# EDGAR Filing Document

**Accession Number:** 0001890141
**File Stem:** 0000897101-26-000182
**Filing Date:** 2026-5
**Character Count:** 326148
**Document Hash:** 1e03ec3a3e69e0b909dd4d6c4db6741f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897101-26-000182.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0000897101-26-000182

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First American Funds Trust
- **CENTRAL INDEX KEY:** 0001890141

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23751
- **FILM NUMBER:** 261011751

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 6123037987

**MAIL ADDRESS:**
- **STREET 1:** 800 NICOLETT MALL
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First American Funds Trust
- **CENTRAL INDEX KEY:** 0001890141

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-260527
- **FILM NUMBER:** 261011750

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 6123037987

**MAIL ADDRESS:**
- **STREET 1:** 800 NICOLETT MALL
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

1933 Act Registration No. 333-260527<br> 1940 Act Registration No. 811-23751

As filed with the Securities and Exchange Commission on May 22, 2026

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549** 

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 7 [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY<br> ACT OF 1940

Amendment No. 10 [X]

**FIRST AMERICAN FUNDS TRUST**<br> (Exact Name of Registrant as Specified in Charter)

**800 Nicollet Mall**<br> **Minneapolis, Minnesota 55402**<br> (Address of Principal Executive Offices) (Zip Code)

**(651) 341-6064**<br> (Registrant's Telephone Number, including Area Code)

**Richard J. Ertel**<br> **U.S. Bancorp Asset Management, Inc.**<br> **800 Nicollet Mall, BC-MN-17UL**<br> **Minneapolis, Minnesota 55402-7020**

(Name and Address of Agent for Service)

*Copies of Communications to:*

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| | |
|:---|:---|
| **Paulita A. Pike<br> Ropes & Gray LLP<br> 191 North Wacker Drive, 32nd Floor<br> Chicago, Illinois 60606** | **Rita Rubin<br> Ropes & Gray LLP<br> 191 North Wacker Drive, 32nd Floor<br> Chicago, Illinois 60606** |

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**Approximate Date of Proposed Public Offering:** As soon as practicable following the effectiveness of the Registration Statement.

It is proposed that this filing will become effective (check appropriate box):

[ ] immediately upon filing pursuant to paragraph (b)

[ ] on (date) pursuant to paragraph (b)<br> [ ] 60 days after filing pursuant to paragraph (a)

[ ] on (date) pursuant to paragraph (a)<br> [X] 75 days after filing pursuant to paragraph (a)(2)

[ ] on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Class Z shares of Treasury Reserve Fund

![](a231285img001.jpg)

Class Z Shares

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| | |
|:---|:---|
| **FUND** | **TICKER SYMBOL** |
| <sub>Treasury Reserve Fund</sub> | [ ] |

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**As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved the shares of these funds, or determined if the information in this prospectus is accurate or complete. Any statement to the contrary is a criminal offense.**

Table of

Contents

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[**Fund Summary**](#a001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Treasury Reserve Fund](#a002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Additional Summary Information**](#a003) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**More about the Fund**](#a004) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#a005) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#a006) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Investment Strategies](#a007) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Risks](#a008) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Description of Principal Investment Risks](#a009) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Disclosure of Portfolio Holdings](#a010) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Fund Management**](#a011) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#a012) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#a013) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Shareholder Information](#a014)** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#a015) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share Classes](#a016) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Determining Your Share Price](#a017) | 15 |

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Please find **First American Funds' Privacy Policy** inside the back cover of this Prospectus.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchasing and Redeeming Fund Shares](#a018) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information on Purchasing and Redeeming Fund Shares](#a019) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Distributions](#a020) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Taxes](#a021) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Payments to Institutions](#a022) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Staying Informed](#a023) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Financial Highlights**](#a024) | **20** |

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**This prospectus and the related Statement of Additional Information (SAI) do not constitute an offer to sell or a solicitation of an offer to buy shares in the funds, nor shall any such shares be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.**

Fund Summary

Treasury Reserve Fund

**Investment Objective**

Treasury Reserve Fund's objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity.

**Fees and Expenses**

The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
| **Shareholder Fees**<br>*(fees paid directly from your investment)* | <br>**Class Z** |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Sales Charge (Load) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Deferred Sales Charge (Load) |  |
| **Annual Fund Operating Expenses – to be updated by amendment** |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fees | [___%] |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>1</sup> | [___%] |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses | [___%] |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Fee Waivers<sup>2</sup> | [___%] |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Expenses<sup>2</sup> | [___%] |

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<sup>1</sup> Other Expenses are based on estimated amounts for the current fiscal year.

<sup>2</sup> The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed [___%]. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027, at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund's board of trustees.

**Example:** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund's operating expenses remain the same (except that the example incorporates the fund's expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| | **Class Z** |
| &nbsp;&nbsp;&nbsp;&nbsp;1 year | $[___] |
| &nbsp;&nbsp;&nbsp;&nbsp;3 years | $[___] |

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| | | |
|:---|:---|:---|
| **1** | ***Prospectus*** – | First American Money Market Fund |
|  |  | Class Z Shares |

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Fund Summary

Treasury Reserve Fund *continued*

**Principal Investment Strategies** 

Under normal market conditions,Treasury Reserve Fund invests in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the "GENIUS Act") and any regulations adopted thereunder ("eligible investments"). These eligible investments include U.S. Treasury bonds, notes and bills ("U.S. Treasury obligations") with a remaining maturity of 93 days or less or issued with a maturity of 93 days or less, and overnight repurchase agreements fully collateralized by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. The fund does not invest in stablecoins.

**Principal Risks** 

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a deposit of U.S. Bank National Association and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

Each risk summarized below is considered a "principal risk" of investing in the fund. The significance of any specific risk to an investment in the fund will vary over time, depending on the composition of the fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the fund.

Principal risks of investing in this fund include:

*Credit Risk* — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.

*Interest Rate Risk* — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund's portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund's yield (and total return) also may be low or the fund may be unable to maintain positive returns.

*Market Risk* — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund's performance or impair the fund's ability to achieve its investment objective.

*Liquidity Risk* — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.

*Redemption Risk* — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Significant transactions by large shareholders, including stablecoin issuers, may create liquidity challenges or disrupt portfolio management, potentially impacting the Fund's performance.

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| | | |
|:---|:---|:---|
| **2** | ***Prospectus*** – | First American Money Market Fund |
|  |  | Class Z Shares |

---

Fund Summary

Treasury Reserve Fund *continued*

*Large Shareholder Transactions Risk* — The fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's net asset value ("NAV") and liquidity. Similarly, large fund share purchases may adversely affect the fund's performance to the extent that the fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Stable NAV Risk* — If the market value of one or more of the fund's investments changes substantially, the fund may not be able to maintain a stable NAV of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when the fund experiences significant redemption requests.

*U.S. Treasury Obligations Risk* — U.S. Treasury obligations have historically involved minimal risk of loss of principal if held to maturity. Securities issued or guaranteed by the U.S. Treasury are backed by the full faith and credit of the United States, but are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's U.S. Treasury obligations to decline.

*Repurchase Agreement Risk* — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price.

*Income Risk* — The level of income you receive from the fund will be affected by movements in short-term interest rates.

*Cybersecurity Risk* — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund's affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value.

*Regulatory Risk* — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund's operations, universe of potential investment options, and return potential.

*Stablecoin Reserve Risk* — Shares of the fund are expected to be held primarily by one or more stablecoin issuers as reserve assets that back the stablecoins issued to their customers. Although the fund does not invest in stablecoins or stablecoin issuers, the fund's assets may fluctuate based on the creation (minting) or redemption (burning) of stablecoins, which could result in periods of uncertainty and redemption pressures. Such activity may affect the fund's ability to maintain a stable price per share, particularly during times of market stress or declining prices. Stablecoins are relatively new and stablecoins or other digital assets that stablecoins may be used to purchase or sell may face periods of uncertainty and volatility that result in the potential for rapid or unexpected requests by one or more stablecoin issuers to

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| | | |
|:---|:---|:---|
| **3** | ***Prospectus*** – | First American Money Market Fund |
|  |  | Class Z Shares |

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Fund Summary

Treasury Reserve Fund *continued*

redeem or purchase the fund's shares. Regulatory developments under the GENIUS Act may also impact the fund's operations and investment strategy. Because the fund intends to invest only in eligible investments, the fund's yield may be lower than other money market funds that are permitted to invest in a wider universe of investments.

**Fund Performance** 

As a new fund, past performance information is not available for the fund as of the date of this prospectus. Once the fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the fund by showing the variability of the fund's returns based on net assets and comparing the fund's performance to an index. Within a reasonable period of time after the fund commences operations, performance information will be available at www.firstamericanfunds.com or by calling 800-677-3863.

**Investment Adviser** 

U.S. Bancorp Asset Management, Inc.

**Other Information** 

For important information about the purchase and sale of fund shares, tax information, and financial intermediary compensation, please see "Additional Summary Information" on page 5 of the prospectus.

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| | | |
|:---|:---|:---|
| **4** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Additional Summary Information

**Purchase and Sale of Fund Shares** 

You may purchase or redeem Class Z shares of the fund through your financial intermediary. If you have an account directly with the fund, you can purchase or redeem shares by contacting Investor Services at 800-677-3863.

The minimum initial investment in Class Z shares is $1 million. There is no minimum imposed upon additional investments.

Class Z shares of the fund are primarily expected to be held by stablecoin issuers as reserve assets that back stablecoins issued to their customers. Fund shares may also be held by investors who are not stablecoin issuers.

Some financial intermediaries may charge a transaction-based fee for helping you purchase or redeem shares or an asset-based fee. Contact your financial intermediary for more information.

The fund reserves the right to reject any purchase order and to close a shareholder's account at any time.

**Tax Information** 

Any dividends you receive from the fund are generally taxable as ordinary income. Dividends attributable to income from U.S. government securities may be exempt from state personal income taxes.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| | | |
|:---|:---|:---|
| **5** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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More about the Fund

Investment Objective

The investment objective of the fund is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. The fund's investment objective may be changed without shareholder approval. Please remember, there is no guarantee that the fund will achieve its objective.

Principal Investment Strategies

The fund's principal investment strategies are discussed below. These are the strategies that the fund's investment adviser believes are most likely to be important in trying to achieve the fund's objectives. You should be aware that the fund may also use strategies and invest in securities that are not described in this prospectus, but that are described in the SAI. For a copy of the SAI, call Investor Services at 800-677-3863.

**Principal Investment Strategies Applicable to the Fund** 

Under normal market conditions, Treasury Reserve Fund invests in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the GENIUS Act and any regulations adopted thereunder. These eligible investments include U.S. Treasury obligations with a remaining maturity of 93 days or less or issued with a maturity of 93 days or less, and overnight repurchase agreements fully collateralized by U.S. Treasury obligations. The fund will provide shareholders with at least 60 days advance notice before changing this policy. The U.S. Treasury obligations in which the fund invests are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. The fund does not invest in stablecoins.

The fund complies with Securities and Exchange Commission (SEC) regulations that apply to money market funds. These regulations require that the fund maintain a weighted average maturity of 60 days or less and a weighted average life of 120 days or less. However, due to its investment strategy, the fund does not intend to invest in securities with a remaining maturity of more than 93 days or issued with a maturity of more than 93 days, and therefore expects to have a weighted average portfolio life significantly less than 120 days. The fund may invest in securities with variable or floating interest rates and securities with demand features. The maturities of these securities are determined according to regulations which allows the fund to consider some of these securities as having maturities shorter than their stated maturity dates. All of the fund's investments must be in U.S. dollar-denominated high quality securities which have been determined by the fund's investment adviser to present minimal credit risk, which determination must include an analysis of the capacity of the security's issuer or guarantor (including the provider of a conditional demand feature, when applicable) to meet its financial obligations. With limited exceptions, the fund may not invest more than 5% of its total assets in securities issued by the same issuer. The fund must comply with weekly liquidity standards that require the fund to hold at least 50% of its total assets in cash, direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, or securities convertible into cash within five business days. The fund must also comply with daily liquidity standards that require a fund to hold at least 25% of its total assets in cash, direct obligations of the U.S. Government, or securities convertible into cash within one business day. The fund is limited to investing no more than 5% of its total assets in illiquid securities.

The fund is a "government money market fund," so it will invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized fully by

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| | | |
|:---|:---|:---|
| **6** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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More about the Fund

Principal Investment Strategies *continued*

cash or U.S. government securities. Government money market funds are exempt from requirements that permit and, under certain circumstances, require money market funds to impose a "liquidity fee" on redemptions. As a "government money market fund," the fund values its securities using the amortized cost method. The fund will seek to maintain a stable value of $1.00 per share, however it cannot guarantee it will do so.

When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio's average maturity, credit, liquidity or yield metrics.

For liquidity and to respond to unusual market conditions, the fund may hold all or a significant portion of its total assets in cash for temporary defensive purposes. This may result in a lower yield and prevent the fund from meeting its investment objective.

Other Investment Strategies

**Other Money Market Funds** 

The fund may invest in other money market funds that invest in the same types of securities as the fund, as a non-principal investment strategy, including the other money market funds advised by the fund's investment adviser. To avoid duplicative investment advisory fees, when the fund invests in another money market fund advised by the fund's investment adviser, the investment adviser reimburses the fund an amount equal to the fund's proportionate share of the investment advisory fee paid by the other money market fund to the investment adviser. If the fund invests in money market funds advised by another investment adviser, you will bear both your proportionate share of the expenses in the fund (including management and advisory fees) and, indirectly, the expenses of such other money market fund.

**Potential Negative Interest Rates** 

In the event the fund has a negative gross yield as a result of negative interest rates (a "negative interest rate event"), it may be challenging or impossible to maintain a stable net asset value (NAV) of $1.00 per share. However, regulations that govern the operation of money market funds permit a fund, if experiencing a negative interest rate event, to seek to continue to provide a stable NAV of $1.00 per share by using a reverse distribution mechanism (RDM) which reduces the number of shares in proportion to that fund's negative income. Shares may continue to have a NAV of $1.00 per share, but each shareholder would have fewer shares. The fund will use an RDM to cancel shares held by shareholders only if the fund's board of trustees determines that using an RDM is in the best interests of the fund and its shareholders.

If the fund chooses to use an RDM to cancel fund shares, the fund's per-share NAV may remain stable, but shareholders will lose money as a result of the fund's negative gross yield. In the event that shares are canceled, tax treatment of distributions and shareholder basis is uncertain. You should consult with your tax advisor to determine whether you will experience any negative tax consequences as a result of the fund's use of an RDM. Account statements will include disclosure regarding share cancellations if an RDM is used.

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| | | |
|:---|:---|:---|
| **7** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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More about the Fund

Principal Investment Risks

The principal risks of investing in the fund are identified and further discussed below.

● Credit
 Risk ● Redemption
 Risk

● Cybersecurity
 Risk ● Regulatory
 Risk

● Income
 Risk ● Repurchase
 Agreement Risk

● Interest
 Rate Risk ● Stablecoin
 Reserve Risk

● Large
 Shareholder Transactions Risk ● Stable
 NAV Risk

● Liquidity
 Risk ● U.S.
 Treasury Obligations Risk

● Market
 Risk

Description of Principal Investment Risks

Credit Risk. The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.

Cybersecurity Risk. With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, a fund may be subject to operational and informational security risks resulting from breaches in cybersecurity ("cyber-attacks"). A cyber-attack refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption, or lose operational capacity. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the fund's operations through "hacking" or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.

Cybersecurity failures or breaches by the fund's affiliates or service providers, may cause disruptions and impact the business operations, potentially resulting in financial losses to both a fund and its shareholders, the inability of fund shareholders to transact business, inability to calculate a fund's net asset value, impediments to trading, violations of applicable privacy and other laws (including the release of private shareholder information), regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the adviser has risk management systems designed to prevent or reduce the impact of such cyber-attacks, there are inherent limitations in such controls, systems and protocols, including the possibility that certain risks have not been identified, as well as the rapid development of new threats. These cybersecurity risks are also present for issuers of securities in which a fund invests, which could result in material adverse consequences for such issuers, and may cause a fund's investment in such securities to lose value and may result in financial loss for fund shareholders.

Income Risk. The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. government securities, U.S. Treasury obligations, or repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.

Interest Rate Risk. The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund's portfolio holdings to fall. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on

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| | | |
|:---|:---|:---|
| **8** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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More about the Fund

Description of Principal Investment Risks *continued*

markets and may expose fixed-income and related markets to heightened volatility. During periods when interest rates are low or there are negative interest rates, a fund's yield (and total return) also may be low or the fund may be unable to maintain positive returns or a stable net asset value of $1.00 per share, as applicable.

Many financial instruments use or may use a floating rate which historically had been based on the London Interbank Offered Rate ("LIBOR"), which was the offered rate for short-term Eurodollar deposits between major international banks. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies and the transition to new reference rates continues. Markets in these new rates are developing, but questions around liquidity and how to appropriately mitigate any economic value transfer at the time of transition remain a concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from LIBOR and the use of replacement rates may adversely affect transactions that used LIBOR as a reference rate, financial institutions, funds and other market participants that engaged in such transactions, and the financial markets generally.

Large Shareholder Transactions Risk. The fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's net asset value ("NAV") and liquidity. Similarly, large fund share purchases may adversely affect the fund's performance to the extent that the fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

Liquidity Risk. The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.

Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The fund's ability to achieve its investment objective may be impacted by one or more such events, and the securities in which the fund invests may underperform in comparison to other securities or asset classes due to a number of factors. These factors may include, but are not limited to, inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market and/or financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events or actions taken by governmental or quasi-governmental authorities in response to any of the foregoing or other factors or events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of geopolitical events such as war, terrorism, environmental disasters, natural disasters or events, cybersecurity events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such events. As a result, whether or not the fund invests in securities of issuers located in or with

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|:---|:---|:---|
| **9** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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More about the Fund

Description of Principal Investment Risks *continued*

significant exposure to the countries affected, the value and liquidity of the fund's investments may be negatively affected by developments in other countries and regions.

In addition, controversy or uncertainty regarding the U.S. federal debt ceiling and the threat or occurrence of government shutdowns in the United States may adversely affect investor confidence, market liquidity and volatility, interest rates and the prices of U.S. Treasury and other securities. Failure to adjust the statutory debt limit could result in a default on payments on certain U.S. government securities. Legislative or regulatory actions (or inaction) affecting the U.S. government, its agencies or government-sponsored entities, or a decline in their creditworthiness, may adversely affect a fund's investments and operations.

Redemption Risk. If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Significant transactions by large shareholders, including stablecoin issuers, may create liquidity challenges or disrupt portfolio management, potentially impacting the Fund's performance.

Regulatory Risk. Changes to monetary policy by the Federal Reserve or other regulatory actions could expose fixed income and related markets to heightened volatility, interest rate sensitivity and reduced liquidity, which may impact the fund's operations, universe of potential investment options, and return potential.

Repurchase Agreement Risk. If the seller of a repurchase agreement defaults on its obligation to repurchase securities, the fund may incur costs in disposing of the securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price.

Stablecoin Reserve Risk. Shares of the fund are expected to be held primarily by one or more stablecoin issuers as reserve assets that back the stablecoins issued to their customers. Stablecoins generally are a type of cryptocurrency that are designed to maintain a stable value by pegging their value to another asset, such as a fiat currency like the U.S. dollar, and stablecoin holders generally are permitted to redeem their stablecoins for a fixed amount of value. Although the fund does not invest in stablecoins or stablecoin issuers, the fund's assets are expected to fluctuate depending on the creation (minting) of additional stablecoins or the redemption (burning) of outstanding stablecoins. Stablecoins are relatively new and stablecoins or other digital assets that stablecoins may be used to purchase or sell may face periods of uncertainty and volatility that result in the potential for rapid or unexpected requests by one or more stablecoin issuers to redeem or purchase the fund's shares. Such uncertainty or volatility may result from events that are not specifically related to a stablecoin issuer, such as changes in general market conditions, economic, technological or legal trends or changes to the laws or regulation of stablecoins, or events that are specifically related to a particular stablecoin issuer, such as uncertainty about the stablecoin issuer's ability to maintain a consistent peg between the stablecoins issued to its customers and another asset, such as a fiat currency like the U.S. dollar. Because the fund intends to invest only in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the GENIUS Act, the fund's yield may be lower than other money market funds that are permitted to invest in a wider universe of investments with longer maturities.

Complex information technology and communications systems, such as the blockchain technologies associated with stablecoins, are subject to a number of different threats or risks (including operational, information security, cyber-attacks and related risks) that could adversely

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|:---|:---|:---|
| **10** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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More about the Fund

Description of Principal Investment Risks *continued*

affect stablecoin issuers and, potentially, the fund and its shareholders. Stablecoins and the blockchain technologies associated with stablecoins are relatively new and still evolving. The fund, transfer agent, investment adviser and their affiliates will not be responsible for any loss in connection with the use of stablecoins or a related blockchain technology.

Stable NAV Risk. If the market value of one or more of the fund's investments changes substantially, the fund may not be able to maintain a stable NAV of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when the fund experiences significant redemption requests.

U.S. Treasury Obligations Risk. U.S. Treasury obligations have historically involved minimal risk of loss of principal if held to maturity. Securities issued or guaranteed by the U.S. Treasury are backed by the full faith and credit of the United States, but are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund's U.S. Treasury obligations to decline.

Disclosure of Portfolio Holdings.

After the fund commences operations, information concerning the fund's portfolio holdings as of the last business day of each month, as well as their weighted average maturity and weighted average life, will be available on the fund's website (www.firstamericanfunds.com) under "Portfolio Holdings." This information typically will be available five business days after the end of each month and remain posted on the website for at least six months thereafter. The fund's portfolio holdings will also be posted on this same page on a weekly basis, typically on the first business day of the week. This weekly information will generally reflect holdings as of the previous Thursday and remain posted on the website until the next publication date.

On each business day, the fund will post its levels of daily and weekly liquid assets and information on net inflows/outflows on the fund's web page under "Our Money Market Funds." This information will typically be as of the end of the preceding business day and remain posted on the website until the next publication date. This information will also be included for typically a six-month rolling period in the enhanced disclosure report found on this same page.

A description of the fund's policies and procedures with respect to the disclosure of the fund's portfolio securities is available in the fund's SAI.

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|:---|:---|:---|
| **11** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Fund Management

Investment Adviser

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, MN 55402

U.S. Bancorp Asset Management provides investment management services to individuals and institutions, which may include corporations, foundations, pensions, and retirement plans. As of March 31, 2026, U.S. Bancorp Asset Management had more than $435 billion in assets under management. As investment adviser, U.S. Bancorp Asset Management manages the fund's business and investment activities, subject to the authority of the fund's board of trustees.

The fund pays the investment adviser a monthly management fee for providing investment advisory services. The table below reflects management fees paid to the investment adviser, after taking into account any fee waivers, for the fund's most recently completed fiscal year.

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|:---|:---|
| | Management fee<br>as a % of average<br>daily net assets |
| **Treasury Reserve Fund** | [___%] |

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U.S. Bancorp Asset Management may voluntarily waive or reimburse certain fees and expenses of a fund to the extent necessary to avoid a negative yield, or a yield below a specified level, which may vary from time to time in U.S. Bancorp Asset Management's sole discretion. These waivers and reimbursements may be terminated at any time by U.S. Bancorp Asset Management.

A discussion regarding the basis for the board's approval of the fund's investment advisory agreement will be included in the shareholder report that covers the period in which the fund commences operations.

**Additional Compensation**

U.S. Bancorp Asset Management, U.S. Bank National Association (U.S. Bank) and other affiliates of U.S. Bancorp may act as fiduciary with respect to plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and other trust and agency accounts that invest in the First American money market funds. As described above, U.S. Bancorp Asset Management receives compensation for acting as the fund's investment adviser. U.S. Bancorp Asset Management, U.S. Bank and their affiliates also receive compensation from the fund as set forth below.

Administration Services. U.S. Bancorp Asset Management and its affiliate, U.S. Bancorp Fund Services, LLC (Fund Services), act as the fund's administrator and sub-administrator, respectively, providing administration services that include general administrative and accounting services, blue sky services and shareholder services. For such services, the fund pays U.S. Bancorp Asset Management the fund's pro rata portion of up to [___%], on an annual basis, of the aggregate average daily net assets attributable to Class Z shares of all First American money market funds. U.S. Bancorp Asset Management pays Fund Services a portion of its fee, as agreed to from time to time. In addition to these fees, the fund may reimburse U.S. Bancorp Asset Management for any out-of-pocket expenses incurred in providing administration services.

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|:---|:---|:---|
| **12** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Fund Management

Investment Adviser *continued*

Custody Services. U.S. Bank provides custody services to the fund. U.S. Bank is paid monthly fees equal, on an annual basis, to [___%] of the aggregate average daily market value of all securities and cash held in the fund up to [$___], [___%] of the aggregate average daily market value of all securities and cash held in the fund for the next [$___], and [___%] of the aggregate average daily market value of all securities and cash held in the fund in excess of [$___].

Transfer Agency Services. Fund Services provides transfer agency and dividend disbursing services, as well as certain shareholder services, to the fund. Fund Services receives fees for transfer agency and dividend disbursing services on a per shareholder account basis, subject to a minimum fee per share class. In addition, the fund may reimburse Fund Services for any out-of-pocket expenses incurred in providing transfer agency services.

Other Compensation and Services. To the extent that fund shares are held through U.S. Bank or its broker-dealer affiliate, U.S. Bancorp Investments, Inc., those entities may receive distribution and/or shareholder servicing fees from the fund's distributor as well as other payments from the fund's distributor and/or adviser as described below under "Shareholder Information — Additional Payments to Institutions."

In addition to the above services, upon request, U.S. Bancorp Asset Management or its affiliates may provide certain other services to shareholders at no extra charge, including servicing multiple accounts, providing detailed account information, or assisting with the specialized accounting and recordkeeping required under the Internal Revenue Code arbitrage rebate provisions that apply to the earnings on proceeds of tax-exempt bonds. Additional services or reporting may be available for a fee.

Portfolio Managers

The fund is managed by a team of persons who are employed by U.S. Bancorp Asset Management.

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|:---|:---|:---|
| **13** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Shareholder Information

Pricing of Fund Shares

The fund utilizes the amortized cost method of valuation to transact at a $1.00 share price. The fund's net asset value (NAV) is equal to the market value of its investments and other assets, less any liabilities, divided by the number of fund shares. The securities held by the fund are valued on the basis of amortized cost. This involves valuing an instrument at its cost and thereafter assuming a constant amortization of any discount or premium until the instrument's maturity, rather than looking at actual changes in the market value of the instrument. The fund's NAV is normally expected to be $1 per share.

