0000356134 2022-11-15 2022-11-15 0000356134 faf:ClassAMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000015452Member 2022-11-15 2022-11-15 0000356134 faf:S000053753Member faf:C000168959Member 2022-11-15 2022-11-15 0000356134 faf:S000005656Member faf:C000015465Member 2022-11-15 2022-11-15 0000356134 faf:S000005657Member faf:C000015470Member 2022-11-15 2022-11-15 0000356134 faf:S000005658Member faf:C000015476Member 2022-11-15 2022-11-15 0000356134 faf:ClassAMember faf:S000053753Member 2022-11-15 2022-11-15 0000356134 faf:ClassAMember faf:S000005656Member 2022-11-15 2022-11-15 0000356134 faf:ClassAMember faf:S000005657Member 2022-11-15 2022-11-15 0000356134 faf:ClassAMember faf:S000005658Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000015453Member 2022-11-15 2022-11-15 0000356134 faf:S000005657Member faf:C000015471Member 2022-11-15 2022-11-15 0000356134 faf:S000005658Member faf:C000015477Member 2022-11-15 2022-11-15 0000356134 faf:ClassDMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:ClassDMember faf:S000005657Member 2022-11-15 2022-11-15 0000356134 faf:ClassDMember faf:S000005658Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000196975Member 2022-11-15 2022-11-15 0000356134 faf:S000005657Member faf:C000196976Member 2022-11-15 2022-11-15 0000356134 faf:ClassPMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:ClassPMember faf:S000005657Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000222182Member 2022-11-15 2022-11-15 0000356134 faf:S000005655Member faf:C000015461Member 2022-11-15 2022-11-15 0000356134 faf:S000053753Member faf:C000168961Member 2022-11-15 2022-11-15 0000356134 faf:S000005656Member faf:C000222183Member 2022-11-15 2022-11-15 0000356134 faf:S000005657Member faf:C000222184Member 2022-11-15 2022-11-15 0000356134 faf:S000005658Member faf:C000222185Member 2022-11-15 2022-11-15 0000356134 faf:ClassTMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:ClassTMember faf:S000005655Member 2022-11-15 2022-11-15 0000356134 faf:ClassTMember faf:S000053753Member 2022-11-15 2022-11-15 0000356134 faf:ClassTMember faf:S000005656Member 2022-11-15 2022-11-15 0000356134 faf:ClassTMember faf:S000005657Member 2022-11-15 2022-11-15 0000356134 faf:ClassTMember faf:S000005658Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000199124Member 2022-11-15 2022-11-15 0000356134 faf:ClassUMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000026833Member 2022-11-15 2022-11-15 0000356134 faf:S000005655Member faf:C000026834Member 2022-11-15 2022-11-15 0000356134 faf:S000053753Member faf:C000168964Member 2022-11-15 2022-11-15 0000356134 faf:S000005656Member faf:C000026835Member 2022-11-15 2022-11-15 0000356134 faf:S000005657Member faf:C000026836Member 2022-11-15 2022-11-15 0000356134 faf:S000005658Member faf:C000026837Member 2022-11-15 2022-11-15 0000356134 faf:ClassVMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:ClassVMember faf:S000005655Member 2022-11-15 2022-11-15 0000356134 faf:ClassVMember faf:S0000053753Member 2022-11-15 2022-11-15 0000356134 faf:ClassVMember faf:S000053753Member 2022-11-15 2022-11-15 0000356134 faf:ClassVMember faf:S000005656Member 2022-11-15 2022-11-15 0000356134 faf:ClassVMember faf:S000005657Member 2022-11-15 2022-11-15 0000356134 faf:ClassVMember faf:S000005658Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000168476Member 2022-11-15 2022-11-15 0000356134 faf:S000053753Member faf:C000173318Member 2022-11-15 2022-11-15 0000356134 faf:S000005657Member faf:C000168478Member 2022-11-15 2022-11-15 0000356134 faf:ClassXMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:ClassXMember faf:S000053753Member 2022-11-15 2022-11-15 0000356134 faf:ClassXMember faf:S000005657Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000015454Member 2022-11-15 2022-11-15 0000356134 faf:S000005655Member faf:C000015462Member 2022-11-15 2022-11-15 0000356134 faf:S000053753Member faf:C000168962Member 2022-11-15 2022-11-15 0000356134 faf:S000005656Member faf:C000015467Member 2022-11-15 2022-11-15 0000356134 faf:S000005657Member faf:C000015472Member 2022-11-15 2022-11-15 0000356134 faf:S000005658Member faf:C000015478Member 2022-11-15 2022-11-15 0000356134 faf:ClassYMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:ClassYMember faf:S000005655Member 2022-11-15 2022-11-15 0000356134 faf:ClassYMember faf:S000053753Member 2022-11-15 2022-11-15 0000356134 faf:ClassYMember faf:S000005656Member 2022-11-15 2022-11-15 0000356134 faf:ClassYMember faf:S000005657Member 2022-11-15 2022-11-15 0000356134 faf:ClassYMember faf:S000005658Member 2022-11-15 2022-11-15 0000356134 faf:S000005654Member faf:C000015455Member 2022-11-15 2022-11-15 0000356134 faf:S000005655Member faf:C000015463Member 2022-11-15 2022-11-15 0000356134 faf:S000053753Member faf:C000168963Member 2022-11-15 2022-11-15 0000356134 faf:S000005656Member faf:C000015468Member 2022-11-15 2022-11-15 0000356134 faf:S000005657Member faf:C000015473Member 2022-11-15 2022-11-15 0000356134 faf:S000005658Member faf:C000015479Member 2022-11-15 2022-11-15 0000356134 faf:ClassZMember faf:S000005654Member 2022-11-15 2022-11-15 0000356134 faf:ClassZMember faf:S000005655Member 2022-11-15 2022-11-15 0000356134 faf:ClassZMember faf:S000053753Member 2022-11-15 2022-11-15 0000356134 faf:ClassZMember faf:S000005656Member 2022-11-15 2022-11-15 0000356134 faf:ClassZMember faf:S000005657Member 2022-11-15 2022-11-15 0000356134 faf:ClassZMember faf:S000005658Member 2022-11-15 2022-11-15 iso4217:USD pure 0000356134 false 2022-11-15 485BPOS FAAXX FAPXX FTAXX FATXX FOEXX 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-09-30 2022-11-15 2022-11-15 N-1A FIRST AMERICAN FUNDS, INC. Fund Summaries Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 15 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0.0025 0.0025 0.0015 0.0075 0 0.0075 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 417 930 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005654Member_zCA6bu02FcYg">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005654Member_zPsIyIAamkId">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005654Member_zvaJ2z9zEizb">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005654Member_zr69Fs999yh9">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005654Member_zeCwCKyJsO5k">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005654Member_zfHju007sn">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0001 0.0001 0.0001 0.0001 0.0001 0.0021 0.0112 0.0150 0.0018 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0043 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2001-09-24 2001-09-24 0.0001 0.0001 0.0060 0.0060 0.0030 0.0030 Total return for the period 1/1/22 through 9/30/22 0.0037 Fund Summaries Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 15 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0.0025 0.0025 0.0017 0.0077 -0.0002 0.0075 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 244 426 952 Principal Investment Strategies Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top; width: 0.25in"> ● </td> <td style="vertical-align: top"> commercial paper; </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top; width: 0.25in"> ● </td> <td style="vertical-align: top"> U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances); </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top; width: 0.25in"> ● </td> <td style="vertical-align: top"> non-convertible corporate debt securities; </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top; width: 0.25in"> ● </td> <td style="vertical-align: top"> securities