N-CSRS

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 29, 2020

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

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

TABLE OF CONTENTS

Explanation of Financial Statements	1
Holdings Summaries	3
Expense Examples	5
Schedule of Investments	10
Statements of Assets and Liabilities	44
Statements of Operations	46
Statements of Changes in Net Assets	48
Financial Highlights	52
Notes to Financial Statements	68
Notice to Shareholders	80

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      2020 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     2020 SEMIANNUAL REPORT

Holdings Summaries (unaudited)

Government Obligations Fund
Portfolio Allocation as of February 29, 20201 (% of net assets)
U.S. Treasury Repurchase Agreements	47.3	%
U.S. Government Agency Debt	39.0
U.S. Government Agency Repurchase Agreements	7.9
U.S. Treasury Debt	5.7
Investment Companies	1.0
Other Assets and Liabilities, Net2	(0.9	)
	100.0	%
Institutional Prime Obligations Fund
Portfolio Allocation as of February 29, 20201 (% of net assets)
Certificates of Deposit	29.0	%
Other Repurchase Agreements	21.1
Asset Backed Commercial Paper	20.2
Financial Company Commercial Paper	16.0
Non-Negotiable Time Deposit	6.5
Non-Financial Company Commercial Paper	5.2
Variable Rate Demand Notes	1.1
Other Instruments	0.8
U.S. Treasury Repurchase Agreements	0.2
Other Assets and Liabilities, Net2	(0.1	)
	100.0	%
Retail Prime Obligations Fund
Portfolio Allocation as of February 29, 20201 (% of net assets)
Certificates of Deposit	33.0	%
Other Repurchase Agreements	22.2
Financial Company Commercial Paper	13.6
Non-Negotiable Time Deposits	11.4
Asset Backed Commercial Paper	10.8
U.S. Treasury Repurchase Agreements	3.8
Non-Financial Company Commercial Paper	3.5
Other Instruments	1.2
Variable Rate Demand Note	0.6
Other Assets and Liabilities, Net2	(0.1	)
	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      2020 SEMIANNUAL REPORT 3

Holdings Summaries(unaudited)

Retail Tax Free Obligations Fund
Portfolio Allocation as of February 29, 20201,3 (% of net assets)
Variable Rate Demand Notes	64.4	%
Tender Option Bonds	16.7
Non-Financial Company Commercial Paper	12.7
Other Municipal Securities	6.1
Other Assets and Liabilities, Net2	0.1
	100.0	%
Treasury Obligations Fund
Portfolio Allocation as of February 29, 20201 (% of net assets)
U.S. Treasury Repurchase Agreements	64.8	%
U.S. Treasury Debt	34.9
Other Assets and Liabilities, Net2	0.3
	100.0	%
U.S. Treasury Money Market Fund
Portfolio Allocation as of February 29, 20201 (% of net assets)
U.S. Treasury Debt	100.1	%
Other Assets and Liabilities, Net2	(0.1	)
	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     2020 SEMIANNUAL REPORT

Expense Examples(unaudited)

Expense Example  

As a shareholder of one or more of the funds you incur ongoing costs, including invest- ment 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, 2019 to February 29, 2020.

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      2020 SEMIANNUAL REPORT 5

Expense Examples   (unaudited)

Government Obligations Fund
	Beginning Account Value (9/01/2019)	Ending Account Value (2/29/2020)	Expenses Paid During Period1 (9/01/2019 to 2/29/2020)
Class A Actual2	$1,000.00	$1,005.23	$3.74
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.13	$3.77
Class D Actual2	$1,000.00	$1,005.97	$2.99
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,021.88	$3.02
Class P Actual2	$1,000.00	$1,008.20	$0.75
Class P Hypothetical (5% return before expenses)	$1,000.00	$1,024.12	$0.75
Class U Actual2	$1,000.00	$1,008.38	$0.60
Class U Hypothetical (5% return before expenses)	$1,000.00	$1,024.27	$0.60
Class V Actual2	$1,000.00	$1,007.48	$1.50
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.37	$1.51
Class X Actual2	$1,000.00	$1,008.28	$0.70
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.17	$0.70
Class Y Actual2	$1,000.00	$1,006.72	$2.25
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.63	$2.26
Class Z Actual2	$1,000.00	$1,008.08	$0.90
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.97	$0.91

¹ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.15%, 0.12%, 0.30%, 0.14%, 0.45% and 0.18% for Class A, Class D, Class P, Class U, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period).

² Based on the actual returns for the six-month period ended February 29, 2020 of 0.52%, 0.60%, 0.82%, 0.84%, 0.75%, 0.83%, 0.67%, and 0.81% for Class A, Class D, Class P, Class U, Class V, Class X, Class Y, and Class Z, respectively.

Institutional Prime Obligations Fund
	Beginning Account Value (9/01/2019)	Ending Account Value (2/29/2020)	Expenses Paid During Period3 (9/01/2019 to 2/29/2020)
Class T Actual4	$1,000.00	$1,007.96	$2.00
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,022.87	$2.01
Class V Actual4	$1,000.00	$1,008.57	$1.50
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.37	$1.51
Class Y Actual4	$1,000.00	$1,007.71	$2.25
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.63	$2.26
Class Z Actual4	$1,000.00	$1,009.22	$0.75
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,024.12	$0.75

³ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.40%, 0.30%, 0.45%, and 0.15% for Class T, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period).

⁴ Based on the actual returns for the six-month period ended February 29, 2020 of 0.80%, 0.86%, 0.77%, and 0.92% for Class T, Class V, Class Y, and Class Z, respectively.

6 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

Retail Prime Obligations Fund
	Beginning Account Value (9/01/2019)	Ending Account Value (2/29/2020)	Expenses Paid During Period1 (9/01/2019 to 2/29/2020)
Class A Actual2	$1,000.00	$1,006.79	$3.04
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.83	$3.07
Class T Actual2	$1,000.00	$1,007.84	$2.05
Class T Hypothetical (5% return before expenses)	$1,000.00	$1,022.82	$2.06
Class V Actual2	$1,000.00	$1,008.34	$1.50
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.37	$1.51
Class X Actual2	$1,000.00	$1,009.14	$0.70
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.17	$0.70
Class Y Actual2	$1,000.00	$1,007.59	$2.25
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.63	$2.26
Class Z Actual2	$1,000.00	$1,008.84	$1.00
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.87	$1.01

¹ Expenses are equal to the fund’s annualized expense ratio the most recent six-month period of 0.61%, 0.40%, 0.30%, 0.14%, 0.45%, and 0.20% for Class A, Class T, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period).

² Based on the actual returns for the six-month period ended February 29, 2020 of 0.68%, 0.78%, 0.83%, 0.91%, 0.76%, and 0.88% for Class A, Class T, Class V, Class X, Class Y, and Class Z, respectively.

Retail Tax Free Obligations Fund
	Beginning Account Value (9/01/2019)	Ending Account Value (2/29/2020)	Expenses Paid During Period3 (9/01/2019 to 2/29/2020)
Class A Actual4	$1,000.00	$1,002.39	$3.73
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.13	$3.77
Class V Actual4	$1,000.00	$1,004.63	$1.50
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.37	$1.51
Class Y Actual4	$1,000.00	$1,003.88	$2.24
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.63	$2.26
Class Z Actual4	$1,000.00	$1,005.13	$1.00
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.87	$1.01

³ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.30%, 0.45%, and 0.20% for Class A, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period).

⁴ Based on the actual returns for the six-month period ended February 29, 2020 of 0.24%, 0.46%, 0.39%, and 0.51% for Class A, Class V, Class Y, and Class Z, respectively.

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 7

Expense Examples   (unaudited)

Treasury Obligations Fund
	Beginning Account Value (9/01/2019)	Ending Account Value (2/29/2020)	Expenses Paid During Period1 (9/01/2019 to 2/29/2020)
Class A Actual2	$1,000.00	$1,005.23	$3.74
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.13	$3.77
Class D Actual2	$1,000.00	$1,005.98	$2.99
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,021.88	$3.02
Class P Actual2	$1,000.00	$1,008.23	$0.75
Class P Hypothetical (5% return before expenses)	$1,000.00	$1,024.12	$0.75
Class V Actual2	$1,000.00	$1,007.48	$1.50
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.37	$1.51
Class X Actual2	$1,000.00	$1,008.28	$0.70
Class X Hypothetical (5% return before expenses)	$1,000.00	$1,024.17	$0.70
Class Y Actual2	$1,000.00	$1,006.73	$2.25
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.63	$2.26
Class Z Actual2	$1,000.00	$1,008.08	$0.90
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.97	$0.91

¹ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.15%, 0.30%, 0.14%, 0.45%, and 0.18% for Class A, Class D, Class P, Class V, Class X, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period).

² Based on the actual returns for the six-month period ended February 29, 2020 of 0.52%, 0.60%, 0.82%, 0.75%, 0.83%,0.67%, and 0.81% for Class A, Class D, Class P, Class V, Class X, Class Y, and Class Z, respectively.

U.S. Treasury Money Market Fund
	Beginning Account Value (9/01/2019)	Ending Account Value (2/29/2020)	Expenses Paid During Period3 (9/01/2019 to 2/29/2020)
Class A Actual4	$1,000.00	$1,005.01	$3.74
Class A Hypothetical (5% return before expenses)	$1,000.00	$1,021.13	$3.77
Class D Actual4	$1,000.00	$1,005.75	$2.99
Class D Hypothetical (5% return before expenses)	$1,000.00	$1,021.88	$3.02
Class V Actual4	$1,000.00	$1,007.25	$1.50
Class V Hypothetical (5% return before expenses)	$1,000.00	$1,023.37	$1.51
Class Y Actual4	$1,000.00	$1,006.50	$2.24
Class Y Hypothetical (5% return before expenses)	$1,000.00	$1,022.63	$2.26
Class Z Actual4	$1,000.00	$1,007.75	$1.00
Class Z Hypothetical (5% return before expenses)	$1,000.00	$1,023.87	$1.01

³ Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 0.60%, 0.30%, 0.45%, and 0.20% for Class A, Class D, Class V, Class Y, and Class Z, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six-month period).

⁴ Based on the actual returns for the six-month period ended February 29, 2020 of 0.50%, 0.58%, 0.73%, 0.65%, and 0.78% for Class A, Class D, Class V, Class Y, and Class Z, respectively.

8 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

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FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 9

Schedule of Investments February 29, 2020 (unaudited),
all dollars are rounded to thousands (000 omitted)

Government Obligations Fund
DESCRIPTION	PAR		VALUE >
U.S. Government Agency
Debt – 39.0%
Federal Farm Credit Bank
2.048%, 03/04/2020 €	$	16,000	$	15,997
1.567% (1 Month LIBOR
USD - 0.080%),
03/19/202 △		44,000		44,000
2.048%, 03/20/2020 €		25,000		24,973
1.584% (1 Month LIBOR
USD - 0.045%),
03/23/2020 △		50,000		50,000
1.567% (1 Month LIBOR
USD - 0.060%),
03/25/2020 △		50,000		50,000
1.533% (1 Month LIBOR
USD - 0.080%),
03/27/2020 △		25,000		25,000
1.576% (3 Month
U.S. Treasury Money
Market Yield + 0.065%),
05/15/2020 △		50,000		50,001
1.463% (3 Month LIBOR
USD - 0.220%),
05/22/2020 △		50,000		49,995
1.553% (1 Month LIBOR
USD - 0.050%),
05/28/2020 △		75,000		75,000
1.599% (1 Month LIBOR
USD - 0.050%),
05/29/2020 △		50,000		50,000
1.575% (1 Month LIBOR
USD - 0.080%),
06/01/2020 △		222,550		222,544
1.765% (3 Month LIBOR
USD - 0.170%),
06/24/2020 △		50,000		49,995
1.720% (U.S. Federal
Funds Effective
Rate + 0.140%),
07/13/2020 △		100,000		100,000
1.628%(1MonthLIBOR
USD - 0.030%),
07/16/2020 △		101,000		100,999
1.637%(1MonthLIBOR
USD - 0.010%),
07/20/2020 △		100,000		100,000
1.845%, 07/31/2020 €		25,000		24,808
1.648% (1 Month LIBOR
USD - 0.020%),
08/05/2020 △		75,000		74,998
1.637%, 08/11/2020 €		175,000		173,721
1.556% (3 Month
U.S. Treasury Money
Market Yield + 0.045%),
08/17/2020 △		27,000		26,999

Government Obligations Fund (cont.)
DESCRIPTION		PAR	VALUE >
1.710% (U.S. Federal
Funds Effective
Rate + 0.130%),
08/17/2020 △	$	50,000	$	50,000
1.602%, 08/24/2020 €		100,000		99,228
1.705% (U.S. Federal
Funds Effective Rate +
0.125%), 09/04/2020 △		50,000		50,000
1.770% (3 Month LIBOR
USD - 0.130%),
09/04/2020 △		50,000		50,000
1.721% (1 Month LIBOR
USD + 0.050%),
09/10/2020 △		100,000		100,000
1.625% (1 Month LIBOR
USD - 0.040%),
09/11/2020 △		50,000		50,000
1.440%, 09/25/2020 €		50,000		49,590
1.627% (1 Month LIBOR
USD + 0.000%),
09/25/2020 △		79,560		79,554
1.637% (1 Month LIBOR
USD + 0.010%),
09/25/2020 △		125,000		124,995
1.667% (1 Month LIBOR
USD + 0.020%),
10/19/2020 △		280,300		280,275
1.710% (U.S. Federal
Funds Effective Rate +
0.130%), 10/23/2020 △		25,000		25,000
1.640% (3 Month LIBOR
USD - 0.135%),
10/29/2020 △		50,000		49,998
1.770% (FCPR DLY -
2.980%), 11/12/2020 △		63,927		63,970
1.562%(3MonthLIBOR
USD - 0.130%),
11/16/2020 △		75,000		74,999
1.618%(1MonthLIBOR
USD + 0.005%),
11/27/2020 △		200,000		199,995
1.787%(3MonthLIBOR
USD - 0.120%),
11/30/2020 △		150,000		150,000
1.675%(1MonthLIBOR
USD + 0.025%),
12/14/2020 △		50,000		49,998
1.668%(1MonthLIBOR
USD + 0.065%),
12/28/2020 △		100,000		100,000
1.860%(3MonthLIBOR
USD - 0.100%),
12/28/2020 △		65,000		65,000
1.654%(1MonthLIBOR
USD + 0.005%),
12/29/2020 △		125,000		125,000

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

10 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

Government Obligations Fund  (cont.)
DESCRIPTION		PAR	VALUE >
1.750% (1 Month LIBOR
USD + 0.100%),
12/30/2020 △	$	50,000	$	49,996
1.678% (1 Month LIBOR
USD + 0.025%),
01/13/2021 △		100,000		99,994
1.660% (SOFR + 0.080%),
01/14/2021 △		36,000		36,000
1.685% (SOFR + 0.105%),
01/15/2021 △		40,000		40,000
1.718% (1 Month LIBOR
USD + 0.060%),
01/15/2021 △		50,000		50,000
1.682% (1 Month LIBOR
USD + 0.035%),
01/19/2021 △		50,000		50,000
1.651% (1 Month LIBOR
USD + 0.035%),
01/26/2021 △		25,000		24,997
1.643% (1 Month LIBOR
USD + 0.040%),
01/28/2021 △		100,000		100,000
1.641% (3 Month
U.S. Treasury Money
Market Yield + 0.130%),
02/08/2021 △		125,000		124,994
1.700% (1 Month LIBOR
USD + 0.035%),
02/11/2021 △		125,000		125,000
1.708% (1 Month LIBOR
USD + 0.050%),
02/16/2021 △		50,000		49,977
1.700% (U.S. Federal
Funds Effective Rate +
0.120%), 02/22/2021 △		45,000		45,000
1.700% (1 Month LIBOR
USD + 0.045%),
03/01/2021 △		146,400		146,400
1.674% (1 Month LIBOR
USD + 0.015%),
03/17/2021 △		75,000		75,000
1.700% (SOFR + 0.120%),
03/18/2021 △		25,000		25,000
1.704% (1 Month LIBOR
USD + 0.045%),
04/16/2021 △		75,000		75,000
1.657% (1 Month LIBOR
USD + 0.010%),
04/19/2021 △		46,100		46,082
1.729% (1 Month LIBOR
USD + 0.090%),
04/21/2021 △		135,000		135,004

Government Obligations Fund  (cont.)
DESCRIPTION		PAR	VALUE >
1.752% (1 Month LIBOR
USD + 0.090%),
05/04/2021 △	$	50,000	$	49,997
1.680% (SOFR + 0.100%),
05/07/2021 △		23,000		23,000
1.688% (1 Month LIBOR
USD + 0.035%),
05/13/2021 △		225,000		224,999
1.651% (3 Month
U.S. Treasury Money
Market Yield + 0.140%),
05/28/2021 △		25,000		25,000
1.690% (U.S. Federal
Funds Effective Rate +
0.110%), 05/28/2021 △		25,000		25,000
1.695% (1 Month LIBOR
USD + 0.040%),
06/03/2021 △		90,000		90,000
1.740% (FCPR DLY -
3.010%), 06/07/2021 △		175,000		175,000
1.660% (SOFR + 0.080%),
06/10/2021 △		45,000		45,000
1.670% (1 Month LIBOR
USD + 0.020%),
06/14/2021 △		135,000		134,984
1.815% (1 Month LIBOR
USD + 0.160%),
07/01/2021 △		100,000		100,000
1.751% (1 Month LIBOR
USD + 0.080%),
07/08/2021 △		183,000		183,000
1.655% (SOFR + 0.075%),
07/09/2021 △		38,000		38,000
1.680% (FCPR DLY -
3.070%), 07/19/2021 △		50,000		50,000
1.696% (1 Month LIBOR
USD + 0.080%),
07/26/2021 △		35,000		35,000
1.913% (1 Month LIBOR
USD + 0.300%),
07/27/2021 △		7,000		7,020
1.768% (1 Month LIBOR
USD + 0.100%),
08/05/2021 △		75,000		75,000
1.733% (1 Month LIBOR
USD + 0.080%),
08/13/2021 △		50,000		50,000
1.645% (SOFR + 0.065%),
08/20/2021 △		26,000		26,000
1.609% (1 Month LIBOR
USD - 0.020%),
08/23/2021 △		50,000		49,993
1.709% (1 Month LIBOR
USD + 0.080%),
08/23/2021 △	$	180,000	$	179,997

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 11

Schedule of Investments February 29, 2020 (unaudited),
all dollars are rounded to thousands (000 omitted)

Government Obligations Fund  (cont.)
DESCRIPTION	PAR		VALUE >
1.704% (1 Month LIBOR
USD + 0.000%),
09/10/2021 △	$	145,500	$	145,478
1.655% (SOFR + 0.075%),
09/13/2021 △		20,000		20,000
1.743% (1 Month LIBOR
USD + 0.090%),
09/13/2021 △		23,000		23,000
1.822% (1 Month LIBOR
USD + 0.160%),
10/04/2021 △		115,000		115,000
1.801% (1 Month LIBOR
USD + 0.130%),
10/08/2021 △		100,000		100,000
1.770% (SOFR + 0.190%),
10/15/2021 △		50,000		50,000
1.778% (1 Month LIBOR
USD + 0.120%),
10/18/2021 △		96,500		96,500
1.729% (1 Month LIBOR
USD + 0.100%),
10/22/2021 △		17,000		17,023
1.790% (SOFR + 0.210%),
10/28/2021 △		35,000		35,000
1.760% (1 Month LIBOR
USD + 0.105%),
11/02/2021 △		160,000		160,000
1.651% (3 Month
U.S. Treasury Money
Market Yield +0.140%),
11/08/2021 △		39,500		39,420
1.748% (1 Month LIBOR
USD + 0.090%),
11/18/2021 △		100,000		100,000
1.770% (SOFR + 0.190%),
11/18/2021 △		47,000		47,000
1.781% (1 Month LIBOR
USD + 0.110%),
12/10/2021 △		25,000		25,000
1.629% (1 Month LIBOR
USD + 0.000%),
12/22/2021 △		360,000		359,935
1.750% (U.S. Federal
Funds Effective Rate +
0.170%), 01/13/2022 △		50,000		50,000
Federal Home Loan Bank
1.425%, 03/03/2020 €		33,620		33,617
1.610% (SOFR + 0.030%),
03/06/2020 △		129,000		129,000
1.592%, 03/16/2020 €		50,000		49,967
1.601%, 03/18/2020 €		387,235		386,946
1.597%, 03/19/2020 €		120,126		120,031
1.556%, 03/20/2020 €		10,000		9,992

