Performance

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.

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.

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

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

	Fund Name	Ticker Symbol	1 mth	3 mth	YTD	1 yr	3 yr	5 yr	10 yr	Since Incept.	Max Sales Charge	1 yr	3 yr	5 yr	10 yr	Since Incept.	Incept. Date
Performance
			Total Returns (NAV) as of 6/30/2010			% Average Annualized Total Returns as of 6/30/2010
						NAV					With Maximum Sales Charge
	California Tax Free	FCAAX	0.09	2.61	3.84	10.89	4.33	3.59	5.18	5.59	4.25%	6.14	2.82	2.70	4.72	5.16	2/1/2000
	Colorado Tax Free	FCOAX	-0.02	1.73	3.58	10.91	3.62	3.14	5.10	5.40	4.25%	6.16	2.13	2.24	4.64	4.97	2/1/2000
	Core Bond	FAFIX	1.28	1.64	4.56	17.11	6.72	4.85	5.64	6.59	4.25%	12.09	5.18	3.94	5.18	6.39	12/22/1987
	Equity Income	FFEIX	-5.62	-11.19	-6.08	13.97	-7.47	1.15	2.55	6.72	5.50%	7.74	-9.20	0.02	1.97	6.38	12/18/1992
	Equity Index	FAEIX	-5.25	-11.54	-6.90	13.87	-10.16	-1.23	-2.06	6.57	5.50%	7.62	-11.84	-2.34	-2.62	6.23	12/14/1992
	Global Infrastructure	FGIAX	1.18	-9.53	-7.57	12.13	--	--	--	-8.88	5.50%	5.89	--	--	--	-10.89	12/17/2007
	High Income Bond	FJSIX	0.67	-2.29	2.85	25.47	4.17	5.60	--	6.09	4.25%	20.09	2.67	4.69	--	5.57	8/30/2001
	Inflation Protected Securities	FAIPX	1.40	3.97	4.79	10.62	7.25	4.39	--	4.72	4.25%	5.87	5.70	3.48	--	3.94	10/1/2004
	Intermediate Government Bond	FIGAX	1.10	2.54	4.20	5.50	6.56	4.75	--	3.92	2.25%	3.12	5.77	4.28	--	3.61	10/25/2002
	Intermediate Tax Free	FAMBX	0.15	1.96	2.95	8.42	5.25	4.06	4.87	5.17	2.25%	5.99	4.47	3.60	4.63	5.06	12/22/1987
	Intermediate Term Bond	FAIIX	1.04	1.74	4.18	13.64	6.83	4.95	5.48	5.94	2.25%	11.06	6.04	4.48	5.24	5.78	1/9/1995
	International	FAIAX	-1.47	-14.14	-12.34	5.77	-11.72	0.81	-2.01	3.56	5.50%	-0.01	-13.36	-0.32	-2.56	3.20	5/2/1994
	International Select	ISACX	-1.46	-12.16	-10.41	9.25	-9.01	--	--	-4.64	5.50%	3.26	-10.70	--	--	-6.16	12/21/2006
	Large Cap Growth Opportunities	FRGWX	-6.11	-10.40	-7.10	14.28	-6.30	0.36	-3.21	5.13	5.50%	8.00	-8.06	-0.76	-3.76	4.74	1/9/1995
	Large Cap Select	FLRAX	-8.06	-14.11	-7.03	15.81	-10.95	-2.13	--	3.46	5.50%	9.45	-12.61	-3.23	--	2.67	1/31/2003
	Large Cap Value	FASKX	-5.95	-13.77	-9.06	9.96	-12.66	-2.15	0.00	7.24	5.50%	3.89	-14.28	-3.25	-0.56	6.97	12/22/1987
	Mid Cap Growth Opportunities	FRSLX	-7.31	-11.09	-6.15	16.11	-8.63	0.58	4.12	8.24	5.50%	9.72	-10.34	-0.56	3.53	7.84	1/9/1995
	Mid Cap Index	FDXAX	-6.64	-9.76	-1.72	24.10	-6.27	1.73	4.45	5.80	5.50%	17.34	-8.02	0.59	3.86	5.24	11/4/1999
	Mid Cap Select	FATAX	-7.87	-11.56	-4.78	14.02	-8.98	-0.31	-15.36	3.92	5.50%	7.72	-10.69	-1.43	-15.84	3.56	4/4/1994
	Mid Cap Value	FASEX	-6.57	-10.66	-3.66	21.27	-9.39	0.19	6.55	9.27	5.50%	14.60	-11.08	-0.94	5.95	9.00	12/22/1987
	Minnesota Intermediate Tax Free	FAMAX	0.19	2.11	3.08	8.51	5.16	3.96	4.71	4.53	2.25%	6.09	4.35	3.48	4.48	4.39	2/25/1994
	Minnesota Tax Free	FJMNX	0.02	2.12	3.46	13.19	4.43	3.71	4.97	5.90	4.25%	8.41	2.91	2.81	4.51	5.69	7/11/1988
	Missouri Tax Free	ARMOX	-0.01	1.64	2.93	10.41	4.54	3.55	4.75	5.56	4.25%	5.75	3.04	2.65	4.30	5.33	9/28/1990
	Nebraska Tax Free	FNTAX	-0.05	1.59	2.69	9.26	4.54	3.65	--	4.60	4.25%	4.59	3.03	2.74	--	4.12	2/28/2001
	Ohio Tax Free	FOFAX	0.03	1.70	2.91	9.12	4.78	3.67	--	4.49	4.25%	4.47	3.29	2.77	--	3.94	4/30/2002
	Oregon Intermediate Tax Free	FOTAX	0.17	1.82	2.49	7.05	5.06	3.65	4.51	3.99	2.25%	4.69	4.28	3.17	4.27	3.78	2/1/1999
	Quantitative Large Cap Core	FQCAX	-5.61	-11.08	-7.19	12.55	--	--	--	-9.51	5.50%	6.38	--	--	--	-11.25	7/31/2007
	Real Estate Securities	FREAX	-5.11	-4.08	6.24	52.58	-6.67	2.87	11.50	10.77	5.50%	44.22	-8.41	1.71	10.87	10.34	9/29/1995
	Short Tax Free	FSHAX	0.14	0.80	1.40	4.38	3.57	3.01	--	2.73	2.25%	2.07	2.80	2.54	--	2.43	10/25/2002
	Short Term Bond	FALTX	0.19	0.34	1.84	6.77	4.41	3.97	4.14	4.53	2.25%	4.39	3.62	3.50	3.90	4.40	12/14/1992
	Small Cap Growth Opportunities	FRMPX	-7.20	-8.99	-0.12	25.86	-5.77	0.94	1.71	14.11	5.50%	18.96	-7.52	-0.20	1.13	13.68	8/1/1995
	Small Cap Index	FMDAX	-7.77	-10.00	-2.17	20.78	-8.80	-0.06	3.66	4.73	5.50%	14.20	-10.51	-1.18	3.07	4.21	12/30/1998
	Small Cap Select	EMGRX	-8.42	-9.88	-5.77	16.59	-8.20	1.11	4.71	8.88	5.50%	10.12	-9.92	-0.03	4.12	8.54	5/6/1992
	Small Cap Value	FSCAX	-9.15	-10.25	-1.78	20.26	-9.58	-1.13	5.01	8.71	5.50%	13.63	-11.26	-2.24	4.42	8.32	8/1/1994
	Strategy Aggressive Growth Allocation	FAAGX	-4.46	-11.37	-7.88	13.04	-7.66	1.19	--	4.14	5.50%	6.77	-9.39	0.06	--	3.47	9/24/2001
	Strategy Balanced Allocation	FSGNX	-2.38	-7.09	-3.60	14.79	-3.16	2.49	--	4.31	5.50%	8.44	-4.97	1.33	--	3.64	9/24/2001
	Strategy Conservative Allocation	FSFIX	-0.54	-2.79	0.17	15.57	1.57	3.62	--	4.72	5.50%	9.24	-0.34	2.46	--	4.05	9/24/2001
	Strategy Growth Allocation	FAGSX	-3.46	-9.35	-5.94	13.39	-5.28	1.87	--	4.22	5.50%	7.12	-7.04	0.72	--	3.55	9/24/2001
	Tax Free	FJNTX	0.11	2.57	4.66	15.32	4.57	3.85	5.26	5.07	4.25%	10.40	3.06	2.95	4.80	4.73	11/18/1996
	Total Return Bond	FCDDX	0.99	0.23	3.64	20.08	8.31	5.74	6.55	6.45	4.25%	14.98	6.74	4.82	6.08	6.02	2/1/2000

