First American Funds Trust 提交年度报告，披露旗下基金业绩与持仓

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 811-23751

First American Funds Trust
(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)

800-677-3863

Registrant’s telephone number, including area code

Date of fiscal year end: August 31

Date of reporting period: August 31, 2026

Item 1. Reports to Stockholders.

(a)

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1) is included hereunder.


	First American Government Obligations Fund
	Class A \| FAAXX
	Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about the First American Government Obligations Fund (Fund) for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$75	0.74%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your shareholder documents not be householded, please contact U.S. Bancorp Asset Management at (800) 677-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Bancorp Asset Management or your financial intermediary.

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V849


	First American Government Obligations Fund
	Class D \| FGDXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class D	$60	0.59%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V401


	First American Government Obligations Fund
	Class P \| FPPXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$15	0.15%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V237


	First American Government Obligations Fund
	Class T \| FTGXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class T	$40	0.39%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V195


	First American Government Obligations Fund
	Class U \| FGUXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class U	$12	0.12%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V211


	First American Government Obligations Fund
	Class V \| FVIXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class V	$30	0.29%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V443


	First American Government Obligations Fund
	Class X \| FGXXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class X	$14	0.14%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V336


	First American Government Obligations Fund
	Class Y \| FGVXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$45	0.44%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V203


	First American Government Obligations Fund
	Class Z \| FGZXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$18	0.18%

KEY FUND STATISTICS


Net Assets	$129,578,341,508
Number of Holdings	419
Net Advisory Fee	$124,628,796

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Repurchase Agreements	35.9	%
U.S. Treasury Debt	35.0	%
U.S. Government Agency Debt	28.1	%
Investment Companies	0.8	%
U.S. Government Agency Repurchase Agreements	0.5	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Government Obligations Fund

PAGE 1

TSR-AR-31846V567


	First American Institutional Prime Obligations Fund
	Class T \| FIUXX
	Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about the First American Institutional Prime Obligations Fund (Fund) for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class T	$41	0.40%

KEY FUND STATISTICS


Net Assets	$1,060,119,001
Number of Holdings	33
Net Advisory Fee	$1,022,535

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	28.1	%
U.S. Treasury Repurchase Agreements	26.9	%
Non-Negotiable Time Deposits	20.8	%
Financial Company Commercial Paper	13.7	%
Asset Backed Commercial Paper	6.6	%
Non-Financial Company Commercial Paper	4.2	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Institutional Prime Obligations Fund

PAGE 1

TSR-AR-31846V732


	First American Institutional Prime Obligations Fund
	Class V \| FPIXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class V	$31	0.30%

KEY FUND STATISTICS


Net Assets	$1,060,119,001
Number of Holdings	33
Net Advisory Fee	$1,022,535

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	28.1	%
U.S. Treasury Repurchase Agreements	26.9	%
Non-Negotiable Time Deposits	20.8	%
Financial Company Commercial Paper	13.7	%
Asset Backed Commercial Paper	6.6	%
Non-Financial Company Commercial Paper	4.2	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Institutional Prime Obligations Fund

PAGE 1

TSR-AR-31846V435


	First American Institutional Prime Obligations Fund
	Class Y \| FAIXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$46	0.45%

KEY FUND STATISTICS


Net Assets	$1,060,119,001
Number of Holdings	33
Net Advisory Fee	$1,022,535

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	28.1	%
U.S. Treasury Repurchase Agreements	26.9	%
Non-Negotiable Time Deposits	20.8	%
Financial Company Commercial Paper	13.7	%
Asset Backed Commercial Paper	6.6	%
Non-Financial Company Commercial Paper	4.2	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Institutional Prime Obligations Fund

PAGE 1

TSR-AR-31846V104


	First American Institutional Prime Obligations Fund
	Class Z \| FPZXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$20	0.20%

KEY FUND STATISTICS


Net Assets	$1,060,119,001
Number of Holdings	33
Net Advisory Fee	$1,022,535

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	28.1	%
U.S. Treasury Repurchase Agreements	26.9	%
Non-Negotiable Time Deposits	20.8	%
Financial Company Commercial Paper	13.7	%
Asset Backed Commercial Paper	6.6	%
Non-Financial Company Commercial Paper	4.2	%
Liabilities in Excess of Other Assets	-0.3	%

HOUSEHOLDING

First American Institutional Prime Obligations Fund

PAGE 1

TSR-AR-31846V625


	First American Retail Prime Obligations Fund
	Class A \| FAPXX
	Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about the First American Retail Prime Obligations Fund (Fund) for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$76	0.75%

KEY FUND STATISTICS


Net Assets	$2,912,459,408
Number of Holdings	184
Net Advisory Fee	$3,195,634

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	33.0	%
Non-Negotiable Time Deposits	21.4	%
Financial Company Commercial Paper	18.0	%
Asset Backed Commercial Paper	12.2	%
U.S. Treasury Repurchase Agreements	7.1	%
Certificates of Deposit	6.3	%
Non-Financial Company Commercial Paper	1.6	%
Other Instruments	0.9	%
Liabilities in Excess of Other Assets	-0.5	%

HOUSEHOLDING

First American Retail Prime Obligations Fund

PAGE 1

TSR-AR-31846V310


	First American Retail Prime Obligations Fund
	Class T \| FEIXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class T	$41	0.40%

KEY FUND STATISTICS


Net Assets	$2,912,459,408
Number of Holdings	184
Net Advisory Fee	$3,195,634

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	33.0	%
Non-Negotiable Time Deposits	21.4	%
Financial Company Commercial Paper	18.0	%
Asset Backed Commercial Paper	12.2	%
U.S. Treasury Repurchase Agreements	7.1	%
Certificates of Deposit	6.3	%
Non-Financial Company Commercial Paper	1.6	%
Other Instruments	0.9	%
Liabilities in Excess of Other Assets	-0.5	%

HOUSEHOLDING

First American Retail Prime Obligations Fund

PAGE 1

TSR-AR-31846V294


	First American Retail Prime Obligations Fund
	Class V \| FPUXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class V	$31	0.30%

KEY FUND STATISTICS


Net Assets	$2,912,459,408
Number of Holdings	184
Net Advisory Fee	$3,195,634

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	33.0	%
Non-Negotiable Time Deposits	21.4	%
Financial Company Commercial Paper	18.0	%
Asset Backed Commercial Paper	12.2	%
U.S. Treasury Repurchase Agreements	7.1	%
Certificates of Deposit	6.3	%
Non-Financial Company Commercial Paper	1.6	%
Other Instruments	0.9	%
Liabilities in Excess of Other Assets	-0.5	%

HOUSEHOLDING

First American Retail Prime Obligations Fund

PAGE 1

TSR-AR-31846V260


	First American Retail Prime Obligations Fund
	Class X \| FXRXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class X	$14	0.14%

KEY FUND STATISTICS


Net Assets	$2,912,459,408
Number of Holdings	184
Net Advisory Fee	$3,195,634

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	33.0	%
Non-Negotiable Time Deposits	21.4	%
Financial Company Commercial Paper	18.0	%
Asset Backed Commercial Paper	12.2	%
U.S. Treasury Repurchase Agreements	7.1	%
Certificates of Deposit	6.3	%
Non-Financial Company Commercial Paper	1.6	%
Other Instruments	0.9	%
Liabilities in Excess of Other Assets	-0.5	%

HOUSEHOLDING

First American Retail Prime Obligations Fund

PAGE 1

TSR-AR-31846V245


	First American Retail Prime Obligations Fund
	Class Y \| FYRXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$46	0.45%

KEY FUND STATISTICS


Net Assets	$2,912,459,408
Number of Holdings	184
Net Advisory Fee	$3,195,634

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	33.0	%
Non-Negotiable Time Deposits	21.4	%
Financial Company Commercial Paper	18.0	%
Asset Backed Commercial Paper	12.2	%
U.S. Treasury Repurchase Agreements	7.1	%
Certificates of Deposit	6.3	%
Non-Financial Company Commercial Paper	1.6	%
Other Instruments	0.9	%
Liabilities in Excess of Other Assets	-0.5	%

HOUSEHOLDING

First American Retail Prime Obligations Fund

PAGE 1

TSR-AR-31846V286


	First American Retail Prime Obligations Fund
	Class Z \| FZRXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$20	0.20%

KEY FUND STATISTICS


Net Assets	$2,912,459,408
Number of Holdings	184
Net Advisory Fee	$3,195,634

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Other Repurchase Agreements	33.0	%
Non-Negotiable Time Deposits	21.4	%
Financial Company Commercial Paper	18.0	%
Asset Backed Commercial Paper	12.2	%
U.S. Treasury Repurchase Agreements	7.1	%
Certificates of Deposit	6.3	%
Non-Financial Company Commercial Paper	1.6	%
Other Instruments	0.9	%
Liabilities in Excess of Other Assets	-0.5	%

HOUSEHOLDING

First American Retail Prime Obligations Fund

PAGE 1

TSR-AR-31846V278


	First American Retail Tax Free Obligations Fund
	Class A \| FTAXX
	Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about the First American Retail Tax Free Obligations Fund (Fund) for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$76	0.75%

KEY FUND STATISTICS


Net Assets	$412,517,496
Number of Holdings	47
Net Advisory Fee	$288,120

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Variable Rate Demand Notes	71.8	%
Non-Financial Company Commercial Paper	16.4	%
Other Municipal Securities	12.0	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American Retail Tax Free Obligations Fund

PAGE 1

TSR-AR-31846V872


	First American Retail Tax Free Obligations Fund
	Class T \| FTJXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class T	$40	0.40%

KEY FUND STATISTICS


Net Assets	$412,517,496
Number of Holdings	47
Net Advisory Fee	$288,120

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Variable Rate Demand Notes	71.8	%
Non-Financial Company Commercial Paper	16.4	%
Other Municipal Securities	12.0	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American Retail Tax Free Obligations Fund

PAGE 1

TSR-AR-31846V187


	First American Retail Tax Free Obligations Fund
	Class V \| FHIXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class V	$30	0.30%

KEY FUND STATISTICS


Net Assets	$412,517,496
Number of Holdings	47
Net Advisory Fee	$288,120

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Variable Rate Demand Notes	71.8	%
Non-Financial Company Commercial Paper	16.4	%
Other Municipal Securities	12.0	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American Retail Tax Free Obligations Fund

