185			(60,322	)		(205,730	)
Net assets at beginning of period		1,955,454			2,228,419			304,483			250,830			-			131,641			337,371
Net assets at end of period	$	1,911,620		$	1,955,454		$	262,352		$	304,483		$	277,185		$	71,319		$	131,641
Undistributed net investment income	$	868		$	380		$	19		$	148		$	1,292		$	77		$	165

  (1)  No prior period presentation as fund commenced operations on 10/1/04.  (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 Annual Report 2005

62

	Intermediate Term Bond Fund						Short Term Bond Fund						Total Return Bond Fund						U.S. Government Mortgage Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
OPERATIONS:
Investment income – net	$	42,144		$	42,757		$	25,989		$	23,756		$	12,422		$	13,096		$	8,223		$	9,612
Net realized gain (loss) on investments		(2,596	)		18,776			(6,244	)		3,167			5,824			6,006			696			616
Net realized gain (loss) on futures contracts		(730	)		(1,075	)		(2,529	)		(1,911	)		(465	)		(735	)		43			(630	)
Net realized gain (loss) on options written		1,217			1,321			142			-			157			104			(102	)		269
Net realized gain (loss) on swap agreements		639			-			783			-			857			-			-			-
Net realized gain (loss) on forward foreign currency contracts,  foreign currency, and translation of other assets and liabilities denominated in foreign currency		-			-			-			-			(6	)		-			-			-
Net change in unrealized appreciation or depreciation of investments		(18,673	)		(32,178	)		(7,121	)		(14,832	)		(8,750	)		(5,034	)		(3,451	)		(3,225	)
Net change in unrealized appreciation or depreciation of futures contracts		624			(517	)		1,494			(524	)		165			(263	)		112			(6	)
Net change in unrealized appreciation or depreciation of written options		-			206			-			-			-			-			-			40
Net change in unrealized appreciation or depreciation of foreign currency, and translation of other assets and liabilities denominated in foreign currency		-			-			-			-			(2	)		-			-			-
Net change in unrealized appreciation or depreciation of swap agreements		(27	)		-			(2,149	)		-			(7	)		-			-			-
Net increase in net assets resulting from operations		22,598			29,290			10,365			9,656			10,195			13,174			5,521			6,676
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(1,797	)		(2,199	)		(3,144	)		(3,287	)		(841	)		(787	)		(1,230	)		(1,210	)
Class B		-			-			-			-			(167	)		(390	)		(312	)		(354	)
Class C		-			-			-			-			(118	)		(186	)		(300	)		(525	)
Class R		-			(220	)		-			(108	)		-			(59	)		-			(385	)
Class Y		(40,236	)		(40,500	)		(23,671	)		(21,857	)		(11,336	)		(11,683	)		(7,495	)		(9,087	)
Net realized gain on investments:
Class A		(561	)		(840	)		-			-			-			-			-			-
Class B		-			-			-			-			-			-			-			-
Class C		-			-			-			-			-			-			-			-
Class R		-			(131	)		-			-			-			-			-			-
Class Y		(11,243	)		(13,807	)		-			-			-			-			-			-
Return of capital:
Class A		-			-			(43	)		-			-			(1	)		-			-
Class B		-			-			-	(2)		-			-			(1	)		-			-
Class C		-			-			-	(2)		-			-			-	(2)		-			-
Class R		-			-			-	(2)		-			-			-	(2)		-			-
Class Y		-			-			(328	)		-			-			(17	)		-			-
Total distributions		(53,837	)		(57,697	)		(27,186	)		(25,252	)		(12,462	)		(13,124	)		(9,337	)		(11,561	)
CAPITAL SHARE TRANSACTIONS (note 4):
Class A:
Proceeds from sales		8,671			26,236			6,342			29,602			2,495			12,203			5,292			18,795
Reinvestment of distributions		2,041			1,995			2,512			2,563			686			624			1,097			1,048
Payments for redemptions		(24,078	)		(42,101	)		(39,475	)		(58,743	)		(4,969	)		(5,431	)		(14,192	)		(11,208	)
Increase (decrease) in net assets from Class A transactions		(13,366	)		(13,870	)		(30,621	)		(26,578	)		(1,788	)		7,396			(7,803	)		8,635
Class B:
Proceeds from sales		-			-			-			-			240			687			742			1,290
Reinvestment of distributions		-			-			-			-			125			278			275			313
Payments for redemptions		-			-			-			-			(1,417	)		(8,920	)		(2,090	)		(3,679	)
Decrease in net assets from Class B transactions		-			-			-			-			(1,052	)		(7,955	)		(1,073	)		(2,076	)
Class C:
Proceeds from sales		-			-			-			-			90			323			309			1,119
Reinvestment of distributions		-			-			-			-			105			172			284			508
Payments for redemptions		-			-			-			-			(1,107	)		(2,434	)		(4,390	)		(9,603	)
Increase (decrease) in net assets from Class C transactions		-			-			-			-			(912	)		(1,939	)		(3,797	)		(7,976	)
Class R:
Proceeds from sales		-			4,442			-			1,901			2			90			1			1,517
Reinvestment of distributions		-			323			-			92			-			59			-			359
Payments for redemptions		-			(16,683	)		-			(10,658	)		-			(2,840	)		-			(19,037	)
Increase (decrease) in net assets from Class R transactions		-			(11,918	)		-			(8,665	)		2			(2,691	)		1			(17,161	)
Class Y:
Proceeds from sales		245,371			386,218			149,034			462,268			94,268			55,561			35,129			43,758
Reinvestment of distributions		20,576			23,314			7,911			7,197			1,633			1,623			960			1,090
Payments for redemptions		(381,218	)		(459,895	)		(459,960	)		(345,341	)		(58,054	)		(60,124	)		(45,987	)		(84,443	)
Increase (decrease) in net assets from Class Y transactions		(115,271	)		(50,363	)		(303,015	)		124,124			37,847			(2,940	)		(9,898	)		(39,595	)
Increase (decrease) in net assets from capital share transactions		(128,637	)		(76,151	)		(333,636	)		88,881			34,097			(8,129	)		(22,570	)		(58,173	)
Total increase (decrease) in net assets		(159,876	)		(104,558	)		(350,457	)		73,285			31,830			(8,079	)		(26,386	)		(63,058	)
Net assets at beginning of period		1,282,926			1,387,484			1,073,712			1,000,427			273,316			281,395			223,634			286,692
Net assets at end of period	$	1,123,050		$	1,282,926		$	723,255		$	1,073,712		$	305,146		$	273,316		$	197,248		$	223,634
Undistributed net investment income	$	1,447		$	380		$	2,148		$	548		$	117		$	-		$	132		$	242

FIRST AMERICAN FUNDS Annual Report 2005

63

Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains or (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (4)
Core Bond Fund
Class A
	2005	(1)	$	11.27	$	0.40	$	(0.09	)	$	(0.42	)	$	(0.01	)	$	11.15		2.75	%
	2004	(1)		11.56		0.38		(0.09	)		(0.41	)		(0.17	)		11.27		2.60
	2003			11.45		0.42		0.15			(0.46	)		-			11.56		5.08
	2002			11.37		0.55		0.08			(0.55	)		-			11.45		5.77
	2001	(1)		10.69		0.61		0.69			(0.62	)		-			11.37		12.50
Class B
	2005	(1)	$	11.19	$	0.31	$	(0.09	)	$	(0.33	)	$	(0.01	)	$	11.07		2.00	%
	2004	(1)		11.48		0.29		(0.09	)		(0.32	)		(0.17	)		11.19		1.83
	2003			11.38		0.35		0.12			(0.37	)		-			11.48		4.23
	2002			11.29		0.47		0.09			(0.47	)		-			11.38		5.12
	2001	(1)		10.63		0.52		0.68			(0.54	)		-			11.29		11.59
Class C
	2005	(1)	$	11.24	$	0.31	$	(0.09	)	$	(0.33	)	$	(0.01	)	$	11.12		1.99	%
	2004	(1)		11.53		0.29		(0.09	)		(0.32	)		(0.17	)		11.24		1.81
	2003			11.42		0.34		0.14			(0.37	)		-			11.53		4.30
	2002			11.34		0.47		0.08			(0.47	)		-			11.42		5.02
	2001	(1)		10.66		0.52		0.70			(0.54	)		-			11.34		11.68
Class R (2)
	2005	(1)	$	11.30	$	0.38	$	(0.10	)	$	(0.40	)	$	(0.01	)	$	11.17		2.51	%
	2004	(1)		11.56		0.38		(0.10	)		(0.37	)		(0.17	)		11.30		2.53
	2003			11.45		0.42		0.15			(0.46	)		-			11.56		5.08
	2002			11.37		0.55		0.08			(0.55	)		-			11.45		5.77
	2001	(1) (3)		11.28		0.01		0.08			-			-			11.37		0.80
Class Y
	2005	(1)	$	11.27	$	0.42	$	(0.08	)	$	(0.45	)	$	(0.01	)	$	11.15		3.01	%
	2004	(1)		11.56		0.40		(0.08	)		(0.44	)		(0.17	)		11.27		2.87
	2003			11.45		0.45		0.15			(0.49	)		-			11.56		5.34
	2002			11.37		0.58		0.08			(0.58	)		-			11.45		6.04
	2001	(1)		10.69		0.63		0.70			(0.65	)		-			11.37		12.76

(1)  Per share data calculated using average shares outstanding method.

  (2)  Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

  (3)  Class of shares has been offered since September 24, 2001.  All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  Total returns do not reflect sales charges. Total return would have been lower had certain expenses not been waived.

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

64

			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Core Bond Fund
Class A
	2005	(1)	$	161,410		0.95	%		3.51	%		1.05	%		3.41	%		208	%
	2004	(1)		184,805		0.95			3.30			1.05			3.20			182
	2003			191,754		0.95			3.58			1.05			3.48			196
	2002			122,354		0.95			4.93			1.03			4.85			115
	2001	(1)		119,067		0.95			5.50			1.13			5.32			81
Class B
	2005	(1)	$	17,078		1.70	%		2.76	%		1.80	%		2.66	%		208	%
	2004	(1)		21,046		1.70			2.58			1.80			2.48			182
	2003			28,096		1.70			2.83			1.80			2.73			196
	2002			16,741		1.70			4.17			1.78			4.09			115
	2001	(1)		15,071		1.70			4.75			1.88			4.57			81
Class C
	2005	(1)	$	7,266		1.70	%		2.76	%		1.80	%		2.66	%		208	%
	2004	(1)		9,132		1.70			2.58			1.80			2.48			182
	2003			13,424		1.70			2.85			1.80			2.75			196
	2002			9,672		1.70			4.18			1.78			4.10			115
	2001	(1)		7,148		1.70			4.65			1.88			4.47			81
Class R (2)
	2005	(1)	$	16		1.20	%		3.37	%		1.45	%		3.12	%		208	%
	2004	(1)		1		0.95			3.37			1.05			3.27			182
	2003			39,236		0.95			3.58			1.05			3.48			196
	2002			33,270		0.95			4.93			1.03			4.85			115
	2001	(1) (3)		35,062		1.58			6.36			1.76			6.18			81
Class Y
	2005	(1)	$	1,725,850		0.70	%		3.77	%		0.80	%		3.67	%		208	%
	2004	(1)		1,740,470		0.70			3.58			0.80			3.48			182
	2003			1,955,909		0.70			3.83			0.80			3.73			196
	2002			1,204,555		0.70			5.18			0.78			5.10			115
	2001	(1)		1,368,812		0.70			5.76			0.88			5.58			81

