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faf:C000233568Member
faf:RegulatoryRiskMember
2023-12-22
2023-12-22
iso4217:USD
pure
false
2023-12-22
485BPOS
2023-12-22
0001890141
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2001-09-24
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2016-07-18
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2001-09-24
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2001-09-24
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2004-10-25
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
1995-01-21
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
1993-10-04
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
2004-10-25
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2017-12-18
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2017-12-18
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2020-09-18
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
2001-09-24
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2016-07-18
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Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
2020-09-18
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Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2020-09-18
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Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2020-09-18
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Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2018-02-26
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Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2006-03-31
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2006-03-31
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Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2016-07-18
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0
0
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0
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2006-03-31
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0
0
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0
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2006-03-31
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0
0
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0
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2006-03-31
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0
0
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0
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2016-04-05
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0
0
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2016-09-18
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0
0
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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2016-04-05
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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1990-03-01
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
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1990-03-01
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
2016-07-18
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
1995-01-09
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
1995-01-24
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
2004-10-25
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
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~ http://firstamericanfunds.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
2003-12-01
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074976Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
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ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074976Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
2003-08-01
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
2016-07-18
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
2003-12-01
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
2003-12-01
~ http://firstamericanfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://firstamericanfunds.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR
~ http://firstamericanfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
2004-10-25
2023-12-22
N-1A
FIRST AMERICAN FUNDS TRUST
2023-12-22
FAAXX
FAPXX
FTAXX
FATXX
FOEXX
Government
Obligations Fund
Investment
Objective
<p id="xdx_A8F_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member_zJ1eSglBIDYU" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital
and maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A86_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member_zT8HGysHKZcd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
15
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment)
0.0010
0.0025
0.0025
0.0015
0.0075
0
0.0075
December 31, 2024
<p id="xdx_A81_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member_z8l02Q1UCPbG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
77
240
417
930
Principal
Investment Strategies
<p id="xdx_A86_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member_zunMXHQkGDjC" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--CreditRiskMember_zCd5luwGQt5H" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--InterestRateRiskMember_zymbzKU7H9Cm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--MarketRiskMember_zDO9GgHgSpFR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--LiquidityRiskMember_zwAghwduannb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--RedemptionRiskMember_zs8jdx7faHKZ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_z4E8jZUNSPCU" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--IncomeRiskMember_zkJBQPAgAaNm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--CybersecurityRiskMember_z4ynuvu1e31d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member__rr--RiskAxis__custom--RegulatoryRiskMember_zDrmntjv7R2j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A82_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member_zpiSVUtoq6cd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_z4CuYTLhAd9i">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_z2t0IJeVRvWc">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_zO5wE0nRotT3">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_z4NpNjbSK397">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the fund for
periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor
Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_z0cdgWK2l1gw" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233534Member row primary compact * ~</div>
0.0001
0.0001
0.0001
0.0001
0.0021
0.0112
0.0150
0.0018
0.0001
0.0109
<p id="xdx_A87_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233534Member_z1wGfH8yoKeZ" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_zz9YlQ1bnASl">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_zZRhhTuTYgT4">December 31, 2022</span></p></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_zDdUTu9206Xc">0.72</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_z7zvJt6Cxrwc">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_fKg_____zkzTggR4Rd9h">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F2A_zHfGlReb8dPl">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233534Member_zGND4CbyTFrb">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F00_zv03uzkQ49zF">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 7px; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F13_z9IJIpbLSg0q" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter
with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0072
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0109
0.0078
0.0041
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0317
Retail
Prime Obligations Fund
Investment
Objective
<p id="xdx_A84_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member_z0C3HCHHThW_zbw1pHRUtjiI" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A85_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member_zoeAdD9fWmL7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
0
0
15
0.0010
0.0025
0.0025
0.0017
0.0077
-0.0002
0.0075
December 31, 2024
<p id="xdx_A8C_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member_zDzskYmVuzPO" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
77
244
426
952
Principal
Investment Strategies
<p id="xdx_A81_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member_zOfMdFyzba7Q" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retail
Prime Obligations Fund invests in high-quality short-term debt obligations, including:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<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><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">commercial
paper;</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<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; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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);</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<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; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">non-convertible
corporate debt securities;</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<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; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securities
issued by the U.S. government or one of its agencies or instrumentalities;</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<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; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">municipal
securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations;</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<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; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loan
participation interests; and</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<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; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase
agreements.</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 trustees to continue to hold the security.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--CreditRiskMember_z0Ht2y6ejuKf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--MarketRiskMember_ziV3TghQoTtq" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"> </span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--InterestRateRiskMember_z16CXpIdIS8e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--LiquidityRiskMember_zrp3t5ZFtIKo" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--RedemptionRiskMember_z9DXTINMqieM" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zhw6XaQsVOGJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Banking
Industry Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zF8pvZ2jliBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
Security Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_z71Bm9iGERLk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--IncomeRiskMember_zTgRp8ASMhoR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--RegulatoryRiskMember_zvk2u1W8TCW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zBKsHzUaALgb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable
Rate Demand Note (VRDN) Risk</i> — 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. While the fund invests only in VRDNs
of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or
financial institution could default on its obligations.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zDgkGaHLKBmR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member__rr--RiskAxis__custom--CybersecurityRiskMember_zgFFGXBOkHbH" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A8A_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member_zZWlukSb3dZn" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_zhPRYfzPUL4b">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_zv20aRipMnoe">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_zAlr1f1eak72">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_zCzHKzwQhk46">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #221E1F">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8B_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_zHi6VZJmZj9k" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact faf_C000233550Member row primary compact * ~</div>
0.0046
0.0141
0.0184
0.0028
0.0001
0.0123
<p id="xdx_A89_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233550Member_zMt1dNNqmTWi" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_z7B5SBFzIf5">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_zbQnjsW1rKt">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_z7m7YBjpmltk">0.78</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_zcquap3m3Paa">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_fKg_____zisDE9qJ33D6">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F27_zXEaWC1YCKy3">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233550Member_zkEwVDBx97w6">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F09_zOGHwsmRQwQ3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 7px; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F19_zBuh9HONLEvf" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter
with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0078
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0123
0.0095
0.0081
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0332
Retail
Tax Free Obligations Fund
Investment
Objective
<p id="xdx_A80_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member_zFzUF3jVGcec" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A81_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member_zjjaEJ21OqFr" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
0
0
15
0.0010
0.0025
0.0025
0.0026
0.0086
-0.0011
0.0075
December 31, 2024
<p id="xdx_A8C_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member_zPDqmguypsmf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
77
263
466
1051
Principal
Investment Strategies
<p id="xdx_A8D_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member_zmqciEOo7jGj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<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><td style="width: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">general
obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer; and</span></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; text-align: left"></td><td style="width: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">revenue
bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--CreditRiskMember_zUlQ2r7JTUQ_z3mdSYSAFkNw" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--MarketRiskMember_z8MElAFT2Ej5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events(including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--InterestRateRiskMember_z9yhiBvy3LRI" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zXktkK13nA8C" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk</i> — Investments in VRDNs
and TOBs involve credit risk with respect to the issuer or financial institutional providing the
fund with the credit and liquidity support for the put or tender option.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--TaxRiskMember_zI7FIqew4RMo" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Tax
Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_z7qMTRHVM3by" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--IncomeRiskMember_zN6ptiKclI1_zhPC7m6iE5Iz" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--LiquidityRiskMember_zjpVEuOWhgbT" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--RedemptionRiskMember_znTrYW3xmMXe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--CybersecurityRiskMember_z8trahKQ181F" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member__rr--RiskAxis__custom--RegulatoryRiskMember_zlel6fZn5Skq" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A8B_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member_zv5rG7Jo1BCP" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_zgI6wrvswde1">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_zJVWS58DgI2f">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_zuZqMQZlViV9">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_z9iU2gaKsuW3">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A81_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_z5oVCp3VGuFK" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact faf_C000233555Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0001
0.0012
0.0068
0.0075
0.0023
0.0001
0.0059
<p id="xdx_A86_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233555Member_zwyGxaZoSNZ0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_zA6ZdAnG2Zyj">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_zUwNcy0jb3I4">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_zgoRiNTseje8">0.44</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_zAJMzK4j6wri">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_fKg_____zxNyjxiDPaqc">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F27_zJsBhevgyXUj">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233555Member_zmAXzu5JH5j9">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F07_z5PyW10IsSOs" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 7px; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F1D_zWiicU96vAT0" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter
with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0044
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0059
0.0045
0.0024
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0185
Treasury
Obligations Fund
Investment
Objective
<p id="xdx_A8B_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member_zi8JILfsw6QW" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance
of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A8D_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member_z9EpkcmYGdRF" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
0
0
15
0.0010
0.0025
0.0025
0.0015
0.0075
0
0.0075
December 31, 2024
<p id="xdx_A83_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member_zDdIFpm4ckUl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
77
240
417
930
Principal
Investment Strategies
<p id="xdx_A89_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member_zpWEkSs3CtmP" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--CreditRiskMember_z8R7lYCpnyzo" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--InterestRateRiskMember_z3A4yp5cEM05" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--MarketRiskMember_zcqADQ8xPGRG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--LiquidityRiskMember_z7wKQwQPsE78" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--RedemptionRiskMember_zJDeHNzcmuX0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zWA6FfVKjghL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--IncomeRiskMember_zT8udBM9mij9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--CybersecurityRiskMember_zo9gbz0fZ2k_zbOCDZwZDYgS" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member__rr--RiskAxis__custom--RegulatoryRiskMember_zYyTVTHHV03K" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A84_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member_ztabXmyZCsWa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_zWr8JA6UWni9">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_zVmOA5x7Zt18">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_z0XbGIeQTwGb">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_zSq0kc7V53Bl">The
bar chart shows you the variability of the fund’s performance from year to year</span>. The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the
fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_z4N0H7ybREXL" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact faf_C000233562Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0000
0.0021
0.0113
0.0149
0.0018
0.0001
0.0113
<p id="xdx_A84_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233562Member_zHpx7uYi2c1y" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_zHHooz9eX9J8">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_zDiKHJoSvVgc">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_zgtICUNC9Wfk">0.74</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_zkek6huztY9h">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_fKg_____z655w75h4qm9">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F24_zsWIhQFhzQnb">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233562Member_zIrvLWtoBb7f">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F02_z2nVPcQGYh6w" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 7px; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F10_z9MSMROXXs3E" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter
with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0074
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0113
0.0079
0.0041
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0321
U.S.
