# EDGAR Filing Document

**Accession Number:** 0001890141
**File Stem:** 0001133228-25-011656
**Filing Date:** 2025-11
**Character Count:** 452131
**Document Hash:** d292b12cffb5452e2751ff50c4b7a8d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011656.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001133228-25-011656

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23751
- **FILM NUMBER:** 251443836

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

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

## Series and Classes Contracts Data

### Government Obligations Fund (Series ID: S000074975)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233532 | Class P      | FPPXX           |
| C000233533 | Class T      | FTGXX           |
| C000233534 | Class A      | FAAXX           |
| C000233535 | Class D      | FGDXX           |
| C000233536 | Class U      | FGUXX           |
| C000233537 | Class X      | FGXXX           |
| C000233538 | Class Y      | FGVXX           |
| C000233539 | Class Z      | FGZXX           |
| C000233540 | Class V      | FVIXX           |

### Institutional Prime Obligations Fund (Series ID: S000074976)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233541 | Class Z      | FPZXX           |
| C000233542 | Class Y      | FAIXX           |
| C000233543 | Class T      | FIUXX           |
| C000233544 | Class V      | FPIXX           |

### Retail Prime Obligations Fund (Series ID: S000074977)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233545 | Class T      | FEIXX           |
| C000233546 | Class Z      | FZRXX           |
| C000233547 | Class Y      | FYRXX           |
| C000233548 | Class X      | FXRXX           |
| C000233549 | Class V      | FPUXX           |
| C000233550 | Class A      | FAPXX           |

### Retail Tax Free Obligations Fund (Series ID: S000074978)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233551 | Class T      | FTJXX           |
| C000233552 | Class V      | FHIXX           |
| C000233553 | Class Y      | FFCXX           |
| C000233554 | Class Z      | FTZXX           |
| C000233555 | Class A      | FTAXX           |

### Treasury Obligations Fund (Series ID: S000074979)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233556 | Class D      | FTDXX           |
| C000233557 | Class P      | FUPXX           |
| C000233558 | Class T      | FTTXX           |
| C000233559 | Class V      | FLIXX           |
| C000233560 | Class X      | FXFXX           |
| C000233561 | Class Y      | FOCXX           |
| C000233562 | Class A      | FATXX           |
| C000233563 | Class Z      | FUZXX           |

### U.S. Treasury Money Market Fund (Series ID: S000074980)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233564 | Class D      | FODXX           |
| C000233565 | Class T      | FTKXX           |
| C000233566 | Class V      | FUIXX           |
| C000233567 | Class Y      | FOYXX           |
| C000233568 | Class Z      | FOZXX           |
| C000233569 | Class A      | FOEXX           |
| C000259220 | Class X      | FORXX           |

?xml version='1.0' encoding='ASCII'? 2025-07-30192463_FirstAmericanGovernmentObligationsFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23751</u>**

**<u>First American Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>800 Nicollet Mall, Minneapolis, MN 55402</u>**

(Address of principal executive offices) (Zip code)

**<u>Brent G. Smith, 800 Nicollet Mall, Minneapolis, MN 55402</u>**

(Name and address of agent for service)

**<u>800-677-3863</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>August 31</u>**

Date of reporting period: **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the report transmitted
 to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR 270.30e-1)
 is included hereunder.

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class A \| FAAXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $75 | 0.74% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V849

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class D \| FGDXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class D | $61 | 0.60% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V401

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class P \| FPPXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class P | $15 | 0.15% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V237

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class T \| FTGXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class T | $41 | 0.40% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V195

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class U \| FGUXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class U | $12 | 0.12% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V211

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class V \| FVIXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class V | $31 | 0.30% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V443

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class X \| FGXXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class X | $14 | 0.14% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V336

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Y \| FGVXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $46 | 0.45% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V203

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Government Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Z \| FGZXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Z | $18 | 0.18% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $115709272293 |
| **Number of Holdings** | 385 |
| **Net Advisory Fee** | $102311687 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 50.7% |
|  U.S. Treasury Debt  | 23.2% |
|  U.S. Government Agency Debt  | 20.0% |
|  U.S. Government Agency Repurchase Agreements  | 6.2% |
|  Investment Companies  | 0.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund PAGE 1 TSR-AR-31846V567

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| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Institutional Prime** **Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class T \| FIUXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Institutional Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class T | $41 | 0.40% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $1091143544 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $1107873 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 37.7% |
|  Other Repurchase Agreements  | 22.6% |
|  Non-Financial Company Commercial Paper  | 12.7% |
|  Financial Company Commercial Paper  | 8.7% |
|  Non-Negotiable Time Deposits  | 8.3% |
|  Asset Backed Commercial Paper  | 8.2% |
|  Variable Rate Demand Notes  | 2.0% |
|  Liabilities in Excess of Other Assets  | -0.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Institutional Prime Obligations Fund PAGE 1 TSR-AR-31846V732

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| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Institutional Prime** **Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class V \| FPIXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Institutional Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class V | $31 | 0.30% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $1091143544 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $1107873 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 37.7% |
|  Other Repurchase Agreements  | 22.6% |
|  Non-Financial Company Commercial Paper  | 12.7% |
|  Financial Company Commercial Paper  | 8.7% |
|  Non-Negotiable Time Deposits  | 8.3% |
|  Asset Backed Commercial Paper  | 8.2% |
|  Variable Rate Demand Notes  | 2.0% |
|  Liabilities in Excess of Other Assets  | -0.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Institutional Prime Obligations Fund PAGE 1 TSR-AR-31846V435

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---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Institutional Prime** **Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Y \| FAIXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Institutional Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $46 | 0.45% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $1091143544 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $1107873 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 37.7% |
|  Other Repurchase Agreements  | 22.6% |
|  Non-Financial Company Commercial Paper  | 12.7% |
|  Financial Company Commercial Paper  | 8.7% |
|  Non-Negotiable Time Deposits  | 8.3% |
|  Asset Backed Commercial Paper  | 8.2% |
|  Variable Rate Demand Notes  | 2.0% |
|  Liabilities in Excess of Other Assets  | -0.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Institutional Prime Obligations Fund PAGE 1 TSR-AR-31846V104

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---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Institutional Prime** **Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Z \| FPZXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Institutional Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Z | $20 | 0.20% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $1091143544 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $1107873 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 37.7% |
|  Other Repurchase Agreements  | 22.6% |
|  Non-Financial Company Commercial Paper  | 12.7% |
|  Financial Company Commercial Paper  | 8.7% |
|  Non-Negotiable Time Deposits  | 8.3% |
|  Asset Backed Commercial Paper  | 8.2% |
|  Variable Rate Demand Notes  | 2.0% |
|  Liabilities in Excess of Other Assets  | -0.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Institutional Prime Obligations Fund PAGE 1 TSR-AR-31846V625

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| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Prime Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class A \| FAPXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $76 | 0.75% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $4006244792 |
| **Number of Holdings** | 183 |
| **Net Advisory Fee** | $3381932 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Other Repurchase Agreements  | 23.1% |
|  Financial Company Commercial Paper  | 23.0% |
|  U.S. Treasury Repurchase Agreements  | 20.0% |
|  Asset Backed Commercial Paper  | 11.9% |
|  Non-Negotiable Time Deposits  | 8.6% |
|  Certificates of Deposit  | 7.2% |
|  Non-Financial Company Commercial Paper  | 5.3% |
|  Other Instruments  | 1.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Prime Obligations Fund PAGE 1 TSR-AR-31846V310

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---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Prime Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class T \| FEIXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class T | $41 | 0.40% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $4006244792 |
| **Number of Holdings** | 183 |
| **Net Advisory Fee** | $3381932 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Other Repurchase Agreements  | 23.1% |
|  Financial Company Commercial Paper  | 23.0% |
|  U.S. Treasury Repurchase Agreements  | 20.0% |
|  Asset Backed Commercial Paper  | 11.9% |
|  Non-Negotiable Time Deposits  | 8.6% |
|  Certificates of Deposit  | 7.2% |
|  Non-Financial Company Commercial Paper  | 5.3% |
|  Other Instruments  | 1.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Prime Obligations Fund PAGE 1 TSR-AR-31846V294

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| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Prime Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class V \| FPUXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class V | $31 | 0.30% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $4006244792 |
| **Number of Holdings** | 183 |
| **Net Advisory Fee** | $3381932 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Other Repurchase Agreements  | 23.1% |
|  Financial Company Commercial Paper  | 23.0% |
|  U.S. Treasury Repurchase Agreements  | 20.0% |
|  Asset Backed Commercial Paper  | 11.9% |
|  Non-Negotiable Time Deposits  | 8.6% |
|  Certificates of Deposit  | 7.2% |
|  Non-Financial Company Commercial Paper  | 5.3% |
|  Other Instruments  | 1.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Prime Obligations Fund PAGE 1 TSR-AR-31846V260

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---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Prime Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class X \| FXRXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class X | $14 | 0.14% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $4006244792 |
| **Number of Holdings** | 183 |
| **Net Advisory Fee** | $3381932 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Other Repurchase Agreements  | 23.1% |
|  Financial Company Commercial Paper  | 23.0% |
|  U.S. Treasury Repurchase Agreements  | 20.0% |
|  Asset Backed Commercial Paper  | 11.9% |
|  Non-Negotiable Time Deposits  | 8.6% |
|  Certificates of Deposit  | 7.2% |
|  Non-Financial Company Commercial Paper  | 5.3% |
|  Other Instruments  | 1.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Prime Obligations Fund PAGE 1 TSR-AR-31846V245

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---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Prime Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Y \| FYRXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $46 | 0.45% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $4006244792 |
| **Number of Holdings** | 183 |
| **Net Advisory Fee** | $3381932 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Other Repurchase Agreements  | 23.1% |
|  Financial Company Commercial Paper  | 23.0% |
|  U.S. Treasury Repurchase Agreements  | 20.0% |
|  Asset Backed Commercial Paper  | 11.9% |
|  Non-Negotiable Time Deposits  | 8.6% |
|  Certificates of Deposit  | 7.2% |
|  Non-Financial Company Commercial Paper  | 5.3% |
|  Other Instruments  | 1.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Prime Obligations Fund PAGE 1 TSR-AR-31846V286

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| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Prime Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Z \| FZRXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Prime Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Z | $20 | 0.20% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $4006244792 |
| **Number of Holdings** | 183 |
| **Net Advisory Fee** | $3381932 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Other Repurchase Agreements  | 23.1% |
|  Financial Company Commercial Paper  | 23.0% |
|  U.S. Treasury Repurchase Agreements  | 20.0% |
|  Asset Backed Commercial Paper  | 11.9% |
|  Non-Negotiable Time Deposits  | 8.6% |
|  Certificates of Deposit  | 7.2% |
|  Non-Financial Company Commercial Paper  | 5.3% |
|  Other Instruments  | 1.7% |
|  Liabilities in Excess of Other Assets  | -0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Prime Obligations Fund PAGE 1 TSR-AR-31846V278

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---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Tax Free Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class A \| FTAXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Tax Free Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $76 | 0.75% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $362613996 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $284838 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Variable Rate Demand Notes  | 72.8% |
|  Non-Financial Company Commercial Paper  | 16.3% |
|  Other Municipal Securities  | 11.5% |
|  Liabilities in Excess of Other Assets  | -0.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Tax Free Obligations Fund PAGE 1 TSR-AR-31846V872

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Tax Free Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class T \| FTJXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Tax Free Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class T | $41 | 0.40% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $362613996 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $284838 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Variable Rate Demand Notes  | 72.8% |
|  Non-Financial Company Commercial Paper  | 16.3% |
|  Other Municipal Securities  | 11.5% |
|  Liabilities in Excess of Other Assets  | -0.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Tax Free Obligations Fund PAGE 1 TSR-AR-31846V187

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Tax Free Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class V \| FHIXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Tax Free Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class V | $30 | 0.30% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $362613996 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $284838 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Variable Rate Demand Notes  | 72.8% |
|  Non-Financial Company Commercial Paper  | 16.3% |
|  Other Municipal Securities  | 11.5% |
|  Liabilities in Excess of Other Assets  | -0.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Tax Free Obligations Fund PAGE 1 TSR-AR-31846V427

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Tax Free Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Y \| FFCXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Tax Free Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $46 | 0.45% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $362613996 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $284838 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Variable Rate Demand Notes  | 72.8% |
|  Non-Financial Company Commercial Paper  | 16.3% |
|  Other Municipal Securities  | 11.5% |
|  Liabilities in Excess of Other Assets  | -0.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Tax Free Obligations Fund PAGE 1 TSR-AR-31846V864

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Retail Tax Free Obligations** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Z \| FTZXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Retail Tax Free Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Z | $20 | 0.20% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $362613996 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $284838 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  Variable Rate Demand Notes  | 72.8% |
|  Non-Financial Company Commercial Paper  | 16.3% |
|  Other Municipal Securities  | 11.5% |
|  Liabilities in Excess of Other Assets  | -0.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Retail Tax Free Obligations Fund PAGE 1 TSR-AR-31846V559

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Treasury Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class A \| FATXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $75 | 0.74% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $51572949995 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $49514818 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 60.7% |
|  U.S. Treasury Debt  | 40.2% |
|  Liabilities in Excess of Other Assets  | -0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Treasury Obligations Fund PAGE 1 TSR-AR-31846V880

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Treasury Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class D \| FTDXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class D | $60 | 0.59% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $51572949995 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $49514818 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 60.7% |
|  U.S. Treasury Debt  | 40.2% |
|  Liabilities in Excess of Other Assets  | -0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Treasury Obligations Fund PAGE 1 TSR-AR-31846V302

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Treasury Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class P \| FUPXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class P | $16 | 0.16% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $51572949995 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $49514818 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 60.7% |
|  U.S. Treasury Debt  | 40.2% |
|  Liabilities in Excess of Other Assets  | -0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Treasury Obligations Fund PAGE 1 TSR-AR-31846V229

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Treasury Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class T \| FTTXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class T | $40 | 0.39% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $51572949995 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $49514818 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 60.7% |
|  U.S. Treasury Debt  | 40.2% |
|  Liabilities in Excess of Other Assets  | -0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Treasury Obligations Fund PAGE 1 TSR-AR-31846V179

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Treasury Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class V \| FLIXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class V | $30 | 0.29% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $51572949995 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $49514818 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 60.7% |
|  U.S. Treasury Debt  | 40.2% |
|  Liabilities in Excess of Other Assets  | -0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Treasury Obligations Fund PAGE 1 TSR-AR-31846V419

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Treasury Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class X \| FXFXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class X | $14 | 0.14% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $51572949995 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $49514818 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 60.7% |
|  U.S. Treasury Debt  | 40.2% |
|  Liabilities in Excess of Other Assets  | -0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Treasury Obligations Fund PAGE 1 TSR-AR-31846V328

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---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Treasury Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Y \| FOCXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $45 | 0.44% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $51572949995 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $49514818 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 60.7% |
|  U.S. Treasury Debt  | 40.2% |
|  Liabilities in Excess of Other Assets  | -0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Treasury Obligations Fund PAGE 1 TSR-AR-31846V807

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American Treasury Obligations Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Z \| FUZXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Z | $18 | 0.18% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $51572949995 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $49514818 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Repurchase Agreements  | 60.7% |
|  U.S. Treasury Debt  | 40.2% |
|  Liabilities in Excess of Other Assets  | -0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Treasury Obligations Fund PAGE 1 TSR-AR-31846V542

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American US Treasury Money Market** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class A \| FOEXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American US Treasury Money Market Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $76 | 0.75% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $7072244608 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $6763335 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Debt  | 101.3% |
|  Liabilities in Excess of Other Assets  | -1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American US Treasury Money Market Fund PAGE 1 TSR-AR-31846V476

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American US Treasury Money Market** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class D \| FODXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American US Treasury Money Market Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class D | $61 | 0.60% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $7072244608 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $6763335 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Debt  | 101.3% |
|  Liabilities in Excess of Other Assets  | -1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American US Treasury Money Market Fund PAGE 1 TSR-AR-31846V468

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American US Treasury Money Market** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class T \| FTKXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American US Treasury Money Market Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class T | $41 | 0.40% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $7072244608 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $6763335 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Debt  | 101.3% |
|  Liabilities in Excess of Other Assets  | -1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American US Treasury Money Market Fund PAGE 1 TSR-AR-31846V161

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American US Treasury Money Market** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class V \| FUIXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American US Treasury Money Market Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class V | $31 | 0.30% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $7072244608 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $6763335 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Debt  | 101.3% |
|  Liabilities in Excess of Other Assets  | -1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American US Treasury Money Market Fund PAGE 1 TSR-AR-31846V393

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American US Treasury Money Market** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class X \| FORXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American US Treasury Money Market Fund (Fund) for the period of March 20, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class X | $7 | 0.16% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $7072244608 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $6763335 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Debt  | 101.3% |
|  Liabilities in Excess of Other Assets  | -1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American US Treasury Money Market Fund PAGE 1 TSR-AR-31846V153

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American US Treasury Money Market** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Y \| FOYXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American US Treasury Money Market Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $46 | 0.45% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $7072244608 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $6763335 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Debt  | 101.3% |
|  Liabilities in Excess of Other Assets  | -1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American US Treasury Money Market Fund PAGE 1 TSR-AR-31846V534

------

---

| | | |
|:---|:---|:---|
| ![image](img132883_202409101147273.jpg) | **First American US Treasury Money Market** **Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Class Z \| FOZXX  | ![image](img132882_202504221927195.jpg) |
| ![image](img132883_202409101147273.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American US Treasury Money Market Fund (Fund) for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Z | $20 | 0.20% |

---

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| **Net Assets** | $7072244608 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $6763335 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Portfolio Allocation** | **(% of Net Assets)** |
|  U.S. Treasury Debt  | 101.3% |
|  Liabilities in Excess of Other Assets  | -1.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American US Treasury Money Market Fund PAGE 1 TSR-AR-31846V450

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. During the period covered by this report, there were no amendments to the provisions of the registrant's code of ethics that apply to the registrant's principal executive officer and principal financial officer and that relate to any element of the code of ethics definition enumerated in this Item. During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provision of its code of ethics that apply to the registrant's principal executive officer or principal financial officer. The registrant undertakes to furnish a copy of its code of ethics to any person upon request, without charge, by calling 1-800-677-3863.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees has determined that David K. Baumgardner, James D. McDonald, Jennifer J. McPeek and P. Kelly Tompkins, members of the registrant's Audit Committee, are each an "audit committee financial expert" and are "independent," as these terms are defined in this Item.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> – Ernst & Young LLP ("E&Y") billed the registrant audit fees totaling $359,000 in the fiscal year ended August
 31, 2025 and $346,846 in the fiscal year ended August 31, 2024, including fees associated with the annual audit, SEC Rule 17f-2 security
 count filings and filings of the registrant's Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> – E&Y billed the registrant audit-related
 fees totaling $2,000 in the fiscal year ended August 31, 2025 and $1,900 in the fiscal year ended August 31, 2024, including fees associated
 with the semi-annual review of fund disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> – E&Y billed the registrant fees of $30,000
 in the fiscal year ended August 31, 2025 and $28,982 in the fiscal year ended August 31, 2024, for tax services, including tax compliance,
 tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily related to preparation of original and amended
 tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> – E&Y billed the registrant for other
 services totaling $0 in the fiscal year ended August 31, 2025 and $0 in the fiscal year ended August 31, 2024.

(e)(1) The audit committee's pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below:

**Audit Committee policy regarding pre-approval of services provided by the Independent Auditor**

The Audit Committee of the First American Funds ("Committee") has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm's independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Understand the nature of the professional services expected to be provided and their impact on auditor independence
 and audit quality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meet quarterly with the partner of the independent audit firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consider approving categories of service that are not deemed to impair independence for a one-year period

It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.

**Policy for Audit and Non-Audit Services Provided to the Funds**

On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds' independent audit firm directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.

The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.

In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:

**Audit Services**

The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Fund financial statement audits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seed audits (related to new product filings, as required)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC and regulatory filings and consents

**Audit-related Services**

In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounting consultations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund merger support services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other accounting related matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreed Upon Procedure Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attestation Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Internal Control Reports

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

**Tax Services**

The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax compliance services related to the filing or amendment of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal, state and local income tax compliance, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales and use tax compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timely RIC qualification reviews

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax distribution analysis and planning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax authority examination services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax appeals support services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounting methods studies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund merger support services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax consulting services and related projects

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

**Other Non-audit Services**

The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent audit firm without the prior approval of the Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.

**Proscribed Services**

In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management functions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounting and bookkeeping services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal audit services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial information systems design and implementation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuation services supporting the financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actuarial services supporting the financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executive recruitment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expert services (e.g., litigation support)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment banking

**Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex**

The Committee is also responsible for pre-approving certain non-audit services provided to U.S. Bancorp Asset Management, Inc., U.S. Bank N.A., U.S. Bancorp Fund Services, LLC and any other entity under common control with U.S. Bancorp Asset Management, Inc., that provides ongoing services to the funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the funds.

Although the Committee is not required to pre-approve all services provided to U.S. Bancorp Asset Management, Inc. and other affiliated service providers, the Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.

---

| | |
|:---|:---|
| (e)(2) | 0.00% of the services described in paragraphs (b) through (d) of this item were approved by the Committee pursuant to the paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All services performed on the engagement to audit the registrant's financial statements for the most
 recent fiscal year end were performed by the principal accountant's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by E&Y to the registrant, the registrant's investment adviser,
 and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant,
 totaled $2,691,645 in the fiscal year ended August 31, 2025 and $2,102,500 in the fiscal year ended August
 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has determined that the provision of non-audit services to the registrant's
 investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing
 services to the registrant, that were not pre-approved is compatible with maintaining E&Y's independence.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The schedule of investments is included as part of
 the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](efp_18808_logo.jpg)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Report of Independent Registered Public Accounting Firm](#repo) | [1](#repo) |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Government Obligations Fund](#soi1) | [2](#soi1) |
| &nbsp;&nbsp;&nbsp; [Institutional Prime Obligations Fund](#soi2) | [12](#soi2) |
| &nbsp;&nbsp;&nbsp; [Retail Prime Obligations Fund](#soi3) | [14](#soi3) |
| &nbsp;&nbsp;&nbsp; [Retail Tax Free Obligations Fund](#soi44) | [19](#soi44) |
| &nbsp;&nbsp;&nbsp; [Treasury Obligations Fund](#soi5) | [22](#soi5) |
| &nbsp;&nbsp;&nbsp; [U.S. Treasury Money Market Fund](#soi6) | [28](#soi6) |
| [Statements of Assets and Liabilities](#sal1) | [29](#sal1) |
| [Statements of Operations](#sop) | [31](#sop) |
| [Statements of Changes in Net Assets](#scna) | [32](#scna) |
| [Financial Highlights](#fihi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Government Obligations Fund](#fihi1) | [38](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Institutional Prime Obligations Fund](#fihi2) | [40](#fihi2) |
| &nbsp;&nbsp;&nbsp; [Retail Prime Obligations Fund](#fihi3) | [41](#fihi3) |
| &nbsp;&nbsp;&nbsp; [Retail Tax Free Obligations Fund](#fihi4) | [42](#fihi4) |
| &nbsp;&nbsp;&nbsp; [Treasury Obligations Fund](#fihi5) | [43](#fihi5) |
| &nbsp;&nbsp;&nbsp; [U.S. Treasury Money Market Fund](#fihi6) | [45](#fihi6) |
| [Notes to Financial Statements](#no1) | [46](#no1) |
| [Tax Information](#other) | [59](#other) |
| [Approval of the Funds' Investment Advisory Agreement](#app) | [60](#app) |

---

<u>For Government Obligations, Treasury Obligations and U.S. Treasury Money Market</u> – 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.

<u>For Retail Prime Obligations and Retail Tax Free Obligations</u> – 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. The fund may impose a fee upon sale of your shares. 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.

<u>For Institutional Prime Obligations</u> – You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon sale of your shares. The fund generally must impose a fee when net sales of fund shares exceed certain levels. 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.

<br> NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and Board of Trustees of First American Funds Trust

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of First American Funds Trust ("FAF") (comprising Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund and U.S. Treasury Money Market Fund) (collectively referred to as the "Funds"), including the schedules of investments, as of August 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising First American Funds Trust at August 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of FAF's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to FAF in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. FAF is not required to have, nor were we engaged to perform, an audit of FAF's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of FAF's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](ey-llp_sign.jpg)

We have served as the auditor of one or more of the Funds since 1999.

Minneapolis, MN

October 24, 2025

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 1 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund** 