PAGE 1

TSR-AR-31846V427


	First American Retail Tax Free Obligations Fund
	Class Y \| FFCXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$45	0.45%

KEY FUND STATISTICS


Net Assets	$412,517,496
Number of Holdings	47
Net Advisory Fee	$288,120

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Variable Rate Demand Notes	71.8	%
Non-Financial Company Commercial Paper	16.4	%
Other Municipal Securities	12.0	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American Retail Tax Free Obligations Fund

PAGE 1

TSR-AR-31846V864


	First American Retail Tax Free Obligations Fund
	Class Z \| FTZXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$20	0.20%

KEY FUND STATISTICS


Net Assets	$412,517,496
Number of Holdings	47
Net Advisory Fee	$288,120

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
Variable Rate Demand Notes	71.8	%
Non-Financial Company Commercial Paper	16.4	%
Other Municipal Securities	12.0	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American Retail Tax Free Obligations Fund

PAGE 1

TSR-AR-31846V559


	First American Treasury Obligations Fund
	Class A \| FATXX
	Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about the First American Treasury Obligations Fund (Fund) for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$75	0.74%

KEY FUND STATISTICS


Net Assets	$58,519,450,684
Number of Holdings	101
Net Advisory Fee	$54,910,364

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	55.5	%
U.S. Treasury Repurchase Agreements	45.1	%
Liabilities in Excess of Other Assets	-0.6	%

HOUSEHOLDING

First American Treasury Obligations Fund

PAGE 1

TSR-AR-31846V880


	First American Treasury Obligations Fund
	Class D \| FTDXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class D	$60	0.59%

KEY FUND STATISTICS


Net Assets	$58,519,450,684
Number of Holdings	101
Net Advisory Fee	$54,910,364

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	55.5	%
U.S. Treasury Repurchase Agreements	45.1	%
Liabilities in Excess of Other Assets	-0.6	%

HOUSEHOLDING

First American Treasury Obligations Fund

PAGE 1

TSR-AR-31846V302


	First American Treasury Obligations Fund
	Class P \| FUPXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$16	0.16%

KEY FUND STATISTICS


Net Assets	$58,519,450,684
Number of Holdings	101
Net Advisory Fee	$54,910,364

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	55.5	%
U.S. Treasury Repurchase Agreements	45.1	%
Liabilities in Excess of Other Assets	-0.6	%

HOUSEHOLDING

First American Treasury Obligations Fund

PAGE 1

TSR-AR-31846V229


	First American Treasury Obligations Fund
	Class T \| FTTXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class T	$40	0.39%

KEY FUND STATISTICS


Net Assets	$58,519,450,684
Number of Holdings	101
Net Advisory Fee	$54,910,364

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	55.5	%
U.S. Treasury Repurchase Agreements	45.1	%
Liabilities in Excess of Other Assets	-0.6	%

HOUSEHOLDING

First American Treasury Obligations Fund

PAGE 1

TSR-AR-31846V179


	First American Treasury Obligations Fund
	Class V \| FLIXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class V	$30	0.29%

KEY FUND STATISTICS


Net Assets	$58,519,450,684
Number of Holdings	101
Net Advisory Fee	$54,910,364

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	55.5	%
U.S. Treasury Repurchase Agreements	45.1	%
Liabilities in Excess of Other Assets	-0.6	%

HOUSEHOLDING

First American Treasury Obligations Fund

PAGE 1

TSR-AR-31846V419


	First American Treasury Obligations Fund
	Class X \| FXFXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class X	$14	0.14%

KEY FUND STATISTICS


Net Assets	$58,519,450,684
Number of Holdings	101
Net Advisory Fee	$54,910,364

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	55.5	%
U.S. Treasury Repurchase Agreements	45.1	%
Liabilities in Excess of Other Assets	-0.6	%

HOUSEHOLDING

First American Treasury Obligations Fund

PAGE 1

TSR-AR-31846V328


	First American Treasury Obligations Fund
	Class Y \| FOCXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$45	0.44%

KEY FUND STATISTICS


Net Assets	$58,519,450,684
Number of Holdings	101
Net Advisory Fee	$54,910,364

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	55.5	%
U.S. Treasury Repurchase Agreements	45.1	%
Liabilities in Excess of Other Assets	-0.6	%

HOUSEHOLDING

First American Treasury Obligations Fund

PAGE 1

TSR-AR-31846V807


	First American Treasury Obligations Fund
	Class Z \| FUZXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$18	0.18%

KEY FUND STATISTICS


Net Assets	$58,519,450,684
Number of Holdings	101
Net Advisory Fee	$54,910,364

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	55.5	%
U.S. Treasury Repurchase Agreements	45.1	%
Liabilities in Excess of Other Assets	-0.6	%

HOUSEHOLDING

First American Treasury Obligations Fund

PAGE 1

TSR-AR-31846V542


	First American U.S. Treasury Money Market Fund
	Class A \| FOEXX
	Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about the First American U.S. Treasury Money Market Fund (Fund) for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/FundPerformance/ShareholderDocuments.html. You can also request this information by contacting us at (800) 677-3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$76	0.75%

KEY FUND STATISTICS


Net Assets	$9,303,677,227
Number of Holdings	53
Net Advisory Fee	$8,382,478

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	100.2	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American U.S. Treasury Money Market Fund

PAGE 1

TSR-AR-31846V476


	First American U.S. Treasury Money Market Fund
	Class D \| FODXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class D	$61	0.60%

KEY FUND STATISTICS


Net Assets	$9,303,677,227
Number of Holdings	53
Net Advisory Fee	$8,382,478

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	100.2	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American U.S. Treasury Money Market Fund

PAGE 1

TSR-AR-31846V468


	First American U.S. Treasury Money Market Fund
	Class T \| FTKXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class T	$41	0.40%

KEY FUND STATISTICS


Net Assets	$9,303,677,227
Number of Holdings	53
Net Advisory Fee	$8,382,478

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	100.2	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American U.S. Treasury Money Market Fund

PAGE 1

TSR-AR-31846V161


	First American U.S. Treasury Money Market Fund
	Class V \| FUIXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class V	$31	0.30%

KEY FUND STATISTICS


Net Assets	$9,303,677,227
Number of Holdings	53
Net Advisory Fee	$8,382,478

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	100.2	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American U.S. Treasury Money Market Fund

PAGE 1

TSR-AR-31846V393


	First American U.S. Treasury Money Market Fund
	Class X \| FORXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class X	$16	0.16%

KEY FUND STATISTICS


Net Assets	$9,303,677,227
Number of Holdings	53
Net Advisory Fee	$8,382,478

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	100.2	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American U.S. Treasury Money Market Fund

PAGE 1

TSR-AR-31846V153


	First American U.S. Treasury Money Market Fund
	Class Y \| FOYXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$46	0.45%

KEY FUND STATISTICS


Net Assets	$9,303,677,227
Number of Holdings	53
Net Advisory Fee	$8,382,478

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	100.2	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American U.S. Treasury Money Market Fund

PAGE 1

TSR-AR-31846V534


	First American U.S. Treasury Money Market Fund
	Class Z \| FOZXX
	Annual Shareholder Report \| August 31, 2026

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$20	0.20%

KEY FUND STATISTICS


Net Assets	$9,303,677,227
Number of Holdings	53
Net Advisory Fee	$8,382,478

WHAT DID THE FUND INVEST IN?


Portfolio Allocation	(% of Net Assets)
U.S. Treasury Debt	100.2	%
Liabilities in Excess of Other Assets	-0.2	%

HOUSEHOLDING

First American U.S. Treasury Money Market Fund

PAGE 1

TSR-AR-31846V450

(b)

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. During the period covered by this report, there were no amendments to the provisions of the registrant’s code of ethics that apply to the registrant’s principal executive officer and principal financial officer and that relate to any element of the code of ethics definition enumerated in this Item. During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any provision of its code of ethics that apply to the registrant’s principal executive officer or principal financial officer. The registrant undertakes to furnish a copy of its code of ethics to any person upon request, without charge, by calling 1-800-677-3863.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that David K. Baumgardner, James D. McDonald, Jennifer J. McPeek and P. Kelly Tompkins, members of the registrant’s Audit Committee, are each an “audit committee financial expert” and are “independent,” as these terms are defined in this Item.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees – Ernst & Young LLP (“E&Y”) billed the registrant audit fees totaling $370,000 in the fiscal year ended August 31, 2026 and $359,000 in the fiscal year ended August 31, 2025, including fees associated with the annual audit, SEC Rule 17f-2 security count filings and filings of the registrant’s Form N-CSR.

(b)

Audit-Related Fees – E&Y billed the registrant audit-related fees totaling $2,000 in the fiscal year ended August 31, 2026 and $2,000 in the fiscal year ended August 31, 2025, including fees associated with the semi-annual review of fund disclosures.

(c)

Tax Fees – E&Y billed the registrant fees of $30,900 in the fiscal year ended August 31, 2026 and $30,000 in the fiscal year ended August 31, 2025, for tax services, including tax compliance, tax advice and tax planning. Tax compliance, tax advice and tax planning services primarily related to preparation of original and amended tax returns, timely RIC qualification reviews, and tax distribution analysis and planning.

(d)

All Other Fees – E&Y billed the registrant for other services totaling $0 in the fiscal year ended August 31, 2026 and $0 in the fiscal year ended August 31, 2025.

(e)(1)

The audit committee’s pre-approval policies and procedures pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X are set forth below:

Audit Committee policy regarding pre-approval of services provided by the Independent Auditor

The Audit Committee of the First American Funds (“Committee”) has responsibility for ensuring that all services performed by the independent audit firm for the funds do not impair the firm’s independence. This review is intended to provide reasonable oversight without removing management from its responsibility for day-to-day operations. In this regard, the Committee should:

•

Understand the nature of the professional services expected to be provided and their impact on auditor independence and audit quality

•

Examine and evaluate the safeguards put into place by the Company and the auditor to safeguard independence

•

Meet quarterly with the partner of the independent audit firm

•

Consider approving categories of service that are not deemed to impair independence for a one-year period

It is important that a qualitative rather than a mere quantitative evaluation be performed by the Committee in discharging its responsibilities.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the Committee will review and consider whether to pre-approve the financial plan for audit fees as well as categories of audit-related and non-audit services that may be performed by the funds’ independent audit firm directly for the funds. At least annually the Committee will receive a report from the independent audit firm of all audit and non-audit services, which were approved during the year.

