# EDGAR Filing Document

**Accession Number:** 0001890141
**File Stem:** 0000894189-26-000165
**Filing Date:** 2026-1
**Character Count:** 79198
**Document Hash:** 943f8f3303aaf16b5f11e4238a57ea9c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-000165.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0000894189-26-000165

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First American Funds Trust
- **CENTRAL INDEX KEY:** 0001890141

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-MFP3
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23751
- **FILM NUMBER:** 26519326

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 6123037987

**MAIL ADDRESS:**
- **STREET 1:** 800 NICOLETT MALL
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

## Series and Classes Contracts Data

### Retail Tax Free Obligations Fund (Series ID: S000074978)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000233551 | Class T      | FTJXX           |
| C000233552 | Class V      | FHIXX           |
| C000233553 | Class Y      | FFCXX           |
| C000233554 | Class Z      | FTZXX           |
| C000233555 | Class A      | FTAXX           |

# Form N-MFP3: Monthly Schedule of Portfolio Holdings

## N-MFP: Filer Information
**Submission Type:** N-MFP3
**CIK:** 0001890141

### General Information

**Report for (YYYY-MM-DD):** 2025-12-31

**Registrant Full Name:** First American Funds Trust

**CIK Number of Registrant:** 0001890141

**LEI of Registrant:** 25490017KPKDZG189N19

**Name of Series:** Retail Tax Free Obligations Fund

**LEI of Series:** 254900R8F8Y6ZLPEDJ84

**EDGAR Series Identifier:** S000074978

**Total number of share classes in the series:** 5

**Is this the fund's final filing on Form N-MFP?:** No

**Has the fund acquired or merged with another fund?:** No

## Part A: Series-Level Information about the Fund

### Service Providers
| Role                          | Details                                              | File/CIK Number   |
|:---|:---|:---|
| Investment Adviser            | U.S. Bancorp Asset Management, Inc.                  | 801-60125         |
| Independent Public Accountant | Ernst & Young, LLP<br>City: Minneapolis<br>State: MN |  |
| Administrator                 | U.S. Bancorp Asset Management, Inc.                  |  |
| Transfer Agent                | U.S. Bancorp Fund Services, LLC<br>CIK: 0001094770   | 085-11357         |

### Fund Characteristics & Assets

- **Securities Act File Number:** 333-260527

- **Is this a Feeder Fund?:** No

- **Is this a Master Fund?:** No

- **Is this series for insurance company separate accounts?:** No

- **Money Market Fund Category:** Other Tax Exempt

- **Is this a Retail Money Market Fund?:** Yes

- **WAM:** 32 days

- **WAL:** 32 days

- **Total Value of Portfolio Securities:** $404525441.70

- **Amortized Cost of Portfolio Securities:** $404512730.85

- **Cash:** $8259.51

- **Total Other Assets:** $1915659.10

- **Total Liabilities:** $18873880.74

- **Net Assets of Series:** $387575479.57

- **Number of Shares Outstanding (Series):** 387541392.9100

- **Does the fund seek to maintain a stable price per share?:** Yes

- **Stable Price Per Share:** $1.00

- **Is cash management vehicle an affiliated fund?:** No

- **Does the fund apply liquidity fees?:** No

### Daily & Weekly Liquid Assets
| Date       | Daily Liquid Assets ($)   | Weekly Liquid Assets ($)   | Daily Liquid Assets (%)   | Weekly Liquid Assets (%)   |
|:---|:---|:---|:---|:---|
| 2025-12-01 | $30839054.29              | $241724054.29              | 8.8000%                   | 68.7000%                   |
| 2025-12-02 | $20883434.42              | $231768434.42              | 5.9000%                   | 65.5000%                   |
| 2025-12-03 | $13207283.73              | $242092283.73              | 3.8000%                   | 68.9000%                   |
| 2025-12-04 | $10736563.53              | $239621563.53              | 3.0000%                   | 67.9000%                   |
| 2025-12-05 | $17731346.48              | $241836346.48              | 5.0000%                   | 68.1000%                   |
| 2025-12-08 | $17638656.97              | $241743656.97              | 5.0000%                   | 68.1000%                   |
| 2025-12-09 | $30633077.83              | $239733077.83              | 8.7000%                   | 67.9000%                   |
| 2025-12-10 | $15879646.00              | $245465279.76              | 4.3000%                   | 67.1000%                   |
| 2025-12-11 | $14894800.88              | $244480329.01              | 4.1000%                   | 67.0000%                   |
| 2025-12-12 | $14290683.42              | $243875894.67              | 3.9000%                   | 66.9000%                   |
| 2025-12-15 | $29372296.33              | $269907401.96              | 7.7000%                   | 71.2000%                   |
| 2025-12-16 | $35822972.52              | $287037972.52              | 9.6000%                   | 77.1000%                   |
| 2025-12-17 | $32102997.82              | $289052997.82              | 8.6000%                   | 77.2000%                   |
| 2025-12-18 | $31927328.84              | $289937328.84              | 8.5000%                   | 77.3000%                   |
| 2025-12-19 | $35579808.63              | $296229808.63              | 9.3000%                   | 77.6000%                   |
| 2025-12-22 | $49172265.30              | $297322265.30              | 12.9000%                  | 77.7000%                   |
| 2025-12-23 | $50972085.61              | $300242085.61              | 13.2000%                  | 77.9000%                   |
| 2025-12-24 | $51546401.76              | $302376401.76              | 13.3000%                  | 78.0000%                   |
| 2025-12-26 | $36187707.88              | $305017707.88              | 8.9000%                   | 74.7000%                   |
| 2025-12-29 | $37420107.65              | $306250107.65              | 9.1000%                   | 74.7000%                   |
| 2025-12-30 | $40458069.66              | $318288069.66              | 9.8000%                   | 77.1000%                   |
| 2025-12-31 | $29853259.51              | $321833259.51              | 7.3000%                   | 79.2000%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-12-01 | 2.7800%             |
| 2025-12-02 | 2.7500%             |
| 2025-12-03 | 2.6900%             |
| 2025-12-04 | 2.6100%             |
| 2025-12-05 | 2.3600%             |
| 2025-12-08 | 2.2900%             |
| 2025-12-09 | 2.2400%             |
| 2025-12-10 | 2.2800%             |
| 2025-12-11 | 2.4100%             |
| 2025-12-12 | 2.7600%             |
| 2025-12-15 | 2.8600%             |
| 2025-12-16 | 2.9700%             |
| 2025-12-17 | 3.0200%             |
| 2025-12-18 | 3.0400%             |
| 2025-12-19 | 3.0800%             |
| 2025-12-22 | 3.1000%             |
| 2025-12-23 | 3.1200%             |
| 2025-12-24 | 3.1400%             |
| 2025-12-26 | 3.1500%             |
| 2025-12-29 | 3.1400%             |
| 2025-12-30 | 3.1400%             |
| 2025-12-31 | 3.0300%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-12-01 | 1.0001                      |
|  |  |
| 2025-12-02 | 1.0001                      |
|  |  |
| 2025-12-03 | 1.0001                      |
|  |  |
| 2025-12-04 | 1.0001                      |
|  |  |
| 2025-12-05 | 1.0001                      |
|  |  |
| 2025-12-08 | 1.0001                      |
|  |  |
| 2025-12-09 | 1.0001                      |
|  |  |
| 2025-12-10 | 1.0001                      |
|  |  |
| 2025-12-11 | 1.0001                      |
|  |  |
| 2025-12-12 | 1.0001                      |
|  |  |
| 2025-12-15 | 1.0001                      |
|  |  |
| 2025-12-16 | 1.0001                      |
|  |  |
| 2025-12-17 | 1.0001                      |
|  |  |
| 2025-12-18 | 1.0001                      |
|  |  |
| 2025-12-19 | 1.0001                      |
|  |  |
| 2025-12-22 | 1.0001                      |
|  |  |
| 2025-12-23 | 1.0001                      |
|  |  |
| 2025-12-24 | 1.0001                      |
|  |  |
| 2025-12-26 | 1.0001                      |
|  |  |
| 2025-12-29 | 1.0001                      |
|  |  |
| 2025-12-30 | 1.0001                      |
|  |  |
| 2025-12-31 | 1.0001                      |
|  |  |

