Important 2025 Tax Information - For First American Funds Shareholders

Sep 19, 2026

Important tax information for First American Funds shareholders to support 2025 income tax preparation. The material explains that it is not tax advice and should be reviewed with a tax advisor when preparing 2025 tax returns. It includes guidance on income from U.S. Government obligations, including state-by-state percentage details and limits on excluding exempt-interest income. It also covers income subject to the Alternative Minimum Tax and directs readers to their 2025 year-end statement for non-taxable portions.

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Important 2025 Tax Information

Income from U.S. Government Obligations

Income By State or U.S. Territory

Income Subject to the Alternative Minimum Tax

Important 2025 Tax Information For First American Funds Shareholders In order to assist you with your 2025 income tax preparation, we have compiled this important tax information pertaining to First American Funds. Please consult your tax advisor and refer to this information when preparing your 2025 tax returns. If you have questions regarding this information, please contact your financial advisor or call First American Investor Services at 800.677.3863. This information does not represent tax advice. Please consult your tax advisor to determine how it applies to your financial situation. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE First American Funds 800 Nicollet Mall, Minneapolis, MN 55402-4302 Quasar Distributors, LLC. 02/2026 0010-26 1099-OPEN Important 2025 Tax Information Enclosed is the 2025 Tax Form foryour account with First American Funds. The Form provides information on any applicable 2025 distributions and proceeds from redemptions. Please note that all information contained in this Statement has been provided to the Internal Revenue Service. In addition to the tax information provided on your enclosed Tax Form, below is supplemental information to assist you with the preparation of your 2025 income tax returns. Please consult your tax advisor for the specific application of any items below relating to the preparation of your tax returns. Income from U.S. Government Obligations Some states do not tax their residents on income from a mutual fund that is earned from U.S. Government Obligations. The following table shows the percentage of total ordinary income dividends shown in Box 1 of your 2025 Tax Form that were attributable to interest earned from direct U.S. Government Obligations: % of Ordinary Income Attributable to Direct Fund Name U.S. Government Obligation (See Box 1) First American Government Obligations Fund 42.93% | First American Institutional Prime Obligations Fund | 0.05% | | --- | --- | | First American Retail Prime Obligations Fund | 0.01% | | First American Retail Tax Free Obligations Fund | 0.00% | | First American Treasury Obligations Fund | 41.47% | | First American U.S. Treasury Money Market Fund | 100.00% | Depending on your state’s personal income tax laws, you may beentitled to declare the above portion of your 2025 ordinary income dividends (Box 1) as tax-exempt income on your state personal income tax return. However, some states do not allow the “pass through”of this exempt-interest income unless the percentage earned from U.S. Government Obligations exceeds certain thresholds or unless other requirements are met. Please consult your tax adviser or state authorities if you have any questions regarding the percentage of income you can exclude when calculating your state income tax. Important Tax Information Regarding First American Funds Income By State or U.S. Territory: The following chart provides information to assist you in determining the source of interest income earned on a state-by-state basis for the First American Funds. Of course, the tax treatment of income paid by the portfolio depends upon the laws of your state or local authority. If you have any questions about the local tax treatment, we recommend you consult your tax advisor. Note: For additional help in completing your state and local tax returns, please refer to your 2025 year end statement that shows the non-taxable portion of your income. State/ U.S. Territory First American Retail Tax Free Obligations Fund | Alabama | --- | | --- | --- | | Alaska | --- | | Arizona | 0.17% | | Arkansas | --- | | California | 0.07% | | Colorado | 0.45% | | Connecticut | 0.30% | | Delaware | --- | | Florida | 4.65% | | Georgia | 4.45% | | Guam | --- | | Hawaii | --- | | Idaho | --- | | Illinois | 12.23% | | Indiana | 1. 18% | | Iowa | 0.00% | | Kansas | --- | | Kentucky | 3.82% | | Louisiana | --- | | Maine | --- | | Maryland | 1. 20% | | Massachusetts | 0.10% | | Michigan | 1.66%

FAQs

Is this document considered tax advice?

No. The document states it does not represent tax advice and recommends consulting a tax advisor to determine how the information applies.

What does the document explain about U.S. Government obligations for 2025?

It describes the portion of ordinary income dividends attributable to interest earned from direct U.S. Government Obligations and provides percentages for named First American funds.

How does the document address state tax treatment and exclusion limits?

It notes that eligibility to declare the exempt portion depends on state rules, and some states require the U.S. Government obligation percentage to exceed thresholds or meet other requirements.

Sep 19, 2026

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