**August 31, 2025** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY DEBT — 23.2%**  | **U.S. TREASURY DEBT — 23.2%**  | **U.S. TREASURY DEBT — 23.2%**  |
| U.S. Treasury Bill <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.29%, 09/02/2025<sup>(a)</sup> | $700000000 | $699917733  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/09/2025<sup>(a)</sup> | 450000000 | 449574563  |
| &nbsp;&nbsp;&nbsp; 4.32%, 09/16/2025<sup>(a)</sup> | 650000000 | 648849094  |
| &nbsp;&nbsp;&nbsp; 4.28%, 09/23/2025<sup>(a)</sup> | 351000000 | 350094501  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/30/2025<sup>(a)</sup> | 350000000 | 348845777  |
| &nbsp;&nbsp;&nbsp; 4.06%, 10/09/2025<sup>(a)</sup> | 250000000 | 248942505  |
| &nbsp;&nbsp;&nbsp; 4.27%, 10/14/2025<sup>(a)</sup> | 150000000 | 149245708  |
| &nbsp;&nbsp;&nbsp; 4.11%, 10/16/2025<sup>(a)</sup> | 150000000 | 149239688  |
| &nbsp;&nbsp;&nbsp; 4.28%, 10/21/2025<sup>(a)</sup> | 500000000 | 497065451  |
| &nbsp;&nbsp;&nbsp; 4.11%, 10/23/2025<sup>(a)</sup> | 640000000 | 636255769  |
| &nbsp;&nbsp;&nbsp; 4.10%, 10/30/2025<sup>(a)</sup> | 850000000 | 844368614  |
| &nbsp;&nbsp;&nbsp; 4.09%, 11/06/2025<sup>(a)</sup> | 675000000 | 670007375  |
| &nbsp;&nbsp;&nbsp; 4.21%, 11/28/2025<sup>(a)</sup> | 350000000 | 346444311  |
| &nbsp;&nbsp;&nbsp; 4.21%, 12/04/2025<sup>(a)</sup> | 850000000 | 840778874  |
| &nbsp;&nbsp;&nbsp; 4.15%, 12/09/2025<sup>(a)</sup> | 175000000 | 173028800  |
| &nbsp;&nbsp;&nbsp; 4.21%, 12/11/2025<sup>(a)</sup> | 200000000 | 197671108  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/16/2025<sup>(a)</sup> | 680000000 | 671839988  |
| &nbsp;&nbsp;&nbsp; 4.16%, 12/18/2025<sup>(a)</sup> | 200000000 | 197535500  |
| &nbsp;&nbsp;&nbsp; 4.11%, 12/23/2025<sup>(a)</sup> | 400000000 | 394904799  |
| &nbsp;&nbsp;&nbsp; 4.17%, 12/26/2025<sup>(a)</sup> | 350000000 | 345367008  |
| &nbsp;&nbsp;&nbsp; 4.09%, 12/30/2025<sup>(a)(b)</sup> | 300000000 | 295996146  |
| &nbsp;&nbsp;&nbsp; 4.14%, 01/02/2026<sup>(a)</sup> | 800000000 | 788826475  |
| &nbsp;&nbsp;&nbsp; 4.18%, 01/15/2026<sup>(a)</sup> | 75000000 | 73831250  |
| &nbsp;&nbsp;&nbsp; 4.12%, 01/22/2026<sup>(a)</sup> | 375000000 | 368948915  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/12/2026<sup>(a)</sup> | 175000000 | 171858147  |
| &nbsp;&nbsp;&nbsp; 4.02%, 02/26/2026<sup>(a)</sup> | 150000000 | 147062258  |
| U.S. Treasury Note <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.25%, 09/30/2025 | 625000000 | 623050889  |
| &nbsp;&nbsp;&nbsp; 0.25%, 10/31/2025 | 125000000 | 124209222  |
| &nbsp;&nbsp;&nbsp; 4.31% (3 mo. U.S. Treasury Money Market Yield + 0.17%), 10/31/2025 | 400000000 | 399965020  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/31/2025 | 905000000 | 906047027  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 | 275000000 | 273832104  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2025 | 250000000 | 249727796  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2025 | 1175000000 | 1174956225  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 | 670000000 | 669182889  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/31/2026 | 200000000 | 196903392  |
| &nbsp;&nbsp;&nbsp; 4.39% (3 mo. U.S. Treasury Money Market Yield + 0.25%), 01/31/2026 | 75000000 | 75003571  |
| &nbsp;&nbsp;&nbsp; 1.63%, 02/15/2026 | 140000000 | 138393967  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2026 | 125000000 | 125284149  |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/31/2026 | 675000000 | 661972667  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/31/2026 | 960000000 | 962071126  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2026 | 675000000 | 673587833  |
| &nbsp;&nbsp;&nbsp; 0.75%, 04/30/2026 | 150000000 | 146822754  |
| &nbsp;&nbsp;&nbsp; 2.38%, 04/30/2026 | 600000000 | 593624710  |
| &nbsp;&nbsp;&nbsp; 4.29% (3 mo. U.S. Treasury Money Market Yield + 0.15%), 04/30/2026 | 75000000 | 75002101  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | $1650000000 | $1659215774  |
| &nbsp;&nbsp;&nbsp; 1.63%, 05/15/2026 | 350000000 | 344095226  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2026 | 100000000 | 99736000  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | 1100000000 | 1099866204  |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 375000000 | 365226816  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/30/2026 | 175000000 | 171936798  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 950000000 | 953897657  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026 | 350000000 | 351157886  |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/31/2026 | 165000000 | 159955647  |
| &nbsp;&nbsp;&nbsp; 4.33% (3 mo. U.S. Treasury Money Market Yield + 0.18%), 07/31/2026 | 175000000 | 174974434  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/2026 | 1430000000 | 1433456626  |
| &nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026 | 415000000 | 402261849  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/31/2026 | 175000000 | 170749450  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/15/2026 | 175000000 | 176265593  |
| &nbsp;&nbsp;&nbsp; 4.35% (3 mo. U.S. Treasury Money Market Yield + 0.21%), 10/31/2026 | 325000000 | 325121967  |
| &nbsp;&nbsp;&nbsp; 4.30% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 04/30/2027 | 200000000 | 200067055  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY DEBT** <br>**(Cost $26,864,122,781)** |  | 26864122781  |
| **U.S. GOVERNMENT AGENCY DEBT — 20.0%** | **U.S. GOVERNMENT AGENCY DEBT — 20.0%** | **U.S. GOVERNMENT AGENCY DEBT — 20.0%** |
| Fannie Mae <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/18/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 07/29/2026 | 71000000 | 70997903  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 08/21/2026 | 127000000 | 127000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/11/2026 | 44000000 | 44000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 10/23/2026 | 24000000 | 24000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 11/20/2026 | 81000000 | 81000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 12/11/2026 | 54000000 | 54000000  |
| Federal Farm Credit Bank <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 09/05/2025 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; 4.50% (SOFR + 0.16%), 09/05/2025 | 25000000 | 25000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46% (Federal Funds <br>Effective Rate + 0.13%), 09/15/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.50% (SOFR + 0.16%), 09/15/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46% (Federal Funds <br>Effective Rate + 0.13%), 09/26/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48% (Federal Funds <br>Effective Rate + 0.15%), 09/26/2025 | 30000000 | 30000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> 2 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT AGENCY DEBT — (Continued)**  | **U.S. GOVERNMENT AGENCY DEBT — (Continued)**  | **U.S. GOVERNMENT AGENCY DEBT — (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 10/03/2025 | $150000000 | $150000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48% (Federal Funds <br>Effective Rate + 0.15%), 10/17/2025 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 0.52%, 10/21/2025 | 31425000 | 31262622  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 10/21/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 10/21/2025 | 300000000 | 300000000  |
| &nbsp;&nbsp;&nbsp; 4.50% (SOFR + 0.16%), 11/03/2025 | 12000000 | 12000000  |
| &nbsp;&nbsp;&nbsp; 4.69% (SOFR + 0.35%), 11/25/2025 | 75000000 | 75057889  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 11/26/2025 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/28/2025 | 90000000 | 89980331  |
| &nbsp;&nbsp;&nbsp; 4.20%, 12/10/2025<sup>(a)</sup> | 42000000 | 41517000  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 12/15/2025 | 145000000 | 145017086  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 12/16/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 12/17/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% (Federal Funds <br>Effective Rate + 0.12%), 12/26/2025 | 50000000 | 50001788  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 12/29/2025 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.67% (SOFR + 0.33%), 12/29/2025 | 55000000 | 55055651  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 01/08/2026 | 250000000 | 250005687  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39% (Federal Funds <br>Effective Rate + 0.06%), 01/16/2026 | 43620000 | 43611612  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% (Federal Funds <br>Effective Rate + 0.14%), 01/29/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 01/30/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 02/02/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/03/2026 | 50000000 | 49979335  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 02/09/2026 | 45000000 | 45000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 02/10/2026 | 45000000 | 45000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 02/12/2026 | 90000000 | 90000000  |
| &nbsp;&nbsp;&nbsp; 4.40% (SOFR + 0.06%), 02/13/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46% (Federal Funds <br>Effective Rate + 0.13%), 02/13/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 02/17/2026 | 50000000 | 50000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 02/20/2026 | $15000000 | $15000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 02/25/2026 | 84000000 | 84001877  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 03/05/2026 | 25000000 | 25000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 03/11/2026 | 25000000 | 25000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42% (Federal Funds <br>Effective Rate + 0.09%), 03/27/2026 | 70000000 | 69997588  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 04/01/2026 | 127000000 | 126999269  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 04/08/2026 | 130000000 | 130000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 04/08/2026 | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 04/09/2026 | 60000000 | 60000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% (Federal Funds <br>Effective Rate + 0.12%), 04/15/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 04/21/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 04/24/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 05/05/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 05/06/2026 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42% (Federal Funds <br>Effective Rate + 0.09%), 05/07/2026 | 125000000 | 124984693  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 05/07/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.40% (SOFR + 0.06%), 05/11/2026 | 13000000 | 13000000  |
| &nbsp;&nbsp;&nbsp; 4.04%, 05/12/2026<sup>(a)</sup> | 75000000 | 72902208  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 05/19/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 05/20/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 05/21/2026 | 70000000 | 70000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 05/26/2026 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 05/28/2026 | 125000000 | 125000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 05/28/2026 | 65000000 | 65000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/03/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 06/12/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/24/2026 | 30000000 | 30000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 06/24/2026 | 50000000 | 50000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 3 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT AGENCY DEBT — (Continued)** | **U.S. GOVERNMENT AGENCY DEBT — (Continued)** | **U.S. GOVERNMENT AGENCY DEBT — (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 07/02/2026 | $75000000 | $75000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 07/09/2026 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 07/10/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% (Federal Funds <br>Effective Rate + 0.07%), 07/15/2026 | 105000000 | 104994457  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 07/15/2026 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 07/23/2026 | 90000000 | 90000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 07/23/2026 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 07/23/2026 | 20000000 | 20000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 07/29/2026 | 20000000 | 20000000  |
| &nbsp;&nbsp;&nbsp; 8.94% (SOFR + 0.13%), 08/12/2026 | 118000000 | 117999502  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 08/14/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 08/17/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 08/19/2026 | 125000000 | 125000000  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 08/20/2026 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 08/24/2026 | 100000000 | 99997530  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 08/26/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49% (Federal Funds <br>Effective Rate + 0.16%), 08/26/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 08/28/2026 | 104545000 | 104607861  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/03/2026 | 225000000 | 225076979  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 09/03/2026 | 35000000 | 35000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/04/2026 | 30000000 | 30000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/16/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49% (Federal Funds <br>Effective Rate + 0.16%), 09/16/2026 | 108600000 | 108646512  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 09/17/2026 | 25000000 | 25000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 09/21/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 09/23/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/25/2026 | 15000000 | 15000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 10/01/2026 | $100000000 | $100000000  |
| &nbsp;&nbsp;&nbsp; 4.50% (SOFR + 0.16%), 10/01/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 10/06/2026 | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 10/09/2026 | 20000000 | 20000000  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 10/13/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 10/15/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 10/21/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 10/23/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.50% (SOFR + 0.16%), 10/30/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 11/02/2026 | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 11/04/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51% (Federal Funds <br>Effective Rate + 0.18%), 11/06/2026 | 65000000 | 65000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 11/16/2026 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 11/18/2026 | 60000000 | 60000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 11/23/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46% (Federal Funds <br>Effective Rate + 0.13%), 11/24/2026 | 25000000 | 25017854  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 12/02/2026 | 55000000 | 55000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51% (Federal Funds <br>Effective Rate + 0.18%), 12/04/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 12/07/2026 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 12/09/2026 | 80000000 | 80000000  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 12/16/2026 | 25000000 | 25000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 12/18/2026 | 85000000 | 85000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 12/23/2026 | 60000000 | 60000000  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 12/23/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 12/30/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 01/08/2027 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 01/12/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 01/14/2027 | 35000000 | 35000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> 4 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT AGENCY DEBT — (Continued)** | **U.S. GOVERNMENT AGENCY DEBT — (Continued)** | **U.S. GOVERNMENT AGENCY DEBT — (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42% (Federal Funds <br>Effective Rate + 0.09%), 01/25/2027 | $55000000 | $55000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 01/28/2027 | 120000000 | 120000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 02/01/2027 | 60000000 | 60000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% (Federal Funds <br>Effective Rate + 0.14%), 02/03/2027 | 20000000 | 20000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 02/03/2027 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 02/04/2027 | 35000000 | 35000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 02/10/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 02/10/2027 | 130000000 | 130000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 02/12/2027 | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43% (Federal Funds <br>Effective Rate + 0.10%), 02/18/2027 | 80000000 | 80000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 02/24/2027 | 30000000 | 30000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 02/26/2027 | 210000000 | 210019913  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 03/11/2027 | 125000000 | 125000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 03/11/2027 | 125000000 | 125000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 03/12/2027 | 45000000 | 45000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 03/18/2027 | 60000000 | 60000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51% (Federal Funds <br>Effective Rate + 0.12%), 03/19/2027 | 45000000 | 45000000  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 03/26/2027 | 110000000 | 110000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 03/26/2027 | 80000000 | 80000000  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 04/01/2027 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 04/08/2027 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 04/09/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 04/16/2027 | 85000000 | 85000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 04/19/2027 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 04/23/2027 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 04/29/2027 | 60000000 | 60000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 05/05/2027 | 55000000 | 55000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 05/06/2027 | $55000000 | $55000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% (Federal Funds <br>Effective Rate + 0.14%), 05/12/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 05/13/2027 | 105000000 | 105000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 05/14/2027 | 30000000 | 30000000  |
| &nbsp;&nbsp;&nbsp; 4.30% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 05/19/2027 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 05/27/2027 | 70000000 | 70000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 06/07/2027 | 65000000 | 65000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/17/2027 | 125000000 | 124980523  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/23/2027 | 70000000 | 69995300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45% (Federal Funds <br>Effective Rate + 0.12%), 06/23/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 06/24/2027 | 110000000 | 110000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/29/2027 | 20000000 | 20000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 07/09/2027 | 85000000 | 85000000  |
| &nbsp;&nbsp;&nbsp; 4.57% (SOFR + 0.23%), 07/09/2027 | 50000000 | 50111771  |
| &nbsp;&nbsp;&nbsp; 4.58% (SOFR + 0.24%), 07/19/2027 | 85000000 | 85199278  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 07/21/2027 | 60000000 | 60000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 07/27/2027 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 07/29/2027 | 90000000 | 90000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 08/04/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 08/04/2027 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 08/12/2027 | 90000000 | 90000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 08/18/2027 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47% (Federal Funds <br>Effective Rate + 0.14%), 08/25/2027 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 08/25/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 09/02/2027<sup>(b)</sup> | 85000000 | 85000000  |
| &nbsp;&nbsp;&nbsp; 4.53% (SOFR + 0.15%), 09/03/2027<sup>(b)</sup> | 45000000 | 45000000  |
| Federal Home Loan Bank <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.21%, 09/02/2025<sup>(a)</sup> | 242632000 | 242604030  |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 5 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT AGENCY DEBT — (Continued)** | **U.S. GOVERNMENT AGENCY DEBT — (Continued)** | **U.S. GOVERNMENT AGENCY DEBT — (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 09/02/2025 | $50000000 | $50000000  |
| &nbsp;&nbsp;&nbsp; 4.36% (SOFR + 0.02%), 09/03/2025 | 250000000 | 250000000  |
| &nbsp;&nbsp;&nbsp; 4.32%, 09/05/2025<sup>(a)</sup> | 29500000 | 29486037  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/11/2025<sup>(a)</sup> | 138500000 | 138336878  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 09/12/2025 | 300000000 | 300005572  |
| &nbsp;&nbsp;&nbsp; 4.34%, 09/15/2025<sup>(a)</sup> | 15500000 | 15474171  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/19/2025<sup>(a)</sup> | 45420000 | 45323710  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 09/19/2025 | 75000000 | 75000712  |
| &nbsp;&nbsp;&nbsp; 4.34%, 09/26/2025<sup>(a)</sup> | 250000000 | 249256944  |
| &nbsp;&nbsp;&nbsp; 4.50% (SOFR + 0.16%), 09/29/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.36% (SOFR + 0.02%), 10/06/2025 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.26%, 10/10/2025<sup>(a)</sup> | 175173000 | 174375963  |
| &nbsp;&nbsp;&nbsp; 0.86%, 10/14/2025 | 15000000 | 14941244  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 10/16/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.32%, 10/17/2025<sup>(a)</sup> | 202895000 | 201790575  |
| &nbsp;&nbsp;&nbsp; 4.35% (SOFR + 0.01%), 10/27/2025 | 100000000 | 99998166  |
| &nbsp;&nbsp;&nbsp; 4.35% (SOFR + 0.01%), 11/06/2025 | 400000000 | 400000000  |
| &nbsp;&nbsp;&nbsp; 4.39% (SOFR + 0.01%), 11/10/2025 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.34% (SOFR + 0.00%), 11/14/2025 | 250000000 | 249993540  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/19/2025 | 100000000 | 99975338  |
| &nbsp;&nbsp;&nbsp; 4.14%, 12/04/2025<sup>(a)</sup> | 150000000 | 148402000  |
| &nbsp;&nbsp;&nbsp; 4.50% (SOFR + 0.16%), 12/08/2025 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.15%), 12/26/2025 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.09%, 01/02/2026<sup>(a)</sup> | 100000000 | 98621375  |
| &nbsp;&nbsp;&nbsp; 4.06%, 01/22/2026<sup>(a)</sup> | 225000000 | 221425000  |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/22/2026 | 26000000 | 25643333  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/23/2026 | 116000000 | 115947710  |
| &nbsp;&nbsp;&nbsp; 0.65%, 01/28/2026 | 16000000 | 15773066  |
| &nbsp;&nbsp;&nbsp; 0.70%, 01/28/2026 | 21000000 | 20706306  |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/29/2026 | 400000000 | 400000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 02/02/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.37%, 02/06/2026 | 143750000 | 143750000  |
| &nbsp;&nbsp;&nbsp; 0.58%, 02/11/2026 | 50000000 | 49203086  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/13/2026<sup>(a)</sup> | 100000000 | 98191875  |
| &nbsp;&nbsp;&nbsp; 4.36%, 02/13/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.37%, 02/13/2026 | 250000000 | 250000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 02/13/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.13%), 02/13/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 3.98%, 02/20/2026<sup>(a)</sup> | 100000000 | 98122333  |
| &nbsp;&nbsp;&nbsp; 3.98%, 03/06/2026<sup>(a)</sup> | 300000000 | 293908500  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.34%, 03/06/2026 | $200000000 | $200000000  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/13/2026 | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 03/13/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 03/27/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 04/02/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 04/06/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 04/10/2026 | 89000000 | 89002592  |
| &nbsp;&nbsp;&nbsp; 4.33%, 04/14/2026 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, 04/17/2026 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, 04/17/2026 | 8000000 | 8000000  |
| &nbsp;&nbsp;&nbsp; 4.37% (SOFR + 0.03%), 04/17/2026 | 250000000 | 250000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 04/22/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 05/07/2026 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/12/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/17/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 07/16/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 07/24/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/14/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/18/2026 | 200000000 | 199836910  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/18/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 10/29/2026 | 100000000 | 100080373  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 11/06/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 12/09/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 12/11/2026 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 12/16/2026 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 01/06/2027 | 75000000 | 75082445  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 01/19/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 02/12/2027 | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 02/25/2027 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 03/01/2027 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (SOFR + 0.08%), 03/05/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.41% (SOFR + 0.07%), 03/25/2027 | 50000000 | 50000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> 6 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT AGENCY DEBT — (Continued)** | **U.S. GOVERNMENT AGENCY DEBT — (Continued)** | **U.S. GOVERNMENT AGENCY DEBT — (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 04/09/2027 | $50000000 | $50000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 04/09/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 05/17/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/11/2027 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/16/2027 | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 06/30/2027 | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 8.91% (SOFR + 0.12%), 08/04/2027 | 125000000 | 125000000  |
|  Federal Home Loan Mortgage Corporation <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.57%, 09/24/2025 | 37705000 | 37617908  |
| &nbsp;&nbsp;&nbsp; 0.63%, 11/25/2025 | 20000000 | 19839694  |
| &nbsp;&nbsp;&nbsp; 4.43% (SOFR + 0.09%), 01/26/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.44% (SOFR + 0.10%), 02/09/2026 | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 03/05/2026 | 64000000 | 64000000  |
| &nbsp;&nbsp;&nbsp; 4.46% (SOFR + 0.12%), 04/02/2026 | 37000000 | 37000000  |
| &nbsp;&nbsp;&nbsp; 4.45% (SOFR + 0.11%), 05/07/2026 | 30000000 | 30000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/04/2026 | 41000000 | 41000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/23/2026 | 30000000 | 30000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 10/16/2026 | 59000000 | 59000000  |
| &nbsp;&nbsp;&nbsp; 4.49% (SOFR + 0.14%), 10/29/2026 | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY DEBT** <br>**(Cost $23,109,737,405)** |  | 23109737405 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **INVESTMENT COMPANIES — 0.7%** | **INVESTMENT COMPANIES — 0.7%** |
|  BlackRock Liquidity Funds FedFund Portfolio, Institutional Class<br>|  |
| &nbsp;&nbsp;&nbsp; 4.18%<sup>(c)</sup> | 200000000 |
|  Deutsche Government Money Market Series Fund, Institutional Class<br>|  |
| &nbsp;&nbsp;&nbsp; 4.24%<sup>(c)</sup> | 200000000 |
|  Goldman Sachs Financial Square Money Market Fund, Institutional Class<br>|  |
| &nbsp;&nbsp;&nbsp; 4.16%<sup>(c)</sup> | 200000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
|  Invesco Government & Agency Portfolio, Institutional Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%<sup>(c)</sup> | 200000000 | $200000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $800,000,000)** |  | 800000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY REPURCHASE AGREEMENTS — 50.7%** | **U.S. TREASURY REPURCHASE AGREEMENTS — 50.7%** | **U.S. TREASURY REPURCHASE AGREEMENTS — 50.7%** |
| Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $1,449,671,887 (collateralized by U.S. Treasury obligations: total value $1,477,954,291) | $1448974769 | 1448974769 |
| Barclays Capital Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $150,072,167 (collateralized by U.S. Treasury obligations: total value $153,000,072) | 150000000 | 150000000  |
| BNP Paribas <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32%, dated 06/02/2025, matures 09/02/2025, repurchase price $202,208,000 (collateralized by U.S. Treasury obligations: total value $204,000,000)<sup>(d)</sup> | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $550,264,611 (collateralized by U.S. Treasury obligations: total value $561,000,000) | 550000000 | 550000000  |
| &nbsp;&nbsp;&nbsp; 4.36% (SOFR + 0.02%), dated 08/04/2025, matures 09/05/2025, repurchase price $1,003,875,556 (collateralized by U.S. Treasury obligations: total value $1,020,000,000)<sup>(d)</sup> | 1000000000 | 1000000000  |
| &nbsp;&nbsp;&nbsp; 4.26%, dated 08/25/2025, matures 09/05/2025, repurchase price $700,911,167 (collateralized by U.S. Treasury obligations: total value $714,000,010)<sup>(d)</sup> | 700000000 | 700000000 |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 7 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)**  | **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)**  | **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.35%, dated 08/15/2025, matures 09/05/2025, repurchase price $350,888,125 (collateralized by U.S. Treasury obligations: total value $357,000,000)<sup>(d)</sup> | $350000000 | $350000000  |
| BofA Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,000 (collateralized by U.S. Treasury obligations: total value $102,000,000) | 100000000 | 100000000  |
|  Canadian Imperial Bank of Commerce <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, dated 07/31/2025, matures 09/05/2025, repurchase price $1,556,711,500 (collateralized by U.S. Treasury obligations: total value <br>$1,587,275,295)<sup>(d)</sup> | 1550000000 | 1550000000  |
| &nbsp;&nbsp;&nbsp; 4.37%, dated 08/25/2025, matures 09/05/2025, repurchase price $300,400,583 (collateralized by U.S. Treasury obligations: total value $306,297,194)<sup>(d)</sup> | 300000000 | 300000000  |
| &nbsp;&nbsp;&nbsp; 4.28%, dated 08/28/2025, matures 09/05/2025, repurchase price $860,817,956 (collateralized by U.S. Treasury obligations: total value $877,721,480)<sup>(d)</sup> | 860000000 | 860000000  |
|  Credit Agricole Corporate and Investment Bank <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $906,044,930 (collateralized by U.S. Treasury obligations: total value $923,721,453) | 905609231 | 905609231  |
| &nbsp;&nbsp;&nbsp; 4.30%, dated 08/29/2025, matures 09/05/2025, repurchase price $525,438,958 (collateralized by U.S. Treasury obligations: total value $535,500,076)<sup>(d)</sup> | 525000000 | 525000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/22/2025, matures 09/05/2025, repurchase price $525,886,083 (collateralized by U.S. Treasury obligations: total value $535,500,052)<sup>(d)</sup> | $525000000 | $525000000  |
| &nbsp;&nbsp;&nbsp; 4.30%, dated 08/29/2025, matures 09/05/2025, repurchase price $900,752,500 (collateralized by U.S. Treasury obligations: total value $918,000,064)<sup>(d)</sup> | 900000000 | 900000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/18/2025, matures 09/05/2025, repurchase price $150,325,500 (collateralized by U.S. Treasury obligations: total value $153,000,016)<sup>(d)</sup> | 150000000 | 150000000  |
|  Federal Reserve Bank of New York<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, dated 08/29/2025, matures 09/02/2025, repurchase price $2,601,227,778 (collateralized by U.S. Treasury obligations: total value $2,601,227,856) | 2600000000 | 2600000000  |
| FICC/Bank of New York<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $10,204,907,333 (collateralized by U.S. Treasury obligations: total value $10,404,000,024) | 10200000000 | 10200000000  |
| FICC/BNP Paribas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $4,502,165,000 (collateralized by U.S. Treasury obligations: total value $4,590,000,017) | 4500000000 | 4500000000  |
|  FICC/Credit Agricole Corporate and Investment Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/29/2025, matures 09/02/2025, repurchase price $650,313,444 (collateralized by U.S. Treasury obligations: total value $663,281,158) | 650000000 | 650000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> 8 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)** |
| FICC/JP Morgan Securities LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $1,250,601,389 (collateralized by U.S. Treasury obligations: total value $1,275,613,502) | $1250000000 | $1250000000  |
| FICC/Northern Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $11,505,532,778 (collateralized by U.S. Treasury obligations: total value $11,730,000,000) | 11500000000 | 11500000000  |
| &nbsp;&nbsp;&nbsp; 4.25%, dated 08/29/2025, matures 09/02/2025, repurchase price $1,400,661,111 (collateralized by U.S. Treasury obligations: total value $1,428,000,000) | 1400000000 | 1400000000  |
| Goldman Sachs & Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,111 (collateralized by U.S. Treasury obligations: total value $102,000,000) | 100000000 | 100000000  |
| HSBC Securities (USA), Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $150,072,167 (collateralized by U.S. Treasury obligations: total value $153,073,611) | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.35% (SOFR + 0.01%), dated 11/15/2024, matures 09/05/2025, repurchase price $300,253,750 (collateralized by U.S. Treasury obligations: total value $306,147,901)<sup>(d)</sup> | 300000000 | 300000000  |
| ING Financial Markets LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $150,072,167 (collateralized by U.S. Treasury obligations: total value $153,000,014) | 150000000 | 150000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.36%, dated 08/25/2025, matures 09/02/2025, repurchase price $100,096,889 (collateralized by U.S. Treasury obligations: total value $102,000,061) | $100000000 | $100000000  |
| &nbsp;&nbsp;&nbsp; 4.37%, dated 08/26/2025, matures 09/02/2025, repurchase price $50,042,486 (collateralized by U.S. Treasury obligations: total value $51,000,087) | 50000000 | 50000000  |
| &nbsp;&nbsp;&nbsp; 4.36%, dated 08/27/2025, matures 09/03/2025, repurchase price $200,169,556 (collateralized by U.S. Treasury obligations: total value $204,000,060) | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/28/2025, matures 09/04/2025, repurchase price $250,210,972 (collateralized by U.S. Treasury obligations: total value $255,000,047) | 250000000 | 250000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/29/2025, matures 09/05/2025, repurchase price $200,168,778 (collateralized by U.S. Treasury obligations: total value $204,000,065) | 200000000 | 200000000  |
| JP Morgan Securities LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $3,551,707,944 (collateralized by U.S. Treasury obligations: total value $3,622,742,137) | 3550000000 | 3550000000  |
| MUFG Securities (Canada) Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/29/2025, matures 09/02/2025, repurchase price $750,361,667 (collateralized by U.S. Treasury obligations: total value $765,369,062) | 750000000 | 750000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 9 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)** | **U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.36%, dated 08/27/2025, matures 09/03/2025, repurchase price $450,381,500 (collateralized by U.S. Treasury obligations: total value $459,333,540) | $450000000 | $450000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 07/31/2025, matures 09/05/2025, repurchase price $803,464,000 (collateralized by U.S. Treasury obligations: total value $819,238,842)<sup>(d)</sup> | 800000000 | 800000000  |
| &nbsp;&nbsp;&nbsp; 4.39% (SOFR + 0.05%), dated 01/17/2025, matures 10/03/2025, repurchase price $502,134,028 (collateralized by U.S. Treasury obligations: total value $510,248,832)<sup>(d)</sup> | 500000000 | 500000000  |
| RBC Dominion Securities Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $1,500,721,667 (collateralized by U.S. Treasury obligations: total value $1,530,000,000) | 1500000000 | 1500000000  |
| &nbsp;&nbsp;&nbsp; 4.20%, dated 08/29/2025, matures 09/02/2025, repurchase price $150,070,000 (collateralized by U.S. Treasury obligations: total value $153,000,055) | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 07/31/2025, matures 09/05/2025, repurchase price $2,385,283,750 (collateralized by U.S. Treasury obligations: total value $2,422,500,000)<sup>(d)</sup> | 2375000000 | 2375000000  |
| Royal Bank of Canada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, dated 08/18/2025, matures 09/05/2025, repurchase price $501,070,000 (collateralized by U.S. Treasury obligations: total value $510,000,051)<sup>(d)</sup> | 500000000 | 500000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.27%, dated 08/20/2025, matures 09/05/2025, repurchase price $500,948,889 (collateralized by U.S. Treasury obligations: total value $510,000,001)<sup>(d)</sup> | $500000000 | $500000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/01/2025, matures 09/05/2025, repurchase price $1,004,219,444 (collateralized by U.S. Treasury obligations: total value $1,020,000,065)<sup>(d)</sup> | 1000000000 | 1000000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/04/2025, matures 09/05/2025, repurchase price $652,507,556 (collateralized by U.S. Treasury obligations: total value $663,000,056)<sup>(d)</sup> | 650000000 | 650000000  |
| &nbsp;&nbsp;&nbsp; 4.19%, dated 08/28/2025, matures 09/05/2025, repurchase price $650,605,222 (collateralized by U.S. Treasury obligations: total value $663,000,051)<sup>(d)</sup> | 650000000 | 650000000  |
| Societe Generale NY <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $500,240,556 (collateralized by U.S. Treasury obligations: total value $510,000,023) | 500000000 | 500000000  |
| &nbsp;&nbsp;&nbsp; 4.38%, dated 08/26/2025, matures 09/02/2025, repurchase price $700,596,167 (collateralized by U.S. Treasury obligations: total value $714,000,011) | 700000000 | 700000000  |
| TD Securities (USA) LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $300,144,333 (collateralized by U.S. Treasury obligations: total value $306,000,003) | 300000000 | 300000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY REPURCHASE AGREEMENTS** <br>**(Cost $58,689,584,000)** |  | 58689584000 |

---

The accompanying notes are an integral part of these financial statements.

<br> 10 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Government Obligations Fund (Concluded)** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value** |
| &nbsp;&nbsp;&nbsp; **U.S. GOVERNMENT AGENCY REPURCHASE** <br>**AGREEMENTS — 6.2%** | &nbsp;&nbsp;&nbsp; **U.S. GOVERNMENT AGENCY REPURCHASE** <br>**AGREEMENTS — 6.2%** | &nbsp;&nbsp;&nbsp; **U.S. GOVERNMENT AGENCY REPURCHASE** <br>**AGREEMENTS — 6.2%** |
| FICC/State Street <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $5,502,646,111 (collateralized by various government agency securities: total value $5,610,000,101) | $5500000000 | $5500000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $1,000,481,111 (collateralized by various government agency securities: total value $1,020,000,183) | 1000000000 | 1000000000  |
| TD Securities (USA) LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, dated 08/28/2025, matures 09/04/2025, repurchase price $700,592,083 (collateralized by various government agency securities: total value $714,003,136) | 700000000 | 700000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS** <br>**(Cost $7,200,000,000)** |  | 7200000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.8%** <br>**(Cost $116,663,444,186)** |  | $116663444186  |
|  Liabilities in Excess of Other Assets - (0.8)% |  | (954171893)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $115709272293 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

FICC - Fixed Income Clearing Corporation

LLC - Limited Liability Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> The rate shown is the annualized yield as of August 31, 2025.