FIRST AMERICAN FUNDS Annual Report 2005

65

Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains		Distributions from Return of Capital			Net Asset Value End of Period
High Income Bond Fund (1)
Class A
	2005	(2)	$	9.45	$	0.66	$	(0.04	)	$	(0.66	)	$	-	$	-	(7)	$	9.41
	2004	(2)		9.13		0.68		0.32			(0.68	)		-		-			9.45
	2003	(2)		7.90		0.68		1.24			(0.69	)		-		-			9.13
	2002			9.23		0.65		(1.21	)		(0.70	)		-		(0.07	)		7.90
	2001	(2) (3)		9.93		0.02		(0.68	)		(0.04	)		-		-			9.23
Class B
	2005	(2)	$	9.41	$	0.58	$	(0.03	)	$	(0.59	)	$	-	$	-	(7)	$	9.37
	2004	(2)		9.09		0.61		0.32			(0.61	)		-		-			9.41
	2003	(2)		7.87		0.61		1.24			(0.63	)		-		-			9.09
	2002			9.19		0.69		(1.31	)		(0.63	)		-		(0.07	)		7.87
	2001	(2) (3)		9.88		0.02		(0.67	)		(0.04	)		-		-			9.19
Class C
	2005	(2)	$	9.42	$	0.58	$	(0.03	)	$	(0.59	)	$	-	$	-	(7)	$	9.38
	2004	(2)		9.10		0.61		0.32			(0.61	)		-		-			9.42
	2003	(2)		7.89		0.61		1.23			(0.63	)		-		-			9.10
	2002			9.21		0.64		(1.27	)		(0.62	)		-		(0.07	)		7.89
	2001	(2) (3)		9.90		0.05		(0.70	)		(0.04	)		-		-			9.21
Class R (4)
	2005	(2)	$	9.60	$	0.62	$	(0.04	)	$	(0.65	)	$	-	$	-	(7)	$	9.53
	2004	(2)		9.21		0.69		0.32			(0.62	)		-		-			9.60
	2003	(2)		7.98		0.71		1.22			(0.70	)		-		-			9.21
	2002			9.32		0.73		(1.30	)		(0.70	)		-		(0.07	)		7.98
	2001	(2) (5)		9.50		0.01		(0.19	)		-			-		-			9.32
Class Y
	2005	(2)	$	9.46	$	0.68	$	(0.03	)	$	(0.69	)	$	-	$	-	(7)	$	9.42
	2004	(2)		9.13		0.70		0.34			(0.71	)		-		-			9.46
	2003	(2)		7.92		0.69		1.24			(0.72	)		-		-			9.13
	2002			9.24		0.74		(1.28	)		(0.71	)		-		(0.07	)		7.92
	2001	(2) (3)		9.92		0.05		(0.69	)		(0.04	)		-		-			9.24
Inflation Protected Securities Fund (2) (6)
Class A
	2005		$	10.00	$	0.51	$	(0.02	)	$	(0.37	)	$	-	$	-		$	10.12
Class C
	2005		$	10.00	$	0.40	$	0.02		$	(0.31	)	$	-	$	-		$	10.11
Class R
	2005		$	10.00	$	0.43	$	0.05		$	(0.35	)	$	-	$	-		$	10.13
Class Y
	2005		$	10.00	$	0.51	$	0.01		$	(0.39	)	$	-	$	-		$	10.13

  (1)  The financial highlights for the High Income Bond Fund prior to March 14, 2003, are those of the First American High Yield Bond Fund Class A shares, Class B shares, 
Class C shares, Class S shares, and Class Y shares. The assets of the First American High Yield Bond Fund were acquired by High Income Bond Fund on March 14, 2003.
In connection with such acquisition, Class A shares, Class B shares, Class C shares, Class S shares, and Class Y shares of the First American High Yield Bond Fund were
exchanged for Class A shares, Class B shares, Class C shares, Class S shares, (now designated Class R shares) and Class Y shares of High Income Bond Fund respectively.
Historical per-share amounts have been adjusted to reflect the conversion ratios utilized for the merger of the High Income Bond Fund and the First American High Yield Bond Fund.

  (2)  Per share data calculated using average shares outstanding method.

  (3)  Commenced operations on August 30, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

  (5)  Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

  (6)  Commenced operations on October 1, 2004.

  (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 Annual Report 2005

66

			Total Return (8)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
High Income Bond Fund (1)
Class A
	2005	(2)		6.74	%	$	34,144		1.02	%		6.88	%		1.27	%		6.63	%		77	%
	2004	(2)		11.30			43,842		1.00			7.25			1.26			6.99			80
	2003	(2)		25.30			42,013		1.06			7.72			1.24			7.54			122
	2002			(6.66	)		23,900		1.10			7.64			1.47			7.27			86
	2001	(2) (3)		(6.55	)		161		1.10			6.53			1.33			6.30			53
Class B
	2005	(2)		5.97	%	$	7,191		1.77	%		6.13	%		2.02	%		5.88	%		77	%
	2004	(2)		10.52			8,521		1.75			6.50			2.01			6.24			80
	2003	(2)		24.33			8,939		1.81			7.00			1.99			6.82			122
	2002			(7.26	)		774		1.80			7.49			2.28			7.01			86
	2001	(2) (3)		(6.47	)		40		1.77			6.02			2.02			5.77			53
Class C
	2005	(2)		5.96	%	$	13,403		1.77	%		6.13	%		2.02	%		5.88	%		77	%
	2004	(2)		10.51			17,349		1.75			6.50			2.01			6.24			80
	2003	(2)		24.14			19,685		1.80			7.01			1.98			6.83			122
	2002			(7.34	)		7,213		1.83			7.08			2.26			6.65			86
	2001	(2) (3)		(6.50	)		3,749		1.94			5.53			2.21			5.26			53
Class R (4)
	2005	(2)		6.23	%	$	4		1.33	%		6.31	%		1.73	%		5.91	%		77	%
	2004	(2)		11.29			1		1.00			7.33			1.26			7.07			80
	2003	(2)		25.11			777		1.00			7.86			1.18			7.68			122
	2002			(6.66	)		87		1.01			8.46			1.57			7.90			86
	2001	(2) (5)		(1.90	)		-		-			1.23			-			1.23			53
Class Y
	2005	(2)		7.01	%	$	207,610		0.77	%		7.13	%		1.02	%		6.88	%		77	%
	2004	(2)		11.69			234,770		0.75			7.49			1.01			7.23			80
	2003	(2)		25.29			179,416		0.83			7.97			1.01			7.79			122
	2002			(6.33	)		21,157		0.82			8.19			1.27			7.74			86
	2001	(2) (3)		(6.47	)		8,308		0.96			6.06			1.23			5.79			53
Inflation Protected Securities Fund (2) (6)
Class A
	2005			4.93	%	$	6,917		0.85	%		5.04	%		1.09	%		4.80	%		23	%
Class C
	2005			4.18	%	$	855		1.60	%		3.98	%		1.84	%		3.74	%		23	%
Class R
	2005			4.81	%	$	1		1.10	%		4.22	%		1.49	%		3.83	%		23	%
Class Y
	2005			5.24	%	$	269,412		0.60	%		5.05	%		0.84	%		4.81	%		23	%

FIRST AMERICAN FUNDS Annual Report 2005

67

Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Intermediate Government Bond Fund
Class A
	2005	(1)	$	8.82	$	0.27	$	(0.15	)	$	(0.28	)	$	(0.40	)	$	-		$	8.26
	2004	(1)		10.01		0.24		(0.16	)		(0.24	)		(1.03	)		-			8.82
	2003	(2)		10.00		0.32		0.02			(0.33	)		-			-			10.01
Class Y
	2005	(1)	$	8.82	$	0.28	$	(0.16	)	$	(0.29	)	$	(0.40	)	$	-		$	8.25
	2004	(1)		10.01		0.26		(0.17	)		(0.25	)		(1.03	)		-			8.82
	2003	(2)		10.00		0.34		0.01			(0.34	)		-			-			10.01
Intermediate Term Bond Fund (3)
Class A
	2005	(1)	$	10.25	$	0.34	$	(0.17	)	$	(0.33	)	$	(0.10	)	$	-		$	9.99
	2004	(1)		10.46		0.31		(0.10	)		(0.31	)		(0.11	)		-			10.25
	2003			10.35		0.39		0.12			(0.40	)		-			-			10.46
	2002			10.26		0.50		0.10			(0.50	)		-			(0.01	)		10.35
	2001	(1) (4)		9.70		0.54		0.55			(0.51	)		(0.02	)		-			10.26
	2000	(5)		9.68		0.58		0.02			(0.58	)		-			-			9.70
Class Y
	2005	(1)	$	10.22	$	0.36	$	(0.17	)	$	(0.35	)	$	(0.10	)	$	-		$	9.96
	2004	(1)		10.43		0.33		(0.11	)		(0.32	)		(0.11	)		-			10.22
	2003			10.32		0.41		0.12			(0.42	)		-			-			10.43
	2002			10.23		0.52		0.10			(0.52	)		-			(0.01	)		10.32
	2001	(1) (4)		9.68		0.56		0.54			(0.53	)		(0.02	)		-			10.23
	2000	(5)		9.66		0.60		0.02			(0.60	)		-			-			9.68

  (1)  Per share data calculated using average shares outstanding method.

  (2)  Commenced operations on October 25, 2002. All ratios for the period have been annualized, except total return and portfolio turnover.

  (3)  The financial highlights for the Intermediate Term Bond Fund prior to September 24, 2001, are those of the Firstar Intermediate Bond Fund Class A shares, Class Y shares,
and Class I shares. The assets of the Firstar Intermediate Bond Fund were acquired by Intermediate Term Bond Fund on September 24, 2001. In connection with such
acquisition, Class A shares, Class Y shares, and Class I shares of the Firstar Intermediate Bond Fund were exchanged for Class A shares, Class S shares, and
Class Y shares of Intermediate Term Bond Fund, respectively. Historical per-share amounts have been adjusted to reflect the conversion ratios utilized for the merger of
the Intermediate Term Bond Fund and the Firstar Intermediate Bond Fund.

  (4)  For the period November 1, 2000 to September 30, 2001. Effective in 2001, the fund's fiscal year end was changed from October 31 to September 30. All ratios for the
period have been annualized, except total return and portfolio turnover.

  (5)  For the fiscal year ended October 31.

  (6)  Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

68

			Total Return (6)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Intermediate Government Bond Fund
Class A
	2005	(1)		1.40	%	$	1,970		0.75	%		3.21	%		1.09	%		2.87	%		161	%
	2004	(1)		0.98			1,872		0.75			2.69			1.03			2.41			53
	2003	(2)		3.53			2,502		0.75			3.22			1.05			2.92			74
Class Y
	2005	(1)		1.43	%	$	69,349		0.60	%		3.34	%		0.84	%		3.10	%		161	%
	2004	(1)		1.14			129,769		0.60			2.84			0.78			2.66			53
	2003	(2)		3.64			334,869		0.60			3.68			0.80			3.48			74
Intermediate Term Bond Fund (3)
Class A
	2005	(1)		1.69	%	$	48,426		0.75	%		3.39	%		1.05	%		3.09	%		118	%
	2004	(1)		2.06			63,219		0.75			2.97			1.04			2.68			169
	2003			5.09			78,682		0.75			3.89			1.05			3.59			133
	2002			6.11			65,291		0.75			4.96			1.02			4.69			40
	2001	(1) (4)		11.46			61,225		0.85			5.62			0.96			5.51			30
	2000	(5)		6.41			27,431		0.82			6.08			0.95			5.95			18
Class Y
	2005	(1)		1.85	%	$	1,074,624		0.60	%		3.55	%		0.80	%		3.35	%		118	%
	2004	(1)		2.22			1,219,707		0.60			3.12			0.79			2.93			169
	2003			5.25			1,296,529		0.60			4.05			0.80			3.85			133
	2002			6.29			978,406		0.60			5.11			0.77			4.94			40
	2001	(1) (4)		11.61			878,695		0.60			5.83			0.70			5.73			30
	2000	(5)		6.67			408,708		0.57			6.33			0.70			6.20			18

