# EDGAR Filing Document

**Accession Number:** 0001696729
**File Stem:** 0001133228-25-013301
**Filing Date:** 2025-12
**Character Count:** 412054
**Document Hash:** 5645a4837a4b144d01f9f068609d0fd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013301.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001133228-25-013301

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFM Multi-Manager Series Trust
- **CENTRAL INDEX KEY:** 0001696729

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23282
- **FILM NUMBER:** 251552694

**BUSINESS ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101
- **BUSINESS PHONE:** 215-567-6100

**MAIL ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101

## Series and Classes Contracts Data

### First American Multi-Manager Domestic Equity Fund (Series ID: S000059561)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195097 | Advisor Class       |  |
| C000195098 | Institutional Class | FAEQX           |
| C000195099 | R Class             |  |

### First American Multi-Manager Fixed-Income Fund (Series ID: S000059562)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195100 | Advisor Class       |  |
| C000195101 | Institutional Class | FAFIX           |
| C000195102 | R Class             |  |

### First American Multi-Manager International Equity Fund (Series ID: S000059563)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195103 | Advisor Class       |  |
| C000195104 | Institutional Class | FAIEX           |
| C000195105 | R Class             |  |

?xml version='1.0' encoding='ASCII'? 2025-07-31195150_FirstAmericanMulti-ManagerDomesticEquityFund_InstitutionalClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **811-23282**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PFM Multi-Manager Series Trust**

(Exact name of registrant as specified in charter)

**213 Market Street**

**Harrisburg, Pennsylvania 17101-2141**

(Address of principal executive offices) (Zip code)

**The Corporation Trust Company**

**1209 Orange Street**

**Wilmington, Delaware 19801**

(Name and address of agent for service)

Copy to:

**Jonathan Kopcsik, Esq.**

**Stradley Ronon Stevens & Young LLP**

**2005 Market Street, Suite 2600**

**Philadelphia, Pennsylvania, 19103-7018**

Registrant's telephone number, including area code: **(800) 527-5412**

Date of fiscal year end: **September 30**

Date of reporting period: **September 30, 2025**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img592798_202511261842570.jpg) | **First American Multi-Manager Domestic** **Equity Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img592798_202511261842570.jpg) | Institutional Class \| FAEQX  | ![image](img132882_202504221927195.jpg) |
| ![image](img592798_202511261842570.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Multi-Manager Domestic Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/DomesticEquity.html. You can also request this information by contacting us at (800) 527-5412.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $39 | 0.36% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund uses a multi-manager approach, allocating assets to one or more sub-advisers and may also allocate assets to third-party mutual funds and ETFs. The Fund utilized the following sub-advisers as of September 30, 2025: Aristotle Atlantic Partners, LLC (Aristotle Atlantic) and Putnam Investment Management, LLC. The Fund also held positions in the iShares Russell 2000 Growth ETF, PIMCO RAE US Small Fund and Schwab U.S. Large Cap ETF.

The Fund returned 16.80% for the year ended September 30, 2025, underperforming the Russell 3000 Index benchmark return of 17.41% for the same period. The underperformance was primarily due to manager selection as former sub-advisers Vaughan Nelson Investment Management, L.P. (Vaughan Nelson) and Jacobs Levy Equity Management, Inc. (Jacobs Levy) underperformed during this period. Vaughan Nelson underperformed due to underexposure to the Magnificent 7 and negative stock selection in other areas. Jacobs Levy underperformed due to its persistent value and smaller size bias, as growth and larger market cap outperformed. The allocations to both Vaughan Nelson and Jacobs Levy were transitioned to other sub-advisers during the period. The Fund experienced positive manager selection from the allocation to Aristotle Atlantic, which outperformed the Russell 3000 Index benchmark due to positive stock selection in information technology, health care, communication services, and industrials.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION? (DECEMBER 29, 2017 TO SEPTEMBER 30, 2025)** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5501img003.jpg)

† The Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

First American Multi-Manager Domestic Equity Fund PAGE 1 TSR-AR-71719T208

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/29/2017)** |
| **Institutional Class**  | 16.80 | 14.69 | 12.55 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 13.77 |

---

Visit https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/DomesticEquity.html for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund commenced operations on December 29, 2017. The Fund was not invested in accordance with the Fund's investment strategies until May 16, 2018.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1229261951 |
| **Number of Holdings** | 160 |
| **Net Advisory Fee** | $3393871 |
| **Portfolio Turnover** | 40% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

**Sector Breakdown** **\*\***

![image](ts5501img004.jpg)

\*\* Percentages above are inclusive of underlying exposures within the iShares Russell 2000 Growth ETF, PIMCO RAE US Small Fund and Schwab U.S. Large Cap ETF and may differ from percentages reflected in the Schedule of Investments.

**WHAT NOTEWORTHY CHANGES OCCURRED OVER THE PAST YEAR?**

This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 upon request at (800) 527-5412 or at https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/DomesticEquity.html.

Effective October 1, 2024, the Fund was renamed First American Multi-Manager Domestic Equity Fund. The name change coincided with a consolidation, also effective October 1, 2024, of the Fund's adviser, PFM Asset Management LLC into its parent company, U.S. Bancorp Asset Management, Inc., and merger of the Fund's distributor, PFM Fund Distributors, Inc. into its affiliate, U.S. Bancorp Investments, Inc. Prior to this, the Fund was named PFM Multi-Manager Domestic Equity Fund.

Putnam Investment Management, LLC, a sub-adviser of the Fund, was hired during the period. Vaughan Nelson Investment Management, L.P. and Jacobs Levy Equity Management, Inc., sub-advisers of the Fund, were terminated during the period.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/DomesticEquity.html.

First American Multi-Manager Domestic Equity Fund PAGE 2 TSR-AR-71719T208

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 527-5412, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

First American Multi-Manager Domestic Equity Fund PAGE 3 TSR-AR-71719T208

10000001076000111112412603051677209137574616137642141398250122410000001105725113798613086991725852142163017125132315209271826332.613.910.79.79.29.24.52.82.35.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img592794_202511261831261.jpg) | **First American Multi-Manager** **International Equity Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img592794_202511261831261.jpg) | Institutional Class \| FAIEX  | ![image](img132882_202504221927195.jpg) |
| ![image](img592794_202511261831261.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Multi-Manager International Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/InternationalEquity.html. You can also request this information by contacting us at (800) 527-5412.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $68 | 0.62% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund uses a multi-manager approach, allocating assets to one or more sub-advisers and may also allocate assets to third-party mutual funds and ETFs. The Fund utilized the following sub-advisers as of September 30, 2025: Acadian Asset Management LLC (Acadian), Aristotle Capital Management, LLC (Aristotle), Ninety One North America, Inc. and WCM Investment Management LLC. The Fund also held positions in the Schwab International Equity ETF and Schwab Emerging Markets Equity ETF.

The Fund returned 18.07% for the year ended September 30, 2025, outperforming the MSCI All Country World ex-U.S. Index benchmark return of 16.45% for the same period. Active managers within total international markets contributed to relative performance, aided by strong stock selection and positive sector allocation effects. Within international developed markets, Acadian generated alpha, while Aristotle was the leading detractor, primarily due to challenging stock selection in the industrials, materials, and consumer staples sectors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION? (DECEMBER 29, 2017 TO SEPTEMBER 30, 2025)** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5503img003.jpg)

† The Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

First American Multi-Manager International Equity Fund PAGE 1 TSR-AR-71719T505

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/29/2017)** |
| **Institutional Class**  | 18.07 | 9.22 | 5.84 |
| **MSCI All Country World ex-U.S. Index**  | 16.45 | 10.26 | 6.31 |

---

Visit https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/InternationalEquity.html for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund commenced operations on December 29, 2017. The Fund was not invested in accordance with the Fund's investment strategies until May 16, 2018.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $966338203 |
| **Number of Holdings** | 344 |
| **Net Advisory Fee** | $4250950 |
| **Portfolio Turnover** | 70% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

**Sector Breakdown** **\*\***

![image](ts5503img004.jpg)

---

| | |
|:---|:---|
| **Region Breakdown** **\*\*** | **(%)** |
|  EM Asia  | 24.3% |
|  EMU  | 24.0% |
|  Pacific  | 19.5% |
|  Europe ex EMU  | 16.4% |
|  North America  | 6.4% |
|  EM Latin America  | 3.2% |
|  EM Europe, Middle East & Africa  | 3.1% |
|  Middle East  | 0.6% |
|  Cash Equivalents and Other  | 2.5% |

---

\*\* Percentages above are inclusive of underlying exposures within the Schwab International Equity ETF and Schwab Emerging Markets Equity ETF and may differ from percentages reflected in the Schedule of Investments.

**WHAT NOTEWORTHY CHANGES OCCURRED OVER THE PAST YEAR?**

This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 upon request at (800) 527-5412 or at https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/InternationalEquity.html.

Effective October 1, 2024, the Fund was renamed First American Multi-Manager International Equity Fund. The name change coincided with a consolidation, also effective October 1, 2024, of the Fund's adviser, PFM Asset Management LLC into its parent company, U.S. Bancorp Asset Management, Inc., and merger of the Fund's distributor, PFM Fund Distributors, Inc. into its affiliate, U.S. Bancorp Investments, Inc. Prior to this, the Fund was named PFM Multi-Manager International Equity Fund.

Kayne Anderson Rudnick Investment Management, LLC and Schroder Investment Management North America Inc., sub-advisers of the Fund, were terminated during the period.

First American Multi-Manager International Equity Fund PAGE 2 TSR-AR-71719T505

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/InternationalEquity.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 527-5412, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

First American Multi-Manager International Equity Fund PAGE 3 TSR-AR-71719T505

100000096900095091299933912477558908781052054131546115531421000000969124957214985947122174491427411006771379734160663822.217.914.711.47.37.05.45.23.45.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img592796_202511261837561.jpg) | **First American Multi-Manager** **Fixed-Income Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img592796_202511261837561.jpg) | Institutional Class \| FAFIX  | ![image](img132882_202504221927195.jpg) |
| ![image](img592796_202511261837561.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img132882_202504221927195.jpg) |

---

This annual shareholder report contains important information about the First American Multi-Manager Fixed-Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/FixedIncome.html. You can also request this information by contacting us at (800) 527-5412.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $50 | 0.49% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund uses a multi-manager approach, which includes allocating assets to one or more sub-advisers and may also allocate assets to third-party mutual funds and ETFs. The Fund utilized the following sub-advisers as of September 30, 2025: Brown Brothers Harriman & Co., PineBridge Investments LLC (PineBridge), PGIM, Inc. (PGIM) and Teachers Advisors, LLC (Teachers). The Fund also held positions in the iShares Core U.S. Aggregate Bond ETF and iShares 10-20 Year Treasury Bond ETF.

The Fund returned 3.18% for the year ended September 30, 2025, outperforming the Bloomberg U.S. Aggregate Index benchmark return of 2.88% for the same period. The outperformance was largely a result of active core managers PGIM and Teachers. An overweight to credit through investment grade manager PineBridge and prior exposure to two high yield mutual funds also contributed.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION? (DECEMBER 29, 2017 TO SEPTEMBER 30, 2025)** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5502img003.jpg)

† The Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

First American Multi-Manager Fixed-Income Fund PAGE 1 TSR-AR-71719T802

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/29/2017)** |
| **Institutional Class**  | 3.18 | 0.38 | 2.34 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.65 |

---

Visit https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/FixedIncome.html for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund commenced operations on December 29, 2017. The Fund was not invested in accordance with the Fund's investment strategies until May 16, 2018.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1614603177 |
| **Number of Holdings** | 1982 |
| **Net Advisory Fee** | $6134407 |
| **Portfolio Turnover** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

**Sector Breakdown** **\*\***

![image](ts5502img004.jpg)

\*\* Percentages above are inclusive of underlying exposures within the iShares Core U.S. Aggregate Bond ETF and iShares 10-20 Year Treasury Bond ETF and may differ from percentages reflected in the Schedule of Investments.

**WHAT NOTEWORTHY CHANGES OCCURRED OVER THE PAST YEAR?**

This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 upon request at (800) 527-5412 or at https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/FixedIncome.html.

Effective October 1, 2024, the Fund was renamed First American Multi-Manager Fixed-Income Fund. The name change coincided with a consolidation, also effective October 1, 2024, of the Fund's adviser, PFM Asset Management LLC into its parent company, U.S. Bancorp Asset Management, Inc., and merger of the Fund's distributor, PFM Fund Distributors, Inc. into its affiliate, U.S. Bancorp Investments, Inc. Prior to this, the Fund was named PFM Multi-Manager Fixed-Income Fund.

Penn Mutual Asset Management, LLC, a sub-adviser of the Fund, was terminated during the period.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/FixedIncome.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 527-5412, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

First American Multi-Manager Fixed-Income Fund PAGE 2 TSR-AR-71719T802

10000001012706110553311742221188634101601510333701159727119665210000009840201085334116114311507509827459890781103499113532129.627.222.99.85.02.01.61.30.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, PFM Multi-Manager Series Trust (the "Registrant"), has adopted a code
 of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer
 or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third
 party (the "Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(b) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the Registrant's
 principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the Code of
 Ethics description in paragraph (b) of Item 2 of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not, during the period covered by this report, granted any waivers, including an implicit waiver, from a provision
 of the Code of Ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting
 officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant
 or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Code of Ethics is attached hereto as Exhibit 19(a)(1).

**<u>Item 3. Audit Committee Financial Expert.</u>**

The Board of Trustees of the Registrant (the "Board") has determined that the Registrant has three "audit committee financial experts," as that term is defined under Item 3(b) and 3(c) of Form N-CSR, serving on its audit committee. The audit committee financial experts serving on the Registrant's audit committee are Bruce Aronow, Robert Bernstein, and Carmen Heredia-Lopez, who are "independent" trustees of the Registrant, as that term is defined under Item 3(a)(2) of Form N-CSR. The designation of Messrs. Aronow and Bernstein and Ms. Heredia-Lopez as "audit committee financial experts" pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant's audit committee or Board in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant's audit committee or Board.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by Ernst & Young LLP ("EY"),
 the Registrant's principal accountant, for the audit of the Registrant's annual financial statements or services that are
 normally provided by EY in connection with the Registrant's statutory and regulatory filings or engagements were $223,885 for the
 fiscal year ended September 30, 2025 and $225,970 for the fiscal year ended September 30, 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed for each of the last two fiscal years for assurance and related services by EY that are reasonably related to
 the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were
 $60,000 for the fiscal year ended September 30, 2025 and $60,000 for the fiscal year ended September 30, 2024.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed for each of the last two fiscal years for professional services rendered by EY to the Registrant for tax compliance,
 tax advice, tax planning and tax return preparation were $48,310 for the for the fiscal year ended September 30, 2025 and $58,547 for
 the fiscal year ended September 30, 2024.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed for each of the last two fiscal years for products and services provided by EY, other than the services reported
 in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended September 30, 2025 and $0 for the fiscal year ended September
 30, 2024.

---

| | |
|:---|:---|
| (e)(1) | The Registrant's audit committee has adopted Pre-Approval Policies and Procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including non-audit services provided to the Registrant's investment adviser(s) and to any affiliate of the investment adviser(s) that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. |

---

---

| | |
|:---|:---|
| (e)(2) | 0% of services described in paragraphs (b) through (d) of this Item were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the
 Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
 with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that
 provides ongoing services to the Registrant for each of the last two fiscal years were $48,310 for the fiscal year ended September
 30, 2025 and $58,547 for the fiscal year ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial
 Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](first_americanfundsbc02.jpg)

**PFM Multi-Manager Series Trust**

**First American Multi-Manager Domestic Equity Fund** 

**First American Multi-Manager International Equity Fund** 

**First American Multi-Manager Fixed-Income Fund** 

Annual Financial Statements and Additional Information

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Report of Independent Registered Public Accounting Firm](#rep) | [1](#rep) |
| [Schedules of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Domestic Equity Fund](#soi1) | [2](#soi1) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager International Equity Fund](#soi2) | [6](#soi2) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Fixed-Income Fund](#soi3) | [12](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [56](#sal) |
| [Statements of Operations](#tsop) | [57](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [58](#tscna) |
| [Financial Highlights](#fihi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Domestic Equity Fund](#fihi1) | [60](#fihi1) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager International Equity Fund](#fihi2) | [61](#fihi2) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Fixed-Income Fund](#fihi3) | [62](#fihi3) |
| [Notes to Financial Statements](#tnote) | [63](#tnote) |
| [Other Information (unaudited)](#tinfo) | [74](#tinfo) |
| [Board Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)](#board) | [75](#board) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and the Board of Trustees of PFM Multi-Manager Series Trust

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of PFM Multi-Manager Series Trust (the "Trust") (comprising First American Multi-Manager Domestic Equity Fund, First American Multi-Manager International Equity Fund, and First American Multi-Manager Fixed-Income Fund (collectively referred to as the "Funds")), including the schedules of investments, as of September 30, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising PFM Multi-Manager Series Trust at September 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](ey-llp_sign.jpg)

We have served as the auditor of one or more U.S. Bancorp Asset Management, Inc. investment companies since 1999.

Philadelphia, Pennsylvania

November 26, 2025

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER DOMESTIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares** | **Value**  |
| **COMMON STOCKS — 19.3%** <br>|  |  |
| **COMMUNICATION SERVICES — 2.2%**  | **COMMUNICATION SERVICES — 2.2%**  | **COMMUNICATION SERVICES — 2.2%**  |
| Alphabet, Inc. - Class A | 26296 | $6392558  |
| Alphabet, Inc. - Class C | 21468 | 5228531  |
| AT&T, Inc. | 32510 | 918082  |
|  Charter Communications, Inc. - Class A<sup>(a)</sup> | 1433 | 394226  |
| Electronic Arts, Inc. | 1917 | 386659  |
| Meta Platforms, Inc. - Class A | 13017 | 9559425  |
| Netflix, Inc.<sup>(a)</sup> | 2133 | 2557296  |
|  New York Times Co. (The) - Class A | 4450 | 255430  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 4785 | 153933  |
| Universal Music Group NV | 19600 | 568874  |
| Walt Disney Co. (The) | 6266 | 717457  |
| &nbsp;&nbsp;&nbsp; **Total Communication** <br>**Services** |  | 27132471  |
| **CONSUMER DISCRETIONARY — 2.1%** | **CONSUMER DISCRETIONARY — 2.1%** | **CONSUMER DISCRETIONARY — 2.1%** |
| ADT, Inc.  | 27061 | 235701  |
| Amazon.com, Inc.<sup>(a)</sup> | 45460 | 9981652  |
| Best Buy Co., Inc. | 4934 | 373109  |
| eBay, Inc. | 3700 | 336515  |
|  Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 601 | 44294  |
| General Motors Co. | 31250 | 1905313  |
| Graham Holdings Co. - Class B | 194 | 228398  |
| Hilton Worldwide Holdings, Inc.  | 2805 | 727729  |
| Home Depot, Inc. (The) | 6384 | 2586733  |
| LKQ Corp. | 1917 | 58545  |
| Lowe's Cos., Inc. | 5127 | 1288466  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 563 | 100175  |
|  Marriott International, Inc./MD - Class A | 6052 | 1576183  |
| McDonald's Corp. | 2225 | 676155  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 19020 | 2050546  |
| PulteGroup, Inc. | 6995 | 924249  |
|  Stubhub Holdings, Inc. - Class A<sup>(a)</sup> | 826 | 13910  |
| Tesla, Inc.<sup>(a)</sup> | 5783 | 2571816  |
| Vail Resorts, Inc. | 1161 | 173651  |
| Viking Holdings Ltd.<sup>(a)</sup> | 9938 | 617746  |
| &nbsp;&nbsp;&nbsp; **Total Consumer** <br>**Discretionary** |  | 26470886  |
| **CONSUMER STAPLES — 0.8%**<br>|  |  |
| Casey's General Stores, Inc. | 580 | 327886  |
| Coca-Cola Co. (The) | 19448 | 1289791  |
| Costco Wholesale Corp. | 2961 | 2740790  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 50354 | 1554428  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 2399 | 62926  |
| Hershey Co. (The) | 870 | 162734  |
| Kenvue, Inc. | 2826 | 45866  |
| Keurig Dr Pepper, Inc. | 10147 | 258850  |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares** | **Value**  |
| Kroger Co. | 6666 | $449355  |
|  Molson Coors Beverage Co. - Class B | 8805 | 398426  |
| Procter & Gamble Co. (The) | 5611 | 862130  |
| Target Corp. | 3872 | 347318  |
| Walmart, Inc. | 14430 | 1487156  |
| **Total Consumer Staples** |  | 9987656  |
| **ENERGY — 0.4%**<br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 47517 | 1594672  |
| Baker Hughes Co. | 30930 | 1506910  |
| ConocoPhillips | 8284 | 783584  |
| Exxon Mobil Corp. | 10574 | 1192218  |
| Permian Resources Corp. | 21951 | 280973  |
| **Total Energy** |  | 5358357  |
| **FINANCIALS — 3.0%**<br>|  |  |
|  American International Group, Inc. | 2770 | 217556  |
| Ameriprise Financial, Inc. | 6458 | 3172492  |
| Apollo Global Management, Inc. | 7870 | 1048835  |
| Arch Capital Group Ltd. | 6745 | 611974  |
| Assured Guaranty Ltd. | 3772 | 319300  |
| Bank of America Corp. | 64751 | 3340504  |
|  Bank of New York Mellon Corp. (The) | 11009 | 1199541  |
|  Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 4506 | 2265346  |
| Blackrock, Inc. | 674 | 785796  |
| Chubb Ltd. | 8959 | 2528678  |
| Citigroup, Inc. | 15253 | 1548180  |
| Corebridge Financial, Inc. | 13409 | 429758  |
| Fifth Third Bancorp | 6827 | 304143  |
|  Goldman Sachs Group, Inc. (The) | 2805 | 2233762  |
| Intercontinental Exchange, Inc. | 12660 | 2132957  |
| Jefferies Financial Group, Inc. | 3858 | 252390  |
| JPMorgan Chase & Co. | 20184 | 6366639  |
| KKR & Co., Inc. | 2315 | 300834  |
| Mastercard, Inc. - Class A | 4450 | 2531205  |
| Morgan Stanley | 2419 | 384524  |
| Raymond James Financial, Inc.  | 7958 | 1373551  |
| Starwood Property Trust, Inc. | 16158 | 312980  |
| TPG, Inc. | 4644 | 266798  |
| UMB Financial Corp. | 4888 | 578495  |
| Visa, Inc. - Class A | 7734 | 2640233  |
| **Total Financials** |  | 37146471  |
| **HEALTH CARE — 1.9%**<br>|  |  |
| AbbVie, Inc. | 5127 | 1187106  |
|  Adaptive Biotechnologies Corp.<sup>(a)</sup> | 100019 | 1496284  |
| Amgen, Inc.  | 1148 | 323966  |
| AstraZeneca PLC - ADR | 3772 | 289388  |
| Becton Dickinson & Co. | 914 | 171073  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER DOMESTIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **HEALTH CARE — (continued)**  | **HEALTH CARE — (continued)**  | **HEALTH CARE — (continued)**  |
|  Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 690 | $193469  |
| Bio-Techne Corp. | 34778 | 1934700  |
| Boston Scientific Corp.<sup>(a)</sup> | 13693 | 1336848  |
| Cigna Group (The) | 3091 | 890981  |
| CVS Health Corp. | 5306 | 400019  |
| Dexcom, Inc.<sup>(a)</sup> | 15790 | 1062509  |
| Eli Lilly & Co. | 3611 | 2755193  |
| Guardant Health, Inc.<sup>(a)</sup> | 31482 | 1966995  |
| HCA Healthcare, Inc. | 677 | 288537  |
| Humana, Inc.  | 888 | 231031  |
| Johnson & Johnson | 5128 | 950834  |
| McKesson Corp. | 1298 | 1002757  |
| Medtronic PLC | 4229 | 402770  |
| Merck & Co., Inc. | 7837 | 657759  |
|  Regeneron Pharmaceuticals, Inc. | 773 | 434635  |
| Royalty Pharma PLC - Class A | 4354 | 153609  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 2963 | 601608  |
| Thermo Fisher Scientific, Inc. | 4669 | 2264558  |
| UnitedHealth Group, Inc. | 2619 | 904341  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2641 | 1034321  |
| **Total Health Care** |  | 22935291  |
| **INDUSTRIALS — 1.4%**<br>|  |  |
| AMETEK, Inc. | 12246 | 2302248  |
| Boeing Co. (The)<sup>(a)</sup> | 3332 | 719146  |
| Chart Industries, Inc.<sup>(a)</sup> | 4818 | 964323  |
| Cintas Corp. | 1064 | 218397  |
| Deere & Co. | 773 | 353462  |
| FedEx Corp. | 1693 | 399226  |
| General Electric Co. | 4500 | 1353690  |
| Honeywell International, Inc. | 7739 | 1629059  |
| Norfolk Southern Corp. | 7224 | 2170162  |
| Northrop Grumman Corp. | 773 | 471004  |
| Otis Worldwide Corp. | 11706 | 1070280  |
| Owens Corning | 1130 | 159850  |
| RTX Corp. | 3000 | 501990  |
| Snap-on, Inc. | 580 | 200987  |
| Southwest Airlines Co. | 25156 | 802728  |
| Trane Technologies PLC | 5890 | 2485344  |
| Union Pacific Corp. | 5002 | 1182323  |
| United Rentals, Inc. | 731 | 697856  |
| **Total Industrials** |  | 17682075  |
| **INFORMATION TECHNOLOGY — 6.3%** | **INFORMATION TECHNOLOGY — 6.3%** | **INFORMATION TECHNOLOGY — 6.3%** |
| Adobe, Inc.<sup>(a)</sup> | 997 | 351692  |
| Advanced Micro Devices, Inc.<sup>(a)</sup>  | 1407 | 227639  |
| Amphenol Corp. - Class A | 15290 | 1892138  |
| Analog Devices, Inc. | 8090 | 1987713  |
| Apple, Inc. | 58514 | 14899420  |
| Applied Materials, Inc. | 6960 | 1424990  |
| Broadcom, Inc. | 27650 | 9122012  |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares** | **Value**  |
| Cisco Systems, Inc. | 18577 | $1271038  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 2017 | 989096  |
| Fair Isaac Corp.<sup>(a)</sup> | 97 | 145163  |
| Gartner, Inc.<sup>(a)</sup> | 1031 | 271019  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 1854 | 253683  |
| Intel Corp. | 5625 | 188719  |
|  International Business Machines Corp. | 2515 | 709632  |
| Lam Research Corp. | 11417 | 1528736  |
| Microsoft Corp. | 31467 | 16298333  |
| NVIDIA Corp. | 95529 | 17823801  |
| Oracle Corp. | 18313 | 5150348  |
|  Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 967 | 176400  |
| QUALCOMM, Inc. | 4257 | 708195  |
| Salesforce, Inc. | 3001 | 711237  |
| Synopsys, Inc.<sup>(a)</sup> | 2747 | 1355342  |
| **Total Information Technology** |  | 77486346  |
| **MATERIALS — 0.3%** | **MATERIALS — 0.3%** | **MATERIALS — 0.3%** |
| Amcor PLC | 34372 | 281163  |
| Avery Dennison Corp. | 7683 | 1245952  |
| DuPont de Nemours, Inc. | 5474 | 426425  |
| Eastman Chemical Co. | 2856 | 180071  |
| Freeport-McMoRan, Inc. | 12834 | 503349  |
| Nucor Corp. | 3597 | 487142  |
| **Total Materials** |  | 3124102  |
| **REAL ESTATE — 0.4%**<br>|  |  |
|  Alexandria Real Estate Equities, Inc. REIT | 5950 | 495873  |
|  Armada Hoffler Properties, Inc. REIT | 35799 | 250951  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 10289 | 1621135  |
| CoStar Group, Inc.<sup>(a)</sup> | 3333 | 281205  |
|  Gaming and Leisure Properties, Inc. REIT | 20564 | 958488  |
| Prologis, Inc. REIT | 6668 | 763619  |
| **Total Real Estate** |  | 4371271  |
| **UTILITIES — 0.5%**<br>|  |  |
| American Water Works Co., Inc. | 8797 | 1224454  |
| Constellation Energy Corp. | 3245 | 1067832  |
| NextEra Energy, Inc. | 23843 | 1799908  |
| NRG Energy, Inc. | 6768 | 1096078  |
| PG&E Corp. | 57986 | 874429  |
| **Total Utilities** |  | 6062701  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $190,531,530)** |  | 237757626  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER DOMESTIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares** | **Value**  |
| **EXCHANGE-TRADED FUNDS — 77.5%** | **EXCHANGE-TRADED FUNDS — 77.5%** | **EXCHANGE-TRADED FUNDS — 77.5%** |
|  iShares Russell 2000 Growth ETF | 98296 | $31458652  |
| Schwab US Large-Cap ETF<sup>(b)</sup> | 34980457 | 921385237  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS**<br>**(Cost $781,395,912)** |  | 952843889  |
| **MUTUAL FUNDS — 2.4%**<br>|  |  |
|  PIMCO RAE US Small Fund - Institutional Class (Cost $27,500,000) | 2497729 | 29198456  |
| **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** |
|  BlackRock Liquidity FedFund - Institutional Class, 4.03%<sup>(c)</sup> (Cost $9,817,263) | 9817263 | 9817263  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $1,009,244,705)** |  | $1229617234  |
| &nbsp;&nbsp;&nbsp; **OTHER ASSETS AND LIABILITIES,** <br>**NET — 0.0%<sup>(d)</sup>** |  | (355283)  |
| **NET ASSETS — 100.0%** |  | $1229261951 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(c)</sup> The rate shown represents the seven-day annualized effective yield as of September 30, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets.

