Money Market Funds - COUNTRY Financial

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Expense ExamplesconcludedTreasury Obligations FundBeginning AccountValue (3/01/08)Ending AccountValue (8/31/08)Expenses Paid DuringPeriod 1 (3/01/08 to8/31/08)Class A Actual 2 $1,000.00 $1,006.70 $3.73Class A Hypothetical (5% return before expenses) $1,000.00 $1,021.42 $3.76Class D Actual 2 $1,000.00 $1,007.40 $3.03Class D Hypothetical (5% return before expenses) $1,000.00 $1,022.12 $3.05Class Y Actual 2 $1,000.00 $1,008.20 $2.27Class Y Hypothetical (5% return before expenses) $1,000.00 $1,022.87 $2.29Class Z Actual 2 $1,000.00 $1,009.40 $1.01Class Z Hypothetical (5% return before expenses) $1,000.00 $1,024.13 $1.02Institutional Investor Class Actual 2 $1,000.00 $1,008.90 $1.51Institutional Investor Class Hypothetical (5% return before expenses) $1,000.00 $1,023.63 $1.53Reserve Class Actual 2 $1,000.00 $1,005.80 $4.64Reserve Class Hypothetical (5% return before expenses) $1,000.00 $1,020.51 $4.671 Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74%, 0.60%, 0.45%, 0.20%, 0.30%, and 0.92% for Class A,Class D, Class Y, Class Z, Institutional Investor Class, and Reserve Class, respectively, multiplied by the average account value over the period, multiplied by thenumber of days in the most recent fiscal half-year/366 (to reflect the one-half year period).2 Based on the actual returns for the six-month period ended August 31, 2008 of 0.67%, 0.74%, 0.82%, 0.94%, 0.89%, and 0.58% for Class A, Class D, Class Y,Class Z, Institutional Investor Class, and Reserve Class, respectively.U.S. Treasury Money Market FundBeginning AccountValue (3/01/08)Ending AccountValue (8/31/08)Expenses Paid DuringPeriod 3 (3/01/08 to8/31/08)Class A Actual 4 $1,000.00 $1,005.40 $3.78Class A Hypothetical (5% return before expenses) $1,000.00 $1,021.37 $3.81Class D Actual 4 $1,000.00 $1,006.10 $3.03Class D Hypothetical (5% return before expenses) $1,000.00 $1,022.12 $3.05Class Y Actual 4 $1,000.00 $1,006.90 $2.27Class Y Hypothetical (5% return before expenses) $1,000.00 $1,022.87 $2.29Class Z Actual 4 $1,000.00 $1,008.20 $1.01Class Z Hypothetical (5% return before expenses) $1,000.00 $1,024.13 $1.02Institutional Investor Class Actual 4 $1,000.00 $1,007.70 $1.51Institutional Investor Class Hypothetical (5% return before expenses) $1,000.00 $1,023.63 $1.533 Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.45%, 0.20%, and 0.30% for Class A, Class D,Class Y, Class Z, and Institutional Investor Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the mostrecent fiscal half-year/366 (to reflect the one-half year period).4 Based on the actual returns for the six-month period ended August 31, 2008 of 0.54%, 0.61%, 0.69%, 0.82%, and 0.77% for Class A, Class D, Class Y, Class Z, andInstitutional Investor Class, respectively.6 FIRST AMERICAN FUNDS 2008 Annual Report
Report of Independent Registered PUBLIC ACCOUNTING FIRMTo the Shareholders and Board of DirectorsFirst American Funds, Inc.We have audited the accompanying statements of assets and liabilities of First American Funds, Inc. (comprised of theGovernment Obligations, Prime Obligations, Tax Free Obligations, Treasury Obligations and U.S. Treasury MoneyMarket Funds) (the funds), including the schedules of investments, as of August 31, 2008, and the related statementsof operations and changes in net assets and the financial highlights for the periods indicated therein. These financialstatements and financial highlights are the responsibility of the funds’ management. Our responsibility is to expressan opinion on these financial statements and financial highlights based on our audits.We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements and financial highlights are free of material misstatement. We were not engaged toperform an audit of the funds’ internal control over financial reporting. Our audits included consideration of internalcontrol 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 financialreporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements and financial highlights, assessing the accountingprinciples used and significant estimates made by management, and evaluating the overall financial statementpresentation. Our procedures included confirmation of securities owned as of August 31, 2008, by correspondencewith the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were notreceived. We believe that our audits provide a reasonable basis for our opinion.In our opinion, the financial statements and financial highlights referred to above present fairly, in all materialrespects, the financial position of each of the funds constituting the First American Funds, Inc. at August 31, 2008,the results of their operations, the changes in their net assets and the financial highlights for the periods indicatedtherein, in conformity with U.S. generally accepted accounting principles.Minneapolis, MinnesotaOctober 23, 2008FIRST AMERICAN FUNDS 2008 Annual Report 7
Page 1 and 2: August 31, 20082008 Annual ReportMo
Page 3 and 4: Message to SHAREHOLDERS August 31,
Page 5 and 6: Holdings SummariesGovernment Obliga
Page 7: Prime Obligations FundBeginning Acc
Page 11 and 12: Government Obligations Fund (conclu
Page 13 and 14: Prime Obligations Fund (continued)D
Page 15 and 16: Prime Obligations Fund (concluded)D
Page 17 and 18: Tax Free Obligations Fund (continue
Page 23 and 24: Treasury Obligations FundDESCRIPTIO
Page 25 and 26: (This page intentionally left blank
Page 27 and 28: Statements of OPERATIONS For the ye
Page 29 and 30: Year Ended8/31/08Tax FreeObligation
Page 31 and 32: Net AssetsEnd ofPeriod (000)Ratio o
Page 41 and 42: securities at August 31, 2008. Illi
Page 43 and 44: distribution fees and shareholder s
Page 45 and 46: Contingent Deferred Sales Chargeas
Page 47 and 48: Notice to SHAREHOLDERSAugust 31, 20
Page 49 and 50: Costs of Services and Profits Reali
Page 51 and 52: Independent Directors - concludedNa
Page 53 and 54: BOARD OF DIRECTORSFirst American Fu

Money Market Funds - COUNTRY Financial

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