First American Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03313

First American Funds, Inc.

(Exact name of registrant as specified in charter)

800 Nicollet Mall, Minneapolis, MN	55402
(Address of principal executive offices)	(Zip code)

Brent G. Smith, 800 Nicollet Mall, Minneapolis, MN 55402

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-677-3863

Date of fiscal period end: August 31

Date of reporting period: February 28, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

(COVER PAGE)





	TABLE OF CONTENTS

	Explanation of Financial Statements	1

	Holdings Summaries	3

	Expense Examples	5

	Schedule of Investments	10

	Statements of Assets and Liabilities	40

	Statements of Operations	42

	Statements of Changes in Net Assets	44

	Financial Highlights	48

	Notes to Financial Statements	64

	Notice to Shareholders	75
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

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 per share 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.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Explanation of Financial Statements

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.

2	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Holdings Summaries (unaudited)

Government Obligations Fund

Portfolio Allocation as of February 28, 2018¹(% of net assets)
U.S. Government Agency Debt	44.6	%
U.S. Treasury Repurchase Agreements	40.1
U.S. Government Agency Repurchase Agreements	11.0
U.S. Treasury Debt	4.6
Investment Company	0.0
Other Assets and Liabilities, Net²	(0.3	)
	100.0	%

Institutional Prime Obligations Fund

Portfolio Allocation as of February 28, 2018¹(% of net assets)
Financial Company Commercial Paper	26.2	%
Certificates of Deposit	25.8
Other Repurchase Agreements	17.5
Non-Financial Company Commercial Paper	8.9
Asset Backed Commercial Paper	8.7
Non-Negotiable Time Deposits	6.5
Other Instruments	5.2
Variable Rate Demand Notes	1.6
Other Assets and Liabilities, Net²	(0.4	)
	100.0	%

Retail Prime Obligations Fund

Portfolio Allocation as of February 28, 2018¹(% of net assets)
Certificates of Deposit	30.6	%
Financial Company Commercial Paper	28.2
Other Repurchase Agreements	15.1
Asset Backed Commercial Paper	12.5
Non-Negotiable Time Deposits	8.9
Non-Financial Company Commercial Paper	2.5
Other Instruments	2.1
Variable Rate Demand Note	0.5
Other Assets and Liabilities, Net²	(0.4	)
	100.0	%

Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

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.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Holdings Summaries (unaudited)

Retail Tax Free Obligations Fund

Portfolio Allocation as of February 28, 2018^1,3(% of net assets)
Variable Rate Demand Notes	77.1	%
Other Municipal Securities	18.9
Non-Financial Company Commercial Paper	3.7
Other Assets and Liabilities, Net²	0.3
	100.0	%

Treasury Obligations Fund

Portfolio Allocation as of February 28, 2018¹(% of net assets)
U.S. Treasury Repurchase Agreements	58.3	%
U.S. Treasury Debt	43.9
Other Assets and Liabilities, Net²	(2.2)
	100.0	%

U.S. Treasury Money Market Fund

Portfolio Allocation as of February 28, 2018¹(% of net assets)
U.S. Treasury Debt	100.1	%
Other Assets and Liabilities, Net²	(0.1	)
	100.0	%

Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

See note 5 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund.

4	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Expense Examples (unaudited)

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 September 1, 2017 to February 28, 2018.

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.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Expense Examples (unaudited)

Government Obligations Fund
	Beginning Account Value (9/1/2017)	Ending Account Value (2/28/2018)	Expenses Paid During Period¹(9/1/2017 to 2/28/2018)

Class A Actual²	$1,000.00	$1,002.27	$3.72
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	$3.76

Class D Actual²	$1,000.00	$1,003.02	$2.98
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,021.82	$3.01

Class P Actual^2,3	$1,000.00	$1,002.38	$0.36
Class P Hypothetical (5% return before expenses)	$1,000.00	$1,023.90	$0.90

Class U Actual^2,4	$1,000.00	$1,000.10	$0.01
Class U Hypothetical (5% return before expenses)	$1,000.00	$1,024.20	$0.60

Class V Actual²	$1,000.00	$1,004.51	$1.49
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.31	$1.51

Class X Actual²	$1,000.00	$1,005.30	$0.70
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.10	$0.70

Class Y Actual²	$1,000.00	$1,003.76	$2.24
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	$2.26

Class Z Actual²	$1,000.00	$1,005.11	$0.89
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.90	$0.90

Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.30%, 0.14%, 0.45%, and 0.18% for Class A, Class D, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period). For Class P the expenses are equal to the class’s annualized expense ratio for the period December 18, 2017 through February 28, 2018 of 0.18%. For Class U the expenses are equal to the class’s annualized expense ratio for the period February 26, 2018 through February 28, 2018 of 0.12%.

Based on the actual returns for the six-month period ended February 28, 2018 of 0.23%, 0.30%, 0.45%, 0.53%, 0.38%, and 0.51% for Class A, Class D, Class V, Class X, Class Y, and Class Z, respectively. For Class P the actual is based on the return of 0.24% for the period December 18, 2017 through February 28, 2018. For Class U the actual is based on the return of 0.01% for the period February 26, 2018 through February 28, 2018.

Class P inception was December 18, 2017. Actual expenses are equal to the fund’s annualized expense ratio of 0.18%, multiplied by the average account value over the period, multiplied by 73/365.

⁴

Class U inception was February 26, 2018. Actual expenses are equal to the fund’s annualized expense ratio of 0.12%, multiplied by the average account value over the period, multiplied by 3/365.

6	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Institutional Prime Obligations Fund
	Beginning Account Value (9/1/2017)	Ending Account Value (2/28/2018)	Expenses Paid During Period¹(9/1/2017 to 2/28/2018)

Class T Actual²	$1,000.00	$1,005.10	$1.99
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,022.81	$2.01

Class V Actual²	$1,000.00	$1,005.60	$1.49
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.31	$1.51

Class X Actual²	$1,000.00	$1,006.39	$0.70
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.10	$0.70

Class Y Actual²	$1,000.00	$1,004.85	$2.24
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	$2.26

Class Z Actual²	$1,000.00	$1,006.39	$0.80
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,024.00	$0.80

Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.40%, 0.30%, 0.14%, 0.45%, and 0.16% for Class T, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period).

Based on the actual returns for the six-month period ended February 28, 2018 of 0.51%, 0.56%, 0.64%, 0.48%, and 0.64% for Class T, Class V, Class X, Class Y, and Class Z, respectively.

Retail Prime Obligations Fund
	Beginning Account Value (9/1/2017)	Ending Account Value (2/28/2018)	Expenses Paid During Period³(9/1/2017 to 2/28/2018)

Class A Actual⁴	$1,000.00	$1,003.60	$3.73
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	$3.76

Class T Actual⁴	$1,000.00	$1,005.33	$1.99
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,022.81	$2.01

Class V Actual⁴	$1,000.00	$1,005.84	$1.49
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.31	$1.51

Class X Actual⁴	$1,000.00	$1,006.63	$0.70
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.10	$0.70

Class Y Actual⁴	$1,000.00	$1,005.09	$2.24
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	$2.26

Class Z Actual⁴	$1,000.00	$1,006.34	$0.99
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.80	$1.00

Expenses are equal to the fund’s annualized expense ratio the most recent six-month period of 0.75%, 0.40%, 0.30%, 0.14%, 0.45%, and 0.20% 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 181/365 (to reflect the six-month period).

⁴

Based on the actual returns for the six-month period ended February 28, 2018 of 0.36%, 0.53%, 0.58%, 0.66%, 0.51%, and 0.63% for Class A, Class T, Class V, Class X, Class Y, and Class Z, respectively.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Expense Examples (unaudited)

Retail Tax Free Obligations Fund
	Beginning Account Value (9/1/2017)	Ending Account Value (2/28/2018)	Expenses Paid During Period¹(9/1/2017 to 2/28/2018)

Class A Actual²	$1,000.00	$1,001.55	$3.72
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	$3.76

Class V Actual²	$1,000.00	$1,003.78	$1.49
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.31	$1.51

Class Y Actual²	$1,000.00	$1,003.04	$2.23
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	$2.26

Class Z Actual²	$1,000.00	$1,004.28	$0.99
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.80	$1.00

Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.30%, 0.45%, and 0.20% for Class A, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period).

Based on the actual returns for the six-month period ended February 28, 2018 of 0.15%, 0.38%, 0.30%, and 0.43% for Class A, Class V, Class Y, and Class Z, respectively.

Treasury Obligations Fund
	Beginning Account Value (9/1/2017)	Ending Account Value (2/28/2018)	Expenses Paid During Period³(9/1/2017 to 2/28/2018)

Class A Actual⁴	$1,000.00	$1,002.35	$3.72
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	$3.76

Class D Actual⁴	$1,000.00	$1,003.09	$2.98
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,021.82	$3.01

Class G Actual⁴	$1,000.00	$1,001.40	$4.66
Class G Hypothetical (5% return before expenses)	$1,000.00	$1,020.13	$4.71

Class P Actual⁵	$1,000.00	$1,002.36	$0.40
Class P Hypothetical (5% return before expenses)	$1,000.00	$1,023.80	$1.00

Class V Actual⁴	$1,000.00	$1,004.58	$1.49
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.31	$1.51

Class X Actual⁴	$1,000.00	$1,005.38	$0.70
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.10	$0.70

Class Y Actual⁴	$1,000.00	$1,003.84	$2.24
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	$2.26

Class Z Actual⁴	$1,000.00	$1,005.18	$0.89
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.90	$0.90

Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.94%, 0.30%, 0.14%, 0.45%, and 0.18% for Class A, Class D, Class G, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period). For Class P the expenses are equal to the class’s annualized expense ratio for the period December 18, 2017 through February 28, 2018 of 0.20%.

⁴

Based on the actual returns for the six-month period ended February 28, 2018 of 0.23%, 0.31%, 0.14%, 0.46%, 0.54%, 0.38%, and 0.52% for Class A, Class D, Class G, Class V, Class X, Class Y, and Class Z, respectively. For Class P the actual is based on the return of 0.24% for the period December 18, 2017 through February 28, 2018.

⁵

Class P inception was December 18, 2017. Actual expenses are equal to the fund’s annualized expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 73/365.

8	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

U.S. Treasury Money Market Fund
	Beginning Account Value (9/1/2017)	Ending Account Value (2/28/2018)	Expenses Paid During Period¹(9/1/2017 to 2/28/2018)

Class A Actual²	$1,000.00	$1,002.18	$3.72
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.08	$3.76

Class D Actual²	$1,000.00	$1,002.92	$2.98
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,021.82	$3.01

Class V Actual²	$1,000.00	$1,004.41	$1.49
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.31	$1.51

Class Y Actual²	$1,000.00	$1,003.67	$2.24
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.56	$2.26

Class Z Actual²	$1,000.00	$1,004.91	$0.99
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.80	$1.00

Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.30%, 0.45%, and 0.20% for Class A, Class D, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period).

Based on the actual returns for the six-month period ended February 28, 2018 of 0.22%, 0.29%, 0.44%, 0.37%, and 0.49% for Class A, Class D, Class V, Class Y, and Class Z, respectively.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)


Government Obligations Fund
DESCRIPTION		PAR		VALUE >
U.S. Government
Agency Debt – 44.6%
Federal Farm Credit Bank
1.626% (1 Month LIBOR USD + 0.030%), 03/22/2018 ∆	$	24,050	$	24,051
1.253%, 04/12/2018 ¤		20,000		19,971
1.253%, 04/18/2018 ¤		10,000		9,984
1.574% (1 Month LIBOR USD – 0.020%), 04/20/2018 ∆		50,000		50,000
1.451%, 05/31/2018 ¤		50,000		49,818
1.565% (1 Month LIBOR USD – 0.010%), 06/01/2018 ∆		200,000		199,998
1.451%, 06/06/2018 ¤		7,440		7,411
1.634% (1 Month LIBOR USD + 0.055%), 06/08/2018 ∆		25,000		25,003
0.780%, 07/05/2018		35,000		34,903
1.360%, 08/06/2018 ¤		35,000		34,791
1.553% (1 Month LIBOR USD – 0.030%), 08/13/2018 ∆		100,000		99,995
1.637%, 08/17/2018 ¤		15,000		14,886
1.645%, 08/20/2018 ¤		43,794		43,453
1.679%, 09/05/2018 ¤		100,000		99,133
1.750%, 09/21/2018 ¤		25,000		24,755
1.642%, 09/27/2018 ¤		40,000		39,622
1.708%, 10/09/2018 ¤		100,000		98,961
1.724%, 10/22/2018 ¤		40,000		39,556
1.010%, 10/26/2018		70,000		69,751
1.725%, 10/29/2018 ¤		50,000		49,429
1.896%, 11/06/2018 ¤		100,000		98,701
1.539% (1 Month LIBOR USD – 0.055%), 12/20/2018 ∆		75,000		74,998
1.553% (1 Month LIBOR USD – 0.050%), 01/23/2019 ∆		160,000		159,993
1.796% (1 Month LIBOR USD + 0.175%), 02/25/2019 ∆		34,280		34,367
1.520% (1 Month LIBOR USD – 0.060%), 04/03/2019 ∆		26,535		26,556
1.470% (U.S. Federal Funds Effective Rate + 0.050%), 04/12/2019 ∆		100,000		100,000
1.420% (U.S. Federal Funds Effective Rate + 0.000%), 04/15/2019 ∆		50,000		49,994
1.450% (U.S. Federal Funds Effective Rate + 0.030%), 04/25/2019 ∆		75,000		75,000


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.440% (U.S. Federal Funds Effective Rate + 0.020%), 05/08/2019 ∆	$	100,000	$	100,000
1.536% (1 Month LIBOR USD – 0.085%), 05/24/2019 ∆		100,000		99,994
1.440% (U.S. Federal Funds Effective Rate + 0.020%), 06/06/2019 ∆		50,000		49,994
1.551% (1 Month LIBOR USD – 0.070%), 06/25/2019 ∆		75,000		74,997
1.430% (U.S. Federal Funds Effective Rate + 0.010%), 06/26/2019 ∆		100,000		100,000
1.489% (1 Month LIBOR USD – 0.090%), 07/03/2019 ∆		100,000		99,987
1.425% (U.S. Federal Funds Effective Rate + 0.005%), 07/12/2019 ∆		100,000		99,993
1.491% (1 Month LIBOR USD – 0.090%), 07/12/2019 ∆		109,880		109,850
1.780% (1 Month LIBOR USD + 0.190%), 08/19/2019 ∆		75,000		75,276
1.516% (1 Month LIBOR USD – 0.065%), 09/12/2019 ∆		50,000		49,996
1.548% (3 Month LIBOR USD – 0.160%), 10/10/2019 ∆		115,000		114,995
1.410% (U.S. Federal Funds Effective Rate – 0.010%), 10/18/2019 ∆		50,000		49,996
1.692% (3 Month U.S. Treasury Money Market Yield + 0.040%), 02/12/2020 ∆		50,000		49,990
Federal Home Loan Bank
1.620% (1 Month LIBOR USD + 0.045%), 03/01/2018 ∆		50,000		50,000
1.304%, 03/05/2018 ¤		75,000		74,989
1.345% (3 Month LIBOR USD – 0.170%), 03/07/2018 ∆		50,000		50,000
1.000%, 03/09/2018		14,600		14,599
1.230%, 03/09/2018 ¤		269,000		268,925
1.326%, 03/12/2018 ¤		385,100		384,945
1.269%, 03/14/2018 ¤		150,000		149,932
1.404% (3 Month LIBOR USD – 0.170%), 03/14/2018 ∆		50,000		50,001

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

10	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.334%, 03/15/2018 ¤	$	50,000	$	49,974
1.418% (3 Month LIBOR USD – 0.170%), 03/15/2018 ∆		50,000		50,000
1.315%, 03/16/2018 ¤		182,230		182,131
1.296%, 03/19/2018 ¤		175,000		174,887
1.393% (3 Month LIBOR USD – 0.220%), 03/19/2018 ∆		50,000		50,000
1.433% (3 Month LIBOR USD – 0.180%), 03/19/2018 ∆		50,000		50,000
1.356%, 03/20/2018 ¤		200,000		199,857
1.180%, 03/21/2018 ¤		75,000		74,951
1.340%, 03/22/2018 ¤		612,913		612,432
1.451% (1 Month LIBOR USD – 0.145%), 03/22/2018 ∆		50,000		50,000
1.240%, 03/23/2018 ¤		235,000		234,822
1.623% (1 Month LIBOR USD + 0.020%), 03/23/2018 ∆		96,000		96,000
1.495% (3 Month LIBOR USD – 0.180%), 03/26/2018 ∆		35,000		35,000
1.344%, 03/28/2018 ¤		400,000		399,598
1.648% (1 Month LIBOR USD + 0.000%), 03/28/2018 ∆		100,000		100,000
1.252%, 04/05/2018 ¤		75,000		74,909
1.407%, 04/06/2018 ¤		180,000		179,748
1.590% (1 Month LIBOR USD + 0.010%), 04/06/2018 ∆		50,000		50,000
1.563%, 04/10/2018 ¤		50,000		49,913
1.385%, 04/11/2018 ¤		122,400		122,208
1.571% (1 Month LIBOR USD – 0.010%), 04/12/2018 ∆		90,000		90,000
1.243%, 04/13/2018 ¤		21,986		21,954
1.125%, 04/25/2018		10,000		9,995
1.615%, 05/02/2018 ¤		50,000		49,861
1.313%, 05/04/2018 ¤		50,000		49,884
1.617%, 05/16/2018 ¤		70,000		69,762
1.646%, 05/17/2018 ¤		50,000		49,825
1.410%, 05/18/2018 ¤		178,883		178,340
1.652%, 05/21/2018 ¤		50,000		49,815
1.572%, 05/23/2018 ¤		251,940		251,032
1.660%, 05/25/2018 ¤		175,000		174,312
1.451%, 05/29/2018 ¤		100,000		99,644
1.670%, 05/30/2018 ¤		165,000		164,314
1.398% (1 Month LIBOR USD – 0.170%), 06/01/2018 ∆		50,000		50,000


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.398% (1 Month LIBOR USD – 0.170%), 06/01/2018 ∆	$	50,000	$	50,000
1.610%, 06/05/2018 ¤		125,000		124,464
1.479%, 06/06/2018 ¤		200,000		199,209
1.598% (1 Month LIBOR USD + 0.018%), 06/11/2018 ∆		50,000		50,000
0.820%, 06/20/2018		100,000		99,789
1.547%, 06/20/2018 ¤		21,855		21,752
1.552%, 06/27/2018 ¤		17,000		16,914
1.593%, 07/05/2018 ¤		100,000		99,447
1.436% (1 Month LIBOR USD – 0.145%), 07/11/2018 ∆		100,000		100,000
1.531% (1 Month LIBOR USD – 0.050%), 07/12/2018 ∆		50,000		50,000
1.476% (1 Month LIBOR USD – 0.145%), 07/25/2018 ∆		150,000		150,000
1.250%, 07/27/2018		50,000		49,921
1.280%, 07/27/2018		25,000		25,000
1.735%, 08/10/2018 ¤		25,000		24,807
1.568%, 08/21/2018 ¤		2,300		2,283
1.867%, 08/29/2018 ¤		75,000		74,302
1.534% (1 Month LIBOR USD – 0.130%), 08/30/2018 ∆ «		75,000		75,000
0.875%, 10/01/2018		89,065		88,683
1.451% (1 Month LIBOR USD – 0.130%), 10/10/2018 ∆		150,000		150,000
1.451% (1 Month LIBOR USD – 0.130%), 10/10/2018 ∆		87,700		87,700
1.455% (1 Month LIBOR USD – 0.135%), 10/17/2018 ∆		75,000		75,000
1.455% (1 Month LIBOR USD – 0.135%), 10/19/2018 ∆		75,000		75,000
1.491% (1 Month LIBOR USD – 0.130%), 10/26/2018 ∆		75,000		74,995
1.465% (1 Month LIBOR USD – 0.125%), 11/20/2018 ∆		50,000		50,000
1.478% (1 Month LIBOR USD – 0.125%), 11/23/2018 ∆		50,000		50,000
1.480% (1 Month LIBOR USD – 0.100%), 12/07/2018 ∆		50,000		50,000

