0001193125-12-466127.txt : 20121113 0001193125-12-466127.hdr.sgml : 20121112 20121113103048 ACCESSION NUMBER: 0001193125-12-466127 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 EFFECTIVENESS DATE: 20121113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST AMERICAN FUNDS INC CENTRAL INDEX KEY: 0000356134 IRS NUMBER: 411418224 STATE OF INCORPORATION: MN FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-74747 FILM NUMBER: 121196623 BUSINESS ADDRESS: STREET 1: 800 NICOLLET MALL STREET 2: BC- MN-H04N CITY: MINNEAPOLIS STATE: MN ZIP: 55440-1330 BUSINESS PHONE: 612-303-7987 MAIL ADDRESS: STREET 1: 800 NICOLLET MALL STREET 2: BC-MN-H04N CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN MONEY FUND INC DATE OF NAME CHANGE: 19900603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST AMERICAN FUNDS INC CENTRAL INDEX KEY: 0000356134 IRS NUMBER: 411418224 STATE OF INCORPORATION: MN FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03313 FILM NUMBER: 121196624 BUSINESS ADDRESS: STREET 1: 800 NICOLLET MALL STREET 2: BC- MN-H04N CITY: MINNEAPOLIS STATE: MN ZIP: 55440-1330 BUSINESS PHONE: 612-303-7987 MAIL ADDRESS: STREET 1: 800 NICOLLET MALL STREET 2: BC-MN-H04N CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN MONEY FUND INC DATE OF NAME CHANGE: 19900603 0000356134 S000005654 First American Government Obligations Fund C000015452 Class A FAAXX C000015453 Class D FGDXX C000015454 Class Y FGVXX C000015455 Class Z FGZXX C000026833 Institutional Investor Class FVIXX 0000356134 S000005655 First American Prime Obligations Fund C000015457 Class A FIVXX C000015460 Class D FPDXX C000015461 Class I FIUXX C000015462 Class Y FAIXX C000015463 Class Z FPZXX C000026834 Institutional Investor Class FPIXX 0000356134 S000005656 First American Tax Free Obligations Fund C000015465 Class A FTAXX C000015466 Class D FFDXX C000015467 Class Y FFCXX C000015468 Class Z FTZXX C000026835 Institutional Investor Class FHIXX 0000356134 S000005657 First American Treasury Obligations Fund C000015470 Class A FATXX C000015471 Class D FTDXX C000015472 Class Y FOCXX C000015473 Class Z FUZXX C000015475 Reserve Class STSXX C000026836 Institutional Investor Class FLIXX 0000356134 S000005658 First American U.S. Treasury Money Market Fund C000015476 Class A FOEXX C000015477 Class D FODXX C000015478 Class Y FOYXX C000015479 Class Z FOZXX C000026837 Institutional Investor Class FUIXX 485BPOS 1 d411836d485bpos.htm 485BPOS 485BPOS

1933 Act Registration No. 002-74747

1940 Act Registration No. 811-03313

As filed with the Securities and Exchange Commission on November 13, 2012

 

 

 

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

  Pre-Effective Amendment No.    ¨     
  Post-Effective Amendment No. 68    x     

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

  Amendment No. 68    x     

 

 

FIRST AMERICAN FUNDS, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of Principal Executive Offices) (Zip Code)

(612) 303-7987

(Registrant’s Telephone Number, including Area Code)

Richard J. Ertel

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall, BC-MN-H04N

Minneapolis, Minnesota 55402-7020

(Name and Address of Agent for Service)

 

 

It is proposed that this filing will become effective (check appropriate box):

 

  x immediately upon filing pursuant to paragraph (b) of Rule 485
  ¨ on (date) pursuant to paragraph (b) of Rule 485
  ¨ 60 days after filing pursuant to paragraph (a)(1) of Rule 485
  ¨ on (date) pursuant to paragraph (a)(1) of Rule 485
  ¨ 75 days after filing pursuant to paragraph (a)(2) of Rule 485
  ¨ on (date) pursuant to paragraph (a)(2) of Rule 485

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to its Registration Statement Nos. 002-74747 and 811-03313 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis, State of Minnesota, on the 13th day of November, 2012.

 

FIRST AMERICAN FUNDS, INC.

By:

  

    /s/ Joseph M. Ulrey III

  Joseph M. Ulrey III, President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated and on November 13, 2012.

 

SIGNATURE

   

TITLE

/s/ Joseph M. Ulrey III

    President
Joseph M. Ulrey III   

/s/ Jill M. Stevenson

    Treasurer (principal financial/accounting officer)
Jill M. Stevenson   

*

    Director
Roger A. Gibson   

*

    Director
John P. Kayser   

*

    Director
Leonard W. Kedrowski   

*

    Director
Richard K. Riederer   

*

    Director
Joseph D. Strauss   

*

    Director
James M. Wade   

 

* Richard J. Ertel, by signing his name hereto, does hereby sign this document on behalf of each of the above-named Directors of First American Funds, Inc. pursuant to the powers of attorney duly executed by such persons.

 

By:   

/s/ Richard J. Ertel

    Attorney-in-Fact
   Richard J. Ertel   

Index to Exhibits

 

Exhibit Number

  