	Fund Name	Ticker Symbol	Class	Gross Expense Ratio	Net Expense Ratio
Total Expense Ratios
	California Tax Free	FCAAX	A	1.28%	0.65%
	Colorado Tax Free	FCOAX	A	1.45%	0.75%
	Core Bond	FAFIX	A	1.02%	0.95%
	Equity Income	FFEIX	A	1.19%	1.19%
	Equity Index	FAEIX	A	0.79%	0.62%
	Global Infrastructure	FGIAX	A	2.47%	1.25%
	High Income Bond	FJSIX	A	1.42%	1.16%
	Inflation Protected Securities	FAIPX	A	1.10%	0.85%
	Intermediate Government Bond	FIGAX	A	1.16%	0.76%
	Intermediate Tax Free	FAMBX	A	1.02%	0.75%
	Intermediate Term Bond	FAIIX	A	1.02%	0.86%
	International	FAIAX	A	1.54%	1.49%
	International Select	ISACX	A	1.78%	1.51%
	Large Cap Growth Opportunities	FRGWX	A	1.22%	1.22%
	Large Cap Select	FLRAX	A	1.29%	1.29%
	Large Cap Value	FASKX	A	1.22%	1.22%
	Mid Cap Growth Opportunities	FRSLX	A	1.27%	1.27%
	Mid Cap Index	FDXAX	A	0.94%	0.77%
	Mid Cap Select	FATAX	A	1.92%	1.41%
	Mid Cap Value	FASEX	A	1.25%	1.25%
	Minnesota Intermediate Tax Free	FAMAX	A	1.08%	0.76%
	Minnesota Tax Free	FJMNX	A	1.12%	0.86%
	Missouri Tax Free	ARMOX	A	1.12%	0.85%
	Nebraska Tax Free	FNTAX	A	1.51%	0.76%
	Ohio Tax Free	FOFAX	A	1.40%	0.76%
	Oregon Intermediate Tax Free	FOTAX	A	1.12%	0.85%
	Quantitative Large Cap Core	FQCAX	A	1.03%	0.71%
	Real Estate Securities	FREAX	A	1.27%	1.27%
	Short Tax Free	FSHAX	A	1.12%	0.76%
	Short Term Bond	FALTX	A	1.07%	0.75%
	Small Cap Growth Opportunities	FRMPX	A	1.80%	1.48%
	Small Cap Index	FMDAX	A	1.71%	0.87%
	Small Cap Select	EMGRX	A	1.27%	1.27%
	Small Cap Value	FSCAX	A	1.38%	1.38%
	Strategy Aggressive Growth Allocation	FAAGX	A	1.57%	1.29%
	Strategy Balanced Allocation	FSGNX	A	1.31%	1.23%
	Strategy Conservative Allocation	FSFIX	A	1.55%	1.16%
	Strategy Growth Allocation	FAGSX	A	1.48%	1.26%
	Tax Free	FJNTX	A	1.05%	0.76%
	Total Return Bond	FCDDX	A	1.14%	0.90%