Government Obligations Fund  (cont.)
DESCRIPTION	PAR		VALUE >
1.633%, 03/25/2020 €	$	549,775	$	549,185
1.645% (SOFR + 0.065%),
03/26/2020 △		148,000		148,000
1.593% (1 Month LIBOR
USD - 0.020%),
03/27/2020 △		100,000		100,000
1.611%, 03/27/2020 €		578,400		577,736
1.607%, 03/30/2020 €		54,091		54,022
1.512%, 03/31/2020 €		400		400
1.575%, 04/03/2020 €		414,970		414,374
1.700%, 04/03/2020		150,000		149,986
1.626% (1 Month LIBOR
USD - 0.040%),
04/06/2020 △		100,000		100,000
1.607%, 04/09/2020 €		31,700		31,646
1.523%, 04/13/2020 €		63,550		63,435
1.513%, 04/17/2020 €		1,100		1,098
1.586% (3 Month LIBOR
USD - 0.250%),
04/17/2020 △		50,000		50,000
1.619% (1 Month LIBOR
USD - 0.040%),
04/17/2020 △		50,000		50,000
1.593%, 04/20/2020 €		960		958
1.564%, 04/22/2020 €		28,800		28,735
1.605% (SOFR + 0.025%),
04/22/2020 △		215,000		215,003
1.570%, 04/24/2020 €		150,615		150,280
1.454%, 04/28/2020 €		175,000		174,595
1.569%, 04/29/2020 €		616,794		615,230
1.588%, 05/01/2020 €		1,100,000		1,097,080
1.705% (1 Month LIBOR
USD + 0.050%),
05/01/2020 △		75,000		75,000
1.589%, 05/06/2020 €		332,135		331,181
1.640% (SOFR + 0.060%),
05/06/2020 △		91,000		91,000
1.592%, 05/08/2020 €		114,200		113,861
1.587%, 05/13/2020 €		39,000		38,876
1.590%, 05/15/2020 €		176,807		176,229
1.600% (SOFR + 0.020%),
05/22/2020 △		56,000		56,000
1.463%, 05/27/2020 €		55,000		54,808
1.460%, 05/29/2020 €		481,000		479,288
1.600% (SOFR + 0.020%),
06/05/2020 △		45,000		45,000
1.611% (1 Month LIBOR
USD - 0.060%),
06/10/2020 △		150,000		150,000
1.690% (SOFR +
0.110%), 06/10/2020 △		150,000		150,000
1.589% (1 Month LIBOR
USD - 0.070%),
06/15/2020 △		75,000		75,000
1.940%, 06/18/2020		150,000		150,000

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

12 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.615% (SOFR + 0.035%),
06/19/2020 △	$	50,000	$	50,000
1.718% (3 Month LIBOR
USD - 0.210%),
06/22/2020 △		50,000		50,000
1.592%, 07/06/2020 €		150,000		149,169
1.610% (SOFR + 0.030%),
07/17/2020 △		79,000		79,000
1.680% (SOFR + 0.100%),
07/17/2020 △		150,000		150,000
1.655% (SOFR + 0.075%),
07/24/2020 △		30,000		30,000
1.680% (SOFR + 0.100%),
07/29/2020 △		48,000		48,000
1.610% (SOFR + 0.030%),
08/05/2020 △		138,000		138,000
1.643% (3 Month LIBOR
USD - 0.235%),
08/10/2020 △		150,000		150,000
1.610% (SOFR + 0.030%),
08/21/2020 △		50,000		50,000
1.620% (SOFR + 0.040%),
08/25/2020 △		64,000		64,000
1.600% (SOFR + 0.020%),
08/28/2020 △		250,000		250,000
1.630% (SOFR + 0.030%),
09/04/2020 △ ★		175,000		175,000
1.594% (1 Month LIBOR
USD - 0.065%),
09/18/2020 △		125,000		125,000
1.440%, 09/25/2020 €		25,000		24,795
1.605% (SOFR + 0.025%),
09/28/2020 △		126,000		126,000
1.625% (SOFR + 0.045%),
09/28/2020 △		53,000		53,000
1.685% (SOFR + 0.105%),
10/01/2020 △		55,000		55,000
1.700% (SOFR + 0.120%),
10/07/2020 △		34,000		34,000
1.710% (SOFR + 0.130%),
10/16/2020 △		125,000		125,000
1.616% (1 Month LIBOR
USD + 0.000%),
10/26/2020 △		50,000		50,000
1.610% (SOFR + 0.030%),
11/06/2020 △		41,000		41,000
1.648% (3 Month LIBOR
USD - 0.195%),
11/16/2020 △		40,000		40,000
1.659% (1 Month LIBOR
USD + 0.000%),
11/16/2020 △		75,000		75,000

Government Obligations Fund  (cont.)
DESCRIPTION		PAR	VALUE >
1.702% (3 Month LIBOR
USD - 0.170%),
01/08/2021 △	$	75,000	$	75,000
1.630% (SOFR + 0.050%),
01/22/2021 △		60,500		60,500
1.689% (3 Month LIBOR
USD - 0.105%),
01/25/2021 △		50,000		50,000
1.630% (SOFR + 0.050%),
01/28/2021 △		55,000		55,000
1.620% (SOFR + 0.040%),
02/09/2021 △		100,000		100,000
1.628% (1 Month LIBOR
USD - 0.030%),
02/12/2021 △		125,000		125,000
1.500%, 02/18/2021		74,000		74,036
1.615% (SOFR + 0.035%),
02/25/2021 △		56,500		56,500
1.695% (SOFR + 0.115%),
03/12/2021 △		97,000		97,000
1.750% (SOFR + 0.170%),
04/09/2021 △		74,000		74,000
1.703% (3 Month LIBOR
USD - 0.135%),
04/14/2021 △		25,000		25,000
1.713% (3 Month LIBOR
USD - 0.125%),
04/14/2021 △		50,000		50,000
1.635% (SOFR + 0.055%),
05/14/2021 △		200,000		200,000
1.715% (SOFR + 0.135%),
06/04/2021 △		100,000		100,000
1.655% (SOFR + 0.075%),
06/11/2021 △		45,000		45,000
1.655% (SOFR + 0.075%),
07/08/2021 △		119,000		119,000
1.653% (1 Month LIBOR
USD + 0.000%),
07/13/2021 △		79,800		79,721
1.655% (SOFR + 0.075%),
07/23/2021 △		101,000		101,000
1.708% (1 Month LIBOR
USD + 0.055%),
08/13/2021 △		100,000		100,000
1.665% (SOFR +
0.085%), 09/10/2021 △		74,000		74,000
1.613% (1 Month LIBOR
USD + 0.010%),
09/28/2021 △		50,000		50,000
1.695% (SOFR + 0.115%),
02/10/2022 △		25,000		25,000
1.720% (SOFR + 0.120%),
02/28/2022 △ ★		86,000		86,000

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 13

Schedule of Investments February 29, 2020 (unaudited),
all dollars are rounded to thousands (000 omitted)

Government Obligations Fund (cont.)
DESCRIPTION		PAR	VALUE >
Federal Home Loan
Mortgage Corporation
1.688%, 03/05/2020 €	$	50,000	$	49,991
1.663%, 03/18/2020 €		175,000		174,864
1.610% (SOFR + 0.030%),
08/21/2020 △		100,000		100,000
1.610% (SOFR + 0.030%),
09/08/2020 △		50,000		50,000
1.610% (SOFR + 0.030%),
01/12/2021 △		200,000		200,000
1.610% (SOFR + 0.030%),
01/22/2021 △		200,000		200,000
1.610% (SOFR + 0.030%),
02/19/2021 △		100,000		100,000
1.625% (SOFR + 0.045%),
08/27/2021 △		100,000		100,000
Federal National Mortgage
Association
1.680% (SOFR + 0.100%),
04/30/2020 △		80,000		80,001
1.640% (SOFR + 0.060%),
07/30/2020 △		40,000		40,000
1.655% (SOFR + 0.075%),
10/30/2020 △		67,000		67,000
2.875%, 10/30/2020		50,000		50,405
1.875%, 12/28/2020		96,256		96,454
Total U.S. Government
Agency Debt
(Cost $19,965,417)				19,965,417
U.S. Treasury Debt  – 5.7%
U.S. Treasury Bill
1.889%, 03/26/2020 €		100,000		99,871
U.S. Treasury Notes
1.375%, 03/31/2020		175,000		174,924
1.625%, 07/31/2020		25,000		24,999
2.000%, 07/31/2020		50,000		50,078
2.625%, 07/31/2020		150,000		150,612
1.375%, 08/31/2020		100,000		99,865
2.125%, 08/31/2020		150,000		150,352
2.000%, 09/30/2020		150,000		150,316
2.750%, 09/30/2020		325,000		327,075
1.750%, 11/15/2020		50,000		50,047
2.000%, 11/30/2020		140,000		140,373
2.750%, 11/30/2020		205,000		206,725
1.750%, 12/31/2020		200,000		200,282
2.375%, 12/31/2020		30,000		30,190
2.500%, 12/31/2020		240,000		241,751
1.626% (3 Month
U.S. Treasury Money
Market Yield + 0.115%),
01/31/2021 △		565,000		564,779

Government Obligations Fund (cont.)
DESCRIPTION	PAR/SHARES		VALUE >
1.650% (3 Month
U.S. Treasury
Money Market
Yield + 0.139%),
04/30/2021 △	$	50,000	$	49,968
1.811% (3 Month
U.S. Treasury Money
Market Yield+0.300%),
10/31/2021 △		225,000		225,275
Total U.S. Treasury Debt
(Cost $2,937,482)				2,937,482
Investment
Companies Ω – 1.0%
BlackRock Liquidity
Funds FedFund
Portfolio, Institutional
Class, 1.493%		150,000,000		150,000
Deutsche Government
Money Market Series
Fund, Institutional
Class, 1.550%		125,000,000		125,000
Goldman Sachs
Financial Square
Money Market
Fund, Institutional
Class, 1.462%		125,000,000		125,000
Invesco Government
& Agency Portfolio,
Institutional Class,
1.496%		100,000,000		100,000
Total Investment Companies
(Cost $500,000)				500,000
U.S. Government
Agency Repurchase
Agreements – 7.9%
Bank of America
1.600%, dated
02/28/2020, matures
03/02/2020, repurchase
price $150,020
(collateralized by
various government
agency obligations:
Total market
value $153,000)		150,000		150,000

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

14 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
BNP Paribas SA
1.600%, dated
02/28/2020, matures
03/02/2020, repurchase
price $100,013
(collateralized by
various government
agency obligations:
Total market
value $102,000)	$	100,000	$	100,000
Fixed Income Clearing Corp
1.590%, dated 02/28/2020,
matures 03/02/2020,
repurchase price
$1,625,215
(collateralized by
various government
agency obligations:
Total market
value $1,657,504)		1,625,000		1,625,000
Goldman Sachs & Co. LLC
1.590%, dated 02/11/2020,
matures 03/11/2020,
repurchase price
$500,640
(collateralized by
various government
agency obligations:
Total market
value $510,000)		500,000		500,000
HSBC Securities (USA) Inc.
1.600%, dated 02/28/2020,
matures 03/02/2020,
repurchase price
$550,073
(collateralized by
various government
agency obligations:
Total market
value $561,075)		550,000		550,000
ING Financial Markets LLC
1.600%, dated 02/28/2020,
matures 03/02/2020,
repurchase price
$100,013
(collateralized by
various government
agency obligations:
Total market
value $102,000)		100,000		100,000

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Societe Generale SA
1.600%, dated 02/28/2020,
matures 03/02/2020,
repurchase price
$125,017
(collateralized by
various government
agency obligations:
Total market
value $127,500)	$	125,000	$	125,000
TD Securities (USA) LLC
1.600%, dated 02/28/2020,
matures 03/02/2020,
repurchase price
$900,120
(collateralized by
various government
agency obligations:
Total market
value $918,000)		900,000		900,000
Total U.S. Government Agency
Repurchase Agreements
(Cost $4,050,000)				4,050,000
U.S. Treasury Repurchase
Agreements – 47.3%
Bank of Montreal
1.560%, dated
01/10/2020, matures
04/09/2020, repurchase
price $200,780
(collateralized by U.S.
Treasury obligations:
Total market
value $204,000)		200,000		200,000
1.600%, dated
01/30/2020, matures
04/29/2020, repurchase
price $301,200
(collateralized by U.S.
Treasury obligations:
Total market
value $306,000)		300,000		300,000
Bank of Nova Scotia
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $992,390
(collateralized by U.S.
Treasury obligations:
Total market
value $1,012,104)		992,259		992,259

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 15

Schedule of Investments	February 29, 2020 (unaudited),
	all dollars are rounded to thousands (000 omitted)

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Barclays Capital Inc.
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $250,033
(collateralized by U.S.
Treasury obligations:
Total market
value $255,000)	$	250,000	$	250,000
BNP Paribas SA
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $100,013
(collateralized by U.S.
Treasury obligations:
Total market
value $102,000)		100,000		100,000
1.600%, dated
01/02/2020, matures
04/02/2020, repurchase
price $953,842
(collateralized by U.S.
Treasury obligations:
Total market
value $969,000)		950,000		950,000
1.570%, dated
01/06/2020, matures
04/06/2020, repurchase
price $426,687
(collateralized by U.S.
Treasury obligations:
Total market
value $433,500)		425,000		425,000
1.570%, dated
01/08/2020, matures
04/08/2020, repurchase
price $501,984
(collateralized by U.S.
Treasury obligations:
Total market
value $510,000)		500,000		500,000
1.600%, dated
02/07/2020, matures
05/07/2020, repurchase
price $828,300
(collateralized by U.S.
Treasury obligations:
Total market
value $841,500)		825,000		825,000

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.570%, dated
01/13/2020, matures
05/13/2020, repurchase
price $502,638
(collateralized by U.S.
Treasury obligations:
Total market
value $510,000)	$	500,000	$	500,000
1.580%, dated
01/14/2020, matures
05/14/2020, repurchase
price $175,929
(collateralized by U.S.
Treasury obligations:
Total market
value $178,500)		175,000		175,000
1.580%, dated
01/14/2020, matures
05/14/2020, repurchase
price $351,859
(collateralized by U.S.
Treasury obligations:
Total market
value $357,000)		350,000		350,000
Canadian Imperial Bank
of Commerce
1.560%, dated
01/21/2020, matures
03/17/2020, repurchase
price $350,849
(collateralized by U.S.
Treasury obligations:
Total market
value $357,634)		350,000		350,000
1.580%, dated
02/25/2020, matures
03/18/2020, repurchase
price $100,097
(collateralized by U.S.
Treasury obligations:
Total market
value $102,027)		100,000		100,000
1.590%, dated
01/30/2020, matures
03/19/2020, repurchase
price $501,082
(collateralized by U.S.
Treasury obligations:
Total market
value $510,721)		500,000		500,000

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

16 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.590%, dated
02/24/2020, matures
04/03/2020, repurchase
price $350,603
(collateralized by U.S.
Treasury obligations:
Total market
value $357,110)	$	350,000	$	350,000
1.590%, dated
02/06/2020, matures
04/03/2020, repurchase
price $401,007
(collateralized by U.S.
Treasury obligations:
Total market
value $408,451)		400,000		400,000
1.570%, dated
01/22/2020, matures
04/08/2020, repurchase
price $225,756
(collateralized by U.S.
Treasury obligations:
Total market
value $229,900)		225,000		225,000
1.600%, dated
02/03/2020, matures
05/04/2020, repurchase
price $200,809
(collateralized by U.S.
Treasury obligations:
Total market
value $204,254)		200,000		200,000
1.600%, dated
02/07/2020, matures
05/06/2020, repurchase
price $451,780
(collateralized by U.S.
Treasury obligations:
Total market
value $459,490)		450,000		450,000
Credit Agricole Corporate
& Investment Bank
1.570%, dated
02/24/2020, matures
03/02/2020, repurchase
price $450,137
(collateralized by U.S.
Treasury obligations:
Total market
value $459,000)		450,000		450,000

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.580%, dated
02/28/2020, matures
03/02/2020, repurchase
price $927,315
(collateralized by U.S.
Treasury obligations:
Total market
value $945,736)	$	927,192	$	927,192
1.580%, dated
02/27/2020, matures
03/05/2020, repurchase
price $300,092
(collateralized by U.S.
Treasury obligations:
Total market
value $306,000)		300,000		300,000
1.600%, dated
12/10/2020, matures
03/10/2020, repurchase
price $527,123
(collateralized by U.S.
Treasury obligations:
Total market
value $535,500)		525,000		525,000
1.580%, dated
02/25/2020, matures
03/25/2020, repurchase
price 350,445
(collateralized by U.S.
Treasury obligations:
Total market
value $357,000)		350,000		350,000
Fixed Income Clearing Corp
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $2,225,295
(collateralized by U.S.
Treasury obligations:
Total market
value $2,269,500)		2,225,000		2,225,000
1.610%, dated
02/28/2020, matures
03/02/2020, repurchase
price $700,094
(collateralized by U.S.
Treasury obligations:
Total market
value $715,184)		700,000		700,000

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 17

Schedule of Investments	February 29, 2020 (unaudited),
	all dollars are rounded to thousands (000 omitted)

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.610%, dated
02/28/2020, matures
03/02/2020, repurchase
price $1,600,215
(collateralized by U.S.
Treasury obligations:
Total market
value $1,637,328)	$	1,600,000	$	1,600,000
HSBC Securities (USA) Inc.
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $325,043
(collateralized by U.S.
Treasury obligations:
Total market
value $331,544)		325,000		325,000
1.580%, dated
02/25/2020, matures
03/03/2020, repurchase
price $700,215
(collateralized by U.S.
Treasury obligations:
Total market
value $714,188)		700,000		700,000
ING Financial Markets LLC
1.600%, dated
02/28/2020, matures
03/02/2020, repurchase
price $100,018
(collateralized by U.S.
Treasury obligations:
Total market
value $102,128)		100,005		100,005
1.580%, dated
02/25/2020, matures
03/03/2020, repurchase
price $350,108
(collateralized by U.S.
Treasury obligations:
Total market
value $357,000)		350,000		350,000
1.580%, dated
02/26/2020, matures
03/04/2020, repurchase
price $150,046
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.580%, dated
02/27/2020, matures
03/05/2020, repurchase
price $200,061
(collateralized by U.S.
Treasury obligations:
Total market
value $204,000)	$	200,000	$	200,000
1.600%, dated
02/07/2020, matures
03/12/2020, repurchase
price $225,340
(collateralized by U.S.
Treasury obligations:
Total market
value $229,500) 8		225,000		225,000
JP Morgan Securities, LLC
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $150,020
(collateralized by U.S.
Treasury obligations:
Total market
value $153,020)		150,000		150,000
1.590% (SOFR + 0.010%),
dated 02/28/2020,
matures 03/29/2020,
repurchase price $325,431
(collateralized by U.S.
Treasury obligations:
Total market
value $331,912) ∞		325,000		325,000
1.590% (SOFR + 0.010%),
dated 02/28/2020,
matures 03/29/2020,
repurchase price $300,398
(collateralized by U.S.
Treasury obligations:
Total market
value $306,381) r ∞		300,000		300,000
Mizuho Securities USA LLC
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $600,080
(collateralized by U.S.
Treasury obligations:
Total market
value $612,000)		600,000		600,000

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

18 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
MUFG Securities Canada Ltd.
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $500,066
(collateralized by U.S.
Treasury obligations:
Total market
value $510,068)	$	500,000	$	500,000
1.580%, dated
02/27/2020, matures
03/05/2020, repurchase
price $300,092
(collateralized by U.S.
Treasury obligations:
Total market
value $306,054)		300,000		300,000
RBC Dominion Securities Inc.
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $900,119
(collateralized by U.S.
Treasury obligations:
Total market
value $918,000)		900,000		900,000
1.590%, dated
02/04/2020, matures
04/03/2020, repurchase
price $350,912
(collateralized by U.S.
Treasury obligations:
Total market
value $357,000)		350,000		350,000
1.600%, dated
12/12/2019, matures
03/10/2020, repurchase
price $351,384
(collateralized by U.S.
Treasury obligations:
Total market
value $357,000)		350,000		350,000
1.600%, dated
02/07/2020, matures
04/08/2020, repurchase
price $451,220
(collateralized by U.S.
Treasury obligations:
Total market
value $459,000)		450,000		450,000

Government Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
1.590%, dated
02/20/2020, matures
04/20/2020, repurchase
price $300,795
(collateralized by U.S.
Treasury obligations:
Total market
value $306,000)	$	300,000	$	300,000
1.550%, dated
02/26/2020, matures
05/26/2020, repurchase
price $351,356
(collateralized by U.S.
Treasury obligations:
Total market
value $357,000)		350,000		350,000
Societe Generale SA
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $200,027
(collateralized by U.S.
Treasury obligations:
Total market
value $204,000)		200,000		200,000
1.600% (OBFR + 0.020%),
dated 02/28/2020,
matures 03/06/2020,
repurchase price
$1,125,350
(collateralized by U.S.
Treasury obligations:
Total market
value $1,147,500) 3		1,125,000		1,125,000
Societe Generale/NY
1.600%, dated
01/31/2020, matures
03/03/2020, repurchase
price $400,569
(collateralized by U.S.
Treasury obligations:
Total market
value $408,000)		400,000		400,000
1.600%, dated
02/06/2020, matures
03/06/2020, repurchase
price $350,451
(collateralized by U.S.
Treasury obligations:
Total market
value $357,000)		350,000		350,000

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 19

Schedule of Investments	February 29, 2020 (unaudited),
	all dollars are rounded to thousands (000 omitted)

Government Obligations Fund (concl.)