Name of Exhibit

101.INS

   XBRL Instance Document

101.SCH

   XBRL Taxonomy Extension Schema Document

101.CAL

   XBRL Taxonomy Extension Calculation Linkbas

101.DEF

   XBRL Taxonomy Extension Definition Linkbase

101.LAB

   XBRL Taxonomy Extension Labels Linkbase

101.PRE

   XBRL Taxonomy Extension Presentation Linkbase
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Summaries<br/><b>U.S. Treasury Money Market Fund</b> 0.0005 <b>Shareholder Fees</b><br/><i>(fees paid directly from your investment)</i> 0 firstamericanfunds.com firstamericanfunds.com 0.0001 firstamericanfunds.com Fund Summaries<br/><b>Tax Free Obligations Fund</b> Fund Summaries <br /><b>Prime Obligations Fund</b> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanGovernmentObligationsFund column period compact * ~</div> 0 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanPrimeObligationsFundClassZ column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanTaxFreeObligationsFundClassZ column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanPrimeObligationsFundClassI column period 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Fees</b><br/><i>(fees paid directly from your investment)</i> <b>Shareholder Fees</b><br /><i>(fees paid directly from your investment)</i> firstamericanfunds.com 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanGovernmentObligationsFundClassZ column period compact * ~</div> firstamericanfunds.com 0 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanU.S.TreasuryMoneyMarketFundInstitutionalInvestorClass column period compact * ~</div> Fund Summaries <br/><b>Treasury Obligations Fund </b> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanPrimeObligationsFundInstitutionalInvestorClass column period compact * ~</div> Fund Summaries <br /><b>U.S. Treasury Money Market Fund</b> <b>Shareholder Fees</b><br/><i>(fees paid directly from your investment)</i> Fund Summaries<br/><b>Tax Free Obligations Fund</b> firstamericanfunds.com 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanTreasuryObligationsFundReserveClass column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanTaxFreeObligationsFund column period compact * ~</div> firstamericanfunds.com firstamericanfunds.com 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanTaxFreeObligationsFundInstitutionalInvestorClass column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualFundOperatingExpensesFirstAmericanTreasuryObligationsFundInstitutionalInvestorClass column period compact * ~</div> 0 82 0 73 2004-10-25 0 0 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. 66 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 66 <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i> 0 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. 0 1995-01-21 0 1995-01-24 88 0 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 FIRST AMERICAN FUNDS INC The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual Fund Operating Expenses</b><br/> <i>(expenses that you pay each year as a percentage of the value of your investment) </i> The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual Fund Operating Expenses</b><br /><i>(expenses that you pay each year as a percentage of the value of your investment) </i> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 73 <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp;&nbsp; 1.12%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 0 800 677-3863 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i> The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 <div>Best Quarter:</div><div>Quarter ended September 30, 2007&nbsp;&nbsp;&nbsp; 1.25%</div><p style="margin-top:6px;margin-bottom:0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 0 0 <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i> <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp; 1.24%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 0 800 677-3863 66 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 2004-10-25 0 1990-03-01 1993-10-04 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. 800 677-3863 <b>Annual Fund Operating Expenses </b><br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i> The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp; 1.20%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 88 <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp; 1.08%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. 1990-03-01 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanPrimeObligationsFundClassYBarChart column period compact * ~</div> 0 <b>Annual Fund Operating Expenses</b><br/><i></i> <i>(expenses that you pay each year as a percentage of the value of your investment)</i> <b>Annual Fund Operating Expenses</b><br /><i>(expenses that you pay each year as a percentage of the value of your investment) </i> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTreasuryObligationsFundClassDBarChart column period compact * ~</div> 800 677-3863 <div>Best Quarter:</div><div>Quarter ended September 30, 2007 &nbsp; 0.83%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup> &nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 51 800 677-3863 1995-01-09 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. 800 677-3863 2001-09-24 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanPrimeObligationsFundBarChart column period compact * ~</div> 0 0 <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i> <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp; 1.19%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 57 <div>Best Quarter:</div><div>Quarter ended September 30, 2007&nbsp;&nbsp;&nbsp; 1.17%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> 81 <div>Best Quarter:</div><div>Quarter ended September 30, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27%</div><p style="margin-top:6px;margin-bottom:0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return during the<div>period of the chart.</div> <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp; 1.15%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 2001-09-24 <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 2001-09-24 <div>Best Quarter:</div><div>Quarter ended September 30, 2007&nbsp;&nbsp;&nbsp; 1.21%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp; 1.23%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp; 1.15%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 800 677-3863 1995-01-24 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanGovernmentObligationsFundClassDBarChart column period compact * ~</div> 81 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 800 677-3863 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanU.S.TreasuryMoneyMarketFundBarChart column period compact * row dei_DocumentInformationDocumentAxis compact fafi2_ClassSharesMember ~</div> 800 677-3863 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div>Best Quarter:</div><div>Quarter ended June 30, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanU.S.TreasuryMoneyMarketFundClassDBarChart column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTaxFreeObligationsFundClassYBarChart column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanU.S.TreasuryMoneyMarketFundClassYBarChart column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTreasuryObligationsFundBarChart column period compact * ~</div> 20 2001-09-24 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTreasuryObligationsFundClassYBarChart column period compact * ~</div> 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanGovernmentObligationsFundClassYBarChart column period compact * ~</div> The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> 0 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 20 0 <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> 20 20 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanPrimeObligationsFundClassDBarChart column period compact * ~</div> <div>Best Quarter:</div><div>Quarter ended June 30, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%</div><p style="margin-top:6px;margin-bottom:0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return during the<div> period of the chart.</div> <div>Best Quarter:</div><div>Quarter ended September 30, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%</div><p style="margin-top:6px;margin-bottom:-0px"></p><sup>*</sup>Most recent quarter with this return during the <div>period of the chart.</div> <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp; 1.16%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 2003-12-01 <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;1.29%</div><p style="margin-top:6px;margin-bottom:0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return during the<div> period of the chart.</div> 2003-12-01 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTaxFreeObligationsFundClassDBarChart column period compact * ~</div> 0 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 2003-08-01 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 800 677-3863 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 2001-09-24 <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22%</div><p style="margin-top:6px;margin-bottom:0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return during the <div>period of the chart.</div> 0 0 20 35 36 2004-10-25 41 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanPrimeObligationsFundClassZBarChart column period compact * ~</div> <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%</div><p style="margin-top:6px;margin-bottom:0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return during the<div>&nbsp;period of the chart.