Fortuna City Council
November 7, 2022

2021 Annual Report
August 31, 2021
Money
Market
Funds
Government Obligations Fund
Institutional Prime Obligations Fund
Retail Prime Obligations Fund
Retail Tax Free Obligations Fund
Treasury Obligations Fund
U.S. Treasury Money Market Fund

TABLE OF CONTENTS
Message to Shareholders 1
Explanation of Financial Statements 2
Holdings Summaries 4
Expense Examples 6
Report of Independent Registered
Public Accounting Firm 10
Schedule of Investments 12
Statements of Assets and Liabilities 42
Statements of Operations 45
Statements of Changes in Net Assets 46
Financial Highlights 50
Notes to Financial Statements 66
Notice to Shareholders 78
For Government Obligations, Treasury Obligations and U.S. Treasury Money Market – You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

For Retail Prime Obligations and Retail Tax Free Obligations – You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

For Institutional Prime Obligations – You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Message to Shareholders
Dear Shareholders:

We invite you to take a few minutes to review the results of the fiscal year ended August 31, 2021.

This report includes a complete listing of portfolio holdings and additional fund information. We hope you will find this helpful in monitoring your investment portfolio.

Also, through our website, FirstAmericanFunds.com, we provide performance fact sheets on all First American Funds and other information about fund investments and portfolio strategies.

Please contact your financial professional if you have questions about First American Funds or contact First American Investor Services at 800.677.3863.

We appreciate your investment with First American Funds and look forward to serving your financial needs in the future.

Sincerely,
Mark E. Gaumond Eric J. Thole
Chair of the Board President
First American Funds, Inc. First American Funds, Inc.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 1
Explanation of Financial Statements
As a shareholder in First American Funds you receive shareholder reports semiannually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So we would like to take this opportunity to explain several sections of the shareholder report.

The Schedule of Investments details all of the securities held in the fund and their related dollar values on the last day of the reporting period. Securities are presented by type (certificates of deposit, government agency debt, etc.) and, for Retail Tax Free Obligations Fund, by state. This information is useful for analyzing how your fund’s assets are invested and seeing where your portfolio manager believes the best opportunities exist to meet your objectives. Holdings are subject to change without notice and do not constitute a recommendation of any individual security. The Notes to the Financial Statements provide additional details on how the securities are valued.

The Statement of Assets and Liabilities lists the assets and liabilities of the fund and presents the fund’s net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. The investments as presented in the Schedule of Investments comprise substantially all of the fund’s assets. Other assets include cash and receivables for items such as income earned by the fund but not yet received. Liabilities include payables for items such as fund expenses incurred but not yet paid.

The Statement of Operations details interest income earned from securities as well as the expenses incurred by the fund during the reporting period. Fund expenses may be reduced through fee waivers or reimbursements. This statement reflects total expenses before any waivers or reimbursements, the amount of waivers and reimbursements (if any), and the net expenses. This statement also shows the net realized and unrealized gains and losses from investments owned during the period. The Notes to Financial Statements provide additional details on investment income and expenses of the fund.

The Statement of Changes in Net Assets describes how the fund’s net assets were affected by its operating results, distributions to shareholders, and shareholder transactions during the reporting period. This statement is important to investors because it shows exactly what caused the fund’s net asset size to change during the period.

The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, and net investment income ratios. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period. 2 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The Notes to Financial Statements disclose the organizational background of the fund, its significant accounting policies, federal tax information, fees and compensation paid to affiliates, and significant risks and contingencies.

We hope this guide to your shareholder report will help you get the most out of this important resource. You can visit First American Funds’ website for other useful information on each of our funds, including fund prices, performance, fund manager bios, dividend information, and downloadable fact sheets. For more information, call First American Investor Services at 800.677.3863 or visit FirstAmericanFunds.com.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 3
Holdings Summaries (unaudited)
Government Obligations Fund
Portfolio Allocation as of August 31, 20211 (% of net assets) U.S. Treasury Repurchase Agreements 55.1%
U.S. Treasury Debt 20.4
U.S. Government Agency Debt 18.5
U.S. Government Agency Repurchase Agreements 5.2
Investment Companies 0.9
Other Assets and Liabilities, Net2 (0.1)
100.0%
Institutional Prime Obligations Fund
Portfolio Allocation as of August 31, 20211 (% of net assets) Financial Company Commercial Paper 25.8%
U.S. Treasury Repurchase Agreements 25.7
Other Repurchase Agreements 15.0
Asset Backed Commercial Paper 14.5
Non-Negotiable Time Deposits 7.0
Certificates of Deposit 6.3
Non-Financial Company Commercial Paper 3.9
Variable Rate Demand Notes 1.1
Other Instruments 0.7
100.0%
Retail Prime Obligations Fund
Portfolio Allocation as of August 31, 20211 (% of net assets) Financial Company Commercial Paper 30.0%
U.S. Treasury Repurchase Agreements 20.7
Other Repurchase Agreements 19.8
Asset Backed Commercial Paper 13.6
Non-Financial Company Commercial Paper 5.7
Certificates of Deposit 4.8
Variable Rate Demand Notes 2.6
Non-Negotiable Time Deposit 2.1
Other Instrument 0.7
100.0%
Retail Tax Free Obligations Fund
Portfolio Allocation as of August 31, 20211,3 (% of net assets) Variable Rate Demand Notes 74.2%
Non-Financial Company Commercial Paper 18.4
Other Municipal Securities 4.6
Other Assets and Liabilities, Net2 2.8
100.0%
4 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Treasury Obligations Fund
Portfolio Allocation as of August 31, 20211 (% of net assets) U.S. Treasury Repurchase Agreements 58.2%
U.S. Treasury Debt 41.8
100.0%
U.S. Treasury Money Market Fund
Portfolio Allocation as of August 31, 20211 (% of net assets) U.S. Treasury Debt 101.2%
Other Assets and Liabilities, Net2 (1.2)
100.0%
1 Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security. 2 Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.
3 See note 5 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 5
Expense Example
As a shareholder of one or more of the funds you incur ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021.

Actual Expenses
For each class of each fund, two lines are presented in the table below – the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes
For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare these hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the tables for each class of each fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. 6 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Expense Examples (unaudited)
Government Obligations Fund
Expenses Paid During
Beginning Account Ending Account Period1 (3/1/2021
Value (3/1/2021) Value (8/31/2021) to 8/31/2021)
Class A Actual2 $1,000.00 $1,000.03 $0.25
Class A Hypothetical (5% return before expenses) $1,000.00 $1,024.95 $0.26 Class D Actual2 $1,000.00 $1,000.03 $0.25
Class D Hypothetical (5% return before expenses) $1,000.00 $1,024.95 $0.26 Class P Actual2 $1,000.00 $1,000.14 $0.15
Class P Hypothetical (5% return before expenses) $1,000.00 $1,025.05 $0.15 Class T Actual2 $1,000.00 $1,000.03 $0.25
Class T Hypothetical (5% return before expenses) $1,000.00 $1,024.95 $0.26 Class U Actual2 $1,000.00 $1,000.15 $0.15
Class U Hypothetical (5% return before expenses) $1,000.00 $1,025.05 $0.15 Class V Actual2 $1,000.00 $1,000.03 $0.25
Class V Hypothetical (5% return before expenses) $1,000.00 $1,024.95 $0.26 Class X Actual2 $1,000.00 $1,000.15 $0.15
Class X Hypothetical (5% return before expenses) $1,000.00 $1,025.05 $0.15 Class Y Actual2 $1,000.00 $1,000.03 $0.25
Class Y Hypothetical (5% return before expenses) $1,000.00 $1,024.95 $0.26 Class Z Actual2 $1,000.00 $1,000.12 $0.20
Class Z Hypothetical (5% return before expenses) $1,000.00 $1,025.00 $0.20 1 Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.05%, 0.05%, 0.03%,

0.05%, 0.03%, 0.05%, 0.03%, 0.05%, and 0.04% for Class A, Class D, Class P, Class T, Class U, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).
2 Based on the actual returns for the six-month period ended August 31, 2021 of 0.00%, 0.00%, 0.01%, 0.00%,

0.02%, 0.00%, 0.01%, 0.00%, and 0.01% for Class A, Class D, Class P, Class T, Class U, Class V, Class X, Class Y, and Class Z, respectively.

Institutional Prime Obligations Fund
Expenses Paid During
Beginning Account Ending Account Period3 (3/1/2021
Value (3/1/2021) Value (8/31/2021) to 8/31/2021)
Class T Actual4 $1,000.00 $ 999.93 $0.66
Class T Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 Class V Actual4 $1,000.00 $1,000.03 $0.66
Class V Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 Class Y Actual4 $1,000.00 $1,000.03 $0.66
Class Y Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 Class Z Actual4 $1,000.00 $1,000.23 $0.45
Class Z Hypothetical (5% return before expenses) $1,000.00 $1,024.75 $0.46 3 Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.13%, 0.13%, 0.13%, and 0.09% for Class T, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period). 4 Based on the actual returns for the six-month period ended August 31, 2021 of -0.01%, 0.00%, 0.00%, and 0.02% for Class T, Class V, Class Y, and Class Z, respectively.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 7
Retail Prime Obligations Fund
Expenses Paid During
Beginning Account Ending Account Period1 (3/1/2021
Value (3/1/2021) Value (8/31/2021) to 8/31/2021)
Class A Actual2 $1,000.00 $1,000.03 $0.76
Class A Hypothetical (5% return before expenses) $1,000.00 $1,024.45 $0.77 Class T Actual2 $1,000.00 $1,000.03 $0.76
Class T Hypothetical (5% return before expenses) $1,000.00 $1,024.45 $0.77 Class V Actual2 $1,000.00 $1,000.03 $0.76
Class V Hypothetical (5% return before expenses) $1,000.00 $1,024.45 $0.77 Class X Actual2 $1,000.00 $1,000.09 $0.71
Class X Hypothetical (5% return before expenses) $1,000.00 $1,024.50 $0.71 Class Y Actual2 $1,000.00 $1,000.03 $0.76
Class Y Hypothetical (5% return before expenses) $1,000.00 $1,024.45 $0.77 Class Z Actual2 $1,000.00 $1,000.03 $0.76
Class Z Hypothetical (5% return before expenses) $1,000.00 $1,024.45 $0.77 1 Expenses are equal to the fund’s annualized expense ratio the most recent six-month period of 0.15%, 0.15%, 0.15%,

0.14%, 0.15%, and 0.15% for Class A, Class T, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period). 2 Based on the actual returns for the six-month period ended August 31, 2021 of 0.00%, 0.00%, 0.00%, 0.01%, 0.00%, and

0.00% for Class A, Class T, Class V, Class X, Class Y, and Class Z, respectively.

Retail Tax Free Obligations Fund
Expenses Paid During
Beginning Account Ending Account Period3 (3/1/2021
Value (3/1/2021) Value (8/31/2021) to 8/31/2021)
Class A Actual4 $1,000.00 $1,000.03 $0.45
Class A Hypothetical (5% return before expenses) $1,000.00 $1,024.75 $0.46 Class T Actual4 $1,000.00 $1,000.03 $0.45
Class T Hypothetical (5% return before expenses) $1,000.00 $1,024.75 $0.46 Class V Actual4 $1,000.00 $1,000.03 $0.35
Class V Hypothetical (5% return before expenses) $1,000.00 $1,024.85 $0.36 Class Y Actual4 $1,000.00 $1,000.03 $0.40
Class Y Hypothetical (5% return before expenses) $1,000.00 $1,024.80 $0.41 Class Z Actual4 $1,000.00 $1,000.03 $0.45
Class Z Hypothetical (5% return before expenses) $1,000.00 $1,024.75 $0.46 3 Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.09%, 0.09%, 0.07%,

0.08%, and 0.09% for Class A, Class T, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period). 4 Based on the actual returns for the six-month period ended August 31, 2021 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class T, Class V, Class Y, and Class Z, respectively. 8 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Expense Examples (unaudited)
Treasury Obligations Fund
Expenses Paid During
Beginning Account Ending Account Period1 (3/1/2021
Value (3/1/2021) Value (8/31/2021) to 8/31/2021)
Class A Actual2 $1,000.00 $1,000.03 $0.30
Class A Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class D Actual2 $1,000.00 $1,000.03 $0.30
Class D Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class P Actual2 $1,000.00 $1,000.09 $0.20
Class P Hypothetical (5% return before expenses) $1,000.00 $1,025.00 $0.20 Class T Actual2 $1,000.00 $1,000.03 $0.30
Class T Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class V Actual2 $1,000.00 $1,000.03 $0.30
Class V Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class X Actual2 $1,000.00 $1,000.10 $0.20
Class X Hypothetical (5% return before expenses) $1,000.00 $1,025.00 $0.20 Class Y Actual2 $1,000.00 $1,000.03 $0.30
Class Y Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class Z Actual2 $1,000.00 $1,000.07 $0.25
Class Z Hypothetical (5% return before expenses) $1,000.00 $1,024.95 $0.26 1 Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.06%, 0.06%,

0.04%, 0.06%, 0.06%, 0.04%, 0.06%, and 0.05% for Class A, Class D, Class P, Class T, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).
2 Based on the actual returns for the six-month period ended August 31, 2021 of 0.00%, 0.00%, 0.01%, 0.00%, 0.00%,

0.01%, 0.00%, and 0.01% for Class A, Class D, Class P, Class T, Class V, Class X, Class Y, and Class Z, respectively.

U.S. Treasury Money Market Fund
Expenses Paid During
Beginning Account Ending Account Period3 (3/1/2021
Value (3/1/2021) Value (8/31/2021) to 8/31/2021)
Class A Actual4 $1,000.00 $1,000.00 $0.30
Class A Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class D Actual4 $1,000.00 $1,000.00 $0.30
Class D Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class T Actual4 $1,000.00 $1,000.00 $0.30
Class T Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class V Actual4 $1,000.00 $1,000.00 $0.30
Class V Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class Y Actual4 $1,000.00 $1,000.00 $0.30
Class Y Hypothetical (5% return before expenses) $1,000.00 $1,024.90 $0.31 Class Z Actual4 $1,000.00 $1,000.02 $0.25
Class Z Hypothetical (5% return before expenses) $1,000.00 $1,024.95 $0.26 3 Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.06%, 0.06%, 0.06%,

0.06%, 0.06%, and 0.05% for Class A, Class D, Class T, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period). 4 Based on the actual returns for the six-month period ended August 31, 2021 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and

0.00% for Class A, Class D, Class T, Class V, Class Y, and Class Z, respectively.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 9
Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of First American Funds, Inc.

Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of First American Funds, Inc. (referred to as the “Company”), comprising the Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, (collectively referred to as the “Funds”), including the schedules of investments, as of August 31, 2021, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising the First American Funds, Inc. at August 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion
These financial statements are the responsibility of the Company’s management.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021, by 10 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Minneapolis, MN
October 26, 2021
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 11
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Government Obligations Fund
DESCRIPTION PAR VALUE ✇
U.S. Treasury Debt – 20.4%
U. S. Treasury Bills

0.024%, 09/09/2021 ⊙ $ 200,000 $ 199,999

0.051%, 09/16/2021 ⊙ 1,780,000 1,779,962

0.037%, 09/23/2021 ⊙ 1,585,000 1,584,965

0.043%, 09/30/2021 ⊙ 2,630,000 2,629,911

0.043%, 10/07/2021 ⊙ 1,650,000 1,649,931

0.043%, 10/21/2021 ⊙ 275,000 274,984

0.108%, 12/02/2021 ⊙ 450,000 449,877

0.039%, 12/09/2021 ⊙ 500,000 499,947

0.042%, 12/16/2021 ⊙ 2,250,000 2,249,729

0.061%, 12/23/2021 ⊙ 185,000 184,965

0.104%, 12/30/2021 ⊙ 200,000 199,932

0.052%, 01/06/2022 ⊙ 450,000 449,919

0.053%, 01/13/2022 ⊙ 700,000 699,864

0.055%, 01/27/2022 ⊙ 1,065,000 1,064,764

0.053%, 02/10/2022 ⊙ 300,000 299,929
U. S. Treasury Notes

2.750%, 09/15/2021 110,000 110,110

1.500%, 09/30/2021 100,000 100,108

2.125%, 09/30/2021 150,000 150,237

2.875%, 10/15/2021 75,000 75,247

0.345% (3 Month
U.S. Treasury Money
Market Yield + 0.300%),
10/31/2021 △ 175,000 175,022

1.500%, 11/30/2021 370,000 371,253

1.750%, 11/30/2021 50,000 50,199

1.875%, 11/30/2021 250,000 251,092

1.625%, 12/31/2021 775,000 778,977

2.000%, 12/31/2021 375,000 377,339

1.875%, 01/31/2022 100,000 100,740

1.750%, 02/28/2022 150,000 151,263

0.125%, 08/31/2022 110,000 110,048

0.100% (3 Month
U.S. Treasury Money
Market Yield + 0.055%),
10/31/2022 △ 150,000 149,995

0.094% (3 Month
U.S. Treasury Money
Market Yield + 0.049%),
01/31/2023 △ 425,000 425,099

0.079% (3 Month
U.S. Treasury Money
Market Yield + 0.034%),
04/30/2023 △ 450,000 450,025

0.074% (3 Month
U.S. Treasury Money
Market Yield + 0.029%),
07/31/2023 △ 240,000 240,009
Total U.S. Treasury Debt
(Cost $18,285,441) 18,285,441
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
U.S. Government
Agency Debt – 18.5%
Federal Farm Credit Bank

0.122%, 09/02/2021 ⊙ $ 12,000 $ 12,000

0.122%, 09/03/2021 ⊙ 10,000 10,000

0.095% (1 Month
LIBOR USD + 0.000%),
09/10/2021 △ 145,500 145,500

0.125% (SOFR + 0.075%),
09/13/2021 △ 20,000 20,000

0.187% (1 Month
LIBOR USD + 0.090%),
09/13/2021 △ 23,000 23,000

0.122%, 10/01/2021 ⊙ 6,000 5,999

0.250% (1 Month
LIBOR USD + 0.160%),
10/04/2021 △ 115,000 115,000

0.226% (1 Month
LIBOR USD + 0.130%),
10/08/2021 △ 100,000 100,000

0.122%, 10/12/2021 ⊙ 120,000 119,984

0.122%, 10/13/2021 ⊙ 30,000 29,996

0.105% (SOFR + 0.055%),
10/15/2021 △ 50,000 50,003

0.240% (SOFR + 0.190%),
10/15/2021 △ 50,000 50,000

0.088% (1 Month
LIBOR USD + 0.000%),
10/18/2021 △ 50,000 50,001

0.208% (1 Month
LIBOR USD + 0.120%),
10/18/2021 △ 96,500 96,500

0.098% (1 Month
LIBOR USD + 0.010%),
10/20/2021 △ 100,000 100,000

0.112%, 10/21/2021 ⊙ 30,000 29,995

0.188% (1 Month
LIBOR USD + 0.100%),
10/22/2021 △ 17,000 17,002

0.112%, 10/25/2021 ⊙ 25,000 24,996

0.101%, 10/26/2021 ⊙ 50,000 49,992

0.260% (SOFR + 0.210%),
10/28/2021 △ 35,000 35,000

0.109%, 10/29/2021 ⊙ 59,000 58,990

0.201% (1 Month
LIBOR USD + 0.105%),
11/02/2021 △ 160,000 160,000

0.220% (1 Month
LIBOR USD + 0.130%),
11/05/2021 △ 18,000 18,004

0.185% (3 Month
U.S. Treasury Money
Market Yield + 0.140%),
11/08/2021 △ 39,500 39,491
12 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.101%, 11/17/2021 ⊙ $115,000 $114,975

0.178% (1 Month
LIBOR USD + 0.090%),
11/18/2021 △ 100,000 100,000

0.240% (SOFR + 0.190%),
11/18/2021 △ 47,000 47,000

0.051%, 11/22/2021 ⊙ 9,000 8,999

0.112%, 11/23/2021 ⊙ 70,000 69,982

0.109% (1 Month
LIBOR USD + 0.020%),
11/26/2021 △ 25,000 25,000

0.101%, 11/29/2021 ⊙ 20,000 19,995

0.051%, 12/06/2021 ⊙ 25,000 24,997

0.205% (1 Month
LIBOR USD + 0.110%),
12/10/2021 △ 25,000 25,000

0.088% (1 Month
LIBOR USD + 0.000%),
12/22/2021 △ 360,000 359,989

0.135% (U.S. Federal
Funds Effective Rate +

0.055%), 12/23/2021 △ 250,000 249,996

0.188% (1 Month
LIBOR USD + 0.100%),
12/23/2021 △ 8,000 8,003

0.090% (1 Month
LIBOR USD + 0.005%),
12/28/2021 △ 50,000 49,999

0.115% (1 Month
LIBOR USD + 0.030%),
12/29/2021 △ 20,000 20,001

0.100% (SOFR + 0.050%),
01/11/2022 △ 300,000 300,000

0.250% (U.S. Federal
Funds Effective Rate +

0.170%), 01/13/2022 △ 50,000 50,000

0.328% (1 Month
LIBOR USD + 0.240%),
01/18/2022 △ 43,872 43,917

0.081%, 01/19/2022 ⊙ 30,000 29,991

0.060%, 02/10/2022 100,000 99,995

0.120% (SOFR + 0.070%),
02/17/2022 △ 50,000 50,000

0.280% (U.S. Federal
Funds Effective Rate +

0.200%), 02/17/2022 △ 185,000 185,035

0.175% (SOFR + 0.125%),
03/09/2022 △ 19,000 19,000

0.130% (SOFR + 0.080%),
03/10/2022 △ 29,000 29,000

0.155% (FCPR DLY –

3.095%), 04/20/2022 △ 50,000 49,998

0.220% (SOFR + 0.170%),
05/16/2022 △ 20,000 20,009

0.250% (SOFR + 0.200%),
06/23/2022 △ 40,000 40,000
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.105% (SOFR + 0.055%),
06/29/2022 △ $100,000 $ 99,997

0.240% (SOFR + 0.190%),
07/14/2022 △ 46,000 46,000

0.260% (U.S. Federal
Funds Effective Rate +

0.180%), 07/20/2022 △ 100,000 100,000

0.135% (SOFR + 0.085%),
07/25/2022 △ 75,000 74,997

0.195% (SOFR + 0.145%),
07/28/2022 △ 61,000 61,000

0.120% (SOFR + 0.070%),
08/11/2022 △ 239,000 238,991

0.170% (U.S. Federal
Funds Effective Rate +

0.090%), 08/26/2022 △ 200,000 200,000

0.145% (SOFR + 0.095%),
09/02/2022 △ 50,000 50,000

0.095% (SOFR + 0.045%),
09/08/2022 △ 150,000 149,992

0.135% (SOFR + 0.085%),
10/07/2022 △ 70,000 70,000

0.130% (SOFR + 0.080%),
10/14/2022 △ 85,000 85,000

0.125% (SOFR + 0.075%),
11/03/2022 △ 34,000 34,000

0.100% (3 Month
U.S. Treasury Money
Market Yield + 0.055%),
11/16/2022 △ 50,000 50,000

0.135% (U.S. Federal
Funds Effective Rate +

0.055%), 11/16/2022 △ 75,000 74,999

0.115% (SOFR + 0.065%),
11/18/2022 △ 20,000 20,000

0.115% (SOFR + 0.065%),
11/18/2022 △ 20,000 20,000

0.100% (SOFR + 0.050%),
11/21/2022 △ 75,000 75,000

0.110% (SOFR + 0.060%),
12/01/2022 △ 58,000 58,000

0.440% (U.S. Federal
Funds Effective Rate +

0.360%), 12/12/2022 △ 44,720 44,892

0.065% (SOFR + 0.015%),
12/21/2022 △ 250,000 249,997

0.110% (SOFR + 0.060%),
12/28/2022 △ 200,000 200,000

0.110% (SOFR + 0.060%),
01/13/2023 △ 75,000 75,000

0.110% (SOFR + 0.060%),
01/20/2023 △ 39,000 39,000

0.100% (3 Month
U.S. Treasury Money
Market Yield + 0.055%),
01/31/2023 △ 100,000 100,000
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 13
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.105% (SOFR + 0.055%),
02/09/2023 △ $100,000 $100,000