ADR American Depositary Receipt

ETF Exchange-Traded Fund

REIT Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER DOMESTIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS(concluded)** 

**September 30, 2025** 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025 (see Note 2 to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $237188752 | $568874 | $— | $237757626  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 952843889 |  |  | 952843889  |
| &nbsp;&nbsp;&nbsp; Mutual Funds | 29198456 |  |  | 29198456  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9817263 |  |  | 9817263  |
| **Total Investments** | $1229048360 | $568874 | $— | $1229617234 |

---

\* See Schedule of Investments for additional detailed categorizations.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| **COMMON STOCKS — 43.7%** | **COMMON STOCKS — 43.7%** | **COMMON STOCKS — 43.7%** |
| **AUSTRALIA — 1.0%**<br>|  |  |
| Aeris Resources Ltd.<sup>(b)</sup> | 199327 | $64394  |
| Aristocrat Leisure Ltd. | 28189 | 1309199  |
| BlueScope Steel Ltd. | 30400 | 457454  |
| Brambles Ltd. | 189051 | 3117345  |
| Cogstate Ltd. | 15498 | 22505  |
| Computershare Ltd. | 9002 | 216291  |
| Fleetwood Ltd.  | 7752 | 16068  |
| GR Engineering Services Ltd. | 29714 | 77459  |
| Horizon Oil Ltd. | 215936 | 31394  |
| Macmahon Holdings Ltd. | 136065 | 36016  |
| Northern Star Resources Ltd. | 184814 | 2914722  |
| Pro Medicus Ltd. | 565 | 115639  |
| Qantas Airways Ltd. | 44387 | 321851  |
| REA Group Ltd. | 3787 | 580579  |
| South32 Ltd. | 73356 | 133183  |
|  Southern Cross Media Group Ltd. | 32401 | 19203  |
| Wagners Holding Co., Ltd. | 9659 | 17903  |
| **Total Australia** |  | 9451205  |
| **AUSTRIA — 0.3%**<br>|  |  |
| Erste Group Bank AG | 26637 | 2603921  |
| Fabasoft AG | 473 | 9230  |
| Palfinger AG | 231 | 9576  |
| Raiffeisen Bank International AG | 9646 | 334500  |
| Zumtobel Group AG | 1953 | 9203  |
| **Total Austria** |  | 2966430  |
| **BELGIUM — 0.1%**<br>|  |  |
| KBC Group NV | 5488 | 657786  |
| UCB SA | 342 | 94621  |
| **Total Belgium** |  | 752407  |
| **BERMUDA — 0.3%**<br>|  |  |
| Arch Capital Group Ltd. | 34240 | 3106595  |
| **BRAZIL — 0.8%**<br>|  |  |
| Banco BTG Pactual SA | 254078 | 2306263  |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 111783 | 2775751  |
| &nbsp;&nbsp;&nbsp; NU Holdings Ltd./Cayman Islands - <br>Class A<sup>(b)</sup> | 184380 | 2951924  |
| **Total Brazil** |  | 8033938  |
| **BRITAIN — 5.7%**<br>|  |  |
| 3i Group PLC | 77700 | 4284108  |
|  accesso Technology Group PLC<sup>(b)</sup> | 6576 | 37300  |
| Aon PLC - Class A | 5300 | 1889874  |
| Ashtead Group PLC | 28988 | 1948004  |
| AstraZeneca PLC - ADR | 8957 | 687181  |
| AstraZeneca PLC | 38892 | 5940881  |

---

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| BAE Systems PLC | 245720 | $6808862  |
| Barclays PLC | 569082 | 2918138  |
| Barclays PLC - ADR | 67485 | 1394915  |
| Beazley PLC | 124690 | 1525429  |
| BP PLC - ADR | 15550 | 535853  |
|  Coca-Cola Europacific Partners PLC | 23140 | 2092087  |
| Compass Group PLC | 71780 | 2445512  |
| Costain Group PLC | 35140 | 63523  |
| Diageo PLC | 51524 | 1226571  |
| dotdigital group PLC | 46816 | 42142  |
| Endeavour Mining PLC | 636 | 26582  |
| Foxtons Group PLC | 31033 | 23151  |
| GSK PLC | 58198 | 1251277  |
| GSK PLC - ADR | 13763 | 594011  |
| Haleon PLC | 354751 | 1602390  |
| Halfords Group PLC | 21670 | 41651  |
| Hikma Pharmaceuticals PLC | 4722 | 108694  |
| NatWest Group PLC | 212329 | 1490355  |
| Next PLC | 724 | 120601  |
| Odfjell Technology Ltd. | 7904 | 48004  |
| Rentokil Initial PLC | 194312 | 981905  |
| Rolls-Royce Holdings PLC | 742741 | 11891130  |
| Sage Group PLC (The) | 7347 | 109085  |
| Speedy Hire PLC | 27025 | 8779  |
| Standard Chartered PLC | 27967 | 541987  |
| TechnipFMC PLC | 22816 | 900091  |
| Unilever PLC | 20979 | 1245366  |
| **Total Britain** |  | 54825439  |
| **CANADA — 1.7%**<br>|  |  |
| Bonterra Energy Corp.<sup>(b)</sup> | 4600 | 12064  |
| Brookfield Corp. | 48742 | 3344380  |
| Cameco Corp. | 31807 | 2669438  |
| Canada Goose Holdings, Inc.<sup>(b)</sup> | 6004 | 82795  |
|  Canadian Natural Resources Ltd. | 60350 | 1929708  |
|  Canadian Pacific Kansas City Ltd. | 43630 | 3249999  |
| Canfor Pulp Products, Inc.<sup>(b)</sup> | 765 | 212  |
| Centerra Gold, Inc. | 9100 | 97493  |
| CES Energy Solutions Corp. | 2100 | 14169  |
| Dexterra Group, Inc. | 2275 | 15530  |
| Dynacor Group, Inc. | 5600 | 18872  |
| Eldorado Gold Corp.<sup>(b)</sup> | 3300 | 95299  |
| Enerflex Ltd. | 3309 | 35689  |
| FirstService Corp. | 500 | 95265  |
| Fortuna Mining Corp.<sup>(b)</sup> | 16124 | 144359  |
| Hudbay Minerals, Inc. | 1800 | 27264  |
| Jaguar Mining, Inc.<sup>(b)</sup> | 8100 | 33117  |
| Kinross Gold Corp. | 104382 | 2590612  |
|  Lassonde Industries, Inc. - Class A | 200 | 30450  |
| Martinrea International, Inc.  | 6179 | 47063  |
| Melcor Developments Ltd. | 2000 | 21700  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **CANADA — (continued)** | **CANADA — (continued)** | **CANADA — (continued)** |
| Sangoma Technologies Corp.<sup>(b)</sup> | 1700 | $8441  |
| Saputo, Inc. | 2800 | 68003  |
| Waste Connections, Inc. | 10730 | 1886334  |
| **Total Canada** |  | 16518256  |
| **CHINA — 2.1%**<br>|  |  |
| Carpenter Tan Holdings Ltd. | 27000 | 26685  |
|  Eastroc Beverage Group Co., Ltd. | 38072 | 1625068  |
| Modern Land China Co., Ltd.<sup>(b)</sup> | 430000 | 0  |
|  Montage Technology Co., Ltd. - Class A | 54333 | 1181542  |
|  Natural Food International Holding Ltd. | 174681 | 21325  |
| New Hope Service Holdings Ltd. | 71000 | 18610  |
| Tencent Holdings Ltd. | 133900 | 11407716  |
| Xiaomi Corp. - Class B<sup>(b)(c)</sup> | 437600 | 3046950  |
| Xin Point Holdings Ltd. | 34000 | 17739  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 172100 | 450956  |
|  Zhejiang China Commodities City Group Co., Ltd. - Class A | 419492 | 1092485  |
|  Zhejiang Leapmotor Technology Co. Ltd. - Class H<sup>(b)(c)</sup> | 175700 | 1499189  |
| **Total China** |  | 20388265  |
| **CURACAO — 0.0%<sup>(d)</sup>**<br>|  |  |
| HAL Trust | 513 | 81738  |
| **DENMARK — 0.4%**<br>|  |  |
| AP Moller - Maersk A/S - Class B | 292 | 572629  |
| Columbus A/S | 9860 | 15915  |
| Genmab A/S<sup>(b)</sup> | 1103 | 339999  |
| Novo Nordisk A/S | 50282 | 2775351  |
| Pandora A/S | 2034 | 265921  |
| ROCKWOOL A/S | 1834 | 68485  |
| **Total Denmark** |  | 4038300  |
| **FINLAND — 0.1%**<br>|  |  |
| Orion Oyj | 309 | 23542  |
| Wartsila OYJ Abp | 22113 | 662218  |
| **Total Finland** |  | 685760  |
| **FRANCE — 2.7%**<br>|  |  |
| AKWEL SADIR<sup>(b)</sup> | 736 | 8514  |
| Amundi SA<sup>(c)</sup> | 14937 | 1189602  |
| BNP Paribas SA | 21037 | 1917700  |
| CBo Territoria | 4714 | 20315  |
| Cie de Saint-Gobain SA | 15230 | 1659171  |
|  Cie Generale des Etablissements Michelin SCA | 40179 | 1443206  |
| Dassault Aviation SA | 1454 | 485334  |
| Dassault Systemes SE | 5162 | 173645  |
| Gaztransport Et Technigaz SA | 723 | 133705  |

---

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| Klepierre SA | 17439 | $679288  |
| Legrand SA | 7595 | 1266935  |
|  LVMH Moet Hennessy Louis Vuitton SE | 2067 | 1264767  |
| Manitou BF SA | 530 | 11674  |
| NRJ Group | 1377 | 12420  |
| Orange SA | 140251 | 2275274  |
| Rexel SA | 6543 | 216055  |
| Safran SA | 23466 | 8310287  |
| Societe Generale SA | 55930 | 3720213  |
| TotalEnergies SE | 22243 | 1357293  |
| **Total France** |  | 26145398  |
| **GERMANY — 5.0%**<br>|  |  |
| Aumovio SE<sup>(b)</sup> | 1940 | 79971  |
| Bayer AG | 8617 | 285709  |
| Commerzbank AG | 42747 | 1610107  |
| Continental AG | 3879 | 255739  |
| Deutsche Bank AG | 22505 | 791535  |
| Deutsche Boerse AG | 11282 | 3023489  |
| Deutsche Telekom AG | 3718 | 126675  |
| E.ON SE | 96176 | 1808326  |
| Fresenius SE & Co. KGaA | 45122 | 2512893  |
| Gesco SE | 1651 | 29661  |
| HOCHTIEF AG | 577 | 154576  |
| Infineon Technologies AG | 80331 | 3135465  |
| KSB SE & Co. KGaA | 26 | 27335  |
| MTU Aero Engines AG | 353 | 162018  |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-<br>Gesellschaft AG in Muenchen | 3402 | 2173733  |
| Nemetschek SE | 19296 | 2511044  |
| Rheinmetall AG | 2876 | 6694942  |
| SAP SE | 17850 | 4785447  |
| Scout24 SE<sup>(c)</sup> | 3087 | 386510  |
| Siemens AG | 12502 | 3373274  |
| Siemens Energy AG<sup>(b)</sup> | 102406 | 11974148  |
| Symrise AG | 9539 | 831276  |
| Talanx AG | 2213 | 294250  |
| Technotrans SE | 922 | 33656  |
| United Internet AG | 48114 | 1517644  |
| **Total Germany** |  | 48579423  |
| **GREECE — 0.0%<sup>(d)</sup>**<br>|  |  |
| Alpha Bank SA | 78567 | 333362  |
| **Hong Kong — 0.3%**<br>|  |  |
| AIA Group Ltd. | 114800 | 1100385  |
| APT Satellite Holdings Ltd. | 94000 | 25738  |
| Bank of East Asia Ltd. (The) | 86000 | 133883  |
| Chen Hsong Holdings | 38098 | 8928  |
| Futu Holdings Ltd. - ADR | 1644 | 285908  |
| Intron Technology Holdings Ltd.  | 90000 | 20315  |
| Jardine Matheson Holdings Ltd.  | 3000 | 189751  |
| KLN Logistics Group Ltd. | 173038 | 164477  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **Hong Kong — (continued)**  | **Hong Kong — (continued)**  | **Hong Kong — (continued)**  |
| Midland Holdings Ltd.<sup>(b)</sup> | 204000 | $52532  |
| PC Partner Group Ltd. | 16000 | 12578  |
| Pico Far East Holdings Ltd.  | 264607 | 89767  |
|  Singamas Container Holdings Ltd. | 276253 | 23785  |
|  SITC International Holdings Co., Ltd. | 168043 | 647359  |
| VTech Holdings Ltd. | 3200 | 25755  |
| WH Group Ltd.<sup>(c)</sup> | 328000 | 356511  |
| **Total Hong Kong** |  | 3137672  |
| **INDIA — 1.1%**<br>|  |  |
| Bharti Airtel Ltd. | 67978 | 1440142  |
| Hindustan Aeronautics Ltd. | 27731 | 1482665  |
| ICICI Bank Ltd. - ADR | 166130 | 5022110  |
| ICICI Bank Ltd. | 27124 | 411423  |
| Max Healthcare Institute Ltd.  | 162366 | 2057427  |
| **Total India** |  | 10413767  |
| **IRELAND — 0.7%**<br>|  |  |
| Accenture PLC - Class A | 6619 | 1632246  |
| Experian PLC | 91168 | 4591426  |
| Ryanair Holdings PLC - ADR | 4315 | 259849  |
| **Total Ireland** |  | 6483521  |
| **ISRAEL — 0.3%**<br>|  |  |
|  Check Point Software Technologies Ltd.<sup>(b)</sup> | 1728 | 357541  |
| Monday.com Ltd.<sup>(b)</sup> | 9860 | 1909783  |
| Nice Ltd. - ADR<sup>(b)</sup> | 1840 | 266395  |
| Wix.com Ltd.<sup>(b)</sup> | 3559 | 632185  |
| **Total Israel** |  | 3165904  |
| **ITALY — 1.2%**<br>|  |  |
| A2A SpA | 180434 | 471857  |
|  Banca Monte dei Paschi di Siena SpA | 151689 | 1346882  |
| Cairo Communication SpA<sup>(b)</sup> | 7053 | 23117  |
| Emak SpA | 21988 | 26097  |
| Ferrari NV | 9167 | 4438233  |
| Intesa Sanpaolo SpA | 102153 | 675551  |
| Leonardo SpA | 13659 | 867674  |
| Orsero SpA | 3283 | 73210  |
| Piquadro SpA | 6750 | 19177  |
| Prysmian SpA | 31974 | 3193703  |
| **Total Italy** |  | 11135501  |
| **JAPAN — 5.7%**<br>|  |  |
| Ajis Co., Ltd. | 1000 | 20162  |
| Astellas Pharma, Inc. | 9900 | 107971  |
| Brother Industries Ltd. | 4400 | 73580  |
| Capcom Co., Ltd.  | 3000 | 81662  |
| CTS Co., Ltd. | 4600 | 28555  |

---

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| CyberAgent, Inc. | 116100 | $1391132  |
|  Daihatsu Diesel Manufacturing Co., Ltd. | 1600 | 32756  |
| Dai-Ichi Cutter Kogyo KK | 2800 | 24978  |
| Dai-ichi Life Holdings, Inc.  | 38000 | 298941  |
| Daiichi Sankyo Co., Ltd. | 14800 | 331259  |
| Daikin Industries Ltd. | 12300 | 1415140  |
| Denso Corp. | 24100 | 347054  |
| Eisai Co., Ltd. | 29200 | 981076  |
| ENEOS Holdings, Inc. | 102700 | 651996  |
| FANUC Corp. | 32400 | 923236  |
| Fast Retailing Co., Ltd. | 5100 | 1548705  |
| GMO GlobalSign Holdings KK | 900 | 13128  |
| Ichikoh Industries Ltd. | 4900 | 14654  |
| ID Holdings Corp. | 1600 | 25089  |
| Idemitsu Kosan Co., Ltd. | 40300 | 276847  |
| Isuzu Motors Ltd. | 9600 | 121166  |
| JAC Recruitment Co., Ltd. | 7200 | 52661  |
| Japan Exchange Group, Inc.  | 58400 | 659859  |
| Japan Post Bank Co., Ltd. | 5700 | 69851  |
| Japan Post Holdings Co., Ltd. | 82800 | 822024  |
| Kanamoto Co., Ltd. | 900 | 21895  |
| Keyence Corp. | 400 | 148933  |
| Kita-Nippon Bank Ltd. (The) | 800 | 20868  |
| Koike Sanso Kogyo Co., Ltd.  | 2600 | 25388  |
| Kubota Corp.  | 53800 | 675994  |
| Kuriyama Holdings Corp. | 900 | 9956  |
| Lasertec Corp. | 2600 | 359236  |
| Makiya Co., Ltd. | 1100 | 9336  |
| Mazda Motor Corp. | 52500 | 384500  |
| Mitsubishi Heavy Industries Ltd.  | 207700 | 5427203  |
| Mizuho Financial Group, Inc.  | 128200 | 4290846  |
| MonotaRO Co., Ltd. | 123300 | 1790668  |
| Murata Manufacturing Co., Ltd. | 16300 | 309332  |
| NEC Corp. | 9300 | 297313  |
| NEOJAPAN, Inc. | 1600 | 20821  |
| Nexon Co., Ltd. | 12400 | 272593  |
| NIDEC Corp. | 24900 | 442241  |
| Nintendo Co., Ltd. | 86000 | 7367306  |
| Nippon Shinyaku Co., Ltd. | 7000 | 157543  |
| Nissan Motor Co., Ltd.<sup>(b)</sup> | 71700 | 175882  |
| Nomura Holdings, Inc. | 32200 | 235790  |
| NTT, Inc. | 136400 | 142631  |
| Ono Pharmaceutical Co., Ltd. | 9900 | 114083  |
| ORIX Corp. | 18900 | 493544  |
| Otsuka Corp.  | 11400 | 238137  |
| Otsuka Holdings Co., Ltd. | 23700 | 1266148  |
|  Pan Pacific International Holdings Corp. | 652000 | 4301000  |
| Recruit Holdings Co., Ltd. | 20100 | 1078447  |
|  Rheon Automatic Machinery Co., Ltd. | 3700 | 35187  |
| Ricoh Co., Ltd. | 25000 | 220494  |
| Ryohin Keikaku Co., Ltd. | 70600 | 1405735  |
| SCREEN Holdings Co., Ltd. | 200 | 18109  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **JAPAN — (continued)**  | **JAPAN — (continued)**  | **JAPAN — (continued)**  |
| Sekisui Kasei Co., Ltd. | 5400 | $13076  |
| SMC Corp. | 1600 | 489614  |
| Sompo Holdings, Inc. | 87300 | 2696236  |
| Sony Financial Group, Inc.<sup>(b)</sup> | 241700 | 268038  |
| Sony Group Corp. | 241700 | 6935632  |
|  Sumitomo Mitsui Financial Group, Inc. | 38200 | 1069350  |
| Taiko Bank Ltd. (The) | 1500 | 17849  |
| Takaoka Toko Co., Ltd. | 1900 | 40419  |
| Tokyo Electron Ltd. | 5600 | 1009680  |
| Toyokumo, Inc. | 900 | 18448  |
| Trend Micro, Inc./Japan | 7100 | 387829  |
| Trinity Industrial Corp. | 1500 | 11957  |
| Tsubakimoto Kogyo Co., Ltd.  | 800 | 15172  |
| Yokowo Co., Ltd. | 2300 | 22993  |
|  Yushin Precision Equipment Co., Ltd. | 5900 | 24552  |
| **Total Japan** |  | 55091486  |
| **MACAO — 0.0%<sup>(d)</sup>**<br>|  |  |
| MGM China Holdings Ltd. | 45200 | 96548  |
| **MEXICO — 0.5%**<br>|  |  |
|  Grupo Mexico SAB de CV - Class B | 334222 | 2908325  |
| Wal-Mart de Mexico SAB de CV | 600832 | 1856285  |
| **Total Mexico** |  | 4764610  |
| **NETHERLANDS — 2.4%**<br>|  |  |
| ABN AMRO Bank NV<sup>(c)</sup> | 4988 | 159738  |
| Adyen NV<sup>(b)(c)</sup> | 1950 | 3129465  |
| Akzo Nobel NV | 13613 | 969668  |
| Argenx SE - ADR<sup>(b)</sup> | 366 | 269947  |
| ASM International NV | 3940 | 2368387  |
| ASML Holding NV | 4026 | 3925208  |
| ASML Holding NV | 5927 | 5737869  |
| Euronext NV<sup>(c)</sup> | 735 | 109854  |
| Heineken Holding NV | 469 | 32231  |
| Heineken NV | 13000 | 1015313  |
| ING Groep NV | 44536 | 1160657  |
| Koninklijke Ahold Delhaize NV | 30968 | 1252848  |
| NN Group NV | 14189 | 1001791  |
| Wolters Kluwer NV | 11867 | 1619940  |
| **Total Netherlands** |  | 22752916  |
| **NEW ZEALAND — 0.0%<sup>(d)</sup>**<br>|  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 3267 | 70113  |
| Scales Corp. Ltd.  | 3335 | 11002  |
| **Total New Zealand** |  | 81115  |
| **NORWAY — 0.0%<sup>(d)</sup>**<br>|  |  |
| BW Offshore Ltd. | 13379 | 49469  |
| Solstad Offshore ASA<sup>(b)</sup> | 9552 | 51918  |

---

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| Yara International ASA | 6377 | $232773  |
| Zaptec ASA<sup>(b)</sup> | 9807 | 30074  |
| **Total Norway** |  | 364234  |
| **PERU — 0.3%**<br>|  |  |
| Credicorp Ltd. | 9432 | 2511553  |
| **PORTUGAL — 0.2%**<br>|  |  |
| Galp Energia SGPS SA | 80746 | 1531062  |
| Ibersol SGPS SA | 2340 | 27466  |
| **Total Portugal** |  | 1558528  |
| **SINGAPORE — 1.7%**<br>|  |  |
| BRC Asia Ltd. | 14800 | 48927  |
| DBS Group Holdings Ltd. | 62300 | 2467386  |
| Far East Orchard Ltd.  | 15300 | 14828  |
| GuocoLand Ltd.  | 18900 | 29315  |
| Hafnia Ltd. | 3936 | 23769  |
| HRnetgroup Ltd. | 101100 | 56473  |
| Low Keng Huat Singapore Ltd. | 36200 | 15903  |
| OKP Holdings Ltd. | 53600 | 43982  |
| Raffles Medical Group Ltd. | 16900 | 12854  |
| Sea Ltd. - ADR<sup>(b)</sup> | 68969 | 12326829  |
| Singapore Exchange Ltd. | 57800 | 741503  |
|  Singapore Technologies Engineering Ltd. | 7900 | 52805  |
|  Singapore Telecommunications Ltd. | 134500 | 430291  |
| **Total Singapore** |  | 16264865  |
| **SOUTH KOREA — 0.6%**<br>|  |  |
| Korea Electric Power Corp. | 76386 | 1969545  |
| Samsung C&T Corp. | 18558 | 2455637  |
|  Samsung Electronics Co., Ltd. - GDR<sup>(f)</sup> | 900 | 1351960  |
|  Shinhan Financial Group Co., Ltd. | 7651 | 386081  |
| **Total South Korea** |  | 6163223  |
| **SPAIN — 0.8%**<br>|  |  |
|  ACS Actividades de Construccion y Servicios SA | 1204 | 96301  |
|  Banco Bilbao Vizcaya Argentaria SA | 104533 | 2011064  |
| Banco Santander SA | 451812 | 4722030  |
| CaixaBank SA | 83662 | 880862  |
| Grupo Empresarial San Jose SA | 3607 | 28273  |
| Naturhouse Health SAU | 579 | 1417  |
| **Total Spain** |  | 7739947  |
| **SWEDEN — 1.0%**<br>|  |  |
| Assa Abloy AB - Class B | 40163 | 1409207  |
| Cloetta AB - Class B | 9157 | 33008  |
| Spotify Technology SA<sup>(b)</sup> | 10028 | 6999544  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson - <br>ADR | 127944 | 1058097  |
| **Total Sweden** |  | 9499856  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **SWITZERLAND — 2.2%**<br>|  |  |
| ABB Ltd. | 28542 | $2057128  |
| Alcon AG | 18762 | 1405373  |
| Coca-Cola HBC AG | 28864 | 1361621  |
| dormakaba Holding AG | 52 | 47888  |
| DSM-Firmenich AG | 9507 | 812918  |
| Klingelnberg AG | 360 | 5400  |
| Logitech International SA | 10590 | 1166347  |
| Lonza Group AG | 1361 | 913418  |
| Multitude PLC | 1918 | 16224  |
| Novartis AG | 19164 | 2464309  |
| Roche Holding AG | 13633 | 4487046  |
| Schindler Holding AG | 2708 | 1029510  |
| STMicroelectronics NV | 13525 | 382216  |
| Sunrise Communications AG | 17116 | 1012735  |
| Temenos AG | 459 | 37038  |
| UBS Group AG | 96861 | 3981820  |
| **Total Switzerland** |  | 21180991  |
| **TAIWAN — 2.1%**<br>|  |  |
| Accton Technology Corp. | 89000 | 3081331  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 196000 | 8526853  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd. - <br>ADR | 30030 | 8387079  |
| **Total Taiwan** |  | 19995263  |
| **UNITED ARAB EMIRATES — 0.3%** | **UNITED ARAB EMIRATES — 0.3%** | **UNITED ARAB EMIRATES — 0.3%** |
| Aldar Properties PJSC | 1121632 | 2894272  |
| **UNITED STATES — 1.6%**<br>|  |  |
| Coupang, Inc.<sup>(b)</sup> | 124450 | 4007290  |
| Linde PLC | 5240 | 2489000  |
| Philip Morris International, Inc.  | 30980 | 5024956  |
|  Seagate Technology Holdings PLC | 13621 | 3215373  |
| STERIS PLC | 3050 | 754692  |
| **Total United States** |  | 15491311  |
| **URUGUAY — 0.5%**<br>|  |  |
| MercadoLibre, Inc.<sup>(b)</sup> | 2244 | 5244093  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $329,150,740)** |  | 421937692  |
| **PREFERRED STOCKS — 0.1%**<br>|  |  |
| **GERMANY — 0.1%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 5079 | 409962  |
| Volkswagen AG, 0.00% | 1008 | 109022  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $545,473)** |  | 518984  |

---

---

| | | |
|:---|:---|:---|
| **Investment** | **Shares** | **Value**  |
| **EXCHANGE-TRADED FUNDS — 54.9%** | **EXCHANGE-TRADED FUNDS — 54.9%** | **EXCHANGE-TRADED FUNDS — 54.9%** |
|  Schwab Emerging Markets Equity ETF | 6471703 | $215960729  |
|  Schwab International Equity ETF<sup>(a)</sup> | 13512869 | 314579590  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS**<br>**(Cost $446,913,139)** |  | 530540319  |
| **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** |
|  BlackRock Liquidity FedFund - Institutional Class, 4.03%<sup>(e)</sup> (Cost $10,077,223) | 10077223 | 10077223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 99.7%** <br>**(Cost $786,686,575)** |  | $963074218  |
|  **OTHER ASSETS AND LIABILITIES, NET — 0.3%** |  | 3263985  |
| **NET ASSETS — 100.0%** |  | $966338203 |

---

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $9,877,819 or 1.0% of the Fund's net assets.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> The rate shown represents the seven-day annualized effective yield as of September 30, 2025.

<sup>(f)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption registration. The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of September 30, 2025, the value of these securities totaled $1,351,960 or 0.1% of the Fund's net assets. 

