First American Funds N-CSRS/A Certified semi-annual shareholder report (management investment company) (amended)

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, 2022

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.

The Registrant is filing this amendment to the Form N-CSR for the semi-annual period ended February 28, 2022, originally filed with the Securities and Exchange Commission on April 29, 2022 by the Registrant (811-03313) (Accession Number 0000897101-22-000453), to restate the financial statements of First American Government Obligations Fund (the "Fund") for the semi-annual period ended February 28, 2022 to account for shares issued in excess of amounts authorized by the Fund's board of directors, as described in Note 9 to the financial statements, as a liability.

The effects of this restatement on the Fund's financial statements for the semi-annual period ended February 28, 2022 are described in Note 10 to the financial statements.

The Registrant is refiling the entire report on Form N-CSR for the semi-annual period ended February 28, 2022 by means of this amended Form N-CSR. However, except for the information affected by the restatement as described in Note 10, the information contained herein has not been updated for events or transactions occurring subsequent to the date of the original filing and as a result, such information continues to be current as of the date of the original filing.

Item 1—Reports to Stockholders

(a) Provided under separate cover.

 

TABLE OF CONTENTS
Explanation of Financial Statements	1
Holdings Summaries	3
Expense Examples	5
Schedule of Investments	10
Statements of Assets and Liabilities	38
Statements of Operations	40
Statements of Changes in Net Assets	42
Financial Highlights	46
Notes to Financial Statements	66
Notice to Shareholders	81
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 semi-annually. We strive to present this financial information in an easy-to-understand format; however, for many investors, the information contained in this shareholder report may seem very technical. So we would like to take this opportunity to explain several sections of the shareholder report.

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

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

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

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

The Financial Highlights provide a per-share breakdown of the components that affected the fund’s NAV for the current and past reporting periods. It also shows total return, expense ratios, and net investment income ratios. The net investment income ratios summarize the income earned less expenses, divided by the average net assets. The expense ratios represent the percentage of average net assets that were used to cover operating expenses during the period.

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 1

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 2022 SEMIANNUAL REPORT

Holdings Summaries (unaudited)

   Government Obligations Fund

Portfolio Allocation as of February 28, 20221 (% of net assets) (as restated, note 10)
U.S. Treasury Repurchase Agreements	56.5	%
U.S. Treasury Debt	17.7
U.S. Government Agency Debt	16.3
U.S. Government Agency Repurchase Agreements	10.3
Investment Companies	0.9
Other Assets and Liabilities, Net2	(1.7	)
	100.0	%

 Institutional Prime Obligations Fund 

Portfolio Allocation as of February 28, 20221 (% of net assets)
Financial Company Commercial Paper	26.1	%
Asset Backed Commercial Paper	16.4
Other Repurchase Agreements	16.1
U.S. Treasury Repurchase Agreements	14.9
Non-Negotiable Time Deposits	11.8
Certificates of Deposit	6.4
Non-Financial Company Commercial Paper	6.1
Variable Rate Demand Notes	1.8
Other Instrument	0.4
	100.0	%

   Retail Prime Obligations Fund 

Portfolio Allocation as of February 28, 20221 (% of net assets)
Financial Company Commercial Paper	23.3	%
Asset Backed Commercial Paper	17.4
Other Repurchase Agreements	16.6
U.S. Treasury Repurchase Agreements	14.1
Non-Negotiable Time Deposits	12.2
Certificates of Deposit	7.3
Non-Financial Company Commercial Paper	5.2
Variable Rate Demand Notes	3.3
Other Instrument	0.6
	100.0	%

¹ Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

² Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 3

Holdings Summaries (unaudited)

   Retail Tax Free Obligations Fund 

Portfolio Allocation as of February 28, 20221,3 (% of net assets)
Variable Rate Demand Notes	67.2	%
Non-Financial Company Commercial Paper	19.6
Other Municipal Securities	13.1
Other Assets and Liabilities, Net2	0.1
	100.0	%

   Treasury Obligations Fund 

Portfolio Allocation as of February 28, 20221 (% of net assets)
U.S. Treasury Repurchase Agreements	60.0	%
U.S. Treasury Debt	40.4
Other Assets and Liabilities, Net2	(0.4	)
	100.0	%

   U.S. Treasury Money Market Fund 

Portfolio Allocation as of February 28, 20221 (% of net assets)
U.S. Treasury Debt	106.6	%
Other Assets and Liabilities, Net2	(6.6	)
	100.0	%

¹ Portfolio allocations are subject to change at any time and are not recommendations to buy or sell any security.

² Investments in securities typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

³ See note 5 in Notes to Financial Statements for additional information on the portfolio characteristics of the fund.

4 FIRST AMERICAN FUNDS   2022 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, 2021 to February 28, 2022.

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  2022 SEMIANNUAL REPORT 5

Expense Examples (unaudited)

Government Obligations Fund (as restated, note 10)
	Beginning Account Value (9/1/2021)	Ending Account Value (2/28/2022)	Expenses Paid During Period1 (9/1/2021 to 2/28/2022)
Class A Actual2	$1,000.00	$1,000.03	$0.30
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class D Actual2	$1,000.00	$1,000.03	$0.30
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class P Actual2	$1,000.00	$1,000.10	$0.25
Class P Hypothetical (5% return before expenses)	$1,000.00	$1,024.55	$0.255
Class T Actual2	$1,000.00	$1,000.03	$0.30
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class U Actual2	$1,000.00	$1,000.13	$0.20
Class U Hypothetical (5% return before expenses)	$1,000.00	$1,024.60	$0.20
Class V Actual2	$1,000.00	$1,000.03	$0.30
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class X Actual2	$1,000.00	$1,000.13	$0.25
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.60	$0.25
Class Y Actual2	$1,000.00	$1,000.03	$0.30
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class Z Actual2	$1,000.00	$1,000.10	$0.25
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,024.55	$0.25

¹ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.06%, 0.06%, 0.05%, 0.06%, 0.04%, 0.06%, 0.05%, 0.06%, and 0.05% for Class A, Class D, Class P, Class T, Class U, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period).

² Based on the actual returns for the six-month period ended February 28, 2022 of 0.00%, 0.00%, 0.01%, 0.00%, 0.01%, 0.00%, 0.01%, 0.00%, and 0.01% for Class A, Class D, Class P, Class T, Class U, Class V, Class X, Class Y, and Class Z, respectively.

Institutional Prime Obligations Fund
	Beginning Account Value (9/1/2021)	Ending Account Value (2/28/2022)	Expenses Paid During Period3 (9/1/2021 to 2/28/2022)
Class T Actual4	$1,000.00	$1,000.03	$0.64
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,024.15	$0.65
Class V Actual4	$1,000.00	$  999.93	$0.64
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,024.15	$0.65
Class Y Actual4	$1,000.00	$   999.93	$0.64
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,024.15	$0.65
Class Z Actual4	$1,000.00	$1,000.13	$0.45
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,024.35	$0.45

³ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.13%, 0.13%, 0.13%, and 0.09% for Class T, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period).

⁴ Based on the actual returns for the six-month period ended February 28, 2022 of 0.00%, -0.01%, -0.01%, and 0.01% for Class T, Class V, Class Y, and Class Z, respectively.

6 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

Retail Prime Obligations Fund
	Beginning Account Value (9/1/2021)	Ending Account Value (2/28/2022)	Expenses Paid During Period1 (9/1/2021 to 2/28/2022)
Class A Actual2	$1,000.00	$1,000.03	$0.69
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,024.10	$0.70
Class T Actual2	$1,000.00	$1,000.03	$0.69
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,024.10	$0.70
Class V Actual2	$1,000.00	$1,000.03	$0.69
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,024.10	$0.70
Class X Actual2	$1,000.00	$1,000.04	$0.64
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.15	$0.65
Class Y Actual2	$1,000.00	$1,000.03	$0.64
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,024.15	$0.65
Class Z Actual2	$1,000.00	$1,000.03	$0.69
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,024.10	$0.70

¹ Expenses are equal to the fund’s annualized expense ratio the most recent six-month period of 0.14%, 0.14%, 0.14%, 0.13%, 0.13%, and 0.14% 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).

² Based on the actual returns for the six-month period ended February 28, 2022 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class T, Class V, Class X, Class Y, and Class Z, respectively.

Retail Tax Free Obligations Fund
	Beginning Account Value (9/1/2021)	Ending Account Value (2/28/2022)	Expenses Paid During Period3 (9/1/2021 to 2/28/2022)
Class A Actual4	$1,000.00	$1,000.04	$0.40
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,024.40	$0.40
Class T Actual4	$1,000.00	$1,000.04	$0.40
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,024.40	$0.40
Class V Actual4	$1,000.00	$1,000.04	$0.35
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,024.45	$0.35
Class Y Actual4	$1,000.00	$1,000.04	$0.40
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,024.40	$0.40
Class Z Actual4	$1,000.00	$1,000.04	$0.40
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,024.40	$0.40

³ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.08%, 0.08%, 0.07%, 0.08%, and 0.08% for Class A, Class T, 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).

⁴ Based on the actual returns for the six-month period ended February 28, 2022 of 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class T, Class V, Class Y, and Class Z, respectively.

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 7

Expense Examples (unaudited)

Treasury Obligations Fund
	Beginning Account Value (9/1/2021)	Ending Account Value (2/28/2022)	Expenses Paid During Period1 (9/1/2021 to 2/28/2022)
Class A Actual2	$1,000.00	$1,000.03	$0.35
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,024.45	$0.35
Class D Actual2	$1,000.00	$1,000.03	$0.35
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,024.45	$0.35
Class P Actual2	$1,000.00	$1,000.05	$0.30
Class P Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class T Actual2	$1,000.00	$1,000.03	$0.35
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,024.45	$0.35
Class V Actual2	$1,000.00	$1,000.03	$0.35
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,024.45	$0.35
Class X Actual2	$1,000.00	$1,000.07	$0.30
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class Y Actual2	$1,000.00	$1,000.03	$0.35
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,024.45	$0.35
Class Z Actual2	$1,000.00	$1,000.05	$0.35
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,024.45	$0.35

¹ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.07%, 0.07%, 0.06%, 0.07%, 0.07%, 0.06%, 0.07%, and 0.07% for Class A, Class D, Class P, Class T, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period).

² Based on the actual returns for the six-month period ended February 28, 2022 of 0.00%, 0.00%, 0.01%, 0.00%, 0.00%, 0.01%, 0.00%, and 0.01% for Class A, Class D, Class P, Class T, Class V, Class X, Class Y, and Class Z, respectively.

8 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

U.S. Treasury Money Market Fund
	Beginning Account Value (9/1/2021)	Ending Account Value (2/28/2022)	Expenses Paid During Period1 (9/1/2021 to 2/28/2022)
Class A Actual2	$1,000.00	$1,000.01	$0.30
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class D Actual2	$1,000.00	$1,000.01	$0.30
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class T Actual2	$1,000.00	$1,000.01	$0.30
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class V Actual2	$1,000.00	$1,000.01	$0.30
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class Y Actual2	$1,000.00	$1,000.01	$0.30
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30
Class Z Actual2	$1,000.00	$1,000.04	$0.30
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,024.50	$0.30

¹ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.06%, 0.06%, 0.06%, 0.06%, 0.06%, and 0.06% for Class A, Class D, Class T, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period).

² Based on the actual returns for the six-month period ended February 28, 2022 of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% for Class A, Class D, Class T, Class V, Class Y, and Class Z, respectively.

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 9

Schedule of Investments	February 28, 2022 (unaudited),
	all dollars rounded to thousands (000 omitted)

Government Obligations Fund
  (as restated, note 10)

DESCRIPTION	PAR		VALUE ✇
U.S. Treasury Debt –17.7%
U. S. Treasury Bills ⊙
0.005%, 03/01/2022	$	100,000	$	100,000
0.051%, 03/03/2022		50,000		50,000
0.056%, 03/08/2022		1,050,000		1,049,989
0.057%, 03/10/2022		575,000		574,992
0.054%, 03/15/2022		650,000		649,987
0.059%, 03/17/2022		525,000		524,986
0.062%, 03/24/2022		525,000		524,980
0.063%, 03/29/2022		525,000		524,974
0.118%, 04/14/2022		525,000		524,925
0.253%, 04/19/2022		350,000		349,881
0.058%, 04/26/2022		365,000		364,864
0.153%, 05/10/2022		700,000		699,794
0.093%, 05/19/2022		150,000		149,970
0.064%, 05/26/2022		180,000		179,973
0.089%, 06/02/2022		700,000		699,842
0.486%, 06/14/2022		390,000		389,454
0.163%, 06/23/2022		650,000		649,670
0.207%, 06/30/2022		350,000		349,760
0.101%, 08/11/2022		700,000		699,683
0.765%, 08/18/2022		384,000		382,632
0.133%, 09/08/2022		1,050,000		1,049,271
0.097%, 10/06/2022		875,000		874,492
0.153%, 11/03/2022		750,000		749,223
0.206%, 12/01/2022		350,000		349,458
U. S. Treasury Notes
0.375%, 03/31/2022		55,000		55,014
1.875%, 03/31/2022		30,000		30,044
1.875%, 04/30/2022		20,000		20,059
0.125%, 05/31/2022		25,000		25,004
0.125%, 07/31/2022		10,000		10,001
0.125%, 08/31/2022		110,000		110,024
1.500%, 09/15/2022		150,000		151,007
1.875%, 09/30/2022		250,000		252,326
0.435% (3 Month U.S. Treasury Money Market Yield + 0.055%), 10/31/2022 Δ		150,000		149,997
1.625%, 11/15/2022		450,000		454,051
0.125%, 11/30/2022		240,000		239,608
0.429% (3 Month U.S. Treasury Money Market Yield + 0.049%), 01/31/2023 Δ		425,000		425,064
0.414% (3 Month U.S. Treasury Money Market Yield + 0.034%), 04/30/2023 Δ		450,000		450,018

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
0.409% (3 Month U.S. Treasury Money Market Yield + 0.029%), 07/31/2023 Δ	$	340,000	$	340,022
0.415% (3 Month U.S. Treasury Money Market Yield + 0.035%), 10/31/2023 Δ		250,000		250,009
0.425% (3 Month U.S. Treasury Money Market Yield – 0.015%), 01/31/2024 Δ		275,000		275,112
Total U.S. Treasury Debt (Cost $15,700,160)				15,700,160
U.S. Government Agency Debt – 16.3%
Federal Farm Credit Bank
0.175% (SOFR + 0.125%), 03/09/2022 Δ		19,000		19,000
0.130% (SOFR + 0.080%), 03/10/2022 Δ		29,000		29,000
0.155% (FCPR DLY – 3.095%), 04/20/2022 Δ		50,000		50,000
0.220% (SOFR + 0.170%), 05/16/2022 Δ		20,000		20,002
0.090% (SOFR + 0.040%), 06/01/2022 Δ		20,000		19,999
0.081%, 06/13/2022 ⊙		30,000		29,993
0.250% (SOFR + 0.200%), 06/23/2022 Δ		40,000		40,000
0.105% (SOFR + 0.055%), 06/29/2022 Δ		100,000		99,999
0.240% (SOFR + 0.190%), 07/14/2022 Δ		46,000		46,000
0.170% (U.S. Federal Funds Effective Rate + 0.180%), 07/20/2022 Δ		100,000		100,000
0.135% (SOFR + 0.085%), 07/25/2022 Δ		75,000		74,998
0.195% (SOFR + 0.145%), 07/28/2022 Δ		61,000		61,000
0.120% (SOFR + 0.070%), 08/11/2022 Δ		239,000		238,996
0.090% (SOFR + 0.040%), 08/22/2022 Δ		32,000		32,001
0.135% (U.S. Federal Funds Effective Rate + 0.090%), 08/26/2022 Δ		200,000		200,000
0.145% (SOFR + 0.095%), 09/02/2022 Δ		50,000		50,000

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

10 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
0.095% (SOFR + 0.045%), 09/08/2022 Δ	$	150,000	$	149,996
0.135% (SOFR + 0.085%), 10/07/2022 Δ		70,000		70,000
0.130% (SOFR + 0.080%), 10/14/2022 Δ		85,000		85,000
0.125% (SOFR + 0.075%), 11/03/2022 Δ		34,000		34,000
0.440% (U.S. Federal Funds Effective Rate + 0.055%), 11/16/2022 Δ		75,000		74,999
0.495% (3 Month U.S. Treasury Money Market Yield + 0.055%), 11/16/2022 Δ		50,000		50,000
0.115% (SOFR + 0.065%), 11/18/2022 Δ		20,000		20,000
0.115% (SOFR + 0.065%), 11/18/2022 Δ		20,000		20,000
0.100% (SOFR + 0.050%), 11/21/2022 Δ		75,000		75,000
0.110% (SOFR + 0.060%), 12/01/2022 Δ		58,000		58,000
0.760% (U.S. Federal Funds Effective Rate + 0.360%), 12/12/2022 Δ		44,720		44,826
0.065% (SOFR + 0.015%), 12/21/2022 Δ		250,000		249,998
0.110% (SOFR + 0.060%), 12/28/2022 Δ		200,000		200,000
0.058% (SOFR + 0.008%), 01/12/2023 Δ		20,000		19,996
0.110% (SOFR + 0.060%), 01/13/2023 Δ		75,000		75,000
0.110% (SOFR + 0.060%), 01/20/2023 Δ		39,000		39,000
0.495% (3 Month U.S. Treasury Money Market Yield + 0.055%), 01/31/2023 Δ		100,000		100,000
0.080% (U.S. Federal Funds Effective Rate + 0.000%), 02/03/2023 Δ		30,000		30,000
0.105% (SOFR + 0.055%), 02/09/2023 Δ		100,000		100,000
0.080% (U.S. Federal Funds Effective Rate + 0.000%), 02/17/2023 Δ		10,000		10,000
0.100% (SOFR + 0.050%), 02/17/2023 Δ		63,000		63,000

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
0.070% (SOFR + 0.020%), 03/01/2023 Δ	$	345,000	$	344,982
0.082% (SOFR + 0.033%), 03/09/2023 Δ		100,000		99,998
0.085% (SOFR + 0.035%), 03/17/2023 Δ		42,886		42,888
0.065% (SOFR + 0.015%), 03/20/2023 Δ		225,000		225,000
0.085% (SOFR + 0.035%), 04/05/2023 Δ		137,000		137,000
0.080% (SOFR + 0.030%), 04/06/2023 Δ		381,000		381,016
0.085% (SOFR + 0.035%), 04/21/2023 Δ		187,000		187,000
0.085% (SOFR + 0.035%), 04/27/2023 Δ		367,000		367,000
0.085% (SOFR + 0.035%), 05/04/2023 Δ		160,000		160,000
0.430% (SOFR + 0.380%), 05/08/2023 Δ		39,000		39,162
0.075% (SOFR + 0.025%), 05/09/2023 Δ		100,000		100,000
0.085% (SOFR + 0.035%), 05/12/2023 Δ		173,000		173,000
0.085% (SOFR + 0.035%), 05/19/2023 Δ		120,000		120,000
0.080% (SOFR + 0.030%), 06/14/2023 Δ		120,000		120,000
0.085% (SOFR + 0.035%), 06/16/2023 Δ		75,000		75,000
0.075% (SOFR + 0.025%), 07/07/2023 Δ		67,000		67,000
0.085% (SOFR + 0.035%), 07/12/2023 Δ		250,000		249,983
0.068% (SOFR + 0.018%), 07/13/2023 Δ		100,000		99,997
0.068% (SOFR + 0.018%), 07/14/2023 Δ		300,000		299,990
0.080% (SOFR + 0.030%), 07/20/2023 Δ		150,000		150,000
0.075% (SOFR + 0.025%), 08/04/2023 Δ		101,000		101,000
0.075% (SOFR + 0.025%), 08/10/2023 Δ		90,000		90,000
0.068% (SOFR + 0.018%), 08/21/2023 Δ		150,000		149,921
0.075% (SOFR + 0.025%), 08/28/2023 Δ		70,000		70,000
0.080% (SOFR + 0.030%), 08/28/2023 Δ		184,000		184,000
0.075% (SOFR + 0.025%), 09/08/2023 Δ		45,000		45,000
0.090% (SOFR + 0.040%), 09/20/2023 Δ		93,000		93,000
0.075% (SOFR + 0.025%), 09/27/2023 Δ		91,000		91,000

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 11

Schedule of Investments	February 28, 2022 (unaudited),
	all dollars rounded to thousands (000 omitted)