0.100% (SOFR + 0.050%),
02/17/2023 △ 63,000 63,000

0.070% (SOFR + 0.020%),
03/01/2023 △ 345,000 344,974

0.082% (SOFR + 0.033%),
03/09/2023 △ 100,000 99,998

0.085% (SOFR + 0.035%),
03/17/2023 △ 42,886 42,889

0.085% (SOFR + 0.035%),
04/05/2023 △ 137,000 137,000

0.080% (SOFR + 0.030%),
04/06/2023 △ 381,000 381,023

0.085% (SOFR + 0.035%),
04/21/2023 △ 187,000 187,000

0.085% (SOFR + 0.035%),
04/27/2023 △ 367,000 367,000

0.085% (SOFR + 0.035%),
05/04/2023 △ 160,000 160,000

0.430% (SOFR + 0.380%),
05/08/2023 △ 39,000 39,229

0.075% (SOFR + 0.025%),
05/09/2023 △ 100,000 100,000

0.085% (SOFR + 0.035%),
05/12/2023 △ 173,000 173,000

0.085% (SOFR + 0.035%),
05/19/2023 △ 120,000 120,000

0.080% (SOFR + 0.030%),
06/14/2023 △ 120,000 120,000

0.085% (SOFR + 0.035%),
06/16/2023 △ 75,000 75,000

0.075% (SOFR + 0.025%),
07/07/2023 △ 67,000 67,000

0.080% (SOFR + 0.030%),
07/20/2023 △ 150,000 150,000

0.075% (SOFR + 0.025%),
08/04/2023 △ 101,000 101,000

0.075% (SOFR + 0.025%),
08/10/2023 △ 90,000 90,000

0.075% (SOFR + 0.025%),
08/28/2023 △ 70,000 70,000
Federal Home Loan Bank

0.125%, 09/01/2021 150,000 150,000

0.200% (SOFR + 0.150%),
09/03/2021 △ 23,000 23,000

0.135% (SOFR + 0.085%),
09/10/2021 △ 74,000 74,000

0.125%, 09/17/2021 25,000 25,000

0.140%, 09/17/2021 50,000 50,000

0.030%, 09/21/2021 100,000 100,000

0.360% (SOFR + 0.310%),
09/24/2021 △ 50,000 50,000
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.095% (1 Month
LIBOR USD + 0.010%),
09/28/2021 △ $ 50,000 $ 50,000

0.040%, 09/29/2021 103,000 103,000

0.040%, 09/29/2021 190,000 189,999

0.125%, 09/30/2021 28,910 28,910

0.038%, 10/06/2021 ⊙ 140,000 139,995

0.060%, 10/15/2021 150,000 150,000

0.040%, 10/29/2021 133,700 133,699

0.220% (SOFR + 0.170%),
11/12/2021 △ 100,000 100,000

0.200% (SOFR + 0.150%),
11/15/2021 △ 50,000 50,000

0.060% (SOFR + 0.010%),
11/17/2021 △ 100,000 100,000

1.625%, 11/19/2021 23,795 23,872

0.210% (SOFR + 0.160%),
11/26/2021 △ 75,000 75,000

0.065% (SOFR + 0.015%),
12/10/2021 △ 200,000 200,000

2.875%, 12/10/2021 14,615 14,727

0.115% (SOFR + 0.065%),
12/21/2021 △ 125,000 125,000

0.050%, 12/23/2021 50,000 49,999

0.055% (SOFR + 0.005%),
12/23/2021 △ 100,000 100,000

0.100% (SOFR + 0.050%),
12/23/2021 △ 50,000 50,000

0.065% (SOFR + 0.015%),
01/12/2022 △ 75,000 75,000

0.060% (SOFR + 0.010%),
01/13/2022 △ 100,000 100,000

0.060% (SOFR + 0.010%),
01/14/2022 △ 100,000 100,000

0.050%, 01/25/2022 345,000 344,996

0.145% (SOFR + 0.095%),
01/28/2022 △ 75,000 75,000

0.165% (SOFR + 0.115%),
02/10/2022 △ 25,000 25,000

0.110% (SOFR + 0.060%),
02/11/2022 △ 100,000 100,000

0.110% (SOFR + 0.060%),
02/11/2022 △ 65,000 65,000

0.130% (SOFR + 0.080%),
02/18/2022 △ 99,500 99,500

0.170% (SOFR + 0.120%),
02/28/2022 △ 86,000 86,000

0.050%, 03/17/2022 100,000 99,994

0.060%, 03/29/2022 450,000 449,975

0.110% (SOFR + 0.060%),
04/26/2022 △ 100,000 100,000

0.110% (SOFR + 0.060%),
05/12/2022 △ 50,000 50,000
14 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
The accompanying notes are an integral part of the financial statements.

Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.105% (SOFR + 0.055%),
05/13/2022 △ $ 50,000 $ 50,000

0.135% (SOFR + 0.085%),
05/20/2022 △ 50,000 50,000

0.140% (SOFR + 0.090%),
05/26/2022 △ 50,000 50,000

0.140% (SOFR + 0.090%),
06/10/2022 △ 50,000 50,000

0.060% (SOFR + 0.010%),
06/23/2022 △ 100,000 100,000

0.060% (SOFR + 0.010%),
07/25/2022 △ 100,000 100,000

0.060% (SOFR + 0.010%),
08/01/2022 △ 100,000 100,000

0.060% (SOFR + 0.010%),
08/05/2022 △ 100,000 100,000

0.180% (SOFR + 0.130%),
08/05/2022 △ 100,000 100,000

0.130% (SOFR + 0.080%),
08/12/2022 △ 50,000 50,000

0.140% (SOFR + 0.090%),
08/12/2022 △ 75,000 75,000

0.060% (SOFR + 0.010%),
08/19/2022 △ 100,000 100,000

0.140% (SOFR + 0.090%),
08/19/2022 △ 50,000 50,000

0.060% (SOFR + 0.010%),
09/06/2022 △ 100,000 100,000

0.060% (SOFR + 0.010%),
09/08/2022 △ 150,000 150,000

0.140% (SOFR + 0.090%),
09/08/2022 △ 50,000 50,000

0.140% (SOFR + 0.090%),
09/15/2022 △ 50,000 50,000

0.135% (SOFR + 0.085%),
10/05/2022 △ 100,000 100,000

0.130% (SOFR + 0.080%),
10/26/2022 △ 50,000 50,000

0.120% (SOFR + 0.070%),
11/02/2022 △ 50,000 50,000

0.115% (SOFR + 0.065%),
11/09/2022 △ 100,000 100,000

0.115% (SOFR + 0.065%),
11/10/2022 △ 50,000 50,000

0.110% (SOFR + 0.060%),
11/23/2022 △ 75,000 75,000

0.110% (SOFR + 0.060%),
11/23/2022 △ 50,000 50,000

0.110% (SOFR + 0.060%),
12/08/2022 △ 100,000 100,000

0.110% (SOFR + 0.060%),
12/15/2022 △ 100,000 100,000

0.070% (SOFR + 0.020%),
02/03/2023 △ 150,000 150,000
Government Obligations Fund (cont.)
DESCRIPTION PAR/SHARES VALUE ✇

0.070% (SOFR + 0.020%),
02/23/2023 △ $100,000 $ 100,000

0.090% (SOFR + 0.040%),
02/24/2023 △ 50,000 50,000

0.085% (SOFR + 0.035%),
05/18/2023 △ 50,000 50,000

0.085% (SOFR + 0.035%),
05/19/2023 △ 137,000 137,000

0.080% (SOFR + 0.030%),
06/07/2023 △ 100,000 100,000

0.075% (SOFR + 0.025%),
07/14/2023 △ ★ 60,000 60,000

0.090% (SOFR + 0.040%),
08/10/2023 △ 100,000 100,000

0.080% (SOFR + 0.030%),
08/11/2023 △ 100,000 100,000
Federal Home Loan
Mortgage Corporation

0.370% (SOFR + 0.320%),
09/23/2021 △ 150,000 150,000

0.350% (SOFR + 0.300%),
10/25/2021 △ 50,000 50,000

0.210% (SOFR + 0.160%),
04/20/2022 △ 100,000 100,000

0.140% (SOFR + 0.090%),
08/03/2022 △ 50,000 50,000

0.180% (SOFR + 0.130%),
08/05/2022 △ 250,000 250,101
Federal National
Mortgage Association

0.210% (SOFR + 0.160%),
09/16/2021 △ 150,000 150,000

0.350% (SOFR + 0.300%),
09/24/2021 △ 100,000 100,000

0.200% (SOFR + 0.150%),
12/09/2021 △ 100,000 99,998

0.320% (SOFR + 0.270%),
05/04/2022 △ 100,000 100,175

0.240% (SOFR + 0.190%),
05/19/2022 △ 50,000 50,000

0.170% (SOFR + 0.120%),
07/29/2022 △ 20,000 20,000
Total U.S. Government
Agency Debt
(Cost $16,501,252) 16,501,252
Investment
Companies Ω – 0.9%
BlackRock Liquidity
Funds FedFund
Portfolio, Institutional
Class, 0.025% 200,000,000 200,000
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 15
Government Obligations Fund (cont.)
DESCRIPTION SHARES/PAR VALUE ✇
Deutsche Government
Money Market
Series Fund,
Institutional Class,

0.035% 175,000,000 $175,000
Goldman Sachs
Financial Square
Money Market Fund,
Institutional
Class, 0.026% 225,000,000 225,000
Invesco Government
& Agency Portfolio,
Institutional
Class, 0.026% 175,000,000 175,000
Total Investment
Companies
(Cost $775,000) 775,000
U.S. Government
Agency Repurchase
Agreements – 5.2%
Bank of America Securities Inc.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by various
government agency
obligations: Total market
value $102,000) $100,000 100,000
BNP Paribas SA

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by various
government agency
obligations: Total market
value $102,000) 100,000 100,000
Fixed Income Clearing Corp

0.030%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $750,001
(collateralized by various
government agency
obligations: Total market
value $765,000) 750,000 750,000
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Goldman Sachs & Co. LLC

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $1,900,003
(collateralized by various
government agency
obligations: Total market
value $1,938,000) $1,900,000 $1,900,000
HSBC Securities (USA) Inc.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $150,000
(collateralized by various
government agency
obligations: Total market
value $153,000) 150,000 150,000
RBC Dominion Securities Inc.

0.050%, dated 03/19/2021,
matures 09/07/2021,
repurchase price $300,077
(collateralized by various
government agency
obligations: Total market
value $306,000) ø 300,000 300,000

0.050%, dated 03/19/2021,
matures 09/07/2021,
repurchase price $300,078
(collateralized by various
government agency
obligations: Total market
value $306,000) ø 300,000 300,000
Societe Generale/NY

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $350,000
(collateralized by various
government agency
obligations: Total market
value $357,000) 350,000 350,000
TD Securities (USA) LLC

0.055%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $700,007
(collateralized by various
government agency
obligations: Total market
value $714,000) 700,000 700,000
Total U.S. Government
Agency Repurchase
Agreements
(Cost $4,650,000) 4,650,000
16 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
The accompanying notes are an integral part of the financial statements.

Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
U.S. Treasury Repurchase
Agreements – 55.1%
Bank of America Securities Inc.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) $ 100,000 $ 100,000
Bank of Montreal

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $200,000
(collateralized by U.S.

Treasury obligations:

Total market value
$204,000) 200,000 200,000
Bank of Nova Scotia

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $476,096
(collateralized by U.S.

Treasury obligations:

Total market value
$485,617) 476,095 476,095
Barclays Capital Inc.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $250,000
(collateralized by U.S.

Treasury obligations:

Total market value
$255,000) 250,000 250,000

0.050%, dated 08/06/2021,
matures 09/07/2021,
repurchase price $1,100,049
(collateralized by U.S.

Treasury obligations:

Total market value
$1,122,000) 1,100,000 1,100,000
BNP Paribas SA

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $585,001
(collateralized by U.S.

Treasury obligations:

Total market value
$596,700) 585,000 585,000
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $500,001
(collateralized by U.S.

Treasury obligations:

Total market value
$510,000) $500,000 $500,000

0.050%, dated 08/09/2021,
matures 09/07/2021,
repurchase price $825,036
(collateralized by U.S.

Treasury obligations:

Total market value
$841,500) ø 825,000 825,000

0.050%, dated 07/12/2021,
matures 09/07/2021,
repurchase price $700,061
(collateralized by U.S.

Treasury obligations:

Total market value
$714,000) ø 700,000 700,000

0.050%, dated 08/20/2021,
matures 09/07/2021,
repurchase price $300,013
(collateralized by U.S.

Treasury obligations:

Total market value
$306,000) ø 300,000 300,000

0.070%, dated 06/17/2021,
matures 09/07/2021,
repurchase price $525,156
(collateralized by U.S.

Treasury obligations:

Total market value
$535,500) ø 525,000 525,000

0.050%, dated 06/16/2021,
matures 09/07/2021,
repurchase price $800,203
(collateralized by U.S.

Treasury obligations:

Total market value
$816,000) ø 800,000 800,000

0.070%, dated 07/22/2021,
matures 09/07/2022,
repurchase price $350,125
(collateralized by U.S.

Treasury obligations:

Total market value
$357,000) ø 350,000 350,000
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 17
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Canadian Imperial Bank
of Commerce

0.050%, dated 07/08/2021,
matures 09/07/2021,
repurchase price $250,022
(collateralized by U.S.

Treasury obligations:

Total market value
$255,020) ø $250,000 $250,000

0.050%, dated 08/09/2021,
matures 09/07/2021,
repurchase price $350,015
(collateralized by U.S.

Treasury obligations:

Total market value
$357,011) ø 350,000 350,000

0.050%, dated 07/29/2021,
matures 09/07/2021,
repurchase price $525,066
(collateralized by U.S.

Treasury obligations:

Total market value
$535,525) ø 525,000 525,000

0.055%, dated 07/29/2021,
matures 09/07/2022,
repurchase price $525,144
(collateralized by U.S.

Treasury obligations:

Total market value
$535,528) ø 525,000 525,000

0.055%, dated 08/16/2021,
matures 09/07/2022,
repurchase price $225,063
(collateralized by U.S.

Treasury obligations:

Total market value
$229,506) ø 225,000 225,000
Credit Agricole Corporate &
Investment Bank

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $972,451
(collateralized by U.S.

Treasury obligations:

Total market value
$991,899) 972,450 972,450

0.050%, dated 08/06/2021,
matures 09/07/2021,
repurchase price $700,031
(collateralized by U.S.

Treasury obligations:

Total market value
$714,000) 700,000 700,000
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Federal Reserve Bank
of New York

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $23,450,033
(collateralized by U.S.

Treasury obligations:

Total market value
$23,450,033) $23,450,000 $23,450,000
Fixed Income Clearing Corp

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $700,001
(collateralized by U.S.

Treasury obligations:

Total market value
$714,000) 700,000 700,000

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $5,500,008
(collateralized by U.S.

Treasury obligations:

Total market value
$5,610,000) 5,500,000 5,500,000

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $400,001
(collateralized by U.S.

Treasury obligations:

Total market value
$408,026) 400,000 400,000

0.055%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $400,001
(collateralized by U.S.

Treasury obligations:

Total market value
$408,304) 400,000 400,000

0.060%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $49,001
(collateralized by U.S.

Treasury obligations:

Total market value
$50,762) 49,000 49,000
HSBC Securities (USA) Inc.

0.045%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $50,000
(collateralized by U.S.

Treasury obligations:

Total market value
$51,000) 50,000 50,000
18 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.050%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $100,001
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) $100,000 $100,000
ING Financial Markets LLC

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $900,010
(collateralized by U.S.

Treasury obligations:

Total market value
$918,376) 900,009 900,009

0.050%, dated 08/27/2021,
matures 09/03/2021,
repurchase price $150,001
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) 150,000 150,000

0.005%, dated 08/26/2021,
matures 09/02/2021,
repurchase price $150,000
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) 150,000 150,000

0.050%, dated 08/30/2021,
matures 09/06/2021,
repurchase price $100,001
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000

0.050%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $100,001
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
JP Morgan Securities, LLC

0.050%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $1,500,015
(collateralized by U.S.

Treasury obligations:

Total market value
$1,530,064) $1,500,000 $1,500,000

0.060% (SOFR + 0.010%),
dated 08/31/2021,
matures 09/30/2021,
repurchase price $325,016
(collateralized by U.S.

Treasury obligations:

Total market value
$331,517) △ ∞ 325,000 325,000

0.060%, dated 08/31/2021
(SOFR + 0.010%),
matures 09/30/2021,
repurchase price $300,015
(collateralized by U.S.

Treasury obligations:

Total market value
$306,015) △ ∞ 300,000 300,000
Mizuho Securities USA LLC

0.040%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000
MUFG Securities Americas Inc.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $155,000
(collateralized by U.S.

Treasury obligations:

Total market value
$158,100) 155,000 155,000
MUFG Securities Canada Ltd.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000

0.005%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $150,000
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) 150,000 150,000
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 19
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.005%, dated 08/31/2021,
matures 09/06/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) $100,000 $100,000
RBC Dominion Securities Inc.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $200,000
(collateralized by U.S.

Treasury obligations:

Total market value
$204,000) 200,000 200,000

0.050%, dated 08/09/2021,
matures 09/07/2021,
repurchase price $700,030
(collateralized by U.S.

Treasury obligations:

Total market value
$714,000) ø 700,000 700,000

0.050%, dated 08/16/2021,
matures 09/07/2021,
repurchase price $400,017
(collateralized by U.S.

Treasury obligations:

Total market value
$408,000) ø 400,000 400,000

0.040%, dated 03/23/2021,
matures 09/07/2021,
repurchase price $300,061
(collateralized by U.S.

Treasury obligations:

Total market value
$306,000) ø 300,000 300,000

0.040%, dated 03/31/2021,
matures 09/07/2021,
repurchase price $350,071
(collateralized by U.S.

Treasury obligations:

Total market value
$357,000) ø 350,000 350,000

0.050%, dated 08/24/2021,
matures 9/07/2021,
repurchase price $350,051
(collateralized by U.S.

Treasury obligations:

Total market value
$357,000) 350,000 350,000
Government Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Royal Bank of Canada/NY

0.040%, dated 03/24/2021,
matures 09/07/2021,
repurchase price $400,080
(collateralized by U.S.

Treasury obligations:

Total market value
$408,000) ø $400,000 $ 400,000
Societe Generale SA

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $150,000
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) 150,000 150,000

0.050%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000
Societe Generale/NY

0.050%, dated 08/31/2021,
matures 09/02/2021,
repurchase price $800,002
(collateralized by U.S.

Treasury obligations:

Total market value
$816,000) 800,000 800,000
TD Securities (USA) LLC

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $450,001
(collateralized by U.S.

Treasury obligations:

Total market value
$459,000) 450,000 450,000
Total U.S. Treasury
Repurchase Agreements
(Cost $49,337,554) 49,337,554
Total Investments ▲ – 100.1%
(Cost $89,549,247) 89,549,247
Other Assets and Liabilities,
Net – (0.1)% (50,474)
Total Net Assets – 100.0% $89,498,773
20 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
The accompanying notes are an integral part of the financial statements.

Government Obligations Fund (concl.)
✇ Securities are valued in accordance with
procedures described in note 2 in Notes to
Financial Statements.
⊙ Rate shown is annualized yield as of
August 31, 2021.
△ Variable Rate Security – The rate shown is the rate
in effect as of August 31, 2021.
★ Security purchased on a when-issued basis. On
August 31, 2021, the total cost of investments
purchased on a when-issued basis was $60,000 or

0.1% of total net assets.

Ø The maturity date shown represents the next
put date.
∞ Illiquid Security – A security may be considered
illiquid if it lacks a readily available market. As of
August 31, 2021, the value of these investments
was $625,000 or 0.7% of total net assets. See note
2 in Notes to Financial Statements.

Ω The rate shown is the annualized seven-day yield
as of August 31, 2021.
▲ On August 31, 2021, the cost of investments for
federal income tax purposes was $89,549,247.

The aggregate gross unrealized appreciation and
depreciation of investments, based on this cost,
were both $0.

Investment Abbreviations:

FCPR DLY – Federal Reserve Bank Prime Loan Rate
LIBOR – London Interbank Offered Rate
SOFR – Secured Overnight Financing Rate
USD – U.S. Dollar
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 21
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Institutional Prime
Obligations Fund
DESCRIPTION PAR VALUE ✇
Financial Company
Commercial Paper – 25.8%
ASB Finance Ltd/London

0.203%, 10/01/2021 ⊙ ■ $ 5,000 $ 5,000

0.203%, 10/22/2021 ⊙ ■ 7,000 6,999

0.203%, 12/01/2021 ⊙ ■ 4,000 3,999
Australia and New Zealand
Banking Group Ltd

0.162%, 09/02/2021 ⊙ ■ 8,000 8,000

0.172%, 09/20/2021 ⊙ ■ 5,000 5,000

0.182%, 02/04/2022 ⊙ ■ 5,000 4,998

0.132%, 03/01/2022 ⊙ ■ 5,000 4,997
Bank of America Securities Inc.

0.122%, 12/17/2021 ⊙ 5,000 4,998
Banque et Caisse
d’Epargne de l’Etat

0.142%, 03/14/2022 ⊙ 5,000 4,996
CDP Financial Inc

0.081%, 09/03/2021 ⊙ ■ 10,000 10,000

0.182%, 09/08/2021 ⊙ ■ 5,000 5,000

0.061%, 09/20/2021 ⊙ ■ 5,000 5,000

0.101%, 12/22/2021 ⊙ ■ 5,000 4,999
ING (US) Funding LLC

0.142%, 02/16/2022 ⊙ 8,000 7,995
National Australia Bank Ltd

0.120% (U.S. Federal
Funds Effective Rate +

0.040%), 12/10/2021 ■ △ 5,000 5,000

0.150% (U.S. Federal
Funds Effective Rate +

0.070%), 03/08/2022 ■ △ 5,000 4,999
Nederlandse Waterschaps

0.066%, 09/30/2021 ⊙ ■ 20,000 19,998

0.101%, 10/05/2021 ⊙ ■ 5,000 4,999

0.101%, 10/14/2021 ⊙ ■ 5,000 4,999

0.106%, 10/27/2021 ⊙ ■ 10,000 9,998

0.106%, 10/29/2021 ⊙ ■ 10,000 9,998

0.096%, 11/30/2021 ⊙ ■ 10,000 9,997
Nordea Bank ABP

0.147%, 02/18/2022 ⊙ ■ 5,000 4,997
NRW.Bank

0.066%, 09/02/2021 ⊙ ■ 15,000 15,000

0.051%, 09/03/2021 ⊙ ■ 15,000 15,000

0.071%, 09/10/2021 ⊙ ■ 10,000 10,000

0.076%, 09/15/2021 ⊙ ■ 5,000 5,000
PSP Capital Inc

0.172%, 01/11/2022 ⊙ ■ 18,000 17,992
Skandinaviska Enskilda
Banken AB

0.172%, 09/07/2021 ⊙ ■ 5,000 5,000

0.101%, 09/16/2021 ⊙ ■ 5,000 5,000
Institutional Prime
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.182%, 10/04/2021 ⊙ ■ $ 3,000 $ 3,000

0.182%, 10/05/2021 ⊙ ■ 3,250 3,250

0.162%, 11/09/2021 ⊙ ■ 7,000 6,999

0.132%, 12/09/2021 ⊙ ■ 5,000 4,999

0.152%, 03/03/2022 ⊙ ■ 7,000 6,995
Sumitomo Mitsui Banking

0.122%, 10/22/2021 ⊙ ■ 10,000 9,999
Sumitomo Mitsui Trust/NY

0.159%, 09/01/2021 ⊙ ■ 7,600 7,600
Suncorp Metway Ltd

0.101%, 09/01/2021 ⊙ ■ 2,000 2,000

0.203%, 09/08/2021 ⊙ ■ 5,000 5,000

0.097%, 10/26/2021 ⊙ ■ 7,000 6,997

0.182%, 10/27/2021 ⊙ ■ 7,000 6,997

0.162%, 11/09/2021 ⊙ ■ 5,000 4,998

0.132%, 11/23/2021 ⊙ ■ 5,000 4,997

0.112%, 11/30/2021 ⊙ ■ 5,000 4,997
Svenska Handelsbanken AB

0.182%, 10/05/2021 ⊙ ■ 4,000 4,000

0.101%, 11/04/2021 ⊙ ■ 5,000 4,999

0.111%, 11/22/2021 ⊙ ■ 5,000 4,999

0.172%, 12/03/2021 ⊙ ■ 2,000 1,999

0.213%, 12/23/2021 ⊙ ■ 4,000 3,999

0.132%, 01/04/2022 ⊙ ■ 12,000 11,996

0.203%, 02/01/2022 ⊙ ■ 8,000 7,996
Toronto Dominion Bank

0.180% (U.S. Federal
Funds Effective Rate +

0.090%), 09/01/2021 ■ △ 3,000 3,000

0.091%, 09/16/2021 ⊙ ■ 5,000 5,000

0.140% (U.S. Federal
Funds Effective Rate +

0.050%), 03/21/2022 ■ △ 5,000 5,000

0.160% (U.S. Federal
Funds Effective Rate +

0.070%), 04/27/2022 ■ △ 5,000 5,000
Total Financial Company
Commercial Paper
(Cost $366,764) 366,774
Asset Backed
Commercial Paper – 14.5%
Autobahn Funding Co LLC

0.071%, 09/01/2021 ⊙ ■ 10,000 10,000

0.081%, 09/08/2021 ⊙ ■ 12,782 12,782

0.091%, 09/20/2021 ⊙ ■ 10,000 9,999

0.101%, 11/01/2021 ⊙ ■ 5,000 4,999

CAFCO LLC

0.101%, 12/03/2021 ⊙ ■ 10,000 9,997
Collateralized Commercial Paper FLEX Co., LLC