ADR American Depositary Receipt

ASA Advanced Subscription Agreement

ETF Exchange-Traded Fund

GDR Global Depositary Receipt

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (concluded)** 

**September 30, 2025** 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025 (see Note 2 to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $9451205 | $— | $9451205  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 2966430 |  | 2966430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 752407 |  | 752407  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda | 3106595 |  |  | 3106595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 8033938 |  |  | 8033938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Britain | 8094013 | 46731426 |  | 54825439  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 16518256 |  |  | 16518256  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 1181542 | 19206723 |  | 20388265  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curacao |  | 81738 |  | 81738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 4038300 |  | 4038300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 685760 |  | 685760  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 26145398 |  | 26145398  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 79971 | 48499452 |  | 48579423  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 333362 |  |  | 333362  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 285908 | 2851764 |  | 3137672  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 5022110 | 5391657 |  | 10413767  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1892095 | 4591426 |  | 6483521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 3165904 |  |  | 3165904  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 11135501 |  | 11135501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 268038 | 54823448 |  | 55091486  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macao |  | 96548 |  | 96548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 4764610 |  |  | 4764610  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 6007817 | 16745099 |  | 22752916  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 81115 |  | 81115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 364234 |  | 364234  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 2511553 |  |  | 2511553  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1558528 |  | 1558528  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 12326829 | 3938036 |  | 16264865  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 386081 | 5777142 |  | 6163223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 7739947 |  | 7739947  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 8057641 | 1442215 |  | 9499856  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 382216 | 20798775 |  | 21180991  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 8387079 | 11608184 |  | 19995263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 2894272 |  | 2894272  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 15491311 |  |  | 15491311  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 5244093 |  |  | 5244093  |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | 111540962 | 310396730 |  | 421937692  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 518984 |  | 518984  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 530540319 |  |  | 530540319  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10077223 |  |  | 10077223  |
| **Total Investments<sup>\*</sup>** | $652158504 | $310915714 | $— | $963074218 |