<sup>(b)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

<sup>(c)</sup> The rate shown represents the seven-day annualized yield as of August 31, 2025.

<sup>(d)</sup> The maturity date shown represents the next put date.

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 11 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**Institutional Prime Obligations Fund** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-FINANCIAL COMPANY COMMERCIAL PAPER — 12.7%**  | **NON-FINANCIAL COMPANY COMMERCIAL PAPER — 12.7%**  | **NON-FINANCIAL COMPANY COMMERCIAL PAPER — 12.7%**  |
| Automatic Data Processing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/03/2025<sup>(a)(b)</sup> | $50000000 | $49969810  |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial <br>Services Corp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.36%, 09/02/2025<sup>(a)</sup> | 50000000 | 49976025  |
| TotalEnergies Capital SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/04/2025<sup>(a)(b)</sup> | 39000000 | 38971686  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** <br>**(Cost $138,967,867)** |  | 138917521  |
| **FINANCIAL COMPANY COMMERCIAL PAPER — 8.7%**  | **FINANCIAL COMPANY COMMERCIAL PAPER — 8.7%**  | **FINANCIAL COMPANY COMMERCIAL PAPER — 8.7%**  |
| Barclays Bank UK PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.41%, 09/05/2025<sup>(a)(b)</sup> | 25000000 | 24978775  |
| BNG Bank NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/03/2025<sup>(a)(b)</sup> | 50000000 | 49970300  |
| CDP Financial Inc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39%, 09/04/2025<sup>(a)(b)</sup> | 20000000 | 19985538  |
| &nbsp;&nbsp;&nbsp; **TOTAL FINANCIAL COMPANY COMMERCIAL PAPER** <br>**(Cost $94,968,645)** |  | 94934613  |
| **NON-NEGOTIABLE TIME DEPOSITS — 8.3%**  | **NON-NEGOTIABLE TIME DEPOSITS — 8.3%**  |  |
|  Canadian Imperial Bank of Commerce, Toronto Branch<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/02/2025 | 45000000 | 45000000  |
| &nbsp;&nbsp;&nbsp; Credit Agricole Corporate and Investment Bank, <br>New York Branch<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/02/2025 | 45000000 | 45000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-NEGOTIABLE TIME DEPOSITS** <br>**(Cost $90,000,000)** |  | 90000000  |
| **ASSET BACKED COMMERCIAL PAPER — 8.2%**  | **ASSET BACKED COMMERCIAL PAPER — 8.2%**  | **ASSET BACKED COMMERCIAL PAPER — 8.2%**  |
| Autobahn Funding Co LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/03/2025<sup>(a)(b)</sup> | 40000000 | 39975808  |
| Great Bear Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/02/2025<sup>(a)(b)</sup> | 25000000 | 24987900  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/03/2025<sup>(a)(b)</sup> | 25000000 | 24984870  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET BACKED COMMERCIAL PAPER** <br>**(Cost $89,981,314)** |  | 89948578  |
| **VARIABLE RATE DEMAND NOTES — 2.0%**  | **VARIABLE RATE DEMAND NOTES — 2.0%**  |  |
| ECMC Group Inc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.37%, 09/05/2025<sup>(c)(d)</sup> | 21500000 | 21500000  |
| &nbsp;&nbsp;&nbsp; **TOTAL VARIABLE RATE DEMAND NOTES** <br>**(Cost $21,500,000)** |  | 21500000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY REPURCHASE AGREEMENTS — 37.7%**  | **U.S. TREASURY REPURCHASE AGREEMENTS — 37.7%**  | **U.S. TREASURY REPURCHASE AGREEMENTS — 37.7%**  |
| Bank of Nova Scotia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $191,647,236 (collateralized by U.S. Treasury obligations: total value $195,386,182) | $191555077 | $191555077  |
| BofA Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,000 (collateralized by U.S. Treasury obligations: total value $102,000,000) | 100000000 | 100000000  |
|  Credit Agricole Corporate and Investment Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $119,779,523 (collateralized by U.S. Treasury obligations: total value $122,116,366) | 119721923 | 119721923  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY REPURCHASE** <br>**AGREEMENTS** <br>**(Cost $411,277,000)** |  | 411277000  |
| **OTHER REPURCHASE AGREEMENTS — 22.6%**  | **OTHER REPURCHASE AGREEMENTS — 22.6%**  | **OTHER REPURCHASE AGREEMENTS — 22.6%**  |
| BNP Paribas <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.48% (OBFR + 0.15%), dated 08/29/2025, matures 09/02/2025, repurchase price $35,017,422 (collateralized by various securities: total value $36,750,038) | 35000000 | 35000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (OBFR + 0.09%), dated 08/29/2025, matures 09/02/2025, repurchase price $5,002,456 (collateralized by various securities: total value $5,250,001) | 5000000 | 5000000 |

---

The accompanying notes are an integral part of these financial statements.

<br> 12 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**Institutional Prime Obligations Fund (Concluded)** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **OTHER REPURCHASE AGREEMENTS — (Continued)** | **OTHER REPURCHASE AGREEMENTS — (Continued)** | **OTHER REPURCHASE AGREEMENTS — (Continued)** |
|  Credit Agricole Corporate and Investment Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39% (OBFR + 0.06%), dated 11/15/2024, matures 09/05/2025, repurchase price $5,004,268 (collateralized by various securities: total value $5,250,667)<sup>(d)</sup> | $5000000 | $5000000  |
| HSBC Securities (USA), Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.43% (OBFR + 0.10%), dated 08/29/2025, matures 09/02/2025, repurchase price $25,012,306 (collateralized by various securities: total value $26,263,885) | 25000000 | 25000000  |
| ING Financial Markets LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, dated 08/29/2025, matures 09/02/2025, repurchase price $35,017,033 (collateralized by various securities: total value $36,750,001) | 35000000 | 35000000  |
| &nbsp;&nbsp;&nbsp; 4.38%, dated 08/29/2025, matures 09/02/2025, repurchase price $5,002,433 (collateralized by various securities: total value $5,250,490) | 5000000 | 5000000  |
| JP Morgan Securities LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45% (OBFR + 0.12%), dated 11/15/2024, matures 09/05/2025, repurchase price $25,021,632 (collateralized by various securities: total value $26,353,891)<sup>(d)</sup> | 25000000 | 25000000  |
| &nbsp;&nbsp;&nbsp; 4.48% (OBFR + 0.15%), dated 11/15/2024, matures 09/05/2025, repurchase price $15,013,067 (collateralized by various securities: total value $15,812,729)<sup>(d)</sup> | 15000000 | 15000000  |
| MUFG Securities Americas Inc.  | MUFG Securities Americas Inc.  |  |
| &nbsp;&nbsp;&nbsp; 4.40% (OBFR + 0.07%), dated 08/29/2025, matures 09/02/2025, repurchase price $25,012,222 (collateralized by various securities: total value $26,250,001) | 25000000 | 25000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.39%, dated 08/29/2025, matures 09/02/2025, repurchase price $15,007,317 (collateralized by various securities: total value $15,750,026) | $15000000 | $15000000  |
| Societe Generale<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.51% (OBFR + 0.18%), dated 08/29/2025, matures 09/02/2025, repurchase price $17,008,519 (collateralized by various securities: total value $17,850,006) | 17000000 | 17000000  |
| TD Securities (USA) LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40% (OBFR + 0.07%), dated 08/29/2025, matures 09/02/2025, repurchase price $40,019,556 (collateralized by various securities: total value $42,000,192) | 40000000 | 40000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL OTHER REPURCHASE AGREEMENTS** <br>**(Cost $247,000,000)** |  | 247000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.2%** <br>**(Cost $1,093,694,826)** |  | $1093577712  |
|  Liabilities in Excess of Other Assets — (0.2)% |  | (2434168)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $1091143544 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

OBFR - Overnight Bank Funding Rate

PLC - Public Limited Company

<sup>(a)</sup> The rate shown is the annualized yield as of August 31, 2025.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $273,824,687 or 25.1% of the Fund's net assets.

<sup>(c)</sup> Adjustable Rate Security - The rate is determined by the Remarketing Agent and Resets periodically (daily, weekly, monthly, etc.)

<sup>(d)</sup> The maturity date shown represents the next put date.

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 13 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Retail Prime Obligations Fund** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **FINANCIAL COMPANY COMMERCIAL PAPER — 23.0%**  | **FINANCIAL COMPANY COMMERCIAL PAPER — 23.0%**  | **FINANCIAL COMPANY COMMERCIAL PAPER — 23.0%**  |
| ASB Bank Ltd<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.58% (SOFR + 0.22%), 09/08/2025<sup>(a)</sup> | $10000000 | $10000112  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/24/2025<sup>(a)(b)</sup> | 32000000 | 31910326  |
|  Australia & New Zealand Banking Group <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.14%), 09/17/2025<sup>(a)</sup> | 15000000 | 14999869  |
| Bank of America NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54%, 12/19/2025<sup>(b)</sup> | 10000000 | 10000890  |
| Bank of Montreal<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63% (SOFR + 0.23%), 03/02/2026<sup>(a)(b)(c)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.61% (SOFR + 0.27%), 03/23/2026 | 10000000 | 10000000  |
| Bank of New Zealand<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.41%, 09/22/2025<sup>(a)(b)</sup> | 15000000 | 14961937  |
| Barclays Bank UK PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.41%, 09/04/2025<sup>(a)(b)</sup> | 100000000 | 99963750  |
| &nbsp;&nbsp;&nbsp; 4.41%, 09/05/2025<sup>(a)(b)</sup> | 25000000 | 24987917  |
| BofA Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 12/01/2025<sup>(b)</sup> | 10000000 | 9893328  |
| &nbsp;&nbsp;&nbsp; 4.63% (SOFR + 0.27%), 05/08/2026 | 5000000 | 5000000  |
| Cabot Trail Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.36%, 09/10/2025<sup>(a)(b)</sup> | 9475000 | 9464814  |
| &nbsp;&nbsp;&nbsp; 4.31%, 01/07/2026<sup>(a)(b)</sup> | 10000000 | 9848889  |
| CDP Financial Inc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.36%, 09/05/2025<sup>(a)(b)</sup> | 20000000 | 19990289  |
| &nbsp;&nbsp;&nbsp; 4.37%, 12/09/2025<sup>(a)(b)</sup> | 15000000 | 14822212  |
| &nbsp;&nbsp;&nbsp; 4.41%, 12/12/2025<sup>(a)(b)</sup> | 10000000 | 9876750  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/06/2026<sup>(a)(b)</sup> | 10000000 | 9848658  |
| &nbsp;&nbsp;&nbsp; 4.36%, 01/21/2026<sup>(a)(b)</sup> | 12000000 | 11796467  |
| &nbsp;&nbsp;&nbsp; 4.36%, 01/30/2026<sup>(a)(b)</sup> | 10000000 | 9819639  |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank <br>of Australia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.52% (SOFR + 0.18%), 09/29/2025<sup>(a)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.62% (SOFR + 0.28%), 10/03/2025<sup>(a)</sup> | 10000000 | 10000261  |
| &nbsp;&nbsp;&nbsp; 4.60% (SOFR + 0.26%), 01/23/2026<sup>(a)</sup> | 11950000 | 11951866  |
| DZ Bank AG/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 10/01/2025<sup>(a)(b)</sup> | 10000000 | 9964833  |
| &nbsp;&nbsp;&nbsp; 4.34%, 12/05/2025<sup>(a)(b)</sup> | 10000000 | 9887056  |
|  Kreditanstalt Fuer Wiederaufbau<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/22/2025<sup>(a)(b)</sup> | 10000000 | 9974683  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/27/2026<sup>(a)(b)</sup> | 10000000 | 9796636  |
| Lloyds Bank PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.44%, 12/02/2025<sup>(b)</sup> | 10000000 | 9888194  |
| &nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.20%), 02/06/2026 | 10000000 | 9999927  |
| &nbsp;&nbsp;&nbsp; 4.21%, 02/09/2026<sup>(b)</sup> | 10000000 | 9814403  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Macquarie Bank Ltd<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.52% (SOFR + 0.16%), 09/05/2025<sup>(a)</sup> | $10000000 | $10000000  |
| &nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.20%), 09/19/2025<sup>(a)</sup> | 5000000 | 5000000  |
|  MetLife Short Term Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39%, 10/07/2025<sup>(a)(b)</sup> | 10000000 | 9956700  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/03/2025<sup>(a)(b)</sup> | 12000000 | 11909280  |
| &nbsp;&nbsp;&nbsp; 4.18%, 02/09/2026<sup>(a)(b)</sup> | 10000000 | 9815744  |
| Mizuho Bank Ltd/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39%, 01/09/2026<sup>(a)(b)</sup> | 20000000 | 19687278  |
| Mizuho Bank Ltd/SG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.46%, 10/22/2025<sup>(a)(b)</sup> | 10000000 | 9937667  |
| National Australia Bank Ltd<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/27/2025<sup>(a)(b)</sup> | 28807000 | 28614761  |
| &nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.22%), 01/23/2026<sup>(a)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.25%), 02/23/2026<sup>(a)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.57% (SOFR + 0.23%), 03/04/2026<sup>(a)</sup> | 5000000 | 5000000  |
| Nationwide Building Society<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.44%, 09/11/2025<sup>(a)(b)</sup> | 15000000 | 14981750  |
| &nbsp;&nbsp;&nbsp; 4.42%, 10/09/2025<sup>(a)(b)</sup> | 20000000 | 19907956  |
| &nbsp;&nbsp;&nbsp; 4.36%, 11/14/2025<sup>(a)(b)</sup> | 10000000 | 9911508  |
|  New York Life Short Term Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.43%, 10/08/2025<sup>(a)(b)</sup> | 10000000 | 9955086  |
| Nordea Bank Abp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.22%), 02/13/2026<sup>(a)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.16%, 02/20/2026<sup>(a)(b)</sup> | 10000000 | 9804111  |
| &nbsp;&nbsp;&nbsp; 4.16%, 02/24/2026<sup>(a)(b)</sup> | 10000000 | 9799556  |
| NRW.Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.36%, 11/12/2025<sup>(a)(b)</sup> | 32000000 | 31724800  |
| &nbsp;&nbsp;&nbsp; Ontario Teachers' <br>Finance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.29%, 09/24/2025<sup>(a)(b)</sup> | 11600000 | 11568651  |
|  Protective Life Short Term Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/08/2025<sup>(a)(b)</sup> | 10965000 | 10955747  |
| PSP Capital Inc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39%, 09/22/2025<sup>(a)(b)</sup> | 15000000 | 14962112  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.12%, 04/20/2026<sup>(b)</sup> | 10000000 | 9739483  |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda <br>Banken AB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, 09/24/2025<sup>(a)(b)</sup> | 25000000 | 24931703  |
| &nbsp;&nbsp;&nbsp; 4.70% (SOFR + 0.34%), 10/06/2025<sup>(a)</sup> | 10000000 | 10001205  |
| &nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.23%), 11/10/2025<sup>(a)</sup> | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; 4.57% (SOFR + 0.21%), 03/11/2026<sup>(a)</sup> | 10000000 | 9999881  |

---

The accompanying notes are an integral part of these financial statements.

<br> 14 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Retail Prime Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — (Continued)**  | &nbsp;&nbsp;&nbsp; **FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — (Continued)**  | &nbsp;&nbsp;&nbsp; **FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.75% (SOFR + 0.39%), 04/28/2026<sup>(a)</sup> | $10000000 | $10009472  |
| &nbsp;&nbsp;&nbsp; 4.12%, 05/06/2026<sup>(a)(b)</sup> | 10000000 | 9721439  |
| &nbsp;&nbsp;&nbsp; 4.61% (SOFR + 0.25%), 05/11/2026<sup>(a)</sup> | 10000000 | 9998535  |
|  Sumitomo Mitsui Trust Bank/Singapore<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/04/2025<sup>(a)(b)</sup> | 4000000 | 3998537  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/24/2025<sup>(a)(b)</sup> | 15000000 | 14957929  |
| &nbsp;&nbsp;&nbsp; 4.46%, 10/30/2025<sup>(a)(b)</sup> | 10000000 | 9927889  |
| &nbsp;&nbsp;&nbsp; 4.32%, 01/05/2026<sup>(a)(b)</sup> | 10000000 | 9850900  |
| Sumitomo Mitsui Trust/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/14/2026<sup>(a)(b)</sup> | 10000000 | 9842125  |
|  Svenska Handelsbanken AB/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39%, 11/10/2025<sup>(a)(b)</sup> | 10000000 | 9915806  |
| &nbsp;&nbsp;&nbsp; 4.62% (SOFR + 0.26%), 04/29/2026<sup>(a)</sup> | 10000000 | 9999973  |
| Swedbank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55% (SOFR + 0.19%), 09/12/2025<sup>(a)</sup> | 5000000 | 5000000  |
| Westpac Banking Corp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.58% (SOFR + 0.24%), 03/05/2026<sup>(a)</sup> | 10000000 | 10001526  |
|  Westpac Securities NZ Ltd/London<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60% (SOFR + 0.26%), 10/08/2025<sup>(a)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/27/2025<sup>(a)(b)</sup> | 18175000  | 18053712  |
| &nbsp;&nbsp;&nbsp; **TOTAL FINANCIAL COMPANY COMMERCIAL PAPER** <br>**(Cost $922,906,528)** |  | 922906528  |
| **ASSET BACKED COMMERCIAL PAPER — 11.9%**  | **ASSET BACKED COMMERCIAL PAPER — 11.9%**  | **ASSET BACKED COMMERCIAL PAPER — 11.9%**  |
| Autobahn Funding Co LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/03/2025<sup>(a)(b)</sup> | 45000000 | 44989150  |
| &nbsp;&nbsp;&nbsp; 4.42%, 09/08/2025<sup>(a)(b)</sup> | 10000000 | 9991522  |
| &nbsp;&nbsp;&nbsp; 4.44%, 09/15/2025<sup>(a)(b)</sup> | 10000000 | 9982967  |
| Bedford Row Funding Corp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55% (SOFR + 0.21%), 01/27/2026<sup>(a)</sup> | 10000000 | 10000000  |
| CAFCO LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.41%, 09/11/2025<sup>(a)(b)</sup> | 12000000 | 11985500  |
| &nbsp;&nbsp;&nbsp; 4.43%, 09/23/2025<sup>(a)(b)</sup> | 10000000 | 9973294  |
| &nbsp;&nbsp;&nbsp; 4.44%, 10/17/2025<sup>(a)(b)</sup> | 10000000 | 9944033  |
| &nbsp;&nbsp;&nbsp; 4.43%, 11/05/2025<sup>(a)(b)</sup> | 10000000 | 9921097  |
| &nbsp;&nbsp;&nbsp; 4.26%, 12/02/2025<sup>(a)(b)</sup> | 10000000 | 9892667  |
| Chariot Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.43%, 09/15/2025<sup>(a)(b)</sup> | 10000000 | 9983006  |
| &nbsp;&nbsp;&nbsp; 4.63% (SOFR + 0.27%), 01/30/2026<sup>(a)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.64% (SOFR + 0.28%), 04/27/2026<sup>(a)</sup> | 10000000 | 10000000  |
| CRC Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 12/16/2025<sup>(a)(b)</sup> | 13640000 | 13470515 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Fairway Finance Co LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, 10/02/2025<sup>(a)(b)</sup> | $7000000 | $6974261  |
| &nbsp;&nbsp;&nbsp; 4.31%, 12/10/2025<sup>(a)(b)</sup> | 2200000 | 2174028  |
| &nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.25%), 03/06/2026<sup>(a)</sup> | 10000000 | 10000000  |
| Great Bear Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/03/2025<sup>(a)(b)</sup> | 25000000 | 24993972  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/05/2025<sup>(a)(b)</sup> | 12390000 | 12383956  |
| &nbsp;&nbsp;&nbsp; 4.57% (SOFR + 0.23%), 12/02/2025 | 10000000 | 10000000  |
| Liberty Street Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32%, 09/02/2025<sup>(a)(b)</sup> | 10000000 | 9998817  |
| &nbsp;&nbsp;&nbsp; 4.45%, 10/20/2025<sup>(a)(b)</sup> | 5000000 | 4970124  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/01/2025<sup>(a)(b)</sup> | 15000000 | 14836200  |
| &nbsp;&nbsp;&nbsp; 4.29%, 12/02/2025<sup>(a)(b)</sup> | 10000000 | 9891900  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/02/2026<sup>(a)(b)</sup> | 10000000 | 9853425  |
| &nbsp;&nbsp;&nbsp; 4.37%, 01/08/2026<sup>(a)(b)</sup> | 10000000 | 9845558  |
| &nbsp;&nbsp;&nbsp; 4.26%, 01/20/2026<sup>(a)(b)</sup> | 10000000 | 9835500  |
| Longship Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.43%, 09/16/2025<sup>(a)(b)</sup> | 10000000 | 9981792  |
| &nbsp;&nbsp;&nbsp; 4.44%, 09/18/2025<sup>(a)(b)</sup> | 19620000 | 19579465  |
|  Manhattan Asset Funding Co LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.42%, 09/02/2025<sup>(a)(b)</sup> | 7000000 | 6999152  |
| &nbsp;&nbsp;&nbsp; 4.42%, 10/27/2025<sup>(a)(b)</sup> | 10000000 | 9932178  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/01/2025<sup>(a)(b)</sup> | 10000000 | 9890800  |
| &nbsp;&nbsp;&nbsp; 4.39%, 12/11/2025<sup>(a)(b)</sup> | 10000000 | 9878520  |
| &nbsp;&nbsp;&nbsp; 4.21%, 02/09/2026<sup>(a)(b)</sup> | 10000000 | 9814403  |
| Old Line Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.41%, 10/15/2025<sup>(a)(b)</sup> | 12000000 | 11936200  |
| &nbsp;&nbsp;&nbsp; 4.18%, 02/09/2026<sup>(a)(b)</sup> | 10000000 | 9815744  |
| Sheffield Receivables Co LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.42%, 09/29/2025<sup>(a)(b)</sup> | 10000000 | 9966089  |
| &nbsp;&nbsp;&nbsp; 4.33%, 11/12/2025<sup>(a)(b)</sup> | 10000000 | 9914600  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/21/2025<sup>(a)(b)</sup> | 20000000 | 19805600  |
| Thunder Bay Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, 12/03/2025<sup>(a)(b)</sup> | 15000000 | 14834150  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/21/2026<sup>(a)(b)</sup> | 10000000 | 9830783  |
| &nbsp;&nbsp;&nbsp; 4.22%, 01/29/2026<sup>(a)(b)</sup> | 10000000 | 9826667  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET BACKED COMMERCIAL PAPER** <br>**(Cost $477,897,635)** |  | 477897635  |
|  **NON-NEGOTIABLE TIME DEPOSITS — 8.6%** <br>|  |  |
|  Canadian Imperial Bank of Commerce, Toronto Branch<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/02/2025 | 155000000 | 155000000  |
|  Credit Agricole Corporate and Investment Bank, New York Branch<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/02/2025 | 190000000 | 190000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-NEGOTIABLE TIME DEPOSITS** <br>**(Cost $345,000,000)** |  | 345000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 15 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Retail Prime Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CERTIFICATES OF DEPOSIT — 7.2%** <br>|  |  |
| Bank of America NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.48%, 10/03/2025 | $10000000 | $9999815  |
| Bank of Montreal/Chicago<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.22%), 12/05/2025 | 5000000 | 4999548  |
| &nbsp;&nbsp;&nbsp; 4.53% (SOFR + 0.19%), 12/10/2025 | 14000000 | 14000000  |
| &nbsp;&nbsp;&nbsp; 4.61% (SOFR + 0.27%), 03/02/2026 | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.25%), 03/12/2026 | 8500000 | 8500000  |
|  Canadian Imperial Bank of Commerce/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% (SOFR + 0.39%), <br>04/01/2026 | 5000000 | 5000000  |
|  Commonwealth Bank of Australia/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.58% (SOFR + 0.24%), 02/23/2026 | 5000000 | 5000232  |
| &nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.25%), 03/24/2026 | 14450000 | 14450000  |
| &nbsp;&nbsp;&nbsp; 4.66% (SOFR + 0.32%), 07/22/2026 | 5000000 | 5000000  |
|  Cooperatieve Rabobank UA/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.25%), 05/04/2026 | 5000000 | 5000000  |
| DZ Bank AG/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.20%), 02/13/2026 | 10000000 | 10000000  |
| Mizuho Bank Ltd/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54% (SOFR + 0.18%), 09/10/2025 | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.71% (SOFR + 0.35%), 10/10/2025 | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.66% (SOFR + 0.30%), 10/29/2025 | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.23%), 02/11/2026 | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.31%, 02/17/2026 | 10000000 | 10000000  |
| National Australia Bank/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.58% (SOFR + 0.24%), 03/02/2026 | 15000000 | 14999471  |
| &nbsp;&nbsp;&nbsp; 4.59% (SOFR + 0.25%), 03/17/2026 | 5000000 | 5000000  |
| Nordea Bank Abp/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.56% (SOFR + 0.22%), 03/06/2026 | 12000000 | 11998151  |
| Royal Bank of Canada/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.67% (SOFR + 0.33%), 11/07/2025 | 6800000 | 6801903  |
| &nbsp;&nbsp;&nbsp; 4.69% (SOFR + 0.35%), 12/04/2025 | 9400000 | 9403276  |
|  Skandinaviska Enskilda Banken AB/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.42%, 10/27/2025 | 10000000 | 9999992  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Sumitomo Mitsui Bank/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.69% (SOFR + 0.35%), 10/14/2025 | $10000000 | $10000000  |
| &nbsp;&nbsp;&nbsp; 4.57% (SOFR + 0.23%), 01/30/2026 | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; 4.57% (SOFR + 0.23%), 02/19/2026 | 10000000 | 9999952  |
| Sumitomo Mitsui Trust/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.52% (SOFR + 0.18%), 09/05/2025 | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; 4.45%, 10/06/2025 | 15000000 | 15000000  |
| &nbsp;&nbsp;&nbsp; 4.61% (SOFR + 0.27%), 11/12/2025 | 5000000 | 5000000  |
| Swedbank/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.57% (SOFR + 0.21%), 12/23/2025 | 10000000 | 9999987  |
| Wells Fargo Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67% (SOFR + 0.31%), <br>06/02/2026 | 16000000 | 16000882  |
| Westpac Banking Corp/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63% (SOFR + 0.29%), 06/12/2026 | 10000000 | 9999196  |
| &nbsp;&nbsp;&nbsp; **TOTAL CERTIFICATES OF DEPOSIT** <br>**(Cost $286,152,405)** |  | 286152405  |
| &nbsp;&nbsp;&nbsp; **NON-FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — 5.3%**  | &nbsp;&nbsp;&nbsp; **NON-FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — 5.3%**  | &nbsp;&nbsp;&nbsp; **NON-FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — 5.3%**  |
| Automatic Data Processing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/03/2025<sup>(a)(b)</sup> | 50000000 | 49987944  |
| Chevron Corp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.29%, 10/02/2025<sup>(a)(b)</sup> | 10000000 | 9963575  |
| &nbsp;&nbsp;&nbsp; 4.31%, 11/18/2025<sup>(a)(b)</sup> | 5000000 | 4953958  |
| &nbsp;&nbsp;&nbsp; 4.29%, 12/22/2025<sup>(a)(b)</sup> | 10630000 | 10490109  |
| Nestle Finance International Ltd | Nestle Finance International Ltd | Nestle Finance International Ltd |
| &nbsp;&nbsp;&nbsp; 4.23%, 01/15/2026<sup>(a)(b)</sup> | 10000000 | 9842467  |
| PACCAR Financial Corp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/03/2025<sup>(b)</sup> | 10000000 | 9997589  |
| Procter & Gamble Co<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.37%, 09/25/2025<sup>(a)(b)</sup> | 19000000 | 18945407  |
| TotalEnergies Capital SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.44%, 09/02/2025<sup>(a)(b)</sup> | 15000000 | 14998175  |
| &nbsp;&nbsp;&nbsp; 4.43%, 09/04/2025<sup>(a)(b)</sup> | 27300000 | 27290069  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/30/2025<sup>(a)(b)</sup> | 10000000 | 9965039  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/12/2026<sup>(a)(b)</sup> | 20000000 | 19683017  |
| &nbsp;&nbsp;&nbsp; 4.34%, 01/21/2026<sup>(a)(b)</sup> | 9950000 | 9782022  |
| Toyota Credit de Puerto Rico<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/17/2025<sup>(b)</sup> | 5740000 | 5728928  |
| &nbsp;&nbsp;&nbsp; 4.34%, 10/15/2025<sup>(b)</sup> | 10000000 | 9947689  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** <br>**(Cost $211,575,988)** |  | 211575988  |

---

The accompanying notes are an integral part of these financial statements.