## Part B: Class-Level Information about the Fund

### Class: Class T

- **Minimum Initial Investment:** $1.00

- **Net Assets of Class:** $5118000.97

- **Number of Shares Outstanding:** 5096381.5700

- **Expense Reimbursement/Waiver:** 623.67

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-12-01 | 1.0030          |
|  |  |
| 2025-12-02 | 1.0030          |
|  |  |
| 2025-12-03 | 1.0030          |
|  |  |
| 2025-12-04 | 1.0030          |
|  |  |
| 2025-12-05 | 1.0030          |
|  |  |
| 2025-12-08 | 1.0030          |
|  |  |
| 2025-12-09 | 1.0030          |
|  |  |
| 2025-12-10 | 1.0030          |
|  |  |
| 2025-12-11 | 1.0030          |
|  |  |
| 2025-12-12 | 1.0031          |
|  |  |
| 2025-12-15 | 1.0031          |
|  |  |
| 2025-12-16 | 1.0031          |
|  |  |
| 2025-12-17 | 1.0031          |
|  |  |
| 2025-12-18 | 1.0042          |
|  |  |
| 2025-12-19 | 1.0042          |
|  |  |
| 2025-12-22 | 1.0042          |
|  |  |
| 2025-12-23 | 1.0042          |
|  |  |
| 2025-12-24 | 1.0042          |
|  |  |
| 2025-12-26 | 1.0042          |
|  |  |
| 2025-12-29 | 1.0042          |
|  |  |
| 2025-12-30 | 1.0042          |
|  |  |
| 2025-12-31 | 1.0042          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-12-01 | $1.97                     | $0.00                   |
| 2025-12-02 | $13246.08                 | $40000.00               |
| 2025-12-03 | $0.00                     | $0.00                   |
| 2025-12-04 | $0.00                     | $0.00                   |
| 2025-12-05 | $0.00                     | $0.00                   |
| 2025-12-08 | $0.00                     | $0.00                   |
| 2025-12-09 | $0.00                     | $40075.81               |
| 2025-12-10 | $50.00                    | $0.00                   |
| 2025-12-11 | $364.00                   | $0.00                   |
| 2025-12-12 | $0.00                     | $0.00                   |
| 2025-12-15 | $84.00                    | $0.00                   |
| 2025-12-16 | $0.00                     | $0.00                   |
| 2025-12-17 | $0.00                     | $0.00                   |
| 2025-12-18 | $0.01                     | $1999938.06             |
| 2025-12-19 | $0.00                     | $0.00                   |
| 2025-12-22 | $0.00                     | $660.15                 |
| 2025-12-23 | $0.00                     | $7463.91                |
| 2025-12-24 | $65.39                    | $0.00                   |
| 2025-12-26 | $20.00                    | $0.00                   |
| 2025-12-29 | $0.00                     | $0.00                   |
| 2025-12-30 | $0.00                     | $0.00                   |
| 2025-12-31 | $400.00                   | $0.00                   |

**Total Gross Subscriptions (Month):** $14231.45

**Total Gross Redemptions (Month):** $2088137.93

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-12-01 | 2.3800%           |
| 2025-12-02 | 2.3600%           |
| 2025-12-03 | 2.3000%           |
| 2025-12-04 | 2.2100%           |
| 2025-12-05 | 1.9600%           |
| 2025-12-08 | 1.9000%           |
| 2025-12-09 | 1.8400%           |
| 2025-12-10 | 1.8900%           |
| 2025-12-11 | 2.0100%           |
| 2025-12-12 | 2.3600%           |
| 2025-12-15 | 2.4700%           |
| 2025-12-16 | 2.5800%           |
| 2025-12-17 | 2.6300%           |
| 2025-12-18 | 2.6500%           |
| 2025-12-19 | 2.6900%           |
| 2025-12-22 | 2.7100%           |
| 2025-12-23 | 2.7300%           |
| 2025-12-24 | 2.7500%           |
| 2025-12-26 | 2.7600%           |
| 2025-12-29 | 2.7600%           |
| 2025-12-30 | 2.7500%           |
| 2025-12-31 | 2.6500%           |

**Beneficial/Record Owner Categories**
| Category                                            | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Depository institution or other banking institution |  | 99.9800%         | 0.0000%              |

### Class: Class V

- **Minimum Initial Investment:** $1.00

- **Net Assets of Class:** $23810865.61

- **Number of Shares Outstanding:** 23810306.6500

- **Expense Reimbursement/Waiver:** 1224.24

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-12-01 | 0.9999          |
|  |  |
| 2025-12-02 | 0.9999          |
|  |  |
| 2025-12-03 | 0.9999          |
|  |  |
| 2025-12-04 | 0.9999          |
|  |  |
| 2025-12-05 | 0.9999          |
|  |  |
| 2025-12-08 | 0.9999          |
|  |  |
| 2025-12-09 | 0.9999          |
|  |  |
| 2025-12-10 | 0.9999          |
|  |  |
| 2025-12-11 | 0.9999          |
|  |  |
| 2025-12-12 | 0.9999          |
|  |  |
| 2025-12-15 | 1.0000          |
|  |  |
| 2025-12-16 | 1.0000          |
|  |  |
| 2025-12-17 | 1.0000          |
|  |  |
| 2025-12-18 | 1.0000          |
|  |  |
| 2025-12-19 | 1.0000          |
|  |  |
| 2025-12-22 | 1.0000          |
|  |  |
| 2025-12-23 | 1.0000          |
|  |  |
| 2025-12-24 | 1.0000          |
|  |  |
| 2025-12-26 | 1.0000          |
|  |  |
| 2025-12-29 | 1.0000          |
|  |  |
| 2025-12-30 | 1.0000          |
|  |  |
| 2025-12-31 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-12-01 | $2102.06                  | $0.00                   |
| 2025-12-02 | $56.87                    | $0.00                   |
| 2025-12-03 | $144.62                   | $54668.72               |
| 2025-12-04 | $0.00                     | $0.00                   |
| 2025-12-05 | $0.00                     | $0.00                   |
| 2025-12-08 | $0.00                     | $0.00                   |
| 2025-12-09 | $4731.62                  | $0.00                   |
| 2025-12-10 | $0.00                     | $0.00                   |
| 2025-12-11 | $0.00                     | $0.00                   |
| 2025-12-12 | $0.00                     | $0.00                   |
| 2025-12-15 | $19185530.66              | $0.00                   |
| 2025-12-16 | $4139564.37               | $0.00                   |
| 2025-12-17 | $0.00                     | $191644.34              |
| 2025-12-18 | $2.76                     | $10527.01               |
| 2025-12-19 | $150376.85                | $0.00                   |
| 2025-12-22 | $124189.73                | $0.00                   |
| 2025-12-23 | $75399.23                 | $0.00                   |
| 2025-12-24 | $3494.55                  | $83.69                  |
| 2025-12-26 | $0.00                     | $4364.86                |
| 2025-12-29 | $104534.26                | $0.00                   |
| 2025-12-30 | $3477501.11               | $0.00                   |
| 2025-12-31 | $5537.20                  | $3402118.66             |