---

\* *See Schedule of Investments for additional detailed categorizations.*

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — 20.9%** | **U.S. CORPORATE BONDS — 20.9%** |  |
| **Basic Materials — 0.4%**<br>|  |  |
|  Air Products and Chemicals, Inc., 4.80%, 03/03/2033 | $1000000 | $1019992  |
|  CF Industries, Inc., 5.38%, 03/15/2044 | 174000 | 167777  |
| Cleveland-Cliffs, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(a)</sup> | 115000 | 117193  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/2033<sup>(a)</sup> | 70000 | 71461  |
| Dow Chemical Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2036 | 130000 | 130648  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/2054 | 2500000 | 2262239  |
| DuPont de Nemours, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.73%, 11/15/2028 | 720000 | 725576  |
| &nbsp;&nbsp;&nbsp; 5.42%, 11/15/2048 | 70000 | 69205  |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | 110000 | 115503  |
| Ecolab, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2028 | 101000 | 103739  |
| &nbsp;&nbsp;&nbsp; 4.30%, 06/15/2028 | 56000 | 56446  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 | 70000 | 71398  |
| &nbsp;&nbsp;&nbsp; 2.70%, 12/15/2051 | 168000 | 105940  |
|  FMC Corp., 6.38%, 05/18/2053 | 585000 | 577617  |
| Georgia-Pacific LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.95%, 05/15/2026<sup>(a)</sup> | 434000 | 425808  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/30/2028<sup>(a)</sup> | 49000 | 49419  |
|  Novelis Corp., 6.88%, 01/30/2030<sup>(a)</sup> | 125000 | 129622  |
| Nucor Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/23/2027 | 118000 | 118537  |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/01/2035 | 134000 | 136238  |
|  Sherwin-Williams Co., 4.80%, 09/01/2031 | 64000 | 65342  |
| Steel Dynamics, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/15/2034 | 68000 | 70298  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2055 | 83000 | 84624  |
|  Westlake Corp., 3.38%, 08/15/2061 | 191000 | 115102  |
| **Total Basic Materials** |  | 6789724  |
| **Communications — 0.9%**<br>|  |  |
| Alphabet, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.10%, 08/15/2030 | 2500000 | 2189527  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2055 | 86000 | 86187  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065 | 86000 | 85573  |
| Amazon.com, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/13/2027 | 140000 | 138974  |
| &nbsp;&nbsp;&nbsp; 4.65%, 12/01/2029 | 89000 | 91299  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/13/2032 | 55000 | 53162  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/22/2037 | 53000 | 48865  |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/22/2047 | 75000 | 63449  |
| AT&T, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/01/2032 | 1320000 | 1155605  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034 | 49000 | 50928  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035 | 111000 | 107252  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/15/2037 | $153000 | $149202  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2046 | 391000 | 349153  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 | 630000 | 435773  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/01/2054 | 173000 | 170987  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 | 103000 | 106762  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/2059 | 28000 | 19144  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/2060 | 60000 | 42662  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/2029 | 89000 | 93396  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 | 55000 | 57620  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 | 89000 | 64935  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 | 430000 | 309706  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/2047 | 400000 | 345733  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2050 | 494000 | 391263  |
| &nbsp;&nbsp;&nbsp; 6.70%, 12/01/2055 | 60000 | 60717  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061 | 56000 | 34904  |
|  Cisco Systems, Inc., 5.10%, 02/24/2035 | 223000 | 230633  |
| Comcast Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 10/15/2028 | 137000 | 137402  |
| &nbsp;&nbsp;&nbsp; 1.95%, 01/15/2031 | 90000 | 79941  |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/15/2033 | 2500000 | 2511084  |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/15/2038 | 99000 | 93279  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 | 252000 | 196996  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2064 | 97000 | 91421  |
|  Corning, Inc., 3.90%, 11/15/2049 | 85000 | 66549  |
| Cox Communications, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2028<sup>(a)</sup> | 102000 | 105128  |
| &nbsp;&nbsp;&nbsp; 2.60%, 06/15/2031<sup>(a)</sup> | 625000 | 556978  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/2034<sup>(a)</sup> | 1320000 | 1315222  |
|  Fox Corp., 5.58%, 01/25/2049 | 110000 | 107096  |
|  Meta Platforms, Inc., 5.55%, 08/15/2064 | 57000 | 56581  |
|  Motorola Solutions, Inc., 5.55%, 08/15/2035 | 102000 | 106261  |
| Paramount Global <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/2043 | 27000 | 24660  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2044 | 69000 | 56701  |
| Time Warner Cable LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 05/01/2037 | 4000 | 4161  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2041 | 217000 | 198868  |
| T-Mobile USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 150000 | 147088  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2041 | 1459000 | 1096326  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060 | 98000 | 66572  |
|  Uber Technologies, Inc., 4.80%, 09/15/2035 | 48000 | 47565  |
| Verizon Communications, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 | 477000 | 433693  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033 | 170000 | 167541  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035 | 176000 | 178977  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Communications — (continued)**  | **Communications — (continued)**  | **Communications — (continued)**  |
| Verizon Communications, Inc. (continued) | Verizon Communications, Inc. (continued) | Verizon Communications, Inc. (continued) |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/02/2037<sup>(a)</sup> | $21000 | $21335  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 | 113000 | 89282  |
| &nbsp;&nbsp;&nbsp; 2.85%, 09/03/2041 | 81000 | 59000  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/2052 | 113000 | 86737  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/20/2060 | 210000 | 127215  |
|  Walt Disney Co., 2.00%, 09/01/2029 | 144000 | 133560  |
| **Total Communications** |  | 15296630  |
| **Consumer, Cyclical — 1.0%**<br>|  |  |
|  AutoNation, Inc., 5.89%, 03/15/2035 | 49000 | 50636  |
|  AutoZone, Inc., 5.10%, 07/15/2029 | 46000 | 47307  |
|  BMW US Capital LLC, 4.50%, 08/11/2030<sup>(a)</sup> | 50000 | 50069  |
|  Caesars Entertainment, Inc., 7.00%, 02/15/2030<sup>(a)</sup> | 150000 | 154291  |
|  Cummins, Inc., 5.45%, 02/20/2054 | 1000000 | 996884  |
|  Daimler Truck Finance North America LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/19/2028<sup>(a)</sup> | 159000 | 161794  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/12/2030<sup>(a)</sup> | 150000 | 150212  |
|  Dana, Inc., 5.38%, 11/15/2027 | 75000 | 74898  |
|  Darden Restaurants, Inc., 4.35%, 10/15/2027 | 74000 | 74283  |
|  Delta Air Lines 2020-1 Class A Pass Through Trust, 2.50%, 06/10/2028 | 1425334 | 1361831  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines 2020-1 Class AA <br>Pass Through Trust, 2.00%, 06/10/2028 | 350515 | 335719  |
|  Ford Motor Co., 4.75%, 01/15/2043 | 150000 | 119597  |
| Ford Motor Credit Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/17/2027 | 1200000 | 1214835  |
| &nbsp;&nbsp;&nbsp; 5.11%, 05/03/2029 | 1500000 | 1488875  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/07/2029 | 400000 | 406967  |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/05/2031 | 205000 | 209526  |
| Gap, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/2029<sup>(a)</sup> | 50000 | 46774  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/2031<sup>(a)</sup> | 125000 | 113576  |
| General Motors Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/15/2028 | 106000 | 108455  |
| &nbsp;&nbsp;&nbsp; 6.60%, 04/01/2036 | 840000 | 906645  |
|  General Motors Financial Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 10/15/2028 | 1155000 | 1092933  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/08/2031 | 47000 | 48967  |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031 | 108000 | 96553  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/18/2031 | 299000 | 309432  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Home Depot, Inc., 4.90%, 04/15/2029 | $87000 | $89501  |
| Hyundai Capital America <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/25/2027<sup>(a)</sup> | 89000 | 89671  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027<sup>(a)</sup> | 177000 | 178976  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029<sup>(a)</sup> | 445000 | 445879  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030<sup>(a)</sup> | 119000 | 118433  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/23/2032<sup>(a)</sup> | 107000 | 110164  |
|  Lennar Corp., 5.20%, 07/30/2030 | 70000 | 72097  |
| Lowe's Cos., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/15/2041 | 1250000 | 905092  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/15/2046 | 80000 | 61462  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2053 | 1150000 | 1160633  |
| Marriott International, Inc./MD <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/15/2031 | 145000 | 133434  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2032 | 894000 | 828466  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2037 | 56000 | 57229  |
| McDonald's Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/14/2028 | 268000 | 273709  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2049 | 131000 | 98133  |
| Newell Brands, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 | 60000 | 59448  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2032 | 35000 | 34542  |
| O'Reilly Automotive, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | 88000 | 89517  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/01/2027 | 168000 | 166503  |
| Qnity Electronics, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2032<sup>(a)</sup> | 35000 | 35267  |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/15/2033<sup>(a)</sup> | 20000 | 20424  |
|  Stellantis Finance US, Inc., 6.45%, 03/18/2035<sup>(a)</sup> | 208000 | 213214  |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., <br>5.13%, 08/01/2030<sup>(a)</sup> | 100000 | 99680  |
|  Tenneco, Inc., 8.00%, 11/17/2028<sup>(a)</sup> | 200000 | 200365  |
| United Airlines, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/2026<sup>(a)</sup> | 185000 | 184716  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029<sup>(a)</sup> | 35000 | 34464  |
|  Walmart, Inc., 1.80%, 09/22/2031 | 1175000 | 1036648  |
|  Whirlpool Corp., 6.13%, 06/15/2030 | 40000 | 40313  |
|  Wolverine World Wide, Inc., 4.00%, 08/15/2029<sup>(a)</sup> | 150000 | 137232  |
| **Total Consumer, Cyclical** |  | 16596271  |
| **Consumer, Non-Cyclical — 3.3%** | **Consumer, Non-Cyclical — 3.3%** |  |
| AbbVie, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031 | 115000 | 118867  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/15/2035 | 380000 | 374072  |
| &nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 200000 | 178987  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2045 | 150000 | 138802  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | 362000 | 304978  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Consumer, Non-Cyclical — (continued)**  | **Consumer, Non-Cyclical — (continued)**  | **Consumer, Non-Cyclical — (continued)**  |
| Agilent Technologies, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/15/2029 | $171000 | $161749  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/12/2031 | 261000 | 234260  |
| Amgen, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/02/2028 | 115000 | 117685  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2030 | 51000 | 52868  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033 | 140000 | 145018  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2041 | 55000 | 53456  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 | 46000 | 39943  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053 | 159000 | 158593  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2063 | 84000 | 83801  |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036 | 120000 | 118476  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046 | 226000 | 211724  |
| Ascension Health <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/15/2029 | 630000 | 592197  |
| &nbsp;&nbsp;&nbsp; 3.11%, 11/15/2039 | 120000 | 94575  |
| Astrazeneca Finance LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/03/2028 | 155000 | 158396  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/26/2029 | 186000 | 190790  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/03/2030 | 168000 | 173054  |
|  Automatic Data Processing, Inc., 4.45%, 09/09/2034 | 1000000 | 995289  |
|  B&G Foods, Inc., 8.00%, 09/15/2028<sup>(a)</sup> | 275000 | 266451  |
| BAT Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.34%, 08/02/2030 | 130000 | 140338  |
| &nbsp;&nbsp;&nbsp; 2.73%, 03/25/2031 | 620000 | 566464  |
| &nbsp;&nbsp;&nbsp; 4.39%, 08/15/2037 | 730000 | 669421  |
| Becton Dickinson & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.69%, 02/13/2028 | 149000 | 150879  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/22/2032 | 68000 | 66944  |
|  Biogen, Inc., 6.45%, 05/15/2055 | 96000 | 102936  |
| Bristol-Myers Squibb Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2031 | 173000 | 185034  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/01/2042 | 62000 | 47833  |
|  Bunge Ltd. Finance Corp., 2.75%, 05/14/2031 | 1450000 | 1329375  |
|  Capital Impact Partners, 5.34%, 08/01/2030 | 1000000 | 1018812  |
| Cardinal Health, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2030 | 72000 | 72219  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/2043 | 300000 | 261773  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2044 | 265000 | 227263  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2054 | 57000 | 57167  |
| Cencora, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2034 | 132000 | 135146  |
| &nbsp;&nbsp;&nbsp; 4.30%, 12/15/2047 | 86000 | 71609  |
| Cigna Group (The) <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2028 | 73000 | 73384  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2030 | 374000 | 345204  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 | $215000 | $193441  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2047 | 64000 | 49512  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/15/2050 | 249000 | 174791  |
|  CommonSpirit Health, 5.32%, 12/01/2034 | 1030000 | 1046519  |
| Conagra Brands, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2028 | 181000 | 193640  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/01/2048 | 26000 | 23747  |
|  Conservation Fund A Nonprofit Corp., 3.47%, 12/15/2029 | 1000000 | 942393  |
|  Constellation Brands, Inc., 4.35%, 05/09/2027 | 77000 | 77222  |
| CVS Health Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/01/2031 | 150000 | 156899  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038 | 365000 | 342092  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/21/2040 | 745000 | 530325  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045 | 599000 | 543751  |
|  Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 200000 | 207954  |
|  Duke University Health System, Inc., 3.92%, 06/01/2047 | 70000 | 56439  |
| Elevance Health, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/2052 | 19000 | 19761  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2055 | 61000 | 60460  |
| Eli Lilly & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/15/2027 | 50000 | 49429  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/12/2030 | 98000 | 100522  |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/14/2034 | 102000 | 102382  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/09/2054 | 335000 | 316945  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/14/2064 | 125000 | 120191  |
| &nbsp;&nbsp;&nbsp; 5.65%, 10/15/2065 | 60000 | 61952  |
|  EMD Finance LLC, 5.00%, 10/15/2035<sup>(a)</sup> | 150000 | 150051  |
|  Ford Foundation (The), 2.82%, 06/01/2070 | 1191000 | 687721  |
|  GE HealthCare Technologies, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/15/2027 | 200000 | 206129  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2035 | 50000 | 51829  |
| Gilead Sciences, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 | 117000 | 120072  |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/15/2035 | 77000 | 79110  |
|  GlaxoSmithKline Capital, Inc., 4.50%, 04/15/2030 | 102000 | 103234  |
|  GXO Logistics, Inc., 6.25%, 05/06/2029 | 95000 | 99765  |
|  Haleon US Capital LLC, 4.00%, 03/24/2052 | 250000 | 199755  |
| HCA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029 | 64000 | 62065  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 | 145000 | 138499  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2031 | 98000 | 101869  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 | 108000 | 112518  |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/15/2036 | 150000 | 173307  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2049 | 87000 | 79691  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Consumer, Non-Cyclical — (continued)** | **Consumer, Non-Cyclical — (continued)** | **Consumer, Non-Cyclical — (continued)** |
| HCA, Inc. (continued)  | HCA, Inc. (continued)  | HCA, Inc. (continued)  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/2051 | $166000 | $113563  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2052 | 185000 | 152764  |
| Herc Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030<sup>(a)</sup> | 80000 | 83098  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2033<sup>(a)</sup> | 40000 | 41756  |
|  Hershey Co., 4.55%, 02/24/2028 | 81000 | 82285  |
|  Hormel Foods Corp., 4.80%, 03/30/2027 | 132000 | 133483  |
| Humana, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2030 | 159000 | 160916  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/01/2033 | 53000 | 55762  |
| Johnson & Johnson <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/01/2031 | 1150000 | 1198776  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/01/2050 | 1000000 | 601656  |
|  Kaiser Foundation Hospitals, 2.81%, 06/01/2041 | 2500000 | 1849073  |
|  Kellanova, 7.45%, 04/01/2031 | 217000 | 248590  |
|  Kenvue, Inc., 4.85%, 05/22/2032 | 104000 | 105501  |
| Kraft Heinz Foods Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2032 | 73000 | 74801  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/01/2046 | 154000 | 128157  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 | 87000 | 76108  |
| Kroger Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2034 | 66000 | 66560  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2046 | 40000 | 31121  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/2054 | 123000 | 119883  |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/15/2064 | 212000 | 206792  |
| Lamb Weston Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/2030<sup>(a)</sup> | 75000 | 72017  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032<sup>(a)</sup> | 225000 | 212652  |
| Mars, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/20/2031<sup>(a)</sup> | 2680000 | 2719611  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(a)</sup> | 1320000 | 1349220  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045<sup>(a)</sup> | 106000 | 107529  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(a)</sup> | 81000 | 82049  |
|  Massachusetts Institute of Technology <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 | 150000 | 127865  |
| &nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116 | 75000 | 53477  |
|  Mather Foundation, 2.68%, 10/01/2031 | 1000000 | 893929  |
|  McKesson Corp., 4.95%, 05/30/2032 | 182000 | 186365  |
|  Medline Borrower LP, 3.88%, 04/01/2029<sup>(a)</sup> | 175000 | 168778  |
| Mylan, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/29/2043 | 180000 | 155949  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/2048 | 135000 | 110616  |
|  NBM US Holdings, Inc., 6.63%, 08/06/2029<sup>(a)</sup> | 800000 | 809998  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Novartis Capital Corp., 4.00%, 09/18/2031 | $95000 | $94480  |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028<sup>(a)</sup> | 275000 | 265689  |
| &nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, <br>4.09%, 10/01/2048 | 50000 | 40818  |
| PepsiCo, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/07/2028 | 117000 | 118627  |
| &nbsp;&nbsp;&nbsp; 3.60%, 02/18/2028 | 94000 | 93543  |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/23/2032 | 104000 | 105535  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/05/2042 | 42000 | 36352  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/2049 | 1000000 | 671096  |
| Philip Morris International, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 | 575000 | 593613  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030 | 1165000 | 1203952  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/07/2030 | 480000 | 504695  |
| Pilgrim's Pride Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 | 520000 | 475976  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 | 310000 | 330906  |
|  President and Fellows of Harvard College <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/01/2038 | 210000 | 223260  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2039<sup>(a)</sup> | 105000 | 120381  |
| Procter & Gamble Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 10/29/2030 | 1150000 | 1006432  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/29/2034 | 1000000 | 1014826  |
|  Providence St. Joseph Health Obligated Group, 2.53%, 10/01/2029 | 110000 | 102785  |
| Quanta Services, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030 | 112000 | 104557  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/15/2032 | 118000 | 103574  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/09/2034 | 133000 | 136352  |
| &nbsp;&nbsp;&nbsp; 3.05%, 10/01/2041 | 100000 | 74345  |
|  RELX Capital, Inc., 5.25%, 03/27/2035 | 115000 | 118684  |
| Roche Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.49%, 11/13/2030<sup>(a)</sup> | 231000 | 244717  |
| &nbsp;&nbsp;&nbsp; 4.91%, 03/08/2031<sup>(a)</sup> | 200000 | 206343  |
| &nbsp;&nbsp;&nbsp; 5.59%, 11/13/2033<sup>(a)</sup> | 980000 | 1052301  |
| &nbsp;&nbsp;&nbsp; 4.59%, 09/09/2034<sup>(a)</sup> | 410000 | 409872  |
|  S&P Global, Inc., 2.70%, 03/01/2029 | 149000 | 142352  |
| Sutter Health <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.16%, 08/15/2033 | 409000 | 420204  |
| &nbsp;&nbsp;&nbsp; 4.09%, 08/15/2048 | 125000 | 102311  |
| Sysco Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 02/15/2030 | 2500000 | 2312964  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/23/2030 | 145000 | 149495  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2046 | 189000 | 163315  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2048 | 97000 | 82656  |
|  Tenet Healthcare Corp., 4.38%, 01/15/2030 | 200000 | 194509  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Consumer, Non-Cyclical — (continued)**  | **Consumer, Non-Cyclical — (continued)**  | **Consumer, Non-Cyclical — (continued)**  |
| Thermo Fisher Scientific, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/2029 | $88000 | $90561  |
| &nbsp;&nbsp;&nbsp; 4.47%, 10/07/2032 | 103000 | 103074  |
|  Trustees of Boston College, 3.13%, 07/01/2052 | 169000 | 117688  |
| &nbsp;&nbsp;&nbsp; Trustees of Dartmouth College, <br>4.27%, 06/01/2030 | 1000000 | 1007091  |
| Trustees of Princeton University <br>&nbsp;&nbsp;&nbsp;&nbsp;(The) <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/2039 | 495000 | 533382  |
| &nbsp;&nbsp;&nbsp; 2.52%, 07/01/2050 | 90000 | 56843  |
| Unilever Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 09/06/2029 | 675000 | 628667  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/12/2034 | 1950000 | 1959582  |
|  United Rentals North America, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2030 | 45000 | 45223  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 | 62000 | 58653  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 | 50000 | 46319  |
| UnitedHealth Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2031 | 102000 | 104583  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2033 | 1560000 | 1543524  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2034 | 470000 | 477367  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/15/2035 | 75000 | 77529  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/15/2048 | 185000 | 152938  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2052 | 691000 | 609188  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2062 | 62000 | 54517  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064 | 275000 | 273792  |
|  University of Chicago (The), 2.76%, 04/01/2045 | 100000 | 78845  |
|  Utah Acquisition Sub, Inc., 5.25%, 06/15/2046 | 140000 | 116337  |
|  Verisk Analytics, Inc., 5.13%, 02/15/2036 | 60000 | 60555  |
|  Viatris, Inc., 3.85%, 06/22/2040 | 35000 | 26690  |
| Zoetis, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030 | 675000 | 613799  |
| &nbsp;&nbsp;&nbsp; 5.60%, 11/16/2032 | 73000 | 77638  |
| &nbsp;&nbsp;&nbsp; **Total Consumer,** <br>**Non-Cyclical** |  | 52738416  |
| **Energy — 1.7%** | **Energy — 1.7%** |  |
|  APA Corp., 5.35%, 07/01/2049 | 470000 | 392788  |
|  BP Capital Markets America, Inc., 3.54%, 04/06/2027 | 301000 | 298991  |
| Cheniere Energy Partners LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/30/2033 | 500000 | 529299  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/30/2035<sup>(a)</sup> | 82000 | 83772  |
|  Chevron Corp., 2.24%, 05/11/2030 | 249000 | 230262  |
| Civitas Resources, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/01/2030<sup>(a)</sup> | 25000 | 25892  |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031<sup>(a)</sup> | 200000 | 204902  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Colonial Enterprises, Inc., 3.25%, 05/15/2030<sup>(a)</sup> | $510000 | $475541  |
|  Columbia Pipelines Operating Co. LLC, 5.93%, 08/15/2030<sup>(a)</sup> | 215000 | 227460  |
| ConocoPhillips Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/2033 | 750000 | 772850  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2053 | 950000 | 905602  |
|  Continental Wind LLC, 6.00%, 02/28/2033<sup>(a)</sup> | 846145 | 866822  |
| DCP Midstream Operating LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029 | 320000 | 327227  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2037<sup>(a)</sup> | 550000 | 598373  |
| Diamondback Energy, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2029 | 90000 | 86832  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 | 1395000 | 1502986  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/01/2035 | 975000 | 1000931  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/24/2051 | 117000 | 94451  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053 | 51000 | 52230  |
| Energy Transfer LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 11/15/2026 then <br>5 yr. CMT Rate + 5.69%, Perpetual | 500000 | 501865  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 | 189000 | 192119  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/2028 | 115000 | 116984  |
| &nbsp;&nbsp;&nbsp; 6.55%, 12/01/2033 | 760000 | 831279  |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/01/2043 | 135000 | 122544  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/15/2047 | 110000 | 99349  |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/01/2047 | 254000 | 232499  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 | 850000 | 727602  |
|  Enterprise Products Operating LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/2031 | 72000 | 72747  |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/15/2042 | 200000 | 186323  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051 | 47000 | 34962  |
|  Expand Energy Corp., 4.75%, 02/01/2032 | 268000 | 263384  |
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, <br>2.30%, 10/01/2031<sup>(a)</sup> | 355000 | 313632  |