<br> 16 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Retail Prime Obligations Fund(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **OTHER INSTRUMENTS — 1.7%**  | **OTHER INSTRUMENTS — 1.7%**  | **OTHER INSTRUMENTS — 1.7%**  |
|  Australia & New Zealand Banking Group/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.09%, 12/08/2025 | $4620000 | $4626343  |
| Citigroup Global Markets Inc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.87% (SOFR + 0.51%), 06/15/2026<sup>(a)</sup> | 10000000 | 10000000  |
| JP Morgan Securities LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% (SOFR + 0.62%), <br>04/29/2026 | 10000000 | 10023385  |
| Mizuho Bank Ltd/NY<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66% (SOFR + 0.30%), <br>10/15/2025 | 7800000 | 7800939  |
| National Australia Bank Ltd/NY | National Australia Bank Ltd/NY | National Australia Bank Ltd/NY |
| &nbsp;&nbsp;&nbsp; 4.60% (SOFR + 0.26%), 04/02/2026 | 10000000 | 10000000  |
| Walmart Inc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 09/09/2025 | 12560000 | 12558211  |
| Wells Fargo Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07% (SOFR + 0.71%), <br>01/15/2026 | 3415000 | 3419864  |
| Westpac Banking Corp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.91% (SOFR + 0.55%), 01/29/2026<sup>(a)</sup> | 6778000  | 6786291  |
| &nbsp;&nbsp;&nbsp; **TOTAL OTHER INSTRUMENTS** <br>**(Cost $65,215,033)** |  | 65215033  |
| **OTHER REPURCHASE AGREEMENTS — 23.1%**  | **OTHER REPURCHASE AGREEMENTS — 23.1%**  | **OTHER REPURCHASE AGREEMENTS — 23.1%**  |
| BNP Paribas <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.48% (OBFR + 0.15%), dated 08/29/2025, matures 09/02/2025, repurchase price $115,057,244 (collateralized by various securities: total value $120,750,060) | 115000000 | 115000000  |
| &nbsp;&nbsp;&nbsp; 4.42% (OBFR + 0.09%), dated 08/29/2025, matures 09/02/2025, repurchase price $33,016,207 (collateralized by various securities: total value $34,650,001) | 33000000 | 33000000  |
| &nbsp;&nbsp;&nbsp; 4.58% (OBFR + 0.25%), dated 11/15/2024, matures 10/03/2025, repurchase price $27,120,225 (collateralized by various securities: total value $28,350,000)<sup>(d)</sup> | 27000000 | 27000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| BofA Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63% (OBFR + 0.30%), dated 11/15/2024, matures 10/03/2025, repurchase price $25,112,535 (collateralized by various securities: total value $26,250,014)<sup>(d)</sup> | $25000000 | $25000000  |
|  Credit Agricole Corporate and Investment Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39% (OBFR + 0.06%), dated 11/15/2024, matures 09/05/2025, repurchase price $10,008,536 (collateralized by various securities: total value $10,584,908)<sup>(d)</sup> | 10000000 | 10000000  |
| HSBC Securities (USA), Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.43% (OBFR + 0.10%), dated 08/29/2025, matures 09/02/2025, repurchase price $90,044,300 (collateralized by various securities: total value $94,546,714) | 90000000 | 90000000  |
| &nbsp;&nbsp;&nbsp; 4.58% (SOFR + 0.24%), dated 11/15/2024, matures 10/03/2025, repurchase price $7,031,169 (collateralized by various securities: total value $7,354,598)<sup>(d)</sup> | 7000000 | 7000000  |
| ING Financial Markets LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, dated 08/29/2025, matures 09/02/2025, repurchase price $160,077,867 (collateralized by various securities: total value $168,000,002) | 160000000 | 160000000  |
| JP Morgan Securities LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45% (OBFR + 0.12%), dated 11/15/2024, matures 09/05/2025, repurchase price $55,047,590 (collateralized by various securities: total value $57,942,749)<sup>(d)</sup> | 55000000 | 55000000 |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 17 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**Retail Prime Obligations Fund (Concluded)** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **OTHER REPURCHASE AGREEMENTS — (Continued)** | **OTHER REPURCHASE AGREEMENTS — (Continued)** | **OTHER REPURCHASE AGREEMENTS — (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.48% (OBFR + 0.15%), dated 11/15/2024, matures 09/05/2025, repurchase price $30,026,133 (collateralized by various securities: total value $31,625,460)<sup>(d)</sup> | $30000000 | $30000000  |
| &nbsp;&nbsp;&nbsp; 4.73% (OBFR + 0.40%), dated 11/15/2024, matures 11/27/2025, repurchase price $31,366,575 (collateralized by various securities: total value $32,686,856)<sup>(d)</sup> | 31000000 | 31000000  |
| MUFG Securities Americas Inc.  | MUFG Securities Americas Inc.  | MUFG Securities Americas Inc.  |
| &nbsp;&nbsp;&nbsp; 4.40% (OBFR + 0.07%), dated 08/29/2025, matures 09/02/2025, repurchase price $120,058,667 (collateralized by various securities: total value $126,000,000) | 120000000 | 120000000  |
| &nbsp;&nbsp;&nbsp; 4.39%, dated 08/29/2025, matures 09/02/2025, repurchase price $35,017,072 (collateralized by various securities: total value $36,752,560) | 35000000 | 35000000  |
| Societe Generale<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.51% (OBFR + 0.18%), dated 08/29/2025, matures 09/02/2025, repurchase price $39,019,543 (collateralized by various securities: total value $40,950,159) | 39000000 | 39000000  |
| TD Securities (USA) LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40% (OBFR + 0.07%), dated 08/29/2025, matures 09/02/2025, repurchase price $150,073,333 (collateralized by various securities: total value $157,501,098) | 150000000  | 150000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL OTHER REPURCHASE AGREEMENTS** <br>**(Cost $927,000,000)** |  | 927000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY REPURCHASE AGREEMENTS — 20.0%** <br>|  |  |
| Bank of Nova Scotia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $493,164,538 (collateralized by U.S. Treasury obligations: total value $502,785,942) | $492927385 | $492927385  |
|  Credit Agricole Corporate and Investment Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $308,227,836 (collateralized by U.S. Treasury obligations: total value $314,241,220) | 308079615 | 308079615  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY REPURCHASE AGREEMENTS** <br>**(Cost $801,007,000)** |  | 801007000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.8%** <br>**(Cost $4,036,754,589)** |  | $4036754589  |
|  Liabilities in Excess of Other Assets - (0.8)% |  | (30509797)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $4006244792 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

OBFR - Overnight Bank Funding Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $1,519,156,011 or 37.9% of the Fund's net assets.

<sup>(b)</sup> The rate shown is the annualized yield as of August 31, 2025.

<sup>(c)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

<sup>(d)</sup> The maturity date shown represents the next put date.

The accompanying notes are an integral part of these financial statements.

<br> 18 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**RETAIL TAX FREE OBLIGATIONS FUND** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **VARIABLE RATE DEMAND NOTES — 72.8%** <br>|  |  |
| **Florida — 5.6%** <br>|  |  |
|  Halifax Hospital Medical Center Daytona Beach, Florida<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008, 2.90%, 09/05/2025 (LOC: JPMorgan Chase Bank)<sup>(a)</sup> | $9780000 | $9780000  |
|  Hillsborough County Industrial Development Authority, Baycare Health Systems<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020C, 2.65%, 09/05/2025 (LOC: TD Bank)<sup>(a)</sup> | 10000000 | 10000000  |
|  Miami-Dade County, Florida, Juvenile Courthouse Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003B, 2.65%, 09/05/2025 (LOC: TD Bank)<sup>(a)</sup> | 420000 | 420000  |
|  |  | 20200000  |
| **Georgia — 4.7%** <br>|  |  |
|  Macon Water Authority, Tax-Exempt Adjustable Mode Water & Sewer Refunding and Improvement Revenue Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018B, 2.76%, 09/05/2025<sup>(a)</sup> | 17120000 | 17120000  |
| **Illinois — 12.6%** <br>|  |  |
|  Illinois Educational Facilities Authority, The Adler Planetarium<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1997, 2.70%, 09/05/2025 (LOC: PNC Bank)<sup>(a)</sup> | 5100000 | 5100000  |
|  Illinois Finance Authority, Richard Driehaus Foundation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005, 2.85%, 09/05/2025 (LOC: Northern Trust Company)<sup>(a)</sup> | 12100000 | 12100000  |
|  Illinois Finance Authority, St. Ignatius College Prep Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006, 2.70%, 09/05/2025 (LOC: PNC Bank)<sup>(a)</sup> | 12000000 | 12000000  |
|  Illinois Finance Authority, Steppenwolf Theatre Company Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019, 2.80%, 09/05/2025 (LOC: Northern Trust Company)<sup>(a)</sup> | 13200000 | 13200000  |
|  Illinois Finance Authority, The Latin School of Chicago Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005A, 2.85%, 09/05/2025 (LOC: JPMorgan Chase Bank)<sup>(a)</sup> | 3160000 | 3160000  |
|  |  | 45560000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **Indiana — 2.1%** <br>|  |  |
|  Indiana Finance Authority, Parkview Health System Obligated Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2009C, 2.70%, 09/05/2025 (LOC: Sumitomo Mitsui Banking)<sup>(a)</sup> | $7540000 | $7540000  |
| **Kentucky — 4.1%** <br>|  |  |
|  Louisville/Jefferson County Metro Government, Norton Healthcare, Inc<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, 2.70%, 09/05/2025 (LOC: PNC <br>Bank)<sup>(a)</sup> | 14990000 | 14990000  |
| **Maryland — 0.3%** <br>|  |  |
|  Maryland Health and Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1985B, 2.65%, 09/05/2025 (LOC: TD Bank)<sup>(a)</sup> | 1245000 | 1245000  |
| **Minnesota — 2.7%** <br>|  |  |
|  Minnesota Higher Education Facilities Authority, Macalester College<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series Five-Q, 2.85%, 09/05/2025 (Macalester College)<sup>(a)</sup> | 9825000 | 9825000  |
| **Mississippi — 4.7%** <br>|  |  |
|  Mississippi Business Finance Corporation, Chevron U.S.A. Inc. Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007B, 3.75%, 09/02/2025 (GTD: Chevron Corp)<sup>(a)</sup> | 4850000 | 4850000  |
|  Mississippi Business Finance Corporation, Chevron U.S.A. Inc. Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2009A, 3.75%, 09/02/2025 (GTD: Chevron Corp)<sup>(a)</sup> | 2825000 | 2825000  |
|  Mississippi Business Finance Corporation, Chevron U.S.A. Inc. Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2009F, 3.75%, 09/02/2025 (Chevron Corp)<sup>(a)</sup> | 2275000 | 2275000  |
|  Mississippi Business Finance Corporation, Chevron U.S.A. Inc. Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2010F, 2.85%, 09/05/2025 (Chevron Corp)<sup>(a)</sup> | 7175000 | 7175000  |
|  |  | 17125000  |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 19 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**RETAIL TAX FREE OBLIGATIONS FUND(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **VARIABLE RATE DEMAND NOTES — (Continued)** | **VARIABLE RATE DEMAND NOTES — (Continued)** | **VARIABLE RATE DEMAND NOTES — (Continued)** |
| **Missouri — 0.3%** <br>|  |  |
|  Missouri Health and Educational Facilities Authority, Saint Louis University<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008B-2, 3.75%, 09/02/2025 (LOC: Wells Fargo Bank)<sup>(a)</sup> | $1040000 | $1040000  |
| **Nevada — 4.0%** <br>|  |  |
|  Clark County, Nevada Airport System<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008D-2A, 2.70%, 09/05/2025 (LOC: Wells Fargo Bank)<sup>(a)</sup> | 9450000 | 9450000  |
|  Clark County, Nevada Airport System<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008D-2B, 2.70%, 09/05/2025 (LOC: Sumitomo Mitsui <br>Banking)<sup>(a)</sup> | 5020000 | 5020000  |
|  |  | 14470000  |
| **New York — 4.2%** <br>|  |  |
|  New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013C-5, 2.75%, 09/05/2025 (LOC: Sumitomo Mitsui Banking)<sup>(a)</sup> | 15250000 | 15250000  |
| **Pennsylvania — 4.9%** <br>|  |  |
|  Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020A, 2.75%, 09/05/2025 (LOC: Barclays Bank PLC)<sup>(a)</sup> | 17820000 | 17820000  |
| **Texas — 7.0%** <br>|  |  |
|  City of Houston, Texas, Combined Utility System<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004B, 2.98%, 09/05/2025 (LOC: Sumitomo Mitsui Banking)<sup>(a)</sup> | 6000000 | 6000000  |
|  Gulf Coast Industrial Development Authority, ExxonMobil Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012, 3.95%, 09/02/2025 (GTD: Exxon Mobil Corp)<sup>(a)</sup> | 17880000 | 17880000  |
|  Tarrant County Cultural Education Facilities Finance Corp, Christus Health<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008C-2, 2.70%, 09/05/2025 (LOC: Bank of New York Mellon)<sup>(a)</sup> | 135000 | 135000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Tarrant County Cultural Education Facilities Finance Corp, Methodist Hospitals of Dallas<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008A, 3.85%, 09/02/2025 (LOC: TD Bank)<sup>(a)</sup> | $1190000 | $1190000  |
|  |  | 25205000  |
| **Virginia — 7.5%** <br>|  |  |
|  Industrial Development Authority of Loudoun County, Virginia, Howard Hughes Medical Institute Issue<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003E, 2.60%, 09/05/2025 (Howard Hughes Med Inst)<sup>(a)</sup> | 19960000 | 19960000  |
|  Portsmouth Redevelopment & Housing Authority, Phoebus Square Apartments<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008, 2.84%, 09/05/2025 (LOC: Bank of America GTD: FHLMC)<sup>(a)</sup> | 7200000 | 7200000  |
|  |  | 27160000  |
| **Washington — 5.2%** <br>|  |  |
|  Port of Tacoma, Subordinate Lien Revenue Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008B, 2.83%, 09/05/2025 (LOC: Bank of America)<sup>(a)</sup> | 19000000 | 19000000  |
| **Wisconsin — 2.9%** <br>|  |  |
|  Wisconsin Health and Educational Facilities Authority, Aspirus Wausau Hospital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004, 2.75%, 09/05/2025 (LOC: JPMorgan Chase Bank)<sup>(a)</sup> | 9700000 | 9700000  |
|  Wisconsin Health and Educational Facilities Authority, The Medical College of Wisconsin, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008B, 3.90%, 09/02/2025 (LOC: TD Bank)<sup>(a)</sup> | 750000 | 750000  |
|  |  | 10450000  |
| &nbsp;&nbsp;&nbsp; **TOTAL VARIABLE RATE DEMAND NOTES** <br>**(Cost $264,000,000)** |  | 264000000  |
|  **NON-FINANCIAL COMPANY COMMERCIAL PAPER — 16.3%** <br>|  |  |
| **Michigan — 2.5%** <br>|  |  |
| University of Michigan<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.88%, <br>11/04/2025 | 9000000 | 9000000 |

---

The accompanying notes are an integral part of these financial statements.

<br> 20 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**RETAIL TAX FREE OBLIGATIONS FUND (Concluded)** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **NON-FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — (Continued)** | &nbsp;&nbsp;&nbsp; **NON-FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — (Continued)** | &nbsp;&nbsp;&nbsp; **NON-FINANCIAL COMPANY COMMERCIAL** <br>**PAPER — (Continued)** |
| **Minnesota — 3.3%** <br>|  |  |
| University of Michigan<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 2.89%, 10/15/2025 | $11977000 | $11977000 |
| **Texas — 7.7%** <br>|  |  |
| Texas A & M University<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 3.17%, 09/18/2025 | 15000000 | 15000000  |
| University of Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 2.89%, 12/10/2025 | 13000000 | 13000000  |
|  |  | 28000000 |
| **Washington — 2.8%** <br>|  |  |
| Kings County Washington<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 2.93%, 09/09/2025 | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** <br>**(Cost $58,977,000)** |  | 58977000 |
| **OTHER MUNICIPAL SECURITIES — 11.5%**  | **OTHER MUNICIPAL SECURITIES — 11.5%**  | **OTHER MUNICIPAL SECURITIES — 11.5%**  |
| **Colorado — 0.8%** <br>|  |  |
|  Adams & Arapahoe Counties, Colorado, General Obligation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, 5.50%, 12/01/2025 | 3000000 | 3018352  |
| **Ohio — 8.3%** <br>|  |  |
|  Anderson Township Park District, Ohio, General Obligation Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, 3.63%, 03/11/2026 | 4100000 | 4110907  |
|  City of Delaware, Ohio, Fire Station & Land Acquisition<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/16/2026 | 5000000 | 5018366  |
|  City of Hamilton, Ohio, General Obligation Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, 4.00%, 12/17/2025 | 4320000 | 4331302  |
|  City of Miamisburg, Montgomery County, Ohio Recreational Facilities, General Obligation Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, 3.75%, 02/10/2026 | 3000000 | 3009293  |
|  City of New Albany, Ohio Capital Facilities, General Obligation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025, 3.75%, 06/04/2026<sup>(b)</sup> | 3350000 | 3376599  |
|  City of Wyoming, Ohio, General Obligation Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, 3.88%, 10/15/2025 | 1300000 | 1301024  |
|  County of Lake, Ohio, General Obligation Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, 4.00%, 09/24/2025 | 5000000 | 5002596  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  County of Lucas, Ohio Various Purpose Improvements Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, 3.38%, 10/10/2025 | $3905000 | $3906519  |
|  |  | 30056606  |
| **Texas — 2.4%** <br>|  |  |
|  Houston Independent School District, Limited Tax Refunding Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025B, 5.00%, 02/15/2026 | 8750000 | 8816260  |
| &nbsp;&nbsp;&nbsp; **TOTAL OTHER MUNICIPAL SECURITIES** <br>**(Cost $41,891,218)** |  | 41891218  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.6%** <br>**(Cost $364,868,218)** |  | $364868218  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.6)% |  | (2254222)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $362613996 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

GTD - Guaranteed

LOC - Letter of Credit

<sup>(a)</sup> Adjustable Rate Security - The rate is determined by the Remarketing Agent and Resets periodically (daily, weekly, monthly, etc.)

<sup>(b)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 21 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**TREASURY OBLIGATIONS FUND** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY DEBT — 40.2%** <br>|  |  |
| U.S. Treasury Bill <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/02/2025<sup>(a)</sup> | $250000000 | $249970556  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/04/2025<sup>(a)</sup> | 75000000 | 74973406  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/09/2025<sup>(a)</sup> | 200000000 | 199809014  |
| &nbsp;&nbsp;&nbsp; 4.32%, 09/16/2025<sup>(a)</sup> | 100000000 | 99821771  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/30/2025<sup>(a)</sup> | 150000000 | 149505333  |
| &nbsp;&nbsp;&nbsp; 4.03%, 10/02/2025<sup>(a)</sup> | 35000000 | 34880318  |
| &nbsp;&nbsp;&nbsp; 4.06%, 10/09/2025<sup>(a)</sup> | 100000000 | 99576986  |
| &nbsp;&nbsp;&nbsp; 4.27%, 10/14/2025<sup>(a)</sup> | 225000000 | 223868294  |
| &nbsp;&nbsp;&nbsp; 4.11%, 10/16/2025<sup>(a)</sup> | 100000000 | 99493125  |
| &nbsp;&nbsp;&nbsp; 4.28%, 10/21/2025<sup>(a)</sup> | 250000000 | 248532639  |
| &nbsp;&nbsp;&nbsp; 4.11%, 10/23/2025<sup>(a)</sup> | 360000000 | 357893870  |
| &nbsp;&nbsp;&nbsp; 4.24%, 10/28/2025<sup>(a)</sup> | 150000000 | 149006063  |
| &nbsp;&nbsp;&nbsp; 4.10%, 10/30/2025<sup>(a)</sup> | 150000000 | 149006588  |
| &nbsp;&nbsp;&nbsp; 4.09%, 11/06/2025<sup>(a)</sup> | 225000000 | 223335563  |
| &nbsp;&nbsp;&nbsp; 4.21%, 11/28/2025<sup>(a)</sup> | 150000000 | 148476133  |
| &nbsp;&nbsp;&nbsp; 4.21%, 12/04/2025<sup>(a)</sup> | 400000000 | 395660646  |
| &nbsp;&nbsp;&nbsp; 4.15%, 12/09/2025<sup>(a)</sup> | 75000000 | 74155200  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/16/2025<sup>(a)</sup> | 320000000 | 316160665  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/23/2025<sup>(a)</sup> | 100000000 | 98720118  |
| &nbsp;&nbsp;&nbsp; 4.16%, 12/26/2025<sup>(a)</sup> | 300000000 | 296033444  |
| &nbsp;&nbsp;&nbsp; 4.09%, 12/30/2025<sup>(a)(b)</sup> | 200000000 | 197330764  |
| &nbsp;&nbsp;&nbsp; 4.15%, 01/02/2026<sup>(a)</sup> | 200000000 | 197204483  |
| &nbsp;&nbsp;&nbsp; 4.10%, 01/22/2026<sup>(a)</sup> | 325000000 | 319777322  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/12/2026<sup>(a)</sup> | 75000000 | 73653492  |
| &nbsp;&nbsp;&nbsp; 4.02%, 02/26/2026<sup>(a)</sup> | 100000000 | 98041505  |
| U.S. Treasury Note <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.25%, 09/30/2025 | 325000000 | 323986388  |
| &nbsp;&nbsp;&nbsp; 0.25%, 10/31/2025 | 75000000 | 74525534  |
| &nbsp;&nbsp;&nbsp; 4.31% (3 mo. U.S. Treasury Money Market Yield + 0.17%), 10/31/2025 | 800000000 | 799962264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/31/2025 | 445000000 | 445508838  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 | 175000000 | 174256945  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2025 | 225000000 | 224755016  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2025 | 700000000 | 699960488  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 | 855000000 | 853923970  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/31/2026 | 100000000 | 98451696  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/31/2026 | 200000000 | 198693138  |
| &nbsp;&nbsp;&nbsp; 4.39% (3 mo. U.S. Treasury Money Market Yield + 0.25%), 01/31/2026 | 725000000 | 725195385  |
| &nbsp;&nbsp;&nbsp; 1.63%, 02/15/2026 | 60000000 | 59311700  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2026 | 200000000 | 200399982  |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/31/2026 | 325000000 | 318709294  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/31/2026 | 690000000 | 691530818  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2026 | 400000000 | 399157515  |
| &nbsp;&nbsp;&nbsp; 0.75%, 04/30/2026 | 100000000 | 97881836  |
| &nbsp;&nbsp;&nbsp; 2.38%, 04/30/2026 | 350000000 | 346300901  |
| &nbsp;&nbsp;&nbsp; 4.29% (3 mo. U.S. Treasury Money Market Yield + 0.15%), 04/30/2026 | 1150000000 | 1150032042  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | $750000000 | $754214215  |
| &nbsp;&nbsp;&nbsp; 1.63%, 05/15/2026 | 150000000 | 147469383  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2026 | 50000000 | 49868000  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | 575000000 | 574924582  |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 175000000 | 170432308  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/30/2026 | 75000000 | 73687199  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 450000000 | 451927196  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026 | 150000000 | 150496237  |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/31/2026 | 85000000 | 82401394  |
| &nbsp;&nbsp;&nbsp; 4.33% (3 mo. U.S. Treasury Money Market Yield + 0.18%), 07/31/2026 | 1000000000 | 999702944  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/2026 | 545000000 | 546324857  |
| &nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026 | 210000000 | 203551167  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/31/2026 | 75000000 | 73178734  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/15/2026 | 75000000 | 75542397  |
| &nbsp;&nbsp;&nbsp; 4.35% (3 mo. U.S. Treasury Money Market Yield + 0.21%), 10/31/2026 | 1200000000 | 1200492470  |
| &nbsp;&nbsp;&nbsp; 4.24% (3 mo. U.S. Treasury Money Market Yield + 0.10%), 01/31/2027 | 900000000 | 899924197  |
| &nbsp;&nbsp;&nbsp; 4.30% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 04/30/2027 | 1175000000 | 1175482368  |
| &nbsp;&nbsp;&nbsp; 4.30% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 07/31/2027 | 650000000 | 649797064  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY DEBT** <br>**(Cost $20,736,847,760)** |  | 20736847760  |
| &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — 60.7%**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — 60.7%**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — 60.7%**  |
| Bank of Montreal <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, dated 08/29/2025, matures 09/02/2025, repurchase price $300,141,667 (collateralized by U.S. Treasury obligations: total value $306,000,039) | 300000000 | 300000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,111 (collateralized by U.S. Treasury obligations: total value $102,000,031) | 100000000 | 100000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> 22 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**TREASURY OBLIGATIONS FUND(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  |
| Bank of Nova Scotia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $666,863,450 (collateralized by U.S. Treasury obligations: total value $679,873,636) | $666542769 | $666542769  |
| Barclays Capital Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,111 (collateralized by U.S. Treasury obligations: total value $102,000,012) | 100000000 | 100000000  |
| BNP Paribas <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32%, dated 06/02/2025, matures 09/02/2025, repurchase price $101,104,000 (collateralized by U.S. Treasury obligations: total value $102,000,000)<sup>(c)</sup> | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $250,120,278 (collateralized by U.S. Treasury obligations: total value $255,000,000) | 250000000 | 250000000  |
| &nbsp;&nbsp;&nbsp; 4.26%, dated 08/25/2025, matures 09/05/2025, repurchase price $300,390,500 (collateralized by U.S. Treasury obligations: total value $306,000,000)<sup>(c)</sup> | 300000000 | 300000000  |
| &nbsp;&nbsp;&nbsp; 4.36% (SOFR + 0.02%), dated 08/04/2025, matures 09/05/2025, repurchase price $501,937,778 (collateralized by U.S. Treasury obligations: total value $510,000,000)<sup>(c)</sup> | 500000000 | 500000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.35%, dated 08/15/2025, matures 09/05/2025, repurchase price $150,380,625 (collateralized by U.S. Treasury obligations: total value $153,000,000)<sup>(c)</sup> | $150000000 | $150000000  |
| BofA Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,000 (collateralized by U.S. Treasury obligations: total value $102,000,000) | 100000000 | 100000000  |
|  Canadian Imperial Bank of Commerce <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, dated 08/28/2025, matures 09/05/2025, repurchase price $400,380,444 (collateralized by U.S. Treasury obligations: total value $408,242,582)<sup>(c)</sup> | 400000000 | 400000000  |
| &nbsp;&nbsp;&nbsp; 4.37%, dated 08/25/2025, matures 09/05/2025, repurchase price $200,267,056 (collateralized by U.S. Treasury obligations: total value $204,198,178)<sup>(c)</sup> | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 07/31/2025, matures 09/05/2025, repurchase price $803,464,000 (collateralized by U.S. Treasury obligations: total value $819,238,877)<sup>(c)</sup> | 800000000 | 800000000  |
|  Credit Agricole Corporate and Investment Bank <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $416,789,657 (collateralized by U.S. Treasury obligations: total value $424,921,033) | 416589231 | 416589231  |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 23 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**TREASURY OBLIGATIONS FUND(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.30%, dated 08/29/2025, matures 09/05/2025, repurchase price $400,334,444 (collateralized by U.S. Treasury obligations: total value $408,000,029)<sup>(c)</sup> | $400000000 | $400000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/18/2025, matures 09/05/2025, repurchase price $100,217,000 (collateralized by U.S. Treasury obligations: total value $102,000,050)<sup>(c)</sup> | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.30%, dated 08/29/2025, matures 09/05/2025, repurchase price $225,188,125 (collateralized by U.S. Treasury obligations: total value $229,500,010)<sup>(c)</sup> | 225000000 | 225000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/22/2025, matures 09/05/2025, repurchase price $225,379,750 (collateralized by U.S. Treasury obligations: total value $229,500,096)<sup>(c)</sup> | 225000000 | 225000000  |
|  Federal Reserve Bank of New York<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, dated 08/29/2025, matures 09/02/2025, repurchase price $1,250,590,278 (collateralized by U.S. Treasury obligations: total value $1,250,590,302) | 1250000000 | 1250000000  |
| FICC/Bank of New York<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $3,501,683,889 (collateralized by U.S. Treasury obligations: total value $3,570,000,090) | 3500000000 | 3500000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| FICC/BNP Paribas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $2,701,299,000 (collateralized by U.S. Treasury obligations: total value $2,754,000,000) | $2700000000 | $2700000000  |
|  FICC/Credit Agricole Investment Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/29/2025, matures 09/02/2025, repurchase price $400,192,889 (collateralized by U.S. Treasury obligations: total value $408,173,020) | 400000000 | 400000000  |
| FICC/JP Morgan LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $500,240,556 (collateralized by U.S. Treasury obligations: total value $510,245,401) | 500000000 | 500000000 |
| FICC/Northern Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $3,001,443,333 (collateralized by U.S. Treasury obligations: total value $3,060,000,000) | 3000000000 | 3000000000  |
| &nbsp;&nbsp;&nbsp; 4.27%, dated 08/29/2025, matures 09/02/2025, repurchase price $200,094,889 (collateralized by U.S. Treasury obligations: total value $204,000,000) | 200000000 | 200000000  |
| FICC/State Street <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $3,001,443,333 (collateralized by U.S. Treasury obligations: total value $3,060,000,192) | 3000000000 | 3000000000  |

---

The accompanying notes are an integral part of these financial statements.