0.203%, 10/18/2021 ⊙ ■ 10,000 9,999
22 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Institutional Prime
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.172%, 11/15/2021 ⊙ ■ $ 3,000 $ 2,999

0.132%, 12/20/2021 ⊙ ■ 5,000 4,998
Fairway Finance Corp

0.162%, 10/14/2021 ⊙ ■ 3,500 3,499

0.101%, 10/15/2021 ⊙ ■ 2,200 2,200

0.182%, 11/05/2021 ⊙ ■ 5,420 5,419

0.132%, 01/14/2022 ⊙ ■ 5,000 4,997
Liberty Street Funding LLC

0.071%, 09/07/2021 ⊙ ■ 8,000 8,000

0.101%, 10/06/2021 ⊙ ■ 5,000 5,000

0.112%, 12/03/2021 ⊙ ■ 8,000 7,997

0.112%, 12/06/2021 ⊙ ■ 8,000 7,997
Longship Funding LLC

0.051%, 09/03/2021 ⊙ ■ 30,000 30,000

0.091%, 09/17/2021 ⊙ ■ 10,000 10,000

0.101%, 10/21/2021 ⊙ ■ 5,000 4,999
Manhattan Asset Funding Co

0.182%, 10/20/2021 ⊙ ■ 5,000 4,999

0.101%, 11/03/2021 ⊙ ■ 10,000 9,998
Mont Blanc Capital Corp

0.101%, 09/15/2021 ⊙ ■ 5,000 5,000

0.101%, 10/07/2021 ⊙ ■ 6,611 6,610
Old Line Funding LLC

0.140% (SOFR + 0.090%),
12/01/2021 ■ △ 10,000 10,001

0.130% (U.S. Federal
Funds Effective Rate +

0.050%), 02/18/2022 ■ △ 5,000 5,000
Thunder Bay Funding LLC

0.182%, 09/10/2021 ⊙ ■ 4,400 4,400

0.130% (U.S. Federal
Funds Effective Rate +

0.050%), 02/08/2022 ■ △ 5,000 5,000
Total Asset Backed
Commercial Paper
(Cost $206,888) 206,889
Non-Negotiable
Time Deposits – 7.0%
Cooperatieve Rabobank UA,
New York Branch

0.050%, 09/01/2021 50,000 50,000
Credit Agricole Corporate
& Investment Bank,
New York Branch

0.050%, 09/01/2021 50,000 50,000
Total Non-Negotiable
Time Deposits
(Cost $100,000) 100,000
Institutional Prime
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Certificates of Deposit – 6.3%
Bank of Montreal

0.180% (U.S. Federal
Funds Effective Rate +

0.100%), 06/28/2022 △ $ 5,000 $ 5,000
Bank of Montreal/Chicago

0.190% (U.S. Federal
Funds Effective Rate +

0.110%), 07/15/2022 △ 5,000 5,000
Bank of Nova Scotia/Houston

0.200% (SOFR + 0.150%),
02/22/2022 △ 2,000 2,001
Canadian Imperial Bank
of Commerce/NY

0.163% (BSBY 1 Month +

0.100%), 01/24/2022 △ 2,000 2,000

0.140% (U.S. Federal
Funds Effective Rate +

0.060%), 04/28/2022 △ 5,000 5,000

0.180% (1 Month
LIBOR USD + 0.090%),
08/03/2022 △ 3,000 2,999
Commonwealth Bank

0.116% (1 Month
LIBOR USD + 0.030%),
01/24/2022 △ 5,000 5,000
Cooperatieve Rabobank UA

0.160%, 04/26/2022 5,000 5,000
Mizuho Bank Ltd/NY

0.160%, 01/18/2022 5,000 5,000
Sumitomo Mitsui Bank/NY

0.145% (3 Month
LIBOR USD + 0.010%),
09/01/2021 △ 6,200 6,200

0.499% (3 Month
LIBOR USD + 0.380%),
10/12/2021 △ 7,000 7,003
Sumitomo Mitsui Trust/NY

0.070%, 09/02/2021 35,000 35,000

0.120%, 11/08/2021 5,000 5,000
Total Certificates of Deposit
(Cost $90,203) 90,203
Non-Financial Company
Commercial Paper – 3.9%
FMS Wertmanagement

0.101%, 09/20/2021 ⊙ ■ 20,000 19,999

0.096%, 10/08/2021 ⊙ ■ 5,000 5,000

0.101%, 10/19/2021 ⊙ ■ 5,000 4,999

0.101%, 10/21/2021 ⊙ ■ 5,000 4,999
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 23
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Institutional Prime
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.106%, 10/26/2021 ⊙ ■ $5,000 $ 4,999

0.101%, 11/02/2021 ⊙ ■ 5,000 4,999
Toyota Finance Australia Ltd

0.132%, 10/21/2021 ⊙ 5,000 4,999

0.132%, 12/13/2021 ⊙ 5,000 4,999
Total Non-Financial Company
Commercial Paper
(Cost $54,992) 54,993
Variable Rate
Demand Notes # – 1.1%
Broward County, Florida,
Embraer Aircraft Holding Inc
Project, Series 2007B
(LOC: Citibank)

0.070%, 09/07/2021 Ø 5,500 5,500
Calcasieu Parish, Louisiana,
Public Transit Authority Solid
Waste Disposal, Series 1997
(LOC: Bank of America)

0.060%, 09/07/2021 Ø 3,900 3,900
Massachusetts Development
Finance Agency, Babson
College Issue, Series 2008B
(LOC: Bank of America)

0.050%, 09/07/2021 Ø 6,845 6,845
Total Variable Rate
Demand Notes
(Cost $16,245) 16,245
Other Instruments – 0.7%
Bank of America NA

0.190% (U.S. Federal
Funds Effective Rate +

0.110%), 07/08/2022 △ 5,000 5,000
National Australia Bank Ltd

0.714% (3 Month
LIBOR USD + 0.580%),
09/20/2021 ■ △ 1,800 1,800
National Australia Bank Ltd/NY

3.375%, 09/20/2021 2,470 2,474
Total Other Instruments
(Cost $9,275) 9,274
Institutional Prime
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Other Repurchase
Agreements – 15.0%
Bank of America Securities Inc.

0.320% (OBFR + 0.250%),
dated 08/31/2021,
matures 10/05/2021,
repurchase price $10,003
(collateralized by various
securities: Total market
value $10,500) △ ∞ $10,000 $10,000
BNP Paribas SA

0.160% (OBFR + 0.090%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $9,000
(collateralized by various
securities: Total market
value $9,450) △ 9,000 9,000

0.220% (OBFR + 0.150%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $21,000
(collateralized by various
securities: Total market
value $22,051) △ 21,000 21,000

0.320% (OBFR + 0.320%),
dated 08/31/2021,
matures 10/05/2021,
repurchase price $15,006
(collateralized by various
securities: Total market
value $15,750) △ ∞ 15,000 15,000
Credit Agricole Corporate &
Investment Bank

0.140%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $10,000
(collateralized by various
securities: Total market
value $10,501) △ 10,000 10,000
HSBC Securities (USA) Inc.

0.170% (OBFR + 0.100%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $9,000
(collateralized by various
securities: Total market
value $9,446) △ 9,000 9,000
24 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Institutional Prime
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
ING Financial Markets LLC

0.170% (OBFR + 0.100%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $4,000
(collateralized by various
securities: Total market
value $4,200) △ $ 4,000 $ 4,000
JP Morgan Securities, LLC

0.354% (1 Month
LIBOR USD + 0.270%),
dated 08/31/2021,
matures 09/07/2021,
repurchase price $15,005
(collateralized by various
securities: Total market
value $15,755) △ Ø ∞ 15,000 15,000

0.220% (OBFR + 0.150%),
dated 08/31/2021,
matures 09/07/2021,
repurchase price $15,001
(collateralized by various
securities: Total market
value $15,753) △ 15,000 15,000
MUFG Securities Americas Inc.

0.170% (OBFR + 0.100%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $5,000
(collateralized by various
securities: Total market
value $5,251) △ 5,000 5,000

0.200% (OBFR + 0.130%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $20,000
(collateralized by various
securities: Total market
value $21,000) △ 20,000 20,000

0.200% (OBFR + 0.130%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $9,000
(collateralized by various
securities: Total market
value $9,450) △ 9,000 9,000
Institutional Prime
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Societe Generale SA

0.250% (OBFR + 0.180%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $50,000
(collateralized by various
securities: Total market
value $52,500) △ $ 50,000 $ 50,000
TD Securities (USA) LLC

0.140% (OBFR + 0.070%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $22,000
(collateralized by various
securities: Total market
value $23,100) △ 22,000 22,000
Total Other Repurchase
Agreements
(Cost $214,000) 214,000
U.S. Treasury Repurchase
Agreements – 25.7%
Bank of Nova Scotia

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $120,066
(collateralized by U.S.

Treasury obligations:

Total market
value $122,467) 120,066 120,066
Credit Agricole Corporate
& Investment Bank

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $245,241
(collateralized by U.S.

Treasury obligations:

Total market value
$250,145) 245,240 245,240
Total U.S. Treasury
Repurchase Agreements
(Cost $365,306) 365,306
Total Investments ▲ – 100.0%
(Cost $1,423,673) 1,423,684
Other Assets and Liabilities,
Net – 0.0% (38)
Total Net Assets – 100.0% $1,423,646
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 25
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Institutional Prime
Obligations Fund (concl.)
✇ Securities are valued in accordance with
procedures described in note 2 in Notes to
Financial Statements.
⊙ Rate shown is the annualized yield as of
August 31, 2021.
■ Security purchased within the terms of a private
placement memorandum, exempt from registration
under Rule 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that
program or other qualified institutional buyers. As of
August 31, 2021, the value of these investments
was $602,469 or 42.3% of total net assets.
△ Variable Rate Security – The rate shown is the rate
in effect as of August 31, 2021.
# Adjustable Rate Security – The rate is determined
by the Remarketing Agent and resets periodically
(daily, weekly, monthly, etc.).

Ø The maturity date shown represents the next
put date.
∞ Illiquid Security – A security may be considered
illiquid if it lacks a readily available market. As of
August 31, 2021, the value of these investments
was $40,000 or 2.8% of total net assets. See note 2
in Notes to Financial Statements.
▲ On August 31, 2021, the cost of investments for
federal income tax purposes was $1,423,673.

The aggregate gross unrealized appreciation and
depreciation of investments, based on this cost,
was $25 and $14 respectively.

Investment Abbreviations:

BSBY – Bloomberg Short-Term Bank Yield
LOC – Letter of Credit
LIBOR – London Interbank Offered Rate
OBFR – Overnight Bank Funding Rate
SOFR – Secured Overnight Financing Rate
USD – U.S. Dollar
26 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Retail Prime Obligations Fund
DESCRIPTION PAR VALUE ✇
Financial Company Commercial
Paper – 30.0%
ANZ New Zealand
International Ltd

0.203%, 11/05/2021 ⊙ ■ $10,000 $ 9,996

0.193%, 11/08/2021 ⊙ ■ 10,000 9,997
ASB Finance Ltd/London

0.203%, 10/01/2021 ⊙ ■ 10,000 9,999

0.203%, 10/22/2021 ⊙ ■ 7,350 7,348

0.193%, 11/12/2021 ⊙ ■ 5,000 4,998

0.203%, 11/17/2021 ⊙ ■ 9,050 9,046

0.203%, 12/01/2021 ⊙ ■ 8,000 7,996
Australia and New Zealand
Banking Group Ltd

0.162%, 09/02/2021 ⊙ ■ 12,000 12,000

0.172%, 09/20/2021 ⊙ ■ 10,000 9,999

0.182%, 02/04/2022 ⊙ ■ 10,000 9,992
Bank of America
Securities Inc.

0.122%, 12/17/2021 ⊙ 5,000 4,998
Banque et Caisse
d’Epargne de l’Etat

0.142%, 03/14/2022 ⊙ 5,000 4,996
CDP Financial Inc

0.182%, 09/08/2021 ⊙ ■ 10,000 10,000

0.061%, 09/20/2021 ⊙ ■ 20,000 19,999

0.101%, 12/22/2021 ⊙ ■ 10,000 9,997
ING (US) Funding LLC

0.193%, 09/23/2021 ⊙ 20,000 19,998

0.142%, 02/16/2022 ⊙ 12,000 11,992
National Australia Bank Ltd

0.180% (U.S. Federal
Funds Effective Rate +

0.100%), 09/20/2021 ■ △ 5,000 5,000

0.120% (U.S. Federal
Funds Effective Rate +

0.040%), 12/10/2021 ■ △ 10,000 10,000

0.150% (U.S. Federal
Funds Effective Rate +

0.070%), 03/08/2022 ■ △ 10,000 10,001
Nederlandse Waterschaps

0.066%, 09/30/2021 ⊙ ■ 30,000 29,999

0.101%, 10/05/2021 ⊙ ■ 10,183 10,182

0.101%, 10/14/2021 ⊙ ■ 25,000 24,997

0.106%, 10/27/2021 ⊙ ■ 20,000 19,997

0.106%, 10/29/2021 ⊙ ■ 10,000 9,998
Nordea Bank ABP

0.147%, 02/18/2022 ⊙ ■ 10,000 9,993
NRW.Bank

0.076%, 09/15/2021 ⊙ ■ 20,000 19,999

0.101%, 10/18/2021 ⊙ ■ 25,000 24,997
PSP Capital Inc

0.193%, 10/08/2021 ⊙ ■ 15,000 14,997

0.172%, 01/11/2022 ⊙ ■ 30,000 29,981
Retail Prime Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Skandinaviska Enskilda
Banken AB

0.172%, 09/07/2021 ⊙ ■ $ 5,000 $ 5,000

0.106%, 09/22/2021 ⊙ ■ 10,000 9,999

0.182%, 10/05/2021 ⊙ ■ 10,000 9,998

0.162%, 11/09/2021 ⊙ ■ 3,000 2,999

0.182%, 11/18/2021 ⊙ ■ 4,000 3,999

0.132%, 12/09/2021 ⊙ ■ 5,000 4,998

0.152%, 03/03/2022 ⊙ ■ 13,000 12,990
Sumitomo Mitsui Banking

0.122%, 10/22/2021 ⊙ ■ 10,000 9,998
Sumitomo Mitsui Trust/NY

0.162%, 09/01/2021 ⊙ ■ 15,000 15,000

0.152%, 09/02/2021 ⊙ ■ 15,000 15,000
Suncorp Metway Ltd

0.091%, 09/01/2021 ⊙ ■ 5,000 5,000

0.203%, 09/08/2021 ⊙ ■ 5,000 5,000

0.091%, 10/26/2021 ⊙ ■ 5,000 4,999

0.182%, 10/27/2021 ⊙ ■ 20,000 19,994

0.162%, 11/09/2021 ⊙ ■ 20,000 19,994

0.112%, 11/30/2021 ⊙ ■ 5,000 4,999
Svenska Handelsbanken AB

0.142%, 09/02/2021 ⊙ ■ 6,600 6,600

0.112%, 11/22/2021 ⊙ ■ 10,000 9,997

0.172%, 12/03/2021 ⊙ ■ 6,000 5,997

0.213%, 12/23/2021 ⊙ ■ 7,397 7,392

0.132%, 01/04/2022 ⊙ ■ 25,000 24,989

0.203%, 02/01/2022 ⊙ ■ 17,000 16,986
Toronto Dominion Bank

0.091%, 09/16/2021 ⊙ ■ 16,550 16,550

0.140% (U.S. Federal
Funds Effective Rate +

0.050%), 03/21/2022 ■ △ 15,000 15,000

0.160% (U.S. Federal
Funds Effective Rate +

0.070%), 04/27/2022 ■ △ 5,000 5,000

0.190% (SOFR + 0.140%),
07/21/2022 ■ △ 10,000 10,000
Total Financial Company
Commercial Paper
(Cost $661,970) 661,970
Asset Backed Commercial
Paper – 13.6%
Autobahn Funding Co LLC

0.091%, 09/27/2021 ⊙ ■ 20,000 19,999

0.101%, 11/01/2021 ⊙ ■ 5,000 4,999
Collateralized Commercial
Paper FLEX Co., LLC

0.193%, 10/12/2021 ⊙ ■ 10,000 9,998

0.203%, 10/18/2021 ⊙ ■ 5,000 4,999

0.172%, 11/15/2021 ⊙ ■ 10,000 9,996

0.132%, 12/20/2021 ⊙ ■ 5,000 4,998
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 27
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Retail Prime Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Fairway Finance Corp

0.112%, 10/21/2021 ⊙ ■ $ 5,000 $ 4,999

0.182%, 11/05/2021 ⊙ ■ 10,000 9,997

0.172%, 11/09/2021 ⊙ ■ 10,000 9,997

0.132%, 01/14/2022 ⊙ ■ 9,300 9,295
Liberty Street Funding LLC

0.142%, 09/02/2021 ⊙ ■ 10,000 10,000

0.071%, 09/07/2021 ⊙ ■ 10,000 10,000

0.101%, 10/06/2021 ⊙ ■ 15,000 14,998

0.112%, 12/03/2021 ⊙ ■ 17,000 16,995

0.112%, 12/06/2021 ⊙ ■ 10,000 9,997
Longship Funding LLC

0.091%, 09/17/2021 ⊙ ■ 7,000 7,000

0.101%, 10/21/2021 ⊙ ■ 20,000 19,997
Manhattan Asset Funding Co

0.182%, 10/20/2021 ⊙ ■ 15,000 14,996

0.101%, 11/03/2021 ⊙ ■ 20,000 19,997
Mont Blanc Capital Corp

0.101%, 09/15/2021 ⊙ ■ 7,307 7,307

0.101%, 10/07/2021 ⊙ ■ 20,000 19,998
Old Line Funding LLC

0.140% (SOFR + 0.090%),
12/01/2021 ■ △ 10,000 10,000

0.130% (U.S. Federal
Funds Effective Rate +

0.050%), 02/18/2022 ■ △ 25,000 25,000
Thunder Bay Funding LLC

0.130% (U.S. Federal F
unds Effective Rate +

0.050%), 02/08/2022 ■ △ 25,000 25,000
Total Asset Backed
Commercial Paper
(Cost $300,562) 300,562
Non-Financial Company
Commercial Paper – 5.7%
FMS Wertmanagement

0.101%, 09/20/2021 ⊙ ■ 20,000 19,999

0.101%, 09/27/2021 ⊙ ■ 15,000 14,999

0.096%, 10/08/2021 ⊙ ■ 15,000 14,999

0.101%, 10/19/2021 ⊙ ■ 15,000 14,998

0.101%, 10/21/2021 ⊙ ■ 20,000 19,997

0.106%, 10/26/2021 ⊙ ■ 5,000 4,999
Total Capital Canada Ltd

0.132%, 02/03/2022 ⊙ ■ 10,000 9,994
Toyota Finance Australia Ltd

0.132%, 10/21/2021 ⊙ 15,000 14,998

0.132%, 12/13/2021 ⊙ 10,000 9,996
Total Non-Financial
Company Commercial Paper
(Cost $124,979) 124,979
Retail Prime Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Certificates of
Deposit – 4.8%
Bank of Montreal

0.180% (U.S. Federal
Funds Effective Rate +

0.100%), 06/28/2022 △ $10,000 $ 10,000
Bank of Montreal/Chicago

0.190% (U.S. Federal
Funds Effective Rate +

0.110%), 07/15/2022 △ 20,000 20,000
Bank of Nova Scotia/Houston

0.200% (SOFR + 0.150%),
02/22/2022 △ 10,000 10,000
Canadian Imperial Bank
of Commerce/NY

0.163% (BSBY 1 Month +

0.100%), 01/24/2022 △ 6,500 6,500

0.140% (U.S. Federal
Funds Effective Rate +

0.060%), 04/28/202 △ 5,000 5,000

0.180% (1 Month
LIBOR USD + 0.090%),
08/03/2022 △ 5,000 5,000
Commonwealth Bank

0.116% (1 Month
LIBOR USD + 0.030%),
01/24/2022 △ 5,000 5,000
Cooperatieve Rabobank UA

0.160%, 04/26/2022 5,000 5,000
Mizuho Bank Ltd/NY

0.160%, 01/18/2022 15,000 15,000
Sumitomo Mitsui Banking

0.186% (1 Month
LIBOR USD + 0.090%),
10/01/2021 △ 10,000 10,000

0.156% (1 Month
LIBOR USD + 0.060%),
11/08/2021 △ 10,000 10,000
Sumitomo Mitsui Trust/NY

0.120%, 11/08/2021 5,000 5,000
Total Certificates of Deposit
(Cost $106,500) 106,500
Variable Rate
Demand Notes # – 2.6%
City of Minneapolis and The
Housing and Redevelopment
Authority of The City of Saint
Paul, Minnesota, Allina Health
System, Series 2007C-1
(LOC: Wells Fargo Bank NA)

0.020%, 09/07/2021 Ø 6,950 6,950
28 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Retail Prime Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Mayor and City Council of
Baltimore, Maryland,
Baltimore City Parking
System Facilities, Series 2008
(LOC: Bank of America)

0.070%, 09/07/2021 Ø $13,000 $13,000
Montgomery County, Texas,
Multifamily Housing, Park
at Woodline Townhomes,
Series 2005 (LOC: Citibank)

0.050%, 09/07/2021 Ø 11,330 11,330
New York City Industrial
Development Agency, 1997
Air Express International
Corporation Project,
Series 1997 (LOC: Citibank)

0.050%, 09/07/2021 Ø 19,000 19,000
New York State Housing
Finance Agency, Prospect
Plaza Apartments,
2007 Series A (LOC: Citibank)

0.040%, 09/07/2021 Ø 7,850 7,850
Total Variable Rate
Demand Notes
(Cost $58,130) 58,130
Non-Negotiable
Time Deposit – 2.1%
Credit Agricole Corporate
& Investment Bank,
New York Branch

0.050%, 09/01/2021 46,331 46,331
(Cost $46,331)
Other Instrument – 0.7%
Bank of America NA

0.190% (U.S. Federal
Funds Effective Rate +

0.110%), 07/08/2022 △ 15,000 15,000
(Cost $15,000)
Other Repurchase
Agreements – 19.8%
Bank of America Securities Inc.

0.320% (OBFR + 0.250%),
dated 08/31/2021,
matures 10/05/2021,
repurchase price $25,008
(collateralized by various
securities: Total market
value $26,250) △ ∞ 25,000 25,000
Retail Prime Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
BNP Paribas SA

0.160% (OBFR + 0.090%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $14,000
(collateralized by various
securities: Total market
value $14,700) △ $14,000 $14,000

0.220% (OBFR + 0.150%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $38,000
(collateralized by various
securities: Total market
value $39,900) △ 38,000 38,000

0.390% (OBFR + 0.320%),
dated 08/31/2021,
matures 10/05/2021,
repurchase price $25,009
(collateralized by various
securities: Total market
value $26,251) △ ∞ 25,000 25,000
Credit Agricole Corporate
& Investment Bank

0.140%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $20,000
(collateralized by various
securities: Total market
value $20,997) 20,000 20,000
HSBC Securities (USA) Inc.

0.170% (OBFR + 0.100%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $14,000
(collateralized by various
securities: Total market
value $14,692) △ 14,000 14,000
ING Financial Markets LLC

0.150% (OBFR + 0.100%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $7,000
(collateralized by various
securities: Total market
value $7,350) △ 7,000 7,000
JP Morgan Securities, LLC

0.354% (1 Month
LIBOR USD + 0.270%),
dated 08/31/2021,
matures 10/05/2021,
repurchase price $30,010
(collateralized by various
securities: Total market
value $31,509) △ ∞ 30,000 30,000
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 29
Retail Prime Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.220% (OBFR + 0.150%),
dated 08/31/2021,
matures 09/07/2021,
repurchase price $45,002
(collateralized by various
securities: Total market
value $47,259) △ Ø $45,000 $ 45,000
MUFG Securities Americas Inc.

0.170% (OBFR + 0.100%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $11,000
(collateralized by various
securities: Total market
value $11,550) △ 11,000 11,000

0.200% (OBFR + 0.130%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $31,000
(collateralized by various
securities: Total market
value $32,550) △ 31,000 31,000

0.200% (OBFR + 0.130%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $13,000
(collateralized by various
securities: Total market
value $13,650) △ 13,000 13,000
Societe Generale SA

0.250% (OBFR + 0.180%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $108,001
(collateralized by various
securities: Total market
value $113,400) △ 108,000 108,000
TD Securities (USA) LLC

0.140% (OBFR + 0.070%),
dated 08/31/2021,
matures 09/01/2021,
repurchase price $57,000
(collateralized by various
securities: Total market
value $59,851) △ 57,000 57,000
Total Other Repurchase
Agreements
(Cost $438,000) 438,000
Retail Prime Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
U.S. Treasury Repurchase
Agreements – 20.7%
Bank of Nova Scotia

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $150,519
(collateralized by U.S.

Treasury obligations:

Total market value
$153,529) $150,518 $ 150,518
Credit Agricole Corporate
& Investment Bank

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $307,442
(collateralized by U.S.

