Strategy Growth Allocation

Fund Name	1 mth	3 mth	YTD	1 yr	3 yr	5 yr	10 yr	Since Incept.	Inception Date
Fund Performance
	Total Returns as of 6/30/2010			Average Annualized Returns as of 6/30/2010
NAV	-3.46	-9.35	-5.94	13.39	-5.28	1.87	–	4.22	9/24/2001
POP	-8.74	-14.34	-11.13	7.12	-7.04	0.72	–	3.55	9/24/2001
Lipper Multi Cap Value Funds Category Average	-5.80	-11.34	-5.66	16.57	-11.56	-1.58	2.82	--	--

Distinguishing Characteristics

Experienced team utilizes a proprietary asset allocation model to determine what we believe to be the best risk/return combination of investments (underlying First American Funds) for each given time horizon. The model provides long-term guidance based on in-depth market analysis and quantitative research.
Asset Allocation Committee provides oversight and tactical allocation guidance for the entire First American investment team.
Based on input from the Asset Allocation Committee, the team makes short-term adjustments to take advantage of opportunities in the current market cycle.

Management Team

David R. Cline

Senior Equity Portfolio Manager

Began working in the financial industry in 1989
B.M.E. from Indiana University; M.B.A. from the University of Minnesota

David A. Chalupnik, CFA

Senior Managing Director, Head of Equities

Began working in the financial industry in 1984
B.S. and M.B.A. from DePaul University; CFA Institute member

Keith B. Hembre, CFA

Chief Economist and Chief Investment Strategist

Began working in the financial industry in 1992
B.A. from the University of Minnesota and M.A. from Baylor University; CFA Institute member

Tony Rodriguez

Senior Managing Director, Head of Fixed Income

Began working in the financial industry in 1984
B.A. from Lafayette College and an M.B.A. from New York University

Tom Schreier

CEO, FAF Advisors; President, First American Funds

Began working in the financial industry in 1986
B.A. from the University of Notre Dame; M.B.A. from the Harvard Graduate School of Business

John G. Wenker

Head of Real Estate

Began working in the financial industry in 1983
B.A. from Metropolitan State University and M.B.A. from the University of St. Thomas

Net and gross expense ratios are based on the fund's most recent fiscal year end. The net expense ratio reflects an agreement by the fund's advisor to cap fund expenses, not including the expenses of any other investment companies in which the fund invests ("acquired fund fees and expenses"), at a certain level as set forth in the fund's prospectus. The advisor's contractual expense cap agreement will be in effect at least through the date listed in the table below, and may not be terminated before then without the approval of the fund's board of directors. However, because the fund's net expense ratio includes acquired fund fees and expenses, the fund's net expense ratio at any point in time may differ from the ratio presented.

Fee Waivers- contractual agreements in effect by asset category:

Apply to	Agreement in effect until
Equity funds:Small Cap Growth Opportunities, Mid Cap Select	February 28, 2011
Equity funds: Quantitative funds	February 28, 2011
Equity funds: Index funds	February 28, 2011
Equity funds: Global Infrastructure, International, International Select	February 28, 2011
Equity funds: Tactical Market Opportunities	February 28, 2011
Taxable Fixed Income funds	October 31, 2010
Tax-Exempt Fixed Income funds	October 31, 2010
Asset Allocation funds	December 31, 2010

Marketing Materials

Client Product Brochure

Risk Tolerance Questionnaire

Quarterly Tactical Asset Allocation Update

Portfolio Manager Insights

In Search of Lower Correlation

Expanding Beyond Traditional Asset Allocation

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value, and return will vary, you may have a gain or loss when you sell fund shares. For current month-end performance information, call 800.677.FUND. Performance assumes the reinvestment of dividends and capital gains.

Investment performance reflects fee waivers. Without such waivers, total returns would be reduced.

Net Asset Value(NAV) performance does not reflect the current maximum sales charge(load). Had the sales charge been included, the fund's returns would have been lower.

Public offering price (POP) returns are based on the price at which shares are offered to the public and reflect the fund's NAV as increased by the maximum sales charge(load) for purchases.

Investment performance reflects fee waivers. Without such waivers, total returns would be reduced.

First American asset allocation funds invest in various underlying First American funds. Generally, your cost to invest in asset allocation funds will be higher than the cost to invest in shares of the underlying funds. Asset allocation funds are exposed to the risks of the underlying funds in proportion to each fund's allocation. Investment risks include, but are not limited to, volatility and additional risks related to small- and mid-cap stocks and real estate securities; political, economic, and currency risk related to foreign securities; and interest-rate risk related to investing in debt securities.

Morningstar Category: Morningstar categories represent a universe of funds with similar investment objectives, and are provided by Morningstar, Inc

Lipper Category: Lipper categories represent a universe of funds with similar investment objectives, and are provided by Lipper, Inc.

You cannot invest directly in an index or average.

Strategy Growth Allocation

Objective

Fund Facts

Daily PriceChange as of 7/29/2010

Fund Documents

Fund Performance