issued by the U.S. government or one of its agencies or instrumentalities; </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top; width: 0.25in"> ● </td> <td style="vertical-align: top"> municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top; width: 0.25in"> ● </td> <td style="vertical-align: top"> loan participation interests; and </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top; width: 0.25in"> ● </td> <td style="vertical-align: top"> repurchase agreements. </td> </tr> </table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000053753Member_z9FYTYyK4uId">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000053753Member_ze6dW9RpcmAd">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000053753Member_zpB9MlOe7ttd">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000053753Member_zSBAhqyqEjHf">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000053753Member_zzeV6kGtqFQ9">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000053753Member_z3bfisVq2ndf">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0046 0.0141 0.0184 0.0028 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0053 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2016-07-18 2016-07-18 0.0001 0.0001 0.0080 0.0080 0.0073 0.0073 Total return for the period 1/1/22 through 9/30/22 0.0044 Fund Summaries Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 15 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0.0025 0.0025 0.0022 0.0082 -0.0007 0.0075 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 255 448 1007 Principal Investment Strategies Under normal market conditions, Retail Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations. Municipal securities are issued by state and local governments, and certain U.S. territorial possessions, to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: left">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer; and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: left">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</td> </tr></table> Under normal market conditions, up to 20% of the fund’s total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005656Member_zxgDSV3bvjS5">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005656Member_zISOJa6Rklzj">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Tax Risk — In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable. Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk — Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005656Member_zBSQWPO2YwFi">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005656Member_zU8QvMenaHE4">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005656Member_zw9aEqiuQHKg">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005656Member_zWUs36pphli5">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0001 0.0012 0.0068 0.0075 0.0023 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0024 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2001-09-24 2001-09-24 0.0001 0.0001 0.0036 0.0036 0.0018 0.0018 Total return for the period 1/1/22 through 9/30/22 0.0016 Fund Summaries Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 15 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0.0025 0.0025 0.0015 0.0075 0 0.0075 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 417 930 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005657Member_zooaABIRjFDc">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005657Member_zy5mciquOiu2">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005657Member_zw4ehPhX3Bgk">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005657Member_zHSaBAdrTUzf">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005657Member_z14WQ9RDqzoe">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005657Member_zxJwUqx2r2wf">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0000 0.0021 0.0113 0.0149 0.0018 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0042 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2001-09-24 2001-09-24 0.0001 0.0001 0.0060 0.0060 0.0030 0.0030 Total return for the period 1/1/22 through 9/30/22 0.0039 Fund Summaries Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 15 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0.0025 0.0025 0.0016 0.0076 -0.0001 0.0075 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 242 421 941 Principal Investment Strategies U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005658Member_zLnMlaEpLid1">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005658Member_zKTdIqAVSSn3">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005658Member_zJcgUqRszsk9">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005658Member_z64dQPeUQ8B4">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005658Member_zZ74gkF6ma0g">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassAMember__dei--LegalEntityAxis__custom--S000005658Member_zUPztI7dRM8c">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0000 0.0017 0.0111 0.0144 0.0017 0.0000 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0042 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2004-10-25 2004-10-25 0.0000 0.0000 0.0058 0.0058 0.0029 0.0029 Total return for the period 1/1/22 through 9/30/22 0.0030 FGDXX FTDXX FODXX Fund Summaries Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0.0015 0.0025 0.0010 0.0060 0 0.0060 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 192 335 750 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005654Member_zhBDB6em2fF7">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005654Member_zi6ZQi5csDld">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005654Member_zYxgyGHFE2bj">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005654Member_zQSsfrK55K2e">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005654Member_z5nTuRFoZ93c">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005654Member_ztysEqojhB06">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0001 0.0001 0.0001 0.0001 0.0001 0.0033 0.0128 0.0165 0.0021 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0046 Worst Quarter: 2021-12-31 0.00 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 1995-01-21 1995-01-21 0.0001 0.0001 0.0069 0.0069 0.0035 0.0035 Total return for the period 1/1/22 through 9/30/22 0.0042 Fund Summaries Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0.0015 0.0025 0.0010 0.0060 0 0.0060 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 192 335 750 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005657Member_zyEM05Ah2Dt1">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005657Member_z1Ff3mgFm38c">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005657Member_zReTUh3otn94">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005657Member_zToWeEwBHj6g">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005657Member_z8XNziBKP626">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005657Member_zfKlvoLDX593">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0000 0.0033 0.0129 0.0164 0.0021 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0046 Worst Quarter: 2021-12-31 0.00 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 1993-10-04 1993-10-04 0.0001 0.0001 0.0069 0.0069 0.0035 0.0035 Total return for the period 1/1/22 through 9/30/22 0.0045 Fund Summaries Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0.0015 0.0025 0.0011 0.0061 -0.0001 0.0060 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 194 339 761 Principal Investment Strategies