</div> 800 677-3863 2004-10-25 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTaxFreeObligationsFundClassZBarChart column period compact * ~</div> 2006-03-31 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanGovernmentObligationsFundBarChart column period compact * ~</div> <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTreasuryObligationsFundClassZBarChart column period compact * ~</div> The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> 800 677-3863 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanU.S.TreasuryMoneyMarketFundClassZBarChart column period compact * ~</div> <div>Best Quarter:</div><div>Quarter ended September 30, 2007&nbsp;&nbsp;&nbsp; 0.79%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanGovernmentObligationsFundInstitutionalInvestorClassBarChart column period compact * ~</div> 2003-12-01 <div>Best Quarter:</div><div>Quarter ended September 30, 2007&nbsp;&nbsp;&nbsp; 1.25%</div><p style="margin-top:6px;margin-bottom:0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 2006-03-31 <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <div>Best Quarter:</div><div>Quarter ended December 31, 2006&nbsp;&nbsp;&nbsp;&nbsp; 1.10%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> <b>Annual Fund Operating Expenses</b><br /><i>(expenses that you pay each year as a percentage of the value of your investment)</i> 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. 1997-11-26 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanGovernmentObligationsFundClassZBarChart column period compact * ~</div> <div>Best Quarter:</div><div>Quarter ended September 30, 2007&nbsp;&nbsp;&nbsp;&nbsp; 1.29% </div><p style="margin-top:6px;margin-bottom:0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div><p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 0 800 677-3863 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanPrimeObligationsFundClassIBarChart column period compact * ~</div> 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanU.S.TreasuryMoneyMarketFundInstitutionalInvestorClassBarChart column period compact * ~</div> 101 2005-08-31 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanPrimeObligationsFundInstitutionalInvestorClassBarChart column period compact * ~</div> <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> 0 <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Shareholder Fees</b><br/><i>(fees paid directly from your investment)</i> 0 <b>Shareholder Fees</b><br/><i>(fees paid directly from your investment)</i> 36 <b>Annual Fund Operating Expenses</b><br/><i>(expenses that you pay each year as a percentage of the value of your investment) </i> 41 800 677-3863 <div>Best Quarter:</div><div>Quarter ended March 31, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 2006-03-31 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTreasuryObligationsFundReserveClassBarChart column period compact * ~</div> <div>Best Quarter:</div><div>Quarter ended June 30, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup>&nbsp;&nbsp;&nbsp; 0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> 2006-03-31 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTaxFreeObligationsFundBarChart column period compact * ~</div> The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 800 677-3863 <div>Best Quarter:</div><div>Quarter ended March 31, 2007 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24%</div><p style="margin-top:6px;margin-bottom:-0px"></p>Worst Quarter:<div>Quarter ended December 31, 2011<sup>*</sup> &nbsp;&nbsp;&nbsp;0.00%</div> <p style="margin-top:6px;margin-bottom:0px"></p><sup>*</sup>Most recent quarter with this return<div>during the period of the chart.</div> The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 800 677-3863 The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 2006-03-31 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. The following tables describe the fees and expenses that you may pay if you buy and hold shares of the fund. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTaxFreeObligationsFundInstitutionalInvestorClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAnnualTotalReturnsFirstAmericanTreasuryObligationsFundInstitutionalInvestorClassBarChart column period compact * ~</div> <b>Annual Fund Operating Expenses </b><br/><i>(expenses that you pay each year as a percentage of the value of your investment)</i> 255 485BPOS 0 0.0025 0.0122 0.0021 0.0071 0.0226 0 227 0 0 0.0025 <b>Investment Objective </b> 0.0015 <b>Fees and Expenses </b> 0.0025 0.0015 <b>Investment Objective </b> <b>Investment Objective </b> 0.0065 <b>Fees and Expenses </b> 208 <b>Fees and Expenses </b> 0.0065 <b>Investment Objective</b> <b>Fees and Expenses</b> 0 <b>Principal Investment Strategies</b> 208 <b>Principal Investment Strategies </b> U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury and other money market funds that invest exclusively in such obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. <b>Investment Objective </b> 0.0025 0.0026 0.0086 0.0173 0.0164 <b>Fees and Expenses </b> 0 0.0025 0.0015 0 0.005 274 15 0 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Additional Expenses</i> &#151; If the fund invests in money market funds advised by another investment advisor, you will bear both your proportionate share of the expenses in the fund (including management and advisory fees) and, indirectly, the expenses of such other money market fund.<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. Treasury obligations and other money market funds that invest exclusively in those obligations, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. 15 2012-08-31 <b>Principal Investment Strategies </b> 160 0000356134 <b>Principal Investment Strategies </b> 2012-10-30 0 0.0134 0.0025 0.002 0.008 0.019 0 0.0025 0.0021 <b>Investment Objective </b> 0.0138 0.0071 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 <b>Fees and Expenses </b> <b>Investment Objective </b> 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Additional Expenses</i> &#151; If the fund invests in money market funds advised by another investment advisor, you will bear both your proportionate share of the expenses in the fund (including management and advisory fees) and, indirectly, the expenses of such other money market fund.<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. Treasury obligations and other money market funds that invest exclusively in those obligations, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. 0.0241 0 <b>Investment Objective</b> <b>Fees and Expenses</b> 0.0113 0 <b>Principal Investment Strategies</b> 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk </i>&#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk </i>&#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. government securities and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk </i>&#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk </i>&#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk </i>&#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk </i>&#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. 227 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0099 0 0 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Foreign Security Risk</i> &#151; Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk </i>&#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk </i>&#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.<br/><br/><i>Variable Rate Demand Note (VRDN) Risk</i> &#151; Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. <b>Fees and Expenses </b> 0.0091 0.0154 0 <b>Investment Objective </b> <b>Investment Objective </b> <b>Fees and Expenses </b> 0.0025 0.0015 0.005 <b>Fees and Expenses </b> Worst Quarter: 160 2006-12-31 2011-12-31 0.0112 0.0149 0 15 0 2007-09-30 0.0125 Worst Quarter: 2011-12-31 <b>Investment Objective </b> <b>Principal Investment Strategies </b> <b>Fees and Expenses </b> 0.0153 0.0206 0.0025 0.002 0.0113 0 0.0055 0.0256 0 0.0175 0 2006-12-31 0.0108 Worst Quarter: 2011-12-31 0.0025 0.0015 0.0065 208 176 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. government securities and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. <b>Investment Objective </b> <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 <b>Fees and Expenses </b> <b>Principal Investment Strategies </b> 0.0185 0.0128 0 0.0124 0 0.002 0.0015 0.0045 <b>Investment Objective </b> 0.0152 0.0025 0.0026 0.0086 <b>Fees and Expenses </b> Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 <b>Investment Objective </b> <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Tax Risk </i>&#151; In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable.<br/><br/><i>Variable Rate Demand Note (VRDN) Risk</i> &#151; Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. 144 <b>Fees and Expenses </b> <b>Principal Investment Strategies </b> 15 2006-12-31 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.012 Worst Quarter: 274 2011-12-31 <b>Principal Investment Strategies </b> <b>Principal Investment Strategies </b> <b>Principal Investment Strategies </b> 0.0106 0.0169 0 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Foreign Security Risk</i> &#151; Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.<br/><br/><i>Variable Rate Demand Note (VRDN) Risk</i><i> &#151; </i>Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. 2011-12-31 Worst Quarter: 2006-12-31 0.0124 0 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <br/><br/> Principal risks of investing in this fund include: <br/><br/> <i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. <br/><br/> <i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests primarily in U.S. Treasury obligations and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities. <br/><br/> <i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall. <br/><br/> <i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. <br/><br/> <i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. <br/><br/> <i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0.0025 0.0015 0.005 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <br /><br />Principal risks of investing in this fund include:<br /><br /><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br /><br /><i>Foreign Security Risk</i> &#151; Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers.<br /><br /><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br /><br /><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br /><br /> <i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund. <br /><br /><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br /><br /> <i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br /><br /><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. <br /><br /><i>Variable Rate Demand Note (VRDN) Risk</i><i> &#151; </i>Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Foreign Security Risk</i> &#151; Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.