**Total Gross Subscriptions (Month):** $27273165.89

**Total Gross Redemptions (Month):** $3663407.28

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-12-01 | 2.4800%           |
| 2025-12-02 | 2.4600%           |
| 2025-12-03 | 2.4000%           |
| 2025-12-04 | 2.3100%           |
| 2025-12-05 | 2.0600%           |
| 2025-12-08 | 1.9900%           |
| 2025-12-09 | 1.9300%           |
| 2025-12-10 | 1.9800%           |
| 2025-12-11 | 2.1000%           |
| 2025-12-12 | 2.4600%           |
| 2025-12-15 | 2.5600%           |
| 2025-12-16 | 2.6700%           |
| 2025-12-17 | 2.7200%           |
| 2025-12-18 | 2.7400%           |
| 2025-12-19 | 2.7800%           |
| 2025-12-22 | 2.8000%           |
| 2025-12-23 | 2.8200%           |
| 2025-12-24 | 2.8400%           |
| 2025-12-26 | 2.8500%           |
| 2025-12-29 | 2.8400%           |
| 2025-12-30 | 2.8400%           |
| 2025-12-31 | 2.7300%           |

**Beneficial/Record Owner Categories**
| Category                      | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Registered investment company |  | 0.0000%          | 84.5800%             |
| Registered investment company |  | 0.0000%          | 14.6800%             |

### Class: Class Y

- **Minimum Initial Investment:** $1.00

- **Net Assets of Class:** $14793634.26

- **Number of Shares Outstanding:** 14785559.8700

- **Expense Reimbursement/Waiver:** 1445.13

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-12-01 | 1.0006          |
|  |  |
| 2025-12-02 | 1.0006          |
|  |  |
| 2025-12-03 | 1.0006          |
|  |  |
| 2025-12-04 | 1.0006          |
|  |  |
| 2025-12-05 | 1.0006          |
|  |  |
| 2025-12-08 | 1.0006          |
|  |  |
| 2025-12-09 | 1.0006          |
|  |  |
| 2025-12-10 | 1.0006          |
|  |  |
| 2025-12-11 | 1.0006          |
|  |  |
| 2025-12-12 | 1.0006          |
|  |  |
| 2025-12-15 | 1.0005          |
|  |  |
| 2025-12-16 | 1.0005          |
|  |  |
| 2025-12-17 | 1.0005          |
|  |  |
| 2025-12-18 | 1.0005          |
|  |  |
| 2025-12-19 | 1.0005          |
|  |  |
| 2025-12-22 | 1.0005          |
|  |  |
| 2025-12-23 | 1.0005          |
|  |  |
| 2025-12-24 | 1.0006          |
|  |  |
| 2025-12-26 | 1.0006          |
|  |  |
| 2025-12-29 | 1.0005          |
|  |  |
| 2025-12-30 | 1.0005          |
|  |  |
| 2025-12-31 | 1.0005          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-12-01 | $745597.42                | $0.00                   |
| 2025-12-02 | $324886.32                | $6584.68                |
| 2025-12-03 | $0.00                     | $64046.15               |
| 2025-12-04 | $60182.67                 | $37033.76               |
| 2025-12-05 | $179347.69                | $3453.90                |
| 2025-12-08 | $4892.80                  | $339284.44              |
| 2025-12-09 | $98591.73                 | $0.00                   |
| 2025-12-10 | $534208.40                | $0.00                   |
| 2025-12-11 | $91935.32                 | $44679.95               |
| 2025-12-12 | $615256.98                | $233734.28              |
| 2025-12-15 | $1581859.69               | $0.00                   |
| 2025-12-16 | $189939.24                | $47368.07               |
| 2025-12-17 | $5194.79                  | $56702.68               |
| 2025-12-18 | $4892.66                  | $768132.12              |
| 2025-12-19 | $676219.58                | $162947.39              |
| 2025-12-22 | $266909.86                | $0.00                   |
| 2025-12-23 | $0.00                     | $1086945.42             |
| 2025-12-24 | $0.00                     | $968358.73              |
| 2025-12-26 | $218.18                   | $244469.37              |
| 2025-12-29 | $1992809.79               | $0.00                   |
| 2025-12-30 | $47632.89                 | $174683.81              |
| 2025-12-31 | $0.00                     | $918245.06              |

**Total Gross Subscriptions (Month):** $7420576.01

**Total Gross Redemptions (Month):** $5156669.81

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-12-01 | 2.3300%           |
| 2025-12-02 | 2.3000%           |
| 2025-12-03 | 2.2500%           |
| 2025-12-04 | 2.1600%           |
| 2025-12-05 | 1.9100%           |
| 2025-12-08 | 1.8400%           |
| 2025-12-09 | 1.7900%           |
| 2025-12-10 | 1.8400%           |
| 2025-12-11 | 1.9600%           |
| 2025-12-12 | 2.3100%           |
| 2025-12-15 | 2.4100%           |
| 2025-12-16 | 2.5200%           |
| 2025-12-17 | 2.5700%           |
| 2025-12-18 | 2.5900%           |
| 2025-12-19 | 2.6300%           |
| 2025-12-22 | 2.6500%           |
| 2025-12-23 | 2.6700%           |
| 2025-12-24 | 2.6900%           |
| 2025-12-26 | 2.7000%           |
| 2025-12-29 | 2.7000%           |
| 2025-12-30 | 2.6900%           |
| 2025-12-31 | 2.5900%           |

**Beneficial/Record Owner Categories**
| Category                                            | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Depository institution or other banking institution |  | 100.0000%        | 0.0000%              |

### Class: Class Z

- **Minimum Initial Investment:** $10000000.00

- **Net Assets of Class:** $311800033.23

- **Number of Shares Outstanding:** 311799113.0700

- **Expense Reimbursement/Waiver:** 29799.27

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-12-01 | 1.0000          |
|  |  |
| 2025-12-02 | 1.0000          |
|  |  |
| 2025-12-03 | 1.0000          |
|  |  |
| 2025-12-04 | 1.0000          |
|  |  |
| 2025-12-05 | 1.0000          |
|  |  |
| 2025-12-08 | 1.0000          |
|  |  |
| 2025-12-09 | 1.0000          |
|  |  |
| 2025-12-10 | 1.0000          |
|  |  |
| 2025-12-11 | 1.0000          |
|  |  |
| 2025-12-12 | 1.0000          |
|  |  |
| 2025-12-15 | 1.0000          |
|  |  |
| 2025-12-16 | 1.0000          |
|  |  |
| 2025-12-17 | 1.0000          |
|  |  |
| 2025-12-18 | 1.0000          |
|  |  |
| 2025-12-19 | 1.0000          |
|  |  |
| 2025-12-22 | 1.0000          |
|  |  |
| 2025-12-23 | 1.0000          |
|  |  |
| 2025-12-24 | 1.0000          |
|  |  |
| 2025-12-26 | 1.0000          |
|  |  |
| 2025-12-29 | 1.0000          |
|  |  |
| 2025-12-30 | 1.0000          |
|  |  |
| 2025-12-31 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-12-01 | $4608285.27               | $408183.18              |
| 2025-12-02 | $1699494.74               | $8360.50                |
| 2025-12-03 | $12478.79                 | $2576974.13             |
| 2025-12-04 | $17777.96                 | $350834.97              |
| 2025-12-05 | $2043162.40               | $0.00                   |
| 2025-12-08 | $2434734.49               | $2188891.82             |
| 2025-12-09 | $91181.47                 | $2192671.54             |
| 2025-12-10 | $677732.38                | $1352219.48             |
| 2025-12-11 | $0.00                     | $868471.54              |
| 2025-12-12 | $262960.59                | $2106236.56             |
| 2025-12-15 | $7480129.35               | $1930061.73             |
| 2025-12-16 | $0.00                     | $2336199.50             |
| 2025-12-17 | $3051247.60               | $888964.98              |
| 2025-12-18 | $3719344.91               | $40817.99               |
| 2025-12-19 | $5911136.10               | $289121.12              |
| 2025-12-22 | $1360634.48               | $553236.87              |
| 2025-12-23 | $3847324.68               | $0.00                   |
| 2025-12-24 | $3510291.16               | $269870.36              |
| 2025-12-26 | $2865439.50               | $3361.41                |
| 2025-12-29 | $845397.59                | $1631143.78             |
| 2025-12-30 | $654844.70                | $780673.08              |
| 2025-12-31 | $702.19                   | $2178387.67             |