U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005658Member_zJoqcpnyeuE2">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005658Member_z2bk06cME5Re">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005658Member_zKflUJZLOz8h">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005658Member_zfYIVm6JYR6l">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005658Member_zCyrUJc4Nnvb">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassDMember__dei--LegalEntityAxis__custom--S000005658Member_zIWoHkY72jg4">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0000 0.0029 0.0126 0.0159 0.0021 0.0000 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0045 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2004-10-25 2004-10-25 0.0000 0.0000 0.0067 0.0067 0.0033 0.0033 Total return for the period 1/1/22 through 9/30/22 0.0036 FPPXX FUPXX Fund Summaries Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0020 -0.0002 0.0018 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 62 111 253 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005654Member_z71jJbiexEff">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005654Member_zvYYkRDqFJbd">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005654Member_zDRZTl82bUD7">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005654Member_zBZD806Gb2Sc">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005654Member_zhDPLEttylE5">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005654Member_ztE9KVPEMUn2">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0173 0.0211 0.0038 0.0003 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0058 Worst Quarter: 2021-12-31 0.0001 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2017-12-18 2017-12-18 0.0003 0.0003 0.0106 0.0106 Total return for the period 1/1/22 through 9/30/22 0.0064 Fund Summaries Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0020 -0.0002 0.0018 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 62 111 253 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005657Member_zSGC46wjvzVf">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005657Member_zFhQ8J0m7ZM5">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005657Member_z0Wwt4bK7rG5">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005657Member_zoShNMsYfbX9">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005657Member_z2dVXdtxydHc">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassPMember__dei--LegalEntityAxis__custom--S000005657Member_z1RT5t9lLFr8">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0174 0.0210 0.0037 0.0002 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0057 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2017-12-18 2017-12-18 0.0002 0.0002 0.0105 0.0105 Total return for the period 1/1/22 through 9/30/22 0.0067 FTGXX FIUXX FEIXX FTJXX FTTXX FTKXX Fund Summaries Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0020 0.0010 0.0040 0 0.0040 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 128 224 505 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005654Member_z82grMecr145">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005654Member_zXG4Fk4SRcxg">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005654Member_zsCAa3wMP8Pd">The following bar chart and table provide some indication of the potential risks of investing in the fund <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005654Member_zeR6GaxW8A0e">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005654Member_zq4d0yNm5EZ6">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005654Member_zbV6konKnvO2">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. The following bar chart and table provide some indication of the potential risks of investing in the fund The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2021-12-31 0.0000 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2020-09-18 2020-09-18 0.0001 0.0001 0.0001 0.0001 Total return for the period 1/1/22 through 9/30/22 0.0050 Fund Summaries Investment Objective Institutional Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0020 0.0014 0.0044 -0.0004 0.0040 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 137 242 551 Principal Investment Strategies Institutional Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">commercial paper;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">non-convertible corporate debt securities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">securities issued by the U.S. government or one of its agencies or instrumentalities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">loan participation interests; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">repurchase agreements.</td></tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligation issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005655Member_zUecGqiAPK9i">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005655Member_zKmcQ5DuxDG9">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005655Member_zmobt8UAoBEi">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005655Member_zFKBMsXUfFo9">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005655Member_zqNH2UaosDHb">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005655Member_zRhN774u8KEb">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0001 0.0002 0.0002 0.0010 0.0077 0.0170 0.0202 0.0034 0.0000 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0058 Worst Quarter: 2020-12-31 -0.0001 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2001-09-24 2001-09-24 0.0000 0.0000 0.0096 0.0096 0.0049 0.0049 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0059 Fund Summaries Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0020 0.0012 0.0042 -0.0002 0.0040 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 133 233 528 Principal Investment Strategies Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">commercial paper;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">non-convertible corporate debt securities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">securities issued by the U.S. government or one of its agencies or instrumentalities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">loan participation interests; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">repurchase agreements.</td></tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000053753Member_zMA8TX8wY1id">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000053753Member_zucrCikXwtvl">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund was not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000053753Member_zlaH5i0zxbnb">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000053753Member_zFozYnmF1MNf">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000053753Member_zzcaCbTfwwul">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000053753Member_z5bzIyr1VNU5">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0081 0.0173 0.0201 0.0036 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0056 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2016-07-18 2016-07-18 0.0001 0.0001 0.0098 0.0098 0.0093 0.0093 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0060 Fund Summaries Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0020 0.0018 0.0048 -0.0008 0.0040 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 146 261 596 Principal Investment Strategies Under normal market conditions, Retail Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations. Municipal securities are issued by state and local governments, and certain U.S. territorial possessions, to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.18in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</td></tr></table> Under normal market conditions, up to 20% of the fund’s total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005656Member_zUmcU63KvY49">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005656Member_zAR90NWOcoc8">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk— The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Tax Risk — In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable. Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk — Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005656Member_zLJdTysE0HDb">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005656Member_zRZCpLtDEnI9">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005656Member_z1e5FuvbLNY1">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005656Member_zgMmfyUmn4Ld">800 677-3863. The bar chart shows you the variability of the fund's performance from year to year. The table illustrates the fund's average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2021-12-31 0.0000 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2020-09-18 2020-09-18 0.0001 0.0001 0.0001 0.0001 Total return for the period 1/1/22 through 9/30/22 0.0029 Fund Summaries Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0020 0.0010 0.0040 0 0.0040 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 128 224 505 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005657Member_zeBHDn8OrVg8">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005657Member_zapEabHHEKI7">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005657Member_zmDdzsXzvGfl">The following bar chart and table provide some indication of the potential risks of investing in the fund . <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005657Member_zP0ckPiWFoN1">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005657Member_zdpgGwxJpR79">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005657Member_zqb3hNZY8W0a">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. The following bar chart and table provide some indication of the potential risks of investing in the fund . The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2021-12-31 0.0000 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2020-09-18 2020-09-18 0.0001 0.0001 0.0001 0.0001 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0053 Fund Summaries Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0020 0.0011 0.0041 -0.0001 0.0040 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 131 229 517 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005658Member_zCMgN9BiOKT6">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005658Member_zPM5LpDYQ8zh">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund v c’s operations, universe of potential investment options, and return potential. Fund Performance You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005658Member_zDv6x8pnXQrb">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005658Member_ziYSAGqBD7N4">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005658Member_zBlaIStq9ioa">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassTMember__dei--LegalEntityAxis__custom--S000005658Member_zKPKoSNTvyf1">800 677-3863. The bar chart shows you the variability of the fund's performance from year to year. The table illustrates the fund's average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 ANNUAL TOTAL RETURNS Best Quarter: 2020-12-31 0.0001 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2020-09-18 2020-09-18 0.0000 0.0000 0.0000 0.0000 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0045 FGUXX Fund Summary Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0020 -0.0008 0.0012 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 12 56 105 247 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassUMember__dei--LegalEntityAxis__custom--S000005654Member_zNhmKBLz95a1">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassUMember__dei--LegalEntityAxis__custom--S000005654Member_zWRWapPKn4Gd">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassUMember__dei--LegalEntityAxis__custom--S000005654Member_z2hh2AaAR4t6">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassUMember__dei--LegalEntityAxis__custom--S000005654Member_zba8FLH1Xifi">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassUMember__dei--LegalEntityAxis__custom--S000005654Member_z3aRLPNDFOa5">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassUMember__dei--LegalEntityAxis__custom--S000005654Member_zNuhI5qFvGJ7">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0214 0.0041 0.0003 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0058 Worst Quarter: 2021-12-31 0.0001 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2018-02-26 2018-02-26 0.0003 0.0003 0.0107 0.0107 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0065 FVIXX FPIXX FPUXX FHIXX FLIXX FUIXX Fund Summaries Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0010 0.0030 0 0.0030 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 97 169 381 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005654Member_zQiCYKvT1fBl">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005654Member_zRAt4wLI81N2">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005654Member_zV14rNPUIA05">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005654Member_z4zDtVJk5ief">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005654Member_zMbkj2etovk2">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005654Member_zfFR8htPF1tg">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0001 0.0001 0.0001 0.0001 0.0011 0.0063 0.0158 0.0196 0.0030 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0054 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2006-03-31 2006-03-31 0.0001 0.0001 0.0089 0.0089 0.0046 0.0046 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0055 Fund Summaries Investment Objective Institutional Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0014 0.0034 -0.0004 0.0030 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 105 187 427 Principal Investment Strategies Institutional Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">commercial paper;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">non-convertible corporate debt securities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">securities issued by the U.S. government or one of its agencies or instrumentalities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 11.35pt; width: 98%">municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">loan participation interests; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">repurchase agreements.</td></tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005655Member_zulJ25y3sSxe">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005655Member_zsZ10NhAPrfc">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005655Member_zq1uYW5RpSU9">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005655Member_zyIeANmB34Qk">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005655Member_zBYASa7Ov7Jh">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005655Member_zhJkyVTzJAm9">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0001 0.0002 0.0002 0.0019 0.0086 0.0181 0.0212 0.0039 0.0000 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0059 Worst Quarter: 2021-12-31 -0.0001 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2006-03-31 2006-03-31 0.0000 0.0000 0.0103 0.0103 0.0054 0.0054 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0065 Fund Summaries Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0012 0.0032 -0.0002 0.0030 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 101 178 404 Principal Investment Strategies Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">commercial paper;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">non-convertible corporate debt securities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">securities issued by the U.S. government or one of its agencies or instrumentalities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 11.35pt; width: 98%">municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">loan participation interests; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">repurchase agreements.