The NAV per share of each share class of the fund is calculated at the times listed below under "Calculating Net Asset Value." If a purchase order is received on a business day by the deadline listed below under "Calculating Net Asset Value" and payment in federal funds is received by the fund by the close of the Federal Reserve wire transfer system (normally, 5:00 p.m. Central time), then dividends will begin to accrue on the same business day that the wire purchase order is received. If a purchase order is received on a business day after the deadline specified above, you will begin to accrue dividends the next business day. Also, in the event a wire purchase order is placed by the deadline specified above but an anticipated wire payment is not received by the fund by the close of the Federal Reserve wire transfer system that same day, your purchase may be canceled and you may be liable for any resulting losses or fees incurred by the fund, the transfer agent, or the fund's custodian.

Redemption proceeds to be paid by wire will normally be paid to the domestic bank account designated in the current records of the fund's transfer agent on the same day of the redemption order, if the redemption order is accepted in proper form by the transfer agent or a financial intermediary that has been authorized to accept orders on behalf of the fund, as described herein, by the deadline listed below under "Calculating Net Asset Value." Redemption proceeds will normally be paid by the close of the Federal Reserve wire system (normally, 5:00 p.m. Central time). You will not earn a dividend on the day a redemption order is accepted.

Your purchase or redemption price will be based on that day's NAV per share if your order is received by the fund in proper form prior to the time the fund calculates its NAV. See "Calculating Net Asset Value" below. Contact your financial intermediary to determine the time by which it must receive your order to be assured same day processing. To make sure your order is in proper form, you must follow the instructions set forth below under "Purchasing and Redeeming Fund Shares."

**Other Pricing Information** 

You may purchase or redeem shares of the fund on any business day that the Federal Reserve Bank of New York (Federal Reserve) is open, except as noted below. In addition to weekends, the Federal Reserve is closed on the following Federal holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day. The fund may close when the Federal Reserve is open and the New York Stock Exchange (NYSE) is closed, such as Good Friday. On any business day when the Securities Industry Financial Markets Association recommends that the bond markets close trading early (an "Early Close"), the fund may also close trading early.

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|:---|:---|:---|
| **14** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Shareholder Information

Share Classes

The fund currently offers Class Z shares.

Class Z shares are offered at NAV, with no front-end or contingent deferred sales charge and no distribution (12b-1) or shareholder servicing fee.

Class Z shares of the fund are primarily expected to be held by stablecoin issuers as reserve assets that back stablecoins issued to their customers. Fund shares may also be held by investors who are not stablecoin issuers.

Some financial intermediaries may charge a transaction-based fee for helping you purchase or redeem shares or an asset-based fee. Contact your financial intermediary for more information.

Determining Your Share Price

Because the current prospectus and SAI are available on First American Funds' website free of charge, we do not disclose the following information separately on the website. Your purchase or redemption price for Class Z shares is the fund's next determined net asset value after the fund, or its designated agent, receives your order in proper form. To understand how the fund calculates its net asset value, see "Additional Information on Purchasing and Redeeming Fund Shares — Calculating Net Asset Value" below.

Purchasing and Redeeming Fund Shares

*To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, when you open an account, we will ask for your name, permanent street address, date of birth, and social security or taxpayer identification number. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Addresses containing a P.O. Box only will not be accepted. We may also ask for other identifying documents or information. You may purchase or redeem shares by calling your financial institution. If you do not provide the information, we will not be able to open your account. In the rare event that we are unable to verify your identity as required by law, we reserve the right to redeem your account at the current NAV of fund shares. You will be responsible for any losses, taxes, expenses, fees, or other results of such a redemption.*

You may purchase or redeem Class Z shares of the fund through your financial intermediary or by contacting the fund. Additional information on redeeming shares through your financial intermediary can be found below under "Transactions through Financial Intermediaries."

Shares of the fund are generally offered to persons in the United States and are also available for purchase in certain foreign jurisdictions through qualifying financial intermediaries.

The fund reserves the right to reject any purchase order and to close a shareholder's account at any time.

When purchasing shares, payment must be made by wire transfer, which can be arranged by your financial intermediary. You cannot purchase shares by wire on days when federally chartered banks are closed.

If the fund receives a redemption request by the time the fund calculates its NAV, as specified below, payment will be made the same day by transfer of federal funds if the Fedwire transfer system is available for use that day. Otherwise, payment will be made on the next business day.

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|:---|:---|:---|
| **15** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Shareholder Information

Purchasing and Redeeming Fund Shares *continued*

Funding of Redemptions. Under normal circumstances, the fund expects to meet redemption requests either by using cash it holds in its portfolio or by selling portfolio securities to generate cash. The fund also reserves the right to pay redemption proceeds in securities rather than cash (i.e., "redemptions in-kind"), if the amount redeemed is large enough to affect fund operations or the redemption request is made during stressed market conditions. See "Redemptions In-Kind" below for further information.

Suspension or Postponement of Redemptions. The fund reserves the right to suspend the right of shareholder redemption, or postpone the date of payment:

● if emergency conditions should exist, as specified in the Investment Company Act, or as determined by the SEC, as a result of which disposal of portfolio securities or determination of the NAV of the fund is not reasonably practicable;

● for any period during which trading on the NYSE is restricted as determined by the SEC or the NYSE is closed (other than customary weekend and holiday closings);

● for any period during which the SEC has, by rule or regulation, deemed that (1) trading shall be restricted or (2) an emergency exists; or

● for such other periods as the SEC may by order permit for the protection of shareholders of the fund.

In addition, in the unlikely event that the fund's board of trustees were to determine pursuant to SEC regulations that the extent of the deviation between the fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the board will cause the fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results, including suspending redemption of shares and liquidating the fund under Rule 22e-3 of the Investment Company Act. Under Rule 22e-3, the fund would be required to notify the SEC prior to suspending redemptions in advance of a liquidation.

Purchases In-Kind. Generally, all purchases will be in cash. However, the fund reserves the right to permit you to purchase shares through the exchange of other securities that you own if consistent with a fund's investment objective, policies, and operations. The market value of any securities exchanged, plus any cash, must be at least $25 million. Please contact your financial intermediary or Investor Services at 800-677-3863.

Redemptions In-Kind. Generally, all redemptions will be for cash. However, the fund reserves the right to pay all or part of your redemption proceeds in readily marketable securities instead of cash. If payment by the fund is made in securities, the fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on the fund and its remaining shareholders. If you receive redemption proceeds in-kind, you should expect to incur transaction costs upon disposition of those securities. In addition, if you receive redemption proceeds in-kind, you will be subject to market gains or losses upon the disposition of those securities.

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| | | |
|:---|:---|:---|
| **16** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Shareholder Information

Additional Information on Purchasing and <br> Redeeming Fund Shares

**Calculating Net Asset Value** 

The fund generally calculates its NAV per share as of 3:45 p.m. Central time on each business day that the fund is open, and the NAV is generally calculated at 1:00 p.m. Central time on days on which the bond markets have an "Early Close" (typically on the business day preceding a Federal holiday). Purchase and redemption orders received after closing time, including an Early Close, will be processed the next business day.

**Frequent Trading of Fund Shares** 

The fund is designed to offer investors a liquid cash option and it is anticipated that shareholders will purchase and redeem fund shares on a frequent basis. Frequent trading by shareholders may disrupt the management of the fund and increase fund expenses. However, given the short-term nature of the fund's investments and their use of the amortized cost method for calculating the NAV of fund shares, the fund does not anticipate that in the normal case frequent or short-term trading into and out of the fund will have significant adverse consequences for the fund and its shareholders. Accordingly, the fund's board of trustees has not adopted policies or procedures to monitor or discourage frequent or short-term trading of the fund's shares.

**Escheatment** 

If your account is held directly with the fund and is later deemed "abandoned" or "unclaimed" under state law, the fund may be required to "escheat" or transfer the assets in your account to the applicable state's unclaimed property administration. The state may sell escheated shares and, if you subsequently seek to reclaim your proceeds of liquidation from the state, you may only be able to recover the amount received when the shares were sold. It is your responsibility to ensure that you maintain a correct address for your account, keep your account active by contacting the fund's transfer agent by mail or telephone, and promptly cash all checks for dividends, capital gains and redemptions. The fund, the fund's transfer agent and U.S. Bancorp Asset Management and its affiliates will not be liable to shareholders or their representatives for good faith compliance with state escheatment laws.

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| | | |
|:---|:---|:---|
| **17** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Shareholder Information

Additional Information on Purchasing and <br> Redeeming Fund Shares *continued*

**Transactions through Financial Intermediaries and Timing of Orders** 

The fund has authorized one or more financial intermediaries to accept purchase and redemption orders on the fund's behalf. Financial intermediaries may include financial advisors, investment advisers, brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others, including various affiliates of the fund's adviser, that have entered into agreements with the fund's distributor, adviser, and/or transfer agent. Such financial intermediaries may be authorized to designate other intermediaries to accept purchase and redemption orders on the fund's behalf. The fund will be deemed to have received a purchase or redemption order when such financial intermediary or, if applicable, such financial intermediary's authorized designee, accepts the order. Such orders will be priced at the fund's NAV next calculated after it is accepted by the financial intermediary. In such cases, if requested by a fund, a financial intermediary will be responsible for providing information with regard to the time that such order for purchase or redemption was received. Orders submitted through a financial intermediary that has not received such authorization to accept orders on the fund's behalf will be priced at the fund's NAV next calculated after the fund receives and accepts the order from the financial intermediary, which may not occur on the day you submitted the order to the financial intermediary. Since not all financial intermediaries have received such authorization, you may wish to contact your financial intermediary to determine if it has received such authorization.

Dividends and Distributions

The fund earns interest, dividends and other income from its investments, and distributes this income (less fund expenses) to you as dividends. Dividends from a fund's net investment income are declared daily and paid monthly. The fund may take into account capital gains and losses (other than net long-term capital gains) in its daily dividend declarations. The fund may also make additional distributions for tax purposes if necessary.

If the fund receives your wire transfer payment for fund shares by the time the fund determines its NAV, you will begin to accrue dividends on that day. If you redeem shares, you will not receive a dividend on the day of your redemption request if your request is received by the time the fund determines its NAV.

Dividends will be reinvested in additional shares of the same fund, unless you request that distributions be reinvested in another First American fund or paid in cash. This request may be made on your new account form, by contacting your financial intermediary, or by calling Investor Services at 800-677-3863. You may change your election by writing or calling the transfer agent at least five days prior to the record date of the next distribution. Cash distributions will be paid on or about the first business day of each month. If you request that your distributions be paid in cash but those distributions cannot be delivered because of an incorrect mailing address, or if a distribution check remains uncashed for six months, the undelivered or uncashed distributions and all future distributions will be reinvested in fund shares at the current NAV.

Taxes

Some of the tax consequences of investing in the fund are discussed below. More information about taxes is provided in the SAI. However, because everyone's tax situation is unique, always consult your tax professional about federal, state, and local tax consequences.

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|:---|:---|:---|
| **18** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Shareholder Information

Taxes *continued*

Dividends you receive from the fund are generally taxable as ordinary income, whether you reinvest them or take them in cash. Dividends from the fund will not be eligible for the reduced rate of tax that applies to "qualified dividend income."

If you elect to adopt the NAV method of accounting, rather than compute gain or loss on every taxable disposition of fund shares, you will determine your gain or loss based on the change in the aggregate value of your fund shares during a computation period (such as your taxable year), reduced by your net investment (purchases minus sales) in those shares during that period. Under the NAV method, any resulting net capital gain or loss will be treated as short-term capital gain or loss. If you choose not to adopt a simplified "NAV method" of accounting, any such capital gain or loss is long-term or short-term depending on whether your holding period in the shares sold exceeds one year. Capital losses in any year are deductible only to the extent of capital gains, plus, in the case of a non-corporate taxpayer, generally $3,000 of income. Certain other special tax rules may apply to your capital gains or losses on fund shares.

Additional Payments to Institutions

The adviser may pay additional compensation to investment professionals, participating institutions and "one-stop" mutual fund networks (each an "institution" and, collectively, "institutions") out of their own resources in connection with the sale or retention of fund shares and/or in exchange for sales and/or administrative services performed on behalf of the institution's customers. The amounts of these payments may be significant, and may create an incentive for the institution or its employees or associated persons to recommend or sell shares of the fund to you. These payments are not reflected in the fees and expenses listed in the "Fund Summary" section of the prospectus because they are not paid by the fund.

These payments are negotiated and may be based on such factors as the number or value of First American money market fund shares that the institution sells or may sell; the value of the assets invested in the First American money market funds by the institution's customers; reimbursement of ticket or operational charges (fees that an institution charges its representatives for effecting transactions in fund shares); lump sum payment for services provided; the type and nature of services or support furnished by the institution; and/or other measures as determined from time to time by the adviser.

The adviser may make other payments or allow other promotional incentives to institutions to the extent permitted by SEC and FINRA rules and by other applicable laws and regulations. Certain institutions may also receive payments in recognition of sub-accounting or other services they provide to shareholders or plan participants who invest in the fund through their employee benefit or retirement plan.

You can ask your institution for information about any payments it receives from the adviser and/or the distributor and from the fund, and any services your institution provides, as well as about fees and/or commissions your institution charges. You can also find more details about payments made by the adviser and/or the distributor in the fund's SAI.

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|:---|:---|:---|
| **19** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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Shareholder Information

Staying Informed

**Shareholder Reports** 

The fund's annual and semi-annual shareholder reports and Form N-CSR will include additional information about the fund's investments and performance. The Form N-CSR will be on file with the SEC and will include the fund's consolidated financial statements and, on an annual basis, the report of the independent registered public accounting firm. The reports will be made available on firstamericanfunds.com.

In an attempt to reduce shareholder costs and help eliminate duplication, the fund will try to limit any mailings 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 Investor Services at 800-677-3863.

**Statements and Confirmations** 

Statements summarizing activity in your account are mailed quarterly. Confirmations generally are mailed following each purchase or sale of fund shares. Generally, the fund does not send statements to individuals who have their shares held in an omnibus account.

*Financial Highlights* 

As a new fund, financial highlights information is not available for the fund as of the date of this prospectus.

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|:---|:---|:---|
| **20** | ***Prospectus*** – | First American Money Market Funds |
|  |  | Class Z Shares |

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First American Funds' Privacy Policy

*We want to provide an explanation to Consumers of what nonpublic personal information is and how it's collected and used.*

*A "Consumer" is considered an individual investor who invests or has invested in our products for personal, family or household purposes.*

*"Nonpublic personal information" is nonpublic information that we obtain while providing financial products or services to you.*

How we collect your information

We obtain nonpublic information about you during the account opening process from the applications and other forms you are asked to complete and from the transactions you make with us. We may also receive nonpublic information about you from companies affiliated with us or from other companies that provide services to you.

The types of information we collect

We may collect the following nonpublic personal information about you:

● Information about your identity, such as your name, address, and social security number.

● Information about your transactions with us.

● Information you provide on applications, such as your beneficiaries and banking information, if provided to us.

Why we collect your information

We gather nonpublic personal information about you and your accounts so that we can:

● Know who you are and prevent unauthorized access to your information.

● Comply with the laws and regulations that govern us.

What information we disclose

We may share some or all of the nonpublic personal information that we collect about you with our affiliated providers of financial services, including our family of funds and their adviser, and with companies that perform shareholder services on our behalf. We do not use nonpublic information received from our affiliates for marketing purposes.

We're permitted by law to disclose nonpublic personal information about you to other third parties in certain circumstances. For example, we may disclose nonpublic personal information about you to affiliated and nonaffiliated third parties to assist us in servicing your account (e.g., mailing of fund-related materials) and to government entities (e.g., IRS for tax purposes).

We'll continue to adhere to the privacy policies and practices described here even after your account is closed or becomes inactive.

Confidentiality and security

To protect nonpublic personal information about you, we restrict access to such information to only those employees and authorized agents who need to use the information. We maintain physical, electronic, and procedural safeguards to maintain the confidentiality and security of nonpublic information about you. In addition, we require our service providers to restrict access to nonpublic personal information about you to those employees who need that information in order to provide products or services to you. We also require them to maintain physical, electronic, and procedural safeguards that comply with applicable federal standards and regulations to guard your information.

Additional rights and protections

You may have other privacy protections under applicable state laws. To the extent that these state laws apply, we will comply with them when we share information about you. This privacy policy does not apply to your relationship with other financial service providers, such as broker-dealers. We may amend this privacy notice at any time, and we will inform you of changes as required by law.

Our pledge applies to products and services offered by the <br> First American Family of Funds

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

THIS PAGE IS NOT PART OF THE PROSPECTUS

**First American Funds** 

800 Nicollet Mall, BC-MN-17TR

Minneapolis, MN 55402

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| <br> The Statement of Additional Information (SAI) provides more details about the funds and their policies and is incorporated into this prospectus by reference (which means that it is legally part of this prospectus).<br>Additional information about the fund's investments will be available in the fund's annual and semi-annual reports to shareholders and in Form N-CSR. The fund's Form N-CSR filings will contain the fund's annual and semi-annual financial statements.<br>You can obtain a free copy of the fund's most recent annual or semi-annual reports, once available, or the SAI, request other information about the fund, or make other shareholder inquiries by calling Investor Services at 800-677-3863 or by contacting the fund at the address above. Annual or semi-annual reports and the SAI will also be available on the fund's Internet site at www.firstamericanfunds.com. | Reports and other information about the fund will also be available on the EDGAR Database on the SEC's Internet site at www.sec.gov, or you can obtain copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address:<br>publicinfo@sec.gov. |

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SEC file number: 811-23751 PROMMZ ___/26

Preliminary Statement of Additional Information Dated May 22, 2026 Subject to Completion

The information in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer of sale is not permitted.

**FIRST AMERICAN FUNDS TRUST**

**Statement of Additional Information**

**, 2026**

**Treasury Reserve Fund**

**Class Z Shares**

**(Ticker Symbol)**

This Statement of Additional Information ("SAI") relates to Treasury Reserve Fund (the "Fund"), which is a series of First American Funds Trust (the "Trust" or "FAF"). This SAI is not a prospectus, but should be read in conjunction with the Fund's current prospectus dated ________, 2026 ("Prospectus"). This SAI is incorporated into the Fund's Prospectus by reference. Because the Fund is newly organized, it does not yet have audited financial statements. To obtain copies of the Fund's Prospectus or financial statements, when available, at no charge, write the Fund's distributor, Quasar Distributors, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, ME 04101, call Investor Services at 800 677-3863, or visit the Fund's website at www.firstamericanfunds.com. Please retain this SAI for future reference.

**Table of Contents**

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| | |
|:---|:---|
|  | <u>**<u>Page</u>**</u> |
| General Information | 1 |
| Investment Restrictions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fundamental Investment Restrictions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Fundamental Investment Restrictions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Restrictions | 2 |
| Additional Information Concerning Fund Investments | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable and Floating Rate Instruments | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When-Issued and Delayed Delivery Securities | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Considerations Regarding Blockchain and Stablecoins | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Defensive Positions | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent Market Events | 6 |
| Portfolio Turnover | 7 |
| Disclosure of Portfolio Holdings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Disclosure | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonpublic Disclosure | 8 |
| Trustees and Executive Officers | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officers | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board Leadership Structure | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standing Committees of the Board of Trustees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Ownership of Securities of the Funds or Adviser | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Qualifications | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Compensation | 16 |
| Code of Ethics | 17 |
| Investment Advisory and Other Services for the Funds | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Payments to Financial Intermediaries | 18 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian and Independent Registered Public Accounting Firm | 22 |
| Proxy Voting | 22 |
| Portfolio Transactions | 22 |
| Description of the Trust's Shares | 24 |
| Net Asset Value and Public Offering Price | 26 |
| Valuation of Portfolio Securities | 26 |
| Taxes | 27 |
| Additional Information about Purchasing and Redeeming Shares | 28 |
| Additional Charges | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt of Orders by Financial Intermediaries | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeeming Shares by Telephone | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeeming Shares by Mail | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Before Purchase Instruments Clear | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Requests | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements | 29 |
| Appendix A – Proxy Voting Policies and Procedures | 30 |

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ii

**General Information**

The Fund is a separate series of First American Funds Trust, which was established as a Massachusetts business trust on October 14, 2021. Effective December 22, 2023, First American Funds, Inc. ("FAF Inc."), a Minnesota corporation, reorganized into the Trust and shareholders of FAF Inc. approved a reorganization into corresponding series of the Trust (the "Reorganization").

As set forth in the Prospectus, the Trust is organized as a series fund and issues its shares in seven series (referred to collectively herein as the "Funds"). Each series of shares represents a separate investment portfolio with its own investment objectives and policies (in essence, a separate mutual fund). The Fund is the series of the Trust to which this SAI relates.

The Fund only offers its shares in one share class: Class Z shares. Each share of the Fund represents an equal proportionate interest in the Fund.

The Fund's Prospectus can be obtained at no charge by writing Quasar Distributors, LLC at 190 Middle Street, Suite 301, Portland, ME 04101, by calling First American Funds Investor Services at 800 677-3863, or by visiting the Fund's website at <u>www.firstamericanfunds.com</u>.

**Investment Restrictions**

The Fund is classified under the 1940 Act as a diversified series of an open-end management investment company. This classification cannot be changed with respect to the Fund without approval by the holders of a majority of the outstanding shares of the Fund as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), i.e., by the lesser of the vote of (a) 67% of the shares of the Fund present at a meeting where more than 50% of the outstanding shares are present in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund.

In addition to the investment objective and policies set forth in the Prospectus and under the caption "Additional Information Concerning Fund Investments" below, the Fund is subject to the investment restrictions set forth below. The investment restrictions set forth in paragraphs 1 through 8 below are fundamental and cannot be changed with respect to the Fund without approval by the holders of a majority of the outstanding shares of the Fund as defined in the 1940 Act.

**Fundamental Investment Restrictions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund will not purchase the securities of any issuer, if, as a result of such purchase, the Fund's investments would be concentrated in any particular industry, except that the fund may invest without limitation in U.S. government securities. For purposes of this limitation, the U.S. Government and its political subdivisions are not considered members of any industry. Whether the Fund is concentrating in an industry shall be determined in accordance with the 1940 Act, as interpreted or modified from time to time by any regulatory authority having jurisdiction.

Except as otherwise noted below, the Fund will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Borrow money or issue senior securities, except as permitted under the 1940 Act, as interpreted or modified from time to time by any regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to 75% of its total assets, purchase securities of an issuer (other than the U.S. Government, its agencies, instrumentalities or authorities or repurchase agreements fully collateralized by U.S. Government securities and other investment companies) if (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer; or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Invest for the primary purpose of control or management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase physical commodities or contracts relating to physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase or sell real estate unless as a result of ownership of securities or other instruments, but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or interests therein or in securities of companies that deal in real estate or mortgages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Act as an underwriter of securities of other issuers, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed an underwriter under applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Make loans except as permitted under the 1940 Act, as interpreted or modified from time to time by any regulatory authority having jurisdiction.

With regard to the policy in 1 above, the Fund is a "government money market fund" as defined in Rule 2a-7. Accordingly, the Fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Thus, the Fund will not invest in any industry. For purposes of the Fund's concentration limitation discussed above, as applicable, with respect to any investment in another money market fund, the Fund looks through to the holdings of such underlying money market fund.

For purposes of applying the limitation set forth in number 2 above, under the 1940 Act as currently in effect, the Fund is not permitted to issue senior securities, except that the Fund may borrow from any bank if immediately after such borrowing the value of the Fund's total assets is at least 300% of the principal amount of all of the Fund's borrowings (i.e., the principal amount of the borrowings may not exceed 33 1/3% of the Fund's total assets). In the event that such asset coverage shall at any time fall below 300% the Fund shall, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of such borrowings shall be at least 300%. The Fund is further limited in the amount of its borrowings by the non-fundamental investment restriction set forth in number 2 below under "Non-Fundamental Investment Restrictions."

For purposes of applying the limitation set forth in number 8 above, there are no limitations with respect to unsecured loans made by the Fund to an unaffiliated party. However, when the Fund loans its portfolio securities, the obligation on the part of the Fund to return collateral upon termination of the loan could be deemed to involve the issuance of a senior security within the meaning of Section 18(f) of the 1940 Act. In order to avoid a violation of Section 18(f), the Fund may not make a loan of portfolio securities if, as a result, more than one-third of its total asset value (at market value computed at the time of making a loan) would be on loan. The Fund currently does not intend to make loans, unsecured or otherwise, except to the extent that investments in debt securities in accordance with Rule 2a-7 (as discussed below under "Additional Restrictions") would be deemed to be loans.

**Non-Fundamental Investment Restrictions**

The following restrictions are non-fundamental and may be changed by the Trust's Board of Trustees (the "Board") without a shareholder vote. The Fund will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sell securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Borrow money in an amount exceeding 10% of the Fund's total assets. The Fund will not borrow money for leverage purposes. For the purpose of this investment restriction, the purchase of securities on a when-issued or delayed delivery basis shall not be deemed the borrowing of money. The Fund will not make additional investments while its borrowings exceed 5% of total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Invest more than 5% of its total assets in illiquid securities.

**Additional Restrictions**

The Fund may not invest in obligations of any affiliate of U.S. Bancorp, including U.S. Bank National Association ("U.S. Bank").

FAF has received an exemptive order (Investment Company Act Release No. 22589 dated March 28, 1997) from the U.S. Securities and Exchange Commission (the "SEC") under which short-term investments and repurchase agreements may be entered into on a joint basis by the Fund and other funds advised by U.S. Bancorp Asset Management, Inc. ("USBAM" or the "Adviser") or successors or assigns thereto.

FAF has also received an exemptive order (Investment Company Act Release No. 25526 dated April 15, 2002) from the SEC which permits the Fund to participate in an interfund lending program pursuant to which the Fund and other funds advised by the Adviser or successors or assigns thereto may lend money directly to each other for emergency or temporary purposes. The program is subject to a number of conditions designed to ensure fair and equitable treatment of all participating funds, including the following: (1) the Fund may not borrow money through the program unless it receives a more favorable interest rate than a rate approximating the lowest interest rate at which bank loans would be available to any of the participating funds under a loan agreement; and (2) the Fund may not lend money through the program unless it receives a more favorable return than that available from an investment in repurchase agreements and, to the extent applicable, money market cash sweep arrangements. In addition, the Fund may participate in the program only if and to the extent that such participation is consistent with the Fund's investment objectives and policies (for instance, money market funds would normally participate only as lenders because they rarely need to borrow cash to meet redemptions). The duration of any loans made under the interfund lending program will be limited to the time required to receive payment for the securities sold, but in no event more than 7 days. All loans will be callable by the lending Fund on one business day's notice. The Fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional costs. The program is subject to the oversight and periodic review of the Board of the Fund.