|  Gray Oak Pipeline LLC, 3.45%, 10/15/2027<sup>(a)</sup> | 192000 | 189266  |
|  HF Sinclair Corp., 5.00%, 02/01/2028 | 96000 | 96205  |
|  Hilcorp Energy I LP / Hilcorp Finance Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> | 125000 | 122843  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> | 100000 | 95935  |
|  Kinder Morgan Energy Partners LP, 5.50%, 03/01/2044 | 98000 | 94602  |
|  Marathon Petroleum Corp., 5.70%, 03/01/2035 | 150000 | 154835  |
| MPLX LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/01/2026 | 1655000 | 1637646  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2031 | 287000 | 288732  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Energy — (continued)** | **Energy — (continued)** | **Energy — (continued)** |
| MPLX LP (continued)  | MPLX LP (continued)  | MPLX LP (continued)  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035 | $720000 | $721564  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/15/2048 | 245000 | 205139  |
|  Murray Energy Corp., 12.00%, 04/15/2024<sup>(a)(b)</sup> | 180991 | 0  |
|  Northwest Pipeline LLC, 4.00%, 04/01/2027 | 1655000 | 1651097  |
| Occidental Petroleum Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 | 140000 | 147471  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 81000 | 86076  |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/15/2046 | 185000 | 145125  |
| &nbsp;&nbsp;&nbsp; 6.05%, 10/01/2054 | 675000 | 658670  |
|  ONEOK Partners LP, 6.65%, 10/01/2036 | 119000 | 130032  |
| ONEOK, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/15/2030 | 610000 | 576026  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2031 | 137000 | 137044  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/13/2047 | 150000 | 130118  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2048 | 300000 | 268077  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2050 | 70000 | 57094  |
|  Ovintiv, Inc., 7.38%, 11/01/2031 | 231000 | 257347  |
|  Pioneer Natural Resources Co., 5.10%, 03/29/2026 | 77000 | 77376  |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.60%, 01/15/2036 | 59000 | 59742  |
|  Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037 | 63205 | 66462  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(a)</sup> | 175000 | 172818  |
| Targa Resources Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/30/2034 | 860000 | 936430  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2035 | 150000 | 152632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners LP / <br>Targa Resources Partners Finance Corp., 5.50%, 03/01/2030 | 88000 | 89512  |
| Topaz Solar Farms LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/30/2039<sup>(a)</sup> | 276151 | 241632  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/30/2039<sup>(a)</sup> | 866994 | 878846  |
|  Transcontinental Gas Pipe Line Co. LLC, 3.95%, 05/15/2050 | 230000 | 180165  |
|  Valero Energy Partners LP, 4.50%, 03/15/2028 | 350000 | 352727  |
|  Venture Global Calcasieu Pass LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029<sup>(a)</sup> | 25000 | 23958  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030<sup>(a)</sup> | 400000 | 417020  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031<sup>(a)</sup> | 25000 | 23596  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Western Midstream Operating LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 02/01/2030<sup>(c)</sup> | $1210000 | $1181066  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/2048 | 56000 | 48714  |
| Williams Cos., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2030 | 115000 | 115980  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2030 | 1220000 | 1166061  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/24/2044 | 252000 | 254272  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/15/2045 | 200000 | 179726  |
| **Total Energy** |  | 26842179  |
| **Financial — 7.3%**<br>|  |  |
|  200 Park Funding Trust, 5.74%, 02/15/2055<sup>(a)</sup> | 2425000 | 2455940  |
|  Alexandria Real Estate Equities, Inc., 4.75%, 04/15/2035 | 135000 | 131842  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., <br>5.54% to 01/17/2030 <br>then SOFR + 1.73%, 01/17/2031 | 210000 | 213929  |
| American Express Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.34% to 10/30/2025 <br>then SOFR + 1.33%, 10/30/2026 | 885000 | 886503  |
| &nbsp;&nbsp;&nbsp; 5.10% to 02/16/2027 <br>then SOFR + 1.00%, 02/16/2028 | 303000 | 307066  |
| &nbsp;&nbsp;&nbsp; 5.09% to 01/30/2030 <br>then SOFR + 1.02%, 01/30/2031 | 99000 | 102068  |
| &nbsp;&nbsp;&nbsp; 4.92% to 07/20/2032 <br>then SOFR + 1.22%, 07/20/2033 | 70000 | 71219  |
| &nbsp;&nbsp;&nbsp; 5.67% to 04/25/2035 <br>then SOFR + 1.79%, 04/25/2036 | 83000 | 87690  |
|  American Homes 4 Rent LP, 5.50%, 02/01/2034 | 1750000 | 1805856  |
| American Tower Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 01/15/2027 | 108000 | 106503  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 | 231000 | 237696  |
| &nbsp;&nbsp;&nbsp; 2.30%, 09/15/2031 | 150000 | 132534  |
| Aon North America, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/2031 | 184000 | 191646  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2054 | 60000 | 60425  |
| Arthur J Gallagher & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/2029 | 368000 | 375519  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2053 | 16000 | 15930  |
|  Assurant, Inc., 5.55%, 02/15/2036 | 30000 | 30403  |
| Athene Global Funding <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/27/2026<sup>(a)</sup> | 131000 | 131850  |
| &nbsp;&nbsp;&nbsp; 1.73%, 10/02/2026<sup>(a)</sup> | 143000 | 139661  |
| &nbsp;&nbsp;&nbsp; 5.32%, 11/13/2031<sup>(a)</sup> | 209000 | 213865  |
|  Athene Holding Ltd., 3.45%, 05/15/2052 | 54000 | 35454  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Financial — (continued)**  | **Financial — (continued)**  | **Financial — (continued)**  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/03/2026 | $1525000 | $1526011  |
| &nbsp;&nbsp;&nbsp; 3.82% to 01/20/2027 <br>then 3 mo. Term SOFR + 1.84%, 01/20/2028 | 1367000 | 1360642  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 <br>then 3 mo. Term SOFR + 1.30%, 12/20/2028 | 544000 | 535700  |
|  3.19% to 07/23/2029 then 3 mo. Term SOFR + 1.44%, 07/23/2030 | 45000 | 43344  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 <br>then SOFR + 1.00%, 01/24/2031 | 212000 | 218802  |
| &nbsp;&nbsp;&nbsp; 2.65% to 03/11/2031 <br>then SOFR + 1.22%, 03/11/2032 | 1675000 | 1527310  |
| &nbsp;&nbsp;&nbsp; 2.30% to 07/21/2031 <br>then SOFR + 1.22%, 07/21/2032 | 555000 | 492286  |
| &nbsp;&nbsp;&nbsp; 4.57% to 04/27/2032 <br>then SOFR + 1.83%, 04/27/2033 | 79000 | 78984  |
| &nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 <br>then SOFR + 1.91%, 04/25/2034 | 745000 | 770792  |
| &nbsp;&nbsp;&nbsp; 5.43% to 08/15/2034 <br>then SOFR + 1.91%, 08/15/2035 | 97000 | 98951  |
| &nbsp;&nbsp;&nbsp; 5.52% to 10/25/2034 <br>then SOFR + 1.74%, 10/25/2035 | 331000 | 339043  |
| &nbsp;&nbsp;&nbsp; 5.74% to 02/12/2035 <br>then SOFR + 1.70%, 02/12/2036 | 53000 | 55065  |
| &nbsp;&nbsp;&nbsp; 3.85% to 03/08/2032 <br>then 5 yr. CMT Rate + 2.00%, 03/08/2037 | 415000 | 387730  |
|  4.08% to 04/23/2039 then 3 mo. Term SOFR + 1.58%, 04/23/2040 | 83000 | 73940  |
| &nbsp;&nbsp;&nbsp; 3.31% to 04/22/2041 <br>then SOFR + 1.58%, 04/22/2042 | 107000 | 84873  |
|  Bank of New York Mellon Corp., 4.94% to 02/11/2030 then SOFR + 0.89%, 02/11/2031 | 177000 | 181803  |
|  BankUnited, Inc., 5.13%, 06/11/2030 | 280000 | 281290  |
|  Blackstone Secured Lending Fund, 2.85%, 09/30/2028 | 1300000 | 1230875  |
|  Blue Owl Credit Income Corp., 7.75%, 09/16/2027 | 1375000 | 1444781  |
|  Bridge Housing Corp., 3.25%, 07/15/2030 | 500000 | 468686  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Brixmor Operating Partnership LP, 4.05%, 07/01/2030 | $625000 | $611790  |
|  Broadstone Net Lease LLC, 2.60%, 09/15/2031 | 515000 | 450951  |
|  Cantor Fitzgerald LP, 4.50%, 04/14/2027<sup>(a)</sup> | 1225000 | 1215250  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 7.62% to 10/30/2030 <br>then SOFR + 3.07%, 10/30/2031 | 260000 | 294058  |
|  Chubb INA Holdings LLC, 4.65%, 08/15/2029 | 202000 | 205973  |
|  Citibank NA, 4.91%, 05/29/2030 | 252000 | 258913  |
| Citigroup, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.12% to 01/28/2026 <br>then SOFR + 0.77%, 01/28/2027 | 820000 | 811511  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/29/2027 | 1562000 | 1568358  |
|  3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030 | 610000 | 602605  |
| &nbsp;&nbsp;&nbsp; 4.54% to 09/19/2029 <br>then SOFR + 1.34%, 09/19/2030 | 294000 | 295368  |
| &nbsp;&nbsp;&nbsp; 2.98% to 11/05/2029 <br>then SOFR + 1.42%, 11/05/2030 | 160000 | 151463  |
| &nbsp;&nbsp;&nbsp; 2.56% to 05/01/2031 <br>then SOFR + 1.17%, 05/01/2032 | 300000 | 270390  |
| &nbsp;&nbsp;&nbsp; 3.06% to 01/25/2032 <br>then SOFR + 1.35%, 01/25/2033 | 1880000 | 1711515  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/22/2033 | 267000 | 284732  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/31/2033 | 233000 | 250449  |
| &nbsp;&nbsp;&nbsp; 5.17% to 09/11/2035 <br>then SOFR + 1.49%, 09/11/2036 | 100000 | 101015  |
|  5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039 | 260000 | 260881  |
| &nbsp;&nbsp;&nbsp; 2.90% to 11/03/2041 <br>then SOFR + 1.38%, 11/03/2042 | 56000 | 41041  |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., 5.72% to 07/23/2031 <br>then SOFR + 1.91%, 07/23/2032 | 369000 | 385287  |
|  Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030 | 701000 | 729493  |
| &nbsp;&nbsp;&nbsp; Community Preservation Corp., <br>2.87%, 02/01/2030 | 1000000 | 929898  |
| Crown Castle, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/11/2028 | 104000 | 105461  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/2029 | 89000 | 92479  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Financial — (continued)** | **Financial — (continued)** | **Financial — (continued)** |
|  Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2026<sup>(a)</sup> | $970000 | $963426  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/17/2030<sup>(a)</sup> | 665000 | 649093  |
|  ERP Operating LP, 4.95%, 06/15/2032 | 28000 | 28699  |
|  Everest Reinsurance Holdings, Inc., 3.13%, 10/15/2052 | 590000 | 380887  |
|  F&G Annuities & Life, Inc., 6.25%, 10/04/2034 | 42000 | 42833  |
|  F&G Global Funding, 2.30%, 04/11/2027<sup>(a)</sup> | 171000 | 165865  |
|  Fidus Investment Corp., 6.75%, 03/19/2030 | 680000 | 692009  |
|  First Horizon Bank, 5.75%, 05/01/2030 | 250000 | 257926  |
|  First Horizon Corp., 5.51% to 03/07/2030 then SOFR + 1.77%, 03/07/2031 | 113000 | 116319  |
|  FNB Corp./PA, 5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030 | 145000 | 147240  |
|  Franklin BSP Capital Corp., 6.00%, 10/02/2030<sup>(a)</sup> | 930000 | 919813  |
|  GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/2031<sup>(a)</sup> | 940000 | 760533  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.54% to 09/10/2026 <br>then SOFR + 0.82%, 09/10/2027 | 95000 | 92655  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 <br>then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 925000 | 917114  |
| &nbsp;&nbsp;&nbsp; 4.22% to 05/01/2028 <br>then 3 mo. Term SOFR + 1.56%, 05/01/2029 | 1314000 | 1315533  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 <br>then SOFR + 1.14%, 10/23/2030 | 67000 | 67854  |
| &nbsp;&nbsp;&nbsp; 5.21% to 01/28/2030 <br>then SOFR + 1.08%, 01/28/2031 | 965000 | 996153  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 <br>then SOFR + 1.28%, 04/22/2032 | 770000 | 698559  |
| &nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 <br>then SOFR + 1.25%, 07/21/2032 | 137000 | 122272  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 | 509000 | 570283  |
| &nbsp;&nbsp;&nbsp; 3.21% to 04/22/2041 <br>then SOFR + 1.51%, 04/22/2042 | 150000 | 115974  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.73% to 01/28/2055 <br>then SOFR + 1.70%, 01/28/2056 | $84000 | $87089  |
| &nbsp;&nbsp;&nbsp; Goodman US Finance Six LLC, <br>5.13%, 10/07/2034<sup>(a)</sup> | 56000 | 56529  |
|  HA Sustainable Infrastructure Capital, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/2031 | 1250000 | 1284094  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/01/2034 | 2000000 | 2035455  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/2035 | 1025000 | 1056605  |
|  Hanover Insurance Group, Inc., 5.50%, 09/01/2035 | 59000 | 59695  |
|  HAT Holdings I LLC / HAT Holdings II LLC, 3.75%, 09/15/2030<sup>(a)</sup> | 1000000 | 922384  |
|  HNA 2015 LLC, 2.37%, 09/18/2027 | 113154 | 110042  |
|  HSBC USA, Inc., 4.65%, 06/03/2028 | 200000 | 202828  |
|  Huntington Bancshares, Inc./OH, 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029 | 145000 | 152603  |
|  Intercontinental Exchange, Inc., 4.95%, 06/15/2052 | 157000 | 146657  |
| JPMorgan Chase & Co. <br>|  |  |
|  6.07% (SOFR + 1.33%), 10/22/2027 | 2500000 | 2549711  |
|  3.78% to 02/01/2027 then 3 mo. Term SOFR + 1.60%, 02/01/2028 | 300000 | 298672  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2027 <br>then SOFR + 0.93%, 04/22/2028 | 1875000 | 1915952  |
|  3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028 | 175000 | 173471  |
|  4.01% to 04/23/2028 then 3 mo. Term SOFR + 1.38%, 04/23/2029 | 1240000 | 1236898  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 <br>then SOFR + 1.02%, 06/01/2029 | 796000 | 755308  |
|  6.88% to 06/01/2029 then 5 yr. CMT Rate + 2.74%, Perpetual | 1250000 | 1316571  |
| &nbsp;&nbsp;&nbsp; 5.00% to 07/22/2029 <br>then SOFR + 1.13%, 07/22/2030 | 2000000 | 2051487  |
|  2.74% to 10/15/2029 then 3 mo. Term SOFR + 1.51%, 10/15/2030 | 2250000 | 2124900  |
|  2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 | 405000 | 368070  |
| &nbsp;&nbsp;&nbsp; 2.55% to 11/08/2031 <br>then SOFR + 1.18%, 11/08/2032 | 662000 | 593761  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Financial — (continued)**  | **Financial — (continued)**  | **Financial — (continued)**  |
| JPMorgan Chase & Co. (continued) | JPMorgan Chase & Co. (continued) | JPMorgan Chase & Co. (continued) |
| &nbsp;&nbsp;&nbsp; 4.91% to 07/25/2032 <br>then SOFR + 2.08%, 07/25/2033 | $83000 | $84636  |
| &nbsp;&nbsp;&nbsp; 5.77% to 04/22/2034 <br>then SOFR + 1.49%, 04/22/2035 | 500000 | 532694  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 <br>then SOFR + 1.64%, 07/23/2036 | 2151000 | 2229903  |
| &nbsp;&nbsp;&nbsp; 2.53% to 11/19/2040 then <br>3 mo. Term SOFR + 1.51%, 11/19/2041 | 658000 | 476241  |
| &nbsp;&nbsp;&nbsp; 5.53% to 11/29/2044 <br>then SOFR + 1.55%, 11/29/2045 | 52000 | 53476  |
|  KeyBank NA/Cleveland OH, 4.90%, 08/08/2032 | 250000 | 248187  |
| KeyCorp <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.12% to 04/04/2030 <br>then SOFR + 1.23%, 04/04/2031 | 135000 | 138617  |
| &nbsp;&nbsp;&nbsp; 6.40% to 03/06/2034 <br>then SOFR + 2.42%, 03/06/2035 | 185000 | 200762  |
| Kimco Realty OP LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 12/01/2031 | 1100000 | 968887  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/01/2033 | 135000 | 134298  |
| Liberty Mutual Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.57%, 02/01/2029<sup>(a)</sup> | 700000 | 704537  |
| &nbsp;&nbsp;&nbsp; 3.95%, 10/15/2050<sup>(a)</sup> | 120000 | 91907  |
| &nbsp;&nbsp;&nbsp; 3.95%, 05/15/2060<sup>(a)</sup> | 85000 | 60412  |
|  Low Income Investment Fund, 3.39%, 07/01/2026 | 1000000 | 984721  |
|  Lseg US Fin Corp., 5.30%, 03/28/2034<sup>(a)</sup> | 590000 | 610621  |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. <br>CMT Rate + 1.43%, 07/30/2035 | 100000 | 100760  |
|  Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027 | 107000 | 108191  |
| Mastercard, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 03/15/2031 | 1000000 | 890675  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/15/2032 | 142000 | 142640  |
| Morgan Stanley <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/23/2027 | 950000 | 947917  |
| &nbsp;&nbsp;&nbsp; 3.59%, 07/22/2028<sup>(d)</sup> | 403000 | 398759  |
|  3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029 | 1155000 | 1144988  |
| &nbsp;&nbsp;&nbsp; 5.17% to 01/16/2029 <br>then SOFR + 1.45%, 01/16/2030 | 310000 | 318610  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  4.43% to 01/23/2029 then 3 mo. Term SOFR + 1.89%, 01/23/2030 | $440000 | $442106  |
| &nbsp;&nbsp;&nbsp; 4.65% to 10/18/2029 <br>then SOFR + 1.10%, 10/18/2030 | 49000 | 49536  |
| &nbsp;&nbsp;&nbsp; 3.62% to 04/01/2030 <br>then SOFR + 3.12%, 04/01/2031 | 53000 | 51426  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 <br>then SOFR + 1.18%, 07/21/2032 | 210000 | 185471  |
| &nbsp;&nbsp;&nbsp; 2.94% to 01/21/2032 <br>then SOFR + 1.29%, 01/21/2033 | 2450000 | 2227427  |
| &nbsp;&nbsp;&nbsp; 5.32% to 07/19/2034 <br>then SOFR + 1.56%, 07/19/2035 | 81000 | 83580  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 <br>then SOFR + 1.36%, 09/16/2036 | 138000 | 119870  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 <br>then SOFR + 2.62%, 04/20/2037 | 192000 | 194789  |
| &nbsp;&nbsp;&nbsp; 5.94% to 02/07/2034 <br>then 5 yr. CMT Rate + 1.80%, 02/07/2039 | 222000 | 232433  |
| &nbsp;&nbsp;&nbsp; 3.22% to 04/22/2041 <br>then SOFR + 1.49%, 04/22/2042 | 150000 | 117290  |
|  Morgan Stanley Direct Lending Fund, 4.50%, 02/11/2027 | 1310000 | 1308012  |
|  Morgan Stanley Private Bank NA, 4.73% to 07/18/2030 then SOFR + 1.08%, 07/18/2031 | 1125000 | 1141800  |
|  MPT Operating Partnership LP / MPT Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 | 150000 | 145309  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2031 | 200000 | 147102  |
|  National Community Renaissance of California, 3.27%, 12/01/2032 | 1000000 | 879287  |
| National Health Investors, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2031 | 114000 | 103151  |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/01/2033 | 32000 | 31741  |
| New York Life Global Funding <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/09/2028<sup>(a)</sup> | 74000 | 75325  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/28/2033<sup>(a)</sup> | 1000000 | 998554  |
|  Northwestern Mutual Global Funding, 4.35%, 09/15/2027<sup>(a)</sup> | 99000 | 99801  |
|  Northwestern Mutual Life Insurance Co., 6.17%, 05/29/2055<sup>(a)</sup> | 60000 | 64545  |
|  OFS Capital Corp., 4.75%, 02/10/2026 | 322000 | 319364  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Financial — (continued)** | **Financial — (continued)** | **Financial — (continued)** |
|  Omnis Funding Trust, 6.72%, 05/15/2055<sup>(a)</sup> | $3375000 | $3640437  |
|  OneMain Finance Corp., 3.88%, 09/15/2028 | 100000 | 96107  |
|  Pacific Life Insurance Co., 5.95%, 09/15/2055<sup>(a)</sup> | 128000 | 132271  |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., <br>4.25%, 02/15/2029<sup>(a)</sup> | 225000 | 217763  |
|  PNC Bank NA, 4.54% to 05/13/2026 then SOFR + 0.63%, 05/13/2027 | 1125000 | 1126746  |
|  Preservation Of Affordable Housing, Inc., 4.48%, 12/01/2032 | 1000000 | 947100  |
| Private Export Funding Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 12/15/2028 | 1000000 | 1010275  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/15/2034 | 1000000 | 1007608  |
|  Prudential Financial, Inc., 5.70% to 09/15/2028 then 3 mo. LIBOR US + 2.67%, 09/15/2048<sup>(e)</sup> | 78000 | 79445  |
|  Realty Income Corp., 3.25%, 01/15/2031 | 285000 | 269781  |
| Regions Financial Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.72% to 06/06/2029 <br>then SOFR + 1.49%, 06/06/2030 | 115000 | 119856  |
| &nbsp;&nbsp;&nbsp; 5.50% to 09/06/2034 <br>then SOFR + 2.06%, 09/06/2035 | 87000 | 89442  |
| &nbsp;&nbsp;&nbsp; 7.38%, 12/10/2037 | 196000 | 226050  |
|  Reinvestment Fund, Inc., 3.88%, 02/15/2027 | 500000 | 479157  |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026<sup>(a)</sup> | 425000 | 416300  |
|  Signature Bank/New York NY, 4.00% to 10/15/2025 then 3 mo. AMERIBOR + 3.89%, 10/15/2030<sup>(d)</sup> | 150000 | 96000  |
| Starwood Property Trust, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/15/2028<sup>(a)</sup> | 720000 | 720209  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029<sup>(a)</sup> | 1000000 | 1050045  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> | 1445000 | 1466963  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2030<sup>(a)</sup> | 2105000 | 2174396  |
|  Stellantis Financial Services US Corp., 4.95%, 09/15/2028<sup>(a)</sup> | 202000 | 201947  |
|  Sun Communities Operating LP, 2.70%, 07/15/2031 | 475000 | 429654  |
| Synchrony Financial <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/19/2029 | 192000 | 194419  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.45% to 03/06/2030 <br>then SOFR + 1.68%, 03/06/2031 | $61000 | $62157  |
|  Teachers Insurance & Annuity Association of America, 3.30%, 05/15/2050<sup>(a)</sup> | 210000 | 144676  |
|  Thirax 2 LLC, 2.32%, 01/22/2034 | 736348 | 674287  |
| Travelers Cos., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/24/2035 | 1650000 | 1679406  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/24/2055 | 1475000 | 1527531  |
|  Truist Financial Corp., 7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029 | 300000 | 324930  |
|  Unum Group, 6.00%, 06/15/2054 | 130000 | 131593  |
| &nbsp;&nbsp;&nbsp; US Bancorp, <br>2.49% to 11/03/2031 then <br>5 yr. CMT Rate + 0.95%, 11/03/2036 | 195000 | 168110  |
| USAA Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/01/2028<sup>(a)</sup> | 154000 | 155435  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/01/2030<sup>(a)</sup> | 2500000 | 2290051  |
|  VICI Properties LP / VICI Note Co., Inc., 5.75%, 02/01/2027<sup>(a)</sup> | 1100000 | 1113728  |
| &nbsp;&nbsp;&nbsp; Visa, Inc., <br>1.90%, 04/15/2027 | 1000000 | 971947  |
|  W R Berkley Corp., 4.00%, 05/12/2050 | 160000 | 125620  |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp., 5.78% to 09/11/2030 then <br>5 yr. CMT Rate + 2.13%, 09/11/2035 | 50000 | 50006  |
| Wells Fargo & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.71% to 04/22/2027 <br>then SOFR + 1.07%, 04/22/2028 | 735000 | 752078  |
| &nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 <br>then SOFR + 1.74%, 07/25/2029 | 1160000 | 1202168  |
| &nbsp;&nbsp;&nbsp; 4.08% to 09/15/2028 <br>then SOFR + 0.88%, 09/15/2029 | 206000 | 205357  |
|  2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030 | 48000 | 45446  |
| &nbsp;&nbsp;&nbsp; 2.57% to 02/11/2030 then <br>3 mo. Term SOFR + 1.26%, 02/11/2031 | 775000 | 720231  |
| &nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 <br>then SOFR + 2.02%, 04/24/2034 | 435000 | 451991  |
| &nbsp;&nbsp;&nbsp; 6.49% to 10/23/2033 <br>then SOFR + 2.06%, 10/23/2034 | 380000 | 422215  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Financial — (continued)**  | **Financial — (continued)**  | **Financial — (continued)**  |
| Wells Fargo & Co — (continued) | Wells Fargo & Co — (continued) | Wells Fargo & Co — (continued) |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 <br>then SOFR + 1.78%, 01/23/2035 | $48000 | $50068  |
| &nbsp;&nbsp;&nbsp; 5.21% to 12/03/2034 <br>then SOFR + 1.38%, 12/03/2035 | 650000 | 664132  |
| &nbsp;&nbsp;&nbsp; 3.07% to 04/30/2040 <br>then SOFR + 2.53%, 04/30/2041 | 836000 | 648976  |
| &nbsp;&nbsp;&nbsp; 5.61%, 01/15/2044 | 96000 | 96103  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/07/2046 | 44000 | 39047  |
| Weyerhaeuser Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2026 | 49000 | 49130  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/09/2052 | 75000 | 58265  |
| Willis North America, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/15/2027 | 206000 | 207580  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/05/2054 | 99000 | 100852  |
|  Wynnton Funding Trust II, 5.99%, 08/15/2055<sup>(a)</sup> | 2700000 | 2771421  |
| Zions Bancorp NA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70% to 08/18/2027 <br>then SOFR + 1.16%, 08/18/2028 | 2000000 | 2006216  |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/29/2029 | 271000 | 254529  |
| **Total Financial** |  | 117030821  |
| **Industrial — 1.3%**<br>|  |  |
|  AECOM, 6.00%, 08/01/2033<sup>(a)</sup> | 30000 | 30672  |
|  AGCO Corp., 5.45%, 03/21/2027 | 357000 | 362167  |
| Allegion US Holding Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.41%, 07/01/2032 | 92000 | 96060  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/29/2034 | 92000 | 96023  |
|  Amcor Flexibles North America, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/17/2030 | 54000 | 55225  |
| &nbsp;&nbsp;&nbsp; 2.69%, 05/25/2031 | 73000 | 66357  |
| Ball Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2029 | 275000 | 281502  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/15/2031 | 100000 | 90779  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/2033 | 190000 | 192042  |
|  Berry Global, Inc., 1.57%, 01/15/2026 | 1010000 | 1001299  |
| Boeing Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026 | 460000 | 457376  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 | 2040000 | 2024550  |
| &nbsp;&nbsp;&nbsp; 6.26%, 05/01/2027 | 80000 | 82313  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 110000 | 112877  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2034 | 54000 | 48844  |
| &nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 | 1305000 | 1331599  |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/15/2046 | 87000 | 61980  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2048 | 565000 | 408295  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2050 | $143000 | $105651  |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 | 65000 | 64939  |
| &nbsp;&nbsp;&nbsp; 5.93%, 05/01/2060 | 554000 | 553443  |
|  Burlington Northern Santa Fe LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2043 | 31000 | 27957  |
| &nbsp;&nbsp;&nbsp; 4.15%, 12/15/2048 | 136000 | 112994  |
| &nbsp;&nbsp;&nbsp; 4.45%, 01/15/2053 | 82000 | 70415  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/2056 | 51000 | 53362  |
| Carlisle Cos., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 | 382000 | 330207  |
| &nbsp;&nbsp;&nbsp; 5.55%, 09/15/2040 | 43000 | 43527  |
|  Carrier Global Corp., 3.38%, 04/05/2040 | 205000 | 165501  |
|  Caterpillar Financial Services Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/14/2027 | 48000 | 48833  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/03/2028 | 91000 | 91965  |
| &nbsp;&nbsp;&nbsp; 4.10%, 08/15/2028 | 231000 | 232037  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/15/2029 | 104000 | 106524  |
|  CNH Industrial Capital LLC, 4.50%, 10/16/2030 | 111000 | 110768  |
|  Deere & Co., 5.45%, 01/16/2035 | 84000 | 88420  |
|  Flowserve Corp., 2.80%, 01/15/2032 | 245000 | 216910  |
|  GATX Corp., 3.25%, 09/15/2026 | 122000 | 121053  |
|  General Electric Co., 4.90%, 01/29/2036 | 47000 | 47655  |
|  Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030 | 1700000 | 1676386  |
| John Deere Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/14/2028 | 70000 | 71884  |
| &nbsp;&nbsp;&nbsp; 4.55%, 06/05/2030 | 138000 | 140147  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/07/2031 | 90000 | 92783  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/08/2031 | 142000 | 142965  |
| L3Harris Technologies, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2031 | 99000 | 103059  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/31/2033 | 103000 | 107361  |
|  Lennox International, Inc., 5.50%, 09/15/2028 | 147000 | 151963  |
|  Lockheed Martin Corp., 4.70%, 12/15/2031 | 115000 | 117647  |
|  Martin Marietta Materials, Inc., 2.40%, 07/15/2031 | 90000 | 80588  |
|  MasTec, Inc., 5.90%, 06/15/2029 | 92000 | 96294  |
|  Nature Conservancy (The), 1.51%, 07/01/2029 | 300000 | 271957  |
|  Otis Worldwide Corp., 5.13%, 09/04/2035 | 69000 | 69815  |
| Owens Corning <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2027 | 447000 | 456652  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2030 | 125000 | 120586  |
|  Packaging Corp. of America, 5.70%, 12/01/2033 | 145000 | 153536  |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Industrial — (continued)** | **Industrial — (continued)** | **Industrial — (continued)** |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP / <br>PTL Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/15/2026<sup>(a)</sup> | $1450000 | $1434913  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028<sup>(a)</sup> | 128000 | 133651  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/30/2029<sup>(a)</sup> | 66000 | 67876  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030<sup>(a)</sup> | 150000 | 154708  |
| &nbsp;&nbsp;&nbsp; 6.20%, 06/15/2030<sup>(a)</sup> | 94000 | 100567  |