FIRST AMERICAN FUNDS Annual Report 2005

69

Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Distributions from Return of Capital			Net Asset Value End of Period
Short Term Bond Fund
Class A
	2005	(1)	$	10.11	$	0.27	$	(0.16	)	$	(0.29	)	$	-		$	-	(4)	$	9.93
	2004	(1)		10.26		0.23		(0.15	)		(0.23	)		-			-			10.11
	2003			10.29		0.28		(0.01	)		(0.30	)		-			-			10.26
	2002			10.27		0.42		0.04			(0.43	)		-			(0.01	)		10.29
	2001	(1)		9.91		0.61		0.40			(0.65	)		-			-			10.27
Class Y
	2005	(1)	$	10.11	$	0.28	$	(0.16	)	$	(0.29	)	$	-		$	(0.01	)	$	9.93
	2004	(1)		10.26		0.25		(0.16	)		(0.24	)		-			-			10.11
	2003			10.30		0.30		(0.02	)		(0.32	)		-			-			10.26
	2002			10.27		0.43		0.05			(0.44	)		-			(0.01	)		10.30
	2001	(1)		9.91		0.63		0.39			(0.66	)		-			-			10.27
Total Return Bond Fund (6)
Class A
	2005	(1)	$	10.25	$	0.43	$	(0.07	)	$	(0.43	)	$	-		$	-		$	10.18
	2004	(1)		10.23		0.46		0.03			(0.47	)		-			-	(4)		10.25
	2003			9.60		0.51		0.63			(0.51	)		-			-			10.23
	2002			10.01		0.57		(0.39	)		(0.58	)		(0.01	)		-			9.60
	2001	(1)		10.03		0.72		0.35			(0.73	)		(0.36	)		-			10.01
Class B
	2005	(1)	$	10.21	$	0.35	$	(0.07	)	$	(0.35	)	$	-		$	-		$	10.14
	2004	(1)		10.20		0.39		0.01			(0.39	)		-			-	(4)		10.21
	2003			9.57		0.44		0.63			(0.44	)		-			-			10.20
	2002			9.98		0.49		(0.38	)		(0.51	)		(0.01	)		-			9.57
	2001	(1)		10.02		0.66		0.32			(0.66	)		(0.36	)		-			9.98
Class C
	2005	(1)	$	10.20	$	0.35	$	(0.07	)	$	(0.36	)	$	-		$	-		$	10.12
	2004	(1)		10.18		0.39		0.02			(0.39	)		-			-	(4)		10.20
	2003			9.55		0.44		0.63			(0.44	)		-			-			10.18
	2002			9.97		0.49		(0.40	)		(0.50	)		(0.01	)		-			9.55
	2001	(1)		10.01		0.63		0.35			(0.66	)		(0.36	)		-			9.97
Class R (2)
	2005	(1)	$	10.29	$	0.41	$	(0.07	)	$	(0.40	)	$	-		$	-		$	10.23
	2004	(1)		10.23		0.48		-			(0.42	)		-			-	(4)		10.29
	2003			9.60		0.51		0.63			(0.51	)		-			-			10.23
	2002			10.01		0.56		(0.38	)		(0.58	)		(0.01	)		-			9.60
	2001	(1) (3)		9.93		0.01		0.07			-			-			-			10.01
Class Y
	2005	(1)	$	10.24	$	0.46	$	(0.07	)	$	(0.46	)	$	-		$	-		$	10.17
	2004	(1)		10.23		0.49		0.01			(0.49	)		-			-	(4)		10.24
	2003			9.59		0.54		0.64			(0.54	)		-			-			10.23
	2002			10.00		0.59		(0.39	)		(0.60	)		(0.01	)		-			9.59
	2001	(1)		10.03		0.75		0.33			(0.75	)		(0.36	)		-			10.00

  (1)  Per share data calculated using average shares outstanding method.

  (2)  Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

  (3)  Class of shares have been offered since September, 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

  (4)  Includes a tax return of capital of less than $0.01.

  (5)  Total returns do not reflect sales charges. Total return would have been lower had certain expenses not been waived.

  (6)  The financial highlights for Total Return Bond Fund as set forth herein include the historical financial highlights of the First American Corporate Bond Fund. Effective
May 16, 2005 the fund's name and strategy changed.

The accompanying notes are an integral part of the financial statements.

FIRST AMERICAN FUNDS Annual Report 2005

70

			Total Return (5)			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)			Portfolio Turnover Rate
Short Term Bond Fund
Class A
	2005	(1)		1.08	%	$	97,863		0.75	%		2.68	%		1.05	%		2.38	%		64	%
	2004	(1)		0.76			130,531		0.75			2.28			1.05			1.98			89
	2003			2.71			159,451		0.75			2.75			1.05			2.45			60
	2002			4.59			163,358		0.75			4.06			1.04			3.77			59
	2001	(1)		10.48			133,177		0.60			6.04			1.15			5.49			69
Class Y
	2005	(1)		1.23	%	$	625,392		0.60	%		2.83	%		0.80	%		2.63	%		64	%
	2004	(1)		0.91			943,181		0.60			2.43			0.80			2.23			89
	2003			2.76			832,266		0.60			2.84			0.80			2.64			60
	2002			4.85			484,583		0.60			4.18			0.79			3.99			59
	2001	(1)		10.64			277,244		0.46			6.24			1.02			5.68			69
Total Return Bond Fund (6)
Class A
	2005	(1)		3.57	%	$	19,113		1.00	%		4.20	%		1.25	%		3.95	%		285	%
	2004	(1)		4.89			21,034		1.00			4.54			1.25			4.29			132
	2003			12.26			13,522		1.00			5.15			1.26			4.89			91
	2002			1.83			8,663		1.00			5.77			1.27			5.50			117
	2001	(1)		10.94			9,820		0.75			6.95			1.20			6.50			187
Class B
	2005	(1)		2.81	%	$	4,395		1.75	%		3.45	%		2.00	%		3.20	%		285	%
	2004	(1)		3.97			5,474		1.75			3.83			2.00			3.58			132
	2003			11.46			13,576		1.75			4.46			2.01			4.20			91
	2002			1.07			18,728		1.75			5.02			2.02			4.75			117
	2001	(1)		10.06			22,608		1.65			6.45			2.11			5.99			187
Class C
	2005	(1)		2.71	%	$	2,858		1.75	%		3.46	%		2.00	%		3.21	%		285	%
	2004	(1)		4.11			3,789		1.75			3.81			2.00			3.56			132
	2003			11.50			5,752		1.75			4.43			2.01			4.17			91
	2002			0.98			5,283		1.75			5.02			2.02			4.75			117
	2001	(1)		10.10			5,209		1.50			6.07			1.94			5.63			187
Class R (2)
	2005	(1)		3.40	%	$	3		1.25	%		3.98	%		1.65	%		3.58	%		285	%
	2004	(1)		4.83			1		1.00			4.64			1.25			4.39			132
	2003			12.25			2,668		1.00			5.21			1.26			4.95			91
	2002			1.84			3,557		1.00			5.77			1.27			5.50			117
	2001	(1) (3)		0.81			3,237		0.89			7.60			1.36			7.13			187
Class Y
	2005	(1)		3.83	%	$	278,777		0.75	%		4.43	%		1.00	%		4.18	%		285	%
	2004	(1)		5.05			243,018		0.75			4.80			1.00			4.55			132
	2003			12.65			245,877		0.75			5.42			1.01			5.16			91
	2002			2.08			204,801		0.75			6.03			1.02			5.76			117
	2001	(1)		11.09			185,392		0.51			7.26			0.95			6.82			187

FIRST AMERICAN FUNDS Annual Report 2005

71

Financial Highlights For a share outstanding throughout the periods ended September 30, unless otherwise indicated.

			Net Asset Value Beginning of Period		Net Investment Income		Realized and Unrealized Gains or (Losses) on Investments			Distributions from Net Investment Income			Distributions from Net Realized Gains			Net Asset Value End of Period		Total Return (7)
	U.S. Government Mortgage Fund
Class A (1)
	2005	(2)	$	10.72	$	0.41	$	(0.14	)	$	(0.46	)	$	-		$	10.53		2.59	%
	2004	(2)		10.89		0.38		(0.09	)		(0.46	)		-			10.72		2.74
	2003			11.16		0.35		(0.05	)		(0.45	)		(0.12	)		10.89		2.79
	2002			11.01		0.50		0.20			(0.55	)		-			11.16		6.53
	2001	(2) (3)		10.44		0.51		0.60			(0.54	)		-			11.01		10.88
	2000	(4)		10.34		0.53		0.08			(0.51	)		-			10.44		6.05
Class B (1)
	2005	(2)	$	10.74	$	0.33	$	(0.15	)	$	(0.38	)	$	-		$	10.54		1.72	%
	2004	(2)		10.90		0.30		(0.08	)		(0.38	)		-			10.74		2.02
	2003			11.18		0.28		(0.06	)		(0.38	)		(0.12	)		10.90		1.96
	2002			11.03		0.42		0.20			(0.47	)		-			11.18		5.79
	2001	(2) (3)		10.45		0.43		0.62			(0.47	)		-			11.03		10.25
	2000	(4)		10.36		0.45		0.08			(0.44	)		-			10.45		5.27
Class C
	2005	(2)	$	10.68	$	0.33	$	(0.14	)	$	(0.38	)	$	-		$	10.49		1.82	%
	2004	(2)		10.84		0.30		(0.09	)		(0.37	)		-			10.68		2.02
	2003			11.13		0.29		(0.08	)		(0.38	)		(0.12	)		10.84		1.91
	2002			11.00		0.46		0.15			(0.48	)		-			11.13		5.78
	2001	(2) (5)		10.98		0.05		(0.03	)		-			-			11.00		0.18
Class R (1) (6)
	2005	(2)	$	10.72	$	0.37	$	(0.14	)	$	(0.44	)	$	-		$	10.51		2.18	%
	2004	(2)		10.85		0.39		(0.10	)		(0.42	)		-			10.72		2.74
	2003			11.12		0.30		-			(0.45	)		(0.12	)		10.85		2.79
	2002			10.97		0.49		0.20			(0.54	)		-			11.12		6.55
	2001	(2) (3)		10.40		0.62		0.49			(0.54	)		-			10.97		10.94
	2000	(4)		10.31		0.53		0.07			(0.51	)		-			10.40		5.96
Class Y (1)
	2005	(2)	$	10.73	$	0.43	$	(0.14	)	$	(0.49	)	$	-		$	10.53		2.75	%
	2004	(2)		10.89		0.41		(0.08	)		(0.49	)		-			10.73		3.09
	2003			11.16		0.37		(0.04	)		(0.48	)		(0.12	)		10.89		3.03
	2002			11.01		0.53		0.19			(0.57	)		-			11.16		6.79
	2001	(2) (3)		10.44		0.53		0.60			(0.56	)		-			11.01		11.14
	2000	(4)		10.34		0.55		0.08			(0.53	)		-			10.44		6.34

  (1)  The financial highlights for the U.S. Government Mortgage Fund prior to September 24, 2001, are those of the Firstar U. S. Government Securities Fund Class A shares,
Class B shares, Class Y shares, and Class I shares. The assets of the Firstar U.S. Government Securities Fund were acquired by the U. S. Government Mortgage Fund on
September 24, 2001. In connection with such acquisition, Class A shares, Class B shares, Class Y shares, and Class I shares of the Firstar U.S. Government Securities Fund
were exchanged for Class A shares, Class B shares, Class S shares (now designated Class R shares), and Class Y shares of U.S. Government Mortgage Fund,respectively.

  (2)  Per share data calculated using average shares outstanding method.

  (3)  For the period November 1, 2000 to September 30, 2001. Effective in 2001, the fund's fiscal year end was changed from October 31 to September 30. All ratios for the
period have been annualized, except total return and portofolio turnover.

  (4)  For the period December 1, 1999 to October 31, 2000. Effective in 2000, the fund's fiscal year end was changed from November 30 to October 31. All ratios for the period
have been annualized, except total return and portfolio turnover.

  (5)  Class of shares has been offered since September 24, 2001. All ratios for the period have been annualized, except total return and portfolio turnover.

  (6)  Prior to July 1, 2004, Class R shares were named Class S shares, which had lower fees and expenses.