The engagement of the independent audit firm for any non-audit service requires the written pre-approval of the Treasurer of the funds and all non-audit services performed by the independent audit firm will be disclosed in the required SEC periodic filings.

In connection with the Committee review and pre-approval responsibilities, the review by the Committee will consist of the following:

Audit Services

The categories of audit services and related fees to be reviewed and considered for pre-approval annually by the Committee or its delegate include the following:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

In addition, the following categories of audit-related services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

•

Accounting consultations

•

Fund merger support services

•

Other accounting related matters

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Notwithstanding any annual pre-approval of these categories of services, individual projects with an estimated fee in excess of $25,000 are subject to pre-approval by the Committee Chair or its delegate on a case-by-case basis. Individual projects with an estimated fee in excess of $50,000 are subject to pre-approval by the Committee or its delegate on a case-by-case basis.

Tax Services

The following categories of tax services are deemed to be consistent with the role of the independent audit firm and, as such, will be considered for pre-approval by the Committee or its delegate, on an annual basis.

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance, and

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

Other Non-audit Services

The SEC auditor independence rules adopted in response to the Sarbanes-Oxley Act specifically allow certain non-audit services. Because of the nature of these services, none of these services may be commenced by the independent audit firm without the prior approval of the Committee. The Committee may delegate this responsibility to one or more of the Committee members, with the decisions presented to the full Committee at the next scheduled meeting.

Proscribed Services

In accordance with SEC rules on independence, the independent audit firm is prohibited from performing services in the following categories of non-audit services:

•

Management functions

•

Accounting and bookkeeping services

•

Internal audit services

•

Financial information systems design and implementation

•

Valuation services supporting the financial statements

•

Actuarial services supporting the financial statements

•

Executive recruitment

•

Expert services (e.g., litigation support)

•

Investment banking

Policy for Pre-approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex

The Committee is also responsible for pre-approving certain non-audit services provided to U.S. Bancorp Asset Management, Inc., U.S. Bank N.A., U.S. Bancorp Fund Services, LLC and any other entity under common control with U.S. Bancorp Asset Management, Inc., that provides ongoing services to the funds. The only non-audit services provided to these entities which require pre-approval are those services that relate directly to the operations and financial reporting of the funds.

Although the Committee is not required to pre-approve all services provided to U.S. Bancorp Asset Management, Inc. and other affiliated service providers, the Committee will annually receive a report from the independent audit firm on the aggregate fees for all services provided to U.S. Bancorp and affiliates.

(e)(2)

0.00% of the services described in paragraphs (b) through (d) of this item were approved by the Committee pursuant to the paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year end were performed by the principal accountant’s full-time, permanent employees.

(g)

The aggregate non-audit fees billed by E&Y to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, totaled $1,914,174 in the fiscal year ended August 31, 2026 and $2,691,645 in the fiscal year ended August 31, 2025.

(h)

The registrant’s audit committee has determined that the provision of non-audit services to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved is compatible with maintaining E&Y’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

The schedule of investments is included as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

TABLE OF CONTENTS


			Page
Report of Independent Registered Public Accounting Firm			1
Schedule of Investments
Government Obligations Fund			2
Institutional Prime Obligations Fund			13
Retail Prime Obligations Fund			16
Retail Tax Free Obligations Fund			22
Treasury Obligations Fund			25
U.S. Treasury Money Market Fund			30
Statements of Assets and Liabilities			31
Statements of Operations			33
Statements of Changes in Net Assets			34
Financial Highlights
Government Obligations Fund			40
Institutional Prime Obligations Fund			42
Retail Prime Obligations Fund			43
Retail Tax Free Obligations Fund			44
Treasury Obligations Fund			45
U.S. Treasury Money Market Fund			47
Notes to Financial Statements			48
Tax Information (Unaudited)			59
Approval of the Funds’ Investment Advisory Agreement (Unaudited)			60
Other Information (Unaudited)			65

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 a deposit of U.S. Bank National Association and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

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. An investment in the fund is not a deposit of U.S. Bank National Association and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

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. The fund generally must impose a fee when net sales of fund shares exceed certain levels. An investment in the fund is not a deposit of U.S. Bank National Association and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE


	FIRST AMERICAN FUNDS ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION	1


	Par	Value
U.S. TREASURY DEBT — 35.0%
U.S. Treasury Bill
3.67%, 09/01/2026^(a)	$1,475,000,000	$1,475,000,000
3.67%, 09/03/2026^(a)	1,105,000,000	1,104,777,670
3.68%, 09/08/2026^(a)	1,150,000,000	1,149,189,203
3.68%, 09/10/2026^(a)	525,000,000	524,524,109
3.69%, 09/15/2026^(a)	1,100,000,000	1,098,443,210
3.73%, 09/17/2026^(a)	2,225,000,000	2,221,362,756
3.69%, 09/22/2026^(a)	1,500,000,000	1,496,814,483
3.73%, 09/24/2026^(a)	2,155,000,000	2,149,937,436
3.73%, 09/29/2026^(a)	2,115,000,000	2,108,956,169
3.74%, 10/06/2026^(a)	3,615,000,000	3,602,099,621
3.76%, 10/08/2026^(a)	450,000,000	448,282,763
3.72%, 10/13/2026^(a)	1,480,000,000	1,473,670,405
3.77%, 10/15/2026^(a)	1,050,000,000	1,045,230,094
3.71%, 10/20/2026^(a)	950,000,000	945,263,215
3.77%, 10/27/2026^(a)	1,050,000,000	1,043,864,654
3.76%, 11/05/2026^(a)	1,120,000,000	1,112,497,113
3.78%, 11/12/2026^(a)	1,170,000,000	1,161,278,518
3.77%, 11/19/2026^(a)	2,250,000,000	2,231,655,896
3.90%, 11/24/2026^(a)	150,000,000	148,655,125
3.77%, 11/27/2026^(a)	950,000,000	941,471,219
3.74%, 12/03/2026^(a)	125,000,000	123,810,052
3.87%, 12/17/2026^(a)	150,000,000	148,296,471
3.81%, 12/22/2026^(a)	525,000,000	518,867,377
3.78%, 12/29/2026^(a)(b)	250,000,000	246,907,653
U.S. Treasury Note
4.63%, 09/15/2026	175,000,000	175,046,750
0.88%, 09/30/2026	420,000,000	419,087,493
3.50%, 09/30/2026	1,440,000,000	1,439,774,009
4.63%, 10/15/2026	1,270,000,000	1,271,450,949
3.96% (3 mo. U.S. Treasury Money Market Yield + 0.21%), 10/31/2026	325,000,000	325,017,219
1.25%, 11/30/2026	1,095,000,000	1,088,686,540
4.38%, 12/15/2026	125,000,000	125,265,004
1.25%, 12/31/2026	660,000,000	654,932,298
4.25%, 12/31/2026	1,405,000,000	1,407,725,395
4.00%, 01/15/2027	1,730,000,000	1,732,680,897
4.13%, 02/15/2027	100,000,000	100,266,868
4.25%, 03/15/2027	1,040,000,000	1,044,018,339
2.50%, 03/31/2027	500,000,000	496,893,920
3.88%, 03/31/2027	1,330,000,000	1,332,064,882
4.50%, 04/15/2027	1,685,000,000	1,693,057,270
3.75%, 04/30/2027	1,635,000,000	1,635,080,666
3.91% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 04/30/2027	200,000,000	200,026,667
4.63%, 06/15/2027	160,000,000	160,892,204
3.75%, 06/30/2027	260,000,000	259,616,224
3.63%, 08/31/2027	875,000,000	870,909,723
3.38%, 09/15/2027	300,000,000	297,725,752
4.13%, 09/30/2027^(b)	25,000,000	24,970,703


	Par	Value
3.85% (3 mo. U.S. Treasury Money Market Yield + 0.10%), 04/30/2028	$150,000,000	$150,077,267
TOTAL U.S. TREASURY DEBT (Cost $45,426,122,251)		45,426,122,251
U.S. GOVERNMENT AGENCY DEBT — 28.1%
Fannie Mae
3.79% (SOFR + 0.14%), 09/11/2026	44,000,000	44,000,000
3.79% (SOFR + 0.14%), 10/23/2026	24,000,000	24,000,000
3.79% (SOFR + 0.14%), 11/20/2026	81,000,000	81,000,000
3.79% (SOFR + 0.14%), 12/11/2026	54,000,000	54,000,000
Federal Farm Credit Bank
3.79% (SOFR + 0.14%), 09/03/2026	225,000,000	225,000,420
3.79% (SOFR + 0.14%), 09/04/2026	30,000,000	30,000,000
3.79% (SOFR + 0.14%), 09/16/2026	100,000,000	100,000,000
3.79% (Federal Funds Effective Rate + 0.16%), 09/16/2026	108,601,836	108,601,836
3.63%, 09/21/2026^(a)	35,000,000	34,930,389
3.78% (SOFR + 0.13%), 09/21/2026	75,000,000	75,000,000
3.71% (SOFR + 0.06%), 09/22/2026	50,000,000	50,000,000
3.79% (SOFR + 0.14%), 09/25/2026	15,000,000	15,000,000
3.79% (SOFR + 0.14%), 10/01/2026	100,000,000	100,000,000
3.78% (SOFR + 0.13%), 10/06/2026	200,000,000	200,000,000
3.79% (SOFR + 0.14%), 10/09/2026	20,000,000	20,000,000
3.72% (SOFR + 0.07%), 10/13/2026	75,000,000	75,000,000
3.79% (SOFR + 0.14%), 10/15/2026	75,000,000	75,000,000
3.68% (SOFR + 0.03%), 10/16/2026	65,000,000	65,000,000
3.79% (SOFR + 0.14%), 10/21/2026	50,000,000	50,000,000
3.79% (SOFR + 0.14%), 10/23/2026	100,000,000	100,000,000
3.51%, 10/30/2026^(a)	25,000,000	24,858,236
3.78% (SOFR + 0.13%), 11/02/2026	200,000,000	200,000,000
3.79% (SOFR + 0.14%), 11/04/2026	100,000,000	100,000,000
3.81% (Federal Funds Effective Rate + 0.18%), 11/06/2026	65,000,000	65,000,000