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.483% (1 Month LIBOR USD – 0.100%), 12/13/2018 ∆	$	50,000	$	50,000
1.750%, 12/14/2018		24,920		24,893
1.494% (1 Month LIBOR USD – 0.100%), 12/21/2018 ∆		100,000		100,000
1.494% (1 Month LIBOR USD – 0.100%), 12/21/2018 ∆		120,000		120,000
1.491% (1 Month LIBOR USD – 0.090%), 01/11/2019 ∆		75,000		75,000
1.498% (1 Month LIBOR USD – 0.090%), 01/14/2019 ∆		50,000		50,000
1.513% (1 Month LIBOR USD – 0.135%), 01/28/2019 ∆		75,000		75,000
1.499% (1 Month LIBOR USD – 0.080%), 02/04/2019 ∆		150,000		150,000
1.535% (1 Month LIBOR USD – 0.045%), 02/06/2019 ∆		100,000		100,001
1.511% (1 Month LIBOR USD – 0.070%), 02/11/2019 ∆		50,000		50,000
1.590% (3 Month LIBOR USD – 0.230%), 02/13/2019 ∆		35,000		34,992
1.556% (1 Month LIBOR USD – 0.040%), 02/22/2019 ∆		194,500		194,606
1.591% (1 Month LIBOR USD – 0.040%), 02/27/2019 ∆		75,000		75,000
1.246% (3 Month LIBOR USD – 0.235%), 03/01/2019 ∆		100,000		100,000
1.530% (1 Month LIBOR USD – 0.045%), 03/01/2019 ∆		125,000		125,000
1.273% (3 Month LIBOR USD – 0.235%), 03/06/2019 ∆		25,000		25,000
1.534% (1 Month LIBOR USD – 0.045%), 03/08/2019 ∆		30,000		29,998
1.508% (1 Month LIBOR USD – 0.080%), 03/15/2019 ∆		75,000		75,000
1.606% (3 Month LIBOR USD – 0.185%), 05/08/2019 ∆		50,000		50,000


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.824% (3 Month LIBOR USD – 0.160%), 05/28/2019 ∆	$	50,000	$	50,025
1.568% (1 Month LIBOR USD – 0.080%), 06/28/2019 ∆		100,000		100,000
1.489% (1 Month LIBOR USD – 0.090%), 07/08/2019 ∆		93,000		93,003
1.520% (1 Month LIBOR USD – 0.070%), 07/17/2019 ∆		200,000		200,000
1.520% (1 Month LIBOR USD – 0.070%), 07/17/2019 ∆		50,000		50,000
1.520% (1 Month LIBOR USD – 0.070%), 07/19/2019 ∆		50,000		50,000
1.520% (1 Month LIBOR USD – 0.070%), 07/19/2019 ∆		75,000		74,993
1.506% (1 Month LIBOR USD – 0.090%), 07/22/2019 ∆		80,000		80,000
1.551% (1 Month LIBOR USD – 0.070%), 07/26/2019 ∆		50,000		50,000
1.520% (1 Month LIBOR USD – 0.060%), 08/07/2019 ∆		100,000		100,000
1.528% (1 Month LIBOR USD – 0.060%), 08/14/2019 ∆		100,000		100,000
1.530% (1 Month LIBOR USD – 0.060%), 08/19/2019 ∆		50,000		50,000
1.530% (1 Month LIBOR USD – 0.060%), 08/19/2019 ∆		50,000		50,000
1.588% (1 Month LIBOR USD – 0.060%), 08/28/2019 ∆		75,000		75,000
1.588% (1 Month LIBOR USD – 0.060%), 08/28/2019 ∆		75,000		75,000
1.588% (1 Month LIBOR USD – 0.060%), 08/28/2019 ∆		50,000		50,000
1.519% (1 Month LIBOR USD – 0.060%), 09/09/2019 ∆		75,000		75,000
1.521% (1 Month LIBOR USD – 0.060%), 09/11/2019 ∆		75,000		75,000

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

12	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.521% (1 Month LIBOR USD – 0.060%), 09/11/2019 ∆	$	25,000	$	25,000
1.528% (1 Month LIBOR USD – 0.060%), 09/16/2019 ∆		75,000		75,000
1.561% (1 Month LIBOR USD – 0.060%), 09/25/2019 ∆		50,000		50,000
1.520% (1 Month LIBOR USD – 0.070%), 10/17/2019 ∆		100,000		100,000
1.530% (1 Month LIBOR USD – 0.050%), 12/02/2019 ∆		50,000		50,000
1.531% (1 Month LIBOR USD – 0.050%), 12/12/2019 ∆		25,000		25,000
1.533% (1 Month LIBOR USD – 0.050%), 12/13/2019 ∆		50,000		50,000
1.540% (1 Month LIBOR USD – 0.050%), 12/18/2019 ∆		50,000		50,000
1.515% (1 Month LIBOR USD – 0.065%), 01/06/2020 ∆		50,000		50,000
1.514% (1 Month LIBOR USD – 0.070%), 01/08/2020 ∆		30,000		30,001
1.514% (1 Month LIBOR USD – 0.065%), 01/08/2020 ∆		50,000		50,000
1.516% (1 Month LIBOR USD – 0.065%), 01/10/2020 ∆		50,000		50,000
1.518% (1 Month LIBOR USD – 0.065%), 01/13/2020 ∆		50,000		50,000
1.584% (3 Month LIBOR USD – 0.150%), 01/17/2020 ∆		50,000		50,000
1.589% (3 Month LIBOR USD – 0.150%), 01/17/2020 ∆		50,000		50,000
1.594% (3 Month LIBOR USD – 0.150%), 01/22/2020 ∆		50,000		50,000
1.583% (1 Month LIBOR USD – 0.065%), 01/28/2020 ∆		25,000		25,000
1.605% (3 Month LIBOR USD – 0.155%), 01/29/2020 ∆		50,000		50,000


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.745% (3 Month U.S. Treasury Money Market Yield + 0.070%), 01/29/2020 ∆	$	100,000	$	100,019
1.516% (1 Month LIBOR USD – 0.065%), 02/12/2020 ∆		25,000		25,000
Federal Home Loan Mortgage Corporation
1.167%, 03/16/2018 ¤		50,000		49,976
1.157%, 04/03/2018 ¤		100,000		99,894
1.287%, 04/06/2018 ¤		50,000		49,936
0.750%, 04/09/2018		18,360		18,349
1.000%, 04/27/2018		15,000		14,995
1.636%, 05/21/2018 ¤		25,000		24,908
4.875%, 06/13/2018		30,415		30,714
1.060%, 06/22/2018		75,000		75,000
1.495% (3 Month LIBOR USD – 0.250%), 07/25/2018 ∆		50,000		50,000
0.850%, 07/27/2018		30,000		29,944
1.050%, 07/27/2018		50,000		49,846
1.530% (3 Month LIBOR USD – 0.280%), 08/10/2018 ∆		100,000		100,000
1.150%, 09/14/2018		35,000		35,000
1.260%, 12/28/2018		23,000		22,920
1.431% (1 Month LIBOR USD – 0.150%), 02/12/2019 ∆		25,000		25,000
Federal National Mortgage Association
1.000%, 04/30/2018		10,000		10,000
0.875%, 05/21/2018		60,000		59,948
1.000%, 05/21/2018		22,000		22,000
1.125%, 07/20/2018		102,559		102,329
1.875%, 09/18/2018		23,104		23,134
1.125%, 10/29/2018		17,500		17,500
1.125%, 12/14/2018		10,000		9,955

Total U.S. Government Agency Debt
(Cost $14,661,852)				14,661,852

U.S. Treasury Debt – 4.6%
U.S. Treasury Notes
1.000%, 03/15/2018		200,000		199,979
1.000%, 05/15/2018		50,000		49,979
1.000%, 05/31/2018		350,000		349,702
1.125%, 06/15/2018		225,000		224,895
0.750%, 07/31/2018		50,000		49,873
1.375%, 07/31/2018		200,000		200,045
1.000%, 08/15/2018		25,000		24,966
0.750%, 08/31/2018		75,000		74,769

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)


Government Obligations Fund (cont.)
DESCRIPTION		PAR/SHARES		VALUE >
1.500%, 08/31/2018	$	100,000	$	99,901
0.875%, 10/15/2018		50,000		49,720
1.375%, 11/30/2018		75,000		74,675
1.250%, 01/31/2019		100,000		99,356
Total U.S. Treasury Debt
(Cost $1,497,860)				1,497,860

Investment Company W – 0.0%
Invesco Government & Agency Portfolio, Institutional Shares, 1.303%
(Cost $15,245)		15,245,000		15,245

U.S. Government Agency
Repurchase Agreements – 11.0%
BNP Paribas SA
1.360%, dated 02/28/2018, matures 03/01/2018, repurchase price $100,004 (collateralized by various government agency obligations: Total market value $102,000)	$	100,000	$	100,000
Goldman Sachs & Co. LLC
1.380%, dated 02/28/2018, matures 03/01/2018, repurchase price $2,300,088 (collateralized by various government agency obligations: Total market value $2,346,000)		2,300,000		2,300,000
HSBC Securities (USA) Inc.
1.360%, dated 02/28/2018, matures 03/01/2018, repurchase price $600,023 (collateralized by various government agency obligations: Total market value $612,004)		600,000		600,000


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
ING Financial Markets LLC
1.360%, dated 02/28/2018, matures 03/01/2018, repurchase price $250,009 (collateralized by various government agency obligations: Total market value $255,000)	$	250,000	$	250,000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
1.380%, dated 02/28/2018, matures 03/01/2018, repurchase price $150,006 (collateralized by various government agency obligations: Total market value $153,000)		150,000		150,000
RBC Dominion Securities Inc.
1.350%, dated 02/28/2018, matures 03/01/2018, repurchase price $100,004 (collateralized by various government agency obligations: Total market value $102,000)		100,000		100,000
Societe Generale SA
1.340%, dated 02/06/2018, matures 03/06/2018, repurchase price $125,130 (collateralized by various government agency obligations: Total market value $127,500)		125,000		125,000
Total U.S. Government Agency Repurchase Agreements
(Cost $3,625,000)				3,625,000

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

14	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
U.S. Treasury Repurchase
Agreements – 40.1%
Bank of Montreal
1.350%, dated 02/28/2018, matures 03/01/2018, repurchase price 100,004 (collateralized by U.S. Treasury obligations: Total market value $102,000)	$	100,000	$	100,000
Bank of Nova Scotia
1.360%, dated 02/28/2018, matures 03/01/2018, repurchase price $737,679 (collateralized by U.S. Treasury obligations: Total market value $752,454)		737,651		737,651
BNP Paribas SA
1.350%, dated 02/28/2018, matures 03/01/2018, repurchase price $1,900,071 (collateralized by U.S. Treasury obligations: Total market value $1,938,000)		1,900,000		1,900,000
1.350%, dated 01/3/2018, matures 03/22/2018, repurchase price $351,024 (collateralized by U.S. Treasury obligations: Total market value $357,000)		350,000		350,000
1.380% (Overnight Bank Funding Rate – 0.040%), dated 02/9/2018, matures 06/11/2018, repurchase price $200,935 (collateralized by U.S. Treasury obligations: Total market value $204,000) ∆		200,000		200,000
1.380% (Overnight Bank Funding Rate – 0.040%), dated 01/24/2018, matures 06/26/2018, repurchase price $1,005,865 (collateralized by U.S. Treasury obligations: Total market value $1,020,000) ∆		1,000,000		1,000,000

Government Obligations Fund (cont.)
DESCRIPTION		PA R		VALUE >
1.400%, dated 01/10/2018, matures 04/10/2018, repurchase price $602,100 (collateralized by U.S. Treasury obligations: Total market value $612,000)	$	600,000	$	600,000
Credit Agricole Corporate & Investment Bank
1.340%, dated 02/22/2018, matures 03/01/2018, repurchase price $350,091 (collateralized by U.S. Treasury obligations: Total market value $357,000)		350,000		350,000
1.360%, dated 02/28/2018, matures 03/01/2018, repurchase price $1,131,108 (collateralized by U.S. Treasury obligations: Total market value $1,153,763)		1,131,065		1,131,065
1.350%, dated 02/27/2018, matures 03/06/2018, repurchase price $500,131 (collateralized by U.S. Treasury obligations: Total market value $510,000)		500,000		500,000
1.500%, dated 01/31/2018, matures 04/30/2018, repurchase price $351,298 (collateralized by U.S. Treasury obligations: Total market value $357,000)		350,000		350,000
Federal Reserve Bank of New York
1.250%, dated 02/28/2018, matures 03/01/2018, repurchase price $225,008 (collateralized by U.S. Treasury obligations: Total market value $225,008)		225,000		225,000

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
HSBC Securities (USA) Inc.
1.360%, dated 02/28/2018, matures 03/01/2018, repurchase price $350,013 (collateralized by U.S. Treasury obligations: Total market value $357,003)	$	350,000	$	350,000
1.340%, dated 02/27/2018, matures 03/06/2018, repurchase price $500,130 (collateralized by U.S. Treasury obligations: Total market value $510,003)		500,000		500,000
1.360%, dated 02/28/2018, matures 03/07/2018, repurchase price $825,218 (collateralized by U.S. Treasury obligations: Total market value $841,503)		825,000		825,000
ING Financial Markets LLC
1.310%, dated 02/22/2018, matures 03/01/2018, repurchase price $200,051 (collateralized by U.S. Treasury obligations: Total market value $204,000)		200,000		200,000
1.340%, dated 02/16/2018, matures 03/02/2018, repurchase price $300,156 (collateralized by U.S. Treasury obligations: Total market value $306,000)		300,000		300,000
1.360%, dated 02/28/2018, matures 03/07/2018, repurchase price $100,026 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000


Government Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.350%, dated 02/16/2018, matures 03/09/2018, repurchase price $200,158 (collateralized by U.S. Treasury obligations: Total market value $204,000)	$	200,000	$	200,000
JP Morgan Securities, LLC
1.360%, dated 02/28/2018, matures 03/01/2018, repurchase price $100,004 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
Mizuho Securities (USA) LLC
1.350%, dated 02/28/2018, matures 03/01/2018, repurchase price $350,013 (collateralized by U.S. Treasury obligations: Total market value $357,000)		350,000		350,000
RBC Dominion Securities Inc.
1.350%, dated 02/28/2018, matures 03/01/2018, repurchase price $200,008 (collateralized by U.S. Treasury obligations: Total market value $204,000)		200,000		200,000
Societe Generale
1.350% (Overnight Bank Funding Rate – 0.070%), dated 02/28/2018, matures 03/07/2018, repurchase price $750,197 (collateralized by U.S. Treasury obligations: Total market value $765,000) ∆		750,000		750,000
1.350% (Overnight Bank Funding Rate – 0.070%), dated 02/28/2018, matures 03/07/2018, repurchase price $750,197 (collateralized by U.S. Treasury obligations: Total market value $765,000) ∆		750,000		750,000

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

16	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT


Government Obligations Fund (concl.)
DESCRIPTION		PAR		VALUE >
Societe Generale SA
1.330%, dated 02/06/2018, matures 03/06/2018, repurchase price $350,362 (collateralized by U.S. Treasury obligations: Total market value $357,000)	$	350,000	$	350,000
1.350% (Overnight Bank Funding Rate – 0.070%), dated 02/28/2018, matures 03/07/2018, repurchase price $750,197 (collateralized by U.S. Treasury obligations: Total market value $765,000) ∆		750,000		750,000

Total U.S. Treasury
Repurchase Agreements
(Cost $13,168,716)				13,168,716

Total Investments – 100.3%
(Cost $32,968,673)				32,968,673

Other Assets and Liabilities, Net – (0.3)%				(92,888	)

Total Net Assets – 100.0%			$	32,875,785

Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.

∆

Variable Rate Security – The rate shown is the rate in effect as of February 28, 2018.

Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase.

Security purchased on a when-issued basis. On February 28, 2018, the total cost of investments purchased on a when-issued basis was $75,000 or 0.2% of total net assets.

The rate shown is the annualized seven-day yield as of February 28, 2018.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)


Institutional Prime Obligations Fund
DESCRIPTION	PAR		VALUE >
Financial Company
Commercial Paper – 26.2%
ANZ New Zealand International Ltd
1.761% (1 Month
LIBOR USD + 0.180%),
07/10/2018 Δ ■	$	2,000	$	2,000
ASB Finance Ltd/London
1.724% (1 Month
LIBOR USD + 0.130%),
05/17/2018 Δ ■		2,000		2,000
Australia & New Zealand
Banking Group
1.717% (1 Month
LIBOR USD + 0.150%),
08/29/2018 Δ ■		3,000		2,999
Bank Nederlandse
Gemeenten NV
1.470%, 03/06/2018 ■		10,000		9,998
1.810%, 05/31/2018 ■		13,000		12,932
BNZ International Funding
1.759% (1 Month
LIBOR USD + 0.180%),
07/09/2018 Δ ■		1,000		1,000
BPCE
1.440%, 03/05/2018 ■		19,000		18,996
Canadian Imperial Bank
of Commerce
1.711% (1 Month
LIBOR USD + 0.130%),
03/12/2018 Δ ■		1,000		1,000
CDP Financial Inc
1.400%, 03/08/2018 ■		500		500
1.604%, 03/16/2018 ■		5,000		4,997
1.584%, 04/04/2018 ■		4,800		4,792
1.512%, 04/20/2018 ■		2,000		1,995
1.736%, 04/23/2018 ■		5,000		4,987
1.573%, 05/11/2018 ■		2,000		1,993
1.654%, 05/31/2018 ■		1,000		995
Commonwealth Bank of Australia
1.852% (3 Month
LIBOR USD + 0.130%),
04/13/2018 Δ ■		2,000		2,001
1.870% (3 Month
LIBOR USD + 0.110%),
04/27/2018 Δ ■		3,000		3,001
1.858% (1 Month
LIBOR USD + 0.210%),
09/28/2018 Δ ■		2,000		2,000
1.788% (1 Month
LIBOR USD + 0.200%),
10/15/2018 Δ ■		2,000		2,000


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.790% (1 Month
LIBOR USD + 0.200%),
10/19/2018 Δ ■	$	2,000	$	1,999
1.824% (1 Month
LIBOR USD + 0.230%),
01/18/2019 Δ ■		1,000		999
Credit Suisse/NY
1.511%, 03/26/2018		1,000		999
DZ Bank AG/NY
1.673%, 03/22/2018 ■		7,000		6,993
HSBC Bank PLC
1.790% (1 Month
LIBOR USD + 0.210%),
11/07/2018 Δ ■		2,000		2,000
ING (US) Funding LLC
1.510%, 04/17/2018		3,000		2,993
1.705% (1 Month
LIBOR USD + 0.130%),
05/01/2018 Δ		4,000		4,001
1.757% (1 Month
LIBOR USD + 0.190%),
08/01/2018 Δ		4,000		4,001
1.780% (1 Month
LIBOR USD + 0.200%),
08/07/2018 Δ		1,000		1,000
JP Morgan Securities LLC
1.730% (1 Month
LIBOR USD + 0.150%),
05/02/2018 Δ		5,000		5,002
1.795% (1 Month
LIBOR USD + 0.220%),
06/01/2018 Δ		2,000		2,001
1.810% (1 Month
LIBOR USD + 0.230%),
07/02/2018 Δ		4,000		4,001
Macquarie Bank Ltd
1.838%, 03/21/2018 ■		1,000		999
2.050%, 05/21/2018 ■		2,035		2,025
1.861% (1 Month
LIBOR USD + 0.240%),
05/29/2018 Δ ■		5,000		5,000
1.783% (1 Month
LIBOR USD + 0.180%),
07/23/2018 Δ ■		3,000		2,999
Massachusetts Mutual
Life Insurance Co
1.551%, 03/06/2018 ■		5,000		4,999
National Australia Bank Ltd
1.721% (1 Month
LIBOR USD + 0.140%),
06/12/2018 Δ ■		2,000		2,000

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

18	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.735% (1 Month
LIBOR USD + 0.160%),
08/01/2018 Δ ■	$	9,000	$	9,000
Nederlandse Waterschaps
1.750%, 04/09/2018 ■		13,000		12,976
1.715%, 04/10/2018 ■		5,000		4,990
Ontario Teachers’ Finance Trust
1.859%, 05/18/2018 ■		2,000		1,992
PSP Capital Inc
1.501%, 03/07/2018 ■		18,000		17,995
1.554%, 03/21/2018 ■		3,000		2,997
1.725% (1 Month
LIBOR USD + 0.150%),
06/01/2018 Δ ■		3,000		3,001
Suncorp Metway Ltd
1.528%, 03/21/2018 ■		1,000		999
1.511%, 03/27/2018 ■		2,000		1,997
1.532%, 04/04/2018 ■		2,000		1,996
1.542%, 04/09/2018 ■		1,000		998
1.755%, 06/05/2018 ■		1,000		995
2.017%, 07/12/2018 ■		4,000		3,968
Toronto Dominion Bank
1.493%, 03/19/2018 ■		10,000		9,992
1.756% (1 Month
LIBOR USD + 0.160%),
05/22/2018 Δ ■		1,000		1,000
1.798% (1 Month
LIBOR USD + 0.150%),
06/29/2018 Δ ■		2,500		2,500
1.838% (1 Month
LIBOR USD + 0.190%),
08/28/2018 Δ ■		1,000		1,000
UBS AG of London
1.811% (1 Month
LIBOR USD + 0.230%),
06/12/2018 Δ ■		2,000		2,001
1.881% (1 Month
LIBOR USD + 0.300%),
06/15/2018 Δ ■		1,500		1,501
1.739% (1 Month
LIBOR USD + 0.160%),
07/05/201 Δ ■		2,000		2,000
Westpac Banking Corp
1.770% (1 Month
LIBOR USD + 0.190%),
09/06/2018 Δ ■		1,500		1,500
Total Financial Company
Commercial Paper
(Cost $219,610)				219,595


