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FUNDS TRUST Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 15 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0025 0.0025 0.0015 0.0075 0.0000 0.0075 December 31, 2027 Example: 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 your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 417 930 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated </span></div>inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.18</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.25%. Best Quarter: 2023-12-31 0.0118 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund 2001-09-24 0.0360 0.0271 0.0165 Total return 2026-09-30 0.0225 Retail Prime Obligations Fund Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 15 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0025 0.0025 0.0016 0.0076 -0.0001 0.0075 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 242 421 941 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div>The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security. The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing, Redeeming, and Exchanging Fund Shares—Liquidity Fees.” <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <div style="text-align:justify;text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if </span></div>the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.22</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 2.32%.</span> Best Quarter: 2023-12-31 0.0122 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Prime Obligations Fund 2016-07-18 0.0369 0.0282 0.0191 Total return 2026-09-30 0.0232 Retail Tax Free Obligations Fund Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 15 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0025 0.0025 0.0025 0.0085 -0.0010 0.0075 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 261 462 1040 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, Retail 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 (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs 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. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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: </span></div><div><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, up to 20% of the fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval.</span></div> Under normal market conditions, Retail 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. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk </span>— Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Tax Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing, Redeeming, and Exchanging Fund Shares—Liquidity Fees.” <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.74</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 1.24%. Best Quarter: 2023-12-31 0.0074 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Tax Free Obligations Fund2 2001-09-24 0.0204 0.0158 0.0097 Total return 2026-09-30 0.0124 Prior to October 14, 2016, the fund was named Tax Free Obligations Fund. Treasury Obligations Fund Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 15 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0025 0.0025 0.0015 0.0075 0.0000 0.0075 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 417 930 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Treasury Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are secured by U.S. Treasury obligations. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to </span></div>reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended June 30, 2024</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.20</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><div style="text-align:justify"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:103%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 2.26%.</span></div> Best Quarter: 2024-06-30 0.0120 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Treasury Obligations Fund 2001-09-24 0.0359 0.0274 0.0166 Total return 2026-09-30 0.0226 U.S. Treasury Money Market Fund Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 15 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0025 0.0025 0.0015 0.0075 0.0000 0.0075 December 31, 2027 Example: 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 your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 240 417 930 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">U.S. Treasury Money Market Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash and U.S. Treasury securities. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of U.S. Treasury obligations 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.</span></div> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of </span></div>extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.18</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 2.25%.</span> Best Quarter: 2023-12-31 0.0118 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 U.S. Treasury Money Market Fund 2004-10-25 0.0354 0.0267 0.0162 Total return 2026-09-30 0.0225 Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0015 0.0025 0.0010 0.0060 0.0000 0.0060 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 192 335 750 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated </span></div>inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class D shares which was adopted by the Class D shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.22</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.37%. Best Quarter: 2023-12-31 0.0122 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund 0.0376 0.0282 0.0175 Total return 2026-09-30 0.0237 Treasury Obligations Fund Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0015 0.0025 0.0010 0.0060 0.0000 0.0060 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 192 335 750 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Treasury Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are secured by U.S. Treasury obligations. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to </span></div>reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class D shares which was adopted by the Class D shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2024</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.19</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.37%. Best Quarter: 2024-03-31 0.0119 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Treasury Obligations Fund 0.0375 0.0283 0.0176 Total return 2026-09-30 0.0237 U.S. Treasury Money Market Fund Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0015 0.0025 0.0010 0.0060 0.0000 0.0060 December 31, 2027 Example: 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 your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the fund’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 192 335 750 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">U.S. Treasury Money Market Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash and U.S Treasury securities. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of U.S. Treasury obligations 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.