<br> 24 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**TREASURY OBLIGATIONS FUND(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $3,251,563,611 (collateralized by U.S. Treasury obligations: total value $3,315,000,058) | $3250000000 | $3250000000  |
| Goldman Sachs & Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,111 (collateralized by U.S. Treasury obligations: total value $102,000,000) | 100000000 | 100000000  |
| HSBC Securities (USA), Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,111 (collateralized by U.S. Treasury obligations: total value $102,049,135) | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.35% (SOFR + 0.01%), dated 11/15/2024, matures 09/05/2025, repurchase price $200,169,167 (collateralized by U.S. Treasury obligations: total value $204,098,601)<sup>(c)</sup> | 200000000 | 200000000  |
| ING Financial Markets LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $100,048,111 (collateralized by U.S. Treasury obligations: total value $102,000,008) | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.37%, dated 08/26/2025, matures 09/02/2025, repurchase price $50,042,486 (collateralized by U.S. Treasury obligations: total value $51,000,085) | 50000000 | 50000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.36%, dated 08/25/2025, matures 09/02/2025, repurchase price $50,048,444 (collateralized by U.S. Treasury obligations: total value $51,000,011) | $50000000 | $50000000 |
| &nbsp;&nbsp;&nbsp; 4.36%, dated 08/27/2025, matures 09/03/2025, repurchase price $100,084,778 (collateralized by U.S. Treasury obligations: total value $102,000,005) | 100000000 | 100000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/28/2025, matures 09/04/2025, repurchase price $150,126,583 (collateralized by U.S. Treasury obligations: total value $153,000,058) | 150000000 | 150000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/29/2025, matures 09/05/2025, repurchase price $100,084,389 (collateralized by U.S. Treasury obligations: total value $102,000,062) | 100000000 | 100000000  |
| JP Morgan Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $1,200,577,333 (collateralized by U.S. Treasury obligations: total value $1,224,588,933) | 1200000000 | 1200000000  |
| MUFG Securities (Canada) Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/29/2025, matures 09/02/2025, repurchase price $200,096,444 (collateralized by U.S. Treasury obligations: total value $204,098,374) | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; 4.36%, dated 08/27/2025, matures 09/03/2025, repurchase price $300,254,333 (collateralized by U.S. Treasury obligations: total value $306,222,360) | 300000000 | 300000000 |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 25 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**TREASURY OBLIGATIONS FUND(Continued)** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  | &nbsp;&nbsp;&nbsp; **U.S. TREASURY REPURCHASE** <br>**AGREEMENTS — (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 07/31/2025, matures 09/05/2025, repurchase price $451,948,500 (collateralized by U.S. Treasury obligations: total value $460,821,848)<sup>(c)</sup> | $450000000 | $450000000  |
| &nbsp;&nbsp;&nbsp; 4.39% (SOFR + 0.05%), dated 01/17/2025, matures 10/03/2025, repurchase price $251,067,014 (collateralized by U.S. Treasury obligations: total value $255,124,384)<sup>(c)</sup> | 250000000 | 250000000  |
| RBC Dominion Securities Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $1,000,481,111 (collateralized by U.S. Treasury obligations: total value $1,020,000,000) | 1000000000 | 1000000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 07/31/2025, matures 09/05/2025, repurchase price $1,330,737,250 (collateralized by U.S. Treasury obligations: total value $1,351,500,000)<sup>(c)</sup> | 1325000000 | 1325000000  |
| Royal Bank of Canada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/01/2025, matures 09/05/2025, repurchase price $502,109,722 (collateralized by U.S. Treasury obligations: total value $510,000,082)<sup>(c)</sup> | 500000000 | 500000000  |
| &nbsp;&nbsp;&nbsp; 4.27%, dated 08/20/2025, matures 09/05/2025, repurchase price $250,474,444 (collateralized by U.S. Treasury obligations: total value $255,000,074)<sup>(c)</sup> | 250000000 | 250000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.28%, dated 08/18/2025, matures 09/05/2025, repurchase price $250,535,000 (collateralized by U.S. Treasury obligations: total value $255,000,040)<sup>(c)</sup> | $250000000 | $250000000  |
| &nbsp;&nbsp;&nbsp; 4.34%, dated 08/04/2025, matures 09/05/2025, repurchase price $351,350,222 (collateralized by U.S. Treasury obligations: total value $357,000,082)<sup>(c)</sup> | 350000000 | 350000000  |
| &nbsp;&nbsp;&nbsp; 4.19%, dated 08/28/2025, matures 09/05/2025, repurchase price $350,325,889 (collateralized by U.S. Treasury obligations: total value $357,000,034)<sup>(c)</sup> | 350000000 | 350000000  |
| Societe Generale NY <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, dated 08/26/2025, matures 09/02/2025, repurchase price $300,255,500 (collateralized by U.S. Treasury obligations: total value $306,000,053) | 300000000 | 300000000  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $300,144,333 (collateralized by U.S. Treasury obligations: total value $306,000,070) | 300000000 | 300000000  |
| TD Securities (USA) LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, dated 08/29/2025, matures 09/02/2025, repurchase price $200,096,222 (collateralized by U.S. Treasury obligations: total value $204,000,020) | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY REPURCHASE AGREEMENTS** <br>**(Cost $31,308,132,000)** |  | 31308132000 |

---

The accompanying notes are an integral part of these financial statements.

<br> 26 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments** 

**TREASURY OBLIGATIONS FUND (Concluded)** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.9%** <br>**(Cost $52,044,979,760)** |  | $52044979760  |
|  Liabilities in Excess of Other Assets - (0.9)% |  | (472029765)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $51572949995 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

FICC - Fixed Income Clearing Corporation

LLC - Limited Liability Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> The rate shown is the annualized yield as of August 31, 2025.

<sup>(b)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

<sup>(c)</sup> The maturity date shown represents the next put date.

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 27 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SCHEDULE OF INVESTMENTS** 

**U.S. TREASURY MONEY MARKET FUND** 

**August 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY DEBT — 101.3%**  | **U.S. TREASURY DEBT — 101.3%**  |  |
| U.S. Treasury Bill <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/02/2025<sup>(a)</sup> | $35644000 | $35639792  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/04/2025<sup>(a)</sup> | 265000000 | 264906055  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/09/2025<sup>(a)</sup> | 391108000 | 390738157  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/11/2025<sup>(a)</sup> | 349084000 | 348672338  |
| &nbsp;&nbsp;&nbsp; 4.32%, 09/16/2025<sup>(a)</sup> | 313206000 | 312650531  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/18/2025<sup>(a)</sup> | 100000000 | 99797289  |
| &nbsp;&nbsp;&nbsp; 4.32%, 09/23/2025<sup>(a)</sup> | 402294000 | 401247270  |
| &nbsp;&nbsp;&nbsp; 4.31%, 09/25/2025<sup>(a)</sup> | 77992000 | 77770965  |
| &nbsp;&nbsp;&nbsp; 4.32%, 09/30/2025<sup>(a)</sup> | 275000000 | 274055937  |
| &nbsp;&nbsp;&nbsp; 4.16%, 10/02/2025<sup>(a)</sup> | 232841000 | 232017406  |
| &nbsp;&nbsp;&nbsp; 4.26%, 10/07/2025<sup>(a)</sup> | 250000000 | 248950290  |
| &nbsp;&nbsp;&nbsp; 4.28%, 10/09/2025<sup>(a)</sup> | 135000000 | 134398988  |
| &nbsp;&nbsp;&nbsp; 4.26%, 10/14/2025<sup>(a)</sup> | 311774000 | 310207812  |
| &nbsp;&nbsp;&nbsp; 4.21%, 10/16/2025<sup>(a)</sup> | 225000000 | 223831375  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025<sup>(a)</sup> | 200060000 | 198894832  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/23/2025<sup>(a)</sup> | 200000000 | 198790043  |
| &nbsp;&nbsp;&nbsp; 4.24%, 10/28/2025<sup>(a)</sup> | 125000000 | 124171560  |
| &nbsp;&nbsp;&nbsp; 4.19%, 10/30/2025<sup>(a)</sup> | 119852000 | 119040150  |
| &nbsp;&nbsp;&nbsp; 4.18%, 11/06/2025<sup>(a)</sup> | 155000000 | 153829450  |
| &nbsp;&nbsp;&nbsp; 4.29%, 11/12/2025<sup>(a)</sup> | 125000000 | 123942575  |
| &nbsp;&nbsp;&nbsp; 4.21%, 11/13/2025<sup>(a)</sup> | 167540000 | 166130214  |
| &nbsp;&nbsp;&nbsp; 4.28%, 11/18/2025<sup>(a)</sup> | 50000000 | 49542779  |
| &nbsp;&nbsp;&nbsp; 4.20%, 11/20/2025<sup>(a)</sup> | 246430000 | 244160403  |
| &nbsp;&nbsp;&nbsp; 4.28%, 11/25/2025<sup>(a)</sup> | 150000000 | 148505151  |
| &nbsp;&nbsp;&nbsp; 4.20%, 11/28/2025<sup>(a)</sup> | 225000000 | 222722817  |
| &nbsp;&nbsp;&nbsp; 4.20%, 12/04/2025<sup>(a)</sup> | 100000000 | 98918739  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/09/2025<sup>(a)</sup> | 25000000 | 24720050  |
| &nbsp;&nbsp;&nbsp; 4.20%, 12/11/2025<sup>(a)</sup> | 25000000 | 24709572  |
| &nbsp;&nbsp;&nbsp; 4.11%, 12/16/2025<sup>(a)</sup> | 200000000 | 197612350  |
| &nbsp;&nbsp;&nbsp; 4.17%, 12/18/2025<sup>(a)</sup> | 50000000 | 49382405  |
| &nbsp;&nbsp;&nbsp; 4.09%, 12/23/2025<sup>(a)</sup> | 150000000 | 148099246  |
| &nbsp;&nbsp;&nbsp; 4.17%, 12/26/2025<sup>(a)</sup> | 25000000 | 24668836  |
| &nbsp;&nbsp;&nbsp; 4.07%, 12/30/2025<sup>(a)(b)</sup> | 75000000 | 74004119  |
| &nbsp;&nbsp;&nbsp; 4.21%, 01/02/2026<sup>(a)</sup> | 12567000 | 12388810  |
| &nbsp;&nbsp;&nbsp; 3.98%, 02/19/2026<sup>(a)</sup> | 135000000 | 132480208  |
| &nbsp;&nbsp;&nbsp; 3.93%, 02/26/2026<sup>(a)</sup> | 25000000 | 24521316  |
| U.S. Treasury Note <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.31% (3 mo. U.S. Treasury Money Market Yield + 0.17%), 10/31/2025 | 173273000 | 173270683  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 | 17184000 | 17163967  |
| &nbsp;&nbsp;&nbsp; 4.39% (3 mo. U.S. Treasury Money Market Yield + 0.25%), 01/31/2026 | 169304000 | 169380687  |
| &nbsp;&nbsp;&nbsp; 4.29% (3 mo. U.S. Treasury Money Market Yield + 0.15%), 04/30/2026 | 306596000 | 306596982  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | 25000000 | 25145648  |
| &nbsp;&nbsp;&nbsp; 4.33% (3 mo. U.S. Treasury Money Market Yield + 0.18%), 07/31/2026 | 105608000 | 105569681  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.35% (3 mo. U.S. Treasury Money Market Yield + 0.21%), 10/31/2026 | $149063000 | $149173041  |
| &nbsp;&nbsp;&nbsp; 4.24% (3 mo. U.S. Treasury Money Market Yield + 0.10%), 01/31/2027 | 210000000 | 209939294  |
| &nbsp;&nbsp;&nbsp; 4.30% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 04/30/2027 | 25000000 | 24995647  |
| &nbsp;&nbsp;&nbsp; 4.30% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 07/31/2027 | 70000000 | 69978855  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY DEBT** <br>**(Cost $7,167,334,315)** |  | 7167334315  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 101.3%** <br>**(Cost $7,167,334,315)** |  | $7167334315  |
|  Liabilities in Excess of Other Assets — (1.3)% |  | (95089707)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS — 100.0%** |  | $7072244608 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of August 31, 2025.

<sup>(b)</sup> Security or a portion of the security purchased on a when issued or delayed delivery basis.

The accompanying notes are an integral part of these financial statements.

<br> 28 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Assets and Liabilities** 

**August 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Government** <br>**Obligations** <br>**Fund** | **Institutional** <br>**Prime** <br>**Obligations** <br>**Fund<sup>(a)</sup>** | **Retail Prime** <br>**Obligations** <br>**Fund** | **Retail Tax Free** <br>**Obligations** <br>**Fund** | **Treasury** <br>**Obligations** <br>**Fund**  | **U.S. Treasury** <br>**Money Market** <br>**Fund** |
| **ASSETS:** <br>|  |  |  |  |  |  |
| Investments, at value | $50773860186 | $435300712 | $2308747589 | $364868218 | $20736847760 | $7167334315 |
| Repurchase agreements, at value | 65889584000 | 658277000 | 1728007000 |  | 31308132000 | —  |
| Interest receivable | 312593666 | 491363 | 3915222 | 1695531 | 133309622 | 5189451  |
| Cash and cash equivalents | 143375012 | 77 | 919 | 9160 | 100000192 | 1287  |
| Receivable for capital shares sold | 721200 |  | 1386888 |  | 1025615 | —  |
| Receivable for investments sold |  | 1003763 |  | 185381 |  | —  |
| Prepaid expenses and other assets | 153555 | 43662 | 60780 | 49446 | 98332 | 69363  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 117120287619 | 1095116577 | 4042118398 | 366807736 | 52279413521 | 7172594416  |
| **LIABILITIES:** <br>|  |  |  |  |  |  |
| Payable for investments purchased | 1004235690 |  | 20000890 | 3376599 | 525106987 | 74004119  |
| Distributions payable | 386483660 | 3710918 | 14405006 | 744633 | 170740526 | 24631805  |
| Payable for other affiliated expenses | 15494484 | 169968 | 501179 | 38382 | 7072866 | 1141239  |
|  Payable for distribution and shareholder servicing fees | 4721182 | 54583 | 271831 | 17309 | 2098778 | 552543  |
| Payable for capital shares redeemed |  |  | 674765 |  | 1385892 | 650  |
|  Payable for expenses and other liabilities | 80310 | 37564 | 19935 | 16817 | 58477 | 19452  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1411015326 | 3973033 | 35873606 | 4193740 | 706463526 | 100349808  |
| **NET ASSETS**  | $115709272293 | $1091143544 | $4006244792 | $362613996 | $51572949995 | $7072244608  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |  |
| Paid-in capital | $115709377990 | $1091234524 | $4006243520 | $362610754 | $51573129820 | $7072134821  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (105697) | (90980) | 1272 | 3242 | (179825) | 109787  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $115709272293 | $1091143544 | $4006244792 | $362613996 | $51572949995 | $7072244608 |
| **Class A** <br>|  |  |  |  |  |  |
| Net assets | $401725607 | $— | $631881461 | $29460940 | $529338288 | $106342218  |
| Shares issued and outstanding<sup>(b)</sup> | 401724857 |  | 631880773 | 29458793 | 529343465 | 106331239  |
| Net asset value per share | $1.00 | $— | $1.00 | $1.00 | $1.00 | $1.00  |
| **Class D** <br>|  |  |  |  |  |  |
| Net assets | $4915572811 | $— | $— | $— | $1874529064 | $223424992  |
| Shares issued and outstanding<sup>(b)</sup> | 4915558707 |  |  |  | 1874554184 | 223421477  |
| Net asset value per share | $1.00 | $— | $— | $— | $1.00 | $1.00  |
| **Class P** <br>|  |  |  |  |  |  |
| Net assets | $5607265071 | $— | $— | $— | $4486511016 | $—  |
| Shares issued and outstanding<sup>(b)</sup> | 5607282280 |  |  |  | 4486505741 | —  |
| Net asset value per share | $1.00 | $— | $— | $— | $1.00 | $—  |
| **Class T** <br>|  |  |  |  |  |  |
| Net assets | $48371058 | $44191715 | $4509666 | $7313523 | $49835232 | $24598186  |
| Shares issued and outstanding<sup>(b)</sup> | 48373661 | 44198284 | 4510982 | 7292009 | 49834736 | 24605946  |
| Net asset value per share | $1.00 | $0.9999 | $1.00 | $1.00 | $1.00 | $1.00  |
| **Class U** <br>|  |  |  |  |  |  |
| Net assets | $5075092449 | $— | $— | $— | $— | $—  |
| Shares issued and outstanding<sup>(b)</sup> | 5075078645 |  |  |  |  | —  |
| Net asset value per share | $1.00 | $— | $— | $— | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 29 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Assets and Liabilities (Concluded)** 

**August 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Government** <br>**Obligations** <br>**Fund** | **Institutional** <br>**Prime** <br>**Obligations** <br>**Fund<sup>(a)</sup>** | **Retail Prime** <br>**Obligations** <br>**Fund** | **Retail Tax Free** <br>**Obligations** <br>**Fund** | **Treasury** <br>**Obligations** <br>**Fund**  | **U.S. Treasury** <br>**Money Market** <br>**Fund**  |
| **Class V** <br>|  |  |  |  |  |  |
| Net assets | $5007993332 | $63209068 | $863361 | $28419 | $1352877742 | $328496290  |
| Shares issued and outstanding<sup>(b)</sup> | 5007986283 | 63211790 | 863318 | 28437 | 1352888129 | 328476467  |
| Net asset value per share | $1.00 | $1.0000 | $1.00 | $1.00 | $1.00 | $1.00  |
| **Class X** <br>|  |  |  |  |  |  |
| Net assets | $40358786091 | $— | $3270625001 | $— | $16750098804 | $1036846211  |
| Shares issued and outstanding<sup>(b)</sup> | 40358789324 |  | 3270624956 |  | 16750157578 | 1036846699  |
| Net asset value per share | $1.00 | $— | $1.00 | $— | $1.00 | $1.00  |
| **Class Y** <br>|  |  |  |  |  |  |
| Net assets | $12136834918 | $202220481 | $8708910 | $15956766 | $5377460056 | $1727168781  |
| Shares issued and outstanding<sup>(b)</sup> | 12136775702 | 202227166 | 8707653 | 15949036 | 5377508615 | 1727064459  |
| Net asset value per share | $1.00 | $1.0000 | $1.00 | $1.00 | $1.00 | $1.00  |
| **Class Z** <br>|  |  |  |  |  |  |
| Net assets | $42157630956 | $781522280 | $89656393 | $309854348 | $21152299793 | $3625367930  |
| Shares issued and outstanding<sup>(b)</sup> | 42157563652 | 781630953 | 89655838 | 309861102 | 21152427887 | 3625302785  |
| Net asset value per share | $1.00 | $0.9999 | $1.00 | $1.00 | $1.00 | $1.00  |
| **Cost:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $50773860186 | $435417826 | $2308747589 | $364868218 | $20736847760 | $7167334315 |
| &nbsp;&nbsp;&nbsp; Repurchase agreements, at cost | 65889584000 | 658277000 | 1728007000 |  | 31308132000 |  |

---

<sup>(a)</sup> The fund is required to round to its current net asset value per share to a minimum of the 4th decimal place.

<sup>(b)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

<br> 30 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Operations** 

**For the Year Ended August 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Government** <br>**Obligations** <br>**Fund** | **Institutional** <br>**Prime** <br>**Obligations** <br>**Fund** | **Retail Prime** <br>**Obligations** <br>**Fund** | **Retail Tax** <br>**Free** <br>**Obligations** <br>**Fund** | **Treasury** <br>**Obligations** <br>**Fund**  | **U.S. Treasury** <br>**Money Market** <br>**Fund** |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |  |
| Interest income | $4642976244 | $51353908 | $156006474 | $11067691 | $2241866212 | $303932711  |
| **Total investment income** | 4642976244 | 51353908 | 156006474 | 11067691 | 2241866212 | 303932711  |
| **EXPENSES (Note 1 and Note 3):** <br>|  |  |  |  |  |  |
| Investment advisory fees | 102311687 | 1107873 | 3381932 | 376672 | 49514818 | 6763335  |
| Fund administration and accounting fees | 91416490 | 1000024 | 3382656 | 371404 | 44431055 | 6095004  |
| Federal and state registration fees | 2395295 | 83324 | 149188 | 93194 | 191816 | 322151  |
| Custodian fees | 2269471 | 24757 | 75302 | 8992 | 1101883 | 150712  |
| Transfer agent fees | 715538 | 40655 | 115619 | 40693 | 382113 | 92108  |
| Trustees' fees | 469561 | 103189 | 111438 | 100210 | 285191 | 123248  |
| Legal fees | 254469 | 74410 | 67301 | 60635 | 155136 | 125830  |
| Reports to shareholders | 179155 | 7683 | 51041 | 8561 | 78870 | 20169  |
| Audit fees | 159188 | 35500 | 37933 | 34453 | 97482 | 47977  |
| Other expenses and fees | 626824 | 167137 | 109292 | 94644 | 401383 | 168831  |
| **Distribution Expenses:**  | **Distribution Expenses:**  | **Distribution Expenses:**  | **Distribution Expenses:**  | **Distribution Expenses:**  | **Distribution Expenses:**  | **Distribution Expenses:**  |
| &nbsp;&nbsp;&nbsp; Class A  | 863603  | —  | 1610932  | 74208  | 1363372  | 231920  |
| &nbsp;&nbsp;&nbsp; Class D  | 7015954  | —  | —  | —  | 2608045  | 186114  |
| **Shareholder servicing fees:**  | **Shareholder servicing fees:**  | **Shareholder servicing fees:**  | **Shareholder servicing fees:**  | **Shareholder servicing fees:**  | **Shareholder servicing fees:**  | **Shareholder servicing fees:**  |
| &nbsp;&nbsp;&nbsp; Class A  | 868916  | —  | 1633481  | 74498  | 1371446  | 231976  |
| &nbsp;&nbsp;&nbsp; Class D  | 11706856  | —  | —  | —  | 4351858  | 310479  |
| &nbsp;&nbsp;&nbsp; Class T  | 47322  | 144619  | 9598  | 28988  | 45727  | 35576  |
| &nbsp;&nbsp;&nbsp; Class V  | 4203094  | 69580  | 976  | 45  | 1384367  | 444685  |
| &nbsp;&nbsp;&nbsp; Class Y  | 29687135  | 487174  | 37887  | 42803  | 13638588  | 4291138  |
| **Total expenses** | 255190558 | 3345925 | 10774576 | 1410000 | 121403150 | 19641253  |
| Expense reimbursement by Adviser | (30106419) | (428802) | (1934862) | (420274) | (13160273) | (447381)  |
| Net expenses | 225084139 | 2917123 | 8839714 | 989726 | 108242877 | 19193872  |
| **Net investment income** | 4417892105 | 48436785 | 147166760 | 10077965 | 2133623335 | 284738839  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |  |
| Net realized gain (loss) on Investments | 79626 | 26162 |  | 7965 | (163244) | 171188  |
|  Net change in unrealized appreciation (depreciation) on Investments |  | 34059 |  |  |  | —  |
| **Net realized and unrealized gain (loss)** | 79626 | 60221 |  | 7965 | (163244) | 171188  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4417971731  | $48497006 | $147166760 | $10085930 | $2133460091 | $284910027 |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 31 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statement of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Government** <br>**Obligations Fund** | **Government** <br>**Obligations Fund** | **Institutional Prime** <br>**Obligations Fund**  | **Institutional Prime** <br>**Obligations Fund**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4417892105 | $4238091944 | $48436785 | $83045433  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 79626 | 259788 | 26162 | (19)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments |  |  | 34059 | (135098)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4417971731 | 4238351732 | 48497006 | 82910316  |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** <br>**FROM EARNINGS (Note 1):** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (13148963) | (11943761) |  | —  |
| &nbsp;&nbsp;&nbsp; Class D | (184775035) | (200221800) |  | —  |
| &nbsp;&nbsp;&nbsp; Class P | (170836313) | (132313656) |  | —  |
| &nbsp;&nbsp;&nbsp; Class T | (977585) | (1754188) | (3092202) | (4247998)  |
| &nbsp;&nbsp;&nbsp; Class U | (132284352) | (127653954) |  | —  |
| &nbsp;&nbsp;&nbsp; Class V | (177803552) | (161331377) | (3004215) | (3763490)  |
| &nbsp;&nbsp;&nbsp; Class X | (1528901013) | (1414234740) |  | —  |
| &nbsp;&nbsp;&nbsp; Class Y | (487815801) | (513399584) | (8153741) | (9021102)  |
| &nbsp;&nbsp;&nbsp; Class Z | (1721800491) | (1675238884) | (34186627) | (66096042)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4418343105) | (4238091944) | (48436785) | (83128632)  |
|  **CAPITAL TRANSACTIONS (Note 1):<sup>1</sup>** <br>|  |  |  |  |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 1672177424 | 923091737 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1890569 | 1528848 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1532225577) | (913054882) |  | —  |
| **Class D:** | **Class D:** | **Class D:** | **Class D:** | **Class D:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 15109360526 | 12358579592 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (14654316640) | (12360565124) |  | —  |
| **Class P:** | **Class P:** | **Class P:** | **Class P:** | **Class P:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 36585293918 | 23856407685 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 80990789 | 44853075 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (34704448123) | (22523372442) |  | —  |
| **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 115630523 | 125494931 | 338097558 | 517210735  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 15 |  | 57 | 231  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (95847576) | (127827327) | (384083029) | (490620843)  |
| **Class U:** | **Class U:** | **Class U:** | **Class U:** | **Class U:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 35121496720 | 32483162513 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (33506170811) | (31153268078) |  | —  |

---

The accompanying notes are an integral part of these financial statements.

<br> 32 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statement of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Government** <br>**Obligations Fund** | **Government** <br>**Obligations Fund** | **Institutional Prime** <br>**Obligations Fund**  | **Institutional Prime** <br>**Obligations Fund**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **Class V:** | **Class V:** | **Class V:** | **Class V:** | **Class V:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 26173263889 | 16675380683 | 121486351 | 77549757  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 34595587 | 32059737 | 393543 | 716623  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (25165697164) | (15596945931) | (124945083) | (94157691)  |
| **Class X:** | **Class X:** | **Class X:** | **Class X:** | **Class X:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 271835607876 | 206576633909 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 339131725 | 318354870 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (262424872766)  | (200147815390)  |  | —  |
| **Class Y:** | **Class Y:** | **Class Y:** | **Class Y:** | **Class Y:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 37363360572 | 43149208515 | 1504052907 | 843055502  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 84452862 | 57563890 | 43513 | 64386 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (37574104877) | (40707390080) | (1499641008)  | (839397716)  |
| **Class Z:** | **Class Z:** | **Class Z:** | **Class Z:** | **Class Z:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 334230387410 | 309146914902 | 6548558208 | 4343739994  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 339992816 | 332956416 | 1147851 | 1365902  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (327099500804)  | (305925725278)  | (6632328530)  | (5070048075)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 22330448883 | 16626226771 | (127217662) | (710521195)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | 22330077509 | 16626486559 | (127157441) | (710739511)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 93379194784 | 76752708225 | 1218300985 | 1929040496  |
| &nbsp;&nbsp;&nbsp; End of the year | $115709272293  | $93379194784 | $1091143544 | $1218300985 |

---

<sup>1</sup> For further information on Institutional Prime Obligations Fund capital share transactions, see note 4 in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 33 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statement of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retail Prime** <br>**Obligations Fund** | **Retail Prime** <br>**Obligations Fund** | **Retail Tax Free** <br>**Obligations Fund**  | **Retail Tax Free** <br>**Obligations Fund**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $147166760 | $156096417 | $10077965 | $12291809  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  | 7965 | (4722)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 147166760 | 156096417 | 10085930 | 12287087  |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** <br>**FROM EARNINGS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (25423916) | (28755791) | (654203) | (860468)  |
| &nbsp;&nbsp;&nbsp; Class T | (203780) | (229173) | (370804) | (491289)  |
| &nbsp;&nbsp;&nbsp; Class V | (42637) | (19146) | (1121) | (212117)  |
| &nbsp;&nbsp;&nbsp; Class X | (116501678) | (119283664) |  | —  |
| &nbsp;&nbsp;&nbsp; Class Y | (648044) | (724511) | (426600) | (558545)  |
| &nbsp;&nbsp;&nbsp; Class Z | (4346705) | (7084132) | (8625237) | (10215780)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (147166760) | (156096417) | (10077965) | (12338199)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 490280471 | 658443147 | 42711993 | 51468429  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 23214564 | 24408175 | 137880 | 112700  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (519866911) | (576314895) | (42996933) | (51630167)  |
| **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 6130033 | 4889563 | 1109321 | 1010027  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 108246 | 123925 | 143 | 240  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5988921) | (5531759) | (9124757) | (1533085)  |
| **Class V:** | **Class V:** | **Class V:** | **Class V:** | **Class V:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 388068 | 1322263 | 390345 | 125043314  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 39557 | 3737 | 9 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (722973) | (401691) | (389125) | (134318863)  |
| **Class X:** | **Class X:** | **Class X:** | **Class X:** | **Class X:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 4008461858 | 2256223084 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 24746 | 20162 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2749563476) | (2426209646) |  | —  |
| **Class Y:** | **Class Y:** | **Class Y:** | **Class Y:** | **Class Y:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 34609027 | 53363584 | 81426524 | 106324217  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 51 | 59 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (55552955) | (35269085) | (86091091) | (98638844)  |

---

The accompanying notes are an integral part of these financial statements.