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
0.100% (SOFR + 0.050%), 09/28/2023 Δ	$	133,000	$	133,000
0.100% (SOFR + 0.050%), 09/29/2023 Δ		15,000		15,000
0.080% (SOFR + 0.030%), 10/13/2023 Δ		115,000		115,000
0.095% (SOFR + 0.045%), 10/16/2023 Δ		121,000		121,000
0.080% (SOFR + 0.030%), 10/20/2023 Δ		53,000		53,000
0.080% (U.S. Federal Funds Effective Rate + 0.000%), 11/15/2023 Δ		50,000		49,996
0.078% (SOFR + 0.028%), 12/04/2023 Δ ★		100,000		99,996
0.110% (SOFR + 0.060%), 12/13/2023 Δ		52,000		52,000
0.120% (SOFR + 0.070%), 12/14/2023 Δ		50,000		50,000
0.100% (SOFR + 0.060%), 12/27/2023 Δ		74,000		74,000
0.105% (SOFR + 0.055%), 01/03/2024 Δ		100,000		100,000
0.105% (SOFR + 0.055%), 01/10/2024 Δ		73,000		73,000
0.100% (SOFR + 0.050%), 01/18/2024 Δ		95,000		95,000
0.170% (SOFR + 0.120%), 01/22/2024 Δ		25,000		25,038
0.090% (SOFR + 0.040%), 01/25/2024 Δ		200,000		200,000
0.080% (SOFR + 0.040%), 02/02/2024 Δ		245,000		245,000
0.090% (SOFR + 0.040%), 02/09/2024 Δ		95,000		95,000
0.095% (SOFR + 0.045%), 02/15/2024 Δ		75,000		75,000
0.095% (U.S. Federal Funds Effective Rate + 0.015%), 02/22/2024 Δ		75,000		75,000
0.117% (SOFR + 0.045%), 03/01/2024 Δ ★		54,000		54,000
0.112% (SOFR + 0.040%), 03/04/2024 Δ ★		58,000		58,000
Federal Home Loan Bank
0.051%, 03/16/2022 ⊙		150,000		149,997
0.050%, 03/17/2022		100,000		99,999
0.066%, 03/25/2022 ⊙		148,000		147,994
0.060%, 03/29/2022		450,000		449,997
0.110% (SOFR + 0.060%), 04/26/2022 Δ		105,000		105,000
0.110% (SOFR + 0.060%), 05/12/2022 Δ		50,000		50,000

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
0.105% (SOFR + 0.055%), 05/13/2022 Δ	$	50,000	$	50,000
0.135% (SOFR + 0.085%), 05/20/2022 Δ		50,000		50,000
0.140% (SOFR + 0.090%), 05/26/2022 Δ		50,000		50,000
0.140% (SOFR + 0.090%), 06/10/2022 Δ		50,000		50,000
0.060% (SOFR + 0.010%), 06/23/2022 Δ		100,000		100,000
0.045% (SOFR + 0.005%), 06/30/2022 Δ		150,000		150,000
0.060% (SOFR + 0.010%), 07/19/2022 Δ		150,000		150,000
0.055% (SOFR + 0.005%), 07/21/2022 Δ		250,000		250,000
0.060% (SOFR + 0.010%), 07/25/2022 Δ		100,000		100,000
0.060% (SOFR + 0.010%), 08/01/2022 Δ		100,000		100,000
0.060% (SOFR + 0.010%), 08/05/2022 Δ		100,000		100,000
0.180% (SOFR + 0.130%), 08/05/2022 Δ		100,000		100,000
0.130% (SOFR + 0.080%), 08/12/2022 Δ		50,000		50,000
0.140% (SOFR + 0.090%), 08/12/2022 Δ		89,600		89,605
0.060% (SOFR + 0.010%), 08/19/2022 Δ		100,000		100,000
0.140% (SOFR + 0.090%), 08/19/2022 Δ		58,000		58,003
0.055% (SOFR + 0.005%), 08/22/2022 Δ		100,000		100,000
0.060% (SOFR + 0.010%), 09/06/2022 Δ		100,000		100,000
0.060% (SOFR + 0.010%), 09/08/2022 Δ		150,000		150,000
0.140% (SOFR + 0.090%), 09/08/2022 Δ		50,000		50,000
0.140% (SOFR + 0.090%), 09/15/2022 Δ		50,000		50,000
0.060% (SOFR + 0.010%), 09/22/2022 Δ		150,000		150,000
0.135% (SOFR + 0.085%), 10/05/2022 Δ		100,000		100,000
0.060% (SOFR + 0.010%), 10/24/2022 Δ		200,000		200,000
0.130% (SOFR + 0.080%), 10/26/2022 Δ		50,000		50,000
0.120% (SOFR + 0.070%), 11/02/2022 Δ		50,000		50,000
0.115% (SOFR + 0.065%), 11/09/2022 Δ		100,000		100,000

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

12 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
0.115% (SOFR + 0.065%), 11/10/2022 Δ	$	50,000	$	50,000
0.110% (SOFR + 0.060%), 11/23/2022 Δ		50,000		50,000
0.110% (SOFR + 0.060%), 11/23/2022 Δ		75,000		75,000
0.110% (SOFR + 0.060%), 12/08/2022 Δ		100,000		100,000
0.110% (SOFR + 0.060%), 12/15/2022 Δ		100,000		100,000
0.220%, 12/16/2022		100,000		100,000
0.070% (SOFR + 0.020%), 02/03/2023 Δ		150,000		150,000
0.070% (SOFR + 0.020%), 02/23/2023 Δ		100,000		100,000
0.090% (SOFR + 0.040%), 02/24/2023 Δ		50,000		50,000
0.065% (SOFR + 0.015%), 03/03/2023 Δ		100,000		100,000
0.085% (SOFR + 0.035%), 05/18/2023 Δ		50,000		50,000
0.085% (SOFR + 0.035%), 05/19/2023 Δ		137,000		137,000
0.080% (SOFR + 0.030%), 06/07/2023 Δ		100,000		100,000
0.075% (SOFR + 0.025%), 07/14/2023 Δ		60,000		60,000
0.090% (SOFR + 0.040%), 08/10/2023 Δ		100,000		100,000
0.080% (SOFR + 0.030%), 08/11/2023 Δ		100,000		100,000
0.075% (SOFR + 0.025%), 10/02/2023 Δ		30,000		30,000
Federal Home Loan Mortgage Corporation
0.210% (SOFR + 0.160%), 04/20/2022 Δ		100,000		100,000
0.170% (SOFR + 0.090%), 08/03/2022 Δ		50,000		50,000
0.180% (SOFR + 0.130%), 08/05/2022 Δ		250,000		250,047
Federal National Mortgage Association
0.320% (SOFR + 0.270%), 05/04/2022 Δ		100,000		100,046
0.280% (SOFR + 0.230%), 05/06/2022 Δ		14,000		14,005
0.240% (SOFR + 0.190%), 05/19/2022 Δ		50,000		50,000
0.170% (SOFR + 0.120%), 07/29/2022 Δ		20,000		20,000
Total U.S. Government Agency Debt (Cost $14,487,463)				14,487,463

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	SHARES/PAR		VALUE ✇
Investment Companies Ω – 0.9%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.025%		200,000,000	$	200,000
Deutsche Government Money Market Series Fund, Institutional Class, 0.035%		200,000,000		200,000
Goldman Sachs Financial Square Money Market Fund, Institutional Class, 0.026%		200,000,000		200,000
Invesco Government & Agency Portfolio, Institutional Class, 0.035%		200,000,000		200,000
Total Investment Companies (Cost $800,000)				800,000
U.S. Government Agency Repurchase Agreements – 10.3%
Bank of America Securities Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by various government agency obligations: Total market value $102,000)	$	100,000	$	100,000
BNP Paribas SA
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by various government agency obligations: Total market value $102,000)		100,000		100,000

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 13

Schedule of Investments	February 28, 2022 (unaudited),
	all dollars rounded to thousands (000 omitted)

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
Fixed Income Clearing Corp
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $7,000,010 (collateralized by various government agency obligations: Total market value $7,140,000)	$	7,000,000	$	7,000,000
Goldman Sachs & Co. LLC
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $500,001 (collateralized by various government agency obligations: Total market value $510,000)		500,000		500,000
HSBC Securities (USA) Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $150,000 (collateralized by various government agency obligations: Total market value $153,000)		150,000		150,000
Societe Generale/NY
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $650,001 (collateralized by various government agency obligations: Total market value $663,000)		650,000		650,000
TD Securities (USA) LLC
0.055%, dated 02/22/2022, matures 03/01/2022, repurchase price $700,007 (collateralized by various government agency obligations: Total market value $714,000)		700,000		700,000
Total U.S. Government Agency Repurchase Agreements
(Cost $9,200,000)				9,200,000

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
U.S. Treasury Repurchase Agreements – 56.5%
Bank of America Securities Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,000)	$	100,000	$	100,000
Bank of Montreal
0.010%, dated 02/28/2022, matures 03/01/2022, repurchase price $300,000 (collateralized by U.S. Treasury obligations: Total market value $306,000)		300,000		300,000
0.055%, dated 02/1/2022, matures 03/01/2022, repurchase price $150,006 (collateralized by U.S. Treasury obligations: Total market value $153,000)		150,000		150,000
Bank of Nova Scotia
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $539,757 (collateralized by U.S. Treasury obligations: Total market value $550,552)		539,756		539,756
Barclays Capital Inc
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $950,001 (collateralized by U.S. Treasury obligations: Total market value $969,000)		950,000		950,000

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

14 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
BNP Paribas SA
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $1,185,002 (collateralized by U.S. Treasury obligations: Total market value $1,208,700)	$	1,185,000	$	1,185,000
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $500,001 (collateralized by U.S. Treasury obligations: Total market value $510,000)		500,000		500,000
0.050%, dated 1/14/2022, matures 03/07/2022, repurchase price $325,023 (collateralized by U.S. Treasury obligations: Total market value $331,500) Ø		325,000		325,000
0.050%, dated 02/18/2022, matures 03/07/2022, repurchase price $1,675,044 (collateralized by U.S. Treasury obligations: Total market value $1,708,500) Ø		1,675,000		1,675,000
0.130%, dated 01/04/2022, matures 03/07/2022, repurchase price $350,078 (collateralized by U.S. Treasury obligations: Total market value $357,000) Ø		350,000		350,000
0.130%, dated 01/05/2022, matures 03/07/2022, repurchase price $350,077 (collateralized by U.S. Treasury obligations: Total market value $357,000) Ø		350,000		350,000

Government Obligations Fund
  (as restated, note 10) (cont.)

DESCRIPTION	PAR		VALUE ✇
Canadian Imperial Bank of Commerce
0.055%, dated 09/09/2021, matures 03/07/2022, repurchase price $250,068 (collateralized by U.S. Treasury obligations: Total market value $255,068) Ø	$	250,000	$	250,000
0.055%, dated 02/11/2022, matures 03/07/2022, repurchase price $350,013 (collateralized by U.S. Treasury obligations: Total market value $357,010) Ø		350,000		350,000
0.055%, dated 02/16/2022, matures 03/07/2022, repurchase price $225,007 (collateralized by U.S. Treasury obligations: Total market value $229,505) Ø		225,000		225,000
0.055%, dated 01/25/2021, matures 03/07/2022, repurchase price $1,050,066 (collateralized by U.S. Treasury obligations: Total market value $1,071,057) Ø		1,050,000		1,050,000
Credit Agricole Corporate & Investment Bank
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $746,473 (collateralized by U.S. Treasury obligations: Total market value $761,401)		746,472		746,472
Federal Reserve Bank of New York
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $29,975,042 (collateralized by U.S. Treasury obligations: Total market value $29,975,042)		29,975,000		29,975,000

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 15

Schedule of Investments	February 28, 2022 (unaudited),
	all dollars rounded to thousands (000 omitted)

Government Obligations Fund   (as restated, note 10) (cont.)
DESCRIPTION	PAR			VALUE ✇
Fixed Income Clearing Corp
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $1,100,002 (collateralized by U.S. Treasury obligations: Total market value $1,122,001)	$	1,100,001	$	1,100,001
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $6,000,008 (collateralized by U.S. Treasury obligations: Total market value $6,120,000)		6,000,000		6,000,000
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $700,001 (collateralized by U.S. Treasury obligations: Total market value $714,047)		700,000		700,000
0.055%, dated 02/28/2022, matures 03/01/2022, repurchase price $400,001 (collateralized by U.S. Treasury obligations: Total market value $408,294)		400,000		400,000
0.060%, dated 02/22/2022, matures 03/01/2022, repurchase price $46,501 (collateralized by U.S. Treasury obligations: Total market value $47,953)		46,500		46,500
HSBC Securities (USA) Inc.
0.050%, dated 02/22/2022, matures 03/01/2022, repurchase price $100,001 (collateralized by U.S. Treasury obligations: Total market value $102,001)		100,000		100,000

Government Obligations Fund   (as restated, note 10) (cont.)
DESCRIPTION	PAR			VALUE ✇
ING Financial Markets LLC
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $400,001 (collateralized by U.S. Treasury obligations: Total market value $408,000)	$	400,000	$	400,000
0.050%, dated 02/22/2022, matures 03/01/2022, repurchase price $50,000 (collateralized by U.S. Treasury obligations: Total market value $51,000)		50,000		50,000
0.050%, dated 02/24/2022, matures 03/03/2022, repurchase price $50,000 (collateralized by U.S. Treasury obligations: Total market value $51,000)		50,000		50,000
0.050%, dated 02/25/2022, matures 03/04/2022, repurchase price $50,000 (collateralized by U.S. Treasury obligations: Total market value $51,000)		50,000		50,000
JPMorgan Securities LLC
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $225,000 (collateralized by U.S. Treasury obligations: Total market value $229,500)		225,000		225,000
Mizuho Securities USA LLC
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000

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

16 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Government Obligations Fund   (as restated, note 10) (cont.)
DESCRIPTION	PAR			VALUE ✇
MUFG Securities
Americas Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $255,000 (collateralized by U.S. Treasury obligations: Total market value $260,100)	$	255,000	$	255,000
MUFG Securities
Canada Ltd.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
0.050%, dated 02/22/2022, matures 03/01/2022, repurchase price $150,001 (collateralized by U.S. Treasury obligations: Total market value $153,002)		150,000		150,000
0.050%, dated 02/28/2022, matures 03/07/2022, repurchase price $100,001 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
RBC Dominion Securities Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $200,000 (collateralized by U.S. Treasury obligations: Total market value $204,000)		200,000		200,000
0.050%, dated 02/7/2022, matures 03/07/2022, repurchase price $350,014 (collateralized by U.S. Treasury obligations: Total market value $357,000)		350,000		350,000

Government Obligations Fund   (as restated, note 10) (cont.)
DESCRIPTION	PAR			VALUE ✇
Societe Generale SA
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $150,000 (collateralized by U.S. Treasury obligations: Total market value $153,000)	$	150,000	$	150,000
0.050%, dated 02/22/2022, matures 03/01/2022, repurchase price $100,001 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
Societe Generale/NY
0.050%, dated 02/28/2022, matures 03/07/2022, repurchase price $300,003 (collateralized by U.S. Treasury obligations: Total market value $306,000) Ø		300,000		300,000
TD Securities (USA) LLC
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $300,000 (collateralized by U.S. Treasury obligations: Total market value $306,000)		300,000		300,000
Total U.S. Treasury Repurchase Agreements (Cost $50,247,729)				50,247,729
Total Investments – 101.7% (Cost $90,435,352)				90,435,352
Other Assets and Liabilities, Net – (1.7)%				(1,496,572	)
Total Net Assets – 100.0%			$	88,938,780

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 17

Schedule of Investments	February 28, 2022 (unaudited),
	all dollars rounded to thousands (000 omitted)

Government Obligations Fund
  (as restated, note 10) (concl.)

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

⊙ Rate shown is the annualized yield as of February 28, 2022.

∆ Variable Rate Security – The rate shown is the rate in effect as of February 28, 2022.

★ Security purchased on a when-issued basis. On February 28, 2022, the total cost of investments purchased on a when-issued basis was $211,996 or 0.2% of total net assets.

Ω The rate shown is the annualized seven-day yield as of February 28, 2022.

Ø The maturity date shown represents the next put date.

Investment Abbreviations:
FCPR DLY	– Federal Reserve Bank Prime Loan Rate
SOFR	– Secured Overnight Financing Rate

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

18 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Institutional Prime Obligations Fund  

DESCRIPTION	PAR		VALUE ✇
Financial Company
Commercial Paper – 26.1%
Australia and New Zealand
Banking Group Ltd
0.132%, 03/01/2022 ⊙ ■	$	5,000	$	5,000
0.203%, 03/11/2022 ⊙ ■		5,000		5,000
0.253%, 04/01/2022 ⊙ ■		5,000		4,999
0.274%, 04/26/2022 ⊙ ■		15,000		14,992
Bank of America
Securities Inc.
0.240% (U.S. Federal
Funds Effective
Rate + 0.160%),
11/17/2022 △		5,000		4,999
Banque et Caisse
d’Epargne de l’Etat
0.142%, 03/14/2022 ⊙		5,000		5,000
CDP Financial Inc
0.091%, 03/02/2022 ⊙ ■		15,000		15,000
1.400%, 03/08/2022 ⊙ ■		5,000		5,000
0.223%, 05/03/2022 ⊙ ■		5,000		4,997
0.203%, 05/09/2022 ⊙ ■		5,000		4,997
Commonwealth Bank/Australia
0.203%, 05/16/2022 ⊙ ■		10,000		9,991
0.160% (SOFR + 0.110%),
06/17/2022 ■ △		5,000		5,000
0.230% (SOFR + 0.180%),
08/25/2022 ■ △		5,000		4,999
ING (US) Funding LLC
0.203%, 03/14/2022 ⊙		15,000		14,999
Lloyds Bank PLC
0.130%, 03/14/2022 ⊙		15,000		14,999
Mizuho Bank Ltd/SG
0.101%, 03/14/2022 ⊙ ■		10,000		10,000
0.238%, 04/08/2022 ⊙ ■		7,000		6,998
National Australia Bank Ltd
0.101%, 03/02/2022 ⊙ ■		11,500		11,500
0.150% (U.S. Federal
Funds Effective
Rate + 0.070%),
03/08/2022 ■ △		5,000		5,000
NRW.Bank
0.066%, 03/02/2022 ⊙ ■		15,000		15,000
0.076%, 03/04/2022 ■		30,000		30,000
0.162%, 04/19/2022 ⊙ ■		5,000		4,996
0.172%,04/20/2022 ⊙ ■		5,000		4,996
PSP Capital Inc
0.132%, 03/07/2022 ⊙ ■		10,000		10,000
Skandinaviska Enskilda
Banken AB
0.152%, 03/03/2022 ⊙ ■		7,000		7,000

Institutional Prime Obligations Fund (cont.)  

DESCRIPTION	PAR		VALUE ✇
0.203%, 03/15/2022 ⊙ ■	$	10,000	$	9,999
0.233%, 04/07/2022 ⊙ ■		10,000		9,998
0.203%, 04/25/2022 ⊙ ■		10,000		9,995
0.223%, 05/16/2022 ⊙ ■		5,000		4,996
Sumitomo Mitsui Banking
0.203%, 05/03/2022 ⊙ ■		5,000		4,997
Suncorp Metway Ltd
0.101%, 03/07/2022 ⊙ ■		6,000		6,000
0.203%, 03/28/2022 ⊙ ■		5,000		4,998
0.233%, 04/13/2022 ⊙ ■		5,000		4,997
0.203%, 04/20/2022 ⊙ ■		5,000		4,996
0.218%, 04/27/2022 ⊙ ■		10,000		9,990
0.426%, 06/21/2022 ⊙ ■		5,000		4,987
Svenska Handelsbanken AB
0.223%, 06/01/2022 ⊙ ■		5,000		4,993
0.270%, 06/02/2022 ⊙ ■		15,000		14,979
Swedbank
0.071%, 03/07/2022 ⊙		25,000		25,000
Toronto Dominion Bank
0.130% (U.S. Federal
Funds Effective
Rate + 0.050%),
03/21/2022 ■ △		5,000		5,000
0.150% (U.S. Federal
Funds Effective
Rate + 0.070%),
04/27/2022 ■ △		5,000		5,000
Westpac Banking Corp
0.243%, 05/06/2022 ⊙ ■		10,000		9,993
Total Financial Company
Commercial Paper
(Cost $366,436)				366,380
Asset Backed
Commercial Paper – 16.4%
Autobahn Funding Co LLC
0.122%, 03/14/2022 ⊙ ■		10,000		9,999
CAFCO LLC
0.203%, 04/01/2022 ⊙ ■		10,000		9,998
0.182%, 04/04/2022 ⊙ ■		7,000		6,999
Collateralized Commercial
Paper FLEX Co., LLC
0.233%, 03/25/2022 ⊙ ■		10,000		9,999
0.230% (SOFR + 0.180%),
09/08/2022 ■ △		5,000		4,998
Collateralized Commercial
Paper V Co., LLC
0.250% (SOFR + 0.200%),
09/19/2022 △		5,000		4,999

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 19

Schedule of Investments February 28, 2022 (unaudited), all dollars rounded to thousands (000 omitted)

Institutional Prime Obligations Fund (cont.)     