	Par	Value
U.S. GOVERNMENT AGENCY DEBT — (Continued)
3.73% (SOFR + 0.08%), 11/16/2026	$40,000,000	$40,000,000
3.79% (SOFR + 0.14%), 11/18/2026	60,000,000	60,000,000
3.79% (SOFR + 0.14%), 11/23/2026	50,000,000	50,000,000
3.76% (Federal Funds Effective Rate + 0.13%), 11/24/2026	25,000,000	25,003,340
3.79% (SOFR + 0.14%), 12/02/2026	55,000,000	55,000,000
3.81% (Federal Funds Effective Rate + 0.18%), 12/04/2026	100,000,000	100,000,000
3.72% (SOFR + 0.07%), 12/07/2026	40,000,000	40,000,000
3.79% (SOFR + 0.14%), 12/09/2026	80,000,000	80,000,000
3.79% (SOFR + 0.14%), 12/18/2026	85,000,000	85,000,000
3.79% (SOFR + 0.14%), 12/23/2026	60,000,000	60,000,000
3.79% (SOFR + 0.14%), 12/30/2026	100,000,000	100,000,000
3.79% (SOFR + 0.14%), 01/08/2027	75,000,000	75,000,000
3.75% (SOFR + 0.10%), 01/12/2027	50,000,000	50,000,000
3.79% (SOFR + 0.14%), 01/14/2027	35,000,000	35,000,000
3.72% (Federal Funds Effective Rate + 0.09%), 01/25/2027	55,000,000	55,000,000
3.70% (Federal Funds Effective Rate + 0.07%), 01/26/2027	75,000,000	75,000,000
3.77% (SOFR + 0.12%), 01/28/2027	120,000,000	120,000,000
3.76% (SOFR + 0.11%), 02/01/2027	60,000,000	60,000,000
3.77% (Federal Funds Effective Rate + 0.14%), 02/03/2027	20,000,000	20,000,000
3.78% (SOFR + 0.13%), 02/03/2027	150,000,000	150,000,000
3.74% (SOFR + 0.09%), 02/04/2027	35,000,000	35,000,000
3.77% (SOFR + 0.12%), 02/10/2027	50,000,000	50,000,000
3.73% (Federal Funds Effective Rate + 0.10%), 02/18/2027	80,000,000	80,000,000
3.74% (SOFR + 0.09%), 02/24/2027	30,000,000	30,000,000
3.74% (SOFR + 0.09%), 02/26/2027	210,000,000	210,006,527
3.75% (SOFR + 0.10%), 03/05/2027	150,000,000	150,000,000


	Par	Value
3.75% (SOFR + 0.07%), 03/05/2027	$30,000,000	$30,000,000
3.73% (SOFR + 0.08%), 03/11/2027	125,000,000	125,000,000
3.74% (SOFR + 0.09%), 03/11/2027	125,000,000	125,000,000
3.73% (SOFR + 0.08%), 03/12/2027	45,000,000	45,000,000
3.73% (SOFR + 0.08%), 03/18/2027	60,000,000	60,000,000
3.77% (Federal Funds Effective Rate + 0.12%), 03/19/2027	45,000,000	45,000,000
3.78% (SOFR + 0.13%), 03/23/2027	70,000,000	70,000,000
3.75% (SOFR + 0.10%), 03/25/2027	30,000,000	30,000,000
3.72% (SOFR + 0.07%), 03/26/2027	110,000,000	110,000,000
3.74% (SOFR + 0.09%), 03/26/2027	80,000,000	80,000,000
3.72% (SOFR + 0.07%), 04/01/2027	100,000,000	100,000,000
3.75% (SOFR + 0.10%), 04/06/2027	75,000,000	75,000,000
3.74% (SOFR + 0.09%), 04/08/2027	150,000,000	150,000,000
3.73% (SOFR + 0.08%), 04/09/2027	50,000,000	50,000,000
3.78% (SOFR + 0.13%), 04/16/2027	85,000,000	85,000,000
3.73% (SOFR + 0.08%), 04/19/2027	60,000,000	60,000,000
3.76% (SOFR + 0.11%), 04/19/2027	75,000,000	75,000,000
3.78% (SOFR + 0.13%), 04/23/2027	150,000,000	150,000,000
3.78% (SOFR + 0.13%), 04/29/2027	60,000,000	60,000,000
3.78% (SOFR + 0.13%), 05/05/2027	55,000,000	55,000,000
3.77% (SOFR + 0.12%), 05/06/2027	55,000,000	55,000,000
3.77% (Federal Funds Effective Rate + 0.14%), 05/12/2027	50,000,000	50,000,000
3.76% (SOFR + 0.11%), 05/13/2027	105,000,000	105,000,000
3.76% (SOFR + 0.11%), 05/14/2027	30,000,000	30,000,000
3.91% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 05/19/2027	100,000,000	100,000,000
3.66% (SOFR + 0.07%), 05/21/2027	75,000,000	75,000,000
3.75% (SOFR + 0.10%), 05/24/2027	125,000,000	125,000,000
3.76% (SOFR + 0.11%), 05/27/2027	70,000,000	70,000,000


	Par	Value
U.S. GOVERNMENT AGENCY DEBT — (Continued)
3.91%, 06/04/2027	$117,870,000	$117,870,000
3.77% (SOFR + 0.12%), 06/07/2027	65,000,000	65,000,000
3.71% (SOFR + 0.06%), 06/15/2027	15,000,000	15,000,000
3.75% (SOFR + 0.10%), 06/17/2027	125,000,000	124,991,393
3.71% (SOFR + 0.06%), 06/23/2027	50,000,000	50,000,000
3.75% (SOFR + 0.10%), 06/23/2027	70,000,000	69,997,899
3.75% (Federal Funds Effective Rate + 0.12%), 06/23/2027	50,000,000	50,000,000
3.76% (SOFR + 0.11%), 06/24/2027	110,000,000	110,000,000
3.75% (SOFR + 0.10%), 06/29/2027	20,000,000	20,000,000
3.72% (SOFR + 0.07%), 07/09/2027	25,000,000	25,000,000
3.75% (SOFR + 0.10%), 07/09/2027	85,000,000	85,000,000
3.88% (SOFR + 0.23%), 07/09/2027	50,000,000	50,051,422
3.89% (SOFR + 0.24%), 07/19/2027	85,000,000	85,093,248
3.76% (SOFR + 0.11%), 07/21/2027	60,000,000	60,000,000
3.71% (SOFR + 0.06%), 07/23/2027	60,000,000	60,000,000
3.77% (SOFR + 0.12%), 07/27/2027	100,000,000	100,000,000
3.78% (SOFR + 0.13%), 07/29/2027	90,000,000	90,000,000
3.77% (SOFR + 0.12%), 08/04/2027	50,000,000	50,000,000
3.79% (SOFR + 0.14%), 08/04/2027	40,000,000	40,000,000
3.76% (SOFR + 0.11%), 08/05/2027	75,000,000	75,000,000
3.71% (SOFR + 0.06%), 08/06/2027	100,000,000	100,000,000
3.73% (SOFR + 0.08%), 08/09/2027	75,000,000	75,000,000
3.79% (SOFR + 0.14%), 08/12/2027	90,000,000	90,000,000
3.75% (SOFR + 0.10%), 08/13/2027	30,000,000	30,000,000
3.80% (Federal Funds Effective Rate + 0.17%), 08/16/2027	60,000,000	60,000,000
3.78% (SOFR + 0.13%), 08/18/2027	100,000,000	100,000,000
3.77% (Federal Funds Effective Rate + 0.14%), 08/25/2027	100,000,000	100,000,000
3.79% (SOFR + 0.14%), 08/25/2027	50,000,000	50,000,000


	Par	Value
3.78% (SOFR + 0.13%), 09/02/2027^(b)	$85,000,000	$85,000,000
3.72% (SOFR + 0.07%), 09/03/2027	150,000,000	150,000,000
3.80% (SOFR + 0.15%), 09/03/2027^(b)	45,000,000	45,000,000
3.78% (SOFR + 0.13%), 09/10/2027	85,000,000	85,000,000
3.79% (Federal Funds Effective Rate + 0.16%), 09/10/2027	75,000,000	75,000,000
3.80% (SOFR + 0.15%), 09/10/2027	40,000,000	40,000,000
3.79% (SOFR + 0.14%), 09/15/2027	50,000,000	50,000,000
3.78% (SOFR + 0.13%), 09/22/2027	165,000,000	165,000,000
3.81% (Federal Funds Effective Rate + 0.18%), 09/23/2027	50,000,000	50,000,000
3.78% (SOFR + 0.13%), 09/24/2027	35,000,000	35,000,000
3.74% (SOFR + 0.09%), 09/28/2027	115,000,000	115,000,000
3.82% (Federal Funds Effective Rate + 0.19%), 09/29/2027	35,000,000	35,000,000
3.79% (SOFR + 0.14%), 10/01/2027	20,000,000	20,000,000
3.80% (SOFR + 0.15%), 10/01/2027	90,000,000	90,000,000
3.73% (SOFR + 0.08%), 10/08/2027	200,000,000	200,000,000
3.80% (SOFR + 0.15%), 10/14/2027	105,000,000	105,000,000
3.78% (SOFR + 0.13%), 10/15/2027	150,000,000	150,000,000
3.78% (SOFR + 0.13%), 10/22/2027	65,000,000	65,000,000
3.79% (SOFR + 0.14%), 10/29/2027	105,000,000	105,000,000
3.78% (SOFR + 0.13%), 11/03/2027	150,000,000	150,000,000
3.72% (SOFR + 0.07%), 11/05/2027	35,000,000	35,000,000
3.78% (SOFR + 0.13%), 11/10/2027	150,000,000	150,000,000
3.77% (SOFR + 0.12%), 11/12/2027	180,000,000	180,000,000
3.90% (SOFR + 0.25%), 11/12/2027	45,000,000	45,070,366
3.73% (SOFR + 0.11%), 11/19/2027	145,000,000	145,012,948
3.81% (Federal Funds Effective Rate + 0.18%), 11/19/2027	50,000,000	50,000,000
3.73% (SOFR + 0.08%), 11/23/2027	75,000,000	75,000,000
3.77% (SOFR + 0.12%), 11/26/2027	150,000,000	150,000,000