**Total Gross Subscriptions (Month):** $45094300.35

**Total Gross Redemptions (Month):** $22954682.21

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-12-01 | 2.5800%           |
| 2025-12-02 | 2.5500%           |
| 2025-12-03 | 2.4900%           |
| 2025-12-04 | 2.4100%           |
| 2025-12-05 | 2.1600%           |
| 2025-12-08 | 2.0900%           |
| 2025-12-09 | 2.0400%           |
| 2025-12-10 | 2.0800%           |
| 2025-12-11 | 2.2100%           |
| 2025-12-12 | 2.5600%           |
| 2025-12-15 | 2.6600%           |
| 2025-12-16 | 2.7700%           |
| 2025-12-17 | 2.8200%           |
| 2025-12-18 | 2.8400%           |
| 2025-12-19 | 2.8800%           |
| 2025-12-22 | 2.9000%           |
| 2025-12-23 | 2.9200%           |
| 2025-12-24 | 2.9400%           |
| 2025-12-26 | 2.9500%           |
| 2025-12-29 | 2.9400%           |
| 2025-12-30 | 2.9400%           |
| 2025-12-31 | 2.8300%           |

**Beneficial/Record Owner Categories**
| Category                                            | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Depository institution or other banking institution |  | 99.4200%         | 0.0000%              |

### Class: Class A

- **Minimum Initial Investment:** $1000.00

- **Net Assets of Class:** $32052945.50

- **Number of Shares Outstanding:** 32050031.7500

- **Expense Reimbursement/Waiver:** 3155.80

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-12-01 | 1.0001          |
|  |  |
| 2025-12-02 | 1.0001          |
|  |  |
| 2025-12-03 | 1.0001          |
|  |  |
| 2025-12-04 | 1.0001          |
|  |  |
| 2025-12-05 | 1.0001          |
|  |  |
| 2025-12-08 | 1.0001          |
|  |  |
| 2025-12-09 | 1.0001          |
|  |  |
| 2025-12-10 | 1.0001          |
|  |  |
| 2025-12-11 | 1.0001          |
|  |  |
| 2025-12-12 | 1.0001          |
|  |  |
| 2025-12-15 | 1.0001          |
|  |  |
| 2025-12-16 | 1.0001          |
|  |  |
| 2025-12-17 | 1.0001          |
|  |  |
| 2025-12-18 | 1.0001          |
|  |  |
| 2025-12-19 | 1.0001          |
|  |  |
| 2025-12-22 | 1.0001          |
|  |  |
| 2025-12-23 | 1.0001          |
|  |  |
| 2025-12-24 | 1.0001          |
|  |  |
| 2025-12-26 | 1.0001          |
|  |  |
| 2025-12-29 | 1.0001          |
|  |  |
| 2025-12-30 | 1.0001          |
|  |  |
| 2025-12-31 | 1.0001          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-12-01 | $1975605.57               | $0.00                   |
| 2025-12-02 | $27545.91                 | $30700.00               |
| 2025-12-03 | $0.00                     | $22307.30               |
| 2025-12-04 | $2084.89                  | $135362.71              |
| 2025-12-05 | $11638.89                 | $15293.00               |
| 2025-12-08 | $19773.25                 | $23950.09               |
| 2025-12-09 | $39576.49                 | $12522.84               |
| 2025-12-10 | $1453589.70               | $36792.85               |
| 2025-12-11 | $46277.75                 | $210710.05              |
| 2025-12-12 | $857230.60                | $0.00                   |
| 2025-12-15 | $122071.80                | $394537.71              |
| 2025-12-16 | $188456.01                | $1121.53                |
| 2025-12-17 | $3432.40                  | $72950.79               |
| 2025-12-18 | $4013.24                  | $14105.04               |
| 2025-12-19 | $14125.68                 | $443.71                 |
| 2025-12-22 | $4945.22                  | $107950.35              |
| 2025-12-23 | $17787.31                 | $260.00                 |
| 2025-12-24 | $0.00                     | $136364.55              |
| 2025-12-26 | $39940.06                 | $10000.00               |
| 2025-12-29 | $1197.59                  | $77454.53               |
| 2025-12-30 | $44066.92                 | $218025.15              |
| 2025-12-31 | $81390.12                 | $56682.74               |

**Total Gross Subscriptions (Month):** $4954749.40

**Total Gross Redemptions (Month):** $1577534.94

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-12-01 | 2.0300%           |
| 2025-12-02 | 2.0000%           |
| 2025-12-03 | 1.9400%           |
| 2025-12-04 | 1.8600%           |
| 2025-12-05 | 1.6100%           |
| 2025-12-08 | 1.5400%           |
| 2025-12-09 | 1.4900%           |
| 2025-12-10 | 1.5300%           |
| 2025-12-11 | 1.6600%           |
| 2025-12-12 | 2.0100%           |
| 2025-12-15 | 2.1100%           |
| 2025-12-16 | 2.2200%           |
| 2025-12-17 | 2.2700%           |
| 2025-12-18 | 2.2900%           |
| 2025-12-19 | 2.3300%           |
| 2025-12-22 | 2.3500%           |
| 2025-12-23 | 2.3700%           |
| 2025-12-24 | 2.3900%           |
| 2025-12-26 | 2.4000%           |
| 2025-12-29 | 2.3900%           |
| 2025-12-30 | 2.3900%           |
| 2025-12-31 | 2.2800%           |

**Beneficial/Record Owner Categories**
| Category                                            | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Broker-dealer                                       |  | 5.1600%          | 0.0000%              |
| Depository institution or other banking institution |  | 76.8400%         | 0.0000%              |

## Part C: Schedule of Portfolio Securities

### Security 1: ANDERSON TWP OH PARK DIST

- **C.1 - Title:** Anderson Township Park District, Ohio, Hamilton County, Series 2025
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 034150AV4, C.4 - ISIN: US034150AV42, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $4104834.72
- **C.18.a - Value (excl. sponsor support):** $4104834.72
- **C.19 - Percentage of Net Assets:** 1.0600%
- **C.17 - Yield as of Reporting Date:** 3.1200%
- **C.11 - Maturity Date (WAM):** 2026-03-11
- **C.12 - Maturity Date (WAL):** 2026-03-11
- **C.13 - Final Legal Maturity Date:** 2026-03-11
- **C.10 - Ratings:** Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 2: ASPIRUS INC OBL GROUP

- **C.1 - Title:** Wisconsin Health and Educational Facilities Authority, Aspirus Wausau Hospital, Inc., Series 2004
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 97710BLW0, C.4 - ISIN: US97710BLW09, C.3 - LEI: 549300ISNGXS0VHGVD41
- **C.18 - Value (incl. sponsor support):** $9700000.00
- **C.18.a - Value (excl. sponsor support):** $9700000.00
- **C.19 - Percentage of Net Assets:** 2.5000%
- **C.17 - Yield as of Reporting Date:** 2.2500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2034-08-15
- **C.10 - Ratings:** Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AAA; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 3: BANNER HEALTH OBLIG GROUP

- **C.1 - Title:** Arizona Health Facilities Authority, Banner Health, Series 2015C
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 040507QB4, C.4 - ISIN: US040507QB45, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $8000000.00
- **C.18.a - Value (excl. sponsor support):** $8000000.00
- **C.19 - Percentage of Net Assets:** 2.0600%
- **C.17 - Yield as of Reporting Date:** 2.5500%
- **C.11 - Maturity Date (WAM):** 2026-01-02
- **C.12 - Maturity Date (WAL):** 2026-01-02
- **C.13 - Final Legal Maturity Date:** 2046-01-01
- **C.10 - Ratings:** Fitch Long: AAA; Fitch Short: F1+; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 4: BAYCARE OBLIGATED GROUP

