New First American International Select Fund Offers Multiple Styles, Multiple Managers.

The New Multi-Manager Fund Makes It Possible for Investors to Access Three Styles of International Investing from Three Specialized Money Managers

MINNEAPOLIS -- First American Funds announced today that it launched the First American International Select Fund. The fund combines the strategic and tactical asset-allocation abilities of First American Funds with the specialized investing skills of carefully selected international growth, value, and emerging-markets managers. The fund's primary objective is long-term growth of capital through broad exposure to international stocks. To capture returns in a diversified and structured way, the fund has segmented its benchmark, the MSCI AC World Index Ex. U.S., into three components - international growth, international value, and emerging markets.

FAF Advisors, the registered investment advisor of First American Funds, manages the fund with three subadvisors - Hansberger Global Investors, Inc., Altrinsic Global Advisors, LLC, and Lazard Asset Management LLC. Each of these subadvisors focuses on one of the three components of the fund, as follows:

Market component              Subadvisor
International growth          Hansberger Global Investors, Inc. (HGI)
                              Founded in 1994, HGI focuses exclusively
                              on international and global equities.
                              The firm's 23 investment professionals
                              represent 18 nationalities and average
                              more than 16 years of experience in
                              managing global equities. The firm had
                              $8.6 billion in assets under management
                              as of Sept. 30, 2006.

International value           Altrinsic Global Advisors, LLC
                              Altrinsic is an employee-owned
                              investment advisory firm established in
                              2000 to focus exclusively on global and
                              international investment management.
                              Focus, consistency, and aligned interest
                              are pillars on which the firm was
                              founded. Altrinsic's investment
                              professionals possess a high degree of
                              industry depth and global cross-border
                              perspective. Altrinsic currently manages
                              more than $5.0 billion in assets.

Emerging markets              Lazard Asset Management LLC
                              With origins dating back to 1848, Lazard
                              is a global financial advisory and
                              asset-management firm operating in 29
                              cities across 16 countries and five
                              continents. Lazard currently manages
                              more than $5.0 billion in
                              emerging-market equities.

Within each of these components, an independent portfolio-management team focuses on security selection, sector, and country allocation. FAF Advisors selected these experienced subadvisors from a broad universe of managers on the basis of extensive quantitative and qualitative analysis.

As part of its quantitative and qualitative analysis of the subadvisors, FAF Advisors examined:

* Consistency of returns relative to the appropriate benchmark;

* Historical consistency of value-added returns produced by the managers; and

* Variability of value-added returns.

First American Funds Asset Allocation Committee

The First American Asset Allocation Committee makes strategic and tactical asset-allocation decisions for the International Select Fund, oversees the subadvisors, and provides robust portfolio risk management. The committee includes Mark Jordahl, chief investment officer; Keith Hembre, chief economist; David Chalupnik, head of equities; Tony Rodriguez, head of fixed income; and John Wenker, head of real estate.

In determining the initial strategic allocation for the fund, the committee allocated 80% of the fund's assets to the international growth and international value subadvisors and 20% to the emerging-markets subadvisor. This allocation resembles the characteristics of the MSCI AC World Index Ex. U.S.

"The new International Select Fund combines the specialized investment capabilities of what we believe are three outstanding subadvisors with the strategic and tactical asset allocation of First American Funds' experienced Asset Allocation Committee," said CIO Mark Jordahl. "This, combined with our robust portfolio-management process, makes the fund an option for investors who want international exposure and the benefit of multiple styles in a single product like International Select."

About First American Funds

The First American Funds mutual fund group had more than $70 billion in open-end funds as of Sept. 30, 2006. The funds are advised by FAF Advisors, Inc., which had $98 billion in assets under management as of Sept. 30, 2006.

Past performance is no guarantee of future results.

Each fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other information; call 800.677.FUND or visit firstamericanfunds.com for a copy. Read the prospectus carefully before investing.

Mutual fund investing involves risk; principal loss is possible.

Investing in foreign securities carries special risks, such as exposure to currency fluctuations, political and economic instability, and different accounting systems, as well as potentially less liquidity. These risks can be significantly greater for investments in emerging markets.

The MSCI AC World Index Ex. U.S. is an unmanaged index representing developed and emerging markets around the world that collectively comprise most foreign stock markets.

FAF Advisors, Inc., serves as investment advisor to First American Funds. First American Funds are distributed by Quasar Distributors, LLC, an affiliate of the investment advisor.

NOT FDIC INSURED    NO BANK GUARANTEE    MAY LOSE VALUE