	VALUE >
Total U.S. Treasury
Repurchase Agreements
(Cost $24,219,456)		24,219,456
Total Investments – 100.9%
(Cost $51,672,355)		51,672,355
Other Assets and
Liabilities, Net – (0.9)%		(460,269	)
Total Net Assets – 100.0%	$	51,212,086

>	Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.
∆	Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020.
€	Rate shown is the annualized yield as of February 29, 2020.
★	Security purchased on a when-issued basis. On February 29, 2020, the total cost of investments purchased on a when-issued basis was $261,000 or 0.5% of total net assets.
Ω	The rate shown is the annualized seven-day yield as of February 29, 2020.
∞	Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $850,000 or 1.7% of total net assets. See note 2 in Notes to Financial Statements.

Investment Abbreviations:

FCPR DLY – Federal Reserve Bank Prime Loan Rate

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.

20 FIRST AMERICAN FUNDS 2020     SEMIANNUAL REPORT

Institutional Prime
Obligations Fund
DESCRIPTION		PAR		VALUE  >
Certificates of Deposit – 29.0%
Bancodel Estado de Chile/NY
1.958% (1 Month
LIBOR USD + 0.300%),
04/16/2020 △	$	8,000	$	8,003
1.911% (1 Month
LIBOR USD + 0.240%),
07/10/2020 △		5,000		5,004
1.720% (SOFR + 0.140%),
08/26/2020 △		4,000		3,999
Bank of Montreal/Chicago
1.815% (1 Month
LIBOR USD + 0.160%),
03/02/2020 △		5,000		5,000
1.825% (1 Month
LIBOR USD + 0.170%),
04/03/2020 △		5,000		5,001
1.710% (1 Month
LIBOR USD + 0.060%),
08/14/2020 △		2,000		2,000
1.987% (3 Month
LIBOR USD + 0.100%),
12/07/2020 △		10,000		10,006
1.824% (3 Month
LIBOR USD + 0.050%),
01/28/2021 △		7,000		7,000
1.801% (3 Month
LIBOR USD + 0.050%),
02/04/2021 △		4,000		4,000
Bank of Nova Scotia/Houston
1.859% (1 Month
LIBOR USD + 0.230%),
04/24/2020 △		6,000		6,002
1.865% (1 Month
LIBOR USD + 0.210%),
08/03/2020 △		5,000		5,003
1.833% (1 Month
LIBOR USD + 0.180%),
10/13/2020 △		5,000		5,003
1.910% (3 Month
LIBOR USD + 0.140%),
10/30/2020 △		1,500		1,501
Banque Nationale de
Paris/Chicago
1.931% (1 Month
LIBOR USD + 0.260%),
04/08/2020 △		5,000		5,001
Canadian Imperial Bank
1.699% (1 Month
LIBOR USD + 0.070%),
08/20/2020 △		10,000		10,003

Institutional Prime
Obligations Fund   (cont.)
DESCRIPTION		PAR		VALUE  >
Cooperatieve Rabobank UA/NY
1.892% (1 Month
LIBOR USD + 0.230%),
05/04/2020 △	$	5,000	$	5,002
1.855% (1 Month
LIBOR USD + 0.200%),
08/03/2020 △		5,000		5,003
1.784% (3 Month
LIBOR USD + 0.080%),
08/14/2020 △		5,000		5,002
Credit Suisse/NY
2.105% (3 Month
LIBOR USD + 0.170%),
09/15/2020 △		10,000		10,009
1.760%(SOFR + 0.180%),
11/18/2020 △		5,000		4,999
HSBC Bank USA NA
2.002% (1 Month
LIBOR USD + 0.340%),
11/04/2020 △		5,000		5,008
1.875% (3 Month
LIBOR USD + 0.180%),
11/20/2020 △		5,000		5,005
Lloyds Bank Corp Markets/NY
1.972% (1 Month
LIBOR USD + 0.310%),
04/03/2020 △		7,000		7,002
Mitsubishi UFJ Trust &
Banking Corp/NY
1.928% (1 Month
LIBOR USD + 0.260%),
05/05/2020 △		5,000		5,002
1.718% (3 Month
LIBOR USD + 0.080%),
05/27/2020 △		2,000		2,001
Mizuho Bank Ltd
1.863% (1 Month
LIBOR USD + 0.260%),
04/30/2020 △		5,000		5,002
1.880% (1 Month
LIBOR USD + 0.210%),
08/07/2020 △		2,000		2,002
1.778% (1 Month
LIBOR USD + 0.110%),
09/08/2020 △		5,000		5,002
National Australia Bank Ltd/NY
1.857% (3 Month
LIBOR USD + 0.120%),
11/06/2020 △		3,000		3,002

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 21

Schedule of Investments February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) 

Institutional Prime
Obligations Fund  (cont.)
DESCRIPTION	PAR		VALUE >
Nordea Bank ABP/NY
1.849% (1 Month
LIBOR USD + 0.220%),
03/24/2020 △	$	10,000	$	10,002
1.940% (1 Month
LIBOR USD + 0.270%),
07/07/2020 △		3,000		3,003
1.881% (1 Month
LIBOR USD + 0.210%),
08/10/2020 △		5,000		5,004
1.780%, 01/15/2021		5,000		5,018
Royal Bank of Canada/NY
1.860% (U.S. Federal
Funds Effective
Rate + 0.280%),
04/24/2020 △		5,000		5,002
1.789% (1 Month
LIBOR USD + 0.160%),
05/22/2020 △		5,000		5,002
Skandinavinska
Enskilda Bank/NY
1.853% (1 Month
LIBOR USD + 0.200%),
03/13/2020 △		5,000		5,001
1.781% (3 Month
LIBOR USD + 0.050%),
05/11/2020 △		5,000		5,001
1.836% (1 Month
LIBOR USD + 0.170%),
08/06/2020 △		4,000		4,002
1.780%, 09/15/2020		5,000		5,014
Sumitomo Mitsui Bank Corp/NY
1.789% (1 Month
LIBOR USD + 0.150%),
08/21/2020 △		7,000		7,003
1.772% (1 Month
LIBOR USD + 0.110%),
09/04/2020 △		5,000		5,001
Sumitomo Mitsui Trust/NY
1.735% (1 Month
LIBOR USD + 0.080%),
06/03/2020 △		10,000		10,001
1.705% (1 Month
LIBOR USD + 0.050%),
06/15/2020 △		10,000		10,001
1.697% (1 Month
LIBOR USD + 0.050%),
06/19/2020 △		5,000		5,000
Svenska Handelsbanken/NY
1.823% (1 Month
LIBOR USD + 0.210%),
03/27/2020 △		10,000		10,002

Institutional Prime
Obligations Fund   (cont.)
DESCRIPTION	PAR		VALUE >
1.858% (1 Month
LIBOR USD + 0.190%),
05/05/2020 △	$	5,000	$	5,002
1.818% (1 Month
LIBOR USD + 0.160%),
05/18/2020 △		5,000		5,001
2.003% (3 Month
LIBOR USD + 0.160%),
10/16/2020 △		2,000		2,002
1.693% (1 Month
LIBOR USD + 0.080%),
11/30/2020 △		5,000		5,001
Toronto Dominion Bank/NY
1.842% (1 Month
LIBOR USD + 0.180%),
06/03/2020 △		5,000		5,000
1.930% (U.S. Federal
Funds Effective
Rate + 0.350%),
08/07/2020 △		5,000		5,006
2.009% (3 Month
LIBOR USD + 0.100%),
01/04/2021 △		5,000		5,003
Wells Fargo Bank NA
1.851% (1 Month
LIBOR USD + 0.180%),
04/08/2020 △		8,000		8,001
1.838% (1 Month
LIBOR USD + 0.170%),
06/05/2020 △		3,000		3,001
2.016% (1 Month
LIBOR USD + 0.350%),
11/06/2020 △		6,000		6,010
2.050% (3 Month
LIBOR USD + 0.150%),
01/15/2021 △		10,000		10,005
2.020% (3 Month
LIBOR USD + 0.120%),
02/05/2021 △		5,000		5,000
Westpac Banking Corp/NY
1.869% (1 Month
LIBOR USD + 0.230%),
09/21/2020 △		10,000		10,009
2.037% (3 Month
LIBOR USD + 0.150%),
12/14/2020 △		10,000		10,010
Total Certificates of Deposit
(Cost $334,500)				334,675

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

22 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

Institutional Prime
Obligations Fund  (cont.)
DESCRIPTION		PAR		VALUE  >
Asset Backed
Commercial Paper – 20.2%
Alpine Securitization LLC
1.905% (1 Month
LIBOR USD + 0.250%),
04/01/2020 △ ■	$	6,000	$	6,001
1.920%, 05/20/2020 ■		6,000		6,005
1.680%, 08/10/2020 ■		1,000		1,001
CAFCO LLC
1.876%, 03/05/2020 ■ €		5,000		4,999
1.622%, 03/10/2020 ■ €		10,000		9,995
Chariot Funding LLC
1.673%, 07/13/2020 ■ €		10,000		9,942
Fairway Finance Corp
1.876%, 05/04/2020 ■ €		2,600		2,592
1.663%, 07/27/2020 ■ €		10,000		9,934
Kells Funding LLC
2.078%, 03/23/2020 ■ €		8,000		7,992
1.703%, 05/26/2020 €		5,000		4,981
1.673%, 06/05/2020 €		10,000		9,958
1.673%, 06/08/2020 ■ €		10,000		9,957
1.612%, 07/27/2020 €		14,000		13,914
Liberty Street Funding LLC
1.795%, 04/30/2020 ■ €		2,500		2,493
Longship Funding LLC
1.602%, 03/02/2020 ■ €		7,000		6,999
1.612%, 03/05/2020 ■ €		20,000		19,995
1.673%, 03/19/2020 ■ €		10,000		9,991
Manhattan Asset Funding Co
1.602%, 03/04/2020 ■ €		25,000		24,994
1.622%, 03/20/2020 ■ €		10,000		9,991
Nieuw Amsterdam Receivables
1.623%, 03/04/2020 ■ €		6,250		6,249
1.592%, 03/06/2020 ■ €		10,000		9,997
Old Line Funding LLC
1.876% (3 Month
LIBOR USD + 0.070%),
04/23/2020 △ ■		11,000		11,000
1.754%, 08/03/2020 ■ €		10,000		9,933
1.740% (U.S. Federal
Funds Effective
Rate + 0.160%),
08/04/2020 △ ■		5,000		5,001
1.769% (1 Month
LIBOR USD + 0.140%),
10/22/2020 △ ■		5,000		5,000
Starbird Funding Corp
1.868% (1 Month
LIBOR USD + 0.210%),
03/18/2020 △ ■		4,000		4,001

Institutional Prime
Obligations Fund – (cont.)
DESCRIPTION		PAR		VALUE  >
Thunder Bay Funding LLC
1.795%,07/06/2020 ■ €	$	5,000	$	4,974
1.815%, 07/20/2020 ■ €		5,000		4,969
Total Asset Backed
Commercial Paper
(Cost $232,824)				232,858
Financial Company
Commercial Paper – 16.0%
ASB Finance Ltd/London
1.871% (1 Month
LIBOR USD + 0.200%),
05/08/2020 △ ■		5,000		5,002
Banco del Estado de Chile/NY
1.937%, 06/30/2020 ■ €		5,000		4,975
1.754%, 07/28/2020 ■ €		5,000		4,970
1.693%, 08/10/2020 ■ €		5,000		4,968
Bank of Nova Scotia
1.940% (3 Month
LIBOR USD + 0.090%),
02/16/2021 △ ■		7,000		7,000
Canadian Imperial Bank of Commerce
2.007% (3 Month
LIBOR USD + 0.120%),
12/04/2020 △ ■		10,000		10,007
Commonwealth Bank of Australia
1.809% (1 Month
LIBOR USD + 0.180%),
04/24/2020 △ ■		5,000		5,001
1.924% (3 Month
LIBOR USD + 0.050%),
10/08/2020 △ ■		5,000		5,001
1.824% (3 Month
LIBOR USD + 0.050%),
01/22/2021 △ ■		5,000		5,001
ING (US) Funding LLC
1.906%, 04/17/2020 ■ €		4,000		3,992
1.976% (1 Month
LIBOR USD + 0.310%),
07/06/2020 △ ■		10,000		10,010
JP Morgan Securities, LLC
1.807% (1 Month L
IBOR USD + 0.160%),
10/20/2020 △		10,000		10,004
Lloyds Bank PLC
1.977%, 04/20/2020 €		3,000		2,993
Macquarie Bank Ltd
1.926%, 03/03/2020 ■ €		5,000		4,999
1.906%, 03/09/2020 ■ €		3,000		2,999

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 23

Schedule of Investments February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) 

Institutional Prime
Obligations Fund  (cont.)
DESCRIPTION	PAR		VALUE >
1.862% (3 Month
LIBOR USD + 0.120%),
05/07/2020 △ ■	$	2,000	$	2,001
MUFG Bank Ltd/NY
1.906%, 04/01/2020 €		5,000		4,993
National Australia Bank Ltd
1.825% (1 Month
LIBOR USD + 0.170%),
04/02/2020 △ ■		7,000		7,001
1.841% (1 Month
LIBOR USD + 0.170%),
05/08/2020 △ ■		5,000		5,000
1.907% (1 Month
LIBOR USD + 0.260%),
06/19/2020 △ ■		7,000		7,005
Nederlandse Waterschaps
2.044%, 03/02/2020 ■ €		17,500		17,498
1.612%, 05/27/2020 ■ €		10,000		9,960
OntarioTeachers’FinanceTrust
1.957%, 03/27/2020 ■ €		2,000		1,998
1.947%, 04/17/2020 ■ €		9,000		8,981
Sumitomo Mitsui Trust/NY
1.937%, 04/13/2020 ■ €		5,000		4,990
1.957%, 04/17/2020 ■ €		3,000		2,994
Suncorp Metway Ltd
1.947%, 04/27/2020 ■ €		8,000		7,978
1.926%, 05/11/2020 ■ €		2,200		2,192
Svenska Handelsbanken AB
1.916%, 04/20/2020 ■ €		5,000		4,989
Toronto Dominion Bank
1.739% (1 Month
LIBOR USD + 0.100%),
11/17/2020 △ ■		10,000		10,003
Total Financial Company
Commercial Paper
(Cost $184,436)				184,505
Non-Negotiable
Time Deposits – 6.5%
Credit Agricole Corporate &
Investment Bank,
Toronto Branch
1.570%, 03/02/2020		50,000		50,000
DnB Bank ASA,
Cayman Islands
Branch 1.550%,
03/02/2020		25,000		25,000
Total Non-Negotiable
Time Deposits
(Cost $75,000)				75,000

Institutional Prime
Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Non-Financial Company
Commercial Paper – 5.2%
Exxon Mobil Corp
1.602%, 06/29/2020 €	$	2,025	$	2,015
Novartis Finance Corp
1.572%, 05/18/2020 ■ €		10,000		9,967
Total Capital Canada Ltd
1.602%, 03/02/2020 ■ €		10,000		9,999
Toyota FinanceAustralia Ltd
1.875% (3 Month
LIBOR USD + 0.080%),
10/23/2020 △		10,000		10,003
Toyota Motor Credit Corp
1.855% (1 Month
LIBOR USD + 0.200%),
03/02/2020 △		7,000		7,000
1.838% (1 Month
LIBOR USD + 0.180%),
04/09/2020 △		5,000		5,001
1.935% (1 Month
LIBOR USD + 0.280%),
06/26/2020 △		5,000		5,004
1.779% (3 Month
LIBOR USD + 0.100%),
08/21/2020 △		7,000		7,003
Toyota Motor Finance
Netherlands BV
1.880% (1 Month
LIBOR USD + 0.230%),
05/07/2020 △		4,000		4,002
Total Non-Financial Company
Commercial Paper
(Cost $59,980)				59,994
Variable Rate Demand
Notes # – 1.1%
Broward County, Florida,
Embraer Aircraft Holding Inc
Project, Series 2007B
(LOC: Citibank)
1.590%, 03/06/2020		5,500		5,500
Massachusetts Development
Finance Agency, Babson
College Issue, Series 2008B
(LOC: Bank of America)
1.600%, 03/06/2020		7,360		7,360
Total Variable Rate
Demand Notes
(Cost $12,860)				12,860

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

24 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

Institutional Prime
Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Other Instruments – 0.8%
Bank of America NA
1.845% (1 Month
LIBOR USD + 0.180%),
05/11/2020 △	$	5,000	$	5,001
Chevron Corp
2.116% (3 Month
LIBOR USD + 0.210%),
03/03/2020 △		3,675		3,675
Commonwealth Bank of Australia
2.340% (3 Month
LIBOR USD + 0.450%),
03/10/2020 △ ■		205		205
Exxon Mobil Corp
1.912%, 03/06/2020		1,000		1,000
Total Other Instruments
(Cost $9,880)				9,881
Other Repurchase
Agreements –  21.1%
BNP Paribas SA
1.770% (OBFR + 0.190%),
dated 02/28/2020,
matures 03/02/2020,
repurchase price $25,004
(collateralized by various
securities: Total market
value $26,250) △		25,000		25,000
1.950% (OBFR + 0.370%),
dated 02/28/2020,
matures 05/28/2020,
repurchase price $15,073
(collateralized by various
securities: Total market
value $15,750) △ ¥		15,000		15,000
BofA Securities Inc.
1.960% (OBFR + 0.380%),
dated 02/28/2020,
matures 04/03/2020,
repurchase price $10,019
(collateralized by various
securities: Total market
value $10,500) △ ¥		10,000		10,000
Credit Suisse Securities (USA) LLC
1.730% (OBFR + 0.150%),
dated 02/25/2020,
matures 03/03/2020,
repurchase price$26,009
(collateralized by various
securities: Total market
value $27,308) △		26,000		26,000

Institutional Prime
Obligations Fund  (cont.)
DESCRIPTION		PAR		VALUE  >
HSBC Securities (USA) Inc.
1.680% (OBFR + 0.100%),
dated 02/28/2020,
matures 03/02/2020,
repurchase price $16,002
(collateralized by various
securities: Total market
value $16,802) △	$	16,000	$	16,000
1.780% (OBFR + 0.200%),
dated 02/28/2020,
matures 03/02/2020,
repurchase price $7,001
(collateralized by various
securities: Total market
value $7,351) △		7,000		7,000
ING Financial Markets LLC
1.680% (OBFR + 0.100%),
dated 02/28/2020,
matures 03/02/2020,
repurchase price $16,002
(collateralized by various
securities: Total market
value $16,800) △		16,000		16,000
1.730% (OBFR + 0.150%),
dated 02/28/2020,
matures 03/02/2020,
repurchase price $26,004
(collateralized by various
securities: Total market
value $27,300) △		26,000		26,000
JP Morgan Securities, LLC
1.785% (1 Month LIBOR
USD + 0.270%), dated
02/28/2020, matures
04/03/2020, repurchase
price $15,026
(collateralized by
various securities:
Total market
value $15,773) △¥		15,000		15,000
MUFG Securities Americas Inc.
1.710% (OBFR + 0.130%),
dated 02/28/2020,
matures 03/02/2020,
repurchase price$29,004
(collateralized by various
securities: Total market
value $30,450) △		29,000		29,000

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 25

Schedule of Investments February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted) 

Institutional Prime
Obligations Fund (cont.)
DESCRIPTION	PAR		VALUE >
Societe Generale SA
1.780% (OBFR + 0.200%),
dated 02/28/2020,
matures 03/02/2020,
repurchase price $59,009
(collateralized by various
securities: Total market
value $61,950) △	$	59,000	$	59,000
Total Other Repurchase
Agreements
(Cost $244,000)				244,000
U.S. Treasury Repurchase
Agreements – 0.2%
Bank of Nova Scotia
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $1,041
(collateralized by U.S.
Treasury obligations:
Total market
value $1,061)		1,041		1,041
Credit Agricole Corporate
& Investment Bank
1.580%, dated
02/28/2020, matures
03/02/2020, repurchase
price $973
(collateralized by U.S.
Treasury obligations:
Total market
value $992)		972		972
Total U.S. Treasury
Repurchase Agreements
(Cost $2,013)				2,013
Total Investments – 100.1%
(Cost $1,155,493)				1,155,786
Other Assets and
Liabilities, Net - (0.1)%				(879	)
Total Net Assets –  100.0%			$	1,154,907

Institutional Prime

Obligations Fund (concl.)