- **C.1 - Title:** Hillsborough County Industrial Development Authority, Baycare Health System, Series 2020C
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 43233KAC8, C.4 - ISIN: US43233KAC80, C.3 - LEI: 1H90SRZU22X0SF1UZR52
- **C.18 - Value (incl. sponsor support):** $13995000.00
- **C.18.a - Value (excl. sponsor support):** $13995000.00
- **C.19 - Percentage of Net Assets:** 3.6100%
- **C.17 - Yield as of Reporting Date:** 2.3500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2038-11-01
- **C.10 - Ratings:** Fitch Long: AA; Fitch Short: F1+; Moodys Long: Aa1; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 5: BROWN UNIVERSITY

- **C.1 - Title:** Rhode Island Health and Educational, Brown University, Series 2005A
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 762243MY6, C.4 - ISIN: US762243MY65, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $10235000.00
- **C.18.a - Value (excl. sponsor support):** $10235000.00
- **C.19 - Percentage of Net Assets:** 2.6400%
- **C.17 - Yield as of Reporting Date:** 3.3800%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2035-05-01
- **C.10 - Ratings:** Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 6: CHEVRON USA INC

- **C.1 - Title:** Mississippi Business Finance Corporation, Cheveron U.S.A. Inc Project, Series 2009A
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 60528ABH6, C.4 - ISIN: US60528ABH68, C.3 - LEI: 549300DYV074JUDKBQ77
- **C.18 - Value (incl. sponsor support):** $2115000.00
- **C.18.a - Value (excl. sponsor support):** $2115000.00
- **C.19 - Percentage of Net Assets:** 0.5500%
- **C.17 - Yield as of Reporting Date:** 2.5000%
- **C.11 - Maturity Date (WAM):** 2026-01-02
- **C.12 - Maturity Date (WAL):** 2026-01-02
- **C.13 - Final Legal Maturity Date:** 2030-12-01
- **C.10 - Ratings:** Moodys Long: Aa2; Moodys Short: VMIG1; Standard and Poors Long: AA-; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 7: CHEVRON USA INC

- **C.1 - Title:** Mississippi Business Finance Corporation, Cheveron U.S.A. Inc Project, Series 2010I
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 60528ABZ6, C.4 - ISIN: US60528ABZ66, C.3 - LEI: 549300DYV074JUDKBQ77
- **C.18 - Value (incl. sponsor support):** $12600000.00
- **C.18.a - Value (excl. sponsor support):** $12600000.00
- **C.19 - Percentage of Net Assets:** 3.2500%
- **C.17 - Yield as of Reporting Date:** 2.5000%
- **C.11 - Maturity Date (WAM):** 2026-01-02
- **C.12 - Maturity Date (WAL):** 2026-01-02
- **C.13 - Final Legal Maturity Date:** 2035-11-01
- **C.10 - Ratings:** Moodys Long: Aa2; Moodys Short: VMIG1; Standard and Poors Long: AA-; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 8: CHRISTUS HEALTH OBL GROUP

- **C.1 - Title:** Tarrant County Cultural Education Facilities Finance Corp, Christus Health, Series 2008C-2
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 87638TDD2, C.4 - ISIN: US87638TDD28, C.3 - LEI: 549300ROY505NVTMMI25
- **C.18 - Value (incl. sponsor support):** $135000.00
- **C.18.a - Value (excl. sponsor support):** $135000.00
- **C.19 - Percentage of Net Assets:** 0.0300%
- **C.17 - Yield as of Reporting Date:** 2.4500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2047-07-01
- **C.10 - Ratings:** Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 9: CLARK CNTY NV ARPT REVENUE

- **C.1 - Title:** Clark County, Nevada Airport System, Series 2008D-2B
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 18085PNC4, C.4 - ISIN: US18085PNC40, C.3 - LEI: 549300LDD8NZB2EOVG83
- **C.18 - Value (incl. sponsor support):** $5220000.00
- **C.18.a - Value (excl. sponsor support):** $5220000.00
- **C.19 - Percentage of Net Assets:** 1.3500%
- **C.17 - Yield as of Reporting Date:** 2.3500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2040-07-01
- **C.10 - Ratings:** Fitch Long: A; Fitch Short: F1; Moodys Long: Aa1; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 10: CLARK CNTY NV ARPT REVENUE

- **C.1 - Title:** Clark County, Nevada Airport System, Series 2008D-2A
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 18085PMX9, C.4 - ISIN: US18085PMX95, C.3 - LEI: 549300LDD8NZB2EOVG83
- **C.18 - Value (incl. sponsor support):** $9450000.00
- **C.18.a - Value (excl. sponsor support):** $9450000.00
- **C.19 - Percentage of Net Assets:** 2.4400%
- **C.17 - Yield as of Reporting Date:** 2.4000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2040-07-01
- **C.10 - Ratings:** Fitch Long: AA-; Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 11: DELAWARE OH

- **C.1 - Title:** City of Delaware Ohio, Fire Station & Land Acquisition, General Obligation Bond
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 246181UP4, C.4 - ISIN: US246181UP49, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $5010871.50
- **C.18.a - Value (excl. sponsor support):** $5010871.50
- **C.19 - Percentage of Net Assets:** 1.2900%
- **C.17 - Yield as of Reporting Date:** 3.1600%
- **C.11 - Maturity Date (WAM):** 2026-04-16
- **C.12 - Maturity Date (WAL):** 2026-04-16
- **C.13 - Final Legal Maturity Date:** 2026-04-16
- **C.10 - Ratings:** Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 12: DUKE ENERGY INDIANA LLC

- **C.1 - Title:** Indiana Finance Authority, Duke Energy Indiana Inc Project, Series 2009C
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 455054AF3, C.4 - ISIN: US455054AF38, C.3 - LEI: 549300PS0PAS7NDSSI20
- **C.18 - Value (incl. sponsor support):** $5020000.00
- **C.18.a - Value (excl. sponsor support):** $5020000.00
- **C.19 - Percentage of Net Assets:** 1.3000%
- **C.17 - Yield as of Reporting Date:** 2.3500%
- **C.11 - Maturity Date (WAM):** 2026-01-02
- **C.12 - Maturity Date (WAL):** 2026-01-02
- **C.13 - Final Legal Maturity Date:** 2040-10-01
- **C.10 - Ratings:** Moodys Long: Aa2; Moodys Short: VMIG1; Standard and Poors Long: AA-; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 13: EXXON CAPITAL VENTURES

- **C.1 - Title:** Gulf Coast Industrial Development Authority, ExxonMobil Project, Series 2012
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 402207AD6, C.4 - ISIN: US402207AD61, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $18000000.00
- **C.18.a - Value (excl. sponsor support):** $18000000.00
- **C.19 - Percentage of Net Assets:** 4.6400%
- **C.17 - Yield as of Reporting Date:** 2.6500%
- **C.11 - Maturity Date (WAM):** 2026-01-02
- **C.12 - Maturity Date (WAL):** 2026-01-02
- **C.13 - Final Legal Maturity Date:** 2041-11-01
- **C.10 - Ratings:** Moodys Long: Aa2; Moodys Short: VMIG1; Standard and Poors Long: AA-; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 14: HALIFAX HOSP MED CTR OBL

- **C.1 - Title:** Halifax Hospital Medical Center Daytona Beach, Florida, Series 2008
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 405815HE4, C.4 - ISIN: US405815HE45, C.3 - LEI: 549300H6HDJUXLEMUW23
- **C.18 - Value (incl. sponsor support):** $9780000.00
- **C.18.a - Value (excl. sponsor support):** $9780000.00
- **C.19 - Percentage of Net Assets:** 2.5200%
- **C.17 - Yield as of Reporting Date:** 3.5000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2048-06-01
- **C.10 - Ratings:** Fitch Long: AA; Fitch Short: F1+; Standard and Poors Long: AA; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 15: HAMILTON OH

- **C.1 - Title:** City of Hamilton Ohio,  General Obligation Bond, Series 2025
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 407756P90, C.4 - ISIN: US407756P902, C.3 - LEI: 549300NCXYTNZWHRP508
- **C.18 - Value (incl. sponsor support):** $2027269.20
- **C.18.a - Value (excl. sponsor support):** $2027269.20
- **C.19 - Percentage of Net Assets:** 0.5200%
- **C.17 - Yield as of Reporting Date:** 2.6400%
- **C.11 - Maturity Date (WAM):** 2026-12-15
- **C.12 - Maturity Date (WAL):** 2026-12-15
- **C.13 - Final Legal Maturity Date:** 2026-12-15
- **C.10 - Ratings:** Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 16: HOUSTON TX INDEP SCH DIST