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Certificates of Deposit – 25.8%
Banco del Estado de Chile/NY
1.801% (1 Month
LIBOR USD + 0.180%),
03/26/2018 Δ	$	4,000	$	4,001
1.788% (1 Month
LIBOR USD + 0.200%),
05/14/2018 Δ		1,000		1,001
1.781% (1 Month
LIBOR USD + 0.200%),
06/11/2018 Δ		1,000		1,000
1.810% (1 Month LIBOR
USD + 0.220%),
07/17/2018 Δ		5,000		5,001
Bank of Montreal/Chicago
1.691% (3 Month
LIBOR USD + 0.210%),
03/01/2018 Δ		3,350		3,350
1.750%, 03/19/2018		2,000		2,000
1.741% (1 Month
LIBOR USD + 0.120%),
03/26/2018 Δ		3,000		3,001
1.773% (1 Month
LIBOR USD + 0.190%),
08/13/2018 Δ		2,000		2,000
1.853% (1 Month
LIBOR USD + 0.250%),
09/24/2018 Δ		5,000		5,000
Bank of Nova Scotia/Houston
1.920% (U.S. Federal
Funds Effective
Rate + 0.500%),
11/28/2018 Δ		3,000		3,000
Canadian Imperial Bank
of Commerce/NY
1.786% (1 Month
LIBOR USD + 0.190%),
05/22/2018 Δ		850		850
1.760% (1 Month
LIBOR USD + 0.180%),
08/02/2018 Δ		2,000		2,000
Citibank NA
1.754% (1 Month
LIBOR USD + 0.160%),
07/18/2018 Δ		5,000		5,000
Commonwealth Bank
of Australia/NY
1.739% (1 Month
LIBOR USD + 0.160%),
06/08/2018 Δ		1,000		1,000

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Cooperatieve Rabobank UA/NY
1.688%+ 0 (1 Month
LIBOR USD + 0.100%),
04/16/2018 Δ	$	257	$	257
1.759% (1 Month
LIBOR USD + 0.180%),
05/03/2018 Δ		2,000		2,001
1.736% (1 Month
LIBOR USD + 0.140%),
05/21/2018 Δ		3,000		2,999
1.751% (1 Month
LIBOR USD + 0.170%),
08/13/2018 Δ		5,000		4,999
1.889% (1 Month
LIBOR USD 0.220%),
09/04/2018 Δ		2,000		2,000
1.781% (1 Month
LIBOR USD + 0.200%),
11/13/2018 Δ		5,000		4,997
Credit Agricole Corporate
and Investment Bank/NY
1.758% (1 Month
LIBOR USD + 0.170%),
05/14/2018 Δ		2,000		2,001
Credit Suisse/NY
1.743% (1 Month
LIBOR USD + 0.160%),
03/22/2018 Δ		2,000		2,001
1.791% (1 Month
LIBOR USD + 0.160%),
04/27/2018 Δ		1,000		1,000
Lloyds Bank PLC/NY
1.729% (1 Month
LIBOR USD + 0.150%),
07/05/2018 Δ		4,000		4,000
Mitsubishi UFJ Trust &
Banking Corp/NY
1.765% (1 Month
LIBOR USD + 0.190%),
03/01/2018 Δ		3,000		3,000
1.769% (1 Month
LIBOR USD + 0.190%),
03/08/2018 Δ		2,000		2,000
1.794% (1 Month
LIBOR USD + 0.200%),
05/18/2018 Δ		2,000		2,001
1.791% (1 Month
LIBOR USD + 0.210%),
07/11/2018 Δ		2,000		2,000


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.833% (1 Month
LIBOR USD + 0.250%),
08/13/2018 Δ	$	3,000	$	3,001
Mizuho Bank Ltd/NY
1.779% (1 Month
LIBOR USD + 0.200%),
05/09/2018 Δ		6,000		6,002
1.789% (1 Month
LIBOR USD + 0.210%),
08/06/2018 Δ		4,000		3,999
Natixis/NY
1.848% (1 Month
LIBOR USD + 0.200%),
07/31/2018 Δ		1,000		1,000
Royal Bank of Canada/NY
1.760% (1 Month
LIBOR USD + 0.180%),
08/06/2018 Δ		2,000		2,000
Skandinaviska Enskilda
Banken/NY
1.831% (1 Month
LIBOR USD + 0.210%),
04/26/2018 Δ		3,000		3,001
Sumitomo Mitsui
Banking Corp/NY
1.760% (1 Month
LIBOR USD + 0.180%),
03/06/2018 Δ		3,000		3,000
1.779% (1 Month
LIBOR USD + 0.200%),
05/04/2018 Δ		4,000		4,002
1.844% (1 Month
LIBOR USD + 0.250%),
07/18/2018 Δ		3,000		3,001
1.831% (1 Month
LIBOR USD + 0.210%),
07/25/2018 Δ		4,000		4,000
Sumitomo Mitsui Trust/NY
1.430%, 03/02/2018		10,000		10,000
1.430%, 03/06/2018		20,000		20,000
1.771% (1 Month
LIBOR USD + 0.190%),
05/10/2018 Δ		6,000		6,002
1.789% (1 Month
LIBOR USD + 0.210%),
08/06/2018 Δ		4,000		4,000
Svenska Handelsbanken/NY
1.720% (1 Month
LIBOR USD + 0.140%),
04/06/2018 Δ		5,000		5,001

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

20	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.706% (1 Month
LIBOR USD + 0.110%),
05/21/2018 Δ	$	4,000	$	4,001
1.768% (1 Month
LIBOR USD + 0.120%),
05/29/2018 Δ		4,000		4,001
1.719% (1 Month
LIBOR USD + 0.140%),
07/09/2018 Δ		5,000		5,000
1.760% (1 Month
LIBOR USD + 0.180%),
09/07/2018 Δ		4,000		3,999
1.759% (1 Month
LIBOR USD + 0.180%),
10/09/2018 Δ		1,000		1,000
Toronto Dominion Bank/NY
1.731% (1 Month
LIBOR USD + 0.150%),
04/10/2018 Δ		2,000		2,001
1.850%, 05/09/2018		3,000		3,000
1.774% (1 Month
LIBOR USD + 0.180%),
06/20/2018 Δ		3,000		3,000
UBS AG Stamford, CT
1.830% (1 Month
LIBOR USD + 0.250%),
05/02/2018 Δ		1,000		1,000
1.846% (1 Month
LIBOR USD + 0.250%),
05/21/2018 Δ		4,000		4,002
Wells Fargo Bank NA
1.900% (3 Month
LIBOR USD + 0.140%),
05/29/2018 Δ		3,000		3,002
1.751% (1 Month
LIBOR USD + 0.170%),
07/10/2018 Δ		3,000		3,000
1.821% (1 Month
LIBOR USD + 0.200%),
08/01/2018 Δ		3,000		3,000
1.770% (1 Month
LIBOR USD + 0.190%),
08/07/2018 Δ		4,000		4,000
1.775% (1 Month
LIBOR USD + 0.200%),
08/28/2018 Δ		2,000		2,000
1.803% (1 Month
LIBOR USD + 0.220%),
10/15/2018 Δ		1,700		1,700


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Westpac Banking Corp/NY
1.824% (1 Month
LIBOR USD + 0.230%),
04/20/2018 Δ	$	2,000	$	2,001
1.821% (1 Month
LIBOR USD + 0.190%),
04/27/2018 Δ		2,000		2,001
1.808% (1 Month
LIBOR USD + 0.160%),
06/29/2018 Δ		5,000		5,000
1.870% (U.S. Federal
Funds Effective Rate +
0.450%), 11/28/2018 Δ		3,000		2,999
1.780% (1 Month
LIBOR USD + 0.200%),
12/07/2018 Δ		3,000		2,999
1.797% (1 Month
LIBOR USD + 0.230%),
02/01/2019 Δ		2,000		1,999
Total Certificates of Deposit
(Cost $216,159)				216,174

Non-Financial Company Commercial Paper – 8.9%
Novartis Finance Corp
1.501%, 03/06/2018 ■		2,000		1,999
1.501%, 03/07/2018 ■		15,000		14,996
Total Capital Canada Ltd
1.450%, 03/06/2018 ■		30,000		29,993
1.602%, 03/16/2018 ■		2,500		2,498
1.602%, 03/21/2018 ■		5,000		4,995
Toyota Motor Finance
Netherlands BV
1.858% (1 Month
LIBOR USD + 0.210%),
03/27/2018 Δ		5,000		5,001
1.800% (1 Month
LIBOR USD + 0.210%),
06/15/2018 Δ		5,000		5,002
Wal-Mart Stores Inc
1.521%, 03/01/2018 ■		10,000		10,000
Total Non-Financial
Company Commercial Paper
(Cost $74,484)				74,484

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Asset Backed Commercial Paper – 8.7%
CAFCO LLC
1.627%, 03/20/2018 ■	$	2,000	$	1,998
Chariot Funding LLC
1.633%, 05/21/2018 ■		2,000		1,991
Kells Funding LLC
1.482%, 03/06/2018		5,000		4,999
1.608%, 03/26/2018		3,000		2,997
1.717%, 04/10/2018 ■		8,000		7,984
1.738%, 04/18/2018		6,000		5,985
Liberty Street Funding LLC
1.606%, 03/09/2018 ■		1,000		1,000
1.748%, 04/10/2018 ■		2,000		1,996
2.061%, 05/29/2018 ■		5,000		4,974
2.014%, 06/18/2018 ■		5,000		4,968
1.759% (1 Month
LIBOR USD + 0.180%),
07/09/2018 Δ ■		1,000		1,000
Nieuw Amsterdam
Receivables Corp
2.033%, 06/12/2018 ■		4,000		3,976
Old Line Funding LLC
1.735%, 04/10/2018 ■		4,000		3,992
1.710% (1 Month
LIBOR USD + 0.130%),
05/07/2018 Δ ■		2,000		2,000
1.791%, 05/10/2018 ■		5,000		4,981
1.729% (1 Month
LIBOR USD + 0.150%),
06/05/2018 Δ ■		3,000		3,000
1.910% (1 Month
LIBOR USD + 0.250%),
09/04/2018 Δ ■ «		3,000		3,001
Starbird Funding Corp
1.420%, 03/01/2018		5,000		5,000
1.602%, 05/01/2018 ■		1,000		997
Thunder Bay Funding LLC
1.727%, 03/15/2018 ■		2,000		1,999
1.725% (1 Month LIBOR
USD + 0.150%),
06/01/2018 Δ ■		4,000		3,999
Total Asset Backed
Commercial Paper
(Cost $72,846)				72,837


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Non-Negotiable Time Deposits – 6.5%
Credit Agricole, Cayman
Islands Branch
1.320%, 03/01/2018	$	27,354	$	27,354
Skandinaviska Enskilda
Banken, Cayman
Islands Branch
1.340%, 03/01/2018		27,000		27,000
Total Non-Negotiable
Time Deposits
(Cost $54,354)				54,354

Other Instruments – 5.2%
American Honda Finance
1.500%, 03/13/2018		4,500		4,499
Bank of America NA
1.784% (1 Month
LIBOR USD + 0.190%),
08/24/2018 Δ		3,000		3,000
Cooperative Rabobank UA/NY
1.700%, 03/19/2018		1,130		1,130
Nordea Bank AB
1.625%, 05/15/2018 ■		1,000		999
Statoil ASA
1.150%, 05/15/2018		2,900		2,894
Swedbank AB
1.600%, 03/02/2018 ■		4,000		4,000
1.750%, 03/12/2018 ■		10,000		9,999
Toyota Motor Credit Corp
1.200%, 04/06/2018		10,000		9,993
1.965% (3 Month
LIBOR USD + 0.080%),
05/17/2018 Δ		1,000		1,000
UBS AG of Stamford CT
1.800%, 03/26/2018		6,000		5,999
Total Other Instruments
(Cost $43,521)				43,513

Variable Rate Demand Notes # – 1.6%
Broward County, Florida,
Embraer Aircraft
Holding Inc Project,
Series 2007B (LOC: Citibank)
1.490%, 04/01/2035		5,500		5,500

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

22	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Massachusetts
Development Finance
Agency, Babson
College Issue,
Series 2008B
(LOC: Bank of America)
1.520%, 10/01/2031	$	8,235	$	8,235
Total Variable Rate
Demand Notes
(Cost $13,735)				13,735

Other Repurchase
Agreements – 17.5%
BNP Paribas SA
1.650% (Overnight Bank
Funding Rate + 0.230%),
dated 02/28/2018, matures
03/01/2018, repurchase
price $13,001
(collateralized by
various securities:
Total market
value $13,651) Δ		13,000		13,000
1.720% (Overnight Bank
Funding Rate + 0.300%),
dated 02/28/2018, matures
04/04/2018, repurchase
price $15,025
(collateralized by
various securities:
Total market
value $15,750) Δ ¥		15,000		15,000
Credit Suisse
Securities (USA) LLC
1.570% (Overnight Bank
Funding Rate + 0.150%),
dated 02/28/2018, matures
03/07/2018, repurchase
price $21,006
(collateralized by
various securities:
Total market
value $22,050) Δ		21,000		21,000
HSBC Securities (USA) Inc.
1.520% (Overnight Bank
Funding Rate + 0.100%),
dated 02/28/2018, matures
03/01/2018, repurchase
price $35,001
(collateralized by
various securities:
Total market
value $36,754) Δ		35,000		35,000


Institutional Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
ING Financial Markets LLC
1.520%, dated
02/28/2018, matures
03/01/2018, repurchase
price $6,000
(collateralized by
various securities:
Total market
value $6,300)	$	6,000	$	6,000
JP Morgan Securities, LLC
1.930%, dated
02/28/2018, matures
04/04/2018, repurchase
price $15,028
(collateralized by
various securities:
Total market
value $15,750) ¥		15,000		15,000
MUFG Securities
Americas, Inc.
1.580%, dated
02/28/2018, matures
03/01/2018, repurchase
price $6,002
(collateralized by
various securities:
Total market
value $6,300)		6,000		6,000
Societe Generale SA
1.680% (Overnight Bank
Funding Rate + 0.260%),
dated 02/28/2018, matures
03/01/2018, repurchase
price $35,002
(collateralized by
various securities:
Total market
value $36,359) Δ		35,000		35,000
Total Other Repurchase
Agreements
(Cost $146,000)				146,000

Total Investments – 100.4%
(Cost $840,709)				840,692

Other Assets and
Liabilities, Net – (0.4)%				(3,419	)
Total Net Assets – 100.0%			$	837,273

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are 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.

Δ	Variable Rate Security – The rate shown is the rate in effect as of February 28, 2018.

■	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 February 28, 2018, the value of these investments was $328,932 or 39.3% of total net assets.

	Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase.

«	Security purchased on a when-issued basis. On February 28, 2018, the total cost of investments purchased on a when-issued basis was $3,001 or 0.4% of total net assets.

#	Adjustable Rate Security – The rate is determined by the Remarketing Agent.

¥	Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 28, 2018, the value of these investments was $30,000 or 3.6% of total net assets. See note 2 in Notes to Financial Statements.

LOC – Letter of Credit

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

24	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Retail Prime Obligations Fund

DESCRIPTION	PAR		VALUE >
Certificates of Deposit – 30.6%
Banco del Estado de Chile/NY
1.801% (1 Month
LIBOR USD + 0.180%),
03/26/2018 Δ	$	6,000	$	6,000
1.761% (1 Month
LIBOR USD + 0.180%),
04/10/2018 Δ		15,000		15,000
1.788% (1 Month
LIBOR USD + 0.200%),
05/14/2018 Δ		4,000		4,000
1.781% (1 Month
LIBOR USD + 0.200%),
06/11/2018 Δ		2,000		2,000
1.810% (1 Month
LIBOR USD + 0.220%),
07/17/2018 Δ		20,000		20,000
Bank of Montreal/Chicago
1.691% (3 Month
LIBOR USD + 0.210%),
03/01/2018 Δ		26,500		26,500
1.741% (1 Month
LIBOR USD + 0.120%),
03/26/2018 Δ		10,000		10,000
1.738% (1 Month
LIBOR USD + 0.150%),
06/15/2018 Δ		10,000		10,000
1.808% (1 Month
LIBOR USD + 0.220%),
09/14/2018 Δ		5,000		5,000
1.853% (1 Month
LIBOR USD + 0.250%),
09/24/2018 Δ		20,000		20,000
Bank of Nova Scotia/Houston
1.780% (1 Month
LIBOR USD + 0.200%),
07/06/2018 Δ		10,000		10,000
Canadian Imperial Bank
of Commerce/NY
1.741% (1 Month
LIBOR USD + 0.160%),
04/12/2018 Δ		10,000		10,000
1.650% (U.S. Federal
Funds Effective
Rate + 0.230%),
05/07/2018 Δ		15,000		15,000
1.760% (1 Month
LIBOR USD + 0.180%),
08/02/2018 Δ		8,000		8,000
Commonwealth Bank of Australia/NY
1.739% (1 Month
LIBOR USD + 0.160%),
06/08/2018 Δ		10,000		10,000

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
Cooperatieve Rabobank UA/NY
1.759% (1 Month
LIBOR USD + 0.180%),
05/03/2018 Δ	$	10,000	$	10,000
1.736% (1 Month
LIBOR USD + 0.140%),
05/21/2018 Δ		10,000		10,000
1.751% (1 Month
LIBOR USD + 0.170%),
08/13/2018 Δ		10,000		10,000
1.781% (1 Month
LIBOR USD + 0.200%),
11/13/2018 Δ		15,000		15,000
Credit Agricole Corporate
and Investment Bank/NY
1.758% (1 Month
LIBOR USD + 0.170%),
05/14/2018 Δ		10,000		10,000
Credit Suisse/NY
1.743% (1 Month
LIBOR USD + 0.160%),
03/22/2018 Δ		10,000		10,000
1.791% (1 Month
LIBOR USD + 0.160%),
04/27/2018 Δ		12,000		12,000
HSBC Bank USA NA
1.734% (1 Month
LIBOR USD + 0.155%),
05/08/2018 Δ		15,000		15,000
Lloyds Bank PLC/NY
1.729% (1 Month
LIBOR USD + 0.150%),
07/05/2018 Δ		20,000		20,000
Mitsubishi UFJ Trust &
Banking Corp/NY
1.765% (1 Month
LIBOR USD + 0.190%),
03/01/2018 Δ		7,000		7,000
1.769% (1 Month
LIBOR USD + 0.190%),
03/08/2018 Δ		15,000		15,000
1.778% (1 Month
LIBOR USD + 0.190%),
04/16/2018 Δ		5,000		5,000
1.794% (1 Month
LIBOR USD + 0.200%),
05/18/2018 Δ		6,000		6,000
1.791% (1 Month
LIBOR USD + 0.210%),
07/11/2018 Δ		10,000		10,000
1.833% (1 Month
LIBOR USD + 0.250%),
08/13/2018 Δ		15,000		15,000

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
Mizuho Bank Ltd/NY
1.779% (1 Month
LIBOR USD + 0.200%),
05/09/2018 Δ	$	25,000	$	25,000
1.789% (1 Month
LIBOR USD + 0.210%),
08/06/2018 Δ		24,000		24,000
Natixis/NY
2.091% (3 Month
LIBOR USD + 0.300%),
05/08/2018 Δ		16,000		16,002
1.848% (1 Month
LIBOR USD + 0.200%),
07/31/2018 Δ		14,000		14,000
Royal Bank of Canada/NY
1.760% (1 Month
LIBOR USD + 0.180%),
08/06/2018 Δ		10,000		10,000
Sumitomo Mitsui
Banking Corp/NY
1.779% (1 Month
LIBOR USD + 0.200%),
05/04/2018 Δ		25,000		25,000
1.858% (1 Month
LIBOR USD + 0.210%),
07/31/2018 Δ		25,000		25,000
Sumitomo Mitsui Trust/NY
1.430%, 03/02/2018		20,000		20,000
1.430%, 03/06/2018		70,000		70,000
1.771% (1 Month
LIBOR USD + 0.190%),
05/10/2018 Δ		25,000		25,000
1.789% (1 Month
LIBOR USD + 0.210%),
08/06/2018 Δ		19,000		19,000
Svenska Handelsbanken/NY
1.720% (1 Month
LIBOR USD + 0.140%),
04/06/2018 Δ		5,000		5,000
1.719% (1 Month
LIBOR USD + 0.140%),
07/09/2018 Δ		20,000		20,000
1.760% (1 Month
LIBOR USD + 0.180%),
09/07/2018 Δ		23,500		23,500
Toronto Dominion Bank/NY
1.923% (1 Month
LIBOR USD + 0.340%),
03/13/2018 Δ		10,000		10,000
1.774% (1 Month
LIBOR USD + 0.180%),
06/20/2018 Δ		15,000		15,000