Treasury Money Market Fund
Investment
Objective
<p id="xdx_A87_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member_zpEwN8K0nf19" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and
maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A8E_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member_zuKknFgZjxGu" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
0
0
15
0.0010
0.0025
0.0025
0.0016
0.0076
-0.0001
0.0075
December 31, 2024
<p id="xdx_A8D_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member_zhd2yDnwjBLV" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
77
242
421
941
Principal
Investment Strategies
<p id="xdx_A83_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member_zjY4t4sNacAe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member__rr--RiskAxis__custom--CreditRiskMember_zDg6KSGHmfHD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member__rr--RiskAxis__custom--InterestRateRiskMember_z3LDgEkwyj67" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member__rr--RiskAxis__custom--MarketRiskMember_zm8j8GWftNXE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member__rr--RiskAxis__custom--LiquidityRiskMember_z0WDQ1TafBC0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member__rr--RiskAxis__custom--RedemptionRiskMember_z8OjuScxGJxK" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member__rr--RiskAxis__custom--IncomeRiskMember_zAfgyAWTvBts" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member__rr--RiskAxis__custom--CybersecurityRiskMember_zHScH9t6vpbQ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member__rr--RiskAxis__custom--RegulatoryRiskMember_zVf2TK9OQf31" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A88_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member_zjNKAAySL1Fd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_zx5L2pM2FxH7">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_zxe3DVYTphae">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_zrEBhIM8j6w7">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_zoxu6DTKpNqe">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_zUZO2oW55U2G" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact faf_C000233569Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0000
0.0017
0.0111
0.0144
0.0017
0.0000
0.0102
<p id="xdx_A83_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233569Member_z427zMuFaTXL" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_z46QZnotkFab">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_zEOz3mT3wdS9">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90D_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_zOKUPP8Ln0Of">0.71</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_zSivU27rIWk8">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_fKg_____z0EolKSaXnGa">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F2B_zBYH0GL1KSvX">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233569Member_z0TlLMCH3DKk">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span id="xdx_F01_zmBo5s5jP8Tp" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 7px; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F14_zjG9pqJ4WIeY" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter
with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0071
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0102
0.0075
0.0039
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0311
FGDXX
FTDXX
FODXX
Government
Obligations Fund
Investment
Objective
<p id="xdx_A82_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member_z9ISehrqMfQr" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital
and maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A81_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member_zNPFndVubXIB" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"></p>
Shareholder
Fees (fees
paid directly from your investment)
0
0
Annual
Fund Operating Expenses (expenses
that you pay each year as a percentage of the value of your investment)
0.0010
0.0015
0.0025
0.0010
0.0060
0
0.0060
December 31, 2024
<p id="xdx_A87_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member_z3C1aLePfNqb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example</b>:
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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"></p>
61
192
335
750
Principal
Investment Strategies
<p id="xdx_A86_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member_zxq0eMPoIRgx" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--CreditRiskMember_zCL9o0SdoI1D" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--InterestRateRiskMember_zWvnQPze5gnl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--MarketRiskMember_zkNmmIVO46P0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--LiquidityRiskMember_z7FP6903y2NG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--RedemptionRiskMember_zNMkw0m3ambX" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zLBOHAMlzcnN" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--IncomeRiskMember_z378gf8Obew2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--CybersecurityRiskMember_zE94hxCI9HdL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member__rr--RiskAxis__custom--RegulatoryRiskMember_zMxrL1149qe2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A89_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member_zXoY7xvI5O5c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zksykv674192">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zCqsE35Vil79">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zyOeKl3GEaTl">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zKwJaoRJ6KKi">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="margin: 0pt 0; text-align: justify; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <span style="color: #221E1F">bar
chart shows the performance of the Predecessor Fund’s Class D shares which was adopted by the Class D shares of the fund
for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain
Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8B_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zgWc9qkhz7iH" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233535Member row primary compact * ~</div>
0.0001
0.0001
0.0001
0.0001
0.0033
0.0128
0.0165
0.0021
0.0001
0.0118
<p id="xdx_A87_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233535Member_z5qxx0unfYON" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zltmTJm6Y2yd">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zRHzzEySptxl">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zSZA8XF7NfT4">0.75</span>%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zP7eguc9mnv8">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_fKg_____zpYh7Q1z75S">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F45_zpXS6PJy94ml">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233535Member_zc8rGpmtrWPd">0.00</span>%</span></td></tr>
</table>
<p style="margin: 0pt 0; text-indent: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right; width: 15pt"><span id="xdx_F02_zLotMdoavcAJ" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="width: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="text-align: justify"><span id="xdx_F14_zti64AWiEOuA" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most
recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best
Quarter
2022-12-31
0.0075
Worst Quarter
2022-03-31
0.0000
0.0118
0.0086
0.0047
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0328
Treasury
Obligations Fund
Investment
Objective
<p id="xdx_A87_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member_ziMMkz3F3usi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance
of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A8B_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member_zqMnFDlNtaA_ztdU7rN1JXaB" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"></p>
Shareholder
Fees (fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the
value of your investment)
0.0010
0.0015
0.0025
0.0010
0.0060
0
0.0060
December 31, 2024
<p id="xdx_A8C_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member_z8L5qhFwYfYC" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"></p>
61
192
335
750
Principal
Investment Strategies
<p id="xdx_A86_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member_ztEumt2BBgKf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--CreditRiskMember_zoISMONUq8hT" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--InterestRateRiskMember_zMnq7mqjpL7y" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--MarketRiskMember_zKUg8TyDzjQ1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--LiquidityRiskMember_zhItoUTDMsw2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--RedemptionRiskMember_zOI4P6l2Aez4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zc0anYqyj1Ei" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--IncomeRiskMember_z76qszw0W5R6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--CybersecurityRiskMember_zcEd2kfH6eC6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member__rr--RiskAxis__custom--RegulatoryRiskMember_z68C4rokRt7I" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A8C_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member_zJkp2r1HyPtQ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_z5LSwQDHsYJl">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_zpRxlRv3r3v6">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_zXVGjxfS0bKd">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_zmOSLYZWjn9d">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. As of December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <span style="color: #221E1F">bar
chart shows the performance of the Predecessor Fund’s Class D shares which was adopted by the Class D shares of the fund
for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain
Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_zr1pUjYQwGax" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact faf_C000233556Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0000
0.0033
0.0129
0.0164
0.0021
0.0001
0.0123
<p id="xdx_A86_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233556Member_zs1T0uTqyLQi" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_zjOEJqXC4Tj8">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_z05BZGdSF7x3">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartHighestQuarterlyReturn_dp_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_zEgNNFaJgTUf">0.78</span>%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_zM6uaevi96p9">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_fKg_____zjAWJG3jPH2a">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F20_zzZrrHvfIjVa">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartLowestQuarterlyReturn_dp_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233556Member_z8wZjNHtaYvj">0.00</span>%</span></td></tr>
</table>
<p style="margin: 0pt 0; text-indent: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right; width: 15pt"><span id="xdx_F0F_zAdTSqE1dTdb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="width: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="text-align: justify"><span id="xdx_F17_znmE8DEfpXHO" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most
recent quarter with this return during the period of the chart.</span></td></tr>
</table>
<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"></p>
Best
Quarter
2022-12-31
0.0078
Worst Quarter
2022-03-31
0.0000
0.0123
0.0087
0.0047
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0332
U.S.
Treasury Money Market Fund
Investment
Objective
<p id="xdx_A83_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member_zGAplLtPc9VG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and
maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A8E_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member_zDXhHXLHjDec" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"></p>
Shareholder
Fees (fees
paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0.0015
0.0025
0.0011
0.0061
-0.0001
0.0060
December 31, 2024
<p id="xdx_A8F_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member_zKkW2Zdce0Yh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"></p>
61
194
339
761
Principal
Investment Strategies
<p id="xdx_A8D_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member_zTowHJNJdZOm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member__rr--RiskAxis__custom--CreditRiskMember_zEpNtf2SDdgv" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member__rr--RiskAxis__custom--InterestRateRiskMember_zIdKnypNuvXk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member__rr--RiskAxis__custom--MarketRiskMember_zH4mSy5g0y2i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member__rr--RiskAxis__custom--LiquidityRiskMember_zQOIO1enLE99" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member__rr--RiskAxis__custom--RedemptionRiskMember_zuFMGsuogQdD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member__rr--RiskAxis__custom--IncomeRiskMember_zT9ScDLYxSso" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member__rr--RiskAxis__custom--CybersecurityRiskMember_zeyrtdCFIOw_zaMueCbIGSGX" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member__rr--RiskAxis__custom--RegulatoryRiskMember_zIRrheDfZzW6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A88_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member_z0kh3EhSzEl7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_z67p7ynFhNOc">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_zQTkka1JuFO5">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_z3yJrLJD1Bb8">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_zpPWcZgKbqR">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a
result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="margin: 0pt 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <span style="color: #221E1F">bar
chart shows the performance of the Predecessor Fund’s Class D shares which was adopted by the Class D shares of the fund
for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain
Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_zfdFLw1xpTdS" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact faf_C000233564Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0000
0.0029
0.0126
0.0159
0.0021
0.0000
0.0111
<p id="xdx_A83_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233564Member_z0KaQ01Gn9BK" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_zSBcPgmiCV0d">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_zeXeUDxkJSFe">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartHighestQuarterlyReturn_dp_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_zey8ez9MJBJj">0.75</span>%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_zKPq05dhMJ94">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturnDate_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_fKg_____zlAw8Hcu2Aca">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F21_zszyatSwDzWu">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturn_dp_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233564Member_zX4Hdspz3xfh">0.00</span>%</span></td></tr>
</table>
<p style="margin: 0pt 0; text-indent: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right; width: 15pt"><span id="xdx_F0F_zkSf4Onb102a" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="width: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="text-align: justify"><span id="xdx_F11_zqHxOFlQhI2i" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most
recent quarter with this return during the period of the chart.</span></td></tr>
</table>
<p style="margin: 0pt 0; text-indent: 0"></p>
Best
Quarter
2022-12-31
0.0075
Worst Quarter
2022-03-31
0.0000
0.0111
0.0083
0.0044
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0323
FPPXX
FUPXX
Government
Obligations Fund
Investment
Objective
<p id="xdx_A83_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member_zfG5Jy6ig9go" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Government
Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital
and maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A89_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member_zrpY5pI5nj2s" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">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.</span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual Fund Operating
Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0010
0.0020
-0.0002
0.0018
December
31, 2024
<p id="xdx_A8A_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member_zZ1jqHj7i6KC" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><b>Example:
</b>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:</span></p>
18
62
111
253
Principal
Investment Strategies
<p id="xdx_A82_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member_zNyDkEZw013E" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--CreditRiskMember_zNkN20ulboTV" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Credit Risk
</i>— 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--InterestRateRiskMember_z3tPWfw0QBz_zm5P4iOJ4jXV" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Interest
Rate Risk </i>— 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--MarketRiskMember_zTmpcXduVnfV" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Market Risk
</i>— Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia's invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund's performance or impair the fund's ability to
achieve its investment objective.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--LiquidityRiskMember_zClwyBxJxEJT" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Liquidity
Risk </i>— 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--RedemptionRiskMember_z5oaBXPQSfCM" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Redemption
Risk </i>— 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zBuuKTG81FVh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Repurchase
Agreement Risk </i>— 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--IncomeRiskMember_zjZrNuKrEqkY" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Income Risk
</i>— The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--CybersecurityRiskMember_zJiLRmktv4AY" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member__rr--RiskAxis__custom--RegulatoryRiskMember_zV1HbV4kWNcw" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Regulatory
Risk </i>— 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.</span></p>
Fund
Performance
<p id="xdx_A88_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member_zf0avDzK5xSv" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_zfxt3qz0he5l">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_zSBuKdeu4MA5">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_zUdudeodiRgc">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_zYIekWG53C1a">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">The performance shown in the bar chart and performance table is the performance of the fund's
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a
result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">The
bar chart shows the performance of the Predecessor Fund’s Class P shares which was adopted by the Class P shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_z2GmKZcvIuqH" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233532Member row primary compact * ~</div>
0.0173
0.0211
0.0038
0.0003
0.0151
<p id="xdx_A82_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233532Member_zQSECjPlePDg" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_zS5gD7zZo5">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_zeOqtTFR4d05">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_zcvmajAyu7r5">0.87</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_z0O7QSpo10U1">Worst
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_fKg_____zmbcuABw1ZK8">March
31, 2022</span></span><span id="xdx_F29_zRAmnomhjSqR" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><sup>*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233532Member_z89yauAmi0l1">0.00</span></span><span style="color: Black; font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right; width: 15pt"><span id="xdx_F04_zRGf0VeFzkOg" style="color: Black">*</span></td>
<td style="width: 5pt"><span style="color: Black"> </span></td>
<td style="text-align: justify"><span id="xdx_F11_zYTEt6nlRN97" style="color: Black">Most recent quarter with this return
during the period of the chart.</span></td></tr>
</table>
Best
Quarter
2022-12-31
0.0087
Worst
Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0151
0.0115
0.0115
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0362
Treasury
Obligations Fund
Investment
Objective
<p id="xdx_A84_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member_zbJMQRDYXhRj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Treasury
Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance
of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A8B_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member_zAwaszEHpdfm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">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.</span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0010
0.0020
-0.0002
0.0018
December 31, 2024
<p id="xdx_A83_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member_zWSgCX4cjSFx" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><b>Example:
</b>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:</span></p>
18
62
111
253
Principal
Investment Strategies
<p id="xdx_A88_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member_zxz8w5s9CVL7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--CreditRiskMember_z5Y1SAvQiCpM" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Credit Risk
</i>— 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--InterestRateRiskMember_z7V5yUCmdXrG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Interest
Rate Risk </i>— 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.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--MarketRiskMember_z243a2onHJe_zWZo3u2ew5Pm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Market Risk
</i>— Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--LiquidityRiskMember_zhlKSMwKDApk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Liquidity
Risk </i>— 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--RedemptionRiskMember_zZpnXA4UjJ69" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Redemption
Risk </i>— 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zecH5iusDZ3b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Repurchase
Agreement Risk </i>— 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--IncomeRiskMember_zwPiWNWh27Cw" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Income Risk
</i>— The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--CybersecurityRiskMember_zFTjUJc7mQWu" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member__rr--RiskAxis__custom--RegulatoryRiskMember_z8Vzp5kl7KQx" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"><i>Regulatory
Risk </i>— 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.</span></p>
Fund
Performance
<p id="xdx_A8E_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member_zHi1TAyuS4Ps" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_z8XyUvderN83">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_zqtSnuKQbcd2">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_zGv8PzfYO6I1">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_zk1sDq4x5zYk">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a
result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">The
bar chart shows the performance of the Predecessor Fund’s Class P shares which was adopted by the Class P shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_zvX1q3Yv2d2Q" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact faf_C000233557Member row primary compact * ~</div>
0.0174
0.0210
0.0037
0.0002
0.0157
<p id="xdx_A8F_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233557Member_zrAUeHpakhye" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_zz6crHzqYR6k">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_zETsl152Gte5">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_zxGVJKsgYTaj">0.89</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_ztyvuZRyPnh6">Worst
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_fKg_____zdZoG8xyfKy3">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><sup id="xdx_F22_zTRaHgwXHB7_zX0EZzo8WoJW">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233557Member_z0xeKQZfvWbf">0.00</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0C_zuaxwsQweek3" style="text-align: right; width: 15pt"><span style="color: Black">*</span></td>
<td style="width: 5pt"><span style="color: Black"> </span></td>
<td style="text-align: justify"><span id="xdx_F11_zzxk3ZbJNJ0a" style="color: Black">Most recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best
Quarter
2022-12-31
0.0089
Worst
Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0157
0.0116
0.0116
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0367
FTGXX
FIUXX
FEIXX
FTJXX
FTTXX
FTKXX
Government
Obligations Fund
Investment
Objective
<p id="xdx_A88_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member_zPRm2WGkEsl2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital
and maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A89_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member_za17sMnPPcMb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder Fees
(fees paid directly from your investment)
0
0
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0020
0.0010
0.0040
0
0.0040
December 31, 2024
<p id="xdx_A84_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member_zSM2PKWFuEe_zm0ukEHnlkiX" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
41
128
224
505
Principal
Investment Strategies
<p id="xdx_A89_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member_z4utVbGW4nCW" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--CreditRiskMember_zuI026ouOCdo" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--InterestRateRiskMember_z8WbDavNEmFd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--MarketRiskMember_zRvXWADb6mbt" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--LiquidityRiskMember_zkaiVRrjtzFR" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--RedemptionRiskMember_zI4nl17ApH5Y" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_z0IPYPcBB8yk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--IncomeRiskMember_zZjUosLgT5O4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates. </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--CybersecurityRiskMember_zKB80of6X3Qu" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member__rr--RiskAxis__custom--RegulatoryRiskMember_z4mgOkTRdTrU" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A8D_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member_zu2rn26sV9T4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_zLW1309VJQ6a">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_zlSaXtiZ5Wug">firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_ztOVUDQM14C7">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_zKvrkmoNHiOe">The
bar chart shows the fund’s Class T performance for the period indicated.</span> 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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif">The bar chart shows the performance
of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.