<br/><br/><i>Variable Rate Demand Note (VRDN) Risk</i> &#151; Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. 160 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0124 <b>Principal Investment Strategies </b> <b>Investment Objective </b> <b>Fees and Expenses </b> 0.0162 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers. <br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Tax Risk &#151;</i> In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable.<br/><br/><i>Variable Rate Demand Note (VRDN) Risk</i><i> &#151; </i>Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. 0 0 15 0.0025 0.0021 0.0056 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br /><br />Principal risks of investing in this fund include:<br /><br /><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br /><br /><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests primarily in U.S. Treasury obligations and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br /><br /><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br /><br /><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br /><br /><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br /><br /><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. 179 <b>Investment Objective </b> <b>Fees and Expenses </b> 0.0025 0.0019 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Principal Investment Strategies </b> 0.0079 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>AVERAGE ANNUAL TOTAL RETURNS</b><br />AS OF 12/31/11 <b>Principal Investment Strategies </b> 252 0.0143 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <br /><br />Principal risks of investing in this fund include: <br /><br /><i>Additional Expenses</i> &#151; If the fund invests in money market funds advised by another investment advisor, you will bear both your proportionate share of the expenses in the fund (including management and advisory fees) and, indirectly, the expenses of such other money market fund. <br /><br /><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. <br /><br /><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. Treasury obligations and other money market funds that invest exclusively in those obligations, the fund may offer less income than money market funds investing in other high-quality money market securities. <br /><br /><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall. <br /><br /><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. <br /><br /><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. 0.0136 0 2006-12-31 0.0119 Worst Quarter: 2011-12-31 2007-09-30 0.0117 Worst Quarter: 2011-12-31 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/> Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests primarily in U.S. Treasury obligations and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0141 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 2006-12-31 0.0123 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/> Principal risks of investing in this fund include:<br/><br/> <i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Tax Risk</i> &#151; In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable.<br/><br/> <i>Variable Rate Demand Note (VRDN) Risk </i><i> &#151;</i> Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. Worst Quarter: 2007-09-30 0.0112 0.0079 0.0191 Worst Quarter: 2011-12-31 2011-12-31 0.0112 0 0.0127 0 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0162 2006-12-31 2007-09-30 0.0121 Worst Quarter: 0.0115 2011-12-31 Worst Quarter: 2011-12-31 2006-12-31 0.0115 Worst Quarter: 2011-12-31 2007-09-30 0.0083 Worst Quarter: 2011-12-31 0.0025 0.0019 0.0079 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 252 <b>Investment Objective </b> <b>Fees and Expenses </b> <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 <b>Principal Investment Strategies </b> 2007-09-30 0.0127 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0 Worst Quarter: 2011-12-31 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0025 -0.0005 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. government securities and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. <br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0.0076 0.0139 0 October 31, 2013 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 75 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>Principal Investment Strategies </b> Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0.0103 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>Investment Objective </b> 0 <b>Fees and Expenses </b> Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. October 31, 2013 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>Principal Investment Strategies </b> 0.0025 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. -0.0005 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. government securities and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. <b>Investment Objective </b> <b>Fees and Expenses </b> 0 0.0031 <b>Investment Objective </b> -0.0011 <b>Fees and Expenses </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 89 <b>Principal Investment Strategies </b> 0 0.0024 -0.0004 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Tax Risk </i>&#151; In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable.<br/><br/><i>Variable Rate Demand Note (VRDN) Risk</i> &#151; Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. 75 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 73 <b>Principal Investment Strategies </b> 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/> Principal risks of investing in this fund include:<br/><br/> <i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/> <i>Foreign Security Risk</i> &#151; Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers.<br/><br/> <i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/> <i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/> <i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/> <i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/> <i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/> <i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.<br/><br/> <i>Variable Rate Demand Note (VRDN) Risk</i> &#151; Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests primarily in U.S. Treasury obligations and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. <b>Principal Investment Strategies </b> 0.0195 0 0.016 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 2007-09-30 0.0132 Worst Quarter: 0.0285 2011-12-31 0.0118 0.0005 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0175 0 <b>Investment Objective </b> <b>Fees and Expenses </b> <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0 2007-06-30 0.009 Worst Quarter: 2011-12-31 0.0031 -0.0011 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 2006-12-31 0.0116 Worst Quarter: 2011-12-31 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Principal Investment Strategies </b> <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0153 October 31, 2013 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Additional Expenses</i> &#151; If the fund invests in money market funds advised by another investment advisor, you will bear both your proportionate share of the expenses in the fund (including management and advisory fees) and, indirectly, the expenses of such other money market fund.<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. Treasury obligations and other money market funds that invest exclusively in those obligations, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. 0.0231 2006-12-31 0 0.0129 Worst Quarter: 2011-12-31 2006-12-31 0.0122 Worst Quarter: 2011-12-31 0 0.001 0.0014 0.0034 0.0152 0 0 89 109 0.001 0.0015 0.0035 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 113 0.001 0.002 0.004 128 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0.0221 0 October 31, 2013 <b>Investment Objective </b> <b>Fees and Expenses </b> 2006-12-31 0.013 Worst Quarter: 2011-12-31 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Investment Objective </b> <b>Fees and Expenses </b> <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 <b>Principal Investment Strategies </b> 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <br/><br/> Principal risks of investing in this fund include: <br/><br/> <i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. <br/><br/> <i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. government securities and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities. <br/><br/> <i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall. <br/><br/> <i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. <br/><br/> <i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. <br/><br/> <i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. October 31, 2013 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>Principal Investment Strategies </b> <b>Investment Objective</b> <b>Fees and Expenses</b> <b>Principal Investment Strategies</b> 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Foreign Security Risk</i> &#151; Securities of foreign issuers, even when dollar denominated and publicly traded in the United States, may involve risks not associated with the securities of domestic issuers.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.<br/><br/><i>Variable Rate Demand Note (VRDN) Risk</i> &#151; Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 2007-09-30 0.0125 Worst Quarter: 2011-12-31 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0275 0 <b>Investment Objective </b> <b>Fees and Expenses </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Principal Investment Strategies </b> <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Worst Quarter: 2006-12-31 2011-12-31 0.011 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0098 0 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 2007-06-30 0.0076 Worst Quarter: 2011-12-31 0.0161 0.0264 0 2007-09-30 0.0129 Worst Quarter: 2011-12-31 0 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br /><br />Principal risks of investing in this fund include:<br /><br /><i>Additional Expenses</i> &#151; If the fund invests in money market funds advised by another investment advisor, you will bear both your proportionate share of the expenses in the fund (including management and advisory fees) and, indirectly, the expenses of such other money market fund.