  (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 Annual Report 2005

72

			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
	U.S. Government Mortgage Fund
Class A (1)
	2005	(2)	$	24,504		0.95	%		3.80	%		1.08	%		3.67	%		251	%
	2004	(2)		32,815		0.95			3.53			1.05			3.43			127
	2003			24,667		0.95			2.98			1.06			2.87			175
	2002			16,985		0.95			4.61			1.08			4.48			197
	2001	(2) (3)		7,751		1.04			5.15			1.19			5.00			22
	2000	(4)		3,644		1.04			5.36			1.15			5.25			23
Class B (1)
	2005	(2)	$	7,926		1.70	%		3.05	%		1.83	%		2.92	%		251	%
	2004	(2)		9,155		1.70			2.79			1.80			2.69			127
	2003			11,397		1.70			2.22			1.81			2.11			175
	2002			6,235		1.70			3.85			1.83			3.72			197
	2001	(2) (3)		2,039		1.71			4.37			1.86			4.22			22
	2000	(4)		139		1.74			4.66			1.85			4.55			23
Class C
	2005	(2)	$	6,585		1.70	%		3.05	%		1.83	%		2.92	%		251	%
	2004	(2)		10,520		1.70			2.79			1.80			2.69			127
	2003			18,801		1.70			2.19			1.81			2.08			175
	2002			5,834		1.70			3.92			1.83			3.79			197
	2001	(2) (5)		105		0.82			5.26			1.12			4.96			22
Class R (1) (6)
	2005	(2)	$	3		1.20	%		3.42	%		1.48	%		3.14	%		251	%
	2004	(2)		1		0.95			3.58			1.05			3.48			127
	2003			17,296		0.95			3.04			1.06			2.93			175
	2002			21,355		0.95			4.59			1.08			4.46			197
	2001	(2) (3)		19,092		0.97			6.52			1.15			6.34			22
	2000	(4)		5,145		1.04			5.36			1.15			5.25			23
Class Y (1)
	2005	(2)	$	158,230		0.70	%		4.05	%		0.83	%		3.92	%		251	%
	2004	(2)		171,143		0.70			3.79			0.80			3.69			127
	2003			214,531		0.70			3.27			0.81			3.16			175
	2002			181,046		0.70			4.84			0.83			4.71			197
	2001	(2) (3)		183,883		0.71			5.37			0.85			5.23			22
	2000	(4)		53,896		0.74			5.66			1.15			5.25			23

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73

Notes to Financial StatementsSeptember 30, 2005

1 >  Organization

The Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Intermediate Government Bond Fund, Intermediate Term Bond Fund, Short Term Bond Fund, Total Return Bond Fund (formerly Corporate Bond Fund), and U.S. Government Mortgage Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Investment Funds, Inc. ("FAIF"), which is a member of the First American Family of Funds. Inflation Protected Securities Fund commenced operations on October 1, 2004. As of September 30, 2005, FAIF offered 38 funds, including the funds listed above. FAIF is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. FAIF's articles of incorporation permit the funds' board of directors to create additional funds in the future. Each fund is a diversified open-end management investment company.

FAIF offers Class A, Class B, Class C, Class R, and Class Y shares. Prior to July 1, 2004, Class R shares were named Class S shares. Class A shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund are sold with a front-end sales charge of 2.25%. Class A shares of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U.S. Government Mortgage Fund are sold with a front-end sales charge of 4.25%. Class B shares are subject to a contingent deferred sales charge for six years and automatically convert to Class A shares after eight years. Class C shares may be subject to a contingent deferred sales charge for 12 months, and will not convert to Class A shares. Class R shares have no sales charge and are offered only through certain tax-deferred retirement plans. Class Y shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Class B, Class C, and Class R shares are not offered by Intermediate Government Bond Fund, Intermediate Term Bond Fund, or Short Term Bond Fund. Class B shares are not offered by Inflation Protected Securities Fund.

The funds' prospectuses provide descriptions of each fund's investment objective, principal investment strategies and principal risks. All classes of shares in a fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class' servicing or distribution arrangements.

2 >  Summary of Significant Accounting Policies

The significant accounting policies followed by the funds are as follows:

SECURITY VALUATIONS – Security valuations for the funds' investments are furnished by one or more independent pricing services that have been approved by the funds' board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the funds utilize the Nasdaq Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask price will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an 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

FIRST AMERICAN FUNDS Annual Report 2005

74

and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security's fair value. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from net asset value that would be calculated without regard to such considerations. As of September 30, 2005, Core Bond Fund, High Income Bond Fund, and Short Term Bond Fund held fair value securities with a value of $90,227, $0, and $0, respectively, or 0.0%, 0.0%, and 0.0% of total net assets, respectively. Debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates market value. Foreign securities are valued at the closing prices on the principal exchanges on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents. Investments in open-end mutual funds are valued at the respective net asset value of each underlying fund on the valuation date.

SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recorded on an accrual basis. Security gains and losses are determined on the basis of identified cost, which is the same basis used for federal income tax purposes. 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 monthly 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 deferred wash sale losses, paydowns on pass through obligations, return of capital distributions and tax mark to market adjustments under Section 311(e) of the Taxpayer Relief Act of 1997. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period that the differences arise.

On the Statements of Assets and Liabilities, the following reclassifications were made (000):

Fund	Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income			Portfolio Capital
Core Bond Fund	$	(4,335	)	$	4,351		$	(16	)
High Income Bond Fund		13			(9	)		(4	)
Inflation Protected Securities Fund		(8	)		8			-
Intermediate Government Bond Fund		(9	)		10			(1	)
Intermediate Term Bond Fund		(1,019	)		956			63
Short Term Bond Fund		(2,409	)		2,797			(388	)
Total Return Bond Fund		(157	)		157			-
U.S. Government Mortgage Fund		(1,004	)		1,004			-

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which the amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the fund. The distributions paid during the fiscal years ended September 30, 2005 and 2004, were characterized as follows (000):

	2005
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Core Bond Fund	$	75,437	$	1,274		-	$	76,711
High Income Bond Fund		19,672		-		20		19,692
Inflation Protected Securities Fund*		7,327		-		-		7,327
Intermediate Government Bond Fund		3,179		4,927		-		8,106
Intermediate Term Bond Fund		42,052		11,785		-		53,837
Short Term Bond Fund		26,815		-		371		27,186
Total Return Bond Fund		12,462		-		-		12,462
U.S. Government Mortgage Fund		9,337		-		-		9,337
	2004
Fund	Ordinary Income		Long Term Gain		Return of Capital		Total
Core Bond Fund	$	79,871	$	32,065		-	$	111,936
High Income Bond Fund		20,894		-		-		20,894
Intermediate Government Bond Fund		7,590		27,610		-		35,200
Intermediate Term Bond Fund		43,278		14,419		-		57,697
Short Term Bond Fund		25,252		-		-		25,252
Total Return Bond Fund		13,105		-		19		13,124
U.S. Government Mortgage Fund		11,561		-		-		11,561

* Fund commenced operations on October 1, 2004.

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75

Notes to Financial StatementsSeptember 30, 2005

As of September 30, 2005, the components of accumulated earnings (deficit) on a tax basis were (000):

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Capital and Post-October Losses			Unrealized Appreciation (Depreciation)			Other Accumulated Gains (Losses)			Total Accumulated Earnings (Deficit)
Core Bond Fund	$	12,336	$	-	$	(354	)	$	(18,997	)	$	(517	)	$	(7,532	)
High Income Bond Fund		-		-		(9,644	)		2,862			-			(6,782	)
Inflation Protected Securities Fund		1,622		-		(99	)		(1,450	)		(75	)		(2	)
Intermediate Government Bond Fund		295		186		-			(1,303	)		(190	)		(1,012	)
Intermediate Term Bond Fund		5,299		-		(3,873	)		(11,922	)		(316	)		(10,812	)
Short Term Bond Fund		-		-		(11,950	)		(9,927	)		(195	)		(22,072	)
Total Return Bond Fund		174		-		(19,946	)		(2,369	)		(9	)		(22,150	)
U.S. Government Mortgage Fund		132		-		(4,888	)		(2,011	)		-			(6,767	)

The difference between book and tax basis unrealized appreciation (depreciation) is primarily due to the tax deferral of losses on wash sales, tax mark to market adjustments for certain derivatives in accordance with IRC Section 1256, and tax mark to market adjustments made under Section 311(e) of the Taxpayer Relief Act of 1997.

As of September 30, 2005, the following funds had capital loss carryforwards (000):

	Expiration Year
Fund	2006		2007		2008		2009		2010		2011		2012		2013		Total
High Income Bond Fund	$	-	$	-	$	-	$	-	$	149	$	9,495	$	-	$	-	$	9,644
Short Term Bond Fund		604		135		642		-		-		4		-		2,223		3,608
Total Return Bond Fund		8,799		7,439		-		-		-		3,708		-		-		19,946
U.S. Government Mortgage Fund		-		-		-		-		-		-		3,145		1,293		4,438

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 Total Return Bond Fund to $6,352,310 per tax year for a portion of their capital loss carryover.

Certain funds incurred a loss for tax purposes for the period from November 1, 2004 to September 30, 2005. As permitted by tax regulations, the funds intend to elect to defer and treat these losses as arising in the fiscal year ending September 30, 2006. The following funds had deferred losses (000):

Fund	Amount
Core Bond Fund	$	354
Inflation Protected Securities Fund		100
Intermediate Term Bond Fund		3,873
Short Term Bond Fund		8,342
U.S. Government Mortgage Fund		450

FUTURES TRANSACTIONS – In order to protect against changes in the market and to maintain sufficient liquidity to meet redemption requests, each fund may enter into futures contracts. Upon entering into a futures contract, the fund is required to deposit cash or pledge U.S. Government securities in an amount equal to five percent of the purchase price indicated in the futures contract (initial margin). Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying security or securities, are made or received by the fund each day (daily variation margin) and are recorded as unrealized gains (losses) until the contract is closed. When the contract is closed, the fund records a realized gain (loss) equal to the difference between the proceeds from (or cost of) the closing transaction and the fund's basis in the contract.

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.

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76

OPTIONS TRANSACTIONS – The funds may utilize options in an attempt to manage market or business risk or enhance their yield. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current market value of the option written. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security that is purchased upon exercise of the option.

Purchased options are recorded as investments and marked-to-market daily to reflect the current market value of the option contract. If a purchased option expires, a loss is realized in the amount of the cost of the option. If a closing transaction is entered into, a gain or loss is realized, to the extent that the proceeds from the sale are greater or less than the cost of the option. If a put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid.

INFLATION-INDEXED BONDS – The funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

FOREIGN CURRENCY TRANSLATION – The books and records of the High Income Bond Fund relating to the fund's non-U.S. dollar denominated investments are maintained in U.S. dollars on the following basis:

•  market value of investment securities, assets, and liabilities are translated at the current rate of exchange; and

•  purchases and sales of investment securities, income, and expenses are translated at the relevant rates of exchange prevailing on the respective dates of such transactions.

The High Income Bond Fund does not isolate the portion of gains and losses on investments in debt securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. The High Income Bond Fund does isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations pursuant to the federal income tax regulations. Such amounts are categorized as foreign currency gain or loss for both financial reporting and income tax reporting purposes.

The High Income Bond Fund reports certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

SECURITIES PURCHASED ON A WHEN-ISSUED BASIS – Delivery and payment for securities that have been purchased by a fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations and the portfolio maintains, in a segregated account with its custodian, assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the fund's net asset value if the fund makes such purchases while remaining substantially fully invested. At September 30, 2005, the following funds had outstanding when-issued commitments (000):

Fund	Cost		Segregated Assets
Core Bond Fund	$	47,704	$	110,827
Total Return Bond Fund		9,065		32,245
U.S. Government Mortgage Fund		32,294		49,604

In connection with the ability to purchase securities on a when-issued basis, each fund may also enter into dollar rolls in which the fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the fund to "rollover" its purchase commitments, the fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage.

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77

Notes to Financial StatementsSeptember 30, 2005

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, may have contractual restrictions on resale, and may be valued under methods approved by the funds' board of directors as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a funds' investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds' board of directors. At September 30, 2005, Core Bond Fund, High Income Bond Fund, and Short Term Bond Fund had investments in illiquid securities with a total value of $95,215, $12,458, and $0, respectively, or 0.0%, 0.0%, and 0.0%, respectively, of total net assets.