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
1.818% (1 Month
LIBOR USD + 0.230%),
12/17/2018 Δ	$	15,000	$	15,000
UBS AG Stamford, CT
1.830% (1 Month
LIBOR USD + 0.250%),
05/02/2018 Δ		4,000		4,001
1.846% (1 Month
LIBOR USD + 0.250%),
05/21/2018 Δ		16,000		16,003
Wells Fargo Bank NA
1.766% (1 Month
LIBOR USD + 0.170%),
04/20/2018 Δ		15,000		15,000
1.900% (3 Month
LIBOR USD + 0.140%),
05/29/2018 Δ		11,000		11,002
1.751% (1 Month
LIBOR USD + 0.170%),
07/10/2018 Δ		10,000		10,000
1.770% (1 Month LIBOR
USD + 0.190%),
08/07/2018 Δ		26,000		26,000
1.775% (1 Month
LIBOR USD + 0.200%),
08/28/2018 Δ		10,000		10,000
Westpac Banking Corp/NY
1.824% (1 Month
LIBOR USD + 0.230%),
04/20/2018 Δ		15,000		15,000
1.821% (1 Month
LIBOR USD + 0.190%),
04/27/2018 Δ		13,000		13,000
1.808% (1 Month
LIBOR USD + 0.160%),
06/29/2018 Δ		15,000		15,000
1.780% (1 Month
LIBOR USD + 0.200%),
12/07/2018 Δ		20,000		20,000
1.797% (1 Month
LIBOR USD + 0.230%),
02/01/2019 Δ		5,000		5,000
Total Certificates of Deposit
(Cost $863,008)				863,008

Financial Company
Commercial Paper – 28.2%
ANZ New Zealand International Ltd
1.729% (1 Month
LIBOR USD + 0.150%),
07/03/2018 Δ n		10,000		10,000
1.761% (1 Month
LIBOR USD + 0.180%),
07/10/2018 Δ n		15,000		15,000

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

26	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
ASB Finance Ltd/London
1.724% (1 Month
LIBOR USD + 0.130%),
05/17/2018 Δ n	$	20,000	$	19,999
Banco del Estado de Chile/NY
1.420%, 03/01/2018		50,000		50,000
Bank Nederlandse
Gemeenten NV
1.440%, 03/01/2018 n		25,000		25,000
1.470%, 03/06/2018 n		45,000		44,991
1.807%, 05/31/2018 n		13,000		12,941
Bank of Nova Scotia
1.728%, 03/19/2018 n		20,000		19,983
BNZ International Funding
1.759% (1 Month
LIBOR USD + 0.180%),
07/09/2018 Δ n		5,000		5,000
BPCE
1.440%, 03/05/2018 n		31,000		30,995
1.440%, 03/06/2018 n		30,000		29,994
Canadian Imperial Bank
of Commerce
1.711% (1 Month
LIBOR USD + 0.130%),
03/12/2018 Δ n		10,000		10,000
CDP Financial Inc
1.400%, 03/08/2018 n		4,500		4,499
1.461%, 04/04/2018 n		10,000		9,986
1.512%, 04/20/2018 n		25,000		24,948
1.573%, 05/11/2018 n		8,000		7,975
1.654%, 05/31/2018 n		10,000		9,959
Commonwealth Bank of Australia
1.908% (1 Month
LIBOR USD + 0.320%),
03/16/2018 Δ n		10,000		10,000
1.852% (3 Month
LIBOR USD + 0.130%),
04/13/2018 Δ n		13,000		13,000
1.870% (3 Month
LIBOR USD + 0.110%),
04/27/2018 Δ n		2,000		2,000
1.858% (1 Month
LIBOR USD + 0.210%),
09/28/2018 Δ n		10,000		10,000
1.790% (1 Month
LIBOR USD + 0.200%),
10/19/2018 Δ n		15,000		15,000
Credit Suisse/NY
1.511%, 03/26/2018		4,000		3,996
Danske Corp
1.746%, 04/16/2018 n		15,000		14,967

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
DZ Bank AG/NY
1.673%, 03/22/2018 n	$	13,000	$	12,987
HSBC Bank PLC
1.924% (1 Month
LIBOR USD + 0.330%),
03/20/2018 Δ n		994		994
1.968% (1 Month
LIBOR USD + 0.320%),
03/29/2018 Δ n		2,400		2,400
1.790% (1 Month
LIBOR USD + 0.210%),
11/07/2018 Δ n		26,000		26,000
ING (US) Funding LLC
1.510%, 04/17/2018		15,000		14,970
1.705% (1 Month
LIBOR USD + 0.130%),
05/01/2018 Δ		11,000		11,000
1.757% (1 Month
LIBOR USD + 0.190%),
08/01/2018 Δ		15,000		15,000
1.780% (1 Month
LIBOR USD + 0.200%),
08/07/2018 Δ		8,000		8,000
JP Morgan Securities LLC
1.730% (1 Month
LIBOR USD + 0.150%),
05/02/2018 Δ		22,000		22,000
1.795% (1 Month
LIBOR USD + 0.220%),
06/01/2018 Δ		20,000		20,000
1.810% (1 Month
LIBOR USD + 0.230%),
07/02/2018 Δ		10,000		10,000
1.848% (1 Month
LIBOR USD + 0.200%),
07/30/2018 Δ		5,000		5,000
Macquarie Bank Ltd
1.838%, 03/21/2018 n		9,000		8,991
1.838%, 03/22/2018 n		10,000		9,989
1.729% (1 Month
LIBOR USD + 0.150%),
04/04/2018 Δ n		10,000		10,000
1.768% (1 Month
LIBOR USD + 0.180%),
05/16/2018 Δ n		15,000		15,000
1.861% (1 Month
LIBOR USD + 0.240%),
05/29/2018 Δ n		12,000		12,000
National Australia Bank Ltd
1.721% (1 Month
LIBOR USD + 0.140%),
06/12/2018 Δ n		20,000		20,000

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
1.735% (1 Month
LIBOR USD + 0.160%),
08/01/2018 Δ n	$	20,000	$	20,000
Nederlandse Waterschaps
1.750%, 04/09/2018 n		19,000		18,965
PSP Capital Inc
1.501%, 03/07/2018 n		15,000		14,996
1.725% (1 Month
LIBOR USD + 0.150%),
06/01/2018 Δ n		15,000		15,000
Suncorp Metway Ltd
1.511%, 03/27/2018 n		8,000		7,991
1.532%, 04/04/2018 n		10,000		9,985
1.542%, 04/09/2018 n		8,000		7,987
1.755%, 06/05/2018 n		2,000		1,991
2.017%, 07/12/2018 n		21,000		20,845
Toronto Dominion Bank
1.493%, 03/19/2018 n		25,000		24,982
1.756% (1 Month
LIBOR USD + 0.160%),
05/22/2018 Δ n		1,000		1,000
1.798% (1 Month
LIBOR USD + 0.150%),
06/29/2018 Δ n		7,500		7,500
1.838% (1 Month
LIBOR USD + 0.190%),
08/28/2018 Δ n		3,000		3,000
UBS AG of London
1.811% (1 Month
LIBOR USD + 0.230%),
06/12/2018 Δ n		8,000		8,002
1.739% (1 Month
LIBOR USD + 0.160%),
07/05/2018 Δ n		10,000		10,000
Total Financial Company
Commercial Paper
(Cost $796,808)				796,808

Asset Backed
Commercial Paper – 12.5%
Atlantic Asset Securities LLC
1.739% (1 Month
LIBOR USD + 0.160%),
05/03/2018 Δ n		10,000		10,000
CAFCO LLC
1.627%, 03/20/2018 n		23,000		22,980
Chariot Funding LLC
1.458%, 03/21/2018 n		10,000		9,992
Fairway Finance Corp
1.738%, 04/02/2018 n		10,000		9,985

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
Gotham Funding Corp
1.705%, 03/02/2018 n	$	7,750	$	7,750
1.736%, 03/13/2018 n		5,000		4,997
1.808%, 03/28/2018 n		10,000		9,986
Kells Funding LLC
1.608%, 03/26/2018		25,000		24,972
1.717%, 04/10/2018 n		17,000		16,968
1.747%, 04/18/2018		19,000		18,956
Liberty Street Funding LLC
1.606%, 03/09/2018 n		2,000		1,999
1.497%, 03/13/2018 n		16,000		15,992
1.507%, 03/14/2018 n		20,000		19,989
1.707%, 03/15/2018 n		5,000		4,997
2.014%, 06/18/2018 n		10,000		9,940
Manhattan Asset Funding Co
1.652%, 03/09/2018 n		16,000		15,994
Nieuw Amsterdam
Receivables Corp
2.033%, 06/12/2018 n		10,000		9,942
Old Line Funding LLC
1.710% (1 Month
LIBOR USD + 0.130%),
05/07/2018 Δ n		25,000		25,000
1.791%, 05/10/2018 n		20,000		19,931
1.910% (1 Month
LIBOR USD + 0.250%),
09/04/2018 Δ n«		10,000		10,000
Starbird Funding Corp
1.420%, 03/01/2018		25,000		25,000
1.602%, 05/01/2018 n		10,000		9,973
Thunder Bay Funding LLC
1.738%, 04/02/2018 n		20,000		19,969
1.725% (1 Month
LIBOR USD + 0.150%),
06/01/2018 Δ n		26,000		26,000
Total Asset Backed
Commercial Paper
(Cost $351,312)				351,312

Non-Negotiable
Time Deposits – 8.9%
Credit Agricole, Cayman
Islands Branch
1.320%, 03/01/2018		115,517		115,517
Skandinaviska Enskilda
Banken, Cayman
Islands Branch
1.340%, 03/01/2018		135,000		135,000
Total Non-Negotiable
Time Deposits
(Cost $250,517)				250,517

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

28	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
Non-Financial Company
Commercial Paper – 2.5%
Total Capital Canada Ltd
1.450%, 03/06/2018 n	$	44,500	$	44,491
Toyota Motor Finance
Netherlands BV
1.858% (1 Month
LIBOR USD + 0.210%),
03/27/2018 Δ		12,000		12,000
1.800% (1 Month
LIBOR USD + 0.210%),
06/15/2018 Δ		13,000		13,000
Total Non-Financial Company
Commercial Paper
(Cost $69,491)				69,491

Other Instruments – 2.1%
Bank of America NA
1.726% (1 Month LIBOR
USD + 0.130%),
05/21/2018 Δ		10,000		10,000
Statoil ASA
1.150%, 05/15/2018		2,925		2,920
Swedbank AB
1.750%, 03/12/2018 n		10,000		10,001
Toyota Motor Credit Corp
1.200%, 04/06/2018		11,657		11,652
1.965% (3 Month
LIBOR USD + 0.080%),
05/17/2018 Δ		13,000		13,000
UBS AG of Stamford CT
1.800%, 03/26/2018		12,011		12,012
Total Other Instruments
(Cost $59,585)				59,585

Variable Rate
Demand Note # – 0.5%
Mayor and City Council of
Baltimore, Maryland,
Baltimore City Parking
System Facilities, Series
2008 (LOC: Bank of America)
1.470%, 07/01/2032
(Cost $14,700)		14,700		14,700

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
Other Repurchase
Agreements – 15.1%
BNP Paribas SA
1.650% (Overnight Bank
Funding Rate + 0.230%),
dated 02/28/2018, matures
03/01/2018, repurchase
price $46,002
(collateralized by
various securities:
Total market
value $48,300) Δ	$	46,000	$	46,000
1.720% (Overnight Bank
Funding Rate + 0.300%),
dated 02/28/2018, matures
04/04/2018, repurchase
price $15,025
(collateralized by
various securities:
Total market
value $15,750) Δ ∞		15,000		15,000
Credit Suisse Securities
(USA) LLC
1.570% (Overnight Bank
Funding Rate + 0.150%),
dated 02/28/2018, matures
03/07/2018, repurchase
price $64,020
(collateralized by
various securities:
Total market
value $67,202) Δ		64,000		64,000
2.071% (1 Month
LIBOR USD + 0.400%),
dated 02/28/2018, matures
04/04/2018, repurchase
price $20,040
(collateralized by
various securities:
Total market
value $21,001) Δ ∞		20,000		20,000
HSBC Securities (USA) Inc.
1.620% (Overnight Bank
Funding Rate + 0.200%),
dated 02/28/2018, matures
03/01/2018, repurchase
price $55,002
(collateralized by
various securities:
Total market
value $57,753) Δ		55,000		55,000

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)

Retail Prime Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
ING Financial Markets LLC
1.520%, dated
02/28/2018, matures
03/01/2018, repurchase
price $18,001
(collateralized by
various securities:
Total market
value $18,900)	$	18,000	$	18,000
JP Morgan Securities, LLC
1.930%, dated
02/28/2018, matures
04/04/2018, repurchase
price $30,056
(collateralized by
various securities:
Total market
value $31,500) ∞		30,000		30,000
Merrill Lynch, Pierce, Fenner
& Smith Incorporated
1.740% (Overnight Bank
Funding Rate + 0.320%),
dated 02/28/2018, matures
06/03/2018, repurchase
price $25,115
(collateralized by
various securities:
Total market
value $26,250) Δ ∞		25,000		25,000
MUFG Securities
Americas, Inc.
1.580%, dated
02/22/2018, matures
03/01/2018, repurchase
price $19,006
(collateralized by
various securities:
Total market
value $19,950)		19,000		19,000

Retail Prime Obligations Fund (concl.)

DESCRIPTION		PAR		VALUE >
Societe Generale SA
1.680% (Overnight Bank
Funding Rate + 0.260%),
dated 02/28/2018, matures
03/01/2018, repurchase
price $135,006
(collateralized by
various securities:
Total market
value $141,750) Δ	$	135,000	$	135,000
Total Other Repurchase
Agreements
(Cost $427,000)				427,000
Total Investments – 100.4%
(Cost $2,832,421)				2,832,421
Other Assets and
Liabilities, Net – (0.4)%				(11,976	)
Total Net Assets – 100.0%			$	2,820,445

>	Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.
Δ	Variable Rate Security – The rate shown is the rate in effect as of February 28, 2018.
n	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 February 28, 2018, the value of these investments was $973,718 or 34.5% of total net assets.
¤	Discounted Security – This security makes no periodic interest payments, but is issued at a discount from par value. The rate shown is the annualized yield at the time of purchase.
«	Security purchased on a when-issued basis. On February 28, 2018, the total cost of investments purchased on a when-issued basis was $10,000 or 0.4% of total net assets.
#	Adjustable Rate Security – The rate is determined by the Remarketing Agent.
¥	Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 28, 2018, the value of these investments was $90,000 or 3.2% of total net assets. See note 2 in Notes to Financial Statements.

30	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Retail Tax Free Obligations Fund
DESCRIPTION	PAR		VALUE >
Variable Rate
Demand Notes # – 77.1%
Alaska – 1.3%
City of Valdez, Alaska,
Exxon Pipeline
Company Project,
1993 Series C
1.120%, 12/01/2033	$	5,820	$	5,820
California – 1.5%
California Health Facilities
Authority, Catholic
Healthcare, Series C
(LOC: JPMorgan
Chase Bank)
1.000%, 07/01/2020		5,400		5,400
California Housing Finance
Agency, Montecito
Village Apartments
Project, 2009 Issue B
(GTD: FHLMC)
1.100%, 04/01/2043		950		950
County of San Bernardino,
California Multifamily
Housing, Green Valley
Apartments, Series 1999A
(GTD: FNMA)
1.010%, 05/15/2029		375		375
				6,725
Colorado – 2.3%
Colorado Educational &
Cultural Facilities Authority,
National Jewish Federation
Bond Program, Series A-12
(LOC: Bank of America)
1.080%, 02/01/2038		3,960		3,960
Colorado Educational &
Cultural Facilities Authority,
The Nature Conservancy,
Series 2002A
1.090%, 07/01/2027		6,500		6,500
				10,460
Connecticut – 1.9%
State of Connecticut Health
and Educational Facilities
Authority, Greenwich
Hospital Issue, Series C
(LOC: Bank of America)
1.150%, 07/01/2026		5,735		5,735

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
State of Connecticut Health
and Educational Facilities
Authority, Yale New Haven
Health Issue, Series C
(LOC: JP Morgan Chase)
1.020%, 07/01/2025	$	3,110	$	3,110
				8,845
District of Columbia – 1.5%
District of Columbia,
Medlantic/Helix Issue,
Series 1998A
(LOC: PNC Bank)
1.110%, 08/15/2038		3,355		3,355
District of Columbia,
Progressive Life Center,
Series 2008A (LOC:
Branch Banking & Trust)
1.100%, 01/01/2033		1,985		1,985
District of Columbia, The
Pew Charitable Trusts
Issue, Series 2008A
(LOC: PNC Bank)
1.090%, 04/01/2038		1,545		1,545
				6,885
Florida – 0.9%
Orange County Health
Facilities Authority,
Orlando Regional Healthcare,
Series 2008E (LOC:
Branch Banking & Trust)
1.120%, 10/01/2026		4,000		4,000
Illinois – 14.3%
Illinois Education Facilities
Authority, Newberry
Library, Series 1988
(LOC: Northern
Trust Company)
1.070%, 03/01/2028		1,200		1,200
Illinois Education Facilities
Authority, The Adler
Planetarium, Series 1997
(LOC: PNC Bank)
1.090%, 04/01/2031		5,000		5,000
Illinois Finance Authority,
Chicago Historical Society,
Series 2006 (LOC: Northern
Trust Company)
1.130%, 01/01/2036		480		480

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)


Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Illinois Finance Authority,
Richard Driehaus Foundation,
Series 2005 (LOC:
Northern Trust Company)
1.150%, 02/01/2035	$	12,100	$	12,100
Illinois Finance Authority,
The Carle Foundation,
Series 2009C (LOC:
Northern Trust Company)
1.100%, 02/15/2033		4,100		4,100
Illinois Finance Authority,
The Latin School of
Chicago Project,
Series 2005A (LOC:
JP Morgan Chase Bank)
1.120%, 08/01/2028		10,095		10,095
Illinois Finance Authority,
The University of
Chicago Medical
Center, Series 2011B
(LOC: Sumitomo Mitsui
Banking Corp)
1.120%, 08/01/2044		7,370		7,370
Illinois Housing
Development Authority,
Multi-Family Housing
Revenue Bonds, Series
2008 (GTD: FHLMC)
1.250%, 08/01/2038		7,145		7,145
The County of Cook, Illinois,
Bernard Zell Anshe Emet
Day School Project,
Series 2005 (LOC:
JPMorgan Chase Bank)
1.150%, 05/01/2035		7,200		7,200
University of Illinois Health
Services Facilities System
Revenue Bonds,
Series 1997B (LOC:
Wells Fargo Bank)
1.070%, 10/01/2026		4,100		4,100
University of Illinois, UIC
South Campus
Development Project
Revenue Refunding Bonds,
Series 2008 (LOC:
JPMorgan Chase Bank)
1.120%, 01/15/2022		6,085		6,085
				64,875

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Kentucky – 0.9%
Louisville/Jefferson County
Metro Government,
Norton Healthcare Inc,
Series 2011B
(LOC: PNC Bank)
1.090%, 10/01/2039	$	4,140	$	4,140
Louisiana – 4.1%
Louisiana Public Facilities
Authority, CHRISTUS Health,
Series 2009B-2 (LOC:
Bank of New York Mellon)
1.120%, 07/01/2047		3,250		3,250
Louisiana Public Facilities
Authority, CHRISTUS Health,
Series 2009B-3 (LOC:
Bank of New York Mellon)
1.070%, 07/01/2047		3,125		3,125
Parish of St. James,
Louisiana, Nustar Logistics,
L.P. Project, Series 2010B
(LOC: Bank of Tokyo)
1.130%, 12/01/2040		12,070		12,070
				18,445
Maryland – 4.4%
Maryland Health & Higher
Educational Facilities
Authority, Anne Arundel
Health System Issue,
Series 2009B (LOC:
Bank of America)
1.070%, 07/01/2043		7,000		7,000
Maryland Health & Higher
Educational Facilities
Authority, Pooled Loan
Program, Series 1985A
(LOC: TD Bank)
1.120%, 04/01/2035		6,700		6,700
Maryland Health & Higher
Educational Facilities
Authority, University of
Maryland Medical System,
Series 2007A (LOC:
Wells Fargo Bank)
1.120%, 07/01/2034		6,050		6,050
				19,750

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

32	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Retail Tax Free Obligations Fund (cont.)					��
DESCRIPTION	PAR		VALUE >
Minnesota – 4.7%
City of Minnetonka, The Cliffs
at Ridgedale, Series 1995
(GTD: FNMA)
1.170%, 09/15/2025	$	8,150	$	8,150
Minnesota Higher Education
Facilities Authority,
Macalester College,
Series Five-Q
1.160%, 03/01/2033		5,110		5,110
Minnesota Higher Education
Facilities Authority,
Macalester College,
Series Three-Z
1.160%, 03/01/2024		3,400		3,400
Minnesota Housing Finance
Agency, Residential Housing
Finance Bonds, Series 2015G
(SPA: Royal Bank of Canada)
1.090%, 01/01/2034		4,500		4,500
				21,160
Mississippi – 4.3%
Mississippi Business Finance
Corporation, Chevron USA Inc
Project, Series 2009E
1.110%, 12/01/2030		5,650		5,650
Mississippi Business Finance
Corporation, Chevron USA Inc
Project, Series 2009F
1.110%, 12/01/2030		12,755		12,755
Mississippi Business Finance
Corporation, Chevron USA Inc
Project, Series 2010K
1.110%, 11/01/2035		1,175		1,175
				19,580
Nevada – 4.3%
City of Reno, Nevada,
Re-TRAC-Reno
Transportation Rail
Access Corridor Project,
Series 2008A (LOC:
Bank of New York Mellon)
1.220%, 06/01/2042		5,790		5,790
Clark County, Nevada,
Airport System Subordinate
Lien Revenue Bonds,
Series 2008D-2A
(LOC: Wells Fargo Bank)
1.090%, 07/01/2040		640		640