</td></tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000053753Member_zGiP75RtxOA1">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000053753Member_zhwIPmsiyFce">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000053753Member_zyIOVu1nTdl9">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000053753Member_zjWcunYOfzil">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000053753Member_zvIUOZTZvsM8">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000053753Member_zeXrwSoNsNxb">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0091 0.0183 0.0212 0.0042 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0058 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2016-07-18 2016-07-18 0.0001 0.0001 0.0105 0.0105 0.0100 0.0100 Total return for the period 1/1/22 through 9/30/22 0.0065 Fund Summaries Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0018 0.0038 -0.0008 0.0030 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 114 205 473 Principal Investment Strategies Under normal market conditions, Retail Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations. Municipal securities are issued by state and local governments, and certain U.S. territorial possessions, to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 16.65pt; width: 98%">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 13.95pt; width: 98%">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</td></tr></table> Under normal market conditions, up to 20% of the fund's total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005656Member_zRPZJaBNRCe4">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005656Member_zV2ytKfN7i0l">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Tax Risk — In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable. Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk — Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005656Member_z9x2QfSKXa2k">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005656Member_zxjKB4VsyRIf">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005656Member_zfOjY40aTq1a">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005656Member_z9L9uYgtJAVj">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0018 0.0056 0.0114 0.0120 0.0038 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0035 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2006-03-31 2006-03-31 0.0001 0.0001 0.0066 0.0066 0.0035 0.0035 Total return for the period 1/1/22 through 9/30/22 0.0035 Fund Summaries Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0010 0.0030 0 0.0030 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 97 169 381 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005657Member_zSmZzWh47K47">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005657Member_zsq7E1VgDAlk">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005657Member_z3MYRjJ13fKg">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005657Member_z9cCMpCVXAU4">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005657Member_z7onnziZgYIj">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005657Member_zplKSZImrVrg">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0009 0.0063 0.0159 0.0195 0.0028 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0054 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2006-03-31 2006-03-31 0.0001 0.0001 0.0089 0.0089 0.0045 0.0045 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0058 Fund Summaries Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0011 0.0031 -0.0001 0.0030 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 99 173 392 Principal Investment Strategies U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005658Member_zsfPzNsqzkLi">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005658Member_zrztFoRmgENf">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005658Member_zcils7K4Scpj">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005658Member_zCVWW2l8XHtj">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005658Member_zYqylRsFwNt">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassVMember__dei--LegalEntityAxis__custom--S000005658Member_zte6sfb2kvcd">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0004 0.0058 0.0157 0.0190 0.0029 0.0000 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0053 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2006-03-31 2006-03-31 0.0000 0.0000 0.0086 0.0086 0.0044 0.0044 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0050 FGXXX FXRXX FXFXX Fund Summaries Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0020 -0.0006 0.0014 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 14 58 107 249 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005654Member_zT67S16THuod">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005654Member_z8cSEhZYqVf4">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005654Member_ztbvzdKhKTd">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005654Member_zZK5QlbNAuJc">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005654Member_zyjbH18LQbla">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005654Member_zzI0j0mJI0t8">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0079 0.0174 0.0212 0.0040 0.0003 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0058 Worst Quarter: 2021-12-31 0.0001 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2016-04-05 2016-04-05 0.0003 0.0003 0.0101 0.0101 0.0092 0.0092 Total return for the period 1/1/22 through 9/30/22 0.0064 Fund Summaries Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0013 0.0023 -0.0009 0.0014 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 14 65 120 284 Principal Investment Strategies Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td>commercial paper;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td>U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td>non-convertible corporate debt securities;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td>securities issued by the U.S. government or one of its agencies or instrumentalities;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td>municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td>loan participation interests; and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td>repurchase agreements.