</span></div> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of </span></div>extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class D shares which was adopted by the Class D shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.22</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.37%. Best Quarter: 2023-12-31 0.0122 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 U.S. Treasury Money Market Fund 2004-10-25 0.0370 0.0278 0.0172 Total return 2026-09-30 0.0237 Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0009 0.0019 -0.0001 0.0018 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 60 106 242 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events </span></div>(including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class P shares which was adopted by the Class P shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.33</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 2.71%.</span> Best Quarter: 2023-12-31 0.0133 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund 2017-12-18 0.0422 0.0317 0.0250 Total return 2026-09-30 0.0271 Treasury Obligations Fund Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0009 0.0019 -0.0001 0.0018 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 60 106 242 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Treasury Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are secured by U.S. Treasury obligations. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may </span></div>negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class P shares which was adopted by the Class P shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.33</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.70%. Best Quarter: 2023-12-31 0.0133 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Treasury Obligations Fund 2017-12-18 0.0420 0.0318 0.0250 Total return 2026-09-30 0.0270 Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0020 0.0010 0.0040 0.0000 0.0040 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 128 224 505 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> . Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated </span></div>inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows the fund’s Class T performance for the period indicated. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares.</span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. firstamericanfunds.com 800-677-3863 The bar chart shows the fund’s Class T performance for the period indicated. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.27</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.52%. Best Quarter: 2023-12-31 0.0127 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund 2020-09-18 0.0396 0.0297 0.0281 Total return 2026-09-30 0.0252 Institutional Prime Obligations Fund Investment Objective Institutional Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0020 0.0014 0.0044 -0.0004 0.0040 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 137 242 551 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Institutional Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund intends to invest solely in securities that are considered daily or weekly liquid assets under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”) (typically maturing in five business days or less or subject to a demand feature that is exercisable within five business days). Although it has no current intention of investing in securities maturing in greater than five business days, the fund may do so in accordance with the requirements of Rule 2a-7.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security.</span></div> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary or mandatory liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span>— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Institutional Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.30</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.01)</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 2.51%.</span> Best Quarter: 2023-12-31 0.0130 Worst Quarter: 2022-03-31 -0.0001 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Institutional Prime Obligations Fund2 2001-09-24 0.0398 0.0306 0.0202 Total return 2026-09-30 0.0251 Prior to October 14, 2016, the fund was named Prime Obligations Fund. Retail Prime Obligations Fund Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0020 0.0012 0.0042 -0.0002 0.0040 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 133 233 528 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div>The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security. The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <div style="text-align:justify;text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if </span></div>the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.31</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 2.59%.</span> Best Quarter: 2023-12-31 0.0131 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Prime Obligations Fund 2016-07-18 0.0405 0.0308 0.0216 Total return 2026-09-30 0.0259 Retail Tax Free Obligations Fund Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0020 0.0020 0.0050 -0.0010 0.0040 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 150 270 619 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, Retail 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 (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs 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. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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: </span></div><div><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, up to 20% of the fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval.</span></div> Under normal market conditions, Retail 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. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk </span>— Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Tax Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows the fund’s Class T performance for the period indicated. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows the performance of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or </span></div>reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. firstamericanfunds.com 800-677-3863 The bar chart shows the fund’s Class T performance for the period indicated. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.83</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 1.51%. Best Quarter: 2023-12-31 0.0083 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Tax Free Obligations Fund 2020-09-18 0.0241 0.0184 0.0174 Total return 2026-09-30 0.0151 Treasury Obligations Fund Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0020 0.0010 0.0040 0.0000 0.0040 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 128 224 505 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Treasury Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are secured by U.S. Treasury obligations. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to </span></div>reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows the fund’s Class T performance for the period indicated. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Treasury Obligations Fund, a series of </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. firstamericanfunds.com 800-677-3863 The bar chart shows the fund’s Class T performance for the period indicated. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.27</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.53%. Best Quarter: 2023-12-31 0.0127 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Treasury Obligations Fund 2020-09-18 0.0395 0.0298 0.0282 Total return 2026-09-30 0.0253 U.S. Treasury Money Market Fund Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0020 0.0010 0.0040 0.0000 0.0040 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 128 224 505 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">U.S. Treasury Money Market Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash and U.S. Treasury securities. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of U.S. Treasury obligations 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.</span></div> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of </span></div>extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows the fund’s Class T performance for the period indicated. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class T shares which was adopted by the Class T shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. firstamericanfunds.com 800-677-3863 The bar chart shows the fund’s Class T performance for the period indicated. The table illustrates the fund’s average annual total returns over the time periods indicated. The bar chart does not reflect sales loads as none are applicable to Class T shares. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.27</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.52%. Best Quarter: 2023-12-31 0.0127 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 U.S. Treasury Money Market Fund 2020-09-18 0.0390 0.0293 0.0277 Total return 2026-09-30 0.0252 Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0009 0.0019 -0.0007 0.0012 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 12 54 100 236 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events </span></div>(including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class U shares which was adopted by the Class U shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.34</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.73%. Best Quarter: 2023-12-31 0.0134 Worst Quarter: 2022-03-31 0.0001 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund - Class U 2018-02-26 0.0425 0.0319 0.0256 Total return 2026-09-30 0.0273 Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0010 0.0010 0.0030 0.0000 0.0030 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 97 169 381 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated </span></div>inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.29</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 2.59%.</span> Best Quarter: 2023-12-31 0.0129 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund 2006-03-31 0.0407 0.0305 0.0198 Total return 2026-09-30 0.0259 Institutional Prime Obligations Fund Investment Objective Institutional Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0010 0.0014 0.0034 -0.0004 0.0030 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 105 187 427 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Institutional Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund intends to invest solely in securities that are considered daily or weekly liquid assets under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”) (typically maturing in five business days or less or subject to a demand feature that is exercisable within five business days). Although it has no current intention of investing in securities maturing in greater than five business days, the fund may do so in accordance with the requirements of Rule 2a-7.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security.</span></div> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary or mandatory liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span>— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Institutional Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.33</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.01)</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 2.59%.</span> Best Quarter: 2023-12-31 0.0133 Worst Quarter: 2022-03-31 -0.0001 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Institutional Prime Obligations Fund2 2006-03-31 0.0409 0.0314 0.0210 Total return 2026-09-30 0.0259 Prior to October 14, 2016, the fund was named Prime Obligations Fund. Retail Prime Obligations Fund Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0010 0.0012 0.0032 -0.0002 0.0030 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 101 178 404 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div>The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security. The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <div style="text-align:justify;text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if </span></div>the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.33</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.66%. Best Quarter: 2023-12-31 0.0133 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Prime Obligations Fund 2016-07-18 0.0415 0.0316 0.0225 Total return 2026-09-30 0.0266 Retail Tax Free Obligations Fund Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0010 0.0020 0.0040 -0.0010 0.0030 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 118 214 495 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, Retail 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 (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs 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. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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: </span></div><div><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, up to 20% of the fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval.</span></div> Under normal market conditions, Retail 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. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk </span>— Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Tax Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.86</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:103%"> Total return for the period 1/1/2026 through 9/30/2026 was 1.58%.</span> Best Quarter: 2023-12-31 0.0086 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Tax Free Obligations Fund2 2006-03-31 0.0250 0.0192 0.0130 Total return 2026-09-30 0.0158 Prior to October 14, 2016, the fund was named Tax Free Obligations Fund. Treasury Obligations Fund Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0010 0.0010 0.0030 0.0000 0.0030 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 97 169 381 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Treasury Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are secured by U.S. Treasury obligations. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to </span></div>reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.29</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.60%. Best Quarter: 2023-12-31 0.0129 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Treasury Obligations Fund 2006-03-31 0.0406 0.0306 0.0198 Total return 2026-09-30 0.0260 U.S. Treasury Money Market Fund Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0010 0.0010 0.0030 0.0000 0.0030 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 97 169 381 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">U.S. Treasury Money Market Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash and U.S. Treasury securities. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of U.S. Treasury obligations 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.