DESCRIPTION	PAR		VALUE ✇
Fairway Finance Corp
0.152%, 03/15/2022 ⊙ ■	$	3,000	$	3,000
0.152%, 04/04/2022 ⊙ ■		5,000		4,999
0.304%, 05/03/2022 ⊙ ■		11,875		11,866
0.203%, 05/05/2022 ⊙ ■		4,000		3,997
Liberty Street Funding LLC
0.223%, 03/08/2022 ⊙ ■		8,000		8,000
0.324%, 05/03/2022 ⊙ ■		10,000		9,992
Longship Funding LLC
0.071%, 03/01/2022 ⊙ ■		30,000		30,000
0.081%, 03/03/2022 ⊙ ■		10,000		10,000
0.101%, 03/14/2022 ⊙ ■		10,000		9,999
Manhattan Asset Funding Co
0.223%, 03/16/2022 ⊙ ■		5,000		5,000
0.203%, 04/07/2022 ⊙ ■		8,000		7,998
Mont Blanc Capital Corp
0.253%, 03/15/2022 ⊙ ■		4,000		4,000
Old Line Funding LLC
0.172%, 03/15/2022 ⊙ ■		5,000		5,000
0.230% (U.S. Federal
Funds Effective
Rate + 0.150%),
06/01/2022 ■ △		10,000		10,000
0.210% (U.S. Federal
Funds Effective
Rate + 0.130%),
07/18/2022 ■ △		5,000		5,000
Sheffield Receivables Co LLC
0.101%, 03/02/2022 ⊙ ■		5,000		5,000
0.132%, 03/04/2022 ⊙ ■		7,000		7,000
0.162%, 03/11/2022 ⊙ ■		6,200		6,200
0.213%, 04/01/2022 ⊙ ■		10,000		9,998
0.213%, 04/04/2022 ⊙ ■		10,000		9,998
Thunder Bay Funding LLC
0.264%, 04/19/2022 ⊙ ■		6,000		5,997
0.210% (U.S. Federal
Funds Effective
Rate + 0.130%),
07/18/2022 ■ △		5,000		5,000
0.220% (SOFR + 0.170%),
08/04/2022 ■ △		5,000		5,000
Total Asset Backed
Commercial Paper
(Cost $230,046)				230,036
Non-Negotiable
Time Deposits – 11.8%
Canadian Imperial Bank of
Commerce, Toronto Branch
0.060%, 03/01/2022		50,000		50,000

Institutional Prime Obligations Fund (cont.)  

DESCRIPTION	PAR		VALUE ✇
Cooperatieve Rabobank UA,
New York Branch
0.060%, 03/01/2022	$	60,000	$	60,000
Credit Agricole Corporate &
Investment Bank,
New York Branch
0.070%, 03/01/2022		55,000		55,000
Total Non-Negotiable
Time Deposits
(Cost $165,000)				165,000
Certificates of
Deposit – 6.4%
Bank of Montreal
0.180% (U.S. Federal
Funds Effective
Rate + 0.100%),
06/28/2022 △		5,000		4,999
Bank of Montreal/Chicago
0.190% (U.S. Federal
Funds Effective
Rate + 0.110%),
07/15/2022 △		5,000		4,999
Canadian Imperial Bank
of Commerce/NY
0.140% (U.S. Federal
Funds Effective
Rate + 0.060%),
04/28/2022 △		5,000		4,999
0.203% (1 Month
LIBOR USD + 0.090%),
08/03/2022 △		3,000		3,001
0.200% (SOFR + 0.150%),
08/08/2022 △		5,000		5,000
Cooperatieve Rabobank UA
0.160%, 04/26/2022		5,000		4,999
Mizuho Bank Ltd/NY
0.230%, 04/18/2022		10,000		10,000
Nordea Bank ABP/NY
0.200% (SOFR + 0.150%),
08/23/2022 △		5,000		4,998
Sumitomo Mitsui Trust/NY
0.070%, 03/01/2022		40,000		40,000
Westpac Banking Corp/NY
0.180% (SOFR + 0.130%),
09/02/2022 △		7,000		6,999
Total Certificates of Deposit
(Cost $89,999)				89,994

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

20 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Institutional Prime Obligations Fund (cont.)  

DESCRIPTION	PAR		VALUE ✇
Non-Financial Company
Commercial Paper – 6.1%
Nestle Finance International Ltd
0.061%, 03/01/2022 ⊙ ■	$	15,000	$	15,000
TotalEnergies Capital
Canada Ltd
0.152%, 03/01/2022 ⊙ ■		5,000		5,000
0.152%, 03/07/2022 ⊙ ■		15,000		15,000
0.112%, 03/15/2022 ⊙ ■		15,000		14,999
TotalEnergies Capital SA
0.101%, 03/03/2022 ⊙ ■		10,000		10,000
0.122%, 03/04/2022 ⊙		10,000		10,000
Toyota Credit/Puerto Rico
0.162%, 03/07/2022 ⊙		5,000		5,000
Toyota Finance Netherlands
0.182%, 03/10/2022 ⊙		10,000		10,000
Total Non-Financial
Company Commercial Paper
(Cost $84,998)				84,999
Variable Rate Demand
Notes # – 1.8%
Broward County, Florida,
Embraer Aircraft Holding Inc
Project, Series 2007B
(LOC: Citibank)
0.150%, 03/07/2022 ∅		5,500		5,500
Calcasieu Parish, Louisiana,
Public Transit Authority
Solid Waste Disposal,
Series 1997 (AMT)
(LOC: Bank of America)
0.270%, 03/07/2022 ∅		3,900		3,900
City of Philadelphia,
Pennsylvania, Airport
Revenue Refunding Bonds,
Series 2005C-1 (AMT)
(LOC: Wells Fargo Bank)
0.200%, 03/07/2022 ∅		10,000		10,000
Massachusetts Development
Finance Agency, Babson
College Issue, Series 2008B
LOC: Bank of America)
0.170%, 03/07/2022 ∅		6,435		6,435
Total Variable Rate
Demand Notes
(Cost $25,835)				25,835

Institutional Prime Obligations Fund (cont.)  

DESCRIPTION	PAR		VALUE ✇
Other Instrument – 0.4%
Bank of America NA
0.320% (U.S. Federal
Funds Effective
Rate + 0.240%),
01/03/2023 △
(Cost $5,000)	$	5,000	$	4,999
Other Repurchase
Agreements – 16.1%
Bank of America Securities Inc.
0.320% (OBFR + 0.250%),
dated 02/28/2022,
matures 04/04/2022,
repurchase price $10,003
(collateralized by
various securities:
Total market
value $10,500) △ ∞		10,000		10,000
BNP Paribas SA
0.160% (OBFR + 0.090%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $3,000
(collateralized by
various securities:
Total market
value $3,150) △		3,000		3,000
0.220% (OBFR + 0.150%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $38,000
(collateralized by
various securities:
Total market
value $39,901) △		38,000		38,000
0.390% (OBFR + 0.320%),
dated 02/28/2022,
matures 04/04/2022,
repurchase price $15,006
(collateralized by
various securities:
Total market
value $15,750) △ ∞		15,000		15,000
Credit Agricole Corporate &
Investment Bank
0.140%, dated 02/28/2022,
matures 03/01/2022,
repurchase price $10,000
(collateralized by
various securities:
Total market
value $10,500)		10,000		10,000

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 21

Schedule of Investments February 28, 2022 (unaudited), all dollars rounded to thousands (000 omitted)

Institutional Prime Obligations Fund (cont.)  

DESCRIPTION	PAR		VALUE ✇
HSBC Securities (USA) Inc.
0.170% (OBFR + 0.100%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $21,000
(collateralized by
various securities:
Total market
value $21,859) △	$	21,000	$	21,000
0.350% (SOFR + 0.300%),
dated 02/28/2022,
matures 04/30/2022,
repurchase price $5,003
(collateralized by
various securities:
Total market
value $5,251) △ ∞		5,000		5,000
ING Financial Markets LLC
0.170% (OBFR + 0.100%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $4,000
(collateralized by
various securities:
Total market
value $4,201) △		4,000		4,000
JP Morgan Securities, LLC
0.220%, (OBFR + 0.150%)
dated 02/28/2022,
matures 03/07/2022,
repurchase price $15,001
(collateralized by
various securities:
Total market
value $15,753) △		15,000		15,000
0.440% (1 Month LIBOR
USD + 0.270%),
dated 02/28/2022,
matures 04/04/2022,
repurchase price $15,006
(collateralized by
various securities:
Total market
value $15,754) △ ∞		15,000		15,000
MUFG Securities Americas Inc.
0.150% (OBFR + 0.080%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $3,000
(collateralized by
various securities:
Total market
value $3,150) △		3,000		3,000

Institutional Prime Obligations Fund (cont.)  

DESCRIPTION	PAR		VALUE ✇
0.150% (OBFR + 0.080%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $13,000
(collateralized by
various securities:
Total market
value $13,650) △	$	13,000	$	13,000
Societe Generale SA
0.250% (OBFR + 0.180%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $55,000
(collateralized by
various securities:
Total market
value $57,750) △		55,000		55,000
TD Securities (USA) LLC
0.140% (OBFR + 0.070%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $10,000
(collateralized by
various securities:
Total market
value $10,502) △		10,000		10,000
0.140% (OBFR + 0.070%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $9,000
(collateralized by
various securities:
Total market
value $9,450) △		9,000		9,000
Total Other Repurchase
Agreements
(Cost $226,000)				226,000
U.S. Treasury Repurchase
Agreements – 14.9%
Bank of Nova Scotia
0.050%, dated 02/28/2022,
matures 03/01/2022,
repurchase price $87,377
(collateralized by U.S.
Treasury obligations:
Total market
value $89,124)		87,377		87,377

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

22 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Institutional Prime Obligations Fund (cont.)  

DESCRIPTION	PAR		VALUE ✇
Credit Agricole Corporate &
Investment Bank
0.050%, dated 02/28/2022,
matures 03/01/2022,
repurchase price $120,840
(collateralized by U.S.
Treasury obligations:
Total market
value $123,257)	$	120,840	$	120,840
Total U.S. Treasury
Repurchase Agreements
(Cost $208,217)				208,217
Total Investments – 100.0%
(Cost $1,401,531)				1,401,460
Other Assets and
Liabilities, Net – 0.0%				33
Total Net Assets – 100.0%			$	1,401,493

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

⊙ Rate shown is the annualized yield as of February 28, 2022.

■ 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, 2022, the value of these investments was $586,419 or 41.8% of total net assets.

△ Variable Rate Security – The rate shown is the rate in effect as of February 28, 2022.

# Adjustable Rate Security – The rate is determined by the Remarketing Agent and resets periodically (daily, weekly, monthly, etc.).

∅ The maturity date shown represents the next put date.

∞ Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 28, 2022, the value of these investments was $45,000 or 3.2% of total net assets. See note 2 in Notes to Financial Statements.

Institutional Prime Obligations Fund (concl.) 

Investment Abbreviations: 

AMT	–	Alternative Minimum Tax. As of February 28, 2022, the total value of securities subject to AMT was $13,900 or 0.1% of total net assets.
LOC	–	Letter of Credit
LIBOR	–	London Interbank Offered Rate
OBFR	–	Overnight Bank Funding Rate
SOFR	–	Secured Overnight Financing Rate
USD	–	U.S. Dollar

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 23

Schedule of Investments	February 28, 2022 (unaudited),
	all dollars rounded to thousands (000 omitted)

Retail Prime Obligations Fund
DESCRIPTION	PAR		VALUE ✇
Financial Company Commercial Paper – 23.3%
Australia and New Zealand
Banking Group Ltd
0.203%, 03/11/2022 ⊙ ■	$	10,000	$	9,999
0.253%, 04/01/2022 ⊙ ■		10,000		9,998
Bank of America Securities Inc.
0.240% (U.S. Federal Funds Effective Rate + 0.160%), 11/17/2022 △		5,000		5,000
Bank of Montreal
0.220% (SOFR + 0.170%), 09/09/2022 △		10,000		10,000
Banque et Caisse
d’Epargne de l’Etat 0.142%, 03/14/2022 ⊙		5,000		5,000
Barclays Bank PLC 0.162%, 03/15/2022 ⊙ ■		10,000		9,999
CDP Financial Inc
1.400%, 03/08/2022 ⊙ ■		25,000		24,999
0.223%, 05/03/2022 ⊙ ■		10,000		9,996
0.203%, 05/09/2022 ⊙ ■		16,000		15,994
Commonwealth Bank/Australia
0.203%, 05/16/2022 ⊙ ■		15,000		14,994
0.160% (SOFR + 0.110%), 06/17/2022 ■ △		5,000		5,000
0.230% (SOFR + 0.180%), 08/25/2022 ■ △		10,000		10,000
ING (US) Funding LLC 0.203%, 03/14/2022 ⊙		20,000		19,999
Lloyds Bank PLC 0.133%, 03/14/2022 ⊙		35,000		34,998
Macquarie Bank Ltd 0.101%, 03/04/2022 ⊙ ■		8,000		8,000
Mizuho Bank Ltd/SG
0.101%, 03/03/2022 ⊙ ■		15,000		15,000
0.101%, 03/14/2022 ⊙ ■		15,000		14,999
0.238%, 04/08/2022 ⊙ ■		18,000		17,996
National Australia Bank Ltd 0.218%, 03/03/2022 ⊙ ■		15,000		15,000
0.150% (U.S. Federal Funds Effective Rate + 0.070%), 03/08/2022 ■ △		10,000		10,000
NRW.Bank
0.076%, 03/04/2022 ⊙ ■		30,000		30,000
0.162%, 04/19/2022 ⊙ ■		10,000		9,998
0.172%, 04/20/2022 ⊙ ■		10,000		9,997
Skandinaviska Enskilda Banken AB
0.152%, 03/03/2022 ⊙ ■		13,000		13,000
0.210%, 03/15/2022 ⊙ ■		30,000		29,998

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
0.233%, 04/07/2022 ⊙ ■	$	15,000	$	14,997
0.203%, 04/25/2022 ⊙ ■		15,000		14,995
0.223%, 05/16/2022 ⊙ ■		10,000		9,995
0.220% (SOFR + 0.170%), 09/09/2022 ■ △		10,000		10,000
Sumitomo Mitsui Banking 0.203%, 05/03/2022 ⊙ ■		10,000		9,996
Suncorp Metway Ltd
0.101%, 03/07/2022 ⊙ ■		6,150		6,150
0.203%, 03/28/2022 ⊙ ■		10,000		9,999
0.253%, 04/11/2022 ⊙ ■		2,000		1,999
0.233%, 04/13/2022 ⊙ ■		5,000		4,999
0.203%, 04/20/2022 ⊙ ■		7,000		6,998
0.218%, 04/27/2022 ⊙ ■		20,000		19,993
0.426%, 06/21/2022 ⊙ ■		10,000		9,987
Svenska Handelsbanken AB 0.266%, 06/02/2022 ⊙ ■		25,000		24,983
Swedbank 0.071%, 03/07/2022 ⊙		25,000		25,000
Toronto Dominion Bank 0.182%, 03/03/2022 ⊙ ■		6,000		6,000
0.130% (U.S. Federal Funds Effective Rate + 0.050%), 03/21/2022 ■ △		15,000		15,000
0.150% (U.S. Federal Funds Effective Rate + 0.070%), 04/27/2022 ■ △		5,000		5,000
0.180% (SOFR + 0.140%), 07/21/2022 ■ △		10,000		10,000
Westpac Banking Corp 0.243%, 05/06/2022 ⊙ ■		15,000		14,993
Total Financial Company Commercial Paper (Cost $581,048)				581,048
Asset Backed Commercial Paper – 17.4%
Autobahn Funding Co LLC
0.122%, 03/01/2022 ⊙ ■		15,000		15,000
0.122%, 03/14/2022 ⊙ ■		10,000		10,000
CAFCO LLC
0.203%, 04/01/2022 ⊙ ■		15,000		14,997
0.182%, 04/04/2022 ⊙ ■		18,000		17,997
Chariot Funding LLC 0.233%, 03/22/2022 ⊙ ■		15,000		14,998
Collateralized Commercial
Paper FLEX Co., LLC 0.233%, 03/25/2022 ⊙ ■		14,750		14,748
0.230% (SOFR + 0.180%), 09/08/2022 ■ △		15,000		15,000

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

24 FIRST AMERICAN FUNDS 2022 SEMIANNUAL  REPORT

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
Collateralized Commercial
Paper V Co., LLC
0.250% (SOFR + 0.200%), 09/19/2022 △	$	10,000	$	10,000
Fairway Finance Corp
0.152%, 03/15/2022 ⊙ ■		9,400		9,399
0.152%, 04/04/2022 ⊙ ■		10,000		9,999
0.253%, 04/18/2022 ⊙ ■		10,000		9,997
0.304%, 05/03/2022 ⊙ ■		10,000		9,995
0.203%, 05/05/2022 ⊙ ■		4,600		4,598
Longship Funding LLC
0.071%, 03/01/2022 ⊙ ■		45,000		45,000
0.081%, 03/03/2022 ⊙ ■		20,000		20,000
0.101%, 03/14/2022 ⊙ ■		25,000		24,999
Manhattan Asset Funding Co
0.223%, 03/16/2022 ⊙ ■		5,000		5,000
0.203%, 04/07/2022 ⊙ ■		13,000		12,997
Mont Blanc Capital Corp
0.166%, 03/15/2022 ⊙ ■		32,788		32,786
0.233%, 03/16/2022 ⊙ ■		10,000		9,999
Old Line Funding LLC
0.230% (U.S. Federal Funds Effective Rate + 0.150%), 06/01/2022 ■ △		10,000		10,000
0.210% (U.S. Federal Funds Effective Rate + 0.130%), 07/18/2022 ■ △		25,000		25,000
Sheffield Receivables Co LLC
0.132%, 03/04/2022 ⊙ ■		15,000		15,000
0.162%, 03/11/2022 ⊙ ■		15,000		14,999
0.213%, 04/01/2022 ⊙ ■		15,000		14,997
0.213%, 04/04/2022 ⊙ ■		20,000		19,996
Thunder Bay Funding LLC
0.210% (U.S. Federal Funds Effective Rate + 0.130%), 07/18/2022 ■ △		25,000		25,000
Total Asset Backed Commercial Paper (Cost $432,501)				432,501
Non-Negotiable Time Deposits – 12.2%
Canadian Imperial Bank of Commerce, Toronto Branch 0.060%, 03/01/2022		100,000		100,000
Cooperatieve Rabobank UA, New York Branch 0.060%, 03/01/2022		105,000		105,000

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
Credit Agricole Corporate & Investment Bank, New York Branch 0.070%, 03/01/2022	$	100,000	$	100,000
Total Non-Negotiable Time Deposits (Cost $305,000)				305,000
Certificates of Deposit – 7.3%
Bank of Montreal
0.180% (U.S. Federal Funds Effective Rate + 0.100%), 06/28/2022 △		10,000		10,000
Bank of Montreal/Chicago
0.190% (U.S. Federal Funds Effective Rate + 0.110%), 07/15/2022 △		20,000		20,000
Canadian Imperial Bank of Commerce/NY
0.140% (U.S. Federal Funds Effective Rate + 0.060%), 04/28/2022 △		5,000		5,000
0.203% (1 Month LIBOR USD + 0.090%), 08/03/2022 △		5,000		5,000
0.200% (SOFR + 0.150%), 08/08/2022 △		10,000		10,000
Cooperatieve Rabobank UA 0.160%, 04/26/2022		5,000		5,000
Cooperatieve Rabobank UA/NY
0.180% (SOFR + 0.130%), 06/16/2022 △		10,000		10,000
Mizuho Bank Ltd/NY 0.230%, 04/18/2022		25,000		25,000
Nordea Bank ABP/NY
0.200% (SOFR + 0.150%), 08/23/2022 △		15,000		15,000
Sumitomo Mitsui Trust/NY
0.070%, 03/01/2022		45,000		45,000
0.240%, 04/25/2022		15,000		15,000
Westpac Banking Corp/NY
0.180% (SOFR + 0.130%), 09/02/2022 △		18,000		17,997
Total Certificates
of Deposit (Cost $182,997)				182,997

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 25

Schedule of Investments	February 28, 2022 (unaudited),
	all dollars rounded to thousands (000 omitted)

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
Non-Financial Company Commercial Paper – 5.2%
TotalEnergies Capital Canada Ltd
0.152%, 03/01/2022 ⊙ ■	$	5,000	$	5,000
0.152%, 03/07/2022 ⊙ ■		15,000		15,000
0.112%, 03/15/2022 ⊙ ■		35,000		34,998
TotalEnergies Capital SA
0.101%, 03/03/2022 ⊙ ■		20,000		20,000
0.122%, 03/04/2022 ⊙ ■		35,000		35,000
Toyota Credit/Puerto Rico 0.162%, 03/07/2022 ⊙		5,000		5,000
Toyota Finance Netherlands 0.182%, 03/10/2022 ⊙		15,000		14,999
Total Non-Financial Company
Commercial Paper (Cost $129,997)				129,997
Variable Rate Demand Notes # – 3.3%
City of Minneapolis and
The Housing and Redevelopment Authority of The City of Saint Paul, Minnesota, Allina Health System, Series 2007C-1 (LOC: Wells Fargo Bank NA) 0.200%, 03/07/2022 ∅		6,875		6,875
City of Philadelphia,
Pennsylvania, Airport Revenue Refunding Bonds, Series 2005C-1 (AMT) (LOC: Wells Fargo Bank NA) 0.200%, 03/07/2022 ∅		5,000		5,000
Mayor and City Council of
Baltimore, Maryland, Baltimore City Parking System Facilities, Series 2008 (LOC: Bank of America) 0.150%, 03/07/2022 ∅		13,000		13,000
Montgomery County, Texas,
Multifamily Housing, Park at Woodline Townhomes, Series 2005 (AMT) (LOC: Citibank) 0.200%,03/07/2022 ∅		11,100		11,100
New Jersey Health Care
Facilities, Virtua Health Issue, Series 2004 (LOC: Wells Fargo Bank NA) 0.170%, 03/07/2022 ∅		27,215		27,215