	Par	Value
U.S. GOVERNMENT AGENCY DEBT — (Continued)
3.74% (SOFR + 0.10%), 12/01/2027	$90,000,000	$90,000,000
3.76% (SOFR + 0.11%), 12/02/2027	150,000,000	150,000,000
3.74% (SOFR + 0.09%), 12/09/2027	225,000,000	225,000,000
3.75% (SOFR + 0.10%), 12/10/2027	150,000,000	150,000,000
3.74% (SOFR + 0.09%), 12/17/2027	100,000,000	100,000,000
3.74% (SOFR + 0.09%), 12/21/2027	50,000,000	50,000,000
3.74% (SOFR + 0.09%), 01/03/2028	75,000,000	75,000,000
3.73% (SOFR + 0.08%), 01/12/2028	35,000,000	35,000,000
3.74% (SOFR + 0.09%), 01/12/2028	100,000,000	100,000,000
3.74% (SOFR + 0.09%), 01/18/2028	125,000,000	125,000,000
3.73% (SOFR + 0.08%), 01/20/2028	50,000,000	50,000,000
3.74% (SOFR + 0.09%), 01/21/2028	100,000,000	100,000,000
3.76% (Federal Funds Effective Rate + 0.13%), 01/21/2028	20,000,000	20,000,000
3.73% (SOFR + 0.08%), 01/24/2028	75,000,000	75,000,000
3.74% (SOFR + 0.10%), 01/26/2028	75,000,000	75,000,000
3.75% (SOFR + 0.10%), 01/28/2028	75,000,000	75,000,000
3.74% (SOFR + 0.09%), 02/02/2028	20,000,000	20,000,000
3.75% (SOFR + 0.10%), 02/02/2028	75,000,000	75,000,000
3.76% (SOFR + 0.11%), 02/07/2028	100,000,000	100,000,000
3.74% (SOFR + 0.09%), 02/09/2028	15,000,000	15,000,000
3.73% (SOFR + 0.08%), 02/11/2028	30,000,000	30,000,000
3.74% (SOFR + 0.09%), 02/11/2028	30,000,000	30,000,000
3.75% (SOFR + 0.10%), 02/11/2028	100,000,000	100,000,000
3.74% (SOFR + 0.09%), 02/17/2028	150,000,000	150,000,000
3.74% (SOFR + 0.09%), 02/23/2028	190,000,000	190,000,000
3.74% (SOFR + 0.09%), 02/25/2028	125,000,000	125,000,000
3.77% (Federal Funds Effective Rate + 0.12%), 02/28/2028	75,000,000	75,000,000
3.74% (SOFR + 0.09%), 03/09/2028	110,000,000	110,000,000


	Par	Value
3.74% (SOFR + 0.09%), 03/13/2028	$175,000,000	$175,000,000
3.74% (SOFR + 0.09%), 03/17/2028	125,000,000	125,000,000
3.74% (SOFR + 0.09%), 03/20/2028	160,000,000	160,000,000
3.73% (SOFR + 0.08%), 03/21/2028	250,000,000	250,000,000
3.74% (SOFR + 0.09%), 03/24/2028	25,000,000	25,000,000
3.74% (SOFR + 0.09%), 03/27/2028	60,000,000	60,000,000
3.73% (SOFR + 0.09%), 04/07/2028	150,000,000	150,000,000
3.74% (SOFR + 0.09%), 04/10/2028	125,000,000	125,000,000
3.77% (SOFR + 0.12%), 04/13/2028	75,000,000	75,000,000
3.74% (SOFR + 0.09%), 04/14/2028	75,000,000	75,000,000
3.74% (SOFR + 0.09%), 04/17/2028	75,000,000	75,000,000
3.75% (SOFR + 0.10%), 04/20/2028	45,000,000	45,000,000
3.75% (SOFR + 0.10%), 05/08/2028	40,000,000	40,000,000
3.74% (SOFR + 0.09%), 05/12/2028	80,000,000	80,000,000
3.74% (SOFR + 0.09%), 05/15/2028	50,000,000	50,000,000
3.76% (SOFR + 0.11%), 05/18/2028	100,000,000	100,000,000
3.74% (SOFR + 0.09%), 05/19/2028	35,000,000	35,000,000
3.75% (SOFR + 0.10%), 05/26/2028	75,000,000	75,000,000
3.78% (SOFR + 0.13%), 05/26/2028	150,000,000	150,000,000
3.74% (SOFR + 0.09%), 06/02/2028	100,000,000	100,000,000
3.77% (SOFR + 0.12%), 06/23/2028	100,000,000	100,000,000
3.77% (SOFR + 0.12%), 06/26/2028	100,000,000	100,000,000
3.78% (SOFR + 0.13%), 07/06/2028	200,000,000	200,000,000
3.78% (SOFR + 0.13%), 07/07/2028	100,000,000	100,000,000
3.79% (SOFR + 0.14%), 07/07/2028	75,000,000	75,000,000
3.79% (SOFR + 0.14%), 07/13/2028	75,000,000	75,000,000
3.77% (SOFR + 0.12%), 07/17/2028	145,000,000	145,000,000
3.77% (SOFR + 0.12%), 07/19/2028	100,000,000	100,000,000
3.78% (SOFR + 0.13%), 07/24/2028	100,000,000	100,000,000


	Par	Value
U.S. GOVERNMENT AGENCY DEBT — (Continued)
3.79% (SOFR + 0.14%), 08/03/2028	$225,000,000	$225,000,000
3.78% (SOFR + 0.13%), 08/04/2028	65,000,000	65,000,000
3.78% (SOFR + 0.13%), 08/07/2028	100,000,000	100,000,000
3.77% (SOFR + 0.12%), 08/14/2028	55,000,000	55,000,000
3.79% (SOFR + 0.14%), 08/18/2028	100,000,000	100,000,000
3.77% (SOFR + 0.12%), 08/21/2028	45,000,000	45,000,000
3.78% (SOFR + 0.13%), 08/24/2028	75,000,000	75,000,000
3.77% (SOFR + 0.12%), 08/25/2028	200,000,000	200,000,000
0.00% (SOFR + 0.12%), 09/01/2028^(a)(b)(c)	100,000,000	100,000,000
Federal Home Loan Bank
3.55%, 09/01/2026^(a)	200,000,000	200,000,000
3.67% (SOFR + 0.02%), 09/01/2026	300,000,000	300,000,000
3.63%, 09/04/2026	56,095,000	56,094,624
1.88%, 09/11/2026	72,780,000	72,744,490
3.79% (SOFR + 0.14%), 09/14/2026	50,000,000	50,000,000
3.72%, 09/16/2026^(a)	837,000,000	835,721,204
3.68% (SOFR + 0.03%), 09/17/2026	200,000,000	200,000,000
3.72%, 09/18/2026^(a)	688,000,000	686,808,490
3.79% (SOFR + 0.14%), 09/18/2026	50,000,000	50,000,000
3.73%, 09/23/2026^(a)	1,175,000,000	1,172,355,493
3.71%, 09/25/2026^(a)	656,340,000	654,738,499
3.69% (SOFR + 0.04%), 10/06/2026	300,000,000	300,000,000
3.73%, 10/07/2026^(a)	150,000,000	149,447,550
3.67% (SOFR + 0.02%), 10/08/2026	200,000,000	200,000,000
3.73%, 10/09/2026^(a)	330,000,000	328,720,223
3.74%, 10/13/2026^(a)	1,000,000,000	995,695,000
3.67% (SOFR + 0.02%), 10/13/2026	235,000,000	235,000,000
3.72%, 10/14/2026^(a)	722,000,000	718,832,159
3.68% (SOFR + 0.03%), 10/14/2026	300,000,000	300,000,000
3.68% (SOFR + 0.03%), 10/16/2026	600,000,000	600,000,000
3.63%, 10/21/2026	100,000,000	99,986,005
3.68% (SOFR + 0.03%), 10/22/2026	200,000,000	200,000,000
3.68% (SOFR + 0.03%), 10/22/2026	200,000,000	200,000,000
3.79% (SOFR + 0.14%), 10/29/2026	100,000,000	100,011,020
3.68% (SOFR + 0.03%), 11/03/2026	285,000,000	285,000,000


	Par	Value
3.68% (SOFR+ 0.03%), 11/03/2026	$150,000,000	$150,000,000
3.74% (SOFR + 0.09%), 11/06/2026	75,000,000	75,000,000
3.69% (SOFR + 0.04%), 11/09/2026	200,000,000	200,000,000
3.69% (SOFR + 0.04%), 11/16/2026	200,000,000	200,000,000
3.69% (SOFR + 0.04%), 11/17/2026	300,000,000	300,000,000
3.76%, 11/18/2026^(a)	185,000,000	183,512,908
3.77%, 11/20/2026^(a)	198,285,000	196,645,844
3.77%, 11/23/2026^(a)	100,000,000	99,143,486
1.50%, 11/23/2026	48,650,000	48,421,243
3.68% (SOFR + 0.03%), 11/24/2026	150,000,000	150,000,000
3.68% (SOFR + 0.03%), 11/25/2026	150,000,000	150,000,000
3.67% (SOFR + 0.03%), 11/30/2026	200,000,000	200,000,000
3.72% (SOFR + 0.07%), 12/09/2026	50,000,000	50,000,000
3.79% (SOFR + 0.14%), 12/11/2026	50,000,000	50,000,000
3.69% (SOFR + 0.04%), 12/14/2026	300,000,000	300,000,000
3.79% (SOFR + 0.14%), 12/16/2026	100,000,000	100,000,000
3.68% (SOFR + 0.03%), 12/21/2026	200,000,000	200,000,000
3.69% (SOFR + 0.04%), 12/22/2026	450,000,000	450,000,000
3.68% (SOFR + 0.03%), 12/23/2026	150,000,000	150,000,000
3.69% (SOFR + 0.04%), 12/29/2026	250,000,000	250,000,000
3.79% (SOFR + 0.14%), 01/06/2027	75,000,000	75,021,282
3.75%, 01/11/2027^(a)	100,000,000	98,643,333
3.69% (SOFR + 0.04%), 01/12/2027	200,000,000	200,000,000
3.75%, 01/14/2027^(a)	75,000,000	73,959,375
3.77%, 01/19/2027^(a)	150,000,000	147,832,917
3.79% (SOFR + 0.14%), 01/19/2027	50,000,000	50,000,000
3.69% (SOFR + 0.04%), 01/21/2027	100,000,000	100,000,000
3.69% (SOFR + 0.04%), 01/22/2027	150,000,000	150,000,000
3.70% (SOFR + 0.05%), 01/25/2027	200,000,000	200,000,000
3.70% (SOFR + 0.05%), 01/25/2027	200,000,000	200,000,000
3.70% (SOFR + 0.05%), 01/28/2027	50,000,000	50,000,000
3.70% (SOFR + 0.05%), 01/29/2027	200,000,000	200,000,000