firstamericanfunds.com
800 677-3863
The
bar chart shows the fund’s Class T performance for the period indicated.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_zC3JEpzBAlmc" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233533Member row primary compact * ~</div>
0.0001
0.0131
<p id="xdx_A84_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233533Member_zQstGyB19qCd" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_z28zP6rLkH5e">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_fKg_____zA7qsCjX5nBa">December
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_zBgw9IiyGXVf">0.80</span>%</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_zq5IvBT2w6zk">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_fKg_____z2Q4rmo1nsX6">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F2C_z9eXsAknzwox">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233533Member_zr4TefPFEbFi">0.00</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F07_zGGFaxbwn82L" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F1B_za25QFfVeR5v" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
Best Quarter
2022-12-31
0.0080
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0131
0.0058
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0344
Institutional
Prime Obligations Fund
Investment
Objective
<p id="xdx_A81_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member_zO6Hwbep4JQu" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A84_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member_zh0wRFiCExZ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Shareholder Fees
(fees paid directly from your investment)
0
0
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0020
0.0014
0.0044
-0.0004
0.0040
December 31, 2024
<p id="xdx_A81_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member_z48zEsiSPeKP" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
41
137
242
551
Principal
Investment Strategies
<p id="xdx_A89_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member_zVzMptLnlM4c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional
Prime Obligations Fund invests in high-quality short-term debt obligations, including:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">commercial
paper;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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);</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">non-convertible
corporate debt securities;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securities
issued by the U.S. government or one of its agencies or instrumentalities;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">municipal
securities, including variable rate demand notes, commercial paper, and municipal notes
and other short-term municipal obligations;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loan
participation interests; and</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase
agreements.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 trustees to continue to hold the security.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--CreditRiskMember_zqxVphDX1aAk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--MarketRiskMember_zcJ5SibschiT" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--InterestRateRiskMember_z1RY6YobKtd_zsMjdThwbs2u" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--LiquidityRiskMember_zsVEb6qRGjRN" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--RedemptionRiskMember_zW1CKNFUDK9F" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zOGFfZpF1i3I" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Banking
Industry Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zYkeG1dYP3T0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
Security Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_z3RDNZYXIpgU" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--IncomeRiskMember_zxHIotm5o0th" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--RegulatoryRiskMember_z1wjIG3GpOf5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_z1qInOSmAgqE" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable
Rate Demand Note (VRDN) Risk</i> — 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. While the fund invests only in VRDNs
of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or
financial institution could default on its obligations.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zrFHQy83vneb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member__rr--RiskAxis__custom--CybersecurityRiskMember_zSyW44ZWrSmO" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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. </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Fund
Performance
<p id="xdx_A83_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member_zpUbmeZiD3wI" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_90A_err--PerformancePastDoesNotIndicateFuture_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zkbs1eoc2sdj">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zG5F20bp7Dea">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zxc9gl7BMXO2">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zTsK8HguqOSd">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the
fund’s predecessor entity, Institutional Prime Obligations Fund, a series of First American
Funds, Inc. (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On
December 22, 2023 the fund acquired all of the assets, subject to the liabilities, of the
Predecessor Fund through a tax-free reorganization (the “Reorganization”). As a result of the
Reorganization, the fund adopted the performance and financial history of the Predecessor Fund.
The fund has the same investment objective, strategy, risks and investment adviser as the
Predecessor Fund. As a result, the performance of the fund would have been substantially
similar to that of the Predecessor Fund.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif">The bar chart shows the performance
of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zImM01u6cJAD" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074976Member column rr_ProspectusShareClassAxis compact faf_C000233543Member row primary compact * ~</div>
0.0001
0.0002
0.0002
0.0010
0.0077
0.0170
0.0202
0.0034
0.0000
0.0147
<p id="xdx_A85_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233543Member_zM2jnT7OZFFu" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zuaosMp6M47g">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zc4A4b4XBaJg">December 31, 2022</span> </span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_z7XGxhR9j48h">0.88</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zZv2PyryiDM6">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_fKg_____zxEWyy5iXoIe">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F21_z5EVSfRLV8OP">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233543Member_zsCBV8MhWbpa">(0.01)</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right; width: 15pt"><span id="xdx_F08_z3wFtalufomZ" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="width: 5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="text-align: justify"><span id="xdx_F1D_z3LsuNuC6wzL" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most
recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best
Quarter
2022-12-31
0.0088
Worst Quarter
2022-03-31
-0.0001
0.0147
0.0110
0.0064
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0359
Retail
Prime Obligations Fund
Investment
Objective
<p id="xdx_A87_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member_zvMVlrDE9ovJ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A86_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member_zSlsJcanBgYc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder Fees
(fees paid directly from your investment)
0
0
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0020
0.0012
0.0042
-0.0002
0.0040
December 31, 2024
<p id="xdx_A84_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member_zEmfu5yjEfbs" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
41
133
233
528
Principal
Investment Strategies
<p id="xdx_A87_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member_zysTaL7DKLTI" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retail
Prime Obligations Fund invests in high-quality short-term debt obligations, including:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">commercial
paper;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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);</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">non-convertible
corporate debt securities;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securities
issued by the U.S. government or one of its agencies or instrumentalities;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">municipal
securities, including variable rate demand notes, commercial paper, and municipal notes
and other short-term municipal obligations;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loan
participation interests; and</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase
agreements.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 trustees to continue to hold the security.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--CreditRiskMember_zgghLdEoySle" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--MarketRiskMember_zc3PEBIbXnWM" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--InterestRateRiskMember_z6rcOwNnPIN6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--LiquidityRiskMember_zjhsAlk1oMGZ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--RedemptionRiskMember_zrFcSTI6ufM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--BankingIndustryRiskMember_z78BM8TJVWoE" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Banking
Industry Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zciyz94NXjTc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
Security Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zAsb8VJCz1Mm" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--IncomeRiskMember_zmd8fUhVrXE_zElfFOyOJHSB" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--RegulatoryRiskMember_zwhBIAt1MovI" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zZj1KfSfZfo0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable
Rate Demand Note (VRDN) Risk</i> — 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. </span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zB7Ol9N5YHZk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member__rr--RiskAxis__custom--CybersecurityRiskMember_zdUtCziTStK8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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. </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>
Fund
Performance
<p id="xdx_A8B_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member_zEjYMVdBgKRt" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zMgDH5UX5VX">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zFiUK4WTuiFg">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zlWL75XcXXb6">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zDM1w48oE4T4">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zuSMWtLHco0v" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact faf_C000233545Member row primary compact * ~</div>
0.0081
0.0173
0.0201
0.0036
0.0001
0.0147
<p id="xdx_A80_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233545Member_zLe4qP5PMcTH" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zA2PZrLo0GR7">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zqAtpBid8t0a">December 31, 2022</span> </span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zNKl4W6FPs11">0.87</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_znXhCaOyAPu3">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_fKg_____zhnKKNC2S8sa">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F28_zaJUDVkuMGCj">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233545Member_zYfOwC3bqrua">0.00</span>%</span></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F00_zoV16rwgmhzR" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F1B_zYkd7DJq0QG_zAeJEAyaUiTc" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0087
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0147
0.0111
0.0101
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0359
Retail
Tax Free Obligations Fund
Investment
Objective
<p id="xdx_A8B_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member_zVcfBVhSvyte" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A88_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member_zRhDOJAwftNe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
0
0
0.0010
0
0.0020
0.0020
0.0050
-0.0010
0.0040
December 31, 2024
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member_zOdN6M2KVkbU" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
41
150
270
619
Principal
Investment Strategies
<p id="xdx_A8A_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member_z4X8Jw1i1WMX" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">general
obligation bonds, which are backed by the full faith, credit, and taxing power of the
issuer; and</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">revenue
bonds, which are payable only from the revenues generated by a specific project or from
another specific revenue source.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--CreditRiskMember_zkuVbLiTG1B4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--MarketRiskMember_zcRmCPUvaIjo" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--InterestRateRiskMember_zKpiOF5J5Hak" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zQvA60V2Ls2P" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk</i> — Investments in VRDNs
and TOBs involve credit risk with respect to the issuer or financial institutional providing the
fund with the credit and liquidity support for the put or tender option.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--TaxRiskMember_zxZ6nrBCNnHd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Tax
Risk</i> — 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.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zKPQmxiFxD3u" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--IncomeRiskMember_zYmAtWBaUl3V" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--LiquidityRiskMember_zRhCmFD2Ihlr" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--RedemptionRiskMember_zMXcUskx2zi0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--CybersecurityRiskMember_z27tdvBIiR6v" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member__rr--RiskAxis__custom--RegulatoryRiskMember_zAT1QKFxRCyd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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. </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Fund
Performance
<p id="xdx_A8A_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member_zuyy0xN85Lmo" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zQj0PGSmegci">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zGw1LgQ6PyRh">firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zMG6EdJ8EyG7">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zIZFcCo7qyR4">The
bar chart shows the fund’s Class T performance for the period indicated.</span> 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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.
firstamericanfunds.com
800 677-3863
The
bar chart shows the fund’s Class T performance for the period indicated.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zKQI7TCatrWl" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact faf_C000233551Member row primary compact * ~</div>
0.0001
0.0082
<p id="xdx_A8A_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233551Member_zewYBPLCkPlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zuqeg4Ry5M77">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zwYunvkJ78af">December 31, 2022</span> </span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zCIRaBCec1ec">0.52</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zr8Nb0S5X2Oh">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_fKg_____zFk4aLK0ot84">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F29_zD9ZXnKcSOjn">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233551Member_zFR5OCjmbq78">0.00</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F04_zHfHrqHXgV6_zMpXWj7GzTbd" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F19_zOUUuk37iyxV" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0052
Worst Quarter
2022-03-31
0.0000
0.0082
0.0036
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0212
Treasury
Obligations Fund
Investment
Objective
<p id="xdx_A8E_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member_zvrges1v9VkF" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance
of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A83_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member_zYSSWk9qkdY1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
0
0
0.0010
0
0.0020
0.0010
0.0040
0
0.0040
December 31, 2024
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member_zItnKbwQn7eM" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
41
128
224
505
Principal
Investment Strategies
<p id="xdx_A8C_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member_zM9DgDkvFQoa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--CreditRiskMember_zZIEfjljdioW" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--InterestRateRiskMember_zM2mixx7s1lN" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--MarketRiskMember_zVpPZj9VaCHK" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--LiquidityRiskMember_zDfmqygYrKez" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--RedemptionRiskMember_zNDwTtXHTLxm" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_z21a1qUP0tkE" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--IncomeRiskMember_z0YaDSfQk2KU" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates. </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--CybersecurityRiskMember_z74fpZReh0bq" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member__rr--RiskAxis__custom--RegulatoryRiskMember_zXKqUzcOvz1A" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A81_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member_znMkYwNhQKEZ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_zeQ8yBulYXQg">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_zP6lt4IQA5r">firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_z8t2HmSYjAs1">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_z9aSL5Svo6C">The
bar chart shows the fund’s Class T performance for the period indicated.</span> 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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.
firstamericanfunds.com
800 677-3863
The
bar chart shows the fund’s Class T performance for the period indicated.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_z2SBCxKydEbm" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact faf_C000233558Member row primary compact * ~</div>
0.0001
0.0137
<p id="xdx_A81_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233558Member_zN56GWMEF2U8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_zJuZvoVEKEug">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_zqRlNYufM8Uc">December 31, 2022</span> </span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_zWQ24CrUuqD9">0.83</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_zmfj2EHBB4cl">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_fKg_____z8chrlId1Tj9">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F2B_zmeBU4XbO1mY">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233558Member_zrDx0A6p5zRd">0.00</span>%</span></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0A_zBrGirrcCnb2" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F18_zXZ2HhMD9Gc0" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0083
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0137
0.0060
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0348
U.S.