The Fund is subject to the investment restrictions of Rule 2a-7 in addition to other policies and restrictions discussed herein. Pursuant to Rule 2a-7, the Fund is required to invest exclusively in securities that mature within 397 calendar days from the date of purchase and to maintain a weighted average maturity of not more than 60 calendar days and a weighted average life of not more than 120 calendar days. Under Rule 2a-7, securities that are subject to specified types of demand or put features may be deemed to mature at the next demand or put date although they have a longer stated maturity. Rule 2a-7 also requires that all investments by the Fund be limited to U.S. dollar-denominated investments that (a) present "minimal credit risk" and (b) are at the time of acquisition "Eligible Securities." Eligible Securities are securities (i) with remaining maturities of 397 calendar days or less that the Board or its delegee determines presents minimal credit risks to the Fund, which determination must include an analysis of the capacity of a security's issuer or guarantor (including the provider of a conditional demand feature, when applicable) to meet its financial obligations. Such analysis must include, to the extent appropriate, consideration of the following factors with respect to the security's issuer or guarantor: (a) financial condition, (b) sources of liquidity, (c) ability to react to future market-wide and issuer- or guarantor- specific events, including the ability to repay debt in highly adverse situations; and (d) strength of the issuer or guarantor's industry within the economy and relative to economic trends, and the issuer or guarantor's competitive position within its industry; (ii) that are issued by a registered investment company that is a money market fund; or (iii) that is a government security. The Adviser, pursuant to delegation by the Board, is responsible for determining that the Fund's investments present only "minimal credit risk" and are Eligible Securities. Such determinations are subject to the oversight of, and are made pursuant to written guidelines and procedures established by, the Board. Note that while the Fund is subject to the maturity provisions of Rule 2a-7, as a principal investment strategy and under normal market conditions, the Fund limits its investments to U.S. Treasury bonds, notes and bills ("U.S. Treasury obligations") with a remaining maturity of 93 days or less and overnight repurchase agreements fully collateralized by U.S. Treasury obligations.

Rule 2a-7 requires, among other things, that the Fund may not invest, other than in U.S. "Government Securities" (as defined in the 1940 Act), more than 5% of its total assets in securities issued by the issuer of the security. The Fund must comply with weekly liquidity standards that require the Fund to hold at least 50% of its total assets in cash, direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, or securities convertible into cash within five business days. The Fund must also comply with daily liquidity standards that require the Fund to hold at least 25% of its total assets in cash, direct obligations of the U.S. Government, or securities convertible into cash within one business day. The Fund is limited to investing no more than 5% of its total assets in illiquid securities.

**Additional Information Concerning Fund Investments**

The principal investment strategies of the Fund are set forth in the Fund's current Prospectus under "Fund Summary." This section describes in additional detail certain of the Fund's principal investment strategies and other non-principal investment strategies. The Fund has attempted to identify investment strategies that will be employed in pursuing its investment objective. Additional information concerning the Fund's investment restrictions is set forth above under "Investment Restrictions."

If a percentage limitation referred to in this SAI or in the Prospectus is adhered to at the time of an investment, a later increase or decrease in percentage resulting from changes in values of assets will not constitute a violation of such limitation except in the case of the limitation on borrowing from banks.

The securities in which the Fund invests may not yield as high a level of current income as longer term or lower grade securities. These other securities may have less stability of principal, be less liquid, and fluctuate more in value than the securities in which the Fund invests. All securities in the Fund's portfolio are purchased with and payable in U.S. dollars.

**Money Market Funds**

The Fund may invest, to the extent permitted by the 1940 Act, in securities issued by other money market funds, provided that the permitted investments of such other money market funds constitute permitted investments of the Fund. The Fund may do so as a non-principal investment strategy. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of that company's expenses, including advisory fees. These expenses would be in addition to the expenses that the Fund bears directly in connection with its own operations. Investment companies in which the Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by the Fund and, therefore, will be borne indirectly by their shareholders. The money market funds in which the Fund may invest include other money market funds advised by the Adviser.

**Repurchase Agreements**

The Fund may engage in repurchase agreement transactions as a principal investment strategy. A repurchase agreement transaction involves the purchase by the Fund of securities with the agreement that, after a stated period of time, the original seller (the "counterparty") will buy back the same securities at a predetermined price or yield. Under normal market conditions, repurchase agreements permit the Fund to maintain liquidity and earn income over periods of time as short as overnight. The Fund may enter into repurchase agreement transactions involving U.S. government securities, which are deemed to be "collateralized fully," as defined in Rule 5b-3(c)(1) of the 1940 Act. Transactions that are collateralized fully enable the Fund to look to the purchased securities, rather than the counterparty, for determining whether its assets are "diversified" for 1940 Act purposes. The Fund may only invest in overnight repurchase agreements collateralized by U.S. Treasury obligations. Irrespective of the type of securities purchased through a repurchase agreement, the Fund must determine that a repurchase obligation with a particular counterparty involves minimal credit risk to the Fund and otherwise satisfies the credit quality standards applicable to the acquisition of an instrument issued by such counterparty in compliance with Rule 2a-7.

Securities purchased in direct repurchase agreement transactions are held by the custodian bank until the respective agreements mature. The Fund may also invest in tri-party repurchase agreements. Securities purchased in tri-party repurchase agreement transactions are maintained in a segregated account by an unaffiliated third-party custodian bank until the maturity of the repurchase agreement transaction. The market value of the purchased securities will be determined on each business day. If at any time the market value of the purchased securities falls below the repurchase price under the repurchase agreement transaction (including any accrued interest), the Fund will promptly receive additional securities (so the total value of purchased securities is an amount at least equal to the repurchase price plus accrued interest).

The Fund may engage in repurchase agreement transactions that are novated to the Fixed Income Clearing Corporation ("FICC"). FICC acts as the common counterparty to all repurchase agreement transactions that enter its netting system and guarantees that participants will receive their cash or securities (as applicable) back at the close of the repurchase agreement transaction. While this guarantee is intended to mitigate the counterparty risk and credit risk that exist in the case of a direct repurchase agreement transaction, the Fund is exposed to the risk of delays or losses in the event of a bankruptcy, other default, or non-performance by FICC or the FICC sponsoring member through which the Fund transacts.

Repurchase agreements involve certain risks not associated with direct investments in securities. If the counterparty defaults on its obligation to repurchase as a result of its bankruptcy or otherwise, the Fund will seek to sell the purchased securities, which could involve costs or delays. Although purchased securities will at all times be maintained in an amount at least equal to the repurchase price under the agreement (including accrued interest), the Fund would suffer a loss if the proceeds from the sale of the purchased securities were less than the agreed-upon repurchase price. The Adviser will monitor the creditworthiness of the firms with which the Fund enters into repurchase agreement transactions.

**U.S. Government Securities**

The Fund may invest in securities issued or guaranteed as to principal or interest by the U.S. Government, or agencies or instrumentalities of the U.S. Government. Making such investments is a principal investment strategy for the Fund. These investments include direct obligations of the U.S. Treasury, such as U.S. Treasury bonds, notes, and bills. These Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. The Fund may invest in U.S. Government securities only if they have been issued or guaranteed by the U.S. Treasury.

U.S. Treasury obligations include bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the Federal book-entry system, which are known as Separately Traded Registered Interest and Principal Securities ("STRIPS"). STRIPS are sold as zero coupon securities, which means that they are sold at a substantial discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. This discount is accreted over the life of the security, and such accretion will constitute the income earned on the security for both accounting and tax purposes. Because of these features, such securities may be subject to greater interest rate volatility than interest paying U.S. Treasury obligations. The Fund's investments in STRIPS will be limited to components with maturities less than or equal to 93 days and the Fund will not actively trade such components.

**Variable and Floating Rate Instruments**

Certain of the obligations in which the Fund may invest may be variable or floating rate obligations in which the interest rate is adjusted either at predesignated periodic intervals (variable rate) or when there is a change in the index rate of interest on which the interest rate payable on the obligation is based (floating rate). The Fund intends to only invest in variable or floating rate obligations that are U.S. Treasury securities with maturities of 93 days or less. Interest rates on these securities are ordinarily tied to, and represent a percentage of, a widely recognized interest rate, such as the yield on 90-day U.S. Treasury bills or the prime rate of a specified bank. These rates may change as often as twice daily. Generally, changes in interest rates will have a smaller effect on the market value of variable and floating rate securities than on the market value of comparable fixed-income obligations. Thus, investing in variable and floating rate securities generally affords less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Variable or floating rate obligations may be combined with a put or demand feature (e.g., variable rate demand obligations or notes) that entitles the holder to the right to demand repayment in full or to resell at a specific price and/or time. Variable or floating rate obligations with a demand feature enable the Fund to purchase instruments with a stated maturity in excess of 93 calendar days in accordance with Rule 2a-7, which allows the Fund to consider certain of such instruments as having maturities that are less than the maturity date on the face of the instrument.

**When-Issued and Delayed Delivery Securities**

The Fund may purchase securities on a when-issued or delayed delivery basis, although the Fund does not do so as a principal investment strategy. The settlement dates for these types of transactions are determined by mutual agreement of the parties and may occur a month or more after the parties have agreed to the transaction. Securities purchased on a when-issued or delayed delivery basis are subject to market fluctuation and no interest accrues to the Fund during the period prior to settlement. At the time the Fund commits to purchase securities on a when-issued or delayed delivery basis, it will record the transaction and thereafter reflect the value, each day, of such security in determining its net asset value. At the time of delivery of the securities, the value may be more or less than the purchase price. The Fund does not receive income from these securities until such securities are delivered. The Fund will maintain cash or cash equivalents or other portfolio securities equal in value to commitments for such when-issued or delayed delivery securities. The Fund will not purchase securities on a when issued or delayed delivery basis if, as a result thereof, more than 15% of that Fund's net assets would be so invested.

**Considerations Regarding Blockchain and Stablecoins**

Although the Fund does not invest in stablecoins or other crypto assets, shares of the Fund are expected to be held primarily by one or more stablecoin issuers as all or a portion of the reserve assets that back the stablecoins issued to their customers. A blockchain is an open, distributed ledger that records transactions between two parties in a verifiable and append-only manner using cryptography. Transactions on the blockchain are verified and authenticated by computers on the network. The process of authenticating a transaction before it is recorded seeks to ensure that only valid and authorized transactions are permanently recorded on the blockchain in collections of transactions called "blocks." Blockchain networks are based upon software source code that establishes and governs their respective cryptographic systems for verifying transactions. Stablecoins generally are a type of cryptocurrency that use blockchain or similar distributed ledger technology networks and are designed to maintain a stable value by pegging their value to another asset, such as a fiat currency like the U.S. dollar. Stablecoin holders generally are permitted to redeem their stablecoins for a fixed amount of value. The assets of the Fund are therefore expected to fluctuate depending on the creation (minting) of additional stablecoins or the redemption (burning) of such stablecoins. Stablecoins may face periods of uncertainty and volatility, including as a result of events specific to a particular issuer (such as an issuer's ability to maintain a consistent peg) or broader events unrelated to a specific stablecoin issuer (such as changes in general market or economic conditions or changes in laws or regulations impacting the regulation of stablecoin issuers or eligible reserves). This may result in the potential for rapid and/or unexpected requests by stablecoin issuers for redemption of the Fund's shares (including requests by multiple stablecoin issuers at the same time) and could adversely affect the Fund, particularly if such redemptions occur in times of overall market turmoil or declining prices.

Complex information technology and communications systems, such as blockchain networks, are subject to a number of different threats or risks (including operational, information security and related risks and cyber incidents) that could adversely affect the Fund, its shareholders, stablecoin issuers, and intermediaries through whom shareholders purchase and redeem fund shares. The use of blockchain technology and technologies associated with stablecoins are relatively new and still evolving. The Fund, its service providers, including the Adviser, and their affiliates will not be responsible for any loss in connection with the use of blockchain technology by an intermediary or the use of stablecoins or a related blockchain technology. Shareholders should contact their intermediary about whether or how it uses blockchain technology and the associated risks.

**Temporary Defensive Positions**

For liquidity and to respond to unusual market conditions, the Fund may hold all or a significant portion of their total assets in cash for temporary defensive purposes. This may result in a lower yield and prevent the Fund from meeting its investment objective.

**Recent Market Events**

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions*.* In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks, public health emergencies and natural disasters), measures to address budget deficits, downgrading of sovereign debt, significant changes in oil and commodity prices, dramatic changes in currency exchange rates, trade policy changes or disputes (including the threat or actual imposition of tariffs) and public sentiment. In addition, many governments and quasi-governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates.

Russia's military invasion of Ukraine has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. In addition, the Iranian conflict that commenced in February 2026 may result in similar, and potentially more severe, disruptions. Escalation of hostilities in the Middle East region could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of these conflicts are impossible to predict but could continue to be significant.

On January 31, 2020, the United Kingdom ("UK") left the European Union ("EU") (commonly known as "Brexit"). An agreement between the UK and the EU governing their future trade relationship became effective January 1, 2021, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. Any further exits from the EU, or the possibility of such exits, or the abandonment of the Euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

Federal Reserve policy, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or impair the Fund's ability to achieve its investment objective.

In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of the Fund's holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**Portfolio Turnover**

The Fund generally intends to hold its portfolio securities to maturity. In certain instances, however, the Fund may dispose of its portfolio securities prior to maturity when it appears such action will be in the best interest of the Fund because of changing money market conditions, redemption requests, or otherwise. The Fund may attempt to maximize the total return on its portfolio by trading to take advantage of changing money market conditions and trends or to take advantage of what are believed to be disparities in yield relationships between different money market instruments. Because the Fund invests in short-term securities and manages its portfolio as described above in "Investment Restrictions" and "Additional Information Concerning Fund Investments" and, as set forth in the "Fund Summaries" sections of the Fund's Prospectus, the Fund's portfolio will turn over several times a year. Because brokerage commissions as such are not usually paid in connection with the purchase or sale of the securities in which the Fund invests and because the transactional costs are small, the high turnover is not expected to materially affect net asset values or yields. Securities with maturities of less than one year are excluded from required portfolio turnover rate calculations.

**Disclosure of Portfolio Holdings**

**Public Disclosure**

Information concerning the Fund's portfolio holdings as of the last business day of each month, as well as their weighted average maturity and weighted average life, will be available on the Fund's website (<u>www.firstamericanfunds.com</u>). This information is typically available five business days after the end of each month and remains posted on the website for at least six months thereafter. In addition, the Fund will file more detailed portfolio information with the SEC on Form N-MFP no later than five business days after the end of each month, which becomes publicly available on the SEC's website (www.sec.gov) 60 days after the end of the month to which the information pertains. The Fund's annual and semi-annual shareholder report on Form N-CSR will contain complete listings of the Fund's portfolio holdings as of the end of the Fund's second and fourth fiscal quarters. The Fund may publish complete portfolio holdings information more frequently if it has a legitimate business purpose for doing so.

The Fund's portfolio holdings also will be posted on the Fund's website on a weekly basis, typically on the first business day of the week. This weekly information generally will reflect holdings as of the previous Thursday and remains posted on the website until the next publication date. Until such time as it is posted, it will be Undisclosed Holdings Information, as defined below, and subject to the Fund's procedures regarding the disclosure of Undisclosed Holdings Information.

**Nonpublic Disclosure**

The Board has adopted policies and procedures (the "Disclosure Policies"), which generally prohibit the release of information concerning portfolio holdings, or information derived therefrom ("Undisclosed Holdings Information"), that has not been made public through SEC filings or the Fund's website. Different exceptions to this prohibition may apply depending on the type of third party that receives the Undisclosed Holdings Information. The Disclosure Policies are designed to prevent the use of portfolio holdings information to trade against the Fund, or otherwise use the information in a way that would harm the Fund, and to prevent selected investors from having nonpublic information that will allow them to make advantageous decisions with respect to purchasing and selling Fund shares.

**Disclosure within the Adviser and Its Affiliates and to Fund Trustees**

Undisclosed Holdings Information will be provided, or otherwise made available, on a daily basis (a) without prior approval, to individuals who are employed by the Adviser and who have a need to know the information, such as investment, compliance and treasury personnel, and (b) to individuals employed by affiliates of the Adviser who are not otherwise entitled to receive such information under "Disclosure to Fund Service Providers and Prospective Service Providers," below, if (1) such individuals are subject to the Adviser's Code of Ethics, or that of an affiliate, which imposes a duty not to trade on such information; and (2) the Fund's Chief Compliance Officer ("CCO") has determined that improper use of such information by such individuals is not likely to affect the Fund in any material respect.

Undisclosed Holdings Information also may be provided without prior approval to the Board and its service providers, such as counsel, as part of the materials for regular or special Board meetings.

**Disclosure to Fund Service Providers and Prospective Service Providers**

The Fund's officers may authorize disclosure of Undisclosed Holdings Information to eligible service providers and prospective service providers where such service providers require the information in the normal course of business in order to provide services to the Fund, or in anticipation of providing such services in the future. Undisclosed Holdings Information may be provided, or otherwise made available, to the Adviser (as described above), custodians, auditors, accounting service providers, administrators, transfer agents, securities lending agents, outside accountants, outside counsel, financial printers, pricing services, companies that provide analytical or statistical information, ratings and ranking agencies, entities that provide trading, research and other investment-related services, information aggregators, and financial intermediaries that include the Fund in their investment programs. The Undisclosed Holdings Information may be provided to eligible service providers as it is required, with any frequency and without any delay, provided that such organization has entered into a written agreement with the Fund, or the Fund's authorized service providers, to maintain the information in confidence and to not use the information for any purpose other than the performance of its contractual responsibilities and duties.

**Disclosure to Investors, Prospective Investors, and Investor Consultants**

The Disclosure Policies provide that Undisclosed Holdings Information may be provided to individual and institutional investors, prospective investors, or investor consultants with the prior approval of the CCO in the specific instance. The CCO will only approve such disclosure after concluding that it is in the best interests of the Fund in question and its shareholders and if the recipient has agreed in writing to maintain the information in confidence and not to trade on the basis of any such information that is material nonpublic information. In considering a request for such approval, the CCO also shall identify and consider any conflict of interest between the Fund and its shareholders, on the one hand, and the Adviser and its affiliates, on the other, which is presented by the request. If the CCO determines that there is a conflict of interest, he or she will approve such disclosure only if he or she determines that such conflict is materially mitigated by the execution of a confidentiality agreement and that, despite such conflict of interest, disclosure is in the best interests of the relevant Fund and its shareholders. The CCO is responsible for the creation of a written record that states the basis for the conclusion that the disclosure is in the best interests of the Fund and its shareholders.

**Disclosure as Required by Applicable Law**

Undisclosed Holdings Information may be disclosed to any person as required by applicable laws, rules and regulations. For example, such information may be disclosed in response to regulatory requests for information or in response to legal process in litigation matters.

**Disclosure of Limited Holdings**

Designated spokespersons of the Fund may discuss portfolio information in interviews with members of the media, or in due diligence or similar meetings with clients or prospective purchasers of Fund shares or their representatives. In no case will a material number of portfolio holdings be provided that have not yet been posted on the Fund's website or filed with the SEC unless the recipient has entered into a written agreement with the Fund to maintain the confidentiality of such information and not to trade on the basis of any such information that is material nonpublic information. In addition, brokers and dealers may be provided with individual portfolio holdings in order to obtain bids or bid and asked prices (if securities held by the Fund are not priced by the Fund's regular pricing services) or in connection with portfolio transactions.

**No Compensation or Consideration**

Neither the Fund, nor the Adviser or any affiliate, including the CCO or his or her designee, will solicit or accept any compensation or other consideration in connection with the disclosure of Undisclosed Holdings Information or information derived therefrom.

**Chief Compliance Officer Reports to Fund Board**

The CCO must provide a quarterly report to the Board addressing exceptions to these policies and procedures during the preceding quarter, if any.

**Detective and Corrective Action**

Employees report unauthorized release of Undisclosed Holdings Information to the CCO. The CCO will recommend an appropriate course of action in the event of an unauthorized release of Undisclosed Holdings Information.

**Designee of Chief Compliance Officer**

In the event of the absence or unavailability of the CCO, all of the obligations of the CCO may be performed by the Fund's Deputy CCO or the Adviser's Chief Counsel.

\*\*\*\*\*

The following is a list of persons, other than the Adviser and its affiliates, that have been approved to receive Undisclosed Holdings Information concerning the Fund:

Bloomberg Finance L.P.

FactSet Research Systems Inc.

SS&C Technologies Inc.

**Trustees and Executive Officers**

Set forth below is information about the Trustees and the officers of FAF. The Board consists entirely of Trustees who are not "interested persons" of FAF, as that term is defined in the 1940 Act ("Independent Trustees").

**Independent Trustees**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address\*** <br> **and Year of Birth** | &nbsp;&nbsp;**Position** <br> **Held with** <br> **the Funds** | &nbsp;&nbsp;**Term of Office and Length of** <br> **Time Served** | &nbsp;&nbsp;**Principal Occupation During**<br> **Past 5 Years and Other** <br> **Relevant Experience<sup>1</sup>** | &nbsp;&nbsp;**Number of** <br> **Portfolios in** <br> **FAF Overseen** <br> **by Trustee** | &nbsp;&nbsp;**Other** <br> **Directorships** <br> **Held by** <br> **Trustee<sup>2</sup>** |
| &nbsp;&nbsp;David K. Baumgardner<br> (1956) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Trustee of FAF since November 2021 | &nbsp;&nbsp;Retired. Formerly, CFO, Smyth Companies, LLC (commercial package printing) (1990 to 2022). Formerly, Certified Public Accountant at a large regional CPA firm (1978-1986). Former Trustee and Chairman, GCUI Local 1B Health and Welfare Fund. Former Trustee, Graphic Arts Industry Joint Pension Trust. Former Chairman, Printing Industry of Minnesota Financial executives committee. Independent Trustee, First American Fund Complex since 2021 and since January 2016 with regard to the predecessor funds. | &nbsp;&nbsp;First American Funds Complex: 1 registered investment company, including 7 portfolios |  |
| &nbsp;&nbsp;James D. McDonald<br> (1959) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Trustee of FAF since December 2023 | &nbsp;&nbsp;Retired. Formerly, Executive Vice President and Chief Investment Strategist at Northern Trust Investments, Inc. (2014-2023). Prior thereto, he was a Senior Vice President and Chief Investment Strategist at Northern Trust Investments, Inc. (2009-2014) and Director of Equity Research at Northern Trust Investments, Inc. (2001-2009). Prior thereto, Mr. McDonald was Director of Research at ABN AMRO in New York and Chicago (1994-2000) and an Equity Research Analyst at ABN AMRO following the Environmental Services Industry (1990-1994). He is a designated Certified Public Accountant in the state of Michigan. Independent Trustee, First American Fund Complex since 2023 | &nbsp;&nbsp;First American Funds Complex: 1 registered investment company, including 7 portfolios | &nbsp;&nbsp;Trustee, Alpha Core Strategies Fund (since 2011); Trustee, Guardian Variable Products Trust (since October 2023) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address\*** <br> **and Year of Birth** | &nbsp;&nbsp;**Position** <br> **Held with** <br> **the Funds** | &nbsp;&nbsp;**Term of Office and Length of** <br> **Time Served** | &nbsp;&nbsp;**Principal Occupation During**<br> **Past 5 Years and Other** <br> **Relevant Experience<sup>1</sup>** | &nbsp;&nbsp;**Number of** <br> **Portfolios in** <br> **FAF Overseen** <br> **by Trustee** | &nbsp;&nbsp;**Other** <br> **Directorships** <br> **Held by** <br> **Trustee<sup>2</sup>** |
| &nbsp;&nbsp;Jennifer J. McPeek<br> (1970) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Trustee of FAF since November 2021 | &nbsp;&nbsp;Independent advisor/consultant. Formerly, Chief Financial Officer, Russell Investments (2018-2019). Prior thereto, Chief Operating and Strategy Officer (2016-2017), Chief Financial Officer (2013-2016) <br> and several other executive positions (2009-2013) at Janus Henderson Group plc and its predecessor company. Prior thereto, Senior Vice president of Strategic Planning, ING Investment Management - Americas Region (2005-2009). Ms. McPeek has also held directorships on four investment adviser and/or trust entities and holds the Chartered Financial Analyst designation. Independent Trustee, First American Fund Complex since 2021 and since September 2019 with regard to the predecessor funds. | &nbsp;&nbsp;First American Funds Complex: 1 registered investment company, including 7 portfolios | &nbsp;&nbsp;Director, Cboe Global Markets, Inc. (stock and commodity exchange holding company); Director, Cushman & Wakefield plc (United Kingdom-based global commercial real estate services firm) |
| &nbsp;&nbsp;Harpreet Saluja<br> (1969) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Trustee of FAF since December 2023 | &nbsp;&nbsp;Executive Vice President, Corporate Strategy & Business Development for Ecolab Inc. (2024-present). Formerly, Senior Vice President of Corporate Development and Planning, Eaton (2013-2024). Prior thereto, Ms. Saluja served in several other executive positions at Eaton, including Vice President, Corporate Development and Planning, Eaton (2008-2013). Independent Trustee, First American Fund Complex since 2023. | &nbsp;&nbsp;First American Funds Complex: 1 registered investment company, including 7 portfolios | &nbsp;&nbsp;Director, Primoris Services Corporation |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address\*** <br> **and Year of Birth** | &nbsp;&nbsp;**Position** <br> **Held with** <br> **the Funds** | &nbsp;&nbsp;**Term of Office and Length of** <br> **Time Served** | &nbsp;&nbsp;**Principal Occupation During**<br> **Past 5 Years and Other** <br> **Relevant Experience<sup>1</sup>** | &nbsp;&nbsp;**Number of** <br> **Portfolios in** <br> **FAF Overseen** <br> **by Trustee** | &nbsp;&nbsp;**Other** <br> **Directorships** <br> **Held by** <br> **Trustee<sup>2</sup>** |
| &nbsp;&nbsp;P. Kelly Tompkins<br> (1956) | &nbsp;&nbsp;Chair; Trustee | &nbsp;&nbsp;Term expiring earlier of death, resignation, removal, disqualification, or successor duly elected and qualified; Chair of FAF since January 2024; Trustee of FAF since November 2021 | &nbsp;&nbsp;Senior Advisor to President Lee Fisher, Baldwin Wallace University (2025-present). Senior Advisor, Dix & Eaton (investor relations) (2018-present). Leader-in-Residence, Cleveland State University College of Law (2018-present). Formerly, Executive Vice President (2010-2017), Chief Operating Officer (2017), Chief Financial Officer (2015-2016), Cleveland-Cliffs, Inc. (formerly, Cliffs Natural Resources, Inc.). Prior thereto, Executive Vice President and Chief Financial Officer, RPM International, Inc. (2008-2010) (multinational manufacturing company). Independent Trustee, First American Fund Complex since 2021 and since September 2019 with regard to the predecessor funds. | &nbsp;&nbsp;First American Funds Complex: 1 registered investment company, including 7 portfolios |  |

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\* The address of each of the Trustees is First American Funds, 800 Nicollet Mall, BC-MN-17UL, Minneapolis, Minnesota, 55402, unless otherwise noted.