	Par	Value
3.74% (SOFR + 0.09%), 12/07/2027	$100,000,000	$100,000,000
3.75% (SOFR + 0.10%), 12/22/2027	100,000,000	100,000,000
3.73% (SOFR + 0.08%), 01/04/2028	100,000,000	100,005,084
3.73% (SOFR + 0.08%), 01/12/2028	100,000,000	100,000,000
3.73% (SOFR + 0.08%), 01/14/2028	50,000,000	50,004,252
3.68% (SOFR + 0.10%), 01/18/2028	100,000,000	100,000,000
3.74% (SOFR + 0.09%), 01/21/2028	50,000,000	50,000,000
3.74% (SOFR + 0.09%), 02/09/2028	75,000,000	75,000,000
3.74% (SOFR + 0.09%), 04/17/2028	75,000,000	75,000,000
3.74% (SOFR + 0.09%), 05/19/2028	100,000,000	100,000,000
3.74% (SOFR + 0.09%), 05/19/2028	50,000,000	50,000,000
3.76% (SOFR + 0.11%), 05/24/2028	100,000,000	100,000,000
3.74% (SOFR + 0.09%), 06/05/2028	125,000,000	125,000,000
3.74% (SOFR + 0.09%), 06/09/2028	50,000,000	50,000,000
3.74% (SOFR + 0.09%), 06/09/2028	150,000,000	150,000,000
3.74% (SOFR + 0.09%), 06/12/2028	75,000,000	75,000,000
3.75% (SOFR + 0.10%), 06/15/2028	50,000,000	50,000,000
3.76% (SOFR + 0.11%), 06/22/2028	50,000,000	50,000,000
3.77% (SOFR + 0.12%), 07/20/2028	100,000,000	100,000,000
3.77% (SOFR + 0.12%), 07/21/2028	100,000,000	100,000,000
3.77% (SOFR + 0.12%), 07/24/2028	75,000,000	75,000,000
Federal Home Loan Mortgage Corporation
3.79% (SOFR + 0.14%), 09/04/2026	41,000,000	41,000,000
3.74%, 09/23/2026^(a)	147,561,000	147,228,250
3.79% (SOFR + 0.14%), 09/23/2026	30,000,000	30,000,000
3.79% (SOFR + 0.14%), 10/16/2026	59,000,000	59,000,000
3.80% (SOFR + 0.14%), 10/29/2026	40,000,000	40,000,000
3.75% (SOFR + 0.10%), 05/05/2027	30,000,000	30,000,000
TOTAL U.S. GOVERNMENT AGENCY DEBT (Cost $36,376,953,171)		36,376,953,171


	Shares	Value
INVESTMENT COMPANIES — 0.8%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 3.57%^(d)	250,000,000	$250,000,000
Deutsche Government Money Market Series Fund, Institutional Class, 3.65%^(d)	250,000,000	250,000,000
Goldman Sachs Financial Square Money Market Fund, Institutional Class, 3.57%^(d)	250,000,000	250,000,000
Invesco Government & Agency Portfolio, Institutional Class, 3.67%^(d)	250,000,000	250,000,000
TOTAL INVESTMENT COMPANIES (Cost $1,000,000,000)		1,000,000,000


	Par
U.S. TREASURY REPURCHASE AGREEMENTS — 35.9%
Bank of Montreal 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $100,010,194 (collateralized by U.S. Treasury obligations: total value $102,000,005)	$100,000,000	100,000,000
Bank of Nova Scotia
3.66%, dated 08/31/2026, matures 09/01/2026, repurchase price $1,225,443,094 (collateralized by U.S. Treasury obligations: total value $1,249,824,912)	1,225,318,520	1,225,318,520
3.66%, dated 08/31/2026, matures 09/01/2026, repurchase price $250,025,417 (collateralized by U.S. Treasury obligations: total value $255,000,037)	250,000,000	250,000,000
Barclays Bank PLC 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $625,063,715 (collateralized by U.S. Treasury obligations: total value $637,500,000)	625,000,000	625,000,000


	Par	Value
BNP Paribas
3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $700,071,361 (collateralized by U.S. Treasury obligations: total value $714,000,007)	$700,000,000	$700,000,000
3.50%, dated 08/31/2026, matures 09/01/2026, repurchase price $250,024,306 (collateralized by U.S. Treasury obligations: total value $255,000,026)	250,000,000	250,000,000
3.66%, dated 04/21/2026, matures 09/08/2026, repurchase price $659,251,667 (collateralized by U.S. Treasury obligations: total value $663,000,017)^(e)	650,000,000	650,000,000
3.68%, dated 06/05/2026, matures 09/08/2026, repurchase price $353,398,889 (collateralized by U.S. Treasury obligations: total value $357,000,011)^(e)	350,000,000	350,000,000
3.69%, dated 08/24/2026, matures 09/08/2026, repurchase price $951,460,625 (collateralized by U.S. Treasury obligations: total value $969,000,034)^(e)	950,000,000	950,000,000
3.66%, dated 06/11/2026, matures 09/08/2026, repurchase price $554,969,785 (collateralized by U.S. Treasury obligations: total value $561,000,009)^(e)	550,000,000	550,000,000
BofA Securities, Inc. 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $150,015,292 (collateralized by U.S. Treasury obligations: total value $153,000,001)	150,000,000	150,000,000


	Par	Value
U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)
Canadian Imperial Bank of Commerce
3.64%, dated 08/18/2026, matures 09/01/2026, repurchase price $350,495,444 (collateralized by U.S. Treasury obligations: total value $357,505,370)	$350,000,000	$350,000,000
3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $500,050,972 (collateralized by U.S. Treasury obligations: total value $510,052,010)	500,000,000	500,000,000
3.65%, dated 07/30/2026, matures 09/08/2026, repurchase price $2,008,111,111 (collateralized by U.S. Treasury obligations: total value $2,046,825,528)^(e)	2,000,000,000	2,000,000,000
3.64%, dated 08/20/2026, matures 09/08/2026, repurchase price $100,192,111 (collateralized by U.S. Treasury obligations: total value $102,123,823)^(e)	100,000,000	100,000,000
3.65%, dated 08/25/2026, matures 09/08/2026, repurchase price $125,177,431 (collateralized by U.S. Treasury obligations: total value $127,590,506)^(e)	125,000,000	125,000,000
3.65%, dated 08/27/2026, matures 09/10/2026, repurchase price $375,532,292 (collateralized by U.S. Treasury obligations: total value $382,693,969)	375,000,000	375,000,000
Citigroup Global Markets Inc. 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $1,000,101,944 (collateralized by U.S. Treasury obligations: total value $1,020,104,652)	1,000,000,000	1,000,000,000


	Par	Value
Credit Agricole Corporate and Investment Bank
3.66%, dated 08/31/2026, matures 09/01/2026, repurchase price $576,679,103 (collateralized by U.S. Treasury obligations: total value $588,152,890)	$576,620,480	$576,620,480
3.65%, dated 08/06/2026, matures 09/04/2026, repurchase price $351,029,097 (collateralized by U.S. Treasury obligations: total value $357,000,001)^(e)	350,000,000	350,000,000
3.64%, dated 08/07/2026, matures 09/08/2026, repurchase price $702,264,889 (collateralized by U.S. Treasury obligations: total value $714,000,001)^(e)	700,000,000	700,000,000
3.64%, dated 08/14/2026, matures 09/08/2026, repurchase price $1,052,654,167 (collateralized by U.S. Treasury obligations: total value $1,071,000,000)^(e)	1,050,000,000	1,050,000,000
3.64%, dated 08/13/2026, matures 09/08/2026, repurchase price $451,183,000 (collateralized by U.S. Treasury obligations: total value $459,000,001)^(e)	450,000,000	450,000,000
3.64%, dated 08/14/2026, matures 09/08/2026, repurchase price $902,275,000 (collateralized by U.S. Treasury obligations: total value $918,000,001)^(e)	900,000,000	900,000,000
FICC/Bank of New York 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $3,500,356,806 (collateralized by U.S. Treasury obligations: total value $3,570,000,082)	3,500,000,000	3,500,000,000


	Par	Value
U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)
FICC/BNP Paribas 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $4,600,468,944 (collateralized by U.S. Treasury obligations: total value $4,692,000,041)	$4,600,000,000	$4,600,000,000
FICC/Credit Agricole Corporate and Investment Bank 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $650,066,264 (collateralized by U.S. Treasury obligations: total value $663,072,968)	650,000,000	650,000,000
FICC/J.P. Morgan Securities LLC 3.66%, dated 08/31/2026, matures 09/01/2026, repurchase price $2,000,203,333 (collateralized by U.S. Treasury obligations: total value $2,040,207,467)	2,000,000,000	2,000,000,000
FICC/State Street Bank and Trust Company
3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $1,700,173,306 (collateralized by U.S. Treasury obligations: total value $1,734,000,067)	1,700,000,000	1,700,000,000
3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $1,600,163,111 (collateralized by U.S. Treasury obligations: total value $1,632,000,038)	1,600,000,000	1,600,000,000
3.60%, dated 08/31/2026, matures 09/01/2026, repurchase price $200,020,000 (collateralized by U.S. Treasury obligations: total value $204,000,046)	200,000,000	200,000,000