<br> 34 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statement of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retail Prime** <br>**Obligations Fund** | **Retail Prime** <br>**Obligations Fund** | **Retail Tax Free** <br>**Obligations Fund**  | **Retail Tax Free** <br>**Obligations Fund**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Class Z:** | **Class Z:** | **Class Z:** | **Class Z:** | **Class Z:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 546192981 | 361883753 | 518607170 | 619740463  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3958728 | 4798773 | 27210 | 24954  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (578510077) | (367917607) | (514913397)  | (606545664)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net <br>assets from capital transactions | 1203203017 | (46164458)  | (9104708) | 11057721  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | 1203203017 | (46164458) | (9096743) | 11006609  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 2803041775 | 2849206233 | 371710739 | 360704130  |
| &nbsp;&nbsp;&nbsp; End of the year | $4006244792 | $2803041775 | $362613996 | $371710739 |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 35 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statement of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Treasury** <br>**Obligations Fund** | **Treasury** <br>**Obligations Fund** | **U.S. Treasury** <br>**Money Market Fund**  | **U.S. Treasury** <br>**Money Market Fund**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2133623335 | $2480839470 | $284738839 | $263610953  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (163244) | (15954) | 171188 | 8765  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2133460091 | 2480823516 | 284910027 | 263619718  |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** <br>**FROM EARNINGS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (20822172) | (26493039) | (3431575) | (3656719)  |
| &nbsp;&nbsp;&nbsp; Class D | (68706972) | (79650511) | (4815970) | (5731542)  |
| &nbsp;&nbsp;&nbsp; Class P | (117331512) | (113542428) |  | —  |
| &nbsp;&nbsp;&nbsp; Class T | (911836) | (145265) | (730327) | (880434)  |
| &nbsp;&nbsp;&nbsp; Class V | (58798097) | (58925235) | (18722153) | (17272227)  |
| &nbsp;&nbsp;&nbsp; Class X | (737288564) | (972821456) | (11561946) | —  |
| &nbsp;&nbsp;&nbsp; Class Y | (223391401) | (261535725) | (69196398) | (50257087)  |
| &nbsp;&nbsp;&nbsp; Class Z | (906372781) | (967777709) | (176280470) | (185812944)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2133623335) | (2480891368) | (284738839) | (263610953)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 1313941695 | 1544837984 | 6307070497 | 2027858499  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 12068215 | 11067565 | 674339 | 606401  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1315039513) | (1647922897) | (6257310131) | (2120485863)  |
| **Class D:** | **Class D:** | **Class D:** | **Class D:** | **Class D:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 3989304492 | 5019759374 | 416365005 | 532074394  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 35743 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3980106999) | (4927109339) | (301208059) | (490527027)  |
| **Class P:** | **Class P:** | **Class P:** | **Class P:** | **Class P:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 48222419933 | 18345617888 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 28994330 | 61569342 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (45330417738) | (20249006372) |  | —  |
| **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 123423861 | 9587167 | 9084299 | 975135  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 190 |  | 236 | 385  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (76704124) | (9498431) | (1685198) | (1704536)  |
| **Class V:** | **Class V:** | **Class V:** | **Class V:** | **Class V:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 4377547788 | 3049178251 | 1122196586 | 943666231  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 5387152 | 7238915 | 13382463 | 7571219  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4552601078) | (2574711045) | (1215881703) | (813110104)  |
| **Class X:** | **Class X:** | **Class X:** | **Class X:** | **Class X:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 94630950493 | 117813368942 | 1531535591 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 100997889 | 142816839 | 1512857 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (93241086492) | (120049910132) | (496201750) |  |

---

The accompanying notes are an integral part of these financial statements.

<br> 36 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statement of Changes in Net Assets (Concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Treasury** <br>**Obligations Fund** | **Treasury** <br>**Obligations Fund** | **U.S. Treasury** <br>**Money Market Fund**  | **U.S. Treasury** <br>**Money Market Fund**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **Class Y:** | **Class Y:** | **Class Y:** | **Class Y:** | **Class Y:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 31387645256 | 30387807643 | 6557427507 | 4540839925  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 97199575 | 100868537 | 32626955 | 19436898  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (31427795084) | (29501535962) | (6161585639) | (4032744441)  |
| **Class Z:** | **Class Z:** | **Class Z:** | **Class Z:** | **Class Z:** |
| &nbsp;&nbsp;&nbsp; Shares sold | 108809560176 | 102812010391 | 17226587463 | 17810807741 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 186597524 | 192153004 | 1199838 | 1730744  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (106899062155)  | (102311514502) | (17808025961)  | (16926937767)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | 6463225386 | (1773326838) | 977800938 | 1500057834  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | 6463062142 | (1773394690) | 977972126 | 1500066599  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 45109887853 | 46883282543 | 6094272482 | 4594205883  |
| &nbsp;&nbsp;&nbsp; End of the year | $51572949995 | $45109887853 | $7072244608 | $6094272482 |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 37 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| **For the** <br>**Year** <br>**Ended** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income** <br>(loss) | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End** <br>**of Year** | **Total** <br>**return<sup>(a)</sup>** | **Net Assets,** <br>**End of** <br>**Year (in** <br>**thousands)** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets After** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income (loss)** <br>**to Average** <br>**Net** <br>**Assets<sup>(b)</sup>**  |
| **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** | **Government Obligations Fund** |
| Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $0.038 | &nbsp;&nbsp; $0.038 | &nbsp;&nbsp; $(0.038) | $(0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $(0.038) | $1.00 | &nbsp;&nbsp; 3.87% | $401726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp; 3.78%  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.047 | &nbsp;&nbsp;&nbsp;&nbsp;0.047 | &nbsp;&nbsp; (0.047) |  | &nbsp;&nbsp;&nbsp; (0.047) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | 259884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.65  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.036 | &nbsp;&nbsp;&nbsp;&nbsp;0.036 | &nbsp;&nbsp; (0.036) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.036) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | 248318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.44  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp; (0.002) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.002) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 388517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.25  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 298968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp; (0.040) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.040) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | 4915573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.95  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.048 | &nbsp;&nbsp;&nbsp;&nbsp;0.048 | &nbsp;&nbsp; (0.048) |  | &nbsp;&nbsp;&nbsp; (0.048) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | 4460545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.80  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.038 | &nbsp;&nbsp;&nbsp;&nbsp;0.038 | &nbsp;&nbsp; (0.038) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.038) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | 4462517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.73  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 4545961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 4533829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp; (0.044) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | 5607265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.38  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp; (0.052) |  | &nbsp;&nbsp;&nbsp; (0.052) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | 3645452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.24  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | 2267555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.20  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 1023323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.42  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 1085102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | 48371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.13  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.050 | &nbsp;&nbsp;&nbsp;&nbsp;0.050 | &nbsp;&nbsp; (0.050) |  | &nbsp;&nbsp;&nbsp; (0.050) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | 28588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.00  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp; (0.040) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.040) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | 30920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.70  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | 1371489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.34  |
| 8/31/2021<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 1260703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class U  | Class U  | Class U  | Class U  | Class U  | Class U  | Class U  | Class U  | Class U  | Class U  | Class U  | Class U  | Class U  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp; (0.044) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | 5075092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.44  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.053 | &nbsp;&nbsp;&nbsp;&nbsp;0.053 | &nbsp;&nbsp; (0.053) |  | &nbsp;&nbsp;&nbsp; (0.053) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.40 | 3459780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.27  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | 2129879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.22  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 3814197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.39  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 6394891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp; (0.043) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.043) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | 5007993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.23  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp; (0.051) |  | &nbsp;&nbsp;&nbsp; (0.051) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | 3965846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.09  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp; (0.041) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | 2855341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.13  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp; (0.004) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.004) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 2028529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.33  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 2137992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp; (0.044) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | 40358786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.39  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.053 | &nbsp;&nbsp;&nbsp;&nbsp;0.053 | &nbsp;&nbsp; (0.053) |  | &nbsp;&nbsp;&nbsp; (0.053) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | 30609048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.25  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | 23861790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.14  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 26411134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.44  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 19999922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |

---

The accompanying notes are an integral part of these financial statements.

<br> 38 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| **For the** <br>**Year** <br>**Ended** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income** <br>(loss) | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End** <br>**of Year** | **Total** <br>**return<sup>(a)</sup>** | **Net Assets,** <br>**End of** <br>**Year (in** <br>**thousands)** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets After** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income (loss)** <br>**to Average** <br>**Net** <br>**Assets<sup>(b)</sup>**  |
| **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  | **Government Obligations Fund — (Concluded)**  |
| Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $0.041 | &nbsp;&nbsp; $0.041 | &nbsp;&nbsp; $(0.041) | $(0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $(0.041) | $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | $12136835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 4.11%  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.049 | &nbsp;&nbsp;&nbsp;&nbsp;0.049 | &nbsp;&nbsp; (0.049) |  | &nbsp;&nbsp;&nbsp; (0.049) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | 12263168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.95  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.039 | &nbsp;&nbsp;&nbsp;&nbsp;0.039 | &nbsp;&nbsp; (0.039) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.039) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | 9763753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.90  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 9562356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.31  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 9032404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; 0.044 | &nbsp;&nbsp; 0.044 | &nbsp;&nbsp; (0.044) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp; 4.46 | 42157631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.36  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp; (0.052) |  | &nbsp;&nbsp;&nbsp; (0.052) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.34 | 34686884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.21  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | 31132635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.17  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp; (0.004) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.004) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 30621188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.42  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 20000259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |

---

<sup>(a)</sup> Not annualized for periods less than one year.

<sup>(b)</sup> Annualized for periods less than one year.

<sup>(c)</sup> Amount represents less than $0.0005 per share.

<sup>(d)</sup> Inception date of the Fund was September 18, 2020.

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 39 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| **For the** <br>**Year** <br>**Ended** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income** <br>(loss) | **Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(loss) on <br>**Investments<sup>(a)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**end of** <br>**Year** | **Total** <br>**Return<sup>(b)</sup>** | **Net** <br>**Assets,** <br>**End of** <br>**Year (in** <br>**thousands)** | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(c)</sup>** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets** <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(c)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income (loss)** <br>**to Average** <br>**Net Assets<sup>(c)</sup>**  |
| **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  | **Institutional Prime Obligations Fund<sup>\*</sup>**  |
| Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  |
| 8/31/2025 | $0.9999 | &nbsp;&nbsp; $0.0423 | &nbsp;&nbsp;&nbsp; $(0.0000)<sup>(d)</sup> | $0.0423 | $(0.0423) | $— | &nbsp;&nbsp; $(0.0423) | $0.9999 | &nbsp;&nbsp; 4.29% | $44192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp; 4.28%  |
| 8/31/2024 | 1.0001 | 0.0509 | &nbsp;&nbsp;&nbsp; (0.0002) | 0.0507 | (0.0509) | (0.0000)<sup>(d)</sup> | &nbsp;&nbsp; (0.0509) | 0.9999 | 5.20 | 90174 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.09  |
| 8/31/2023 | 1.0000 | 0.0415 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | 0.0416 | (0.0415) |  | &nbsp;&nbsp; (0.0415) | 1.0001 | 4.24 | 63596 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.16  |
| 8/31/2022 | 1.0000 | 0.0041 | &nbsp;&nbsp;&nbsp;&nbsp;0.0000<sup>(d)</sup> | 0.0041 | (0.0041) |  | &nbsp;&nbsp; (0.0041) | 1.0000 | 0.41 | 63002 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.40  |
| 8/31/2021 | 1.0002 | 0.0001 | &nbsp;&nbsp;&nbsp; (0.0002) | (0.0001) | (0.0001) |  | &nbsp;&nbsp; (0.0001) | 1.0000 | &nbsp;&nbsp; -0.01 | 64888 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  |
| 8/31/2025 | 0.9999 | 0.0433 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | 0.0434 | (0.0433) |  | &nbsp;&nbsp; (0.0433) | 1.0000 | 4.43 | 63209 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.32  |
| 8/31/2024 | 1.0001 | 0.0519 | &nbsp;&nbsp;&nbsp; (0.0002) | 0.0517 | (0.0519) | (0.0000)<sup>(d)</sup> | &nbsp;&nbsp; (0.0519) | 0.9999 | 5.29 | 66276 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.19  |
| 8/31/2023 | 1.0000 | 0.0425 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | 0.0426 | (0.0425) |  | &nbsp;&nbsp; (0.0425) | 1.0001 | 4.36 | 82178 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.34  |
| 8/31/2022 | 1.0001 | 0.0045 | &nbsp;&nbsp;&nbsp; (0.0001) | 0.0044 | (0.0045) |  | &nbsp;&nbsp; (0.0045) | 1.0000 | 0.44 | 51313 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.50  |
| 8/31/2021 | 1.0003 | 0.0001 | &nbsp;&nbsp;&nbsp; (0.0002) | (0.0001) | (0.0001) |  | &nbsp;&nbsp; (0.0001) | 1.0001 | &nbsp;&nbsp; -0.01 | 45873 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  |
| 8/31/2025 | 1.0000 | 0.0418 | &nbsp;&nbsp;&nbsp; (0.0000)<sup>(d)</sup> | 0.0418 | (0.0418) |  | &nbsp;&nbsp; (0.0418) | 1.0000 | 4.26 | 202220 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.18  |
| 8/31/2024 | 1.0001 | 0.0504 | &nbsp;&nbsp;&nbsp; (0.0001) | 0.0503 | (0.0504) | (0.0000)<sup>(d)</sup> | &nbsp;&nbsp; (0.0504) | 1.0000 | 5.14 | 197770 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.04  |
| 8/31/2023 | 1.0000 | 0.0410 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | 0.0411 | (0.0410) |  | &nbsp;&nbsp; (0.0410) | 1.0001 | 4.20 | 194075 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.04  |
| 8/31/2022 | 1.0001 | 0.0039 | &nbsp;&nbsp;&nbsp; (0.0001) | 0.0038 | (0.0039) |  | &nbsp;&nbsp; (0.0039) | 1.0000 | 0.38 | 224230 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.38  |
| 8/31/2021 | 1.0003 | 0.0001 | &nbsp;&nbsp;&nbsp; (0.0002) | (0.0001) | (0.0001) |  | &nbsp;&nbsp; (0.0001) | 1.0001 | &nbsp;&nbsp; -0.01 | 220389 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  |
| 8/31/2025 | 0.9998 | 0.0443 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | 0.0444 | (0.0443) |  | &nbsp;&nbsp; (0.0443) | 0.9999 | 4.53 | 781522 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.43  |
| 8/31/2024 | 1.0000 | 0.0529 | &nbsp;&nbsp;&nbsp; (0.0002) | 0.0527 | (0.0529) | (0.0000)<sup>(d)</sup> | &nbsp;&nbsp; (0.0529) | 0.9998 | 5.40 | 864081 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.29  |
| 8/31/2023 | 0.9999 | 0.0435 | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | 0.0436 | (0.0435) |  | &nbsp;&nbsp; (0.0435) | 1.0000 | 4.46 | 1589191 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.40  |
| 8/31/2022 | 1.0000 | 0.0052 | &nbsp;&nbsp;&nbsp; (0.0000)<sup>(d)</sup> | 0.0051 | (0.0052) |  | &nbsp;&nbsp; (0.0052) | 0.9999 | 0.51 | 927191 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.46  |
| 8/31/2021 | 1.0002 | 0.0006 | &nbsp;&nbsp;&nbsp; (0.0002) | 0.0004 | (0.0006) |  | &nbsp;&nbsp; (0.0006) | 1.0000 | 0.04 | 1092496 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |

---

<sup>\*</sup> The fund is required to round its current net asset value per share to a minimum of the fourth decimal place.

<sup>(a)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Annualized for periods less than one year.

<sup>(d)</sup> Amount represents less than $0.00005 per share. 

The accompanying notes are an integral part of these financial statements.

<br> 40 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| **For the** <br>**Year** <br>**Ended** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income (loss)** | **Total** <br>**from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Return<sup>(a)</sup>** | **Net Assets,** <br>**End of** <br>**Year (in** <br>**thousands)** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net** <br>**Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**After** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income (loss)** <br>**to Average** <br>**Net Assets<sup>(b)</sup>**  |
| **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  | **Retail Prime Obligations Fund**  |
| Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; $0.039 | &nbsp;&nbsp; $0.039 | &nbsp;&nbsp; $(0.039) | $— | &nbsp;&nbsp;&nbsp; $(0.039) | $1.00 | &nbsp;&nbsp; 3.96% | $631881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 3.89%  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.048 | &nbsp;&nbsp;&nbsp;&nbsp;0.048 | &nbsp;&nbsp; (0.048) |  | &nbsp;&nbsp;&nbsp; (0.048) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | 638253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.76  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.038 | &nbsp;&nbsp;&nbsp;&nbsp;0.038 | &nbsp;&nbsp; (0.038) |  | &nbsp;&nbsp;&nbsp; (0.038) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | 531717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.94  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 286942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.25  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 358250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) |  | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | 4510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.25  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp; (0.051) |  | &nbsp;&nbsp;&nbsp; (0.051) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | 4260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.12  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) |  | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | 4779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.93  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp; (0.004) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.004) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | 1675783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.43  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 1380925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp; (0.043) |  | &nbsp;&nbsp;&nbsp; (0.043) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | 863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.37  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp; (0.052) |  | &nbsp;&nbsp;&nbsp; (0.052) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | 1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.09  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp; (0.043) |  | &nbsp;&nbsp;&nbsp; (0.043) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.97  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 24518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.48  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 20320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.045 | &nbsp;&nbsp;&nbsp;&nbsp;0.045 | &nbsp;&nbsp; (0.045) |  | &nbsp;&nbsp;&nbsp; (0.045) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | 3270625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.46  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.054 | &nbsp;&nbsp;&nbsp;&nbsp;0.054 | &nbsp;&nbsp; (0.054) |  | &nbsp;&nbsp;&nbsp; (0.054) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | 2011702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.39  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp; (0.044) |  | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | 2181668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.25  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | 7724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.31  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.001 | &nbsp;&nbsp;&nbsp;&nbsp;0.001 | &nbsp;&nbsp; (0.001) |  | &nbsp;&nbsp;&nbsp; (0.001) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 22506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) |  | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | 8709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.28  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp; (0.051) |  | &nbsp;&nbsp;&nbsp; (0.051) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | 29653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.08  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp; (0.041) |  | &nbsp;&nbsp;&nbsp; (0.041) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | 11558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.23  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp; (0.004) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.004) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 2928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.38  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 6005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp; (0.044) |  | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | 89656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.47  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.053 | &nbsp;&nbsp;&nbsp;&nbsp;0.053 | &nbsp;&nbsp; (0.053) |  | &nbsp;&nbsp;&nbsp; (0.053) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | 118015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.33  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp; (0.044) |  | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | 119250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.18  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 469483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.52  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 421266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |

---

<sup>(a)</sup> Not annualized for periods less than one year.

<sup>(b)</sup> Annualized for periods less than one year.

<sup>(c)</sup> Amount represents less than $0.0005 per share. 

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 41 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| **For the** <br>**Year** <br>**Ended** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income (loss)** | **Total** <br>**from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Return<sup>(a)</sup>** | **Net** <br>**Assets,** <br>**End of** <br>**Year (in** <br>**thousands)** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**After** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income (loss)** <br>**to Average** <br>**Net Assets<sup>(b)</sup>**  |
| **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** | **Retail Tax Free Obligations Fund** |
| Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; $0.022 | &nbsp;&nbsp; $0.022 | &nbsp;&nbsp; $(0.022) | $— | &nbsp;&nbsp;&nbsp; $(0.022) | $1.00 | &nbsp;&nbsp; 2.21% | $29461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 2.20%  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.028 | &nbsp;&nbsp;&nbsp;&nbsp;0.028 | &nbsp;&nbsp; (0.028) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.028) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | 29607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.77  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.021 | &nbsp;&nbsp;&nbsp;&nbsp;0.021 | &nbsp;&nbsp; (0.021) |  | &nbsp;&nbsp;&nbsp; (0.021) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | 29660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.07  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.001 | &nbsp;&nbsp;&nbsp;&nbsp;0.001 | &nbsp;&nbsp; (0.001) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.001) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 35244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 41394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.025 | &nbsp;&nbsp;&nbsp;&nbsp;0.025 | &nbsp;&nbsp; (0.025) |  | &nbsp;&nbsp;&nbsp; (0.025) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | 7314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.56  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.031 | &nbsp;&nbsp;&nbsp;&nbsp;0.031 | &nbsp;&nbsp; (0.031) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.031) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | 15349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.12  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.025 | &nbsp;&nbsp;&nbsp;&nbsp;0.025 | &nbsp;&nbsp; (0.025) |  | &nbsp;&nbsp;&nbsp; (0.025) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | 15874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.25  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp; (0.002) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.002) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 377950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| 8/31/2021<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 331979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.026 | &nbsp;&nbsp;&nbsp;&nbsp;0.026 | &nbsp;&nbsp; (0.026) |  | &nbsp;&nbsp;&nbsp; (0.026) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.49  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.032 | &nbsp;&nbsp;&nbsp;&nbsp;0.032 | &nbsp;&nbsp; (0.032) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.032) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.11  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.026 | &nbsp;&nbsp;&nbsp;&nbsp;0.026 | &nbsp;&nbsp; (0.026) |  | &nbsp;&nbsp;&nbsp; (0.026) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | 9303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.45  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp; (0.002) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.002) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 4417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.18  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 34332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.025 | &nbsp;&nbsp;&nbsp;&nbsp;0.025 | &nbsp;&nbsp; (0.025) |  | &nbsp;&nbsp;&nbsp; (0.025) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | 15957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.49  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.031 | &nbsp;&nbsp;&nbsp;&nbsp;0.031 | &nbsp;&nbsp; (0.031) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.031) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | 20621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.04  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.024 | &nbsp;&nbsp;&nbsp;&nbsp;0.024 | &nbsp;&nbsp; (0.024) |  | &nbsp;&nbsp;&nbsp; (0.024) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | 12939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.42  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp; (0.002) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.002) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 15038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.18  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 14691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.027 | &nbsp;&nbsp;&nbsp;&nbsp;0.027 | &nbsp;&nbsp; (0.027) |  | &nbsp;&nbsp;&nbsp; (0.027) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | 309854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.74  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.033 | &nbsp;&nbsp;&nbsp;&nbsp;0.033 | &nbsp;&nbsp; (0.033) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.033) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | 306107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.31  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.027 | &nbsp;&nbsp;&nbsp;&nbsp;0.027 | &nbsp;&nbsp; (0.027) |  | &nbsp;&nbsp;&nbsp; (0.027) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | 292928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.96  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 61637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 34986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |

---

<sup>(a)</sup> Not annualized for periods less than one year.

<sup>(b)</sup> Annualized for periods less than one year.

<sup>(c)</sup> Amount represents less than $0.0005 per share.

<sup>(d)</sup> Inception date of the Fund was September 18, 2020.

The accompanying notes are an integral part of these financial statements.

<br> 42 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the** <br>**Year** <br>**Ended** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income (loss)** | **Total** <br>**from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Return<sup>(a)</sup>** | **Net** <br>**Assets,** <br>**End of** <br>**Year (in** <br>**thousands)** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**After Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income (loss)** <br>**to Average** <br>**Net Assets<sup>(b)</sup>**  |
| **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  | **Treasury Obligations Fund**  |
| Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; $0.038 | &nbsp;&nbsp; $0.038 | &nbsp;&nbsp; $(0.038) | $— | &nbsp;&nbsp;&nbsp; $(0.038) | $1.00 | &nbsp;&nbsp; 3.86% | $529338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp;&nbsp; 3.80%  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.047 | &nbsp;&nbsp;&nbsp;&nbsp;0.047 | &nbsp;&nbsp; (0.047) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.047) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | 518369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.71  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.037 | &nbsp;&nbsp;&nbsp;&nbsp;0.037 | &nbsp;&nbsp; (0.037) |  | &nbsp;&nbsp;&nbsp; (0.037) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | 610388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.92  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp; (0.002) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.002) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 209603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.26  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 200750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.039 | &nbsp;&nbsp;&nbsp;&nbsp;0.039 | &nbsp;&nbsp; (0.039) |  | &nbsp;&nbsp;&nbsp; (0.039) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | 1874529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.95  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.048 | &nbsp;&nbsp;&nbsp;&nbsp;0.048 | &nbsp;&nbsp; (0.048) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.048) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | 1865337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.78  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.038 | &nbsp;&nbsp;&nbsp;&nbsp;0.038 | &nbsp;&nbsp; (0.038) |  | &nbsp;&nbsp;&nbsp; (0.038) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | 1772689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.82  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 1773929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 1968085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  | Class P  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp; (0.044) |  | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | 4486511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.29  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp; (0.052) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.052) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | 1565527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.23  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp; (0.043) |  | &nbsp;&nbsp;&nbsp; (0.043) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | 3407349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.52  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 1381010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.33  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 2511825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp; (0.041) |  | &nbsp;&nbsp;&nbsp; (0.041) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | 49835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.99  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.050 | &nbsp;&nbsp;&nbsp;&nbsp;0.050 | &nbsp;&nbsp; (0.050) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.050) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | 3116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.99  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp; (0.040) |  | &nbsp;&nbsp;&nbsp; (0.040) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | 3027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.88  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp; (0.004) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.004) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | 431310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| 8/31/2021<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 402360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) |  | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | 1352878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.25  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp; (0.051) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.051) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | 1522548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.08  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp; (0.041) |  | &nbsp;&nbsp;&nbsp; (0.041) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | 1040844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.28  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp; (0.004) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.004) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 615390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.34  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 636668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp;&nbsp;&nbsp;0.044 | &nbsp;&nbsp; (0.044) |  | &nbsp;&nbsp;&nbsp; (0.044) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | 16750099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.39  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp; (0.052) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.052) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | 15259289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.25  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp; (0.043) |  | &nbsp;&nbsp;&nbsp; (0.043) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | 17353040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.44  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 8609415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.54  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 6677792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp; (0.041) |  | &nbsp;&nbsp;&nbsp; (0.041) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | 5377460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.09  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.049 | &nbsp;&nbsp;&nbsp;&nbsp;0.049 | &nbsp;&nbsp; (0.049) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.049) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | 5320429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.93  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp; (0.040) |  | &nbsp;&nbsp;&nbsp; (0.040) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | 4333296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.06  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | 2883223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.32  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 2823404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |

---

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 43 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the** <br>**Year** <br>**Ended** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income (loss)** | **Total** <br>**from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Return<sup>(a)</sup>** | **Net** <br>**Assets,** <br>**End of** <br>**Year (in** <br>**thousands)** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**After Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income (loss)** <br>**to Average** <br>**Net Assets<sup>(b)</sup>**  |
| **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  | **Treasury Obligations Fund — (Concluded)**  |
| Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; $0.044 | &nbsp;&nbsp; $0.044 | &nbsp;&nbsp; $(0.044) | $— | &nbsp;&nbsp;&nbsp; $(0.044) | $1.00 | &nbsp;&nbsp; 4.44% | $21152300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp; 4.35%  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp; (0.052) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.052) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | 19055273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.20  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) |  | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | 18362650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.30  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp;&nbsp;&nbsp;0.005 | &nbsp;&nbsp; (0.005) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.005) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 12580830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.43  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 12540215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |

---

<sup>(a)</sup> Not annualized for periods less than one year.

<sup>(b)</sup> Annualized for periods less than one year.

<sup>(c)</sup> Amount represents less than $0.0005 per share.

<sup>(d)</sup> Inception date of the Fund was September 18, 2020.

The accompanying notes are an integral part of these financial statements.