Treasury obligations:

Total market value
$313,591) 307,442 307,442
Total U.S. Treasury
Repurchase Agreements
(Cost $457,960) 457,960
Total Investments ▲ – 100.0%
(Cost $2,209,432) 2,209,432
Other Assets and Liabilities,
Net – (0.0%) (160)
Total Net Assets – 100.0% $2,209,272
✇ Securities are valued in accordance with
procedures described in note 2 in Notes to
Financial Statements.
⊙ Rate shown is the annualized yield as of
August 31, 2021.
■ Security purchased within the terms of a private
placement memorandum, exempt from registration
under Rule 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that
program or other qualified institutional buyers. As of
August 31, 2021, the value of these investments
was $1,020,533 or 46.2% of total net assets.
△ Variable Rate Security – The rate shown is the rate
in effect as of August 31, 2021.
# Adjustable Rate Security – The rate is determined
by the Remarketing Agent and resets periodically
(daily, weekly, monthly, etc.).

Ø The maturity date shown represents the next
put date.
30 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
The accompanying notes are an integral part of the financial statements.

Retail Prime Obligations Fund (concl.)
∞ Illiquid Security – A security may be considered
illiquid if it lacks a readily available market. As of
August 31, 2021, the value of these investments
was $80,000 or 3.6% of total net assets. See note 2
in Notes to Financial Statements.
▲ On August 31, 2021, the cost of investments for
federal income tax purposes was $2,209,432.

The aggregate gross unrealized appreciation and
depreciation of investments, based on this cost,
were both $0.

Investment Abbreviations:

BSBY – Bloomberg Short-Term Bank Yield
LOC – Letter of Credit
LIBOR – London Interbank Offered Rate
OBFR – Overnight Bank Funding Rate
USD – U.S. Dollar
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 31
Retail Tax Free
Obligations Fund
DESCRIPTION PAR VALUE ✇
Variable Rate
Demand Notes # – 74.2%
Arizona – 1.2%
Arizona Industrial
Development Authority,
Phoenix Children’s Hospital,
Series 2019A (LOC:

JP Morgan Chase Bank)

0.010%, 09/01/2021 Ø $ 5,270 $ 5,270
California – 0.6%
ABAG Finance Authority
for Nonprofit Corporations,
Sharp HealthCare, Series 2009A
(LOC: Bank of America)

0.010%, 09/07/2021 Ø 2,655 2,655
Colorado – 0.4%
Colorado Educational and
Cultural Facilities Authority,
National Jewish Federation
Bond Program, Series B-5
(LOC: TD Bank)

0.010%, 09/01/2021 Ø 1,940 1,940
District of
Columbia – 0.6%
District of Columbia, The Pew
Charitable Trusts Issue,
Series 2008A
(LOC: PNC Bank)

0.020%, 09/07/2021 Ø 2,740 2,740
Florida – 6.7%
Florida Keys Aqueduct
Authority, Water Revenue
Refunding Bonds,
Series 2008
(LOC: TD Bank)

0.020%, 09/07/2021 Ø 7,575 7,575
Halifax Hospital Medical
Center, Daytona Beach,
Florida, Series 2008
(LOC: JPMorgan
Chase Bank)

0.020%, 09/07/2021 Ø 16,790 16,790
Miami-Dade County,
Florida, Juvenile
Courthouse Project,
Series 2003B
(LOC: TD Bank)

0.020%, 09/07/2021 Ø 6,350 6,350
30,715
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Georgia – 3.2%
Macon Water Authority,
Tax-Exempt Adjustable
Mode Water & Sewer
Refunding and Improvement
Revenue Bonds,
Series 2018B

0.060%, 09/07/2021 Ø $14,520 $14,520
Illinois – 16.6%
Illinois Education Facilities
Authority, Newberry Library,
Series 1988 (LOC:

Northern Trust Company)

0.020%, 09/07/2021 Ø 1,935 1,935
Illinois Finance Authority,
Elmhurst Memorial
Healthcare, Series 2008D
(LOC: Bank of America)

0.020%, 09/07/2021 Ø 5,000 5,000
Illinois Finance Authority,
Richard Driehaus Foundation,
Series 2005 (LOC:

Northern Trust Company)

0.060%, 09/07/2021 Ø 12,100 12,100
Illinois Finance Authority,
St. Ignatius College Prep
Project, Series 2006
(LOC: PNC Bank)

0.030%,09/07/2021 Ø 10,800 10,800
Illinois Finance Authority,
Steppenwolf Theatre
Company Project,
Series 2019 (LOC:

Northern Trust Company)

0.050%, 09/07/2021 Ø 22,000 22,000
Illinois Finance Authority,
The Latin School of
Chicago Project,
Series 2005A (LOC:

JPMorgan Chase Bank)

0.020%, 09/07/2021 Ø 6,990 6,990
Morton Grove, Illinois,
Cultural Facility, Holocaust
Museum & Education,
Series 2006 (LOC:

Bank of America)

0.020%, 09/07/2021 Ø 4,390 4,390
32 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
The accompanying notes are an integral part of the financial statements.

Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
University of Illinois Health
Services Facilities System
Revenue Bonds,
Series 1997B (LOC:

Wells Fargo Bank)

0.020%, 09/07/2021 Ø $ 6,800 $ 6,800
University of Illinois,
UIC South Campus
Development Project
Revenue Refunding Bonds,
Series 2008 (LOC:

JPMorgan Chase Bank)

0.020%, 09/7/2021 Ø 6,085 6,085
76,100
Indiana – 1.1%
Indiana Finance Authority,
Parkview Health System
Obligated Group,
Series 2009C (LOC:

Sumitomo Mitsui Bank)

0.020%, 09/07/2021 Ø 4,825 4,825
Kentucky – 4.5%
Louisville/Jefferson County
Metro Government,
Norton Healthcare, Inc,
Series 2011B
(LOC: PNC Bank)

0.010%, 09/01/2021 Ø 950 950
Louisville/Jefferson County
Metro Government,
Norton Healthcare, Inc,
Series 2013C
(LOC: PNC Bank)

0.030%, 09/07/2021 Ø 19,840 19,840
20,790
Michigan – 0.7%
Regents of the University
of Michigan, General
Revenue Bonds,
Series 2012D-1

0.010%, 09/01/2021 Ø 3,350 3,350
Minnesota – 8.2%
City of Minneapolis and
The Housing and
Redevelopment Authority
of The City of Saint Paul,
Minnesota, Allina Health
System, Series 2007C-1
(LOC: Wells Fargo Bank)

0.020%, 09/07/2021 Ø 10,300 10,300
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
City of Minneapolis and
The Housing and
Redevelopment Authority
of The City of Saint Paul,
Minnesota, Allina Health
System, Series 2007C-2
(LOC: Wells Fargo Bank)

0.020%,09/07/2021 Ø $1,450 $ 1,450
City of Minneapolis and
The Housing and
Redevelopment Authority
of The City of Saint Paul,
Minnesota, Allina Health
System, Series 2009B-1
(LOC: JPMorgan
Chase Bank)

0.010%, 09/01/2021 Ø 8,000 8,000
City of Minneapolis and
The Housing and
Redevelopment Authority
of the City of Saint Paul,
Minnesota, Allina Health
System, Series 2009C
(LOC: Wells Fargo Bank)

0.020%, 09/07/2021 Ø 3,535 3,535
Minnesota Higher
Education Facilities
Authority, Macalester
College, Series Five-Q

0.110%, 09/07/2021 Ø 9,025 9,025
Minnesota Higher
Education Facilities
Authority, Macalester
College, Series Three-Z

0.110%, 09/07/2021 Ø 5,400 5,400
37,710
Mississippi – 2.6%
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2007C
Chevron Corp

0.010%, 09/01/2021 Ø 300 300
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2009A
Chevron Corp

0.010%, 09/01/2021 Ø 380 380
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 33
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2009B
Chevron Corp

0.010%, 09/01/2021 Ø $ 790 $ 790
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2009C
Chevron Corp

0.010%, 09/01/2021 Ø 850 850
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2009F
Chevron Corp

0.010%, 09/01/2021 Ø 850 850
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2010H
Chevron Corp

0.010%, 09/01/2021 Ø 1,995 1,995
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2010K
Chevron Corp

0.010%, 09/01/2021 Ø 145 145
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2010L
Chevron Corp

0.010%, 09/01/2021 Ø 455 455
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2011A
Chevron Corp

0.010%, 09/01/2021 Ø 5,420 5,420
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.

Project, Series 2011B
Chevron Corp

0.010%, 09/01/2021 Ø 600 600
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc. |
Project, Series 2011G
Chevron Corp

0.010%, 09/01/2021 Ø $ 260 $ 260
12,045
Nevada – 3.8%
Clark County, Nevada,
Airport System Subordinate
Lien Revenue Bonds,
Series 2008D-1 (LOC:

Sumitomo Mitsui Bank)

0.020%, 09/07/2021 Ø 16,155 16,155
Clark County, Nevada,
Airport System Subordinate
Lien Revenue Bonds,
Series 2008D-3 (LOC:

Bank of America)

0.020%, 09/07/2021 Ø 1,390 1,390
17,545
Tennessee – 0.6%
The Public Building Authority
of Sevier County, Tennessee,
Revenue Program B,
Series 2010V-C-1 (LOC:

Smartbank) (GTD: FHLB)

0.040%, 09/07/2021 Ø 2,750 2,750
Texas – 9.3%
City of Houston, Texas,
Combined Utility System,
Series 2004B-6 (LOC:

Sumitomo Mitsui Bank)

0.020%, 09/07/2021 Ø 17,165 17,165
Gulf Coast Industrial
Development Authority,
ExxonMobil Project,
Series 2012
(GTD: Exxon Mobil Corp)

0.010%, 09/01/2021 Ø 1,200 1,200
Lower Neches Valley
Authority, ExxonMobil
Project, Series 2001A
(GTD: Exxon Mobil Corp)

0.010%, 09/01/2021 Ø 2,150 2,150
34 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Lower Neches Valley
Authority, ExxonMobil
Project, Series 2010
(GTD: Exxon Mobil Corp)

0.010%, 09/01/2021 Ø $ 3,900 $ 3,900
Lower Neches Valley
Authority, ExxonMobil
Project, Series 2011
(GTD: Exxon Mobil Corp)

0.010%, 09/01/2021 Ø 1,900 1,900
Lower Neches Valley
Authority, ExxonMobil
Project, Series 2012
(GTD: Exxon Mobil Corp)

0.010%, 09/01/2021 Ø 2,070 2,070
Tarrant County Cultural
Education Facilities
Finance Corporation,
Methodist Hospitals
of Dallas Project,
Series 2008A
(LOC: TD Bank)

0.010%, 09/01/2021 Ø 14,000 14,000
42,385
Vermont – 1.6%
Vermont Educational and
Health Buildings Financing
Agency, Fletcher Allen
Health Care Project,
Series 2004B
(LOC: TD Bank)

0.020%, 09/07/2021 Ø 7,150 7,150
Virginia – 6.4%
Industrial Development
Authority of Loudoun
County, Virginia, Howard
Hughes Medical Institute
Issue, Series 2003E

0.010%, 09/07/2021 Ø 17,415 17,415
Industrial Development
Authority of Loudoun
County, Virginia, Howard
Hughes Medical Institute
Issue, Series 2003F

0.010%, 09/07/2021 Ø 4,555 4,555
Portsmouth Redevelopment
& Housing Authority,
Phoebus Square Apartments,
Series 2008 (LOC: Bank
of America) (GTD: FHLMC)

0.030%, 09/07/2021 Ø 7,200 7,200
29,170
Retail Tax Free
Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
Washington – 6.1%
Port of Tacoma, Subordinate
Lien Revenue Bonds,
Series 2008B (LOC:

Bank of America)

0.020%, 09/07/2021 Ø $20,000 $ 20,000
Washington State Housing
Finance Commission, Living
Care Centers Project,
Series 2000 (LOC:

Wells Fargo Bank)

0.020%, 09/07/2021 Ø 4,430 4,430
Washington State Housing
Finance Commission, The
Overlake School Project,
Series 2003 (LOC:

Wells Fargo Bank)

0.030%, 09/07/2021 Ø 3,420 3,420
27,850
Total Variable Rate
Demand Notes
(Cost $339,510) 339,510
Non-Financial
Company Commercial
Paper – 18.4%
California Educational Facilities
Authority, Stanford
University, Series S-3

0.120%, 05/12/2022 19,500 19,500
Montgomery County,
Maryland

0.070%, 09/23/2021 10,500 10,500
Texas Technical University

0.050%, 10/05/2021 3,858 3,858
University of Michigan

0.080%, 10/05/2021 18,000 18,000
University of Minnesota

0.080%, 10/07/2021 11,977 11,977
University of Texas System

0.080%, 10/05/2021 10,000 10,000

0.080%, 12/08/2021 10,000 10,000
Total Non-Financial
Company Commercial Paper
(Cost $83,835) 83,835
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 35
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Retail Tax Free
Obligations Fund (concl.)
DESCRIPTION PAR VALUE ✇
Other Municipal
Securities – 4.6%
Bergen County, New Jersey,
Bond Anticipation Notes

2.000%, 11/10/2021 $ 7,000 $ 7,023
County Square Redevelopment
Corporation, Greenville County,
South Carolina Project,
Series 2021

2.000%, 03/03/2022 4,000 4,037
Madison Metropolitan School
District, Dane County,
Wisconsin, Series 2020

2.000%, 09/02/2021 10,000 10,000
Total Other Municipal Securities
(Cost $21,060) 21,060
Total Investments ▲ – 97.2%
(Cost $444,405) 444,405
Other Assets and Liabilities,
Net – 2.8% 12,977
Total Net Assets – 100.0% $457,382
✇ Securities are valued in accordance with
procedures described in note 2 in Notes to
Financial Statements.
# Adjustable Rate Security – The rate is determined
by the Remarketing Agent and resets periodically
(daily, weekly, monthly, etc.).

Ø The maturity date shown represents the next
put date.
▲ On August 31, 2021, the cost of investments for
federal income tax purposes was $444,405.

The aggregate gross unrealized appreciation and
depreciation of investments, based on this cost,
were both $0.

Investment Abbreviations:

FHLB – Federal Home Loan Bank
FHLMC – Federal Home Loan Mortgage Association
GTD – Guaranteed
LOC – Letter of Credit
36 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Treasury Obligations Fund
DESCRIPTION PAR VALUE ✇
U.S. Treasury Debt – 41.8%
U.S. Treasury Bills ⊙

0.060%, 09/02/2021 $375,000 $374,999

0.046%, 09/09/2021 515,000 514,995

0.049%, 09/16/2021 650,000 649,987

0.036%, 09/23/2021 400,000 399,991

0.044%, 09/30/2021 620,000 619,978

0.043%, 10/07/2021 600,000 599,974

0.043%, 10/21/2021 100,000 99,994

0.108%, 12/02/2021 150,000 149,959

0.039%, 12/09/2021 250,000 249,974

0.042%, 12/16/2021 485,000 484,941

0.061%, 12/23/2021 65,000 64,988

0.104%, 12/30/2021 100,000 99,966

0.052%, 01/06/2022 150,000 149,973

0.053%, 01/13/2022 300,000 299,942

0.053%, 01/27/2022 535,000 534,884

0.053%, 02/10/2022 100,000 99,976
U.S. Treasury Notes

2.750%, 09/15/2021 50,000 50,050

1.500%, 09/30/2021 135,000 135,147

2.125%, 09/30/2021 110,000 110,174

2.875%, 10/15/2021 25,000 25,082

0.345% (3 Month U.S.

Treasury Money Market
Yield + 0.300%),
10/31/2021 △ 375,000 375,047

1.500%, 11/30/2021 305,000 306,034

1.875%, 11/30/2021 250,000 251,083

1.625%, 12/31/2021 300,000 301,541

2.000%, 12/31/2021 225,000 226,405

0.199% (3 Month U.S.

Treasury Money Market
Yield + 0.154%),
01/31/2022 △ 525,000 525,095

1.875%, 01/31/2022 50,000 50,370

1.750%, 02/28/2022 75,000 75,631

0.159% (3 Month U.S.

Treasury Money Market
Yield + 0.114%),
04/30/2022 △ 690,000 690,202

0.100% (3 Month U.S.

Treasury Money Market
Yield + 0.055%),
07/31/2022 △ 640,000 639,997

0.125%, 08/31/2022 40,000 40,018

0.100% (3 Month U.S.

Treasury Money Market
Yield + 0.055%),
10/31/2022 △ 765,000 765,026

0.094% (3 Month U.S.

Treasury Money Market
Yield + 0.049%),
01/31/2023 △ 850,000 850,149
Treasury Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.079% (3 Month U.S.

Treasury Money Market
Yield + 0.034%),
04/30/2023 △ $350,000 $ 350,030

0.074% (3 Month U.S.

Treasury Money Market
Yield + 0.029%),
07/31/2023 △ 450,000 450,017
Total U.S. Treasury Debt
(Cost $11,611,619) 11,611,619
U.S. Treasury
Repurchase
Agreements – 58.2%
Bank of America Securities Inc.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000
Bank of Nova Scotia

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $428,321
(collateralized by U.S.

Treasury obligations:

Total market value
$436,887) 428,321 428,321
Barclays Capital Inc.

0.050%, dated 08/06/2021,
matures 09/07/2021,
repurchase price $400,018
(collateralized by U.S.

Treasury obligations:

Total market value
$408,000) 400,000 400,000
BNP Paribas SA

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $200,000
(collateralized by U.S.

Treasury obligations:

Total market value
$204,000) 200,000 200,000

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 37
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Treasury Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.050%, dated 08/09/2021,
matures 09/07/2021,
repurchase price $300,013
(collateralized by U.S.

Treasury obligations:

Total market value
$306,000) Ø $300,000 $300,000

0.050%, dated 08/20/2021,
matures 09/07/2021,
repurchase price $200,009
(collateralized by U.S.

Treasury obligations:

Total market value
$204,000) Ø 200,000 200,000

0.070%, dated 06/17/2021,
matures 09/07/2021,
repurchase price $225,067
(collateralized by U.S.

Treasury obligations:

Total market value
$229,500) Ø 225,000 225,000

0.050%, dated 06/16/2021,
matures 09/07/2021,
repurchase price $365,093
(collateralized by U.S.

Treasury obligations:

Total market value
$372,300) Ø 365,000 365,000

0.007%, dated 07/22/2021,
matures 09/07/2021,
repurchase price $150,005
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) Ø 150,000 150,000
Canadian Imperial Bank
of Commerce

0.050%, dated 08/09/2021,
matures 09/07/2021,
repurchase price $150,006
(collateralized by U.S.

Treasury obligations:

Total market value
$153,005) Ø 150,000 150,000

0.050%, dated 07/29/2021,
matures 09/07/2021,
repurchase price $225,028
(collateralized by U.S.

Treasury obligations:

Total market value
$229,511) Ø 225,000 225,000
Treasury Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.055%, dated 07/29/2021,
matures 09/07/2021,
repurchase price $225,062
(collateralized by U.S.

Treasury obligations:

Total market value
$229,512) Ø $ 225,000 $ 225,000

0.055%, dated 08/16/2021,
matures 09/07/2021,
repurchase price $125,035
(collateralized by U.S.

Treasury obligations:

Total market value
$127,503) Ø 125,000 125,000
Credit Agricole Corporate
& Investment Bank

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $874,869
(collateralized by U.S.

Treasury obligations:

Total market value
$892,366) 874,868 874,868

0.050%, dated 08/06/2021,
matures 09/07/2021,
repurchase price $300,013
(collateralized by U.S.

Treasury obligations:

Total market value
$306,000) 300,000 300,000
Federal Reserve Bank
of New York

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $5,650,008
(collateralized by U.S.

Treasury obligations:

Total market value
$5,650,008) 5,650,000 5,650,000
Fixed Income Clearing Corp

0.030%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,001
(collateralized by U.S.

Treasury obligations:

Total market value
$102,001) 100,001 100,001
38 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Treasury Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $2,500,003
(collateralized by U.S.

Treasury obligations:

Total market value
$2,550,000) $2,500,000 $2,500,000

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,007) 100,000 100,000

0.055%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,043) 100,000 100,000
HSBC Securities (USA) Inc.

0.045%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000
ING Financial Markets LLC

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $300,008
(collateralized by U.S.

Treasury obligations:

Total market value
$306,130) 300,008 300,008

0.005%, dated 08/26/2021,
matures 09/02/2021,
repurchase price $50,000
(collateralized by U.S.

Treasury obligations:

Total market value
$51,000) 50,000 50,000
Treasury Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇

0.050%, dated 08/27/2021,
matures 09/03/2021,
repurchase price $150,001
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) $150,000 $150,000

0.050%, dated 08/30/2021,
matures 09/06/2021,
repurchase price $100,001
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000
JP Morgan Securities, LLC

0.050%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $500,005
(collateralized by U.S.

Treasury obligations:

Total market value
$510,021) 500,000 500,000

0.060% (SOFR + 0.010%),
dated 08/31/2021,
matures 09/30/2021,
repurchase price $75,004
(collateralized by U.S.

Treasury obligations:

Total market value
$76,504) △ ∞ 75,000 75,000
MUFG Securities Canada Ltd.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000

0.005%, dated 08/30/2021,
matures 09/06/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000

0.005%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) 100,000 100,000
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 39
Schedule of Investments August 31, 2021, all dollars rounded to thousands (000 omitted)
Treasury Obligations Fund (cont.)
DESCRIPTION PAR VALUE ✇
RBC Dominion Securities Inc.

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $200,000
(collateralized by U.S.

Treasury obligations:

Total market value
$204,000) $200,000 $200,000

0.050%, dated 08/09/2021,
matures 09/07/2021,
repurchase price $300,013
(collateralized by U.S.

Treasury obligations:

Total market value
$306,000) Ø 300,000 300,000

0.050%, dated 08/16/2021,
matures 09/07/2021,
repurchase price $100,004
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) Ø 100,000 100,000

0.040%, dated 03/31/2021,
matures 09/07/2021,
repurchase price $150,031
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) Ø 150,000 150,000

0.050%, dated 08/24/2021,
matures 09/07/2021,
repurchase price $150,022
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) Ø 150,000 150,000
Royal Bank of Canada/NY

0.040%, dated 03/24/2021,
matures 09/07/2021,
repurchase price $400,080
(collateralized by U.S.

Treasury obligations:

Total market value
$408,000) Ø 400,000 400,000
Societe Generale SA

0.050%, dated 08/31/2021,
matures 09/01/2021,
repurchase price $150,000
(collateralized by U.S.

Treasury obligations:

Total market value
$153,000) 150,000 150,000
Treasury Obligations Fund (concl.)
DESCRIPTION PAR VALUE ✇

0.050%, dated 08/31/2021,
matures 09/07/2021,
repurchase price $100,000
(collateralized by U.S.

Treasury obligations:

Total market value
$102,000) $100,000 $ 100,000
Total U.S. Treasury
Repurchase Agreements
(Cost $16,143,198) 16,143,198
Total Investments ▲ – 100.0%
(Cost $27,754,817) 27,754,817
Other Assets and Liabilities,
Net – 0.0% 6,282
Total Net Assets – 100.0% $27,761,099
✇ Securities are valued in accordance with
procedures described in note 2 in Notes to
Financial Statements.
⊙ Rate shown is the annualized yield as of
August 31, 2021.
△ Variable Rate Security – The rate shown is the rate
in effect as of August 31, 2021.

Ø The maturity date shown represents the next
put date.
∞ Illiquid Security – A security may be considered
illiquid if it lacks a readily available market. As of
August 31, 2021, the value of these investments
was $75,000 or 0.3% of total net assets. See note 2
in Notes to Financial Statements.
▲ On August 31, 2020, the cost of investments for
federal income tax purposes was $27,754,817.

The aggregate gross unrealized appreciation and
depreciation of investments, based on this cost,
were both $0.

Investment Abbreviations:

SOFR – Secured Overnight Financing Rate
40 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

U.S. Treasury Money Market Fund
DESCRIPTION PAR VALUE ✇
U.S. Treasury Debt – 101.2%
U.S. Treasury Bills ⊙

0.033%, 09/02/2021 $170,949 $170,949

0.045%, 09/07/2021 106,529 106,528

0.034%, 09/09/2021 120,049 120,048

0.035%, 09/14/2021 84,061 84,060

0.035%, 09/16/2021 152,454 152,452

0.042%, 09/21/2021 113,096 113,093

0.043%, 09/23/2021 246,331 246,325

0.042%, 09/28/2021 177,291 177,285

0.041%, 09/30/2021 125,000 124,996

0.043%, 10/05/2021 275,800 275,789

0.047%, 10/07/2021 190,000 189,991

0.039%, 10/12/2021 140,172 140,166

0.049%, 10/14/2021 204,217 204,205

0.045%, 10/19/2021 100,000 99,994

0.049%, 10/21/2021 175,000 174,988

0.047%, 10/28/2021 171,657 171,644

0.049%, 11/04/2021 50,000 49,996

0.048%, 11/30/2021 50,000 49,994

0.045%, 12/14/2021 225,000 224,971

0.042%, 12/16/2021 28,373 28,370

0.045%, 12/21/2021 262,027 261,992

0.032%, 12/28/2021 175,000 174,975

0.099%, 12/30/2021 10,000 9,997

0.052%, 01/13/2022 25,000 24,995

0.051%, 02/03/2022 50,000 49,989
U.S. Treasury Notes

0.345% (3 Month U.S.