	Par	Value
FICC/The Northern Trust Company
3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $2,000,203,889 (collateralized by U.S. Treasury obligations: total value $2,040,000,000)	$2,000,000,000	$2,000,000,000
3.55%, dated 08/31/2026, matures 09/01/2026, repurchase price $1,350,133,125 (collateralized by U.S. Treasury obligations: total value $1,377,000,000)	1,350,000,000	1,350,000,000
3.58%, dated 08/31/2026, matures 09/01/2026, repurchase price $1,200,119,333 (collateralized by U.S. Treasury obligations: total value $1,224,000,000)	1,200,000,000	1,200,000,000
Goldman Sachs & Co. LLC 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $100,010,194 (collateralized by U.S. Treasury obligations: total value $102,000,037)	100,000,000	100,000,000
HSBC Securities (USA), Inc.
3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $150,015,292 (collateralized by U.S. Treasury obligations: total value $153,015,665)	150,000,000	150,000,000
3.66%, (SOFR + 0.00%), dated 11/15/2024, matures 09/08/2026, repurchase price $300,244,000 (collateralized by U.S. Treasury obligations: total value $306,031,110)^(e)	300,000,000	300,000,000
ING Financial Markets LLC 3.65%, dated 08/25/2026, matures 09/01/2026, repurchase price $150,106,458 (collateralized by U.S. Treasury obligations: total value $153,000,491)	150,000,000	150,000,000


	Par	Value
U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)
J.P. Morgan Securities LLC 3.66%, dated 08/31/2026, matures 09/01/2026, repurchase price $3,000,305,000 (collateralized by U.S. Treasury obligations: total value $3,060,311,102)	$3,000,000,000	$3,000,000,000
MUFG Securities (Canada) Ltd.
3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $600,061,167 (collateralized by U.S. Treasury obligations: total value $612,062,393)	600,000,000	600,000,000
3.64%, dated 08/26/2026, matures 09/02/2026, repurchase price $450,318,500 (collateralized by U.S. Treasury obligations: total value $459,278,476)	450,000,000	450,000,000
3.64%, dated 07/30/2026, matures 09/08/2026, repurchase price $1,154,651,111 (collateralized by U.S. Treasury obligations: total value $1,176,913,922)^(e)	1,150,000,000	1,150,000,000
3.70%, (SOFR + 0.04%), dated 01/17/2025, matures 10/05/2026, repurchase price $501,798,611 (collateralized by U.S. Treasury obligations: total value $510,052,466)^(e)	500,000,000	500,000,000
RBC Dominion Securities Inc.
3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $400,040,778 (collateralized by U.S. Treasury obligations: total value $408,000,035)	400,000,000	400,000,000


	Par	Value
3.64%, dated 07/30/2026, matures 09/08/2026, repurchase price $2,384,605,556 (collateralized by U.S. Treasury obligations: total value $2,422,500,045)^(e)	$2,375,000,000	$2,375,000,000
Royal Bank of Canada
3.74%, dated 07/29/2026, matures 09/08/2026, repurchase price $702,981,611 (collateralized by U.S. Treasury obligations: total value $714,000,002)^(e)	700,000,000	700,000,000
3.70%, dated 08/25/2026, matures 09/08/2026, repurchase price $701,007,222 (collateralized by U.S. Treasury obligations: total value $714,000,071)^(e)	700,000,000	700,000,000
3.70%, dated 08/24/2026, matures 09/08/2026, repurchase price $1,001,541,667 (collateralized by U.S. Treasury obligations: total value $1,020,000,060)^(e)	1,000,000,000	1,000,000,000
Societe Generale 3.65%, dated 08/26/2026, matures 09/02/2026, repurchase price $1,501,064,583 (collateralized by U.S. Treasury obligations: total value $1,530,000,098)	1,500,000,000	1,500,000,000
TD Securities (USA) LLC 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $300,030,583 (collateralized by U.S. Treasury obligations: total value $306,000,012)	300,000,000	300,000,000
TOTAL U.S. TREASURY REPURCHASE AGREEMENTS (Cost $46,451,939,000)		46,451,939,000


	Par	Value
U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 0.5%
TD Securities (USA) LLC 3.65%, dated 08/25/2026, matures 09/01/2026, repurchase price $700,496,806 (collateralized by various government agency securities: total value $714,000,273)	$700,000,000	$700,000,000
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS (Cost $700,000,000)		700,000,000
TOTAL INVESTMENTS — 100.3% (Cost $129,955,014,422)		$129,955,014,422
Liabilities in Excess of Other Assets — (0.3)%		(376,672,914)
TOTAL NET ASSETS — 100.0%		$129,578,341,508


	Par	Value
NON-NEGOTIABLE TIME DEPOSITS — 20.8%
Canadian Imperial Bank of Commerce, Toronto Branch, 3.55%, 09/01/2026	$45,000,000	$45,000,000
Cooperatieve Rabobank UA, New York Branch, 3.62%, 09/01/2026	45,000,000	45,000,000
Credit Agricole Corporate and Investment Bank, New York Branch, 3.57%, 09/01/2026	40,000,000	40,000,000
DNB Bank ASA, New York Branch, 3.53%, 09/01/2026	45,000,000	45,000,000
Erste Group Bank AG, New York Branch, 3.62%, 09/01/2026	45,000,000	45,000,000
TOTAL NON-NEGOTIABLE TIME DEPOSITS (Cost $220,000,000)		220,000,000
FINANCIAL COMPANY COMMERCIAL PAPER — 13.7%
Barclays Bank UK PLC, 3.71%, 09/02/2026^(a)(b)	45,000,000	44,990,820
CDP Financial Inc, 3.71%, 09/03/2026^(a)(b)	25,000,000	24,992,358
NRW.Bank, 3.70%, 09/04/2026^(a)	30,000,000	29,987,862
Pacific Life Insurance Co, 3.72%, 09/04/2026^(a)	45,000,000	44,981,694
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (Cost $144,967,467)		144,952,734
ASSET BACKED COMMERCIAL PAPER — 6.6%
Autobahn Funding Co LLC, 3.72%, 09/02/2026^(a)(b)	35,000,000	34,992,860
Ionic Funding LLC
3.76%, 09/01/2026^(a)	10,000,000	9,998,966
3.76%, 09/02/2026^(a)	25,000,000	24,994,830
TOTAL ASSET BACKED COMMERCIAL PAPER (Cost $69,993,856)		69,986,656
NON-FINANCIAL COMPANY COMMERCIAL PAPER — 4.2%
Exxon Mobil Corp, 3.70%, 09/02/2026^(a)	45,000,000	44,991,009
TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER (Cost $44,995,437)		44,991,009


	Par	Value
OTHER REPURCHASE AGREEMENTS — 28.1%
Bank of Nova Scotia
3.77% (OBFR + 0.06%), dated 08/31/2026, matures 09/01/2026, repurchase price $25,002,618 (collateralized by various securities: total value $26,252,749)	$25,000,000	$25,000,000
3.74% (OBFR + 0.11%), dated 08/31/2026, matures 09/01/2026, repurchase price $15,001,558 (collateralized by various securities: total value $15,752,236)	15,000,000	15,000,000
BNP Paribas
3.72% (OBFR), dated 08/31/2026, matures 09/01/2026, repurchase price $10,001,033 (collateralized by various securities: total value $10,500,000)	10,000,000	10,000,000
3.78% (OBFR + 0.09%), dated 08/31/2026, matures 09/01/2026, repurchase price $27,002,835 (collateralized by various securities: total value $28,350,001)	27,000,000	27,000,000
Citigroup Global Markets Inc. 3.70%, dated 08/31/2026, matures 09/01/2026, repurchase price $30,003,083 (collateralized by various securities: total value $31,503,251)	30,000,000	30,000,000
Credit Agricole Corporate and Investment Bank 3.69% (OBFR + 0.14%), dated 11/15/2024, matures 09/08/2026, repurchase price $5,004,100 (collateralized by various securities: total value $5,248,636)^(c)	5,000,000	5,000,000
HSBC Securities (USA), Inc. 3.73% (OBFR + 0.15%), dated 08/31/2026, matures 09/01/2026, repurchase price $31,003,212 (collateralized by various securities: total value $32,553,379)	31,000,000	31,000,000


	Par	Value
OTHER REPURCHASE AGREEMENTS — (Continued)
ING Financial Markets LLC 3.73%, dated 08/31/2026, matures 09/01/2026, repurchase price $10,001,036 (collateralized by various securities: total value $10,500,023)	$10,000,000	$10,000,000
J.P. Morgan Securities LLC
3.75% (OBFR + 0.12%), dated 11/15/2024, matures 09/08/2026, repurchase price $25,020,833 (collateralized by various securities: total value $26,329,360)^(c)	25,000,000	25,000,000
3.78% (OBFR + 0.15%), dated 11/15/2024, matures 09/08/2026, repurchase price $15,012,600 (collateralized by various securities: total value $15,798,189)^(c)	15,000,000	15,000,000
MUFG Securities Americas Inc.
3.70% (OBFR + 0.07%), dated 08/31/2026, matures 09/01/2026, repurchase price $25,002,569 (collateralized by various securities: total value $26,250,010)	25,000,000	25,000,000
3.69% (OBFR + 0.14%), dated 08/31/2026, matures 09/01/2026, repurchase price $10,001,025 (collateralized by various securities: total value $10,500,703)	10,000,000	10,000,000
Societe Generale 3.73% (OBFR + 0.15%), dated 08/31/2026, matures 09/01/2026, repurchase price $35,003,626 (collateralized by various securities: total value $36,750,380)	35,000,000	35,000,000