>	Securities are valued in accordance with procedures described in note 2 in Notes to Financial Statements.
△	Variable Rate Security  – The rate shown is the rate in effect as of February 29, 2020.
■	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 29, 2020, the value of these investments was $390,691 or 33.8% of total net assets.
€	Rate shown is the annualized yield as of February 29, 2020.
#	Adjustable Rate Security –  The rate is determined by the Remarketing Agent and resets periodically (daily, weekly, monthly, etc.).
¥	Illiquid Security –  A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $40,000 or 3.5% of total net assets. See note 2 in Notes to Financial Statements.
Investment Abbreviations:
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.

26 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

Retail Prime Obligations Fund
DESCRIPTION	PAR		VALUE >
Certificates of Deposit – 33.0%
Banco del Estado de Chile/NY
1.908% (1 Month
LIBOR USD + 0.240%),
03/05/2020 △	$	10,000	$	10,000
1.958% (1 Month
LIBOR USD + 0.300%),
04/16/2020 △		12,000		12,000
1.911% (1 Month
LIBOR USD + 0.240%),
07/10/2020△		10,000		10,000
1.908% (1 Month
LIBOR USD + 0.250%),
10/16/2020 △		5,000		5,000
Bank of Montreal/Chicago
1.815% (1 Month
LIBOR USD + 0.160%),
03/02/2020 △		15,000		15,000
1.825% (1 Month
LIBOR USD + 0.170%),
04/03/2020 △		10,000		10,000
1.710% (1 Month
LIBOR USD + 0.060%),
08/14/2020 △		5,000		5,000
1.950% (U.S. Federal
Funds Effective Rate +
0.370%), 09/08/2020 △		10,000		10,000
1.824% (3 Month
LIBOR USD + 0.050%),
01/28/2021 △		8,000		8,000
1.801% (3 Month
LIBOR USD + 0.050%),
02/04/2021 △		16,000		16,000
Bank of Nova Scotia/Houston
1.859% (1 Month
LIBOR USD + 0.230%),
04/24/2020 △		6,000		6,000
1.929% (3 Month
LIBOR USD + 0.110%),
07/20/2020 △		15,000		15,000
1.833% (1 Month
LIBOR USD + 0.180%),
10/13/2020 △		10,000		10,000
1.837% (3 Month
LIBOR USD + 0.130%),
11/13/2020 △		10,000		10,000
Banque Nationale de Paris/Chicago
1.931% (1 Month
LIBOR USD + 0.260%),
04/08/2020 △		10,000		10,000

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
Canadian Imperial Bank
1.699% (1 Month
LIBOR USD + 0.070%),
08/20/2020 △	$	20,000	$	20,000
Cooperatieve Rabobank UA/NY
1.892% (1 Month
LIBOR USD + 0.230%),
05/04/2020 △		20,000		20,000
1.784% (3 Month
LIBOR USD + 0.080%),
08/14/2020 △		25,000		25,000
Credit Suisse/NY
1.760% (SOFR + 0.180%),
11/18/2020 △		15,000		15,000
HSBC Bank USA NA
1.888% (1 Month
LIBOR USD + 0.220%),
03/05/2020 △		15,000		15,000
2.002% (1 Month
LIBOR USD + 0.340%),
11/04/2020 △		15,000		15,000
1.875% (3 Month
LIBOR USD + 0.180%),
11/20/2020 △		10,000		10,000
Mitsubishi UFJ Trust &
Banking Corp/NY
1.928% (1 Month
LIBOR USD + 0.260%),
05/05/2020 △		5,000		5,000
1.736% (1 Month
LIBOR USD + 0.120%),
05/26/2020 △		5,000		5,000
1.718% (3 Month
LIBOR USD + 0.080%),
05/27/2020 △		6,000		6,000
Mizuho Bank Ltd/NY
2.161% (3 Month
LIBOR USD + 0.330%),
04/15/2020 △		5,000		5,002
1.863% (1 Month
LIBOR USD + 0.260%),
04/30/2020 △		15,000		15,000
1.880% (1 Month
LIBOR USD + 0.210%),
08/07/2020 △		20,000		20,000
1.778% (1 Month
LIBOR USD + 0.110%),
09/08/2020 △		10,000		10,000
National Australia Bank Ltd/NY
1.857% (3 Month
LIBOR USD + 0.120%),
11/06/2020 △		10,000		10,000

FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT 27

Schedule of Investments February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted)

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
Nordea Bank ABP/NY
1.849% (1 Month
LIBOR USD + 0.220%),
03/24/2020 △	$	15,000	$	15,000
1.940% (1 Month
LIBOR USD + 0.270%),
07/07/2020 △		6,000		6,000
1.881% (1 Month
LIBOR USD + 0.210%),
08/10/2020 △		9,000		9,000
1.780%, 01/15/2021		10,000		10,000
Royal Bank of Canada/NY
1.860% (U.S. Federal
Funds Effective Rate +
0.280%), 04/24/2020 △		10,000		10,000
1.789% (1 Month
LIBOR USD + 0.160%),
05/22/2020 △		10,000		10,000
1.871% (1 Month
LIBOR USD + 0.200%),
07/10/2020 △		5,000		5,000
Skandinavinska Enskilda Bank/NY
1.781% (3 Month
LIBOR USD + 0.050%),
05/11/2020 △		10,000		10,000
1.836% (1 Month
LIBOR USD + 0.170%),
08/06/2020 △		16,000		16,001
1.780%, 09/15/2020		15,000		15,000
Sumitomo Mitsui Bank Corp/NY
1.925% (1 Month
LIBOR USD + 0.270%),
05/01/2020 △		15,000		15,000
1.916% (1 Month
LIBOR USD + 0.250%),
05/06/2020 △		10,000		10,000
2.030% (3 Month
LIBOR USD + 0.070%),
06/30/2020 △		20,000		20,000
1.789% (1 Month
LIBOR USD + 0.150%),
08/21/2020 △		10,000		10,000
1.772% (1 Month
LIBOR USD + 0.110%),
09/04/2020 △		10,000		10,000
Sumitomo Mitsui Trust/NY
1.765% (3 Month
LIBOR USD + 0.070%),
05/20/2020 △		11,000		11,000
1.735% (1 Month
LIBOR USD + 0.080%),
06/03/2020 △		10,000		10,000

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
1.735% (1 Month
LIBOR USD + 0.050%),
06/15/2020 △	$	20,000	$	20,000
1.697% (1 Month
LIBOR USD + 0.050%),
06/19/2020 △		10,000		10,000
Svenska Handelsbanken/NY
1.823% (1 Month
LIBOR USD + 0.210%),
03/27/2020 △		20,000		20,000
1.818% (1 Month
LIBOR USD + 0.160%),
05/18/2020 △		20,000		20,000
2.003% (3 Month
LIBOR USD + 0.160%),
10/16/2020 △		5,000		5,000
1.844% (3 Month
LIBOR USD + 0.110%),
11/09/2020 △		20,000		20,000
Toronto Dominion Bank/NY
2.000%, 03/17/2020		25,000		25,000
1.842% (1 Month
LIBOR USD + 0.180%),
06/03/2020 △		20,000		20,000
1.910% (U.S. Federal
Funds Effective
Rate + 0.330%),
08/17/2020 △		5,000		5,000
2.009% (3 Month
LIBOR USD + 0.100%),
01/04/2021 △		10,000		10,000
Wells Fargo Bank NA
1.851% (1 Month
LIBOR USD + 0.180%),
04/08/2020 △		7,000		7,000
1.838% (1 Month
LIBOR USD + 0.170%),
06/05/2020 △		6,000		6,000
1.851% (1 Month
LIBOR USD + 0.180%),
06/08/2020 △		12,000		12,000
2.016% (1 Month
LIBOR USD + 0.350%),
11/06/2020 △		6,000		6,000
2.050% (3 Month
LIBOR USD + 0.150%),
01/15/2021 △		20,000		20,000
2.020% (3 Month
LIBOR USD + 0.120%),
02/05/2021 △		20,000		20,000
Westpac Banking Corp/NY
1.869% (1 Month
LIBOR USD + 0.230%),
09/21/2020 △		25,000		25,000

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

28 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
2.037% (3 Month
LIBOR USD + 0.150%),
12/14/2020 △	$	20,000	$	20,000
Total Certificates of Deposit
(Cost $811,003)				811,003
Financial Company
Commercial Paper – 13.6%
ANZ New Zealand International Ltd
1.899% (3 Month
LIBOR USD + 0.080%),
01/15/2021 △ ■		10,000		10,000
Australia and New Zealand
Banking Group
1.748% (3 Month
LIBOR USD + 0.110%),
11/27/2020 △ ■		18,000		18,000
Banco del Estado de Chile/NY
1.937%, 06/30/2020 ■ €		20,000		19,872
1.754%, 07/28/2020 ■ €		10,000		9,928
1.693%, 08/10/2020 ■ €		5,000		4,962
Bank of Nova Scotia
1.773% (1 Month
LIBOR USD + 0.160%),
05/27/2020 △ ■		10,000		10,000
1.940% (3 Month
LIBOR USD + 0.090%),
02/16/2021 △ ■		20,000		20,000
Commonwealth Bank of Australia
1.809% (1 Month
LIBOR USD + 0.180%),
04/24/2020 △ ■		10,000		10,000
1.924% (3 Month
LIBOR USD + 0.050%),
10/08/2020 △ ■		15,000		15,000
HSBC USA Inc
1.790% (1 Month
LIBOR USD + 0.130%),
08/03/2020 △ ■		10,000		10,001
1.815% (1 Month
LIBOR USD + 0.160%),
11/03/2020 △ ■		10,000		10,000
ING (US) Funding LLC
1.906%, 04/17/2020 ■ €		6,000		5,985
1.976% (1 Month
LIBOR USD + 0.310%),
07/06/2020 △ ■		20,000		20,000
JP Morgan Securities,
2.028% (1 Month
LIBOR USD + 0.370%),
10/15/2020 △ ■		4,000		4,000

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
Lloyds Bank PLC
1.977%, 04/20/2020 €	$	22,000	$	21,940
MUFG Bank Ltd/NY
1.906%, 04/01/2020 €		10,000		9,984
National Australia Bank Ltd
1.825% (1 Month
LIBOR USD + 0.170%),
04/02/2020 △ ■		15,000		15,000
1.841% (1 Month
LIBOR USD + 0.170%),
05/08/2020 △ ■		10,000		10,000
1.907% (1 Month
LIBOR USD + 0.260%),
06/19/2020 △ ■		15,000		15,000
Nederlandse Waterschaps
1.693%, 05/04/2020 ■ €		10,000		9,970
Ontario Teachers’ Finance Trust
1.947%, 04/17/2020 ■ €		16,000		15,960
Sumitomo Mitsui Trust/NY
1.937%, 04/13/2020 ■ €		4,000		3,991
1.957%, 04/17/2020 ■ €		7,000		6,982
Suncorp Metway Ltd
1.926%, 04/21/2020 ■ €		10,000		9,973
1.947%, 04/27/2020 ■ €		2,000		1,994
1.906%, 05/18/2020 ■ €		15,000		14,939
Svenska Handelsbanken AB/NY
1.876%, 03/18/2020 ■ €		2,695		2,693
Toronto Dominion Bank
1.739% (1 Month
LIBOR USD + 0.100%),
11/17/2020 △ ■		15,000		15,000
Westpac Securities NZ
Limited/London
1.928% (3 Month
LIBOR USD + 0.050%),
04/09/2020 △ ■		12,000		12,001
Total Financial Company
Commercial Paper
(Cost $333,175)				333,175
Non-Negotiable
Time Deposits – 11.4%
Credit Agricole Corporate
& Investment Bank,
Toronto Branch
1.570%, 03/02/2020		68,719		68,719
DnB Bank ASA, Cayman
Islands Branch
1.550%, 03/02/2020		100,000		100,000

FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT 29

Schedule of Investments February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted)

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
Natixis SA, Cayman
Islands Branch
1.550%, 03/02/2020	$	110,000	$	110,000
Total Non-Negotiable Time Deposits
(Cost $278,719)				278,719
Asset Backed
Commercial Paper – 10.8%
Alpine Securitization LLC
1.905% (1 Month
LIBOR USD + 0.250%),
04/01/2020 △ ■		9,000		9,000
1.950%, 04/20/2020 ■		15,000		15,000
1.920%, 05/20/2020 ■		2,000		2,000
1.680%, 08/10/2020 ■		14,000		14,000
CAFCO LLC
1.886%, 05/11/2020 ■ €		11,000		10,960
Chariot Funding LLC
1.673%, 07/13/2020 ■ €		20,000		19,877
Fairway Finance Corp
1.886%, 04/27/2020 ■ €		24,200		24,129
Kells Funding LLC
1.703%, 05/26/2020 €		10,000		9,960
1.673%, 06/05/2020 €		20,000		19,912
1.673%, 06/08/2020 ■ €		15,000		14,932
1.612%, 07/27/2020 €		36,000		35,765
Old Line Funding LLC
1.876% (3 Month
LIBOR USD + 0.070%),
04/23/2020 △ ■		6,000		6,000
1.754%, 08/03/2020 ■ €		4,000		3,970
1.740% (U.S. Federal
Funds Effective
Rate + 0.160%),
08/04/2020 △ ■		25,000		25,000
1.769% (1 Month
LIBOR USD + 0.140%),
10/22/2020 △ ■		5,000		5,000
Starbird Funding Corp
1.868% (1 Month
LIBOR USD + 0.210%),
03/18/2020 △ ■		16,000		16,000
Thunder Bay Funding LLC
2.078%, 03/20/2020 ■ €		5,000		4,995
1.795%, 07/06/2020 ■ €		5,000		4,969
1.815%, 07/20/2020 ■ €		25,000		24,825
Total Asset Backed
Commercial Paper
(Cost $266,294)				266,294

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE >
Non-Financial Company
Commercial Paper – 3.5%
Toyota Finance Australia Ltd
1.875% (3 Month
LIBOR USD + 0.080%),
10/23/2020 △	$	20,000	$	20,000
Toyota Motor Credit Corp
1.855% (1 Month
LIBOR USD + 0.200%),
03/02/2020 △		23,000		23,000
1.838% (1 Month
LIBOR USD + 0.180%),
04/09/2020 △		15,000		15,000
1.935% (1 Month
LIBOR USD + 0.280%),
06/26/2020 △		10,000		10,000
1.779% (3 Month
LIBOR USD + 0.100%),
08/21/2020 △		10,000		10,000
Toyota Motor Finance
Netherlands BV
1.880% (1 Month
LIBOR USD + 0.230%),
05/07/2020 △		8,000		8,000
Total Non-Financial
Company Commercial Paper
(Cost $86,000)				86,000
Other Instruments –1.2%
Bank of America NA
1.845% (1 Month
LIBOR USD + 0.180%),
05/11/2020 △		20,000		20,000
Nordea Bank ABP
2.083% (3 Month
LIBOR USD + 0.470%),
05/29/2020 △ ■		10,000		10,010
Total Other Instruments
(Cost $30,010)				30,010
Variable Rate
Demand Note # – 0.6%
Mayor and City Council of
Baltimore, Maryland,
Baltimore City Parking
System Facilities,
Series 2008
(LOC: Bank of America)
1.590%, 03/06/2020
(Cost $13,900)		13,900		13,900

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

30 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
Other Repurchase
Agreements – 22.2%
Bank of America Securities Inc.1.900% (OBFR + 0.320%),dated 02/28/2020,matures 06/02/2020,repurchase price $25,125(collateralized by various securities: Total market value $26,251) △ ∞	$	25,000	$	25,000
BNP Paribas SA1.770% (OBFR + 0.190%),dated 02/28/2020,matures 03/02/2020,repurchase price $80,012(collateralized by various securities: Total market value $84,000) △		80,000		80,000
1.950% (OBFR + 0.370%),dated 02/28/2020,matures 05/28/2020,repurchase price $17,083(collateralized by various securities: Total market value $17,850) △ ∞		17,000		17,000
Credit Suisse Securities (USA) LLC1.730% (OBFR + 0.150%),dated 02/25/2020,matures 03/03/2020,repurchase price $49,016(collateralized by various securities: Total market value $51,465) △		49,000		49,000
1.815%, dated 02/28/2020,matures 04/03/2020,repurchase price $18,032(collateralized by various securities: Total market value $18,903) △ ∞		18,000		18,000
HSBC Securities (USA) Inc.1.680% (OBFR + 0.100%),dated 02/28/2020,matures 03/02/2020,repurchase price $32,004(collateralized by various securities: Total market value $33,605) △		32,000		32,000

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
1.780% (OBFR + 0.200%), dated 02/28/2020, matures 03/02/2020, repurchase price $14,002 (collateralized by various securities: Total market value $14,702) △	$	14,000	$	14,000
ING Financial Markets LLC 1.680% (OBFR + 0.100%), dated 02/28/2020, matures 03/02/2020, repurchase price $39,005 (collateralized by various securities: Total market value $40,951) △		39,000		39,000
1.730% (OBFR + 0.150%), dated 02/28/2020, matures 03/02/2020, repurchase price $55,008 (collateralized by various securities: Total market value $57,750) △		55,000		55,000
JP Morgan Securities, LLC 1.785% (1 Month LIBOR USD + 0.270%), dated 02/28/2020, matures 04/03/2020, repurchase price $30,052 (collateralized by various securities: Total market value $31,547) △ ∞		30,000		30,000
MUFG Securities Americas Inc. 1.710% (OBFR + 0.130%), dated 02/28/2020, matures 03/02/2020, repurchase price $62,009 (collateralized by various securities: Total market value $65,100) △		62,000		62,000
Societe Generale SA 1.780% (OBFR + 0.200%), dated 02/28/2020, matures 03/02/2020, repurchase price $123,018 (collateralized by various securities: Total market value $129,151) △		123,000		123,000
Total Other
Repurchase Agreements
(Cost $544,000)				544,000

FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT 31

Schedule of Investments February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted)

Retail Prime Obligations Fund (cont.)
DESCRIPTION		PAR		VALUE ✇
U.S. Treasury Repurchase
Agreements – 3.8%
Bank of Nova Scotia 1.590%, dated 02/28/2020, matures 03/02/2020, repurchase price $47,767 (collateralized by U.S. Treasury obligations: Total market value $48,716)	$	47,761	$	47,761
Credit Agricole Corporate &Investment Bank 1.580%, dated 02/28/2020, matures 03/02/2020, repurchase price $44,635 (collateralized by U.S. Treasury obligations: Total market value $45,522)		44,629		44,629
Total U.S. Treasury
Repurchase Agreements
(Cost $92,390)				92,390
Total Investments – 100.1%
(Cost $2,455,491)				2,455,491
Other Assets and Liabilities, Net - (0.1%)				(2,276	)
Total Net Assets – 100.0%			$	2,453,215

Retail Prime Obligations Fund (concl.)

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

△ Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020.

■ 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 29, 2020, the value of these investments was $511,918 or 20.9% of total net assets.

⊙ Rate shown is the annualized yield as of February 29, 2020.

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

∞ Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $90,000 or 3.7% of total net assets. See note 2 in Notes to Financial Statements.

Investment Abbreviations:

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.