Treasury Money Market Fund
Investment
Objective
<p id="xdx_A85_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member_zaYxnnBASgZd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and
maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A89_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member_zllz2E3K6J0r" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
0
0
0.0010
0
0.0020
0.0011
0.0041
-0.0001
0.0040
December 31, 2024
<p id="xdx_A87_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member_zTf27Ncb9yOg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
41
131
229
517
Principal
Investment Strategies
<p id="xdx_A80_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member_zFIroAN0DjQs" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member__rr--RiskAxis__custom--CreditRiskMember_zclqbZeCBiVL" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member__rr--RiskAxis__custom--InterestRateRiskMember_zPtxEUmkl7Ia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member__rr--RiskAxis__custom--MarketRiskMember_zUZPH36SuRkA" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member__rr--RiskAxis__custom--LiquidityRiskMember_zPmOMxp58Jq_zHiwtQHtmpFR" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member__rr--RiskAxis__custom--RedemptionRiskMember_zxrWlFJRnJb7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member__rr--RiskAxis__custom--IncomeRiskMember_zxPza8fRefO6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member__rr--RiskAxis__custom--CybersecurityRiskMember_zHuXw1FhzXZj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member__rr--RiskAxis__custom--RegulatoryRiskMember_zl1zHouJgsGw" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Fund
Performance
<p id="xdx_A86_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member_zvpRCnnG5zcO" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_z8w7THijM9z8">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_zlJNatoz5XV9">firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_zc9S2E5FfQn3">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_zFeGadtKm4i1">The
bar chart shows the fund’s Class T performance for the period indicated.</span> 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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.
firstamericanfunds.com
800 677-3863
The
bar chart shows the fund’s Class T performance for the period indicated.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_z2Xoysxy08sk" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact faf_C000233565Member row primary compact * ~</div>
0.0000
0.0125
<p id="xdx_A83_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233565Member_zEqPoW3LLXP9" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_zACrRAZJ4ad">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_zy2BfXs9Zfa1">December 31, 2022</span> </span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_zOyzMCsdusLf">0.80</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_z4KuaNBrEjOl">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_fKg_____zU0b5pb7UmRg">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F25_zQKNIDn4ZYCs">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233565Member_zU1aIqFzUvaa">0.00</span>%</span></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F00_zBY0qiN5u33F" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F19_z2XVintzvNko" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0080
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0125
0.0055
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0338
FGUXX
Government Obligations Fund
Investment Objective
<p id="xdx_A89_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member_z94YYQWa9H6N" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Government Obligations Fund’s objective
is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.</p>
Fees and Expenses
<p id="xdx_A8F_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member_z1dEK50byTYL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
0
0
0.0010
0
0.0010
0.0020
-0.0008
0.0012
December 31, 2024
<p id="xdx_A8F_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member_z8WKJVlj5BRq" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><b>Example:</b> 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:</p>
12
56
105
247
Principal Investment Strategies
<p id="xdx_A82_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member_zxY4rk9J8Fv9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--CreditRiskMember_z84iJ2A9Q05S" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--InterestRateRiskMember_zhX1vOkyMcIc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--MarketRiskMember_zel9VDGoq2NJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia's invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund's performance or impair the fund's ability to
achieve its investment objective.</p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--LiquidityRiskMember_zqRM1gS1nI3G" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Liquidity Risk</i> — 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.</p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--RedemptionRiskMember_z8pmXgFGGsuR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zcEnqJTDdGnH" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Repurchase Agreement Risk</i> — 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.</p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--IncomeRiskMember_zLCtzEcUfzvp" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Income Risk</i> — The level of income you
receive from the fund will be affected by movements in short-term interest rates.</p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--CybersecurityRiskMember_zil1tFuUYLRq" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><i>Cybersecurity Risk</i> —
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.</p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member__rr--RiskAxis__custom--RegulatoryRiskMember_zF2KJsWhxEtY" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Regulatory Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A88_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member_zZeY8sZYp8_zFJhSeJV6hkK" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_z6D7OQBqiju">The fund’s past performance is not necessarily an indication
of how the fund will perform in the future.</span> Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_zyXwItF6sLLl">www.firstamericanfunds.com</span> or
by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_zeI6EKjIIEPe">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_zzf60KwotRmh">The bar chart shows you the variability of the fund’s
performance from year to year.</span> The table illustrates the fund’s average annual total returns over the time periods indicated.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The bar chart shows the performance
of the Predecessor Fund’s Class U shares which was adopted by the Class U shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</p>
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
The bar chart shows you the variability of the fund’s
performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_zVTUv3IxYuF3" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233536Member row primary compact * ~</div>
0.0214
0.0041
0.0003
0.0153
<p id="xdx_A83_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233536Member_zuYZQqB5agKZ" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_zj9zZtrjmut9">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_zqq2LctRl2u2">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_zfd2k6Omrjcl">0.88</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_ziNkKrlAiSo5">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_fKg_____zOKMJXKj5jfb">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F2A_zUaq1nRAWvxB">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233536Member_z9BJt5sZ5qia">0.01</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F0E_zaEBl5TbE5PA" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 7px; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F1C_zawxqcrRjJA_zhkVzosoYZzO" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0088
Worst Quarter
2022-03-31
0.0001
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0153
0.0117
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0365
FVIXX
FPIXX
FPUXX
FHIXX
FLIXX
FUIXX
Government
Obligations Fund
Investment
Objective
<p id="xdx_A89_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member_zZhIQEEQTux7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital
and maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A80_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member_z3JO3p5kiD8k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
0
0
0.0010
0
0.0010
0.0010
0.0030
0
0.0030
December 31, 2024
<p id="xdx_A88_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member_zFYr45J9W3oM" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
31
97
169
381
Principal
Investment Strategies
<p id="xdx_A8B_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member_zUicR74Zxljb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--CreditRiskMember_zeBscvLeRdNd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--InterestRateRiskMember_zUE960af1D8T" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--MarketRiskMember_z1JumeUWqp9T" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--LiquidityRiskMember_zregL1XtSbRx" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--RedemptionRiskMember_z29tVAhAotq_zkgZi0k7Mk01" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zZsPwPrQAZLN" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--IncomeRiskMember_zzJ2FQv1hNk7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--CybersecurityRiskMember_z5jbBpxVUeXa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member__rr--RiskAxis__custom--RegulatoryRiskMember_zGB2vsMqNO7l" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A86_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member_zn2Nv9CmLM4y" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_z49SCmICm2G7">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_zut5MWLkKiIj">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_z1x8J3wpTcn3">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_zQK7kjoMSw8b">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_zqPD9r1bKuOr" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233540Member row primary compact * ~</div>
0.0001
0.0001
0.0001
0.0011
0.0063
0.0158
0.0196
0.0030
0.0001
0.0138
<p id="xdx_A8D_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233540Member_z2hlNtuPAtOo" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_zKZRDU0360Vd">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_zxHwDs4eMpLj">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_zIFnrMYbH2mh">0.83</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_znnQVs2UThN6">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_fKg_____zZOQegYXhCS8">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F27_zbmU7lsBpWLf">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233540Member_zhAJluau0xE4">0.00</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0B_zpLhB9yI2G5a" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F1B_zqDJTCBrXWr6" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></p>
Best Quarter
2022-12-31
0.0083
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0138
0.0104
0.0060
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0352
Institutional
Prime Obligations Fund
Investment
Objective
<p id="xdx_A8D_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member_zKydAIhfvfch" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A8A_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member_zw0cqB9f8nur" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0010
0.0014
0.0034
-0.0004
0.0030
December 31, 2024
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member_zsSwc6UhtY6C" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
31
105
187
427
Principal
Investment Strategies
<p id="xdx_A83_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member_zvPH78RF9Jya" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional
Prime Obligations Fund invests in high-quality short-term debt obligations, including:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">commercial
paper;</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.25pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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);</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">non-convertible
corporate debt securities;</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securities
issued by the U.S. government or one of its agencies or instrumentalities;</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">municipal
securities, including variable rate demand notes, commercial paper, and municipal notes
and other short-term municipal obligations;</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loan
participation interests; and</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.15in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase
agreements.</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 trustees to continue to hold the security.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--CreditRiskMember_zoWt9x0ztUvE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--MarketRiskMember_zh9ihg25W0Yy" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--InterestRateRiskMember_zWTjCQpT18lb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--LiquidityRiskMember_z1ySdZDFWj8I" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--RedemptionRiskMember_zPBZej6jxVWZ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zeHCQV1UgtNh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Banking
Industry Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zouZQGT5eejV" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
Security Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zR1IjYlkaIEB" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--IncomeRiskMember_zvRGqPW8Gnw6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--RegulatoryRiskMember_zGLZZpMmJ7TZ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_z547g4wERnX6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable
Rate Demand Note (VRDN) Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zpa8Al0FPCC2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member__rr--RiskAxis__custom--CybersecurityRiskMember_z3nISo9kwrg5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A86_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member_zMeaUD9lNOuL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zzdaadvEIJI1">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zD18gnCsh54i">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zvz2FPc22QZ6">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zVU1ouXiqKQk">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Institutional Prime Obligations Fund, a series of First American Funds, Inc.
(the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December
22, 2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a
result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_z4r9KRCn9wib" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074976Member column rr_ProspectusShareClassAxis compact faf_C000233544Member row primary compact * ~</div>
0.0001
0.0002
0.0002
0.0019
0.0086
0.0181
0.0212
0.0039
0.0000
0.0156
<p id="xdx_A8C_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233544Member_zBDuxLlXvKph" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zIadKNC2Dnji">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zxvFZ6wfxel6">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zhHc78tilrQ4">0.91</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zhQtx6jFq96j">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_fKg_____zHRHIzuPD9el">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F23_zIGhgJ9tC1A_zKFriaLZjQs6">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233544Member_zG0SgiuQUiOl">(0.01)</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F06_zUp2c4ElYIRr" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F17_zJHBHqvQX6KG" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0091
Worst Quarter
2022-03-31
-0.0001
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0156
0.0117
0.0069
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0365
Retail
Prime Obligations Fund
Investment
Objective
<p id="xdx_A84_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member_zvTkW3yQJLBj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A80_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member_zjbJ87Lmx7ra" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
0
0
0.0010
0
0.0010
0.0012
0.0032
-0.0002
0.0030
December 31, 2024
<p id="xdx_A87_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member_zvHirzJN1cap" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
31
101
178
404
Principal
Investment Strategies
<p id="xdx_A8B_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member_zM1GdWEzdhX_zqyCXOO5aQHs" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retail
Prime Obligations Fund invests in high-quality short-term debt obligations, including:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">commercial
paper;</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.25pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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);</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">non-convertible
corporate debt securities;</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securities
issued by the U.S. government or one of its agencies or instrumentalities;</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">municipal
securities, including variable rate demand notes, commercial paper, and municipal notes
and other short-term municipal obligations;</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loan
participation interests; and</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase
agreements.</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 trustees to continue to hold the security.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--CreditRiskMember_zOvVstJo9dEL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--MarketRiskMember_zLsdYs3vnl1E" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--InterestRateRiskMember_zrgYLqB3DhPe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--LiquidityRiskMember_z8qWyux0VZ5o" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--RedemptionRiskMember_zKRmvQhaAWED" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zlJGKVGOteSe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Banking
Industry Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zrJg8qoNECCl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
Security Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zd1n4Dfas0c9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--IncomeRiskMember_zUGlxaxKUy3j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--RegulatoryRiskMember_zzh8bY5k3deD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zWk9G1bc57Zg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable
Rate Demand Note (VRDN) Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zc34NU5SidnI" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member__rr--RiskAxis__custom--CybersecurityRiskMember_zAUVsoTeR2F2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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. </span></p>
Fund
Performance
<p id="xdx_A8A_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member_z02Y2Emcjq4e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_zSPcCi04pIka">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_zxm5O4069JU3">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_zX5wPtHelqb7">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_zeA87cXTNnba">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a
result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_zGzpPa2Xeh93" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact faf_C000233549Member row primary compact * ~</div>
0.0091
0.0183
0.0212
0.0042
0.0001
0.0155
<p id="xdx_A81_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233549Member_z2kXoKghBoGh" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_ztaSjWtMhii9">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturnDate_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_zSBNEcZjuFp5">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartHighestQuarterlyReturn_dp_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_zfdX2EGUCXv2">0.89</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_z0dtE6xfqM91">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartLowestQuarterlyReturnDate_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_fKg_____zsyDKQEfjxK9">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F29_z6hpcyBCvyhY">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturn_dp_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233549Member_zfYuHVGgK2y6">0.00</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F08_zsDsZCdtjYxF" style="text-align: right; width: 15pt">*</td>
<td id="xdx_F15_zUJh8q0983rP" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0089
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0155
0.0118
0.0109
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0366
Retail
Tax Free Obligations Fund
Investment
Objective
<p id="xdx_A81_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member_zCRLIXpGRRLE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A8E_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member_zegQQdfzCwJ3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees (fees paid directly from your investment)
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0.0010
0.0018
0.0041
-0.0011
0.0030
December 31, 2024
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member_zMJ0kF5PGjAG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
31
121
219
507
Principal
Investment Strategies
<p id="xdx_A86_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member_zXhkbNSokyQq" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">general
obligation bonds, which are backed by the full faith, credit, and taxing power of the
issuer; and</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">revenue
bonds, which are payable only from the revenues generated by a specific project or from
another specific revenue source.</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--CreditRiskMember_zqtxlX45dPDK" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--MarketRiskMember_zXtlYP767c3S" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--InterestRateRiskMember_zv0YjiyxVlzE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zSZSYd3l7XmA" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk</i> — Investments in VRDNs
and TOBs involve credit risk with respect to the issuer or financial institutional providing the
fund with the credit and liquidity support for the put or tender option.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--TaxRiskMember_zW2n4mOaSHqR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Tax
Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zogW8pny12v7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--IncomeRiskMember_zmSvLCLMMwQ1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--LiquidityRiskMember_zEmy0zFOeNoJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--RedemptionRiskMember_z81kRYEfgsZt" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--CybersecurityRiskMember_zhZzXOFEH2T9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member__rr--RiskAxis__custom--RegulatoryRiskMember_z3tParabK75_z35TZNFVKuwR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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. </span></p>
Fund
Performance
<p id="xdx_A80_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member_zVjpcxMYQmUJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_zFmUfowJHEb9">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_zXUxA4HwSgyc">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_zdzYGHOL4rR9">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_zKkMEfQyqc4h">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.</span></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
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.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_zHdRuQjSewH6" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact faf_C000233552Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0018
0.0056
0.0114
0.0120
0.0038
0.0001
0.0090
<p id="xdx_A81_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233552Member_zQS5UxoJ8qeN" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_z1mSYOut6HM3">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_zsWM08879zgf">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_zIfBMCYl8N6g">0.55</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_zv2xgGCB4svh">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_fKg_____zFlgKhojT9S2">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F2F_z9oPfuXfnkhC">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233552Member_z0ywDo2qyTY8">0.00</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F06_z3Xe0D7leHs6" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F17_zLTCBypVFiyk" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0055
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0090
0.0072
0.0044
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0220
Treasury
Obligations Fund
Investment
Objective
<p id="xdx_A85_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member_zkzla7KILPr5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance
of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A87_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member_z0MU5CVFJdFS" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees (fees paid directly from your investment)
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0010
0.0010
0.0010
0.0030
0
0.0030
December 31, 2024
<p id="xdx_A8E_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member_zg3AZQEn2d2R" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
31
97
169
381
Principal
Investment Strategies
<p id="xdx_A8E_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member_zZ2agt218XcL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--CreditRiskMember_zR6xqIigcZcz" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--InterestRateRiskMember_zSk0brtGNrB9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--MarketRiskMember_zB0e0s2XeXt7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--LiquidityRiskMember_z7eslyygsAo_z1XwLsFsMu76" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--RedemptionRiskMember_zBvI9agFLjsH" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zfn7n21TtDJH" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--IncomeRiskMember_zjpy5g3GkYdy" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates. </span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--CybersecurityRiskMember_zt2K0JEqh5p5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A cybersecurity breach at an issuer of securities in which the
fund invests may cause such securities to lose value.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member__rr--RiskAxis__custom--RegulatoryRiskMember_zdJpkvLn6pqm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A84_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member_z7LGrE2Y4r1q" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zk6ooHNQcY1i">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future. </span>Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zQT7yAv5Wvse">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zzteabrF0ZZ6">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zo7C9OehjwE3">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.</span></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
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.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zc8NpUZEFj2j" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact faf_C000233559Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0009
0.0063
0.0159
0.0195
0.0028
0.0001
0.0144
<p id="xdx_A87_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233559Member_ze5k96kswYKG" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zL2PA1yUiki">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_z46PSex2hL9i">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zdOEb7jxeK66">0.85</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zzHJxWkVvXIe">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_fKg_____zHwJWeF5uNo4">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F2B_zBJseXkqMdcD">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233559Member_zai5aadwhqC6">0.00</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F05_zSwfiZhUgIvD" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F1D_zQoDuujTs2Gy" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0085
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0144
0.0105
0.0060
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0355
U.S.