Information concerning illiquid securities, including restricted securities considered to be illiquid, is as follows (000):

Core Bond Fund
Security	Par		Dates Acquired	Cost Basis
Duty Free International	$	2,256	1/99-7/99	$	2,252
Northwest Airlines, Series 1997-1, Cl 1C		55	1/99		55
High Income Bond Fund
Security	Shares/Par (000)		Dates Acquired	Cost Basis
Diamond Brands	$	50	4/98	$	46
Glenoit		100	3/97-8/97		101
Green Tree Financial		12	5/99		12
Nebco Evans Holdings		300	3/98-11/98		-
Pegasus Communications Fractional Shares		15,109	10/97		-
Sterling Chemicals Holdings		100	10/96		-
Viatel Holdings		338	9/02		-
Short Term Bond Fund
Security	Par		Dates Acquired	Cost Basis
Auto Bond Receivables Trust	$	106	11/98-11/00	$	106

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. As of September 30, 2005, cash collateral invested was as follows (000):

	Commercial Paper		Corporate Obligations		Repurchase Agreements		Other Short-Term Securities		Total
Core Bond Fund	$	206,245	$	242,824	$	377,635	$	18,288	$	844,992
High Income Bond Fund		14,208		16,728		26,014		1,260		58,210
Inflation Protected Securities Fund		29,608		34,859		54,213		2,625		121,305
Intermediate Term Bond Fund		125,079		147,262		229,020		11,091		512,452
Short Term Bond Fund		47,146		55,508		86,325		4,181		193,160
Total Return Bond Fund		29,041		34,192		53,175		2,575		118,983
U.S. Government Mortgage Fund		16,199		19,072		29,661		1,436		66,368

FIRST AMERICAN FUNDS Annual Report 2005

78

U.S. Bancorp Asset Management, Inc. ("USBAM") serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the funds. USBAM acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in an exemptive order issued by the Securities and Exchange Commission ("SEC"). During the fiscal year ended September 30 2005, USBAM received fees equal to 35% of each fund's income from securities lending transactions. Effective January 1, 2006, such fees will be lowered to 32% of each fund's income from security lending transactions. Fees paid to USBAM by the funds for the fiscal year ended September 30, 2005 were as follows (000):

Fund	Amount
Core Bond Fund	$	519
High Income Bond Fund		89
Inflation Protected Securities Fund		26
Intermediate Term Bond Fund		341
Short Term Bond Fund		82
Total Return Bond Fund		42
U.S. Government Mortgage Fund		19

SWAP AGREEMENTS – The funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The funds may enter into interest rate and credit default swap agreements to manage exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the fund with another party of their respective commitments to pay or receive interest, (i.e., 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 corporate issues or sovereign issues 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 or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the fund are included as part of miscellaneous income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are generally allocated to the funds on the basis of relative net assets of all funds within the First American Family of Funds. Class specific expenses, such as distribution fees and servicing fees, are borne by that class. Income, other expenses, and realized and unrealized gains and losses of a fund are allocated to each respective class in proportion to the relative net assets of each class.

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended September 30, 2005.

DEFERRED COMPENSATION PLAN – Under a Deferred Compensation Plan (the "Plan"), non-interested directors of the First American Family of Funds may participate and elect to defer receipt of their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of selected open-end First American Funds as designated by the Directors. All amounts in the Plan are 100% vested and accounts under the Plan are obligations of the funds. Deferred amounts remain in the funds until distributed in accordance with the Plan.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Actual results could differ from those estimates.

FIRST AMERICAN FUNDS Annual Report 2005

79

Notes to Financial StatementsSeptember 30, 2005

3 >  Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement (the "Agreement"), USBAM, a subsidiary of U.S. Bank National Association ("U.S. Bank"), manages each fund's assets and furnishes related office facilities, equipment, research, and personnel. The Agreement requires each fund to pay USBAM a monthly fee based upon average daily net assets. The annual fee for each fund is as follows:

Fund
Core Bond Fund	0.50	%
High Income Bond Fund	0.70
Inflation Protected Securities Fund	0.50
Intermediate Government Bond Fund	0.50
Intermediate Term Bond Fund	0.50
Short Term Bond Fund	0.50
Total Return Bond Fund1	0.60
U.S. Government Mortgage Fund	0.50

1 Effective July 1, 2005. Prior to July 1, 2005 the advisory fee paid to USBAM by Total Return Bond Fund was equal to a rate of 0.70% of the average daily net assets.

USBAM has agreed to waive fees and reimburse other fund expenses through June 30, 2006, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
Core Bond Fund		0.95	%		1.70	%		1.70	%		1.20	%		0.70	%
High Income Bond Fund		1.10			1.85			1.85			1.35			0.85
Inflation Protected Securities Fund		0.85			NA			1.60			1.10			0.60
Intermediate Government Bond Fund		0.75			NA			NA			NA			0.60
Intermediate Term Bond Fund		0.75			NA			NA			NA			0.60
Short Term Bond Fund		0.75			NA			NA			NA			0.60
Total Return Bond Fund		1.00			1.75			1.75			1.25			0.75
U.S. Government Mortgage Fund		0.95			1.70			1.70			1.20			0.70

NA = Not Applicable

Prior to July 1, 2005, USBAM agreed to waive fees and reimburse other fund expenses so that total fund operating expenses, as a percentage of average daily net assets, did not exceed the following amounts:

	Share Class
Fund	A			B			C			R			Y
Core Bond Fund		0.95	%		1.70	%		1.70	%		1.20	%		0.70	%
High Income Bond Fund		1.00			1.75			1.75			1.25			0.75
Inflation Protected Securities Fund		0.85			NA			1.60			1.10			0.60
Intermediate Government Bond Fund		0.75			NA			NA			NA			0.60
Intermediate Term Bond Fund		0.75			NA			NA			NA			0.60
Short Term Bond Fund		0.75			NA			NA			NA			0.60
Total Return Bond Fund		1.00			1.75			1.75			1.25			0.75
U.S. Government Mortgage Fund		0.95			1.70			1.70			1.20			0.70

NA = Not Applicable

The funds may invest in related money market funds that are series of First American Funds, Inc. ("FAF"), subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to USBAM, which acts as the investment advisor to both the investing funds and the related money market funds, USBAM will reimburse each investing fund an amount equal to that portion of USBAM's investment advisory fee received from the related money market funds that is attributable to the assets of the investing fund. For financial statement purposes, these reimbursements are recorded as investment income.

ADMINISTRATION FEES – Effective July 1, 2005, USBAM serves as the funds' administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC ("USBFS") serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensate other entities to provide, services to the funds. These services include various legal, oversight and administrative services and accounting services. Effective July 1, 2005, the funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.15% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.135% on the next $17 billion of the 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 USBAM and, indirectly, the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

Prior to July 1, 2005, USBAM and USBFS served as "co-administrators" pursuant to a co-administration agreement between the co-administrators and the funds. The funds paid the administration fees to the co-administrators, which were calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end mutual funds in the First American Family of Funds up to $8 billion, 0.235% of the next $17 billion of the aggregate average daily net assets, 0.22% of the next $25 billion of the aggregate daily net assets, and 0.20% of

FIRST AMERICAN FUNDS Annual Report 2005

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the aggregate average daily net assets in excess of $50 billion. In addition, the funds paid transfer agent fees under the co-administration agreement of $18,500 per share class plus additional per account fees. In addition to these fees, the funds reimbursed the co-administrators for any out-of-pocket expenses incurred in providing administration services.

For the fiscal year ended September 30, 2005, administration fees paid to USBAM and USBFS by the funds included in this annual report were as follows (000):

Fund	Amount
Core Bond Fund	$	3,886
High Income Bond Fund		571
Inflation Protected Securities Fund		324
Intermediate Government Bond Fund		192
Intermediate Term Bond Fund		2,486
Short Term Bond Fund		1,912
Total Return Bond Fund		571
U.S. Government Mortgage Fund		425

TRANSFER AGENT FEES – Effective July 1, 2005, 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 new transfer agent and shareholder servicing agreement, FAIF also pays USBFS a fee equal, on an annual basis, to 0.10% of each fund's average daily net assets. This fee compensates USBFS for providing certain shareholder services and reimburses USBFS for its payments to financial institutions that establish and maintain omnibus accounts and provide customary services for such accounts. In addition to these fees, the funds reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services. Prior to July 1, 2005, these services were provided by USBFS pursuant to the co-administration agreement.

For the fiscal year ended September 30, 2005, transfer agent fees paid to USBFS by the funds included in this annual report were as follows (000):

Fund	Amount
Core Bond Fund	$	1,183
High Income Bond Fund		167
Inflation Protected Securities Fund		127
Intermediate Government Bond Fund		53
Intermediate Term Bond Fund		733
Short Term Bond Fund		532
Total Return Bond Fund		177
U.S. Government Mortgage Fund		127

CUSTODIAN FEES – U.S. Bank serves as the funds' custodian pursuant to a custodian agreement with FAIF. Effective July 1, 2005, the fee for each fund was reduced from an annual rate of 0.01% of average daily net assets to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.

Effective July 1, 2005, the funds have entered into an arrangement with their custodian whereby interest earned on uninvested cash balances will be used to reduce a portion of each funds's custodian expenses. For the fiscal year ended September 30, 2005, custodian fees were not reduced as a result of interest earned.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES – Quasar Distributors, LLC ("Quasar"), a subsidiary of U.S. Bancorp, serves as 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 compensation for sales support, distribution activities, or shareholder servicing activities.

Quasar is currently waiving fees equal to an annual rate of 0.10% of average daily net assets for Class A shares of the Intermediate Government Bond Fund, Intermediate Term Bond Fund and Short Term Bond Fund.

For the fiscal year ended September 30, 2005, total distribution and shareholder servicing fees waived by Quasar for the funds included in this annual report were as follows (000):

Fund	Amount
Intermediate Government Bond Fund	$	2
Intermediate Term Bond Fund		55
Short Term Bond Fund		113

FAIF has also adopted and entered into a shareholder servicing plan and agreement with USBAM with respect to the Class R shares. Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund, Total Return Bond Fund, and U. S. Government Mortgage Fund pay USBAM a monthly shareholder servicing fee equal to an annual rate of 0.15% of each fund's average daily net

FIRST AMERICAN FUNDS Annual Report 2005

81

Notes to Financial StatementsSeptember 30, 2005

assets of the Class R shares. USBAM is currently waiving all fees under this plan and agreement. This waiver may be discontinued at any time.

Under these distribution and shareholder servicing agreements, the following amounts were retained by Quasar for the fiscal year ended September 30, 2005 (000):

Fund	Amount
Core Bond Fund	$	378
High Income Bond Fund		68
Inflation Protected Securities Fund		12
Intermediate Government Bond Fund		2
Intermediate Term Bond Fund		60
Short Term Bond Fund		110
Total Return Bond Fund		61
U.S. Government Mortgage Fund		104

OTHER FEES AND EXPENSES – In addition to the investment advisory fees, custodian fees, distribution and shareholder servicing fees, transfer agent fees and administration fees, each fund is responsible for paying other operating expenses, including: fees and expenses of independent directors, registration fees, postage and printing of shareholder reports, legal, auditing, insurance, and other miscellaneous expenses. For the fiscal year ended September 30, 2005, legal fees and expenses were paid to a law firm of which an Assistant Secretary of the funds is a partner.

CONTINGENT DEFERRED SALES CHARGES – A contingent deferred sales charge ("CDSC") is imposed on redemptions made in the Class B shares. The CDSC varies depending on the number of years from time of payment for the purchase of Class B shares until the redemption of such shares.

Class B shares automatically convert to Class A shares after eight years.

Year Since Purchase	Contingent Deferred Sales Charge as a Percentage of Dollar Amount Subject to Charge
First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		0.00
Eighth		0.00

A CDSC of 1.00% is imposed on redemptions made in Class C shares for the first 12 months.

The CDSC for Class B and Class C shares is imposed on the value of the purchased shares, or the value at the time of redemption, whichever is less.