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Clark County, Nevada,
Airport System Subordinate
Lien Revenue Bonds,
Series 2008D-3
(LOC: Bank of America)
1.120%, 07/01/2029	$	13,130	$	13,130
				19,560
New Jersey – 0.7%
New Jersey Health Care
Facilities Financing Authority,
Hospital Capital Asset
Financing Program, 1985
Series A (LOC: TD Bank)
1.070%, 07/01/2035		3,235		3,235
New York – 6.2%
Dormitory Authority of the
State of New York Mental
Health Services Facilities
Improvement Revenue
Bonds, Series 2003D-2H
(LOC: Royal Bank of Canada)
1.090%, 02/15/2031		8,700		8,700
Metropolitan Transportation
Authority, Series 2015E-2
(LOC: Bank of Tokyo)
1.060%, 11/15/2050		4,255		4,255
The City of New York, General
Obligation Bonds, Fiscal
2012 Series A4
(LOC: Bank of Tokyo)
1.090%, 08/01/2038		15,000		15,000
				27,955
Ohio – 6.4%
City of Blue Ash, Ursuline
Academy of Cincinnati,
Series 2008
(LOC: PNC Bank)
1.090%, 06/01/2031		11,115		11,115
City of Middletown, Ohio,
Hospital Facilities, Atrium
Medical Center Obligated
Group, Series 2008A
(LOC: PNC Bank)
1.100%, 11/15/2039		8,540		8,540
County of Hamilton, Ohio,
St. Xavier High School
Project, Series 2003
(LOC: PNC Bank)
1.090%, 04/01/2028		4,800		4,800

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Ohio Air Quality Development
Authority, Ohio Valley
Electric Corporation Project,
Series 2009D
(LOC: Bank of Tokyo)
1.200%, 02/01/2026	$	4,450	$	4,450
				28,905
Rhode Island – 2.3%
Narragansett Bay Commission,
Wastewater System Revenue
Refunding Bonds, 2008
Series A (LOC: TD Bank)
1.070%, 09/01/2034		10,300		10,300
Tennessee – 1.1%
The Public Building Authority
of Sevier County, Tennessee,
Revenue Program B, Series
V-C-1 (GTD: FHLB)
1.130%, 06/01/2025		5,030		5,030
Texas – 3.9%
Lower Neches Valley Authority
Industrial Development
Corporation, ExxonMobil
Project, Series 2010
1.140%, 11/01/2038		1,140		1,140
Lower Neches Valley Authority
Industrial Development
Corporation, ExxonMobil
Project, Series 2011
1.140%, 11/01/2051		6,170		6,170
Lower Neches Valley Authority
Industrial Development
Corporation, ExxonMobil
Project, Series 2012
1.140%, 05/01/2046		2,040		2,040
Tarrant County Cultural
Education Facilities Finance
Corporation, Methodist
Hospitals of Dallas Project,
Series 2008A
(LOC: TD Bank)
1.100%, 10/01/2041		8,275		8,275
				17,625

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Virginia – 5.9%
Industrial Development Authority
of Fairfax County, Virginia,
Inova Health System Project,
Series 2005C-1 (LOC:
Northern Trust Company)
1.120%, 05/15/2026	$	5,000	$	5,000
Industrial Development
Authority of Loudoun
County, Virginia, Howard
Hughes Medical Institute
Issue, Series, 2003B
1.120%, 02/15/2038		4,000		4,000
Loudoun County Industrial
Development Authority,
Howard Hughes Medical
Institute, Series 2003F
1.090%, 02/15/2038		10,480		10,480
Portsmouth Redevelopment
& Housing Authority,
Phoebus Square
Apartments, Series 2008
(GTD: FHLMC)
1.170%, 04/01/2048		7,200		7,200
				26,680
Washington – 0.3%
Washington State Housing
Finance Commission,
Panorama City Project,
Series 1997 (LOC:
Wells Fargo Bank)
1.220%, 01/01/2027		1,300		1,300
West Virginia – 3.7%
West Virginia Hospital
Finance Authority, Cabell
Huntington Hospital, Inc,
Series 2008B (LOC:
Branch Banking & Trust)
1.120%, 01/01/2034		17,000		17,000
Wisconsin – 0.2%
Wisconsin Health and
Educational Facilities
Authority, Goodwill
Industries of North Central
Wisconsin, Inc, Series 2005)
(LOC: Wells Fargo Bank)
1.120%, 11/01/2025		705		705
Total Variable Rate Demand
Notes (Cost $348,980)				348,980

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

34	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Other Municipal
Securities – 18.9%
Fairfax County, Virginia,
Series 2012A
5.000%, 04/01/2018	$	5,885	$	5,903
State of Colorado,
Series 2017A
5.000%, 06/27/2018		7,100		7,183
State of Maryland,
Second Series B
5.000%, 08/01/2018		15,000		15,229
State of Ohio, Ohio
Common Schools,
Series 2015B
5.000%, 06/15/2018		9,435		9,535
State of Oregon,
Series 2017A
5.000%, 09/28/2018		15,000		15,318
State of Tennessee,
Refunding Series 2012A
5.000%, 08/01/2018		11,850		12,028
State of Texas, Tax and
Revenue Anticipation
Notes, Series 2017
4.000%, 08/30/2018		15,000		15,200
State of Utah, Series 2010C
5.000%, 07/01/2018		5,175		5,238
Total Other Municipal Securities
(Cost $85,634)				85,634
Non-Financial Company
Commercial Paper – 3.7%
University of Michigan
1.180%, 04/04/2018
(Cost $17,000)		17,000		17,000
Total Investments – 99.7%
(Cost $451,614)				451,614
Other Assets and
Liabilities, Net – 0.3%				1,159
Total Net Assets – 100.0%			$	452,773

Retail Tax Free Obligations Fund (cont.)

>	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.

FHLB –

Federal Home Loan Bank

FHLMC –

Federal Home Loan Mortgage Corporation

FNMA –

Federal National Mortgage Association

GTD –

Guaranteed

LOC –

Letter of Credit

SPA –

Standby Purchase Agreement

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)

Treasury Obligations Fund

DESCRIPTION	PAR		VALUE >
U.S. Treasury Debt – 43.9%
U.S. Treasury Bills U
0.000%, 03/01/2018	$	175,000	$	175,000
1.292%, 03/22/2018		150,000		149,882
1.355%, 05/17/2018		25,000		24,927
1.524%, 05/24/2018		395,000		393,578
1.593%, 05/31/2018		470,000		468,086
1.452%, 06/14/2018		50,000		49,786
1.820%, 08/30/2018 «		50,000		49,537
U.S. Treasury Notes
1.000%, 03/15/2018		75,000		74,992
0.625%, 04/30/2018		50,000		49,954
0.750%, 04/30/2018		50,000		49,962
1.842% (3 Month U.S.
Treasury Money
Market Yield +
0.190%),
04/30/2018 Δ		305,000		305,009
1.000%, 05/15/2018		225,000		224,892
1.000%, 05/31/2018		50,000		49,956
2.375%, 05/31/2018		73,000		73,186
1.125%, 06/15/2018		75,000		74,964
0.750%, 07/31/2018		75,000		74,811
1.375%, 07/31/2018		410,000		409,634
1.826% (3 Month U.S.
Treasury Money
Market Yield +
0.174%),
07/31/2018 Δ		230,000		230,007
2.250%, 07/31/2018		50,000		50,196
1.000%, 08/15/2018		75,000		74,826
0.750%, 08/31/2018		125,000		124,493
1.500%, 08/31/2018		100,000		99,903
0.875%, 10/15/2018		250,000		248,711
1.822% (3 Month U.S.
Treasury Money
Market Yield +
0.170%),
10/31/2018 Δ		125,000		125,035
1.375%, 11/30/2018		50,000		49,783
1.125%, 01/31/2019		150,000		148,910
1.250%, 01/31/2019		26,000		25,827
1.792% (3 Month U.S.
Treasury Money
Market Yield +
0.140%),
01/31/2019 Δ		220,000		220,072
1.722% (3 Month U.S.
Treasury Money
Market Yield +
0.070%),
04/30/2019 Δ		1,650		1,650

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
1.712% (3 Month U.S.
Treasury Money
Market Yield +
0.060%),
07/31/2019 Δ	$	400,000	$	400,018
1.700% (3 Month U.S.
Treasury Money
Market Yield +
0.048%),
10/31/2019 Δ		335,000		335,034
1.652% (3 Month U.S.
Treasury Money
Market Yield +
0.000%),
01/31/2020 Δ		170,000		169,964
Total U.S. Treasury Debt
(Cost $5,002,585)				5,002,585

U.S. Treasury Repurchase
Agreements – 58.3%
Bank of Nova Scotia
1.360%, dated
02/28/2018, matures
03/01/2018, repurchase
price $762,378
(collateralized by U.S.
Treasury obligations:
Total market
value $777,546)		762,349		762,349
BNP Paribas SA
1.350%, dated
02/28/2018, matures
03/01/2018, repurchase
price $400,015
(collateralized by U.S.
Treasury obligations:
Total market
value $408,000)		400,000		400,000
1.350%, dated
01/03/2018, matures
03/22/2018, repurchase
price $150,439
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000

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

36	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
1.380% (Overnight Bank
Funding Rate – 0.040%),
dated 02/09/2018, matures
06/11/2018, repurchase
price $100,468
(collateralized by U.S.
Treasury obligations:
Total market
value $102,000) Δ	$	100,000	$	100,000
1.380% (Overnight Bank
Funding Rate – 0.040%),
dated 01/24/2018, matures
06/26/2018, repurchase
price $502,933
(collateralized by U.S.
Treasury obligations:
Total market
value $510,000) Δ		500,000		500,000
1.400%, dated
01/10/2018, matures
04/10/2018, repurchase
price $150,525
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000
Credit Agricole Corporate &
Investment Bank
1.340%, dated
02/22/2018, matures
03/01/2018, repurchase
price $150,039
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000
1.360%, dated
02/28/2018, matures
03/01/2018, repurchase
price $1,168,979
(collateralized by U.S.
Treasury obligations:
Total market
value $1,192,237)		1,168,935		1,168,935
1.350%, dated
02/27/2018, matures
03/06/2018, repurchase
price $300,079
(collateralized by U.S.
Treasury obligations:
Total market
value $306,000)		300,000		300,000

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
1.500%, dated
01/31/2018, matures
04/30/2018, repurchase
price $150,556
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)	$	150,000	$	150,000
Federal Reserve Bank
of New York
1.250%, dated
02/28/2018, matures
03/01/2018, repurchase
price $100,003
(collateralized by U.S.
Treasury obligations:
Total market
value $100,004)		100,000		100,000
HSBC Securities (USA) Inc.
1.360%, dated
02/28/2018, matures
03/01/2018, repurchase
price $250,009
(collateralized by U.S.
Treasury obligations:
Total market
value $255,001)		250,000		250,000
1.340%, dated
02/27/2018, matures
03/06/2018, repurchase
price $200,052
(collateralized by U.S.
Treasury obligations:
Total market
value $204,004)		200,000		200,000
1.360%, dated
02/28/2018, matures
03/07/2018, repurchase
price $225,060
(collateralized by U.S.
Treasury obligations:
Total market
value $229,501)		225,000		225,000
ING Financial Markets LLC
1.340%, dated
02/16/2018, matures
03/02/2018, repurchase
price $100,052
(collateralized by U.S.
Treasury obligations:
Total market
value $102,000)		100,000		100,000

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Schedule of Investments

February 28, 2018 (unaudited),
all dollars are rounded to thousands (000 omitted)

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
1.360%, dated
02/28/2018, matures
03/07/2018, repurchase
price $200,053
(collateralized by U.S.
Treasury obligations:
Total market
value $204,000)	$	200,000	$	200,000
Merrill Lynch, Pierce, Fenner
& Smith Incorporated
1.370%, dated
02/28/2018, matures
03/01/2018, repurchase
price $150,006
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000
Societe Generale SA
1.350% (Overnight Bank
Funding Rate – 0.070%),
dated 02/28/2018, matures
03/07/2018, repurchase
price $800,210
(collateralized by U.S.
Treasury obligations:
Total market
value $816,000) Δ		800,000		800,000
TD Securities (USA) LLC
1.370%, dated
02/28/2018, matures
03/01/2018, repurchase
price $800,030
(collateralized by U.S.
Treasury obligations:
Total market
value $816,000)		800,000		800,000
Total U.S. Treasury
Repurchase Agreements
(Cost $6,656,284)				6,656,284
Total Investments – 102.2%
(Cost $11,658,869)				11,658,869
Other Assets and
Liabilities, Net – (2.2)%				(252,435	)
Total Net Assets – 100.0%			$	11,406,434

Treasury Obligations Fund (concl.)

>	Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.
U	Rate shown is effective yield as of February 28, 2018.
«	Security purchased on a when-issued basis. On February 28, 2018, the total cost of investments purchased on a when-issued basis was $49,537 or 0.4% of total net assets.
Δ	Variable Rate Security – The rate shown is the rate in effect as of February 28, 2018.

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

38	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

U.S. Treasury Money Market Fund

DESCRIPTION	PAR		VALUE >
U.S. Treasury Debt – 100.1%
U.S. Treasury Bills U
0.000%, 03/01/2018	$	476	$	476
1.142%, 03/08/2018		79,842		79,822
1.246%, 03/15/2018		84,802		84,758
1.296%, 03/22/2018		100,000		99,921
1.381%, 03/29/2018		50,000		49,944
1.399%, 04/05/2018		35,000		34,951
1.418%, 04/12/2018		130,798		130,576
1.384%, 04/19/2018		102,889		102,691
1.436%, 04/26/2018		96,852		96,632
1.484%, 05/03/2018		123,186		122,861
1.489%, 05/10/2018		91,236		90,968
1.500%, 05/17/2018		50,000		49,838
1.519%, 05/24/2018		45,000		44,839
1.530%, 05/31/2018		27,857		27,748
1.474%, 06/21/2018		25,000		24,884
1.507%, 06/28/2018		10,000		9,950
1.548%, 07/05/2018		10,000		9,945
1.644%, 08/02/2018		3,437		3,413
1.691%, 08/09/2018		16,784		16,656
1.210%, 08/16/2018		1,535		1,526
U.S. Treasury Notes
1.842% (3 Month U.S.
Treasury Money Market
Yield + 0.190%),
04 /30/2018 Δ		22,323		22,327
1.125%, 06/15/2018		20,000		19,991
0.750%, 07/31/2018		6,704		6,687
1.375%, 07/31/2018		5,000		5,001
1.826% (3 Month U.S.
Treasury Money Market
Yield + 0.170%),
07/31/2018 Δ		43,150		43,169
1.822% (3 Month U.S.
Treasury Money Market
Yield + 0.170%),
10/31/2018 Δ		32,414		32,446

U.S. Treasury Money Market Fund (concl.)

DESCRIPTION	PAR		VALUE >
1.125%, 01/31/2019	$	2,894	$	2,873
1.250%, 01/31/2019		5,000		4,967
1.792% (3 Month U.S.
Treasury Money Market
Yield + 0.140%),
01/31/2019 Δ		7,163		7,167
1.375%, 02/28/2019		880		875
1.722% (3 Month U.S.
Treasury Money Market
Yield + 0.070%),
04/30/2019 Δ		31,711		31,732
1.712% (3 Month U.S.
Treasury Money Market
Yield + 0.060%),
07/31/2019 Δ		25,000		25,010
1.700% (3 Month U.S.
Treasury Money Market
Yield + 0.050%),
10/31/2019 Δ		11,306		11,308
1.652% (3 Month U.S.
Treasury Money Market
Yield + 0.000%),
01/31/2020 Δ		15,000		14,998
Total U.S. Treasury Debt
(Cost $1,310,950)				1,310,950
Total Investments – 100.1%
(Cost $1,310,950)				1,310,950
Other Assets and
Liabilities, Net – (0.1)%				(1,049	)
Total Net Assets – 100.0%			$	1,309,901

>	Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.
U	Rate shown is effective yield as of February 28, 2018.
Δ	Variable Rate Security – The rate shown is the rate in effect as of February 28, 2018.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Statements of Assets and Liabilities

February 28, 2018 (unaudited), all dollars are rounded
to thousands (000 omitted), except per share data

	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
Investments in securities, at cost	$	16,174,957		$	694,709		$	2,405,421	$	451,614	$	5,002,585	$	1,310,950
Repurchase agreements, at cost		16,793,716			146,000			427,000		—		6,656,284		—
ASSETS:
Investments in securities, at value (note 2)	$	16,174,957		$	694,692		$	2,405,421	$	451,614	$	5,002,585	$	1,310,950
Repurchase agreements, at value (note 2)		16,793,716			146,000			427,000		—		6,656,284		—
Cash		1			5			1		6		1		—
Receivable for investments sold		—			—			—		—		199,899		—
Receivable for interest		17,987			561			1,654		1,493		7,994		317
Receivable for capital shares sold		1			1			—		—		—		—
Prepaid directors retainer		28			13			15		13		19		13
Prepaid expenses and other assets		133			80			112		37		88		25
Total assets		32,986,823			841,352			2,834,203		453,163		11,866,870		1,311,305
LIABILITIES:
Dividends payable		28,103			882			2,464		226		9,745		1,028
Payable for investments purchased		75,000			3,000			10,000		—		447,875		—
Payable for capital shares redeemed		—			—			1		—		—		—
Payable to affiliates (note 3)		4,709			104			469		61		1,632		183
Payable for distribution and shareholder servicing fees		3,135			88			807		90		1,169		193
Accrued expenses and other liabilities		91			5			17		13		15		—
Total liabilities		111,038			4,079			13,758		390		460,436		1,404
Net assets	$	32,875,785		$	837,273		$	2,820,445	$	452,773	$	11,406,434	$	1,309,901
COMPOSITION OF NET ASSETS:
Portfolio capital	$	32,875,819		$	837,293		$	2,820,444	$	452,769	$	11,406,425	$	1,309,898
Undistributed (distributions in excess of) net investment income		(22	)		(4	)		—		—		—		(2	)
Accumulated net realized gain (loss) on investments (note 2)		(12	)		1			1		4		9		5
Net unrealized depreciation of investments		—			(17	)		—		—		—		—
Net assets	$	32,875,785		$	837,273		$	2,820,445	$	452,773	$	11,406,434	$	1,309,901
Class A (note 1):
Net assets	$	303,875		$	—		$	1,151,583	$	37,787	$	174,431	$	41,490
Shares issued and outstanding
($0.01 par value – 5 billion authorized per fund*)		303,873			—			1,151,582		37,784		174,434		41,483
Net asset value, offering price and redemption price per share	$	1.00		$	—		$	1.00	$	1.00	$	1.00	$	1.00
Class D (note 1):
Net assets	$	3,726,099		$	—		$	—	$	—	$	1,449,748	$	89,373
Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund)		3,726,067			—			—		—		1,449,761		89,366
Net asset value, offering price and redemption price per share	$	1.00		$	—		$	—	$	—	$	1.00	$	1.00

40	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	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
Class G:
Net assets	$	—	$	—	$	—	$	—	$	93,799	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized)		—		—		—		—		93,800		—
Net asset value, offering price and redemption price per share	$	—	$	—	$	—	$	—	$	1.00	$	—
Class P:
Net assets	$	20	$	—	$	—	$	—	$	20	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		20		—		—		—		20		—
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	—	$	—	$	1.00	$	—
Class T:
Net assets	$	—	$	73,578	$	129	$	—	$	—	$	—
Shares issued and outstanding
($0.01 par value – 5 billion authorized per fund**)		—		73,580		129		—		—		—
Net asset value, offering price and redemption price per share	$	—	$	1.0000	$	1.00	$	—	$	—	$	—
Class U:
Net assets	$	20	$	—	$	—	$	—	$	—	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized)		20		—		—		—		—		—
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	—	$	—	$	—	$	—
Class V:
Net assets	$	2,021,875	$	83,163	$	54,458	$	653	$	858,057	$	73,589
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		2,021,864		83,169		54,458		653		858,061		73,586
Net asset value, offering price and redemption price per share	$	1.00	$	0.9999	$	1.00	$	1.00	$	1.00	$	1.00
Class X:
Net assets	$	3,470,326	$	27	$	39,265	$	—	$	603,788	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		3,470,315		27		39,265		—		603,789		—
Net asset value, offering price and redemption price per share	$	1.00	$	1.0000	$	1.00	$	—	$	1.00	$	—
Class Y:
Net assets	$	9,181,939	$	360,181	$	1,315,693	$	386,242	$	2,909,118	$	761,329
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		9,181,882		360,193		1,315,693		386,223		2,909,138		761,288
Net asset value, offering price and redemption price per share	$	1.00	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00
Class Z:
Net assets	$	14,171,631	$	320,324	$	259,317	$	28,091	$	5,317,473	$	344,120
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		14,171,533		320,336		259,317		28,088		5,317,512		344,089
Net asset value, offering price and redemption price per share	$	1.00	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

* 20 billion shares were authorized for Retail Prime Obligations Fund and U.S. Treasury Money Market Fund.