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
New York City Industrial
Development Agency, 1997 Air Express International Corporation Project, Series 1997 (AMT) (LOC: Citibank) 0.260%, 03/07/2022 ∅	$	19,000	$	19,000
Total Variable Rate
Demand Notes (Cost $82,190)				82,190
Other Instrument – 0.6%
Bank of America NA
0.320% (U.S. Federal Funds Effective Rate + 0.240%), 01/03/2023 △ (Cost $15,000)		15,000		15,000
Other Repurchase Agreements – 16.6%
Bank of America Securities Inc.
0.320% (OBFR + 0.250%), dated 02/28/2022, matures 04/04/2022, repurchase price $25,008 (collateralized by various securities: Total market value $26,250) △ ∞		25,000		25,000
BNP Paribas SA
0.160% (OBFR + 0.090%), dated 02/28/2022, matures 03/01/2022, repurchase price $5,000 (collateralized by various securities: Total market value $5,250) △		5,000		5,000
0.220% (OBFR + 0.150%), dated 02/28/2022, matures 03/01/2022, repurchase price $72,000 (collateralized by various securities: Total market value $75,600) △		72,000		72,000

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

26 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
0.390% (OBFR + 0.320%),
dated 02/28/2022,
matures 04/04/2022,
repurchase price $25,009
(collateralized by
various securities:
Total market
value $26,250) △ ∞	$	25,000	$	25,000
Credit Agricole Corporate &
Investment Bank
0.140%, dated 02/28/2022,
matures 03/01/2022,
repurchase price $20,000
(collateralized by
various securities:
Total market
value $21,000)		20,000		20,000
HSBC Securities (USA) Inc.
0.170% (OBFR + 0.100%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $37,000
(collateralized by
various securities:
Total market
value $38,847) △		37,000		37,000
0.350% (SOFR + 0.300%),
dated 02/28/2022,
matures 04/30/2022,
repurchase price $7,004
(collateralized by
various securities:
Total market
value $7,206) △ ∞		7,000		7,000
ING Financial Markets LLC
0.170% (OBFR + 0.100%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $7,000
(collateralized by
various securities:
Total market
value $7,350) △		7,000		7,000
JP Morgan Securities, LLC
0.220% (OBFR + 0.150%),
dated 02/28/2022,
matures 03/07/2022,
repurchase price $20,001
(collateralized by
various securities:
Total market
value $21,004) △		20,000		20,000

Retail Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
0.440% (1 Month
LIBOR USD + 0.270%),
dated 02/28/2022,
matures 04/04/2022,
repurchase price $30,013
(collateralized by
various securities:
Total market
value $31,507) △ ∞	$	30,000	$	30,000
MUFG Securities Americas Inc.
0.150% (OBFR + 0.080%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $7,000
(collateralized by
various securities:
Total market
value $7,350) △		7,000		7,000
0.150% (OBFR + 0.080%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $23,000
(collateralized by
various securities:
Total market
value $24,150) △		23,000		23,000
Societe Generale SA
0.250% (OBFR + 0.180%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $103,001
(collateralized by
various securities:
Total market
value $108,150) △		103,000		103,000
TD Securities (USA) LLC
0.140% (OBFR + 0.070%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $17,000
(collateralized by
various securities:
Total market
value $17,851) △		17,000		17,000
0.144% (OBFR + 0.070%),
dated 02/28/2022,
matures 03/01/2022,
repurchase price $16,000
(collateralized by
various securities:
Total market
value $16,800) △		16,000		16,000
Total Other Repurchase
Agreements
(Cost $414,000)				414,000

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 27

Schedule of Investments February 28, 2022 (unaudited),
all dollars rounded to thousands (000 omitted)

Retail Prime Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
U.S. Treasury Repurchase
Agreements – 14.1%
Bank of Nova Scotia
0.050%, dated 02/28/2022,
matures 03/01/2022,
repurchase price $147,517
(collateralized by U.S.
Treasury obligations:
Total market
value $150,467)	$	147,517	$	147,517
Credit Agricole Corporate &
Investment Bank
0.050%, dated 02/28/2022,
matures 03/01/2022,
repurchase price $204,013
(collateralized by U.S.
Treasury obligations:
Total market
value $208,093)		204,012		204,012
Total U.S. Treasury
Repurchase Agreements
(Cost $351,529)				351,529
Total Investments – 100.0%
(Cost $2,494,262)				2,494,262
Other Assets and
Liabilities, Net – (0.0%)				(19	)
Total Net Assets – 100.0%			$	2,494,243

Retail Prime Obligations Fund (concl.)
✇	Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.
⊙	Rate shown is the annualized yield as of February 28, 2022.
■	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, 2022, the value of these investments was $1,013,550 or 40.6% of total net assets.
Δ	Variable Rate Security – The rate shown is the rate in effect as of February 28, 2022.
#	Adjustable Rate Security – The rate is determined by the Remarketing Agent and resets periodically (daily, weekly, monthly, etc.).
∅	The maturity date shown represents the next put date.
∞	Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 28, 2022, the value of these investments was $87,000 or 3.5% of total net assets. See note 2 in Notes to Financial Statements.

Investment Abbreviations:
AMT	–	Alternative Minimum Tax. As of February 28, 2022, the total value of securities subject to AMT was $35,100 or 1.4% of total net assets.
LOC	–	Letter of Credit
LIBOR	–	London Interbank Offered Rate
OBFR	–	Overnight Bank Funding Rate
SOFR	–	Secured Overnight Financing Rate
USD	–	U.S. Dollar

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

28 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Retail Tax Free Obligations Fund
DESCRIPTION	PAR		VALUE ✇
Variable Rate Demand
Notes # – 67.2%
Arizona – 0.8%
Arizona Industrial
Development Authority,
Phoenix Children’s Hospital,
Series 2019A (LOC:
JPMorgan Chase Bank)
0.060%, 03/01/2022 ∅	$	3,795	$	3,795
California – 5.4%
ABAG Finance Authority for
Nonprofit Corporations,
Sharp HealthCare,
Series 2009A
(LOC: Bank of America)
0.180%, 03/07/2022 ∅		7,060		7,060
ABAG Finance Authority for
Nonprofit Corporations,
Sharp HealthCare,
Series 2009C
(LOC: Citibank)
0.180%, 03/07/2022 ∅		13,035		13,035
ABAG Finance Authority for
Nonprofit Corporations,
Sharp HealthCare,
Series 2009D
(LOC: Citibank)
0.180%, 03/07/2022 ∅		5,125		5,125
Sacramento Suburban
Water District, Certificates
of Participation,
Series 2009A
(LOC: Sumitomo
Mitsui Banking)
0.160%, 03/07/2022 ∅		2,370		2,370
				27,590
Colorado – 0.7%
Colorado Educational and
Cultural Facilities Authority,
National Jewish Federation
Bond Program, Series A-12
(LOC: Bank of America)
0.060%, 03/01/2022 ∅		3,555		3,555
District of
Columbia – 0.5%
District of Columbia, The Pew
Charitable Trusts Issue,
Series 2008A
(LOC: PNC Bank)
0.190%, 03/07/2022 ∅		2,740		2,740

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
Florida – 6.2%
Halifax Hospital Medical Center,
Daytona Beach, Florida,
Series 2008 (LOC:
JPMorgan Chase Bank)
0.210%, 03/07/2022 ∅	$	16,790	$	16,790
Miami-Dade County, Florida,
Juvenile Courthouse
Project, Series 2003B
(LOC: TD Bank)
0.190%, 03/07/2022 ∅		8,340		8,340
Orange County Health
Facilities Authority, The
Nemours Foundation
Project, Series 2009B
(LOC: Northern
Trust Company)
0.190%, 03/07/2022 ∅		6,695		6,695
				31,825
Georgia – 2.8%
Macon Water Authority,
Tax-Exempt Adjustable
Mode Water & Sewer
Refunding and Improvement
Revenue Bonds,
Series 2018B
0.280%, 03/07/2022 ∅		14,520		14,520
Illinois – 13.4%
Illinois Education Facilities
Authority, Newberry
Library, Series 1988
(LOC: Northern
Trust Company)
0.240%, 03/07/2022 ∅		1,935		1,935
Illinois Finance Authority,
Elmhurst Memorial
Healthcare, Series 2008D
(LOC: Bank of America)
0.200%, 03/07/2022 ∅		5,000		5,000
Illinois Finance Authority,
Richard Driehaus
Foundation, Series 2005
(LOC: Northern
Trust Company)
0.240%, 03/07/2022 ∅		12,100		12,100
Illinois Finance Authority,
St. Ignatius College Prep
Project, Series 2006
(LOC: PNC Bank)
0.190%, 03/07/2022 ∅		10,800		10,800

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 29

Schedule of Investments February 28, 2022 (unaudited),
all dollars rounded to thousands (000 omitted)

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
Illinois Finance Authority,
Steppenwolf Theatre
Company Project,
Series 2019
(LOC: Northern
Trust Company)
0.210%, 03/07/2022 ∅	$	22,000	$	22,000
Illinois Finance Authority,
The Latin School of
Chicago Project,
Series 2005A
(LOC: JPMorgan
Chase Bank)
0.240%, 03/07/2022 ∅		6,990		6,990
Morton Grove, Illinois,
Cultural Facility, Holocaust
Museum & Education,
Series 2006
(LOC: Bank of America)
0.190%, 03/07/2022 ∅		4,235		4,235
University of Illinois Health
Services Facilities System
Revenue Bonds,
Series 1997B
(LOC: Wells Fargo Bank)
0.240%, 03/07/2022 ∅		5,700		5,700
				68,760
Indiana – 1.3%
Indiana Finance Authority,
Duke Energy Indiana, Inc.
Project, Series 2009A-5
(LOC: Sumitomo Mitsui
Banking Corp.)
0.100%, 03/01/2022 ∅		1,965		1,965
Indiana Finance Authority,
Parkview Health System
Obligated Group,
Series 2009C
(LOC: Sumitomo Mitsui
Banking Corp.)
0.190%, 03/07/2022 ∅		4,825		4,825
				6,790
Kentucky – 4.3%
Louisville/Jefferson County
Metro Government,
Norton Healthcare, Inc,
Series 2013C
(LOC: PNC Bank)
0.200%, 03/07/2022 ∅		19,840		19,840

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
Louisville/Jefferson County
Metro Government,
Norton Healthcare, Inc.,
Series 2011A
(LOC: PNC Bank)
0.180%, 03/07/2022 ∅	$	2,210	$	2,210
				22,050
Minnesota – 5.8%
City of Minneapolis and
The Housing and
Redevelopment Authority
of The City of Saint Paul,
Minnesota, Allina Health
System, Series 2007C-1
(LOC: Wells Fargo Bank)
0.200%, 03/07/2022 ∅		10,200		10,200
City of Minneapolis and
The Housing and
Redevelopment Authority
of The City of Saint Paul,
Minnesota, Allina Health
System, Series 2007C-2
(LOC: Wells Fargo Bank)
0.200%, 03/07/2022 ∅		1,435		1,435
City of Minneapolis and
The Housing and
Redevelopment Authority
of The City of Saint Paul,
Minnesota, Allina Health
System, Series 2009C
(LOC: Wells Fargo Bank)
0.200%, 03/07/2022 ∅		3,535		3,535
Minnesota Higher Education
Facilities Authority,
Macalester College,
Series Five-Q
0.270%, 03/07/2022 ∅		9,025		9,025
Minnesota Higher Education
Facilities Authority,
Macalester College,
Series Three-Z
0.270%, 03/07/2022 ∅		5,400		5,400
				29,595
Mississippi – 3.4%
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.
Project, Series 2007B
(GTD: Chevron Corp)
0.080%, 03/01/2022 ∅		5,570		5,570

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

30 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.
Project, Series 2007E
(GTD: Chevron Corp)
0.080%, 03/01/2022 ∅	$	120	$	120
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.
Project, Series 2010G
(GTD: Chevron Corp)
0.080%, 03/01/2022 ∅		9,325		9,325
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.
Project, Series 2010I
(GTD: Chevron Corp)
0.080%, 03/01/2022 ∅		600		600
Mississippi Business
Finance Corporation,
Chevron U.S.A. Inc.
Project, Series 2010K
(GTD: Chevron Corp)
0.080%, 03/01/2022 ∅		2,000		2,000
				17,615
Nevada – 0.9%
Clark County, Nevada, Airport
System Subordinate
Lien Revenue Bonds,
Series 2008D-3
(LOC: Bank of America)
0.200%, 03/07/2022 ∅		4,550		4,550
New Jersey – 1.4%
Essex County
Improvement Authority
(LOC: Wells Fargo Bank)
0.190%, 03/07/2022 ∅		7,000		7,000
Tennessee – 0.5%
The Public Building Authority
of Sevier County, Tennessee,
Revenue Program B,
Series 2010V-C-1
(GTD: FHLB)
0.220%, 03/07/2022 ∅		2,750		2,750

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
Texas – 5.4%
City of Houston, Texas,
Combined Utility System,
Series 2004B-6
(LOC: Sumitomo Mitsui
Banking Corp.)
0.200%, 03/07/2022 ∅	$	17,165	$	17,165
Lower Neches Valley
Authority, ExxonMobil
Project, Series 2001A
(GTD: Exxon Mobil Corp)
0.080%, 03/01/2022 ∅		2,150		2,150
Lower Neches Valley
Authority, ExxonMobil
Project, Series 2012
(GTD: Exxon Mobil Corp)
0.090%, 03/01/2022 ∅		8,225		8,225
				27,540
Vermont – 3.7%
Vermont Educational and
Health Buildings
Financing Agency,
Fletcher Allen Health Care
Project, Series 2004B
(LOC: TD Bank)
0.180%, 03/07/2022 ∅		18,650		18,650
Virginia – 6.0%
Industrial Development
Authority of Loudoun
County, Virginia, Howard
Hughes Medical Institute
Issue, Series 2003E
0.190%, 03/07/2022 ∅		17,415		17,415
Industrial Development
Authority of Loudoun
County, Virginia, Howard
Hughes Medical Institute
Issue, Series 2003F
0.190%, 03/07/2022 ∅		6,005		6,005
Portsmouth Redevelopment
& Housing Authority,
Phoebus Square Apartments,
Series 2008
(GTD: FHLMC)
0.210%, 03/07/2022 ∅		7,200		7,200
				30,620

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 31

Schedule of Investments February 28, 2022 (unaudited),
all dollars rounded to thousands (000 omitted)

Retail Tax Free Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
Washington – 4.7%
Port of Tacoma, Subordinate Lien Revenue Bonds, Series 2008B (LOC: Bank of America) 0.190%, 03/07/2022 Ø	$	20,000	$	20,000
Washington State Housing Finance Commission, Living Care Centers Project, Series 2000 (LOC: Wells Fargo Bank) 0.210%, 03/07/2022 Ø		4,125		4,125
				24,125
Total Variable Rate Demand Notes (Cost $344,070)				344,070
Non-Financial Company Commercial Paper – 19.6%
California Educational Facilities Authority, Stanford University, Series S-3 0.120%, 05/12/2022		19,500		19,500
Montgomery County, Maryland 0.100%, 03/01/2022		4,000		4,000
Texas A&M University 0.140%, 06/02/2022		20,000		20,000
Texas Technical University 0.200%, 04/04/2022		3,858		3,858
University of Michigan 0.200%, 03/17/2022		17,550		17,550
University of Minnesota 0.110%, 03/03/2022		3,800		3,800
0.110%, 03/03/2022		11,977		11,977
University of Texas System 0.120%, 03/03/2022		10,000		10,000
0.290%, 04/06/2022		10,000		10,000
Total Non-Financial Company Commercial Paper (Cost $100,685)				100,685
Other Municipal Securities – 13.1%
Charleston County School District, South Carolina, Series 2021A 2.000%, 03/01/2022		18,315		18,315

Retail Tax Free Obligations Fund (concl.)
DESCRIPTION	PAR		VALUE ✇
County Square Redevelopment Corporation, Greenville County, South Carolina Project, Series 2021 2.000%, 03/03/2022	$	4,000	$	4,001
Enlarged City School District of the City of Saratoga Springs, Saratoga County, New York, Series 2021 1.250%, 06/30/2022		8,597		8,622
Hyde Park Central School District, Dutchess County, New York, Series 2021 1.250%, 06/17/2022		10,000		10,026
Town of Plainville, Connecticut, General Obligation Bond Anticipation Notes 1.500%, 08/16/2022		7,000		7,038
Town of South Windsor, Connecticut 2.250%, 02/10/2023		11,000		11,160
Williamsville Central School District, Erie County, New York, Series 2021 1.000%, 06/08/2022		7,782		7,796
Total Other Municipal Securities (Cost $66,958)				66,958
Total Investments – 99.9% (Cost $511,713)				511,713
Other Assets and Liabilities, Net – 0.1%				540
Total Net Assets – 100.0%			$	512,253

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

# Adjustable Rate Security – The rate is determined by the Remarketing Agent and resets periodically (daily, weekly, monthly, etc.).

Ø The maturity date shown represents the next put date.

Investment Abbreviations:
FHLB	–	Federal Home Loan Bank
FHLMC	–	Federal Home Loan Mortgage Association
GTD	–	Guaranteed
LOC	–	Letter of Credit

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

32 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

Treasury Obligations Fund
DESCRIPTION	PAR		VALUE ✇
U.S. Treasury Debt – 40.4%
U.S. Treasury Bills ⊙
0.037%, 03/01/2022	$	400,000	$	400,000
0.051%, 03/08/2022		675,000		674,993
0.058%, 03/10/2022		225,000		224,997
0.054%, 03/15/2022		450,000		449,991
0.059%, 03/17/2022		225,000		224,994
0.062%, 03/24/2022		225,000		224,991
0.063%, 03/29/2022		225,000		224,989
0.118%, 04/14/2022		225,000		224,968
0.253%, 04/19/2022		150,000		149,949
0.058%, 04/26/2022		110,000		109,959
0.153%, 05/10/2022		275,000		274,919
0.093%, 05/19/2022		50,000		49,990
0.064%, 05/26/2022		75,000		74,989
0.089%, 06/02/2022		300,000		299,932
0.486%, 06/14/2022		110,000		109,846
0.163%, 06/23/2022		250,000		249,873
0.207%, 06/30/2022		150,000		149,897
0.101%, 08/11/2022		300,000		299,864
0.765%, 08/18/2022		116,000		115,587
0.133%, 09/08/2022		450,000		449,688
0.097%, 10/06/2022		375,000		374,782
0.153%, 11/03/2022		250,000		249,741
0.206%, 12/01/2022		150,000		149,768
U.S. Treasury Notes
0.494% (3 Month U.S. Treasury Money Market Yield + 0.114%), 04/30/2022 △		690,000		690,050
0.435% (3 Month U.S. Treasury Money Market Yield + 0.055%), 07/31/2022 △		640,000		639,999
0.125%, 08/31/2022		40,000		40,009
1.500%, 09/15/2022		50,000		50,336
0.435% (3 Month U.S. Treasury Money Market Yield + 0.055%), 10/31/2022 △		765,000		765,015
0.125%, 11/30/2022		60,000		59,902
0.429% (3 Month U.S. Treasury Money Market Yield + 0.049%), 01/31/2023 △		850,000		850,097
0.414% (3 Month U.S. Treasury Money Market Yield + 0.034%), 04/30/2023 △		350,000		350,021
0.409% (3 Month U.S. Treasury Money Market Yield + 0.029%), 07/31/2023 △		675,000		675,046

Treasury Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
0.415% (3 Month U.S. Treasury Money Market Yield + 0.035%), 10/31/2023 △	$	550,000	$	550,039
0.425% (3 Month U.S. Treasury Money Market Yield - 0.015%), 01/31/2024 △		405,000		404,996
Total U.S. Treasury Debt (Cost $10,834,217)				10,834,217
U.S. Treasury Repurchase Agreements – 60.0%
Bank of America Securities Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
Bank of Montreal
0.055%, dated 02/01/2022, matures 03/01/2022, repurchase price $100,004 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
Bank of Nova Scotia
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $400,351 (collateralized by U.S. Treasury obligations: Total market value $408,357)		400,350		400,350
Barclays Capital Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $500,001 (collateralized by U.S. Treasury obligations: Total market value $510,000)		500,000		500,000
BNP Paribas SA
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $500,001 (collateralized by U.S. Treasury obligations: Total market value $510,000)		500,000		500,000

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 33

Schedule of Investments February 28, 2022 (unaudited),
all dollars rounded to thousands (000 omitted)

Treasury Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,000)	$	100,000	$	100,000
0.050%, dated 02/18/2022, matures 03/07/2022, repurchase price $740,017 (collateralized by U.S. Treasury obligations: Total market value $754,800) Ø		740,000		740,000
0.130%, dated 01/05/2022, matures 03/07/2022, repurchase price $150,033 (collateralized by U.S. Treasury obligations: Total market value $153,000) Ø		150,000		150,000
0.130%, dated 01/05/2022, matures 03/07/2022, repurchase price $150,033 (collateralized by U.S. Treasury obligations: Total market value $153,000) Ø		150,000		150,000
Canadian Imperial Bank of Commerce
0.055%, dated 02/11/2022, matures 03/07/2022, repurchase price $150,006 (collateralized by U.S. Treasury obligations: Total market value $153,004) Ø		150,000		150,000
0.055%, dated 02/16/2022, matures 03/07/2022, repurchase price $125,004 (collateralized by U.S. Treasury obligations: Total market value $127,503) Ø		125,000		125,000
0.055%, dated 01/25/2022, matures 03/07/2022, repurchase price $450,028 (collateralized by U.S. Treasury obligations: Total market value $459,025) Ø		450,000		450,000