1 Includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which contributed to the conclusion that each Trustee should serve as a Trustee for FAF.

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| | |
|:---|:---|
| 2 | Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (the "Exchange Act") or subject to the requirements of Section 15(d) of the Exchange Act, or any company registered as an investment company under the 1940 Act. |

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**Executive Officers**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address, and Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held with Funds** | &nbsp;&nbsp;&nbsp;**Term of Office and Length of Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past Five Years** |
| &nbsp;&nbsp; James D. Palmer<br> U.S. Bancorp Asset Management, Inc.<br> 800 Nicollet Mall<br> Minneapolis, MN 55402<br> (1964) <sup>1</sup> | &nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;Re-elected by the Board annually; President of FAF since September 2024 | &nbsp;&nbsp;&nbsp;Chief Investment Officer, U.S. Bancorp Asset Management, Inc. |
| &nbsp;&nbsp; Lisa A. Isaacson<br> U.S. Bancorp Asset Management, Inc.<br> 800 Nicollet Mall<br> Minneapolis, MN 55402<br> (1970) <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vice President | &nbsp;&nbsp;&nbsp;Re-elected by the Board annually; Vice President of FAF since September 2024 | &nbsp;&nbsp;&nbsp;Chief Administrative Officer, U.S. Bancorp Asset Management, Inc. since August 2024; prior thereto, Managing Director of Strategic Initiatives, U.S. Bancorp Asset Management, Inc. |
| &nbsp;&nbsp; Jeffrey M. Plotnik<br> U.S. Bancorp Asset Management, Inc.<br> 800 Nicollet Mall<br> Minneapolis, MN 55402<br> (1969) <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vice President | &nbsp;&nbsp;&nbsp;Re-elected by the Board annually; Vice President of FAF since September 2024 | &nbsp;&nbsp;&nbsp;Senior Managing Director of Money Market Funds Management, U.S. Bancorp Asset Management, Inc. |
| &nbsp;&nbsp; Jill M. Stevenson<br> U.S. Bancorp Asset Management, Inc.<br> 800 Nicollet Mall<br> Minneapolis, MN 55402<br> (1965) <sup>1</sup> | &nbsp;&nbsp;&nbsp;Treasurer | &nbsp;&nbsp;&nbsp;Re-elected by the Board annually; Treasurer of FAF since October 2021 | &nbsp;&nbsp;&nbsp;Head of Operations, U.S. Bancorp Asset Management, Inc. |
| &nbsp;&nbsp; Brent G. Smith<br> U.S. Bancorp Asset Management, Inc.<br> 800 Nicollet Mall<br> Minneapolis, MN 55402<br> (1981) <sup>1</sup> | &nbsp;&nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp; Re-elected by the Board annually; Assistant Treasurer of FAF since October 2021<br>| &nbsp;&nbsp;&nbsp;Assistant Mutual Funds Treasurer, U.S. Bancorp Asset Management, Inc. |
| &nbsp;&nbsp;&nbsp;Leo J. Karwejna<br> U.S. Bancorp Asset Management, Inc. <br> 800 Nicollet Mall <br> Minneapolis, MN 55402 <br> (1976) <sup>1</sup> | &nbsp;&nbsp;&nbsp;Chief Compliance Officer and Anti-Money Laundering Officer | &nbsp;&nbsp;&nbsp;Re-elected by the Board annually; Chief Compliance Officer of FAF since March 2024; Anti-Money Laundering Officer of FAF since April 2024 | &nbsp;&nbsp;&nbsp;Chief Compliance Officer, U.S. Bancorp Asset Management, Inc. since March 2024; prior thereto, Chief Compliance Officer of PFM Asset Management LLC. |
| &nbsp;&nbsp;&nbsp;Greg R. Kirchhoff<br> U.S. Bancorp Asset Management, Inc. <br> 800 Nicollet Mall <br> Minneapolis, MN 55402 <br> (1979) <sup>1</sup> | &nbsp;&nbsp;&nbsp;Deputy Chief Compliance Officer | &nbsp;&nbsp;&nbsp;Re-elected by the Board annually; Deputy Chief Compliance Officer of FAF since September 2024 | &nbsp;&nbsp;&nbsp;Managing Director of Liquidity Fund Compliance, U.S. Bancorp Asset Management, Inc. since May 2024; Managing Director of Portfolio Compliance, U.S. Bancorp Asset Management, Inc. since September 2021; prior thereto, Managing Director of Operations, U.S. Bancorp Asset Management, Inc. |
| &nbsp;&nbsp;&nbsp;Richard J. Ertel <br> U.S. Bancorp Asset Management, Inc. <br> 800 Nicollet Mall <br> Minneapolis, MN 55402 <br> (1967) <sup>1</sup> | &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;Re-elected by the Board annually; Secretary of FAF since October 2021 | &nbsp;&nbsp;&nbsp;Chief Counsel, U.S. Bancorp Asset Management, Inc. |
| &nbsp;&nbsp;&nbsp;Scott F. Cloutier <br> U.S. Bancorp Asset Management, Inc. <br> 800 Nicollet Mall <br> Minneapolis, MN 55402 <br> (1973) <sup>1</sup> | &nbsp;&nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;&nbsp;Re-elected by the Board annually; Assistant Secretary of FAF since October 2021 | &nbsp;&nbsp;&nbsp;Senior Corporate Counsel, U.S. Bancorp Asset Management, Inc. |

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<sup>1</sup> Each are officers and/or employees of U.S. Bancorp Asset Management, Inc., which serves as investment adviser and administrator for FAF.

**Board Leadership Structure**

The Board is responsible for overseeing generally the operation of the Fund. The Board has approved an investment advisory agreement with USBAM, as well as other contracts with USBAM, its affiliates, and other service providers.

As noted above, the Board consists entirely of Independent Trustees. Taking into account the number, the diversity and the complexity of the funds overseen by the Trustees and the aggregate amount of assets under management in FAF, the Board has determined that the efficient conduct of its affairs makes it desirable to delegate responsibility for certain matters to committees of the Board. These committees, which are described in more detail below, review and evaluate matters specified in their charters and make recommendations to the Board as they deem appropriate. Each committee may use the resources of the Fund's counsel and auditors, counsel to the Independent Trustees, if any, as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Board or otherwise.

The Fund is subject to a number of risks, including, among others, investment, compliance, operational, and valuation risks. The Board's role in risk oversight of the Fund reflects its responsibility to oversee generally, rather than to manage, the operations of the Fund. The actual day-to-day risk management with respect to the Fund resides with USBAM and the other service providers to the Fund. In line with the Board's oversight responsibility, the Board receives reports and makes inquiries at its regular meetings or otherwise regarding various risks. However, the Board relies upon the Fund's Chief Compliance Officer, who reports directly to the Board, and USBAM (including its Senior Business Line Risk Manager and other members of its management team) to assist the Board in identifying and understanding the nature and extent of such risks and determining whether, and to what extent, such risks may be eliminated or mitigated. Although the risk management policies of USBAM and the other service providers are designed to be effective, those policies and their implementation vary among service providers and over time, and there is no guarantee that they will be effective. Not all risks that may affect the Fund can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are simply beyond any control of the Fund or USBAM, its affiliates or other service providers.

**Standing Committees of the Board of Trustees**

There are currently two standing committees of the Board: Audit Committee and Governance Committee. References to the "Funds" in the committee descriptions below are to FAF. All committee members are Independent Trustees. The Audit Committee and Governance Committee met two (2) and four (4) times, respectively, during the FAF's fiscal year ended August 31, 2025.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Committee Function** | &nbsp;&nbsp;**Committee Members** |
| &nbsp;&nbsp;Audit <br> <u>Committee</u> | &nbsp;&nbsp;The purposes of the Committee are (1) to oversee the Funds' accounting and financial reporting policies and practices, their internal controls and, as appropriate, the internal controls of certain service providers; (2) to oversee the quality of the Funds' financial statements and the independent audit thereof; (3) to assist Board oversight of the Funds' compliance with legal and regulatory requirements; and (4) to act as a liaison between the Funds' independent auditors and the full Board. The Audit Committee, together with the Board, has the ultimate authority and responsibility to select, evaluate and, where appropriate, replace the outside auditor (or to nominate the outside auditor to be proposed for shareholder approval in any proxy statement). | &nbsp;&nbsp;David K. Baumgardner (Chair)<br> James D. McDonald<br> Jennifer J. McPeek<br> Harpreet Saluja<br> P. Kelly Tompkins |
| &nbsp;&nbsp;Governance <br> <u>Committee</u> | &nbsp;&nbsp;The Committee has responsibilities relating to (1) Board and Committee composition (including interviewing and recommending to the Board nominees for election as trustees; reviewing the independence of all independent trustees; reviewing Board composition to determine the appropriateness of adding individuals with different backgrounds or skills; reporting to the Board on which current and potential members of the Audit Committee qualify as Audit Committee Financial Experts; recommending a successor to the Board Chair when a vacancy occurs; consulting with the Board Chair on Committee assignments; and in anticipation of the Board's request for shareholder approval of a slate of trustees, recommending to the Board the slate of trustees to be presented for Board and shareholder approval); (2) Committee structure (including, at least annually, reviewing each Committee's structure and membership and reviewing each Committee's charter and suggesting changes thereto); (3) trustee education (including developing an annual education calendar; monitoring independent trustee attendance at educational seminars and conferences; developing and conducting orientation sessions for new independent trustees; and managing the Board's education program in a cost-effective manner); and (4) governance practices (including reviewing and making recommendations regarding trustee compensation and trustee expenses; monitoring trustee investments in the Funds; monitoring compliance with trustee retirement policies; reviewing compliance with the prohibition from serving on the board of trustees of mutual funds that are not part of FAF; if requested, assisting the Board Chair in overseeing self-evaluation process; in collaboration with outside counsel, developing policies and procedures addressing matters which should come before the Committee in the proper exercise of its duties; reviewing applicable new industry reports and "best practices" as they are published; reviewing and recommending changes in Board governance policies, procedures and practices; reporting the Committee's activities to the Board and making such recommendations; reviewing and, as appropriate, recommending that the Board make changes to the Committee's charter). | &nbsp;&nbsp;Jennifer McPeek (Chair)<br> David K. Baumgardner<br> James D. McDonald<br> Harpreet Saluja<br> P. Kelly Tompkins |

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The Governance Committee will consider shareholder recommendations for trustee nominees in the event there is a vacancy on the Board or in connection with any special shareholders meeting which is called for the purpose of electing Trustees. FAF does not hold regularly scheduled annual shareholders meetings. There are no differences in the manner in which the Governance Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

A shareholder who wishes to recommend a trustee nominee should submit his or her recommendation in writing to the Chair of the Board (Mr. Tompkins) or the Chair of the Governance Committee (Ms. McPeek), in either case at First American Funds, 800 Nicollet Mall, BC-MN-17UL, Minneapolis, MN 55402. At a minimum, the recommendation should include:

● the name, address, and business, educational, and/or other pertinent background of the person being recommended;

● a statement concerning whether the person is "independent" within the meaning of New York Stock Exchange and NYSE MKT listing standards and is not an "interested person" as defined in the 1940 Act;

● any other information that the Fund would be required to include in a proxy statement concerning the person if he or she was nominated; and

● the name and address of the person submitting the recommendation, together with the number of Fund shares held by such person and the period for which the shares have been held.

The recommendation also can include any additional information that the person submitting it believes would assist the Governance Committee in evaluating the recommendation. Shareholder recommendations for nominations to the Board will be accepted on an ongoing basis and will be kept on file for consideration when there is a vacancy on the Board or prior to a shareholders meeting called for the purpose of electing trustees.

**Trustee Ownership of Securities of the Funds or Adviser – to be updated by amendment**

The information in the table below discloses the dollar ranges of (i) each Trustee's beneficial ownership in the Trust and (ii) each Trustee's aggregate beneficial ownership in the Funds, including in each case the value of fund shares elected by Trustees in the Trustees' deferred compensation plan (as applicable). The Fund had not yet publicly offered any shares for sale as of December 31, 2025. Accordingly, no Trustee owned "beneficially" (within the meaning of that term as defined in Rule 16a-1(a)(2) under the Exchange Act) any fund shares of the Fund as of December 31, 2025. The dollar range disclosed is based on the value of the securities as of December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Baumgardner** | &nbsp;&nbsp;**McDonald** | &nbsp;&nbsp;**McPeek** | &nbsp;&nbsp;**Saluja** | &nbsp;&nbsp;**Tompkins** |
| &nbsp;&nbsp;**Aggregate Holdings – FAF** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Government Obligations Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Institutional Prime Obligations Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Retail Prime Obligations Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Retail Tax Free Obligations Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Treasury Obligations Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Money Market Fund | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

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The Fund had not yet publicly offered any fund shares for sale as of December 31, 2025. Accordingly, none of the Independent Trustees or their immediate family members owned, beneficially, or of record, any securities in (i) an investment adviser or principal underwriter of the Fund or (ii) a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Fund as of December 31, 2025.

**Trustee Qualifications**

The Board has determined that each Trustee should serve as such based on several factors (none of which alone is decisive).

Among the factors the Board considered when concluding that an individual should serve on the Board were the following: (i) the individual's business and professional experience and accomplishments; (ii) the individual's ability to work effectively with other members of the Board; (iii) the individual's prior experience, if any, serving on the boards of public companies and other complex enterprises and organizations; and (iv) how the individual's skills, experiences and attributes would contribute to an appropriate mix of relevant skills, diversity and experience on the Board. The Board believes that, collectively, the Trustees have balanced and diverse qualifications, skills, experiences, and attributes, which allow the Board to operate effectively in governing the Funds and protecting the interests of shareholders. Information about the specific qualifications, skills, experiences, and attributes of each Trustee, which in each case contributed to the Board's conclusion that the Trustee should serve as a trustee of the Funds, is provided in the "Independent Trustees" table above.

*Experience, Qualifications, Attributes, Skills for Board Membership*

David K. Baumgardner has served for four years as a trustee of the Funds, served for over seven years as a director of the predecessor funds, has more than 25 years of experience as a chief financial officer of other entities, and was formerly a Certified Public Accountant at a large regional accounting firm.

James D. McDonald has served for two years as trustee of the Funds, and has more than 25 years of management and/or leadership experience in the financial services industry and holds a Certified Public Accountant designation in the state of Michigan.

Jennifer J. McPeek has served for four years as a trustee of the Funds, served for over four years as a director of the predecessor funds, has more than 25 years of experience in the financial services industry, and currently serves on the board of a large, publicly traded company.

Harpreet Saluja has served for two years as trustee of the Funds, and has more than 25 years of management and/or leadership experience in the areas of corporate strategy, global M&A transactions and finance and currently serves on other boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Kelly Tompkins has served for four years as a trustee of the Funds, served for over four years as a director of the predecessor funds, and has more than 25 years of management and/or leadership experience at both private, public and non-profit institutions.

**Trustee Compensation**

Effective January 1, 2026, FAF pays Trustees who are not paid employees or affiliates of the Funds an annual retainer of $205,000 ($285,000 in the case of the Chair). The Audit Committee Chair receives an additional annual retainer of $21,000 and the Governance Committee Chair receives an additional annual retainer of $18,000.

Trustees also receive $3,500 per day when traveling, on behalf of a Fund, out of town on Fund business which does not involve a Board or committee meeting. In addition, Trustees are reimbursed for their out-of-pocket expenses in traveling from their primary or secondary residence to Board and committee meetings, on Fund business and to attend mutual fund industry conferences or seminars. The amounts specified above are allocated evenly among the funds in FAF.

The Funds do not provide any other pension or retirement benefits to Trustees.

The following table sets forth information concerning aggregate compensation paid to each Trustee of FAF (i) by FAF (column 2), and (ii) by FAF Inc. (column 5) during the fiscal year ended August 31, 2025. No executive officer or affiliated person of FAF received any compensation from FAF in excess of $60,000 during such fiscal period.

 ****

***Compensation during Fiscal Year Ended August 31, 2025***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate** <br> **Compensation from** <br> **Registrant** | **Pension or Retirement** <br> **Benefits Accrued as Part of** <br> **Fund Expenses** | **Estimated Annual** <br> **Benefits Upon** <br> **Retirement** | **Total Compensation** <br> **from Registrant and** <br> **FAF Paid to Trustees** |
| David K. Baumgardner, Trustee | &nbsp;&nbsp;$215000 | &nbsp;&nbsp;&nbsp;&nbsp;-0- | &nbsp;&nbsp;-0- | &nbsp;&nbsp;$215000 |
| James D. McDonald, Trustee | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;-0- | &nbsp;&nbsp;-0- | &nbsp;&nbsp;195000 |
| Jennifer J. McPeek, Trustee | &nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;-0- | &nbsp;&nbsp;-0- | &nbsp;&nbsp;212000 |
| Harpreet Saluja, Trustee | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;-0- | &nbsp;&nbsp;-0- | &nbsp;&nbsp;195000 |
| P. Kelly Tompkins, Chair | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;-0- | &nbsp;&nbsp;-0- | &nbsp;&nbsp;270000 |

---

**Code of Ethics**

FAF and USBAM have each adopted a Code of Ethics pursuant to Rule 17j-1 of the 1940 Act. Each of these Codes of Ethics permits personnel to invest in securities for their own accounts, including securities that may be purchased or held by the Fund. The FAF Code of Ethics is on public file with, and is available from, the SEC.

**Investment Advisory and Other Services for the Fund – to be updated by amendment**

**Investment Adviser**

Pursuant to an Investment Advisory Agreement, dated November 15, 2021, as amended (the "Advisory Agreement"), USBAM, 800 Nicollet Mall, Minneapolis, Minnesota 55402, serves as the investment adviser and manager of the Fund. The Adviser is a wholly owned subsidiary of U.S. Bank, 800 Nicollet Mall, Minneapolis, Minnesota 55402, the nation's fifth-largest commercial bank. U.S. Bank is, in turn, a wholly-owned subsidiary of U.S. Bancorp, 800 Nicollet Mall, Minneapolis, Minnesota 55402, which is a regional multi-state bank holding company headquartered in Minneapolis, Minnesota. U.S. Bancorp provides a wide range of financial services for consumers, businesses, government entities and other financial institutions. At December 31, 2025, U.S. Bancorp and its subsidiaries had consolidated assets of $692.3 billion, consolidated deposits of $522.2 billion and shareholders' equity of $65.6 billion.

Under the terms of the Advisory Agreement, the Fund has agreed to pay the Adviser monthly fees calculated on an annual basis equal to [ %] of the Fund's average daily net assets (before any waivers).

The Advisory Agreement requires the Adviser to arrange, if requested by FAF, for officers or employees of the Adviser to serve without compensation from the Fund as Trustees, officers, or employees of FAF if duly elected to such positions by the shareholders or Trustees of FAF. The Adviser has the authority and responsibility to make and execute investment decisions for the Fund within the framework of the Fund's investment policies, subject to review by the Board. The Adviser is also responsible for monitoring the performance of the various organizations providing services to the Fund, including the Fund's distributor, shareholder services agent, custodian, and accounting agent, and for periodically reporting to the Board on the performance of such organizations. The Adviser will, at its own expense, furnish the Fund with the necessary personnel, office facilities, and equipment to service the Fund's investments and to discharge its duties as investment adviser of the Fund.

In addition to the investment advisory fee, the Fund pays all of its expenses that are not expressly assumed by the Adviser or any other organization with which the Fund may enter into an agreement for the performance of services. The Fund is liable for such nonrecurring expenses as may arise, including litigation to which the Fund may be a party. FAF may have an obligation to indemnify its Trustees and officers with respect to such litigation. The Adviser will be liable to the Fund under the Advisory Agreement for any negligence or willful misconduct by the Adviser other than liability for investments made by the Adviser in accordance with the explicit direction of the Board or the investment objectives and policies of the Fund. The Adviser has agreed to indemnify the Fund with respect to any loss, liability, judgment, cost or penalty that the Fund may suffer due to a breach of the Advisory Agreement by the Adviser.

[The Adviser has contractually agreed to limit fund expenses, so that total fund operating expenses, as a percentage of average daily net assets, do not exceed certain amounts through December 31, 2027.] The Adviser may voluntarily waive or reimburse certain fees and expenses of the Fund to the extent necessary to avoid a negative yield, or a yield below a specified level, which may vary from time to time in the Adviser's sole discretion. These voluntary waivers and reimbursements may be terminated at any time by the Adviser. In addition, with respect to such voluntary waivers or reimbursements, the Adviser may retain the ability to be reimbursed by the Fund for such amounts prior to the end of the fiscal year. This practice would have the effect of lowering the Fund's overall expense ratio and of increasing yield to investors, or the converse, at the time such amounts are absorbed or reimbursed, as the case may be.

The Fund had not commenced operations as of the date of this SAI and therefore did not pay fees to the Adviser for the past three fiscal years.

**Additional Payments to Financial Intermediaries**

In addition to the sales charge payments and the distribution, service and transfer agency fees described in the Prospectus and elsewhere in this SAI, the Adviser may make additional payments out of its own assets to selected intermediaries that attract assets to the Fund (such as brokers, dealers, banks, registered investment advisers, retirement plan administrators and other intermediaries; hereinafter, individually, "Intermediary," and collectively, "Intermediaries") pursuant to arrangements involving sales, distribution, shelf space, sub-accounting, administrative or shareholder processing services.

The amounts of these payments could be significant and may create an incentive for an Intermediary or its representatives to recommend or offer shares of the Fund to its customers. The Intermediary may elevate the prominence or profile of the Fund within the Intermediary's organization by, for example, placing the Fund on a list of preferred or recommended funds, and/or granting the Adviser and/or the Distributor preferential or enhanced opportunities to promote the Fund in various ways within the Intermediary's organization.

These payments are made pursuant to negotiated agreements with Intermediaries. The payments do not change the price paid by investors for the purchase of a share or the amount the Fund will receive as proceeds from such sales. Furthermore, these payments are not reflected in the fees and expenses listed in the fee table section of the Fund's Prospectus and described above because they are not paid by the Fund.

The categories of payments described below are not mutually exclusive, and a single Intermediary may receive payments under all categories.

**Marketing Support Payments and Program Servicing Payments**

The Adviser and/or the Distributor may make payments for marketing support and/or program servicing to selected Intermediaries that are registered as holders or dealers of record for accounts invested in one or more of the First American Funds or that make First American Fund shares available through employee benefit plans or fee-based advisory programs to compensate them for the variety of services they provide.

*Marketing Support Payments.* Services for which an Intermediary receives marketing support payments may include business planning assistance, advertising, educating the Intermediary's personnel about the First American Funds in connection with shareholder financial planning needs, placement on the Intermediary's preferred or recommended fund company list, and access to sales meetings, sales representatives and management representatives of the Intermediary. In addition, Intermediaries may be compensated for enabling Fund representatives to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other employees, client and investor events and other events sponsored by the Intermediary.

The Adviser and/or the Distributor compensates Intermediaries differently depending upon, among other factors, the number or value of Fund shares that the Intermediary sells or may sell, the value of the assets invested in the Funds by the Intermediary's customers, redemption rates, ability to attract and retain assets, reputation in the industry and the level and/or type of marketing assistance and educational activities provided by the Intermediary. Such payments are generally asset based but also may include the payment of a lump sum.

*Program Servicing Payments*. Services for which an Intermediary receives program servicing payments typically include recordkeeping, reporting, or transaction processing, but may also include services rendered in connection with Fund/investment selection and monitoring, employee enrollment and education, plan balance rollover or separation, or other similar services. An Intermediary may perform program services itself or may arrange with a third party to perform program services.

Program servicing payments typically apply to employee benefit plans, such as retirement plans, or fee-based advisory programs, but may apply to retail sales and assets in certain situations. The payments are based on such factors as the type and nature of services or support furnished by the Intermediary and are generally asset based.

*Marketing Support and Program Servicing Payment Guidelines*. In the case of any one Intermediary, marketing support and program servicing payments are not expected, with certain limited exceptions, to exceed, in the aggregate, [ %] of the average net assets of Fund shares attributable to that Intermediary on an annual basis. U.S. Bank, N.A. and its affiliates are eligible to receive payments that exceed [ %] of the average net assets of Fund shares attributable to U.S. Bank, N.A. or its affiliates on an annual basis.

**Other Payments**

From time to time, the Adviser, at its expense, may provide other compensation to Intermediaries that sell or arrange for the sale of shares of the Fund, which may be in addition to marketing support and program servicing payments described above. For example, the Adviser may: (i) compensate Intermediaries for National Securities Clearing Corporation networking system services (e.g., shareholder communication, account statements, trade confirmations, and tax reporting) on an asset based or per account basis; (ii) compensate Intermediaries for providing Fund shareholder trading information; (iii) make one-time or periodic payments to reimburse selected Intermediaries for items such as ticket charges (i.e., fees that an Intermediary charges its representatives for effecting transactions in Fund shares) of up to $25 per purchase or exchange order, operational charges (e.g., fees that an Intermediary charges for establishing the Fund on its trading system), and literature printing and/or distribution costs; and (iv) at the direction of a retirement plan's sponsor, reimburse or pay direct expenses of an employee benefit plan that would otherwise be payable by the plan.

When not provided for in a marketing support or program servicing agreement, the Adviser and/or the Distributor may pay Intermediaries for enabling the Adviser and/or the Distributor to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other Intermediary employees, client and investor events and other Intermediary-sponsored events, and for travel expenses, including lodging incurred by registered representatives and other employees in connection with prospecting, asset retention and due diligence trips. These payments may vary depending upon the nature of the event. The Adviser and/or the Distributor makes payments for such events as it deems appropriate, subject to its internal guidelines and applicable law.

The Adviser occasionally sponsors due diligence meetings for registered representatives during which it receives updates on the Fund and are afforded the opportunity to speak with portfolio managers. Invitations to these meetings are not conditioned on selling a specific number of shares. Those who have shown an interest in the Fund, however, are more likely to be considered. To the extent permitted by their firm's policies and procedures, all or a portion of registered representatives' expenses in attending these meetings may be covered by the Adviser.

Certain affiliates of the Adviser and employees of the Adviser may receive cash compensation from the Adviser in connection with establishing new client relationships with the Fund. Total compensation of employees of the Adviser with marketing and/or sales responsibilities is based in part on their generation of new client relationships, including new client relationships with the Fund.

Other compensation may be offered to the extent not prohibited by state laws or any self-regulatory agency, such as FINRA. Investors can ask their Intermediary for information about any payments it receives from the Adviser and/or the Distributor and the services it provides for those payments.

Investors may wish to take Intermediary payment arrangements into account when considering and evaluating any recommendations relating to Fund shares.