** 20 billion shares were authorized for Retail Prime Obligations Fund.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Statements of Operations

For the six-month period ended February 28, 2018 (unaudited),
all dollars and shares are rounded to thousands (000 omitted)

	Government Obligations Fund			Institutional Prime Obligations Fund			Retail Prime Obligations Fund
INVESTMENT INCOME:
Interest income		$ 204,120			$ 5,626			$ 20,284
Total investment income		204,120			5,626			20,284
EXPENSES (note 1 and note 3):
Investment advisory fees		16,913			387			1,372
Administration fees and expenses		22,068			534			2,091
Transfer agent fees and expenses		75			101			57
Custodian fees		846			19			69
Legal fees		66			19			18
Audit fees		64			14			16
Registration fees		14			26			18
Postage and printing fees		207			5			16
Directors’ fees		202			46			55
Other expenses		196			53			36
Distribution and shareholder servicing (12b-1) fees:
Class A		391			—			1,426
Class D		2,395			—			—
Shareholder servicing (non 12b-1) fees:
Class A		393			—			1,433
Class D		3,992			—			—
Class T		—			71			—
Class V		1,041			35			22
Class Y		10,969			427			1,573
Total expenses		59,832			1,737			8,202
Less: Fee waivers (note 3)		(9,441	)		(488	)		(720	)
Total net expenses		50,391			1,249			7,482
Investment income – net		153,729			4,377			12,802
Net gain (loss) on investments		(12	)		1			1
Net change in unrealized appreciation (depreciation) on investments		—			(59	)		—
Net increase in net assets resulting from operations		$ 153,717			$ 4,319			$ 12,803

42	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Retail Tax Free Obligations Fund			Treasury Obligations Fund			U.S. Treasury Money Market Fund
INVESTMENT INCOME:
Interest income		$ 2,136			$ 63,652			$ 7,924
Total investment income		2,136			63,652			7,924
EXPENSES (note 1 and note 3):
Investment advisory fees		197			5,180			667
Administration fees and expenses		275			6,785			884
Transfer agent fees and expenses		53			83			62
Custodian fees		10			259			33
Legal fees		14			28			17
Audit fees		13			27			14
Registration fees		19			13			6
Postage and printing fees		2			59			8
Directors’ fees		44			88			49
Other expenses		26			86			47
Distribution and shareholder servicing (12b-1) fees:
Class A		45			234			50
Class D		—			1,056			66
Class G		—			321			—
Shareholder servicing (non 12b-1) fees:
Class A		45			234			50
Class D		—			1,760			109
Class G		—			161			—
Class V		1			276			31
Class Y		402			3,171			919
Total expenses		1,146			19,821			3,012
Less: Fee waivers (note 3)		(250	)		(2,832	)		(444	)
Total net expenses		896			16,989			2,568
Investment income – net		1,240			46,663			5,356
Net gain (loss) on investments		(1	)		9			6
Net increase in net assets resulting from operations		$ 1,239			$ 46,672			$ 5,362

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Statements of Changes in Net Assets

all dollars are rounded to thousands (000 omitted)

				Government Obligations Fund						Institutional Prime Obligations Fund						Retail Prime Obligations Fund
	Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017			Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017			Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017
OPERATIONS:
Investment income – net	$	153,729		$	131,264		$	4,377		$	4,888		$	12,802		$	11,701
Net realized gain (loss) on investments		(12	)		181			1			17			1			—
Net change in unrealized appreciation (depreciation) on investments		—			—			(59	)		42			—			—
Net increase in net assets resulting from operations		153,717			131,445			4,319			4,947			12,803			11,701
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(712	)		(244	)		—			(10	)		(4,149	)		(2,999	)
Class D		(9,764	)		(5,057	)		—			(7	)		—			—
Class P		—			—			—			—			—			—
Class T		—			—			(375	)		(472	)		(1	)		—
Class U		—			—			—			—			—			—
Class V		(9,411	)		(6,862	)		(411	)		(423	)		(260	)		(112	)
Class X		(20,044	)		(14,788	)		—			—			(203	)		(353	)
Class Y		(33,547	)		(21,690	)		(1,707	)		(1,483	)		(6,501	)		(6,060	)
Class Z		(80,251	)		(82,622	)		(1,884	)		(2,493	)		(1,688	)		(2,177	)
From net realized gains:
Class T		—			—			—			(1	)		—			—
Class V		—			—			—			(1	)		—			—
Class X		—			—			—			—			—			—
Class Y		—			(1	)		—			(5	)		—			—
Class Z		—			(1	)		—			(4	)		—			—
Total distributions		(153,729	)		(131,265	)		(4,377	)		(4,899	)		(12,802	)		(11,701	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1):¹
Class A:
Proceeds from sales		870,568			1,353,588			—			100,676			588,544			1,446,330
Reinvestment of distributions		224			64			—			13			3,730			2,342
Payments for redemptions		(880,023	)		(1,240,020	)		—			(736,379	)		(582,781	)		(1,137,602	)
Increase (decrease) in net assets from Class A transactions		(9,231	)		113,632			—			(635,690	)		9,493			311,070
Class D:
Proceeds from sales		4,324,846			7,301,049			—			102,056			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(3,794,187	)		(8,126,530	)		—			(412,880	)		—			—
Increase (decrease) in net assets from Class D transactions		530,659			(825,481	)		—			(310,824	)		—			—
Class P:
Proceeds from sales		20			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		—			—			—			—			—			—
Increase in net assets from Class P transactions		20			—			—			—			—			—

44	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

				Government Obligations Fund						Institutional Prime Obligations Fund						Retail Prime Obligations Fund
	Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017			Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017			Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017
Class T:
Proceeds from sales	$	—		$	—		$	133,930		$	409,108		$	112		$	912
Reinvestment of distributions		—			—			3			4			1			—
Payments for redemptions		—			—			(132,993	)		(768,107	)		(146	)		(757	)
Increase (decrease) in net assets from Class T transactions		—			—			940			(358,995	)		(33	)		155
Class U:
Proceeds from sales		20			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		—			—			—			—			—			—
Increase in net assets from Class U transactions		20			—			—			—			—			—
Class V:
Proceeds from sales		5,103,806			15,196,733			132,993			547,073			69,089			102,806
Reinvestment of distributions		10			7			—			—			—			—
Payments for redemptions		(5,077,385	)		(14,403,331	)		(108,400	)		(673,179	)		(42,570	)		(74,877	)
Increase (decrease) in net assets from Class V transactions		26,431			793,409			24,593			(126,106	)		26,519			27,929
Class X:
Proceeds from sales		9,163,702			14,450,487			—			37			36,062			308,731
Reinvestment of distributions		1,317			632			—			—			—			—
Payments for redemptions		(9,248,209	)		(11,575,837	)		(20	)		—			(26,528	)		(279,000	)
Increase (decrease) in net assets from Class X transactions		(83,190	)		2,875,282			(20	)		37			9,534			29,731
Class Y:
Proceeds from sales		22,577,781			42,808,594			482,125			1,547,905			800,251			2,311,104
Reinvestment of distributions		4,481			3,334			13			14			64			69
Payments for redemptions		(22,094,880	)		(41,511,182	)		(455,548	)		(2,334,863	)		(627,522	)		(2,093,840	)
Increase (decrease) in net assets from Class Y transactions		487,382			1,300,746			26,590			(786,944	)		172,793			217,333
Class Z:
Proceeds from sales		97,020,343			151,886,631			828,693			2,289,818			184,102			788,364
Reinvestment of distributions		4,895			4,412			65			123			12			4
Payments for redemptions		(99,295,792	)		(146,546,200	)		(817,957	)		(4,992,437	)		(203,257	)		(558,243	)
Increase (decrease) in net assets from Class Z transactions		(2,270,554	)		5,344,843			10,801			(2,702,496	)		(19,143	)		230,125
Increase (decrease) in net assets from capital share transactions		(1,318,463	)		9,602,431			62,904			(4,921,018	)		199,163			816,343
Total increase (decrease) in net assets		(1,318,475	)		9,602,611			62,846			(4,920,970	)		199,164			816,343
Net assets at beginning of the period		34,194,260			24,591,649			774,427			5,695,397			2,621,281			1,804,938
Net assets at end of the period	$	32,875,785		$	34,194,260		$	837,273		$	774,427		$	2,820,445		$	2,621,281
Undistributed (distributions in excess of) net investment income	$	(22	)	$	(22	)	$	(4	)	$	(4	)	$	—		$	—

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

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Statements of Changes in Net Assets

all dollars are rounded to thousands (000 omitted)

				Retail Tax Free Obligations Fund						Treasury Obligations Fund						U.S. Treasury Money Market Fund
	Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017			Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017			Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017
OPERATIONS:
Investment income – net	$	1,240		$	1,177		$	46,663		$	35,238		$	5,356		$	3,027
Net realized gain (loss) on investments		(1	)		5			9			—			6			(1	)
Net increase in net assets resulting from operations		1,239			1,182			46,672			35,238			5,362			3,026
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income – net:
Class A		(57	)		(16	)		(436	)		(180	)		(89	)		(21	)
Class D		—			—			(4,399	)		(2,202	)		(261	)		(93	)
Class G		—			—			(199	)		(22	)		—			—
Class P		—			—			—			—			—			—
Class V		(3	)		(7	)		(2,548	)		(2,027	)		(281	)		(121	)
Class X		—			—			(2,057	)		(654	)		—			—
Class Y		(1,028	)		(891	)		(9,897	)		(6,178	)		(2,721	)		(1,349	)
Class Z		(152	)		(263	)		(27,127	)		(23,975	)		(2,004	)		(1,443	)
From net realized gains:
Class A		—			—			—			(2	)		—			(2	)
Class D		—			—			—			(9	)		—			(3	)
Class G		—			—			—			(1	)		—			—
Class V		—			—			—			(3	)		—			(1	)
Class X		—			—			—			(1	)		—			—
Class Y		—			—			—			(15	)		—			(20	)
Class Z		—			—			—			(32	)		—			(11	)
Total distributions		(1,240	)		(1,177	)		(46,663	)		(35,301	)		(5,356	)		(3,064	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE:
Class A:
Proceeds from sales		39,718			50,305			246,207			497,216			559,195			2,070,134
Reinvestment of distributions		21			6			13			4			7			1
Payments for redemptions		(34,124	)		(61,114	)		(311,561	)		(531,683	)		(551,021	)		(2,127,603	)
Increase (decrease) in net assets from Class A transactions		5,615			(10,803	)		(65,341	)		(34,463	)		8,181			(57,468	)
Class D:
Proceeds from sales		—			—			1,439,287			3,943,064			353,349			429,862
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		—			—			(1,511,213	)		(4,392,337	)		(337,946	)		(450,165	)
Increase (decrease) in net assets from Class D transactions		—			—			(71,926	)		(449,273	)		15,403			(20,303	)

46	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

				Retail Tax Free Obligations Fund						Treasury Obligations Fund						U.S. Treasury Money Market Fund
	Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017			Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017			Six-Month Period Ended 2/28/2018 (unaudited)			Year Ended 8/31/2017
Class G:
Proceeds from sales		—			—			618,884			192,778			—			—
Reinvestment of distributions		—			—			78			8			—			—
Payments for redemptions		—			—			(630,379	)		(196,898	)		—			—
Decrease in net assets from Class G transactions		—			—			(11,417	)		(4,112	)		—			—
Class P:
Proceeds from sales		—			—			20			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		—			—			—			—			—			—
Increase in net assets from Class P transactions		—			—			20			—			—			—
Class V:
Proceeds from sales		3,768			13,039			2,979,581			4,281,862			508,386			75,342
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(4,987	)		(12,869	)		(2,612,744	)		(4,347,457	)		(478,608	)		(63,966	)
Increase (decrease) in net assets from Class V transactions		(1,219	)		170			366,837			(65,595	)		29,778			11,376
Class X:
Proceeds from sales		—			—			1,377,835			323,441			—			—
Reinvestment of distributions		—			—			142			—			—			—
Payments for redemptions		—			—			(881,354	)		(283,533	)		—			—
Increase in net assets from Class X transactions		—			—			496,623			39,908			—			—
Class Y:
Proceeds from sales		521,182			433,382			7,772,757			14,114,018			751,178			1,207,701
Reinvestment of distributions		—			—			1,328			528			12			5
Payments for redemptions		(394,983	)		(462,617	)		(7,442,021	)		(14,097,328	)		(686,330	)		(1,124,203	)
Increase (decrease) in net assets from Class Y transactions		126,199			(29,235	)		332,064			17,218			64,860			83,503
Class Z:
Proceeds from sales		80,951			312,382			16,461,391			28,050,072			1,327,355			1,743,491
Reinvestment of distributions		—			—			6,087			4,889			2			—
Payments for redemptions		(85,260	)		(342,744	)		(15,805,070	)		(27,525,121	)		(1,375,900	)		(1,760,624	)
Increase (decrease) in net assets from Class Z transactions		(4,309	)		(30,362	)		662,408			529,840			(48,543	)		(17,133	)
Increase (decrease) in net assets from capital share transactions		126,286			(70,230	)		1,709,268			33,523			69,679			(25	)
Total increase (decrease) in net assets		126,285			(70,225	)		1,709,277			33,460			69,685			(63	)
Net assets at beginning of the period		326,488			396,713			9,697,157			9,663,697			1,240,216			1,240,279
Net assets at end of the period	$	452,773		$	326,488		$	11,406,434		$	9,697,157		$	1,309,901		$	1,240,216
Undistributed (distributions in excess of) net investment income	$	—		$	—		$	—		$	—		$	(2	)	$	(2	)

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Financial Highlights

For a share outstanding throughout the years ended
August 31, unless otherwise indicated.

	Net Asset Value Beginning of Period	Net Investment Income		Distributions from Net Investment Income		Distributions from Net Realized Gains on Investments		Net Asset Value End of Period	Total Return⁶
Government Obligations Fund
Class A
2018¹	$1.00	$0.002		$(0.002	)	$ —		$1.00	0.23	%
2017	1.00	0.001		(0.001	)	(0.000	)²	1.00	0.08
2016	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2015	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2014	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2013	1.00	0.000	²	(0.000	)²	—		1.00	0.02
Class D
2018¹	$1.00	$0.003		$(0.003	)	$ —		$1.00	0.30	%
2017	1.00	0.002		(0.002	)	(0.000	)²	1.00	0.16
2016	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2015	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2014	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2013	1.00	0.000	²	(0.000	)²	—		1.00	0.02
Class P
2018³	$1.00	$0.002		$(0.002	)	$ —		$1.00	0.24	%
Class U
2018⁴	$1.00	$0.0002		$(0.000	)²	$ —		$1.00	0.01	%
Class V
2018¹	$1.00	$0.004		$(0.004	)	$ —		$1.00	0.45	%
2017	1.00	0.004		(0.004	)	(0.000	)²	1.00	0.41
2016	1.00	0.001		(0.001	)	—		1.00	0.06
2015	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2014	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2013	1.00	0.000	²	(0.000	)²	—		1.00	0.02

48	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Net Asset Value Beginning of Period	Net Investment Income		Distributions from Net Investment Income		Net Realized Gains on Investments		Net Asset Value End of Period	Total Return⁶
Government Obligations Fund
Class X
2018¹	$1.00	$0.005		$(0.005	)	$ —		$1.00	0.53	%
2017	1.00	0.006		(0.006	)	(0.000	)²	1.00	0.57
2016⁵	1.00	0.001		(0.001	)	—		1.00	0.11
Class Y
2018¹	$1.00	$0.004		$(0.004	)	$ —		$1.00	0.38	%
2017	1.00	0.003		(0.003	)	(0.000	)²	1.00	0.26
2016	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2015	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2014	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2013	1.00	0.000	²	(0.000	)²	—		1.00	0.02
Class Z
2018¹	$1.00	$0.005		$(0.005	)	$ —		$1.00	0.51	%
2017	1.00	0.005		(0.005	)	(0.000	)²	1.00	0.53
2016	1.00	0.001		(0.001	)	—		1.00	0.14
2015	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2014	1.00	0.000	²	(0.000	)²	—		1.00	0.01
2013	1.00	0.000	²	(0.000	)²	—		1.00	0.02

For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized, except total return.

Rounds to zero.

Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.

⁴

Commenced operations on February 26, 2018. All ratios for the period have been annualized, except total return.

⁵

Commenced operations on April 5, 2016. All ratios for the period have been annualized, except total return.

⁶

Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Financial Highlights

For a share outstanding throughout the years ended
August 31, unless otherwise indicated.

	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Excluding Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
Government Obligations Fund
Class A
2018¹	$ 303,875	0.75	%	0.45	%	0.79	%	0.41	%
2017	313,106	0.62		0.07		0.79		(0.10	)
2016	199,472	0.29		0.01		0.80		(0.50	)
2015	315,649	0.11		0.01		0.80		(0.68	)
2014	258,329	0.09		0.01		0.80		(0.70	)
2013	245,783	0.14		0.02		0.80		(0.64	)
Class D
2018¹	$3,726,099	0.60	%	0.61	%	0.64	%	0.57	%
2017	3,195,441	0.54		0.15		0.64		0.05
2016	4,020,897	0.31		0.01		0.65		(0.33	)
2015	4,185,832	0.11		0.01		0.66		(0.54	)
2014	2,673,198	0.09		0.01		0.65		(0.55	)
2013	2,821,593	0.14		0.02		0.65		(0.49	)
Class P
2018³	$ 20	0.18	%	1.19	%	0.22	%	1.15	%
Class U
2018⁴	$ 20	0.12	%	1.31	%	0.21	%	1.22	%
Class V
2018¹	$2,021,875	0.30	%	0.90	%	0.34	%	0.86	%
2017	1,995,445	0.30		0.41		0.34		0.37
2016	1,202,026	0.25		0.05		0.34		(0.04	)
2015	1,517,038	0.11		0.01		0.35		(0.23	)
2014	1,655,967	0.09		0.01		0.35		(0.25	)
2013	1,616,619	0.14		0.02		0.34		(0.18	)

50	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Excluding Waivers)		Income (Loss) to Average Net Assets (Excluding Waivers)
Government Obligations Fund
Class X
2018¹	$ 3,470,326	0.14	%	1.07	%	0.24	%	0.97	%
2017	3,553,517	0.14		0.61		0.24		0.51
2016⁵	678,224	0.14		0.28		0.24		0.18
Class Y
2018¹	$ 9,181,939	0.45	%	0.76	%	0.49	%	0.72	%
2017	8,694,560	0.44		0.28		0.49		0.23
2016	7,393,766	0.31		0.01		0.49		(0.17	)
2015	5,935,721	0.11		0.01		0.50		(0.38	)
2014	5,573,724	0.09		0.01		0.50		(0.40	)
2013	6,421,137	0.14		0.02		0.50		(0.34	)
Class Z
2018¹	$14,171,631	0.18	%	1.02	%	0.24	%	0.96	%
2017	16,442,191	0.18		0.54		0.24		0.48
2016	11,097,264	0.17		0.14		0.24		0.07
2015	8,310,936	0.11		0.01		0.25		(0.13	)
2014	6,678,107	0.09		0.01		0.25		(0.15	)
2013	6,097,966	0.14		0.02		0.24		(0.08	)

For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized.

Rounds to zero.

Commenced operations on December 18, 2017. All ratios for the period have been annualized.

⁴

Commenced operations on February 26, 2018. All ratios for the period have been annualized.

⁵

Commenced operations on April 5, 2016. All ratios for the period have been annualized.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Financial Highlights

For a share outstanding throughout the years ended
August 31, unless otherwise indicated.