<br /><br /><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded. <br /><br /><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests solely in U.S. Treasury obligations and other money market funds that invest exclusively in those obligations, the fund may offer less income than money market funds investing in other high-quality money market securities. <br /><br /><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall. <br /><br /><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security. <br /><br /><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss. 0.0025 0.0015 0.01 0.0142 0 0 317 <b>Investment Objective </b> <b>Fees and Expenses </b> 0 <b>Investment Objective </b> <b>Fees and Expenses </b> 0.001 0.0015 0.0035 0 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 113 0.001 0.002 0.004 <b>Principal Investment Strategies </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 128 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>Principal Investment Strategies </b> 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests primarily in U.S. Treasury obligations and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/><i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates. Because the fund invests primarily in U.S. Treasury obligations and repurchase agreements secured by those securities, the fund may offer less income than money market funds investing in other high-quality money market securities.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Repurchase Agreement Risk</i> &#151; If the seller of a repurchase agreement defaults on its obligation to repurchase securities from the fund, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. 2007-03-31 0.0119 Worst Quarter: 2011-12-31 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.<br/><br/>Principal risks of investing in this fund include:<br/><br/><i>Credit Risk</i> &#151; The value of your investment might decline if the issuer of an obligation held by the fund defaults on the obligation or has its credit rating downgraded.<br/><br/> <i>Income Risk</i> &#151; The level of income you receive from the fund will be affected by movements in short-term interest rates.<br/><br/><i>Interest Rate Risk</i> &#151; The value of your investment might decline because of a sharp rise in interest rates that causes the value of the fund&#146;s portfolio holdings to fall.<br/><br/><i>Liquidity Risk</i> &#151; The fund may not be able to sell a security in a timely manner or at a desired price, or may be unable to sell the security at all, because of a lack of demand in the market for the security, or a liquidity provider defaults on its obligation to purchase the security when properly tendered by the fund.<br/><br/><i>Municipal Security Risk</i> &#151; The value of municipal securities owned by the fund may be adversely affected by future changes in federal income tax laws, including rate reductions or the imposition of a flat tax, and adverse changes in the financial conditions of municipal securities issuers.<br/><br/><i>Redemption Risk</i> &#151; If there are unexpectedly high redemptions of fund shares, the fund might have to sell portfolio securities prior to their maturity, possibly at a loss.<br/><br/><i>Tax Risk</i> &#151; In order to be tax-exempt, municipal securities generally must meet certain regulatory requirements. If a municipal security fails to meet these requirements, the interest received by the fund from its investment in the security and distributed to shareholders may be taxable.<br/><br/><i>Variable Rate Demand Note (VRDN) Risk</i> &#151; Investments in VRDNs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the unconditional put option. While the fund invests only in VRDNs of high quality issuers, or which are supported by high quality financial institutions, it is still possible that an issuer or financial institution could default on its obligations. <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 0.0184 0 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0.0151 0 <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>AVERAGE ANNUAL TOTAL RETURNS</b><br/>AS OF 12/31/11 2007-03-31 0.0124 Worst Quarter: 2011-12-31 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 2007-06-30 0.0087 Worst Quarter: 2011-12-31 0.001 0.0025 990 2012-10-30 0.001 0.0015 0.0069 0.0252 0.0437 0.0462 0.001 0 883 0 0.0103 0.0167 0.001 0.0015 Prime Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br /><br />The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0.001 Tax Free Obligations Fund&#146;s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. 0.0015 U.S. Treasury Money Market Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. U.S. Treasury Money Market Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. 810 810 <b>Principal Risks </b> 0.001 <b>Principal Risks</b> 0.0025 <b>Fund Performance</b> 0 Prime Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. 0 0.0145 0.013 0.001 0 1061 628 U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury and other money market funds that invest exclusively in such obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. false <b>Principal Risks </b> 2012-10-30 <b>Fund Performance</b> 0.0081 0.0266 0.045 0.0464 0.001 0.0005 0 0.0015 The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. Government Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. 0.0084 0.0267 0.0453 <b>Fund Performance </b> 0.0478 0.0016 0 The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR Prime Obligations Fund invests in high-quality short-term debt obligations, including:<ul><li>commercial paper.</li><li>U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers&#146; acceptances).</li><li>non-convertible corporate debt securities.</li><li>securities issued by the U.S. government or one of its agencies or instrumentalities.</li><li>municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations.</li><li>loan participation interests.</li><li>repurchase agreements for the securities in which the fund may invest.</li></ul>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Under normal market conditions, portfolio managers will only purchase (and hold) securities in the fund if they are rated in the top short-term rating category, for example, a rating of A-1 or a rating of Prime-1. If the rating of a security is reduced below the top short-term rating category after purchase, portfolio managers will make every attempt to sell the security, unless they have determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, have obtained the approval of the fund&#146;s board of directors to continue to hold the security.<br/><br/>The fund will limit its collective investments in dollar-denominated obligations of foreign branches of domestic banks (which are not subject to the same regulation as U.S. banks) and in dollar-denominated obligations of foreign banks and foreign corporations to less than 25% of its total assets. <b>Principal Risks </b> Government Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. 0.0239 0.042 0.0411 0 0 <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the &#147;full faith and credit&#148; of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. <b>Principal Risks</b> <b>Fund Performance</b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR 883 0.0223 0.0405 0.0395 0 0 Government Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. <b>Fund Performance </b> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0.0065 0.0183 0.0287 0.0308 0 0 0.001 Prime Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. 0 Tax Free Obligations Fund&#146;s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Best Quarter: <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR 628 0 Total return <b>Principal Risks </b> Best Quarter: 0 Prime Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. 0.001 0.0025 0.0096 0.0282 0.001 0.0465 0 0.048 0 0.001 0.0092 0.0099 0 0.0282 0.0468 0.0494 0 0.0025 0.0137 0 Best Quarter: 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 governmental agency. 0 0.001 0.0015 The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 810 0 0.0098 689 0.0158 Treasury Obligations Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. <b>Fund Performance </b> 0 0.0153 0.0075 0.0257 0.0445 0.0441 0.0002 0 0.001 0 0.001 The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863. <br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>ANNUAL TOTAL RETURNS</B> AS OF 12/31 EACH YEAR</b> 0.0025 Total return 0 0.0112 Tax Free Obligations Fund&#146;s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Under normal market conditions, Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes, which are floating rate instruments with a one- or seven-day put option that typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations.<br/><br/>Municipal securities are issued by state and local governments, and certain U.S. territorial possessions to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities:<ul><li>general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer.</li><li>revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</li></ul>Under normal market conditions, up to 20% of the fund&#146;s total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Under abnormal market conditions, the fund may invest more than 20% of its total assets in such taxable securities, as conditions dictate. This may prevent the fund from achieving its goal of providing maximum current income exempt from federal income taxes.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest in assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval. 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 governmental agency. <b>Principal Risks </b> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Prime Obligations Fund invests in high-quality short-term debt obligations, including:<ul><li>commercial paper.</li><li>U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers&#146; acceptances).