</td> </tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000053753Member_zrcYrNExAnd">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000053753Member_zXKXvh7XIa49">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000053753Member_zxZdcCC5SSCk">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000053753Member_z5vTsY30UlRg">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000053753Member_zQyuHTVXMdG4">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000053753Member_zrt6aEb0mQl4">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0107 0.0199 0.0228 0.0055 0.0002 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0062 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2016-09-18 2016-09-18 0.0002 0.0002 0.0118 0.0118 0.0115 0.0115 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0074 Fund Summaries Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0020 -0.0006 0.0014 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 14 58 107 249 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005657Member_zenaBziAAQG1">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005657Member_zxvqAh4q7VSj">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005657Member_zxS3qkAhklu2">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005657Member_zo51bUJAKgTi">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005657Member_znS9QIwIjgUa">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassXMember__dei--LegalEntityAxis__custom--S000005657Member_zzX3oqEc5n7b">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0079 0.0175 0.0211 0.0038 0.0002 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0058 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2016-04-05 2016-04-05 0.0002 0.0002 0.0101 0.0101 0.0091 0.0091 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0067 FGVXX FAIXX FYRXX FFCXX FOCXX FOYXX Fund Summaries Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0025 0.0010 0.0045 0 0.0045 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 144 252 567 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005654Member_zkjMQjPNC6zb">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005654Member_zGzN3YhKTzUc">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005654Member_zEgTvhVu5QHh">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005654Member_zmut6QQU7RBe">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005654Member_z3cUZ35d5Itl">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005654Member_zBs0OqcB988c">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0001 0.0001 0.0001 0.0001 0.0001 0.0048 0.0143 0.0181 0.0025 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0050 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 1990-03-01 1990-03-01 0.0001 0.0001 0.0079 0.0079 0.0040 0.0040 Total return for the period 1/1/22 through 9/30/22 0.0048 Fund Summaries Investment Objective Institutional Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0025 0.0014 0.0049 -0.0004 0.0045 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 153 270 612 Principal Investment Strategies Institutional Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">commercial paper;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">non-convertible corporate debt securities;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">securities issued by the U.S. government or one of its agencies or instrumentalities;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">loan participation interests; and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">repurchase agreements.</td> </tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005655Member_z9Xp6izl2dih">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005655Member_zNpDhCATMGOh">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005655Member_zmPxCPO7bsFg">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005655Member_z7U3gmu0w9Zb">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005655Member_zbO0Er2e573j">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005655Member_zpAUqYZCvhkl">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0001 0.0002 0.0002 0.0006 0.0072 0.0165 0.0197 0.0031 0.0000 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0056 Worst Quarter: 2021-12-31 -0.0001 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 1990-03-01 1990-03-01 0.0000 0.0000 0.0093 0.0093 0.0047 0.0047 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0057 Fund Summaries Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0025 0.0012 0.0047 -0.0002 0.0045 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 149 261 590 Principal Investment Strategies Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">commercial paper;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">non-convertible corporate debt securities;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">securities issued by the U.S. government or one of its agencies or instrumentalities;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">loan participation interests; and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">repurchase agreements.</td> </tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000053753Member_zqd6WdlJAt5c">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000053753Member_zlmhP03RJLMb">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000053753Member_zxOvgIgHKuH5">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000053753Member_z2iYOuxh0SSi">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000053753Member_z39vuzay8h8f">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000053753Member_zQy7A9o60je3">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0076 0.0167 0.0196 0.0034 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0054 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2016-07-18 2016-07-18 0.0001 0.0001 0.0095 0.0095 0.0089 0.0089 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0057 Fund Summaries Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0025 0.0017 0.0052 -0.0007 0.0045 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 160 284 646 Principal Investment Strategies Under normal market conditions, Retail Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations. Municipal securities are issued by state and local governments, and certain U.S. territorial possessions, to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer; and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</td> </tr></table> Under normal market conditions, up to 20% of the fund's total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005656Member_zNaR5N2yCM02">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005656Member_z49z17akAjxg">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Tax Risk — In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable. Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk — Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005656Member_zOpYT37tbtNc">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005656Member_zKQPlObReQCa">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005656Member_zMmD01CXbpxf">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005656Member_zuhfuT1EHY34">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0009 0.0041 0.0098 0.0105 0.0000 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0032 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 1995-01-09 1995-01-09 0.0001 0.0001 0.0055 0.0055 0.0029 0.0029 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0027 Fund Summaries Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0025 0.0010 0.0045 0 0.0045 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 144 252 567 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005657Member_zfD0SY7tQu9e">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005657Member_zoN5MHyGqqkd">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005657Member_ztZJd751HC56">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005657Member_zOBaP1CY9Be2">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005657Member_zIlgJAJHRcib">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005657Member_zKw1LdeQxNh">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0001 