Treasury Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
Credit Agricole Corporate & Investment Bank
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $553,676 (collateralized by U.S. Treasury obligations: Total market value $564,749)	$	553,676	$	553,676
Federal Reserve Bank of New York
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $4,675,006 (collateralized by U.S. Treasury obligations: Total market value $4,675,007)		4,675,000		4,675,000
Fixed Income Clearing Corp
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $300,000 (collateralized by U.S. Treasury obligations: Total market value $306,022)		300,000		300,000
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $400,001  (collateralized by U.S. Treasury obligations: Total market value $408,000)		400,000		400,000
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $2,000,003 (collateralized by U.S. Treasury obligations: Total market value $2,040,000)		2,000,000		2,000,000
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $3,000,004 (collateralized by U.S. Treasury obligations: Total market value $3,060,000)		3,000,000		3,000,000
0.055%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,134)		100,000		100,000

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

34 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

Treasury Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
HSBC Securities (USA) Inc.
0.045%, dated 02/28/2022, matures 03/01/2022, repurchase price $150,000 (collateralized by U.S. Treasury obligations: Total market value $153,000)	$	150,000	$	150,000
ING Financial Markets LLC
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $300,000 (collateralized by U.S. Treasury obligations: Total market value $306,000)		300,000		300,000
0.050%, dated 02/22/2022, matures 03/01/2022, repurchase price $50,000 (collateralized by U.S. Treasury obligations: Total market value $51,000)		50,000		50,000
0.050%, dated 02/25/2022, matures 03/04/2022, repurchase price $50,000 (collateralized by U.S. Treasury obligations: Total market value $51,000)		50,000		50,000
0.050%, dated 02/28/2022, matures 03/07/2022, repurchase price $50,000 (collateralized by U.S. Treasury obligations: Total market value $51,000)		50,000		50,000
MUFG Securities Americas Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
MUFG Securities Canada Ltd.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $100,000 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000

Treasury Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE ✇
0.050%, dated 02/22/2022, matures 03/01/2022, repurchase price $100,001 (collateralized by U.S. Treasury obligations: Total market value $102,001)	$	100,000	$	100,000
0.050%, dated 02/28/2022, matures 03/07/2022, repurchase price $100,001 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
RBC Dominion Securities Inc.
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $200,000 (collateralized by U.S. Treasury obligations: Total market value $204,000)		200,000		200,000
0.050%, dated 02/07/2022, matures 03/07/2022, repurchase price $150,006 (collateralized by U.S. Treasury obligations: Total market value $153,000)		150,000		150,000
Societe Generale SA
0.050%, dated 02/28/2022, matures 03/01/2022, repurchase price $150,000 (collateralized by U.S. Treasury obligations: Total market value $153,000)		150,000		150,000
0.050%, dated 02/22/2022, matures 03/01/2022, repurchase price $100,001 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
Total U.S. Treasury Repurchase Agreements (Cost $16,094,026)				16,094,026
Total Investments – 100.4% (Cost $26,928,243)				26,928,243
Other Assets and Liabilities, Net – (0.4)%				(110,271	)
Total Net Assets – 100.0%			$	26,817,972

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 35

Schedule of Investments	February 28, 2022 (unaudited),
	all dollars rounded to thousands (000 omitted)

Treasury Obligations Fund (concl.)

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

⊙ Rate shown is the annualized yield as of February 28, 2022.

∆ Variable Rate Security – The rate shown is the rate in effect as of February 28, 2022.

Ø The maturity date shown represents the next put date.

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

36 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

U.S. Treasury Money Market Fund

DESCRIPTION	PAR		VALUE ✇
U.S. Treasury Debt – 106.6%
U.S. Treasury Bills ⊙
0.036%, 03/01/2022	$	326,273	$	326,273
0.044%, 03/03/2022		176,202		176,201
0.047%, 03/08/2022		353,459		353,456
0.037%, 03/10/2022		157,059		157,057
0.038%, 03/15/2022		698,985		698,975
0.036%, 03/17/2022		379,774		379,768
0.068%, 03/22/2022		538,172		538,151
0.063%, 03/24/2022		145,190		145,184
0.041%, 03/29/2022		425,000		424,972
0.063%, 03/31/2022		160,000		159,992
0.076%, 04/05/2022		183,171		183,158
0.091%, 04/07/2022		55,761		55,756
0.170%, 04/19/2022		217,522		217,472
0.061%, 04/21/2022		36,740		36,737
0.041%, 04/26/2022		79,797		79,783
0.058%, 04/28/2022		44,588		44,584
0.152%, 05/10/2022		25,000		24,993
0.287%, 05/12/2022		100,000		99,943
0.385%, 05/19/2022		13,868		13,856
0.489%, 06/14/2022		35,000		34,951
0.472%, 08/04/2022		20,000		19,960
0.765%, 08/18/2022		25,000		24,911
U.S. Treasury Notes
0.494% (3 Month U.S. Treasury Money Market Yield + 0.114%), 04/30/2022 Δ		198,347		198,371
0.435% (3 Month U.S. Treasury Money Market Yield + 0.055%), 07/31/2022 Δ		135,383		135,398
0.435% (3 Month U.S. Treasury Money Market Yield + 0.055%), 10/31/2022 Δ		63,906		63,908
0.429% (3 Month U.S. Treasury Money Market Yield + 0.049%), 01/31/2023 Δ		71,810		71,822
0.414% (3 Month U.S. Treasury Money Market Yield + 0.034%), 04/30/2023 Δ		80,194		80,198
0.409% (3 Month U.S. Treasury Money Market Yield + 0.029%), 07/31/2023 Δ		29,371		29,372

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

DESCRIPTION	PAR		VALUE ✇
0.415% (3 Month U.S. Treasury Money Market Yield + 0.035%), 10/31/2023 Δ	$	25,000	$	25,004
0.425% (3 Month U.S. Treasury Money Market Yield – 0.015%), 01/31/2024 Δ		40,000		40,013
Total U.S. Treasury Debt
(Cost $4,840,219)				4,840,219
Total Investments – 106.6%
(Cost $4,840,219)				4,840,219
Other Assets and Liabilities, Net – (6.6)%				(299,968	)
Total Net Assets – 100.0%			$	4,540,251

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

⊙ Rate shown is the annualized yield as of February 28, 2022.

Δ Variable Rate Security – The rate shown is the rate in effect as of February 28, 2022.

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 37

Statements of Assets and Liabilities	February 28, 2022 (unaudited), all dollars are rounded
	to thousands (000), except per share data

	Government Obligations Fund (as restated, note 10)			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	$	30,987,623		$	967,314		$	1,728,733	$	511,713		$	10,834,217		$	4,840,219
Repurchase agreements, at cost		59,447,729			434,217			765,529		—			16,094,026			—
ASSETS:
Investments, in securities, at value	$	30,987,623		$	967,243		$	1,728,733	$	511,713		$	10,834,217		$	4,840,219
Repurchase agreements, at value		59,447,729			434,217			765,529		—			16,094,026			—
Cash		297,393			1			1		9			—			9
Receivable for interest		8,428			36			85		519			2,025			207
Receivable for capital shares sold		2,912			—			1		—			—			7
Prepaid directors’ retainer		72			14			13		14			38			17
Prepaid expenses and other assets		1,642			141			208		76			331			149
Total assets		90,745,799			1,401,652			2,494,570		512,331			26,930,637			4,840,608
LIABILITIES:
Over-issued shares (notes 9 & 10)		1,224,313			—			—		—			—			—
Dividends payable		1,347			37			12		2			214			17
Distributions payable to holders of over-issued shares (notes 9 & 10)		25			—			—		—			—			—
Payable for investments purchased		576,859			—			—		—			109,959			299,976
Payable to affiliates (note 3)		4,218			101			272		45			2,441			343
Payable for capital shares redeemed		97			—			19		—			15			—
Accrued expenses and other liabilities		160			21			24		31			36			21
Total liabilities		1,807,019			159			327		78			112,665			300,357
Net assets	$	88,938,780		$	1,401,493		$	2,494,243	$	512,253		$	26,817,972		$	4,540,251
COMPOSITION OF NET ASSETS:
Portfolio capital	$	88,938,816		$	1,401,564		$	2,494,243	$	512,269		$	26,817,995		$	4,540,287
Total distributable earnings (losses)		(36	)		(71	)		—		(16	)		(23	)		(36	)
Net assets	$	88,938,780		$	1,401,493		$	2,494,243	$	512,253		$	26,817,972		$	4,540,251
Class A:
Net assets	$	469,840		$	—		$	319,243	$	40,318		$	151,056		$	35,640
Shares issued and outstanding ($0.01 par value – 5 billion authorized per fund**)		469,839			—			319,243		40,317			151,060			35,631
Net asset value, offering price and redemption price per share	$	1.00		$	—		$	1.00	$	1.00		$	1.00		$	1.00
Class D:
Net assets	$	4,957,220		$	—		$	—	$	—		$	1,924,911		$	98,848
Shares issued and outstanding ($0.01 par value – 20 billion authorized per fund)		4,957,205			—			—		—			1,924,929			98,847
Net asset value, offering price and redemption price per share	$	1.00		$	—		$	—	$	—		$	1.00		$	1.00

38 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

	Government Obligations Fund (as restated, note 10)		Institutional Prime Obligations Fund*		Retail Prime Obligations Fund		Retail Tax Free Obligations Fund		Treasury Obligations Fund		U.S. Treasury Money Market Fund
Class P:
Net assets	$	1,255,247	$	—	$	—	$	—	$	1,522,861	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		1,255,246		—		—		—		1,522,860		—
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	—	$	—	$	1.00	$	—
Class T:
Net assets	$	1,359,218	$	56,072	$	1,661,716	$	398,703	$	460,739	$	95,148
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund***)		1,359,222		56,074		1,661,718		398,708		460,739		95,156
Net asset value, offering price and redemption price per share	$	1.00	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00
Class U:
Net assets	$	4,418,105	$	—	$	—	$	—	$	—	$	—
Shares issued and outstanding
($0.01 par value - 20 billion authorized)		4,418,090		—		—		—		—		—
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	—	$	—	$	—	$	—
Class V:
Net assets	$	2,217,254	$	36,147	$	22,473	$	4,338	$	606,548	$	161,250
Shares issued and outstanding
($0.01 par value - 20 billion authorized per fund)		2,217,240		36,147		22,473		4,338		606,553		161,243
Net asset value, offering price and redemption price per share	$	1.00	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00
Class X:
Net assets	$	28,252,995	$	—	$	11,005	$	—	$	5,839,400	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund****)		28,252,989		—		11,005		—		5,839,402		—
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	1.00	$	—	$	1.00	$	—
Class Y:
Net assets	$	10,102,921	$	254,857	$	2,493	$	15,744	$	2,787,568	$	695,465
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		10,102,852		254,855		2,491		15,737		2,787,600		695,398
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	$	35,905,980	$	1,054,417	$	477,313	$	53,150	$	13,524,889	$	3,453,900
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund*****)		35,905,888		1,054,501		477,313		53,148		13,524,942		3,453,926
Net asset value, offering price and redemption price per share	$	1.00	$	0.9999	$	1.00	$	1.00	$	1.00	$	1.00

*  The fund is required to round its current net asset value per share to a minimum of the 4th decimal place.

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

***  5 billion shares were authorized for Institutional Prime Obligations Fund.

****  100 billion shares were authorized for Government Obligations Fund.

*****  100 billion shares were authorized for Government Obligations Fund and Treasury Obligations Fund.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 39

Statements of Operations	For the six-month period ended February 28, 2022 (unaudited),
	all dollars are rounded to thousands (000)

Government Obligations Fund (as restated, note 10)				Institutional Prime Obligations Fund			Retail Prime Obligations Fund
INVESTMENT INCOME
Interest income	$	29,879		$	920		$	1,665
Total investment income		29,879			920			1,665
EXPENSES (note 1 and note 3 ) :
Investment advisory fees		44,503			697			1,171
Administration fees and expenses		40,904			671			1,166
Transfer agent fees and expenses		348			23			41
Custodian fees		1,675			26			44
Legal fees		58			12			12
Audit fees		72			15			15
Registration fees		1,060			61			62
Postage and printing fees		43			9			10
Directors’ fees		238			47			48
Distributions to holders of over-issued shares (notes 9 & 10)		527			—			—
Other expenses		331			75			52
Distribution and shareholder servicing (12b-1) fees:
Class A		473			—			421
Class D		3,324			—			—
Shareholder servicing (non 12b-1) fees:
Class A		473			—			421
Class D		5,540			—			—
Class T		1,299			62			1,525
Class V		1,146			21			11
Class Y		12,260			297			4
Total expenses		114,274			2,016			5,003
Less: Fee waivers (note 3)		(92,484	)		(1,348	)		(3,408	)
Total net expenses		21,790			668			1,595
Investment income – net		8,089			252			70
Net gain (loss) on investments		(82	)		—			5
Net change in unrealized appreciation (depreciation) on investments		—			(82	)		—
Net increase in net assets resulting from operations	$	8,007		$	170		$	75

40 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

	Retail Tax Free Obligations Fund			Treasury Obligations Fund			U.S. Treasury Money Market Fund
INVESTMENT INCOME :
Interest income	$	215		$	11,008		$	1,390
Total investment income		215			11,008			1,390
EXPENSES (note 1 and note 3):
Investment advisory fees		250			14,448			2,225
Administration fees and expenses		249			13,299			2,058
Transfer agent fees and expenses		21			131			38
Custodian fees		9			544			84
Legal fees		11			25			13
Audit fees		14			32			16
Registration fees		54			187			89
Postage and printing fees		9			19			10
Directors’ fees		45			105			52
Other expenses		46			149			77
Distribution and shareholder servicing (12b-1) fees:
Class A		51			216			55
Class D		—			1,449			98
Shareholder servicing (non 12b-1) fees:
Class A		51			216			55
Class D		—			2,415			163
Class T		386			425			95
Class V		8			473			75
Class Y		21			3,627			930
Total expenses		1,225			37,760			6,133
Less: Fee waivers (note 3)		(1,025	)		(28,178	)		(4,842	)
Total net expenses		200			9,582			1,291
Investment income – net		15			1,426			99
Net gain (loss) on investments		—			(23	)		(55	)
Net change in unrealized appreciation (depreciation) on investments		—			—			—
Net increase in net assets resulting from operations	$	15		$	1,403		$	44

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 41

Statements of Changes in Net Assets all dollars are rounded to thousands (000)

	Government Obligations Fund						Institutional Prime Obligations Fund						Retail Prime Obligations Fund
	Six-Month Period Ended 2/28/2022 (unaudited) (as restated, note 10)			Year Ended 8/31/2021 (as restated, note 10)			Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021			Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021
OPERATIONS:
Investment income – net	$	8,089		$	16,666		$	252		$	449		$	70		$	205
Net realized gain (loss) on investments		(82	)		292			—			1			5			4
Net change in unrealized appreciation (depreciation) on investments		—			—			(82	)		(206	)		—			—
Net increase in net assets resulting from operations		8,007			16,958			170			244			75			209
DISTRIBUTIONS TO SHARE HOLDERS (note1):
Class A		(13	)		(17	)		—			—			(11	)		(22	)
Class D		(150	)		(218	)		—			—			—			—
Class P		(117	)		(782	)		—			—			—			—
Class T		(44	)		(69	)		(2	)		(4	)		(53	)		(71	)
Class U		(651	)		(1,986	)		—			—			—			—
Class V		(178	)		(128	)		(1	)		(2	)		(1	)		(2	)
Class X		(3,408	)		(7,455	)		—			—			(1	)		(14	)
Class Y		(329	)		(577	)		(7	)		(15	)		—			(15	)
Class Z		(3,531	)		(5,528	)		(242	)		(428	)		(15	)		(81	)
Total distributions		(8,421	)		(16,760	)		(252	)		(449	)		(81	)		(205	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1):1
Class A:
Proceeds from sales		703,675			834,676			—			—			73,665			171,730
Reinvestment of distributions		3			3			—			—			9			17
Payments for redemptions		(532,804	)		(807,534	)		—			—			(112,680	)		(280,785	)
Increase (decrease) in net assets from Class A transactions		170,874			27,145			—			—			(39,006	)		(109,038	)
Class D:
Proceeds from sales		3,271,224			7,990,995			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(2,847,812	)		(6,930,505	)		—			—			—			—
Increase in net assets from Class D transactions		423,412			1,060,490			—			—			—			—
Class P:
Proceeds from sales		3,062,252			16,313,129			—			—			—			—
Reinvestment of distributions		13			166			—			—			—			—
Payments for redemptions		(2,892,114	)		(16,123,221	)		—			—			—			—
Increase in net assets from Class P transactions		170,151			190,074			—			—			—			—

42 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

	Government Obligations Fund						Institutional Prime Obligations Fund						Retail Prime Obligations Fund
	Six-Month Period Ended 2/28/2022 (unaudited) (as restated, note 10)			Year Ended 8/31/2021 (as restated, note 10)			Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021			Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021
Class T:
Proceeds from sales	$	1,095,286		$	2,965,775		$	145,640		$	289,436		$	1,484,797		$	2,662,050
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(996,765	)		(1,705,074	)		(154,452	)		(288,702	)		(1,204,001	)		(1,281,135	)
Increase (decrease) in net assets from Class T transactions		98,521			1,260,701			(8,812	)		734			280,796			1,380,915
Class U:
Proceeds from sales		17,157,439			34,404,817			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(19,134,200	)		(32,911,213	)		—			—			—			—
Increase (decrease) in net assets from Class U transactions		(1,976,761	)		1,493,604			—			—			—			—
Class V:
Proceeds from sales		3,524,826			8,122,385			29,054			85,889			20,643			42,386
Reinvestment of distributions		1			4			—			—			—			—
Payments for redemptions		(3,445,555	)		(8,020,569	)		(38,777	)		(67,568	)		(18,490	)		(51,515	)
Increase (decrease) in net assets from Class V transactions		79,272			101,820			(9,723	)		18,321			2,153			(9,129	)
Class X:
Proceeds from sales		90,406,082			37,935,790			—			—			9,392			33,730
Reinvestment of distributions		1,304			3,276			—			—			—			5
Payments for redemptions		(82,154,180	)		(36,929,199	)		—			—			(20,893	)		(42,821	)
Increase (decrease) in net assets from Class X transactions		8,253,206			1,009,867			—			—			(11,501	)		(9,086	)
Class Y:
Proceeds from sales		12,831,277			26,698,635			487,319			907,602			4,547			207,413
Reinvestment of distributions		24			44			—			—			—			—
Payments for redemptions		(11,760,740	)		(27,803,695	)		(452,835	)		(1,004,466	)		(8,060	)		(1,643,879	)
Increase (decrease) in net assets from Class Y transactions		1,070,561			(1,105,016	)		34,484			(96,864	)		(3,513	)		(1,436,466	)
Class Z:
Proceeds from sales		126,535,265			374,601			1,997,878			3,871,396			521,770			994,246
Fund merger (note 8)		1,272,858			—			—			—			—			—
Reinvestment of distributions		329			415			31			19			4			25
Payments for redemptions		(111,902,564	)		(374,967	)		(2,035,929	)		(3,437,867	)		(465,726	)		(1,146,247	)
Increase (decrease) in net assets from Class Z transactions		15,905,888			49			(38,020	)		433,548			56,048			(151,976	)
Increase (decrease) in net assets from capital share transactions		24,195,124			4,038,734			(22,071	)		355,739			284,977			(334,780	)
Total increase (decrease) in net assets		24,194,710			4,038,932			(22,153	)		355,534			284,971			(334,776	)
Net assets at beginning of the period		64,744,070			60,705,138			1,423,646			1,068,112			2,209,272			2,544,048
Net assets at end of the period	$	88,938,780		$	64,744,070		$	1,401,493		$	1,423,646		$	2,494,243		$	2,209,272

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

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 43

Statements of Changes in Net Assets all dollars are rounded to thousands (000)

	Retail Tax Free Obligations Fund						Treasury Obligations Fund						U.S. Treasury Money Market Fund
	Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021			Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021			Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021
OPERATIONS:
Investment income – net	$	15		$	30		$	1,426		$	6,554		$	99		$	150
Net realized gain (loss) on investments		—			—			(23	)		80			(55	)		22
Net change in unrealized appreciation (depreciation) on investments		—			—			—			—			—			—-
Net increase in net assets resulting from operations		15			30			1,403			6,634			44			172
DISTRIBUTIONS TO SHAREHOLDERS (note1):
Class A		(1	)		(3	)		(5	)		(11	)		—			(3	)
Class D		—			—			(58	)		(104	)		(1	)		(7	)
Class P		—			—			(112	)		(561	)		—			—
Class T		(16	)		(19	)		(13	)		(22	)		(1	)		(6	)
Class V		(1	)		(1	)		(28	)		(47	)		(1	)		(10	)
Class X		—			—			(451	)		(2,851	)		—			—
Class Y		(1	)		(5	)		(87	)		(161	)		(6	)		(40	)
Class Z		(2	)		(2	)		(675	)		(2,797	)		(126	)		(319	)
Total distributions		(21	)		(30	)		(1,429	)		(6,554	)		(135	)		(385	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1):
Class A:
Proceeds from sales		28,341			44,040			134,006			382,982			18,461			106,809
Reinvestment of distributions		—			—			—			1			—			—
Payments for redemptions		(29,417	)		(65,908	)		(183,700	)		(357,806	)		(38,048	)		(88,822	)
Increase (decrease) in net assets from Class A transactions		(1,076	)		(21,868	)		(49,694	)		25,177			(19,587	)		17,987
Class D:
Proceeds from sales		—			—			1,616,000			2,787,790			345,099			442,021
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		—			—			(1,659,171	)		(2,848,514	)		(335,446	)		(416,944	)
Increase (decrease) in net assets from Class D transactions		—			—			(43,171	)		(60,724	)		9,653			25,077
Class P:
Proceeds from sales		—			—			3,125,000			10,460,285			—			—
Reinvestment of distributions		—			—			109			414			—			—
Payments for redemptions		—			—			(4,114,070	)		(8,043,424	)		—			—
Increase (decrease) in net assets from Class P transactions		—			—			(988,961	)		2,417,275			—			—