Treasury Money Market
Yield + 0.300%),
10/31/2021 △ 90,000 90,014

1.750%, 11/30/2021 5,000 5,020

1.875%, 11/30/2021 5,000 5,022

1.625%, 12/31/2021 25,000 25,129

0.199% (3 Month U.S.

Treasury Money Market
Yield + 0.154%),
01/31/2022 △ 80,426 80,454

1.750%, 02/28/2022 25,000 25,210

0.159% (3 Month U.S.

Treasury Money Market
Yield + 0.114%),
04/30/2022 △ 123,347 123,382

0.100% (3 Month U.S.

Treasury Money Market
Yield + 0.055%),
07/31/2022 △ 85,383 85,388

0.100% (3 Month U.S.

Treasury Money Market
Yield + 0.055%),
10/31/2022 △ 63,906 63,910
U.S. Treasury Money Market Fund (concl.)
DESCRIPTION PAR VALUE ✇

0.094% (3 Month U.S.

Treasury Money Market
Yield + 0.049%),
01/31/2023 △ $71,810 $ 71,828

0.079% (3 Month U.S.

Treasury Money Market
Yield + 0.034%),
04/30/2023 △ 80,194 80,200

0.074% (3 Month U.S.

Treasury Money Market
Yield + 0.029%),
07/31/2023 △ 29,371 29,373
Total U.S. Treasury Debt
(Cost $4,112,722) 4,112,722
Total Investments ▲ – 101.2%
(Cost $4,112,722) 4,112,722
Other Assets and Liabilities,
Net – (1.2)% (49,914)
Total Net Assets – 100.0% $4,062,808
✇ Securities are valued in accordance with
procedures described in note 2 in Notes to
Financial Statements.
⊙ Rate shown is annualized yield as of
August 31, 2021.
△ Variable Rate Security – The rate shown is the rate
in effect as of August 31, 2021.
▲ On August 31, 2021, the cost of investments for
federal income tax purposes was $4,112,722.

The aggregate gross unrealized appreciation and
depreciation of investments, based on this cost,
were both $0.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 41
Institutional Retail Retail
Government Prime Prime Tax Free Treasury U.S. Treasury
Obligations Obligations Obligations Obligations Obligations Money Market Fund Fund Fund Fund Fund Fund
Investments in securities, at cost $35,561,693 $ 844,367 $1,313,472 $444,405 $11,611,619 $4,112,722Repurchase agreements, at cost 53,987,554 579,306 895,960 — 16,143,198
—
ASSETS:Investments, in securities, at value $35,561,693 $844,378 $1,313,472 $444,405 $11,611,619 $4,112,722Repurchase agreements, at value 53,987,554 579,306 895,960 — 16,143,198
—
Cash 1 — 1 12,573 1 —Receivable for interest 14,284 73 63 361 7,692 209Receivable for capital shares sold 14 — 1 —
—
—
Receivable from adviser
—
—
— 3 —
—
Prepaid directors’ retainer 46 7 5 8 23 9Prepaid expenses and other assets 332 39 156 60 151 42Total assets 89,563,924 1,423,803 2,209,658 457,410 27,762,684 4,112,982LIABILITIES:Dividends payable 1,502 43 12 2 235 14Payable for investments purchased 60,000 —
—
—
— 49,993
Payable to affiliates (note 3) 3,518 88 251
— 1,281 137
Payable for capital shares redeemed 1 — 95
—
—
—
Accrued expenses and other liabilities 130 26 28 26 69 30Total liabilities 65,151 157 386 28 1,585 50,174Net assets $89,498,773 $1,423,646 $2,209,272 $457,382 $27,761,099 $4,062,808COMPOSITION OF NET ASSETS:Portfolio capital $89,498,395 $1,423,635 $2,209,266 $457,392 $27,761,096 $4,062,753Total distributable earnings (losses) 378 11 6 (10) 3 55Net assets $89,498,773 $1,423,646 $2,209,272 $457,382 $27,761,099 $4,062,808 42 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Statements of Assets and Liabilities August 31, 2021, all dollars are rounded to thousands (000 omitted), except per share data
Institutional Retail Retail
Government Prime Prime Tax Free Treasury U.S. Treasury
Obligations Obligations Obligations Obligations Obligations Money Market Fund Fund* Fund Fund Fund Fund
Class A:Net assets $ 298,968 $
— $ 358,250 $ 41,394 $ 200,750 $ 55,228
Shares issued and outstanding ($0.01 par value – 5 billion authorized per fund**) 298,965 — 358,249 41,393 200,754 55,218
Net asset value, offering price and redemption price per share $ 1.00 $ — $ 1.00 $ 1.00 $ 1.00 $ 1.00
Class D:Net assets $ 4,533,829 $
— $
— $
— $1,968,085 $ 89,199
Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund) 4,533,793 —
—
— 1,968,100 89,194
Net asset value, offering price and redemption price per share $ 1.00 $ — $
— $
— $ 1.00 $ 1.00
Class P:Net assets $ 1,085,102 $
— $
— $
— $2,511,825 $
—
Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund) 1,085,095 —
—
— 2,511,821
—
Net asset value, offering price and redemption price per share $ 1.00 $ — $
— $
— $ 1.00 $
—
Class T:Net assets $ 1,260,703 $ 64,888 $1,380,925 $331,979 $ 402,360 $ 110,639Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund***) 1,260,701 64,886 1,380,922 331,979 402,359 110,645Net asset value, offering price and redemption price per share $ 1.00 $ 1.0000 $ 1.00 $ 1.00 $ 1.00 $ 1.00Class U:Net assets $ 6,394,891 $ — $ — $
— $— $
—
Shares issued and outstanding ($0.01 par value – 20 billion authorized) 6,394,851 —
—
—
—
—
Net asset value, offering price and redemption price per share $1.00 $ — $ — $
— $— $
—
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 43The accompanying notes are an integral part of the financial statements.

Statements of Assets and Liabilities August 31, 2021, all dollars are rounded to thousands (000 omitted), except per share data
Institutional Retail Retail
Government Prime Prime Tax Free Treasury U.S. Treasury
Obligations Obligations Obligations Obligations Obligations Money Market Fund Fund* Fund Fund Fund Fund
Class V:Net assets $ 2,137,992 $ 45,873 $ 20,320 $34,332 $ 636,668 $ 130,210Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund) 2,137,968 45,870 20,320 34,332 636,673 130,200Net asset value, offering price and redemption price per share $ 1.00 $ 1.0001 $ 1.00 $ 1.00 $ 1.00 $ 1.00Class X:Net assets $28,176,617 $ — $ 22,506 $
— $ 6,677,792 $
—
Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund) 28,176,478 — 22,506
— 6,677,788
—
Net asset value, offering price and redemption price per share $ 1.00 $ — $ 1.00 $
— $ 1.00 $
—
Class Y:Net assets $ 9,032,404 $ 220,389 $ 6,005 $14,691 $ 2,823,404 $ 710,358Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund) 9,032,291 220,371 6,004 14,684 2,823,433 710,276Net asset value, offering price and redemption price per share $ 1.00 $ 1.0001 $ 1.00 $ 1.00 $ 1.00 $ 1.00Class Z:Net assets $36,578,267 $1,092,496 $421,266 $34,986 $12,540,215 $2,967,174Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund) 36,578,008 1,092,508 421,265 34,983 12,540,258 2,967,134Net asset value, offering price and redemption price per share $ 1.00 $ 1.0000 $ 1.00 $1.00 $ 1.00 $ 1.00 * The fund is required to round its current net asset value per share to a minimum of the fourth decimal place. ** 20 billion shares were authorized for Class A of Retail Prime Obligations Fund and U.S. Treasury Money Market Fund. *** 5 billion shares were authorized for Class T of Institutional Prime Obligations Fund. 44 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The accompanying notes are an integral part of the financial statements.

Statements of Operations For the year ended August 31, 2021, all dollars are rounded to thousands (000 omitted)
Institutional Retail Retail
Government Prime Prime Tax Free Treasury U.S. Treasury
Obligations Obligations Obligations Obligations Obligations Money Market Fund Fund Fund Fund Fund Fund
INVESTMENT INCOME:Interest income $ 80,236 $1,894 $ 4,558 $ 672 $28,764 $ 3,148Total investment income 80,236 1,894 4,558 672 28,764 3,148EXPENSES (note 1 and note 3):Investment advisory fees 84,470 1,125 2,401 502 29,398 3,530Administration fees and expenses 94,785 1,310 2,898 611 33,061 3,993Transfer agent fees and expenses 671 45 51 41 274 70Custodian fees 3,209 43 92 19 1,121 134Legal fees 121 27 29 30 62 34Audit fees 144 28 30 30 80 36Registration fees 2,544 53 175 91 1,328 238Postage and printing fees 131 2 28 3 45 5Directors’ fees 506 106 116 102 247 116Other expenses 606 125 83 64 275 126Distribution and shareholder servicing (12b-1) fees:

Class A 714
— 934 145 457 114
Class D 5,350
—
—
— 2,599 116
Shareholder servicing (non 12b-1) fees:

Class A 714
— 934 145 457 114
Class D 8,917
—
—
— 4,332 192
Class T 2,248 142 2,361 619 741 143Class V 2,101 37 27 20 779 153Class Y 23,568 618 639 195 6,718 1,735 Total expenses 230,799 3,661 10,798 2,617 81,974 10,849Less: Fee waivers (note 3) (173,076) (2,216) (6,445) (1,975) (59,764) (7,851)Total net expenses 57,723 1,445 4,353 642 22,210 2,998Investment income – net 22,513 449 205 30 6,554 150Net gain on investments 292 1 4 — 80 22Net change in unrealized appreciation (depreciation) on investments — (206)
—
—
—
—
Net increase in net assets resulting from operations $ 22,805 $ 244 $ 209 $ 30 $ 6,634 $ 172 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 45The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets All dollars are rounded to thousands (000 omitted) Government Institutional Prime Retail Prime Obligations Fund Obligations Fund Obligations Fund Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 8/31/2021 8/31/2020 8/31/2021 8/31/2020 8/31/2021 8/31/2020 OPERATIONS: Investment income – net $ 22,513 $ 434,064 $ 449 $ 12,957 $ 205 $ 23,632 Net realized gain on investments 292 203 1 3 4 2 Net change in unrealized appreciation (depreciation) on investments —
— (206) 210
—
—
Net increase in net assets resulting from operations 22,805 434,267 244 13,170 209 23,634DISTRIBUTIONS TO SHAREHOLDERS FROM (note 1):

Class A (17) (1,375)
—
— (22) (3,800)
Class D (218) (21,083)
—
—
—
—
Class P (782) (9,672)
—
—
—
—
Class T (69)
— (4) (701) (71)
—
Class U (1,986) (26,147)
—
—
—
—
Class V (128) (19,868) (2) (348) (2) (518)Class X (10,162) (88,542) —
— (14) (1,075)
Class Y (577) (74,481) (15) (2,979) (15) (11,913)Class Z (8,668) (193,268) (428) (8,932) (81) (6,326) Total distributions (22,607) (434,436) (449) (12,960) (205) (23,632)CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1):1Class A:

Proceeds from sales 834,676 671,021
—
— 171,730 370,212
Reinvestment of distributions 3 451
—
— 17 3,732
Payments for redemptions (807,534) (638,179)
—
— (280,785) (413,749)
Increase (decrease) in net assets from Class A transactions 27,145 33,293 —
— (109,038) (39,805)
Class D:

Proceeds from sales 7,990,995 7,342,786
—
—
—
—
Reinvestment of distributions
—
—
—
—
—
—
Payments for redemptions (6,930,505) (7,425,109)
—
—
—
—
Increase (decrease) in net assets from Class D transactions 1,060,490 (82,323) —
—
—
—
Class P:

Proceeds from sales 16,313,129 6,500,764
—
—
—
—
Reinvestment of distributions 166 106
—
—
—
—
Payments for redemptions (16,123,221) (7,691,544)
—
—
—
—
Increase (decrease) in net assets from Class P transactions 190,074 (1,190,674) —
—
—
—
46 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Government Institutional Prime Retail Prime
Obligations Fund Obligations Fund Obligations Fund
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 8/31/2021 8/31/2020 8/31/2021 8/31/2020 8/31/2021 8/31/2020 Class T:

Proceeds from sales 2,965,775
— 289,436 251,676 2,662,050
—
Reinvestment of distributions
—
—
— 6 —
—
Payments for redemptions (1,705,074)
— (288,702) (269,952) (1,281,135)
—
Increase (decrease) in net assets from Class T transactions 1,260,701 — 734 (18,270) 1,380,915
—
Class U:

Proceeds from sales 34,404,817 25,678,146
—
—
—
—
Reinvestment of distributions
—
—
—
—
—
—
Payments for redemptions (32,911,213) (24,317,314)
—
—
—
—
Increase in net assets from Class U transactions 1,493,604 1,360,832 —
—
—
—
Class V:

Proceeds from sales 8,122,385 16,209,430 85,889 98,331 42,386 58,677Reinvestment of distributions 4 925 — 6 —
—
Payments for redemptions (8,020,569) (16,488,623) (67,568) (176,425) (51,515) (75,038) Increase (decrease) in net assets from Class V transactions 101,820 (278,268) 18,321 (78,088) (9,129) (16,361)Class X:

Proceeds from sales 218,079,268 83,695,632
—
— 33,730 76,460
Reinvestment of distributions 3,506 22,634
—
— 5 43
Payments for redemptions (208,896,211) (74,596,561)
—
— (42,821) (257,782)
Increase (decrease) in net assets from Class X transactions 9,186,563 9,121,705 —
— (9,086) (181,279)
Class Y:

Proceeds from sales 26,698,635 30,119,343 907,602 1,042,694 207,413 1,436,170Reinvestment of distributions 44 7,383 — 21
—
—
Payments for redemptions (27,803,695) (29,950,995) (1,004,466) (1,062,557) (1,643,879) (1,343,940) Increase (decrease) in net assets from Class Y transactions (1,105,016) 175,731 (96,864) (19,842) (1,436,466) 92,230Class Z:

Proceeds from sales 280,253,863 236,624,754 3,871,396 4,882,614 994,246 1,051,330Reinvestment of distributions 749 19,455 19 229 25 1,173Payments for redemptions (271,863,452) (226,792,847) (3,437,867) (4,970,214) (1,146,247) (1,053,814) Increase (decrease) in net assets from Class Z transactions 8,391,160 9,851,362 433,548 (87,371) (151,976) (1,311)Increase (decrease) in net assets from capital share transactions 20,606,541 18,991,658 355,739 (203,571) (334,780) (146,526)Total increase (decrease) in net assets 20,606,739 18,991,489 355,534 (203,361) (334,776) (146,524)Net assets at beginning of year 68,892,034 49,900,545 1,068,112 1,271,473 2,544,048 2,690,572Net assets at end of year $ 89,498,773 $ 68,892,034 $ 1,423,646 $ 1,068,112 $ 2,209,272 $ 2,544,0481 For further information on Institutional Prime Obligations Fund capital share transactions, see note 4 in Notes to Financial Statements.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 47The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets All dollars are rounded to thousands (000 omitted) Retail Tax Free Treasury U.S. Treasury Obligations Fund Obligations Fund Money Market Fund Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 8/31/2021 8/31/2020 8/31/2021 8/31/2020 8/31/2021 8/31/2020 OPERATIONS: Investment income – net $ 30 $ 2,770 $ 6,554 $ 126,869 $ 150 $ 17,826 Net realized gain (loss) on investments — (1) 80 (79) 22 262
Net increase in net assets resulting from operations 30 2,769 6,634 126,790 172 18,088DISTRIBUTIONS TO SHAREHOLDERS FROM (note 1):

Class A (3) (125) (11) (1,407) (3) (203)Class D
—
— (104) (8,591) (7) (261)
Class P
—
— (561) (5,170)
—
—
Class T (19)
— (22)
— (6)
—
Class V (1) (79) (47) (4,740) (10) (1,007)Class X
—
— (2,851) (30,493)
—
—
Class Y (5) (2,115) (161) (18,394) (40) (4,096)Class Z (2) (451) (2,797) (58,091) (319) (12,290) Total distributions (30) (2,770) (6,554) (126,886) (385) (17,857)CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1): 1Class A:

Proceeds from sales 44,040 79,865 382,982 573,682 106,809 1,419,966Reinvestment of distributions — 10 1 181
— 46
Payments for redemptions (65,908) (47,694) (357,806) (644,301) (88,822) (1,428,432) Increase (decrease) in net assets from Class A transactions (21,868) 32,181 25,177 (70,438) 17,987 (8,420)Class D:

Proceeds from sales
—
— 2,787,790 4,163,560 442,021 561,931
Reinvestment of distributions
—
—
—
—
—
—
Payments for redemptions
—
— (2,848,514) (3,502,419) (416,944) (530,155)
Increase (decrease) in net assets from Class D transactions —
— (60,724) 661,141 25,077 31,776
Class P:

Proceeds from sales
—
— 10,460,285 2,705,873
—
—
Reinvestment of distributions
—
— 414 116
—
—
Payments for redemptions
—
— (8,043,424) (3,532,553)
—
—
Increase (decrease) in net assets from Class P transactions —
— 2,417,275 (826,564)
—
—
48 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Retail Tax Free Treasury U.S. Treasury
Obligations Fund Obligations Fund Money Market Fund
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 8/31/2021 8/31/2020 8/31/2021 8/31/2020 8/31/2021 8/31/2020 Class T:

Proceeds from sales 802,550
— 979,411
— 177,873
—
Reinvestment of distributions
—
—
—
—
—
—
Payments for redemptions (470,571)
— (577,052)
— (67,228)
—
Increase in net assets from Class T transactions 331,979 — 402,359
— 110,645
—
Class V:

Proceeds from sales 152,416 212,381 40,189,627 6,542,555 419,851 776,565Reinvestment of distributions —
—
— 73 2 322
Payments for redemptions (131,190) (200,057) (40,210,434) (6,361,911) (383,699) (789,091) Increase (decrease) in net assets from Class V transactions 21,226 12,324 (20,807) 180,717 36,154 (12,204)Class X:

Proceeds from sales
—
— 62,962,099 42,151,927
—
—
Reinvestment of distributions
—
— 1,705 9,095
—
—
Payments for redemptions
—
— (63,742,165) (37,595,689)
—
—
Increase (decrease) in net assets from Class X transactions —
— (778,361) 4,565,333
—
—
Class Y:

Proceeds from sales 137,521 624,967 12,356,961 17,351,521 2,366,707 3,602,710Reinvestment of distributions —
— 21 2,778 3 244
Payments for redemptions (506,918) (574,546) (12,789,470) (16,537,575) (2,452,115) (3,405,514) Increase (decrease) in net assets from Class Y transactions (369,397) 50,421 (432,488) 816,724 (85,405) 197,440Class Z:

Proceeds from sales 93,070 102,312 73,251,687 46,080,924 11,277,147 12,364,943Reinvestment of distributions — 1 888 18,606 9 332
Payments for redemptions (87,630) (122,413) (72,966,948) (40,491,007) (10,409,003) (11,047,603) Increase (decrease) in net assets from Class Z transactions 5,440 (20,100) 285,627 5,608,523 868,153 1,317,672Increase (decrease) in net assets from capital share transactions (32,620) 74,826 1,838,058 10,935,436 972,611 1,526,264Total increase (decrease) in net assets (32,620) 74,825 1,838,138 10,935,340 972,398 1,526,495Net assets at beginning of year 490,002 415,177 25,922,961 14,987,621 3,090,410 1,563,915Net assets at end of year $ 457,382 $ 490,002 $ 27,761,099 $ 25,922,961 $ 4,062,808 $ 3,090,4101 For further information on Institutional Prime Obligations Fund capital share transactions, see note 4 in Notes to Financial Statements.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 49The accompanying notes are an integral part of the financial statements.

Financial Highlights For a share outstanding throughout the years ended August 31, unless otherwise indicated
Net Asset Distributions Distributions Net Asset
Value Net from Net from Net Value
Beginning Investment Investment Realized Gains End of Total of Period Income Income on Investments Period Return1
Government Obligations FundClass A
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.01%2020 1.00 0.006 (0.006) (0.000)2 1.00 0.552019 1.00 0.016 (0.016) — 1.00 1.62
2018 1.00 0.008 (0.008)
— 1.00 0.76
2017 1.00 0.001 (0.001) (0.000)2 1.00 0.08
Class D
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.01%2020 1.00 0.006 (0.006) (0.000)2 1.00 0.642019 1.00 0.018 (0.018) — 1.00 1.77
2018 1.00 0.009 (0.009)
— 1.00 0.91
2017 1.00 0.002 (0.002) (0.000)2 1.00 0.16
Class P
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.03%2020 1.00 0.009 (0.009) (0.000)2 1.00 0.952019 1.00 0.022 (0.022) — 1.00 2.23
20183 1.00 0.011 (0.011)
— 1.00 1.08
Class T
20214 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.01%
Class U
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.04%2020 1.00 0.010 (0.010) (0.000)2 1.00 0.982019 1.00 0.022 (0.022) — 1.00 2.26
20185 1.00 0.009 (0.009)
— 1.00 0.86
Class V
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.01%2020 1.00 0.008 (0.008) (0.000)2 1.00 0.822019 1.00 0.021 (0.021) — 1.00 2.07
2018 1.00 0.012 (0.012)
— 1.00 1.21
2017 1.00 0.004 (0.004) (0.000)2 1.00 0.41
50 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Net Asset Distributions Distributions Net Asset
Value Net from Net from Net Value
Beginning Investment Investment Realized Gains End of Total of Period Income Income on Investments Period Return1
Class X
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.04%2020 1.00 0.010 (0.010) (0.000)2 1.00 0.962019 1.00 0.022 (0.022) — 1.00 2.24
2018 1.00 0.014 (0.014)
— 1.00 1.37
2017 1.00 0.006 (0.006) (0.000)2 1.00 0.57
Class Y
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.01%2020 1.00 0.007 (0.007) (0.000)2 1.00 0.732019 1.00 0.019 (0.019) — 1.00 1.92
2018 1.00 0.011 (0.011)
— 1.00 1.06
2017 1.00 0.003 (0.003) (0.000)2 1.00 0.26
Class Z
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.03%2020 1.00 0.009 (0.009) (0.000)2 1.00 0.922019 1.00 0.022 (0.022) — 1.00 2.20
2018 1.00 0.013 (0.013)
— 1.00 1.33
2017 1.00 0.005 (0.005) (0.000)2 1.00 0.53
1 Total return would have been lower had certain expenses not been waived.2 Rounds to zero.3 Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.4 Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.5 Commenced operations on February 26, 2018. All ratios for the period have been annualized, except total return.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 51The accompanying notes are an integral part of the financial statements.

Financial Highlights For a share outstanding throughout the years ended August 31, unless otherwise indicated
Ratio of Ratio of Net Ratio of Ratio of Net Investment
Net Assets Expenses to Investment Expenses to Income (Loss) to End of Average Income to Average Net Assets Average Net Assets Period (000) Net Assets Average Net Assets (Excluding Waivers) (Excluding Waivers) Government Obligations FundClass A
2021 $ 298,968 0.09% 0.01% 0.77% (0.67)%2020 271,822 0.55 0.56 0.77 0.342019 238,531 0.75 1.58 0.77 1.562018 354,127 0.75 0.76 0.77 0.742017 313,106 0.62 0.07 0.79 (0.10) Class D
2021 $ 4,533,829 0.09% 0.01% 0.62% (0.52)%2020 3,473,331 0.46 0.63 0.63 0.462019 3,555,685 0.60 1.75 0.63 1.722018 4,106,912 0.60 0.92 0.64 0.882017 3,195,441 0.54 0.15 0.64 0.05 Class P
2021 $ 1,085,102 0.05% 0.03% 0.22% (0.14)%2020 895,022 0.15 1.19 0.23 1.112019 2,085,704 0.15 2.19 0.23 2.1120183 20 0.16 1.52 0.23 1.45 Class T
20214 $ 1,260,703 0.08% 0.01% 0.42% (0.33)%
Class U
2021 $ 6,394,891 0.06% 0.04% 0.22% (0.12)%2020 4,901,273 0.12 0.87 0.23 0.762019 3,540,435 0.12 2.28 0.23 2.1720185 125,744 0.12 1.72 0.24 1.60 Class V
2021 $ 2,137,992 0.09% 0.01% 0.32% (0.22)%2020 2,036,167 0.28 0.82 0.33 0.772019 2,314,446 0.30 2.06 0.33 2.032018 1,786,350 0.30 1.20 0.34 1.162017 1,995,445 0.30 0.41 0.34 0.37 52 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Ratio of Ratio of Net Ratio of Ratio of Net Investment
Net Assets Expenses to Investment Expenses to Income (Loss) to End of Average Income to Average Net Assets Average Net Assets Period (000) Net Assets Average Net Assets (Excluding Waivers) (Excluding Waivers) Class X
2021 $28,176,617 0.06% 0.04% 0.22% (0.12)%2020 18,989,990 0.14 0.77 0.23 0.682019 9,868,300 0.14 2.21 0.23 2.122018 5,859,028 0.14 1.39 0.24 1.292017 3,553,517 0.14 0.61 0.24 0.51 Class Y
2021 $ 9,032,404 0.09% 0.01% 0.47% (0.37)%2020 10,137,395 0.37 0.71 0.47 0.612019 9,961,713 0.45 1.91 0.48 1.882018 9,440,721 0.45 1.06 0.49 1.022017 8,694,560 0.44 0.28 0.49 0.23 Class Z
2021 $36,578,267 0.07% 0.03% 0.22% (0.12)%2020 28,187,034 0.18 0.80 0.23 0.752019 18,335,731 0.18 2.17 0.23 2.122018 14,681,577 0.18 1.32 0.24 1.262017 16,442,191 0.18 0.54 0.24 0.48 3 Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.4 Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.5 Commenced operations on February 26, 2018. All ratios for the period have been annualized, except total return.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 53The accompanying notes are an integral part of the financial statements.