- **C.1 - Title:** Houston Texas Independent School District, Series 2025B
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 442403RD5, C.4 - ISIN: US442403RD52, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $8775911.38
- **C.18.a - Value (excl. sponsor support):** $8775911.38
- **C.19 - Percentage of Net Assets:** 2.2600%
- **C.17 - Yield as of Reporting Date:** 3.3000%
- **C.11 - Maturity Date (WAM):** 2026-02-15
- **C.12 - Maturity Date (WAL):** 2026-02-15
- **C.13 - Final Legal Maturity Date:** 2026-02-15
- **C.10 - Ratings:** Moodys Long: Aaa; Standard and Poors Long: AAA
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 17: HOUSTON TX UTILITY SYS REVENUE

- **C.1 - Title:** City of Houston, Texas, Combined Utility System, Series 2004B
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 442435XR9, C.4 - ISIN: US442435XR92, C.3 - LEI: 549300C64URYS0WQQY42
- **C.18 - Value (incl. sponsor support):** $6000000.00
- **C.18.a - Value (excl. sponsor support):** $6000000.00
- **C.19 - Percentage of Net Assets:** 1.5500%
- **C.17 - Yield as of Reporting Date:** 3.4500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2034-05-15
- **C.10 - Ratings:** Fitch Long: AAA; Fitch Short: F1; Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 18: HOWARD HUGHES MEDICAL CENTER

- **C.1 - Title:** Industrial Development Authority of Loudoun County, Virginia, Howard Hughes Medical Institute Issue, Series 2003E
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 545910AJ0, C.4 - ISIN: US545910AJ02, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $19960000.00
- **C.18.a - Value (excl. sponsor support):** $19960000.00
- **C.19 - Percentage of Net Assets:** 5.1500%
- **C.17 - Yield as of Reporting Date:** 2.3500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2038-02-15
- **C.10 - Ratings:** Moodys Long: Aaa; Moodys Short: VMIG1; Standard and Poors Long: AAA; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 19: JEWISH FEDERATION S PALM

- **C.1 - Title:** Colorado Educational & Cultural Facilities Authority, National Jewish Federation, Series A-12
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 19645RDH1, C.4 - ISIN: US19645RDH12, C.3 - LEI: 549300BJRX2FHSSZP042
- **C.18 - Value (incl. sponsor support):** $200000.00
- **C.18.a - Value (excl. sponsor support):** $200000.00
- **C.19 - Percentage of Net Assets:** 0.0500%
- **C.17 - Yield as of Reporting Date:** 2.6500%
- **C.11 - Maturity Date (WAM):** 2026-01-02
- **C.12 - Maturity Date (WAL):** 2026-01-02
- **C.13 - Final Legal Maturity Date:** 2038-02-01
- **C.10 - Ratings:** Moodys Long: Aa2; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 20: KING COUNTY WASH DIR ASN

- **C.1 - Title:** Kings County Washington, Series A
- **C.6 - Investment Category:** Non-Financial Company Commercial Paper
- **Identifiers:** C.3 - CUSIP: 49476VJS3, C.4 - ISIN: US49476VJS34, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $9999644.00
- **C.18.a - Value (excl. sponsor support):** $9999644.00
- **C.19 - Percentage of Net Assets:** 2.5800%
- **C.17 - Yield as of Reporting Date:** 2.6400%
- **C.11 - Maturity Date (WAM):** 2026-01-08
- **C.12 - Maturity Date (WAL):** 2026-01-08
- **C.13 - Final Legal Maturity Date:** 2026-01-08
- **C.10 - Ratings:** Moodys Short: P-1; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 21: LAKE CNTY OH

- **C.1 - Title:** County of Lake, Ohio, Various Purpose Improvement Notes, Series 2025
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 5094266V9, C.4 - ISIN: US5094266V99, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $5261036.30
- **C.18.a - Value (excl. sponsor support):** $5261036.30
- **C.19 - Percentage of Net Assets:** 1.3600%
- **C.17 - Yield as of Reporting Date:** 2.6300%
- **C.11 - Maturity Date (WAM):** 2026-09-16
- **C.12 - Maturity Date (WAL):** 2026-09-16
- **C.13 - Final Legal Maturity Date:** 2026-09-16
- **C.10 - Ratings:** Moodys Short: MIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 22: LATIN SCHOOL OF CHICAGO

- **C.1 - Title:** Illinois Finance Authority, The Latin School of Chicago Project, Series 2005A
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 45200BVC9, C.4 - ISIN: US45200BVC98, C.3 - LEI: 549300ZG6UBPNNNRN315
- **C.18 - Value (incl. sponsor support):** $3160000.00
- **C.18.a - Value (excl. sponsor support):** $3160000.00
- **C.19 - Percentage of Net Assets:** 0.8200%
- **C.17 - Yield as of Reporting Date:** 3.3500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2028-08-01
- **C.10 - Ratings:** Moodys Long: Aa1; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 23: LUCAS CNTY OH

- **C.1 - Title:** County of Lucas, Ohio Various Purpose Improvement Notes, Series 2025
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 54930LUM5, C.4 - ISIN: US54930LUM52, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $4211135.71
- **C.18.a - Value (excl. sponsor support):** $4211135.71
- **C.19 - Percentage of Net Assets:** 1.0900%
- **C.17 - Yield as of Reporting Date:** 2.4700%
- **C.11 - Maturity Date (WAM):** 2026-10-09
- **C.12 - Maturity Date (WAL):** 2026-10-09
- **C.13 - Final Legal Maturity Date:** 2026-10-09
- **C.10 - Ratings:** Moodys Short: MIG1; Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 24: MACALESTER COLLEGE

- **C.1 - Title:** Minnesota Higher Education Facilities Authority, Macalester College, Series Five-Q
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 6041518J2, C.4 - ISIN: US6041518J26, C.3 - LEI: BSGEFEIOM18Y80CKCV46
- **C.18 - Value (incl. sponsor support):** $13975000.00
- **C.18.a - Value (excl. sponsor support):** $13975000.00
- **C.19 - Percentage of Net Assets:** 3.6100%
- **C.17 - Yield as of Reporting Date:** 2.8500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2033-03-01
- **C.10 - Ratings:** Moodys Long: Aa3; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 25: MACON GA WTR AUTH

- **C.1 - Title:** Macon Water Authority, Tax-Exempt Adjustable Mode Water & Sewer Refunding and Improvement Revenue Bonds, Series 2018B
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 555758HX2, C.4 - ISIN: US555758HX27, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $18180000.00
- **C.18.a - Value (excl. sponsor support):** $18180000.00
- **C.19 - Percentage of Net Assets:** 4.6900%
- **C.17 - Yield as of Reporting Date:** 3.3500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2038-10-01
- **C.10 - Ratings:** Moodys Long: Aa2; Standard and Poors Long: AA; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 26: MADISON WI MET SCH DIST

- **C.1 - Title:** Madison Metropolitan School District, Dane County, Wisconsin, Series 2025
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 558495RE9, C.4 - ISIN: US558495RE95, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $5083067.50
- **C.18.a - Value (excl. sponsor support):** $5083067.50
- **C.19 - Percentage of Net Assets:** 1.3100%
- **C.17 - Yield as of Reporting Date:** 2.6000%
- **C.11 - Maturity Date (WAM):** 2026-09-01
- **C.12 - Maturity Date (WAL):** 2026-09-01
- **C.13 - Final Legal Maturity Date:** 2026-09-01
- **C.10 - Ratings:** Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 27: MEDSTAR HEALTH OBLIGATED GROUP