<br> 44 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the** <br>**year** <br>**ended** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income (loss)** | **Total** <br>**from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year** | **Total** <br>**Return<sup>(a)</sup>** | **Net Assets,** <br>**End of** <br>**Year (in** <br>**thousands)** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**Before** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**After** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(b)</sup>** | **Ratio of** <br>**Net Investment** <br>**Income (loss)** <br>**to Average** <br>**Net Assets<sup>(b)</sup>**  |
| **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** | **U.S. Treasury Money Market Fund** |
| Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  | Class A  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; $0.038 | &nbsp;&nbsp; $0.038 | &nbsp;&nbsp; $(0.038) | $— | &nbsp;&nbsp;&nbsp; $(0.038) | $1.00 | &nbsp;&nbsp; 3.83% | $106342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.046 | &nbsp;&nbsp;&nbsp;&nbsp;0.046 | &nbsp;&nbsp; (0.046) |  | &nbsp;&nbsp;&nbsp; (0.046) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | 55905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.64  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.035 | &nbsp;&nbsp;&nbsp;&nbsp;0.035 | &nbsp;&nbsp; (0.035) |  | &nbsp;&nbsp;&nbsp; (0.035) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | 147926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.77  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp; (0.002) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.002) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 32752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 55228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  | Class D  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.039 | &nbsp;&nbsp;&nbsp;&nbsp;0.039 | &nbsp;&nbsp; (0.039) |  | &nbsp;&nbsp;&nbsp; (0.039) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | 223425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.88  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.048 | &nbsp;&nbsp;&nbsp;&nbsp;0.048 | &nbsp;&nbsp; (0.048) |  | &nbsp;&nbsp;&nbsp; (0.048) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | 108230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.78  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.037 | &nbsp;&nbsp;&nbsp;&nbsp;0.037 | &nbsp;&nbsp; (0.037) |  | &nbsp;&nbsp;&nbsp; (0.037) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | 66682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.72  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp;&nbsp;&nbsp;0.002 | &nbsp;&nbsp; (0.002) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.002) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 73142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.14  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 89199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  | Class T  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp; (0.041) |  | &nbsp;&nbsp;&nbsp; (0.041) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | 24598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.11  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.050 | &nbsp;&nbsp;&nbsp;&nbsp;0.060 | &nbsp;&nbsp; (0.050) |  | &nbsp;&nbsp;&nbsp; (0.050) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | 17198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.99  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.039 | &nbsp;&nbsp;&nbsp;&nbsp;0.039 | &nbsp;&nbsp; (0.039) |  | &nbsp;&nbsp;&nbsp; (0.039) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | 17927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.73  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | 83118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.26  |
| 8/31/2021<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 110639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  | Class V  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp;&nbsp;&nbsp;0.042 | &nbsp;&nbsp; (0.042) |  | &nbsp;&nbsp;&nbsp; (0.042) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | 328496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.21  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp;&nbsp;&nbsp;0.051 | &nbsp;&nbsp; (0.051) |  | &nbsp;&nbsp;&nbsp; (0.051) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | 408786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.09  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp;&nbsp;&nbsp;0.040 | &nbsp;&nbsp; (0.040) |  | &nbsp;&nbsp;&nbsp; (0.040) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | 270658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.20  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 115480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.29  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 130210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  | Class X  |
| 8/31/2025<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.019 | &nbsp;&nbsp;&nbsp;&nbsp;0.019 | &nbsp;&nbsp; (0.019) |  | &nbsp;&nbsp;&nbsp; (0.019) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | 1036846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.16  |
| Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  | Class Y  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp; (0.041) |  | &nbsp;&nbsp;&nbsp; (0.041) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | 1727169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.03  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.049 | &nbsp;&nbsp;&nbsp;&nbsp;0.049 | &nbsp;&nbsp; (0.049) |  | &nbsp;&nbsp;&nbsp; (0.049) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | 1298658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.94  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.038 | &nbsp;&nbsp;&nbsp;&nbsp;0.038 | &nbsp;&nbsp; (0.038) |  | &nbsp;&nbsp;&nbsp; (0.038) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | 771124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.93  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp;&nbsp;&nbsp;0.003 | &nbsp;&nbsp; (0.003) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.003) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 534323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 710358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  | Class Z  |
| 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp;&nbsp;&nbsp;0.043 | &nbsp;&nbsp; (0.043) |  | &nbsp;&nbsp;&nbsp; (0.043) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | 3625368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.31  |
| 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp;&nbsp;&nbsp;0.052 | &nbsp;&nbsp; (0.052) |  | &nbsp;&nbsp;&nbsp; (0.052) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | 4205495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.19  |
| 8/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp;&nbsp;&nbsp;0.041 | &nbsp;&nbsp; (0.041) |  | &nbsp;&nbsp;&nbsp; (0.041) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | 3319889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.12  |
| 8/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp;&nbsp;&nbsp;0.004 | &nbsp;&nbsp; (0.004) | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.004) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 3058531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| 8/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.000<sup>(c)</sup> | &nbsp;&nbsp; (0.000)<sup>(c)</sup> | (0.000)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.000)<sup>(c)</sup> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 2967174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |

---

<sup>(a)</sup> Not annualized for periods less than one year.

<sup>(b)</sup> Annualized for periods less than one year.

<sup>(c)</sup> Amount represents less than $0.0005 per share.

<sup>(d)</sup> Inception date of the Fund was September 18, 2020.

<sup>(e)</sup> Inception date of the Fund was March 20, 2025.

The accompanying notes are an integral part of these financial statements.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 45 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

1. ORGANIZATION

Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund (each a "fund" and collectively, the "funds") are mutual funds offered by First American Funds Trust ("FAF" or the "Trust"), which is a member of the First American Family of Funds. FAF was established as a Massachusetts business trust on October 12, 2021. Effective December 22, 2023, First American Funds, Inc., a Minnesota corporation, reorganized into the Trust. FAF is registered under the Investment Company Act of 1940, as amended ("Investment Company Act"), as an open-end investment management company. FAF's Declaration of Trust permits the board of trustees to create additional funds in the future. U.S. Bancorp Asset Management, Inc. ("USBAM") is the investment advisor and administrator to each of the funds (the "advisor" and "administrator") and is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bank is a separate entity and wholly owned subsidiary of U.S. Bancorp.

Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund qualify as "government money market funds" under Rule 2a-7 of the Investment Company Act and seek to maintain a stable net asset value ("NAV") per share of one dollar. They are not subject to the liquidity fees that may apply to other money market funds.

Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund offer Class A, Class D, Class T, Class V, Class X (effective in U.S. Treasury Money Market March 20, 2025), Class Y, and Class Z shares. Additionally, Government Obligations Fund and Treasury Obligations Fund offer Class P shares, and Government Obligations Fund also offers Class U shares.

Retail Prime Obligations Fund and Retail Tax Free Obligations Fund are open to retail investors ("natural persons") and seek to maintain a stable NAV per share of one dollar. They are subject to the possibility of liquidity fees, as required by Rule 2a-7 of the Investment Company Act. Retail Prime Obligations Fund and Retail Tax Free Obligations Fund offer Class A, Class T, Class V, Class Y, and Class Z shares. Retail Prime Obligations Fund also offers Class X shares.

Institutional Prime Obligations Fund is subject to the possibility of liquidity fees and transacts at a floating NAV calculated to four decimal places, as required by Rule 2a-7 of the Investment Company Act. The fund may impose a discretionary liquidity fee of up to 2% of the value of the shares redeemed, if the fund's Board of Trustees determine to impose one. The fund is required to impose a mandatory liquidity fee when the fund experiences daily net redemptions that exceed 5% of net assets. The fund intends to invest solely in securities that are considered daily or weekly liquid assets under Rule 2a-7 under the Investment Company Act (typically maturing in five business days or less or subject to a demand feature that is exercisable within five business days). Although it has no current intention of investing in securities maturing in greater than five business days, the fund may do so in accordance with the requirements of Rule 2a-7. The fund offers Class T, Class V, Class Y, and Class Z shares.

Each fund's prospectus provides descriptions of its investment objective, principal investment strategies, and principal risks. All classes of shares of a fund have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to its servicing or distribution arrangements.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies followed by the funds are as follows:

**SECURITY VALUATIONS** 

Government Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund

Investment securities held are stated at amortized cost (except for investments in other money market funds which are valued at their most current NAV), which approximates fair value. Under the

<br> 46 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

amortized cost method any discount or premium is amortized ratably to the final maturity of the security and is included in interest income. In accordance with Rule 2a-7 of the Investment Company Act, the fair value of securities held in the funds are determined using amortized cost, which is compared to prices provided by independent pricing providers.

As the valuation designee, if the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this comparison, which will be determined pursuant to procedures approved by the board of trustees. If the difference between the aggregate market value and aggregate amortized cost of all securities held by a fund exceeds 0.25%, the funds' administrator will notify the funds' board of trustees and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the board of trustees will be convened and the board will determine what action, if any, to take. During the fiscal year ended August 31, 2025, the differences between the aggregate market value and the aggregate amortized cost of all securities did not exceed 0.25% for any fund on any day of the period.

Institutional Prime Obligations Fund

The fund prices and transacts its shares at a floating NAV, rounded to the fourth decimal place. The NAV per share of each share class of the fund is calculated at 2:00 p.m. Central Time on each business day that the fund is open. The fund's investments for which market quotations are readily available will be valued at market value on the basis of quotations furnished by a pricing service or provided by securities dealers. If market quotations are not readily available, or if the advisor believes that such quotations do not accurately reflect market prices, the fair value of the fund's investments will be determined in good faith based upon valuation procedures established by the board of trustees. Short-term debt obligations maturing in sixty days or less may be valued at amortized cost where the advisor believes that it approximates fair value. Shares of other money market funds are valued at their most current NAV.

United States Generally Accepted Accounting Principles ("GAAP") require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities with similar interest rates, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3 – Significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments).

The fair value levels are not necessarily an indication of the risk associated with investing in these securities. As of August 31, 2025, each fund's investments were classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1** | **Level 2** | **Level 3** | **Total**<br>**Fair Value**  |
| **Government Obligations Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Repurchase Agreements | $—  | $58689584000 | $— | $58689584000  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Debt |  | 26864122781 |  | 26864122781  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Debt |  | 23109737405 |  | 23109737405  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Repurchase Agreements |  | 7200000000 |  | 7200000000  |
| &nbsp;&nbsp;&nbsp; Investment Companies | 800000000 |  |  | 800000000  |
| **Total Investments** | $800000000 | $115863444186 | $— | $116663444186 |

---

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 47 <br>

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** <br>**Fair Value**  |
| **Institutional Prime Obligations Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Repurchase Agreements | $—  | $411277000 | $— | $411277000  |
| &nbsp;&nbsp;&nbsp; Other Repurchase Agreements |  | 247000000 |  | 247000000  |
| &nbsp;&nbsp;&nbsp; Non-Financial Company Commercial Paper |  | 138917521 |  | 138917521 |
| &nbsp;&nbsp;&nbsp; Financial Company Commercial Paper |  | 94934613 |  | 94934613 |
| &nbsp;&nbsp;&nbsp; Non-Negotiable Time Deposits |  | 90000000 |  | 90000000  |
| &nbsp;&nbsp;&nbsp; Asset Backed Commercial Paper |  | 89948578 |  | 89948578  |
| &nbsp;&nbsp;&nbsp; Variable Rate Demand Note |  | 21500000 |  | 21500000  |
| **Total Investments** | $— | $1093577712 | $— | $1093577712  |
| **Retail Prime Obligations Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Repurchase Agreements | $— | $927000000 | $— | $927000000  |
| &nbsp;&nbsp;&nbsp; Financial Company Commercial Paper |  | 922906528 |  | 922906528  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Repurchase Agreements |  | 801007000 |  | 801007000  |
| &nbsp;&nbsp;&nbsp; Asset Backed Commercial Paper |  | 477897635 |  | 477897635  |
| &nbsp;&nbsp;&nbsp; Non-Negotiable Time Deposits |  | 345000000 |  | 345000000 |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 286152405 |  | 286152405  |
| &nbsp;&nbsp;&nbsp; Non-Financial Company Commercial Paper |  | 211575988 |  | 211575988  |
| &nbsp;&nbsp;&nbsp; Other Instruments |  | 65215033 |  | 65215033  |
| **Total Investments** | $— | $4036754589 | $— | $4036754589  |
| **Retail Tax Free Obligations Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Variable Rate Demand Notes | $— | $264000000 | $— | $264000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Financial Company <br>Commercial Paper |  | 58977000 |  | 58977000  |
| &nbsp;&nbsp;&nbsp; Other Municipal Securities |  | 41891218 |  | 41891218  |
| **Total Investments** | $— | $364868218 | $— | $364868218  |
| **Treasury Obligations Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Repurchase Agreements | $— | $31308132000 | $— | $31308132000  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Debt |  | 20736847760 |  | 20736847760  |
| **Total Investments** | $— | $52044979760 | $— | $52044979760  |
| **U.S. Treasury Money Market Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Debt | $— | $7167334315 | $— | $7167334315  |
| **Total Investments** | $— | $7167334315 | $— | $7167334315 |

---

Refer to each fund's Schedule of Investments for further security classification.

During the fiscal year ended August 31, 2025, there were no transfers between fair value levels, and the funds' portfolios did not hold any securities deemed to be Level 3.

<br> 48 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

**ILLIQUID OR RESTRICTED SECURITIES – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the fund. Illiquid securities may be valued under methods approved by the funds' board of trustees as reflecting fair value.** 

Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the funds' board of trustees as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors are not subject to the limitation on a fund's investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the funds' board of trustees.

As of and during the fiscal year ended August 31, 2025, the funds did not hold any restricted securities other than securities sold to the funds under Rule 144A and/or Regulation S under the Securities Act.

**SECURITY TRANSACTIONS AND INVESTMENT INCOME – For financial statement purposes, the funds record security transactions on the trade date of the security purchase or sale. Interest income, including amortization, is recorded on an accrual basis.** 

**DISTRIBUTIONS TO SHAREHOLDERS – Distributions from net investment income are declared daily and are payable in cash or reinvested in additional shares of the fund at net asset value on the first business day of the following month.** 

**FEDERAL TAXES – Each fund is treated as a separate taxable entity. Each fund intends to continue to qualify as a regulated investment company as provided in Sub-chapter M of the Internal Revenue Code, as amended, and to distribute all taxable income, if any, to its shareholders. Accordingly, no provision for federal income taxes is required.** 

As of August 31, 2025, the funds did not have any tax positions that did not meet the "more-likely- than-not" threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all tax returns filed for the last three years.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise. These reclassifications have no effect on net assets. For the year ended August 31, 2025, no adjustments were made for permanent tax differences.

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period that the income or realized gains were recorded by the fund.

The distributions paid during the fiscal years ended August 31, 2025 and August 31, 2024 (adjusted by dividends payable as of August 31, 2025 and August 31, 2024, respectively) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **August 31, 2025**  | **August 31, 2025**  | **August 31, 2025**  | **August 31, 2025**  |
| **Fund** | **Ordinary**<br>**Income** | **Tax-Exempt**<br>**Income** | **Capital Gain** | **Total**  |
| Government Obligations Fund | $4419959999 | $— | &nbsp;&nbsp; $23208 | $4419983207  |
| Institutional Prime Obligations Fund | 50238703 |  | &nbsp;&nbsp; — | 50238703  |
| Retail Prime Obligations Fund | 145160965 |  | &nbsp;&nbsp; — | 145160965  |
| Retail Tax Free Obligations Fund |  | 10369218 | &nbsp;&nbsp; — | 10369218  |
| Treasury Obligations Fund | 2159981217 |  | &nbsp;&nbsp; — | 2159981217  |
| U.S. Treasury Money Market Fund | 286794914 |  | &nbsp;&nbsp; — | 286794914 |

---

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 49 <br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **August 31, 2024**  | **August 31, 2024**  | **August 31, 2024**  | **August 31, 2024**  |
| **Fund**  | **Ordinary** <br>**Income**  | **Tax-Exempt** <br>**Income**  | **Capital Gain**  | **Total**  |
| Government Obligations Fund | $4177885955 | $— | &nbsp;&nbsp;&nbsp; $— | $4177885955  |
| Institutional Prime Obligations Fund  | 85364470 |  | &nbsp;&nbsp;&nbsp; — | 85364470  |
| Retail Prime Obligations Fund | 156302433 |  | &nbsp;&nbsp;&nbsp; — | 156302433  |
| Retail Tax Free Obligations Fund | 46500 | 12260686 | &nbsp;&nbsp;&nbsp; — | 12307186  |
| Treasury Obligations Fund | 2488465165 |  | &nbsp;&nbsp;&nbsp; 2015 | 2488467180  |
| U.S. Treasury Money Market Fund | 256900604 |  | &nbsp;&nbsp;&nbsp; — | 256900604 |

---

Each fund designates as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits related to net capital gain to zero for the tax year ended August 31, 2025.

As of August 31, 2025, the components of accumulated earnings on a tax-basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Tax-Exempt**<br>**Income** | **Undistributed**<br>**Capital**<br>**Gains** | **Accumulated**<br>**Capital Gains**<br>(Losses) | **Unrealized**<br>**Appreciation**<br>(Depreciation) | **Total**<br>**Accumulated**<br>**Earnings**<br>(Deficit)  |
|  Government Obligations Fund | $386483103 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(105140) | &nbsp;&nbsp;&nbsp;&nbsp; $— | $386377963  |
|  Institutional Prime Obligations Fund | 3737052 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117114) | 3619938  |
|  Retail Prime Obligations Fund | 14406278 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 14406278  |
|  Retail Tax Free Obligations Fund | 22005 | &nbsp;&nbsp;&nbsp; 725870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 747875  |
|  Treasury Obligations Fund | 170739900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (179199) | &nbsp;&nbsp;&nbsp;&nbsp; — | 170560701  |
|  U.S. Treasury Money Market Fund | 24793733 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52141) | 24741592 |

---

The differences between book-basis and tax-basis undistributed/accumulated earnings are primarily due to distributions declared but not paid by August 31, 2025.

The following information for the Funds is presented on an income tax basis as of August 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of** <br>**Investments** | **Gross Unrealized** <br>**Depreciation**  |
| Government Obligations Fund  | $116663444186  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Institutional Prime Obligations Fund  | 1093694826  | &nbsp;&nbsp;&nbsp;&nbsp; (117114)  |
| Retail Prime Obligations Fund  | 4036754589  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Retail Tax Free Obligations Fund  | 364868218  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Treasury Obligations Fund  | 52044979760  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| U.S. Treasury Money Market Fund  | 7167386456  | &nbsp;&nbsp;&nbsp;&nbsp; (52141) |

---

The difference between book-basis and tax-basis cost of investments for U.S. Treasury Money Market Fund arose from a wash sale, which results from trading a security within 30 days, causing losses to be disallowed.

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses.

<br> 50 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the fiscal year, August 31, 2025. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, August 31, 2025. Government Obligations Fund has deferred a qualified post-October capital loss of $105,140.

U.S. GAAP requires that certain components of net assets (presented in the Statements of Assets and Liabilities) be reclassified for permanent differences between financial reporting and tax reporting. These reclassifications have no impact to the net assets of the Funds. For the fiscal year ended August 31, 2025, the following reclassifications were made:

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| | | |
|:---|:---|:---|
| **Fund**  | **Paid-In** <br>**Capital**  | **Total** <br>**Distributable** <br>**Earnings/**<br>**(accumulated** <br>**losses)**  |
| Institutional Prime Obligations Fund  | &nbsp;&nbsp; $28  | &nbsp;&nbsp;&nbsp;&nbsp; $(28)  |
| Retail Tax Free Obligations Fund  | (1)  | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

Under current law, the funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Capital losses realized under current law will carry forward retaining their classification as either long-term or short-term losses. As of August 31, 2025, Treasury Obligations Fund had indefinite short-term capital loss carryforwards of $128,146 and had indefinite long-term capital loss carryforwards of $51,053. During the fiscal year ended August 31, 2025, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund utilized $4,722, $15,955, and $80,280 of capital loss carryforwards.

**REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreement transactions with counterparties whom the funds' investment advisor deems creditworthy, subject to the seller's agreement to repurchase such securities from the funds at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the fund, plus interest, at a rate that is negotiated on the basis of current short-term rates.** 

Securities purchased in repurchase agreement transactions are held by the custodian bank or maintained in a segregated account by an unaffiliated third-party custodian bank until the maturity of the respective repurchase agreement transaction. Provisions of the repurchase agreements are designed to ensure that the value of the purchased securities, including accrued interest thereon, is sufficient in the event of default of the counterparty. Valuation of securities purchased in repurchase agreement transactions subject to separate custodial undertaking is performed by the contractual custodian using its own pricing sources and methods. If the counterparty defaults and the value of the purchased securities declines or if the counterparty enters an insolvency proceeding, realization of the purchased securities by the fund may be delayed or limited. Retail Tax Free Obligations Fund did not enter into repurchase agreement transactions during the fiscal year ended August 31, 2025.

Pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission ("SEC"), each fund may enter into repurchase agreement transactions (and other short-term investments) on a joint basis with certain other funds advised by the advisor.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 51 <br>

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

The table below shows the offsetting assets and liabilities relating to the repurchase agreement transactions shown on the Statements of Assets and Liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets:** | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in the** <br>**Statements** <br>**of Assets** <br>**and Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statements** <br>**of Assets** <br>**and Liabilities** | **Gross Amounts Not Offset**<br>**in the Statements of**<br>**Assets and Liabilities** | **Gross Amounts Not Offset**<br>**in the Statements of**<br>**Assets and Liabilities** | **Net**<br>**Amount<sup>1</sup>**  |
| **Assets:** | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in the** <br>**Statements** <br>**of Assets** <br>**and Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statements** <br>**of Assets** <br>**and Liabilities** | **Financial**<br>**Instruments** | **Securities**<br>**Sold**<br>(Purchased)  | **Net**<br>**Amount<sup>1</sup>**  |
|  **Repurchase Agreements**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government Obligations <br>Fund | $65889584000 | &nbsp;&nbsp; $— | $65889584000 | $— | $(65889584000) | $—  |
| &nbsp;&nbsp;&nbsp; Institutional Prime Obligations <br>Fund | 658277000 | &nbsp;&nbsp; — | 658277000 |  | (658277000) | —  |
| &nbsp;&nbsp;&nbsp; Retail Prime Obligations <br>Fund | 1728007000 | &nbsp;&nbsp; — | 1728007000 |  | (1728007000) | —  |
|  Treasury Obligations Fund | 31308132000 | &nbsp;&nbsp; — | 31308132000 |  | (31308132000) |  |

---

<sup>1</sup> Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any margin excess. 

The table below shows the remaining contractual maturity of the repurchase agreements:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Repurchase Agreements** | **Overnight and** <br>**Continuous** | **Up to 30 Days** | **31 to 90 Days** | **Over 91 Days** | **Total**  |
| **Government Obligations Fund**<br>|  |  |  |  |  |
| U.S. Treasury | $43454584000 | $14735000000 | $500000000 | $— | $58689584000  |
| U.S. Government Agency | 6500000000 | 700000000 |  |  | 7200000000  |
| **Total** | $49954584000 | $15435000000 | $500000000 | $— | $65889584000  |
|  **Institutional Prime Obligations Fund**<br>|  |  |  |  |  |
| Other | $202000000 | $45000000 | $— | $— | $247000000  |
| U.S. Treasury | 411277000 |  |  |  | 411277000  |
| **Total** | $613277000 | $45000000 | $— | $— | $658277000  |
| **Retail Prime Obligations Fund**<br>|  |  |  |  |  |
| Other | $742000000 | $95000000 | $90000000 | $— | $927000000  |
| U.S. Treasury | 801007000 |  |  |  | 801007000  |
| **Total** | $1543007000 | $95000000 | $90000000 | $— | $1728007000  |
| **Treasury Obligations Fund**<br>|  |  |  |  |  |
| U.S. Treasury | $23433132000 | $7625000000 | $250000000 | $— | $31308132000  |
| **Total** | $23433132000 | $7625000000 | $250000000 | $— | $31308132000 |

---

**EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including relative net assets of all funds. Class-specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class.** 

<br> 52 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

**INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended August 31, 2025.** 

**USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Actual results could differ from those estimates.**

**SEGMENT REPORTING – As of this reporting period, the funds adopted FASB Accounting Standards Update (ASU) 2023-07, *Segment Reporting (Topic 280)*, which enhances disclosure requirements for public entities, including those with a single reportable segment. Each fund operates as a single segment and this standard impacts only disclosures, consistent with its defined investment strategy. USBAM senior management serves as the Chief Operating Decision Maker ("CODM"). The CODM reviews financial metrics such as portfolio composition, total return, expense ratios, and changes in net assets to assess performance and allocate resources and is consistent to that presented in the financial statements.** 

3. FEES AND EXPENSES

**INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement, USBAM manages each fund's assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each fund to pay USBAM a monthly fee equal, on an annual basis, to 0.10% of the fund's average daily net assets.** 

The advisor has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2025, so the annual fund operating expenses, after waivers, do not exceed the following amounts:

**Share Class** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **A** | **D** | **P** | **T** | **U** | **V** | **X** | **Y** | **Z**  |
| &nbsp;&nbsp;&nbsp; Government <br>Obligations Fund | 0.75% | 0.60% | 0.18% | 0.40% | 0.12% | 0.30% | 0.14% | 0.45% | 0.18%  |
|  Institutional Prime Obligations Fund | N/A | N/A | N/A | 0.40% | N/A | 0.30% | N/A | 0.45% | 0.20%  |
| &nbsp;&nbsp;&nbsp; Retail Prime <br>Obligations Fund | 0.75% | N/A | N/A | 0.40% | N/A | 0.30% | 0.14% | 0.45% | 0.20%  |
| &nbsp;&nbsp;&nbsp; Retail Tax Free <br>Obligations Fund | 0.75% | N/A | N/A | 0.40% | N/A | 0.30% | N/A | 0.45% | 0.20%  |
| Treasury Obligations Fund | 0.75% | 0.60% | 0.18% | 0.40% | N/A | 0.30% | 0.14% | 0.45% | 0.18%  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury <br>Money Market Fund | 0.75% | 0.60% | N/A | 0.40% | N/A | 0.30% | 0.16% | 0.45% | 0.20% |

---

These contractual waivers and reimbursements will remain in effect through December 31, 2025 and may not be terminated prior to such time without the approval of the funds' board of trustees. Waivers and reimbursements by the advisor are otherwise voluntary and may be terminated at any time by the advisor.

In order to maintain minimum yields, or to keep total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM voluntarily waived or reimbursed advisory fees of $91,834 for Retail Tax Free Obligations Fund during the fiscal year ended August 31, 2025.

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 53 <br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

**ADMINISTRATION FEES – USBAM serves as the funds' administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services ("USBGFS") serves as sub-administrator pursuant to a sub-administration agreement between USBGFS and USBAM. USBGFS is a subsidiary of U.S. Bank. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund's pro rata share of an amount equal, on an annual basis, to 0.18% of the aggregate average daily Class A share net assets and 0.13% of the aggregate average daily net assets for all other share classes of all funds, up to $8 billion, 0.165% for Class A shares and 0.115% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.15% for Class A shares and 0.10% for all other classes on the next $25 billion of aggregate average daily net assets, and 0.13% for Class A shares and 0.08% for all other classes of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse USBAM and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.** 

In order to maintain minimum yields for each fund, or to keep total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM voluntarily waived or reimbursed administration fees of $30,106,419, $428,802, $1,934,862, $328,440, $13,160,273, and $447,381, for Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2025.

**TRANSFER AGENT FEES – USBGFS serves as the funds' transfer agent pursuant to a transfer agent agreement between USBGFS and the funds. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class, based upon the number of accounts within each fund. In addition to these fees, the funds pay USBGFS each fund's pro rata share of an amount equal, on an annual basis, to 0.0008% of the aggregate average daily net assets up to $25 billion, 0.0007% of the aggregate average daily net assets for the next $25 billion, and 0.0005% of the aggregate average daily net assets in excess of $50 billion. The funds may reimburse USBGFS for out-of-pocket expenses incurred in providing transfer agent services.** 

**CUSTODIAN FEES – U.S. Bank serves as the funds' custodian pursuant to a custodian agreement between U.S. Bank and the funds. Each fund pays the custodian its pro rata share of an amount equal, on an annual basis, to 0.0030% of the aggregate average daily market value of all securities and cash held in the funds up to $25 billion, 0.0025% of the aggregate average daily market value of all securities and cash held in the funds for the next $25 billion, and 0.0020% of the aggregate average daily market value of all securities and cash held in the funds in excess of $50 billion. All fees are computed daily and paid monthly.** 

Under the custodian agreement, the custodian may charge a fee for any cash overdrafts incurred by a particular fund, which increases that fund's custodian expenses. For the fiscal year ended August 31, 2025, custodian fees were not increased as a result of any overdrafts.

**DISTRIBUTION AND SHAREHOLDER SERVICING (12B - 1) FEES – Quasar Distributors, LLC ("Quasar"), a wholly owned subsidiary of Foreside Distributors, LLC and an indirect subsidiary of Foreside Financial Group, LLC ("Foreside"), serves as distributor of the funds pursuant to a distribution agreement between Quasar and the funds. Under the distribution agreement and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of up to 0.25% and 0.15% of each fund's average daily net assets attributable to Class A and Class D, respectively. No distribution or shareholder servicing fees are paid to Quasar by any other share class of the funds. These fees are used by Quasar for the primary purpose of reimbursing broker-dealers for their sale of fund shares.** 

<br> 54 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of USBAM for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount**  |
| Government Obligations Fund | $7877402  |
| Retail Prime Obligations Fund | 1610311  |
| Retail Tax Free Obligations Fund | 74144  |
| Treasury Obligations Fund | 3969737  |
| U.S. Treasury Money Market Fund | 418028 |

---

**SHAREHOLDER SERVICING (NON-12B-1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with USBAM, under which USBAM has agreed to provide FAF, or will enter into written agreements with other service providers pursuant to which the service providers will provide FAF, with non-distribution-related services to shareholders of Class A, Class D, Class T, Class V, and Class Y shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.25% of the average daily net assets attributable to Class A, Class D, and Class Y shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class T shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Class V shares.** 

Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount**  |
| Government Obligations Fund | $46513323  |
| Institutional Prime Obligations Fund | 701373  |
| Retail Prime Obligations Fund | 1681942  |
| Retail Tax Free Obligations Fund | 146334  |
| Treasury Obligations Fund | 20791986  |
| U.S. Treasury Money Market Fund | 5313854 |

---

**OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholders reports, fees and expenses of independent trustees, insurance, and other miscellaneous expenses.** 

4. FUND SHARES FOR INSTITUTIONAL PRIME OBLIGATIONS FUND

Transactions in fund shares for each class of Institutional Prime Obligations Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sales** | **Reinvestments**<br>**of distributions** | **Redemptions** | **Net increase**<br>(decrease)  |
| Year Ended August 31, 2025<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class T | 338005471 | &nbsp;&nbsp; 56 | (383987038) | (45981511)  |
| &nbsp;&nbsp;&nbsp; Class V | 121443673 | &nbsp;&nbsp; 442061 | (124953325) | (3067591)  |
| &nbsp;&nbsp;&nbsp; Class Y | 1503475811 | &nbsp;&nbsp; 48465 | (1499072166) | 4452110  |
| &nbsp;&nbsp;&nbsp; Class Z | 6547132324 | &nbsp;&nbsp; 1147550 | (6630859588) | (82579714)  |
| Year Ended August 31, 2024<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class T | 517130670 | &nbsp;&nbsp; 232 | (490540809) | 26590093  |
| &nbsp;&nbsp;&nbsp; Class V | 77537750 | &nbsp;&nbsp; 716496 | (94142686) | (15888440)  |
| &nbsp;&nbsp;&nbsp; Class Y | 842935069 | &nbsp;&nbsp; 64375 | (839275307) | 3724137  |
| &nbsp;&nbsp;&nbsp; Class Z | 4343536272 | &nbsp;&nbsp; 1365831 | (5069829635) | (724927532) |

---

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 55 <br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

5. PORTFOLIO CHARACTERISTICS OF RETAIL TAX FREE OBLIGATIONS FUND

Retail Tax Free Obligations Fund invests in municipal securities. At August 31, 2025, the percentage of portfolio investments by each category was as follows:

---

| | |
|:---|:---|
|  | **Retail Tax Free**<br>**Obligations Fund**  |
| Weekly Variable Rate Demand Notes  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63.9%  |
| Commercial Paper & Put Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2  |
| Other Municipal Notes & Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5  |
| Daily Variable Rate Demand Notes  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

Retail Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, non-financial company commercial paper, and general obligation bonds. At August 31, 2025, the percentage of total portfolio investments by each revenue source was as follows:

---

| | |
|:---|:---|
|  | **Retail Tax Free**<br>**Obligations Fund**  |
| Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72.3%  |
| Non-Financial Company Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2  |
| General Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

6. INDEMNIFICATIONS

The funds enter into contracts that contain a variety of indemnifications. The funds' maximum exposure under these arrangements is unknown as it would be dependent upon future claims that may be made against the funds. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

7. MARKET EVENTS

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or geopolitical events, trading and tariff arrangements (including trade or diplomatic disputes resulting in the imposition of economic sanctions or the threat of new or modified sanctions), terrorism, wars, cybersecurity events, natural or environmental disasters and other circumstances in one country or region could have profound impacts on global economies or markets. Widespread disease and virus epidemics, such as the coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a fund's investments. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may be negatively affected.