</li><li>non-convertible corporate debt securities.</li><li>securities issued by the U.S. government or one of its agencies or instrumentalities.</li><li>municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations.</li><li>loan participation interests.</li><li>repurchase agreements for the securities in which the fund may invest.</li></ul>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Under normal market conditions, portfolio managers will only purchase (and hold) securities in the fund if they are rated in the top short-term rating category, for example, a rating of A-1 or a rating of Prime-1. If the rating of a security is reduced below the top short-term rating category after purchase, portfolio managers will make every attempt to sell the security, unless they have determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, have obtained the approval of the fund&#146;s board of directors to continue to hold the security.<br/><br/>The fund will limit its collective investments in dollar-denominated obligations of foreign branches of domestic banks (which are not subject to the same regulation as U.S. banks) and in dollar-denominated obligations of foreign banks and foreign corporations to less than 25% of its total assets. <b>Principal Risks </b> <b>Fund Performance </b> 567 The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863. <br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. Total return Best Quarter: 0 1061 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government. <br /><br />When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. <b>Principal Risks </b> 0.008 0.0198 0.0303 0.0324 0.0002 0 Total return 0 Best Quarter: <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanPrimeObligationsFundClassY column period compact * ~</div> Prime Obligations Fund invests in high-quality short-term debt obligations, including:<ul><li>commercial paper. </li><li>U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers&#146; acceptances).</li><li>non-convertible corporate debt securities.</li><li>securities issued by the U.S. government or one of its agencies or instrumentalities.</li><li>municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations.</li><li>loan participation interests.</li><li>repurchase agreements for the securities in which the fund may invest.</li></ul>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Under normal market conditions, portfolio managers will only purchase (and hold) securities in the fund if they are rated in the top short-term rating category, for example, a rating of A-1 or a rating of Prime-1. If the rating of a security is reduced below the top short-term rating category after purchase, portfolio managers will make every attempt to sell the security, unless they have determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, have obtained the approval of the fund&#146;s board of directors to continue to hold the security.<br/><br/>The fund will limit its collective investments in dollar-denominated obligations of foreign branches of domestic banks (which are not subject to the same regulation as U.S. banks) and in dollar-denominated obligations of foreign banks and foreign corporations to less than 25% of its total assets. 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 governmental agency. <b>Principal Risks </b> 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Prime Obligations Fund invests in high-quality short-term debt obligations, including:<ul><li>commercial paper.</li><li>U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers&#146; acceptances).</li><li>non-convertible corporate debt securities.</li> <li>securities issued by the U.S. government or one of its agencies or instrumentalities.</li><li>municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations.</li><li>loan participation interests.</li><li>repurchase agreements for the securities in which the fund may invest.</li></ul>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br /><br />Under normal market conditions, portfolio managers will only purchase (and hold) securities in the fund if they are rated in the top short-term rating category, for example, a rating of A-1 or a rating of Prime-1. If the rating of a security is reduced below the top short-term rating category after purchase, portfolio managers will make every attempt to sell the security, unless they have determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, have obtained the approval of the fund&#146;s board of directors to continue to hold the security. <br /><br />The fund will limit its collective investments in dollar-denominated obligations of foreign branches of domestic banks (which are not subject to the same regulation as U.S. banks) and in dollar-denominated obligations of foreign banks and foreign corporations to less than 25% of its total assets. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 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 governmental agency. 0.001 Under normal market conditions, Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes, which are floating rate instruments with a one- or seven-day put option that typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations.<br/><br/>Municipal securities are issued by state and local governments, and certain U.S. territorial possessions to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities:<ul><li>general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer.</li><li>revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</li></ul>Under normal market conditions, up to 20% of the fund&#146;s total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Under abnormal market conditions, the fund may invest more than 20% of its total assets in such taxable securities, as conditions dictate. This may prevent the fund from achieving its goal of providing maximum current income exempt from federal income taxes.<br/><br/> When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest in assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval. 0 <b>Principal Risks </b> <b>Fund Performance </b> <b>Fund Performance </b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863. <br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 628 The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTreasuryObligationsFundClassD column period compact * ~</div> 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanPrimeObligationsFund column period compact * ~</div> 0.0098 The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. <b>Fund Performance </b> Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br /><br />When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. Treasury Obligations Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. <b>Principal Risks </b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0 0.0138 <b>Fund Performance </b> 0.001 0 The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>Fund Performance </b> 701 <b>ANNUAL TOTAL RETURNS </b>AS OF 12/31 EACH YEAR The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br /><br />The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0.001 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanPrimeObligationsFund column period compact * ~</div> 0.0025 U.S. Treasury Money Market Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 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 governmental agency. U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury and other money market funds that invest exclusively in such obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br /><br />When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. Under normal market conditions, Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes, which are floating rate instruments with a one- or seven-day put option that typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations.<br/><br/> Municipal securities are issued by state and local governments, and certain U.S. territorial possessions to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities: <ul><li>general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer.</li><li>revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</li></ul>Under normal market conditions, up to 20% of the fund&#146;s total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Under abnormal market conditions, the fund may invest more than 20% of its total assets in such taxable securities, as conditions dictate. This may prevent the fund from achieving its goal of providing maximum current income exempt from federal income taxes.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest in assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. <b>Principal Risks </b> <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR 978 <b>Principal Risks </b> 0.009 0.0272 0.0461 0.0456 0.0006 0 Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br/><br/> When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>Principal Risks </b> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. <b>Fund Performance </b> Best Quarter: 0 Total return Best Quarter: 0 0.0109 0.0175 0 Total return Total return <b>Fund Performance </b> <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br /><br />The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0 0.0106 <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR Best Quarter: <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR 0 Best Quarter: 0.0157 0.006 0 0.0241 0.043 0.0425 0 Total return 0 0 0.0254 0.0436 0.0426 0 0 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Total return <b>Fund Performance </b> 0 0.0118 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanGovernmentObligationsFundClassD column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTreasuryObligationsFundClassD column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanPrimeObligationsFundClassY column period compact * ~</div> Best Quarter: The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. Best Quarter: 0 0 Total return Best Quarter: 0 The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Best Quarter: 0 Total return 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 governmental agency. Total return Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 978 The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Government Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanUSTreasuryMoneyMarketFund column period compact * ~</div> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the &#147;full faith and credit&#148; of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. <br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. Best Quarter: <b>Principal Risks </b> <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR 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 governmental agency. 