	Par	Value
TD Securities (USA) LLC
3.70% (OBFR + 0.30%), dated 08/31/2026, matures 09/01/2026, repurchase price $25,002,569 (collateralized by various securities: total value $26,253,441)	$25,000,000	$25,000,000
3.73% (OBFR + 0.10%), dated 08/31/2026, matures 09/01/2026, repurchase price $10,001,036 (collateralized by various securities: total value $10,500,003)	10,000,000	10,000,000
TOTAL OTHER REPURCHASE AGREEMENTS (Cost $298,000,000)		298,000,000
U.S. TREASURY REPURCHASE AGREEMENTS — 26.9%
Bank of Nova Scotia 3.66%, dated 08/31/2026, matures 09/01/2026, repurchase price $143,019,899 (collateralized by U.S. Treasury obligations: total value $145,865,470)	143,005,360	143,005,360
Credit Agricole Corporate and Investment Bank 3.66%, dated 08/31/2026, matures 09/01/2026, repurchase price $67,303,482 (collateralized by U.S. Treasury obligations: total value $68,642,573)	67,296,640	67,296,640
FICC/Bank of New York 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $25,002,549 (collateralized by U.S. Treasury obligations: total value $25,500,085)	25,000,000	25,000,000
FICC/State Street Bank and Trust Company 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $25,002,549 (collateralized by U.S. Treasury obligations: total value $25,500,113)	25,000,000	25,000,000


	Par	Value
U.S. TREASURY REPURCHASE AGREEMENTS — (Continued)
FICC/The Northern Trust Company 3.67%, dated 08/31/2026, matures 09/01/2026, repurchase price $25,002,549 (collateralized by U.S. Treasury obligations: total value $25,500,000)	$25,000,000	$25,000,000
TOTAL U.S. TREASURY REPURCHASE AGREEMENTS (Cost $285,302,000)		285,302,000
TOTAL INVESTMENTS — 100.3% (Cost $1,063,258,761)		$1,063,232,399
Liabilities in Excess of Other Assets — (0.3)%		(3,113,398)
TOTAL NET ASSETS — 100.0%		$1,060,119,001


	Par	Value
NON-NEGOTIABLE TIME DEPOSITS — 21.4%
Canadian Imperial Bank of Commerce, Toronto Branch, 3.55%, 09/01/2026	$135,000,000	$135,000,000
Cooperatieve Rabobank UA, New York Branch, 3.62%, 09/01/2026	140,000,000	140,000,000
Credit Agricole Corporate and Investment Bank, New York Branch, 3.57%, 09/01/2026	68,911,000	68,911,000
DNB Bank ASA, New York Branch, 3.53%, 09/01/2026	140,000,000	140,000,000
Erste Group Bank AG, New York Branch, 3.62%, 09/01/2026	140,000,000	140,000,000
TOTAL NON-NEGOTIABLE TIME DEPOSITS (Cost $623,911,000)		623,911,000
FINANCIAL COMPANY COMMERCIAL PAPER — 18.0%
ANZ New Zealand International Ltd, 3.94% (SOFR + 0.29%), 02/17/2027^(a)	5,000,000	4,999,715
ASB Bank Ltd
3.99% (SOFR + 0.35%), 09/24/2026^(a)	10,000,000	10,000,748
3.86% (SOFR + 0.22%), 10/01/2026^(a)	5,000,000	5,000,000
3.75%, 11/23/2026^(a)(b)	5,000,000	4,957,347
Bank of America NA, 4.04% (SOFR + 0.40%), 07/02/2027	10,000,000	10,000,000
Bank of New York Mellon, 4.00%, 02/26/2027^(b)	8,000,000	7,843,756
Bank of New Zealand, 4.00%, 12/17/2026^(a)(b)	5,000,000	4,941,299
Bank of Nova Scotia, 4.02%, 04/28/2027^(a)(b)	4,000,000	3,894,840
Barclays US CCP, 3.96%, 10/05/2026^(a)(b)	10,000,000	9,963,072
BofA Securities, Inc.
3.99%, 11/13/2026^(b)	10,000,000	9,920,106
4.11%, 01/22/2027^(b)	5,000,000	4,919,562
CDP Financial Inc
3.81%, 09/04/2026^(a)(b)	6,620,000	6,617,926
3.92%, 12/10/2026^(a)(b)	10,000,000	9,892,500
4.03%, 01/04/2027^(a)(b)	7,000,000	6,903,507
Citigroup Global Markets Inc
3.91%, 09/24/2026^(a)(b)	10,000,000	9,975,339
3.94% (SOFR + 0.30%), 10/01/2026^(a)	5,000,000	5,000,000
Commonwealth Bank of Australia, 3.92% (SOFR + 0.27%), 03/03/2027^(a)	10,000,000	10,000,000


	Par	Value
DZ Bank AG/NY
3.70%, 09/03/2026^(a)(b)	$10,000,000	$9,997,972
3.84%, 09/21/2026^(a)(b)	8,000,000	7,983,156
3.87%, 12/01/2026^(a)(b)	10,000,000	9,903,439
Lloyds Bank PLC
3.88% (SOFR + 0.24%), 10/23/2026	5,000,000	5,000,000
3.95%, 11/06/2026^(b)	8,000,000	7,942,800
Macquarie Bank Ltd
3.90%, 09/14/2026^(a)(b)	2,600,000	2,596,385
3.99%, 11/02/2026^(a)(b)	5,000,000	4,966,072
3.91% (SOFR + 0.27%), 11/30/2026^(a)	5,000,000	5,000,000
3.94% (SOFR + 0.30%), 03/04/2027^(a)	5,000,000	5,000,000
3.96% (SOFR + 0.32%), 05/25/2027^(a)	5,000,000	5,000,000
MetLife Short Term Funding LLC
3.78%, 09/04/2026^(a)(b)	7,100,000	7,097,793
3.84%, 09/15/2026^(a)(b)	5,000,000	4,992,631
3.87%, 09/22/2026^(a)(b)	5,000,000	4,988,858
3.88%, 10/09/2026^(a)(b)	8,000,000	7,967,658
3.85%, 10/22/2026^(a)(b)	5,000,000	4,973,083
3.87%, 11/09/2026^(a)(b)	5,531,000	5,490,504
3.88%, 12/14/2026^(a)(b)	7,000,000	6,922,549
4.04%, 01/25/2027^(a)(b)	7,000,000	6,887,012
3.99%, 02/03/2027^(a)(b)	5,000,000	4,915,180
National Australia Bank Ltd
3.91% (SOFR + 0.26%), 10/06/2026^(a)	10,000,000	10,000,000
3.90%, 12/02/2026^(a)(b)	10,000,000	9,901,611
3.90%, 12/03/2026^(a)(b)	5,000,000	4,950,271
3.92% (SOFR + 0.27%), 04/01/2027^(a)	7,000,000	7,000,000
Nationwide Building Society, 3.94%, 10/19/2026^(a)(b)	10,000,000	9,948,133
Nordea Bank Abp/NY, 3.94% (SOFR + 0.29%), 05/10/2027^(a)	7,000,000	7,000,000
Omers Finance Trust
3.81%, 09/17/2026^(a)(b)	10,000,000	9,983,289
3.88%, 11/10/2026^(a)(b)	10,000,000	9,925,528
3.88%, 11/12/2026^(a)(b)	10,000,000	9,923,400
3.90%, 12/01/2026^(a)(b)	10,000,000	9,902,681
Ontario Teachers’ Finance Trust, 3.65%, 10/07/2026^(a)(b)	10,000,000	9,964,000
Royal Bank of Canada, 4.05%, 01/21/2027^(b)	10,000,000	9,842,617
Santander UK PLC, 3.94%, 11/04/2026^(b)	5,000,000	4,965,422
Skandinaviska Enskilda Banken AB
3.90%, 10/20/2026^(a)(b)	5,000,000	4,973,799
3.92%, 12/15/2026^(a)(b)	7,000,000	6,920,987


	Par	Value
FINANCIAL COMPANY COMMERCIAL PAPER — (Continued)
3.94% (SOFR + 0.30%), 05/06/2027^(a)	$7,000,000	$7,000,000
3.93% (SOFR + 0.29%), 05/12/2027^(a)	7,000,000	7,000,000
Sumitomo Mitsui Banking Corp, 4.00% (SOFR + 0.35%), 04/23/2027^(a)	5,000,000	5,000,000
Sumitomo Mitsui Trust/NY
3.87%, 09/09/2026^(a)(b)	10,000,000	9,991,511
3.97%, 11/09/2026^(a)(b)	8,000,000	7,939,893
Svenska Handelsbanken AB
3.95%, 10/08/2026^(a)(b)	7,000,000	6,971,942
3.70%, 10/27/2026^(a)(b)	10,000,000	9,943,222
3.65%, 11/04/2026^(a)(b)	6,000,000	5,961,600
4.08%, 12/16/2026^(a)(b)	8,000,000	7,905,307
Swedbank
3.84%, 09/10/2026^(a)(b)	6,250,000	6,244,078
3.89%, 10/19/2026^(a)(b)	7,000,000	6,964,160
3.98%, 12/07/2026^(a)(b)	15,000,000	14,841,243
3.94%, 12/11/2026^(a)(b)	7,000,000	6,923,605
3.91% (SOFR + 0.27%), 02/16/2027^(a)	8,000,000	8,000,365
3.95% (SOFR + 0.31%), 04/01/2027^(a)	7,000,000	7,000,000
3.93% (SOFR + 0.29%), 05/13/2027^(a)	5,000,000	5,000,000
Wells Fargo Securities LLC, 4.04%, 02/12/2027^(a)(b)	8,000,000	7,854,951
Westpac Banking Corp
3.69%, 09/09/2026^(a)(b)	10,000,000	9,991,911
3.95%, 01/20/2027^(a)(b)	5,000,000	4,923,625
3.92% (SOFR + 0.27%), 01/25/2027^(a)	5,000,000	4,999,997
3.88%, 04/16/2027^(a)(b)	5,000,000	4,879,249
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (Cost $522,993,206)		522,993,206
ASSET BACKED COMMERCIAL PAPER — 12.2%
Autobahn Funding Co LLC
3.85%, 09/09/2026^(a)(b)	10,000,000	9,991,556
3.85%, 09/15/2026^(a)(b)	10,000,000	9,985,222
Bedford Row Funding Corp
3.93%, 10/01/2026^(a)(b)	7,000,000	6,977,367
3.87%, 10/05/2026^(a)(b)	5,000,000	4,981,961
Charta LLC, 3.85%, 09/22/2026^(a)(b)	16,000,000	15,964,533
Fairway Finance Co LLC
3.90%, 09/22/2026^(a)(b)	10,000,000	9,977,542
3.92%, 11/03/2026^(a)(b)	20,000,000	19,864,550