**Intermediaries Receiving Additional Payments**

The following is a list of Intermediaries eligible to receive one or more of the types of payments discussed above as of April 30, 2026:

American Enterprise Investment Services, Inc.

Ameriprise Financial Services, Inc.

Bank of America, N.A.

Bank of New York Mellon (The)

Bankers Trust Company

Blackrock Investments LLC

BofA Securities Inc.

BrokerTec Europe Limited

Brown Advisory Incorporated

Charles Schwab & Co., Inc.

Chicago Mercantile Exchange, Inc./ CME Shareholder Servicing LLC

Citibank N.A.

Comerica Bank

Copper River Advisors LLC

Fidelity Brokerage Services LLC / National Financial Services LLC / Fidelity Investments Institutional Operations Company, Inc.

Fiduciary Trust Company International

Fifth Third Securities, Inc.

FIS Brokerage & Securities Services LLC

Goldman Sachs & Co. LLC

GWFS Equities, Inc.

HazelTree Fund Services Inc.

Institutional Bond Network

Institutional Cash Distributors LLC

J.M. Lummis Securities, Inc.

J.P. Morgan Chase Bank N.A.

J.P. Morgan Institutional Investments Inc.

J.P. Morgan Securities, LLC

Janney Montgomery Scott LLC

Lincoln Retirement Services Company LLC / AMG Service Corp.

LPL Financial LLC

Massachusetts Mutual Life Insurance Company

Mid Atlantic Capital Corporation

Mischler Financial Group Inc.

Moreton Capital Markets LLC

MSCS Financial Services, LLC

Northern Trust Company

PNC Capital Markets LLC

Principal Life Insurance Company

RBC Capital Markets LLC

RBC Dain Rauscher, Inc.

Reliance Trust Company

Robert W. Baird & Co., Inc.

State Street Global Markets LLC

SVB Asset Management

TIAA-CREF Individual & Institutional Services, LLC

Treasury Brokerage, LLC

U.S. Bancorp Fund Services, LLC

U.S. Bank, N.A.

VALIC Retirement Services Company

Wells Fargo Bank, N.A.

Wells Fargo Securities, LLC

Any additions, modification or deletions to the list of Intermediaries identified above that have occurred since April 30, 2026, are not reflected.

**Administrator**

U.S. Bancorp Asset Management, Inc. (the "Administrator") serves as administrator pursuant to an Administration Agreement between the Administrator and FAF, dated as of November 15, 2021. Under the Administration Agreement, the Administrator provides, or compensates others to provide, services to the Fund. These services include various oversight and legal services, accounting services and shareholder services. The Fund pays the Administrator fees which are calculated daily and paid monthly. Such fees are equal to the Fund's pro rata share of an amount equal, on an annual basis, to [ %] of the aggregate average daily net assets of the Funds up to [$], [ %] on the next [$] of aggregate average daily net assets, [ %] on the next [$} of aggregate average daily net assets, and [ %] of the aggregate average daily net assets in excess of [$]. The Administrator pays a portion of such fees to U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), 777 East Wisconsin Avenue, Milwaukee, WI 53202, pursuant to a Sub-Administration Agreement dated November 15, 2021, as amended, whereby Fund Services provides various sub- administration services. Fund Services is a wholly-owned subsidiary of U.S. Bancorp.

The Fund had not commenced operations as of the date of this SAI and therefore did not pay fees to the Administrator for the past three fiscal years.

**Transfer Agent**

Fund Services, 777 East Wisconsin Avenue, Milwaukee, WI 53202, serves as the Fund's transfer agent pursuant to a Transfer Agency and Shareholder Servicing Agreement between Fund Services and the Fund dated November 15, 2021, as amended. Pursuant to the Transfer Agency and Shareholder Servicing Agreement, the Fund is charged transfer agent fees on a per shareholder account basis, subject to a minimum per share class fee. These fees are charged to the Fund based on the number of accounts within the Fund. The Fund reimburses Fund Services for out-of-pocket expenses incurred in providing transfer agent services.

The Fund had not commenced operations as of the date of this SAI and therefore did not pay fees to the Transfer Agent for the past three fiscal years.

**Distributor**

Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, ME 04101, serves as the distributor for the Fund's shares pursuant to a distribution agreement dated November 15, 2021, as amended, applicable to the various share classes (the "Distribution Agreement"). The Distributor, a wholly owned subsidiary of Foreside Financial Group LLC (dba ACA Group) is the principal underwriter and distributor of the Shares and serves in that capacity on a best-efforts basis, subject to various conditions.

Fund shares and other securities distributed by the Distributor are not deposits or obligations of, or endorsed or guaranteed by, U.S. Bank or its affiliates, and are not insured by the Deposit Insurance Fund, which is administered by the FDIC.

Under the Distribution Agreement, the Distributor has agreed to perform all distribution services and functions of the Fund to the extent such services and functions are not provided to the Fund pursuant to another agreement. The shares of the Fund are continuously offered and distributed through the Distributor and through securities firms, financial institutions (including, without limitation, banks) and other industry professionals (the "Participating Institutions") which enter into sales agreements with the Distributor to perform share distribution or shareholder support services.

Under the Distribution Agreement, the Distributor receives no compensation from the Funds for distribution or shareholder servicing of Class Z shares.

The Distribution Agreement provides that it will continue in effect for a period of more than one year from the date of its execution only so long as such continuance is specifically approved at least annually by the vote of a majority of the Board and by the vote of the majority of those Board members who are not interested persons of FAF and who have no direct or indirect financial interest in the operation of FAF's Rule 12b-1 Plan or in any agreement related to such plans.

The Fund had not commenced operations as of the date of this SAI and therefore did not pay fees to the Distributor for the past three fiscal years.

**Custodian and Independent Registered Public Accounting Firm**

**Custodian**

U.S. Bank (the "Custodian"), 1555 N. Rivercenter Drive, Suite 302, Milwaukee, WI 53212, acts as custodian of the Fund's assets and portfolio securities pursuant to a Custodian Agreement dated November 15, 2021, as amended. The Custodian takes no part in determining the investment policies of the Fund or in deciding which securities are purchased or sold by the Fund. The duties of the Custodian are limited to receiving and safeguarding the assets and securities of the Fund and to delivering or disposing of them pursuant to the Fund's order.

The Fund pays the Custodian its pro rata share of an amount equal, on an annual basis, to [ %] of the aggregate average daily market value of all securities and cash held in the Fund up to [$], [% ] of the aggregate average daily market value of all securities and cash held in the Fund for the next [ $], and [% ] of the aggregate average daily market value of all securities and cash held in the Fund in excess of [$]. In addition, the Custodian is reimbursed for its out-of-pocket expenses incurred while providing services to the Fund. The Custodian continues to serve so long as its appointment is approved at least annually by the Board including a majority of the Trustees who are not "interested persons" of FAF, as that term is defined in the 1940 Act.

**Independent Registered Public Accounting Firm**

___________________, serves as the Fund's independent registered public accounting firm, providing audit services, including audits of the annual financial statements.

**Proxy Voting**

Because the Fund invests primarily in short-term debt obligations, the probability of the Fund or USBAM receiving a proxy request on behalf of the Fund is remote. Nonetheless, the Fund has adopted Proxy Voting Policies and Procedures that delegate the responsibility of voting proxies to USBAM. The Proxy Voting Policies and Procedures of the Fund are attached as Appendix A.

Information regarding how FAF voted proxies relating to the Fund's portfolio securities for the period ended June 30, 2026 will be available on the Fund's website, without charge and upon request by calling 800 677-3863, and on the SEC's website at www.sec.gov.

**Portfolio Transactions**

The Fund's portfolios are almost exclusively composed of fixed income securities and most of the portfolio transactions are made directly with the issuer of the securities or with broker-dealers acting for their own account or as agents. The Fund does not usually pay brokerage commissions on purchases and sales of fixed income securities, although the price of the securities generally includes compensation, in the form of a spread or mark-up or mark-down, which is not disclosed separately.

The Adviser determines the broker-dealers with or through which the Fund's securities transactions are executed. The primary consideration in placing a portfolio transaction with a particular broker-dealer is efficiency in executing orders and obtaining the most favorable net prices for the Fund under the circumstances of each particular transaction. More specifically, the Adviser considers the full range and quality of the services offered by a broker-dealer. The determination may include the competitiveness of price; access to desirable securities; willingness and ability to execute difficult or large transactions; value, nature, and quality of any brokerage and research products and services provided; financial responsibility (including willingness to commit capital) of the broker-dealer; ability to minimize market impact; maintenance of the confidentiality of orders; responsiveness of the broker-dealer to the Adviser; and ability to settle trades. For transactions where competitiveness of price is the determining factor, all other factors being equal, the Adviser will seek to obtain more than one offer or bid on purchases and sales of securities to the extent they are available. The Adviser may, however, select a dealer to effect a particular transaction without communicating with all dealers who might be able to effect such transaction because of the volatility of the market and the Adviser's desire to accept a particular price for a security because the price offered by the dealer meets the Adviser's guidelines for profit, yield, or both. While it is the Adviser's policy to seek the most advantageous price on each transaction, there is no assurance it will be successful in doing so on every transaction.

When consistent with the best execution objectives described above, business may be placed with broker-dealers who furnish brokerage and research products and services to the Adviser. Such brokerage and research products and services would include advice, both directly and in writing, as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the availability of securities or purchasers or sellers of securities, as well as analyses and reports concerning issues, industries, securities, economic factors and trends and portfolio strategy. The research products and services may allow the Adviser to supplement its own investment research activities and enable it to obtain the views and information of individuals and research staffs of many different securities firms prior to making investment decisions for the Fund. To the extent portfolio transactions are effected with broker-dealers who furnish research services, the Adviser would receive a benefit, which is not capable of evaluation in dollar amounts, without providing any direct monetary benefit to the Fund from these transactions. As a general matter, the brokerage and research products and services that the Adviser receives from broker-dealers are used to service all of the Adviser's accounts. However, any particular brokerage and research product or service may not be used to service each and every account, and may not benefit the particular accounts that generated the transactions that may have resulted in the receipt of the product or service.

The Adviser has not entered into any formal or informal agreements with any broker-dealers, and does not maintain any "formula" that must be followed in connection with the placement of the Fund's portfolio transactions in exchange for brokerage and research products and services provided to the Adviser. The Adviser may, from time to time, maintain an informal list of broker-dealers that will be used as a general guide in the placement of Fund business in order to encourage certain broker-dealers to provide the Adviser with brokerage and research products and services, which the Adviser anticipates will be useful to it. Any list, if maintained, would be merely a general guide, which would be used only after the primary criteria for the selection of broker-dealers (discussed above) has been met, and, accordingly, substantial deviations from the list could occur. While it is not expected that any Fund will pay brokerage commissions, if it does, the Adviser would authorize the Fund to pay an amount of commission for effecting a securities transaction in excess of the amount of commission another broker-dealer would have charged only if the Adviser determined in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either that particular transaction or the Adviser's overall responsibilities with respect to the Funds.

Generally, the Adviser does not aggregate or "bunch" fixed income securities orders. The Adviser may, at its discretion, aggregate or bunch orders in the same fixed income securities for all accounts, provided that no account is favored over any other participating account, in an effort to obtain best execution at the best price available. In some cases, this system could have a detrimental effect on the price or volume of the security as far as each account is concerned. In other cases, however, the ability of the accounts to participate in volume transactions will produce better executions for each account. It is the Adviser's policy to allocate investment opportunities among all accounts in a fair and equitable manner that does not systematically favor one account over any other, by providing buy and sell opportunities to all accounts.

The Fund does not effect brokerage transactions in its portfolio securities with any broker-dealer affiliated directly or indirectly with the Adviser or the Distributor unless such transactions, including the frequency thereof, the receipt of commissions payable in connection therewith, and the selection of the affiliated broker-dealer effecting such transactions, are not unfair or unreasonable to the shareholders of the Fund, as determined by the Board. Any transactions with an affiliated broker-dealer must be on terms that are both at least as favorable to the Fund as such Fund can obtain elsewhere and at least as favorable as such affiliated broker-dealer normally gives to others.

The Fund had not commenced operations as of the date of this SAI and therefore did not pay brokerage commissions during the past three fiscal years.

**Description of the Trust's Shares**

The Trust may issue an unlimited number of full Shares of beneficial interest of the Funds, with a par value of $0.00000001, and divide or combine the Shares of any series into a greater or lesser number of Shares of the Fund without thereby changing the proportionate beneficial interests in the Fund. Each Share represents an equal proportionate interest in the assets and liabilities of the Fund and has identical voting, dividend, redemption, liquidation and other rights and preferences as the other Shares of the Fund.

If the Fund does not grow to a size to permit it to be economically viable, the Fund may cease operations. In such an event, shareholders may be required to liquidate or transfer their Shares at an inopportune time and shareholders may lose money on their investment.

**Restrictions on Holding or Disposing of Shares**

Shares are redeemable only as described in the Prospectus. The Fund may be terminated by reorganization into another open-end fund or by liquidation and distribution of their assets. Unless terminated by reorganization or liquidation, the Fund will continue indefinitely.

**Shareholder Liability**

The Trust is organized as a business trust under Massachusetts law. Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Trust's Declaration of Trust disclaims any shareholder liability for acts or obligations of the Fund and the Trust and requires that notice of such disclaimer be given in each agreement, obligation, or instrument entered into or executed by the Fund or the Trustees. The Declaration of Trust provides for indemnification out of Fund property for all loss and expense of any shareholder held personally liable for the obligations of the Fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances (which are considered remote) in which the Fund would be unable to meet its obligations and the disclaimer was inoperative. The risk of the Fund incurring financial loss on account of another series of the Trust also is believed to be remote, because it would be limited to circumstances in which the disclaimer was inoperative and the other series of the Trust was unable to meet its obligations.

**Dividend Rights**

The shareholders of the Fund are entitled to receive any dividends or other distributions declared for the Fund. No shares have priority or preference over any other shares of the Fund with respect to distributions. Distributions will be made from the assets of the Fund, and will be paid pro rata to all shareholders of the Fund according to the number of shares of the Fund held by shareholders on the record date.

**Voting Rights and Shareholder Meetings**

Shareholders have the power to vote only as expressly granted under the 1940 Act or under Massachusetts business trust law. Each whole share (or fractional share) outstanding on the record date shall be entitled to a number of votes on any matter on which it is entitled to vote equal to the net asset value of the share (or fractional share) in U.S. dollars determined at the close of business on the record date (for example, a share having a net asset value of $1.00 would be entitled to 1 vote).

Shareholders have no independent right to vote on any matter, including the creation, operation, dissolution or termination of the Trust. Shareholders have the right to vote on other matters only as the Board authorizes. Currently, the 1940 Act requires that shareholders have the right to vote, under certain circumstances, to: (i) elect Trustees; (ii) approve investment advisory agreements; (iii) approve a change in subclassification of the Fund; (iv) approve any change in fundamental investment policies; (v) approve a distribution plan under Rule 12b-1 under the 1940 Act; and (vi) to terminate the independent accountant. With respect to matters that affect one class but not another, shareholders vote as a class; for example, the approval of a distribution plan applicable to that class is voted on by holders of that class of shares. Subject to the foregoing, all shares of the Trust have equal voting rights and will be voted in the aggregate, and not by Fund, except where voting by Fund is required by law or where the matter involved only affects one Fund. For example, a change in a Fund's fundamental investment policy affects only one Fund and would be voted upon only by shareholders of the Fund involved.

Additionally, approval of an investment advisory agreement is a matter to be determined separately by each Fund. Approval by the shareholders of one Fund is effective as to that Fund whether or not sufficient votes are received from the shareholders of the other series to approve the proposal as to those Funds. Shareholders are entitled to one vote for each whole share held on matters on which they are entitled to vote. Fund shareholders do not have cumulative voting rights. The Trust is not required to hold, and has no present intention of holding, annual meetings of shareholders. Special meetings may be called for certain purposes.

**Liquidation Rights**

In the event of the liquidation or dissolution of the Trust or a Fund, all shares have equal rights and shareholders of a Fund are entitled to a proportionate share of the assets of the Fund that are available for distribution and to a distribution of any general assets not attributable to a particular Fund that are available for distribution in such manner and on such basis as the Board may determine.

**Preemptive Rights**

There are no preemptive rights associated with Fund shares.

**Conduct of the Trust's Business**

**Forum Selection.**

The Trust's Bylaws provide that the sole and exclusive forums for any shareholder (including a beneficial owner of shares) to bring (i) any action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim for breach of a fiduciary duty owed by any Trustee, officer or employee, if any, of the Trust to the Trust or the Trust's shareholders, (iii) any action asserting a claim against the Trust or any of its Trustees, officers or employees arising pursuant to any provision of the statutory or common law of the state in which the Trust is organized or any federal securities law, in each case as amended from time to time, or the Trust's Trust Instrument or Bylaws, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be within the federal or state courts in the state in which the Trust is organized.

This forum selection provision may limit a shareholder's ability to bring a claim in a judicial forum that the shareholder finds favorable for disputes with a Trust and/or any of its Trustees, officers, employees or service providers. If a court were to find the forum selection provision contained in the Bylaws to be inapplicable or unenforceable in an action, the Trust may incur additional costs associated with resolving such action in other jurisdictions.

**Derivative and Direct Claims of Shareholders.**

The Trust's Bylaws contain provisions regarding derivative and direct claims of shareholders. As used in the Bylaws, a "direct" shareholder claim refers to (i) a claim based upon alleged violations of a shareholder's individual rights independent of any harm to the Trust, including a shareholder's voting rights under the Bylaws; rights to receive a dividend payment as may be declared from time to time; rights to inspect books and records; or other similar rights personal to the shareholder and independent of any harm to the Trust; and (ii) a claim for which a direct shareholder action is expressly provided under the U.S. federal securities laws. Any other claim asserted by a shareholder, including without limitation any claims purporting to be brought on behalf of the Trust or involving any alleged harm to the Trust, is considered a "derivative" claim as used in the Trust's Declaration of Trust and Bylaws. A "derivative" claim does not include any derivative or other claim arising under the U.S. federal securities laws.

A shareholder may not bring or maintain any court action or other proceeding asserting a derivative claim or any claim asserted on behalf of the Trust or involving any alleged harm to the Trust without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim, and such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the shareholder makes a specific showing that irreparable nonmonetary injury to the Trust would otherwise result.

The Trustees shall consider any demand or request within 90 days of its receipt by the Trust or inform claimants within such time that further review and consideration is required, in which case the Trustees shall have an additional 120 days to respond. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Trust or of any series or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be binding upon the shareholder seeking authorization.

Any person purchasing or otherwise holding any interest in shares of beneficial interest of the Trust will be deemed to have notice of and consented to the foregoing provisions. These provisions may limit a shareholder's ability to bring a claim against the Trustees, officers or other employees of the Trust and/or its service providers.

**Shares of Beneficial Interest**

Each share of beneficial interest of the Fund is fully paid, non-assessable, and transferable. Shares may be issued as either full or fractional shares. Fractional shares have pro rata the same rights and privileges as full shares. Shares of the Funds have no preemptive or conversion rights.

Each share of the Fund has one vote. On some issues, such as the election of Trustees, all shares of the Fund vote together as one series. The shares do not have cumulative voting rights. Consequently, the holders of more than 50% of the shares voting for the election of Trustees are able to elect all of the Trustees if they choose to do so. On issues affecting only a particular Fund or class, the shares of that Fund or class will vote as a separate series. Examples of such issues would be proposals to alter a fundamental investment restriction pertaining to a Fund or to approve, disapprove or alter a distribution plan pertaining to a class.

The Bylaws of FAF provide that annual shareholders' meetings are not required and that meetings of shareholders need be held only with such frequency as required under Massachusetts law and the 1940 Act.

The Fund had not commenced operations as of the date of this SAI and therefore the Trustees and officers of FAF as a group and no other person owned of record or beneficially any class of outstanding shares of the Fund. If any person in the future were to own of record or beneficially either directly or through controlled companies more than 25% of the voting securities of the Fund or acknowledges or asserts the existence of control they may be considered a "control person." Control persons may be able to determine or significantly influence the outcome of matters submitted to a shareholder vote.

**Net Asset Value and Public Offering Price**

The public offering price of the shares of the Fund generally equals the Fund's net asset value. The net asset value per share of the Fund is calculated on each day the Fund is open for business at the time or times indicated in the Fund's Prospectus. The net asset value may be calculated early on any business day when the bond markets close early (typically on the business day preceding a Federal holiday). The Fund is generally open for business each day that the Federal Reserve Bank of New York (the "Federal Reserve") is open, except as noted below. In addition to weekends, the Federal Reserve is closed on the following Federal holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day. The Fund may close when the Federal Reserve is open and the NYSE is closed, such as Good Friday. As of the date of this SAI, there were no shares of the Fund outstanding.

**Valuation of Portfolio Securities**

The Fund's portfolio securities are valued on the basis of the amortized cost method of valuation. This involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the instrument. During periods of declining interest rates, the daily yield on shares of the Fund computed as described above may tend to be higher than a like computation made by a fund with identical investments utilizing a method of valuation based upon market prices and estimates of market prices for all of its portfolio instruments. Thus, if the use of amortized cost by the Fund resulted in a lower aggregate portfolio value on a particular day, a prospective investor in the Fund would be able to obtain a somewhat higher yield than would result from investment in a fund utilizing solely market values, and existing investors in the Fund would receive less investment income. The converse would apply in a period of rising interest rates.

The valuation of the Fund's portfolio instruments based upon their amortized cost and the concomitant maintenance of the Fund's per share net asset value of $1.00 is permitted in accordance with Rule 2a-7, under which the Fund must adhere to certain conditions, including the conditions described above under "Investment Restrictions – Additional Restrictions." It is the normal practice of the Fund to hold portfolio securities to maturity and realize par unless such sale or other disposition is mandated by redemption requirements or other extraordinary circumstances. The Board must establish procedures designed to stabilize, to the extent reasonably possible, the Fund's price per share as computed for the purpose of sales and redemptions at a single value. It is the intention of the Fund to maintain a per share net asset value of $1.00. Such procedures will include review of the Fund's portfolio holdings at such intervals as the Board may deem appropriate, to determine whether the Fund's net asset value calculated by using available market quotations deviates from $1.00 per share and, if so, whether such deviation may result in material dilution or is otherwise unfair to existing shareholders. In the event the Board determines that a deviation which may have such a result exists, they will take such corrective action as they regard as necessary and appropriate.

**Taxes**

The Fund intends to qualify and to elect to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code"). If so qualified, the Fund will not be liable for federal income taxes to the extent it distributes its taxable income to its shareholders.

The Fund expects to distribute net realized capital gains (if any) once each year, although it may distribute them more frequently if, for the Fund it is necessary in order to maintain the Fund's net asset value at $1.00 per share. Distributions of net investment income and net short-term capital gains are taxable to investors as ordinary income.

If the Fund were not able to maintain a stable NAV, or were to impose a liquidity fee, redeeming shares of that fund would likely cause you to recognize a capital loss or gain. When you sell your shares of the Fund, if it were unable to maintain a stable NAV or impose a liquidity fee, you will generally recognize a capital gain or loss in an amount equal to the difference between your adjusted tax basis in the shares and the amount received. Capital losses in any year are deductible only to the extent of capital gains, plus, in the case of a non-corporate taxpayer, generally $3,000 of income. Certain other special tax rules may apply to your capital gains or losses on Fund shares.

The IRS has issued final regulations that permit a simplified method of accounting for gains and losses realized upon the disposition of shares of a regulated investment company that is a money market fund, including as a result of the imposition of a liquidity fee. Very generally, rather than realizing gain or loss upon each redemption of a share, a shareholder of a money market fund using such method of accounting will recognize gain or loss with respect to the Fund's shares for a given computation period (the shareholder's taxable year or shorter period selected by the shareholder) equal to the value of all the Fund shares held by the shareholder on the last day of the computation period, less the value of all Fund shares held by the shareholder on the last day of the preceding computation period, less the shareholder's net investment in the Fund (generally, purchases minus redemptions) made during the computation period. Additionally, the IRS has issued guidance providing that any loss realized on a sale of shares of a regulated investment company that is a money market fund will not be disallowed under the "wash sale" rules to the extent each Fund qualifies as a "money market fund" under the 1940 Act.

Under the Code, the Fund is required to withhold a percentage of reportable payments (including dividends, capital gain distributions, if any, and redemptions) paid to certain shareholders who have not certified that (i) the social security number or taxpayer identification number supplied by them is correct and (ii) they are not subject to backup withholding because of previous under reporting to the IRS. These backup withholding requirements generally do not apply to shareholders that are corporations or governmental units or certain tax-exempt organizations.

Shareholders of the Fund are urged to consult their own tax advisors regarding their investment in the Fund.

**Additional Information about Purchasing and Redeeming Shares**

Under certain circumstances, if no activity occurs in an account within a time period specified by state law, your shares in the funds may be transferred to that state.

**Additional Charges**

Investment professionals or financial institutions may charge their customers a processing or service fee in connection with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and disclosed to its customers by each individual investment professional or financial institution. Processing or service fees typically are fixed, nominal dollar amounts and are in addition to the sales and other charges described in the Prospectus and this SAI. Your investment professional or financial institution will provide you with specific information about any processing or service fee you will be charged.

**Receipt of Orders by Financial Intermediaries**

The Fund has authorized one or more Intermediaries to receive purchase and redemption orders on the Fund's behalf. Intermediaries are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund will be deemed to have received a purchase or redemption order when an authorized Intermediary or, if applicable, an Intermediary's authorized designee, receives the order.

**Redeeming Shares by Telephone**

A shareholder may redeem shares of the Fund, if he or she elects the privilege on the initial shareholder application, by calling his or her financial institution to request the redemption. Pursuant to instructions received from the financial institution, redemptions will be made by check, by wire transfer or, if available, by ACH transaction.

Shareholders who did not purchase their shares through a financial institution may redeem Fund shares by telephoning 800 677-3863. At the shareholder's request, redemption proceeds will be paid by check and mailed to the shareholder's address of record, or ACH (if available) or wire transferred to the shareholder's account at a domestic commercial bank that is a member of the Federal Reserve System, normally within one business day, but in no event longer than seven days after the request. ACH and wire instructions must be previously established in the account or provided in writing. The minimum amount for a wire transfer is $1,000. If at any time the Fund determines it necessary to terminate or modify this method of redemption, shareholders will be promptly notified.

In the event of drastic economic or market changes, a shareholder may experience difficulty in redeeming shares by telephone. If this should occur, another method of redemption should be considered. Neither the Administrator nor the Fund will be responsible for any loss, liability, cost or expense for acting upon wire transfer instructions or telephone instructions that they reasonably believe to be genuine. The Administrator and the Fund will each employ reasonable procedures to confirm that instructions communicated are genuine. These procedures may include recording of telephone conversations. To ensure authenticity of redemption or exchange instructions received by telephone, the Administrator examines each shareholder request by verifying the account number and/or tax identification number at the time such request is made. The Administrator subsequently sends confirmation of both exchange sales and exchange purchases to the shareholder for verification. If reasonable procedures are not employed, the Administrator and the Fund may be liable for any losses due to unauthorized or fraudulent telephone transactions.