0 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Total return The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 0.001 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanU.S.TreasuryMoneyMarketFund column period compact * ~</div> 0 0.0015 <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR 0.002 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTaxFreeObligationsFundClassY column period compact * ~</div> 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 governmental agency. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTaxFreeObligationsFundClassY column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanUSTreasuryMoneyMarketFundClassY column period compact * ~</div> 0.005 0.0168 0.0272 0.0293 0 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTreasuryObligationsFund column period compact * ~</div> Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanU.S.TreasuryMoneyMarketFundClassY column period compact * ~</div> 313 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTreasuryObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTreasuryObligationsFundClassY column period compact * ~</div> 0 0.0086 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanU.S.TreasuryMoneyMarketFundClassD column period compact * ~</div> Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the &#147;full faith and credit&#148; of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTreasuryObligationsFundClassY column period compact * ~</div> Prime Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0.001 0 0.0015 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Tax Free Obligations Fund&#146;s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. 0.001 <b>Fund Performance </b> 0 0.0021 The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0.002 Treasury Obligations Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 382 0.001 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanUSTreasuryMoneyMarketFundClassD column period compact * ~</div> Under normal market conditions, Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes, which are floating rate instruments with a one- or seven-day put option that typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations. <br/><br/>Municipal securities are issued by state and local governments, and certain U.S. territorial possessions to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities:<ul><li>general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer.</li><li>revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source.</li></ul>Under normal market conditions, up to 20% of the fund&#146;s total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Under abnormal market conditions, the fund may invest more than 20% of its total assets in such taxable securities, as conditions dictate. This may prevent the fund from achieving its goal of providing maximum current income exempt from federal income taxes.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest in assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval. <b>Principal Risks </b> 0 0.0014 Prime Obligations Fund invests in high-quality short-term debt obligations, including: <ul><li>commercial paper.</li> <li>U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers&#146; acceptances).</li> <li>non-convertible corporate debt securities.</li> <li>securities issued by the U.S. government or one of its agencies or instrumentalities.</li> <li>municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations.</li> <li>loan participation interests.</li> <li>repurchase agreements for the securities in which the fund may invest.</li></ul> When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/> Under normal market conditions, portfolio managers will only purchase (and hold) securities in the fund if they are rated in the top short-term rating category, for example, a rating of A-1 or a rating of Prime-1. If the rating of a security is reduced below the top short-term rating category after purchase, portfolio managers will make every attempt to sell the security, unless they have determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, have obtained the approval of the fund&#146;s board of directors to continue to hold the security.<br/><br/> The fund will limit its collective investments in dollar-denominated obligations of foreign branches of domestic banks (which are not subject to the same regulation as U.S. banks) and in dollar-denominated obligations of foreign banks and foreign corporations to less than 25% of its total assets.<br/><br/> 0.002 0.002 <b>Principal Risks </b> <b>Fund Performance </b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 313 302 Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. <b>Principal Risks </b> 0.0005 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0.0172 <b>Fund Performance </b> 0.0217 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanPrimeObligationsFundClassD column period compact * ~</div> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. <b>Fund Performance </b> Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the &#147;full faith and credit&#148; of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0.0105 0.0224 0.0329 0.0349 0.0016 0.0002 <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanPrimeObligationsFundClassD column period compact * ~</div> 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 governmental agency. 0.0116 0.0298 0.0487 0.0482 0.0017 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 0 0 0.0111 0.0151 <b>Fund Performance </b> <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0.0128 Best Quarter: 0.0311 0.0498 0.0523 0.0046 0.0001 0.0009 Total return 0.0066 0.0251 0.0434 0.0449 0.0002 0 0 0.013 0.0192 U.S. Treasury Money Market Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Best Quarter: 0 Total return 0.001 0 0.0021 0.002 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTaxFreeObligationsFundClassD column period compact * ~</div> 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 governmental agency. 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 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 governmental agency. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Total return Best Quarter: 0 <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury and other money market funds that invest exclusively in such obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. <b>Principal Risks </b> 0 0.0124 <b>Fund Performance </b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0.0121 <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR 0.0307 0.0491 0.0506 Total return 0.0028 Best Quarter: 0.0002 0 Best Quarter: 0 Total return 0.001 0 0.0283 0.0463 0.0452 0.0003 0 382 431 0.001 0 443 0 0.012 0.0191 0.001 0 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 governmental agency. 505 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 0.0496 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanPrimeObligationsFundClassZ column period compact * ~</div> 0.0019 0 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanPrimeObligationsFundClassI column period compact * ~</div> 0.0145 0.0191 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanGovernmentObligationsFund column period compact * ~</div> Prime Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTaxFreeObligationsFundClassZ column period compact * ~</div> 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 governmental agency. Best Quarter: 0 Total return Total return <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanPrimeObligationsFundClassI column period compact * ~</div> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTreasuryObligationsFundClassZ column period compact * ~</div> Government Obligations Fund invests exclusively in short-term U.S. government securities, including repurchase agreements secured by U.S. government securities. U.S. government securities are bonds or other debt obligations issued or guaranteed as to principal and interest by the U.S. government or one of its agencies or instrumentalities. U.S. Treasury securities and some obligations of U.S. government agencies and instrumentalities are supported by the &#147;full faith and credit&#148; of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer or instrumentality. <br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. <b>Principal Risks </b> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanU.S.TreasuryMoneyMarketFundClassZ column period compact * ~</div> 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <b>Fund Performance </b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863. <br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTaxFreeObligationsFundClassZ column period compact * ~</div> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 0 0.0152 0.0208 Prime Obligations Fund invests in high-quality short-term debt obligations, including:<ul><li>commercial paper.</li><li>U.S. dollar-denominated obligations of domestic and foreign banks with total assets of at least $500 million (including fixed and variable rate certificates of deposit, time deposits, and bankers&#146; acceptances).</li><li>non-convertible corporate debt securities.</li><li>securities issued by the U.S. government or one of its agencies or instrumentalities.</li><li>municipal securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations.</li><li>loan participation interests.</li><li>repurchase agreements for the securities in which the fund may invest.