44 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

	Retail Tax Free Obligations Fund						Treasury Obligations Fund						U.S. Treasury Money Market Fund
	Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021			Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021			Six-Month Period Ended 2/28/2022 (unaudited)			Year Ended 8/31/2021
Class T:
Proceeds from sales	$	274,900		$	802,550		$	404,729		$	979,411		$	32,103		$	177,873
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(208,171	)		(470,571	)		(346,349	)		(577,052	)		(47,592	)		(67,228	)
Increase (decrease) in net assets from Class T transactions		66,729			331,979			58,380			402,359			(15,489	)		110,645
Class V:
Proceeds from sales		55,757			152,416			29,110,074			40,189,627			196,891			419,851
Reinvestment of distributions		—			—			—			—			—			2
Payments for redemptions		(85,751	)		(131,190	)		(29,140,194	)		(40,210,434	)		(165,848	)		(383,699	)
Increase (decrease) in net assets from Class V transactions		(29,994	)		21,226			(30,120	)		(20,807	)		31,043			36,154
Class X:
Proceeds from sales		—			—			25,786,060			62,962,099			—			—
Reinvestment of distributions		—			—			155			1,705			—			—
Payments for redemptions		—			—			(26,624,601	)		(63,742,165	)		—			—
Decrease in net assets from Class X transactions		—			—			(838,386	)		(778,361	)		—			—
Class Y:
Proceeds from sales		22,018			137,521			5,706,567			12,356,961			1,083,679			2,366,707
Reinvestment of distributions		—			—			14			21			—			3
Payments for redemptions		(20,965	)		(506,918	)		(5,742,414	)		(12,789,470	)		(1,098,557	)		(2,452,115	)
Increase (decrease) in net assets from Class Y transactions		1,053			(369,397	)		(35,833	)		(432,488	)		(14,878	)		(85,405	)
Class Z:
Proceeds from sales		41,115			93,070			48,725,475			73,251,687			7,349,852			11,277,147
Reinvestment of distributions		—			—			150			888			2			9
Payments for redemptions		(22,950	)		(87,630	)		(47,740,941	)		(72,966,948	)		(6,863,062	)		(10,409,003	)
Increase in net assets from Class Z transactions		18,165			5,440			984,684			285,627			486,792			868,153
Increase (decrease) in net assets from capital share transactions		54,877			(32,620	)		(943,101	)		1,838,058			477,534			972,611
Total increase (decrease) in net assets		54,871			(32,620	)		(943,127	)		1,838,138			477,443			972,398
Net assets at beginning of the period		457,382			490,002			27,761,099			25,922,961			4,062,808			3,090,410
Net assets at end of the period	$	512,253		$	457,382		$	26,817,972		$	27,761,099		$	4,540,251		$	4,062,808

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 45

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
Government Obligations Fund
Class A
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.01
2020		1.00		0.006			(0.006	)		(0.000	)2		1.00		0.55
2019		1.00		0.016			(0.016	)		—			1.00		1.62
2018		1.00		0.008			(0.008	)		—			1.00		0.76
2017		1.00		0.001			(0.001	)		(0.000	)2		1.00		0.08
Class D
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.01
2020		1.00		0.006			(0.006	)		(0.000	)2		1.00		0.64
2019		1.00		0.018			(0.018	)		—			1.00		1.77
2018		1.00		0.009			(0.009	)		—			1.00		0.91
2017		1.00		0.002			(0.002	)		(0.000	)2		1.00		0.16
Class P
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.01	%
2021		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.03
2020		1.00		0.009			(0.009	)		(0.000	)2		1.00		0.95
2019		1.00		0.022			(0.022	)		—			1.00		2.23
20184		1.00		0.011			(0.011	)		—			1.00		1.08
Class T
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
20215		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.01
Class U
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.01	%
2021		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.04
2020		1.00		0.010			(0.010	)		(0.000	)2		1.00		0.98
2019		1.00		0.022			(0.022	)		—			1.00		2.26
20186		1.00		0.009			(0.009	)		—			1.00		0.86
Class V
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.01
2020		1.00		0.008			(0.008	)		(0.000	)2		1.00		0.82
2019		1.00		0.021			(0.021	)		—			1.00		2.07
2018		1.00		0.012			(0.012	)		—			1.00		1.21
2017		1.00		0.004			(0.004	)		(0.000	)2		1.00		0.41

46 FIRST AMERICAN FUNDS 2022 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 Return3
Class X
20221,7	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.01	%
20217		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.04
2020		1.00		0.010			(0.010	)		(0.000	)2		1.00		0.96
2019		1.00		0.022			(0.022	)		—			1.00		2.24
2018		1.00		0.014			(0.014	)		—			1.00		1.37
2017		1.00		0.006			(0.006	)		(0.000	)2		1.00		0.57
Class Y
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.01
2020		1.00		0.007			(0.007	)		(0.000	)2		1.00		0.73
2019		1.00		0.019			(0.019	)		—			1.00		1.92
2018		1.00		0.011			(0.011	)		—			1.00		1.06
2017		1.00		0.003			(0.003	)		(0.000	)2		1.00		0.26
Class Z
20221,7	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.01	%
20217		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.03
20207		1.00		0.009			(0.009	)		(0.000	)2		1.00		0.92
2019		1.00		0.022			(0.022	)		—			1.00		2.20
2018		1.00		0.013			(0.013	)		—			1.00		1.33
2017		1.00		0.005			(0.005	)		(0.000	)2		1.00		0.53

¹ For the six-month period ended February 28, 2022 (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.

⁴ Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.

⁵ Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

⁶ Commenced operations on February 26, 2018. All ratios for the period have been annualized, except total return.

⁷ As restated, note 10.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 47

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
20221	$	469,840		0.06	%		0.01	%		0.75	%		(0.68	)%
2021		298,968		0.09			0.01			0.77			(0.67	)
2020		271,822		0.55			0.56			0.77			0.34
2019		238,531		0.75			1.58			0.77			1.56
2018		354,127		0.75			0.76			0.77			0.74
2017		313,106		0.62			0.07			0.79			(0.10	)
Class D
20221	$	4,957,220		0.06	%		0.01	%		0.60	%		(0.53	)%
2021		4,533,829		0.09			0.01			0.62			(0.52	)
2020		3,473,331		0.46			0.63			0.63			0.46
2019		3,555,685		0.60			1.75			0.63			1.72
2018		4,106,912		0.60			0.92			0.64			0.88
2017		3,195,441		0.54			0.15			0.64			0.05
Class P
20221	$	1,255,247		0.05	%		0.02	%		0.20	%		(0.13	)%
2021		1,085,102		0.05			0.03			0.22			(0.14	)
2020		895,022		0.15			1.19			0.23			1.11
2019		2,085,704		0.15			2.19			0.23			2.11
20184		20		0.16			1.52			0.23			1.45
Class T
20221	$	1,359,218		0.06	%		0.01	%		0.40	%		(0.33	)%
20215		1,260,703		0.08			0.01			0.42			(0.33	)
Class U
20221	$	4,418,105		0.04	%		0.03	%		0.20	%		(0.13	)%
2021		6,394,891		0.06			0.04			0.22			(0.12	)
2020		4,901,273		0.12			0.87			0.23			0.76
2019		3,540,435		0.12			2.28			0.23			2.17
20186		125,744		0.12			1.72			0.24			1.60
Class V
20221	$	2,217,254		0.06	%		0.01	%		0.30	%		(0.23	)%
2021		2,137,992		0.09			0.01			0.32			(0.22	)
2020		2,036,167		0.28			0.82			0.33			0.77
2019		2,314,446		0.30			2.06			0.33			2.03
2018		1,786,350		0.30			1.20			0.34			1.16
2017		1,995,445		0.30			0.41			0.34			0.37

48 FIRST AMERICAN FUNDS 2022 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)
Class X
20221,7	$	28,252,995		0.05	%		0.03	%		0.22	%		(0.15	)%
2021		19,999,922		0.09			0.04			0.33			(0.20	)
2020		18,989,990		0.14			0.77			0.23			0.68
2019		9,868,300		0.14			2.21			0.23			2.12
2018		5,859,028		0.14			1.39			0.24			1.29
2017		3,553,517		0.14			0.61			0.24			0.51
Class Y
20221	$	10,102,921		0.06	%		0.01	%		0.45	%		(0.38	)%
2021		9,032,404		0.09			0.01			0.47			(0.37	)
2020		10,137,395		0.37			0.71			0.47			0.61
2019		9,961,713		0.45			1.91			0.48			1.88
2018		9,440,721		0.45			1.06			0.49			1.02
2017		8,694,560		0.44			0.28			0.49			0.23
Class Z
20221,7	$	35,905,980		0.05	%		0.02	%		0.22	%		(0.15	)%
2021		20,000,259		0.13			0.03			0.38			(0.22	)
2020		20,000,138		0.28			0.91			0.35			0.84
2019		18,335,731		0.18			2.17			0.23			2.12
2018		14,681,577		0.18			1.32			0.24			1.26
2017		16,442,191		0.18			0.54			0.24			0.48

¹ For the six-month period ended February 28, 2022 (unaudited). All ratios for the period have been annualized, except total return.

⁴ Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.

⁵ Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

⁶ Commenced operations on February 26, 2018. All ratios for the period have been annualized, except total return.

⁷ As restated, note 10.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 49

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 Gain (Losses) on Investments			Distributions from Net Realized Gains on Investments			Net Asset Value End of Period		Total Return3
Institutional Prime Obligations Fund*
Class T
20221	$	1.0000	$	0.0000	2	$	(0.0000	)2	$	0.0000	2	$	—		$	1.0000		0.00	%2
2021		1.0002		0.0001			(0.0001	)		(0.0002	)		—			1.0000		(0.01	)
2020		1.0000		0.0088			(0.0088	)		0.0002			(0.0000	)2		1.0002		0.89
2019		1.0001		0.0211			(0.0211	)		(0.0001	)		—			1.0000		2.12
2018		1.0000		0.0134			(0.0134	)		0.0001			—			1.0001		1.36
2017		1.0000		0.0049			(0.0049	)		0.0000	2		(0.0000	)2		1.0000		0.51
Class V
20221	$	1.0001	$	0.0000	2	$	(0.0000	)2	$	(0.0001	)	$	—		$	1.0000		(0.01	)%
2021		1.0003		0.0001			(0.0001	)		(0.0002	)		—			1.0001		(0.01	)
2020		1.0000		0.0096			(0.0096	)		0.0003			(0.0000	)2		1.0003		1.00
2019		1.0001		0.0221			(0.0221	)		(0.0001	)		—			1.0000		2.23
2018		1.0000		0.0144			(0.0144	)		0.0001			—			1.0001		1.46
2017		1.0000		0.0059			(0.0059	)		0.0000	2		(0.0000	)2		1.0000		0.60
Class Y
20221	$	1.0001	$	0.0000	2	$	(0.0000	)2	$	(0.0001	)	$	—		$	1.0000		(0.01	)%
2021		1.0003		0.0001			(0.0001	)		(0.0002	)		—			1.0001		(0.01	)
2020		1.0001		0.0084			(0.0084	)		0.0002			(0.0000	)2		1.0003		0.86
2019		1.0001		0.0206			(0.0206	)		(0.0000	)2		—			1.0001		2.08
2018		1.0000		0.0129			(0.0129	)		0.0001			—			1.0001		1.30
2017		1.0000		0.0044			(0.0044	)		0.0000	2		(0.0000	)2		1.0000		0.46
Class Z
20221	$	1.0000	$	0.0002		$	(0.0002	)	$	(0.0001	)	$	—		$	0.9999		0.01	%
2021		1.0002		0.0006			(0.0006	)		(0.0002	)		—			1.0000		0.04
2020		1.0000		0.0111			(0.0111	)		0.0002			(0.0000	)2		1.0002		1.13
2019		1.0001		0.0238			(0.0238	)		(0.0001	)		—			1.0000		2.39
2018		1.0000		0.0159			(0.0159	)		0.0001			—			1.0001		1.61
2017		1.0000		0.0069			(0.0069	)		0.0000	2		(0.0000	)2		1.0000		0.70

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

¹ For the six-month period ended February 28, 2022 (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.

50 FIRST AMERICAN FUNDS 2022 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)
Institutional Prime Obligations Fund
Class T
20221	$	56,072		0.13	%		0.01	%		0.44	%		(0.30	)%
2021		64,888		0.16			0.01			0.45			(0.28	)
2020		64,166		0.38			0.91			0.46			0.83
2019		82,423		0.40			2.11			0.48			2.03
2018		77,695		0.40			1.36			0.50			1.26
2017		72,643		0.40			0.38			0.53			0.25
Class V
20221	$	36,147		0.13	%		0.01	%		0.34	%		(0.20	)%
2021		45,873		0.16			0.01			0.36			(0.19	)
2020		27,559		0.30			0.98			0.36			0.92
2019		105,642		0.30			2.23			0.38			2.15
2018		148,228		0.30			1.51			0.40			1.41
2017		58,575		0.30			0.51			0.43			0.38
Class Y
20221	$	254,857		0.13	%		0.01	%		0.49	%		(0.35	)%
2021		220,389		0.17			0.01			0.51			(0.33	)
2020		317,298		0.42			0.87			0.51			0.78
2019		337,078		0.45			2.06			0.53			1.98
2018		509,603		0.45			1.32			0.55			1.22
2017		333,617		0.45			0.41			0.59			0.27
Class Z
20221	$	1,054,416		0.09	%		0.05	%		0.24	%		(0.10	)%
2021		1,092,496		0.11			0.05			0.25			(0.09	)
2020		659,089		0.15			1.12			0.26			1.01
2019		746,330		0.14			2.37			0.28			2.23
2018		562,601		0.15			1.67			0.30			1.52
2017		309,545		0.20			0.52			0.31			0.41

¹ For the six-month period ended February 28, 2022 (unaudited). All ratios for the period have been annualized, except total return.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 51

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
Retail Prime Obligations Fund
Class A
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.008			(0.008	)		—			1.00		0.75
2019		1.00		0.019			(0.019	)		—			1.00		1.95
2018		1.00		0.010			(0.010	)		—			1.00		1.03
2017		1.00		0.003			(0.003	)		—			1.00		0.26
Class T
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.009			(0.009	)		—			1.00		0.91
2019		1.00		0.021			(0.021	)		—			1.00		2.14
2018		1.00		0.014			(0.014	)		—			1.00		1.39
2017		1.00		0.006			(0.006	)		—			1.00		0.60
Class V
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.010			(0.010	)		—			1.00		1.00
2019		1.00		0.022			(0.022	)		—			1.00		2.24
2018		1.00		0.015			(0.015	)		—			1.00		1.49
2017		1.00		0.007			(0.007	)		—			1.00		0.70
Class X
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.001			(0.001	)		—			1.00		0.05
2020		1.00		0.012			(0.012	)		—			1.00		1.15
2019		1.00		0.024			(0.024	)		—			1.00		2.40
2018		1.00		0.016			(0.016	)		—			1.00		1.65
20174		1.00		0.008			(0.008	)		—			1.00		0.85

52 FIRST AMERICAN FUNDS 2022 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 Return3
Class Y
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.009			(0.009	)		—			1.00		0.87
2019		1.00		0.021			(0.021	)		—			1.00		2.09
2018		1.00		0.013			(0.013	)		—			1.00		1.34
2017		1.00		0.006			(0.006	)		—			1.00		0.55
Class Z
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.011			(0.011	)		—			1.00		1.09
2019		1.00		0.023			(0.023	)		—			1.00		2.34
2018		1.00		0.016			(0.016	)		—			1.00		1.59
2017		1.00		0.008			(0.008	)		—			1.00		0.80

¹ For the six-month period ended February 28, 2022 (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.

⁴ Commenced operations on September 8, 2016. All ratios for the period have been annualized, except total return.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 53

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)
Retail Prime Obligations Fund
Class A
20221	$	319,243		0.14	%		0.01	%		0.77	%		(0.62	)%
2021		358,250		0.19			0.01			0.79			(0.59	)
2020		467,288		0.54			0.75			0.79			0.50
2019		507,092		0.61			1.85			0.80			1.66
2018		1,151,807		0.75			1.03			0.80			0.98
2017		1,142,089		0.74			0.27			0.82			0.19
Class T
20221	$	1,661,716		0.14	%		0.01	%		0.42	%		(0.27	)%
2021		1,380,925		0.17			0.01			0.44			(0.26	)
2020		7		0.39			0.91			0.40			0.90
2019		7		0.40			1.96			0.45			1.91
2018		984		0.40			1.60			0.47			1.53
2017		162		0.40			0.68			0.46			0.62
Class V
20221	$	22,473		0.14	%		0.01	%		0.32	%		(0.17	)%
2021		20,320		0.19			0.01			0.34			(0.14	)
2020		29,449		0.30			1.04			0.35			0.99
2019		45,810		0.30			2.21			0.35			2.16
2018		40,102		0.30			1.49			0.36			1.43
2017		27,939		0.30			0.75			0.36			0.69
Class X
20221	$	11,005		0.13	%		0.01	%		0.22	%		(0.08	)%
2021		22,506		0.14			0.05			0.24			(0.05	)
2020		31,592		0.14			1.60			0.25			1.49
2019		212,871		0.14			2.41			0.25			2.30
2018		18,748		0.14			1.63			0.26			1.51
20174		29,731		0.14			0.95			0.26			0.83

54 FIRST AMERICAN FUNDS 2022 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)
Class Y
20221	$	2,493		0.13	%		0.01	%		0.47	%		(0.33	)%
2021		6,005		0.24			0.01			0.49			(0.24	)
2020		1,442,471		0.42			0.82			0.49			0.75
2019		1,350,240		0.45			2.07			0.50			2.02
2018		1,301,030		0.45			1.34			0.51			1.28
2017		1,142,900		0.45			0.56			0.52			0.49
Class Z
20221	$	477,313		0.14	%		0.01	%		0.22	%		(0.07	)%
2021		421,266		0.17			0.02			0.24			(0.05	)
2020		573,241		0.20			1.03			0.25			0.98
2019		574,552		0.20			2.34			0.25			2.29
2018		346,523		0.20			1.59			0.26			1.53
2017		278,460		0.20			0.82			0.26			0.76

¹ For the six-month period ended February 28, 2022 (unaudited). 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.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 55

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
Retail Tax Free Obligations Fund
Class A
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.004			(0.004	)		—			1.00		0.41
2019		1.00		0.009			(0.009	)		—			1.00		0.85
2018		1.00		0.005			(0.005	)		—			1.00		0.47
2017		1.00		0.000	2		(0.000	)2		—			1.00		0.05
Class T
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
20214		1.00		0.000	2		(0.000	)2		—			1.00		0.01	%
Class V
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.007			(0.007	)		—			1.00		0.72
2019		1.00		0.013			(0.013	)		—			1.00		1.31
2018		1.00		0.009			(0.009	)		—			1.00		0.92
2017		1.00		0.005			(0.005	)		—			1.00		0.46
Class Y
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.006			(0.006	)		—			1.00		0.61
2019		1.00		0.012			(0.012	)		—			1.00		1.16
2018		1.00		0.008			(0.008	)		—			1.00		0.77
2017		1.00		0.003			(0.003	)		—			1.00		0.31
Class Z
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.008			(0.008	)		—			1.00		0.81
2019		1.00		0.014			(0.014	)		—			1.00		1.41
2018		1.00		0.010			(0.010	)		—			1.00		1.02
2017		1.00		0.006			(0.006	)		—			1.00		0.56

¹ For the six-month period ended February 28, 2022 (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.