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

Investing in specific sectors such as infrastructure-related securities may involve greater risk and volatility than more diversified investments. Risks include greater exposure to adverse economic, regulatory, political, and other changes affecting such securities.

Foreign investing, especially in emerging markets, entails additional risks, including currency fluctuations, political and economic instability, accounting changes, and foreign taxation. Securities may be less liquid and more volatile.

Investing in specific sectors such as real estate may involve greater risk and volatility than more diversified investments. Risks include declines in real estate values along with changing economic conditions, property taxes, tax laws, and interest rates.

First American Funds' quantitative funds are actively managed using our proprietary macro quant process, which projects individual stock performance based on multiple factors and current economic conditions. Stocks selected using this process could under-perform if the current performance of the factors differs from their historic performance. Turnover, expenses, and taxes will be similar to other actively managed funds.

Investing in small-cap and mid-cap companies involves additional risks such as limited liquidity and greater volatility.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investing in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

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

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.

On May 4, 2009, the Small-Mid Cap Core Fund changed its name to the Mid Cap Select Fund. The fund also changed its investment strategy to primarily invest in mid-cap companies. On October 3, 2005, the fund's principal investing strategy changed from investing primarily in technology stocks to investing in stocks of small-cap and mid-cap companies. Performance before the dates noted above reflect an investment portfolio that is materially different from Mid Cap Select Fund.

Effective May 13, 2005, the Total Return Bond Fund changed certain investment strategies and policies. This fund was formerly named the Corporate Bond Fund.

Returns for Share Class Y for the newly offered Tactical Market Opportunities Fund will be available at a later date.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Performance

Performance

Total Expense Ratios