**Redeeming Shares by Mail**

Shareholders may redeem Fund shares by sending a written request to their investment professional, their financial institution, or the Fund. The written request should include the shareholder's name, the Fund name, the account number, and the share or dollar amount requested to be redeemed, and should be signed exactly as the shares are registered. Shareholders should call the Fund, shareholder servicing agent or financial institution for assistance in redeeming by mail. A check for redemption proceeds normally is mailed within one business day, but in no event more than seven business days, after receipt of a proper written redemption request.

Shareholders requesting a redemption of $50,000 or more, a redemption of any amount to be sent to an address other than that on record with the Fund, or a redemption payable other than to the shareholder of record, must have signatures on written redemption requests guaranteed by:

● a trust company or commercial bank, the deposits of which are insured by the Deposit Insurance Fund, which is administered by the FDIC;

● a member firm of the New York, NYSE MKT, Boston, Midwest, or Pacific Stock Exchanges or the Financial Industry Regulatory Authority;

● a savings bank or savings and loan association the deposits of which are insured by the Deposit Insurance Fund, which is administered by the FDIC; or

● any other "eligible guarantor institution," as defined in the Securities Exchange Act of 1934.

The Fund does not accept signatures guaranteed by a notary public.

The Fund and the Transfer Agent have adopted standards for accepting signature guarantees from the above institutions. The Fund may elect in the future to limit eligible signature guarantees to institutions that are members of a signature guarantee program. The Fund and the Transfer Agent reserve the right to amend these standards at any time without notice.

**Redemption before Purchase Instruments Clear**

When shares are purchased by check or with funds transferred through the Automated Clearing House, the proceeds of redemption of those shares are not available until the Transfer Agent is reasonably certain that the purchase payment has cleared, which could take up to 15 calendar days from the purchase date.

**Research Requests**

The Fund reserves the right, upon notice, to charge you a fee to cover the costs of special requests for information that require extensive research or employee resources. Such requests could include a request for historical account transcripts or the retrieval of a significant number of documents.

**Financial Statements**

The Fund had not commenced operations as of the date of this SAI and therefore does not have financial statements.

Appendix A - Proxy Voting Policy

Proxy Voting

Effective Date: 11/13/2025

<u>Regulatory Highlights</u>

The Advisers Act (as interpreted through case law) establishes a federal fiduciary duty for investment advisers. The SEC has interpreted the fiduciary duty an investment adviser owes to its Client under the Advisers Act as comprised of a duty of care and a duty of loyalty. USBAM and its Employees have an obligation to, at all times, act in the best interests of Clients and to act with integrity and fairness in all aspects of the advisory relationship. Where conflicts do arise, they should be resolved in favor of Clients.

Under the Advisers Act, investment advisers who exercise voting authority with respect to Client securities are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adopt and implement written policies and procedures that are reasonably designed to ensure that Client securities are voted in the best interests of Clients, and which must include how an advisor addresses material conflicts that may arise between an advisor's interests and those of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disclose to Clients how they may obtain information from the advisor with respect to the voting of proxies for their securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) describe to Clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its Clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintain certain records relating to the advisor's proxy voting activities when the advisor does have proxy voting authority.

An investment manager is required to report a say-on-pay vote for a security only if the manager: (1) has the power to vote or direct the voting of a security; and (2) "exercises" this power to influence a voting decision for the security. "Say-on-pay" includes votes on the approval of executive compensation and on the frequency of such executive compensation approval votes, as well as votes to approve "golden parachute" compensation in connection with a merger or acquisition.

Additionally, there is a requirement for managers that do not have any proxy votes to report for the reporting period to file a notice report to this effect.

Timeline – All funds are required to report their proxy voting records, see Exhibit A, and managers will be required to report say-on-pay votes, annually on Form N-PX no later than August 31<sup>st</sup> of each year for the most recent 12-month period ending June 30<sup>th</sup>.

*Regulatory Requirements*

Advisers Act: Rule 206(4)-6 and Rule 204-2

Exchange Act: Rule 14A(d)-1

*Applicability*

Institutional Clients

Private Fund

RIC

*Policy Objective Statements*

The securities on which USBAM currently provides discretionary investment advice are fixed income securities, mutual funds, certain unregistered funds and certain Registered Investment Companies. Many of the funds are authorized to invest in money market funds. Certain Client accounts are authorized to invest in Exchange Traded Funds ("ETF") or Mutual Funds. USBAM from time to time receives proxies to vote (or equivalent actions), where specifically authorized, on behalf of such discretionary Clients. Refer to the Advisor's Form ADV Part 2 for additional information concerning disclosure of proxy voting activities. USBAM does not utilize the services of a third-party proxy service provider.

If a Client participates in the U.S. Bank Securities Lending Program, then USBAM will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date.

Portfolio Managers and/or Credit Analysts, who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers they follow, will consider the desirability of recalling the affected securities that are on loan or restricting lending of the affected securities prior to the record date for the matter.

**Non-ERISA Clients** - With respect to Clients which are not subject to ERISA, USBAM serves either as a discretionary investment manager or as a non-discretionary investment consultant. For non-discretionary accounts, USBAM would not vote any proxies for any securities held by the Client. For discretionary accounts, where USBAM exercises discretionary investment services, USBAM will vote proxies based on authority granted by the investment management agreement or investment policy.

**ERISA Clients -** With respect to Clients which are subject to ERISA, USBAM serves either as a discretionary investment manager or as a non-discretionary pension or investment consultant. For non-discretionary accounts, USBAM would not vote any proxies for any securities held by the plan. For discretionary accounts, USBAM will not vote proxies, unless the ERISA plan sponsor has delegated voting authority to USBAM based on the investment management agreement.

*Required Notifications*

In the event that USBAM receives a proxy notice with respect to a security held by an USBAM Client, it should be forwarded to Operations for soliciting disposition.

If any individual responsible for voting a proxy becomes aware of a material conflict regarding the proxy vote for USBAM, they will bring the matter to the IPC Co-Chairs to convene a meeting of the IPC which will determine a course of action designed to address the conflict. Such actions could include, but are not limited to:

● Obtaining instructions from the affected Client(s) on how to vote the proxy;

● Disclosing the conflict to the affected Client(s) and seeking their consent to permit USBAM to vote the proxy;

● Abstaining from voting;

● Voting in proportion to the other shareholders to the extent this can be determined; or

● Recusing an IPC member from all discussion or consideration of the matter if the material conflict is due to such person's actual or potential conflict of interest.

Employees must notify the CCO of any direct, indirect or perceived improper influence exerted by any employee, officer or director within the U.S. Bancorp enterprise, the PFM Multi Manager Series Trust complex, or the First American Funds Trust complex with regards to how USBAM should vote proxies.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**PROXY VOTING ACTIONS** | &nbsp;&nbsp;**PROXY VOTING ACTIONS** | &nbsp;&nbsp;**PROXY VOTING ACTIONS** | &nbsp;&nbsp;**PROXY VOTING ACTIONS** |
| &nbsp;&nbsp;**Client Type** | &nbsp;&nbsp;**Discretionary** | &nbsp;&nbsp;**Non-Discretionary** | &nbsp;&nbsp;**Send Request to:** |
| &nbsp;&nbsp;ERISA | &nbsp;&nbsp;Customarily will not vote, unless plan sponsor has delegated voting authority (based on authority granted by contract) | &nbsp;&nbsp;Will not vote as no control over assets | &nbsp;&nbsp;Operations, who will coordinate with the OCIO Trading Team or Portfolio Manager |
| &nbsp;&nbsp;Non-ERISA | &nbsp;&nbsp;Customarily will vote based on authority granted by contract | &nbsp;&nbsp;Will not vote as no control over assets | &nbsp;&nbsp;Operations, who will coordinate with the OCIO Trading Teram or Portfolio Manager |

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**Conflicts of Interest**

In the event a conflict of interest arises for shares held by a Client, it is escalated for review and resolution by the Chief Investment and Chief Compliance Officers'.

*Compliance Control Procedures*

USBAM has adopted the following Proxy Voting Control Procedures in light of the limited proxies which it may receive on behalf of its Clients.

<u>Preventative Control Procedures:</u>

● Operations will verify if any proxy or consent request received is in connection with securities held by a Client which is a plan governed by ERISA and has discretionary authority and take the steps noted below to solicit a response to the proxy vote notice received. The Company does not vote for non-discretionary Clients.

○ Operations reviews all proxy notices, identifies the accounts the notice relates to, and then forwards them to the OCIO Trading team or applicable Portfolio Manager for disposition as authorized for the discretionary account. The Portfolio Manager will make the election and return the notice to Operations.

○ If the proxy is in connection with securities held by an ERISA plan Client, the OCIO Trading Team or Portfolio Manager will review and provide disposition and will only vote if the plan sponsor has delegated voting authority or UBSAM is otherwise contracted to do so through the investment management agreement.

○ On each proxy vote requested, Operations will require the respondents to confirm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ That no material conflict of interest is present in connection with the vote, or disclose any material conflict of interest in connection with the vote and confirm that an explanation of the material conflict of interest is documented, and whether any advice received regarding a proxy was not unduly influenced by an individual or group that may have an economic interest in the outcome of the proxy vote. If a respondent identifies material conflict in connection with the proxy vote:

● Operations contacts the CCO prior to submitting the vote to discuss next steps and consults with Legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If proxies were received and voted against management recommendation, documentation for the reasons of voting against management recommendation is retained.

● USBAM will vote proxies in the best interest of its Clients regardless of real or perceived conflicts of interest. To minimize risk, the IPC will discuss conflict avoidance at least annually to ensure that appropriate parties understand the actual and perceived conflicts of interest that proxy voting may face.

<u>Detective Control Procedures</u>

● Operations maintains a log of all security proxy notices received which includes all pertinent details as well as the election made by the Portfolio Manager and/or OCIO Trading Team.

● To ensure USBAM has met its fiduciary duty to Clients, quarterly the IPC will review and confirm proxies voted and if any additional actions are required with regards to:

○ Proxies were received and voted where a material conflict of interest occurred in connection with a security held in Client's account(s).

○ Proxies were received and voted against management recommendation.

● The CCO is responsible for ensuring that a summary of the USBAM's proxy voting policies and procedures is disclosed in the Advisor's Form ADV Part 2A along with information on how to obtain a copy of its Proxy Voting Policy.

● Quarterly the CCO will review and report to the Board of Trustees on all Advisor proxy voting activity at each scheduled meeting.

● Operations shall provide the required data for each proxy voted with respect to portfolio securities of each Fund to the Trust or its designated service provider in a timely manner and in a format acceptable (see Exhibit A) to be filed in the Trust's annual proxy voting report on Form N-PX for the twelve-month period ending June 30<sup>th</sup>.

<u>Controls specific to Funds where USBAM utilizes a sub-adviser</u> 

● In August 2019, the SEC provided guidance to assist Investment Advisers in fulfilling their proxy voting responsibilities to the extent they rely on voting advice from proxy advisory firms, they must take reasonable steps to ensure the use of that advice is consistent with their fiduciary duties. As Investment Adviser to a trust utilizing sub-advisers;

○ Annually, Compliance conducts a review of USBAM's and all sub-adviser proxy policies and any use of third-party providers and prepares a report which is presented to the Board of Trustees.

○ Quarterly the CCO will review and report to the Board of Trustees on all sub-adviser proxy voting activity at each scheduled meeting.

*Policy Owner*

● Chief Compliance Officer

*Responsible Parties*

● Operations

● I PC

● Compliance

● Investments

*Related Policies*

● None

*Related Disclosures*

● Form ADV, Part 2A

***For any defined terms used herein, please refer to glossary of Fund and Advisor standard terms document.***

**EXHIBIT A**

Proxy Records

Disclose the information required or permitted by Item 1 in the order presented in

paragraphs (a) through (o) listed below:

1. Voting Record

● If the reporting person is a Fund (e.g. MMST), disclose the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the Fund was entitled to vote, including securities on loan for purposes of this form.

● If the reporting person is an Institutional Manager, disclose the following information for each shareholder vote pursuant to Section 14A(a) and (b) of the Exchange Act over which the Institutional Manager exercised voting power as defined in Rule 14Ad-1(d) under the Exchange Act. Please note, an Institutional Manager needs only to report proxy how it voted proxies relating to executive compensation matters/say-on-pay votes, at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;a. The name of the issuer of the security

&nbsp;&nbsp;&nbsp;&nbsp;b. CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;c. ISIN

&nbsp;&nbsp;&nbsp;&nbsp;d. FIGI (optional)

&nbsp;&nbsp;&nbsp;&nbsp;e. Shareholder Meeting Data

&nbsp;&nbsp;&nbsp;&nbsp;f. An identification of the matter voted on

&nbsp;&nbsp;&nbsp;&nbsp;g. All categories applicable to the matter voted on from the following list of categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Director elections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Section 14A say-on-pay votes (examples: Section 14A executive compensation, Section 14A executive compensation vote frequency, Section 14A extraordinary transaction executive compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Audit-related (examples: auditor ratification, auditor rotation)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Investment company matters (examples: new or changed investment management agreement, assignment of investment management agreement, business development company approval of restricted securities or asset coverage ratio change; closed-end investment company issuance of shares below net asset value)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Shareholder rights and defenses (examples: adoption or modification of a shareholder rights plan, control share acquisition provisions, fair price provisions, board classification, cumulative voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Extraordinary transactions (examples: merger, asset sale, liquidation, buyout, joint venture, going private, spinoff, delisting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Capital structure (examples: security issuance, stock split, reverse stock split, dividend buyback, tracking stock, adjustment to par value, authorization of additional stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Compensation (examples: board compensation, executive compensation (other than Section 14A say-on-pay), board or executive anti-hedging, board or executive anti-pledging compensation clawback, 10b5-1 plans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Corporate governance (examples: term limits, board committee issues, size of board, articles of incorporation or bylaws, codes of ethics approval to adjourn, acceptance of minutes, proxy access);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Environment or climate (examples: greenhouse gas (GHG) emissions, transition planning or reporting, biodiversity or ecosystem risk, chemical footprint, renewable energy or energy efficiency, water issues, waste or pollution, deforestation or land use, say-on-climate, environmental justice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Human rights or human capital/workforce (examples: workforce-related mandatory arbitration, supply chain exposure to human rights risks, outsourcing or outsourcing workplace sexual harassment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. Diversity, equity, and inclusion (examples: board diversity, pay gap);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. Other social issues (examples: lobbying, political or charitable activities, data privacy, responsible tax policies, consumer protection): or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. Oher (along with a brief description)

&nbsp;&nbsp;&nbsp;&nbsp;h. For reports filed by Funds, disclosure whether the matter was proposed by the issuer or by a security holder;

&nbsp;&nbsp;&nbsp;&nbsp;i. The number of shares that were voted with the number zero ("0") entered if no shares were voted;

&nbsp;&nbsp;&nbsp;&nbsp;j. The number of shares that the reporting person loaned and did not recall;

&nbsp;&nbsp;&nbsp;&nbsp;k. How the shares in paragraph (i) were voted (e.g., for or against proposal, or abstain; for or withhold regarding election of directors) and if the votes were cast in multiple manners (e.g., for and against), the number of shares voted in each manner;

&nbsp;&nbsp;&nbsp;&nbsp;l. Whether the votes disclosed in paragraph (k) represented votes for or against management's recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;m. If applicable, identify each Institutional Manager on whose behalf this Form N-PX report is being files (other than the reporting peon filing the report) that exercised voting power over the security by entering the number assigned to the Institutional Manager on the Summary Page;

&nbsp;&nbsp;&nbsp;&nbsp;n. If applicable, identify the Series that was eligible to vote the security b providing the Series identification number listed on the Summary Page and

&nbsp;&nbsp;&nbsp;&nbsp;o. Any other information the reporting person would like to provide about the matter or how it voted.

<u>FIRST AMERICAN FUNDS TRUST</u>

Part C - Other Information.

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| | | |
|:---|:---|:---|
| <u><u>Item 28.</u></u> |  | <u><u>Exhibits</u></u> |
| The following Exhibits are filed as part of the Registrant's Registration Statement: | The following Exhibits are filed as part of the Registrant's Registration Statement: | The following Exhibits are filed as part of the Registrant's Registration Statement: |
| (a) | (1) | Third Amended and Restated Declaration of Trust (the "Declaration of Trust") dated May 11, 2026 - Filed herewith. |
| (b) |  | [Amended and Restated Bylaws (the "Bylaws") dated January 13, 2022 (Incorporated by reference to Exhibit (b) to Pre-Effective Amendment No. 2 to the Registration Statement of Registrant, filed on January 18, 2022 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710122000034/faf220040_ex-b.htm) |
| (c) |  | Not Applicable. |
| (d) | (1) | [Investment Advisory Contract between the Registrant and U.S. Bancorp Asset Management, Inc. (the "Adviser") dated November 15, 2021 (Incorporated by reference to Exhibit (d)(1) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exd-1.htm) |
|  | (2) | Amended Exhibit A to Investment Advisory Agreement – to be filed by amendment. |
|  | (3) | [Expense Limitation Agreement between the Registrant and Adviser dated September 10, 2025 (Incorporated by reference to Exhibit (d)(2) to Post-Effective Amendment No. 6 to the Registration Statement of the Registrant, filed on November 14, 2025 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/0001890141/000089710125000609/faf250946_ex-d2.htm) |
|  | (4) | Expense Limitation Agreement between the Registrant and Adviser dated [ ], 2026 – to be filed by amendment. |
| (e) | (1) | [Distribution Agreement between the Registrant, Quasar Distributors, LLC and the Adviser dated December 21, 2021 (Incorporated by reference to Exhibit (e)(1) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exe-1.htm) |
|  | (2) | [Amendment No.1 to the Distribution Agreement between the Registrant and Adviser dated November 1, 2023 (Incorporated by reference to Exhibit (e)(2) to Post-Effective Amendment No. 2 to the Registration Statement of Registrant, filed on December 22, 2023 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710123000552/faf231236_ex-e2.htm) |
|  | (3) | [Amendment No. 2 to the Distribution Agreement between the Registrant and Adviser dated March 4, 2025 (Incorporated by reference to Exhibit (e)(3) to Post-Effective Amendment No. 5 to the Registration Statement of Registrant, filed on March 20, 2025 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710125000164/faf250207_ex-e3.htm) |
|  | (4) | Amendment No. 3 to the Distribution Agreement between the Registrant and Adviser dated [ ], 2026 – to be filed by amendment. |

---

(5) [Form of Dealer Agreement (Incorporated by reference to Exhibit (e)(2) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exe-2.htm)

(f) Not Applicable.

(g) (1) [Custody Agreement between the Registrant and U.S. Bank National Association dated November 15, 2021 (Incorporated by reference to Exhibit (g)(1) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exg-1.htm)

(2) [Custody Agreement Schedule Amendment between the Registrant and U.S. Bank National Association dated June 13, 2023 (Incorporated by reference to Exhibit (g)(2) to Pre-Effective Amendment No. 3 to the Registration Statement of Registrant, filed on June 15, 2023 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710123000249/faf230597_ex-g2.htm)

(3) [Custody Agreement Amendment between the Registrant and U.S. Bank National Association dated November 1, 2023 (Incorporated by reference to Exhibit (g)(3) to Post-Effective Amendment No. 2 to the Registration Statement of Registrant, filed on December 22, 2023 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710123000552/faf231236_ex-g3.htm)

(4) Custody Agreement Schedule Amendment between the Registrant and U.S. Bank National Association dated [ ], 2026 – to be filed by amendment.

(h) (1) [Administration Agreement between the Registrant and the Adviser dated November 15, 2021 (Incorporated by reference to Exhibit (h)(1) to Pre- Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exh-1.htm)

(2) [Sub-Administration Agreement between the Adviser and U.S. Bancorp Fund Services, LLC dated November 15, 2021 (Incorporated by reference to Exhibit (h)(2) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exh-2.htm)

(3) [Sub-Administration Agreement Addendum between the Adviser and U.S. Bancorp Fund Services, LLC dated November 27, 2023 (Incorporated by reference to Exhibit (h)(4) to Post-Effective Amendment No. 2 to the Registration Statement of Registrant, filed on December 22, 2023 (File Nos. 333-26027 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710123000552/faf231236_ex-h4.htm)

(4) [Transfer Agent and Shareholder Servicing Agreement between the Registrant, U.S. Bancorp Fund Services, LLC, and the Adviser dated November 15, 2021 (Incorporated by reference to Exhibit (h)(3) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exh-3.htm)

(5) [Transfer Agent and Shareholder Servicing Agreement Amendment between the Registrant, U.S. Bancorp Fund Services, LLC and the Adviser dated June 13, 2023 (Incorporated by reference to Exhibit (h)(6) to Post-Effective Amendment No. 2 to the Registration Statement of Registrant, filed on December 22, 2023 (File Nos. 333-26027 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710123000552/faf231236_ex-h6.htm)

(6) Transfer Agent and Shareholder Servicing Agreement Amendment between the Registrant, U.S. Bancorp Fund Services, LLC and the Adviser dated [ ], 2026 – to be filed by amendment.

(7) [Shareholder Service Plan and Agreement between the Registrant and the Adviser dated November 15, 2021 (Incorporated by reference to Exhibit (h)(4) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exh-4.htm)

(i) Opinion
 and Consent of Ropes & Gray LLP – to be filed by amendment.

(j) Consent of Independent Registered Public Accounting Firm – to be filed by amendment.

(k) Not Applicable.

(l) (1) [Initial Capital Agreement (Incorporated by reference to Exhibit (l) to Pre-Effective Amendment No. 2 to the Registration Statement of Registrant, filed on January 18, 2022 (File Nos. 333-260527 and 811-23751).](https://www.sec.gov/Archives/edgar/data/1890141/000089710122000034/faf220040_ex-l.htm)

(2) Initial Capital Agreement with respect to Treasury Reserve Fund – to be filed by amendment.

(m) (1) [Distribution and Service Plan dated November 15, 2021, for Class A and Class D shares (Incorporated by reference to Exhibit (m)(1) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exm-1.htm)

(2) [Form of Rule 12b-1 Fee Agreement (Incorporated by reference to Exhibit (m)(2) to Pre-Effective Amendment No. 1 to the Registration Statement of Registrant, filed on December 21, 2021 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710121001016/faf211489_exm-2.htm)

(n) [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 dated June 10, 2025 (Incorporated by reference to Exhibit (n) to Post-Effective Amendment No. 6 to the Registration Statement of the Registrant, filed on November 14, 2025 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/0001890141/000089710125000609/faf250946_ex-n.htm)

(o) Reserved.

(p) (1) [First American Funds Trust Code of Ethics adopted under Rule 17j-1 of the Investment Company Act of 1940 and Section 406 of the Sarbanes-Oxley Act (Incorporated by reference to Exhibit (p)(1) to Post-Effective Amendment No. 3 to the Registration Statement of Registrant, filed on December 20, 2024 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/1890141/000089710124000630/faf241269_ex-p1.htm)

(q) [Other Exhibits: Power of Attorney dated September 9, 2025 (Incorporated by reference to Exhibit (q) to Post-Effective Amendment No. 6 to the Registration Statement of the Registrant, filed on November 14, 2025 (File Nos. 333-260527 and 811-23751)).](https://www.sec.gov/Archives/edgar/data/0001890141/000089710125000609/faf250946_ex-q.htm)

---

| | |
|:---|:---|
| Item 29. | Persons Controlled by or Under Common Control with Registrant. |
|  | No such persons. |

---

Item 30. Indemnification. <br>

Article Five of the Bylaws of Registrant provides that Registrant shall indemnify each of its trustees and officers (including persons who serve at Registrant's request as directors, officers or trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise) who are not employees or officers of any investment adviser to Registrant or any affiliated person thereof and its chief compliance officer, regardless of whether such person is an employee or officer of any investment adviser to Registrant or any affiliated person thereof, and each of its other trustees and officers (including persons who serve at Registrant's request as directors, officers or trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise) (i.e., those who are employees or officers of any investment adviser to Registrant or any affiliated person thereof) (Covered Persons), to the fullest extent authorized by applicable law against all liabilities and expenses in connection with the defense or disposition of any proceeding in which such Covered Person may be or may have been involved or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of any alleged act or omission as a trustee or officer or by reason of his or her being or having been such a Covered Person, all as more fully set forth in the Bylaws, which are filed as an exhibit to the registration statement.

Section 17(h) of the Investment Company Act of 1940 (1940 Act) provides that no instrument pursuant to which Registrant is organized or administered shall contain any provision which protects or purports to protect any trustee or officer of Registrant against any liability to Registrant or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

The Registrant's Declaration of Trust provides that nothing in the Declaration of Trust shall protect any trustee or officer against any liabilities to the Registrant or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office or position with or on behalf of the Registrant and the Registrant's Bylaws provides that no indemnification will be made in violation of the provisions of the 1940 Act.

The Registrant may be party to other contracts that include indemnification provisions for the benefit of the Registrant's trustees and officers.

The trustees and officers of the Registrant and the personnel of the Registrant's investment adviser are insured under an errors and omissions liability insurance policy. Registrant's investment adviser, U.S. Bancorp Asset Management, Inc., maintains investment advisory professional liability insurance to insure it, for the benefit of Registrant and its non-interested trustees, against loss arising out of any effort, omission, or breach of any duty owed to Registrant or any series of Registrant by U.S. Bancorp Asset Management, Inc.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of Investment Adviser.

Information on the business of the Registrant's investment adviser, U.S. Bancorp Asset Management, Inc. (the "Manager"), is described in the section of each series' Statement of Additional Information, filed as part of this Registration Statement, entitled "Investment Advisory and Other Services." The directors and officers of the Manager are listed below, together with their principal occupation or other positions of a substantial nature during the past two fiscal years.