|  Quikrete Holdings, Inc., 6.38%, 03/01/2032<sup>(a)</sup> | 300000 | 310753  |
|  RTX Corp., 5.38%, 02/27/2053 | 135000 | 131942  |
|  Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/2028<sup>(a)</sup> | 25000 | 25345  |
| Sonoco Products Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2029 | 198000 | 199175  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 97000 | 95943  |
| Standard Industries, Inc./NY <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> | 125000 | 123925  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030<sup>(a)</sup> | 175000 | 167786  |
|  Stanley Black & Decker, Inc., 6.71% to 03/15/2030 then 5 yr. CMT Rate + 2.66%, 03/15/2060 | 192000 | 192638  |
|  Star Leasing Co. LLC, 7.63%, 02/15/2030<sup>(a)</sup> | 250000 | 242933  |
|  Textron, Inc., 3.00%, 06/01/2030 | 1900000 | 1787713  |
|  Tote Shipholdings LLC, 3.40%, 10/16/2040 | 839000 | 741945  |
|  Trimble, Inc., 6.10%, 03/15/2033 | 71000 | 76324  |
|  Vontier Corp., 2.95%, 04/01/2031 | 214000 | 195467  |
|  Waste Management, Inc., 4.95%, 07/03/2027 | 143000 | 145490  |
|  Weir Group, Inc., 5.35%, 05/06/2030<sup>(a)</sup> | 1580000 | 1625417  |
| **Total Industrial** |  | 21200255  |
| **Technology — 0.8%**<br>|  |  |
|  Accenture Capital, Inc., 4.50%, 10/04/2034 | 79000 | 77912  |
| Adobe, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 04/04/2027 | 63000 | 63924  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/17/2028 | 163000 | 166115  |
| Apple, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/20/2027 | 1000000 | 987968  |
| &nbsp;&nbsp;&nbsp; 1.40%, 08/05/2028 | 279000 | 261561  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/13/2045 | 106000 | 95888  |
| &nbsp;&nbsp;&nbsp; 2.65%, 05/11/2050 | 211000 | 135193  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/05/2051 | 85000 | 54249  |
| &nbsp;&nbsp;&nbsp; 2.80%, 02/08/2061 | 10000 | 6031  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Applied Materials, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 06/15/2029 | $66000 | $67662  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/2036 | 84000 | 83130  |
|  Booz Allen Hamilton, Inc., 5.95%, 04/15/2035 | 184000 | 191821  |
| Broadcom, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 | 556000 | 572728  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/2031<sup>(a)</sup> | 228000 | 207369  |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/15/2032 | 729000 | 745758  |
| &nbsp;&nbsp;&nbsp; 3.42%, 04/15/2033<sup>(a)</sup> | 809000 | 748709  |
| &nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035<sup>(a)</sup> | 194000 | 167842  |
| &nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036<sup>(a)</sup> | 571000 | 487279  |
| &nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp., <br>2.67%, 12/01/2026 | 815000 | 799536  |
|  Dell International LLC / EMC Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 | 165000 | 167419  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/01/2030 | 195000 | 194375  |
| &nbsp;&nbsp;&nbsp; 8.10%, 07/15/2036 | 123000 | 149883  |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/15/2041 | 189000 | 144926  |
| Fiserv, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/02/2033 | 2000000 | 2095579  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 | 92000 | 93100  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/11/2035 | 58000 | 58617  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/01/2049 | 190000 | 156655  |
|  Foundry JV Holdco LLC, 6.15%, 01/25/2032<sup>(a)</sup> | 340000 | 363404  |
|  Hewlett Packard Enterprise Co., 4.40%, 10/15/2030 | 102000 | 101381  |
| Intel Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/05/2032 | 84000 | 81028  |
| &nbsp;&nbsp;&nbsp; 3.73%, 12/08/2047 | 187000 | 138121  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/10/2053 | 83000 | 80267  |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 102000 | 92741  |
|  Leidos, Inc., 4.38%, 05/15/2030 | 136000 | 135573  |
| Oracle Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 | 280000 | 267703  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 | 2120000 | 2303798  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 | 92000 | 94641  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2037 | 241000 | 208351  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/26/2045 | 88000 | 88239  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2047 | 209000 | 161974  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/06/2053 | 40000 | 37849  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 | 177000 | 176455  |
|  QUALCOMM, Inc., 4.75%, 05/20/2032 | 75000 | 76390  |
|  Roper Technologies, Inc., 4.25%, 09/15/2028 | 81000 | 81378  |
|  Texas Instruments, Inc., 4.60%, 02/15/2028 | 103000 | 104774  |
| **Total Technology** |  | 13575296  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Utilities — 4.2%**<br>|  |  |
| AEP Texas, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 05/15/2029 | $290000 | $300867  |
| &nbsp;&nbsp;&nbsp; 5.85%, 10/15/2055 | 153000 | 152316  |
| AEP Transmission Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2048 | 425000 | 353854  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/15/2052 | 58000 | 50019  |
| AES Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/2028 | 102000 | 104469  |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/15/2031 | 5108000 | 4574426  |
|  7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055 | 1000000 | 1035856  |
|  Alabama Power Co., 3.75%, 03/01/2045 | 170000 | 135040  |
|  Ameren Corp., 5.70%, 12/01/2026 | 65000 | 66018  |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., <br>5.25%, 03/01/2035 | 1200000 | 1230774  |
| Arizona Public Service Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 12/15/2032 | 630000 | 688876  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2046 | 500000 | 386271  |
|  Avangrid, Inc., 3.80%, 06/01/2029 | 1000000 | 981704  |
|  Boston Gas Co., 5.84%, 01/10/2035<sup>(a)</sup> | 415000 | 437734  |
|  Brooklyn Union Gas Co., 6.42%, 07/18/2054<sup>(a)</sup> | 74000 | 77978  |
|  Calpine Corp., 3.75%, 03/01/2031<sup>(a)</sup> | 275000 | 261916  |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., <br>4.75% to 06/01/2030 then <br>5 yr. CMT Rate + 4.12%, 06/01/2050 | 130000 | 126785  |
| Commonwealth Edison Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/15/2028 | 320000 | 317468  |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/01/2051 | 1000000 | 621579  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/01/2055 | 30000 | 31890  |
|  Connecticut Light and Power Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/01/2029 | 1000000 | 1018167  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2048 | 105000 | 84961  |
|  Consolidated Edison Co. of New York, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2044 | 63000 | 55524  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2045 | 86000 | 75396  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/15/2049 | 106000 | 85920  |
|  Consumers Energy Co., 4.60%, 05/30/2029 | 1000000 | 1015215  |
| Dominion Energy, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/01/2030 | 230000 | 220918  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/01/2041 | 2000000 | 1851348  |
|  7.00% to 06/01/2034 then 5 yr. CMT Rate + 2.51%, 06/01/2054 | 625000 | 677679  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| DTE Electric Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/01/2028 | $1000000 | $951167  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/01/2049 | 2470000 | 1988860  |
|  DTE Energy Co., 4.88%, 06/01/2028 | 117000 | 119027  |
| Duke Energy Carolinas LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 03/15/2032 | 1000000 | 911500  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/15/2052 | 56000 | 41223  |
| &nbsp;&nbsp;&nbsp; 5.40%, 01/15/2054 | 42000 | 41644  |
|  Duke Energy Corp., 5.80%, 06/15/2054 | 85000 | 85873  |
| Duke Energy Florida LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 07/15/2028 | 550000 | 547712  |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/01/2029 | 1000000 | 939454  |
| &nbsp;&nbsp;&nbsp; 4.20%, 07/15/2048 | 50000 | 41107  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/15/2051 | 1000000 | 654134  |
| &nbsp;&nbsp;&nbsp; 5.95%, 11/15/2052 | 56000 | 58900  |
|  Duke Energy Indiana LLC, 2.75%, 04/01/2050 | 930000 | 590721  |
|  Duke Energy Ohio, Inc., 5.65%, 04/01/2053 | 40000 | 40316  |
|  Duke Energy Progress LLC, 4.00%, 04/01/2052 | 90000 | 70921  |
| Emera US Finance LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 06/15/2026 | 225000 | 223668  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2046 | 130000 | 112172  |
|  Entergy Mississippi LLC, 3.85%, 06/01/2049 | 64000 | 49443  |
| Entergy Texas, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2035 | 59000 | 60467  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/30/2039 | 468000 | 435196  |
|  Evergy Kansas Central, Inc., 4.70%, 03/13/2028 | 39000 | 39476  |
|  FirstEnergy Corp., 4.85%, 07/15/2047<sup>(c)</sup> | 106000 | 93827  |
|  FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028<sup>(a)</sup> | 174000 | 177931  |
| Florida Power & Light Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2029 | 145000 | 150469  |
| &nbsp;&nbsp;&nbsp; 2.88%, 12/04/2051 | 570000 | 368306  |
|  Georgia Power Co., 3.25%, 03/15/2051 | 200000 | 139804  |
|  Indiana Michigan Power Co., 5.63%, 04/01/2053 | 49000 | 49161  |
|  Interstate Power and Light Co., 3.50%, 09/30/2049 | 105000 | 76237  |
|  ITC Holdings Corp., 4.95%, 09/22/2027<sup>(a)</sup> | 450000 | 455346  |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., <br>2.75%, 03/01/2032<sup>(a)</sup> | 68000 | 60800  |
|  Kentucky Power Co., 7.00%, 11/15/2033<sup>(a)</sup> | 215000 | 235486  |
|  Kentucky Utilities Co., 5.85%, 08/15/2055 | 44000 | 45209  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Utilities — (continued)** | **Utilities — (continued)** | **Utilities — (continued)** |
|  KeySpan Gas East Corp., 5.99%, 03/06/2033<sup>(a)</sup> | $135000 | $142959  |
|  Liberty Utilities Finance GP 1, 2.05%, 09/15/2030<sup>(a)</sup> | 91000 | 81207  |
| MidAmerican Energy Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2034 | 875000 | 913806  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/15/2054 | 975000 | 1026568  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2055 | 1050000 | 1021602  |
|  Narragansett Electric Co., 5.35%, 05/01/2034<sup>(a)</sup> | 95000 | 97771  |
|  National Rural Utilities Cooperative Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.12%, 09/16/2027 | 160000 | 160571  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/07/2028 | 53000 | 53781  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/25/2028 | 50000 | 50135  |
| &nbsp;&nbsp;&nbsp; 1.35%, 03/15/2031 | 1500000 | 1280783  |
| &nbsp;&nbsp;&nbsp; 4.15%, 12/15/2032 | 1000000 | 975201  |
|  New York State Electric & Gas Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 08/15/2028<sup>(a)</sup> | 1000000 | 1039029  |
| &nbsp;&nbsp;&nbsp; 2.15%, 10/01/2031<sup>(a)</sup> | 2500000 | 2173725  |
| &nbsp;&nbsp;&nbsp; 5.85%, 08/15/2033<sup>(a)</sup> | 93000 | 99060  |
|  NextEra Energy Capital Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.69%, 09/01/2027 | 70000 | 70761  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032 | 154000 | 159925  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/15/2055 | 126000 | 129854  |
| NiSource, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/2029 | 505000 | 520809  |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055 | 43000 | 43608  |
|  Northern States Power Co./MN, 3.20%, 04/01/2052 | 1000000 | 703152  |
|  Northwest Natural Gas Co., 3.08%, 12/01/2051 | 1000000 | 631172  |
|  NSTAR Electric Co., 5.40%, 06/01/2034 | 265000 | 275858  |
|  Ohio Edison Co., 5.50%, 01/15/2033<sup>(a)</sup> | 930000 | 966336  |
|  Oncor Electric Delivery Co. LLC, 4.15%, 06/01/2032 | 115000 | 112461  |
| Pacific Gas and Electric Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/15/2045 | 138000 | 110716  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2047 | 797000 | 595637  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/2050 | 474000 | 406828  |
| &nbsp;&nbsp;&nbsp; 6.70%, 04/01/2053 | 1000000 | 1069324  |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/2055 | 186000 | 185740  |
|  PacifiCorp, 4.13%, 01/15/2049 | 935000 | 727397  |
| PG&E Recovery Funding LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.84%, 06/01/2033 | 918668 | 935181  |
| &nbsp;&nbsp;&nbsp; 5.53%, 06/01/2049 | 2000000 | 1982105  |
|  PPL Capital Funding, Inc., 5.25%, 09/01/2034 | 50000 | 51138  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| PPL Electric Utilities Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/15/2034 | $950000 | $960859  |
| &nbsp;&nbsp;&nbsp; 4.15%, 06/15/2048 | 85000 | 70533  |
|  Public Service Co. of Colorado <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 06/15/2028 | 591000 | 587242  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/2034 | 835000 | 862435  |
| &nbsp;&nbsp;&nbsp; 4.10%, 06/15/2048 | 2263000 | 1815443  |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/15/2051 | 314000 | 193411  |
|  Public Service Co. of Oklahoma, 2.20%, 08/15/2031 | 1150000 | 1012609  |
|  Public Service Electric and Gas Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/01/2034 | 49000 | 49456  |
| &nbsp;&nbsp;&nbsp; 2.70%, 05/01/2050 | 420000 | 265346  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/2053 | 800000 | 761487  |
|  Puget Sound Energy, Inc., 5.69%, 06/15/2054 | 83000 | 84161  |
| RWE Finance US LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/18/2035<sup>(a)</sup> | 2675000 | 2638540  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/16/2054<sup>(a)</sup> | 1000000 | 1037644  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/18/2055<sup>(a)</sup> | 156000 | 154132  |
| San Diego Gas & Electric Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/15/2028 | 1000000 | 1024287  |
| &nbsp;&nbsp;&nbsp; 2.95%, 08/15/2051 | 1375000 | 896539  |
|  SCE Recovery Funding LLC, 2.94%, 11/15/2042 | 1627000 | 1348674  |
| Southern California Edison Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/2027 | 550000 | 553174  |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/01/2027 | 685000 | 702824  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 | 1000000 | 879302  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2034 | 575000 | 571560  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2048 | 110000 | 84046  |
| &nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051 | 1000000 | 691135  |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/01/2053 | 60000 | 57947  |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/15/2055 | 86000 | 86698  |
|  Southern California Gas Co., 5.60%, 04/01/2054 | 52000 | 52181  |
|  Southwestern Public Service Co., 3.75%, 06/15/2049 | 360000 | 269536  |
|  Trans-Allegheny Interstate Line Co., 5.00%, 01/15/2031<sup>(a)</sup> | 75000 | 76898  |
| Union Electric Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/15/2051 | 1000000 | 616608  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/01/2052 | 90000 | 70348  |
|  Virginia Electric and Power Co., 5.55%, 08/15/2054 | 40000 | 39639  |
| &nbsp;&nbsp;&nbsp; Vistra Corp., <br>7.00% to 12/15/2026 <br>then 5 yr. CMT Rate + 5.74%, Perpetual<sup>(a)</sup> | 2000000 | 2030540  |
| Vistra Operations Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(a)</sup> | 375000 | 375222  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(a)</sup> | 100000 | 99669  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Utilities — (continued)** | **Utilities — (continued)** | **Utilities — (continued)** |
|  Wisconsin Power and Light Co., 3.95%, 09/01/2032 | $81000 | $77747  |
| &nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., <br>2.85%, 12/01/2051 | 510000 | 322761  |
|  XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/2029<sup>(a)</sup> | 1016000 | 1043152  |
| **Total Utilities** |  | 68134510  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. CORPORATE BONDS** <br>**(Cost $341,494,195)** |  | 338204102  |
| **U.S. GOVERNMENT AGENCIES — 17.8%** | **U.S. GOVERNMENT AGENCIES — 17.8%** | **U.S. GOVERNMENT AGENCIES — 17.8%** |
|  CHI Commercial Mortgage Trust, Series 2025-SFT, Class XA, 0.31%, 04/15/2042<sup>(a)(d)(f)</sup> | 7875000 | 76234  |
|  Federal Home Loan Mortgage Corp. <br>|  |  |
|  Pool A97420, 4.00%, 03/01/2041 | 70655 | 68904  |
|  Pool C04420, 3.00%, 01/01/2043 | 351820 | 324086  |
|  Pool C09044, 3.50%, 07/01/2043 | 102517 | 96774  |
|  Pool C91967, 3.00%, 12/01/2037 | 166476 | 157216  |
|  Pool G06784, 3.50%, 10/01/2041 | 44190 | 42189  |
|  Pool G07025, 5.00%, 02/01/2042 | 83445 | 85559  |
|  Pool G07028, 4.00%, 06/01/2042 | 127609 | 124260  |
|  Pool G08654, 3.50%, 07/01/2045 | 93067 | 87599  |
|  Pool G08658, 3.00%, 08/01/2045 | 158831 | 144335  |
|  Pool G08721, 3.00%, 09/01/2046 | 945352 | 855365  |
|  Pool G08741, 3.00%, 01/01/2047 | 548390 | 496188  |
|  Pool G08760, 3.00%, 04/01/2047 | 197009 | 178253  |
|  Pool G08768, 4.50%, 06/01/2047 | 159519 | 157623  |
|  Pool G08772, 4.50%, 07/01/2047 | 36466 | 35845  |
|  Pool G16015, 3.00%, 01/01/2032 | 86700 | 84774  |
|  Pool G16177, 2.00%, 01/01/2032 | 58517 | 55762  |
|  Pool G61713, 3.50%, 01/01/2045 | 145705 | 137511  |
|  Pool G67715, 4.50%, 08/01/2048 | 90355 | 89416  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Pool Q12052, 3.50%, 10/01/2042 | $230524 | $217849  |
|  Pool Q49494, 4.50%, 07/01/2047 | 39489 | 39046  |
|  Pool Q52081, 3.50%, 11/01/2047 | 115902 | 107674  |
|  Pool QA7234, 3.00%, 02/01/2050 | 286079 | 254302  |
|  Pool QC0039, 2.50%, 03/01/2051 | 234600 | 199944  |
|  Pool QC9556, 2.50%, 10/01/2051 | 263664 | 225508  |
|  Pool QE0375, 4.00%, 04/01/2052 | 335993 | 321019  |
|  Pool QE5182, 4.50%, 06/01/2052 | 302854 | 295244  |
|  Pool QE5382, 4.50%, 07/01/2052 | 304807 | 297179  |
|  Pool RA7211, 4.00%, 04/01/2052 | 452680 | 427909  |
|  Pool RA9629, 5.50%, 08/01/2053 | 1170995 | 1184610  |
|  Pool SB8088, 1.50%, 02/01/2036 | 229996 | 206366  |
|  Pool SB8189, 4.00%, 11/01/2037 | 1037962 | 1022136  |
|  Pool SD1059, 3.50%, 06/01/2052 | 484273 | 445582  |
|  Pool SD1844, 3.00%, 06/01/2052 | 654568 | 579123  |
|  Pool SD1937, 3.00%, 03/01/2052 | 298424 | 262770  |
|  Pool SD7551, 3.00%, 01/01/2052 | 1092364 | 974371  |
|  Pool SD8016, 3.00%, 10/01/2049 | 49992 | 44453  |
|  Pool SD8090, 2.00%, 09/01/2050 | 2035995 | 1658119  |
|  Pool SD8104, 1.50%, 11/01/2050 | 363906 | 279923  |
|  Pool SD8128, 2.00%, 02/01/2051 | 2978969 | 2422359  |
|  Pool SD8135, 2.50%, 03/01/2051 | 8284127 | 7009613  |
|  Pool SD8141, 2.50%, 04/01/2051 | 4540057 | 3858101  |
|  Pool SD8178, 2.50%, 11/01/2051 | 1387963 | 1176294  |
|  Pool SD8189, 2.50%, 01/01/2052 | 598201 | 506067  |
|  Pool SD8193, 2.00%, 02/01/2052 | 1626744 | 1317266  |
|  Pool SD8195, 3.00%, 02/01/2052 | 219914 | 193681  |
|  Pool SD8213, 3.00%, 05/01/2052 | 3965039 | 3490597  |
|  Pool SD8214, 3.50%, 05/01/2052 | 2817763 | 2578985  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
|  Pool SD8220, 3.00%, 06/01/2052 | $6397829 | $5626146  |
|  Pool SD8231, 4.50%, 07/01/2052 | 487190 | 474316  |
|  Pool SD8233, 5.00%, 07/01/2052 | 1587651 | 1584075  |
|  Pool SD8244, 4.00%, 09/01/2052 | 913279 | 863857  |
|  Pool SD8246, 5.00%, 09/01/2052 | 2387711 | 2379625  |
|  Pool SD8265, 4.00%, 11/01/2052 | 5903204 | 5576473  |
|  Pool SD8286, 4.00%, 01/01/2053 | 4916663 | 4643771  |
|  Pool SD8300, 5.50%, 02/01/2053 | 727263 | 735808  |
|  Pool SD8315, 5.00%, 04/01/2053 | 2550124 | 2532161  |
|  Pool SD8329, 5.00%, 06/01/2053 | 1401381 | 1395912  |
|  Pool SD8491, 5.00%, 12/01/2054 | 3956703 | 3925979  |
|  Pool U90490, 4.00%, 06/01/2042 | 2644 | 2577  |
|  Pool U99175, 4.50%, 06/01/2047 | 16509 | 16365  |
|  Pool V83956, 4.50%, 02/01/2048 | 76254 | 75399  |
|  Pool ZK5708, 2.50%, 06/01/2028 | 16927 | 16625  |
|  Pool ZM2486, 3.50%, 01/01/2047 | 122560 | 113335  |
|  Pool ZT0536, 3.50%, 03/01/2048 | 485746 | 453345  |
|  Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 08/05/2030 | 1265000 | 1105839  |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/17/2031<sup>(g)</sup> | 260000 | 208418  |
|  Pool 310210, 4.00%, 05/01/2044 | 1878870 | 1822692  |
|  Pool AB2459, 4.00%, 03/01/2041 | 154673 | 150784  |
|  Pool AB6832, 3.50%, 11/01/2042 | 172756 | 162989  |
|  Pool AE0481, 5.00%, 09/01/2040 | 67187 | 68807  |
|  Pool AE1761, 4.00%, 09/01/2040 | 96644 | 94354  |
|  Pool AE3049, 4.50%, 09/01/2040 | 94856 | 95056  |
|  Pool AH3384, 3.50%, 01/01/2041 | 131185 | 125164  |
|  Pool AL0028, 5.00%, 02/01/2041 | 56728 | 58096  |
|  Pool AL0054, 4.50%, 02/01/2041 | 187937 | 188082  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Pool AL7343, 5.50%, 02/01/2042 | $30190 | $31266  |
|  Pool AL8858, 4.00%, 07/01/2046 | 170996 | 164454  |
|  Pool AL9072, 5.00%, 07/01/2044 | 128233 | 130755  |
|  Pool AO7352, 3.50%, 08/01/2042 | 111306 | 105129  |
|  Pool AS0212, 3.50%, 08/01/2043 | 74392 | 70125  |
|  Pool AS4952, 3.00%, 05/01/2030 | 56899 | 55781  |
|  Pool AS6311, 3.50%, 12/01/2045 | 125122 | 117474  |
|  Pool AS7568, 4.50%, 07/01/2046 | 69993 | 69412  |
|  Pool AS7660, 2.50%, 08/01/2046 | 370826 | 321883  |
|  Pool AS7742, 3.50%, 08/01/2046 | 137447 | 128819  |
|  Pool AS7847, 3.00%, 09/01/2046 | 89831 | 81208  |
|  Pool AS7877, 2.50%, 09/01/2046 | 33317 | 28892  |
|  Pool AS8073, 2.50%, 10/01/2046 | 100655 | 86880  |
|  Pool AS8299, 3.00%, 11/01/2046 | 134597 | 122344  |
|  Pool AS8583, 3.50%, 01/01/2047 | 76624 | 71502  |
|  Pool AS8960, 4.00%, 03/01/2047 | 93509 | 89471  |
|  Pool AT2725, 3.00%, 05/01/2043 | 268955 | 247287  |
|  Pool AX7677, 3.50%, 01/01/2045 | 7911 | 7472  |
|  Pool BA3907, 3.50%, 12/01/2045 | 178293 | 167615  |
|  Pool BC0769, 4.00%, 12/01/2045 | 200291 | 192752  |
|  Pool BC9096, 3.50%, 12/01/2046 | 67387 | 63165  |
|  Pool BM1278, 3.00%, 05/01/2032 | 213130 | 207443  |
|  Pool BM3148, 4.50%, 11/01/2047 | 30810 | 30467  |
|  Pool BM3881, 4.50%, 05/01/2048 | 65403 | 64645  |
|  Pool BM3904, 5.00%, 05/01/2048 | 33503 | 33898  |
|  Pool BM4012, 4.50%, 05/01/2048 | 41278 | 40799  |
|  Pool BM4716, 3.50%, 12/01/2030 | 15783 | 15621  |
|  Pool BM5261, 4.00%, 01/01/2048 | 155380 | 149354  |
|  Pool BM5654, 3.50%, 06/01/2048 | 119880 | 111961  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
|  Pool BM5839, 3.50%, 11/01/2047 | $3799 | $3580  |
|  Pool BM6038, 4.00%, 01/01/2045 | 7824 | 7619  |
|  Pool BP2403, 3.50%, 04/01/2050 | 1012929 | 934108  |
|  Pool BP6618, 2.50%, 08/01/2050 | 500387 | 425946  |
|  Pool BT0267, 3.00%, 09/01/2051 | 253415 | 226701  |
|  Pool BV2540, 4.50%, 06/01/2052 | 140441 | 136985  |
|  Pool BW3382, 4.50%, 07/01/2052 | 132698 | 129391  |
|  Pool CA0549, 4.00%, 10/01/2047 | 49226 | 47324  |
|  Pool CA1020, 4.50%, 01/01/2048 | 91308 | 90250  |
|  Pool CA1210, 4.50%, 02/01/2048 | 15248 | 15072  |
|  Pool CA5083, 3.50%, 01/01/2035 | 70558 | 68841  |
|  Pool CA6414, 3.00%, 07/01/2050 | 3125049 | 2806697  |
|  Pool CB1301, 2.50%, 08/01/2051 | 247884 | 211512  |
|  Pool CB2243, 2.50%, 11/01/2036 | 458098 | 433618  |
|  Pool CB2795, 3.00%, 02/01/2052 | 373756 | 329174  |
|  Pool CB3599, 3.50%, 05/01/2052 | 257703 | 236904  |
|  Pool CB3715, 3.50%, 06/01/2037 | 648391 | 631405  |
|  Pool CB3905, 3.50%, 06/01/2052 | 438095 | 401649  |
|  Pool FA0197, 4.00%, 02/01/2054 | 623577 | 589353  |
|  Pool FM1001, 3.50%, 11/01/2048 | 155791 | 145291  |
|  Pool FM1361, 3.50%, 12/01/2046 | 74631 | 70583  |
|  Pool FM2309, 3.50%, 03/01/2049 | 136360 | 127365  |
|  Pool FM3664, 4.00%, 03/01/2049 | 960523 | 919636  |
|  Pool FM4216, 3.50%, 06/01/2049 | 56238 | 52334  |
|  Pool FM4962, 3.00%, 02/01/2047 | 819747 | 753653  |
|  Pool FM6272, 2.50%, 02/01/2051 | 170295 | 146416  |
|  Pool FM6687, 2.50%, 04/01/2051 | 280251 | 240497  |
|  Pool FM8325, 2.50%, 07/01/2035 | 546712 | 524370  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Pool FS0759, 3.50%, 02/01/2052 | $722311 | $668363  |
|  Pool FS1228, 3.00%, 03/01/2052 | 377134 | 335156  |
|  Pool FS1533, 3.00%, 04/01/2052 | 258757 | 230122  |
|  Pool FS1535, 3.00%, 04/01/2052 | 86896 | 77196  |
|  Pool FS5179, 5.00%, 06/01/2053 | 414265 | 415266  |
|  Pool FS5848, 2.50%, 12/01/2051 | 1173630 | 997594  |
|  Pool FS8254, 2.00%, 08/01/2042 | 4938945 | 4290095  |
|  Pool MA1178, 4.00%, 09/01/2042 | 18903 | 18408  |
|  Pool MA1221, 4.50%, 09/01/2042 | 1722 | 1713  |
|  Pool MA1439, 2.50%, 05/01/2043 | 174041 | 156105  |
|  Pool MA1711, 4.50%, 12/01/2043 | 9782 | 9733  |
|  Pool MA2806, 3.00%, 11/01/2046 | 165338 | 149417  |
|  Pool MA2863, 3.00%, 01/01/2047 | 165671 | 149718  |
|  Pool MA2959, 3.50%, 04/01/2047 | 227926 | 212980  |
|  Pool MA3076, 2.50%, 07/01/2032 | 148371 | 142648  |
|  Pool MA3114, 2.50%, 08/01/2032 | 167820 | 161630  |
|  Pool MA3120, 3.50%, 09/01/2047 | 103318 | 96328  |
|  Pool MA3121, 4.00%, 09/01/2047 | 118971 | 114362  |
|  Pool MA3124, 2.50%, 09/01/2032 | 160139 | 154232  |
|  Pool MA3182, 3.50%, 11/01/2047 | 31957 | 29802  |
|  Pool MA3211, 4.00%, 12/01/2047 | 74559 | 71836  |
|  Pool MA3307, 4.50%, 03/01/2048 | 53500 | 52836  |
|  Pool MA3333, 4.00%, 04/01/2048 | 54406 | 52279  |
|  Pool MA3383, 3.50%, 06/01/2048 | 114840 | 106479  |
|  Pool MA3871, 3.00%, 12/01/2049 | 266760 | 237175  |
|  Pool MA3937, 3.00%, 02/01/2050 | 671680 | 597108  |
|  Pool MA4017, 3.00%, 05/01/2040 | 161156 | 150051  |
|  Pool MA4027, 3.50%, 05/01/2040 | 53707 | 51358  |
|  Pool MA4119, 2.00%, 09/01/2050 | 2565776 | 2088001  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
|  Pool MA4156, 2.50%, 10/01/2035 | $1063666 | $1004280  |
|  Pool MA4157, 1.50%, 10/01/2050 | 335328 | 257819  |
|  Pool MA4159, 2.50%, 10/01/2050 | 256969 | 217641  |
|  Pool MA4182, 2.00%, 11/01/2050 | 329542 | 268312  |
|  Pool MA4204, 2.00%, 12/01/2040 | 397502 | 344414  |
|  Pool MA4209, 1.50%, 12/01/2050 | 1543208 | 1186061  |
|  Pool MA4236, 1.50%, 01/01/2051 | 440181 | 338429  |
|  Pool MA4237, 2.00%, 01/01/2051 | 339805 | 276455  |
|  Pool MA4255, 2.00%, 02/01/2051 | 372012 | 302039  |
|  Pool MA4268, 2.00%, 02/01/2041 | 331590 | 286845  |
|  Pool MA4302, 1.50%, 04/01/2036 | 442143 | 396709  |
|  Pool MA4306, 2.50%, 04/01/2051 | 1295604 | 1099582  |
|  Pool MA4325, 2.00%, 05/01/2051 | 5410471 | 4394474  |
|  Pool MA4333, 2.00%, 05/01/2041 | 673887 | 586620  |
|  Pool MA4355, 2.00%, 06/01/2051 | 3836429 | 3105299  |
|  Pool MA4377, 1.50%, 07/01/2051 | 532613 | 409401  |
|  Pool MA4378, 2.00%, 07/01/2051 | 559491 | 454306  |
|  Pool MA4473, 1.50%, 11/01/2041 | 4450046 | 3749983  |
|  Pool MA4512, 2.50%, 01/01/2052 | 473471 | 400407  |
|  Pool MA4548, 2.50%, 02/01/2052 | 1490542 | 1259618  |
|  Pool MA4565, 3.50%, 03/01/2052 | 1172793 | 1075523  |
|  Pool MA4579, 3.00%, 04/01/2052 | 597553 | 526407  |
|  Pool MA4580, 3.50%, 04/01/2052 | 557063 | 509856  |
|  Pool MA4600, 3.50%, 05/01/2052 | 1047360 | 958605  |
|  Pool MA4626, 4.00%, 06/01/2052 | 5273931 | 4995648  |
|  Pool MA4644, 4.00%, 05/01/2052 | 1283254 | 1212630  |
|  Pool MA4655, 4.00%, 07/01/2052 | 1007929 | 952611  |
|  Pool MA4656, 4.50%, 07/01/2052 | 2356052 | 2296361  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Pool MA4684, 4.50%, 06/01/2052 | $3717136 | $3622963  |
|  Pool MA4700, 4.00%, 08/01/2052 | 3484153 | 3292934  |
|  Pool MA4701, 4.50%, 08/01/2052 | 3580921 | 3489826  |
|  Pool MA4709, 5.00%, 07/01/2052 | 644046 | 641898  |
|  Pool MA4732, 4.00%, 09/01/2052 | 6768303 | 6402038  |
|  Pool MA4733, 4.50%, 09/01/2052 | 9099996 | 8868502  |
|  Pool MA4737, 5.00%, 08/01/2052 | 955212 | 952026  |
|  Pool MA4761, 5.00%, 09/01/2052 | 159519 | 158987  |
|  Pool MA4783, 4.00%, 10/01/2052 | 5733779 | 5419597  |
|  Pool MA4784, 4.50%, 10/01/2052 | 586265 | 571714  |
|  Pool MA4785, 5.00%, 10/01/2052 | 4104888 | 4090776  |
|  Pool MA4805, 4.50%, 11/01/2052 | 3901366 | 3800914  |
|  Pool MA4807, 5.50%, 11/01/2052 | 2492570 | 2531439  |
|  Pool MA4842, 5.50%, 12/01/2052 | 1818874 | 1844663  |
|  Pool MA4868, 5.00%, 01/01/2053 | 481041 | 479585  |
|  Pool MA4918, 5.00%, 02/01/2053 | 1597818 | 1592160  |
|  Pool MA4919, 5.50%, 02/01/2053 | 805199 | 815535  |
|  Pool MA4942, 6.00%, 03/01/2053 | 524715 | 538531  |
|  Pool MA4978, 5.00%, 04/01/2053 | 2145823 | 2138004  |
|  Pool MA5011, 6.00%, 05/01/2053 | 1461213 | 1501137  |
|  Pool MA5039, 5.50%, 06/01/2053 | 2178188 | 2204119  |
|  Pool MA5106, 5.00%, 08/01/2053 | 1504076 | 1497432  |
|  Pool MA5107, 5.50%, 08/01/2053 | 3749718 | 3786654  |
|  Pool MA5138, 5.50%, 09/01/2053 | 2248659 | 2274457  |
|  Pool MA5139, 6.00%, 09/01/2053 | 3956575 | 4053558  |
|  Pool MA5165, 5.50%, 10/01/2053 | 7519585 | 7604623  |
|  Pool MA5190, 5.50%, 11/01/2053 | 6221515 | 6288797  |
|  Pool MA5247, 6.00%, 01/01/2054 | 251385 | 257226  |
|  Pool MA5327, 5.00%, 04/01/2054 | 2083683 | 2069589  |