32 FIRST AMERICAN FUNDS 2020      SEMIANNUAL REPORT

Retail Tax Free

Obligations Fund

DESCRIPTION	PAR		VALUE ✇
Variable Rate
Demand Notes # – 64.4%
Alaska – 0.5%
City of Valdez, Alaska, Exxon Pipeline Company Project, 1993 Series A 1.200%, 03/02/2020	$	275	$	275
City of Valdez, Alaska, Exxon Pipeline Company Project, 1993 Series C 1.200%, 03/02/2020		1,695		1,695
				1,970
Arizona – 7.0%
Arizona Health Facilities Authority, Banner Health, Series 2008G (LOC: Wells Fargo Bank) 1.140%, 03/06/2020		10,890		10,890
Arizona Health Facilities Authority, Catholic Healthcare West Loan Program, 2008 Series A (LOC: JPMorgan Chase Bank) 1.250%, 03/06/2020		9,000		9,000
Arizona Health Facilities Authority, Catholic Healthcare West Loan Program, 2008 Series B (LOC: Barclays Bank) 1.180%, 03/06/2020		10,000		10,000
				29,890
Colorado – 0.5%
Colorado Educational and Cultural Facilities Authority, National Jewish Federation Bond Program (LOC: Bank of America) 1.220%, 03/02/2020		150		150
Colorado Educational and Cultural Facilities Authority, National Jewish Federation Bond Program, Series B-5 (LOC: TD Bank) 1.220%, 03/02/2020		2,155		2,155
				2,305

Retail Tax Free

Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE ✇
District of Columbia – 1.0%
District of Columbia, Carnegie Endowment for International Peace Issue, Series 2006 (LOC: Wells Fargo Bank) 1.190%, 03/06/2020	$	3,885	$	3,885
District of Columbia, Medlantic/Helix Issue, Series 1998A (LOC: PNC Bank) 1.140%, 03/06/2020		575		575
				4,460
Florida – 1.7%
Florida Keys Aqueduct Authority, Water Revenue Refunding Bonds, Series 2008 (LOC: TD Bank) 1.150%, 03/06/2020		4,355		4,355
Orange County Health Facilities Authority, The Nemours Foundation Project, Series 2009B (LOC: Northern Trust Company) 1.120%, 03/06/2020		2,885		2,885
				7,240
Illinois – 15.1%
Illinois Education Facilities Authority, Newberry Library, Series 1988 (LOC: Northern Trust Company) 1.250%, 03/06/2020		1,035		1,035
Illinois Finance Authority, Elmhurst Memorial Healthcare, Series 2008D (LOC: Bank of America) 1.180%, 03/06/2020		5,000		5,000
Illinois Finance Authority, Richard Driehaus Foundation, Series 2005 (LOC: Northern Trust Company) 1.210%, 03/06/2020		12,100		12,100

FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT 33

Schedule of Investments February 29, 2020 (unaudited), all dollars are 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) 1.150%, 03/06/2020	$	18,000	$	18,000
Illinois Finance Authority, The Carle Foundation, Series 2009C (LOC: Northern Trust Company) 1.150%, 03/06/2020		6,025		6,025
Illinois Finance Authority, The Latin School of Chicago Project, Series 2005A (LOC: JPMorgan Chase Bank) 1.250%, 03/06/2020		8,610		8,610
University of Illinois Health Services Facilities System Revenue Bonds, Series 1997B (LOC: Wells Fargo Bank) 1.250%, 03/06/2020		6,000		6,000
University of Illinois, UIC South Campus Development Project Revenue Refunding Bonds, Series 2008 (LOC: JPMorgan Chase Bank) 1.250%, 03/06/2020		7,530		7,530
				64,300
Indiana – 0.5%
Indiana Finance Authority, Parkview Health System Obligated Group, Series 2009C (LOC: Sumitomo Mitsui Banking Corp.) 1.150%, 03/06/2020		2,275		2,275
Kentucky – 3.3%
Louisville/Jefferson County Metro Government, Norton Healthcare, Inc, Series 2011B (LOC: PNC Bank) 1.220%, 03/02/2020		8,625		8,625

Retail Tax Free

Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE ✇
Louisville/Jefferson County Metro Government, Norton Healthcare, Inc, Series 2013C (LOC: PNC Bank) 1.150%, 03/06/2020	$	5,350	$	5,350
				13,975
Louisiana – 4.8%
Louisiana Public Facilities Authority, CHRISTUS Health, Series 2009B-2 (LOC: Bank of New York Mellon) 1.160%, 03/06/2020		5,100		5,100
Louisiana Public Facilities Authority, CHRISTUS Health, Series 2009B-3 (LOC: Bank of New York Mellon) 1.200%, 03/06/2020		3,125		3,125
Parish of St. James, Louisiana, Nustar Logistics, L.P. Project, Series 2010B (LOC: MUFG Bank LTD) 1.200%, 03/06/2020		12,070		12,070
				20,295
Minnesota – 7.0%
City of Minnetonka, The Cliffs at Ridgedale, Series 1995 (GTD: FNMA) 1.230%, 03/06/2020		8,150		8,150
Minneapolis and St. Paul Minnesota Housing and Redevelopment Authority, Allina Health C1 (LOC: Wells Fargo Bank) 1.140%, 03/06/2020		7,625		7,625
Minnesota Higher Education Facilities Authority, Macalester College, Series Five-Q 1.220%, 03/06/2020		8,525		8,525

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

34 FIRST AMERICAN FUNDS 2020      SEMIANNUAL REPORT

Retail Tax Free

Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE ✇
Minnesota Higher Education Facilities Authority, Macalester College, Series Three-Z 1.170%, 03/06/2020	$	5,400	$	5,400
				29,700
Mississippi – 0.5%
Mississippi Business Finance Corporation, Chevron U.S.A. Inc. Project, Series 2009B Chevron Corp 1.200%, 03/06/2020		1,310		1,310
Mississippi Business Finance Corporation, Coast Electric Power Association (SPA: Natural Rural Utilites Cooperative Finance Corp.) 1.350%, 05/01/2020		1,000		1,000
				2,310
Nevada – 0.6%
Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series 2008D-1 (LOC: Sumitomo Mitsui Banking Corp.) 1.160%, 03/06/2020		2,475		2,475
New York – 1.0%
New York State Housing Finance Agency, Dock Street Housing Revenue Bonds, 2012 Series A (LOC: Wells Fargo Bank) 1.180%, 03/06/2020		200		200
The City of New York General Obligation Bonds, Series 2012A-4 (LOC: MUFG Bank LTD) 1.180%, 03/06/2020		4,200		4,200
				4,400

Retail Tax Free

Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE ✇
Ohio – 4.0%
City of Blue Ash, Ursuline Academy of Cincinnati, Series 2008 (LOC: PNC Bank) 1.150%, 03/06/2020	$	10,025	$	10,025
County of Hamilton, Ohio, St. Xavier High School Project, Series 2003 (LOC: PNC Bank) 1.150%, 03/06/2020		2,550		2,550
State of Ohio, General Obligation Infrastructure Improvement Adjustable Rate Bonds, Series 2001B 1.130%, 03/06/2020		4,400		4,400
				16,975
Rhode Island – 0.8%
Rhode Island Health and Educational Building Corporation, Brown University Issue, 2005 Series A (SPA: HSBC Bank USA) 1.160%, 03/06/2020		3,550		3,550
Tennessee – 0.9%
The Public Building Authority of Sevier County, Tennessee, Revenue Program B, Series V-C-1 (LOC: Smartbank) (GTD: FHLB) 1.180%, 03/06/2020		3,930		3,930
Texas – 4.8%
City of Houston, Texas, Combined Utility System, Series 2004B-6 (LOC: Sumitomo Mitsui Banking Corp.) 1.150%, 03/06/2020		11,235		11,235

FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT 35

Schedule of Investments February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted)

Retail Tax Free

Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE ✇
Lower Neches Valley Authority Industrial Development Corporation, ExxonMobil Project, Series 2011 1.200%, 03/02/2020	$	3,735	$	3,735
Tarrant County Cultural Education Facilities Finance Corporation, Methodist Hospitals of Dallas Project, Series 2008A (LOC: TD Bank) 1.190%, 03/02/2020		5,490		5,490
				20,460
Vermont – 0.8%
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Care Project, Series 2004B (LOC: TD Bank) 1.140%, 03/06/2020		3,600		3,600
Virginia – 3.7%
Industrial Development Authority of Loudoun County, Virginia, Howard Hughes Medical Institute Issue, Series 2003B 1.150%, 03/06/2020		8,615		8,615
Portsmouth Redevelopment & Housing Authority, Phoebus Square Apartments, Series 2008 (GTD: FHLMC) 1.160%, 03/06/2020		7,200		7,200
				15,815
Washington – 0.7%
Washington State Housing Finance Commission, Living Care Centers Project, Series 2000 (LOC: Wells Fargo Bank) 1.150%, 03/06/2020		2,870		2,870

Retail Tax Free

Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE ✇
Wisconsin – 5.2%
Public Finance Authority, WakeMed, Series 2019B (LOC: Barclays Bank) 1.190%, 03/06/2020	$	22,000	$	22,000
Total Variable Rate Demand Notes (Cost $274,794)				274,794
Tender Option
Bonds ■ – 16.7%
Tender Option Bond Trust Floaters, Series 2018 – XF2692 (LOC: Citibank) 1.170%, 03/06/2020		4,190		4,190
Tender Option Bond Trust Floaters, Series 2018 – XF2703 (LOC: Citibank) 1.180%, 03/06/2020		4,000		4,000
Tender Option Bond Trust Floaters, Series 2018 – XM0694 (LOC: Citibank) 1.180%, 03/06/2020		4,985		4,985
Tender Option Bond Trust Floaters, Series 2019 – BAML8004 (LOC: Bank of America) 1.230%, 03/06/2020		12,000		12,000
Tender Option Bond Trust Floaters, Series 2019 – C17 (LOC: Royal Bank of Canada) 1.190%, 03/06/2020		2,500		2,500
Tender Option Bond Trust Floaters, Series 2019 – E-130 (LOC: Royal Bank of Canada) 1.180%, 03/06/2020		10,000		10,000
Tender Option Bond Trust Floaters, Series 2019 – E134 (LOC: Royal Bank of Canada) 1.180%, 03/06/2020		2,500		2,500

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

36 FIRST AMERICAN FUNDS 2020      SEMIANNUAL REPORT

Retail Tax Free

Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE ✇
Tender Option Bond Trust Floaters, Series 2019 – G108 (LOC: Royal Bank of Canada) 1.180%, 03/06/2020	$	4,750	$	4,750
Tender Option Bond Trust Floaters, Series 2019 – G109 (LOC: Royal Bank of Canada) 1.350% (SIFMA Municipal Swap Index + 0.200%), 10/01/2020 ∞ ^		7,670		7,670
Tender Option Bond Trust Floaters, Series 2019 – G110 (LOC: Royal Bank of Canada) 1.330% (SIFMA Municipal Swap Index + 0.180%), 10/01/2020 ∞ ^		7,000		7,000
Tender Option Bond Trust Floaters, Series 2019 – ZF2777 (LOC: Citibank) 1.170%, 03/06/2020		7,500		7,500
Tender Option Bond Trust Floaters, Series 2020 – G116 (LOC: Royal Bank of Canada) 1.350% (SIFMA Municipal Swap Index + 0.200%), 03/06/2020		4,000		4,000
Total Tender Option Bonds (Cost $71,095)				71,095
Non-Financial Company Commercial Paper – 12.7%
Montgomery County, MD 1.180%, 05/14/2020		8,000		8,000
Texas Technical University 1.130%, 04/02/2020		8,700		8,700
University of Michigan 1.130%, 03/02/2020		8,000		8,000
1.120%, 03/03/2020		3,500		3,500
University of Minnesota 1.050%, 03/10/2020		12,028		12,028
University of Texas System 1.140%, 03/09/2020		14,000		14,000

Retail Tax Free

Obligations Fund (concl.)

DESCRIPTION	PAR		VALUE ✇
Total Non-Financial Company Commercial Paper (Cost $54,228)			$	54,228
Other Municipal Securities - 6.1%
Charleston County School District, South Carolina Tax Anticipation Notes of 2019 3.000%, 03/31/2020	$	9,235		9,249
State of Texas Tax and Revenue Anticipation Notes, Series 2019 4.000%, 08/27/2020		17,000		17,226
Total Other Municipal Securities (Cost $26,475)				26,475
Total Investments – 99.9% (Cost $426,592)				426,592
Other Assets and Liabilities, Net - 0.1%				613
Total Net Assets – 100.0%			$	427,205

✇     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.).

■ 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 29, 2020, the value of these investments was $71,095 or 16.6% of total net assets.

∞    Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $14,670 or 3.4% of total net assets. See note 2 in Notes to Financial Statements.

^ The maturity date shown represents the maturity date of the trust, rather than of the underlying bond(s).

Investment Abbreviations:

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GTD – Guaranteed

LOC – Letter of Credit

SIFMA – Securities Industry and Financial Markets Association

SPA – Standby Purchase Agreement

FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT 37

Schedule of Investments February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted)

Treasury Obligations Fund

DESCRIPTION	PAR		VALUE ✇
U.S. Treasury Debt – 34.9%
U.S. Treasury Bills ⊙
1.854%, 03/12/2020	$	250,000	$	249,860
1.693%, 04/09/2020		225,000		224,593
U.S. Treasury Notes
1.375%, 03/31/2020		50,000		49,979
1.544% (3 Month U.S. Treasury Money Market Yield + 0.033%), 04/30/2020 △		215,000		214,999
1.625%, 06/30/2020		100,000		99,981
1.554% (3 Month U.S. Treasury Money Market Yield + 0.043%), 07/31/2020 △		410,000		410,002
1.625%, 07/31/2020		215,000		214,995
2.625%, 07/31/2020		75,000		75,313
1.375%, 09/30/2020		100,000		99,846
2.000%, 09/30/2020		50,000		50,105
2.750%, 09/30/2020		75,000		75,487
1.625%, 10/15/2020		50,000		49,999
U.S. Treasury Money Market Yield + 0.045%), 10/31/2020 △		480,000		479,867
2.000%, 11/30/2020		35,000		35,089
2.750%, 11/30/2020		30,000		30,246
1.750%, 12/31/2020		50,000		50,107
2.375%, 12/31/2020		70,000		70,442
2.500%, 12/31/2020		305,000		307,336
2.000%, 01/15/2021		50,000		50,250
1.626% (3 Month U.S. Treasury Money Market Yield + 0.115%), 01/31/2021 △		650,000		649,861
1.650% (3 Month U.S. Treasury Money Market Yield + 0.139%), 04/30/2021 △		475,000		474,893
1.731% (3 Month U.S. Treasury Money Market Yield + 0.220%), 07/31/2021 △		455,000		454,994
1.811% (3 Month U.S. Treasury Money Market Yield + 0.300%), 10/31/2021 △		375,000		375,480

Treasury Obligations Fund (cont.) 

DESCRIPTION	PAR		VALUE ✇
1.665% (3 Month U.S. Treasury Money Market Yield + 0.154%), 01/31/2022 △	$	175,000	$	175,113
Total U.S. Treasury Debt (Cost $4,968,837)				4,968,837
U.S. Treasury Repurchase Agreements – 64.8%
Bank of America Securities Inc. 1.590%, dated 02/28/2020, matures 03/02/2020, repurchase price $150,020 (collateralized by U.S. Treasury obligations: Total market value $153,000)		150,000		150,000
Bank of Montreal 1.560%, dated 01/10/2020, matures 04/09/2020, repurchase price $100,390 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
1.600%, dated 01/30/2020, matures 04/29/2020, repurchase price $100,400 (collateralized by U.S. Treasury obligations: Total market value $102,000)		100,000		100,000
Bank of Nova Scotia 1.590%, dated 02/28/2020, matures 03/02/2020, repurchase price $484,004 (collateralized by U.S. Treasury obligations: Total market value $493,619)		483,940		483,940

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

38 FIRST AMERICAN FUNDS 2020      SEMIANNUAL REPORT

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
Barclays Capital Inc.
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $100,013
(collateralized
by U.S. Treasury
obligations:
Total market
value $102,000)	$	100,000	$	100,000
BNP Paribas SA
1.600%, dated
01/02/2020, matures
04/02/2020, repurchase
price $251,011
(collateralized
by U.S. Treasury
obligations:
Total market
value $255,000)		250,000		250,000
1.570%, dated
01/06/2020, matures
04/06/2020, repurchase
price $50,198
(collateralized
by U.S. Treasury
obligations:
Total market
value $51,000)		50,000		50,000
1.570%, dated
01/08/2020, matures
04/08/2020, repurchase
price $250,992
(collateralized
by U.S. Treasury
obligations:
Total market
value $255,000)		250,000		250,000
1.600%, dated
02/07/2020, matures
05/07/2020, repurchase
price $301,200
(collateralized
by U.S. Treasury
obligations:
Total market
value $306,000)		300,000		300,000

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
1.570%, dated
01/13/2020, matures
05/13/2020, repurchase
price $150,792
(collateralized
by U.S. Treasury
obligations:
Total market
value $153,000)	$	150,000	$	150,000
1.580%, dated
01/14/2020, matures
05/14/2020, repurchase
price $75,398
(collateralized
by U.S. Treasury
obligations:
Total market
value $76,500)		75,000		75,000
1.580%, dated
01/14/2020, matures
05/14/2020, repurchase
price $150,797
(collateralized
by U.S. Treasury
obligations:
Total market
value $153,000)		150,000		150,000
Canadian Imperial Bank
of Commerce
1.560%, dated
01/21/2020, matures
03/17/2020, repurchase
price $150,364
(collateralized
by U.S. Treasury
obligations:
Total market
value $153,272)		150,000		150,000
1.580%, dated
02/25/2020, matures
03/18/2020, repurchase
price $50,048
(collateralized
by U.S. Treasury
obligations:
Total market
value $51,013)		50,000		50,000

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 39

Schedule of Investments February 29, 2020 (unaudited),
all dollars are rounded to thousands (000 omitted)

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
1.590%, dated
01/30/2020, matures
03/19/2020, repurchase
price $200,433
(collateralized
by U.S. Treasury
obligations:
Total market
value $204,288)	$	200,000	$	200,000
1.590%, dated
02/24/2020, matures
04/03/2020, repurchase
price $150,258
(collateralized
by U.S. Treasury
obligations:
Total market
value $153,047)		150,000		150,000
1.590%, dated
02/06/2020, matures
04/03/2020, repurchase
price $200,504
(collateralized
by U.S. Treasury
obligations:
Total market
value $204,225)		200,000		200,000
1.570%, dated
01/22/2020, matures
04/08/2020, repurchase
price $75,252
(collateralized
by U.S. Treasury
obligations:
Total market
value $76,634)		75,000		75,000
1.600%, dated
02/03/2020, matures
05/04/2020, repurchase
price $100,404
(collateralized
by U.S. Treasury
obligations:
Total market
value $102,127)		100,000		100,000
1.600%, dated
02/07/2020, matures
05/06/2020, repurchase
price $150,593
(collateralized
by U.S. Treasury
obligations:
Total market
value $153,163)		150,000		150,000

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
Credit Agricole Corporate
& Investment Bank
1.570%, dated
02/24/2020, matures
03/02/2020, repurchase
price $150,046
(collateralized
by U.S. Treasury
obligations:
Total market
value $153,000)	$	150,000	$	150,000
1.580%, dated
02/28/2020, matures
03/02/2020, repurchase
price $452,266
(collateralized
by U.S. Treasury
obligations:
Total market
value $461,250)		452,206		452,206
1.580%, dated
02/27/2020, matures
03/05/2020, repurchase
price $100,092
(collateralized
by U.S. Treasury
obligations:
Total market
value $102,000)		100,000		100,000
1.600%, dated
12/10/2019, matures
03/10/2020, repurchase
price $225,910
(collateralized
by U.S. Treasury
obligations:
Total market
value $229,500)		225,000		225,000
1.580%, dated
02/25/2020, matures
03/25/2020, repurchase
price $150,191
(collateralized
by U.S. Treasury
obligations:
Total market
value $153,000)		150,000		150,000

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

40 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
Fixed Income Clearing Corp
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $350,046
(collateralized
by U.S. Treasury
obligations:
Total market
value $357,000)	$	350,000	$	350,000
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $775,103
(collateralized
by U.S. Treasury
obligations:
Total market
value $790,504)		775,000		775,000
1.610%, dated
02/28/2020, matures
03/02/2020, repurchase
price $300,040
(collateralized
by U.S. Treasury
obligations:
Total market
value $309,427)		300,000		300,000
1.610%, dated
02/28/2020, matures
03/02/2020, repurchase
price $300,041
(collateralized
by U.S. Treasury
obligations:
Total market
value $308,088)		300,001		300,001
HSBC Securities (USA) Inc.
1.590%, dated
02/28/2020, matures
03/02/2020, repurchase
price $225,030
(collateralized
by U.S. Treasury
obligations:
Total market
value $229,530)		225,000		225,000
1.580%, dated
02/25/2020, matures
03/03/2020, repurchase
price $200,061
(collateralized
by U.S. Treasury
obligations:
Total market
value $204,054)		200,000		200,000

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
ING Financial Markets LLC
1.600%, dated
02/28/2020, matures
03/02/2020, repurchase
price 100,018
(collateralized
by U.S. Treasury
obligations:
Total market
value $102,127)	$	100,005	$	100,005
1.580%, dated
02/25/2020, matures
03/03/2020, repurchase
price $50,015
(collateralized
by U.S. Treasury
obligations:
Total market
value $51,000)		50,000		50,000
1.580%, dated
02/26/2020, matures
03/04/2020, repurchase
price $50,015
(collateralized
by U.S. Treasury
obligations:
Total market
value $51,000)		50,000		50,000
1.580%, dated
02/27/2020, matures
03/05/2020, repurchase
price $100,031
(collateralized
by U.S. Treasury
obligations:
Total market
value $102,000)		100,000		100,000
1.600%, dated
02/07/2020, matures
03/12/2020, repurchase
price $75,113
(collateralized
by U.S. Treasury
obligations:
Total market
value $76,500) ¥		75,000		75,000
JP Morgan Securities, LLC
1.590% (SOFR + 0.010%),
dated 02/28/2020,
matures 03/29/2020,
repurchase price $75,099
(collateralized by U.S.
Treasury obligations:
Total market
value $76,595) △ ¥		75,000		75,000

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 41

Schedule of Investments February 29, 2020 (unaudited),
all dollars are rounded to thousands (000 omitted)

Treasury Obligations Fund (cont.)