0.0048 0.0144 0.0180 0.0024 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0050 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 1995-01-24 1995-01-24 0.0001 0.0001 0.0079 0.0079 0.0039 0.0039 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0067 Fund Summaries Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0025 0.0011 0.0046 -0.0001 0.0045 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 147 257 578 Principal Investment Strategies U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005658Member_zbFEaltuldb5">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005658Member_zYX9SHM1f2b5">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005658Member_zXbxPVkqpbid">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005658Member_zX0AKCvf6CK5">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005658Member_z2U5FDJUXhaf">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassYMember__dei--LegalEntityAxis__custom--S000005658Member_zteOuv3ZETi2">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0000 0.0043 0.0142 0.0175 0.0025 0.0000 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0049 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2004-10-25 2004-10-25 0.0000 0.0000 0.0076 0.0076 0.0038 0.0038 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0042 FGZXX FPZXX FZRXX FTZXX FUZXX FOZXX Fund Summaries Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0020 -0.0002 0.0018 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 62 111 253 Principal Investment Strategies Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005654Member_zJ1X6JCiXDlk">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005654Member_zb1jWFxO2htj">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005654Member_z1mBu7E4L6D3">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005654Member_zyP2TWf1ENNh">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005654Member_zUV9XbIMiHfj">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005654Member_zIaDrVj2Usue">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0001 0.0001 0.0001 0.0001 0.0023 0.0075 0.0170 0.0208 0.0037 0.0002 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0057 Worst Quarter: 2015-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2003-12-01 2003-12-01 0.0002 0.0002 0.0098 0.0098 0.0052 0.0052 Total return for the period 1/1/22 through 9/30/22 0.0062 Fund Summaries Investment Objective Institutional Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0014 0.0024 -0.0004 0.0020 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 73 131 302 Principal Investment Strategies Institutional Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">commercial paper;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">non-convertible corporate debt securities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">securities issued by the U.S. government or one of its agencies or instrumentalities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 11.35pt; width: 98%">municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">loan participation interests; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">repurchase agreements.</td></tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005655Member_zvoHXAKTefAg">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005655Member_zxGIBF0OrsLg">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005655Member_zVNndYSCtJJe">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005655Member_zuGb5dul2g3i">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005655Member_z5HAk9bIRAb3">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005655Member_zjVlSnir6psj">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0007 0.0001 0.0002 0.0004 0.0029 0.0098 0.0197 0.0228 0.0050 0.0005 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0063 Worst Quarter: 2020-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2003-08-01 2003-08-01 0.0005 0.0005 0.0115 0.0115 0.0062 0.0062 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0070 Fund Summaries Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0013 0.0023 -0.0003 0.0020 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 71 126 290 Principal Investment Strategies Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">commercial paper;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%; text-align: left">U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers’ acceptances);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">non-convertible corporate debt securities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">securities issued by the U.S. government or one of its agencies or instrumentalities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 11.35pt; width: 98%">municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">loan participation interests; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%">repurchase agreements.</td></tr></table> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of directors to continue to hold the security. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000053753Member_zFgHhQk2L0pc">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000053753Member_zS6p2xWHpz7b">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Banking Industry Risk — An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Foreign Security Risk — Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the securities purchased and may experience losses if the proceeds from the sale of the securities are less than the full repurchase price. Variable Rate Demand Note (VRDN) Risk — Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000053753Member_zX7B38yBOBwe">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000053753Member_zqqWxGdBC3k9">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000053753Member_zb7YF553HFtf">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000053753Member_z09k6ZbzUuXa">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0101 0.0193 0.0222 0.0049 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0061 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2016-07-18 2016-07-18 0.0001 0.0001 0.0113 0.0113 0.0108 0.0108 Total return for the period 1/1/22 through 9/30/22 0.0071 Fund Summaries Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0018 0.0028 -0.0008 0.0020 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 82 149 348 Principal Investment Strategies Under normal market conditions, Retail Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations. Municipal securities are issued by state and local governments, and certain U.S. territorial possessions, to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities: <table cellpadding="0" cellspacing="0" style="font: 10pt/103% Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 16.65pt; width: 98%">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt/103% Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"/><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 13.95pt; width: 98%">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</td></tr></table> Under normal market conditions, up to 20% of the fund’s total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005656Member_z1thq17CLu4l">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 or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005656Member_zOPckCrnbOxf">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Municipal Security Risk — The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Tax Risk — In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable. Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk — Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005656Member_zrxDtecGAir9">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005656Member_zYc7Y3mhidl6">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005656Member_z4PZ18bdM5v1">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005656Member_z0jtSnmR2uMg">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0026 0.0066 0.0124 0.0130 0.0044 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0038 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2003-12-01 2003-12-01 0.0001 0.0001 0.0073 0.0073 0.0039 0.0039 Total return for the period 1/1/22 through 9/30/22 0.0040 Fund Summaries Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0010 0.0020 -0.0002 0.0018 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 62 111 253 Principal Investment Strategies Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005657Member_zncWZ19SWFx5">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005657Member_zB6iQHR0j9b6">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns.. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Repurchase Agreement Risk — If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005657Member_zAM6XzR2g7a4">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005657Member_zzgJCsityVTb">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005657Member_zg7XJ7DHgsd8">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005657Member_zNKWbzJvTjU6">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0020 0.0075 0.0171 0.0207 0.0035 0.0002 ANNUAL TOTAL RETURNS Best Quarter: 2019-06-30 0.0057 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2003-12-01 2003-12-01 0.0002 0.0002 0.0098 0.0098 0.0051 0.0051 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0065 Fund Summaries Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees Shareholder Fees 0 0 Annual Fund Operating Expenses Annual Fund Operating Expenses 0.0010 0 0.0011 0.0021 -0.0001 0.0020 December 31, 2023 Example: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 67 117 267 Principal Investment Strategies U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. Principal Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--RiskLoseMoney_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005658Member_zdLNaJMVNk4a">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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--RiskNotInsuredDepositoryInstitution_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005658Member_z2w4cAnC2ygc">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 has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Principal risks of investing in this fund include: Credit Risk — The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. Cybersecurity Risk — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Income Risk — The level of income you receive from the fund will be affected by movements in short-term interest rates. Interest Rate Risk — The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund’s portfolio holdings to fall. During periods when interest rates are low or there are negative interest rates, the fund’s yield (and total return) also may be low or the fund may be unable to maintain positive returns. Liquidity Risk — The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. Market Risk — Market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events, public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. Redemption Risk — If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. Regulatory Risk — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. You could lose money by investing in the fund. 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. Fund Performance <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceInformationIllustratesVariabilityOfReturns_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005658Member_zWKFVS8FiRY1">The following bar chart and table provide some indication of the potential risks of investing in the fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformancePastDoesNotIndicateFuture_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005658Member_z4rGpIfn920j">The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceAvailabilityWebSiteAddress_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005658Member_zIpF7iig49w1">www.firstamericanfunds.com or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityPhone_c20221115__20221115__dei--DocumentInformationDocumentAxis__custom--ClassZMember__dei--LegalEntityAxis__custom--S000005658Member_zAx8tMj53ifk">800 677-3863. The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800 677-3863 0.0000 0.0000 0.0000 0.0000 0.0013 0.0068 0.0167 0.0200 0.0035 0.0001 ANNUAL TOTAL RETURNS Best Quarter: 2019-03-31 0.0055 Worst Quarter: 2021-12-31 0.0000 AVERAGE ANNUAL TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS 2004-10-25 2004-10-25 0.0001 0.0001 0.0094 0.0094 0.0048 0.0048 Total return for the period 1/1/22 through 9/30/22 2022-09-30 0.0055 The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.37%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.44%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.16%. Most recent quarter with this return during the period of the chart. Prior to October 14, 2016, the fund was named Tax Free Obligations Fund. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.39% Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.30%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.60%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.42%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.60%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.45%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.60%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.36%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.18%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.64%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.18%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023, at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.67% Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.50%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.59%. Most recent quarter with this return during the period of the chart. Prior to October 14, 2016, the fund was named Prime Obligations Fund. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.60%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.29%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.53%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.45%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that the total annual fund operating expenses, after waivers, do not exceed 0.12%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.65%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.30%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.55%. Most recent quarter with this return during the period of the chart. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2023, so that total annual fund operating expenses, after waivers, do not exceed 0.30%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2023 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of directors. Total return for the period 1/1/22 through 9/30/22 was 0.65%. Most recent quarter with this return during the period of the chart.