- **C.1 - Title:** District of Columbia, Multimodal Medlantic/helix Issue, Series 1998A Tranche III
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 254839RZ8, C.4 - ISIN: US254839RZ83, C.3 - LEI: 549300HWFOZXPKGOX654
- **C.18 - Value (incl. sponsor support):** $1575000.00
- **C.18.a - Value (excl. sponsor support):** $1575000.00
- **C.19 - Percentage of Net Assets:** 0.4100%
- **C.17 - Yield as of Reporting Date:** 3.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2038-08-15
- **C.10 - Ratings:** Fitch Long: A+; Fitch Short: F1; Moodys Long: A1; Moodys Short: VMIG1; Standard and Poors Long: AA; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 28: MIAMI-DADE CNTY FL SPL OBLIG

- **C.1 - Title:** Miami-Dade County, Florida, Juvenile Courthouse Project, Series 2003B
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 59333NJB0, C.4 - ISIN: US59333NJB01, C.3 - LEI: 549300QG0NBD9HULR263
- **C.18 - Value (incl. sponsor support):** $8670000.00
- **C.18.a - Value (excl. sponsor support):** $8670000.00
- **C.19 - Percentage of Net Assets:** 2.2400%
- **C.17 - Yield as of Reporting Date:** 2.4000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2043-04-01
- **C.10 - Ratings:** Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 29: MIAMISBURG OH

- **C.1 - Title:** City of Miamisburg, Montgomery County, Ohio, Series 2025
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 593864MK4, C.4 - ISIN: US593864MK43, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3002417.10
- **C.18.a - Value (excl. sponsor support):** $3002417.10
- **C.19 - Percentage of Net Assets:** 0.7700%
- **C.17 - Yield as of Reporting Date:** 3.0500%
- **C.11 - Maturity Date (WAM):** 2026-02-10
- **C.12 - Maturity Date (WAL):** 2026-02-10
- **C.13 - Final Legal Maturity Date:** 2026-02-10
- **C.10 - Ratings:** Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 30: MUSKINGUM CNTY OH

- **C.1 - Title:** County of Muskingum, Ohio Capital Facilities Improvement, Series 2025A
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 628076NG2, C.4 - ISIN: US628076NG20, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $6837572.48
- **C.18.a - Value (excl. sponsor support):** $6837572.48
- **C.19 - Percentage of Net Assets:** 1.7600%
- **C.17 - Yield as of Reporting Date:** 2.7500%
- **C.11 - Maturity Date (WAM):** 2026-12-15
- **C.12 - Maturity Date (WAL):** 2026-12-15
- **C.13 - Final Legal Maturity Date:** 2026-12-15
- **C.10 - Ratings:** Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 31: NEW ALBANY OH

- **C.1 - Title:** City of New Albany, Ohio Capital Facilities, Series 2025
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 641840GF4, C.4 - ISIN: US641840GF44, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3365184.21
- **C.18.a - Value (excl. sponsor support):** $3365184.21
- **C.19 - Percentage of Net Assets:** 0.8700%
- **C.17 - Yield as of Reporting Date:** 2.6800%
- **C.11 - Maturity Date (WAM):** 2026-06-04
- **C.12 - Maturity Date (WAL):** 2026-06-04
- **C.13 - Final Legal Maturity Date:** 2026-06-04
- **C.10 - Ratings:** Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 32: NEW YORK CITY NY TRANSITIONAL

- **C.1 - Title:** New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds, Series 2013C-5
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 64971QQ63, C.4 - ISIN: US64971QQ635, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $6080000.00
- **C.18.a - Value (excl. sponsor support):** $6080000.00
- **C.19 - Percentage of Net Assets:** 1.5700%
- **C.17 - Yield as of Reporting Date:** 3.3100%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2041-11-01
- **C.10 - Ratings:** Fitch Long: AAA; Fitch Short: F1; Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AAA; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 33: NORTON HEALTHCARE OBLIG

- **C.1 - Title:** Louisville/Jefferson County Metro Government, Norton Healthcare, Inc, Series 2013C
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 54659LAW4, C.4 - ISIN: US54659LAW46, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $14990000.00
- **C.18.a - Value (excl. sponsor support):** $14990000.00
- **C.19 - Percentage of Net Assets:** 3.8700%
- **C.17 - Yield as of Reporting Date:** 3.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2043-10-01
- **C.10 - Ratings:** Fitch Long: A+; Fitch Short: F1; Standard and Poors Long: AA; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 34: OHIO ST

- **C.1 - Title:** State of Ohio, Common Schools General Obligation Fund, Series 2006B
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 677520NH7, C.4 - ISIN: US677520NH77, C.3 - LEI: 5493005LEB5E170OMX59
- **C.18 - Value (incl. sponsor support):** $1035000.00
- **C.18.a - Value (excl. sponsor support):** $1035000.00
- **C.19 - Percentage of Net Assets:** 0.2700%
- **C.17 - Yield as of Reporting Date:** 3.1500%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2026-06-15
- **C.10 - Ratings:** Fitch Long: AAA; Fitch Short: F1+; Moodys Long: Aaa; Moodys Short: VMIG1; Standard and Poors Long: AAA; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 35: PARKVIEW HEALTH SYSTEM

- **C.1 - Title:** Indiana Finance Authority, Parkview Health System Obligated Group, Series 2009C
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 45471AAQ5, C.4 - ISIN: US45471AAQ58, C.3 - LEI: 549300PS0PAS7NDSSI20
- **C.18 - Value (incl. sponsor support):** $13540000.00
- **C.18.a - Value (excl. sponsor support):** $13540000.00
- **C.19 - Percentage of Net Assets:** 3.4900%
- **C.17 - Yield as of Reporting Date:** 3.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2039-11-01
- **C.10 - Ratings:** Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 36: PENNSYLVANIA ST TURNPIKE COMMI

- **C.1 - Title:** Pennsylvania Turnpike Commission Variable Rate Turnpike Revenue Bonds, Series 2020A
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 709225AA4, C.4 - ISIN: US709225AA45, C.3 - LEI: 549300J8LLBYEYEXZJ24
- **C.18 - Value (incl. sponsor support):** $18450000.00
- **C.18.a - Value (excl. sponsor support):** $18450000.00
- **C.19 - Percentage of Net Assets:** 4.7600%
- **C.17 - Yield as of Reporting Date:** 3.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2050-12-01
- **C.10 - Ratings:** Fitch Long: AA+; Fitch Short: F1; Moodys Long: Aa1; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 37: PHOEBUS SQUARE LP

- **C.1 - Title:** Portsmouth Redevelopment & Housing Authority, Phoebus Square Apartments, Series 2008
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 737257CT0, C.4 - ISIN: US737257CT02, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $7200000.00
- **C.18.a - Value (excl. sponsor support):** $7200000.00
- **C.19 - Percentage of Net Assets:** 1.8600%
- **C.17 - Yield as of Reporting Date:** 3.4200%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2048-04-01
- **C.10 - Ratings:** Standard and Poors Long: AA+; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 38: PORT TACOMA WA REVENUE

- **C.1 - Title:** Port of Tacoma, Subordinate Lien Revenue Bonds, Series 2008B
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 735439NE7, C.4 - ISIN: US735439NE76, C.3 - LEI: 549300MLYO8L64QKXV81
- **C.18 - Value (incl. sponsor support):** $19000000.00
- **C.18.a - Value (excl. sponsor support):** $19000000.00
- **C.19 - Percentage of Net Assets:** 4.9000%
- **C.17 - Yield as of Reporting Date:** 2.3800%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2044-12-01
- **C.10 - Ratings:** Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 39: RICHARD H DRIEHAUS MUSEUM

- **C.1 - Title:** Illinois Finance Authority, Richard Driehaus Foundation, Series 2005
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 45200BKX5, C.4 - ISIN: US45200BKX54, C.3 - LEI: 549300ZG6UBPNNNRN315
- **C.18 - Value (incl. sponsor support):** $12100000.00
- **C.18.a - Value (excl. sponsor support):** $12100000.00
- **C.19 - Percentage of Net Assets:** 3.1200%
- **C.17 - Yield as of Reporting Date:** 2.5000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2035-02-01
- **C.10 - Ratings:** Moodys Long: Aa3; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 40: SIDNEY OH