DESCRIPTION	PAR		VALUE >
MUFG Securities Canada Ltd.
1.590%, dated 02/28/2020,
matures 03/02/2020,
repurchase price $400,053
(collateralized by U.S.
Treasury obligations:
Total market
value $408,054)	$	400,000	$	400,000
RBC Dominion Securities Inc.
1.590%, dated 02/28/2020,
matures 03/02/2020,
repurchase price $200,027
(collateralized by U.S.
Treasury obligations:
Total market
value $204,000)		200,000		200,000
1.590%, dated 02/04/2020,
matures 04/03/2020,
repurchase price $150,391
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000
1.600%, dated 12/12/2019,
matures 03/10/2020,
repurchase price $150,593
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000
1.600%, dated 02/07/2020,
matures 04/08/2020,
repurchase price $200,542
(collateralized by U.S.
Treasury obligations:
Total market
value $204,000)		200,000		200,000
1.590%, dated 02/20/2020,
matures 04/20/2020,
repurchase price $200,530
(collateralized by U.S.
Treasury obligations:
Total market
value $204,000)		200,000		200,000
1.550%, dated 02/26/2020,
matures 05/26/2020,
repurchase price $150,581
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000

Treasury Obligations Fund (concl.)

DESCRIPTION	PAR		VALUE >
Societe Generale SA
1.590%, dated 02/28/2020,
matures 03/02/2020,
repurchase price $100,013
(collateralized by U.S.
Treasury obligations:
Total market
value $102,000)	$	100,000	$	100,000
1.600% (OBFR + 0.020%),
dated 02/28/2020,
matures 03/06/2020,
repurchase price $400,124
(collateralized by U.S.
Treasury obligations:
Total market
value $408,000) △		400,000		400,000
Societe Generale/NY
1.600%, dated 01/31/2020,
matures 03/03/2020,
repurchase price $200,284
(collateralized by U.S.
Treasury obligations:
Total market
value $204,000)		200,000		200,000
1.600%, dated 02/06/2020,
matures 03/06/2020,
repurchase price $150,193
(collateralized by U.S.
Treasury obligations:
Total market
value $153,000)		150,000		150,000
Total U.S. Treasury
Repurchase Agreements
(Cost $9,211,152)				9,211,152
Total Investments – 99.7%
(Cost $14,179,989)				14,179,989
Other Assets and Liabilities, Net - 0.3%				48,860
Total Net Assets – 100.0%			$	14,228,849

> 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 29, 2020.

△ Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020.

¥ Illiquid Security – A security may be considered illiquid if it lacks a readily available market. As of February 29, 2020, the value of these investments was $150,000 or 1.1% of total net assets. See note 2 in Notes to Financial Statements.

Investment Abbreviations:

OBFR – Overnight Bank Funding Rate

SOFR – Secured Overnight Financing Rate

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

42 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

U .. S . Treasury Money Market Fund 

DESCRIPTION	PAR		VALUE >
U.S. Treasury Debt – 100.1%
U.S. Treasury Bills €
1.580%, 03/05/2020	$	66,759	$	66,747
1.557%, 03/10/2020		56,945		56,923
1.581%, 03/12/2020		353,475		353,307
1.594%, 03/17/2020		148,632		148,528
1.586%, 03/24/2020		20,167		20,147
1.562%, 03/26/2020		195,000		194,791
1.560%, 03/31/2020		100,000		99,872
1.585%, 04/02/2020		60,000		59,917
1.570%, 04/07/2020		125,000		124,801
1.586%, 04/14/2020		223,668		223,240
1.483%, 04/21/2020		113,836		113,600
1.558%, 05/14/2020		5,000		4,984
1.575%, 05/21/2020		67,231		66,996
1.506%, 05/28/2020		92,053		91,719
U.S. Treasury Notes
1.544% (3 Month U.S.
Treasury Money Market
Yield + 0.033%),
04/30/20203 △		98,809		98,810
1.625%, 06/30/2020		7,258		7,256
2.500%, 06/30/2020		31,596		31,689
1.554% (3 Month U.S.
Treasury Money Market
Yield + 0.043%),
07/31/20203 △		38,343		38,338
2.000%, 07/31/2020		10,000		10,016
1.375%, 09/30/2020		10,000		9,984
1.556% (3 Month U.S.
Treasury Money Market
Yield + 0.045%),
10/31/20203		85,840		85,804
1.625%, 11/30/2020		4,945		4,945
2.750%, 11/30/2020		5,000		5,042
2.375%, 12/31/2020		20,000		20,125
1.626% (3 Month U.S.
Treasury Money Market
Yield + 0.115%),
01/31/2021 △		58,489		58,472
1.650% (3 Month U.S.
Treasury Money Market
Yield + 0.139%),
04/30/2021 △		73,000		72,978

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

DESCRIPTION	PAR		VALUE >
1.731% (3 Month U.S.
Treasury Money Market
Yield + 0.220%),
07/31/2021 △	$	74,000	$	74,001
1.811% (3 Month U.S.
Treasury Money Market
Yield + 0.300%),
10/31/2021 △		90,000		90,137
Total U.S. Treasury Debt
(Cost $2,233,169)				2,233,169
Total Investments – 100.1%
(Cost $2,233,169)				2,233,169
Other Assets and
Liabilities, Net – (0.1)%				(1,844	)
Total Net Assets – 100.0%			$	2,231,325

> 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 29, 2020.

△ Variable Rate Security – The rate shown is the rate in effect as of February 29, 2020.

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 43

Statements of Assets and Liabilities February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted), except per share data

			Institutional		Retail		Retxail
	Government		Prime		Prime		Tax Free			Treasury		U.S. Treasury
	Obligations		Obligations		Obligations		Obligations			Obligations		Money Market
	Fund		Fund		Fund		Fund			Fund		Fund
Investments in securities, at cost	$	23,402,899	$	909,480	$	1,819,101	$	426,592		$	4,968,837	$	2,233,169
Repurchase agreements, at cost		28,269,456		246,013		636,390		—			9,211,152		—
ASSETS:
Investments, in securities, at value	$	23,402,899	$	909,773	$	1,819,101	$	426,592		$	4,968,837	$	2,233,169
Repurchase agreements, at value		28,269,456		246,013		636,390		—			9,211,152		—
Cash		—		—		1		9			—		1
Receivable for investment securities sold		—		—		—		—			50,000		—
Receivable for interest		54,031		841		1,919		960			17,223		1,085
Receivable for capital shares sold		1		—		529		—			51		—
Prepaid directors’ retainer		44		10		10		9			19		12
Prepaid expenses and other assets		438		80		102		49			163		70
Total assets		51,726,869		1,156,717		2,458,052		427,619			14,247,445		2,234,337
LIABILITIES:
Dividends payable		53,380		1,511		2,842		241			15,367		2,460
Payable for investments purchased		450,790		—		—		—			—		—
Payable for capital shares redeemed		—		—		1,125		—			38		—
Payable to affiliates (note 3)		7,055		184		377		62			2,034		369
Payable for distribution and shareholder services		3,467		87		472		81			1,118		154
Accrued expenses and other liabilities		91		28		21		30			39		29
Total liabilities		514,783		1,810		4,837		414			18,596		3,012
Net assets	$	51,212,086	$	1,154,907	$	2,453,215	$	427,205		$	14,228,849	$	2,231,325
COMPOSITION OF NET ASSETS:
Portfolio capital	$	51,212,043	$	1,154,615	$	2,453,213	$	427,214		$	14,228,848	$	2,231,248
Total distributable earings (losses)		43		292		2		(9	)		1		77
Net assets	$	51,212,086	$	1,154,907	$	2,453,215	$	427,205		$	14,228,849	$	2,231,325
Class A:
Net assets	$	243,399	$	—	$	499,152	$	30,532		$	275,693	$	38,610
Shares issued and outstanding
($0.01 par value – 5 billion authorized per fund*)		243,398		—		499,151		30,531			275,697		38,601
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	1.00	$	1.00		$	1.00	$	1.00
Class D:
Net assets	$	3,609,156	$	—	$	—	$	—		$	1,618,471	$	41,724
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		3,609,137		—		—		—			1,618,485		41,716
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	—	$	—		$	1.00	$	1.00

44 FIRST AMERICAN FUNDS   2020 ANNUAL REPORT

			Institutional		Retail		Retail
	Government		Prime		Prime		Tax Free		Treasury		U.S. Treasury
	Obligations		Obligations		Obligations		Obligations		Obligations		Money Market
	Fund		Fund		Fund		Fund		Fund		Fund
Class P:
Net assets	$	60,621	$	—	$	—	$	—	$	242,442	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		60,621		—		—		—		242,443		—
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	—	$	—	$	1.00	$	—
Class T:
Net assets	$	—	$	67,968	$	7	$	—	$	—	$	—
Shares issued and outstanding
($0.01 par value – 5 billion authorized per fund**)		—		67,952		7		—		—		—
Net asset value, offering price and redemption price per share	$	—	$	1.0002	$	1.00	$	—	$	—	$	—
Class U:
Net assets	$	3,317,821	$	—	$	—	$	—	$	—	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized)		3,317,801		—		—		—		—		—
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	—	$	—	$	—	$	—
Class V:
Net assets	$	2,347,530	$	38,561	$	48,787	$	6,208	$	562,040	$	104,174
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		2,347,517		38,551		48,787		6,208		562,044		104,165
Net asset value, offering price and redemption price per share	$	1.00	$	1.0003	$	1.00	$	1.00	$	1.00	$	1.00
Class X:
Net assets	$	8,936,011	$	—	$	27,055	$	—	$	2,777,108	$	—
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		8,935,963		—		27,055		—		2,777,110		—
Net asset value, offering price and redemption price per share	$	1.00	$	—	$	1.00	$	—	$	1.00	$	—
Class Y:
Net assets	$	10,813,749	$	333,180	$	1,295,405	$	325,765	$	2,612,880	$	580,928
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		10,813,688		333,094		1,295,404		325,756		2,612,903		580,858
Net asset value, offering price and redemption price per share	$	1.00	$	1.0003	$	1.00	$	1.00	$	1.00	$	1.00
Class Z:
Net assets	$	21,883,799	$	715,198	$	582,809	$	64,700	$	6,140,215	$	1,465,889
Shares issued and outstanding
($0.01 par value – 20 billion authorized per fund)		21,883,673		715,042		582,809		64,698		6,140,256		1,465,822
Net asset value, offering price and redemption price per share	$	1.00	$	1.0002	$	1.00	$	1.00	$	1.00	$	1.00

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

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

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

FIRST AMERICAN FUNDS       2020 ANNUAL REPORT 45

Statements of Operations For the six-month period ended February 29, 2020 (unaudited), all dollars are rounded to thousands (000 omitted)

	Government			Institutional Prime			Retail Prime
	Obligations			Obligations			Obligations
	Fund			Fund			Fund
INVESTMENT INCOME:
Interest income	$	437,970		$	12,453		$	25,512
Total investment income		437,970			12,453			25,512
EXPENSES (note 1 and note 3 ):
Investment advisory fees		24,373			637			1,292
Administration fees and expenses		29,652			808			1,716
Transfer agent fees and expenses		203			53			69
Custodian fees		972			25			51
Legal fees		57			12			15
Audit fees		70			15			16
Registration fees		155			25			47
Postage and printing fees		90			16			31
Directors’ fees		301			64			71
Other expenses		245			52			33
Distribution and shareholder servicing (12b-1) fees:
Class A		308			—			630
Class D		2,439			—			—
Shareholder servicing (non 12b-1) fees:
Class A		308			—			630
Class D		4,139			—			—
Class T		—			80			—
Class V		1,200			18			26
Class Y		12,807			446			1,706
Total expenses		77,319			2,251			6,333
Less: Fee waivers (note 3)		(13,193	)		(633	)		(1,015	)
Total net expenses		64,126			1,618			5,318
Investment income – net		373,844			10,835			20,194
Net gain on investments		66			2			2
Net change in unrealized appreciation (depreciation) on investments		—			286			—
Net increase in net assets resulting from operations	$	373,910		$	11,123		$	20,196

46 FIRST AMERICAN FUNDS   2020 ANNUAL REPORT

	Retail Tax Free			Treasury			U.S. Treasury
	Obligations			Obligations			Money Market
	Fund			Fund			Fund
INVESTMENT INCOME:
Interest income	$	2,660		$	132,328		$	18,645
Total investment income		2,660			132,328			18,645
EXPENSES (note 1 and note 3 ):
Investment advisory fees		217			7,321			1,081
Administration fees and expenses		280			8,954			1,328
Transfer agent fees and expenses		21			82			31
Custodian fees		9			292			43
Legal fees		11			24			12
Audit fees		14			30			15
Registration fees		29			48			23
Postage and printing fees		17			38			16
Directors’ fees		60			131			66
Other expenses		22			104			45
Distribution and shareholder servicing (12b-1) fees:
Class A		37			318			47
Class D		—			1,005			33
Shareholder servicing (non 12b-1) fees:
Class A		37			318			47
Class D		—			1,675			55
Class V		6			295			62
Class Y		419			3,207			723
Total expenses		1,179			23,842			3,627
Less: Fee waivers (note 3)		(238	)		(4,010	)		(489	)
Total net expenses		941			19,832			3,138
Investment income – net		1,719			112,496			15,507
Net gain (loss) on investments		—			(1	)		70
Net increase in net assets resulting from operations	$	1,719		$	112,495		$	15,577

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

FIRST AMERICAN FUNDS       2020 ANNUAL REPORT 47

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

	Government Obligations Fund						Institutional Prime Obligations Fund						Retail Prime Obligations Fund
	Six-Month Period			Six-Month Period			Six-Month Period
	Ended 2/29/2020			Year Ended			Ended 2/29/2020			Year Ended			Ended 2/29/2020			Year Ended
	(unaudited)			8/31/2019			(unaudited)			8/31/2019			(unaudited)			8/31/2019
OPERATIONS:
Investment income — net	$	373,844		$	862,879		$	10,835		$	26,695		$	20,194		$	56,668
Net realized gain (loss) on investments		66			367			2			3			2			(1	)
Net change in unrealized appreciation (depreciation) on investments		—			—			286			(141	)		—			—
Net increase in net assets resulting from operations		373,910			863,246			11,123			26,557			20,196			56,667
DISTRIBUTIONS TO SHARE HOLDERS (note 1):
Class A		(1,299	)		(4,390	)		—			—			(3,429	)		(11,940	)
Class D		(19,778	)		(61,923	)		—			—			—			—
Class P		(9,102	)		(11,135	)		—			—			—			—
Class T		—			—			(626	)		(1,564	)		—			(6	)
Class U		(22,265	)		(30,598	)		—			—			—			—
Class V		(17,701	)		(44,677	)		(298	)		(3,269	)		(427	)		(953	)
Class X		(72,572	)		(152,124	)		—			(132	)		(1,008	)		(2,827	)
Class Y		(68,864	)		(183,836	)		(2,675	)		(7,103	)		(10,370	)		(29,847	)
Class Z		(162,635	)		(374,196	)		(7,238	)		(14,627	)		(4,960	)		(11,095	)
Total distributions		(374,216	)		(862,879	)		(10,837	)		(26,695	)		(20,194	)		(56,668	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1):1
Class A:
Proceeds from sales		305,815			1,064,115			—			—			199,611			1,092,937
Reinvestment of distributions		385			1,288			—			—			3,035			10,262
Payments for redemptions		(301,329	)		(1,181,001	)		—			—			(210,587	)		(1,747,913	)
Increase (decrease) in net assets from Class A transactions		4,871			(115,598	)		—			—			(7,941	)		(644,714	)
Class D:
Proceeds from sales		4,101,459			8,164,864			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(4,047,948	)		(8,716,117	)		—			—			—			—
Increase (decrease) in net assets from Class D transactions		53,511			(551,253	)		—			—			—			—
Class P:
Proceeds from sales		3,369,707			4,007,362			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(5,394,781	)		(1,921,687	)		—			—			—			—
Increase (decrease) in net assets from Class P transactions		(2,025,074	)		2,085,675			—			—			—			—

48 FIRST AMERICAN FUNDS   2020 ANNUAL REPORT

	Government Obligations Fund						Institutional Prime Obligations Fund						Retail Prime Obligations Fund
	Six-Month Period						Six-Month Period						Six-Month Period
	Ended 2/29/2020			Year Ended			Ended 2/29/2020			Year Ended			Ended 2/29/2020			Year Ended
	(unaudited)			8/31/2019			(unaudited)			8/31/2019			(unaudited)			8/31/2019
Class T:
Proceeds from sales		—			—			112,100			248,207			—			24
Reinvestment of distributions		—			—			5			13			—			6
Payments for redemptions		—			—			(126,575	)		(243,485	)		—			(1,007	)
Increase (decrease) in net assets from Class T transactions		—			—			(14,470	)		4,735			—			(977	)
Class U:
Proceeds from sales		11,909,126			13,469,684			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		(12,131,740	)		(10,055,013	)		—			—			—			—
Increase (decrease) in net assets from Class U transactions		(222,614	)		3,414,671			—			—			—			—
Class V:
Proceeds from sales		8,117,643			12,132,234			52,453			373,049			16,631			67,286
Reinvestment of distributions		761			85			4			8			—			—
Payments for redemptions		(8,085,303	)		(11,604,241	)		(119,548	)		(415,635	)		(13,654	)		(61,578	)
Increase (decrease) in net assets from Class V transactions		33,101			528,078			(67,091	)		(42,578	)		2,977			5,708
Class X:
Proceeds from sales		28,050,226			57,081,903			—			278,715			57,142			1,284,525
Reinvestment of distributions		15,971			21,380			—			—			24			12
Payments for redemptions		(28,998,444	)		(53,094,089	)		—			(318,733	)		(242,982	)		(1,090,413	)
Increase (decrease) in net assets from Class X transactions		(932,247	)		4,009,194			—			(40,018	)		(185,816	)		194,124
Class Y:
Proceeds from sales		17,588,737			50,151,654			466,770			1,334,953			634,080			1,568,867
Reinvestment of distributions		6,229			16,128			17			45			—			84
Payments for redemptions		(16,742,854	)		(49,646,865	)		(470,762	)		(1,507,492	)		(688,916	)		(1,519,741	)
Increase (decrease) in net assets from Class Y transactions		852,112			520,917			(3,975	)		(172,494	)		(54,836	)		49,210
Class Z:
Proceeds from sales		116,595,991			295,513,914			2,498,002			4,115,995			411,291			1,175,413
Reinvestment of distributions		13,785			25,089			152			345			803			1,344
Payments for redemptions		(113,061,589	)		(291,884,988	)		(2,529,470	)		(3,932,527	)		(403,837	)		(948,729	)
Increase (decrease) in net assets from Class Z transactions		3,548,187			3,654,015			(31,316	)		183,813			8,257			228,028
Increase (decrease) in net assets from capital share transactions		1,311,847			13,545,699			(116,852	)		(66,542	)		(237,359	)		(168,621	)
Total increase (decrease) in net assets		1,311,541			13,546,066			(116,566	)		(66,680	)		(237,357	)		(168,622	)
Net assets at beginning of the period		49,900,545			36,354,479			1,271,473			1,338,153			2,690,572			2,859,194
Net assets at end of the period	$	51,212,086		$	49,900,545		$	1,154,907		$	1,271,473		$	2,453,215		$	2,690,572

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     2020 SEMIANNUAL REPORT 49