⁴ Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

56 FIRST AMERICAN FUNDS 2022 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
20221	$	40,318		0.08	%		0.01	%		0.83	%		(0.74	)%
2021		41,394		0.13			0.01			0.84			(0.70	)
2020		63,262		0.55			0.34			0.84			0.05
2019		31,081		0.75			0.85			0.88			0.72
2018		33,861		0.75			0.47			0.87			0.35
2017		32,171		0.71			0.04			0.92			(0.17	)
Class T
20221	$	398,703		0.08	%		0.01	%		0.48	%		(0.39	)%
20214		331,979		0.12			0.01			0.50			(0.37	)
Class V
20221	$	4,338		0.07	%		0.01	%		0.39	%		(0.31	)%
2021		34,332		0.12			0.01			0.40			(0.27	)
2020		13,106		0.29			0.64			0.39			0.54
2019		783		0.30			1.28			0.42			1.16
2018		536		0.30			0.89			0.42			0.77
2017		1,872		0.30			0.45			0.47			0.28
Class Y
20221	$	15,744		0.08	%		0.01	%		0.53	%		(0.44	)%
2021		14,691		0.18			0.01			0.54			(0.35	)
2020		384,088		0.40			0.56			0.54			0.42
2019		333,668		0.45			1.15			0.58			1.02
2018		316,973		0.45			0.79			0.57			0.67
2017		260,044		0.45			0.31			0.62			0.14
Class Z
20221	$	53,150		0.08	%		0.01	%		0.28	%		(0.19	)%
2021		34,986		0.12			0.01			0.29			(0.16	)
2020		29,546		0.20			0.93			0.30			0.83
2019		49,645		0.20			1.38			0.32			1.26
2018		20,631		0.20			1.03			0.32			0.91
2017		32,401		0.20			0.55			0.37			0.38

¹ For the six-month period ended February 28, 2022 (unaudited). All ratios for the period have been annualized, except total return.

⁴ Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 57

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
Treasury Obligations Fund
Class A
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.006			(0.006	)		(0.000	)2		1.00		0.55
2019		1.00		0.016			(0.016	)		—			1.00		1.61
2018		1.00		0.008			(0.008	)		—			1.00		0.77
2017		1.00		0.001			(0.001	)		(0.000	)2		1.00		0.08
Class D
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.006			(0.006	)		(0.000	)2		1.00		0.63
2019		1.00		0.018			(0.018	)		—			1.00		1.77
2018		1.00		0.009			(0.009	)		—			1.00		0.92
2017		1.00		0.001			(0.001	)		(0.000	)2		1.00		0.15
Class P
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.01	%
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.03
2020		1.00		0.009			(0.009	)		(0.000	)2		1.00		0.94
2019		1.00		0.022			(0.022	)		—			1.00		2.23
20184		1.00		0.011			(0.011	)		—			1.00		1.07
Class T
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
20215		1.00		0.000	2		(0.000	)2		—			1.00		0.01
Class V
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.008			(0.008	)		(0.000	)2		1.00		0.81
2019		1.00		0.021			(0.021	)		—			1.00		2.07
2018		1.00		0.012			(0.012	)		—			1.00		1.22
2017		1.00		0.004			(0.004	)		(0.000	)2		1.00		0.39

58 FIRST AMERICAN FUNDS 2022 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 Return3
Class X
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.01	%
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.03
2020		1.00		0.009			(0.009	)		(0.000	)2		1.00		0.94
2019		1.00		0.022			(0.022	)		—			1.00		2.23
2018		1.00		0.014			(0.014	)		—			1.00		1.38
2017		1.00		0.005			(0.005	)		(0.000	)2		1.00		0.55
Class Y
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2020		1.00		0.007			(0.007	)		(0.000	)2		1.00		0.72
2019		1.00		0.019			(0.019	)		—			1.00		1.92
2018		1.00		0.011			(0.011	)		—			1.00		1.07
2017		1.00		0.003			(0.003	)		(0.000	)2		1.00		0.25
Class Z
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.01	%
2021		1.00		0.000	2		(0.000	)2		—			1.00		0.02
2020		1.00		0.009			(0.009	)		(0.000	)2		1.00		0.91
2019		1.00		0.022			(0.022	)		—			1.00		2.19
2018		1.00		0.013			(0.013	)		—			1.00		1.34
2017		1.00		0.005			(0.005	)		(0.000	)2		1.00		0.51

¹ For the six-month period ended February 28, 2022 (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.

⁴ Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.

⁵ Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 59

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
20221	$	151,056		0.07	%		0.01	%		0.75	%		(0.67	)%
2021		200,750		0.09			0.01			0.77			(0.67	)
2020		175,572		0.51			0.51			0.78			0.24
2019		246,012		0.75			1.60			0.78			1.57
2018		185,799		0.75			0.75			0.79			0.71
2017		239,773		0.60			0.07			0.80			(0.13	)
Class D
20221	$	1,924,911		0.07	%		0.01	%		0.60	%		(0.52	)%
2021		1,968,085		0.09			0.01			0.62			(0.52	)
2020		2,028,803		0.43			0.57			0.63			0.37
2019		1,367,671		0.60			1.75			0.64			1.71
2018		1,461,918		0.60			0.92			0.64			0.88
2017		1,521,672		0.53			0.14			0.64			0.03
Class P
20221	$	1,522,861		0.06	%		0.01	%		0.20	%		(0.13	)%
2021		2,511,825		0.05			0.02			0.22			(0.15	)
2020		94,546		0.15			1.45			0.23			1.37
2019		921,110		0.15			2.16			0.23			2.08
20184		20		0.16			1.52			0.23			1.45
Class T
20221	$	460,739		0.07	%		0.01	%		0.40	%		(0.32	)%
20215		402,360		0.08			0.01			0.42			(0.33	)
Class V
20221	$	606,548		0.07	%		0.01	%		0.30	%		(0.22	)%
2021		636,668		0.09			0.01			0.32			(0.22	)
2020		657,474		0.27			0.85			0.33			0.79
2019		476,759		0.30			2.07			0.34			2.03
2018		416,145		0.30			1.19			0.34			1.15
2017		491,220		0.30			0.38			0.34			0.34

60 FIRST AMERICAN FUNDS 2022 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)
Class X
20221	$	5,839,400		0.06	%		0.01	%		0.20	%		(0.13	)%
2021		6,677,792		0.07			0.03			0.22			(0.12	)
2020		7,456,126		0.14			0.69			0.23			0.60
2019		2,890,818		0.14			2.22			0.24			2.12
2018		1,989,132		0.14			1.59			0.24			1.49
2017		107,165		0.14			0.55			0.24			0.45
Class Y
20221	$	2,787,568		0.07	%		0.01	%		0.45	%		(0.37	)%
2021		2,823,404		0.09			0.01			0.47			(0.37	)
2020		3,255,885		0.36			0.66			0.48			0.54
2019		2,439,178		0.45			1.90			0.49			1.86
2018		2,692,690		0.45			1.08			0.49			1.04
2017		2,577,051		0.44			0.25			0.50			0.19
Class Z
20221	$	13,524,889		0.07	%		0.01	%		0.20	%		(0.12	)%
2021		12,540,215		0.08			0.02			0.23			(0.13	)
2020		12,254,555		0.17			0.77			0.23			0.71
2019		6,646,073		0.18			2.18			0.24			2.12
2018		5,934,233		0.18			1.34			0.24			1.28
2017		4,655,060		0.18			0.51			0.24			0.45

¹ For the six-month period ended February 28, 2022 (unaudited). All ratios for the period have been annualized, except total return.

⁴ Commenced operations on December 18, 2017. All ratios for the period have been annualized, except total return.

⁵ Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 61

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
20221	$	1.00	$	—		$	—		$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		—			—			(0.000	)2		1.00		0.01
2020		1.00		0.005			(0.005	)		(0.000	)2		1.00		0.53
2019		1.00		0.016			(0.016	)		—			1.00		1.57
2018		1.00		0.007			(0.007	)		—			1.00		0.74
2017		1.00		0.001			(0.001	)		(0.000	)2		1.00		0.06
Class D
20221	$	1.00	$	—		$	—		$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		—			—			(0.000	)2		1.00		0.01
2020		1.00		0.006			(0.006	)		(0.000	)2		1.00		0.61
2019		1.00		0.017			(0.017	)		—			1.00		1.72
2018		1.00		0.009			(0.009	)		—			1.00		0.89
2017		1.00		0.001			(0.001	)		(0.000	)2		1.00		0.12
Class T
20221	$	1.00	$	—		$	—		$	(0.000	)2	$	1.00		0.00	%2
20214		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.01
Class V
20221	$	1.00	$	—		$	—		$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		—			—			(0.000	)2		1.00		0.01
2020		1.00		0.008			(0.008	)		(0.000	)2		1.00		0.80
2019		1.00		0.020			(0.020	)		—			1.00		2.03
2018		1.00		0.012			(0.012	)		—			1.00		1.20
2017		1.00		0.003			(0.003	)		(0.000	)2		1.00		0.34

62 FIRST AMERICAN FUNDS 2022 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 Return3
Class Y
20221	$	1.00	$	—		$	—		$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		—			—			(0.000	)2		1.00		0.01
2020		1.00		0.007			(0.007	)		(0.000	)2		1.00		0.70
2019		1.00		0.019			(0.019	)		—			1.00		1.87
2018		1.00		0.010			(0.010	)		—			1.00		1.04
2017		1.00		0.002			(0.002	)		(0.000	)2		1.00		0.21
Class Z
20221	$	1.00	$	0.000	2	$	(0.000	)2	$	(0.000	)2	$	1.00		0.00	%2
2021		1.00		0.000	2		(0.000	)2		(0.000	)2		1.00		0.01
2020		1.00		0.009			(0.009	)		(0.000	)2		1.00		0.88
2019		1.00		0.021			(0.021	)		—			1.00		2.13
2018		1.00		0.013			(0.013	)		—			1.00		1.30
2017		1.00		0.004			(0.004	)		(0.000	)2		1.00		0.44

¹ For the six-month period ended February 28, 2022 (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.

⁴ Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 63

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)
U.S. Treasury Money Market Fund
Class A
20221	$	35,640		0.06	%		0.00	%		0.76	%		(0.70	)%
2021		55,228		0.09			0.00			0.79			(0.70	)
2020		37,244		0.53			0.51			0.79			0.25
2019		45,660		0.75			1.57			0.81			1.51
2018		43,845		0.75			0.75			0.82			0.68
2017		33,310		0.56			0.04			0.83			(0.23	)
Class D
20221	$	98,848		0.06	%		0.00	%		0.61	%		(0.55	)%
2021		89,199		0.09			0.00			0.64			(0.55	)
2020		64,128		0.43			0.48			0.64			0.27
2019		32,349		0.60			1.70			0.66			1.64
2018		49,769		0.60			0.85			0.67			0.78
2017		73,968		0.51			0.10			0.68			(0.07	)
Class T
20221	$	95,148		0.06	%		0.00	%		0.41	%		(0.35	)%
20214		110,639		0.08			0.00			0.43			(0.35	)
Class V
20221	$	161,250		0.06	%		0.00	%		0.31	%		(0.25	)%
2021		130,210		0.09			0.00			0.33			(0.24	)
2020		94,065		0.28			0.75			0.34			0.69
2019		106,254		0.30			2.03			0.36			1.97
2018		57,661		0.30			1.20			0.37			1.13
2017		43,810		0.30			0.36			0.38			0.28

64 FIRST AMERICAN FUNDS 2022 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)
Class Y
20221	$	695,465		0.06	%		0.00	%		0.46	%		(0.40	)%
2021		710,358		0.09			0.00			0.48			(0.39	)
2020		795,799		0.36			0.66			0.49			0.53
2019		598,298		0.45			1.87			0.51			1.81
2018		684,906		0.45			1.04			0.52			0.97
2017		696,466		0.43			0.21			0.53			0.11
Class Z
20221	$	3,453,900		0.06	%		0.01	%		0.21	%		(0.14	)%
2021		2,967,174		0.08			0.01			0.23			(0.14	)
2020		2,099,174		0.19			0.72			0.24			0.67
2019		781,354		0.20			2.10			0.26			2.04
2018		434,331		0.20			1.27			0.27			1.20
2017		392,662		0.20			0.42			0.28			0.34

¹ For the six-month period ended February 28, 2022 (unaudited). All ratios for the period have been annualized, except total return.

⁴ Commenced operations on September 18, 2020. All ratios for the period have been annualized, except total return.

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

FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT 65

Notes to Financial Statements (unaudited as to February 28, 2022), all dollars and
shares are rounded to thousands (000 omitted)

1 > Organization

Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund (each a “fund” and collectively, the “funds”) are mutual funds offered by First American Funds, Inc. (“FAF”), which is a member of the First American Family of Funds. FAF is registered under the Investment Company Act of 1940, as amended (“Investment Company Act”), as an open-end investment management company. FAF’s articles of incorporation permit the board of directors to create additional funds in the future. U.S. Bancorp Asset Management, Inc. (“USBAM”) is the investment advisor and administrator to each of the funds (the “advisor” and “administrator”) and is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and wholly owned subsidiary of U.S. Bancorp.

Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund qualify as “government money market funds” under Rule 2a-7 of the Investment Company Act and seek to maintain a stable net asset value (“NAV”) per share of one dollar. They are generally not subject to the default liquidity fees and redemption gates that may apply to other money market funds and the board of directors has determined not to impose such fees and gates on these funds.

Government Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund offer Class A, Class D, Class T (effective September 18, 2020), Class V, Class Y, and Class Z shares. Additionally, Government Obligations Fund and Treasury Obligations Fund offer Class P and Class X shares, and Government Obligations Fund also offers Class U shares.

Retail Prime Obligations Fund and Retail Tax Free Obligations Fund are open to retail investors (“natural persons”) and seek to maintain a stable NAV per share of one dollar. They are subject to the possibility of liquidity fees and redemption gates, as required by Rule 2a-7 of the Investment Company Act. Retail Prime Obligations Fund and Retail Tax Free Obligations Fund offer Class A, Class T (effective September 18, 2020 for Retail Tax Free Obligations Fund), Class V, Class Y, and Class Z shares. Retail Prime Obligations Fund also offers Class X shares.

Institutional Prime Obligations Fund is subject to the possibility of liquidity fees and redemption gates and transacts at a floating NAV that is calculated out to four decimal places, as required by Rule 2a-7 of the Investment Company Act. The fund offers Class T, Class V, Class Y, and Class Z shares.

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

2 > Summary of Significant Accounting Policies

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

SECURITY VALUATIONS

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

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

66 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

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 value of securities held in the funds are determined using amortized cost, which is compared to prices provided by independent pricing providers.

If the advisor concludes that the price obtained from the pricing service is not reliable, or if the pricing service does not provide a price for a security, the advisor will use the fair value of the security for purposes of this comparison, which will be determined pursuant to procedures approved by the board of directors. If the difference between the aggregate market value and aggregate amortized cost of all securities held by a fund exceeds 0.25%, the funds’ administrator will notify the funds’ board of directors and will monitor the deviation on a daily basis. If the difference exceeds 0.50%, a meeting of the board of directors will be convened and the board will determine what action, if any, to take. During the six-month period ended February 28, 2022, 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 2022 SEMIANNUAL REPORT 67

Notes to Financial Statements (unaudited as to February 28, 2022), 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, 2022, each fund’s investments were classified as follows:

Fund	Level 1			Level 2		Level 3		Total Fair Value
Government Obligations Fund
U.S. Treasury Repurchase Agreements	$	—		$	50,247,729	$	—	$	50,247,729
U.S. Treasury Debt		—			15,700,160		—		15,700,160
U.S. Government Agency Debt		—			14,487,463		—		14,487,463
U.S. Government Agency Repurchase Agreements		—			9,200,000		—		9,200,000
Investment Companies		800,000			—		—		800,000
Total Investments	$	800,000		$	89,635,352	$	—	$	90,435,352
Institutional Prime Obligations Fund
Financial Company Commercial Paper	$	—		$	366,380	$	—	$	366,380
Asset Backed Commercial Paper		—			230,036		—		230,036
Other Repurchase Agreements		—			226,000		—		226,000
U.S. Treasury Repurchase Agreements		—	��		208,217		—		208,217
Non-Negotiable Time Deposits		—			165,000		—		165,000
Certificates of Deposit		—			89,994		—		89,994
Non-Financial Company Commercial Paper		—			84,999		—		84,999
Variable Rate Demand Notes		—			25,835		—		25,835
Other Instrument		—			4,999		—		4,999
Total Investments	$	—		$	1,401,460	$	—	$	1,401,460
Retail Prime Obligations Fund
Financial Company Commercial Paper	$	—		$	581,048	$	—	$	581,048
Asset Backed Commercial Paper		—			432,501		—		432,501
Other Repurchase Agreements		—			414,000		—		414,000
U.S. Treasury Repurchase Agreements		—			351,529		—		351,529
Non-Negotiable Time Deposits		—			305,000		—		305,000
Certificates of Deposit		—			182,997		—		182,997
Non-Financial Company Commercial Paper		—			129,997		—		129,997
Variable Rate Demand Notes		—			82,190		—		82,190
Other Instrument		—			15,000		—		15,000
Total Investments	$	—		$	2,494,262	$	—	$	2,494,262
Retail Tax Free Obligations Fund
Variable Rate Demand Notes	$	—		$	344,070	$	—	$	344,070
Non-Financial Company Commercial Paper		—			100,685		—		100,685
Other Municipal Securities		—			66,958		—		66,958
Total Investments	$	—		$	511,713	$	—	$	511,713
Treasury Obligations Fund
U.S. Treasury Repurchase Agreements	$	—		$	16,094,026	$	—	$	16,094,026
U.S. Treasury Debt					10,834,217		—		10,834,217
Total Investments	$	—		$	26,928,243	$	—	$	26,928,243
U.S. Treasury Money Market Fund
U.S. Treasury Debt	$	—		$	4,840,219	$	—	$	4,840,219
Total Investments	$	—		$	4,840,219	$	—	$	4,840,219

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

68 FIRST AMERICAN FUNDS 2022 SEMIANNUAL REPORT

During the six-month period ended February 28, 2022, there were no transfers between fair value levels, and the funds’ portfolios did not hold any securities deemed to be Level 3.

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

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

As of and during the six-month period ended February 28, 2022, the funds did not hold any restricted securities. As of February 28, 2022, Institutional Prime Obligations Fund and Retail Prime Obligations Fund had investments in illiquid securities with a total value of $45,000 or 3.2% of total net assets and $87,000 or 3.5% of total net assets, respectively.

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

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

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

As of February 28, 2022, 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  2022 SEMIANNUAL REPORT 69

Notes to Financial Statements (unaudited as to February 28, 2022), all dollars and
shares are rounded to thousands (000 omitted)

The distributions paid during the six-month period ended February 28, 2022 and fiscal year ended August 31, 2021 (adjusted by dividends payable as of February 28, 2022 and August 31, 2021, respectively) were as follows:

	February 28, 2022
	Ordinary		Tax-Exempt		Capital
Fund	Income		Income		Gain		Total
Government Obligations Fund	$	9,078	$	—	$	—	$	9,078
Institutional Prime Obligations Fund		258		—		—		258
Retail Prime Obligations Fund		81		—		—		81
Retail Tax Free Obligations Fund		—		21		—		21
Treasury Obligations Fund		1,450		—		—		1,450
U.S. Treasury Money Market Fund		132		—		—		132

	August 31, 2021
	Ordinary		Tax-Exempt		Capital
Fund	Income		Income		Gain		Total
Government Obligations Fund	$	23,651	$	—	$	27	$	23,678
Institutional Prime Obligations Fund		475		—		—		475
Retail Prime Obligations Fund		247		—		—		247
Retail Tax Free Obligations Fund		23		9		—		32
Treasury Obligations Fund		7,224		—		—		7,224
U.S. Treasury Money Market Fund		413		—		2		415

Each fund designates as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits related to net capital gain to zero for the tax year ended August 31, 2021.

As of August 31, 2021, the components of accumulated earnings on a tax-basis were as follows:

						Total
Undistributed		Undistributed	Undistributed	Accumulated		Accumulated
	Ordinary	Tax-Exempt	Capital	Capital Gains	Unrealized	Earnings
Fund	Income	Income	Gains	(Losses)	Appreciation	(Deficit)
Government Obligations Fund	$1,878	$—	$2	$—	$—	$1,880
Institutional Prime Obligations Fund	43	—	—	—	11	54
Retail Prime Obligations Fund	18	—	—	—	—	18
Retail Tax Free Obligations Fund	8	—	—	(16)	—	(8)
Treasury Obligations Fund	238	—	—	—	—	238
U.S. Treasury Money Market Fund	69	—	—	—	—	69

The differences between book-basis and tax-basis undistributed/accumulated income, gains, and losses are primarily due to distributions declared but not paid by August 31, 2021.

Under current law, the funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Capital losses realized under current law will carry forward retaining their classification as either long-term or short-term losses. As of August 31, 2021, Retail Tax Free Obligations Fund had indefinite short-term capital loss carryforwards of $16. During the fiscal year ended August 31, 2021, Treasury Obligations Fund utilized $79 of capital loss carryforwards.

70 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

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

Securities pledged as collateral for repurchase agreement transactions are held by the custodian bank or maintained in a segregated account by an unaffiliated third-party custodian bank until the maturity of the respective repurchase agreement transaction. Provisions of the repurchase agreements are designed to ensure that the value of the collateral, including accrued interest thereon, is sufficient in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the fund may be delayed or limited. Retail Tax Free Obligations Fund did not enter into repurchase agreement transactions during the six-month period ended February 28, 2022.