For the fiscal year ended September 30, 2005, total front-end sales charges and CDSCs retained by affiliates of USBAM for distributing the funds' shares were as follows (000):

Fund	Amount
Core Bond Fund	$	213
High Income Bond Fund		72
Inflation Protected Securities Fund		173
Intermediate Government Bond Fund		12
Intermediate Term Bond Fund		30
Short Term Bond Fund		42
Total Return Bond Fund		48
U.S. Government Mortgage Fund		158

FIRST AMERICAN FUNDS Annual Report 2005

82

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):

	Core  Bond Fund						High Income Bond Fund						Inflation Protected Securities Fund				Intermediate Government Bond Fund
	Year Ended 9/30/05			Year  Ended   9/30/04			Year Ended 9/30/05			Year Ended 9/30/04				Year Ended 9/30/05			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		2,069			5,711			702			1,128				759			154			88
Shares issued in lieu of cash distributions		456			642			210			252				10			16			25
Shares redeemed		(4,450	)		(6,534	)		(1,924	)		(1,343	)			(86	)		(143	)		(151	)
Total Class A transactions		(1,925	)		(181	)		(1,012	)		37				683			27			(38	)
Class B:
Shares issued		90			175			80			251				-			-			-
Shares issued in lieu of cash distributions		46			85			32			39				-			-			-
Shares redeemed		(474	)		(825	)		(250	)		(368	)			-			-			-
Total Class B transactions		(338	)		(565	)		(138	)		(78	)			-			-			-
Class C:
Shares issued		79			119			55			222				87			-			-
Shares issued in lieu of cash distributions		21			43			87			119				2			-			-
Shares redeemed		(259	)		(514	)		(555	)		(662	)			(4	)		-			-
Total Class C transactions		(159	)		(352	)		(413	)		(321	)			85			-			-
Class R:
Shares issued		1			559			4			33				-			-			-
Shares issued in lieu of cash distributions		-			117			-			2				-			-			-
Shares redeemed		-			(4,070	)		(5	)		(119	)			-			-			-
Total Class R transactions		1			(3,394	)		(1	)		(84	)			-			-			-
Class Y:
Shares issued		35,837			34,846			7,861			10,084				29,019			1,733			2,458
Shares issued in lieu of cash distributions		1,987			3,549			209			251				207			514			3,028
Shares redeemed		(37,508	)		(53,065	)		(10,853	)		(5,149	)			(2,631	)		(8559	)		(24,241	)
Total Class Y transactions		316			(14,670	)		(2,783	)		5,186				26,595			(6,312	)		(18,755	)
Net increase (decrease) in capital shares		(2,105	)		(19,162	)		(4,347	)		4,740				27,363			(6,285	)		(18,793	)

	Intermediate Term Bond Fund						Short Term Bond Fund						Total Return Bond Fund						U.S. Government Mortgage Fund
	Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04			Year Ended 9/30/05			Year Ended 9/30/04
Class A:
Shares issued		856			2,566			632			2,907			243			1,206			496			1,742
Shares issued in lieu of cash distributions		202			195			251			252			67			61			103			97
Shares redeemed		(2,379	)		(4,118	)		(3,940	)		(5,787	)		(484	)		(536	)		(1,331	)		(1,045	)
Total Class A transactions		(1,321	)		(1,357	)		(3,057	)		(2,628	)		(174	)		731			(732	)		794
Class B:
Shares issued		-			-			-			-			24			68			69			119
Shares issued in lieu of cash distributions		-			-			-			-			12			27			26			29
Shares redeemed		-			-			-			-			(138	)		(890	)		(196	)		(341	)
Total Class B transactions		-			-			-			-			(102	)		(795	)		(101	)		(193	)
Class C:
Shares issued		-			-			-			-			9			32			29			104
Shares issued in lieu of cash distributions		-			-			-			-			10			17			27			47
Shares redeemed		-			-			-			-			(108	)		(242	)		(413	)		(900	)
Total Class C transactions		-			-			-			-			(89	)		(193	)		(357	)		(749	)
Class R:
Shares issued		-			430			-			186			-			9			-			140
Shares issued in lieu of cash distributions		-			31			-			9			-			5			-			33
Shares redeemed		-			(1,635	)		-			(1,045	)		-			(275	)		-			(1,768	)
Total Class R transactions		-			(1,174	)		-			(850	)		-			(261	)		-			(1,595	)
Class Y:
Shares issued		24,296			37,708			14,851			45,435			9,193			5,441			3,291			4,048
Shares issued in lieu of cash distributions		2,038			2,280			791			709			159			160			91			101
Shares redeemed		(37,799	)		(44,985	)		(45,948	)		(33,963	)		(5,666	)		(5,916	)		(4,309	)		(7,894	)
Total Class Y transactions		(11,465	)		(4,997	)		(30,306	)		12,181			3,686			(315	)		(927	)		(3,745	)
Net increase (decrease) in capital shares		(12,786	)		(7,528	)		(33,363	)		8,703			3,321			(833	)		(2,117	)		(5,488	)

FIRST AMERICAN FUNDS Annual Report 2005

83

Notes to Financial StatementsSeptember 30, 2005

5 >  Investment Security Transactions

During the fiscal year ended September 30, 2005, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows (000):

	U.S. Government Securities				Other Investment Securities
Fund	Purchases		Sales		Purchases		Sales
Core Bond Fund	$	3,269,726	$	3,077,899	$	677,147	$	1,079,311
High Income Bond Fund		1,731		3,294		206,681		237,508
Inflation Protected Securities Fund		287,668		29,825		19,012		7,242
Intermediate Government Bond Fund		147,177		201,986		-		-
Intermediate Term Bond Fund		1,051,573		769,114		372,564		705,756
Short Term Bond Fund		262,151		288,061		320,408		495,937
Total Return Bond Fund		518,777		368,910		317,305		428,470
U.S. Government Mortgage Fund		544,678		516,170		73,758		57,516

The aggregate gross unrealized appreciation and depreciation of securities held by the funds and the total cost of securities (including cost of securities purchased with proceeds from securities lending) for federal income tax purposes at September 30, 2005, were as follows (000):

Fund	Aggregate Gross Appreciation		Aggregate Gross Depreciation			Net			Federal Income Tax Cost
Core Bond Fund	$	7,002	$	(26,027	)	$	(19,025	)	$	2,796,584
High Income Bond Fund		8,164		(5,411	)		2,753			314,743
Inflation Protected Securities Fund		1,455		(2,865	)		(1,410	)		397,004
Intermediate Government Bond Fund		259		(1,562	)		(1,303	)		71,121
Intermediate Term Bond Fund		2,889		(14,823	)		(11,934	)		1,639,017
Short Term Bond Fund		2,595		(12,543	)		(9,948	)		924,540
Total Return Bond Fund		1,241		(3,499	)		(2,258	)		428,279
U.S. Government Mortgage Fund		660		(2,582	)		(1,992	)		297,148

6 >  Options Written

Put Options Written

Transactions in written options for the fiscal year ended September 30, 2005, were as follows (000):

	Put Options Written						Call Options Written
	Number of Contracts			Premium Amount			Number of Contracts			Premium Amount
Core Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		2,432			1,037			2,412			1,096
Expired		(1,308	)		(559	)		(437	)		(200	)
Closed		(1,124	)		(478	)		(1,975	)		(896	)
Balance at September 30, 2005		-		$	-			-		$	-

	Put Options Written						Call Options Written
	Number of Contracts			Premium Amount			Number of Contracts			Premium Amount
Inflation Protected Securities Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		150			60			149			59
Expired		(36	)		(15	)		(16	)		(7	)
Closed		(114	)		(45	)		(133	)		(52	)
Balance at September 30, 2005		-		$	-			-		$	-
Intermediate Government Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		71			31			71			34
Expired		(71	)		(31	)		(23	)		(10	)
Closed		-			-			(48	)		(24	)
Balance at September 30, 2005		-		$	-			-		$	-
Intermediate Term Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		1,563			668			1,548			707
Expired		(851	)		(364	)		(284	)		(130	)
Closed		(712	)		(304	)		(1,264	)		(577	)
Balance at September 30, 2005		-		$	-			-		$	-
Short Term Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		316			120			316			99
Expired		-			-			-			-
Closed		(316	)		(120	)		(316	)		(99	)
Balance at September 30, 2005		-		$	-			-		$	-
Total Return Bond Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		341			121			411			162
Expired		(25	)		(7	)		(100	)		(33	)
Closed		(316	)		(114	)		(311	)		(129	)
Balance at September 30, 2005		-		$	-			-		$	-
U.S. Government Mortgage Fund
Balance at September 30, 2004		-		$	-			-		$	-
Opened		189			84			187			96
Expired		(147	)		(63	)		(49	)		(22	)
Closed		(42	)		(21	)		(138	)		(74	)
Balance at September 30, 2005		-		$	-			-		$	-

7 >  Concentration of Risks

Each fund (other than Intermediate Government Bond Fund and U.S. Government Mortgage Fund) may invest in foreign securities. A fund's investment in foreign securities subjects it to special risks associated with foreign investing and to a decline in net asset value resulting from changes in exchange rates between the United States dollar and foreign currencies. Because of the special risks associated with foreign investing, a fund investing in foreign securities may be subject to greater volatility than most mutual funds which invest primarily in domestic securities.

Core Bond Fund, High Income Bond Fund and Total Return Bond Fund invest in lower-rated (i.e., rated Ba or lower by Moody's or BB or lower by Standard & Poor's) corporate and foreign debt obligations, which are

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commonly referred to as "junk bonds." Lower-rated securities will usually offer higher yields than higher-rated securities. However, there is more risk associated with these investments. These lower-rated bonds may be more susceptible to real or perceived adverse economic conditions than investment grade bonds. Lower-rated securities tend to have more price volatility and carry more risk to principal than higher-rated securities.

The rating of long-term securities as a percentage of total value of investments at the fiscal year ended September 30, 2005, were as follows (unaudited):

Standard & Poor's/ Moody's Ratings	Core Bond Fund			High Income Bond Fund			Total Return Bond Fund
AAA/Aaa		88.0	%		2.9	%		80.1	%
AA/Aa		1.9			-			1.0
A/A		1.8			-			5.3
BBB/Baa		8.3			4.1			9.2
BB/Ba		-			31.2			3.5
B/B		-			44.5			0.9
CCC/Caa		-			15.3			-
CC/Ca		-			0.3			-
C/C		-			0.1			-
NR		-			1.6			-

In the case of split ratings, a security is considered to be rated in the listed category if two of Moody's Investor Service, Standard & Poor's, and Fitch rate the security in that category. If ratings are provided by only two of those rating agencies, the lower rating is used. If only one of those rating agencies provides a rating, that rating is used.

8 >  Indemnifications

The funds enter into contracts that contain a variety of indemnifications. The funds' maximum exposure under these arrangements is unknown. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

9 >  Investment Strategy Changes and Name Change for Corporate Bond Fund

On March 7, 2005, the funds' board of directors approved a number of changes to the investment strategies of Corporate Bond Fund and a corresponding change of the fund's name to Total Return Bond Fund. These changes took effect on May 16, 2005.

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

TAX INFORMATION

The information set forth below is for each funds's fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2006 on Form 1099-DIV. Please consult your tax advisor for proper treatment of this information.

Dear First American Shareholders:

For the fiscal year ended September 30, 2005, each fund has designated long-term capital gains, ordinary income and tax exempt income with regard to distributions paid during the year as follows:

Fund	Long Term Capital Gains Distributions (Tax Basis) (a)			Ordinary Income Distributions (Tax Basis) (a)			Return of Capital (Tax Basis) (a)			Total Distributions (Tax Basis) (b)
Core Bond Fund		1.7	%		98.3	%		-	%		100.0	%
High Income Bond Fund		-			99.9			0.1			100.0
Inflation Protected Securities Fund		-			100.0			-			100.0
Intermediate Government Bond Fund		60.8			39.2			-			100.0
Intermediate Term Bond Fund		21.9			78.1			-			100.0
Short Term Bond Fund		-			98.6			1.4			100.0
Total Return Bond Fund		-			100.0			-			100.0
U.S. Government Mortgage Fund		-			100.0			-			100.0

(a) Based on a percentage of the fund's total distributions.