	Net Asset Value Beginning of Period	Net Investment Income		Distributions from Net Investment Income		Realized and Unrealized (Losses) on Investments		Distributions from Net Realized Gains on Investments		Net Asset Value End of Period
Institutional Prime Obligations Fund*
Class T
2018¹	$1.0000	$0.0052		$(0.0052	)	$(0.0000	)²	$ —		$1.0000
2017	1.0000	0.0049		(0.0049	)	0.0000	²	(0.0000	)²	1.0000
2016	1.00	0.00	¹	(0.001	)	—		—		1.00
2015	1.00	0.000	²	(0.000	)²	—		—		1.00
2014	1.00	0.000	²	(0.000	)²	—		—		1.00
2013	1.00	0.000	²	(0.000	)²	—		—		1.00
Class V
2018¹	$1.0000	$0.0057		$(0.0057	)	$(0.0001	)	$ —		$0.9999
2017	1.0000	0.0059		(0.0059	)	0.0000	²	(0.0000	)²	1.0000
2016	1.00	0.001		(0.001	)	—		—		1.00
2015	1.00	0.000	²	(0.000	)²	—		—		1.00
2014	1.00	0.000	²	(0.000	)²	—		—		1.00
2013	1.00	0.000	²	(0.000	)²	—		—		1.00
Class X
2018¹	$1.0001	$0.0065		$(0.0065	)	$(0.0001	)	$ —		$1.0000
2017	1.0000	0.0075		(0.0075	)	0.0001		(0.0000	)²	1.0001
2016³	1.00	0.001		(0.001	)	—		—		1.00
Class Y
2018¹	$1.0000	$0.0050		$(0.0049	)	$(0.0001	)	$ —		$1.0000
2017	1.0000	0.0044		(0.0044	)	0.0000	²	(0.0000	)²	1.0000
2016	1.00	0.000	²	(0.000	)²	—		—		1.00
2015	1.00	0.000	²	(0.000	)²	—		—		1.00
2014	1.00	0.000	²	(0.000	)²	—		—		1.00
2013	1.00	0.000	²	(0.000	)²	—		—		1.00
Class Z
2018¹	$1.0000	$0.0064		$(0.0064	)	$(0.0000	)²	$ —		$1.0000
2017	1.0000	0.0069		(0.0069	)	0.0000	²	(0.0000	)²	1.0000
2016	1.00	0.002		(0.002	)	—		—		1.00
2015	1.00	0.000	²	(0.000	)²	—		—		1.00
2014	1.00	0.000	²	(0.000	)²	—		—		1.00
2013	1.00	0.000	²	(0.000	)²	—		—		1.00

Prior to October 14, 2016, the fund was named Prime Obligations Fund. Effective October 14, 2016, the fund is required to round its current net asset value per share to a minimum of the fourth decimal place.

For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized.

Rounds to zero.

Commenced operations on April 5, 2016. All ratios for the period have been annualized.

52	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Total Return⁴		Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Excluding Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
Institutional Prime Obligations Fund*
Class T
2018¹	0.51	%	$73,578	0.40	%	1.05	%	0.51	%	0.94	%
2017	0.51		72,643	0.40		0.38		0.53		0.25
2016	0.05		431,632	0.35		0.05		0.44		(0.04	)
2015	0.02		670,064	0.19		0.02		0.45		(0.24	)
2014	0.02		618,017	0.17		0.02		0.45		(0.26	)
2013	0.00		583,529	0.23		0.00		0.45		(0.22	)
Class V
2018¹	0.56	%	$83,163	0.30	%	1.16	%	0.41	%	1.05	%
2017	0.60		58,575	0.30		0.51		0.43		0.38
2016	0.12		184,678	0.28		0.12		0.34		0.06
2015	0.02		251,838	0.19		0.02		0.35		(0.14	)
2014	0.02		219,605	0.17		0.02		0.35		(0.16	)
2013	0.00		255,762	0.23		0.00		0.35		(0.12	)
Class X
2018¹	0.64	%	$27	0.14	%	1.31	%	0.32	%	1.13	%
2017	0.76		47	0.14		0.93		0.36		0.71
2016³	0.14		10	0.14		0.33		0.25		0.22
Class Y
2018¹	0.48	%	$360,181	0.45	%	1.00	%	0.56	%	0.89	%
2017	0.46		333,617	0.45		0.41		0.59		0.27
2016	0.03		1,120,546	0.37		0.03		0.50		(0.10	)
2015	0.02		3,711,698	0.19		0.02		0.50		(0.29	)
2014	0.02		3,449,035	0.17		0.02		0.50		(0.31	)
2013	0.00		3,312,313	0.23		0.00		0.50		(0.27	)
Class Z
2018¹	0.64	%	$320,324	0.16	%	1.29	%	0.31	%	1.14	%
2017	0.70		309,545	0.20		0.52		0.31		0.41
2016	0.21		3,012,020	0.20		0.21		0.25		0.16
2015	0.02		4,104,706	0.18		0.02		0.24		(0.04	)
2014	0.02		3,895,152	0.17		0.02		0.25		(0.06	)
2013	0.03		3,951,184	0.20		0.03		0.25		(0.02	)

For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized, except total return.

Commenced operations on April 5, 2016. All ratios for the period have been annualized, except total return.

⁴

Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Financial Highlights

For a share outstanding throughout the years ended
August 31, unless otherwise indicated.

	Net Asset Value Beginning of Period		Net Investment Income			Distributions from Net Investment Income			Net Asset Value End of Period		Total Return⁵
Retail Prime Obligations Fund
Class A
2018¹	$	1.00	$	0.004		$	(0.004	)	$	1.00		0.36	%
2017		1.00		0.003			(0.003	)		1.00		0.26
2016³		1.00		0.000	²		(0.000	)²		1.00		0.00
Class T
2018¹	$	1.00	$	0.005		$	(0.005	)	$	1.00		0.53	%
2017		1.00		0.006			(0.006	)		1.00		0.60
2016³		1.00		0.000	²		(0.000	)²		1.00		0.03
Class V
2018¹	$	1.00	$	0.006		$	(0.006	)	$	1.00		0.58	%
2017		1.00		0.007			(0.007	)		1.00		0.70
2016³		1.00		0.000	²		(0.000	)²		1.00		0.04
Class X
2018¹	$	1.00	$	0.007		$	(0.007	)	$	1.00		0.66	%
2017⁴		1.00		0.008			(0.008	)		1.00		0.85
Class Y
2018¹	$	1.00	$	0.005		$	(0.005	)	$	1.00		0.51	%
2017		1.00		0.006			(0.006	)		1.00		0.55
2016³		1.00		0.000	²		(0.000	)²		1.00		0.02
Class Z
2018¹	$	1.00	$	0.006		$	(0.006	)	$	1.00		0.63	%
2017		1.00		0.008			(0.008	)		1.00		0.80
2016³		1.00		0.001			(0.001	)		1.00		0.05

¹	For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized, except total return.
²	Rounds to zero.
³	Commenced operations on July 18, 2016. All ratios for the period have been annualized, except total return.
⁴	Commenced operations on September 8, 2016. All ratios for the period have been annualized, except total return.
⁵	Total return would have been lower had certain expenses not been waived.

54	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
Retail Prime Obligations Fund
Class A
2018¹	$	1,151,583		0.75	%		0.72	%		0.80	%		0.67	%
2017		1,142,089		0.74			0.27			0.82			0.19
2016³		831,019		0.60			0.02			0.84			(0.22	)
Class T
2018¹	$	129		0.40	%		1.06	%		0.45	%		1.01	%
2017		162		0.40			0.68			0.46			0.62
2016³		7		0.39			0.23			0.45			0.17
Class V
2018¹	$	54,458		0.30	%		1.18	%		0.35	%		1.13	%
2017		27,939		0.30			0.75			0.36			0.69
2016³		10		0.30			0.33			0.42			0.21
Class X
2018¹	$	39,265		0.14	%		1.34	%		0.25	%		1.23	%
2017⁴		29,731		0.14			0.95			0.26			0.83
Class Y
2018¹	$	1,315,693		0.45	%		1.03	%		0.50	%		0.98	%
2017		1,142,900		0.45			0.56			0.52			0.49
2016³		925,567		0.45			0.17			0.54			0.08
Class Z
2018¹	$	259,317		0.20	%		1.28	%		0.25	%		1.23	%
2017		278,460		0.20			0.82			0.26			0.76
2016³		48,335		0.20			0.41			0.29			0.32

¹	For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized.
³	Commenced operations on July 18, 2016. All ratios for the period have been annualized.
⁴	Commenced operations on September 8, 2016. All ratios for the period have been annualized.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Financial Highlights

For a share outstanding throughout the years ended
August 31, unless otherwise indicated.

	Net Asset Value Beginning of Period		Net Investment Income			Distributions from Net Investment Income			Net Asset Value End of Period		Total Return³
Retail Tax Free Obligations Fund*
Class A
2018¹	$	1.00	$	0.002		$	(0.002	)	$	1.00		0.15	%
2017		1.00		0.000	²		(0.000	)²		1.00		0.05
2016		1.00		—			—			1.00		0.00
2015		1.00		—			—			1.00		0.00
2014		1.00		—			—			1.00		0.00
2013		1.00		—			—			1.00		0.00
Class V
2018¹	$	1.00	$	0.004		$	(0.004	)	$	1.00		0.38	%
2017		1.00		0.005			(0.005	)		1.00		0.46
2016		1.00		0.001			(0.001	)		1.00		0.05
2015		1.00		—			—			1.00		0.00
2014		1.00		—			—			1.00		0.00
2013		1.00		—			—			1.00		0.00
Class Y
2018¹	$	1.00	$	0.003		$	(0.003	)	$	1.00		0.30	%
2017		1.00		0.003			(0.003	)		1.00		0.31
2016		1.00		0.000	²		(0.000	)²		1.00		0.00
2015		1.00		—			—			1.00		0.00
2014		1.00		—			—			1.00		0.00
2013		1.00		—			—			1.00		0.00
Class Z
2018¹	$	1.00	$	0.004		$	(0.004	)	$	1.00		0.43	%
2017		1.00		0.006			(0.006	)		1.00		0.56
2016		1.00		0.001			(0.001	)		1.00		0.09
2015		1.00		—			—			1.00		0.00
2014		1.00		—			—			1.00		0.00
2013		1.00		0.000	²		(0.000	)²		1.00		0.00

*	Prior to October 14, 2016, the fund was named Tax Free Obligations Fund.
¹	For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized, except total return.
²	Rounds to zero.
³	Total return would have been lower had certain expenses not been waived.

56	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
Retail Tax Free Obligations Fund*
Class A
2018¹	$	37,787		0.75	%		0.32	%		0.88	%		0.19	%
2017		32,171		0.71			0.04			0.92			(0.17	)
2016		42,974		0.20			0.00			0.86			(0.66	)
2015		49,660		0.06			0.00			0.85			(0.79	)
2014		102,926		0.08			0.00			0.84			(0.76	)
2013		58,571		0.15			0.00			0.85			(0.70	)
Class V
2018¹	$	653		0.30	%		0.73	%		0.43	%		0.60	%
2017		1,872		0.30			0.45			0.47			0.28
2016		1,702		0.14			0.03			0.41			(0.24	)
2015		9,204		0.06			0.00			0.40			(0.34	)
2014		5,590		0.08			0.00			0.39			(0.31	)
2013		5,986		0.14			0.00			0.39			(0.25	)
Class Y
2018¹	$	386,242		0.45	%		0.64	%		0.58	%		0.51	%
2017		260,044		0.45			0.31			0.62			0.14
2016		289,274		0.19			0.00			0.56			(0.37	)
2015		460,299		0.06			0.00			0.55			(0.49	)
2014		403,760		0.08			0.00			0.54			(0.46	)
2013		405,287		0.14			0.00			0.55			(0.41	)
Class Z
2018¹	$	28,091		0.20	%		0.84	%		0.33	%		0.71	%
2017		32,401		0.20			0.55			0.37			0.38
2016		62,763		0.12			0.09			0.32			(0.11	)
2015		148,163		0.06			0.00			0.30			(0.24	)
2014		133,374		0.08			0.00			0.29			(0.21	)
2013		90,194		0.14			0.00			0.30			(0.16	)

*	Prior to October 14, 2016, the fund was named Tax Free Obligations Fund.
¹	For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Financial Highlights

For a share outstanding throughout the years ended
August 31, unless otherwise indicated.

	Net Asset Value Beginning of Period	Net Investment Income		Distributions from Net Investment Income		Distributions from Net Realized Gains on Investments		Net Asset Value End of Period	Total Return⁵
Treasury Obligations Fund
Class A
2018¹	$1.00	$0.002		$(0.002	)	$ —		$1.00	0.23	%
2017	1.00	0.001		(0.001	)	(0.000	)²	1.00	0.08
2016	1.00	0.000	²	(0.000	)²	(0.000	)²	1.00	0.00
2015	1.00	—		—		—		1.00	0.00
2014	1.00	—		—		—		1.00	0.00
2013	1.00	—		—		—		1.00	0.00
Class D
2018¹	$1.00	$0.003		$(0.003	)	$ —		$1.00	0.31	%
2017	1.00	0.001		(0.001	)	(0.000	)²	1.00	0.15
2016	1.00	0.000	²	(0.000	)²	(0.000	)²	1.00	0.00
2015	1.00	—		—		—		1.00	0.00
2014	1.00	—		—		—		1.00	0.00
2013	1.00	—		—		—		1.00	0.00
Class G
2018¹	$1.00	$0.001		$(0.001	)	$ —		$1.00	0.14	%
2017	1.00	0.000	²	(0.000	)²	(0.000	)²	1.00	0.02
2016	1.00	0.000	²	(0.000	)²	(0.000	)²	1.00	0.00
2015	1.00	—		—		—		1.00	0.00
2014	1.00	—		—		—		1.00	0.00
2013	1.00	—		—		—		1.00	0.00
Class P
2018³	$1.00	$0.002		$(0.002	)	$ —		$1.00	0.24	%
Class V
2018¹	$1.00	$0.005		$(0.005	)	$ —		$1.00	0.46	%
2017	1.00	0.004		(0.004	)	(0.000	)²	1.00	0.39
2016	1.00	0.001		(0.001	)	(0.000	)²	1.00	0.05
2015	1.00	—		—		—		1.00	0.00
2014	1.00	—		—		—		1.00	0.00
2013	1.00	—		—		—		1.00	0.00

58	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Net Asset Value Beginning of Period	Net Investment Income		Distributions from Net Investment Income		Distributions from Net Realized Gains on Investments		Net Asset Value End of Period	Total Return⁵
Treasury Obligations Fund
Class X
2018¹	$1.00	$0.005		$(0.005	)	$ —		$1.00	0.54	%
2017	1.00	0.005		(0.005	)	(0.000	)²	1.00	0.55
2016⁴	1.00	0.001		(0.001	)	—		1.00	0.10
Class Y
20181	$1.00	$0.004		$(0.004	)	$ —		$1.00	0.38	%
2017	1.00	0.003		(0.003	)	(0.000	)²	1.00	0.25
2016	1.00	0.000	²	(0.000	)²	(0.000	)²	1.00	0.00
2015	1.00	—		—		—		1.00	0.00
2014	1.00	—		—		—		1.00	0.00
2013	1.00	—		—		—		1.00	0.00
Class Z
2018¹	$1.00	$0.005		$(0.005	)	$ —		$1.00	0.52	%
2017	1.00	0.005		(0.005	)	(0.000	)²	1.00	0.51
2016	1.00	0.001		(0.001	)	(0.000	)²	1.00	0.13
2015	1.00	—		—		—		1.00	0.00
2014	1.00	—		—		—		1.00	0.00
2013	1.00	0.000	²	(0.000	)²	—		1.00	0.00

For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized, except total return.

Rounds to zero.

Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.

⁴

Commenced operations on April 5, 2016. All ratios for the period have been annualized, except total return.

⁵

Total return would have been lower had certain expenses not been waived.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Financial Highlights

For a share outstanding throughout the years ended
August 31, unless otherwise indicated.

	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Excluding Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
Treasury Obligations Fund
Class A
2018¹	$ 174,431	0.75	%	0.47	%	0.79	%	0.43	%
2017	239,773	0.60		0.07		0.80		(0.13	)
2016	274,237	0.30		0.00		0.80		(0.50	)
2015	315,631	0.09		0.00		0.80		(0.71	)
2014	355,633	0.08		0.00		0.80		(0.72	)
2013	401,727	0.13		0.00		0.79		(0.66	)
Class D
2018¹	$1,449,748	0.60	%	0.62	%	0.64	%	0.58	%
2017	1,521,672	0.53		0.14		0.64		0.03
2016	1,970,955	0.30		0.00		0.64		(0.34	)
2015	1,947,705	0.09		0.00		0.65		(0.56	)
2014	1,557,573	0.08		0.00		0.65		(0.57	)
2013	1,895,037	0.13		0.00		0.64		(0.51	)
Class G
2018¹	$ 93,799	0.94	%	0.31	%	0.99	%	0.26	%
2017	105,216	0.66		0.02		0.99		(0.31	)
2016	109,329	0.29		0.00		0.99		(0.70	)
2015	122,113	0.09		0.00		1.00		(0.91	)
2014	130,962	0.08		0.00		1.00		(0.92	)
2013	145,412	0.13		0.00		0.99		(0.86	)
Class P
2018³	$ 20	0.20	%	1.18	%	0.22	%	1.16	%
Class V
2018¹	$ 858,057	0.30	%	0.92	%	0.34	%	0.88	%
2017	491,220	0.30		0.38		0.34		0.34
2016	556,817	0.24		0.04		0.35		(0.07	)
2015	1,126,241	0.09		0.00		0.35		(0.26	)
2014	585,522	0.08		0.00		0.35		(0.27	)
2013	610,495	0.13		0.00		0.35		(0.22	)

60	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
Treasury Obligations Fund
Class X
2018¹	$	603,788		0.14	%		1.17	%		0.24	%		1.07	%
2017		107,165		0.14			0.55			0.24			0.45
2016⁴		67,258		0.14			0.26			0.25			0.15
Class Y
2018¹	$	2,909,118		0.45	%		0.78	%		0.49	%		0.74	%
2017		2,577,051		0.44			0.25			0.50			0.19
2016		2,559,849		0.29			0.00			0.49			(0.20	)
2015		2,335,205		0.09			0.00			0.50			(0.41	)
2014		2,444,902		0.08			0.00			0.50			(0.42	)
2013		2,736,848		0.14			0.00			0.50			(0.36	)
Class Z
2018¹	$	5,317,473		0.18	%		1.04	%		0.24	%		0.98	%
2017		4,655,060		0.18			0.51			0.24			0.45
2016		4,152,252		0.17			0.14			0.24			0.07
2015		2,655,440		0.09			0.00			0.25			(0.16	)
2014		2,339,006		0.08			0.00			0.25			(0.17	)
2013		2,586,359		0.14			0.00			0.25			(0.11	)

For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized.

Commenced operations on December 18, 2017. All ratios for the period have been annualized.

⁴

Commenced operations on April 5, 2016. All ratios for the period have been annualized.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Financial Highlights

For a share outstanding throughout the years ended August 31, unless otherwise indicated.

	Net Asset Value Beginning of Period		Net Investment Income			Distributions from Net Investment Income			Distributions from Net Realized Gains on Investments			Net Asset Value End of Period		Total Return³
U.S. Treasury Money Market Fund
Class A
2018¹	$	1.00	$	0.002		$	(0.002	)	$	—		$	1.00		0.22	%
2017		1.00		0.001			(0.001	)		(0.000	)²		1.00		0.06
2016		1.00		—			—			—			1.00		0.00
2015		1.00		—			—			—			1.00		0.00
2014		1.00		0.000	²		(0.000	)²		—			1.00		0.00
2013		1.00		0.000	²		(0.000	)²		—			1.00		0.00
Class D
2018¹	$	1.00	$	0.003		$	(0.003	)	$	—		$	1.00		0.29	%
2017		1.00		0.001			(0.001	)		(0.000	)²		1.00		0.12
2016		1.00		—			—			—			1.00		0.00
2015		1.00		—			—			—			1.00		0.00
2014		1.00		0.000	²		(0.000	)²		—			1.00		0.00
2013		1.00		0.000	²		(0.000	)²		—			1.00		0.00
Class V
2018¹	$	1.00	$	0.004		$	(0.004	)	$	—		$	1.00		0.44	%
2017		1.00		0.003			(0.003	)		(0.000	)²		1.00		0.34
2016		1.00		0.000	²		(0.000	)²		—			1.00		0.01
2015		1.00		—			—			—			1.00		0.00
2014		1.00		0.000	²		(0.000	)²		—			1.00		0.00
2013		1.00		0.000	²		(0.000	)²		—			1.00		0.00
Class Y
2018¹	$	1.00	$	0.004		$	(0.004	)	$	—		$	1.00		0.37	%
2017		1.00		0.002			(0.002	)		(0.000	)²		1.00		0.21
2016		1.00		—			—			—			1.00		0.00
2015		1.00		—			—			—			1.00		0.00
2014		1.00		0.000	²		(0.000	)²		—			1.00		0.00
2013		1.00		0.000	²		(0.000	)²		—			1.00		0.00
Class Z
2018¹	$	1.00	$	0.005		$	(0.005	)	$	—		$	1.00		0.49	%
2017		1.00		0.004			(0.004	)		(0.000	)²		1.00		0.44
2016		1.00		0.001			(0.001	)		—			1.00		0.07
2015		1.00		—			—			—			1.00		0.00
2014		1.00		0.000	²		(0.000	)²		—			1.00		0.00
2013		1.00		0.000	²		(0.000	)²		—			1.00		0.00

For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized, except total return.

Rounds to zero.

Total return would have been lower had certain expenses not been waived.