Financial Highlights For a share outstanding throughout the years ended August 31, unless otherwise indicated
Net Asset Distributions Realized and Distributions Net Asset Value Net from Net Unrealized from Net Value
Beginning Investment Investment (Losses) Realized Gains End of Total of Period Income Income on Investments on Investments Period Return1 Institutional Prime Obligations Fund*Class T
2021 $1.0002 $0.0001 $(0.0001) $(0.0002) $ — $1.0000 (0.01)%2020 1.0000 0.0088 (0.0088) 0.0002 (0.0000)2 1.0002 0.892019 1.0001 0.0211 (0.0211) (0.0001) — 1.0000 2.12
2018 1.0000 0.0134 (0.0134) 0.0001
— 1.0001 1.36
2017 1.0000 0.0049 (0.0049) 0.00002 (0.0000)2 1.0000 0.51 Class V
2021 $1.0003 $0.0001 $(0.0001) $(0.0002) $ — $1.0001 (0.01)%2020 1.0000 0.0096 (0.0096) 0.0003 (0.0000)2 1.0003 1.002019 1.0001 0.0221 (0.0221) (0.0001) — 1.0000 2.23
2018 1.0000 0.0144 (0.0144) 0.0001
— 1.0001 1.46
2017 1.0000 0.0059 (0.0059) 0.00002 (0.0000)2 1.0000 0.60 Class Y
2021 $1.0003 $0.0001 $(0.0001) $(0.0002) $ — $1.0001 (0.01)%2020 1.0001 0.0084 (0.0084) 0.0002 (0.0000)2 1.0003 0.862019 1.0001 0.0206 (0.0206) (0.0000)2 — 1.0001 2.082018 1.0000 0.0129 (0.0129) 0.0001 — 1.0001 1.30
2017 1.0000 0.0044 (0.0044) 0.00002 (0.0000)2 1.0000 0.46 Class Z
2021 $1.0002 $0.0006 $(0.0006) $(0.0002) $ — $1.0000 0.04%2020 1.0000 0.0111 (0.0111) 0.0002 (0.0000)2 1.0002 1.132019 1.0001 0.0238 (0.0238) (0.0001) — 1.0000 2.39
2018 1.0000 0.0159 (0.0159) 0.0001
— 1.0001 1.61
2017 1.0000 0.0069 (0.0069) 0.00002 (0.0000)2 1.0000 0.70 * The fund is required to round its current net asset value per share to a minimum of the fourth decimal place.1 Total return would have been lower had certain expenses not been waived.2 Rounds to zero. 54 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Ratio of Ratio of Net Ratio of Ratio of Net Investment
Net Assets Expenses to Investment Expenses to Income (Loss) to End of Average Income to Average Net Assets Average Net Assets Period (000) Net Assets Average Net Assets (Excluding Waivers) (Excluding Waivers) Institutional Prime Obligations FundClass T
2021 $ 64,888 0.16% 0.01% 0.45% (0.28)%2020 64,166 0.38 0.91 0.46 0.832019 82,423 0.40 2.11 0.48 2.032018 77,695 0.40 1.36 0.50 1.262017 72,643 0.40 0.38 0.53 0.25 Class V
2021 $ 45,873 0.16% 0.01% 0.36% (0.19)%2020 27,559 0.30 0.98 0.36 0.922019 105,642 0.30 2.23 0.38 2.152018 148,228 0.30 1.51 0.40 1.412017 58,575 0.30 0.51 0.43 0.38 Class Y
2021 $ 220,389 0.17% 0.01% 0.51% (0.33)%2020 317,298 0.42 0.87 0.51 0.782019 337,078 0.45 2.06 0.53 1.982018 509,603 0.45 1.32 0.55 1.222017 333,617 0.45 0.41 0.59 0.27 Class Z
2021 $1,092,496 0.11% 0.05% 0.25% (0.09)%2020 659,089 0.15 1.12 0.26 1.012019 746,330 0.14 2.37 0.28 2.232018 562,601 0.15 1.67 0.30 1.522017 309,545 0.20 0.52 0.31 0.41 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 55The accompanying notes are an integral part of the financial statements.

Financial Highlights For a share outstanding throughout the years ended August 31, unless otherwise indicated
Net Asset Distributions Net Asset
Value Net from Net Value
Beginning Investment Investment End of Total
of Period Income Income Period Return1
Retail Prime Obligations FundClass A
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.008 (0.008) 1.00 0.752019 1.00 0.019 (0.019) 1.00 1.952018 1.00 0.010 (0.010) 1.00 1.032017 1.00 0.003 (0.003) 1.00 0.26 Class T
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.009 (0.009) 1.00 0.912019 1.00 0.021 (0.021) 1.00 2.142018 1.00 0.014 (0.014) 1.00 1.392017 1.00 0.006 (0.006) 1.00 0.60 Class V
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.010 (0.010) 1.00 1.002019 1.00 0.022 (0.022) 1.00 2.242018 1.00 0.015 (0.015) 1.00 1.492017 1.00 0.007 (0.007) 1.00 0.70 Class X
2021 $1.00 $0.001 $(0.001) $1.00 0.05%2020 1.00 0.012 (0.012) 1.00 1.152019 1.00 0.024 (0.024) 1.00 2.402018 1.00 0.016 (0.016) 1.00 1.6520173 1.00 0.008 (0.008) 1.00 0.85 Class Y
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.009 (0.009) 1.00 0.872019 1.00 0.021 (0.021) 1.00 2.092018 1.00 0.013 (0.013) 1.00 1.342017 1.00 0.006 (0.006) 1.00 0.55 Class Z
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.011 (0.011) 1.00 1.092019 1.00 0.023 (0.023) 1.00 2.342018 1.00 0.016 (0.016) 1.00 1.592017 1.00 0.008 (0.008) 1.00 0.80 1 Total return would have been lower had certain expenses not been waived. 2 Rounds to zero. 3 Commenced operations on September 8, 2016. All ratios for the period have been annualized, except total return. 56 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Ratio of Ratio of Net Ratio of Ratio of Net Investment
Net Assets Expenses to Investment Expenses to Income (Loss) to End of Average Income to Average Net Assets Average Net Assets Period (000) Net Assets Average Net Assets (Excluding Waivers) (Excluding Waivers) Retail Prime Obligations FundClass A
2021 $ 358,250 0.19% 0.01% 0.79% (0.59)%2020 467,288 0.54 0.75 0.79 0.502019 507,092 0.61 1.85 0.80 1.662018 1,151,807 0.75 1.03 0.80 0.982017 1,142,089 0.74 0.27 0.82 0.19 Class T
2021 $1,380,925 0.17% 0.01% 0.44% (0.26)%2020 7 0.39 0.91 0.40 0.902019 7 0.40 1.96 0.45 1.912018 984 0.40 1.60 0.47 1.532017 162 0.40 0.68 0.46 0.62 Class V
2021 $ 20,320 0.19% 0.01% 0.34% (0.14)%2020 29,449 0.30 1.04 0.35 0.992019 45,810 0.30 2.21 0.35 2.162018 40,102 0.30 1.49 0.36 1.432017 27,939 0.30 0.75 0.36 0.69 Class X
2021 $ 22,506 0.14% 0.05% 0.24% (0.05)%2020 31,592 0.14 1.60 0.25 1.492019 212,871 0.14 2.41 0.25 2.302018 18,748 0.14 1.63 0.26 1.5120173 29,731 0.14 0.95 0.26 0.83 Class Y
2021 $ 6,005 0.24% 0.01% 0.49% (0.24)%2020 1,442,471 0.42 0.82 0.49 0.752019 1,350,240 0.45 2.07 0.50 2.022018 1,301,030 0.45 1.34 0.51 1.282017 1,142,900 0.45 0.56 0.52 0.49 Class Z
2021 $ 421,266 0.17% 0.02% 0.24% (0.05)%2020 573,241 0.20 1.03 0.25 0.982019 574,552 0.20 2.34 0.25 2.292018 346,523 0.20 1.59 0.26 1.532017 278,460 0.20 0.82 0.26 0.76 3 Commenced operations on September 8, 2016. All ratios for the period have been annualized, except total return.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 57The accompanying notes are an integral part of the financial statements.

Financial Highlights For a share outstanding throughout the years ended August 31, unless otherwise indicated
Net Asset Distributions Net Asset
Value Net from Net Value
Beginning Investment Investment End of Total
of Period Income Income Period Return1
Retail Tax Free Obligations FundClass A
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.004 (0.004) 1.00 0.412019 1.00 0.009 (0.009) 1.00 0.852018 1.00 0.005 (0.005) 1.00 0.472017 1.00 0.0002 (0.000)2 1.00 0.05 Class T
20213 $1.00 $0.0002 $(0.000)2 $1.00 0.01%
Class V
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.007 (0.007) 1.00 0.722019 1.00 0.013 (0.013) 1.00 1.312018 1.00 0.009 (0.009) 1.00 0.922017 1.00 0.005 (0.005) 1.00 0.46 Class Y
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.006 (0.006) 1.00 0.612019 1.00 0.012 (0.012) 1.00 1.162018 1.00 0.008 (0.008) 1.00 0.772017 1.00 0.003 (0.003) 1.00 0.31 Class Z
2021 $1.00 $0.0002 $(0.000)2 $1.00 0.01%2020 1.00 0.008 (0.008) 1.00 0.812019 1.00 0.014 (0.014) 1.00 1.412018 1.00 0.010 (0.010) 1.00 1.022017 1.00 0.006 (0.006) 1.00 0.56 1 Total return would have been lower had certain expenses not been waived.2 Rounds to zero.3 Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return. 58 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Ratio of Ratio of Net Ratio of Ratio of Net Investment
Net Assets Expenses to Investment Expenses to Income (Loss) to End of Average Income to Average Net Assets Average Net Assets Period (000) Net Assets Average Net Assets (Excluding Waivers) (Excluding Waivers) Retail Tax Free Obligations FundClass A
2021 $ 41,394 0.13% 0.01% 0.84% (0.70)%2020 63,262 0.55 0.34 0.84 0.052019 31,081 0.75 0.85 0.88 0.722018 33,861 0.75 0.47 0.87 0.352017 32,171 0.71 0.04 0.92 (0.17) Class T
20213 $331,979 0.12% 0.01% 0.50% (0.37)%
Class V
2021 $ 34,332 0.12% 0.01% 0.40% (0.27)%2020 13,106 0.29 0.64 0.39 0.542019 783 0.30 1.28 0.42 1.162018 536 0.30 0.89 0.42 0.772017 1,872 0.30 0.45 0.47 0.28 Class Y
2021 $ 14,691 0.18% 0.01% 0.54% (0.35)%2020 384,088 0.40 0.56 0.54 0.422019 333,668 0.45 1.15 0.58 1.022018 316,973 0.45 0.79 0.57 0.672017 260,044 0.45 0.31 0.62 0.14 Class Z
2021 $ 34,986 0.12% 0.01% 0.29% (0.16)%2020 29,546 0.20 0.93 0.30 0.832019 49,645 0.20 1.38 0.32 1.262018 20,631 0.20 1.03 0.32 0.912017 32,401 0.20 0.55 0.37 0.38 3 Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 59The accompanying notes are an integral part of the financial statements.

Financial Highlights For a share outstanding throughout the years ended August 31, unless otherwise indicated
Net Asset Distributions Distributions Net Asset
Value Net from Net from Net Value
Beginning Investment Investment Realized Gains End of Total of Period Income Income on Investments Period Return1
Treasury Obligations FundClass A
2021 $1.00 $0.0002 $(0.000)2 $ — $1.00 0.01%
2020 1.00 0.006 (0.006) (0.000)2 1.00 0.55
2019 1.00 0.016 (0.016)
— 1.00 1.61
2018 1.00 0.008 (0.008)
— 1.00 0.77
2017 1.00 0.001 (0.001) (0.000)2 1.00 0.08
Class D
2021 $1.00 $0.0002 $(0.000)2 $ — $1.00 0.01%
2020 1.00 0.006 (0.006) (0.000)2 1.00 0.63
2019 1.00 0.018 (0.018)
— 1.00 1.77
2018 1.00 0.009 (0.009)
— 1.00 0.92
2017 1.00 0.001 (0.001) (0.000)2 1.00 0.15
Class P
2021 $1.00 $0.0002 $(0.000)2 $ — $1.00 0.03%
2020 1.00 0.009 (0.009) (0.000)2 1.00 0.94
2019 1.00 0.022 (0.022)
— 1.00 2.23
20183 1.00 0.011 (0.011)
— 1.00 1.07
Class T
20214 $1.00 $0.0002 $(0.000)2 $ — $1.00 0.01%
Class V
2021 $1.00 $0.0002 $(0.000)2 $ — $1.00 0.01%
2020 1.00 0.008 (0.008) (0.000)2 1.00 0.81
2019 1.00 0.021 (0.021)
— 1.00 2.07
2018 1.00 0.012 (0.012)
— 1.00 1.22
2017 1.00 0.004 (0.004) (0.000)2 1.00 0.39
60 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Net Asset Distributions Distributions Net Asset
Value Net from Net from Net Value
Beginning Investment Investment Realized Gains End of Total of Period Income Income on Investments Period Return1
Treasury Obligations FundClass X
2021 $1.00 $0.0002 $(0.000)2 $ — $1.00 0.03%
2020 1.00 0.009 (0.009) (0.000)2 1.00 0.94
2019 1.00 0.022 (0.022)
— 1.00 2.23
2018 1.00 0.014 (0.014)
— 1.00 1.38
2017 1.00 0.005 (0.005) (0.000)2 1.00 0.55
Class Y
2021 $1.00 $0.0002 $(0.000)2 $ — $1.00 0.01%
2020 1.00 0.007 (0.007) (0.000)2 1.00 0.72
2019 1.00 0.019 (0.019)
— 1.00 1.92
2018 1.00 0.011 (0.011)
— 1.00 1.07
2017 1.00 0.003 (0.003) (0.000)2 1.00 0.25
Class Z
2021 $1.00 $0.0002 $(0.000)2 $ — $1.00 0.02%
2020 1.00 0.009 (0.009) (0.000)2 1.00 0.91
2019 1.00 0.022 (0.022)
— 1.00 2.19
2018 1.00 0.013 (0.013)
— 1.00 1.34
2017 1.00 0.005 (0.005) (0.000)2 1.00 0.51
1 Total return would have been lower had certain expenses not been waived.2 Rounds to zero.3 Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.4 Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 61The accompanying notes are an integral part of the financial statements.

Financial Highlights For a share outstanding throughout the years ended August 31, unless otherwise indicated
Ratio of Net
Ratio of Ratio of Net Ratio of Epenses Investment Income Net Assets Expenses Investment Income to Average (Loss) to Average End of to Average to Average Net Assets Net Assets
Period Net Assets Net Assets (Excluding Waivers) (Excluding Waivers) Treasury Obligations FundClass A
2021 $ 200,750 0.09% 0.01% 0.77% (0.67)%
2020 175,572 0.51 0.51 0.78 0.24
2019 246,012 0.75 1.60 0.78 1.57
2018 185,799 0.75 0.75 0.79 0.71
2017 239,773 0.60 0.07 0.80 (0.13)
Class D
2021 $1,968,085 0.09% 0.01% 0.62% (0.52)%
2020 2,028,803 0.43 0.57 0.63 0.37
2019 1,367,671 0.60 1.75 0.64 1.71
2018 1,461,918 0.60 0.92 0.64 0.88
2017 1,521,672 0.53 0.14 0.64 0.03
Class P
2021 $2,511,825 0.05% 0.02% 0.22% (0.15)%2020 94,546 0.15 1.45 0.23 1.37 2019 921,110 0.15 2.16 0.23 2.08
20183 20 0.16 1.52 0.23 1.45
Class T
20214 $ 402,360 0.08% 0.01% 0.42% (0.33)%
Class V
2021 $ 636,668 0.09% 0.01% 0.32% (0.22)%
2020 657,474 0.27 0.85 0.33 0.79
2019 476,759 0.30 2.07 0.34 2.03
2018 416,145 0.30 1.19 0.34 1.15
2017 491,220 0.30 0.38 0.34 0.34
62 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Ratio of Net
Ratio of Ratio of Net Ratio of Epenses Investment Income Net Assets Expenses Investment Income to Average (Loss) to Average End of to Average to Average Net Assets Net Assets
Period Net Assets Net Assets (Excluding Waivers) (Excluding Waivers) Treasury Obligations FundClass X
2021 $ 6,677,792 0.07% 0.03% 0.22% (0.12)%
2020 7,456,126 0.14 0.69 0.23 0.60
2019 2,890,818 0.14 2.22 0.24 2.12
2018 1,989,132 0.14 1.59 0.24 1.49
2017 107,165 0.14 0.55 0.24 0.45
Class Y
2021 $ 2,823,404 0.09% 0.01% 0.47% (0.37)%
2020 3,255,885 0.36 0.66 0.48 0.54
2019 2,439,178 0.45 1.90 0.49 1.86
2018 2,692,690 0.45 1.08 0.49 1.04
2017 2,577,051 0.44 0.25 0.50 0.19
Class Z
2021 $12,540,215 0.08% 0.02% 0.23% (0.13)%
2020 12,254,555 0.17 0.77 0.23 0.71
2019 6,646,073 0.18 2.18 0.24 2.12
2018 5,934,233 0.18 1.34 0.24 1.28
2017 4,655,060 0.18 0.51 0.24 0.45
3 Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.4 Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 63The accompanying notes are an integral part of the financial statements.

Financial Highlights For a share outstanding throughout the years ended August 31, unless otherwise indicated
Net Asset Distributions Distributions Net Asset
Value Net from Net from Net Value
Beginning Investment Investment Realized Gains End of Total of Period Income Income on Investments Period Return1
U.S. Treasury Money Market FundClass A
2021 $1.00
—
— $(0.000)2 $1.00 0.01%
2020 1.00 0.005 (0.005) (0.000)2 1.00 0.532019 1.00 0.016 (0.016) — 1.00 1.57
2018 1.00 0.007 (0.007)
— 1.00 0.74
2017 1.00 0.001 (0.001) (0.000)2 1.00 0.06
Class D
2021 $1.00
—
— $(0.000)2 $1.00 0.01%
2020 1.00 0.006 (0.006) (0.000)2 1.00 0.612019 1.00 0.017 (0.017) — 1.00 1.72
2018 1.00 0.009 (0.009)
— 1.00 0.89
2017 1.00 0.001 (0.001) (0.000)2 1.00 0.12
Class T
20213 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.01%
Class V
2021 $1.00
—
— $(0.000)2 $1.00 0.01%
2020 1.00 0.008 (0.008) (0.000)2 1.00 0.802019 1.00 0.020 (0.020) — 1.00 2.03
2018 1.00 0.012 (0.012)
— 1.00 1.20
2017 1.00 0.003 (0.003) (0.000)2 1.00 0.34
Class Y
2021 $1.00
—
— $(0.000)2 $1.00 0.01%
2020 1.00 0.007 (0.007) (0.000)2 1.00 0.702019 1.00 0.019 (0.019) — 1.00 1.87
2018 1.00 0.010 (0.010)
— 1.00 1.04
2017 1.00 0.002 (0.002) (0.000)2 1.00 0.21
Class Z
2021 $1.00 $0.0002 $(0.000)2 $(0.000)2 $1.00 0.01%2020 1.00 0.009 (0.009) (0.000)2 1.00 0.882019 1.00 0.021 (0.021) — 1.00 2.13
2018 1.00 0.013 (0.013)
— 1.00 1.30
2017 1.00 0.004 (0.004) (0.000)2 1.00 0.44
1 Total return would have been lower had certain expenses not been waived.2 Rounds to zero.3 Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return. 64 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Ratio of Ratio of Net Ratio of Ratio of Net Investment
Net Assets Expenses to Investment Expenses to Income (Loss) to End of Average Income to Average Net Assets Average Net Assets Period (000) Net Assets Average Net Assets (Excluding Waivers) (Excluding Waivers) U.S. Treasury Money Market FundClass A
2021 $ 55,228 0.09% 0.00%2 0.79% (0.70)%
2020 37,244 0.53 0.51 0.79 0.252019 45,660 0.75 1.57 0.81 1.512018 43,845 0.75 0.75 0.82 0.682017 33,310 0.56 0.04 0.83 (0.23) Class D
2021 $ 89,199 0.09% 0.00% 0.64% (0.55)%2020 64,128 0.43 0.48 0.64 0.272019 32,349 0.60 1.70 0.66 1.642018 49,769 0.60 0.85 0.67 0.782017 73,968 0.51 0.10 0.68 (0.07) Class T
20213 $ 110,639 0.08% 0.00%2 0.43% (0.35)%
Class V
2021 $ 130,210 0.09% 0.00%2 0.33% (0.24)%2020 94,065 0.28 0.75 0.34 0.692019 106,254 0.30 2.03 0.36 1.972018 57,661 0.30 1.20 0.37 1.132017 43,810 0.30 0.36 0.38 0.28 Class Y
2021 $ 710,358 0.09% 0.00%2 0.48% (0.39)%
2020 795,799 0.36 0.66 0.49 0.532019 598,298 0.45 1.87 0.51 1.812018 684,906 0.45 1.04 0.52 0.972017 696,466 0.43 0.21 0.53 0.11 Class Z
2021 $2,967,174 0.08% 0.01% 0.23% (0.14)%2020 2,099,174 0.19 0.72 0.24 0.672019 781,354 0.20 2.10 0.26 2.042018 434,331 0.20 1.27 0.27 1.20 2017 392,662 0.20 0.42 0.28 0.34
3 Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 65The accompanying notes are an integral part of the financial statements.

Notes to Financial Statements August 31, 2021, all dollars and shares are rounded to thousands (000 omitted)
1 > Organization
Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S.

Treasury Money Market Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Funds, Inc. (“FAF”), which is a member of the First American Family of Funds. FAF is registered under the Investment Company Act of 1940, as amended (“Investment Company Act”), as an open-end investment management company. FAF’s articles of incorporation permit the board of directors to create additional funds in the future. U.S. Bancorp Asset Management, Inc. (“USBAM”) is the investment advisor and administrator to each of the funds (the “advisor” and “administrator”) and is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S.

Bank is a separate entity and wholly owned subsidiary of U.S. Bancorp.

Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund qualify as “government money market funds” under Rule 2a-7 of the Investment Company Act and seek to maintain a stable net asset value (“NAV”) per share of one dollar. They are generally not subject to the default liquidity fees and redemption gates that may apply to other money market funds and the board of directors has determined not to impose such fees and gates on these funds.

Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund offer Class A, Class D, Class T (effective September 18, 2020), Class V, Class Y, and Class Z shares. Additionally, Government Obligations Fund and Treasury Obligations Fund offer Class P and Class X shares, and Government Obligations Fund also offers Class U shares. Effective October 26, 2018, Class G shares were converted to Class A shares of Treasury Obligations Fund.

Retail Prime Obligations Fund and Retail Tax Free Obligations Fund are open to retail investors (“natural persons”) and seek to maintain a stable NAV per share of one dollar.

They are subject to the possibility of liquidity fees and redemption gates, as required by Rule 2a-7 of the Investment Company Act. Retail Prime Obligations Fund and Retail Tax Free Obligations Fund offer Class A, Class T (effective September 18, 2020 for Retail Tax Fee Obligations Fund), Class V, Class Y, and Class Z shares. Retail Prime Obligations Fund also offers Class X shares.

Institutional Prime Obligations Fund is subject to the possibility of liquidity fees and redemption gates and transacts at a floating NAV that is calculated out to four decimal places, as required by Rule 2a-7 of the Investment Company Act. The fund offers Class T, Class V, Class Y, and Class Z shares.