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

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

				Gross Amounts Not Offset
				in the Statements of
		Gross Amounts	Net Amounts	Assets and Liabilities
		Offset in the	Presented in
	Gross Amounts	Statements	the Statements		Collateral
	of Recognized	of Assets	of Assets	Financial	Pledged	Net
Assets:	Assets	and Liabilities	and Liabilities	Instruments	(Received)	Amount	1
Repurchase Agreements
Government Obligations Fund	$59,447,729	$—	$59,447,729	$—	$(59,447,729)	$—
Institutional Prime Obligations Fund	434,217	—	434,217	—	(434,217)	—
Retail Prime Obligations Fund	765,529	—	765,529	—	(765,529)	—
Treasury Obligations Fund	16,094,026	—	16,094,026	—	(16,094,026)	—

¹ Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 71

Notes to Financial Statements (unaudited as to February 28, 2022), 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 Repurchase Agreements	Overnight and Continuous		Up to 30 Days		31 to 90 Days		Over 91 Days		Total
Government Obligations Fund
U.S. Government Agency	$	9,200,000	$	—	$	—	$	—	$	9,200,000
U.S. Treasury		44,822,729		5,425,000		—		—	50,247,729
Total	$	54,022,729	$	5,425,000	$	—	$	—	$	59,447,729
Institutional Prime Obligations Fund
Other	$	166,000	$	15,000	$	45,000	$	—	$	226,000
U.S. Treasury		208,217		—		—		—	208,217
Total	$	374,217	$	15,000	$	45,000	$	—	$	434,217
Retail Prime Obligations Fund
Other	$	307,000	$	20,000	$	87,000	$	—	$	414,000
U.S. Treasury		351,529		—		—		—	351,529
Total	$	658,529	$	20,000	$	87,000	$	—	$	765,529
Treasury Obligations Fund
U.S. Treasury	$	13,979,026	$	2,115,000	$	—	$	—	$	16,094,026
Total	$	13,979,026	$	2,115,000	$	—	$	—	$	16,094,026

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, 2022.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Actual results could differ from those estimates.

3 > Fees and Expenses

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

72 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

The advisor has contractually agreed to waive fees and reimburse other fund expenses through October 31, 2022, so the annual fund operating expenses, after waivers, do not exceed the following amounts:

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

These contractual waivers and reimbursements will remain in effect through October 31, 2022 and may not be terminated prior to such time without the approval of the funds’ board of directors. Waivers and reimbursements by the advisor are otherwise voluntary and may be terminated at any time by the advisor.

In order to maintain minimum yields for each fund, or to keep total annual fund operating expenses from exceeding the applicable share class expense limitation, USBAM voluntarily waived or reimbursed advisory fees of $30,094, $397, $250, $6,572, and $1,360 for Government Obligations Fund, Institutional 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, 2022.

ADMINISTRATION FEES – USBAM serves as the funds’ administrator pursuant to an administration agreement between USBAM and the funds. U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (“USBGFS”) serves as sub-administrator pursuant to a sub-administration agreement between USBGFS and USBAM. USBGFS is a subsidiary of U.S. Bank. Under the administration agreement, USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.18% of the aggregate average daily Class A share net assets and 0.13% of the aggregate average daily net assets for all other share classes of all funds, up to $8 billion, 0.165% for Class A shares and 0.115% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.15% for Class A shares and 0.10% for all other classes on the next $25 billion of aggregate average daily net assets, and 0.13% for Class A shares and 0.08% for all other classes of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse USBAM and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

In order to maintain minimum yields for each fund, or to keep total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM voluntarily waived or reimbursed administration fees of $37,875, $571, $1,026, $249,

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 73

Notes to Financial Statements (unaudited as to February 28, 2022), all dollars and
shares are rounded to thousands (000 omitted)

$12,785, and $2,011, 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, 2022.

TRANSFER AGENT FEES – USBGFS serves as the funds’ transfer agent pursuant to a transfer agent agreement between USBGFS and the funds. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class, based upon the number of accounts within each fund. In addition to these fees, the funds pay USBGFS each fund’s pro rata share of an amount equal, on an annual basis, to 0.0008% of the aggregate average daily net assets up to $25 billion, 0.0007% of the aggregate average daily net assets for the next $25 billion, and 0.0005% of the aggregate average daily net assets in excess of $50 billion. The funds may reimburse USBGFS for out-of-pocket expenses incurred in providing transfer agent services.

CUSTODIAN FEES – U.S. Bank serves as the funds’ custodian pursuant to a custodian agreement between U.S. Bank and the funds. Each fund pays the custodian its pro rata share of an amount equal, on an annual basis, to 0.0045% of the aggregate average daily market value of all securities and cash held in the funds, up to $25 billion, 0.0040% of the aggregate average daily market value of all securities and cash held in the funds for the next $25 billion, and 0.0035% of the aggregate average daily market value of all securities and cash held in the funds in excess of $50 billion. All fees are computed daily and paid monthly.

Under the custodian agreement, the custodian may charge a fee for any cash overdrafts incurred by a particular fund, which increases that fund’s custodian expenses.

For the six-month period ended February 28, 2022, custodian fees were not increased as a result of any overdrafts.

DISTRIBUTION AND SHAREHOLDER SERVICING (12B - 1) FEES – Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC (“Foreside”), serves as distributor of the funds pursuant to a distribution agreement between Quasar and the funds. Effective September 30, 2021, Genstar Capital, a private equity firm specializing in financial and related business service companies, acquired a majority interest in Foreside. The Board approved a new Distribution Agreement to enable Quasar to continue serving as the funds’ distributor following the change in control of Foreside. Under the distribution agreement and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of up to 0.25% and 0.15% of each fund’s average daily net assets attributable to Class A and Class D, respectively. No distribution or shareholder servicing fees are paid to Quasar by any other share class of the funds. These fees are used by Quasar for the primary purpose of reimbursing broker-dealers for their sale of fund shares.

In order to maintain minimum yields for each fund, or to keep total annual fund operating expenses from exceeding the fund classes expense limitations, 12b-1 distribution and shareholder servicing fees were reimbursed or suspended in the amounts of $3,797, $421, $51, $1,665, and $153 for Government 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, 2022.

74 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

Under these distribution and shareholder servicing agreements, no amounts were received by affiliates of USBAM for the six-month period ended February 28, 2022.

SHAREHOLDER SERVICING (NON - 12B - 1) FEES – FAF has also adopted and entered into a shareholder servicing plan and agreement with USBAM, under which USBAM has agreed to provide FAF, or will enter into written agreements with other service providers pursuant to which the service providers will provide FAF, with non-distribution-related services to shareholders of Class A, Class D, Class T, Class V, and Class Y shares. Each fund pays USBAM a monthly shareholder servicing fee equal to an annual rate of 0.25% of the average daily net assets attributable to Class A, Class D, and Class Y shares, a fee equal to an annual rate of 0.20% of the average daily net assets attributable to Class T shares, and a fee equal to an annual rate of 0.10% of the average daily net assets attributable to Class V shares.

In order to maintain a minimum yield, or to prevent total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM waived or reimbursed $20,718, $380, $1,961, $466, $7,156, and $1,318 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, 2022.

Under this shareholder servicing plan and agreement, there were no amounts paid to USBAM for the six-month period ended February 28, 2022.

EXPENSE REIMBURSEMENT – In addition to fee waivers, USBAM voluntarily reimbursed expenses of $9 for Retail Tax Free Obligations Fund for the six-month period ended February 28, 2022 in order to maintain minimum yields for each share class.

OTHER EXPENSES – In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each fund is responsible for paying most other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholders reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses.

4 > Fund Shares for Institutional Prime Obligations Fund

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

		Reinvestments			Net increase
	Sales	of distributions	Redemptions		(decrease)
Six-Month Period Ended February 28, 2022
Class T	145,640	—	(154,452	)	(8,812	)
Class V	29,054	—	(38,777	)	(9,723	)
Class Y	487,289	—	(452,805	)	34,484
Class Z	1,997,903	31	(2,035,941	)	(38,007	)
Year Ended August 31, 2021
Class T	289,406	—	(288,672	)	734
Class V	85,878	—	(67,560	)	18,318
Class Y	907,482	—	(1,004,329	)	(96,847	)
Class Z	3,871,286	19	(3,437,755	)	433,550

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 75

Notes to Financial Statements (unaudited as to February 28, 2022), all dollars and
shares are rounded to thousands (000 omitted)

5 > Portfolio Characteristics of the Retail Tax Free Obligations Fund

The Retail Tax Free Obligations Fund invests in municipal securities. At February 28, 2022, the percentage of portfolio investments by each category was as follows:

	Retail Tax Free
	Obligations Fund
Weekly Variable Rate Demand Notes		60.0	%
Commercial Paper & Put Bonds		19.6
Other Municipal Notes & Bonds		13.1
Daily Variable Rate Demand Notes		7.3
		100.0	%

The Retail Tax Free Obligations Fund invests in longer-term securities that include revenue bonds, non-financial company commercial paper, and general obligation bonds. At February 28, 2022, the percentage of total portfolio investments by each revenue source was as follows:

	Retail Tax Free
	Obligations Fund
Revenue Bonds		68.0	%
Non-Financial Company Commercial Paper		19.7
General Obligations		12.3
		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.

7 > Market Events

Financial markets around the world may experience extreme volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil resulting from major cybersecurity events, geopolitical events (including wars, terror attacks, and disruptions to foreign economic and trade relationships), public health emergencies, measures to address budget deficits, downgrading of sovereign debt, and public sentiment, among other events. Resulting market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective.

A novel coronavirus (“COVID-19”) first detected in China in December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. COVID-19, despite recent vaccination efforts, has disrupted global economies and financial markets, with the closure of borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of COVID-19, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by COVID-19 may exacerbate other pre-existing political, social and economic risks.

The impact of COVID-19 may be short term or may last for an extended period of time.

76 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

8 > PFM Funds Reorganization

Government Select Series, a series of PFM Funds, reorganized into Government Obligations Fund, a series of FAF (the “Reorganization”), in connection with USBAM’s acquisition of PFM Asset Management, LLC, which closed on December 17, 2021. The following table illustrates the specifics of the Reorganization (000):

			Class Z Shares
			Issued to
		Acquired	Shareholders	Acquiring
Acquired	Acquiring	Fund Net	of Acquired	Fund	Combined	Tax Status
Fund	Fund	Assets	Fund	Net Assets	Net Assets	of Transfer
Government
Select	Government
Series,	Obligations
PFM Funds	Fund1	$1,272,858	$1,272,850	$88,015,845	$89,288,703	Non-taxable

¹ Accounting survivor.

9 > Government Obligations Fund – Share Issuance

Government Obligations Fund (the “fund”) issued shares of two classes in excess of amounts authorized by the funds’ board of directors. Both the fund’s Class X shares and Class Z shares issued shares in excess of amounts authorized for the periods that began in September 2020 and October 2019, respectively, and ended September 8, 2021, on which date the articles of amendment to FAF’s articles of incorporation, which authorized the issuance of additional shares, were filed with the Minnesota Secretary of State. The fund’s Class X shares and Class Z shares each now have 100 billion shares authorized.

With respect to all shares of each class (including Class X and Class Z shares previously issued in excess of amounts then-authorized), the fund maintained a $1.00 per share net asset value, and each holder of shares of each class (including those holding over-issued shares) received all dividends declared by FAF to which they were entitled and experienced the full economic benefits of being a shareholder of the fund.

In part to address the over-issuance, the fund’s board of directors has approved, subect to shareholder approval, the reorganization of the fund into a newly created fund (Government Obligations Fund, a series of First American Funds Trust, a Massachusetts business trust (“FAF Trust”)). FAF Trust initially filed registration statements on Form N-1A and Form N-14 on October 27, 2021, and November 18, 2021, respectively. The registration statements are pending SEC staff review and the date of their effectiveness is uncertain. The registration statements are available on the SEC’s website at www.sec.gov.

10 > Government Obligations Fund – Restatement

Subsequent to the issuance of the annual report for the period ended August 31, 2022, Government Obligations Fund (the “fund”) determined the over-issued shares (as such shares are described in note 9 above) should be accounted for as a liability in the fund’s financial statements. Notwithstanding the change in accounting treatment, each holder of shares of the fund’s Class X and Class Z shares (including those holding over-issued shares) experienced the full economic benefits of being a shareholder of the fund, as further explained in note 9 above.

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 77

Notes to Financial Statements (unaudited as to February 28, 2022), all dollars and
shares are rounded to thousands (000 omitted)

The over-issued shares had previously been treated as portfolio capital in the Statement of Assets and Liabilities for the fund. The fund has restated its statements of assets and liabilities, the schedules of investments, statements of operations, statements of changes in net assets, and financial highlights for the fiscal years ended August 31, 2022, August 31, 2021, and August 31, 2020, and the semiannual periods ended February 28, 2022, February 28, 2021, and February 29, 2020, to treat the over-issued shares as a liability. The restatement adjustments had no effect on the fund’s reported net asset values during the reporting periods.

Because shares of the fund are generally held through omnibus accounts at financial intermediaries authorized to distribute fund shares, the fund and fund management are not able to determine with certainty the holders of fund shares within a given omnibus account that held over-issued shares at any given point in time during the periods subject to the restatement. In preparing the restated financial statements, fund management determined the number of outstanding over-issued shares by accounting for redemptions at the omnibus account level as received during the day, with any over-issued shares being redeemed first, and accounting for subscriptions in the aggregate at the end of the day. This methodology is consistent with the fund's standard operating procedures related to the processing of daily redemptions and subscriptions and was consistently applied for all periods subject to restatement.

The following summarizes the impact of the restatement and excludes balances that were not restated:

First American Government Obligations Fund
Statements of Assets and Liabilities
	February 28, 2022
	Previously Reported	As Restated
Over-issued shares	—	1,224,313
Dividends payable	1,372	1,347
Distributions payable to holders of over-issued shares	—	25
Total liabilities	582,706	1,807,019
Portfolio capital	90,163,129	88,938,816
Net assets	90,163,093	88,938,780
Class X:
Net assets	29,228,925	28,252,995
Shares issued and outstanding	29,228,919	28,252,989
Class Z:
Net assets	36,154,363	35,905,980
Shares issued and outstanding	36,154,271	35,905,888

First American Government Obligations Fund
Statements of Operations
	For the Six-Month Period Ended February 28, 2022
	Previously Reported	As Restated
Distributions to holders of over-issued shares	—	527
Total expenses	113,747	114,274
Total net expenses	21,263	21,790
Investment income – net	8,616	8,089
Net increase in net assets resulting from operations	8,534	8,007

78 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

First American Government Obligations Fund
Statements of Changes in Net Assets
	Six-Month Period Ended February 28, 2022				Year Ended August 31, 2021
	Previously Reported		As Restated		Previously Reported		As Restated
Net investment income	8,616		8,089		22,513		16,666
Net increase in net assets resulting from operations	8,534		8,007		22,805		16,958
Distributions to shareholders:
Class X	(3,666	)	(3,408	)	(10,162	)	(7,455	)
Class Z	(3,800	)	(3,531	)	(8,668	)	(5,528	)
Total distributions	(8,948	)	(8,421	)	(22,607	)	(16,760	)
Capital share transactions at net asset value of $1.00 per share:
Class X:
Proceeds from sales	93,733,458		90,406,082		218,079,268		37,935,791
Reinvestment of distributions					3,506		3,276
Payments for redemptions	(92,682,321	)	(82,154,180	)	(208,896,211	)	(36,929,199	)
Increase in net assets from Class X transactions	1,052,441		8,253,206		9,186,563		1,009,867
Class Z:
Proceeds from sales	130,267,271		126,535,265		280,253,863		374,601
Reinvestment of distributions					749		415
Payments for redemptions	(131,964,195	)	(111,902,564	)	(271,863,452	)	(374,967	)
Increase (decrease) in net assets from Class Z transactions	(423,737	)	15,905,888		8,391,160		49
Increase in net assets from capital share transactions	664,734		24,195,124		20,606,541		4,038,734
Total increase in net assets	664,320		24,194,710		20,606,739		4,038,932
Net assets at beginning of period	89,498,773		64,744,070		68,892,034		60,705,138
Net assets at end period	90,163,093		88,938,780		89,498,773		64,744,070

First American Government Obligations Fund
Financial Highlights
	February 28, 2022
	Previously Reported		As Restated
Class X:
Net Assets End of Period (000)	29,228,925		28,252,995
Ratio of Expenses to Average Net Assets	0.04	%	0.05	%
Ratio of Expenses to Average Net Assets (Excluding Waivers)	0.20	%	0.22	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)	(0.13	)%	(0.15	)%
Class Z:
Net Assets End of Period (000)	36,154,363		35,905,980
Ratio of Expenses to Average Net Assets (Excluding Waivers)	0.20	%	0.22
Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)	(0.13	)%	(0.15	)%

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 79

Notes to Financial Statements (unaudited as to February 28, 2022), all dollars and
shares are rounded to thousands (000 omitted)

	August 31, 2021
	Previously Reported		As Restated
Class X:
Net Assets End of Period (000)	28,176,617		19,999,922
Ratio of Expenses to Average Net Assets	0.06	%	0.09	%
Ratio of Expenses to Average Net Assets (Excluding Waivers)	0.22		0.33	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)	(0.12	)%	(0.20	)%
Class Z:
Net Assets End of Period (000)	36,578,267		20,000,259
Ratio of Expenses to Average Net Assets	0.07	%	0.13	%
Ratio of Expenses to Average Net Assets (Excluding Waivers)	0.22	%	0.38	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)	(0.12	)%	(0.22	)%
	August 31, 2020
	Previously Reported		As Restated
Class Z:
Net Assets End of Period (000)	28,187,034		20,000,138
Ratio of Expenses to Average Net Assets	0.18	%	0.28%	%
Ratio of Net Investment Income to Average Net Assets	0.80	%	0.91	%
Ratio of Expenses to Average Net Assets (Excluding Waivers)	0.23	%	0.35	%
Ratio of Net Investment Income to Average Net Assets (Excluding Waivers)	0.75	%	0.84	%

11 > Events Subsequent To Period End

Management has evaluated fund related events and transactions that occurred subsequent to February 28, 2022, through the date of issuance of the funds’ financial statements. There were no events or transactions that occurred during this period that materially impacts the amounts or disclosures in the funds’ financial statements.

80 FIRST AMERICAN FUNDS   2022 SEMIANNUAL REPORT

Notice to Shareholders February 28, 2022 (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-MFP INFORMATION

Each month, information about each fund and its portfolio holdings is filed with the SEC on Form N-MFP. These forms will be available on the SEC’s website at www.sec.gov. The funds’ portfolio holdings are also posted on www.FirstAmericanFunds.com as of each month-end. Please see the funds’ current prospectus for more information.

WEEKLY PORTFOLIO HOLDINGS

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

FIRST AMERICAN FUNDS  2022 SEMIANNUAL REPORT 81

Board of Directors First American Funds, Inc.

Mark Gaumond

Chair of First American Funds, Inc.

Director of Booz Allen Hamilton Holding Corporation

Director of Walsh Park Benevolent Corporation

David Baumgardner

Director of First American Funds, Inc.

Jennifer McPeek, CFA

Director of First American Funds, Inc.

Director of Cboe Global Markets, Inc.

Independent Advisory/Consultant

C. David Myers

Director of First American Funds, Inc.

Director of the Manitowoc Company

Director of the Boler Group

P. Kelly Tompkins

Director of First American Funds, Inc.

Senior Advisor at Dix and Eaton

Leader-in-Residence at Cleveland-Marshall College of Law

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

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	U.S. Bank National Association	PUBLIC ACCOUNTING FIRM
Management, Inc.	1555 RiverCenter Drive	Ernst & Young LLP
800 Nicollet Mall	Suite 302	220 South Sixth Street
Minneapolis, Minnesota 55402	Milwaukee, Wisconsin 53212	Suite 1400
ADMINISTRATOR	DISTRIBUTOR	Minneapolis, Minnesota 55402
U.S. Bancorp Asset	Quasar Distributors, LLC	COUNSEL
Management, Inc.	111 East Kilbourn Avenue	Ropes & Gray LLP
800 Nicollet Mall	Suite 2200	191 North Wacker Drive
Minneapolis, Minnesota 55402	Milwaukee, Wisconsin 53202	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.

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

0031-22 4/2022     SAR MONEY

(b) Not applicable.

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.

Item 6—Schedule of Investments

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

(b) Not applicable.

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 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A, or this item.

Item 11—Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures. The registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the registrant's filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Investment Company Act of 1940, as amended (the "Company Act"), is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the registrant's management, including its principal executive officer ("PEO") and principal financial officer ("PFO"), as appropriate, to allow timely decisions regarding required disclosure. The registrant's management, including the PEO and PFO, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Subsequent to the original filing of the registrant's N-CSR for the semi-annual period ended February 28, 2022, a material weakness in internal controls was identified regarding the over-issuance of authorized shares, which resulted in an overstatement in net assets reported in Government Obligations Fund's financial statements for the semi-annual period ended February 28, 2022. Management previously concluded that the registrant's disclosure controls and procedures were effective as of February 28, 2022, but due to the identification that the over-issued shares should be treated as a liability, it was determined that a material weakness existed in the effectiveness of internal controls related to the registrant's accounting for these over-issued shares. As a result, the registrant has since concluded that its disclosure controls and procedures were not effective as of February 28, 2022.

A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the registrant's annual or interim financial statements will not be prevented or detected on a timely basis.

Following the identification and review of the matter described above, the registrant has enhanced the effectiveness of its controls and procedures related to the accounting for authorized shares.

(b) Changes in Internal Controls. Management did not make a final determination that the historical accounting was incorrect until January 2023. Consequently, the then-existing control system remained in place such that there were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Company Act) that occurred during the semi-annual period ended February 28, 2022 that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12—Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13—Exhibits

(a)(1) Code of Ethics - Not applicable to the semi-annual report.

(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.

(a)(4) 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: May 5, 2023

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: May 5, 2023

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

Date: May 5, 2023