---

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
|  Pool MA5331, 5.50%, 04/01/2054 | $435751 | $440022  |
|  Pool MA5353, 5.50%, 05/01/2054 | 2710223 | 2736783  |
|  Pool MA5389, 6.00%, 06/01/2054 | 343109 | 350723  |
|  Pool MA5496, 5.00%, 10/01/2054 | 2981266 | 2958117  |
|  Pool MA5497, 5.50%, 10/01/2054 | 1415361 | 1428090  |
|  Pool MA5498, 6.00%, 10/01/2054 | 529892 | 541899  |
|  Pool MA5553, 5.50%, 12/01/2054 | 2322240 | 2342369  |
|  Pool MA5683, 5.00%, 04/01/2040 | 923761 | 933400  |
|  Pool MA5711, 5.00%, 05/01/2040 | 1040511 | 1051368  |
|  Ginnie Mae I Pool, Pool BU5340, 3.00%, 04/15/2050 | 147439 | 131946  |
| Ginnie Mae II Pool <br>|  |  |
|  Pool 4540, 4.50%, 09/20/2039 | 58059 | 58402  |
|  Pool 4853, 4.00%, 11/20/2040 | 56277 | 55303  |
|  Pool 5115, 4.50%, 07/20/2041 | 33473 | 33671  |
|  Pool 5304, 3.50%, 02/20/2042 | 115459 | 109433  |
|  Pool 785163, 3.50%, 10/20/2050 | 48865 | 45059  |
|  Pool 786483, 3.50%, 11/20/2052 | 2957441 | 2660999  |
|  Pool BX3679, 3.00%, 08/20/2050 | 192981 | 172826  |
|  Pool BX3680, 3.00%, 08/20/2050 | 275811 | 246835  |
|  Pool BX3681, 3.00%, 08/20/2050 | 195183 | 174619  |
|  Pool BY0325, 2.50%, 10/20/2050 | 1044801 | 893454  |
|  Pool BY0330, 3.00%, 10/20/2050 | 87731 | 78350  |
|  Pool BY0331, 3.00%, 10/20/2050 | 227754 | 203400  |
|  Pool BY0338, 3.50%, 08/20/2050 | 118036 | 109135  |
|  Pool BY0339, 3.50%, 08/20/2050 | 117307 | 108771  |
|  Pool BY0340, 3.50%, 08/20/2050 | 116896 | 107648  |
|  Pool MA0220, 3.50%, 07/20/2042 | 168158 | 159536  |
|  Pool MA0534, 3.50%, 11/20/2042 | 76547 | 72622  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Pool MA0624, 3.00%, 12/20/2042 | $141943 | $130701  |
|  Pool MA2964, 5.00%, 07/20/2045 | 79812 | 81585  |
|  Pool MA3034, 3.50%, 08/20/2045 | 29955 | 27912  |
|  Pool MA3105, 3.50%, 09/20/2045 | 29803 | 27767  |
|  Pool MA3309, 3.00%, 12/20/2045 | 43886 | 39833  |
|  Pool MA3455, 4.00%, 02/20/2046 | 119731 | 114960  |
|  Pool MA3522, 4.00%, 03/20/2046 | 44668 | 42902  |
|  Pool MA3597, 3.50%, 04/20/2046 | 42833 | 39881  |
|  Pool MA3936, 3.00%, 09/20/2046 | 63753 | 57832  |
|  Pool MA4125, 2.50%, 12/20/2046 | 62669 | 55301  |
|  Pool MA4127, 3.50%, 12/20/2046 | 243709 | 226126  |
|  Pool MA4261, 3.00%, 02/20/2047 | 156544 | 141650  |
|  Pool MA4264, 4.50%, 02/20/2047 | 21025 | 20858  |
|  Pool MA4381, 3.00%, 04/20/2047 | 105423 | 95392  |
|  Pool MA4382, 3.50%, 04/20/2047 | 882575 | 812601  |
|  Pool MA4452, 4.00%, 05/20/2047 | 64818 | 62014  |
|  Pool MA4653, 4.00%, 08/20/2047 | 33630 | 32175  |
|  Pool MA4654, 4.50%, 08/20/2047 | 31677 | 31375  |
|  Pool MA4720, 4.00%, 09/20/2047 | 505417 | 483550  |
|  Pool MA4837, 3.50%, 11/20/2047 | 80198 | 74446  |
|  Pool MA4899, 3.00%, 12/20/2047 | 46737 | 42240  |
|  Pool MA4961, 3.00%, 01/20/2048 | 98528 | 89219  |
|  Pool MA4962, 3.50%, 01/20/2048 | 82490 | 76574  |
|  Pool MA4964, 4.50%, 01/20/2048 | 97525 | 96778  |
|  Pool MA5079, 4.50%, 03/20/2048 | 19540 | 19391  |
|  Pool MA5331, 4.50%, 07/20/2048 | 39348 | 38903  |
|  Pool MA5594, 3.50%, 11/20/2048 | 324923 | 300814  |
|  Pool MA5876, 4.00%, 04/20/2049 | 1694360 | 1627835  |
|  Pool MA5987, 4.50%, 06/20/2049 | 108501 | 107469  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  |
| Ginnie Mae II Pool (continued) | Ginnie Mae II Pool (continued) | Ginnie Mae II Pool (continued) |
|  Pool MA6090, 3.50%, 08/20/2049 | $1007421 | $925484  |
|  Pool MA6153, 3.00%, 09/20/2049 | 75666 | 67837  |
|  Pool MA6338, 3.00%, 12/20/2049 | 152765 | 137100  |
|  Pool MA6409, 3.00%, 01/20/2050 | 354635 | 317812  |
|  Pool MA6411, 4.00%, 01/20/2050 | 190408 | 181263  |
|  Pool MA6476, 4.00%, 02/20/2050 | 277110 | 264326  |
|  Pool MA6768, 4.00%, 07/20/2050 | 418856 | 398574  |
|  Pool MA6931, 2.50%, 10/20/2050 | 3187509 | 2752880  |
|  Pool MA7135, 2.00%, 01/20/2051 | 524594 | 433867  |
|  Pool MA7194, 3.00%, 02/20/2051 | 202760 | 181185  |
|  Pool MA7254, 2.00%, 03/20/2051 | 306879 | 254091  |
|  Pool MA7367, 2.50%, 05/20/2051 | 3682568 | 3171915  |
|  Pool MA7369, 3.50%, 05/20/2051 | 1455405 | 1336934  |
|  Pool MA7419, 3.00%, 06/20/2051 | 327890 | 292993  |
|  Pool MA7471, 2.00%, 07/20/2051 | 375147 | 310144  |
|  Pool MA7533, 2.00%, 08/20/2051 | 413618 | 341948  |
|  Pool MA7768, 3.00%, 12/20/2051 | 1378199 | 1232582  |
|  Pool MA7828, 3.00%, 01/20/2052 | 376781 | 336660  |
|  Pool MA7829, 3.50%, 01/20/2052 | 741590 | 682149  |
|  Pool MA7871, 2.50%, 02/20/2052 | 236024 | 199498  |
|  Pool MA7883, 3.50%, 02/20/2052 | 1983677 | 1819052  |
|  Pool MA7989, 3.50%, 04/20/2052 | 1865017 | 1710433  |
|  Pool MA8149, 3.50%, 07/20/2052 | 2266415 | 2070131  |
|  Pool MA8201, 4.50%, 08/20/2052 | 965859 | 943830  |
|  Pool MA8267, 4.00%, 09/20/2052 | 5949044 | 5636208  |
|  Pool MA8347, 4.50%, 10/20/2052 | 1500679 | 1465988  |
|  Pool MA8428, 5.00%, 11/20/2052 | 527193 | 527545  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Pool MA8487, 3.50%, 12/20/2052 | $3168667 | $2894985  |
|  Pool MA8489, 4.50%, 12/20/2052 | 1358560 | 1326525  |
|  Pool MA8646, 4.50%, 02/20/2053 | 2382815 | 2324407  |
|  Pool MA8647, 5.00%, 02/20/2053 | 1338669 | 1338460  |
|  Pool MA8725, 5.00%, 03/20/2053 | 267210 | 267277  |
|  Pool MA8879, 5.50%, 05/20/2053 | 3541696 | 3588433  |
|  Pool MA9101, 3.00%, 08/20/2053 | 2718760 | 2443341  |
|  Pool MA9303, 4.50%, 11/20/2053 | 2917456 | 2833761  |
|  Pool MA9852, 6.00%, 08/20/2054 | 1861694 | 1897767  |
|  Pool MB0025, 5.00%, 11/20/2054 | 304998 | 303725  |
|  Pool MB0091, 5.00%, 12/20/2054 | 141779 | 141187  |
|  International Finance Corp., 4.38%, 01/15/2027 | 1000000 | 1007079  |
|  SCG Mortgage Trust, Series 2025-SNIP, Class A, 5.75% (1 mo. Term SOFR + 1.50%), 09/15/2030<sup>(a)</sup> | 1400000 | 1400875  |
| Tennessee Valley Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/15/2031 | 105000 | 91334  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2055 | 660000 | 657889  |
|  U.S. Department of Housing and Urban Development, 2.87%, 08/01/2027 | 1000000 | 981942  |
|  U.S. International Development Finance Corporation <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 04/15/2028 | 1000000 | 956259  |
| &nbsp;&nbsp;&nbsp; 1.05%, 10/15/2029 | 547308 | 517006  |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI <br>|  |  |
|  Series 2025-609M, Class A, 5.69% (1 mo. Term SOFR + 1.54%), 08/15/2042<sup>(a)</sup> | 750000 | 749431  |
|  Series 2025-609M, Class B, 5.99% (1 mo. Term SOFR + 1.84%), 08/15/2042<sup>(a)</sup> | 150000 | 149625  |
|  Series 2025-609M, Class C, 6.49% (1 mo. Term SOFR + 2.34%), 08/15/2042<sup>(a)</sup> | 100000 | 99750  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCIES** <br>**(Cost $292,515,710)** |  | 287744542  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — 14.3%** | **ASSET-BACKED SECURITIES — 14.3%** | **ASSET-BACKED SECURITIES — 14.3%** |
|  ABPCI Direct Lending Fund ABS Ltd., Series 2020-1A, Class A, 3.20%, 12/29/2030<sup>(a)</sup> | $1002338 | $984971  |
|  Adams Outdoor Advertising LP, Series 2023-1, Class A2, 6.97%, 07/15/2053<sup>(a)</sup> | 500000 | 509967  |
| Affirm, Inc. <br>|  |  |
|  Series 2024-A, Class 1A, 5.61%, 02/15/2029<sup>(a)</sup> | 1600000 | 1609059  |
|  Series 2024-X2, Class A, 5.22%, 12/17/2029<sup>(a)</sup> | 288389 | 288648  |
|  Series 2025-2A, Class A, 4.67%, 07/15/2033<sup>(a)</sup> | 1200000 | 1206912  |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., Series <br>2022-19A, Class A1R, 5.62% (3 mo. Term SOFR + 1.30%), 07/21/2038<sup>(a)</sup> | 3000000 | 3013533  |
| Air Canada <br>|  |  |
|  Series 2015-1, 3.60%, 03/15/2027<sup>(a)</sup> | 2630011 | 2590115  |
|  Series 2015-2, 3.75%, 12/15/2027<sup>(a)</sup> | 963911 | 944533  |
|  Series 2020-2, Class A, 5.25%, 04/01/2029<sup>(a)</sup> | 2235544 | 2285906  |
|  Aligned Data Centers Issuer LLC <br>|  |  |
|  Series 2022-1A, Class A2, 6.35%, 10/15/2047<sup>(a)</sup> | 1000000 | 1000309  |
|  Series 2023-1A, Class A2, 6.00%, 08/17/2048<sup>(a)</sup> | 1180000 | 1192271  |
|  AmeriCredit Automobile Receivables Trust <br>|  |  |
|  Series 2021-3, Class C, 1.41%, 08/18/2027 | 244519 | 241827  |
|  Series 2023-2, Class C, 6.00%, 07/18/2029 | 500000 | 514713  |
|  Anchorage Capital CLO Ltd., Series 2023-26A, Class A1R, 5.81% (3 mo. Term SOFR + 1.52%), 03/19/2038<sup>(a)</sup> | 2250000 | 2262366  |
|  Angel Oak Mortgage Trust LLC, Series 2021-8, Class A3, 2.84%, 11/25/2066<sup>(a)(d)</sup> | 100000 | 73297  |
| &nbsp;&nbsp;&nbsp; Apidos CLO, Series <br>2018-18A, Class A1R2, 5.66% (3 mo. Term SOFR + 1.33%), 01/22/2038<sup>(a)</sup> | 2500000 | 2508620  |
|  Ares Loan Funding IX Ltd., Series 2025-ALF9A, Class A1, 5.46% (3 mo. Term SOFR + 1.18%), 03/31/2038<sup>(a)</sup> | 2500000 | 2499050  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Atlas Senior Loan Fund Ltd. <br>|  |  |
|  Series 2016-7A, Class A2R, 6.01% (3 mo. Term SOFR + 1.81%), 11/27/2031<sup>(a)</sup> | $1500000 | $1501611  |
| &nbsp;&nbsp;&nbsp; Series 2018-10A, Class B, 6.08% (3 mo. Term SOFR + <br>1.76%), 01/15/2031<sup>(a)</sup> | 2250000 | 2252817  |
|  Series 2018-11A, Class A1L, 5.68% (3 mo. Term SOFR + 1.36%), 07/26/2031<sup>(a)</sup> | 144632 | 144666  |
|  ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, 04/25/2064<sup>(a)(c)</sup> | 542507 | 526258  |
| Avis Budget Car Rental LLC <br>|  |  |
|  Series 2021-2A, Class A, 1.66%, 02/20/2028<sup>(a)</sup> | 900000 | 873984  |
|  Series 2022-1A, Class A, 3.83%, 08/21/2028<sup>(a)</sup> | 1000000 | 994163  |
|  Series 2023-1A, Class A, 5.25%, 04/20/2029<sup>(a)</sup> | 1400000 | 1431860  |
|  Series 2023-2A, Class A, 5.20%, 10/20/2027<sup>(a)</sup> | 400000 | 403383  |
|  Series 2023-3A, Class A, 5.44%, 02/22/2028<sup>(a)</sup> | 600000 | 608725  |
|  Series 2023-4A, Class A, 5.49%, 06/20/2029<sup>(a)</sup> | 2000000 | 2057679  |
|  Series 2024-1A, Class A, 5.36%, 06/20/2030<sup>(a)</sup> | 500000 | 517119  |
| Bain Capital Credit CLO <br>|  |  |
|  Series 2019-1A, Class AR2, 5.56% (3 mo. Term SOFR + 1.23%), 04/19/2034<sup>(a)</sup> | 3250000 | 3254651  |
|  Series 2022-4A, Class A1R, 5.70% (3 mo. Term SOFR + 1.38%), 10/16/2037<sup>(a)</sup> | 2500000 | 2509785  |
|  Bankers Healthcare Group, Inc. <br>|  |  |
|  Series 2022-C, Class B, 5.93%, 10/17/2035<sup>(a)</sup> | 774678 | 777052  |
|  Series 2023-B, Class B, 7.45%, 12/17/2036<sup>(a)</sup> | 481623 | 504113  |
| Barrow Hanley Ltd. <br>|  |  |
|  Series 2023-1A, Class A1R, 5.67% (3 mo. Term SOFR + 1.34%), 01/20/2038<sup>(a)</sup> | 2450000 | 2453609  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1, 5.95% (3 mo. Term SOFR + <br>1.62%), 04/20/2037<sup>(a)</sup> | 3000000 | 3007497  |
|  Blue Stream Communications LLC, Series 2023-1A, Class A2, 5.40%, 05/20/2053<sup>(a)</sup> | 1300000 | 1308502  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., Series 2021-31A, Class A1, 5.74% (3 mo. Term SOFR + <br>1.41%), 04/19/2034<sup>(a)</sup> | $3000000 | $3001932  |
|  Bread Financial Holdings, Inc., Series 2024-B, Class A, 4.62%, 05/15/2031 | 1000000 | 1010008  |
| Business Jet Securities LLC <br>|  |  |
|  Series 2022-1A, Class B, 5.19%, 06/15/2037<sup>(a)</sup> | 459645 | 456291  |
|  Series 2024-1A, Class B, 6.92%, 05/15/2039<sup>(a)</sup> | 1121790 | 1153020  |
|  Capital Automotive LLC, Series 2024-3A, Class A1, 4.40%, 10/15/2054<sup>(a)</sup> | 2061120 | 2007600  |
| CarMax Auto Owner Trust <br>|  |  |
|  Series 2021-3, Class C, 1.25%, 05/17/2027 | 190000 | 189743  |
|  Series 2021-4, Class C, 1.38%, 07/15/2027 | 200000 | 198624  |
|  Series 2022-1, Class C, 2.20%, 11/15/2027 | 300000 | 296730  |
|  Series 2022-1, Class D, 2.47%, 07/17/2028 | 100000 | 98935  |
|  CBAM Ltd., Series 2020-12A, Class AR, 5.77% (3 mo. Term SOFR + 1.44%), 07/20/2034<sup>(a)</sup> | 1750000 | 1752313  |
|  CCG Receivables Trust, Series 2025-1A, Class A2, 5.50%, 03/26/2055<sup>(a)</sup> | 1050000 | 1036653  |
|  CFG Investments Ltd., Series 2025-1, Class A, 6.47%, 03/25/2036<sup>(a)</sup> | 1500000 | 1524492  |
| CIFC Funding Ltd. <br>|  |  |
|  Series 2018-2A, Class A1R, 5.70% (3 mo. Term SOFR + 1.37%), 10/20/2037<sup>(a)</sup> | 3250000 | 3257933  |
|  Series 2023-1A, Class A1R, 0.00% (3 mo. Term SOFR + 1.24%), 10/15/2038<sup>(a)</sup> | 4250000 | 4251862  |
|  Citibank NA, Series 2018-A7, Class A7, 3.96%, 10/13/2030 | 600000 | 600233  |
|  Cogent Communications Holdings, Inc., Series 2024-1A, Class A2, 7.92%, 05/25/2054<sup>(a)</sup> | 2200000 | 2285968  |
|  COOPR Residential Mortgage Trust, Series 2025-CES2, Class A1A, 5.50%, 06/25/2060<sup>(a)(c)</sup> | 875398 | 883744  |
| Credit Acceptance Corp. <br>|  |  |
|  Series 2023-5A, Class C, 7.30%, 04/17/2034<sup>(a)</sup> | 1000000 | 1035017  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2024-3A, Class B, 4.85%, 11/15/2034<sup>(a)</sup> | $520000 | $521562  |
|  Credit Suisse Mortgage Capital Certificates, Series 2018-RPL9, Class A, 3.85%, 09/25/2057<sup>(a)(d)</sup> | 92802 | 89646  |
|  Cyrusone Holdco LLC, Series 2025-1A, Class A2, 5.91%, 02/20/2050<sup>(a)</sup> | 880000 | 901129  |
|  Delta Air Lines, Inc., Series 2015-1, 3.88%, 07/30/2027 | 314603 | 307501  |
|  DigitalBridge Group, Inc., Series 2021-1A, Class A2, 3.93%, 09/25/2051<sup>(a)</sup> | 1020000 | 989443  |
|  EFMT 2024-CES1, Series 2024-CES1, Class A1, 5.52%, 01/26/2060<sup>(a)(c)</sup> | 783221 | 790953  |
|  EnFin Residential Solar Receivables Trust, Series 2024-2A, Class A, 5.98%, 09/20/2055<sup>(a)</sup> | 918022 | 878683  |
|  ExteNet LLC, Series 2024-1A, Class A2, 5.34%, 07/25/2054<sup>(a)</sup> | 750000 | 755028  |
|  FedEx Corp., 1.88%, 02/20/2034 | 51285 | 44381  |
|  Flexential Issuer LLC, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>(a)</sup> | 1700000 | 1650156  |
| Ford Credit Auto Owner Trust <br>|  |  |
|  Series 2021-1, Class A, 1.37%, 10/17/2033<sup>(a)</sup> | 3000000 | 2955108  |
|  Series 2021-1, Class B, 1.61%, 10/17/2033<sup>(a)</sup> | 120000 | 118122  |
|  Series 2021-2, Class B, 1.91%, 05/15/2034<sup>(a)</sup> | 100000 | 97417  |
|  Series 2022-B, Class A4, 3.93%, 08/15/2027 | 1373224 | 1372527  |
|  Series 2024-1, Class A, 4.87%, 08/15/2036<sup>(a)(c)</sup> | 2300000 | 2355216  |
|  Series 2025-2, Class A, 4.37%, 02/15/2038<sup>(a)(c)</sup> | 2821000 | 2837048  |
| Ford Credit Floorplan LLC <br>|  |  |
|  Series 2024-1, Class A1, 5.29%, 04/15/2029<sup>(a)</sup> | 2100000 | 2140070  |
|  Series 2024-3, Class A1, 4.30%, 09/15/2029<sup>(a)</sup> | 1700000 | 1707579  |
|  Frontier Communications Parent, Inc., Series 2024-1, Class A2, 6.19%, 06/20/2054<sup>(a)</sup> | 590000 | 608127  |
|  Galaxy CLO Ltd., Series 2018-25A, Class A1RR, 5.37% (3 mo. Term SOFR + 1.11%), 04/25/2036<sup>(a)</sup> | 5300000 | 5302666  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| &nbsp;&nbsp;&nbsp; General Motors Co., Series <br>2024-4A, Class A1, 4.73%, 11/15/2029<sup>(a)</sup> | $1000000 | $1014083  |
|  General Motors Financial Co., Inc., Series 2021-2, Class C, 1.01%, 01/19/2027 | 78635 | 78245  |
|  Global Sea Containers Two SRL <br>|  |  |
|  Series 2020-1A, Class A, 2.17%, 10/17/2040<sup>(a)</sup> | 520835 | 499196  |
|  Series 2020-2A, Class A, 2.26%, 11/19/2040<sup>(a)</sup> | 137763 | 131640  |
|  Series 2020-2A, Class B, 3.32%, 11/19/2040<sup>(a)</sup> | 114798 | 110128  |
|  GM Financial Consumer Automobile Receivables Trust <br>|  |  |
|  Series 2023-4, Class B, 6.16%, 04/16/2029 | 500000 | 515463  |
|  Series 2023-4, Class C, 6.41%, 05/16/2029 | 300000 | 309985  |
|  GM Financial Revolving Receivables Trust <br>|  |  |
|  Series 2021-1, Class B, 1.49%, 06/12/2034<sup>(a)</sup> | 100000 | 97433  |
|  Series 2023-2, Class A, 5.77%, 08/11/2036<sup>(a)</sup> | 500000 | 524848  |
|  Series 2024-2, Class A, 4.52%, 03/11/2037<sup>(a)</sup> | 1700000 | 1721211  |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners ABS Funding Ltd., Series <br>2020-1A, Class A2, 3.21%, 01/22/2029<sup>(a)</sup> | 242430 | 242144  |
|  GoodLeap Sustainable Home Solutions Trust <br>|  |  |
|  Series 2021-3CS, Class A, 2.10%, 05/20/2048<sup>(a)</sup> | 253054 | 201854  |
|  Series 2021-5CS, Class A, 2.31%, 10/20/2048<sup>(a)</sup> | 987065 | 837099  |
|  Series 2022-1GS, Class A, 2.70%, 01/20/2049<sup>(a)</sup> | 703423 | 633207  |
|  Series 2022-3CS, Class A, 4.95%, 07/20/2049<sup>(a)</sup> | 785039 | 709858  |
|  GreenSky Home Improvement Issuer Trust <br>|  |  |
|  Series 2024-1, Class A2, 5.88%, 06/25/2059<sup>(a)</sup> | 223183 | 224345  |
|  Series 2025-2A, Class A2, 4.93%, 06/25/2060<sup>(a)</sup> | 498878 | 500769  |
| HERO Funding Trust <br>|  |  |
|  Series 2016-1A, Class A, 4.05%, 09/20/2041<sup>(a)</sup> | 182414 | 176283  |
|  Series 2016-3A, Class A1, 3.08%, 09/20/2042<sup>(a)</sup> | 82566 | 76829  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2020-1A, Class A, 2.59%, 09/20/2057<sup>(a)</sup> | $343172 | $299765  |
| Hertz Vehicle Financing LLC <br>|  |  |
|  Series 2023-2A, Class C, 7.13%, 09/25/2029<sup>(a)</sup> | 900000 | 936444  |
|  Series 2025-2A, Class A, 5.13%, 09/25/2031<sup>(a)</sup> | 810000 | 821015  |
| &nbsp;&nbsp;&nbsp; Home Equity Asset Trust, Series 2003-1, Class M1, 5.77% (1 mo. Term SOFR + <br>1.61%), 06/25/2033 | 1314 | 1294  |
|  Home Partners of America Trust, Series 2021-3, Class A, 2.20%, 01/17/2041<sup>(a)</sup> | 330405 | 306869  |
|  Hotwire Funding LLC, Series 2024-1A, Class B, 6.67%, 06/20/2054<sup>(a)</sup> | 1500000 | 1533613  |
|  Imperial Fund Mortgage Trust, Series 2022-NQM6, Class M1, 7.10%, 10/25/2067<sup>(a)(d)</sup> | 150000 | 149415  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust 2025-HE2, Series 2025-HE2, Class A1, 5.63% <br>(30 day avg SOFR US + 1.25%), 11/20/2055<sup>(a)</sup> | 823487 | 824138  |
| Jamestown CLO Ltd. <br>|  |  |
|  Series 2016-9A, Class A1R3, 5.44% (3 mo. Term SOFR + 1.18%), 07/25/2034<sup>(a)</sup> | 3000000 | 3001755  |
|  Series 2019-14A, Class A1RR, 5.37% (3 mo. Term SOFR + 1.04%), 10/20/2034<sup>(a)</sup> | 3000000 | 2998545  |
|  JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.59% (30 day avg SOFR US + 1.20%), 02/25/2055<sup>(a)</sup> | 616570 | 616567  |
|  Lendmark Funding Trust, Series 2024-1A, Class A, 5.53%, 06/21/2032<sup>(a)</sup> | 2000000 | 2029783  |
|  LIAS Administration Fee Issuer, Series 2018-1A, Class A, 5.96%, 07/25/2048<sup>(a)</sup> | 874169 | 849795  |
| Loanpal Solar Loan Ltd. <br>|  |  |
|  Series 2021-1GS, Class A, 2.29%, 01/20/2048<sup>(a)</sup> | 519259 | 434846  |
|  Series 2021-2GS, Class A, 2.22%, 03/20/2048<sup>(a)</sup> | 295809 | 240662  |
| Madison Park Funding Ltd. <br>|  |  |
|  Series 2018-29A, Class A1R2, 5.51% (3 mo. Term SOFR + 1.18%), 03/25/2038<sup>(a)</sup> | 3830000 | 3832872  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| Madison Park Funding Ltd. (continued) | Madison Park Funding Ltd. (continued) | Madison Park Funding Ltd. (continued) |
|  Series 2019-37A, Class AR2, 5.85% (3 mo. Term SOFR + 1.53%), 04/15/2037<sup>(a)</sup> | $3000000 | $3009489  |
|  Marble Point CLO, Series 2020-2A, Class A1R2, 5.53% (3 mo. Term SOFR + 1.21%), 03/15/2038<sup>(a)</sup> | 2500000 | 2499932  |
|  Mariner Finance Issuance Trust <br>|  |  |
|  Series 2021-AA, Class A, 1.86%, 03/20/2036<sup>(a)</sup> | 1710000 | 1674409  |
|  Series 2024-AA, Class A, 5.13%, 09/22/2036<sup>(a)</sup> | 320000 | 324442  |
|  Series 2025-AA, Class A, 4.98%, 05/20/2038<sup>(a)</sup> | 630000 | 636919  |
|  MCA Fund Holding LLC, Series 2020-1, Class A, 3.25%, 11/15/2035<sup>(a)</sup> | 26687 | 26332  |
|  MFRA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060<sup>(a)(d)</sup> | 338265 | 309928  |
|  MMAF Equipment Finance LLC <br>|  |  |
|  Series 2019-B, Class A5, 2.29%, 11/12/2041<sup>(a)</sup> | 261606 | 259001  |
|  Series 2025-A, Class A3, 4.82%, 08/13/2032<sup>(a)</sup> | 2000000 | 2040890  |
|  Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, 2.82%, 04/22/2031<sup>(a)</sup> | 912520 | 905362  |
| Mosaic Solar Loans LLC <br>|  |  |
|  Series 2020-1A, Class A, 2.10%, 04/20/2046<sup>(a)</sup> | 333501 | 293361  |
|  Series 2020-2A, Class A, 1.44%, 08/20/2046<sup>(a)</sup> | 377822 | 317726  |
|  Series 2021-1A, Class B, 2.05%, 12/20/2046<sup>(a)</sup> | 447776 | 357835  |
|  Series 2021-3A, Class A, 1.44%, 06/20/2052<sup>(a)</sup> | 966486 | 791304  |
|  Series 2021-3A, Class C, 1.77%, 06/20/2052<sup>(a)</sup> | 329564 | 224972  |
|  Series 2022-3A, Class A, 6.10%, 06/20/2053<sup>(a)</sup> | 714722 | 701810  |
|  Series 2025-1A, Class A, 6.12%, 08/22/2050<sup>(a)</sup> | 586005 | 580603  |
|  Mountain View Funding CLO, Series 2015-9A, Class A1R, 5.70% (3 mo. Term SOFR + 1.38%), 07/15/2031<sup>(a)</sup> | 116632 | 116663  |
|  Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 08/15/2034<sup>(a)</sup> | 373810 | 353280  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Nassau Global Credit Ltd., Series 2024-1A, Class A1, 5.93% (3 mo. Term SOFR + 1.60%), 07/20/2037<sup>(a)</sup> | $3000000 | $3007650  |
| Navient Student Loan Trust <br>|  |  |
|  Series 2019-CA, Class A2, 3.13%, 02/15/2068<sup>(a)</sup> | 37763 | 37301  |
|  Series 2019-FA, Class A2, 2.60%, 08/15/2068<sup>(a)</sup> | 2042376 | 1975762  |
|  Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(a)</sup> | 79597 | 76105  |
|  Series 2020-DA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 60912 | 57909  |
|  North Mill Equipment Finance LLC, Series 2022-B, Class B, 7.12%, 06/15/2029<sup>(a)</sup> | 1340000 | 1356204  |
|  Ocean Trails CLO, Series 2014-5A, Class ARR, 5.86% (3 mo. Term SOFR + 1.54%), 10/13/2031<sup>(a)</sup> | 451901 | 452096  |
| On Deck Capital, Inc. <br>|  |  |
|  Series 2024-2A, Class A, 4.98%, 10/17/2031<sup>(a)</sup> | 1090000 | 1092474  |
|  Series 2025-1A, Class C, 6.64%, 04/19/2032<sup>(a)</sup> | 980000 | 969292  |
|  OneMain Direct Auto Receivables Trust <br>|  |  |
|  Series 2019-1A, Class A, 3.63%, 09/14/2027<sup>(a)</sup> | 62652 | 62599  |
|  Series 2021-1A, Class B, 1.26%, 07/14/2028<sup>(a)</sup> | 600000 | 595740  |
|  Series 2021-1A, Class C, 1.42%, 07/14/2028<sup>(a)</sup> | 500000 | 496404  |
|  Series 2025-1A, Class A, 5.36%, 04/16/2035<sup>(a)</sup> | 1800000 | 1857817  |
|  OneMain Financial Issuance Trust <br>|  |  |
|  Series 2020-2A, Class A, 1.75%, 09/14/2035<sup>(a)</sup> | 574807 | 564910  |
|  Series 2021-1A, Class A2, 5.13% (30 day avg SOFR US + 0.76%), 06/16/2036<sup>(a)</sup> | 600000 | 601081  |
|  Series 2023-2A, Class A1, 5.84%, 09/15/2036<sup>(a)</sup> | 1200000 | 1226954  |
|  Series 2023-2A, Class B, 6.17%, 09/15/2036<sup>(a)</sup> | 1070000 | 1105700  |
|  Series 2025-1A, Class A, 4.82%, 07/14/2038<sup>(a)</sup> | 2100000 | 2121126  |
| Oportun Financial Corp. <br>|  |  |
|  Series 2021-B, Class C, 3.65%, 05/08/2031<sup>(a)</sup> | 349929 | 346466  |
|  Series 2025-B, Class D, 6.45%, 05/09/2033<sup>(a)</sup> | 2100000 | 2119708  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
|  Oxford Finance Funding Trust, Series 2023-1A, Class A2, 6.72%, 02/15/2031<sup>(a)</sup> | $2222302 | $2235660  |
|  Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, 5.00% (30 day avg SOFR US + 0.64%), 05/25/2070<sup>(a)</sup> | 196590 | 194146  |
|  PHH Arval, Series 2024-1A, Class A1, 5.52%, 05/15/2036<sup>(a)</sup> | 293421 | 297004  |
|  QTS Issuer ABS I LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055<sup>(a)</sup> | 1760000 | 1797571  |
|  Rad CLO, Series 2024-23A, Class A1, 5.93% (3 mo. Term SOFR + 1.60%), 04/20/2037<sup>(a)</sup> | 2500000 | 2510145  |
| RCKT Mortgage Trust <br>|  |  |
|  Series 2024-CES3, Class A1A, 6.59%, 05/25/2044<sup>(a)(d)</sup> | 747658 | 759779  |
|  Series 2025-CES1, Class A1A, 5.65%, 01/25/2045<sup>(a)(c)</sup> | 519249 | 533643  |
|  Series 2025-CES6, Class A1A, 5.47%, 06/25/2055<sup>(a)(c)</sup> | 1149582 | 1159641  |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust <br>2024-CES4, Series <br>2024-CES5, Class A1A, 5.85%, 08/25/2044<sup>(a)(c)</sup> | 184354 | 186305  |
|  ReadyCap Commercial LLC, Series 2019-2, Class A, 6.75% (Prime Rate + (0.50%)), 12/27/2044<sup>(a)</sup> | 35265 | 35242  |
| Regatta Funding Ltd. <br>|  |  |
|  Series 2016-1A, Class A1R2, 5.41% (3 mo. Term SOFR + 1.41%), 06/20/2034<sup>(a)</sup> | 1500000 | 1499625  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1, 5.87% (3 mo. Term SOFR + <br>1.55%), 04/25/2037<sup>(a)</sup> | 3000000 | 3008574  |
|  Renew, Series 2018-1, Class A, 3.95%, 09/20/2053<sup>(a)</sup> | 121506 | 114505  |
|  Renew Financial, Series 2021-1, Class A, 2.06%, 11/20/2056<sup>(a)</sup> | 522369 | 425860  |
|  Republic Finance Issuance Trust, Series 2024-B, Class B, 5.86%, 11/20/2037<sup>(a)</sup> | 1380000 | 1408320  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; ROMARK CLO LLC, Series 2018-1A, Class A1, 5.62% (3 mo. Term SOFR + <br>1.29%), 04/20/2031<sup>(a)</sup> | $692214 | $692352  |
|  Sabey Data Center Issuer LLC, Series 2022-1, Class A2, 5.00%, 06/20/2047<sup>(a)</sup> | 600000 | 595055  |
|  Santander Consumer USA Holdings, Inc. <br>|  |  |
|  Series 2023-4, Class C, 6.04%, 12/15/2031 | 600000 | 616340  |
|  Series 2023-5, Class C, 6.43%, 02/18/2031 | 900000 | 935906  |
|  Series 2023-6, Class B, 5.98%, 04/16/2029 | 300000 | 305147  |
|  Series 2023-6, Class C, 6.40%, 03/17/2031 | 100000 | 103423  |
|  Series 2024-2, Class C, 5.84%, 06/17/2030 | 500000 | 514109  |
|  Series 2024-3, Class C, 5.64%, 08/15/2030 | 1500000 | 1532306  |
|  Series 2024-4, Class C, 4.95%, 04/15/2030 | 800000 | 807206  |
|  Series 2025-3, Class C, 4.68%, 09/15/2031 | 900000 | 905020  |
|  Santander Consumer USA, Inc., Series 2023-1, Class C, 5.09%, 05/15/2030 | 200000 | 201438  |
|  SBA Depositor LLC, Series 2022-1, 6.60%, 01/15/2028<sup>(a)</sup> | 1000000 | 1026781  |
|  SCF Equipment Trust LLC, Series 2025-1A, Class A3, 5.11%, 11/21/2033<sup>(a)</sup> | 1560000 | 1591604  |
|  Sculptor Alternative Solutions LLC, Series B, 6.00%, 05/15/2029<sup>(a)</sup> | 1720000 | 1460968  |
|  SFS Auto Receivables Securitization Trust <br>|  |  |
|  Series 2023-1A, Class B, 5.71%, 01/22/2030<sup>(a)</sup> | 100000 | 102567  |
|  Series 2023-1A, Class C, 5.97%, 02/20/2031<sup>(a)</sup> | 100000 | 102919  |
|  SMB Private Education Loan Trust, Series 2017-A, Class B, 3.50%, 06/17/2041<sup>(a)</sup> | 1926532 | 1907788  |
|  SoFi Professional Loan Program LLC <br>|  |  |
|  Series 2019-A, Class A2FX, 3.69%, 06/15/2048<sup>(a)</sup> | 23318 | 23162  |
|  Series 2019-C, Class A2FX, 2.37%, 11/16/2048<sup>(a)</sup> | 66086 | 63836  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| SoFi Professional Loan Program LLC (continued) | SoFi Professional Loan Program LLC (continued) | SoFi Professional Loan Program LLC (continued) |
|  Series 2020-A, Class A2FX, 2.54%, 05/15/2046<sup>(a)</sup> | $123881 | $119839  |
|  Series 2020-C, Class AFX, 1.95%, 02/15/2046<sup>(a)</sup> | 71719 | 67318  |
|  Stack Infrastructure Issuer LLC, Series 2023-3A, Class A2, 5.90%, 10/25/2048<sup>(a)</sup> | 1270000 | 1281727  |
|  Structured Asset Investment Loan Trust, Series 2004-8, Class M1, 5.17% (1 mo. Term SOFR + 1.01%), 09/25/2034 | 6719 | 6433  |
| Summit Issuer LLC <br>|  |  |
|  Series 2020-1A, Class A2, 2.29%, 12/20/2050<sup>(a)</sup> | 1620000 | 1610883  |
|  Series 2023-1A, Class A2, 5.60%, 02/20/2053<sup>(a)</sup> | 1000000 | 1007779  |
|  Sunnova Energy International, Inc. <br>|  |  |
|  Series 2023-B, Class A, 5.30%, 08/22/2050<sup>(a)</sup> | 855824 | 792623  |
|  Series 2023-GRID1, Class 1A, 5.75%, 12/20/2050<sup>(a)</sup> | 835814 | 843253  |
| Sunrun, Inc. <br>|  |  |
|  Series 2018-1, Class A, 5.31%, 04/30/2049<sup>(a)</sup> | 194505 | 188337  |
|  Series 2019-1A, Class A, 3.98%, 06/30/2054<sup>(a)</sup> | 264735 | 251113  |
|  Series 2021-2A, Class A, 2.27%, 01/30/2057<sup>(a)</sup> | 1029938 | 926181  |
|  Series 2022-1A, Class A, 4.75%, 07/30/2057<sup>(a)</sup> | 893917 | 857100  |
|  Series 2023-2A, Class A1, 6.60%, 01/30/2059<sup>(a)</sup> | 1221321 | 1229083  |
|  Series 2024-1A, Class A, 6.27%, 02/01/2055<sup>(a)</sup> | 473584 | 472180  |
|  Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, 03/25/2055<sup>(a)</sup> | 1000000 | 992397  |
|  Symphony CLO Ltd., Series 2012-9A, Class CR3, 7.08% (3 mo. Term SOFR + 2.76%), 07/16/2032<sup>(a)</sup> | 1840000 | 1842589  |
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd., Series 2019-2A, Class A1R2, 5.60% <br>(3 mo. Term SOFR + 1.27%), 01/20/2038<sup>(a)</sup> | 3250000 | 3257251  |
| Tesla Auto Lease Trust <br>|  |  |
|  Series 2023-A, Class A4, 5.94%, 07/20/2027<sup>(a)</sup> | 139076 | 139201  |
|  Series 2023-B, Class A3, 6.13%, 09/21/2026<sup>(a)</sup> | 221647 | 222031  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2023-B, Class B, 6.57%, 08/20/2027<sup>(a)</sup> | $1090000 | $1094461  |
|  Series 2024-A, Class A3, 5.30%, 06/21/2027<sup>(a)</sup> | 963559 | 966480  |
|  Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, 06/20/2028<sup>(a)</sup> | 1200000 | 1211468  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Debt Capital CLO Ltd., Series 2025-1A, Class A1, 5.40% (3 mo. Term SOFR + <br>1.14%), 04/24/2038<sup>(a)</sup> | 2500000 | 2501155  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tikehau US CLO Ltd., Series 2023-1A, Class A1, 6.52% (3 mo. Term SOFR + <br>2.20%), 07/15/2034<sup>(a)</sup> | 1500000 | 1502805  |
| Towd Point Mortgage Trust <br>|  |  |
|  Series 2018-5, Class M1, 3.25%, 07/25/2058<sup>(a)(d)</sup> | 2385000 | 2042533  |
|  Series 2020-4, Class A1, 1.75%, 10/25/2060<sup>(a)</sup> | 98499 | 89732  |
|  Series 2021-SJ1, Class A1, 2.25%, 07/25/2068<sup>(a)(d)</sup> | 192511 | 186042  |
|  Series 2021-SJ2, Class A1A, 2.25%, 12/25/2061<sup>(a)(d)</sup> | 272758 | 265487  |
|  Series 2024-CES3, Class A1, 6.29%, 05/25/2064<sup>(a)(d)</sup> | 407593 | 416007  |
|  Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 05/25/2038<sup>(a)</sup> | 1200000 | 1221950  |
|  Uniti Group LP, Series 2025-1A, Class A2, 5.88%, 04/20/2055<sup>(a)</sup> | 1460000 | 1486873  |
|  VCP RRL ABS, Series 2021-1A, Class A, 2.15%, 10/20/2031<sup>(a)</sup> | 309498 | 301619  |
|  Verus Securitization Trust, Series 2021-7, Class A3, 2.24%, 10/25/2066<sup>(a)(d)</sup> | 91450 | 80797  |
|  Vivant Solar Financing V Parent LLC <br>|  |  |
|  Series 2018-1A, Class A, 4.73%, 04/30/2048<sup>(a)</sup> | 205839 | 196712  |
|  Series 2018-1A, Class B, 7.37%, 04/30/2048<sup>(a)</sup> | 314669 | 305228  |
|  Voya CLO Ltd., Series 2019-3A, Class AR, 5.66% (3 mo. Term SOFR + 1.34%), 10/17/2032<sup>(a)</sup> | 2309575 | 2314213  |
|  Wendy's SPV Guarantor LLC, Series 2019-1A, Class A2I, 3.78%, 06/15/2049<sup>(a)</sup> | 441185 | 438547  |
|  Westlake Automobile Receivables Trust, Series 2025-2A, Class B, 4.63%, 01/15/2031<sup>(a)</sup> | 600000 | 603159  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
|  Wheels Fleet Lease Funding 1 LLC <br>|  |  |
|  Series 2023-1A, Class A, 5.80%, 04/18/2038<sup>(a)</sup> | $437381 | $440638  |
|  Series 2025-2A, Class A1, 4.41%, 05/18/2040<sup>(a)</sup> | 1300000 | 1306761  |
|  World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027 | 32886 | 32833  |
| Zayo Group LLC <br>|  |  |
|  Series 2025-1A, Class A2, 5.65%, 03/20/2055<sup>(a)</sup> | 1190000 | 1212487  |
|  Series 2025-2A, Class B, 6.59%, 06/20/2055<sup>(a)</sup> | 930000 | 964670  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $230,021,064)** |  | 230290507  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — 8.3%**<br>|  |  |
|  Alen Mortgage Trust, Series 2021-ACEN, Class C, 6.52% (1 mo. Term SOFR + 2.36%), 04/15/2034<sup>(a)</sup> | 500000 | 456875  |
|  American Tower Depositor Sub LLC, 5.49%, 03/15/2028<sup>(a)</sup> | 1400000 | 1425330  |
|  ATLXM Trust, Series 2024-RPL2, Class A1, 3.85%, 04/25/2063<sup>(a)(c)</sup> | 1105953 | 1070472  |
|  BAHA Trust, Series 2024-MAR, Class A, 6.17%, 12/10/2041<sup>(a)(d)</sup> | 1320000 | 1364955  |
|  BANK-2018, Series 2018-BN15, Class A3, 4.14%, 11/15/2061 | 549113 | 544605  |
| BANK-2020 <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3, <br>1.58%, 03/15/2063 | 1162000 | 1028288  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3, <br>1.74%, 11/15/2053 | 493889 | 435897  |
|  BANK5 Trust, Series 2025-5YR17, Class A3, 5.23%, 11/15/2058 | 1480000 | 1526718  |
| BBCMS Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-5C23, Class A3, <br>6.68%, 12/15/2056<sup>(d)</sup> | 1900000 | 2020151  |
| &nbsp;&nbsp;&nbsp; Series 2023-C21, Class A2, <br>6.51%, 09/15/2056<sup>(d)</sup> | 759138 | 797301  |
| Benchmark Mortgage Trust <br>|  |  |
|  Series 2018-B4, Class A3, 3.89%, 07/15/2051 | 500000 | 497546  |
|  Series 2019-B10, Class 3CCA, 4.03%, 03/15/2062<sup>(a)(d)</sup> | 250000 | 188859  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2019-B10, Class A3, 3.46%, 03/15/2062 | $837738 | $813293  |
|  Series 2020-B19, Class A4, 1.55%, 09/15/2053 | 1325000 | 1190967  |
|  Series 2020-B20, Class A4, 1.75%, 10/15/2053 | 1300000 | 1170829  |
|  Series 2020-B21, Class A4, 1.70%, 12/17/2053 | 800000 | 705903  |
|  Series 2020-IG3, Class A2, 2.48%, 09/15/2048<sup>(a)</sup> | 517255 | 508442  |
|  Series 2021-B24, Class A3, 2.01%, 03/15/2054 | 550000 | 510400  |
|  Series 2021-B24, Class A4, 2.26%, 03/15/2054 | 600000 | 543765  |
|  Series 2021-B25, Class A3, 1.91%, 04/15/2054 | 1200000 | 1101434  |
|  Series 2021-B30, Class A4, 2.33%, 11/15/2054 | 3000000 | 2646666  |
|  Series 2021-B31, Class A4, 2.42%, 12/15/2054 | 1500000 | 1329406  |
|  Series 2025-V17, Class A3, 5.07%, 09/15/2058 | 1900000 | 1946506  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BFLD Trust, Series <br>2024-WRHS, Class A, 5.64% (1 mo. Term SOFR + <br>1.49%), 08/15/2026<sup>(a)</sup> | 926997 | 926997  |
| BMO Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C1, Class 360B, <br>4.07%, 02/17/2055<sup>(a)(d)</sup> | 1000000 | 854356  |
|  Series 2022-C3, Class A5, 5.31%, 09/15/2054 | 1000000 | 1029654  |
| &nbsp;&nbsp;&nbsp; Series 2023-5C1, Class A3, <br>6.53%, 08/15/2056<sup>(d)</sup> | 1650000 | 1732751  |
| &nbsp;&nbsp;&nbsp; Series 2023-5C2, Class A3, <br>7.30%, 11/15/2056<sup>(d)</sup> | 2100000 | 2252472  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3, <br>5.57%, 11/15/2057<sup>(d)</sup> | 2100000 | 2181254  |
|  BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, 04/25/2054<sup>(a)(c)</sup> | 691301 | 699954  |
|  BX Trust, Series 2022-AHP, Class C, 6.24% (1 mo. Term SOFR + 2.09%), 01/17/2039<sup>(a)</sup> | 1600000 | 1598000  |
|  Cantor Commercial Real Estate Lending LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-CF3, Class A3, <br>2.75%, 01/15/2053 | 800000 | 747642  |
|  Series 2020-P1, Class A1, 2.84%, 04/15/2052<sup>(a)(d)</sup> | 813000 | 789762  |
|  Capital Automotive REIT, Series 2022-1A, Class A1, 3.35%, 03/15/2052<sup>(a)</sup> | 1058500 | 1007719  |
| Century Plaza Towers <br>|  |  |
|  Series 2019-CPT, Class A, 2.87%, 11/13/2039<sup>(a)</sup> | 485000 | 446348  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
| Century Plaza Towers (continued) | Century Plaza Towers (continued) | Century Plaza Towers (continued) |
|  Series 2019-CPT, Class E, 3.10%, 11/13/2039<sup>(a)(d)</sup> | $350000 | $288364  |
| CF Hippolyta Issuer LLC <br>|  |  |
|  Series 2020-1, Class B1, 2.28%, 07/15/2060<sup>(a)</sup> | 350786 | 244373  |
|  Series 2022-1A, Class A1, 5.97%, 08/15/2062<sup>(a)</sup> | 486305 | 470056  |
|  CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, 5.66%, 04/15/2042<sup>(a)(d)</sup> | 2000000 | 2050141  |
|  Citigroup Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-GC37, Class A4, <br>3.31%, 04/10/2049 | 3000000 | 2986535  |
|  Series 2016-P3, Class A3, 3.06%, 04/15/2049 | 1546439 | 1538892  |
|  Series 2016-P4, Class A3, 2.65%, 07/10/2049 | 114286 | 113060  |
|  Series 2018-C6, Class A3, 4.15%, 11/10/2051 | 837000 | 826245  |
|  Series 2019-C7, Class A3, 2.86%, 12/15/2072 | 319729 | 302421  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust <br>|  |  |
|  Series 2016-CD2, Class B, 3.88%, 11/10/2049<sup>(d)</sup> | 500000 | 402095  |
| &nbsp;&nbsp;&nbsp; Series 2019-CD8, Class A3, <br>2.66%, 08/15/2057 | 858920 | 802367  |
|  CMFT Net Lease Master Issuer LLC, Series 2021-1, Class A2, 2.57%, 07/20/2051<sup>(a)</sup> | 2394262 | 2056857  |
|  Commercial Mortgage Pass Through Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-LC13, Class D, <br>5.55%, 08/10/2046<sup>(a)(d)</sup> | 486023 | 450441  |
|  Series 2022-HC, Class B, 3.17%, 01/10/2039<sup>(a)</sup> | 1000000 | 952317  |
|  Computershare Corporate Trust <br>|  |  |
|  Series 2024-MGP, Class A12, 5.84% (1 mo. Term SOFR + 1.69%), 08/15/2041<sup>(a)</sup> | 1640000 | 1638599  |
| &nbsp;&nbsp;&nbsp; Series 2024-SVEN, Class A, <br>6.01%, 06/10/2037<sup>(a)</sup> | 1000000 | 1040705  |
|  CRSO TR 2023-BRND A 20400712 FLT, Series 2023-BRND, 7.12%, 07/12/2040<sup>(a)</sup> | 1000000 | 1041538  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  CSAIL Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3, <br>4.15%, 11/15/2051 | $665234 | $656591  |
| &nbsp;&nbsp;&nbsp; Series 2021-C20, Class A2, <br>2.49%, 03/15/2054 | 1159310 | 1067303  |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.80%, 09/12/2040<sup>(a)</sup> | 890000 | 923702  |
|  Ellington Financial Mortgage Trust, Series 2023-1, Class M1, 6.70%, 02/25/2068<sup>(a)(d)</sup> | 150000 | 149799  |
|  Fannie Mae Connecticut Avenue Securities <br>|  |  |
|  Series 2022-R01, Class 1M2, 6.26% (30 day avg SOFR US + 1.90%), 12/25/2041<sup>(a)</sup> | 300000 | 304173  |
|  Series 2022-R05, Class 2M2, 7.36% (30 day avg SOFR US + 3.00%), 04/25/2042<sup>(a)</sup> | 120000 | 123210  |
|  Series 2022-R06, Class 1M2, 8.21% (30 day avg SOFR US + 3.85%), 05/25/2042<sup>(a)</sup> | 625000 | 650159  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, <br>9.01% (30 day avg SOFR US + 4.65%), 06/25/2042<sup>(a)</sup> | 505000 | 534157  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, <br>7.96% (30 day avg SOFR US + 3.60%), 07/25/2042<sup>(a)</sup> | 160000 | 166400  |
| &nbsp;&nbsp;&nbsp; Series 2022-R09, Class 2M2, <br>9.11% (30 day avg SOFR US + 4.75%), 09/25/2042<sup>(a)</sup> | 245000 | 261079  |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2, <br>8.11% (30 day avg SOFR US + 3.75%), 12/25/2042<sup>(a)</sup> | 1260000 | 1323000  |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, <br>7.71% (30 day avg SOFR US + 3.35%), 01/25/2043<sup>(a)</sup> | 100000 | 104375  |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, <br>7.46% (30 day avg SOFR US + 3.10%), 06/25/2043<sup>(a)</sup> | 1150000 | 1194563  |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, <br>7.06% (30 day avg SOFR US + 2.70%), 07/25/2043<sup>(a)</sup> | 715000 | 738778  |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
|  Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-P011, Class A1, <br>1.20%, 09/25/2031 | $468581 | $433969  |
| &nbsp;&nbsp;&nbsp; Series 2022-P013, Class A2, <br>2.85%, 02/25/2032<sup>(d)</sup> | 1000000 | 917344  |
| &nbsp;&nbsp;&nbsp; Series 2024-P016, Class A2, <br>4.77%, 09/25/2033<sup>(d)</sup> | 1000000 | 1009925  |
|  Series 405, Class C20, 4.00%, 05/25/2053<sup>(f)</sup> | 1244379 | 273491  |
|  Series 406, Class PO, 0.00%, 10/25/2053<sup>(h)</sup> | 326905 | 279425  |
|  Series 4748, Class Z, 4.00%, 11/15/2047 | 105301 | 100628  |
|  Series 4776, Class WZ, 4.00%, 03/15/2048 | 330656 | 315724  |
|  Series 4783, Class Z, 4.00%, 04/15/2048 | 281134 | 266879  |
|  Series 4835, Class AS, 2.66% (-2 x 30 day avg SOFR US + 9.66%), 10/15/2048<sup>(i)</sup> | 57119 | 50705  |
|  Series 4978, Class MI, 4.00%, 05/25/2040<sup>(f)</sup> | 478168 | 72004  |
|  Series 5017, Class VZ, 2.00%, 09/25/2050<sup>(j)</sup> | 315472 | 216924  |
|  Series 5021, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.55%), 10/25/2050<sup>(f)(g)(i)</sup> | 815507 | 24619  |
|  Series 5160, Class ZG, 3.00%, 09/25/2050<sup>(j)</sup> | 74201 | 54708  |
|  Series 5251, Class PO, 0.00%, 08/25/2052<sup>(h)</sup> | 655860 | 451538  |
|  Series 5296, Class T, 5.00%, 11/25/2052 | 773033 | 778293  |
|  Series 5560, Class FA, 6.00% (30 day avg SOFR US + 1.93%), 06/25/2055 | 1852721 | 1884014  |
|  Series K-157, Class A2, 4.20%, 05/25/2033 | 2000000 | 1983044  |
|  Series K-170, Class A2, 5.00%, 02/25/2035<sup>(d)</sup> | 2000000 | 2083987  |
|  Federal National Mortgage Association <br>|  |  |
|  Series 2018-M8, Class A2, 3.42%, 06/25/2028<sup>(d)</sup> | 394646 | 388787  |
| &nbsp;&nbsp;&nbsp; Series 2019-M21, Class 3A1, <br>2.10%, 06/25/2034 | 59976 | 59250  |
|  Series 2020-101, Class AI, 3.50%, 01/25/2051<sup>(f)</sup> | 1356093 | 256274  |
|  Series 2020-24, Class SP, 1.58% (-1 x 30 day avg SOFR US + 5.94%), 04/25/2050<sup>(f)(i)</sup> | 211872 | 28452  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2020-56, Class LI, 2.00%, 08/25/2050<sup>(f)</sup> | $297505 | $37579  |
|  Series 2020-75, Class LI, 2.50%, 11/25/2050<sup>(f)</sup> | 455180 | 62849  |
|  Series 2021-17, Class EA, 1.50%, 04/25/2051 | 3319107 | 2806505  |
|  Series 2021-76, Class IY, 2.50%, 11/25/2051<sup>(f)</sup> | 201761 | 22579  |
|  Series 2022-18, Class DZ, 3.50%, 04/25/2052<sup>(j)</sup> | 627215 | 488548  |
|  Series 2022-51, Class PS, 1.59% (-1 x 30 day avg SOFR US + 5.95%), 08/25/2052<sup>(f)(i)</sup> | 519661 | 58288  |
| Flagstar Mortgage Trust <br>|  |  |
|  Series 2018-2, Class B4, 4.00%, 04/25/2048<sup>(a)(d)</sup> | 120006 | 110434  |
|  Series 2021-12, Class B3, 2.96%, 11/25/2051<sup>(a)(d)</sup> | 135973 | 109928  |
|  Series 2021-4, Class A21, 2.50%, 06/01/2051<sup>(a)(d)</sup> | 184452 | 151772  |
|  Series 2021-7, Class B3, 2.92%, 08/25/2051<sup>(a)(d)</sup> | 134783 | 110715  |
|  Freddie Mac STACR REMIC Trust 2025-DNA2, Series 2025-DNA2, Class A1, 5.46% (30 day avg SOFR US + 1.10%), 05/25/2045<sup>(a)</sup> | 1275000 | 1281278  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes <br>|  |  |
|  Series 2021-DNA5, Class M2, 6.01% (30 day avg SOFR US + 1.65%), 01/25/2034<sup>(a)</sup> | 16897 | 16950  |
|  Series 2022-DNA4, Class M1B, 7.71% (30 day avg SOFR US + 3.35%), 05/25/2042<sup>(a)</sup> | 415000 | 430691  |
|  Series 2022-DNA5, Class M1B, 8.86% (30 day avg SOFR US + 4.50%), 06/25/2042<sup>(a)</sup> | 555000 | 587048  |
|  Series 2022-HQA2, Class M1B, 8.36% (30 day avg SOFR US + 4.00%), 07/25/2042<sup>(a)</sup> | 95000 | 100011  |
|  Series 2022-HQA3, Class M1B, 7.91% (30 day avg SOFR US + 3.55%), 08/25/2042<sup>(a)</sup> | 135000 | 141322  |
|  Series 2023-HQA1, Class M1B, 7.86% (30 day avg SOFR US + 3.50%), 05/25/2043<sup>(a)</sup> | 268000 | 282576  |