Each fund’s prospectus provides descriptions of its investment objective, principal investment strategies, and principal risks. All classes of shares of a fund have identical voting, dividend, liquidation and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to its servicing or distribution arrangements. 2 > Summary of Significant Accounting Policies
The significant accounting policies followed by the funds are as follows:

SECURITY VALUATIONS
Government Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund Investment securities held are stated at amortized cost (except for investments in other money market funds which are valued at their most current NAV), which approximates fair value. Under the amortized cost method any discount or premium is amortized 66 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
ratably to the final maturity of the security and is included in interest income. In accordance with Rule 2a-7 of the Investment Company Act, the fair value of securities held in the funds are determined using amortized cost, which is compared to prices provided by independent pricing providers.

If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this comparison, which will be determined pursuant to procedures approved by the board of directors. If the difference between the aggregate market value and aggregate amortized cost of all securities held by a fund exceeds 0.25%, the funds’ administrator will notify the funds’ board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the board of directors will be convened and the board will determine what action, if any, to take. During the fiscal year ended August 31, 2021, the differences between the aggregate market value and the aggregate amortized cost of all securities did not exceed 0.25% for any fund on any day of the period.

Institutional Prime Obligations Fund
The fund prices and transacts its shares at a floating NAV, rounded to the fourth decimal place. The NAV per share of each share class of the fund is calculated at 8:00 a.m., 11:00 a.m., and 2:00 p.m. Central Time on each business day that the fund is open.

The fund’s investments for which market quotations are readily available will be valued at market value on the basis of quotations furnished by a pricing service or provided by securities dealers. If market quotations are not readily available, or if the advisor believes that such quotations do not accurately reflect market prices, the fair value of the fund’s investments will be determined in good faith based upon valuation procedures established by the board of directors. Short-term debt obligations maturing in sixty days or less may be valued at amortized cost where the advisor believes that it approximates market value. Shares of other money market funds are valued at their most current NAV.

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

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

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

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

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 67
Notes to Financial Statements August 31, 2021, all dollars and shares are rounded to thousands (000 omitted)
The fair value levels are not necessarily an indication of the risk associated with investing in these securities. As of August 31, 2021, each fund’s investments were classified as follows:

Total
Fund Level 1 Level 2 Level 3 Fair Value
Government Obligations Fund
U.S. Treasury Repurchase Agreements $ — $49,337,554 $— $49,337,554 U.S. Treasury Debt — 18,285,441 — 18,285,441
U.S. Government Agency Debt — 16,501,252 — 16,501,252
U.S. Government Agency Repurchase
Agreements — 4,650,000 — 4,650,000
Investment Companies 775,000 — — 775,000
Total Investments $775,000 $88,774,247 $— $89,549,247
Institutional Prime Obligations Fund
Financial Company Commercial Paper $ — $366,774 $— $ 366,774 U.S. Treasury Repurchase Agreements — 365,306 — 365,306 Other Repurchase Agreements — 214,000 — 214,000
Asset Backed Commercial Paper — 206,889 — 206,889
Non-Negotiable Time Deposits — 100,000 — 100,000
Certificates of Deposit — 90,203 — 90,203
Non-Financial Company Commercial Paper — 54,993 — 54,993 Variable Rate Demand Notes — 16,245 — 16,245
Other Instruments — 9,274 — 9,274
Total Investments $ — $ 1,423,684 $— $ 1,423,684
Retail Prime Obligations Fund
Financial Company Commercial Paper $ — $661,970 $— $ 661,970 Other Repurchase Agreements — 438,000 — 438,000
U.S. Treasury Repurchase Agreements — 457,960 — 457,960 Asset Backed Commercial Paper — 300,562 — 300,562
Non-Financial Company Commercial Paper — 124,979 — 124,979 Certificates of Deposit — 106,500 — 106,500
Variable Rate Demand Notes — 58,130 — 58,130
Non-Negotiable Time Deposit — 46,331 — 46,331
Other Instrument — 15,000 — 15,000
Total Investments $ — $ 2,209,432 $— $ 2,209,432
Retail Tax Free Obligations Fund
Variable Rate Demand Notes $ — $ 339,510 $— $339,510
Non-Financial Company Commercial Paper — 83,835 — 83,835 Other Municipal Securities — 21,060 — 21,060
Total Investments $ — $ 444,405 $— $ 444,405
Treasury Obligations Fund
U.S. Treasury Repurchase Agreements $ — $16,143,198 $— $16,143,198 U.S. Treasury Debt 11,611,619 — 11,611,619
Total Investments $ — $27,754,817 $— $27,754,817
U.S. Treasury Money Market Fund
U.S. Treasury Debt $ — $ 4,112,722 $— $ 4,112,722
Total Investments $ — $ 4,112,722 $— $ 4,112,722
Refer to each fund’s Schedule of Investments for further security classification. 68 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
During the fiscal year ended August 31, 2021, there were no transfers between fair value levels, and the funds’ portfolios did not hold any securities deemed to be Level 3.

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

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

As of and during the fiscal year ended August 31, 2021, the funds did not hold any restricted securities. As of August 31, 2021, Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, and Treasury Obligations Fund had investments in illiquid securities with a total value of $625,000 or 0.7% of total net assets, $40,000 or 2.8% of total net assets, $80,000 or 3.6% of total net assets, and $75,000 or 0.3% of total net assets, respectively.

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

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

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

As of August 31, 2021, the funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority.

Generally, tax authorities can examine all tax returns filed for the last three years.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise. As of August 31, 2021, none of the funds had adjustments that impacted these accounts.

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

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 69
Notes to Financial Statements August 31, 2021, all dollars and shares are rounded to thousands (000 omitted)
The distributions paid during the fiscal years ended August 31, 2021 and August 31, 2020 (adjusted by dividends payable as of August 31, 2021 and August 31, 2020, respectively) were as follows:

August 31, 2021
Ordinary Tax-Exempt Capital
Fund Income Income Gain Total
Government Obligations Fund $ 23,651 $ — $27 $ 23,678
Institutional Prime Obligations Fund 475 — — 475
Retail Prime Obligations Fund 247 — — 247
Retail Tax Free Obligations Fund 23 9 — 32
Treasury Obligations Fund 7,224 — — 7,224
U.S. Treasury Money Market Fund 413 — 2 415
August 31, 2020
Ordinary Tax-Exempt Capital
Fund Income Income Gain Total
Government Obligations Fund $514,439 $ — $— $514,439
Institutional Prime Obligations Fund 15,213 — — 15,213
Retail Prime Obligations Fund 28,079 — — 28,079
Retail Tax Free Obligations Fund 518 2,579 — 3,097
Treasury Obligations Fund 151,089 — — 151,089
U.S. Treasury Money Market Fund 19,909 — — 19,909
Each fund designates as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits related to net capital gain to zero for the tax year ended August 31, 2021.

As of August 31, 2021, the components of accumulated earnings on a tax-basis were as follows:

Total
Undistributed Undistributed Accumulated Accumulated
Ordinary Tax Exempt Undistributed Capital Gains Unrealized Earnings Fund Income Income Capital Gains (Losses) Appreciation (Deficit) Government
Obligations Fund $1,878 $ — $ 2 $ — $ — $1,880
Institutional Prime
Obligations Fund 43 — — — 11 54
Retail Prime
Obligations Fund 18 — — — — 18
Retail Tax Free
Obligations Fund 8 — — (16) — (8)
Treasury
Obligations Fund 238 — — — — 238
U.S. Treasury
Money Market Fund 69 — — — — 69
The differences between book-basis and tax-basis undistributed/accumulated income, gains, and losses are primarily due to distributions declared but not paid by August 31, 2021.
70 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Under current law, the funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Capital losses realized under current law will carry forward retaining their classification as either long-term or short-term losses. As of August 31, 2021, Retail Tax Free Obligations Fund had indefinite short-term capital loss carryforwards of $16. During the fiscal year ended August 31, 2021, Treasury Obligations Fund utilized $79 of capital loss carryforwards.

REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreement transactions with counterparties whom the funds’ investment advisor deems creditworthy, subject to the seller’s agreement to repurchase such securities from the funds at a mutually agreed upon date and price.

The repurchase price generally equals the price paid by the fund, plus interest, at a rate that is negotiated on the basis of current short-term rates.

Securities pledged as collateral for repurchase agreement transactions are held by the custodian bank or maintained in a segregated account by an unaffiliated third-party custodian bank until the maturity of the respective repurchase agreement transaction.

Provisions of the repurchase agreements are designed to ensure that the value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the fund may be delayed or limited. Retail Tax Free Obligations Fund did not enter into repurchase agreement transactions during the fiscal year ended August 31, 2021.

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

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

Gross Amounts Not Offset
in the Statements of
Assets and Liabilities
Gross Amounts Net Amounts
Offset in the Presented in
Gross Amounts Statements the Statements Collateral
of Recognized of Assets of Assets Financial Pledged Net Assets: Assets and Liabilities and Liabilities Instruments (Received) Amount1 Repurchase Agreements
Government
Obligations Fund $53,987,554 $ — $53,987,554 $ — $(53,987,554) $ — Institutional Prime
Obligations Fund 579,306 — 579,306 — (579,306) —
Retail Prime
Obligations Fund 895,960 — 895,960 — (895,960) —
Treasury
Obligations Fund 16,143,198 — 16,143,198 — (16,143,198) — 1 Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 71
Notes to Financial Statements August 31, 2021, all dollars and shares are rounded to thousands (000 omitted)
The table below shows the remaining contractual maturity of the repurchase agreements:

Overnight
Remaining Contractual Maturity and Up to 31 to 90 Over
of the Repurchase Agreements Continuous 30 Days Days 91 Days Total Government Obligations Fund
U.S. Government Agency $ 3,350,000 $ 1,300,000 $ — $ — $ 4,650,000 U.S. Treasury 35,588,554 12,649,000 — 1,100,000 49,337,554 Total $38,938,554 $13,949,000 $ — $1,100,000 $53,987,554 Institutional Prime
Obligations Fund
Other $ 159,000 $ 15,000 $40,000 $ — $ 214,000
U.S. Treasury 365,306 — — — 365,306
Total $ 524,306 $ 15,000 $40,000 $ — $ 579,306
Retail Prime
Obligations Fund
Other $ 313,000 $ 45,000 $80,000 $ — $ 438,000
U.S. Treasury 457,960 — — — 457,960
Total $ 770,960 $ 45,000 $80,000 $ — $ 895,960
Treasury Obligations Fund
U.S. Treasury $11,203,198 $ 4,940,000 $ — $ — $16,143,198 Total $11,203,198 $ 4,940,000 $ — $ — $16,143,198
EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including relative net assets of all funds. Class-specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class.

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the fiscal year ended August 31, 2021.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Actual results could differ from those estimates.
3 > Fees and Expenses
INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement, USBAM manages each fund’s assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each fund to pay USBAM a monthly fee equal, on an annual basis, to 0.10% of the fund’s average daily net assets. 72 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
The advisor has contractually agreed to waive fees and reimburse other fund expenses through October 31, 2022, so the annual fund operating expenses, after waivers, do not exceed the following amounts:

Share Class
Fund A D P T U V X Y Z
Government
Obligations Fund 0.75% 0.60% 0.18% 0.40%1 0.12% 0.30% 0.14% 0.45% 0.18% Institutional Prime
Obligations Fund N/A N/A N/A 0.40% N/A 0.30% N/A 0.45% 0.20% Retail Prime
Obligations Fund 0.75% N/A N/A 0.40% N/A 0.30% 0.14% 0.45% 0.20% Retail Tax Free
Obligations Fund 0.75% N/A N/A 0.40%1 N/A 0.30% N/A 0.45% 0.20% Treasury
Obligations Fund 0.75% 0.60% 0.18% 0.40%1 N/A 0.30% 0.14% 0.45% 0.18% U.S. Treasury
Money Market Fund 0.75% 0.60% N/A 0.40%1 N/A 0.30% N/A 0.45% 0.20% 1 Commenced operations on September 18, 2020
These contractual waivers and reimbursements will remain in effect through October 31, 2022 and may not be terminated prior to such time without the approval of the funds’ board of directors. Waivers and reimbursements by the advisor are otherwise voluntary and may be terminated at any time by the advisor.

In order to maintain minimum yields for each fund, or to keep total annual fund operating expenses from exceeding the applicable share class expense limitation, USBAM voluntarily waived or reimbursed advisory fees of $43,930, $348, $19, $275, $14,013, and $1,635 for Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2021.

ADMINISTRATION FEES – USBAM serves as the funds’ administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (“USBGFS”) serves as subadministrator pursuant to a sub-administration agreement between USBGFS and USBAM. USBGFS is a subsidiary of U.S. Bank. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. Effective August 26, 2021, the funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.18% of the aggregate average daily Class A share net assets and 0.13% of the aggregate average daily net assets for all other share classes of all funds, up to $8 billion, 0.165% for Class A shares and 0.115% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.15% for Class A shares and 0.10% for all other classes on the next $25 billion of aggregate average daily net assets, and 0.13% for Class A shares and 0.08% for all other classes of the aggregate average daily net assets in excess of $50 billion. Prior to August 26, the funds paid 0.20% of the aggregate average daily Class A share net assets and 0.15% of the aggregate average daily net assets for all other share classes of all funds, up to $8 billion, 0.185% for Class A shares and 0.135% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.17% for Class A shares and 0.12% for all other classes on the next $25 billion of aggregate average daily net assets, and

0.15% for Class A shares and 0.10% for all other classes of the aggregate average daily FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 73
Notes to Financial Statements August 31, 2021, all dollars and shares are rounded to thousands (000 omitted)
net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse USBAM and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

In order to maintain minimum yields for each fund, or to keep total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM voluntarily waived or reimbursed administration fees of $85,534, $1,092, $1,657, $576, $29,668, and $3,649, for Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2021.

TRANSFER AGENT FEES – USBGFS serves as the funds’ transfer agent pursuant to a transfer agent agreement between USBGFS and the funds. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class, based upon the number of accounts within each fund. In addition to these fees, the funds pay USBGFS each fund’s pro rata share of an amount equal, on an annual basis, to 0.0008% of the aggregate average daily net assets up to $25 billion,

0.0007% of the aggregate average daily net assets for the next $25 billion, and

0.0005% of the aggregate average daily net assets in excess of $50 billion. The funds may reimburse USBGFS for out-of-pocket expenses incurred in providing transfer agent services.

CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement between U.S. Bank and the funds. Each fund pays the custodian its pro rata share of an amount equal, on an annual basis, to 0.0045% of the aggregate average daily market value of all securities and cash held in the funds, up to $25 billion,

0.0040% of the aggregate average daily market value of all securities and cash held in the funds for the next $25 billion, and 0.0035% of the aggregate average daily market value of all securities and cash held in the funds in excess of $50 billion. All fees are computed daily and paid monthly.

Under the custodian agreement, the custodian may charge a fee for any cash overdrafts incurred by a particular fund, which increases that fund’s custodian expenses.

For the fiscal year ended August 31, 2021, custodian fees were not increased as a result of any overdrafts.

DISTRIBUTION AND SHAREHOLDER SERVICING (12B-1) FEES – On July 7, 2021, Foreside Financial Group, LLC (“Foreside”), the parent company of Quasar Distributors, LLC (“Quasar”), the funds’ distributor, announced that it had entered into a definitive purchase and sale agreement with Genstar Capital (“Genstar”) such that Genstar would acquire a majority stake in Foreside. The transaction is expected to close at the end of the third quarter of 2021. Quasar will remain the funds’ distributor at the close of the transaction, subject to the approval of the funds’ board of directors. Under the distribution agreement and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of up to 0.25% and 0.15% of each fund’s average daily net assets attributable to Class A and Class D, respectively. No distribution or shareholder servicing fees are paid to Quasar by any other share class of the funds. These fees are used by Quasar for the primary purpose of reimbursing broker-dealers for their sale of fund shares.

In order to maintain minimum yields for each fund, or to keep total annual fund operating expenses from exceeding the fund classes expense limitations, 12b-1 distribution and shareholder servicing fees were reimbursed or suspended in the amounts of $6,064, $934, $145, $3,056, and $230 for Government Obligations Fund, 74 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2021.

Under these distribution and shareholder servicing agreements, no amounts were received by affiliates of USBAM for the fiscal year ended August 31, 2021.

SHAREHOLDER SERVICING (NON-12B-1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with USBAM, under which USBAM has agreed to provide FAF, or will enter into written agreements with other service providers pursuant to which the service providers will provide FAF, with non-distribution-related services to shareholders of Class A, Class D, Class T, Class V, and Class Y shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.25% of the average daily net assets attributable to Class A, Class D, and Class Y shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class T shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Class V shares.

In order to maintain a minimum yield, or to prevent total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM waived or reimbursed $37,548, $776, $3,835, $979, $13,027, and $2,337 for Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund, respectively, during the fiscal year ended August 31, 2021.

Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the fiscal year ended August 31, 2021:

Fund Amount
Government Obligations Fund $ —
Institutional Prime Obligations Fund 21
Retail Prime Obligations Fund 126
Retail Tax Free Obligations Fund —
Treasury Obligations Fund —
U.S. Treasury Money Market Fund —
OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholders reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. 4 > Fund Shares for Institutional Prime Obligations Fund Transactions in fund shares for each class of Institutional Prime Obligations Fund were as follows:

Reinvestments Net increase
Sales of distributions Redemptions (decrease)
Year Ended August 31, 2021
Class T 289,406 — (288,672) 734
Class V 85,878 — (67,560) 18,318
Class Y 907,482 — (1,004,329) (96,847)
Class Z 3,871,286 19 (3,437,755) 433,550
Year Ended August 31, 2020
Class T 251,649 6 (269,922) (18,267)
Class V 98,314 6 (176,410) (78,090)
Class Y 1,042,550 21 (1,062,414) (19,843)
Class Z 4,882,141 229 (4,969,746) (87,376)
FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 75
Notes to Financial Statements August 31, 2021, all dollars and shares are rounded to thousands (000 omitted)
5 > Portfolio Characteristics of the Retail Tax Free Obligations Fund The Retail Tax Free Obligations Fund invests in municipal securities. At August 31, 2021, the percentage of portfolio investments by each category was as follows:

Retail Tax Free
Obligations Fund
Weekly Variable Rate Demand Notes 63.6%
Commercial Paper & Put Bonds 18.9
Daily Variable Rate Demand Notes 12.8
Other Municipal Notes & Bonds 4.7
100.0%
The Retail Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, non-financial company commercial paper, and general obligation bonds.

At August 31, 2021, the percentage of total portfolio investments by each revenue source was as follows:

Retail Tax Free
Obligations Fund
Revenue Bonds 79.5%
Non-Financial Company Commercial Paper 18.9
General Obligations 1.6
100.0%
6 > Indemnifications
The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown as it would be dependent upon future claims that may be made against the funds. However, the funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
7 > Market Events
Financial markets around the world may experience extreme volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil resulting from major cybersecurity events, geopolitical events (including wars, terror attacks, and disruptions to foreign economic and trade relationships), public health emergencies, measures to address budget deficits, downgrading of sovereign debt, and public sentiment, among other events. Resulting market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective.

A novel coronavirus (“COVID-19”) first detected in China in December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. COVID-19, despite recent vaccination efforts, has disrupted global economies and financial markets, with the closure of borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of COVID-19, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the COVID-19 may exacerbate other pre-existing political, 76 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
social and economic risks. The impact of COVID-19 may be short term or may last for an extended period of time.
8 > PFM Transactions
At a special meeting held on August 26, 2021, the funds’ board of directors approved the proposed reorganization of Government Select Series, a series of PFM Funds, into Government Obligations Fund, a series of FAF (the “Reorganization”), in connection with USBAM’s anticipated acquisition of PFM Asset Management, LLC (the “Acquisition”), which is expected to close in December 2021. The Reorganization is contingent on its approval by shareholders of Government Select Series and the closing of the Acquisition. The Reorganization is not expected to have any dilutive impact on the shareholders of Government Obligations Fund. 9 > Events Subsequent To Period End
Government Obligations Fund (the “fund”) issued shares of two classes in excess of amounts authorized by the funds’ board of directors. Both the fund’s Class X shares and Class Z shares issued shares in excess of amounts authorized for the periods that began in September 2020 and October 2019, respectively, and ended September 7, 2021, on which date the board of directors authorized additional shares to be issued. The fund’s Class X shares and Class Z shares each now have100 billion shares authorized.

With respect to all shares of each class (including Class X and Class Z shares previously issued in excess of amounts then-authorized), the fund maintained a $1.00 per share net asset value, and each holder of shares of each class (including those holding over-issued shares) received all dividends declared by FAF to which they were entitled and experienced the full economic, legal and practical benefits of being a shareholder of the fund. In addition, there were no shareholder votes during the period of the over-issuance. As such, no shareholder of the fund has suffered a detriment as a result of the over-issuance.

FAF and the board of directors are considering additional steps that may be merited to address the over-issuance.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 77
Notice to Shareholders August 31, 2021 (unaudited)

TAX INFORMATION
The information set forth below is for each fund’s fiscal year as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed for income tax purposes will be sent in early 2022 on Form 1099. Please consult your tax advisor for proper treatment of this information.

For the fiscal year ended August 31, 2021 each fund has designated long-term capital gains, ordinary income and tax exempt income with regard to distributions paid during the period as follows:

Long Term Ordinary
Capital Gains Income Tax Total
Distributions Distributions Exempt Distributions
Fund (Tax Basis) (Tax Basis) Interest (Tax Basis)1
Government Obligations Fund 0.1% 99.9% —% 100.0%
Institutional Prime Obligations Fund — 100.0 — 100.0
Retail Prime Obligations Fund — 100.0 — 100.0
Retail Tax Free Obligations Fund — 71.0 29.0 100.0
Treasury Obligations Fund — 100.0 — 100.0
U.S. Treasury Money Market Fund 0.5 99.5 — 100.0
1 None of the dividends paid by the funds are eligible for the dividends received deduction or are characterized as qualified dividend income.

The percentage of ordinary income distributions that are designated as interestrelated dividends under Internal Revenue Code Section 871(k)(1)(C) for each fund was as follows:

Government Obligations Fund 100.0%
Institutional Prime Obligations Fund 100.0
Retail Prime Obligations Fund 100.0
Retail Tax Free Obligations Fund 100.0
Treasury Obligations Fund 100.0
U.S. Treasury Money Market Fund 100.0
The percentage of ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for each fund was as follows:

Government Obligations Fund 0.3%
Institutional Prime Obligations Fund —
Retail Prime Obligations Fund —
Retail Tax Free Obligations Fund —
Treasury Obligations Fund —
U.S. Treasury Money Market Fund 56.4
HOW TO OBTAIN A COPY OF THE FUNDS’ PROXY VOTING POLICIES AND PROXY

VOTING RECORD
A description of the policies and procedures that the funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how the funds voted proxies relating to portfolio securities, is available at www.FirstAmericanFunds.com and on the SEC’s website at www.sec.gov. A description of the funds’ policies and procedures is also available without charge upon request by calling 800.677.3863.
78 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT

FORM N-MFP HOLDINGS INFORMATION
Each month, information about each fund and its portfolio holdings is filed with the SEC on Form N-MFP. These forms will be available on the SEC’s website at www.sec.gov. The funds’ portfolio holdings are also posted on www.FirstAmericanFunds.com as of each month-end. Please see the funds’ current prospectus for more information.

WEEKLY PORTFOLIO HOLDINGS
Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a weekly basis.

APPROVAL OF THE FUNDS’ INVESTMENT ADVISORY AGREEMENT
The Board, which is comprised entirely of independent directors, oversees the management of each Fund and, as required by law, determines annually whether to renew the Funds’ investment advisory agreement with USBAM (as used in this section, the “Agreement”).

At meetings on May 17, 2021 and June 15, 20211, the Board considered information relating to the Agreement. In advance of the meetings, the Board received materials relating to the Agreement and had the opportunity to ask questions and request further information in connection with its consideration. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to the meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

Although the Agreement relates to all of the Funds, the Board separately considered and approved the Agreement with respect to each Fund. In considering the Agreement, the Board, advised by independent legal counsel, reviewed and considered the factors it deemed relevant, including: (1) the nature, quality and extent of USBAM’s services to each Fund, (2) the investment performance of each Fund, (3) the comparative expense information, including an analysis of USBAM’s cost of providing services and the profitability of USBAM related to the Funds, (4) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale, and (5) other benefits that accrue to USBAM through its relationship with the Funds. In its deliberations, the Board did not identify any single factor which alone was responsible for the Board’s decision to approve the Agreement with respect to any Fund and individual directors may have evaluated the information presented differently from one another, attributing different weights to various factors.

At the May 17, 2021 and June 15, 2021 meetings and before approving the Agreement, the independent directors met in executive session with their independent counsel to consider the materials provided by USBAM and the terms of the Agreement. Based on its evaluation of those materials, the Board concluded that the Agreement is fair and in the best interests of the shareholders of each Fund and approved the Agreement through June 30, 2022. In reaching its conclusion, the Board considered the following:
1 The approval of the Agreement at the June 15, 2021 meeting was in accordance with an exemptive order issued by the Securities and Exchange Commission on March 13, 2020 (as subsequently modified and extended on March 25, 2020, June 19, 2020 and January 5, 2021).