Treasury Money Market Fund
Investment
Objective
<p id="xdx_A81_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member_zGxn7fLttglc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and
maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A81_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member_zMlhB23jUFQS" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees (fees paid directly from your investment)
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0.0010
0.0011
0.0031
-0.0001
0.0030
December 31, 2024
<p id="xdx_A87_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member_zVGK4bP2NZ79" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
31
99
173
392
Principal
Investment Strategies
<p id="xdx_A8F_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member_zXeOnCa27qzT" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member__rr--RiskAxis__custom--CreditRiskMember_zQ7qiuoDKGH9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member__rr--RiskAxis__custom--InterestRateRiskMember_zS7PrhG1a5v_zbEIEADjKOt2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member__rr--RiskAxis__custom--MarketRiskMember_zGna6mOktna8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member__rr--RiskAxis__custom--LiquidityRiskMember_zRl9Kf27kTJB" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member__rr--RiskAxis__custom--RedemptionRiskMember_zL9pvgNn5XLb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member__rr--RiskAxis__custom--IncomeRiskMember_z1RptlZGEPy9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member__rr--RiskAxis__custom--CybersecurityRiskMember_zDgfS5J2mOzt" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member__rr--RiskAxis__custom--RegulatoryRiskMember_zgPZIRbZ3YIB" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A82_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member_zNejecuCxeu9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_zF11iHvCHzl4">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_zZlh9XdGGh49">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_zl0lFdtqVBJ6">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_zX3355R44Qp7">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.</span></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
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.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_zYENgb1Qx0X6" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact faf_C000233566Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0004
0.0058
0.0157
0.0190
0.0029
0.0000
0.0133
<p id="xdx_A85_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233566Member_zh3wPzRQIeWc" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_z2aphjNYNe5b">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_z0lqDlVfY31h">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span id="xdx_903_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_zqpUE85b5Myf">0.83</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_z9K4aB5GxJL7">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_fKg_____zW7SR1iAMPY3">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F21_zrXDttF2XTTW">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233566Member_zLRUWzJpNSsg">0.00</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F03_ziUwSylPC9nq" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F14_zZhas9agrlIw" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0083
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0133
0.0101
0.0057
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0346
FGXXX
FXRXX
FXFXX
Government
Obligations Fund
Investment Objective
<p id="xdx_A8F_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member_z4kRjfw8lLLV" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">Government Obligations Fund’s objective is
to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.</p>
Fees and Expenses
<p id="xdx_A89_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member_zf6InZQReIkU" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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.</p>
Shareholder Fees
(fees paid directly from your investment)
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0.0010
0.0020
-0.0006
0.0014
December 31, 2024
<p id="xdx_A89_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member_zT689RU43ewk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><b>Example:</b> 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:</p>
14
58
107
249
Principal Investment Strategies
<p id="xdx_A87_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member_zh07v1z4tisT" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--CreditRiskMember_zSZt7VM8lBnh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--InterestRateRiskMember_zMkwO06K2hQ_z5JFB3TbhAgh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--MarketRiskMember_zYM8nHCaectZ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--LiquidityRiskMember_zqAMW6YOgORX" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Liquidity Risk</i> — 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.</p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--RedemptionRiskMember_znSnKkrmURr5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zjpWW65r2QX4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Repurchase Agreement Risk</i> — 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.</p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--IncomeRiskMember_zsQQJuLhVSgA" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Income Risk</i> — The level of income you
receive from the fund will be affected by movements in short-term interest rates. </p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--CybersecurityRiskMember_z00YJFdEdg6_zAypPa4ily0O" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Cybersecurity Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member__rr--RiskAxis__custom--RegulatoryRiskMember_zC8J9E1WBPYD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Regulatory Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A82_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member_zR9VEst0h9JQ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_z0mJp7Kkl7Bg">The fund’s past performance is not necessarily an indication of how the
fund will perform in the future.</span> Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zCz20fb8uiqe">www.firstamericanfunds.com</span> or by calling
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zdHr3NHXUmIh">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zWoF17onb8Le">The bar chart shows you the variability of the fund’s
performance from year to year. The table illustrates the fund’s average annual returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red; text-indent: 0"></p>
<p style="margin: 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows
the performance of the Predecessor Fund’s Class X shares which was adopted by the Class X shares of the fund for periods
prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor
Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The bar chart shows you the variability of the fund’s
performance from year to year. The table illustrates the fund’s average annual returns over the time periods indicated.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zvN1KyLuwWqd" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233537Member row primary compact * ~</div>
0.0079
0.0174
0.0212
0.0040
0.0003
0.0152
<p id="xdx_A8D_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233537Member_zJzgrp9xPLL6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zEIKs5QyTGb2">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zyo7Lzo8uuwg">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zLeeM0l3ae02">0.87</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zbVC2uS9HEA4">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_fKg_____z9uCGJjopYPj">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F2B_zTbbL7TAEWkq">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233537Member_zfLencIw3JT3">0.01</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F04_zNCs7v8pUpVj" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F1E_zinmV6F3N4g_zKpY4HdrUMso" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best
Quarter
2022-12-31
0.0087
Worst Quarter
2022-03-31
0.0001
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0152
0.0116
0.0101
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0364
Retail
Prime Obligations Fund
Investment Objective
<p id="xdx_A83_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member_zmxE5SEh5aja" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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.</p>
Fees and Expenses
<p id="xdx_A88_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member_z9yy17TBukdA" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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.</p>
Shareholder Fees
(fees paid directly from your investment)
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0012
0.0022
-0.0008
0.0014
December 31, 2024
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member_z6sPxZj9AR0c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><b>Example:</b> 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:</p>
14
63
116
272
Principal Investment Strategies
<p id="xdx_A8F_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member_zx76iBxkAE1a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">Retail Prime Obligations Fund invests in high-quality
short-term debt obligations, including:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<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: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">●</span></td><td style="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="vertical-align: top; text-align: justify">
<td style="width: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="text-align: left"><span style="font-size: 10pt">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);</span></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: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">●</span></td><td style="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="vertical-align: top; text-align: justify">
<td style="width: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">●</span></td><td style="text-align: left">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; text-align: justify">
<td style="width: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">●</span></td><td style="text-align: left">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; text-align: justify">
<td style="width: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">●</span></td><td style="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="vertical-align: top; text-align: justify">
<td style="width: 0.15in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">●</span></td><td style="text-align: justify">repurchase
agreements.</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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 trustees to
continue to hold the security.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--CreditRiskMember_zg2EvVqsK8wN" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--MarketRiskMember_zexTrq3s0DoR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--InterestRateRiskMember_zNqfSuRKuqh_zv7l8s1Souyg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--LiquidityRiskMember_zxJ8YrOTd2fq" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><i>Liquidity Risk</i> —
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.</p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--RedemptionRiskMember_zZiJoCAGkBOg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zBikBURtNxkQ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Banking Industry Risk</i> — 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.</p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zQE919PTnKsS" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Foreign Security Risk</i> — 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.</p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zQsYO6ZcDwgG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Repurchase Agreement Risk</i> — 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.</p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--IncomeRiskMember_zzFJ6zfJV8bG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><i>Income Risk</i> —
The level of income you receive from the fund will be affected by movements in short-term interest rates.</p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--RegulatoryRiskMember_zMqwV1J0Q4c2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Regulatory Risk</i> — 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.</p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zGQox85WYkg0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0"><i>Variable Rate Demand Note
(VRDN) Risk</i> — 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.</p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zkwzPFjQLuCx" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0"><i>Municipal Security Risk
</i>— 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.</p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member__rr--RiskAxis__custom--CybersecurityRiskMember_znnubJVb38lC" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0"><i>Cybersecurity Risk</i> —
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. </p>
Fund Performance
<p id="xdx_A8C_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member_zIUQNGGDk0Ii" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zNxet4iy63U2">The fund’s past performance is not necessarily an indication of how the
fund will perform in the future.</span> Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zzvD8qLkvrll">www.firstamericanfunds.com</span> or by calling
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zYl2VF8ATqvl">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zQAPmPIgXANj">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a
result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red; text-indent: 0"></p>
<p style="margin: 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows
the performance of the Predecessor Fund’s Class X shares which was adopted by the Class X shares of the fund for periods
prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor
Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
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.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zO43zXPZknvR" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact faf_C000233548Member row primary compact * ~</div>
0.0107
0.0199
0.0228
0.0055
0.0002
0.0168
<p id="xdx_A83_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233548Member_z3PIoznXmCwY" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zPqokclYUmn2">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zHDYnGDYhb6h">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_z2l8dAc9ELh">0.93</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zGiC5VI0UU7g">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_fKg_____z3JJlD1Ex67j">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F2D_z2e12CVTfy92">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233548Member_zjTIS5pyDT34">0.00</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F08_zvppWqlNelvB" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F13_zNtDXBOV3Ude" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
Best
Quarter
2022-12-31
0.0093
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0168
0.0130
0.0123
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0379
Treasury Obligations
Fund
Investment Objective
<p id="xdx_A8E_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member_z6D5qLpPbTrB" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">Treasury Obligations Fund’s objective is to
seek maximum current income consistent with the preservation of capital and maintenance of liquidity.</p>
Fees and Expenses
<p id="xdx_A80_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member_zCcBWJLRig30" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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.</p>
Shareholder Fees
(fees paid directly from your investment)
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0010
0.0020
-0.0006
0.0014
December 31, 2024
<p id="xdx_A8B_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member_zGExa6OETgJq" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><b>Example:</b> 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:</p>
14
58
107
249
Principal Investment Strategies
<p id="xdx_A82_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member_zV4mzal41hqp" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--CreditRiskMember_zWLhrWCbJyTc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--InterestRateRiskMember_zfSKRteJ6WoJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--MarketRiskMember_zq5pjSShTO0b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--LiquidityRiskMember_zQx76TJRUWNW" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Liquidity Risk</i> — 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.</p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--RedemptionRiskMember_zGPdDSeq7dv8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zGE6Q1n66fIp" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Repurchase Agreement Risk</i> — 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.</p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--IncomeRiskMember_zCHUYNHkFW2S" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Income Risk</i> — The level of income you
receive from the fund will be affected by movements in short-term interest rates. </p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--CybersecurityRiskMember_zeQ6yCx94qX_zFy1BMMgTwbE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Cybersecurity Risk</i> — 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.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">A cybersecurity breach at an issuer of securities in which the fund invests may cause such
securities to lose value.</p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member__rr--RiskAxis__custom--RegulatoryRiskMember_zhs7bIyB53r0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><i>Regulatory Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A80_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member_zFY1GSYC1yS7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_zBB3PsVwhwr1">The fund’s past performance is not necessarily an indication of how the
fund will perform in the future. </span>Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_z5QdChzheeD1">www.firstamericanfunds.com</span> or by calling
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_z33RKJMweW9e">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_zVu2yD2P27oh">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">The performance shown in the bar chart and performance table is the performance of the
fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"> </p>
<p style="margin: 0; text-indent: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows
the performance of the Predecessor Fund’s Class X shares which was adopted by the Class X shares of the fund for periods
prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor
Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
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.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_zKKmFi0e78It" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact faf_C000233560Member row primary compact * ~</div>
0.0079
0.0175
0.0211
0.0038
0.0002
0.0157
<p id="xdx_A87_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233560Member_z7eOQX7HrxNF" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_zNCYdjXaZhhc">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_zDXwjubJIUVb">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_zhteyuOrs3hd">0.90</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_zJtN9fHFX9db">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_fKg_____zdbdXWXNWQL2">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F22_zSOmUgq2ezVQ">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233560Member_zfoXNR822cZ8">0.00</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0B_zm5KWFL8IC7w" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F10_zjuzrarlUw6X" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></p>
Best
Quarter
2022-12-31
0.0090
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0157
0.0116
0.0101
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0368
FGVXX
FAIXX
FYRXX
FFCXX
FOCXX
FOYXX
Government Obligations Fund
Investment Objective
<p id="xdx_A82_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member_zTlmIf6VH8DL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Government Obligations Fund’s objective
is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.</p>
Fees and Expenses
<p id="xdx_A83_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member_zVXj4btA0wEp" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif">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.</span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0025
0.0010
0.0045
0
0.0045
December 31, 2024
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member_zr48Xw9U9uJW" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><b>Example:</b> 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:</p>
46
144
252
567
Principal Investment Strategies
<p id="xdx_A8E_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member_ze7tzTQ7DcPK" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--CreditRiskMember_zXyb6iymsSrG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--InterestRateRiskMember_zakXLa5tAM1z" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--MarketRiskMember_zGSduefoT4nI" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--LiquidityRiskMember_zQbJv6G4Cve1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Liquidity Risk</i> — 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.</p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--RedemptionRiskMember_z2vypuJhM8Kl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zQoFZMR38QV6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Repurchase Agreement Risk</i> — 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.</p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--IncomeRiskMember_zNMWADYwy4lw" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Income Risk</i> — The level of income you
receive from the fund will be affected by movements in short-term interest rates.</p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--CybersecurityRiskMember_z79pD5EKbyBI" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><i>Cybersecurity Risk</i> —
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.</p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member__rr--RiskAxis__custom--RegulatoryRiskMember_zy5ijFiJF8K4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Regulatory Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A89_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member_zWx57KSLwMxE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zNIErLe9lnmh">The fund’s past performance is not necessarily an indication
of how the fund will perform in the future. </span>Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zDbyPEFftGDc">www.firstamericanfunds.com</span> or
by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zJmMg9dZPsA4">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zRYclfRYHTNb">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The bar chart shows the performance of the Predecessor
Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the
Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods,
the Predecessor Fund’s returns would have been lower.</p>
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
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.