Policy and legislative changes in the United States and in other countries may impact the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. 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.

<br> 56 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

8. FUND REORGANIZATIONS

At a special meeting of shareholders of First American Funds, Inc., held on December 18, 2023, shareholders approved the reorganizations of each series of First American Funds, Inc. (each series a "Target Fund") into a corresponding series of First American Funds Trust, a Massachusetts business trust, (each series an "Acquiring Fund") (the "Reorganizations"). The Reorganizations occurred on December 22, 2023 (the "Closing Date") and each was treated as a tax-free reorganization for federal income tax purposes. The advisor paid all costs associated with the Reorganizations.

Following the Reorganizations, the performance and financial history of each Target Fund were adopted by the corresponding Acquiring Fund. In connection with the Reorganizations, the shareholders of each Target Fund received shares of the corresponding Acquiring Fund equal in value to the number of shares of the Target Fund they owned on the Closing Date.

The following is a summary of Net Asset Value per share, net assets, and shares outstanding immediately before and after the Reorganizations.

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Class** | **NAV Per Share** <br>**Before and After** <br>**Reorganization** | **Net Assets Before** <br>**and After** <br>**Reorganization** | **Shares Outstanding** <br>**Before and After** <br>**Reorganization**  |
| **Government Obligations Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $270614 | &nbsp;&nbsp;&nbsp;&nbsp; 270613  |
| &nbsp;&nbsp;&nbsp; Class D | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 4069134 | &nbsp;&nbsp;&nbsp;&nbsp; 4069110  |
| &nbsp;&nbsp;&nbsp; Class P | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 2032278 | &nbsp;&nbsp;&nbsp;&nbsp; 2032275  |
| &nbsp;&nbsp;&nbsp; Class T | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 32982 | &nbsp;&nbsp;&nbsp;&nbsp; 32985  |
| &nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 2625997 | &nbsp;&nbsp;&nbsp;&nbsp; 2625973  |
| &nbsp;&nbsp;&nbsp; Class V | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 3056373 | &nbsp;&nbsp;&nbsp;&nbsp; 3056356  |
| &nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 26196519 | &nbsp;&nbsp;&nbsp;&nbsp; 26196427  |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 10007559 | &nbsp;&nbsp;&nbsp;&nbsp; 10007471  |
| &nbsp;&nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 29507776 | &nbsp;&nbsp;&nbsp;&nbsp; 29507619  |
| **Total Fund** |  | &nbsp;&nbsp; $77799232 | &nbsp;&nbsp;&nbsp;&nbsp; 77798829  |
| **Institutional Prime Obligations Fund** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class T | &nbsp;&nbsp;&nbsp;&nbsp; $1.0002 | &nbsp;&nbsp; $89894 | &nbsp;&nbsp;&nbsp;&nbsp; 89894  |
| &nbsp;&nbsp;&nbsp; Class V | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp; 73075 | &nbsp;&nbsp;&nbsp;&nbsp; 73072  |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp; 174330 | &nbsp;&nbsp;&nbsp;&nbsp; 174322  |
| &nbsp;&nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;1.0001 | &nbsp;&nbsp; 1484477 | &nbsp;&nbsp;&nbsp;&nbsp; 1484576  |
| **Total Fund** |  | &nbsp;&nbsp; $1821776 | &nbsp;&nbsp;&nbsp;&nbsp; 1821864  |
| **Retail Prime Obligations Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $604058 | &nbsp;&nbsp;&nbsp;&nbsp; 604059  |
| &nbsp;&nbsp;&nbsp; Class T | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 4201 | &nbsp;&nbsp;&nbsp;&nbsp; 4200  |
| &nbsp;&nbsp;&nbsp; Class V | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 229  |
| &nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 2320098 | &nbsp;&nbsp;&nbsp;&nbsp; 2320099  |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 12248 | &nbsp;&nbsp;&nbsp;&nbsp; 12249  |
| &nbsp;&nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 166290 | &nbsp;&nbsp;&nbsp;&nbsp; 166290  |
| **Total Fund** |  | &nbsp;&nbsp; $3107124 | &nbsp;&nbsp;&nbsp;&nbsp; 3107126  |
| **Retail Tax Free Obligations Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $28238 | &nbsp;&nbsp;&nbsp;&nbsp; 28236  |
| &nbsp;&nbsp;&nbsp; Class T | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 15873 | &nbsp;&nbsp;&nbsp;&nbsp; 15832  |
| &nbsp;&nbsp;&nbsp; Class V | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp;&nbsp; 1185  |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 25034 | &nbsp;&nbsp;&nbsp;&nbsp; 25026  |
| &nbsp;&nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 304291 | &nbsp;&nbsp;&nbsp;&nbsp; 304320  |
| **Total Fund** |  | &nbsp;&nbsp; $374620 | &nbsp;&nbsp;&nbsp;&nbsp; 374599 |

---

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 57 <br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025 (Concluded)** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Class** | **NAV Per Share** <br>**Before and After** <br>**Reorganization** | **Net Assets Before** <br>**and After** <br>**Reorganization** | **Shares Outstanding** <br>**Before and After** <br>**Reorganization**  |
| **Treasury Obligations Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $547254 | &nbsp;&nbsp;&nbsp;&nbsp; 547257  |
| &nbsp;&nbsp;&nbsp; Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 1772511 | &nbsp;&nbsp;&nbsp;&nbsp; 1772530  |
| &nbsp;&nbsp;&nbsp; Class P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 2234814 | &nbsp;&nbsp;&nbsp;&nbsp; 2234796  |
| &nbsp;&nbsp;&nbsp; Class T | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 3126 | &nbsp;&nbsp;&nbsp;&nbsp; 3125  |
| &nbsp;&nbsp;&nbsp; Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 1077867 | &nbsp;&nbsp;&nbsp;&nbsp; 1077872  |
| &nbsp;&nbsp;&nbsp; Class X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 21137307 | &nbsp;&nbsp;&nbsp;&nbsp; 21137310  |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 4748569 | &nbsp;&nbsp;&nbsp;&nbsp; 4748597  |
| &nbsp;&nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 18027051 | &nbsp;&nbsp;&nbsp;&nbsp; 18027104  |
| **Total Fund .** |  | &nbsp;&nbsp; $49548499 | &nbsp;&nbsp;&nbsp;&nbsp; 49548591  |
| **U.S. Treasury Money Market Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $93625 | &nbsp;&nbsp;&nbsp;&nbsp; 93634  |
| &nbsp;&nbsp;&nbsp; Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 101870 | &nbsp;&nbsp;&nbsp;&nbsp; 101871  |
| &nbsp;&nbsp;&nbsp; Class T | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 17811 | &nbsp;&nbsp;&nbsp;&nbsp; 17803  |
| &nbsp;&nbsp;&nbsp; Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 288127 | &nbsp;&nbsp;&nbsp;&nbsp; 288134  |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 1281321 | &nbsp;&nbsp;&nbsp;&nbsp; 1281383  |
| &nbsp;&nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; 3286542 | &nbsp;&nbsp;&nbsp;&nbsp; 3286496  |
| **Total Fund** |  | &nbsp;&nbsp; $5069296 | &nbsp;&nbsp;&nbsp;&nbsp; 5069321 |

---

9. EVENTS SUBSEQUENT TO PERIOD END

Management has evaluated fund related events and transactions that occurred subsequent to August 31, 2025, through the date of issuance of the funds' financial statements. There were no events or transactions that occurred during this period that materially impact the amounts or disclosures in the funds' financial statements other than previously noted.

<br> 58 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

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**Tax Information** 

**August 31, 2025 (Unaudited)** 

The information set forth below is for each fund's fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2026 on Form 1099. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended August 31, 2025 each fund has designated long-term capital gains, ordinary income and tax exempt income with regard to distributions paid during the period as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Long Term** <br>**Capital Gains** <br>**Distributions** <br>**(Tax Basis)** | **Ordinary** <br>**Income** <br>**Distributions** <br>**(Tax Basis)** | **Tax** <br>**Exempt** <br>**Interest** | **Total** <br>**Distributions** <br>**(Tax Basis)<sup>1</sup>**  |
| Government Obligations Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 100.0% | —% | &nbsp;&nbsp;&nbsp;&nbsp; 100.0%  |
| Institutional Prime Obligations Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100.0 |  | &nbsp;&nbsp;&nbsp;&nbsp; 100.0  |
| Retail Prime Obligations Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100.0 |  | &nbsp;&nbsp;&nbsp;&nbsp; 100.0  |
| Retail Tax Free Obligations Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 100.0 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0  |
| Treasury Obligations Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100.0 |  | &nbsp;&nbsp;&nbsp;&nbsp; 100.0  |
| U.S. Treasury Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100.0 |  | &nbsp;&nbsp;&nbsp;&nbsp; 100.0 |

---

<sup>1</sup> None of the dividends paid by the funds are eligible for the dividends received deduction or are characterized as qualified dividend income.

<sup>\*</sup> Rounds to 0.0%. 

The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund was as follows:

---

| | |
|:---|:---|
| Government Obligations Fund  | 100.0%  |
| Institutional Prime Obligations Fund  | 98.2  |
| Retail Prime Obligations Fund  | 97.0  |
| Retail Tax Free Obligations Fund  | 100.0  |
| Treasury Obligations Fund  | 100.0  |
| U.S. Treasury Money Market Fund  | 100.0 |

---

The percentage of ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for each fund was as follows:

---

| | |
|:---|:---|
| Government Obligations Fund  | 0.0%\*  |
| Institutional Prime Obligations Fund  | 0.0  |
| Retail Prime Obligations Fund  | 0.0  |
| Retail Tax Free Obligations Fund  | 0.0  |
| Treasury Obligations Fund  | 0.0  |
| U.S. Treasury Money Market Fund  | 0.0 |

---

\* Rounds to 0.0%. 

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 59 <br>

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**Approval of the Funds' Investment Advisory Agreement** 

**August 31, 2025 (Unaudited)** 

The Board, which is comprised entirely of independent trustees, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds' investment advisory agreement with USBAM (as used in this section, the "Agreement").

At meetings on May 12, 2025 and June 10, 2025, the Board considered information relating to the Agreement. In advance of the meetings, the Board received materials relating to the Agreement and had the opportunity to ask questions and request further information in connection with its consideration. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to the meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

Although the Agreement relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of USBAM's services to each Fund, (2) the investment performance of each Fund, (3) the comparative expense information, including an analysis of USBAM's cost of providing services and the profitability of USBAM related to the Funds, (4) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale, and (5) other benefits that accrue to USBAM through its relationship with the Funds.

At the May 12, 2025 and June 10, 2025 meetings and before approving the Agreement, the independent trustees met in executive session with their independent counsel to consider the materials provided by USBAM and the terms of the Agreement. The Board considered the data provided by USBAM and concluded that sufficient information had been provided to allow them to evaluate the terms of the Agreement and each Fund's investment advisory fee. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund and approved the Agreement through June 30, 2026. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board's decision to approve the Agreement with respect to any Fund and individual trustees may have evaluated the information presented differently from one another, attributing different weights to various factors. In reaching its conclusion, the Board considered the following:

**Nature, Quality and Extent of Investment Advisory Services** 

The Board examined the nature, quality and extent of the services provided by USBAM to each Fund. The Board reviewed USBAM's key personnel who provide investment management services to each Fund as well as the fact that, under the Agreement, USBAM has the authority and responsibility to make and execute investment decisions for each Fund within the framework of that Fund's investment policies and restrictions, subject to review by the Board. The Board further considered that USBAM's duties with respect to each Fund include: (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Funds' investment policies and restrictions and the 1940 Act, and (iii) monitoring the performance of the various organizations providing services to the Funds, including the Funds' distributor, sub-administrator, transfer agent and custodian. Finally, the Board considered USBAM's representation that the services provided by USBAM under the Agreement are the type of services customarily provided by investment advisers in the fund industry. The Board also considered compliance reports about USBAM and the Funds' service providers from the Funds' Chief Compliance Officer.

Based on the foregoing, the Board concluded that each Fund benefits from the nature, quality and extent of the services provided by USBAM under the Agreement.

**Investment Performance of the Funds**

The Board considered the performance of each Fund, including comparative information provided by an independent data service, regarding the median performance of a group of comparable funds selected by that data service (the "performance universe") for the one-, three-, five-year and ten-year periods ended February 28, 2025, as applicable. With respect to the comparative information provided by the independent data service, the Board considered USBAM's assertion that with regard to each Fund, other than Retail

<br> 60 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Approval of the Funds' Investment Advisory Agreement** 

**August 31, 2025 (Unaudited)(Continued)** 

Prime Obligations Fund, the comparative data for Class Z shares provides meaningful information for the Board's consideration of the Agreement because it is the largest share class based on assets. With regard to Retail Prime Obligations Fund, the Board considered USBAM's assertion that the comparative data for Class X shares provides more meaningful information for the Board's consideration of the Agreement because it is the Fund's largest share class based on assets. The Board further considered USBAM's assertion that the analysis of investment performance would not differ materially if another share class were selected for comparative purposes.

The Board considered USBAM's assertion that investment performance should be focused on a Fund's gross-of-expenses performance as compared to the peer group's performance universe median since performance gross-of-expenses more accurately reflects the pure investment performance of USBAM's portfolio managers, supported by traders and the credit research team, as they are responsible for managing the Fund's assets and are not responsible for the pricing of the Fund's various share classes. Additionally, with respect to the net-of-expenses performance information, the Board considered USBAM's assertion that it is important to note that each Fund's peer group performance universe includes comparable funds with multiple share classes and pricing structures. Because of this, the Board noted that there will be more significant variation in returns on a net-of-expenses basis that is not truly reflective of the market for a particular share class (in this case, each Fund's Class Z shares except for Retail Prime Obligations Fund). For these reasons, the Board considered USBAM's assertion that the net-of-expenses performance comparison is not as meaningful as the gross-of-expenses performance comparison for purposes of the Board's assessment of a Fund's investment performance.

**GOVERNMENT OBLIGATIONS FUND. The Board noted that the Fund's performance on a gross-of-expenses basis was equal to that of its performance universe median for the one- and ten-year periods, exceeded the median by one basis point for the three-year period and trailed the median by two basis points for the five-year period. The Board further considered that the Fund outperformed its performance universe median on a net-of-expenses basis for the same periods. In light of these considerations, particularly the Fund's competitive performance against the performance universe median, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.** 

**RETAIL PRIME OBLIGATIONS FUND. The Board considered that on a gross-of-expenses basis the Fund outperformed its performance universe median by two basis points for the three-year period and underperformed by two and three basis points, respectively, for the one- and five-year periods. The Board further considered that the Fund outperformed its performance universe median on a net-of-expenses basis for the same periods. In light of these considerations, particularly the Fund's competitive performance against the performance universe median, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.** 

**INSTITUTIONAL PRIME OBLIGATIONS FUND. The Board considered that on a gross-of-expenses basis the Fund underperformed its performance universe median for the one-, three- and five-year periods by three, two and five basis points, respectively, and outperformed by one basis point for the ten-year period. The Board further considered that on a net of expenses basis, the Fund's performance was equal to that of its performance universe median for the one- and five-year periods, was one basis point under the median for the three-year period and exceeded the median by four basis points for the ten-year period. The Board noted that the Fund's underperformance was generally attributable to the structuring of the Fund's portfolio to emphasize liquidity targets and fund metrics that accounted for potential excess outflows, which has had a negative impact on fund performance relative to its performance universe median. The Board considered that while negatively impacting performance, the Fund's high liquidity structure provides flexibility in addressing regulatory reforms impacting the Fund and other institutional prime money market funds. In light of these considerations, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.** 

**TREASURY OBLIGATIONS FUND. The Board considered that on a gross-of-expenses basis the Fund outperformed its performance universe median for the three-, five- and ten-year periods by four, one and one basis point, respectively, while underperforming by one basis point for the one-year period. The** 

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 61 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Approval of the Funds' Investment Advisory Agreement** 

**August 31, 2025 (Unaudited)(Continued)** 

Board further noted that the Fund outperformed its performance universe median on a net-of-expenses basis for the same periods. In light of these considerations, particularly the Fund's outperformance of the performance universe median, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.

**RETAIL TAX FREE OBLIGATIONS FUND. The Board considered that on a gross-of-expenses basis the Fund outperformed its performance universe median by three basis points for the three-year period and underperformed its performance universe median for the one-, five-, and ten-year periods by one, three and one basis point, respectively. The Board further considered that the Fund outperformed its performance universe median on a net-of-expenses basis for the same periods. In light of these considerations, particularly the Fund's competitive performance against the performance universe median, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.** 

**U.S. TREASURY MONEY MARKET FUND. The Board considered that on a gross-of-expenses basis the Fund underperformed its performance universe median for the one-, three-, five-, and ten-year periods by one basis point for the one-year period and three basis points for the three-, five- and ten-year periods. The Board further considered that the Fund outperformed its performance universe median on a net-of-expenses basis for the same periods. In light of these considerations, particularly the Fund's competitive performance against the performance universe median on a net of expenses basis, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.** 

**Fees and Expenses of the Funds** 

The Board reviewed the fees paid to USBAM and the other expenses borne by each Fund, as applicable. The independent consultant provided comparative data in regard to the fees and expenses of each Fund and comparable funds.

With respect to the comparative information provided by the independent data service, the Board considered USBAM's assertion that with regard to each fund, other than Retail Prime Obligations Fund, the comparative data for Class Z shares provides meaningful information for the Board's consideration of the Agreement because it is the largest share class based on assets. With regard to Retail Prime Obligations Fund, the Board considered USBAM's assertion that the comparative data for Class X shares provides more meaningful information for the Board's consideration of the Agreement because it is the Funds' largest share class based on assets. The Board further considered USBAM's assertion that the analysis of the cost of services would not differ materially if another share class were selected for comparative purposes.

The Board considered USBAM's assertion that the costs of services should be primarily focused on a Fund's total expense ratio after waivers as compared to the expense group median total expense ratio after waivers. The Board considered that this is because funds within an expense group may have very different expense categories (e.g., advisory, administrative, shareholder servicing, etc.), and fees associated with such categories, that comprise a fund's total expense ratio. The Board also considered USBAM's assertion that because money market funds are highly commoditized, and it is relatively easy for investors to move from one fund to another, the need to remain competitive on overall costs of services is critical. The Board noted that, generally, money market funds, including the Funds, use a combination of contractual and voluntary expense waivers and reimbursements to enable a fund to remain competitive within the particular market served by each fund share class.

The Board further considered that although the Funds do not have advisory fee breakpoints in place, USBAM is committed to capping each Fund's investment advisory fee to the extent necessary to keep the Fund's total expenses at levels generally in line with its peer group.

**GOVERNMENT OBLIGATIONS FUND. The Board noted that the Fund's contractual advisory fee is five basis points lower than the applicable peer group median and the advisory fee after waivers is one basis point lower than the applicable peer group median advisory fee after waivers. The Board also considered that the Fund's total expense ratio after waivers is equal to the peer group median total expense ratio after** 

<br> 62 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Approval of the Funds' Investment Advisory Agreement** 

**August 31, 2025 (Unaudited)(Continued)** 

waivers. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund's advisory fee and total expense ratio after waivers against the expense group median, the Board concluded that the Fund's advisory fee is fair.

**RETAIL PRIME OBLIGATIONS FUND. The Board considered that the Fund's contractual advisory fee is twelve basis points lower than the peer group median and the advisory fee after waivers is ten basis points lower than the applicable peer group median. The Board further considered that the Fund's total expense ratio after waivers is thirty-two basis points lower than the peer group median total expense ratio after waivers. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund's advisory fee and total expense ratio after waivers against the expense group median, the Board concluded that the Fund's advisory fee is fair.** 

**INSTITUTIONAL PRIME OBLIGATIONS FUND. The Board noted that the Fund's contractual advisory fee is five basis points lower than the applicable peer group median and its advisory fee after waivers is equal to the applicable peer group median. The Board also considered that the Fund's total expense ratio after waivers is equal to the peer group median total expense ratio after waivers. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund's advisory fee and total expense ratio after waivers against the expense group median, the Board concluded that the Fund's advisory fee is fair.** 

**TREASURY OBLIGATIONS FUND. The Board considered that the Fund's contractual advisory fee is five basis points lower than the applicable peer group median, and the advisory fee after waivers is one basis point lower than the applicable peer group median. The Board noted that the Fund's total expense ratio after waivers is one basis point lower than the applicable peer group median. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund's advisory fee and total expense ratio after waivers against the expense group median, the Board concluded that the Fund's advisory fee is fair.** 

**RETAIL TAX FREE OBLIGATIONS FUND. The Board noted that the Fund's contractual advisory fee is nine basis points lower than the applicable peer group median and its advisory fee after waivers is also nine basis points lower than the peer group median. The Board further noted that the Fund's total expense ratio after waivers is one basis point lower than the peer group median total expense ratio after waivers. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund's advisory fee and total expense ratio after waivers against the expense group median, the Board concluded that the Fund's advisory fee is fair.** 

**U.S. TREASURY MONEY MARKET FUND. The Board considered that the Fund's contractual advisory fee is four basis points lower than the applicable peer group median and its advisory fee after waivers is one basis point lower than the applicable peer group median. The Board noted that the Fund's total expense ratio after waivers is one basis point higher than the peer group median total expense ratio after waivers, which is in line with its peer group. The Board considered that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund's advisory fee and total expense ratio after waivers against the expense group median, the Board concluded that the Fund's advisory fee is fair.** 

**Costs of Services and Profits Realized by USBAM** 

The Board reviewed USBAM's costs in serving as the Funds' investment manager, including the costs associated with the personnel and systems necessary to manage the Funds. The Board considered the profitability of USBAM and its affiliates resulting from their relationship with each Fund. The Board compared fee and expense information for each Fund to fee and expense information for comparable funds managed by other advisers. The Board reviewed advisory fees for private accounts managed by USBAM.

Using information provided by an independent data service, the Board also evaluated each Fund's advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and the Board evaluated each Fund's total expense ratio after waivers compared to the median total expense ratio after waivers of comparable funds. In connection with its review of Fund fees and

<br> FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION 63 <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Approval of the Funds' Investment Advisory Agreement** 

**August 31, 2025 (Unaudited)(Continued)** 

expenses, the Board considered USBAM's pricing philosophy, whereby USBAM attempts generally to maintain each Fund's total operating expenses at a level that approximates the median of a its competitive expense group or universe for that share class. The Board also noted that USBAM has agreed to voluntarily waive fees and reimburse expenses as needed to prevent each Fund's yield on any share class from falling below 0.00%.

The Board noted that USBAM's profitability generated from the relationship with each Fund is generally impacted by shifts in USBAM's net revenue and expenses associated with the services provided to the Funds. The Board considered that, historically, the interest rate cycle has had the most significant impact on USBAM's profitability. As such, given the cyclical nature of interest rates, the Board considered that USBAM would expect to continue to see shifts in profitability in future years.

**Economies of Scale in Providing Investment Advisory Services** 

The Board considered the extent to which each Fund's investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by USBAM, the Board noted that profitability will likely increase as assets grow over time. The Board considered that, although the Funds do not have advisory fee breakpoints in place, USBAM has committed to waive advisory fees to the extent necessary to prevent each Fund's yield on any share class from falling below 0.00% and to keep each Fund's total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. In light of USBAM's commitment to keep total Fund expenses competitive, the Board concluded that it would be in the best interest of each Fund and its shareholders to renew the Agreement.

**Other Benefits to USBAM** 

In evaluating the benefits that accrue to USBAM through its relationship with the Funds, the Board noted that USBAM and certain of its affiliates serve the Funds in various capacities, including as investment adviser, administrator, transfer agent, and custodian and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by USBAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

<br> 64 FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION <br>

------

**[**TABLE OF CONTENTS**](#TOC)**

First American Funds

800 Nicollet Mall

BC-MN-17TR

Minneapolis, MN 55402

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund's portfolio. This report is for the information of shareholders of the First American Funds Trust. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.

**The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.** 

---

| | | |
|:---|:---|:---|
| INVESTMENT ADVISOR<br>**U.S. Bancorp Asset** <br>**Management, Inc.**<br>800 Nicollet Mall<br>Minneapolis, Minnesota 55402  | CUSTODIAN <br>**U.S. Bank National Association** <br>1555 RiverCenter Drive<br>Suite 302<br>Milwaukee, Wisconsin 53212  | INDEPENDENT REGISTERED <br>PUBLIC ACCOUNTING FIRM <br>**Ernst & Young LLP** <br>700 Nicollet Mall<br>Suite 500<br>Minneapolis, Minnesota 55402  |
| ADMINISTRATOR<br>**U.S. Bancorp Asset** <br>**Management, Inc.**<br>800 Nicollet Mall <br>Minneapolis, Minnesota 55402  | DISTRIBUTOR <br>**Quasar Distributors, LLC** <br>190 Middle Street <br>2nd Floor<br>Portland, Maine 04101  | COUNSEL <br>**Ropes & Gray LLP** <br>191 North Wacker Drive <br>Chicago, Illinois 60606  |
| TRANSFER AGENT <br>**U.S. Bank Global** <br>**Fund Services** <br>615 East Michigan Street <br>Milwaukee, Wisconsin 53202  |  |  |

---

![](firstamerican_bc.jpg)

In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing 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 First American Investor Services at **800.677.3863** or visit **FirstAmericanFunds.com.**

1022-25 10/2025 AR MONEY

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders of the registrant during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

The information is disclosed as part of the Financial Statements and Financial Highlights included in Item 7 of this Form N-CSR.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

The information is disclosed as part of the Financial Statements and Financial Highlights included in Item 7 of this Form N-CSR.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

 

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer
 and principal financial officer have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Act) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b)
 or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
 and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
 summarized and reported timely.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

(a)(1) Not applicable. Registrant's code of ethics is provided to any person upon request without charge.

(a)(2) Not applicable.

(a)(3) [Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act are filed as exhibits hereto.](faft-efp18008_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Act are filed as exhibits hereto.](faft-efp18008_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First American Funds Trust

---

| | |
|:---|:---|
| By: | /s/ James D. Palmer |
|  | James D. Palmer |
|  | President |
| Date: | November 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James D. Palmer |
|  | James D. Palmer |
|  | President |
| Date: | November 3, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jill M. Stevenson |
|  | Jill M. Stevenson |
|  | Treasurer |
| Date: | November 3, 2025 |

---

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

**CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, James D. Palmer, certify that:

1. I have reviewed this report on Form N-CSR of First American Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: November 3, 2025

---

| |
|:---|
| /s/ James D. Palmer |
| James D. Palmer |
| President |

---

I, Jill M. Stevenson, certify that:

1. I have reviewed this report on Form N-CSR of First American Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: November 3, 2025

---

| |
|:---|
| /s/ Jill M. Stevenson |
| Jill M. Stevenson |
| Treasurer |

---

## Exhibit 99.906

**EX.99.906CERT**

**Certifications Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), the undersigned officers of First American Funds Trust (the "Funds") do hereby certify, to the best of each such officer's knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The report on Form N-CSR of the Funds (the "Report")
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly
presents, in all material respects, the financial condition and results of the operations of the Funds.

---

| | |
|:---|:---|
| By: | /s/ James D. Palmer |
|  | James D. Palmer |
|  | President |
| Date: | November 3, 2025 |

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| | |
|:---|:---|
| By: | /s/ Jill M. Stevenson |
|  | Jill M. Stevenson |
|  | Treasurer |
| Date: | November 3, 2025 |

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