62	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

	Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
U.S. Treasury Money Market Fund
Class A
2018¹	$	41,490		0.75	%		0.44	%		0.82	%		0.37	%
2017		33,310		0.56			0.04			0.83			(0.23	)
2016		90,779		0.26			0.00			0.84			(0.58	)
2015		38,346		0.05			0.00			0.84			(0.79	)
2014		46,589		0.05			0.00			0.84			(0.79	)
2013		31,118		0.07			0.00			0.84			(0.77	)
Class D
2018¹	$	89,373		0.60	%		0.60	%		0.67	%		0.53	%
2017		73,968		0.51			0.10			0.68			(0.07	)
2016		94,275		0.23			0.00			0.69			(0.46	)
2015		137,129		0.05			0.00			0.69			(0.64	)
2014		236,624		0.05			0.00			0.69			(0.64	)
2013		181,120		0.08			0.00			0.70			(0.62	)
Class V
2018¹	$	73,589		0.30	%		0.92	%		0.37	%		0.85	%
2017		43,810		0.30			0.36			0.38			0.28
2016		32,435		0.21			0.01			0.39			(0.17	)
2015		82,900		0.05			0.00			0.39			(0.34	)
2014		89,260		0.05			0.00			0.38			(0.33	)
2013		36,993		0.07			0.00			0.39			(0.32	)
Class Y
2018¹	$	761,329		0.45	%		0.74	%		0.52	%		0.67	%
2017		696,466		0.43			0.21			0.53			0.11
2016		612,984		0.24			0.00			0.54			(0.30	)
2015		614,128		0.05			0.00			0.54			(0.49	)
2014		337,908		0.05			0.00			0.54			(0.49	)
2013		290,125		0.08			0.00			0.55			(0.47	)
Class Z
2018¹	$	344,120		0.20	%		0.98	%		0.27	%		0.91	%
2017		392,662		0.20			0.42			0.28			0.34
2016		409,806		0.17			0.07			0.28			(0.04	)
2015		309,280		0.05			0.00			0.29			(0.24	)
2014		264,529		0.05			0.00			0.29			(0.24	)
2013		163,235		0.07			0.00			0.29			(0.22	)

For the six-month period ended February 28, 2018 (unaudited). All ratios for the period have been annualized.

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

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Notes to Financial Statements

(unaudited as to February 28, 2018), 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 to each of the funds (the “advisor”), 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 V, Class Y, and Class Z shares. Additionally, Government Obligations Fund and Treasury Obligations Fund offer Class P (effective December 18, 2017) and Class X shares, Government Obligations Fund offers Class U shares (effective February 26, 2018), and Treasury Obligations Fund offers Class G shares.

Retail Prime Obligations Fund and Retail Tax Free Obligations Fund are open to retail investors (“natural persons”) and seek to maintain a stable NAV per share of one dollar. They are subject to the possibility of liquidity fees 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 V, Class Y, and Class Z shares. Retail Prime Obligations Fund also offers Class T and 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 X, Class Y, and Class Z shares. Class A and Class D shares closed on December 8, 2016.

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.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

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 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 values of the securities held in the funds are determined using prices supplied by the funds’ independent pricing services, which are compared to the securities’ amortized cost. 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 six-month period ended February 28, 2018, 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 2018 SEMIANNUAL REPORT

Notes to Financial Statements

(unaudited as to February 28, 2018), 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 February 28, 2018, each fund’s investments were classified as follows:

							Total
Fund	Level 1		Level 2		Level 3		Fair Value
Government Obligations Fund
U.S. Government Agency Debt	$	—	$	14,661,852	$	—	$	14,661,852
U.S. Treasury Repurchase Agreements		—		13,168,716		—		13,168,716
U.S. Government Agency Repurchase Agreements		—		3,625,000		—		3,625,000
U.S. Treasury Debt		—		1,497,860		—		1,497,860
Investment Company		15,245		—		—		15,245
Total Investments	$	15,245	$	32,953,428	$	—	$	32,968,673
Institutional Prime Obligations Fund
Financial Company Commercial Paper	$	—	$	219,595	$	—	$	219,595
Certificates of Deposit		—		216,174		—		216,174
Other Repurchase Agreements		—		146,000		—		146,000
Non-Financial Company Commercial Paper		—		74,484		—		74,484
Asset Backed Commercial Paper		—		72,837		—		72,837
Non-Negotiable Time Deposits		—		54,354		—		54,354
Other Instruments		—		43,513		—		43,513
Variable Rate Demand Notes		—		13,735		—		13,735
Total Investments	$	—	$	840,692	$	—	$	840,692
Retail Prime Obligations Fund
Certificates of Deposit	$	—	$	863,008	$	—	$	863,008
Financial Company Commercial Paper		—		796,808		—		796,808
Other Repurchase Agreements		—		427,000		—		427,000
Asset Backed Commercial Paper		—		351,312		—		351,312
Non-Negotiable Time Deposits		—		250,517		—		250,517
Non-Financial Company Commercial Paper		—		69,491		—		69,491
Other Instruments		—		59,585		—		59,585
Variable Rate Demand Note		—		14,700		—		14,700
Total Investments	$	—	$	2,832,421	$	—	$	2,832,421
Retail Tax Free Obligations Fund
Variable Rate Demand Notes	$	—	$	348,980	$	—	$	348,980
Other Municipal Securities		—		85,634		—		85,634
Non-Financial Company Commercial Paper		—		17,000		—		17,000
Total Investments	$	—	$	451,614	$	—	$	451,614
Treasury Obligations Fund
U.S. Treasury Repurchase Agreements	$	—	$	6,656,284	$	—	$	6,656,284
U.S. Treasury Debt		—		5,002,585		—		5,002,585
Total Investments	$	—	$	11,658,869	$	—	$	11,658,869
U.S. Treasury Money Market Fund
U.S. Treasury Debt	$	—	$	1,310,950	$	—	$	1,310,950
Total Investments	$	—	$	1,310,950	$	—	$	1,310,950

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

During the six-month period ended February 28, 2018, there were no transfers between fair value levels, and the funds’ portfolios did not hold any securities deemed to be Level 3.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

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 six-month period ended February 28, 2018, the funds did not hold any restricted securities. As of February 28, 2018, Institutional Prime Obligations Fund and Retail Prime Obligations Fund had investments in illiquid securities with a total value of $30,000 or 3.6% of total net assets and $90,000 or 3.2% 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 of bond premium and discount, 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 February 28, 2018, 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.

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 2018 SEMIANNUAL REPORT

Notes to Financial Statements

(unaudited as to February 28, 2018), all dollars and shares are rounded to thousands (000 omitted)

The distributions paid during the six -month period ended February 28, 2018 and fiscal year ended August 31, 2017 (adjusted by dividends payable as of February 28, 2018 and August 31, 2017, respectively) were as follows:

	August 31, 2017
Fund	Ordinary Income	Tax-Exempt Income	Capital Gain	Total
Government Obligations Fund	$147,628	$—	$—	$147,628
Institutional Prime Obligations Fund	4,143	—	—	4,143
Retail Prime Obligations Fund	12,112	—	—	12,112
Retail Tax Free Obligations Fund	—	1,110	—	1,110
Treasury Obligations Fund	42,760	—	—	42,760
U.S. Treasury Money Market Fund	4,962	—	—	4,962

	August 31, 2017
Fund	Ordinary Income	Tax-Exempt Income	Capital Gain	Total
Government Obligations Fund	$111,776	$—	$—	$111,776
Institutional Prime Obligations Fund	4,970	—	—	4,970
Retail Prime Obligations Fund	10,102	—	—	10,102
Retail Tax Free Obligations Fund	—	1,124	—	1,124
Treasury Obligations Fund	30,295	—	—	30,295
U.S. Treasury Money Market Fund	2,444	—	31	2,475

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, 2017.

As of August 31, 2017, the funds’ most recent completed fiscal year end, the components of accumulated earnings on a tax-basis were as follows:

Fund	Undistributed Ordinary Income	Undistributed Tax- Exempt Income	Accumulated Capital and Post-October Losses	Unrealized Appreciation	Total Accumulated Earnings (Deficit)
Government Obligations Fund	$21,980	$—	$—	$—	$21,980
Institutional Prime Obligations Fund	644	—	—	42	686
Retail Prime Obligations Fund	1,774	—	—	—	1,774
Retail Tax Free Obligations Fund	6	95	—	—	101
Treasury Obligations Fund	5,842	—	—	—	5,842
U.S. Treasury Money Market Fund	632	—	(1)	—	631

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, 2017.

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, 2017, the following fund had capital loss carryforwards as follows:

Fund	Indefinite Short-Term
U.S. Treasury Money Market Fund	$(1)

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

During the fiscal year ended August 31, 2017, Government Obligations Fund utilized $179 of capital loss carryforwards.

REPURCHASE AGREEMENTS – Each fund (other than U.S. Treasury Money Market Fund) may enter into repurchase agreements 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 agreements 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. 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 agreements during the six-month period ended February 28, 2018.

Pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (“SEC”), each fund may enter into repurchase agreements (and other short-term 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 agreements shown on the Statements of Assets and Liabilities:

				Gross Amounts Not Offset in the Statements of Assets and Liabilities
Assets:	Gross Amounts of Recognized Assets	Gross Amounts Offset in the Statements of Assets and Liabilities	Net Amounts Presented in the Statements of Assets and Liabilities	Financial Instruments	Collateral Pledged (Received)	Net Amount¹
Repurchase Agreements
Government Obligations Fund	$16,793,716	$ —	$16,793,716	$ —	$(16,793,716)	$ —
Institutional Prime Obligations Fund	146,000	—	146,000	—	(146,000)	—
Retail Prime Obligations Fund	427,000	—	427,000	—	(427,000)	—
Treasury Obligations Fund	6,656,284	—	6,656,284	—	(6,656,284)	—

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 2018 SEMIANNUAL REPORT

Notes to Financial Statements

(unaudited as to February 28, 2018), all dollars and shares are rounded to thousands (000 omitted)

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

Remaining Contractual Maturity of the Agreements	Overnight and Continuous		Up to 30 Days		31 to 90 Days		Over 91 Days		Total
Government Obligations Fund
Repurchase Agreements
U.S. Government Agency	$	3,500,000	$	125,000	$	—	$	—	$	3,625,000
U.S. Treasury		5,643,716		5,375,000		950,000		1,200,000		13,168,716
Total Borrowings	$	9,143,716	$	5,500,000	$	950,000	$	1,200,000	$	16,793,716
Institutional Prime Obligations Fund
Repurchase Agreements
Other	$	95,000	$	21,000	$	30,000	$	—	$	146,000
Total Borrowings	$	95,000	$	21,000	$	30,000	$	—	$	146,000
Retail Prime Obligations Fund
Repurchase Agreements
Other	$	273,000	$	64,000	$	65,000	$	25,000	$	427,000
Total Borrowings	$	273,000	$	64,000	$	65,000	$	25,000	$	427,000
Treasury Obligations Fund
Repurchase Agreements
U.S. Treasury	$	3,781,284	$	1,975,000	$	300,000	$	600,000	$	6,656,284
Total Borrowings	$	3,781,284	$	1,975,000	$	300,000	$	600,000	$	6,656,284

SECURITIES LENDING – In order to generate additional income, each fund (other than U.S. Treasury Money Market Fund) may lend portfolio securities representing up to one-third of the value of its total assets to broker-dealers, banks or other institutional borrowers of securities. Only Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, and Treasury Obligations Fund may do so as a principal investment strategy.

Each fund’s policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then “marked to market” daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. Cash collateral is invested in short-term, high quality U.S. dollar-denominated securities that would be eligible for investment by a money market fund under Rule 2a-7 of the Investment Company Act. As of February 28, 2018, the funds had no securities on loan. In addition, the funds did not participate in securities lending during the six-month period ended February 28, 2018.

U.S. Bank, the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the fund. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with, conditions contained in an exemptive order issued by the SEC. As the securities lending agent, U.S. Bank receives fees of up to 20% of each fund’s net income from securities lending transactions and pays half of such fees to USBAM for certain securities lending services provided by USBAM. For the six-month period ended February 28, 2018, no fees were paid to U.S. Bank for serving as the securities lending agent.

70	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

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 six-month period ended February 28, 2018.

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.

EVENTS SUBSEQUENT TO PERIOD END – Management has evaluated fund related events and transactions that occurred subsequent to February 28, 2018, through the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the funds’ financial statements.

3 >	Fees and Expenses

INVESTMENT ADVISORY FEES – Pursuant to an investment advisory agreement, USBAM manages each fund’s assets and furnishes related office facilities, equipment, research and personnel. The agreement requires each fund to pay USBAM a monthly fee equal, on an annual basis, to 0.10% of the fund’s average daily net assets.

The advisor has contractually agreed to waive fees and reimburse other fund expenses through October 31, 2018 (December 31, 2018 for Government Obligations P shares and February 28, 2019 for Government Obligations U shares), so the annual fund operating expenses, after waivers, do not exceed the following amounts:

	Share Class
Fund	A	D	G	P	T	U	V	X	Y	Z
Government Obligations Fund	0.75%	0.60%	N/A	0.18%	N/A	0.12%	0.30%	0.14%	0.45%	0.18%
Institutional Prime Obligations Fund	N/A	N/A	N/A	N/A	0.40%	N/A	0.30%	0.14%	0.45%	0.20%
Retail Prime Obligations Fund	0.75%	N/A	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	N/A	N/A	N/A	0.30%	N/A	0.45%	0.20%
Treasury Obligations Fund	0.75%	0.60%	0.94%	0.20%	N/A	N/A	0.30%	0.14%	0.45%	0.20%
U.S. Treasury Money Market Fund	0.75%	0.60%	N/A	N/A	N/A	N/A	0.30%	N/A	0.45%	0.20%

These contractual waivers and reimbursements will remain in effect through October 31, 2018 (December 31, 2018 for Government Obligations P shares and February 28, 2019 for Government Obligations U shares) and may not be terminated

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Notes to Financial Statements

(unaudited as to February 28, 2018), all dollars and shares are rounded to thousands (000 omitted)

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 a minimum yield, or to prevent total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM waived or reimbursed investment advisory fees of $165 and $12 for Institutional Prime Obligations Fund and Retail Tax Free Obligations Fund, respectively, during the six-month period ended February 28, 2018.

As of March 13, 2018, the advisor has contractually agreed to waive fees and reimburse other fund expenses for Treasury Obligations Fund P shares and Z shares through March 14, 2019, so that total annual fund operating expenses, after waivers, do not exceed 0.18%.

ADMINISTRATION FEES – USBAM serves as the funds’ administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC (“USBFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBFS and USBAM. USBAM is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.20% 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 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 $9,441, $323, $720, $238, $2,832, and $444 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 six-month period ended February 28, 2018.

TRANSFER AGENT FEES – USBFS serves as the funds’ transfer agent pursuant to a transfer agent agreement between USBFS 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 may reimburse USBFS 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. The custodian fee charged for each fund is equal to an annual rate of 0.005% of average daily net assets. All fees are computed daily and paid monthly.

Under the custodian agreement, interest earned on uninvested cash balances is used to reduce a portion of each fund’s custodian expenses. These credits, if any, are disclosed

72	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

as “Indirect payments from custodian” in the Statements of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred by a particular fund, which increases that fund’s custodian expenses.

For the six-month period ended February 28, 2018, custodian fees were neither increased as a result of overdrafts nor decreased as a result of interest earned.

DISTRIBUTION AND SHARE HOLDER SERVICING (12B - 1) FEES – Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, serves as distributor of the funds pursuant to a distribution agreement between Quasar and the funds. Under the distribution agreement and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 0.15%, and 0.50% of each fund’s average daily net assets attributable to Class A, Class D, and Class G shares, respectively. No distribution or shareholder servicing fees are paid to Quasar by any other share class of the funds. These fees may be used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

Under these distribution and shareholder servicing agreements, the following amounts were retained by affiliates of USBAM for the six-month period ended February 28, 2018:

Fund		Amount
Government Obligations Fund		$2,761
Retail Prime Obligations Fund		1,390
Retail Tax Free Obligations Fund		45
Treasury Obligations Fund		1,609
U.S. Treasury Money Market Fund		116

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 G, 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, Class G, and Class Y shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class T shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Class V shares.

Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the six-month period ended February 28, 2018:

Fund		Amount
Government Obligations Fund		$16,395
Institutional Prime Obligations Fund		533
Retail Prime Obligations Fund		3,028
Retail Tax Free Obligations Fund		448
Treasury Obligations Fund		5,602
U.S. Treasury Money Market Fund		1,109

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.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Notes to Financial Statements

(unaudited as to February 28, 2018), all dollars and shares are rounded to thousands (000 omitted)

4 >	Fund Shares for Institutional Prime Obligations Fund

Transactions in fund shares for each class of Institutional Prime Obligations Fund were as follows:

	Sales	Reinvestments of distributions	Redemptions		Net increase (decrease)
Six-Month Period Ended February 28, 2018
Class T	133,926	3	(132,989	)	940
Class V	132,996	—	(108,402	)	24,594
Class X	—	—	(20	)	(20	)
Class Y	482,110	13	(455,532	)	26,591
Class Z	828,689	64	(817,953	)	10,800
Year Ended August 31, 2017
Class A¹	100,676	13	(736,379	)	(635,690	)
Class D¹	102,056	—	(412,880	)	(310,824	)
Class T	409,096	4	(768,093	)	(358,993	)
Class V	547,048	—	(673,151	)	(126,103	)
Class X	37	—	—		37
Class Y	1,547,870	14	(2,334,832	)	(786,948	)
Class Z	2,289,759	123	(4,992,375	)	(2,702,493	)
¹ Effective December 8, 2016, Class A and Class D shares were closed.

5 >	Portfolio Characteristics of the Retail Tax Free Obligations Fund

The Retail Tax Free Obligations Fund invests in municipal securities. At February 28, 2018, the percentage of portfolio investments by each category was as follows:

	Retail Tax Free Obligations Fund
Weekly Variable Rate Demand Notes	64.7	%
Daily Variable Rate Notes & Bonds	12.6
Other Municipal Notes & Bonds	18.9
Commercial Paper & Put Bonds	3.8
	100.0	%

The Retail Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, tax and revenue anticipation notes, and general obligation bonds. At February 28, 2018, the percentage of total portfolio investments by each revenue source was as follows:

	Retail Tax Free Obligations Fund
Revenue Bonds	81.7	%
General Obligations	18.3
	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.

74	FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

Notice to Shareholders February 28, 2018 (unaudited)

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.

FORM N-Q HOLDINGS INFORMATION

Each fund is required to file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC on Form N-Q. The funds’ Forms N-Q are available without charge upon request (1) by calling 800.677.3863 and (2) on the SEC’s website at www.sec.gov. In addition, you may review and copy the funds’ Forms N-Q at the SEC’s Public Reference Room in Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling 800.SEC.0330.

WEEKLY PORTFOLIO HOLDINGS

Each fund will make portfolio holdings information publicly available by posting the information at www.FirstAmericanFunds.com on a weekly basis.

FIRST AMERICAN FUNDS 2018 SEMIANNUAL REPORT

(This page has been left blank intentionally.)

Board of Directors First American Funds, Inc.

Richard Riederer

Chair of First American Funds, Inc.

Owner and Chief Executive Officer of RKR Consultants, Inc.

David Baumgardner

Director of First American Funds, Inc.

Chief Financial Officer of Smyth Companies, LLC

Mark Gaumond

Director of First American Funds, Inc.

Director of Fishers Island Development Corporation

Director of Walsh Park Benevolent Corporation

Roger Gibson

Director of First American Funds, Inc.

Advisor/Consultant of Future Freight™

James Wade

Director of First American Funds, Inc.

Owner and President of Jim Wade Homes

First American Funds’ Board of Directors is comprised entirely of independent directors.

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	CUSTODIAN	INDEPENDENT REGISTERED
U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402	U.S. Bank National Association 1555 RiverCenter Drive Suite 302 Milwaukee, Wisconsin 53212	PUBLIC ACCOUNTING FIRM Ernst & Young LLP 220 South Sixth Street Suite 1400 Minneapolis, Minnesota 55402

ADMINISTRATOR U.S. Bancorp Asset Management, Inc. 800 Nicollet Mall Minneapolis, Minnesota 55402	DISTRIBUTOR Quasar Distributors, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202	COUNSEL Ropes & Gray LLP 191 North Wacker Drive Chicago, Illinois 60606

TRANSFER AGENT U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202

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.

0036-18 4/2018 SAR MONEY

First American Funds
P.O. Box 1330
Minneapolis, MN 55440-1330

Item 2—Code of Ethics

Not applicable to the semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to the semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to the semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable to the semi-annual report.

Item 6—Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8—Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9—Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10—Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A, or this item.

Item 11—Controls and Procedures

(a)

The registrant’s principal executive officer and principal financial officer have evaluated the effectiveness of the registrant’s disclosure controls and procedures within 90 days of the date of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported timely.

(b)

There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12—Exhibits

(a)(1)

Not applicable.

(a)(2)

Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed as exhibits hereto.

(a)(3)

Not applicable.

(b)

Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 are filed as exhibits hereto.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First American Funds, Inc.

By:	/s/ Eric J. Thole
	Eric J. Thole
	President

Date: April 20, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Eric J. Thole
	Eric J. Thole
	President

Date: April 20, 2018

By:	/s/ Jill M. Stevenson
	Jill M. Stevenson
	Treasurer

Date: April 20, 2018

First American Funds N-CSRSCertified semi-annual shareholder report (management investment company)