<div id="xdx_A84_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zwuzgmx7DsjP" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233538Member row primary compact * ~</div>
0.0001
0.0001
0.0001
0.0001
0.0048
0.0143
0.0181
0.0025
0.0001
0.0128
<p id="xdx_A88_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233538Member_z5UNbqvo1v6N" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zxYhgyjEsm77">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_fKg_____zLANokhaELq7">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zS9TvtIswDxa">0.87</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zL7DZNN4Y3N5">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_fKg_____zkhtk6gBMQF8">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F20_zKtwns5RYTfg">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233538Member_zD5FwdXv4Wwa">0.01</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F01_zuJ1R0bmxf0L" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 7px; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F11_zKcprlC26NOw" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0087
Worst Quarter
2022-03-31
0.0001
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0152
0.0116
0.0101
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0340
Institutional Prime Obligations Fund
Investment Objective
<p id="xdx_A8F_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member_zUp9pJpHaQFG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
Fees and Expenses
<p id="xdx_A81_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member_zqFkZkyGRqTA" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0025
0.0014
0.0049
-0.0004
0.0045
December 31, 2024
<p id="xdx_A8B_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member_zvY9vbiqyr0D" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><b>Example:</b> 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:</p>
46
153
270
612
Principal Investment Strategies
<p id="xdx_A82_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member_zVuohiWsoomF" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Institutional Prime Obligations Fund invests in high-quality
short-term debt obligations, including:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">commercial paper;</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="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>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">non-convertible corporate debt securities;</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">securities issued by the U.S. government or one of its
agencies or instrumentalities;</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: left">municipal securities, including variable rate demand
notes, commercial paper, and municipal notes and other short-term municipal obligations;</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">loan participation interests; and</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">repurchase agreements.</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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 trustees to continue
to hold the security.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--CreditRiskMember_zWZYj7pIfvyv" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--MarketRiskMember_z8S4ejDCFQcm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--InterestRateRiskMember_zaDfpf1g42IJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--LiquidityRiskMember_zDDqlb4AgNs8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Liquidity Risk</i> —
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.</p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--RedemptionRiskMember_z9Nq1mzroyaD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zesLoE4v3pYa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Banking Industry Risk</i> — 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.</p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zZfcJtSEg3m1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Foreign Security Risk</i> — 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.</p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zh96mIeEYbS2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Repurchase Agreement Risk</i> — 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.</p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--IncomeRiskMember_zdhKgoCsNmmg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Income Risk</i> — The
level of income you receive from the fund will be affected by movements in short-term interest rates.</p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--RegulatoryRiskMember_zA41B3p6HNMS" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Regulatory Risk</i> — 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.</p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zuYsyTl8Mryl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Variable Rate Demand
Note (VRDN) Risk</i> — 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.</p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zGYidyPVthYJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Municipal Security Risk</i>
— 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.</p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member__rr--RiskAxis__custom--CybersecurityRiskMember_zX7p4HjNpDg_ztrJ9G0mvVij" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><i>Cybersecurity
Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A80_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member_zzAy3Enw48HO" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zt6OPMaUALd8"> The fund’s past performance is not necessarily an indication
of how the fund will perform in the future.</span> Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zxYEJkh4MXJe">www.firstamericanfunds.com</span> or
by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zePisCQwXPof">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zjfTfwuE70C9">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The performance shown in the bar chart and performance table is the performance of the
fund’s predecessor entity, Institutional Prime Obligations Fund, a series of First American
Funds, Inc. (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On
December 22, 2023 the fund acquired all of the assets, subject to the liabilities, of the
Predecessor Fund through a tax-free reorganization (the “Reorganization”). As a result of the
Reorganization, the fund adopted the performance and financial history of the Predecessor Fund.
The fund has the same investment objective, strategy, risks and investment adviser as the
Predecessor Fund. As a result, the performance of the fund would have been substantially
similar to that of the Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The bar chart shows the performance of the Predecessor
Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the
Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods,
the Predecessor Fund’s returns would have been lower.</p>
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
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.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zcIsjDc1qX4A" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074976Member column rr_ProspectusShareClassAxis compact faf_C000233542Member row primary compact * ~</div>
0.0001
0.0002
0.0002
0.0006
0.0072
0.0165
0.0197
0.0031
0.0000
0.0144
<p id="xdx_A85_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233542Member_zJwxrAt4RNSi" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zhXaUSLPRNHk">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_znwTxr9lSeBi">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zUjCOPwhdRw2">0.79</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zZcLcaPCxtQe">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_fKg_____zQH7H2AXsy0b">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F29_zQS2ot88iu08">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233542Member_zJJ1LGAArg41">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F08_zuA765OWX6Wm" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F16_zy1SFAPfMeWW" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0079
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0128
0.0095
0.0053
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0354
Retail Prime
Obligations Fund continued
Investment Objective
<p id="xdx_A8E_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member_zgvuKAqGCjjx" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Fees and Expenses
<p id="xdx_A88_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member_zePQvLBRW16_zxBZieto1pZM" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0025
0.0012
0.0047
-0.0002
0.0045
December 31, 2024
<p id="xdx_A8E_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member_zdIVHnDE8WYc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><b>Example:</b> 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:</p>
46
149
261
590
Principal Investment Strategies
<p id="xdx_A8A_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member_zPnmEWw5bfWd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Retail Prime Obligations Fund invests in high-quality
short-term debt obligations, including:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">commercial paper;</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="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>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">non-convertible corporate debt securities;</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">securities issued by the U.S. government or one of its
agencies or instrumentalities;</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: left">municipal securities, including variable rate demand
notes, commercial paper, and municipal notes and other short-term municipal obligations;</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">loan participation interests; and</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">repurchase agreements.</td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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 trustees to continue
to hold the security.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--CreditRiskMember_zdp1WtTveWPD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--MarketRiskMember_zwD9fVsYyHhC" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--InterestRateRiskMember_zZDULf4hhsgF" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--LiquidityRiskMember_z2fRsarEXx8I" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Liquidity Risk</i> —
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.</p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--RedemptionRiskMember_zZBXxV5dqTzh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zVnV0ph02YSU" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Banking Industry Risk</i> — 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.</p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zsR2klq0fnkg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Foreign Security Risk</i> — 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.</p>
<p id="xdx_A84_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zgrTjQlpzQJt" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Repurchase Agreement Risk</i> — 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.</p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--IncomeRiskMember_zQXtHSUsPmHT" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Income Risk</i> — The
level of income you receive from the fund will be affected by movements in short-term interest rates.</p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--RegulatoryRiskMember_zuTxYcHMAPvn" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Regulatory Risk</i> — 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.</p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_z2jahfChyBtx" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Variable Rate Demand
Note (VRDN) Risk</i> — 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.</p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_z8ISf4yARpMJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Municipal Security Risk</i>
— 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member__rr--RiskAxis__custom--CybersecurityRiskMember_zSYS3FRJ7CzN" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><i>Cybersecurity
Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A89_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member_z1ppoympOJef" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_zcMUBMyLdhm1">The fund’s past performance is not necessarily an indication
of how the fund will perform in the future.</span> Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_zxsi8TEVuFh2">www.firstamericanfunds.com</span> or
by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_z5VojcFA5s8a">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_zgstengYEEt6">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The bar chart shows the performance
of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</p>
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
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.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_zhRNZQfcHC68" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact faf_C000233547Member row primary compact * ~</div>
0.0076
0.0167
0.0196
0.0034
0.0001
0.0143
<p id="xdx_A86_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233547Member_zFBz2WUSxvnd" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_z3ngoct9dGzd">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_z95vDLpKV4D8">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_zZgSgfCk20n">0.86</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_zy2t6d4garA2">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_fKg_____zQQijjKIMqRl">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F29_zBLWfnP8O4Rt">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartLowestQuarterlyReturn_pid_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233547Member_zLzheX4iBcr7">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F04_zvjjfAPYHOde" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F16_zwjHqCuEUwxt" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0086
Worst Quarter
2022-03-31
0.00
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0143
0.0108
0.0097
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0355
Retail Tax Free Obligations Fund
Investment Objective
<p id="xdx_A87_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member_zQEbyxKvjHTE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Fees and Expenses
<p id="xdx_A8A_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member_zExiaZY4IBHE" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0025
0.0021
0.0056
-0.0009
0.0045
December 31, 2024
<p id="xdx_A87_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member_zUR3IiTY5v3R" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><b>Example:</b> 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:</p>
46
168
302
691
Principal Investment Strategies
<p id="xdx_A80_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member_z46r2NGu09K_zkJdN0YlJ4xr" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<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>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<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>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--CreditRiskMember_zbrvOYEqrEal" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--MarketRiskMember_zeYDC8FVctRU" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--InterestRateRiskMember_zBIIcRgb0Enh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zZIDjbAnJ0dL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk</i> — Investments in VRDNs
and TOBs involve credit risk with respect to the issuer or financial institutional providing the
fund with the credit and liquidity support for the put or tender option.</p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--TaxRiskMember_zBHiPl2NSk8_zRom7GIMpkyr" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><i>Tax Risk</i> —
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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zYGLQ3ruzoEz" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Municipal Security Risk</i>
— 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.</p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--IncomeRiskMember_zRm92HSICr7n" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Income Risk</i> — The
level of income you receive from the fund will be affected by movements in short-term interest rates.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--LiquidityRiskMember_z8JsJ1B4TtV9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Liquidity Risk</i> —
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.</p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--RedemptionRiskMember_zSopU0SiR1Gz" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--CybersecurityRiskMember_zGSeUOyXHEGR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><i>Cybersecurity
Risk</i> — 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.</p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member__rr--RiskAxis__custom--RegulatoryRiskMember_z777w8bdb1YD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Regulatory Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A85_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member_z0NDyALRraAW" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zTrySlGEkcKj">The fund’s past performance is not necessarily an indication
of how the fund will perform in the future.</span> Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zurlXx8nGrY5">www.firstamericanfunds.com</span> or
by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zFmKbm4O1vuf">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zYxxgxlYu6q4">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The bar chart shows the performance of the Predecessor
Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the
Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods,
the Predecessor Fund’s returns would have been lower.</p>
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
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.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zMWy7SMzJPix" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact faf_C000233553Member row primary compact * ~</div>
0.0000
0.0000
0.0009
0.0041
0.0098
0.0105
0.0032
0.0032
0.0001
0.0078