(b) None of the dividends paid by the funds are eligible for the dividends received deduction or are characterized as qualified dividend income.

HOW TO OBTAIN A COPY OF THE FUNDS' PROXY VOTING POLICIES AND PROXY VOTING RECORD

A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, 2005, is available (1) without charge upon request by calling 800.677.FUND; (2) at firstamericanfunds.com; and (3) on the U.S. Securities and Exchange Commision's website at http://www.sec.gov.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission on Form N-Q. The funds' Forms N-Q are available (1) without charge upon request by calling 800.677.FUND and (2) on the U.S. Securities and Exchange Commision's website at http://www.sec.gov. In addition, you may review and copy the funds' Forms N-Q at the Commission's Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

QUARTERLY PORTFOLIO HOLDINGS

Each fund will make complete portfolio holdings information publicly available by posting the information at firstamericanfunds.com on a quarterly basis. The funds will attempt to post such information within 10 days of the calendar quarter end.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Directors of the Funds (the "Board"), which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds' advisory agreement with U.S. Bancorp Asset Management, Inc. ("USBAM").

At a meeting on May 3-5 2005, the Board considered information relating to the Funds' investment advisory agreement with USBAM (the "Agreement"). In advance of the meeting, the Board received materials relating to the Agreement, and had the opportunity to ask questions and request further information in connection with their consideration. At a subsequent meeting on June 20-22, 2005, the Board concluded its consideration of and approved the Agreement through June 30, 2006.

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Although the Agreement, which is with First American Investment Funds, Inc., relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of USBAM's services to the Fund, (2) the investment performance of the Fund, (3) the profitability of USBAM related to the Fund, including an analysis of USBAM's cost of providing services and comparative expense information, (4) the extent to which economies of scale are realized as the Fund grows and whether fee levels are adjusted to enable Fund investors to share in these economies of scale, and (5) other benefits that accrue to USBAM through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board's decision to approve the Agreement.

Before approving the Agreement, the Board met in executive session with its independent counsel on numerous occasions to consider the materials provided by USBAM and the terms of the Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Investment Advisory Services

The Board examined the nature, quality and extent of the services provided by USBAM to each Fund. The Board reviewed USBAM's key personnel who provide investment management services to each Fund as well as the fact that, under the Agreement, USBAM has the authority and responsibility to make and execute investment decisions for each Fund within the framework of that Fund's investment policies and restrictions, subject to review by the Board. The Board further considered that USBAM's duties with respect to each Fund include (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Fund's investment policies and restrictions and the Investment Company Act of 1940, and (iii) monitoring the performance of the various organizations providing services to the Fund, including the Fund's distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered USBAM's representation that the services provided by USBAM under the Agreement are the type of services customarily provided by investment advisors in the fund industry.

The Board also considered compliance reports about USBAM from the Fund's Chief Compliance Officer.

Based on the foregoing, the Board concluded that each Fund is likely to benefit from the nature, extent and quality of the services provided by USBAM under the Agreement.

Investment Performance of the Funds

The Board considered the performance of each Fund, as summarized below, including how the Fund performed versus the median performance of a group of comparable funds selected by an independent data service (the "performance universe") and how the Fund performed versus its benchmark index. The Board also considered that, in reviewing the comparative performance of income funds, the different expense levels of a fund's share classes can result in different net performance results for each of those classes. Thus, while the Board considered the performance of all classes, it focused on Class Y shares, which, because they have the lowest expense ratios, offered the most meaningful data on performance alone. The performance periods reviewed by the Board all ended on February 28, 2005.

Core Bond Fund. The Fund's Class Y shares outperformed the Fund's performance universe for the one- and five-year periods. The Class Y shares underperformed the performance universe for the three- and five year periods and the benchmark index for all periods. The Board noted that the Fund's performance had improved since a new, team-based sector specialist management model was implemented by USBAM in early 2003. The Board concluded that, in light of the change to the fixed-income model implemented in 2003, it would be in the interest of the Fund and its shareholders to renew the Agreement, but to continue to closely monitor the performance record being developed under the changed model.

High Income Bond Fund. The Fund outperformed its performance universe for the one- and three-year periods. In addition, for the one-year period, the Fund's Class Y shares outperformed the Fund's benchmark index, though they underperformed it for

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

the three-year period. The Board concluded that, in light of the strong performance compared to the performance universe and benchmark index, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Inflation Protected Securities Fund. The Board did not receive any comparative performance information from the independent data service because the Fund had not been offered for a full calendar year.

Intermediate Government Bond Fund. The Fund's Class Y shares outperformed the Fund's benchmark index for the one-year period and for the period since the Fund's inception in October 2002. While the Board considered that, for the one-year period, the Fund underperformed its performance universe, the Board also noted USBAM's assertion that the Fund has a stricter investment policy than that of its peers. As a result, the Fund can investment only in U.S. Treasury securities and certain state tax-exempt agency securities, whereas most of the Fund's peers also may invest in mortgage-backed securities. Thus, USBAM asked that the Board give more weight to the Fund's performance compared to that of its benchmark index. The Board concluded that, in light of the Fund's strong performance compared to that of its benchmark index, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Intermediate Term Bond Fund. The Fund outperformed its performance universe for the one-, three-, five- and ten-year periods. The Fund also outperformed its benchmark index for the one-year period (though it underperformed its benchmark index for the longer periods). The Board concluded that, in light of the Fund's strong performance compared to its performance universe and its recent strong performance versus its benchmark index, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Short Term Bond Fund. The Fund's Class Y shares outperformed the performance universe for the three-, five- and ten-year periods (although they did not outperform the universe for the one-year period). The Fund underperformed its benchmark index for each of the periods. The Board concluded that, in light of the long-term performance compared to that of the performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement.

Total Return Bond Fund. The Fund outperformed its performance universe for the one-, three- and five-year periods. In addition, the Fund outperformed its benchmark index for the one-year period, although it underperformed the index for the other periods. The Board noted that, effective May 13, 2005, the Fund changed its name from Corporate Bond Fund to Total Return Bond Fund. In conjunction with that change, the Fund changed its investment strategies and benchmark. The Board concluded that, in light of the Fund's strong performance compared to its performance universe, its recent out-performance of the benchmark index and in light of the recent changes to the Fund's investment strategies, it would be in the interest of the Fund and its shareholders to renew the Agreement. The Board also concluded it would continue to monitor the Fund's performance record as it operates pursuant to the changed investment strategies.

U.S. Government Mortgage Fund. The Fund's Class Y shares outperformed the Fund's performance universe for the one-, three- and five-year periods. The Fund underperformed its performance universe for the ten-year period and underperformed its benchmark index for all periods. The Board concluded that, in light of the competitive performance compared that of the performance universe, it would be in the interest of the Fund and its shareholders to renew the Agreement. The Board also concluded that it would continue to closely monitor the performance of this Fund compared to that of its benchmark index.

Costs of Services and Profits Realized by USBAM

The Board reviewed USBAM's estimated costs in serving as the Funds' investment manager, including the costs associated with the personnel and systems necessary to manage each Fund. The Board also considered the reported profitability of USBAM and its affiliates resulting from their relationship with each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of other funds and accounts managed by USBAM and of comparable funds managed by other advisers. The Board found that while the management fees for USBAM's institutional separate accounts are lower than the Funds' management fees, the Funds receive additional services from USBAM that separate accounts do not receive.

Using information provided by an independent data service, the Board also evaluated each Fund's advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and each Fund's expense

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ratio after waivers compared to the median expense ratio, after waivers, of comparable funds. In connection with its review of Fund fees and expenses, the Board asked USBAM to articulate its pricing philosophy. USBAM responded that it attempts generally to maintain each Fund's total operating expenses at a level that approximates its peer group median expense ratio. In addition, USBAM committed to waive its investment advisory fees to the extent necessary to maintain the Funds' total expense ratios at levels generally in line with their respective peer groups. Consistent with this pricing philosophy, and after discussions with the Board, USBAM proposed changes to the advisory fees and expense ratios of certain Funds, as discussed in more detail below. The Board concluded that USBAM's pricing philosophy is a reasonable one and, after taking into account USBAM's proposed changes to advisory fees and expense ratios, that the Funds' advisory fees and expense ratios are reasonable in light of the services provided. Further detail considered by the Board regarding the advisory fees and expense ratios of each Fund is set forth below:

Core Bond Fund. The Fund's contractual advisory fee equaled the peer group median advisory fee and, after waivers, the Fund's advisory fee was lower than the peer group median. Furthermore, the Fund had a total expense ratio after waivers that was lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio are reasonable in light of the services provided.

High Income Bond Fund. After waivers, the Fund's advisory fee and expense ratio were lower than the peer group median. (Without waivers, the advisory fee was higher than the median). The Board considered USBAM's proposal to change the expense cap for the Fund from 1.00% to 1.10%. The Board noted that, even with this new expense cap, the Fund's total expense ratio for its last fiscal year would have continued to be competitive with the peer group median expense ratio of 1.08%. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account the expense cap increase, are reasonable in light of the services provided.

Inflation Protected Securities Fund. The Fund's advisory fee was lower than the peer group median advisory fee, both before and after waivers. Further, the Fund's total expense ratio after waivers was lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio are reasonable in light of the services provided.

Intermediate Government Bond Fund. The Fund's contractual advisory fee equaled the peer group median advisory fee and, after waivers, the Fund's advisory fee was lower than the peer group median. Further, the Fund had a total expense ratio after waivers that was lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio are reasonable in light of the services provided.

Intermediate Term Bond Fund. The Fund's advisory fee was lower than the peer group median advisory fee, both before and after waivers. Further, the Fund's total expense ratio after waivers was lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio are reasonable in light of the services provided.

Short Term Bond Fund. Although the Fund's contractual advisory fee was higher than its peer group median advisory fee, after waivers, the Fund's advisory fee and expense ratio were lower than the peer group median. The Board concluded that the Fund's advisory fee and expense ratio are reasonable in light of the services provided.

Total Return Bond Fund. After waivers, the Fund's advisory fee was slightly lower than the peer group median. (Without the waiver it was higher). Though the Fund's total expense ratio after waivers was close to the peer group median, USBAM proposed to (1) contractually reduce its advisory fee from 0.70% to 0.60% and (2) decrease the amount of its expense waiver for the Fund by 0.10%. The Board considered that, implemented together, USBAM's proposals resulted in no net change to the Fund's total expense ratio. The Board concluded that the Fund's advisory fee and expense ratio, after taking into account USBAM's proposals, are reasonable in light of the services provided.

U.S. Government Mortgage Fund. The Fund's advisory fee was lower than the peer group median advisory fee, both before and after waivers. Further, the Fund's total expense ratio after waivers was lower than the peer group median expense ratio. The Board concluded that the Fund's advisory fee and expense ratio are reasonable in light of the services provided.

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

Economies of Scale in Providing Investment Advisory Services

The Board considered the extent to which each Fund's investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by USBAM, the Board noted that profitability will likely increase somewhat as assets grow over time. The Board considered that, although the Funds do not have advisory fee breakpoints in place, USBAM has committed to waive advisory fees to the extent necessary to keep each Fund's total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The median total expense ratio of a Fund's peer group will necessarily reflect the effect of any breakpoints in the advisory fee schedules of the funds in that group. Therefore, by capping a Fund's total expense ratio at a level close to the median, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds' advisory fee schedules. In light of USBAM's commitment to keep total Fund expenses competitive, the Board concluded that it would be reasonable and in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to USBAM

In evaluating the benefits that accrue to USBAM through its relationship with the Funds, the Board noted that USBAM and certain of its affiliates serve the Funds in various capacities, including as adviser, administrator, sub-administrator, transfer agent, distributor, custodian and securities lending agent, and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by USBAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

After full consideration of these and other factors, the Board concluded that approval of the Agreement was in the best interest of each Fund and its shareholders.