- **C.1 - Title:** City of Sidney, Ohio General Obligation Notes, Series 2025
- **C.6 - Investment Category:** Other Municipal Security
- **Identifiers:** C.3 - CUSIP: 826112LP7, C.4 - ISIN: US826112LP76, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $5044882.00
- **C.18.a - Value (excl. sponsor support):** $5044882.00
- **C.19 - Percentage of Net Assets:** 1.3000%
- **C.17 - Yield as of Reporting Date:** 2.4800%
- **C.11 - Maturity Date (WAM):** 2026-10-07
- **C.12 - Maturity Date (WAL):** 2026-10-07
- **C.13 - Final Legal Maturity Date:** 2026-10-07
- **C.10 - Ratings:** Standard and Poors Short: SP-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 41: ST IGNATIUS COLLEGE PREP

- **C.1 - Title:** Illinois Finance Authority, St. Ignatius College Prep Project, Series 2006
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 45200BN38, C.4 - ISIN: US45200BN384, C.3 - LEI: 549300ZG6UBPNNNRN315
- **C.18 - Value (incl. sponsor support):** $12000000.00
- **C.18.a - Value (excl. sponsor support):** $12000000.00
- **C.19 - Percentage of Net Assets:** 3.1000%
- **C.17 - Yield as of Reporting Date:** 2.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2036-12-01
- **C.10 - Ratings:** Moodys Long: A1; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 42: ST LOUIS UNIVERSITY

- **C.1 - Title:** Health and Educational Facilities Authority of the State of Missouri, Saint Louis University, Series 2008B-2
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 6069014P8, C.4 - ISIN: US6069014P85, C.3 - LEI: 549300IWTBCMX5JB3277
- **C.18 - Value (incl. sponsor support):** $1910000.00
- **C.18.a - Value (excl. sponsor support):** $1910000.00
- **C.19 - Percentage of Net Assets:** 0.4900%
- **C.17 - Yield as of Reporting Date:** 2.4000%
- **C.11 - Maturity Date (WAM):** 2026-01-02
- **C.12 - Maturity Date (WAL):** 2026-01-02
- **C.13 - Final Legal Maturity Date:** 2035-10-01
- **C.10 - Ratings:** Moodys Long: Aa1; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 43: STEPPENWOLF THEATRE CO

- **C.1 - Title:** Illinois Finance Authority, Steppenwolf Theatre Company Project, Series 2019
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 45204EU30, C.4 - ISIN: US45204EU302, C.3 - LEI: 549300ZG6UBPNNNRN315
- **C.18 - Value (incl. sponsor support):** $13200000.00
- **C.18.a - Value (excl. sponsor support):** $13200000.00
- **C.19 - Percentage of Net Assets:** 3.4100%
- **C.17 - Yield as of Reporting Date:** 3.4000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2049-03-01
- **C.10 - Ratings:** Standard and Poors Long: AA-; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 44: THE ADLER PLANETARIUM

- **C.1 - Title:** Illinois Educational Facilities Authority, The Adler Planetarium, Series 1997
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 452001TU4, C.4 - ISIN: US452001TU47, C.3 - LEI: 549300ZG6UBPNNNRN315
- **C.18 - Value (incl. sponsor support):** $5100000.00
- **C.18.a - Value (excl. sponsor support):** $5100000.00
- **C.19 - Percentage of Net Assets:** 1.3200%
- **C.17 - Yield as of Reporting Date:** 3.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2031-04-01
- **C.10 - Ratings:** Standard and Poors Long: A; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 45: THE NEWBERRY LIBRARY

- **C.1 - Title:** Illinois Educational Facilities Authority, The Newberry Library, Series 1988
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 452000S60, C.4 - ISIN: US452000S606, C.3 - LEI: 549300ZG6UBPNNNRN315
- **C.18 - Value (incl. sponsor support):** $325000.00
- **C.18.a - Value (excl. sponsor support):** $325000.00
- **C.19 - Percentage of Net Assets:** 0.0800%
- **C.17 - Yield as of Reporting Date:** 2.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2028-03-01
- **C.10 - Ratings:** Moodys Long: Aa3; Moodys Short: VMIG1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 46: UNIVERSITY OF MICHIGAN

- **C.1 - Title:** University of Michigan, Series B
- **C.6 - Investment Category:** Non-Financial Company Commercial Paper
- **Identifiers:** C.3 - CUSIP: 91445AS42, C.4 - ISIN: US91445AS421, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $8999721.00
- **C.18.a - Value (excl. sponsor support):** $8999721.00
- **C.19 - Percentage of Net Assets:** 2.3200%
- **C.17 - Yield as of Reporting Date:** 2.6900%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2026-01-07
- **C.10 - Ratings:** Moodys Short: P-1; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 47: UNIVERSITY OF MINNESOTA

- **C.1 - Title:** University of Minnesota, Series D
- **C.6 - Investment Category:** Non-Financial Company Commercial Paper
- **Identifiers:** C.3 - CUSIP: 91447AHS9, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $11976894.60
- **C.18.a - Value (excl. sponsor support):** $11976894.60
- **C.19 - Percentage of Net Assets:** 3.0900%
- **C.17 - Yield as of Reporting Date:** 2.6200%
- **C.11 - Maturity Date (WAM):** 2026-03-02
- **C.12 - Maturity Date (WAL):** 2026-03-02
- **C.13 - Final Legal Maturity Date:** 2026-03-02
- **C.10 - Ratings:** Moodys Short: P-1; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? No, C.23 Categorized at Level 3? No

### Security 48: WILSON CNTY TN SPORTS AUTH INF

- **C.1 - Title:** Sports Authority of Wilson County, Tennessee, Series 1999
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 97218MAA3, C.4 - ISIN: US97218MAA36, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1065000.00
- **C.18.a - Value (excl. sponsor support):** $1065000.00
- **C.19 - Percentage of Net Assets:** 0.2700%
- **C.17 - Yield as of Reporting Date:** 3.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2029-09-01
- **C.10 - Ratings:** Moodys Long: A1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 49: WV UNITED HLTH SYS OBLIG

- **C.1 - Title:** West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series 2018C
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 956622P40, C.4 - ISIN: US956622P406, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $860000.00
- **C.18.a - Value (excl. sponsor support):** $860000.00
- **C.19 - Percentage of Net Assets:** 0.2200%
- **C.17 - Yield as of Reporting Date:** 3.3200%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2034-06-01
- **C.10 - Ratings:** Moodys Long: Aa2; Moodys Short: VMIG1; Standard and Poors Long: AA+; Standard and Poors Short: A-1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 50: YALE UNIVERSITY

- **C.1 - Title:** State of Connecticut Health and Education Facilities Authority, Yale University, Series 2017A-1
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 20775DTT9, C.4 - ISIN: US20775DTT99, C.3 - LEI: 549300ZOQJ5U8YBS5Q35
- **C.18 - Value (incl. sponsor support):** $18000000.00
- **C.18.a - Value (excl. sponsor support):** $18000000.00
- **C.19 - Percentage of Net Assets:** 4.6400%
- **C.17 - Yield as of Reporting Date:** 2.2000%
- **C.11 - Maturity Date (WAM):** 2026-01-07
- **C.12 - Maturity Date (WAL):** 2026-01-07
- **C.13 - Final Legal Maturity Date:** 2042-07-01
- **C.10 - Ratings:** Moodys Long: Aaa; Moodys Short: VMIG1; Standard and Poors Long: AAA; Standard and Poors Short: A-1+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

## N-MFP: Signatures

**Registrant:** First American Funds Trust

**Date:** 2026-01-08

**By:** Brent G. Smith

**Name of Signing Officer:** Brent G. Smith

**Title of Signing Officer:** Assistant Treasurer