<p id="xdx_A89_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233553Member_zGgrRn1m3SXe" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_z7zuc58FYwj2">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zEKkQB1dukZ6">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zlB9RWD3Kibj">0.51</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zIPFtXFd5Hhi">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_fKg_____zxwc0534FvU9">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F2D_zO3pvhBjxwI8">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233553Member_zQ1LEoaXp1ok">0.00</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F04_zGxUVvcmb21k" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 7px; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F19_zPmuOiIZYlDD" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0051
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0078
0.0063
0.0036
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0208
Treasury Obligations Fund
Investment Objective
<p id="xdx_A87_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member_z2v62NB6oC9B" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Treasury Obligations Fund’s objective is to
seek maximum current income consistent with the preservation of capital and maintenance of liquidity.</p>
Fees and Expenses
<p id="xdx_A8E_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member_z6UMugdZQrJ2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0025
0.0010
0.0045
0
0.0045
December 31, 2024
<p id="xdx_A86_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member_zwSfBpTPgfJM" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><b>Example:</b> 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:</p>
46
144
252
567
Principal Investment Strategies
<p id="xdx_A85_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member_zQbpDX019dSv" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--CreditRiskMember_zbrUsRFTw02t" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--InterestRateRiskMember_zJ1lOv21M6fj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--MarketRiskMember_zuLic1J7paE8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--LiquidityRiskMember_zh6XdKGwPEk_zKOpym34FByP" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Liquidity Risk</i> — 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.</p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--RedemptionRiskMember_z11QYk0v5Crr" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zf82qwwnrCq1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Repurchase Agreement Risk</i> — 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.</p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--IncomeRiskMember_zBydjTczQdBL" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Income Risk</i> — The level of income you
receive from the fund will be affected by movements in short-term interest rates.</p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--CybersecurityRiskMember_zjsoOMXCLP7V" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><i>Cybersecurity Risk</i> —
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.</p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member__rr--RiskAxis__custom--RegulatoryRiskMember_zmQBhSShMOhW" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Regulatory Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A83_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member_z55HNUxeTpxM" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zKUS6bmY2Wgc">The fund’s past performance is not necessarily an indication
of how the fund will perform in the future.</span> Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zmA4Qlh2Y3Gi">www.firstamericanfunds.com</span> or
by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zJQyTOPOEp7k">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zVVB0BURt2P3">The bar chart shows you the variability of the fund’s
performance from year to year.</span> The table illustrates the fund’s average annual total returns over the time periods indicated.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The bar chart shows the performance
of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</p>
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
The bar chart shows you the variability of the fund’s
performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zm2TiiFbSbEI" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact faf_C000233561Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0001
0.0048
0.0144
0.0180
0.0024
0.0001
0.0133
<p id="xdx_A8B_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233561Member_z6bPr1J4D719" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zfBfJb0vf378">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zV1Erp4fQqJg">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zGrkXhzX3Ft8">0.82</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zKan3dUGNMP3">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_fKg_____zO0UNeCVrN9a">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F26_zz7GnweaQAHV">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233561Member_zWK09Gmn8vf3">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F0C_zqtZJRJ90Xo5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F16_zGvmL8UFp73W" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0082
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0133
0.0091
0.0053
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0344
U.S. Treasury Money Market Fund
Investment Objective
<p id="xdx_A89_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member_ztq8bw6xABVW" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">U.S. Treasury Money Market Fund’s objective
is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity.</p>
Fees and Expenses
<p id="xdx_A86_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member_zWa3QywoXDFv" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage
of the value of your investment)
0.0010
0
0.0025
0.0011
0.0046
-0.0001
0.0045
December 31, 2024
<p id="xdx_A88_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member_zUjZmLgyOkSQ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Example:</b> 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:</p>
46
147
257
578
Principal Investment Strategies
<p id="xdx_A89_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member_zVFNStW6NAUc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
Principal Risks
You could lose money by investing in the fund.
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member__rr--RiskAxis__custom--CreditRiskMember_zEgd0yU5zLbh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Credit Risk</i> — 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.</p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member__rr--RiskAxis__custom--InterestRateRiskMember_zxahOfET9XVF" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Interest Rate Risk</i> — 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.</p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member__rr--RiskAxis__custom--MarketRiskMember_ztmTJfmUMeMs" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Market Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member__rr--RiskAxis__custom--LiquidityRiskMember_zYSybfCJ7FgX" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Liquidity Risk</i> — 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.</p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member__rr--RiskAxis__custom--RedemptionRiskMember_zDkA90qf4Vio" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption Risk</i> — 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.</p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member__rr--RiskAxis__custom--IncomeRiskMember_zL2q487DI9tA" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Income Risk</i> — The level of income you
receive from the fund will be affected by movements in short-term interest rates.</p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member__rr--RiskAxis__custom--CybersecurityRiskMember_zBBzAJHwUFv_zFbsB06iRx5k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.05pt"><i>Cybersecurity Risk</i> —
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.</p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member__rr--RiskAxis__custom--RegulatoryRiskMember_z3G8kDZo9WMG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Regulatory Risk</i> — 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.</p>
Fund Performance
<p id="xdx_A8E_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member_z5sl5yYzsG2n" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_zDzZu2DuejCi">The fund’s past performance is not necessarily an indication
of how the fund will perform in the future.</span> Updated performance information is available online at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_zCaC514R1zR">www.firstamericanfunds.com</span> or
by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_zdtbZCsj58m5">800 677-3863</span>.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">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.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The bar chart shows the performance
of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</p>
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
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_z0hGq1669BRd" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact faf_C000233567Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0000
0.0043
0.0142
0.0175
0.0025
0.0000
0.0122
<p id="xdx_A85_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233567Member_zN0S6nEgPmhL" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_zW4mZqURK6Zj">Best Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_z8vDB2nEWDN8">December 31, 2022</span></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90A_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_zCTMEUc6Nyc5">0.79</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_zgCLnwS215ye">Worst Quarter</span>:</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarter
ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_fKg_____zwq8wtnExLv7">March
31, 2022</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup id="xdx_F26_zjoxrSy9Cjlc">*</sup></span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233567Member_zNFEFoRD7mY2">0.00</span>%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #E7E7E7">
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #E6E6E6; border-collapse: collapse">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td id="xdx_F08_zS7FsEsHcEWw" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 20px; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span id="xdx_F16_zGL05hL0bYKF" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Most recent quarter with this return during the period of the chart.</span></td></tr>
</table>
Best Quarter
2022-12-31
0.0079
Worst Quarter
2022-03-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0122
0.0092
0.0050
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0334
FGZXX
FPZXX
FZRXX
FTZXX
FUZXX
FOZXX
Government
Obligations Fund
Investment
Objective
<p id="xdx_A8E_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member_zlpQg6s60bFR" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital
and maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A88_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member_zFYey2T5I1p8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0010
0.0020
-0.0002
0.0018
December 31,
2024
<p id="xdx_A83_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member_zW6wI2C2xzuO" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
18
62
111
253
Principal
Investment Strategies
<p id="xdx_A83_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member_zNYUAwQnsL1e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--CreditRiskMember_z6bwfJLNfm3V" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--InterestRateRiskMember_zz1aM3kxudF8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--MarketRiskMember_zxH8PxMthLex" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--LiquidityRiskMember_zS2iYv9fQfIU" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--RedemptionRiskMember_z8MXTQ9FBorR" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zxvz1ERDfMXY" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--IncomeRiskMember_zveNBL0GgUx3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates. </span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--CybersecurityRiskMember_zVj8bQE3S1Hc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member__rr--RiskAxis__custom--RegulatoryRiskMember_zGD5H1xlfiSm" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A8F_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member_zi3x1msDMPxc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_ztw7wMn6UpV3">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_zeDi01FTVsK6">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_ze5n2guVEvKb">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_z7YtyuxCgHk4">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Government Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
<p style="display: none; margin-top: 0pt; margin-bottom: 0pt; visibility: hidden"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; visibility: hidden"></span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_zpflNhpmfKPP" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074975Member column rr_ProspectusShareClassAxis compact faf_C000233539Member row primary compact * ~</div>
0.0001
0.0001
0.0001
0.0023
0.0075
0.0170
0.0208
0.0037
0.0002
0.0148
<p id="xdx_A81_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233539Member_zebrDNr6WG3q" style="margin: 0"></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_zDxdpQyX6ul2">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_z3kiw9254Zf6">December 31, 2022</span> </span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_zMnFFJ1fVINf">0.86</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_zgfvYEJs28p4">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_fKg_____z8BTf8u0pkcg">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F24_zMhaabp9MUEI">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074975Member__rr--ProspectusShareClassAxis__custom--C000233539Member_zr10wIVYtDC8">0.00</span>%</span></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0D_zGiODIlT5Pqt" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F11_zAhRY2p6GSKP" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best
Quarter
2022-12-31
0.0086
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0148
0.0113
0.0066
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0361
Institutional
Prime Obligations Fund
Investment
Objective
<p id="xdx_A86_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member_zgDBTTQl23u0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A82_err--ExpenseNarrativeTextBlock_hdei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zCM3yQOgibSv" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
Shareholder
Fees
(fees paid directly from your
investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0014
0.0024
-0.0004
0.0020
December 31, 2024
<p id="xdx_A8A_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member_z0TjGn8UjYOI" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
20
73
131
302
Principal
Investment Strategies
<p id="xdx_A8E_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member_zkAyCWNJXxGc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional
Prime Obligations Fund invests in high-quality short-term debt obligations, including:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">commercial
paper;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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);</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">non-convertible
corporate debt securities;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securities
issued by the U.S. government or one of its agencies or instrumentalities;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">municipal
securities, including variable rate demand notes, commercial paper, and municipal notes
and other short-term municipal obligations;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loan
participation interests; and</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase
agreements.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 trustees to continue to hold the security.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--CreditRiskMember_zBVOzlJswthu" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--MarketRiskMember_z451f4dM5U0t" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--InterestRateRiskMember_z64o8Ua6doKK" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--LiquidityRiskMember_ze91IdPhcw1e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--RedemptionRiskMember_zIXS5T01iS8H" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zg82hItaUBjr" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Banking
Industry Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zMCLZMMATovK" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
Security Risk</i> — 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.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zrRHUQwOt6oc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--IncomeRiskMember_zdgqKB6CsbMa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A83_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--RegulatoryRiskMember_z8jz4f9v8ru5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zqhFo8nMThRB" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable
Rate Demand Note (VRDN) Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_z4EbTGPiGwHx" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member__rr--RiskAxis__custom--CybersecurityRiskMember_zDQzpw0gJwwP" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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. </span></p>
Fund
Performance
<p id="xdx_A85_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member_zd6nu4x5rnZ_zUMhAUH0Cdjt" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zktPQzZLSA4b">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zGrHvqoKaTV1">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zhf7b5TNmdTa">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zWU84FYpEEUc">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the
fund’s predecessor entity, Institutional Prime Obligations Fund, a series of First American
Funds, Inc. (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On
December 22, 2023 the fund acquired all of the assets, subject to the liabilities, of the
Predecessor Fund through a tax-free reorganization (the “Reorganization”). As a result of the
Reorganization, the fund adopted the performance and financial history of the Predecessor Fund.