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Directors and Officers of the Funds

Independent Directors

Name, Address, and Year of Birth	Position(s)  Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Benjamin R. Field III P.O. Box 1329 Minneapolis, MN 55440-1329 (1938)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF, since September 2003.	Retired; Senior Financial Advisor, Bemis Company, Inc. from May 2002 through June 2004; Senior Vice President, Chief Financial Officer & Treasurer, Bemis, through April 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Roger A. Gibson P.O. Box 1329 Minneapolis, MN 55440-1329 (1946)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since October 1997.	Retired; Vice President – Cargo – United Airlines, from July 2001 to  July 2004; Vice President, North America – Mountain Region, United Airlines, prior to July 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Victoria J. Herget P.O. Box 1329 Minneapolis, MN 55440-1329(1951)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since September 2003.	Investment consultant and non-profit board member since 2001; Managing Director of Zurich Scudder Investments through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Leonard W. Kedrowski P.O. Box 1329 Minneapolis, MN 55440-1329(1941)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since November 1993.	Owner and President, Executive and Management Consulting, Inc., a management consulting firm; Board member, GC McGuiggan Corporation (dba Smyth Companies), a label printer; former Chief Executive Officer, Creative Promotions International, LLC, a promotional award programs and products company, through October 2003; Advisory Board member, Designer Doors, manufacturer of designer doors, through 2002.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
Richard K. Riederer P.O. Box 1329 Minneapolis, MN 55440-1329(1944)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Retired; Director, President and Chief Executive Officer, Weirton Steel through 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	Cleveland Cliffs Inc (a producer of iron ore pellets)
Joseph D. Strauss P.O. Box 1329 Minneapolis, MN 55440-1329(1940)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since April 1991.	Attorney At Law, Owner and President, Strauss Management Company, a Minnesota holding company for various organizational management business ventures; Owner, Chairman and Chief Executive Officer, Community Resource Partnerships, Inc., a strategic planning, operations management, government relations, transportation planning and public relations organization; Owner, Chairman and Chief Executive Officer, Excensus(TM) LLC, a strategic demographic planning and application development firm, since 2001.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

Independent Directors - continued

Name, Address, and Year of Birth	Position(s)  Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director †
Virginia L. Stringer P.O. Box 1329 Minneapolis, MN 55440-1329(1944)	Chair; Director	Chair Term three years. Directors Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Chair of FAIF's Board since September 1997; Director of FAIF since August 1987.	Owner and President, Strategic Management Resources, Inc., a management consulting firm; Executive Consultant to State Farm Insurance Company through 2003.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None
James M. Wade P.O. Box 1329 Minneapolis, MN 55440-1329(1943)	Director	Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified. Director of FAIF since August 2001.	Owner and President, Jim Wade Homes, a homebuilding company, since 1999.	First American Funds Complex: eleven registered investment companies, including fifty-five portfolios	None

†  Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act.

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request without charge by calling 800-677-FUND or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota, 55440-1330.

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Officers

Name, Address, and Year of Birth	Position(s)  Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Thomas S. Schreier, Jr. U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402(1962)*	President	Re-elected by the Board annually; President of FAIF since February  2001.	Chief Executive Officer of U.S. Bancorp Asset Management, Inc., since May 2001; prior thereto, Chief Executive Officer of First American Asset Management from December 2000 to May 2001 and of Firstar Investment & Research Management Company ("FIRMCO") from February 2001 to May 2001; prior thereto Senior Managing Director and Head of Equity Research of U.S. Bancorp Piper Jaffray.
Mark S. Jordahl U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402(1960)*	Vice President –  Investments	Re-elected by the Board annually; Vice President – Investments of FAIF since September 2001.	Chief Investment Officer of U.S. Bancorp Asset Management, Inc., since September 2001; President and Chief Investment Officer, ING Investment Management – Americas, September 2000 to June 2001; Senior Vice President and Chief Investment Officer, ReliaStar Financial Corp., January 1998 to September 2000.
Jeffery M. Wilson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402(1956)*	Vice President –  Administration	Re-elected by the Board annually; Vice President – Administration of FAIF since March 2000.	Senior Vice President of U.S. Bancorp Asset Management, Inc., since May 2001; prior thereto, Senior Vice President of First American Asset Management.
Charles D Gariboldi Jr. U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402(1959)*	Treasurer	Re-elected by the Board annually; Treasurer of FAIF since October 2004.	Mutual Fund Treasurer, U.S. Bancorp Asset Management, Inc., since October 2004; prior thereto Vice President of investment accounting and Fund Treasurer for Thrivent Financial for Lutherans. .
Jill M. Stevenson U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402(1965)*	Assistant Treasurer	Re-elected by the Board annually; Assistant Treasurer of FAIF since September 2005.	Assistant Treasurer, U.S. Bancorp Asset Management, Inc., since September 2005; prior thereto, Director, Senior Project Manager, U.S. Bancorp Asset Management from May 2003. Prior to that, Vice President, Director of Operations, Paladin Investment Associates, LLC.
David H. Lui U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402(1960)*	Chief Compliance Officer	Re-elected by the Board annually; Chief Compliance Officer of FAIF since February 2005.	Chief Compliance Officer for First American Funds and U.S. Bancorp Asset Management, Inc., since February 2005. Prior thereto, Chief Compliance Officer, Franklin Advisors, Inc. and Chief Compliance Counsel, Franklin Templeton Investments from March 2004. Prior to that Vice President Charles Schwab & Co,. Inc.
Kathleen L. Prudhomme U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402(1953)*	Secretary	Re-elected by the Board annually; Secretary of FAIF since December 2004; prior thereto, Assistant Secretary of FAIF since September 1998.	Deputy General Counsel, U.S. Bancorp Asset Management, Inc., since November 2004; prior thereto, Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.
James D. Alt 50 South Sixth Street, Suite 1500  Minneapolis, MN 55402(1951)	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004; prior thereto, Secretary of FAIF since June 2002; Assistant Secretary of FAIF from September 1998 through June 2002.	Partner, Dorsey & Whitney LLP, a Minneapolis-based law firm.

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NOTICE TO SHAREHOLDERS September 30, 2005 (unaudited)

Officers - continued

Name, Address, and Year of Birth	Position(s)  Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Brett L. Agnew U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, MN 55402(1971)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since December 2004	Attorney for U.S. Bancorp Asset Management, Inc. since August 2004; 2001-2004, Senior Counsel, Thrivent Financial for Lutherans; prior thereto, Consultant, Principal Financial Group.
James R. Arnold, 615 E. Michigan Street, Milwaukee, WI 53202 (1957)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since June 2003	Vice President, U.S. Bancorp Fund Services, LLC since March 2002; prior thereto, Senior Administration Services Manager, UMB Fund Services, Inc.
Douglas G. Hess, 615 E. Michigan Street, Milwaukee, WI 53202 (1967)*	Assistant Secretary	Re-elected by the Board annually; Assistant Secretary of FAIF since September 2001	Vice President, U.S. Bancorp Fund Services, LLC.

*  Messrs. Schreier, Jordahl, Wilson, Gariboldi, Lui and Agnew, Ms. Stevenson and Ms. Prudhomme are each officers and/or employees of U.S. Bancorp Asset Management, Inc. which serves as investment adviser and administrator for FAIF. Messrs. Hess and Arnold are officers of U.S. Bancorp Fund Services, LLC, which is a subsidiary of U.S. Bancorp and which serves as Transfer Agent for FAIF.

FIRST AMERICAN FUNDS Annual Report 2005

94

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. The views expressed in this report reflect those of the portfolio managers only through the period ended September 30, 2005. The portfolio managers’ views are subject to change at any time based upon market or other conditions.

This report is for the information of shareholders of the First American Investment Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

ADMINISTRATOR

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, Minnesota 55402

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

CUSTODIAN

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

220 South Sixth Street

Suite 1400

Minneapolis, Minnesota 55402

COUNSEL

Dorsey & Whitney LLP

50 South Sixth Street

Suite 1500

Minneapolis, Minnesota 55402

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.FUND or visit firstamericanfunds.com.

0289-05  11/2005  AR-INCOME

Item 2—Code of Ethics

(a) The registrant has adopted a code of ethics that applies to its Principal Executive Officer and Principal Financial Officer.

(b) During the period covered by this report, there were no amendments to the provisions of the registrant’s code of ethics that apply to the registrant’s Principal Executive Officer and Principal Financial Officer and that relate to any element of the code of ethics definition enumerated in this Item.

(c) During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provisions of its code of ethics.

(d) The registrant undertakes to furnish a copy of its code of ethics to any person upon request, without charge, by calling
1-800-677-3863.

Item 3—Audit Committee Financial Expert

The registrant’s Board of Directors has determined that Leonard W. Kedrowski, Benjamin R. Field III, and Richard K. Riederer, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item.

Item 4—Principal Accountant Fees and Services

(a) Audit Fees - Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $608,819 in the fiscal year ended September 30, 2005 and $391,795 in the fiscal year ended September 30, 2004, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form N-CSR.

(b) Audit-Related Fees – E&Y billed the registrant audit-related fees totaling $13,759 in the fiscal year ended September 30, 2005 and $36,134 in the fiscal year ended September, 2004, including fees associated with the semi-annual review of fund disclosures.

(c) Tax Fees - E&Y billed the registrant fees of $105,382 in the fiscal year ended September 30, 2005 and $115,034 in the fiscal year ended September 30, 2004 for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.

(d) All Other Fees - There were no fees billed by E&Y for other services to the registrant during the fiscal year ended September 30, 2005 and the fiscal year ended September 30, 2004.

(e)(1) The audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below:

Audit Committee policy regarding pre-approval of services provided by the Independent Auditor

The Audit Committee of the First American Funds (“Committee”) has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:

• Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality

• Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence

• Meet quarterly with the partner of the independent audit firm

• Consider approving categories of service that are not deemed to impair independence for a one-year period

It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds’ independent audit firm directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.

The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.

In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:

Audit Services

The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

• Accounting consultations

• Fund merger support services

• Other accounting related matters

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

Tax Services

The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance, and

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

Other Non-audit Services

The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent audit firm without the prior approval of the Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.

Proscribed Services

In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:

• Management functions

• Accounting and bookkeeping services

• Internal audit services

• Financial information systems design and implementation

• Valuation services supporting the financial statements

• Actuarial services supporting the financial statements

• Executive recruitment

• Expert services (e.g., litigation support)

• Investment banking

Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex

The Committee is also responsible for pre-approving certain non-audit services provided to U.S. Bancorp Asset Management, Inc., U.S. Bank N.A., Quasar Distributors, U.S. Bancorp Fund Services, LLC and any other entity under common control with U.S. Bancorp Asset Management, Inc., that provides ongoing services to the funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the funds.

Although the Committee is not required to pre-approve all services provided to U.S. Bancorp Asset Management, Inc. and other affiliated service providers, the Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.

(e)(2) All of the services described in paragraphs (b) through (d) of this Item 4 that were provided to the registrant on or after May 6, 2003, the effective date of SEC rules relating to the pre-approval of non-audit services, were pre-approved by the audit committee.

(f) All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year end were performed by the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $144,841 in the fiscal year ended September 30, 2005 and $181,918 in the fiscal year ended September 30, 2004, including services provided prior to May 6, 2003, the effective date of SEC rules relating to the pre-approval of non-audit services.

(h) The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved and that were rendered on or after May 6, 2003 (the effective date of SEC rules relating to the pre-approval of non-audit services), is compatible with maintaining E&Y’s independence.

Item 5—Audit Committee of Listed Registrants

Not applicable.

Item 6—Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8—Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10—Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of
Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this item.

Item 11—Controls and Procedures

(a)The registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

(b)There were no changes in the registrant’s internal control over financial reporting that occurred during the 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.  Registrant’s code of ethics is provided to any person upon request without charge.

(a)(2)  Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by
Rule 30a-2(a) under the Investment Company Act are filed as exhibits hereto.

(a)(3)  Not applicable.

(b) Certifications of the Principal Executive Officer and Principal Financial Officer of the registrant as required by
Rule 30a-2(b) under the Investment Company Act are filed as exhibits hereto.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First American Investment Funds, Inc.
By:
	/s/ Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr.
	President

Date: December 9, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:
	/s/ Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr.
	President
Date: December 9, 2005
By:
	/s/ Charles D. Gariboldi
	Charles D. Gariboldi
	Treasurer
Date: December 9, 2005