</span></div> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of </span></div>extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class V shares which was adopted by the Class V shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.30</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.60%. Best Quarter: 2023-12-31 0.0130 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 U.S. Treasury Money Market Fund 2006-03-31 0.0401 0.0301 0.0194 Total return 2026-09-30 0.0260 Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0009 0.0019 -0.0005 0.0014 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 14 56 102 238 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events </span></div>(including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class X shares which was adopted by the Class X shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.33</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.71%. Best Quarter: 2023-12-31 0.0133 Worst Quarter: 2022-03-31 0.0001 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund 2016-04-05 0.0423 0.0318 0.0217 Total return 2026-09-30 0.0271 Retail Prime Obligations Fund Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0012 0.0022 -0.0008 0.0014 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 14 63 116 272 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div>The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security. The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <div style="text-align:justify;text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if </span></div>the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class X shares which was adopted by the Class X shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.37</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.79%. Best Quarter: 2023-12-31 0.0137 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Prime Obligations Fund 2016-09-08 0.0432 0.0329 0.0242 Total return 2026-09-30 0.0279 Treasury Obligations Fund Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0009 0.0019 -0.0005 0.0014 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 14 56 102 238 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Treasury Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are secured by U.S. Treasury obligations. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may </span></div>negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class X shares which was adopted by the Class X shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.33</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.72%. Best Quarter: 2023-12-31 0.0133 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Treasury Obligations Fund 2016-04-05 0.0422 0.0319 0.0217 Total return 2026-09-30 0.0272 U.S. Treasury Money Market Fund Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0010 0.0020 -0.0004 0.0016 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 16 60 109 251 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">U.S. Treasury Money Market Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash and U.S. Treasury securities. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of U.S. Treasury obligations 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.</span></div> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of </span></div>extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund by showing changes in the fund’s performance. Because Class X Shares have not been in operation for a full calendar year as of the date of this prospectus, performance is shown for Class A Shares of the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s Class A share performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. Performance for Class X shares will be provided after such shares have one full calendar year of performance. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class A shares which was adopted by the Class A shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. Because Class X Shares have not been in operation for a full calendar year as of the date of this prospectus, performance is shown for Class A Shares of the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s Class A share performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. Performance for Class X shares will be provided after such shares have one full calendar year of performance. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.18</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.25%. Best Quarter: 2023-12-31 0.0118 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 U.S. Treasury Money Market Fund 2004-10-25 0.0354 0.0267 0.0162 Total return 2026-09-30 0.0225 Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0025 0.0010 0.0045 0.0000 0.0045 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 144 252 567 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated </span></div>inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.26</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.48%. Best Quarter: 2023-12-31 0.0126 Worst Quarter: 2022-03-31 0.0001 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund 0.0391 0.0294 0.0186 Total return 2026-09-30 0.0248 Institutional Prime Obligations Fund Investment Objective Institutional Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0025 0.0014 0.0049 -0.0004 0.0045 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 153 270 612 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Institutional Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund intends to invest solely in securities that are considered daily or weekly liquid assets under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”) (typically maturing in five business days or less or subject to a demand feature that is exercisable within five business days). Although it has no current intention of investing in securities maturing in greater than five business days, the fund may do so in accordance with the requirements of Rule 2a-7.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security.</span></div> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective.</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary or mandatory liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span>— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Institutional Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.30</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.48%. Best Quarter: 2023-12-31 0.0130 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Institutional Prime Obligations Fund2 0.0394 0.0303 0.0198 Total return 2026-09-30 0.0248 Prior to October 14, 2016, the fund was named Prime Obligations Fund. Retail Prime Obligations Fund Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0025 0.0012 0.0047 -0.0002 0.0045 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 149 261 590 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div>The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security. The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective.</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <div style="text-align:justify;text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if </span></div>the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.29</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.55%. Best Quarter: 2023-12-31 0.0129 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Prime Obligations Fund 2016-07-18 0.0400 0.0305 0.0212 Total return 2026-09-30 0.0255 Retail Tax Free Obligations Fund Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0025 0.0020 0.0055 -0.0010 0.0045 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 166 297 680 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, Retail 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 (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs 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. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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: </span></div><div><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, up to 20% of the fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval.</span></div> Under normal market conditions, Retail 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. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective.</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk </span>— Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Tax Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.82</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 1.47% Best Quarter: 2023-12-31 0.0082 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Tax Free Obligations Fund2 0.0235 0.0180 0.0118 Total return 2026-09-30 0.0147 Prior to October 14, 2016, the fund was named Tax Free Obligations Fund. Treasury Obligations Fund Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0025 0.0010 0.0045 0.0000 0.0045 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 144 252 567 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Treasury Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are secured by U.S. Treasury obligations. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to </span></div>reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective.</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.26</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.49%. Best Quarter: 2023-12-31 0.0126 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Treasury Obligations Fund 0.0390 0.0295 0.0186 Total return 2026-09-30 0.0249 U.S. Treasury Money Market Fund Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0025 0.0010 0.0045 0.0000 0.0045 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 46 144 252 567 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">U.S. Treasury Money Market Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash and U.S. Treasury securities. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of U.S. Treasury obligations 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.</span></div> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of </span></div>extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Y shares which was adopted by the Class Y shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.26</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended March 31, 2022*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.48%. Best Quarter: 2023-12-31 0.0126 Worst Quarter: 2022-03-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 U.S. Treasury Money Market Fund 2004-10-25 0.0386 0.0290 0.0182 Total return 2026-09-30 0.0248 Government Obligations Fund Investment Objective Government Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0009 0.0019 -0.0001 0.0018 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 60 106 242 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Government Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are 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 full faith and credit 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in U.S. government securities, including repurchase agreements that are secured by U.S. government securities. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events </span></div>(including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Government Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.32</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.68%. Best Quarter: 2023-12-31 0.0132 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Government Obligations Fund 2003-12-01 0.0419 0.0314 0.0208 Total return 2026-09-30 0.0268 Institutional Prime Obligations Fund Investment Objective Institutional Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0014 0.0024 -0.0004 0.0020 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 73 131 302 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Institutional Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund intends to invest solely in securities that are considered daily or weekly liquid assets under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”) (typically maturing in five business days or less or subject to a demand feature that is exercisable within five business days). Although it has no current intention of investing in securities maturing in greater than five business days, the fund may do so in accordance with the requirements of Rule 2a-7.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security.</span></div> The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary or mandatory liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span>— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Institutional Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.35</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2020*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.67%. Best Quarter: 2023-12-31 0.0135 Worst Quarter: 2020-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Institutional Prime Obligations Fund2 2003-08-01 0.0419 0.0323 0.0221 Total return 2026-09-30 0.0267 Prior to October 14, 2016, the fund was named Prime Obligations Fund. Retail Prime Obligations Fund Investment Objective Retail Prime Obligations Fund’s objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0012 0.0022 -0.0002 0.0020 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 69 122 278 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Retail Prime Obligations Fund invests in high-quality short-term debt obligations, including: </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">commercial paper; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">U</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.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’ acceptances); </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">non-convertible</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> corporate debt securities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">securities</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> issued by the U.S. government or one of its agencies or instrumentalities; </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">municipal</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> securities, including variable rate demand notes, commercial paper, and municipal notes and other short-term municipal obligations; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">repurchase</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> agreements. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. </span></div>The adviser will only purchase (and hold) securities that it determines present minimal credit risk. If a security is no longer determined to present minimal credit risk, the adviser will make every attempt to sell the security, unless it has determined that it would not be in the best interest of the fund to dispose of the security at that time and, where necessary, has obtained the approval of the fund’s board of trustees to continue to hold the security. The fund concentrates its investments in the banking industry. Therefore, under normal market conditions, the fund will invest more than 25% of its total assets in obligations issued by companies in the banking industry. The fund may, however, invest 25% or less of its total assets in this industry as a temporary defensive measure. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Banking Industry Risk </span>— An adverse development in the banking industry (domestic or foreign) may affect the value of the fund’s investments more than if the fund were not invested to such a degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles. <div style="text-align:justify;text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Foreign Security Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— 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. Uncertainty surrounding the sovereign debt of several European Union countries, as well as the continued existence of the European Union itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the European Union or if </span></div>the European Union dissolves, the world’s securities markets likely will be significantly disrupted. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Prime Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.36</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.74%. Best Quarter: 2023-12-31 0.0136 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Prime Obligations Fund 2016-07-18 0.0426 0.0324 0.0233 Total return 2026-09-30 0.0274 Retail Tax Free Obligations Fund Investment Objective Retail Tax Free Obligations Fund’s objective is to seek maximum current income exempt from federal income taxes consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0020 0.0030 -0.0010 0.0020 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 86 159 371 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, Retail 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 (VRDNs) and tender option bonds (TOBs), which are floating rate instruments that provide the fund with the option to put or tender the VRDN or TOB back to the issuer at par. VRDNs and TOBs 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. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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: </span></div><div><span><br/></span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">general obligation bonds, which are backed by the full faith, credit, and taxing power of the issuer</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">; and </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:5.85pt">revenue bonds, which are payable only from the revenues generated by a specific project or from another specific revenue source</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under normal market conditions, up to 20% of the fund’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. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Because the fund refers to tax-free investments in its name, it has a fundamental investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax, including the federal alternative minimum tax. This policy may not be changed without shareholder approval.</span></div> Under normal market conditions, Retail 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. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable Rate Demand Note (VRDN) and Tender Option Bond (TOB) Risk </span>— Investments in VRDNs and TOBs involve credit risk with respect to the issuer or financial institution providing the fund with the credit and liquidity support for the put or tender option. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Tax Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Municipal Security Risk </span>— 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — 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. Additionally, a discretionary liquidity fee may be assessed to shares you redeem, as described under “Shareholder Information—Additional Information on Purchasing and Redeeming Fund Shares—Liquidity Fees.”</span> <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Retail Tax Free Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.88</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 1.66%. Best Quarter: 2023-12-31 0.0088 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Retail Tax Free Obligations Fund2 2003-12-01 0.0260 0.0199 0.0138 Total return 2026-09-30 0.0166 Prior to October 14, 2016, the fund was named Tax Free Obligations Fund. Treasury Obligations Fund Investment Objective Treasury Obligations Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0009 0.0019 -0.0001 0.0018 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 18 60 106 242 Principal Investment Strategies <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Treasury Obligations Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are 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.</span> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in short-term U.S. Treasury obligations, including repurchase agreements that are secured by U.S. Treasury obligations. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span>— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may </span></div>negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Repurchase Agreement Risk</span> — 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 securities purchased and may experience losses if there is any delay in its ability to do so and/or the proceeds from the sale of the securities are less than the full repurchase price. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, Treasury Obligations Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the Predecessor Fund. As a </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.32</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.69%. Best Quarter: 2023-12-31 0.0132 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 Treasury Obligations Fund 2003-12-01 0.0417 0.0316 0.0208 Total return 2026-09-30 0.0269 U.S. Treasury Money Market Fund Investment Objective U.S. Treasury Money Market Fund’s objective is to seek maximum current income consistent with the preservation of capital and maintenance of liquidity. Fees and Expenses The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees(fees paid directly from your investment) 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0 0.0010 0.0020 0.0000 0.0020 December 31, 2027 Example: 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’s operating expenses remain the same (except that the example incorporates the fund’s expense limitation arrangements for only the first year of each period presented). You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 64 113 255 Principal Investment Strategies <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">U.S. Treasury Money Market Fund is a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the fund invests 99.5% or more of its total assets in cash and U.S. Treasury securities. Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. The U.S. Treasury obligations in which the fund invests include U.S. Treasury bonds, notes, and bills. These types of U.S. Treasury obligations 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.</span></div> Under normal market conditions, the fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) (measured at the time of investment) are invested in direct obligations of the U.S. Treasury. You could 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 government agency. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk</span> — 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. <div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk </span><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">— The value of your investment may be impacted by changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates rise, obligations may be repaid more slowly than expected, and the value of the fund’s holdings may decline. An elevated inflation environment may heighten risks associated with rising interest rates. A decline in interest rates may lower the fund’s yield because the fund would have to reinvest proceeds of maturing securities at lower interest rates. During periods of </span></div>extremely low short-term interest rates, the fund may not be able to maintain a positive yield. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market Risk</span> — Market volatility, changes to interest rates, and otherwise unfavorable economic conditions resulting from major cybersecurity events, geopolitical events (including wars, regional tensions, terror attacks, and disruptions to foreign economic and trade relationships), and public health emergencies, among other events, may negatively impact the fund’s performance or impair the fund’s ability to achieve its investment objective. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk</span> — 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. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income Risk </span>— The level of income you receive from the fund will be affected by movements in short-term interest rates. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk</span> — The fund may be subject to operational and informational security risks resulting from breaches in cybersecurity at the fund, the fund’s affiliates or service providers. A cybersecurity breach at an issuer of securities in which the fund invests may cause such securities to lose value. <span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Regulatory Risk</span> — Changes to monetary policy by the Federal Reserve or other regulatory actions may impact the fund’s operations, universe of potential investment options, and return potential. Fund Performance <div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following bar chart and table provide some indication of the potential risks of investing in the fund. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. Updated performance information is available online at www.firstamericanfunds.com or by calling 800-677-3863. </span></div><div style="text-indent:-0.4pt"><span><br/></span></div><div style="text-indent:-0.4pt"><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. </span></div><div><span><br/></span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The performance shown in the bar chart and performance table includes the performance of the fund’s predecessor entity, U.S. Treasury Money Market Fund, a series of First American Funds, Inc., a Minnesota corporation (the “Predecessor Fund”), prior to the commencement of the fund’s operations. On December 22, 2023, the fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund through a tax-free reorganization (the “Reorganization”), effectuating the redomiciliation of the Predecessor Fund from the State of Minnesota to the Commonwealth of Massachusetts. As a result of the Reorganization, the fund adopted the performance and financial history of the Predecessor Fund. The fund has the same investment objective, strategy, risks and investment adviser as the </span></div><div><span style="color:#181717;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Predecessor Fund. As a result, the performance of the fund would have been substantially similar to that of the Predecessor Fund. </span></div>The bar chart shows the performance of the Predecessor Fund’s Class Z shares which was adopted by the Class Z shares of the fund for periods prior to the Reorganization. If the Predecessor Fund’s investment adviser had not waived or reimbursed certain Predecessor Fund expenses during these periods, the Predecessor Fund’s returns would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future. www.firstamericanfunds.com 800-677-3863 The bar chart shows you the variability of the fund’s performance from year to year. The table illustrates the fund’s average annual total returns over the time periods indicated. ANNUAL TOTAL RETURNS AS OF 12/31 EACH YEAR1 <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.237%"><tr><td style="width:1.0%"></td><td style="width:20.312%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.529%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.379%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2023</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.32</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Quarter ended December 31, 2021*</span></div></td><td colspan="2" style="background-color:#dbdbdb;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00</span></td><td style="background-color:#dbdbdb;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#dbdbdb;padding:0 1pt"></td></tr><tr><td colspan="12" style="background-color:#dbdbdb;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span></td></tr></table></div>Total return for the period 1/1/2026 through 9/30/2026 was 2.67%. Best Quarter: 2023-12-31 0.0132 Worst Quarter: 2021-12-31 0.0000 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">*Most recent quarter with this return during the period of the chart.</span> AVERAGE ANNUAL TOTAL RETURNSAS OF 12/31/25 U.S. Treasury Money Market Fund 2004-10-25 0.0411 0.0309 0.0202 Total return 2026-09-30 0.0267 The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.25%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.32%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 1.24%. Prior to October 14, 2016, the fund was named Tax Free Obligations Fund. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.26%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.75%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.25%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.60%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.37%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.60%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.37%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.60%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.37%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.18%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.71%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.18%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.70%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.52%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.51%. Prior to October 14, 2016, the fund was named Prime Obligations Fund. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.59%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 1.51%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.53%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.40%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart. Total return for the period 1/1/2026 through 9/30/2026 was 2.52%. The adviser has contractually agreed to waive fees and reimburse other fund expenses through December 31, 2027, so that total annual fund operating expenses, after waivers, do not exceed 0.12%. These fee waivers and expense reimbursements may be terminated at any time after December 31, 2027 at the discretion of the adviser. Prior to that time, such waivers and reimbursements may not be terminated without the approval of the fund’s board of trustees. *Most recent quarter with this return during the period of the chart.