The fund has the same investment objective, strategy, risks and investment adviser as the
Predecessor Fund. As a result, the performance of the fund would have been substantially
similar to that of the Predecessor Fund.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
bar chart shows the performance of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the
fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed
certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zXea1qjKa9gY" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074976Member column rr_ProspectusShareClassAxis compact faf_C000233541Member row primary compact * ~</div>
0.0001
0.0002
0.0004
0.0029
0.0098
0.0197
0.0228
0.0050
0.0005
0.0164
<p id="xdx_A83_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233541Member_zS3pywCd7E4p" style="margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zXI7LYJTwvR1">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zWgOZRDnr1j9">December 31, 2022</span> </span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zB52mQuG0zte">0.94</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_ze9BA4wWyiUg">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_fKg_____zjqy2MtjZESb">December
31, 2020</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F2A_zPUo1s2wGQzf">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074976Member__rr--ProspectusShareClassAxis__custom--C000233541Member_zONXu5nxJ9fb">0.00</span>%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0C_zOKwCxodxNgd" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F1C_zylyDZG5A2HZ" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best
Quarter
2022-12-31
0.0094
Worst Quarter
2020-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0164
0.0128
0.0077
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0373
Retail
Prime Obligations Fund
Investment
Objective
<p id="xdx_A85_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member_z90UU0yQxxlS" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A8B_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member_z4Ey76ipJCLI" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees
(fees paid directly from your
investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0012
0.0022
-0.0002
0.0020
December 31, 2024
<p id="xdx_A8A_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member_zR5xfAdCsUFB" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
20
69
122
278
Principal
Investment Strategies
<p id="xdx_A84_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member_zWW4LzbiQnu1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retail
Prime Obligations Fund invests in high-quality short-term debt obligations, including:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">commercial
paper;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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);</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">non-convertible
corporate debt securities;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securities
issued by the U.S. government or one of its agencies or instrumentalities;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">municipal
securities, including variable rate demand notes, commercial paper, and municipal notes
and other short-term municipal obligations;</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loan
participation interests; and</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase
agreements.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 trustees to continue to hold the security.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--CreditRiskMember_zx3zFxZpB7TB" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--MarketRiskMember_zfVr8WOXDd6G" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--InterestRateRiskMember_zMw4ricbx0H3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--LiquidityRiskMember_z6zPojI2zwf7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--RedemptionRiskMember_zWpTdex3d4CK" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--BankingIndustryRiskMember_zZwbpC77gS0o" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Banking
Industry Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--ForeignSecurityRiskMember_zXC4jLP8GtGm" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Foreign
Security Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_z4AiBwj0Vk7f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--IncomeRiskMember_zpz8wqhVnMzJ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--RegulatoryRiskMember_zQd5kW8UpwsY" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zRZu3LHgcuBc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable
Rate Demand Note (VRDN) Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zGZoVqCh7vaq" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member__rr--RiskAxis__custom--CybersecurityRiskMember_zaI2DIPS82Kp" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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. </span></p>
Fund
Performance
<p id="xdx_A83_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member_zz9hQHMaWXdJ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_z9A6XLoe1gc6">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_z6SWAdSbDuq2">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_zrJBKCB3pT61">800 677-3863</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_zN3SFwMiK2zk">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_zMcZ2qMbFIPj" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074977Member column rr_ProspectusShareClassAxis compact faf_C000233546Member row primary compact * ~</div>
0.0101
0.0193
0.0222
0.0049
0.01
0.0163
<p id="xdx_A88_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233546Member_z4TZWlVQqn0P" style="margin: 0"></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_zRIlBt8MWE45">Best
Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_zQOIe9Yqmnl3">December 31, 2022</span> </span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_zVZLXzRrxCF2">0.92</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_z6fOhd44Lng3">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_fKg_____zSfjw71jcFoa">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F26_zFoCiumuUfjY">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074977Member__rr--ProspectusShareClassAxis__custom--C000233546Member_ztWr10KN1yde">0.00</span>%</span></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F04_z2Qc8Kj8tNwA" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F14_zY2wPGCiHhg8" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best
Quarter
2022-12-31
0.0092
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0163
0.0125
0.0116
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0374
Retail
Tax Free Obligations Fund
Investment
Objective
<p id="xdx_A86_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member_zuR7q9PqfAF_zFwB2wMNb2Rs" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Fees
and Expenses
<p id="xdx_A88_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member_zFvaBCLrgEbX" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0022
0.0032
-0.0012
0.0020
December 31, 2024
<p id="xdx_A89_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member_zq3pYYZqxYHt" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
20
91
168
394
Principal
Investment Strategies
<p id="xdx_A86_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member_zsX4ng02Vacf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">general
obligation bonds, which are backed by the full faith, credit, and taxing power of the
issuer; and</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">revenue
bonds, which are payable only from the revenues generated by a specific project or from
another specific revenue source.</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--CreditRiskMember_ztjNv74xFcnl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A81_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--MarketRiskMember_zVyAGfd4URgC" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--InterestRateRiskMember_zTLJPqewSAiA" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--VariableRateDemandNoteVRDNRiskMember_zGSprRZcrdXy" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk</i> — Investments in VRDNs
and TOBs involve credit risk with respect to the issuer or financial institutional providing the
fund with the credit and liquidity support for the put or tender option.</span></p>
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--TaxRiskMember_zzNq6iSy3XcX" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Tax
Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--MunicipalSecurityRiskMember_zwo4rMKg9NQK" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Municipal
Security Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--IncomeRiskMember_zU91fQD1bfqD" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--LiquidityRiskMember_zz7xKxVGcSze" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--RedemptionRiskMember_zIx38XG2ZqMk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A87_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--CybersecurityRiskMember_z1eVq6IBtJud" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A8D_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member__rr--RiskAxis__custom--RegulatoryRiskMember_zkTNbhuV9ORe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A88_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member_zJjwYMpKQgpC" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zz8X8poNiVU2">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zA0dzjJNEvEj">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zsF2bYhXkUc7">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_z5bozPPzE5C5">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zoASBrgbKJxl" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074978Member column rr_ProspectusShareClassAxis compact faf_C000233554Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0026
0.0066
0.0124
0.0130
0.0044
0.0001
0.0098
<p id="xdx_A88_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233554Member_zMKbwaXVzJZE" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zzfLvzTgfxxf">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zHAaDiFWMD89">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zDJCqdIFkZk2">0.58</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zMnm8Efx28se">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_fKg_____zzmr5R328WH1">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F26_z159PhTUZc2e">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074978Member__rr--ProspectusShareClassAxis__custom--C000233554Member_zHVgQSrmpQM">0.00</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0A_zaYFWIMGoIT0" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F17_zaXuKJlI911q" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0058
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0098
0.0079
0.0049
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0227
Treasury
Obligations Fund
Investment
Objective
<p id="xdx_A81_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member_zccqsve1bwws" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance
of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A8F_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member_z803reinY0Eu" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0010
0.0020
-0.0002
0.0018
December 31, 2024
<p id="xdx_A8A_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member_zNm1H2rTzh8r" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
18
62
111
253
Principal
Investment Strategies
<p id="xdx_A87_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member_zCY8OlrQp3Dh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8A_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--CreditRiskMember_z3xF9MEML3qc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A89_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--InterestRateRiskMember_z5deXw0gpnmg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A8C_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--MarketRiskMember_zjyj8PC7ydrR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--LiquidityRiskMember_zx5RFgBKJlN0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--RedemptionRiskMember_z6VyGKGQcnPJ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A86_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--RepurchaseAgreementRiskMember_zpTuOakiDISh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Repurchase
Agreement Risk</i> — 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.</span></p>
<p id="xdx_A85_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--IncomeRiskMember_zpfit8orjn3z" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--CybersecurityRiskMember_zfM3SlaEcwf9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member__rr--RiskAxis__custom--RegulatoryRiskMember_zrZDva01tXWc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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.</span></p>
Fund
Performance
<p id="xdx_A8E_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member_zgeMNXlNGALF" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zncVqtgBKXXh">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zm1yWt4yqhs7">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zZNBbCaujhOh">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zFgPLVZf0fQ4">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_ztYh8ufVoFKH" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074979Member column rr_ProspectusShareClassAxis compact faf_C000233563Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0020
0.0075
0.0171
0.0207
0.0035
0.0002
0.0154
<p id="xdx_A8D_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233563Member_zhHRwYFy299q" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zOjuLKl2ynT2">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zS6bVLdegz7h">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zbaHnrLtL201">0.89</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zNAROSRu0Eq">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_fKg_____z7jJfFHFqli8">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F26_zwt85TmgSPKX">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074979Member__rr--ProspectusShareClassAxis__custom--C000233563Member_zA35QWaCZ2Dg">0.00</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F03_zeClhXx4WdOh" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F11_z4oVWfU6RUcg" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0089
Worst Quarter
2021-12-31
0.0000
AVERAGE
ANNUAL TOTAL RETURNS
AS OF 12/31/22
0.0154
0.0113
0.0066
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0365
U.S.
Treasury Money Market Fund
Investment
Objective
<p id="xdx_A8F_err--ObjectivePrimaryTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member_zfM93CnASxXi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and
maintenance of liquidity.</span></p>
Fees
and Expenses
<p id="xdx_A82_err--ExpenseNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member_zBdezXQLv9e9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
Shareholder
Fees
(fees paid directly from your investment)
0
0
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0010
0
0.0011
0.0021
-0.0001
0.0020
December 31, 2024
<p id="xdx_A8F_err--ExpenseExampleNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member_z8pBHYc4DqOi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Example:
</b>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:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p>
20
67
117
267
Principal
Investment Strategies
<p id="xdx_A80_err--StrategyNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member_znLT9le1yQ5u" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
Principal
Risks
You
could lose money by investing in the fund.
<p id="xdx_A8E_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member__rr--RiskAxis__custom--CreditRiskMember_zH18TMt7c9sz" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Credit
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member__rr--RiskAxis__custom--InterestRateRiskMember_zh66AoWvpeNt" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Interest
Rate Risk</i> — 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.</span></p>
<p id="xdx_A82_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member__rr--RiskAxis__custom--MarketRiskMember_zZ1mFMGUJ1Pc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Risk</i> — Market volatility, dramatic changes to interest rates, and otherwise unfavorable
economic conditions resulting from major cybersecurity events, geopolitical events (including
wars, such as Russia’s invasion of Ukraine, tensions in the Middle East, terror attacks, and
disruptions to foreign economic and trade relationships), public health emergencies, among
other events, may negatively impact the fund’s performance or impair the fund’s ability to
achieve its investment objective.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member__rr--RiskAxis__custom--LiquidityRiskMember_zv70tDVx9Dg2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Liquidity
Risk</i> — 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.</span></p>
<p id="xdx_A8F_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member__rr--RiskAxis__custom--RedemptionRiskMember_zSSoltd8MVaG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Redemption
Risk</i> — 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.</span></p>
<p id="xdx_A88_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member__rr--RiskAxis__custom--IncomeRiskMember_zCU59wdkP9qG" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Income
Risk</i> — The level of income you receive from the fund will be affected by movements in short-term interest rates.</span></p>
<p id="xdx_A8B_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member__rr--RiskAxis__custom--CybersecurityRiskMember_zaL9K9QbufpV" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Cybersecurity
Risk</i> — 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.</span></p>
<p id="xdx_A80_err--RiskTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member__rr--RiskAxis__custom--RegulatoryRiskMember_znSdzwSz0J2Z" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Regulatory
Risk</i> — 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. </span></p>
Fund
Performance
<p id="xdx_A84_err--PerformanceNarrativeTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member_z9mDtaJCjXHI" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_z2H8ABVVLyl2">The fund’s past performance
is not necessarily an indication of how the fund will perform in the future.</span> Updated performance information is available online
at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--PerformanceAvailabilityWebSiteAddress_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_z8d8iyPbKTy8">www.firstamericanfunds.com</span> or by calling <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PerformanceAvailabilityPhone_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_zJwpMVZjzuj6">800 677-3863</span>.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceInformationIllustratesVariabilityOfReturns_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_zzmt8o5DS9m9">The
bar chart shows you the variability of the fund’s performance from year to year.</span> The table illustrates the fund’s
average annual total returns over the time periods indicated.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The performance shown in the bar chart and performance table is the performance of the fund’s
predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc. (the
“Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22,
2023 the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund
through a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the
fund adopted the performance and financial history of the Predecessor Fund. The fund has the
same investment objective, strategy, risks and investment adviser as the Predecessor Fund.
As a result, the performance of the fund would have been substantially similar to that of the
Predecessor Fund.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart shows the performance
of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization.
If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these
periods, the Predecessor Fund’s returns would have been lower.</span></p>
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
The
bar chart shows you the variability of the fund’s performance from year to year.
<div id="xdx_A8A_err--BarChartTableTextBlock_hdei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_zPk32onT1zCW" style="display: none">~ http://firstamericanfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact faf_S000074980Member column rr_ProspectusShareClassAxis compact faf_C000233568Member row primary compact * ~</div>
0.0000
0.0000
0.0000
0.0013
0.0068
0.0167
0.0200
0.0035
0.0001
0.0141
<p id="xdx_A8D_err--BarChartClosingTextBlock_hrr--ProspectusShareClassAxis__custom--C000233568Member_z1QZ3EKykv84" style="margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt; width: 15%"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--HighestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_z0wyQ37X7tYc">Best Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_zrqE8SaQWiB3">December 31, 2022</span></span></td>
<td style="padding: 2pt 3pt 6pt; width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--BarChartHighestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_zexvJfx6fTFh">0.85</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(231,231,231)">
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--LowestQuarterlyReturnLabel_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_zzcb9mZevv1g">Worst Quarter</span>:</span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarter ended <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartLowestQuarterlyReturnDate_dd_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_fKg_____zbauouLsjxlj">December
31, 2021</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><sup id="xdx_F22_zYC5nJm4EHJf">*</sup></span></td>
<td style="padding: 2pt 3pt 6pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90D_err--BarChartLowestQuarterlyReturn_pid_dp_uRatio_c20231222__20231222__dei--LegalEntityAxis__custom--S000074980Member__rr--ProspectusShareClassAxis__custom--C000233568Member_zZSVzoTADO95">0.00</span>%</span></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; background-color: #e6e6e6; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0B_zC7HtD9hAK2P" style="text-align: right; width: 15pt">*</td>
<td style="width: 5pt"> </td>
<td id="xdx_F1B_zY4Ydu5UOk2_zGptxTwvQK7n" style="text-align: justify">Most recent quarter with this return during the period of the chart.</td></tr>
</table>
Best Quarter
2022-12-31
0.0085
Worst Quarter
2021-12-31
0.0000
0.0141
0.0108
0.0062
Total
return for the period 1/1/2023 through 9/30/2023
2023-09-30
0.0353