</li></ul>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Under normal market conditions, portfolio managers will only purchase (and hold) securities in the fund if they are rated in the top short-term rating category, for example, a rating of A-1 or a rating of Prime-1. If the rating of a security is reduced below the top short-term rating category after purchase, portfolio managers will make every attempt to sell the security, unless they have determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, have obtained the approval of the fund&#146;s board of directors to continue to hold the security.<br/><br/>The fund will limit its collective investments in dollar-denominated obligations of foreign branches of domestic banks (which are not subject to the same regulation as U.S. banks) and in dollar-denominated obligations of foreign banks and foreign corporations to less than 25% of its total assets. 0 <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR 0.0116 0.0161 <b>Principal Risks </b> <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanGovernmentObligationsFundInstitutionalInvestorClass column period compact * ~</div> <b>Principal Risks</b> <b>Fund Performance</b> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanPrimeObligationsFundClassZ column period compact * ~</div> <b>Fund Performance </b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863. <br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTreasuryObligationsFundClassZ column period compact * ~</div> <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR Best Quarter: 0 Total return 0.0513 0.0036 0.0001 0 0.0163 0.0207 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanGovernmentObligationsFundInstitutionalInvestorClass column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanUSTreasuryMoneyMarketFundClassZ column period compact * ~</div> Treasury Obligations Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanGovernmentObligationsFundClassD column period compact * ~</div> <b>Principal Risks </b> <b>Fund Performance</b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 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 governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Best Quarter: Total return U.S. Treasury Money Market Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. 0 U.S. Treasury Money Market Fund invests exclusively in direct obligations of the U.S. Treasury and other money market funds that invest exclusively in such obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br /><br /> When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. 0.041 0.0405 0 The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br /><br />The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanGovernmentObligationsFund column period compact * ~</div> 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 governmental agency. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanGovernmentObligationsFundClassZ column period compact * ~</div> Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanGovernmentObligationsFundClassY column period compact * ~</div> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Total return Best Quarter: <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanGovernmentObligationsFundClassZ column period compact * ~</div> 0 0.0108 0.0291 0.0477 0.0502 0.0028 0 Total return Best Quarter: 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanUSTreasuryMoneyMarketFundInstitutionalInvestorClass column period compact * ~</div> 0.001 0.005 0.0442 0 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanU.S.TreasuryMoneyMarketFundInstitutionalInvestorClass column period compact * ~</div> 1224 0 0.01 0.0158 Treasury Obligations Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. <b>Principal Risks </b> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanPrimeObligationsFundInstitutionalInvestorClass column period compact * ~</div> 0.001 Tax Free Obligations Fund&#146;s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTaxFreeObligationsFundClassD column period compact * ~</div> 443 0.001 0 505 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Under normal market conditions, Treasury Obligations Fund invests exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of Treasury securities are essentially the same except for differences in interest rates, maturities, and dates of issuance. U.S. Treasury obligations are backed by the full faith and credit of the U.S. government.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics. 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 governmental agency. <b>Principal Risks </b> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanGovernmentObligationsFundClassY column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanPrimeObligationsFundInstitutionalInvestorClass column period compact * ~</div> <b>Fund Performance </b> Under normal market conditions, Tax Free Obligations Fund invests at least 80% of its total assets in high-quality, short-term municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The municipal securities in which the fund invests include variable rate demand notes, which are floating rate instruments with a one- or seven-day put option that typically have some form of external credit or liquidity support. The fund also may invest in other municipal securities, including commercial paper, municipal notes and other short-term municipal obligations.<br/><br/>Municipal securities are issued by state and local governments, and certain U.S. territorial possessions to finance public infrastructure projects such as streets and highways, schools, water and sewer systems, hospitals, and airports. They also may be issued to refinance outstanding obligations as well as to obtain funds for general operating expenses and for loans to other public institutions and facilities. There are two principal classifications of municipal securities: <ul><li>general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer.</li><li>revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source. </li></ul>Under normal market conditions, up to 20% of the fund&#146;s total assets may be invested in taxable money market securities and municipal securities subject to the alternative minimum tax, although the fund does not currently intend to invest in municipal securities subject to the alternative minimum tax. Under abnormal market conditions, the fund may invest more than 20% of its total assets in such taxable securities, as conditions dictate. This may prevent the fund from achieving its goal of providing maximum current income exempt from federal income taxes.<br/><br/>When selecting securities for the fund, the portfolio managers first consider general economic factors, market conditions, and the short-term interest rate environment in determining what types of short-term instruments to purchase. The portfolio managers then select the specific instruments to be purchased. Generally, the portfolio managers buy and hold securities until their maturities. However, the portfolio managers may sell securities for a variety of reasons, such as to adjust the portfolio&#146;s average maturity, credit, liquidity or yield metrics.<br/><br/>Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest in assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval. <b>Principal Risks </b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863. <br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. Best Quarter: 0 Total return <b>Fund Performance </b> The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at firstamericanfunds.com or by calling 800 677-3863.<br/><br/>The bar chart shows you the variability of the fund&#146;s performance from year to year. The table illustrates the fund&#146;s average annual total returns over the time periods indicated. <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTreasuryObligationsFundReserveClass column period compact * ~</div> 0.0339 0.0008 0 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTreasuryObligationsFundReserveClass column period compact * ~</div> 0 0.0106 0.0135 <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTaxFreeObligationsFund column period compact * ~</div> Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 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 governmental agency. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTaxFreeObligationsFund column period compact * ~</div> The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 0.0472 0.0012 0 <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR <b>ANNUAL TOTAL RETURNS</b> AS OF 12/31 EACH YEAR Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The fund&#146;s past performance is not necessarily an indication of how the fund will perform in the future. 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 governmental agency. Best Quarter: 0 Total return Treasury Obligations Fund&#146;s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. 0 0.0125 0.0173 Government Obligations Fund&#146;s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTaxFreeObligationsFundInstitutionalInvestorClass column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTaxFreeObligationsFundInstitutionalInvestorClass column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedFirstAmericanTreasuryObligationsFundInstitutionalInvestorClass column period compact * ~</div> <div style="display:none">~ http://www.firstamericanfunds.com/role/ScheduleExpenseExampleFirstAmericanTreasuryObligationsFundInstitutionalInvestorClass column period compact * ~</div> Best Quarter: 0 Total return Total return for the period 1/1/12 through 9/30/12 was 0.00%. Total return for the period 1/1/12 through 9/30/12 was 0.01%. The advisor has contractually agreed to waive fees and reimburse other fund expenses through October 31, 2013, so that total annual fund operating expenses, after waivers, do not exceed 0.20%. These fee waivers and expense reimbursements may be terminated at any time after October 31, 2013, at the discretion of the advisor. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund's board of directors. Total return for the period 1/1/12 through 9/30/12 was 0.05%. Total return for the period 1/1/12 through 9/30/12 was 0.00%. 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