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

	Retail Tax Free Obligations Fund						Treasury Obligations Fund						U.S. Treasury Money Market Fund
	Six-Month Period						Six-Month Period						Six-Month Period
	Ended 2/29/2020			Year Ended			Ended 2/29/2020			Year Ended			Ended 2/29/2020			Year Ended
	(unaudited)			8/31/2019			(unaudited)			8/31/2019			(unaudited)			8/31/2019
OPERATIONS:
Investment income – net	$	1,719		$	4,376		$	112,496		$	273,821		$	15,507		$	28,160
Net realized gain (loss) on investments		—			(1	)		(1	)		17			70			31
Net increase in net assets resulting from operations		1,719			4,375			112,495			273,838			15,577			28,191
DISTRIBUTION STOSHAREHOLDERS (note 1):
Class A		(72	)		(231	)		(1,334	)		(3,493	)		(192	)		(773	)
Class D		—			—			(8,048	)		(25,053	)		(248	)		(742	)
Class G		—			—			—			(143	)		—			—
Class P		—			—			(4,984	)		(3,314	)		—			—
Class V		(50	)		(14	)		(4,427	)		(12,944	)		(906	)		(2,270	)
Class X		—			—			(25,609	)		(54,253	)		—			—
Class Y		(1,304	)		(3,758	)		(17,244	)		(46,495	)		(3,779	)		(13,512	)
Class Z		(293	)		(373	)		(50,867	)		(128,126	)		(10,412	)		(10,863	)
Total distributions		(1,719	)		(4,376	)		(112,513	)		(273,821	)		(15,537	)		(28,160	)
CAPITAL SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (note 1):1
Class A:
Proceeds from sales		22,777			54,183			223,359			554,943			1,373,223			2,454,694
Reinvestment of distributions		5			45			157			346			40			126
Payments for redemptions		(23,331	)		(57,008	)		(193,834	)		(495,075	)		(1,380,313	)		(2,453,007	)
Increase (decrease) in net assets from Class A transactions		(549	)		(2,780	)		29,682			60,214			(7,050	)		1,813
Class D:
Proceeds from sales		—			—			2,020,885			3,755,477			387,659			771,720
Reinvestment of distributions		—			—			—			—			—			—
Payments for redemptions		—			—			(1,770,083	)		(3,849,727	)		(378,284	)		(789,142	)
Increase (decrease) in net assets from Class D transactions		—			—			250,802			(94,250	)		9,375			(17,422	)
Class G:
Proceeds from sales		—			—			—			7,233			—			—
Reinvestment of distributions		—			—			—			114			—			—
Payments for redemptions		—			—			—			(86,996	)		—			—
Decrease in net assets from Class G transactions		—			—			—			(79,649	)		—			—

50  FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

	Retail Tax Free Obligations Fund						Treasury Obligations Fund						U.S. Treasury Money Market Fund
	Six-Month Period						Six-Month Period						Six-Month Period
	Ended 2/29/2020			Year Ended			Ended 2/29/2020			Year Ended			Ended 2/29/2020			Year Ended
	(unaudited)			8/31/2019			(unaudited)			8/31/2019			(unaudited)			8/31/2019
Class P:
Proceeds from sales		—			—			2,225,014			1,140,470			—			—
Reinvestment of distributions		—			—			1			1			—			—
Payments for redemptions		—			—			(2,903,682	)		(219,381	)		—			—
Increase (decrease) in net assets from Class P transactions		—			—			(678,667	)		921,090			—			—
Class V:
Proceeds from sales		100,904			10,210			2,871,731			6,805,411			414,081			356,445
Reinvestment of distributions		—			—			57			—			260			175
Payments for redemptions		(95,478	)		(9,964	)		(2,786,507	)		(6,744,797	)		(416,426	)		(308,028	)
Increase (decrease) in net assets from Class V transactions		5,426			246			85,281			60,614			(2,085	)		48,592
Class X:
Proceeds from sales		—			—			17,891,086			28,767,662			—			—
Reinvestment of distributions		—			—			6,839			10,353			—			—
Payments for redemptions		—			—			(18,011,631	)		(27,876,332	)		—			—
Increase (decrease) in net assets from Class X transactions		—			—			(113,706	)		901,683			—			—
Class Y:
Proceeds from sales		252,250			606,682			9,333,525			18,019,653			1,237,330			2,199,547
Reinvestment of distributions		—			—			2,273			7,641			192			513
Payments for redemptions		(260,154	)		(589,986	)		(9,162,092	)		(18,280,809	)		(1,254,905	)		(2,286,682	)
Increase (decrease) in net assets from Class Y transactions		(7,904	)		16,696			173,706			(253,515	)		(17,383	)		(86,622	)
Class Z:
Proceeds from sales		46,377			114,501			19,920,093			43,059,867			5,806,433			6,632,773
Reinvestment of distributions		—			7			15,973			37,510			212			497
Payments for redemptions		(31,322	)		(85,493	)		(20,441,918	)		(42,385,545	)		(5,122,132	)		(6,286,259	)
Increase (decrease) in net assets from Class Z transactions		15,055			29,015			(505,852	)		711,832			684,513			347,011
Increase (decrease) in net assets from capital share transactions		12,028			43,177			(758,754	)		2,228,019			667,370			293,372
Total increase (decrease) in net assets		12,028			43,176			(758,772	)		2,228,036			667,410			293,403
Net assets at beginning of the period		415,177			372,001			14,987,621			12,759,585			1,563,915			1,270,512
Net assets at end of the period	$	427,205		$	415,177		$	14,228,849		$	14,987,621		$	2,231,325		$	1,563,915

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     2020 SEMIANNUAL REPORT 51

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

									Distributions from
	Net Asset Value		Net Investment			Distributions from Net			Net Realized Gains			Net Asset Value
	Beginning of Period		Income			Investment Income			on Investments			End of Period		Total Return3
Government Obligations Fund
Class A
20201	$	1.00	$	0.005		$	(0.005	)	$	(0.000	)2	$	1.00		0.52	%
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
2016		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2015		1.00		0.000	2		(0.000	)2		—			1.00		0.01
Class D
20201	$	1.00	$	0.006		$	(0.006	)	$	(0.000	)2	$	1.00		0.60	%
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
2016		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2015		1.00		0.000	2		(0.000	)2		—			1.00		0.01
Class P
20201	$	1.00	$	0.008		$	(0.008	)	$	(0.000	)2	$	1.00		0.82	%
2019		1.00		0.022			(0.022	)		—			1.00		2.23
20184		1.00		0.011			(0.011	)		—			1.00		1.08
Class U
20201	$	1.00	$	0.008		$	(0.008	)	$	(0.000	)2	$	1.00		0.84	%
2019		1.00		0.022			(0.022	)		—			1.00		2.26
20185		1.00		0.009			(0.009	)		—			1.00		0.86
Class V
20201	$	1.00	$	0.007		$	(0.007	)	$	(0.000	)2	$	1.00		0.75	%
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
2016		1.00		0.001			(0.001	)		—			1.00		0.06
2015		1.00		0.000	2		(0.000	)2		—			1.00		0.01

52 FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

									Distributions from
	Net Asset Value		Net Investment			Distributions from Net			Net Realized Gains			Net Asset Value
	Beginning of Period		Income			Investment Income			on Investments			End of Period		Total Return3
Government Obligations Fund
Class X
20201	$	1.00	$	0.008		$	(0.008	)	$	(0.000	)2	$	1.00		0.83	%
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
20166		1.00		0.001			(0.001	)		—			1.00		0.11
Class Y
20201	$	1.00	$	0.007		$	(0.007	)	$	0.000	)2	$	1.00		0.67	%
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
2016		1.00		0.000	2		(0.000	)2		—			1.00		0.01
2015		1.00		0.000	2		(0.000	)2		—			1.00		0.01
Class Z
20201	$	1.00	$	0.008		$	(0.008	)	$	(0.000	)2	$	1.00		0.81	%
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
2016		1.00		0.001			(0.001	)		—			1.00		0.14
2015		1.00		0.000	2		(0.000	)2		—			1.00		0.01

¹ For the six-month period ended February 29, 2020 (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 February 26, 2018. All ratios for the period have been annualized, except total return.

⁶ Commenced operations on April 5, 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     2020 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)
Government Obligations Fund
Class A
20201	$	243,399		0.75	%		1.05	%		0.78	%		1.02	%
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	)
2016		199,472		0.29			0.01			0.80			(0.50	)
2015		315,649		0.11			0.01			0.80			(0.68	)
Class D
20201	$	3,609,156		0.60	%		1.19	%		0.63	%		1.16	%
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
2016		4,020,897		0.31			0.01			0.65			(0.33	)
2015		4,185,832		0.11			0.01			0.66			(0.54	)
Class P
20201	$	60,621		0.15	%		1.80	%		0.23	%		1.72	%
2019		2,085,704		0.15			2.19			0.23			2.11
20184		20		0.16			1.52			0.23			1.45
Class U
20201	$	3,317,821		0.12	%		1.68	%		0.23	%		1.57	%
2019		3,540,435		0.12			2.28			0.23			2.17
20185		125,744		0.12			1.72			0.24			1.60
Class V
20201	$	2,347,530		0.30	%		1.50	%		0.33	%		1.47	%
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
2016		1,202,026		0.25			0.05			0.34			(0.04	)
2015		1,517,038		0.11			0.01			0.35			(0.23	)

54  FIRST AMERICAN FUNDS     2020 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)
Government Obligations Fund
Class X
20201	$	8,936,011		0.14	%		1.67	%		0.23	%		1.58	%
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
20166		678,224		0.14			0.28			0.24			0.18
Class Y
20201	$	10,813,749		0.45	%		1.34	%		0.48	%		1.31	%
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
2016		7,393,766		0.31			0.01			0.49			(0.17	)
2015		5,935,721		0.11			0.01			0.50			(0.38	)
Class Z
20201	$	21,883,799		0.18	%		1.61	%		0.23	%		1.56	%
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
2016		11,097,264		0.17			0.14			0.24			0.07
2015		8,310,936		0.11			0.01			0.25			(0.13	)

¹ For the six-month period ended February 29, 2020 (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 February 26, 2018. All ratios for the period have been annualized, except total return.

⁶ Commenced operations on April 5, 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     2020 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			Realized and Unrealized (Losses) on Investments			Distributions from Net Realized Gains on Investments			Net Asset Value End of Period		Total Return3
Institutional Prime Obligations Fund*
Class T
20201	$	1.0000	$	0.0077		$	(0.0077	)	$	0.0002		$	(0.0000)	2	$	1.0002		0.80	%
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
2016		1.00		0.001			(0.001	)		—			—			1.00		0.05
2015		1.00		0.000	2		(0.000	)2		—			—			1.00		0.02
Class V
20201	$	1.0000	$	0.0082		$	(0.0082	)	$	0.0003		$	(0.0000)	2	$	1.0003		0.86	%
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
2016		1.00		0.001			(0.001	)		—			—			1.00		0.12
2015		1.00		0.000	2		(0.000	)2		—			—			1.00		0.02
Class Y
20201	$	1.0001	$	0.0075		$	(0.0075	)	$	0.0002		$	(0.0000)	2	$	1.0003		0.77	%
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
2016		1.00		0.000	2		(0.000	)2		—			—			1.00		0.03
2015		1.00		0.000	2		(0.000	)2		—			—			1.00		0.02
Class Z
20201	$	1.0000	$	0.0090		$	(0.0090	)	$	0.0002		$	(0.0000)	2	$	1.0002		0.92	%
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
2016		1.00		0.002			(0.002	)		—			—			1.00		0.21
2015		1.00		0.000	2		(0.000	)2		—			—			1.00		0.02

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

¹ For the six-month period ended February 29, 2020 (unaudited). All ratios for the period have been annualized, except total return.

² Rounds to zero.

³ Total return would have been lower had certain expenses not been waived.

56  FIRST AMERICAN FUNDS     2020 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
20201	$	67,968		0.40	%		1.56	%		0.47	%		1.49	%
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
2016		431,632		0.35			0.05			0.44			(0.04	)
2015		670,064		0.19			0.02			0.45			(0.24	)
Class V
20201	$	38,561		0.30	%		1.67	%		0.37	%		1.60	%
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
2016		184,678		0.28			0.12			0.34			0.06
2015		251,838		0.19			0.02			0.35			(0.14	)
Class Y
20201	$	333,180		0.45	%		1.50	%		0.52	%		1.43	%
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
2016		1,120,546		0.37			0.03			0.50			(0.10	)
2015		3,711,698		0.19			0.02			0.50			(0.29	)
Class Z
20201	$	715,198		0.15	%		1.81	%		0.27	%		1.69	%
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
2016		3,012,020		0.20			0.21			0.25			0.16
2015		4,104,706		0.18			0.02			0.24			(0.04	)

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

¹ For the six-month period ended February 29, 2020 (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     2020 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			Net Asset Value End of Period		Total Return3
Retail Prime Obligations Fund
Class A
20201	$	1.00	$	0.007		$	(0.007	)	$	1.00		0.68	%
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
20164		1.00		0.000	2		(0.000	)2		1.00		0.00
Class T
20201	$	1.00	$	0.008		$	(0.008	)	$	1.00		0.78	%
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
20164		1.00		0.000	2		(0.000	)2		1.00		0.03
Class V
20201	$	1.00	$	0.008		$	(0.008	)	$	1.00		0.83	%
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
20164		1.00		0.000	2		(0.000	)2		1.00		0.04
Class X
20201	$	1.00	$	0.009		$	(0.009	)	$	1.00		0.91	%
2019		1.00		0.024			(0.024	)		1.00		2.40
2018		1.00		0.016			(0.016	)		1.00		1.65
20175		1.00		0.008			(0.008	)		1.00		0.85
Class Y
20201	$	1.00	$	0.008		$	(0.008	)	$	1.00		0.76	%
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
20164		1.00		0.000	2		(0.000	)2		1.00		0.02
Class Z
20201	$	1.00	$	0.009		$	(0.009	)	$	1.00		0.88	%
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
20164		1.00		0.001			(0.001	)		1.00		0.05

¹ For the six-month period ended February 29, 2020 (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 July 18, 2016. All ratios for the period have been annualized, except total return.

⁵ Commenced operations on September 8, 2016. All ratios for the period have been annualized, except total return.

58  FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT

												Ratio of Net Investment
			Ratio of Expenses			Ratio of Net			Ratio of Expenses			Income (Loss) to
	Net Assets		to Average			Investment Income to			to Average Net Assets			Average Net Assets
	End of Period (000)		Net Assets			Average Net Assets			(Excluding Waivers)			(Excluding Waivers)
Retail Prime Obligations Fund
Class A
20201	$	499,152		0.61	%		1.36	%		0.80	%		1.17	%
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
20164		831,019		0.60			0.02			0.84			(0.22	)
Class T
20201	$	7		0.40	%		1.57	%		0.40	%		1.57	%
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
20164		7		0.39			0.23			0.45			0.17
Class V
20201	$	48,787		0.30	%		1.67	%		0.35	%		1.62	%
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
20164		10		0.30			0.33			0.42			0.21
Class X
20201	$	27,055		0.14	%		1.93	%		0.25	%		1.82	%
2019		212,871		0.14			2.41			0.25			2.30
2018		18,748		0.14			1.63			0.26			1.51
20175		29,731		0.14			0.95			0.26			0.83
Class Y
20201	$	1,295,405		0.45	%		1.52	%		0.50	%		1.47	%
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
20164		925,567		0.45			0.17			0.54			0.08
Class Z
20201	$	582,809		0.20	%		1.77	%		0.25	%		1.72	%
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
20164		48,335		0.20			0.41			0.29			0.32

¹ For the six-month period ended February 29, 2020 (unaudited), all ratios for the period have been annualized, except total return.

⁴ Commenced operations on July 18, 2016. All ratios for the period have been annualized, except total return.

⁵ 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     2020 SEMIANNUAL REPORT 59

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

	Net Asset Value		Net Investment		Distributions from Net			Net Asset Value
	Beginning of Period		Income		Investment Income			End of Period		Total Return3
Retail Tax Free Obligations Fund*
Class A
20201	$	1.00	$	0.002	$	(0.002	)	$	1.00		0.24	%
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		0.0002		(0.000	)2		1.00		0.05
2016		1.00		—		—			1.00		0.00
2015		1.00		—		—			1.00		0.00
Class V
20201	$	1.00	$	0.005	$	(0.005	)	$	1.00		0.46	%
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
2016		1.00		0.001		(0.001	)		1.00		0.05
2015		1.00		—		—			1.00		0.00
Class Y
20201	$	1.00	$	0.004	$	(0.004	)	$	1.00		0.39	%
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
2016		1.00		0.0002		(0.000	)2		1.00		0.00
2015		1.00		—		—			1.00		0.00
Class Z
20201	$	1.00	$	0.005	$	(0.005	)	$	1.00		0.51	%
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
2016		1.00		0.001		(0.001	)		1.00		0.09
2015		1.00		—		—			1.00		0.00

* Prior to October 14, 2016, the fund was named Tax Free Obligations Fund.

¹ For the six-month period ended February 29, 2020 (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.

60  FIRST AMERICAN FUNDS     2020 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
20201	$	30,532		0.75	%		0.48	%		0.86	%		0.37	%
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	)
2016		42,974		0.20			0.00			0.86			(0.66	)
2015		49,660		0.06			0.00			0.85			(0.79	)
Class V
20201	$	6,208		0.30	%		0.90	%		0.41	%		0.79	%
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
2016		1,702		0.14			0.03			0.41			(0.24	)
2015		9,204		0.06			0.00			0.40			(0.34	)
Class Y
20201	$	325,765		0.45	%		0.78	%		0.56	%		0.67	%
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
2016		289,274		0.19			0.00			0.56			(0.37	)
2015		460,299		0.06			0.00			0.55			(0.49	)
Class Z
20201		64,700		0.20	%		1.02	%		0.31	%		0.91	%
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
2016		62,763		0.12			0.09			0.32			(0.11	)
2015		148,163		0.06			0.00			0.30			(0.24	)

*	Prior to October 14, 2016, the fund was named Tax Free Obligations Fund
1	For the six-month period ended February 29, 2020 (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     2020 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
Treasury Obligations Fund
Class A
20201	$	1.00	$	0.005	$	(0.005	)	$	(0.000	)2	$	1.00		0.52	%
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
2016		1.00		0.0002		(0.000	)2		(0.000	)2		1.00		0.00
2015		1.00		—		—			—			1.00		0.00
Class D
20201	$	1.00	$	0.006	$	(0.006	)	$	(0.000	)2	$	1.00		0.60	%
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
2016		1.00		0.0002		(0.000	)2		(0.000	)2		1.00		0.00
2015		1.00		—		—			—			1.00		0.00
Class P
20201	$	1.00	$	0.008	$	(0.008	)	$	(0.000	)2	$	1.00		0.82	%
2019		1.00		0.022		(0.022	)		—			1.00		2.23
20184		1.00		0.011		(0.011	)		—			1.00		1.07
Class V
20201	$	1.00	$	0.007	$	(0.007	)	$	(0.000	)2	$	1.00		0.75	%
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
2016		1.00		0.001		(0.001	)		(0.000	)2		1.00		0.05
2015		1.00		—		—			—			1.00		0.00

62  FIRST AMERICAN FUNDS     2020 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
Treasury Obligations Fund
Class X
20201	$	1.00	$	0.008	$	(0.008	)	$	(0.000	)2	$	1.00		0.83	%
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
20165		1.00		0.001		(0.001	)		—			1.00		0.10
Class Y
20201	$	1.00	$	0.007	$	(0.007	)	$	(0.000	)2	$	1.00		0.67	%
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
2016		1.00		0.0002		(0.000	)2		(0.000	)2		1.00		0.00
2015		1.00		—		—			—			1.00		0.00
Class Z
20201	$	1.00	$	0.008	$	(0.008	)	$	(0.000	)2	$	1.00		0.81	%
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
2016		1.00		0.001		(0.001	)		(0.000	)2		1.00		0.13
2015		1.00		—		—			—			1.00		0.00

¹ For the six-month period ended February 29, 2020 (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 April 5, 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     2020 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)
Treasury Obligations Fund
Class A
20201	$	275,693		0.75	%		1.05	%		0.78	%		1.02	%
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	)
2016		274,237		0.30			0.00			0.80			(0.50	)
2015		315,631		0.09			0.00			0.80			(0.71	)
Class D
20201	$	1,618,471		0.60	%		1.20	%		0.63	%		1.17	%
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
2016		1,970,955		0.30			0.00			0.64			(0.34	)
2015		1,947,705		0.09			0.00			0.65			(0.56	)
Class P
20201	$	242,442		0.15	%		1.73	%		0.23	%		1.65	%
2019		921,110		0.15			2.16			0.23			2.08
20184		20		0.16			1.52			0.23			1.45
Class V
20201	$	562,040		0.30	%		1.50	%		0.33	%		1.47	%
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
2016		556,817		0.24			0.04			0.35			(0.07	)
2015		1,126,241		0.09			0.00			0.35			(0.26	)

64 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

	Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
Treasury Obligations Fund
Class X
20201	$	2,777,108		0.14	%		1.66	%		0.23	%		1.57	%
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
20165		67,258		0.14			0.26			0.25			0.15
Class Y
20201	$	2,612,880		0.45	%		1.34	%		0.48	%		1.31	%
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
2016		2,559,849		0.29			0.00			0.49			(0.20	)
2015		2,335,205		0.09			0.00			0.50			(0.41	)
Class Z
20201	$	6,140,215		0.18	%		1.63	%		0.23	%		1.58	%
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
2016		4,152,252		0.17			0.14			0.24			0.07
2015		2,655,440		0.09			0.00			0.25			(0.16	)

¹ For the six-month period ended February 29, 2020 (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 April 5, 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     2020 SEMIANNUAL REPORT 65

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
20201	$	1.00	$	0.005	$	(0.005	)	$	(0.000	)2	$	1.00		0.50	%
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
2016		1.00		—		—			—			1.00		0.00
2015		1.00		—		—			—			1.00		0.00
Class D
20201	$	1.00	$	0.006	$	(0.006	)	$	(0.000	)2	$	1.00		0.58	%
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
2016		1.00		—		—			—			1.00		0.00
2015		1.00		—		—			—			1.00		0.00
Class V
20201	$	1.00	$	0.007	$	(0.007	)	$	(0.000	)2	$	1.00		0.73	%
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
2016		1.00		0.0002		(0.000	)2		—			1.00		0.01
2015		1.00		—		—			—			1.00		0.00
Class Y
20201	$	1.00	$	0.006	$	(0.006	)	$	(0.000	)2	$	1.00		0.65	%
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
2016		1.00		—		—			—			1.00		0.00
2015		1.00		—		—			—			1.00		0.00
Class Z
20201	$	1.00	$	0.008	$	(0.008	)	$	(0.000	)2	$	1.00		0.78	%
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
2016		1.00		0.001		(0.001	)		—			1.00		0.07
2015		1.00		—		—			—			1.00		0.00

¹ For the six-month period ended February 29, 2020 (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.