---

| | |
|:---|:---|
| <u>**<u>Name and Address</u>**</u> | <u>**<u>Principal Occupation(s) During the Past Two Years</u>**</u> |
| Eric J. Thole | Chief Executive Officer and President, U.S. Bancorp Asset Management, |
| U.S. Bancorp Asset Management, Inc. | Inc.; Director, U.S. Bancorp Asset Management, Inc.; prior to September 2024, |
| 800 Nicollet Mall | President, FAF |
| Minneapolis, MN 55402 |  |
| James D. Palmer | Chief Investment Officer, U.S. Bancorp Asset Management, Inc.; |
| U.S. Bancorp Asset Management, Inc. | Director, U.S. Bancorp Asset Management, Inc.; President, FAF, |
| 800 Nicollet Mall | since September 2024 and, prior thereto, Vice President, FAF |
| Minneapolis, MN 55402 |  |
| Richard J. Ertel | Director, Chief Counsel and Secretary, U.S. Bancorp Asset Management, Inc.; |
| U.S. Bancorp Asset Management, Inc. | Secretary, FAF |
| 800 Nicollet Mall |  |
| Minneapolis, MN 55402 |  |
| Jill M. Stevenson | Head of Operations, U.S. Bancorp Asset Management, Inc.; |
| U.S. Bancorp Asset Management, Inc. | Treasurer, FAF |
| 800 Nicollet Mall |  |
| Minneapolis, MN 55402 |  |
| Scott F. Cloutier | Senior Corporate Counsel, U.S. Bancorp Asset Management, Inc.; |
| U.S. Bancorp Asset Management, Inc. | Assistant Secretary, FAF |
| 800 Nicollet Mall |  |
| Minneapolis, MN 55402 |  |
| Leo J. Karwejna | Chief Compliance Officer, U.S. Bancorp Asset Management, Inc. since |
| U.S. Bancorp Asset Management, Inc. | March 2024, and PFM Asset Management LLC through October 2024 |
| 800 Nicollet Mall |  |
| Minneapolis, MN 55402 |  |

---

Item 32. Principal Underwriters. <br>

(a) Registrant's distributor, Quasar Distributors, LLC (the "Distributor")
 acts as principal underwriter and distributor for the following investment companies: AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series
 Solutions<br>
 AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions<br>
 AAM Crescent CLO ETF, Series of ETF Series Solutions<br>
 AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions<br>
 AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions<br>
 AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions<br>
 AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions<br>
 AAM SLC Low Duration Income ETF, Series of ETF Series Solutions<br>
 AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions<br>
 AAM Transformers ETF, Series of ETF Series Solutions<br>
 Abacus FCF ETF Trust<br>
 Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.<br>
 Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.<br>
 Acquirers Deep Value ETF, Series of ETF Series Solutions<br>
 Adara Smaller Companies Fund, Series of The RBB Fund, Inc.<br>
 Advisor Managed Portfolios<br>
 Allied Asset Advisors Funds<br>
 Angel Oak Funds Trust<br>
 Angel Oak Strategic Credit Fund<br>
 Antares Private Credit Fund<br>
 Aptus April Buffer, Series of ETF Series Solutions<br>
 Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions<br>
 Aptus Deferred Income ETF, Series of ETF Series Solutions<br>
 Aptus Defined Risk ETF, Series of ETF Series Solutions<br>
 Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions<br>
 Aptus Enhanced Yield ETF, Series of ETF Series Solutions<br>
 Aptus International Enhanced Yield ETF, Series of ETF Series Solutions<br>
 Aptus January Buffer ETF, Series of ETF Series Solutions<br>
 Aptus July Buffer ETF, Series of ETF Series Solutions<br>
 Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions<br>
 Aptus Large Cap Upside ETF, Series of ETF Series Solutions<br>
 Aptus October Buffer ETF, Series of ETF Series Solutions<br>
 Aquarius International Fund, Series of The RBB Fund, Inc.<br>
 ATAC Rotation Fund, Series of Managed Portfolio Series<br>
 Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions<br>
 Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions<br>
 Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions<br>
 Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.<br>
 Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.<br>
 Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.<br>
 Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.<br>
 Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.<br>
 Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers<br>
 Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers<br>
 Brookfield Infrastructure Income Fund Inc.<br>
 Brookfield Investment Funds<br>
 BTD Capital Fund, Series of ETF Series Solutions<br>
 Buffalo Funds<br>
 Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.<br>
 Capital Advisors Growth Fund, Series of Advisors Series Trust<br>
 Carbon Strategy ETF, Series of ETF Series Solutions<br>
 Chase Growth Fund, Series of Advisors Series Trust<br>
 ClearShares OCIO ETF, Series of ETF Series Solutions<br>
 ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions<br>
 ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions<br>
 Core Alternative ETF, Series of Listed Funds Trust<br>
 Colterpoint Net Lease Real Estate ETF, Series of ETF Series Solutions<br>
 CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers<br>
 CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers<br>
 CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers<br>
 CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers<br>
 Davidson Multi Cap Equity Fund, Series of Advisors Series Trust<br>
 Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers<br>
 Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions<br>
 Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions<br>
 Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions<br>
 DoubleLine Funds Trust<br>
 Edgar Lomax Value Fund, Series of Advisors Series Trust<br>
 ETFB Green SRI REITs ETF, Series of ETF Series Solutions<br>
 F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.<br>
 F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.<br>
 F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.<br>
 F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.<br>
 F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.<br>
 F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.<br>
 F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.<br>
 F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.<br>
 F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.<br>
 F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.<br>
 F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.<br>
 F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.<br>
 First American Funds Trust<br>
 FundX Investment Trust<br>
 Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios<br>
 Harding, Loevner Funds, Inc.<br>
 Hennessy Funds Trust<br>
 Hood River Emerging Markets Fund, Series of Manager Directed Portfolios<br>
 Hood River International Opportunity Fund, Series of Manager Directed Portfolios<br>
 Hood River New Opportunities Fund, Series of Manager Directed Portfolios<br>
 Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios<br>
 Horizon Funds<br>
 Hotchkis & Wiley Funds<br>
 Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions<br>
 Hoya Capital Housing ETF, Series of ETF Series Solutions<br>
 Huber Large Cap Value Fund, Series of Advisors Series Trust<br>
 Huber Mid Cap Value Fund, Series of Advisors Series Trust<br>
 Huber Select Large Cap Value Fund, Series of Advisors Series Trust<br>
 Huber Small Cap Value Fund, Series of Advisors Series Trust<br>
 Intrepid Capital Management Funds Trust<br>
 Jacob Funds Inc.<br>
 Jensen Global Quality Growth Fund, Series of Trust for Professional Managers<br>
 Jensen Quality MidCap Fund, Series of Trust for Professional Managers<br>
 Kensington Active Advantage Fund, Series of Managed Portfolio Series<br>
 Kensington Defender Fund, Series of Managed Portfolio Series<br>
 Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series<br>
 Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series<br>
 Kensington Managed Income Fund, Series of Managed Portfolio Series<br>
 Kirr, Marbach Partners Funds, Inc.<br>
 Leuthold Core ETF, Series of Managed Portfolio Series<br>
 Leuthold Core Investment Fund, Series of Managed Portfolio Series<br>
 Leuthold Global Fund, Series of Managed Portfolio Series<br>
 Leuthold Grizzly Short Fund, Series of Managed Portfolio Series<br>
 Leuthold Select Industries ETF, Series of Managed Portfolio Series<br>
 LHA Market State Tactical Beta ETF, Series of ETF Series Solutions<br>
 LHA Market State Tactical Q ETF, Series of ETF Series Solutions<br>
 LHA Risk-Managed Income ETF, Series of ETF Series Solutions<br>
 LK Balanced Fund, Series of Managed Portfolio Series<br>
 LKCM Funds<br>
 LoCorr Investment Trust<br>
 Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust<br>
 MainGate Trust<br>
 Mason Capital Fund Trust<br>
 Matrix Advisors Funds Trust<br>
 McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions<br>
 Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust<br>
 Medalist Partners Short Duration Fund, Series of Advisors Series Trust<br>
 Monetta Trust<br>
 Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.<br>
 Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.<br>
 Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.<br>
 Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.<br>
 Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.<br>
 Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.<br>
 Motley Fool Next Index ETF, Series of The RBB Fund, Inc.<br>
 Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.<br>
 Motley Food Value Factor ETF, Series of The RBB Fund, Inc.<br>
 MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.<br>
 Muhlenkamp Fund, Series of Managed Portfolio Series<br>
 Nicholas Equity Income Fund, Inc.<br>
 Nicholas Fund, Inc.<br>
 Nicholas II, Inc.<br>
 Nicholas Limited Edition, Inc.<br>
 Nuance Concentrated Value Fund, Series of Managed Portfolio Series<br>
 Nuance Mid Cap Value Fund, Series of Managed Portfolio Series<br>
 Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.<br>
 Oaktree Diversified Income Fund Inc.<br>
 Olstein All Cap Value Fund, Series of Managed Portfolio Series Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series<br>
 Optimized Equity Income ETF, Series of Listed Funds Trust<br>
 Opus Small Cap Value ETF, Series of ETF Series Solutions<br>
 O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust<br>
 Permanent Portfolio Family of Funds<br>
 Perritt Funds, Inc.<br>
 PIA BBB Bond Fund, Series of Advisors Series Trust<br>
 PIA High Yield (MACS) Fund, Series of Advisors Series Trust<br>
 PIA High Yield Fund, Series of Advisors Series Trust<br>
 PIA MBS Bond Fund, Series of Advisors Series Trust<br>
 PIA Short-Term Securities Fund, Series of Advisors Series Trust<br>
 Poplar Forest Cornerstone Fund, Series of Advisors Series Trust<br>
 Poplar Forest Partners Fund, Series of Advisors Series Trust<br>
 Port Street Quality Growth Fund, Series of Managed Portfolio Series<br>
 Procure ETF Trust II<br>
 Professionally Managed Portfolios<br>
 Prospector Capital Appreciation Fund, Series of Managed Portfolio Series<br>
 Prospector Opportunity Fund, Series of Managed Portfolio Series<br>
 Prospector Funds, Inc.<br>
 Provident Mutual Funds, Inc.<br>
 Pzena Emerging Markets Value Fund, Series of Advisors Series Trust<br>
 Pzena International Small Cap Value Fund, Series of Advisors Series Trust<br>
 Pzena International Value Fund, Series of Advisors Series Trust<br>
 Pzena Mid Cap Value Fund, Series of Advisors Series Trust<br>
 Pzena Small Cap Value Fund, Series of Advisors Series Trust<br>
 RBC Funds Trust<br>
 Reinhart Genesis PMV Fund, Series of Managed Portfolio Series<br>
 Reinhart International PMV Fund, Series of Managed Portfolio Series<br>
 Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series<br>
 Reverb ETF, Series of Advisors Series Trust<br>
 RiverPark Strategic Income Fund, Series of Trust for Professional Managers<br>
 RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust<br>
 RJ Eagle Municipal Income ETF, Series of Carillon Series Trust<br>
 RJ Eagle Vertical Income ETF, Series of Carillon Series Trust<br>
 Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers<br>
 Rockefeller Municipal Opportunities Fund<br>
 Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers<br>
 SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios<br>
 SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios<br>
 Scharf ETF, Series of Advisors Series Trust<br>
 Scharf Global Opportunity ETF, Series of Advisors Series Trust<br>
 Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust<br>
 SEG Partners Long/Short Equity Fund<br>
 Series Portfolios Trust<br>
 SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.<br>
 SGI Enhanced Core ETF, Series of The RBB Fund, Inc.<br>
 SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.<br>
 SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.<br>
 SGI Global Equity Fund, Series of The RBB Fund, Inc.<br>
 SGI Peak Growth Fund, Series of The RBB Fund, Inc.<br>
 SGI Prudent Growth Fund, Series of The RBB Fund, Inc.<br>
 SGI Small Cap Core Fund, Series of The RBB Fund, Inc.<br>
 SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.<br>
 SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.<br>
 Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust<br>
 Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust<br>
 SWP Growth & Income ETF, Series of Manager Directed Portfolios<br>
 Tax-Exempt Private Credit Fund, Inc.<br>
 The Acquirers Fund, Series of ETF Series Solutions<br>
 The Aegis Funds<br>
 The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions<br>
 The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions<br>
 The Glenmede Fund, Inc.<br>
 The GoodHaven Funds Trust<br>
 The Jensen Quality Growth Fund Inc.<br>
 The RBB Fund Trust<br>
 Thompson IM Funds, Inc.<br>
 Tortoise Capital Series Trust<br>
 Tremblant Global ETF, Series of Managed Portfolio Series<br>
 U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions<br>
 U.S. Global JETS ETF, Series of ETF Series Solutions<br>
 U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions<br>
 U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions<br>
 US Vegan Climate ETF, Series of ETF Series Solutions<br>
 USQ Core Real Estate Fund<br>
 Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios<br>
 Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions<br>
 Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions<br>
 Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust<br>
 Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust<br>
 Wall Street EWM Funds Trust<br>
 WPG Partners Select Hedged Fund, Series of The RBB Fund, Inc.<br>
 WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.<br>
 WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

(b) The officers of Quasar Distributors, LLC and their positions or offices with the Registrant are identified in the following table. Unless otherwise noted, the business address for each officer is Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, ME 04101.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>**<u>Name</u>**</u> | &nbsp;&nbsp;**Position and Offices**<br>  **<u>with Underwriter</u>** | &nbsp;&nbsp;**Position and Offices**<br>  **<u>with Registrant</u>** |
| &nbsp;&nbsp;Teresa M.K. Cowan | &nbsp;&nbsp;President and Manager | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Chris Lanza | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Kate Macchia | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Kelly Whetstone | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Susan L. LaFond | &nbsp;&nbsp;Vice President and Chief Compliance Officer and Treasurer | &nbsp;&nbsp;None |

---

(c) Not applicable.

---

| | |
|:---|:---|
| Item 33. | Location of Accounts and Records. |
|  | All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by U.S. Bancorp Asset Management, Inc., 800 Nicollet Mall, Minneapolis, Minnesota, 55402, and U.S. Bancorp Fund Services, LLC, 615 E. Michigan Street, Milwaukee, Wisconsin 53202. |

---

Item 34. Management Services. <br>Not applicable.

Item 35. Undertakings. <br>Not applicable.

<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Minneapolis, State of Minnesota, on the 22<sup>nd</sup> day of May, 2026.

---

| | |
|:---|:---|
| FIRST AMERICAN FUNDS TRUST | FIRST AMERICAN FUNDS TRUST |
| By: | /s/ James D. Palmer |
|  | James D. Palmer |
|  | President |

---

Pursuant to the requirements of the 1933 Act, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | &nbsp;&nbsp;<u>Capacity</u> | <u>Date</u> |
| Principal Executive Officer: |  |  |
| By: /s/ James D. Palmer | &nbsp;&nbsp;President | May 22, 2026 |
| James D. Palmer |  |  |
| Principal Financial and Accounting Officer: |  |  |
| By: /s/ Jill M. Stevenson | &nbsp;&nbsp;Treasurer | May 22, 2026 |
| Jill M. Stevenson |  |  |
| By: \* | &nbsp;&nbsp;Trustee | May 22, 2026 |
| David K. Baumgardner |  |  |
| By: \* | &nbsp;&nbsp;Trustee | May 22, 2026 |
| James D. McDonald |  |  |
| By: \* | &nbsp;&nbsp;Trustee | May 22, 2026 |
| Jennifer J. McPeek |  |  |
| By: \* | &nbsp;&nbsp;Trustee | May 22, 2026 |
| Harpreet Saluja |  |  |
| By: \* | &nbsp;&nbsp;Trustee, Chair | May 22, 2026 |
| P. Kelly Tompkins |  |  |

---

\* Richard J. Ertel, by signing his name hereto, does hereby sign this document on behalf of each of the above-named Trustees of First American Funds Trust pursuant to the powers of attorney duly executed by such persons.

---

| | | |
|:---|:---|:---|
| By: /s/ Richard J. Ertel | &nbsp;&nbsp;Attorney-in-Fact | May 22, 2026 |
| Richard J. Ertel |  |  |

---

<u>INDEX TO EXHIBITS</u> 

(a)(2) Third Amended and Restated Declaration of Trust dated May 11, 2026.

## Ex-99.(A)(2)

**Exhibit (a)(2)**

FIRST AMERICAN FUNDS TRUST

THIRD AMENDED AND RESTATED DECLARATION OF TRUST

THIS THIRD AMENDED AND RESTATED DECLARATION OF TRUST made at Boston, Massachusetts, effective on May 11, 2026, by the Trustees hereunder and the holders of shares of beneficial interest issued hereunder and to be issued hereunder as hereinafter provided:

WITNESSETH that

WHEREAS, this Trust was established pursuant to an Agreement and Declaration of Trust dated October 12, 2021, as amended (the "Original Declaration"), to carry on the business of an investment company;

WHEREAS, the Original Declaration was amended and restated as of December 17, 2024 (the "Second Amended Declaration") and was further amended as of December 2, 2025 by amendment no. 1 ("Second Amended Declaration, as amended");

WHEREAS, the Trustees, pursuant to a resolution unanimously adopted at a meeting of the Board of Trustees held on May 11, 2026, determined to amend and restate such Second Amended Declaration, as amended, in its entirety, and hereby certify that this Third Amended and Restated Declaration of Trust has been amended and restated in accordance with the provisions of the Original Declaration;

WHEREAS, the Trustees desire that the beneficial interest in the Trust assets continue to be divided into transferable Shares of beneficial interest (with a par value of $0.00000001 per share) issued in one or more Series; as hereinafter provided;

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities and other assets, which they may from time to time acquire in any manner as Trustee hereunder, IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares in this Trust as hereinafter set forth.

ARTICLE I

Name and Definitions

<u>Section 1</u>. This Trust shall be known as "First American Funds Trust" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

<u>Section 2</u>. <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

(a) "Trust" refers to the Massachusetts business trust established by the Original Declaration;

(b) "Trustees" refers to the persons signatory hereto, so long as they continue in office in accordance with the terms of this Declaration of Trust, and all other persons who may from time to time be duly elected or appointed in accordance with Article IV hereof;

(c) "Shares" means the equal proportionate units of interest into which the beneficial interest in the Trust or in the Trust property belonging to any Series of the Trust or in any class of Shares of the Trust (as the context may require) shall be divided from time to time;

(d) "Shareholder" means a record owner of Shares;

(e) "1940 Act" refers to the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;

(f) The terms "Commission" and "principal underwriter" shall have the meanings given them in the 1940 Act;

(g) "Declaration of Trust" or "Declaration" shall mean this Amended and Restated Agreement and Declaration of Trust, as amended or restated from time to time;

(h) "Bylaws" shall mean the Bylaws of the Trust, as amended from time to time;

(i) "Series Company" refers to the form of registered open-end investment company described in Section 18(f)(2) of the 1940 Act or in any successor statutory provision;

(j) "Series" refers to Series of Shares established and designated under or in accordance with the provisions of Article III;

(k) "Multi-Class Series" refers to Series of Shares established and designated as Multi-Class Series under or in accordance with the provisions of Article III, Section 6; and

(l) The terms "class" and "class of Shares" refer to each class of Shares into which the Shares of any Multi-Class Series may from time to time be divided in accordance with the provisions of Article III.

ARTICLE II

Purpose of Trust

The purpose of the Trust is to engage in the business of a management investment company.

ARTICLE III

Shares

<u>Section 1</u>. <u>Division of Beneficial Interest</u>. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with a par value of $0.00000001 per share. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series or class shall be entitled to receive dividends, when and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. Except as otherwise provided in Section 6 of this Article III with respect to Shares of Multi-Class Series, no Share shall have any priority or preference over any other Share of the same Series with respect to dividends or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 4 hereof. Except as otherwise provided in Section 6 of this Article III with respect to Shares of Multi-Class Series, all dividends and distributions shall be made ratably among all Shareholders of a particular Series from the assets belonging to such Series according to the number of Shares of such Series held of record by such Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares of any particular Series or class into a greater or lesser number of Shares of that Series or class without thereby changing the proportionate beneficial interest of the Shares of that Series or class in the assets belonging to that Series or attributable to that class or in any way affecting the rights of Shares of any other Series or class.

<u>Section 2</u>. <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series and class. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the transfer of Shares of each Series and class and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series and class and as to the number of Shares of each Series and class held from time to time by each.

<u>Section 3</u>. <u>Investments in the Trust</u>. The Trustees shall accept investments in the Trust from such persons and on such terms and for such consideration as they from time to time authorize, and may, at any time and from time to time, charge fees for effecting purchases of Shares at such rates as the Trustees may establish, as and to the extent permitted under the 1940 Act and any rules, regulations or exemptive relief thereunder.

<u>Section 4</u>. <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be personal property giving only the rights provided in this instrument. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the same nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of said deceased Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust, shall have any power to bind personally any Shareholder, nor except as specifically provided herein to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.

<u>Section 5</u>. <u>Power of Trustees to Change Provisions Relating to Shares</u>. Notwithstanding any other provisions of this Declaration of Trust and without limiting the power of the Trustees to amend the Declaration of Trust as provided elsewhere herein, the Trustees shall have the power to amend this Declaration of Trust, at any time and from time to time, in such manner as the Trustees may determine in their sole discretion, without the need for Shareholder action, so as to add to, delete, replace or otherwise modify any provisions relating to the Shares contained in this Declaration of Trust for the purpose of (i) responding to or complying with any regulations, orders, rulings or interpretations of any governmental agency or any laws, now or hereafter applicable to the Trust, or (ii) designating and establishing Series or classes in addition to those established in Section 6 of this Article III; provided that before adopting any such amendment without Shareholder approval the Trustees shall determine that it is consistent with the fair and equitable treatment of all Shareholders. The establishment and designation of any Series of Shares in addition to the Series established and designated in Section 6 of this Article III shall be effective upon either the execution by a majority of the then Trustees of an amendment to this Declaration of Trust, taking the form of a complete restatement or otherwise, or the adoption by vote or written consent of a majority of the then Trustees of a resolution setting forth such establishment and designation and the relative rights and preferences of such Series, or as otherwise provided in such amendment or resolution. The establishment and designation of any class of Shares shall be effective upon either the execution by a majority of the then Trustees of an amendment to this Declaration of Trust or the adoption by vote or written consent of a majority of the then Trustees of a resolution setting forth such establishment and designation and the relative rights and preferences of such class and such eligibility requirements for investment therein as the Trustees may determine, or as otherwise provided in such amendment or resolution.

Without limiting the generality of the foregoing, the Trustees may, without the approval of Shareholders, for the above-stated purposes, amend the Declaration of Trust to:

(a) create one or more Series or classes of Shares (in addition to any Series or classes already existing or otherwise) with such rights and preferences and such eligibility requirements for investment therein as the Trustees shall determine and reclassify any or all outstanding Shares as shares of particular Series or classes in accordance with such eligibility requirements;

(b) amend any of the provisions set forth in paragraphs (a) through (j) of Section 6 of this Article III;

(c) combine one or more Series or classes of Shares into a single Series or class on such terms and conditions as the Trustees shall determine or consolidate, merge or transfer assets of the Trust or a Series as set forth in Article VIII, Section 5;

(d) change or eliminate any eligibility requirements for investment in Shares of any Series or class, including without limitation the power to provide for the issue of Shares of any Series or class in connection with any merger or consolidation of the Trust with another trust or company or any acquisition by the Trust of part or all of the assets of another trust or company;

(e) change the designation of any Series or class of Shares;

(f) change the method of allocating dividends among the various Series and classes of Shares;

(g) allocate any specific assets or liabilities of the Trust or any specific items of income or expense of the Trust to one or more Series or classes of Shares; and

(h) specifically allocate assets to any or all Series of Shares or create one or more additional Series of Shares which are preferred over all other Series of Shares in respect of assets specifically allocated thereto or any dividends paid by the Trust with respect to any net income, however determined, earned from the investment and reinvestment of any assets so allocated or otherwise and provide for any special voting or other rights with respect to such Series or any classes of Shares thereof.

<u>Section 6</u>. <u>Establishment and Designation of Series and Classes</u>. Without limiting the authority of the Trustees set forth in Section 5, inter alia, to establish and designate any further Series or classes or to modify the rights and preferences of any Series or class, the following Series shall be, and are hereby, established and designated:

Government Obligations Fund

Institutional Prime Obligations Fund

Retail Prime Obligations Fund

Retail Tax Free Obligations Fund

Treasury Obligations Fund

Treasury Reserve Fund

U.S. Treasury Money Market Fund

Shares of each Series established in this Section 6 shall have the following rights and preferences relative to Shares of each other Series, and Shares of each class of a Multi-Class Series shall have such rights and preferences relative to other classes of the same Series as are set forth below, together with such other rights and preferences relative to such other classes as are set forth in any resolution of the Trustees establishing and designating such class of Shares:

(a) <u>Assets belonging to Series</u>. Subject to the provisions of paragraph (c) of this Section 6:

All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that Series for all purposes, subject only to the rights of creditors of that Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets belonging to" that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments which are not readily identifiable as belonging to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable, and any General Asset so allocated to a particular Series shall belong to that Series. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes.

(b) <u>Liabilities Belonging to Series</u>. Subject to the provisions of paragraph (c) of this Section 6:

The assets belonging to each particular Series shall be charged solely with the liabilities of the Trust in respect to that Series, the expenses, costs, charges and reserves attributable to that Series, and any general liabilities of the Trust which are not readily identifiable as belonging to any particular Series but which are allocated and charged by the Trustees to and among any one or more of the Series established and designated from time to time in a manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves so charged to a Series are herein referred to as "liabilities belonging to" that Series. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes.

(c) <u>Apportionment of Assets etc. in Case of Multi-Class Series</u>. In the case of any Multi-Class Series, to the extent necessary or appropriate to give effect to the relative rights and preferences of any classes of Shares of such Series, (i) any assets, income, earnings, profits, proceeds, liabilities, expenses, charges, costs and reserves belonging or attributable to that Series may be allocated or attributed to a particular class of Shares of that Series or apportioned among two or more classes of Shares of that Series; and (ii) Shares of any class of such Series may have priority or preference over shares of other classes of such Series with respect to dividends or distributions upon termination of the Trust or of such Series or class or otherwise, provided that no Share shall have any priority or preference over any other Shares of the same class and that all dividends and distributions to Shareholders of a particular class shall be made ratably among all Shareholders of such class according to the number of Shares of such class held of record by such Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be.

(d) <u>Dividends, Distributions, Redemptions and Repurchases</u>. Notwithstanding any other provisions of this Declaration, including, without limitation, Article VI, no dividend or distribution (including, without limitation, any distribution paid upon termination of the Trust or of any Series or class) with respect to, nor any redemption or repurchase of, the Shares of any Series or class shall be effected by the Trust other than from the assets belonging to such Series or attributable to such class, nor shall any Shareholder of any particular Series or class otherwise have any right or claim against the assets belonging to any other Series or attributable to any other class except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series or class.