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 79
Notice to Shareholders August 31, 2021 (unaudited)
Nature, Quality and Extent of Investment Advisory Services The Board examined the nature, quality and extent of the services provided by USBAM to each Fund. The Board reviewed USBAM’s key personnel who provide investment management services to each Fund as well as the fact that, under the Agreement, USBAM has the authority and responsibility to make and execute investment decisions for each Fund within the framework of that Fund’s investment policies and restrictions, subject to review by the Board. The Board further considered that USBAM’s duties with respect to each Fund include: (i) investment research and security selection, (ii) adherence to (and monitoring compliance with) the Funds’ investment policies and restrictions and the 1940 Act, and (iii) monitoring the performance of the various organizations providing services to the Funds, including the Funds’ distributor, subadministrator, transfer agent and custodian. Finally, the Board considered USBAM’s representation that the services provided by USBAM under the Agreement are the type of services customarily provided by investment advisers in the fund industry. The Board also considered compliance reports about USBAM from the Funds’ Chief Compliance Officer.

The Board considered that in March 2020, all but a small number of USBAM employees began working from home due to the COVID-19 pandemic. The Board noted that USBAM has not experienced any material disruptions to its operations during this time.

Based on the foregoing, the Board concluded that each Fund benefits from the nature, quality and extent of the services provided by USBAM under the Agreement.

Investment Performance of the Funds
The Board considered the performance of each Fund, including comparative information provided by an independent data service, regarding the median performance of a group of comparable funds selected by that data service (the “performance universe”) for the one-, three- and five-year periods ended February 28, 2021. With respect to the comparative information provided by the independent data service, the Board considered USBAM’s assertion that the comparative data for Class Y shares provides meaningful information for the Board’s consideration of the Agreement because Class Y shares is a share class offered by each Fund. The Board noted that Class Z shares is the other share class offered by each Fund, however, in USBAM’s view, Class Y shares are more representative of a Fund’s broader shareholder base as they are offered to both retail and institutional investors, whereas Class Z shares are primarily offered to institutional investors. The Board further considered USBAM’s assertion that the analysis of investment performance would not differ materially if another share class were selected for comparative purposes.

The Board considered USBAM’s assertion that investment performance should be focused on a Fund’s gross-of-expenses performance as compared to the peer group’s performance universe median since performance gross-of-expenses more accurately reflects the pure investment performance of USBAM’s portfolio managers, supported by traders and the credit research team, as they are responsible for managing the Fund’s assets and are not responsible for the pricing of the Fund’s various share classes.

Additionally, with respect to the net-of-expenses performance information, the Board considered USBAM’s assertion that it is important to note that each Fund’s peer group performance universe includes comparable funds with multiple share classes and pricing structures. Because of this, the Board noted that there will be more significant variation in returns on a net-of-expenses basis that is not truly reflective of the market for a particular share class (in this case, the Fund’s Class Y shares). For these reasons, the Board considered USBAM’s assertion that the net-of-expenses performance comparison is not as meaningful as the gross-of-expenses performance comparison for purposes of the Board’s assessment of a Fund’s investment performance. 80 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
GOVERNMENT OBLIGATIONS FUND. The Board noted that the Fund’s performance was equal to its performance universe median for the five-year period and the Fund outperformed its performance universe median for the one- and three-year periods by seven and two basis points, respectively, on a gross-of-expenses basis. The Board also considered that the Fund underperformed in relation to its performance universe median for the one-, three- and five-year periods on a net-of-expenses basis. The Board considered that the Fund’s competitive performance on a gross-of-expenses basis indicated that the Fund’s portfolio management team was successfully implementing the Fund’s investment strategy, and in light of this competitive performance, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.

RETAIL PRIME OBLIGATIONS FUND. The Board considered that the Fund underperformed its performance universe median over the one-year period by four basis points and underperformed its performance universe median over the three-year period by two basis points on a gross-of-expenses basis. The Board also considered that the Fund underperformed in relation to its performance universe median for the one-year period by four basis points and outperformed its performance universe median over the threeyear period by three basis points on a net-of-expenses basis. The Board noted the Fund’s competitive third-quartile performance on a gross-of-expenses basis and, in light of this competitive performance, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.

INSTITUTIONAL PRIME OBLIGATIONS FUND. The Board noted that the Fund’s performance was equal to its performance universe median on a gross-of-expenses basis and fifteen basis points below its performance universe median on a net-ofexpenses basis over the one-year period. The Board noted that the Fund underperformed its performance universe median over the three- and five-year periods on a net-of-expenses basis and gross-of-expenses basis. The Board noted that while the Fund’s asset base has generally been more stable in the past year (between $900 million-$1.2 billion), there have been large inflows throughout the year that have been short-term in nature. Because of this, the Board considered that the Fund’s portfolio has been structured to support liquidity targets and fund metrics that account for expected subsequent outflows, which has had a negative impact on fund performance. In light of these considerations, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.

TREASURY OBLIGATIONS FUND. The Board considered that the Fund outperformed its performance universe median over the one-, three- and five-year periods on a gross-ofexpenses basis. The Board also considered that the Fund underperformed its performance universe median over the one-, three- and five-year periods on a net-ofexpenses basis. The Board considered that the Fund’s performance on a gross-of-expenses basis indicated that the Fund’s portfolio management team was successfully implementing the Fund’s investment strategy, and in light of this competitive performance, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.

RETAIL TAX FREE OBLIGATIONS FUND. The Board considered that the Fund’s performance was equal to its performance universe median on a gross-of-expenses basis and one basis point below its performance universe on a net-of-expenses basis over the one-year period. The Board considered that the Fund underperformed its performance universe median over the three- and five-year periods on a gross-ofexpenses and net-of-expenses basis. The Board considered that the information prepared by the independent consultant reflects that the Fund has generally remained competitive on a gross-of-expenses basis, with results trailing the performance universe FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 81
Notice to Shareholders August 31, 2021 (unaudited)
median for each of the periods by only a slight margin. The Board further considered that the Fund’s underperformance can be attributed to the relatively high quality of the Fund’s portfolio holdings as compared to the performance universe and the entirely taxfree nature of the Fund’s income. The Board noted that the Fund has historically been more conservatively positioned relative to peers that invest as a strategy in higher credit risk issuers. In addition, the Board considered that, although the Fund is allowed to invest up to 20% of its assets in taxable securities, including securities subject to the alternative minimum tax, the Fund does not invest in any such securities, which is not the case for all funds in the Fund’s performance universe. In light of the Fund’s entirely tax-free nature of its investments and its generally competitive performance compared to its performance universe on a gross-of-expenses basis, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.

U.S. TREASURY MONEY MARKET FUND. The Board considered that the Fund outperformed its performance universe median over the one-year period by eight basis points on a gross-of-expenses basis and underperformed its performance universe median by two basis point on a net-of-expenses basis. The Board considered that the Fund underperformed its performance universe median during the three- and five-year periods on a gross-of-expenses basis and on a net-of-expenses basis. The Board considered that the information prepared by the independent consultant illustrates that the Fund has remained competitive on a gross-of-expenses basis, with results trailing the performance universe median for the three-year and five-year periods by only a slight margin. The Board further considered USBAM’s assertion that the Fund’s underperformance for periods other than the one-year period on a gross-of-expense basis is generally attributable to cash flows in and out of the Fund, which vary from month to month, and affect the duration and performance of the portfolio for the relevant period and that, because of the relatively narrow range of returns in the performance universe, rankings within the universe will change frequently. In light of the competitive performance on a gross-of-expenses basis, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreement.

Fees and Expenses of the Funds
The Board reviewed the fees paid to USBAM and the other expenses borne by each Fund, as applicable. The independent consultant provided comparative data in regard to the fees and expenses of each Fund and comparable funds.

With respect to the comparative information provided by the independent data service, the Board considered USBAM’s assertion that the comparative data for Class Y shares provides meaningful information for the Board’s consideration of the Agreement because Class Y shares is a share class offered by each Fund. The Board noted that Class Z shares is the other share class offered by each Fund and considered USBAM’s assertion that Class Y shares are more representative of a Fund’s broader shareholder base as they are offered to both retail and institutional investors, whereas Class Z shares are primarily offered to institutional investors. The Board further considered USBAM’s assertion that the analysis of the cost of services would not differ materially if another share class were selected for comparative purposes.

The Board considered USBAM’s assertion that the costs of services should be primarily focused on a Fund’s total expense ratio after waivers as compared to the expense group median total expense ratio after waivers. The Board considered that this is because funds within an expense group may have very different expense categories (e.g., advisory, administrative, shareholder servicing, etc.), and fees associated with such categories, that comprise a fund’s total expense ratio. The Board also considered 82 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
USBAM’s assertion that because money market funds are highly commoditized, and it is relatively easy for investors to move from one fund to another, the need to remain competitive on overall costs of services is critical. The Board noted that, generally, money market funds, including the Funds, use a combination of contractual and voluntary expense waivers and reimbursements to enable a fund to remain competitive within the particular market served by each fund share class.

The Board further considered that the median total expense ratio of a Fund’s peer group will necessarily reflect the effect of any breakpoints in the comparable funds’ advisory fee schedules. Therefore, by capping a Fund’s total expense ratio at a level close to the peer group’s median, as necessary, Fund shareholders will effectively receive the benefit of any breakpoints in the comparable funds’ advisory fee schedules.

GOVERNMENT OBLIGATIONS FUND. The Board noted that the Fund’s contractual advisory fee is lower than the applicable peer group median, and the advisory fee after waivers is equal to the applicable peer group median. The Board also considered that the Fund’s total expense ratio after waivers is five basis points higher than the peer group median total expense ratio after waivers, which is at a level generally in line with its peer group.

The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund’s advisory fee and total expense ratio after waivers, the Board concluded that the Fund’s advisory fee is fair.

RETAIL PRIME OBLIGATIONS FUND. The Board considered that the Fund’s contractual advisory fee and advisory fee after waivers are both lower than the peer group median.

The Board further considered that the Fund’s total expense ratio after waivers is seven basis points lower than the peer group median total expense ratio after waivers. The Board noted that the Fund also had contractual fee caps in place for each share class.

In light of the competitiveness of the Fund’s advisory fee and total expense ratio after waivers, the Board concluded that the Fund’s advisory fee is fair.

INSTITUTIONAL PRIME OBLIGATIONS FUND. The Board noted that the Fund’s contractual advisory fee is five basis points lower than the applicable peer group median, and the advisory fee after waivers is equal to the applicable peer group median. The Board also considered that the Fund’s total expense ratio after waivers is one basis point higher than the peer group median total expense ratio after waivers, which is at a level generally in line with its peer group. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund’s advisory fee and total expense ratio after waivers, the Board concluded that the Fund’s advisory fee is fair.

TREASURY OBLIGATIONS FUND. The Board considered that the Fund’s contractual advisory fee and advisory fee after waivers are both lower than the peer group median.

The Board noted that the Fund’s total expense ratio after waivers is two basis points higher than the peer group median total expense ratio after waivers. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund’s advisory fee and total expense ratio after waivers, the Board concluded that the Fund’s advisory fee is fair.

RETAIL TAX FREE OBLIGATIONS FUND. The Board noted that the Fund’s contractual advisory fee is lower than the applicable peer group median and its advisory fee after waivers is equal to the peer group median. The Board noted that the Fund’s total expense ratio after waivers is three basis points lower than the peer group median total expense ratio after waivers. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund’s advisory fee and total expense ratio after waivers, the Board concluded that the Fund’s advisory fee is fair.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 83
Notice to Shareholders August 31, 2021 (unaudited)
U.S. TREASURY MONEY MARKET FUND. The Board considered that the Fund’s contractual advisory fee is three basis points lower than the applicable peer group median, and the advisory fee after waivers is equal to the applicable peer group median.

The Board noted that the Fund’s total expense ratio after waivers is equal to the peer group median total expense ratio after waivers, which is at a level generally in line with its peer group. The Board noted that the Fund also had contractual fee caps in place for each share class. In light of the competitiveness of the Fund’s advisory fee and total expense ratio after waivers, the Board concluded that the Fund’s advisory fee is fair.

Costs of Services and Profits Realized by USBAM
The Board reviewed USBAM’s costs in serving as the Funds’ investment manager, including the costs associated with the personnel and systems necessary to manage the Funds. The Board considered the profitability of USBAM and its affiliates resulting from their relationship with each Fund. The Board compared fee and expense information for each Fund to fee and expense information for comparable funds managed by other advisers. The Board reviewed advisory fees for private accounts managed by USBAM.

Using information provided by an independent data service, the Board also evaluated each Fund’s advisory fee compared to the median advisory fee for other mutual funds similar in size, character and investment strategy, and the Board evaluated each Fund’s total expense ratio after waivers compared to the median total expense ratio after waivers of comparable funds. In connection with its review of Fund fees and expenses, the Board considered USBAM’s pricing philosophy, whereby USBAM attempts generally to maintain each Fund’s total operating expenses at a level that approximates the median of a peer group of funds selected by an independent data service. The Board also noted that USBAM has agreed to voluntarily waive fees and reimburse expenses as needed to prevent each Fund’s yield on any share class from falling below 0.00%.

Economies of Scale in Providing Investment Advisory Services The Board considered the extent to which each Fund’s investment advisory fee reflects economies of scale for the benefit of Fund shareholders. Based on information provided by USBAM, the Board noted that profitability will likely increase as assets grow over time. The Board considered that, although the Funds do not have advisory fee breakpoints in place, USBAM has committed to waive advisory fees to the extent necessary to prevent each Fund’s yield on any share class from falling below 0.00% and to keep each Fund’s total expenses generally in line with the median total expenses of a peer group of funds as selected by an independent data service. The Board considered information presented by USBAM to support its assertion that the median total expense ratio of a Fund’s peer group likely reflects the effect of any breakpoints in the advisory fee schedules of the funds in that group and any economies of scale which those funds realize. In light of USBAM’s commitment to keep total Fund expenses competitive, the Board concluded that it would be in the best interest of each Fund and its shareholders to renew the Agreement.

Other Benefits to USBAM
In evaluating the benefits that accrue to USBAM through its relationship with the Funds, the Board noted that USBAM and certain of its affiliates serve the Funds in various capacities, including as investment adviser, administrator, transfer agent, and custodian and receive compensation from the Funds in connection with providing services to the Funds. The Board considered that each service provided to the Funds by USBAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.
84 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Directors and Officers of the Funds
Independent Directors
Other
Position(s) Term of Office Number of Portfolios Directorships Name, Address*, and Held and Length of Principal Occupation(s) in Fund Complex Held byYear of Birth with Funds Time Served During Past 5 Years Overseen by Director Director†David K. Baumgardner Director Term expiring earlier of CFO, Smyth Companies, LLC (commercial First American Funds None(1956) death, resignation, removal, package printing) (1990 to present). Formerly, Complex: 1 registered disqualification, or successor Certified Public Accountant at a large regional investment company,duly elected and qualified; CPA firm (1978-1986). including 6 portfoliosDirector of FAF sinceJanuary 2016 Mark E. Gaumond Chair; Chair term three years; Chair Retired. Formerly, Senior Vice Chair (Americas), First American Funds Director, Booz Allen (1950) Director term expiring earlier of Ernst & Young LLP (2006-2010). Certified Public Complex: 1 registered Hamilton Holding death, resignation, removal, Accountant (Inactive) and member of the investment company, Corporation (managedisqualification, or successor American Institute of Certified Public Accountants. including 6 portfolios ment and technology duly elected and qualified; Director, Walsh Park Benevolent Corporation. consulting) Director of FAF since Former Director, Cliffs Natural Resources, TheJanuary 2016 California Academy of Sciences, Rayonier, Inc. and Rayonier Advanced Materials, Inc.

Roger A. Gibson Director Term expiring earlier of Retired. Former Advisor/Consultant, Future First American Funds None(1946) death, resignation, removal, Freight™, a logistics/supply chain company; Complex: 1 registered disqualification, or successor former Trustee, Diversified Real Asset Income investment company,duly elected and qualified; Fund (investment company); former Director, including 6 portfoliosDirector of FAF since Charterhouse Group, Inc., a private equity firm; October 1997 non-profit board member. Formerly Vice President and Chief Operating Officer - Cargo.

Jennifer J. McPeek, CFA Director Term expiring earlier of death, Independent advisor/consultant. Formerly, Chief First American Director, Cboe(1970) resignation, removal, Financial Officer, Russell Investments (2018-2019). Funds Complex: 1 Global Markets, Inc. disqualification, or Prior thereto, Chief Operating and Strategy Officer registered investment (stock and commoditysuccessor duly elected (2016-2017), Chief Financial Officer (2013-2016) company, including 6 exchange holdingand qualified; Director of and several other executive positions (2009-2013) portfolios company)FAF since September 2019 at Janus Henderson Group plc and its predecessor company. Prior thereto, Senior Vice President ofStrategic Planning, ING Investment Management –Americas Region (2005-2009). Ms. McPeek has also held directorships on four investment Adviser and/or trust entities and holds the Chartered Financial Analyst designation.

FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 85
Notice to Shareholders August 31, 2021 (unaudited) Independent Directors (cont.) Other Name, Address*, Position(s) Term of Office Number of Portfolios Directorships and Held and Length of Principal Occupation(s) in Fund Complex Held by Year of Birth with Funds Time Served During Past 5 Years Overseen by Director Director† C. David Myers Director Term expiring earlier of Operating Director of AE Industrial Partners LLC and First American Director, The (1963) death, resignation, removal, Chairman of the Industrial HVAC-R portfolio, a subset of Funds Complex: 1 Manitowoc Company disqualification, or successor AE Industrial Partners (2017-present) Director, The registered investment Inc. (a global diversified duly elected and qualified; Boler Group (operating as Hendrickon International) company, including 6 technology and Director of FAF since (manufacturing for the global commercial transportation portfolios industrial company) September 2019 industry) (2017-present). Formerly, President, Building Efficiency of Johnson Controls, Inc., a global diversified technology and industrial company (2005-2014). Prior thereto, President, Chief Executive Officer and Director of York International Corporation (a provider of heating, ventilating, air conditioning, and refrigeration products and services) (2004-2005). Prior thereto, Mr. Myers served in several other executive positions at York International Corporation, including Executive Vice President, Chief Financial Officer, Finance Director – Engineered Systems Group and Corporate Controller, between 1998 and 2004; and Senior Manager, KPMG LLP (1986-1994). P. Kelly Tompkins Director Term expiring earlier of death, Senior Advisor, Dix & Eaton (investor relations) First American None (1956) resignation, removal, (2018-present). Leader-in-Residence, Funds Complex: 1 disqualification, or successor Cleveland-Marshall College of Law (2018- registered investment duly elected and qualified; present). Formerly, Executive Vice President company, including 6 Director of FAF since (2010-2017), Chief Operating Officer (2017), portfoliosSeptember 2019 Chief Financial Officer (2015-2016), Cleveland-Cliffs, Inc. (formerly, Cliffs NaturalResources, ,Inc.) (a producer of iron ore pellets).Prior thereto, Executive Vice President and Chief Financial Officer, RPM International, Inc. (2008-2010) (multinational manufacturing company). * The address of each of the directors is P.O. Box 1329, Minneapolis, MN 55440-1329 unless otherwise noted.† Includes only directorships in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act or subject to the requirements of Section 15(d) of the Securities Exchange Act, or any company registered as an investment company under the Investment Company Act.

The Statement of Additional Information (SAI) includes additional information about fund directors and is available upon request withoutcharge by calling 800.677.3863 or writing to First American Funds, P.O. Box 1330, Minneapolis, Minnesota 55440-1330. 86 FIRST AMERICAN FUNDS 2021 ANNUAL REPORT
Officers
Position(s)
Name, Address, and Held with Term of Office and Length ofYear of Birth Funds Time Served Principal Occupation(s) During Past 5 YearsEric J. Thole President Re-elected by the Board annually; Chief Executive Officer and President, U.S. Bancorp Asset Management, Inc. U.S. Bancorp Asset President of FAF since June 2014;Management, Inc. Vice President of FAF from January 2011800 Nicollet Mall through June 2014Minneapolis, MN 55402(1972)*James D. Palmer Vice President Re-elected by the Board annually; Chief Investment Officer, U.S. Bancorp Asset Management, Inc.U.S. Bancorp Asset Vice President of FAF since June 2014Management, Inc.800 Nicollet MallMinneapolis, MN 55402(1964)*Jill M. Stevenson Treasurer Re-elected by the Board annually; Head of Operations and Mutual Funds Treasurer, U.S. Bancorp Asset U.S. Bancorp Asset Treasurer of FAF since January 2011; Management, Inc.Management, Inc. Assistant Treasurer of FAF from 800 Nicollet Mall September 2005 through December 2010Minneapolis, MN 55402(1965)*Brent G. Smith Assistant Re-elected by the Board annually; Assistant Mutual Funds Treasurer, U.S. Bancorp Asset Management, Inc.U.S. Bancorp Asset Treasurer Assistant Treasurer of FAF sinceManagement, Inc. September 2014800 Nicollet MallMinneapolis, MN 55402(1981)* FIRST AMERICAN FUNDS 2021 ANNUAL REPORT 87
Notice to Shareholders August 31, 2021 (unaudited) Officers (cont.) Position(s) Name, Address, and Held with Term of Office and Length of Year of Birth Funds Time Served Principal Occupation(s) During Past 5 Years Alyssa A. Bentz Chief Compliance Re-elected by the Board annually; Chief Compliance Officer, U.S. Bancorp Asset Management, Inc. since July 2021; U.S. Bancorp Asset Officer and Chief Compliance Officer of FAF prior thereto, Compliance Manager, U.S. Bancorp Asset Management, Inc. Management, Inc. Anti-Money since July 2021; Anti-Money since December 2015. 800 Nicollet Mall Laundering Laundering Officer of FAF Minneapolis, MN 55402 Officer since September 2019 (1981)* Richard J. Ertel Secretary Re-elected by the Board annually; Chief Counsel, U.S. Bancorp Asset Management, Inc. U.S. Bancorp Asset Secretary of FAF since January 2011; Management, Inc. Assistant Secretary of FAF from 800 Nicollet Mall June 2006 through December 2010 Minneapolis, MN 55402 and from June 2003 through August 2004 (1967)* Scott F. Cloutier Assistant Re-elected by the Board annually; Senior Corporate Counsel, U.S. Bancorp Asset Management, Inc. U.S. Bancorp Asset Secretary Assistant Secretary of FAF since Management, Inc. September 2012 800 Nicollet Mall Minneapolis, MN 55402 (1973)* * Messrs. Thole, Palmer, Smith, Ertel and Cloutier and Mses. Stevenson and Bentz are each officers and/or employees of U.S. Bancorp Asset Management, Inc., which serves as investment advisor and administrator for FAF.
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Board of Directors First American Funds, Inc.

Mark Gaumond
Chair of First American Funds, Inc.

Director of Booz Allen Hamilton Holding Corporation
Director of Walsh Park Benevolent Corporation
David Baumgardner
Director of First American Funds, Inc.

Chief Financial Officer of Smyth Companies, LLC
Roger Gibson
Director of First American Funds, Inc.

Jennifer McPeek, CFA
Director of First American Funds, Inc.

Director of Cboe Global Markets, Inc.

Independent Advisory/Consultant
C. David Myers
Director of First American Funds, Inc.

Director of the Manitowoc Company
Director of the Boler Group
P. Ke l l y To m p k i n s
Director of First American Funds, Inc.

Senior Advisor at Dix and Eaton
Leader-in-Residence at Cleveland-Marshall College of Law First American Funds’ Board of Directors is comprised entirely of independent directors.

First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio.

This report is for the information of shareholders of the First American Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, and charges and expenses of the funds. Read the prospectus carefully before investing.

The figures in this report represent past performance and do not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

INVESTMENT ADVISOR
U.S. Bancorp Asset
Management, Inc.
800 Nicollet Mall
Minneapolis, Minnesota 55402

ADMINISTRATOR
U.S. Bancorp Asset
Management, Inc.
800 Nicollet Mall
Minneapolis, Minnesota 55402

TRANSFER AGENT
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

CUSTODIAN
U.S. Bank National Association
1555 RiverCenter Drive
Suite 302
Milwaukee, Wisconsin 53212

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue
Suite 2200
Milwaukee, Wisconsin 53202

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
220 South Sixth Street
Suite 1400
Minneapolis, Minnesota 55402

COUNSEL
Ropes & Gray LLP
191 North Wacker Drive
Chicago, Illinois 60606
In an attempt to reduce shareholder costs and help eliminate duplication, First American Funds will try to limit their mailing to one report for each address that lists one or more shareholders with the same last name. If you would like additional copies, please call First American Investor Services at 800.677.3863 or visit FirstAmericanFunds.com. 0129-21 10/2021 AR MONEY