66 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

	Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets (Excluding Waivers)
U.S. Treasury Money Market Fund
Class A
20201	$	38,610		0.75	%		1.03	%		0.80	%		0.98	%
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	)
2016		90,779		0.26			0.00			0.84			(0.58	)
2015		38,346		0.05			0.00			0.84			(0.79	)
Class D
20201	$	41,724		0.60	%		1.11	%		0.64	%		1.07	%
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	)
2016		94,275		0.23			0.00			0.69			(0.46	)
2015		137,129		0.05			0.00			0.69			(0.64	)
Class V
20201	$	104,174		0.30	%		1.46	%		0.35	%		1.41	%
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
2016		32,435		0.21			0.01			0.39			(0.17	)
2015		82,900		0.05			0.00			0.39			(0.34	)
Class Y
20201	$	580,928		0.45	%		1.30	%		0.50	%		1.25	%
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
2016		612,984		0.24			0.00			0.54			(0.30	)
2015		614,128		0.05			0.00			0.54			(0.49	)
Class Z
20201	$	1,465,889		0.20	%		1.51	%		0.24	%		1.47	%
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
2016		409,806		0.17			0.07			0.28			(0.04	)
2015		309,280		0.05			0.00			0.29			(0.24	)

¹ For the six-month period ended February 29, 2020 (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     2020 SEMIANNUAL REPORT 67

Notes to Financial Statements (unaudited as to February 29, 2020), 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 V, Class Y, and Class Z shares. Additionally, Government Obligations Fund and Treasury Obligations Fund offer Class P and Class X shares, and Government Obligations Fund also offers Class U shares. Effective October 26, 2018, Class G shares were converted to Class A shares of Treasury Obligations Fund.

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

Institutional Prime Obligations Fund is subject to the possibility of liquidity fees and redemption gates and transacts at a floating NAV that is calculated out to four decimal places, as required by Rule 2a-7 of the Investment Company Act. The fund offers Class T, Class V, Class Y, and Class Z shares. Class X shares closed on October 30, 2018.

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.

68 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

2> Summary of Significant Accounting Policies

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

SECURITY VALUATIONS

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

Investment securities held are stated at amortized cost (except for investments in other money market funds which are valued at their most current NAV), which approximates fair value. Under the amortized cost method any discount or premium is amortized ratably to the final maturity of the security and is included in interest income. In accordance with Rule 2a-7 of the Investment Company Act, the fair 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 29, 2020, 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      2020 SEMIANNUAL REPORT 69

Notes to Financial Statements (unaudited as to February 29, 2020), 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 29, 2020, 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	$	—	$	24,219,456	$	—	$	24,219,456
U.S. Government Agency Debt		—		19,965,417		—		19,965,417
U.S. Government Agency Repurchase Agreements		—		4,050,000		—		4,050,000
U.S. Treasury Debt		—		2,937,482		—		2,937,482
Investment Companies		500,000		—		—		500,000
Total Investments	$	500,000	$	51,172,355	$	—	$	51,672,355
Institutional Prime Obligations Fund
Certificates of Deposit	$	—	$	334,675	$	—	$	334,675
Other Repurchase Agreements		—		244,000		—		244,000
Asset Backed Commercial Paper		—		232,858		—		232,858
Financial Company Commercial Paper		—		184,505		—		184,505
Non-Negotiable Time Deposits		—		75,000		—		75,000
Non-Financial Company Commercial Paper		—		59,994		—		59,994
Variable Rate Demand Notes		—		12,860		—		12,860
Other Instruments		—		9,881		—		9,881
U.S. Treasury Repurchase Agreements		—		2,013		—		2,013
Total Investments	$	—	$	1,155,786	$	—	$	1,155,786
Retail Prime Obligations Fund
Certificates of Deposit	$	—	$	811,003	$	—	$	811,003
Other Repurchase Agreements		—		544,000		—		544,000
Financial Company Commercial Paper		—		333,175		—		333,175
Non-Negotiable Time Deposits		—		278,719		—		278,719
Asset Backed Commercial Paper		—		266,294		—		266,294
U.S. Treasury Repurchase Agreements		—		92,390		—		92,390
Non-Financial Company Commercial Paper		—		86,000		—		86,000
Other Instruments		—		30,010		—		30,010
Variable Rate Demand Note		—		13,900		—		13,900
Total Investments	$	—	$	2,455,491	$	—	$	2,455,491
Retail Tax Free Obligations Fund
Variable Rate Demand Notes	$	—	$	274,794	$	—	$	274,794
Tender Option Bonds		—		71,095		—		71,095
Non-Financial Company Commercial Paper		—		54,228		—		54,228
Other Municipal Securities		—		26,475		—		26,475
Total Investments	$	—	$	426,592	$	—	$	426,592
Treasury Obligations Fund
U.S. Treasury Repurchase Agreements	$	—	$	9,211,152	$	—	$	9,211,152
U.S. Treasury Debt		—		4,968,837		—		4,968,837
Total Investments	$	—	$	14,179,989	$	—	$	14,179,989
U.S. Treasury Money Market Fund
U.S. Treasury Debt	$	—	$	2,233,169	$	—	$	2,233,169
Total Investments	$	—	$	2,233,169	$	—	$	2,233,169

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

70 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

During the six-month period ended February 29, 2020, 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 29, 2020, the funds did not hold any restricted securities. As of February 29, 2020, Government Obligations Fund, Institutional Prime Obligations Fund, Retail Prime Obligations Fund, Retail Tax Free Obligations Fund, and Treasury Obligations Fund had investments in illiquid securities with a total value of $850,000 or 1.7% of total net assets, $40,000 or 3.5% of total net assets, $90,000 or 3.7% of total net assets, $14,670 or 3.4% of total net assets, and $150,000 or 1.1% 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 29, 2020, 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     2020 SEMIANNUAL REPORT 71

Notes to Financial Statements (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted)

The distributions paid during the six-month period ended February 29, 2020 and fiscal year ended August 31, 2019 (adjusted by dividends payable as of February 29, 2020 and August 31, 2019, respectively) were as follows:

	February 29, 2020
Fund	Ordinary Income		Tax-Exempt Income		Capital Gain		Total
Government Obligations Fund	$	403,040	$	—	$	372	$	403,412
Institutional Prime Obligations Fund		11,646		—		2		11,648
Retail Prime Obligations Fund		21,853		—		—		21,853
Retail Tax Free Obligations Fund		—		1,809		—		1,809
Treasury Obligations Fund		122,237		—		17		122,254
U.S. Treasury Money Market Fund		15,143		—		30		15,173
	August 31, 2019
Fund		Ordinary Income		Tax-Exempt Income		Capital Gain		Total
Government Obligations Fund	$	831,312	$	—	$	—	$	831,312
Institutional Prime Obligations Fund		26,484		—		—		26,484
Retail Prime Obligations Fund		56,264		—		—		56,264
Retail Tax Free Obligations Fund		239		4,178		—		4,417
Treasury Obligations Fund		266,710		—		—		266,710
U.S. Treasury Money Market Fund		27,819		—		—		27,819

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, 2019.

As of August 31, 2019, the components of accumulated earnings on a tax-basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Accumulated Capital Gains (Losses)			Unrealized Appreciation			Total Accumulated Earnings (Deficit)
Government Obligations Fund	$	82,944	$	—	$	—		$	(19	)	$	82,925
Institutional Prime Obligations Fund		2,321		—		—			7			2,328
Retail Prime Obligations Fund		4,502		—		(1	)		—			4,501
Retail Tax Free Obligations Fund		—		336		(14	)		—			322
Treasury Obligations Fund		25,127		—		—			—			25,127
U.S. Treasury Money Market Fund		2,133		—		—			—			2,133

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, 2019.

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, 2019, Retail Prime Obligations Fund and Retail Tax Free Obligations Fund had indefinite short-term capital loss carryforwards of $1 and $14, respectively.

72 FIRST AMERICAN FUNDS      2020 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 29, 2020.

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 Assets and Liabilities
Assets:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)			Net Amount1
Repurchase Agreements
Government Obligations Fund	$	28,269,456	$	—	$	28,269,456	$	—	$	(28,269,456	)	$	—
Institutional Prime Obligations Fund		246,013		—		246,013		—		(246,013	)		—
Retail Prime Obligations Fund		636,390		—		636,390		—		(636,390	)		—
Treasury Obligations Fund		9,211,152		—		9,211,152		—		(9,211,152	)		—

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     2020 SEMIANNUAL REPORT 73

Notes to Financial Statements (unaudited as to February 29, 2020), 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	$	3,550,000	$	500,000	$	—	$	—	$	4,050,000
U.S. Treasury		10,019,456		6,900,000		7,300,000		—		24,219,456
Total	$	13,569,456	$	7,400,000	$	7,300,000	$	—	$	28,269,456
Institutional Prime Obligations Fund
Other	$	178,000	$	26,000	$	40,000	$	—	$	244,000
U.S. Treasury		2,013		—		—		—		2,013
Total	$	180,013	$	26,000	$	40,000	$	—	$	246,013
Retail Prime Obligations Fund
Other	$	405,000	$	49,000	$	65,000	$	25,000	$	544,000
U.S. Treasury		92,390		—		—		—		92,390
Total	$	497,390	$	49,000	$	65,000	$	25,000	$	636,390
Treasury Obligations Fund
U.S. Treasury	$	4,086,152	$	2,325,000	$	2,800,000	$	—	$	9,211,152
Total	$	4,086,152	$	2,325,000	$	2,800,000	$	—	$	9,211,152

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

Each fund’s policy is to maintain collateral in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 100% of the value of securities loaned. The collateral is then “marked to market” daily until the securities are returned. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially. Cash collateral is invested in short-term, high quality U.S. dollar-denominated securities that would be eligible for investment by a money market fund under Rule 2a-7 of the Investment Company Act. As of February 29, 2020, the funds had no securities on loan.

U.S. Bank, the parent company of the funds’ advisor, serves as the securities lending agent for the funds in transactions involving the lending of portfolio securities on behalf of the fund. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with, conditions contained in an exemptive order issued by the SEC. As the securities lending agent, U.S. Bank receives fees of up to 20% of each fund’s net income from securities lending transactions and may pay up to half of such fees to USBAM for certain securities lending services provided by USBAM. For the six-month period ended February 29, 2020, no fees were paid to U.S. Bank for serving as the securities lending agent for the funds, because the funds did not participate in securities lending.

74 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

EXPENSES – Expenses that are directly related to one of the funds are charged directly to that fund. Other operating expenses are allocated to the funds on several bases, including relative net assets of all funds. Class-specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class.

INTERFUND LENDING PROGRAM – Pursuant to an exemptive order issued by the SEC, the funds, along with other registered investment companies in the First American Family of Funds, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. The funds did not have any interfund lending transactions during the six-month period ended February 29, 2020.

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.

The advisor has contractually agreed to waive fees and reimburse other fund expenses through October 31, 2020, 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%	N/A	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	N/A	N/A	0.30%	N/A	0.45%	0.20%
Treasury Obligations Fund	0.75%	0.60%	0.18%	N/A	N/A	0.30%	0.14%	0.45%	0.18%
U.S. Treasury Money Market Fund	0.75%	0.60%	N/A	N/A	N/A	0.30%	N/A	0.45%	0.20%

These contractual waivers and reimbursements will remain in effect through October 31, 2020 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.

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,

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 75

Notes to Financial Statements (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted)

USBAM is compensated to provide, or compensates other entities to provide, services to the funds. These services include various legal, oversight, administrative, and accounting services. The funds pay USBAM administration fees, which are calculated daily and paid monthly, equal to each fund’s pro rata share of an amount equal, on an annual basis, to 0.20% of the aggregate average daily Class A share net assets and 0.15% of the aggregate average daily net assets for all other share classes of all funds, up to $8 billion, 0.185% for Class A shares and 0.135% for all other classes on the next $17 billion of the aggregate average daily net assets, 0.17% for Class A shares and 0.12% for all other classes on the next $25 billion of aggregate average daily net assets, and 0.15% for Class A shares and 0.10% for all other classes of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator are paid from the administration fee. In addition to these fees, the funds may reimburse USBAM and the sub-administrator for any out-of-pocket expenses incurred in providing administration services.

In order to maintain minimum yields for each fund, or to keep total annual fund operating expenses from exceeding the fund classes expense limitations, USBAM voluntarily waived or reimbursed administration fees of $13,193, $633, $971, $238, $4,010, and $489 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 29, 2020.

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 29, 2020, custodian fees were not increased as a result of any overdrafts.

DISTRIBUTION AND SHAREHOLDER SERVICING (12B-1) FEES – Quasar Distributors, LLC (“Quasar”) serves as distributor of the funds pursuant to a distribution agreement between Quasar and the funds. Under the distribution agreement and pursuant to a plan adopted by each fund under Rule 12b-1 of the Investment Company Act, each fund pays Quasar a monthly distribution and/or shareholder servicing fee equal to an annual

76 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

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.

Under these distribution and shareholder servicing agreements, the following amounts were received by affiliates of USBAM for the six-month period ended February 29, 2020:

Fund	Amount
Government Obligations Fund	$	2,720
Retail Prime Obligations Fund		619
Retail Tax Free Obligations Fund		37
Treasury Obligations Fund		1,295
U.S. Treasury Money Market Fund		80

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 $44 for Retail Prime Obligations Fund, during the six- month period ended February 29, 2020.

Under this shareholder servicing plan and agreement, the following amounts were paid to USBAM for the six-month period ended February 29, 2020:

Fund	Amount
Government Obligations Fund	$	18,454
Institutional Prime Obligations Fund		544
Retail Prime Obligations Fund		2,318
Retail Tax Free Obligations Fund		462
Treasury Obligations Fund		5,495
U.S. Treasury Money Market Fund		887

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

FIRST AMERICAN FUNDS     2020 SEMIANNUAL REPORT 77

Notes to Financial Statements (unaudited as to February 29, 2020), all dollars and shares are rounded to thousands (000 omitted)

4> Fund Shares for Institutional Prime Obligations Fund

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

	Sales		Reinvestments of distributions		Redemptions			Net increase (decrease)
Six-Month Period Ended February 29, 2020
Class T		112,091		4		(126,562	)		(14,467	)
Class V		52,445		5		(119,541	)		(67,091	)
Class Y		466,714		17		(470,698	)		(3,967	)
Class Z		2,497,779		152		(2,529,223	)		(31,292	)
Year Ended August 31, 2019
Class T		248,182		13		(243,460	)		4,735
Class V		373,026		8		(415,607	)		(42,573	)
Class X1		278,702		—		(318,720	)		(40,018	)
Class Y		1,334,817		45		(1,507,339	)		(172,477	)
Class Z		4,115,774		345		(3,932,323	)		183,796

¹Effective 10/30/2018 Institutional Prime Obligations Fund Class X was closed.

5> Portfolio Characteristics of the Retail Tax Free Obligations Fund

The Retail Tax Free Obligations Fund invests in municipal securities. At February 29, 2020, the percentage of portfolio investments by each category was as follows:

	Retail Tax Free Obligations Fund
Weekly Variable Rate Demand Notes		59.0	%
Daily Variable Rate Demand Notes		5.5
Tender Option Bonds		16.7
Commercial Paper & Put Bonds		12.7
Other Municipal Notes & Bonds		6.1
		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 29, 2020, the percentage of total portfolio investments by each revenue source was as follows:

	Retail Tax Free Obligations Fund
Revenue Bonds		79.9	%
Non-Financial Company Commercial Paper		12.7
General Obligations		7.4
		100.0	%

78 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

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> Events Subsequent To Period End

Management has evaluated fund related events and transactions that occurred subsequent to February 29, 2020, 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.

Effective March 31, 2020, Foreside Financial Group, LLC (“Foreside”) acquired Quasar, from U.S. Bancorp. As a result of the acquisition, Quasar became a wholly-owned broker-dealer subsidiary of Foreside and is no longer affiliated with U.S. Bancorp. The Board of Directors of the funds’ has approved a new Distribution Agreement to enable Quasar to continue serving as the funds’ distributor.

MARKET RISK — 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.

FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT 79

Notice to Shareholders February 29, 2020 (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 is included in the statement of additional information for the funds available at www.FirstAmericanFunds.com. Information regarding how the funds voted proxies relating to portfolio securities is available, without charge and upon request, by calling 800.677.3863 and on the SEC’s website at www.sec.gov.

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.

80 FIRST AMERICAN FUNDS      2020 SEMIANNUAL REPORT

First American Funds

P.O. Box 1330

Minneapolis, MN 55440-1330

This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Further, there is no assurance that certain securities will remain in or out of each fund’s portfolio. This report is for the information of shareholders of the First American Funds, Inc. It may also be used as sales literature when preceded or accompanied by a current prospec- tus, 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 princi- pal 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
		Minneapolis, Minnesota 55402
	DISTRIBUTOR
ADMINISTRATOR	Quasar Distributors, LLC	COUNSEL
U.S. Bancorp Asset	111 East Kilbourn Avenue	Ropes & Gray LLP
Management, Inc.	Suite 1250	191 North Wacker Drive
800 Nicollet Mall	Milwaukee, Wisconsin 53202	Chicago, Illinois 60606
Minneapolis, Minnesota 55402
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.

0048-20      4/2020      SAR MONEY

Item 2—Code of Ethics

Not applicable to the semi-annual report.

Item 3—Audit Committee Financial Expert

Not applicable to the semi-annual report.

Item 4—Principal Accountant Fees and Services

Not applicable to the semi-annual report.

Item 5—Audit Committee of Listed Registrants

Not applicable to the semi-annual report.

Item 6—Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11—Controls and Procedures

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

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

Item 12—Exhibits

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

Signatures

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

First American Funds, Inc.

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

Date: April 21, 2020

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

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

Date: April 21, 2020

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

Date: April 21, 2020

EX-99.CERT

EX-99.CERT

CERTIFICATIONS PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Eric J. Thole, certify that:

1. I have reviewed this report on Form N-CSR of First American Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 21, 2020

/s/ Eric J. Thole

Eric J. Thole

President

I, Jill M. Stevenson, certify that:

1. I have reviewed this report on Form N-CSR of First American Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 21, 2020

/s/ Jill M. Stevenson

Jill M. Stevenson

Treasurer

EX-99.906 CERT

EX-99.906CERT

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), the undersigned officers of First American Funds, Inc. (the “Funds”) do hereby certify, to the best of each such officer’s knowledge, that:

1. The report on Form N-CSR of the Funds (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Funds.

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

Date: April 21, 2020

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

Date: April 21, 2020