(i) The
 Trustees shall not be required to adopt, but may at any time adopt, discontinue or amend a practice of seeking to maintain
 the net asset value per Share of the Trust or any Series at a constant amount. If the Trustees have adopted such a practice,
 the Trustees shall have the power to take such measures as are not prohibited by the 1940 Act, so as to maintain the net asset
 value per Share of the Trust or any Series at a constant dollar amount. Further, and without limiting the foregoing provisions
 of this Section 6(d)(1), if for any reason the net income of the Trust or any Series, determined at any time, is a negative
 amount, the Trustees shall have the power with respect to the Trust or that Series (a) to offset each Shareholder's
 pro rata share of such negative amount from the accrued dividend account of such Shareholder, (b) to reduce the number of
 outstanding Shares of the Trust or such Series by reducing the number of Shares in the account of each Shareholder by a pro
 rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income,
 (c) to cause to be recorded on the books of the Trust or such Series an asset account in the amount of such negative net income
 (provided that the same shall thereupon become the property of the Trust or such Series and shall not be paid to any Shareholder),
 which account may be reduced by the amount of dividends declared thereafter upon the outstanding Shares of the Trust or such
 Series on the day such negative net income is experienced, until such asset account is reduced to zero; (d) to combine the
 methods described in clauses (a) and (b) and (c) of this sentence; or (e) to take any other action they deem appropriate,
 in order to cause (or in order to assist in causing) the net asset value per Share of the Trust or such Series to remain at
 a constant amount per outstanding Share immediately after each such determination and declaration. The Trustees shall also
 have the power not to declare a dividend out of net income for the purpose of causing the net asset value per Share to be
 increased. In the event that the Trust or any Series is divided into Classes, the provisions of this Section 6(d)(1), to the
 extent applicable as determined in the sole discretion of the Trustees and consistent with the 1940 Act and other applicable
 law, may be applied to each such Class.

(e) <u>Voting</u>. Notwithstanding any of the other provisions of this Declaration, including, without limitation, Section 1 of Article V. the Shareholders of any particular Series or class shall not be entitled to vote on any matters as to which such Series or class is not affected. On any matter submitted to a vote of Shareholders, all Shares of the Trust then entitled to vote shall, except as otherwise provided in the Bylaws, be voted in the aggregate as a single class without regard to Series or class of Shares, except that (1) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more Series or classes of Shares materially differently, Shares shall be voted by individual Series or class and (2) when the matter affects only the interests of one or more Series or classes, only Shareholders of such Series or classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees.

(f) <u>Equality</u>. Except to the extent necessary or appropriate to give effect to the relative rights and preferences of any classes of Shares of a Multi-Class Series, all the Shares of each particular Series shall represent an equal proportionate interest in the assets belonging to that Series (subject to the liabilities belonging to that Series), and each Share of any particular Series shall be equal to each other Share of that Series. All the Shares of each particular class of Shares within a Multi-Class Series shall represent an equal proportionate interest in the assets belonging to such Series that are attributable to such class (subject to the liabilities attributable to such class), and each Share of any particular class within a Multi-Class Series shall be equal to each other Share of such class.

(g) <u>Fractions</u>. Any fractional Share of a Series or class shall carry proportionately all the rights and obligations of a whole Share of that Series or class, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares (subject to any condition that Shares may be offered for redemption only in such number of Shares, and in full, but not fractional, multiples thereof, as the Trustees may from time to time authorize) and termination of the Trust.

(h) <u>Exchange Privilege</u>. The Trustees shall have the authority to provide that the holders of Shares of any Series or class shall have the right to exchange said Shares for Shares of one or more other Series or classes of Shares in accordance with such requirements and procedures as may be established by the Trustees.

(i) <u>Combination of Series or Classes</u>. Without limiting the authority of the Trustees set forth in Article VIII, Section 5, the Trustees shall have the authority, without the approval of the Shareholders of any Series or class unless otherwise required by applicable law, to combine the assets and liabilities belonging to any two or more Series or attributable to any class into assets and liabilities belonging to a single Series or attributable to a single class.

(j) <u>Elimination of Series or Class</u>. At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees may abolish and rescind the establishment and designation of that Series, either by amending this Declaration of Trust in the manner provided in Section 5 of this Article III for the establishment and designation of Series (if such Series was established and designated by an amendment to this Declaration of Trust), or by vote or written consent of a majority of the then Trustees (if such Series was established and designated by Trustee vote or written consent). At any time that there are no Shares outstanding of any particular class previously established and designated of a Multi- Class Series, the Trustees may abolish that class and rescind the establishment and designation thereof, either by amending this Declaration of Trust in the manner provided in Section 5 of this Article III for the establishment and designation of classes (if such class was established and designated by an amendment to this Declaration of Trust), or by vote or written consent of a majority of the then Trustees (if such class was established and designated by Trustee vote or written consent).

<u>Section 7</u>. <u>Indemnification of Shareholders</u>. In case any Shareholder or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder of the Trust or of a particular Series or class and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of the Series (or attributable to the class) of which he or she is a Shareholder or former Shareholder to be held harmless from and indemnified against all loss and expense arising from such liability.

<u>Section 8</u>. <u>No Preemptive Rights</u>. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

ARTICLE IV

The Trustees

<u>Section 1</u>. <u>Election and Tenure</u>. The number of Trustees constituting the Board shall be as fixed from time to time by a written instrument signed, or by resolution approved at a duly constituted meeting, by at least 66 2/3% of the Trustees. Subject to any retirement policy adopted by the Trustees, each Trustee shall hold office until his or her successor is elected or the Trust terminates, except that (a) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon delivery or a later date specified therein; (b) any Trustee may be removed with or without cause at any time by a written instrument signed by at least 66 2/3% of the other Trustees, specifying the effective date of removal; and (c) if required by Section 16(c) of the 1940 Act, any Trustee may be removed at any meeting of the Shareholders by a vote of at least 66 2/3% of the outstanding Shares. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. Notwithstanding any provision to the contrary contained in this Declaration of Trust, this Section 1 may not be amended to reduce the percentage vote required to change the number of Trustees or to remove a Trustee without the approval of at least 66 2/3% of the Trustees.

<u>Section 2</u>. <u>Effect of Death, Resignation, etc. of a Trustee</u>. The death, declination, resignation, retirement, removal or incapacity of the Trustees, or any of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.

<u>Section 3</u>. <u>Powers</u>. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility including the power to engage in securities transactions of all kinds on behalf of the Trust.

Without limiting the foregoing, the Trustees may adopt Bylaws not inconsistent with this Declaration of Trust providing for the regulation and management of the affairs of the Trust and may amend and repeal them to the extent that such Bylaws do not reserve that right to the Shareholders; they may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number and terminate one or more committees consisting of one or more Trustees which may exercise the powers and authority of the Trustees to the extent that the Trustees determine; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ sub-custodians and to deposit all or any part of such assets in a system or systems for the central handling of securities or with a Federal Reserve Bank, retain a transfer agent or a shareholder servicing agent, or both, to arrange for the listing and trading of Shares on one or more national securities exchanges, as appropriate, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, retain, with respect to Series whose Shares trade on a national securities exchange, one or more market makers, exchange specialists, listing and other agents necessary for the calculation of such Series' intraday indicative value, set record dates for the determination of Shareholders with respect to various matters, and in general delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian or underwriter.

Without limiting the foregoing, the Trustees shall have power and authority:

(a) To invest and reinvest cash, and to hold cash uninvested;

(b) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, write options with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust;

(c) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

(d) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;

(e) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in its own name or in the name of a custodian or sub-custodian or a nominee or nominees or otherwise;

(f) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer of any security which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security held in the Trust;

(g) To join with other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;

(h) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including but not limited to claims for taxes;

(i) To enter into joint ventures, general or limited partnerships and any other combinations or associations;

(j) To borrow funds or other property;

(k) To endorse or guarantee the payment of any notes or other obligations of any person; and to make contracts of guaranty or suretyship, or otherwise assume liability for payment of such notes or other obligations;

(l) To purchase and pay for entirely out of Trust property such insurance as they may deem necessary or appropriate for the conduct of the business of the Trust, including, without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisers, principal underwriters or independent contractors of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person as Trustee, officer, employee, agent, investment adviser, principal underwriter or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against liability; and

(m) To pay pensions as deemed appropriate by the Trustees and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.

The Trustees shall not in any way be bound or limited by any present or future law or custom in regard to investments by Trustees. The Trustees shall not be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder.

<u>Section 4</u>. <u>Payment of Expenses by the Trust</u>. The Trustees are authorized to pay or cause to be paid out of the principal or income of the Trust, or partly out of principal and partly out of income, as they deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, administrators, investment advisers or managers, principal underwriter, auditor, counsel, custodian, transfer agent, shareholder servicing agent, and such other agents or independent contractors, listing fees and expenses, and such other expenses and charges, as the Trustees may deem necessary or proper to incur.

<u>Section 5</u>. <u>Payment of Expenses by Shareholders</u>. The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder, or each Shareholder of any particular Series or class, to pay directly, in advance or arrears, for charges of the Trust's custodian or transfer, shareholder servicing or similar agent, an amount fixed from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

<u>Section 6</u>. <u>Ownership of Assets of the Trust</u>. Title to all of the assets of the Trust shall at all times be considered as vested in the Trustees.

<u>Section 7</u>. <u>Advisory, Management and Distribution Contracts</u>. Subject to such requirements and restrictions as may be set forth in the Bylaws, the Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory and/or management services for the Trust or for any Series or class with any corporation, trust, association or other organization (a "Manager"); and any such contract may contain such other terms as the Trustees may determine, including without limitation, authority for a Manager to determine from time to time without prior consultation with the Trustees what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments. The Trustees may also, at any time and from time to time, contract with a Manager or any other corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or principal underwriter for the Shares, every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may contain such other terms as the Trustees may determine.

The fact that:

(a) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter, distributor or affiliate or agent of or for any corporation, trust, association or other organization, or of or for any parent or affiliate of any organization, with which an advisory or management contract, or principal underwriter's or distributor's contract or transfer, shareholder servicing or other agency contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that

(b) any corporation, trust, association or other organization with which an advisory or management contract or principal underwriter's or distributor's contract, or transfer, shareholder servicing or other agency contract may have been or may hereafter be made also has an advisory or management contract, or principal underwriter's or distributor's contract or transfer, shareholder servicing or other agency contract with one or more other corporations, trusts, associations or other organizations, or has other business or interests shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders.

ARTICLE V

Shareholders' Voting Powers and Meetings

<u>Section 1</u>. <u>Voting Powers</u>. The Shareholders shall have power to vote only (i) for the election of Trustees as provided in Article IV, Section 1, (ii) to the extent provided in Article VIII, Section 8 as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, (iii) with respect to the termination of the Trust or any Series or class to the extent and as provided in Article VIII, Section 4 and (iv) with respect to such additional matters relating to the Trust as may be required by applicable law, including the 1940 Act, this Declaration of Trust, the Bylaws or any registration of the Trust with the Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. The number of votes that each whole or fractional Share shall be entitled to vote as to any matter on which it is entitled to vote shall be as specified in the Bylaws. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. At any time when no Shares of a Series or class are outstanding the Trustees may exercise all rights of Shareholders of that Series or class with respect to matters affecting that Series or class and may with respect to that Series or class take any action required by law, this Declaration of Trust or the Bylaws to be taken by the Shareholders thereof.

<u>Section 2</u>. <u>Voting Power and Meetings</u>. Meetings of the Shareholders may be called by the Trustees for the purpose of electing Trustees as provided in Article IV, Section 1 and for such other purposes as may be prescribed by law, by this Declaration of Trust or by the Bylaws. Meetings of the Shareholders may also be called by the Trustees from time to time for the purpose of taking action upon any other matter deemed by the Trustees to be necessary or desirable. A meeting of Shareholders may be held at any place (or virtually by telephonic or any electronic means) designated by the Trustees. Notice of any meeting of Shareholders, stating the time and place of the meeting, shall be given or caused to be given by the Trustees to each Shareholder by mailing such notice, postage prepaid, at least seven days before such meeting, at the Shareholder's address as it appears on the records of the Trust, or by facsimile or other electronic transmission, at least seven days before such meeting, to the telephone or facsimile number or e-mail or other electronic address most recently furnished to the Trust (or its agent) by the Shareholder. Whenever notice of a meeting is required to be given to a Shareholder under this Declaration of Trust or the Bylaws, a written waiver thereof, executed before or after the meeting by such Shareholder or his attorney thereunto authorized and filed with the records of the meeting, shall be deemed equivalent to such notice.

<u>Section 3</u>. <u>Quorum and Required Vote</u>. Except when a larger quorum is required by law, by the Bylaws or by this Declaration of Trust, 30% of the votes entitled to be cast shall constitute a quorum at a Shareholders' meeting. When any one or more Series or classes is to vote as a single class separate from any other Shares which are to vote on the same matters as a separate class or classes, 30% of the votes entitled to be cast by each such class entitled to vote shall constitute a quorum at a Shareholders' meeting of that class. Any meeting of Shareholders may be adjourned from time to time by a majority of the votes properly cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned within a reasonable time after the date set for the original meeting without further notice. When a quorum is present at any meeting, a majority of the Shares voted shall decide any questions and a plurality shall elect a Trustee, except when a larger vote is required by any provision of this Declaration of Trust or the Bylaws or by law. If any question on which the Shareholders are entitled to vote would adversely affect the rights of any Series or class of Shares, the vote of a majority (or such larger vote as is required as aforesaid) of the Shares of such Series or class which are entitled to vote, voting separately, shall also be required to decide such question.

<u>Section 4</u>. <u>Action by Written Consent</u>. Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Declaration of Trust or by the Bylaws) and holding a majority (or such larger proportion as aforesaid) of the Shares of any Series or class entitled to vote separately on the matter consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

<u>Section 5</u>. <u>Record Dates</u>. For the purpose of determining the Shareholders of any Series or class who are entitled to vote or act at any meeting or any adjournment thereof, the Trustees may from time to time fix a time, which shall be not more than 90 days before the date of any meeting of Shareholders, as the record date for determining the Shareholders of such Series or class having the right to notice of and to vote at such meeting and any adjournment thereof', and in such case only Shareholders of record on such record date shall have such right, notwithstanding any transfer of Shares on the books of the Trust after the record date. For the purpose of determining the Shareholders of any Series or class who are entitled to receive payment of any dividend or of any other distribution, the Trustees may from time to time fix a date, which shall be on or before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series or class having the right to receive such dividend or distribution. Without fixing a record date the Trustees may for voting and/or distribution purposes close the register or transfer books for one or more Series or classes for all or any part of the period prior to a meeting of Shareholders or the payment of a distribution. Nothing in this Section shall be construed as precluding the Trustees from setting different record dates for different Series or classes.

<u>Section 6</u>. <u>Additional Provisions</u>. The Bylaws may include further provisions for Shareholders' votes and meetings and related matters.

ARTICLE VI

Net Income, Distributions, and Redemptions and Repurchases

<u>Section 1</u>. <u>Distributions of Net Income</u>. The Trustees shall each year, or more frequently if they so determine in their sole discretion, distribute to the Shareholders of each Series, in Shares of that Series, cash or otherwise, an amount approximately equal to the net income attributable to the assets belonging to such Series and may from time to time distribute to the Shareholders of each Series, in Shares of that Series, cash or otherwise, such additional amounts, but only from the assets belonging to such Series, as they may authorize. Except as otherwise permitted by paragraph (c) of Section 6 of Article III in the case of Multi-Class Series, all dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders and recorded on the books of the Trust at the date and time of record established for the payment of such dividend or distributions.

The manner of determining net income, income, asset values, capital gains, expenses, liabilities and reserves of any Series or class may from time to time be altered as necessary or desirable in the judgment of the Trustees to conform such manner of determination to any other method prescribed or permitted by applicable law. Net income shall be determined by the Trustees or by such person as they may authorize at the times and in the manner provided in the Bylaws. Determinations of net income of any Series or class and determinations of income, asset value, capital gains, expenses and liabilities made by the Trustees, or by such person as they may authorize, in good faith, shall be binding on all parties concerned. The foregoing sentence shall not be construed to protect any Trustee, officer or agent of the Trust against any liability to the Trust or its security holders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

If, for any reason, the net income of any Series or class determined at any time is a negative amount, the pro rata share of such negative amount allocable to each Shareholder of such Series or class shall constitute a liability of such Shareholder to that Series or class which shall be paid out of such Shareholder's account at such times and in such manner as the Trustees may from time to time determine (x) out of the accrued dividend account of such Shareholder, (y) by reducing the number of Shares of that Series or class in the account of such Shareholder or (z) otherwise.

<u>Section 2</u>. <u>Redemptions and Repurchases</u>. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares and in accordance with such other procedures or methods for redemption as the Trustees may from time to time authorize, and the Trust will pay therefor the net asset value thereof, as determined in accordance with the Bylaws, next determined, provided that, if so authorized by the Trustees, the Trust and any Series may, at any time and from time to time, charge fees for effecting such redemption at such rates as the Trustees may establish as and to the extent permitted under the 1940 Act and any rules, regulations or exemptive relief thereunder. Payment for said Shares shall, except to the extent permitted by the 1940 Act and any applicable exemptive relief therefrom, be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. Thereafter, Shareholders shall have no right of redemption or payment until the Trustees declare the end of the suspension or the suspension terminates or expires pursuant to the 1940 Act or any rules, regulations or exemptive relief thereunder. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made.

The redemption price, less any applicable fees or charges, may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series the Shares of which are being redeemed. The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.

<u>Section 3</u>. <u>Redemptions at the Option of the Trust</u>. The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof: (i) if at such time such Shareholder owns Shares of any Series or class having an aggregate net asset value of less than an amount determined from time to time by the Trustees; (ii) to the extent that such Shareholder owns

Shares equal to or in excess of a percentage determined from time to time by the Trustees of the outstanding Shares of the Trust or of any Series or class; or (iii) upon such conditions as may from time to time be determined by the Trustees.

ARTICLE VII

Compensation and Limitation of Liability of Trustees

<u>Section 1</u>. <u>Compensation</u>. The Trustees as such shall be entitled to reasonable compensation from the Trust; they may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

<u>Section 2</u>. <u>Limitation of Liability</u>. No Trustee, officer, employee or agent of the Trust shall be subject to any liability whatsoever to any person in connection with Trust property or the affairs of the Trust, and no Trustee shall be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, Manager or principal underwriter of the Trust or for the act or omission of any other Trustee. For the sake of clarification and without limiting the foregoing, the appointment, designation or identification of a Trustee as the chairman of the Board, the lead or assistant lead independent Trustee, a member or chairman of a committee of the Board, an expert on any topic or in any area (including an audit committee financial expert) or as having any other special appointment, designation or identification shall not (a) impose on that person any duty, obligation or liability that is greater than the duties, obligations and liabilities imposed on that person as a Trustee in the absence of the appointment, designation or identification or (b) affect in any way such Trustee's rights or entitlement to indemnification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall (x) be held to a higher standard of care by virtue thereof or (y) be limited with respect to any indemnification to which such Trustee would otherwise be entitled. Nothing in this Declaration of Trust, including without limitation anything in this Article VII, Section 2, shall protect any Trustee, officer, employee or agent of the Trust against any liabilities to the Trust or its Shareholders to which he, she or it would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his, her or its office or position with or on behalf of the Trust.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever issued, executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

ARTICLE VIII

Miscellaneous

<u>Section 1</u>. <u>Trustees, Shareholders, etc. Not Personally Liable; Notice</u>. All persons extending credit to, contracting with or having any claim against the Trust or any Series or class shall look only to the assets of the Trust, or, to the extent that the liability of the Trust may have been expressly limited by contract to the assets of a particular Series or attributable to a particular class, only to the assets belonging to the relevant Series or attributable to the relevant class, for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. Nothing in this Declaration of Trust shall protect any Trustee against any liability to which such Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee.

Every note, bond, contract, instrument, certificate or undertaking made or issued on behalf of the Trust by the Trustees, by any officer or officers or otherwise shall give notice that this Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts and shall recite that the same was executed or made by or on behalf of the Trust or by them as Trustee or Trustees or as officer or officers or otherwise and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust or upon the assets belonging to the Series or attributable to the class for the benefit of which the Trustees have caused the note, bond, contract, instrument, certificate or undertaking to be made or issued, and may contain such further recital as he or she or they may deem appropriate, but the omission of any such recital shall not operate to bind any Trustee or Trustees or officer or officers or Shareholders or any other person individually.

<u>Section 2</u>. <u>Trustee's Good Faith Action, Expert Advice, No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

<u>Section 3</u>. <u>Liability of Third Persons Dealing with Trustees</u>. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

<u>Section 4</u>. <u>Termination of Trust, Series or Class</u>. Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by vote of at least 66-2/3% of the Shares of each Series entitled to vote and voting separately by Series, or by the Trustees by written notice to the Shareholders. Any Series or class may be terminated at any time by vote of at least 66-2/3% of the Shares of that Series or class, or by the Trustees by written notice to the Shareholders of that Series or class. Upon termination of the Trust (or any Series or class, as the case may be), after paying or otherwise providing for all charges, taxes, expenses and liabilities belonging, severally, to each Series (or the applicable Series or attributable to the particular class, as the case may be), whether due or accrued or anticipated as may be determined by the Trustees, the Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets belonging, severally, to each Series (or the applicable Series or attributable to the particular class, as the case may be), to distributable form in cash or shares or other securities, or any combination thereof, and distribute the proceeds belonging to each Series (or the applicable Series or attributable to the particular class, as the case may be), to the Shareholders of that Series (or class, as the case may be), as a Series (or class, as the case may be), ratably according to the number of Shares of that Series (or class, as the case may be) held by the several Shareholders on the date of termination.

<u>Section 5</u>. <u>Reorganizations</u>. The Trust, or any one or more Series of the Trust, may, either as the successor, survivor or non-survivor, (1) consolidate or merge with one or more other trusts, series, sub-trusts, partnerships, limited liability companies, associations or corporations organized under the laws of the Commonwealth of Massachusetts or any other state of the United States, to form a consolidated or merged trust, series, sub-trust, partnership, limited liability company, association or corporation under the laws of any state under the laws of which any one of the constituent entities is organized or (2) transfer all or a substantial portion of its assets to one or more other trusts, series, sub-trusts, partnerships, limited liability companies, associations or corporations organized under the laws of the Commonwealth of Massachusetts or any other state of the United States, or have one or more such trusts, series, sub-trusts, partnerships, limited liability companies, associations or corporations transfer all or a substantial portion of its assets to it, any such consolidation, merger or transfer to be upon such terms and conditions as are specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the Trust, or one or more Series, as the case may be, in connection therewith. Unless otherwise required by applicable law, any such consolidation, merger or transfer may be authorized by vote of a majority of the Trustees then in office without the approval of Shareholders of the Trust or relevant Series.

<u>Section 6</u>. <u>Filing of Copies, Reference, Headings</u>. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of the Commonwealth of Massachusetts and with any other governmental office where such filing may from time to time be required. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this instrument, and all expressions like "herein," "hereof" and "hereunder," shall be deemed to refer to this instrument as amended or affected by any such amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or to control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

<u>Section 7</u>. <u>Applicable Law</u>. This Declaration of Trust is made in the Commonwealth of Massachusetts, and it is created under and is to be governed by and construed and administered according to the laws of said Commonwealth. The Trust shall be of the type commonly called a Massachusetts business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

The state and federal courts sitting within the Commonwealth of Massachusetts shall be the sole and exclusive forums for any shareholder (including a beneficial owner of shares) to bring (i) any action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim for breach of a fiduciary duty owed by any Trustee, officer or employee, if any, of the Trust to the Trust or the Trust's shareholders, (iii) any action asserting a claim against the Trust, its Trustees, officers or employees, if any, arising pursuant to any provision of the Massachusetts Business Corporation Act, the Massachusetts Uniform Trust Code, or any federal or state securities law, in each case as amended from time to time, or the Trust's Trust Instrument or Bylaws; or (iv) any action asserting a claim against the Trust, its Trustees, officers or employees, if any, governed by the internal affairs doctrine. If any provision or provisions of this Section shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Section (including, without limitation, each portion of any sentence of this Section containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable), and the application of such provision to other persons or entities and circumstances, shall not in any way be affected or impaired thereby.

<u>Section 8</u>. <u>Claims</u>.

(a) <u>Direct Claims</u>. As used herein, a "direct" shareholder claim shall refer to (i) a claim based upon alleged violations of a shareholder's individual rights independent of any harm to the Trust, including a shareholder's voting rights under Article V, rights to receive a dividend payment as may be declared from time to time, rights to inspect books and records, or other similar rights personal to the shareholder and independent of any harm to the Trust; and (ii) a claim for which an action is provided under the federal securities laws or by state statute. Any other claim asserted by a shareholder, including without limitation any claims purporting to be brought on behalf of the Trust or involving any alleged harm to the Trust, shall be considered a "derivative" claim as used herein. A "derivative" claim does not include any derivative or other claim arising under the U.S. federal securities laws. No shareholder shall have the right to bring or maintain a court action or other proceeding asserting a direct claim against the Trust, the Trustees or officers, if it is a derivative claim per this paragraph a.

(b) <u>Derivative Claims</u>. No shareholder shall have the right to bring or maintain any court action or other proceeding asserting a derivative claim or any claim asserted on behalf of the Trust or involving any alleged harm to the Trust without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the shareholder makes a specific showing that irreparable nonmonetary injury to the Trust would otherwise result. Such demand shall be mailed to the Secretary of the Trust at the Trust's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the shareholder to support the allegations made in the demand. The Trustees shall consider such demand within 90 days of its receipt by the Trust or inform claimants within such time that further review and consideration is required, in which case the Trustees shall have an additional 120 days to respond. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Trust or series or class of Shares, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be binding upon the shareholders.

<u>Section 9</u>. <u>Amendments</u>. This Declaration of Trust may be amended at any time by an instrument in writing signed by a majority of the then Trustees provided notice of such amendment (other than amendments having the purpose of supplying any omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision contained herein, or having any other purpose which is ministerial or clerical in nature) shall be transmitted promptly to Shareholders of record at the close of business on the effective date of such amendment.

<u>Section 10</u>. <u>Addresses</u>. The address of the Trust is 800 Nicollet Mall, Minneapolis, Minnesota 55402. The address of each of the Trustees is 800 Nicollet Mall, Minneapolis, Minnesota 55402. The name and address of the resident agent of the Trust on the date hereof in the Commonwealth of Massachusetts is CT Corporation, 155 Federal Street #700, Boston, MA 02110. Each Trustee may change his or her principal address, and the Trustees may appoint a new or successor resident agent of the Trust, in each case at any time in his, her or their sole discretion.

IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand as of the day first above written.

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| |
|:---|
| /s/ David K Baumgardner |
| David K. Baumgardner, Trustee |
| /s/ James D. McDonald |
| James D. McDonald, Trustee |
| /s/ Jennifer J. McPeek |
| Jennifer J. McPeek, Trustee |
| /s/ Harpreet Saluja |
| Harpreet Saluja, Trustee |
| /s/ P. Kelly Tompkins |
| P. Kelly Tompkins, Trustee and Chair |
| Registered Agent: |
| CT Corporation |
| 155 Federal Street #7 |
| Boston, MA 02110 |

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