---

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk <br>Debt Notes (continued) | &nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk <br>Debt Notes (continued) | &nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk <br>Debt Notes (continued) |
|  Series 2023-HQA3, Class M2, 7.71% (30 day avg SOFR US + 3.35%), 11/25/2043<sup>(a)</sup> | $325000 | $342811  |
|  Government National Mortgage Association <br>|  |  |
|  Series 2010-9, Class UI, 5.00%, 01/20/2040<sup>(f)</sup> | 532119 | 106365  |
|  Series 2013-99, Class AX, 3.00%, 07/20/2043<sup>(c)</sup> | 118382 | 107608  |
| &nbsp;&nbsp;&nbsp; Series 2015-143, Class WA, <br>4.00%, 10/20/2045 | 101832 | 99495  |
| &nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, <br>0.00% (-1 x 1 mo. Term SOFR + 3.75%), 09/20/2048<sup>(f)(i)</sup> | 218345 | 6179  |
|  Series 2018-148, Class DS, 0.00% (-1 x 1 mo. Term SOFR + 3.73%), 10/20/2048<sup>(f)(i)</sup> | 279941 | 8616  |
|  Series 2018-151, Class SL, 0.00% (-1 x 1 mo. Term SOFR + 3.69%), 11/20/2048<sup>(f)(i)</sup> | 1693909 | 47307  |
|  Series 2018-76, Class IO, 4.00%, 06/20/2046<sup>(f)</sup> | 22640 | 2496  |
|  Series 2019-92, Class S, 0.00% (-1 x 1 mo. Term SOFR + 2.70%), 07/20/2049<sup>(f)(i)</sup> | 1019245 | 11954  |
|  Series 2019-99, Class SA, 0.00% (-1 x 1 mo. Term SOFR + 3.24%), 08/20/2049<sup>(f)(i)</sup> | 444633 | 9647  |
|  Series 2020-126, Class BI, 3.00%, 08/20/2050<sup>(f)</sup> | 637248 | 107381  |
|  Series 2021-114, Class TI, 3.00%, 06/20/2051<sup>(f)</sup> | 716869 | 91765  |
|  Series 2021-165, Class ST, 0.00% (-1 x 1 mo. Term SOFR + 3.25%), 01/20/2050<sup>(f)(i)</sup> | 121277 | 58  |
|  Series 2021-209, Class Z, 3.00%, 11/20/2051<sup>(j)</sup> | 650871 | 474146  |
|  Series 2022-124, Class QZ, 4.00%, 07/20/2052<sup>(j)</sup> | 136176 | 115581  |
|  Series 2022-125, Class CS, 1.60% (-1 x 30 day avg SOFR US + 5.99%), 07/20/2052<sup>(f)(i)</sup> | 553193 | 45469  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2022-126, Class CS, 0.00% (-1 x 30 day avg SOFR US + 3.76%), 07/20/2052<sup>(f)(i)</sup> | $1109762 | $23060  |
|  Series 2022-129, Class SA, 0.00% (-1 x 30 day avg SOFR US + 3.95%), 07/20/2052<sup>(f)(i)</sup> | 4367424 | 104426  |
|  Series 2022-133, Class SA, 0.00% (-1 x 30 day avg SOFR US + 3.95%), 07/20/2052<sup>(f)(i)</sup> | 427648 | 10997  |
|  Series 2022-148, Class DS, 0.00% (-1 x 30 day avg SOFR US + 3.60%), 08/20/2052<sup>(f)(i)</sup> | 445860 | 8465  |
|  Series 2022-178, Class SA, 0.51% (-1 x 30 day avg SOFR US + 4.90%), 10/20/2052<sup>(f)(i)</sup> | 5210210 | 274985  |
|  Series 2022-46, Class S, 0.00% (-1 x 30 day avg SOFR US + 3.50%), 03/20/2052<sup>(f)(i)</sup> | 305068 | 7676  |
|  Series 2022-51, Class SC, 0.00% (-1 x 30 day avg SOFR US + 3.50%), 03/20/2052<sup>(f)(i)</sup> | 908310 | 21632  |
|  Series 2022-66, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.85%), 04/20/2052<sup>(f)(i)</sup> | 297316 | 8313  |
|  Series 2022-68, Class SP, 0.00% (-1 x 30 day avg SOFR US + 3.85%), 04/20/2052<sup>(f)(i)</sup> | 244372 | 8003  |
|  Series 2022-78, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.75%), 04/20/2052<sup>(f)(i)</sup> | 563930 | 12743  |
|  Series 2022-93, Class GS, 0.00% (-1 x 30 day avg SOFR US + 3.65%), 05/20/2052<sup>(f)(i)</sup> | 190787 | 4493  |
|  Series 2022-93, Class IO, 3.00%, 08/20/2051<sup>(f)</sup> | 2587270 | 279496  |
|  Series 2023-111, Class ZA, 3.00%, 02/20/2052<sup>(j)</sup> | 532206 | 364442  |
|  Series 2023-169, Class EO, 0.00%, 05/20/2053<sup>(h)</sup> | 355019 | 279838  |
|  Series 2023-186, Class ZJ, 5.00%, 12/20/2053<sup>(j)</sup> | 360110 | 352360  |
|  Series 2023-81, Class IO, 5.00%, 04/20/2052<sup>(f)</sup> | 420857 | 76265  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
|  Series 2024-23, Class ID, 5.00%, 03/20/2040<sup>(f)</sup> | $359537 | $68402  |
|  Series 2024-69, Class AZ, 2.50%, 04/20/2054<sup>(j)</sup> | 336704 | 244460  |
| GS Mortgage Securities Corp. II <br>|  |  |
|  Series 2018-GS10, Class A3, 4.26%, 07/10/2051<sup>(d)</sup> | 800000 | 792415  |
|  Series 2019-GC39, Class A3, 3.31%, 05/10/2052 | 958175 | 916755  |
|  Series 2019-GC42, Class A3, 2.75%, 09/10/2052 | 1230000 | 1161421  |
|  Series 2020-GC47, Class A4, 2.12%, 05/12/2053 | 1400000 | 1274152  |
|  Series 2020-GSA2, Class A4, 1.72%, 12/12/2053 | 1100000 | 983577  |
| &nbsp;&nbsp;&nbsp; Series 2021-IP, Class B, 5.42% (1 mo. Term SOFR + <br>1.26%), 10/15/2036<sup>(a)</sup> | 1720000 | 1711484  |
|  GS Mortgage-Backed Securities Trust <br>|  |  |
|  Series 2021-GR1, Class A4, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 142757 | 117473  |
|  Series 2021-PJ10, Class A4, 2.50%, 03/25/2052<sup>(a)(d)</sup> | 171343 | 140996  |
|  Series 2021-PJ5, Class A4, 2.50%, 10/25/2051<sup>(a)(d)</sup> | 289175 | 237924  |
|  Series 2021-PJ6, Class A4, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 209397 | 172245  |
|  Series 2021-PJ7, Class A4, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 343034 | 282279  |
|  Series 2021-PJ8, Class A4, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 231124 | 190207  |
|  Series 2022-PJ4, Class A36, 3.00%, 09/25/2052<sup>(a)(d)</sup> | 80343 | 68969  |
|  Series 2022-PJ5, Class A36, 3.00%, 10/25/2052<sup>(a)(d)</sup> | 233280 | 200099  |
|  Series 2023-PJ1, Class A24, 3.50%, 02/25/2053<sup>(a)(d)</sup> | 267745 | 237386  |
|  Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.63%, 08/05/2034<sup>(a)(d)</sup> | 900000 | 885333  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  JP Morgan Chase Commercial Mortgage Securities <br>|  |  |
|  Series 2016-JP4, Class A3, 3.39%, 12/15/2049 | $1071000 | $1061095  |
|  Series 2019-BKWD, Class A, 5.77% (1 mo. Term SOFR + 1.61%), 09/15/2029<sup>(a)</sup> | 154493 | 150631  |
| JP Morgan Mortgage Trust <br>|  |  |
|  Series 2015-1, Class B1, 5.66%, 12/25/2044<sup>(a)(d)</sup> | 32219 | 31727  |
|  Series 2017-2, Class A13, 3.50%, 05/25/2047<sup>(a)(d)</sup> | 5403 | 4889  |
|  Series 2017-5, Class A2, 4.97%, 10/26/2048<sup>(a)(d)</sup> | 53659 | 53755  |
|  Series 2018-5, Class A13, 3.50%, 10/25/2048<sup>(a)(d)</sup> | 26932 | 24201  |
|  Series 2018-7FRB, Class A2, 5.02% (1 mo. Term SOFR + 0.86%), 04/25/2046<sup>(a)</sup> | 9947 | 9775  |
|  Series 2018-8, Class A13, 4.00%, 01/25/2049<sup>(a)(d)</sup> | 3163 | 2948  |
|  Series 2018-9, Class A13, 4.00%, 02/25/2049<sup>(a)(d)</sup> | 1148 | 1072  |
|  Series 2019-1, Class A15, 4.00%, 05/25/2049<sup>(a)(d)</sup> | 2919 | 2731  |
|  Series 2020-1, Class B2, 3.82%, 06/25/2050<sup>(a)(d)</sup> | 30122 | 27222  |
|  Series 2021-10, Class A15, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 75473 | 62106  |
|  Series 2021-11, Class A15, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 155154 | 127533  |
|  Series 2021-14, Class A15, 2.50%, 05/25/2052<sup>(a)(d)</sup> | 96323 | 79263  |
|  Series 2021-15, Class A15, 2.50%, 06/25/2052<sup>(a)(d)</sup> | 665399 | 545097  |
|  Series 2021-4, Class B2, 2.88%, 08/25/2051<sup>(a)(d)</sup> | 111351 | 90462  |
|  Series 2021-7, Class A15, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 214172 | 176256  |
|  Series 2021-8, Class A15, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 100581 | 82775  |
|  Series 2021-8, Class B3, 2.84%, 12/25/2051<sup>(a)(d)</sup> | 152447 | 120283  |
| &nbsp;&nbsp;&nbsp; Series 2021-LTV2, Class A3, <br>2.93%, 05/25/2052<sup>(a)(d)</sup> | 69798 | 59907  |
|  Series 2022-2, Class A25, 3.00%, 08/25/2052<sup>(a)(d)</sup> | 77590 | 66606  |
|  Series 2022-3, Class A25, 3.00%, 08/25/2052<sup>(a)(d)</sup> | 352315 | 302202  |
|  Series 2022-4, Class A17A, 3.00%, 10/25/2052<sup>(a)(d)</sup> | 235771 | 202236  |
|  Series 2022-4, Class B3, 3.24%, 10/25/2052<sup>(a)(d)</sup> | 115099 | 92983  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
| JP Morgan Mortgage Trust (continued) | JP Morgan Mortgage Trust (continued) | JP Morgan Mortgage Trust (continued) |
|  Series 2022-5, Class B3, 2.95%, 09/25/2052<sup>(a)(d)</sup> | $114730 | $90264  |
|  Series 2022-6, Class A17A, 3.00%, 11/25/2052<sup>(a)(d)</sup> | 1044889 | 896972  |
|  Series 2022-7, Class 1A17, 3.00%, 12/25/2052<sup>(a)(d)</sup> | 119829 | 102685  |
|  Series 2022-LTV2, Class A6, 3.50%, 09/25/2052<sup>(a)(d)</sup> | 235919 | 208871  |
|  Series 2023-1, Class A15B, 5.50%, 06/25/2053<sup>(a)(d)</sup> | 106198 | 104803  |
|  Series 2024-3, Class A9, 3.00%, 05/25/2054<sup>(a)(d)</sup> | 884782 | 758933  |
|  Series 2024-7, Class A9, 3.00%, 04/25/2053<sup>(a)(d)</sup> | 285192 | 244627  |
|  JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 4.21%, 11/15/2047<sup>(a)(d)</sup> | 470000 | 358129  |
| &nbsp;&nbsp;&nbsp; Manhattan West, Series <br>2020-1MW, Class C, 2.41%, 09/10/2039<sup>(a)(d)</sup> | 500000 | 475233  |
|  MCR Mortgage Trust, Series 2024-TWA, Class A, 5.92%, 06/12/2039<sup>(a)</sup> | 1000000 | 1014265  |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>|  |  |
|  Series 2016-C29, Class A3, 3.06%, 05/15/2049 | 141299 | 140734  |
|  Series 2016-C29, Class D, 3.00%, 05/15/2049<sup>(a)</sup> | 400000 | 299761  |
|  Morgan Stanley Capital I, Inc., Series 2018-L1, Class A3, 4.14%, 10/15/2051 | 2500000 | 2490464  |
|  Morgan Stanley Residential Mortgage Loan Trust <br>|  |  |
|  Series 2021-5, Class A9, 2.50%, 08/25/2051<sup>(a)(d)</sup> | 130279 | 107203  |
|  Series 2021-6, Class A4, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 103073 | 92204  |
|  Series 2021-6, Class A9, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 120970 | 99435  |
|  Series 2023-1, Class A7, 4.00%, 02/25/2053<sup>(a)(d)</sup> | 249429 | 229020  |
|  MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C, 6.55% (1 mo. Term SOFR + 2.39%), 03/15/2039<sup>(a)</sup> | 1090000 | 1089617  |
|  Natixis Commercial Mortgage Securities Trust <br>|  |  |
|  Series 2019-MILE, Class D, 6.98% (1 mo. Term SOFR + 2.83%), 07/15/2036<sup>(a)</sup> | 1000000 | 785654  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2019-MILE, Class F, 8.48% (1 mo. Term SOFR + <br>4.33%), 07/15/2036<sup>(a)</sup> | $750000 | $498047  |
|  New Economy Assets LLC, Series 2021-1, Class B1, 2.41%, 10/20/2061<sup>(a)</sup> | 1730000 | 1148974  |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series <br>2018-4A, Class A1S, 5.02% (1 mo. Term SOFR + <br>0.86%), 01/25/2048<sup>(a)</sup> | 24674 | 24238  |
|  NYC Commercial Mortgage Trust, Series 2025-300P, Class A, 4.88%, 07/13/2042<sup>(a)(d)</sup> | 2160000 | 2170441  |
| &nbsp;&nbsp;&nbsp; Oak Street Real Estate Capital LLC, Series <br>2023-NLP, Class A, 6.30%, 03/15/2040<sup>(a)(d)</sup> | 1400000 | 1407499  |
|  One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054<sup>(a)</sup> | 3547000 | 3266735  |
|  One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, 02/10/2032<sup>(a)</sup> | 730448 | 707792  |
|  Onslow Bay Mortgage Loan Trust <br>|  |  |
|  Series 2021-J2, Class A19, 2.50%, 07/25/2051<sup>(a)(d)</sup> | 225457 | 185526  |
|  Series 2025-NQM13, Class A1, 5.44%, 05/25/2065<sup>(a)(c)</sup> | 1154015 | 1163812  |
|  Series 2025-NQM8, Class A1, 5.47%, 03/25/2065<sup>(a)(c)</sup> | 1282041 | 1290847  |
| RCKT Mortgage Trust <br>|  |  |
|  Series 2021-4, Class A21, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 275598 | 226787  |
|  Series 2021-5, Class B4, 2.92%, 11/25/2051<sup>(a)(d)</sup> | 180939 | 144900  |
|  Series 2022-2, Class A22, 2.50%, 02/25/2052<sup>(a)(d)</sup> | 345881 | 284622  |
|  Series 2022-3, Class A21, 3.00%, 05/25/2052<sup>(a)(d)</sup> | 126608 | 108685  |
|  Series 2022-4, Class A22, 3.50%, 06/25/2052<sup>(a)(d)</sup> | 195474 | 173307  |
|  SCOTT Trust 2023-SFS, Series 2023-SFS, Class A, 5.91%, 03/10/2040<sup>(a)</sup> | 1550000 | 1593985  |
| Sequoia Mortgage Trust <br>|  |  |
|  Series 2015-2, Class A1, 3.50%, 05/25/2045<sup>(a)(d)</sup> | 7884 | 7259  |
|  Series 2020-1, Class B4, 3.85%, 02/25/2050<sup>(a)(d)</sup> | 206019 | 164279  |
|  Series 2020-3, Class A19, 3.00%, 04/25/2050<sup>(a)(d)</sup> | 42456 | 36460  |
|  Series 2021-1, Class B3, 2.66%, 03/25/2051<sup>(a)(d)</sup> | 88446 | 73784  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
| Sequoia Mortgage Trust (continued) | Sequoia Mortgage Trust (continued) | Sequoia Mortgage Trust (continued) |
|  Series 2021-4, Class A19, 2.50%, 06/25/2051<sup>(a)(d)</sup> | $74048 | $61356  |
|  Series 2023-1, Class A19, 5.00%, 01/25/2053<sup>(a)(d)</sup> | 177292 | 171426  |
|  Starwood Property Mortgage Trust, Series 2021-LIH, Class AS, 5.52% (1 mo. Term SOFR + 1.37%), 11/15/2036<sup>(a)</sup> | 1000000 | 997500  |
| STORE Master Funding LLC <br>|  |  |
|  Series 2019-1, Class A1, 2.82%, 11/20/2049<sup>(a)</sup> | 986651 | 967556  |
|  Series 2021-1A, Class A1, 2.12%, 06/20/2051<sup>(a)</sup> | 1125562 | 1051430  |
|  Tricon Residential Trust, Series 2025-SFR1, Class A, 5.25% (1 mo. Term SOFR + 1.10%), 03/17/2042<sup>(a)</sup> | 895372 | 897086  |
|  TYSN 2023-CRNR Mortgage Trust, Series 2023-CRNR, Class A, 6.80%, 12/10/2033<sup>(a)(d)</sup> | 1000000 | 1055845  |
|  UBS Commercial Mortgage Trust <br>|  |  |
|  Series 2017-C4, Class A4, 3.56%, 10/15/2050 | 148558 | 145290  |
|  Series 2017-C7, Class A3, 3.42%, 12/15/2050 | 214496 | 211480  |
|  Series 2018-C10, Class A3, 4.05%, 05/15/2051 | 1290085 | 1283665  |
|  Series 2018-C11, Class A3, 4.31%, 06/15/2051 | 24060 | 23988  |
|  UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 3.84%, 03/10/2046<sup>(a)(d)</sup> | 225000 | 178873  |
|  WB Commercial Mortgage Trust, Series 2024-HQ, Class A, 6.13%, 03/15/2040<sup>(a)(d)</sup> | 500000 | 500645  |
|  Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 05/15/2052 | 930258 | 908648  |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI, Series 2024-5C2, Class A3, 5.92%, 11/15/2057<sup>(d)</sup> | 2075000 | 2184965  |
|  Wells Fargo Mortgage Backed Securities Trust <br>|  |  |
|  Series 2019-2, Class A17, 4.00%, 04/25/2049<sup>(a)(d)</sup> | 5563 | 5286  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2021-2, Class A17, 2.50%, 06/25/2051<sup>(a)(d)</sup> | $272334 | $224442  |
|  Series 2022-2, Class A18, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 86047 | 70807  |
|  WF-RBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.09%, 05/15/2045<sup>(a)(d)</sup> | 174436 | 160045  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $136,909,380)** |  | 134067459  |
| **FOREIGN CORPORATE BONDS — 7.2%** | **FOREIGN CORPORATE BONDS — 7.2%** | **FOREIGN CORPORATE BONDS — 7.2%** |
| **Basic Materials — 0.3%**<br>|  |  |
| BHP Billiton Finance USA Ltd. <br>|  |  |
| 5.25%, 09/08/2033 | 980000 | 1020666  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/21/2035 | 150000 | 156085  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/05/2055 | 85000 | 88348  |
|  Champion Iron Canada, Inc., 7.88%, 07/15/2032<sup>(a)</sup> | 200000 | 209107  |
|  Fortescue Treasury Pty Ltd., 6.13%, 04/15/2032<sup>(a)</sup> | 500000 | 516676  |
| Nutrien Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/21/2027 | 72000 | 73157  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/21/2034 | 1000000 | 1029717  |
| OCP SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 04/30/2030<sup>(a)</sup> | 305000 | 319485  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/02/2034<sup>(a)</sup> | 426000 | 463096  |
|  Rio Tinto Finance USA PLC, 5.25%, 03/14/2035 | 200000 | 206096  |
|  South32 Treasury Ltd., 4.35%, 04/14/2032<sup>(a)</sup> | 183000 | 175679  |
|  Suzano Netherlands BV, 5.50%, 01/15/2036 | 87000 | 87087  |
| **Total Basic Materials** |  | 4345199  |
| **Communications — 0.1%**<br>|  |  |
|  Telefonica Emisiones SA, 5.21%, 03/08/2047 | 150000 | 134833  |
|  Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/2032<sup>(a)</sup> | 500000 | 522688  |
| Vodafone Group PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/28/2054 | 89000 | 87622  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/10/2063 | 84000 | 81811  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/28/2064 | 175000 | 174192  |
| **Total Communications** |  | 1001146  |
| **Consumer, Cyclical — 0.0%<sup>(k)</sup>**  | **Consumer, Cyclical — 0.0%<sup>(k)</sup>**  | **Consumer, Cyclical — 0.0%<sup>(k)</sup>**  |
|  1011778 BC ULC / New Red Finance, Inc., 3.88%, 01/15/2028<sup>(a)</sup> | 125000 | 122006  |
|  Sands China Ltd., 5.40%, 08/08/2028<sup>(c)</sup> | 200000 | 204620  |
| **Total Consumer, Cyclical** |  | 326626  |

---

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **Consumer, Non-Cyclical — 0.2%** | **Consumer, Non-Cyclical — 0.2%** | **Consumer, Non-Cyclical — 0.2%** |
| BAT International Finance PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/16/2028 | $740000 | $744463  |
| &nbsp;&nbsp;&nbsp; 5.93%, 02/02/2029 | 40000 | 42007  |
|  Imperial Brands Finance PLC, 5.50%, 02/01/2030<sup>(a)</sup> | 555000 | 575779  |
|  Pfizer Investment Enterprises Pte Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/19/2033 | 123000 | 124261  |
| &nbsp;&nbsp;&nbsp; 5.11%, 05/19/2043 | 167000 | 161841  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/19/2053 | 125000 | 120798  |
| &nbsp;&nbsp;&nbsp; 5.34%, 05/19/2063 | 81000 | 76881  |
| Royalty Pharma PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/02/2029 | 67000 | 68743  |
| &nbsp;&nbsp;&nbsp; 2.15%, 09/02/2031 | 184000 | 160207  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/25/2055 | 45000 | 45193  |
|  STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/2051 | 442000 | 325313  |
| &nbsp;&nbsp;&nbsp; Triton Container International Ltd., <br>3.15%, 06/15/2031<sup>(a)</sup> | 428000 | 381677  |
|  Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032 | 112000 | 100005  |
| &nbsp;&nbsp;&nbsp; **Total Consumer,** <br>**Non-Cyclical** |  | 2927168  |
| **Energy — 1.2%**<br>|  |  |
|  Abu Dhabi Future Energy Co. PJSC Masdar, 4.88%, 05/21/2030 | 1000000 | 1020417  |
| Aker BP ASA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031<sup>(a)</sup> | 500000 | 481864  |
| &nbsp;&nbsp;&nbsp; 3.10%, 07/15/2031<sup>(a)</sup> | 900000 | 823018  |
|  Canadian Natural Resources Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029<sup>(a)</sup> | 265000 | 270878  |
| &nbsp;&nbsp;&nbsp; 5.85%, 02/01/2035 | 310000 | 323546  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2038 | 200000 | 213468  |
| Cenovus Energy, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2037 | 77000 | 74943  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2052 | 90000 | 63946  |
|  Ecopetrol SA, 8.63%, 01/19/2029 | 525000 | 570074  |
| Enbridge, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/20/2028 | 56000 | 56658  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/2028 | 540000 | 568058  |
| Equinor ASA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/03/2035 | 2500000 | 2575853  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/18/2049 | 1000000 | 716187  |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, <br>6.51%, 02/23/2042<sup>(a)</sup> | 200000 | 216296  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Petroleos Mexicanos, 6.70%, 02/16/2032 | $499000 | $494510  |
|  QatarEnergy, 2.25%, 07/12/2031<sup>(a)</sup> | 200000 | 179996  |
|  Raizen Fuels Finance SA, 6.95%, 03/05/2054<sup>(a)</sup> | 1075000 | 988875  |
|  Sweihan PV Power Co. PJSC, 3.63%, 01/31/2049<sup>(a)</sup> | 916100 | 776853  |
| TotalEnergies Capital SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.72%, 09/10/2034 | 775000 | 780169  |
| &nbsp;&nbsp;&nbsp; 5.49%, 04/05/2054 | 825000 | 815986  |
| &nbsp;&nbsp;&nbsp; 5.43%, 09/10/2064 | 2578000 | 2482257  |
|  UEP Penonome II SA, 6.50%, 10/01/2038<sup>(a)</sup> | 827331 | 738500  |
|  Var Energi ASA, 5.88%, 05/22/2030<sup>(a)</sup> | 1250000 | 1299745  |
| Woodside Finance Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/19/2030 | 299000 | 307054  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/12/2034 | 2500000 | 2480897  |
| **Total Energy** |  | 19320048  |
| **Financial — 4.7%**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/2026 | 150000 | 147373  |
|  African Development Bank, 5.75% to 08/07/2034 then 5 yr. CMT Rate + 1.58%, Perpetual | 1000000 | 1005923  |
|  AIB Group PLC, 5.32% to 05/15/2030 then SOFR + 1.65%, 05/15/2031<sup>(a)</sup> | 1200000 | 1235486  |
|  Amazon Conservation DAC, 6.03%, 01/16/2042<sup>(a)</sup> | 2000000 | 2065000  |
|  Arab Energy Fund, 5.43%, 05/02/2029<sup>(o)</sup> | 1695000 | 1763002  |
| Banco Santander SA <br>|  |  |
|  5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030 | 200000 | 207143  |
| &nbsp;&nbsp;&nbsp; 6.35%, 03/14/2034 | 200000 | 214421  |
| Bank of Montreal <br>|  |  |
|  7.70% to 05/26/2029 then 5 yr. CMT Rate + 3.45%, 05/26/2084 | 1000000 | 1059709  |
| &nbsp;&nbsp;&nbsp; 6.88% to 11/26/2030 then <br>5 yr. CMT Rate + 2.98%, 11/26/2085 | 2500000 | 2544335  |
| Bank of Nova Scotia (The) <br>|  |  |
|  4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037 | 273000 | 264192  |
|  6.88% to 10/27/2035 then 5 yr. CMT Rate + 2.73%, 10/27/2085 | 2625000 | 2617175  |

---

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **Financial — (continued)** | **Financial — (continued)** | **Financial — (continued)** |
| Barclays PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.28% to 11/24/2026 then <br>1 yr. CMT Rate + 1.05%, 11/24/2027 | $1430000 | $1398201  |
|  3.56% to 09/23/2030 then 5 yr. CMT Rate + 2.90%, 09/23/2035 | 400000 | 373991  |
| BB Blue Financing DAC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/20/2029 | 1000000 | 973672  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/20/2037 | 1000000 | 979852  |
| BNP Paribas SA <br>|  |  |
|  1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027<sup>(a)</sup> | 730000 | 723335  |
|  1.68% to 06/30/2026 then SOFR + 0.91%, 06/30/2027<sup>(a)</sup> | 440000 | 431251  |
|  5.28% to 11/19/2029 then SOFR + 1.28%, 11/19/2030<sup>(a)</sup> | 239000 | 245492  |
|  BPCE SA, 5.88% to 01/14/2030 then SOFR + 1.68%, 01/14/2031<sup>(a)</sup> | 550000 | 574408  |
|  Brookfield Asset Management Ltd., 6.08%, 09/15/2055 | 1061000 | 1100940  |
|  CaixaBank SA, 6.68% to 09/13/2026 then SOFR + 2.08%, 09/13/2027<sup>(a)</sup> | 610000 | 623287  |
|  Canadian Imperial Bank of Commerce <br>|  |  |
|  6.95% to 01/28/2030 then 5 yr. CMT Rate + 2.83%, 01/28/2085 | 2500000 | 2535211  |
|  7.00% to 10/28/2030 then 5 yr. CMT Rate + 3.00%, 10/28/2085 | 2600000 | 2669927  |
|  CDP Financial, Inc., 1.00%, 05/26/2026<sup>(a)</sup> | 1000000 | 981145  |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA/NY, <br>4.88%, 01/21/2028 | 250000 | 255576  |
|  Credit Agricole Corporate & Investment Bank SA, 4.57%, 08/25/2030 | 1000000 | 996750  |
| Credit Agricole SA <br>|  |  |
|  5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031<sup>(a)</sup> | 500000 | 512915  |
|  4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033<sup>(a)</sup> | 935000 | 929253  |
|  7.13% to 09/23/2035 then USISSO05 + 3.58%, Perpetual<sup>(a)</sup> | 475000 | 485069  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Deutsche Bank AG/New York NY <br>|  |  |
|  2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 | $180000 | $176062  |
|  5.52% (SOFR + 1.22%), 11/16/2027 | 240000 | 241111  |
|  6.82% to 11/20/2028 then SOFR + 2.51%, 11/20/2029 | 1100000 | 1176624  |
|  3.55% to 09/18/2030 then SOFR + 3.04%, 09/18/2031 | 178000 | 168741  |
|  3.73% to 01/14/2031 then SOFR + 2.76%, 01/14/2032 | 1210000 | 1134731  |
|  3.74% to 01/07/2032 then SOFR + 2.26%, 01/07/2033 | 225000 | 207239  |
| Fairfax Financial Holdings Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/16/2032 | 500000 | 519572  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/07/2033 | 975000 | 1036484  |
|  Federation des Caisses Desjardins du Quebec <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/27/2028<sup>(a)</sup> | 600000 | 621965  |
| &nbsp;&nbsp;&nbsp; 4.57%, 08/26/2030<sup>(a)</sup> | 800000 | 804425  |
|  GPS Blue Financing DAC, 5.65%, 11/09/2041<sup>(a)</sup> | 1000000 | 993200  |
| HSBC Holdings PLC <br>|  |  |
|  5.24% to 05/13/2030 then SOFR + 1.57%, 05/13/2031 | 2400000 | 2469722  |
|  5.73% to 05/17/2031 then SOFR + 1.52%, 05/17/2032 | 200000 | 210409  |
|  5.74% to 09/10/2035 then SOFR + 1.96%, 09/10/2036 | 2650000 | 2703824  |
|  6.33% to 03/09/2043 then SOFR + 2.65%, 03/09/2044 | 200000 | 219971  |
|  IBM International Capital Pte Ltd., 4.75%, 02/05/2031 | 363000 | 370222  |
| ING Groep NV <br>|  |  |
|  5.07% to 03/25/2030 then SOFR + 1.23%, 03/25/2031 | 800000 | 819386  |
|  5.53% to 03/25/2035 then SOFR + 1.61%, 03/25/2036 | 325000 | 337149  |
|  International Development Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/27/2029<sup>(a)</sup> | 1700000 | 1738220  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/12/2035<sup>(a)</sup> | 1425000 | 1453822  |
| Intesa Sanpaolo SpA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.20%, 11/28/2033<sup>(a)</sup> | 1000000 | 1139590  |
| &nbsp;&nbsp;&nbsp; 7.80%, 11/28/2053<sup>(a)</sup> | 1000000 | 1235527  |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **Financial — (continued)** | **Financial — (continued)** | **Financial — (continued)** |
| Lloyds Banking Group PLC <br>|  |  |
|  5.72% to 06/05/2029 then 1 yr. CMT Rate + 1.07%, 06/05/2030 | $200000 | $209172  |
|  6.07% to 06/13/2035 then 1 yr. CMT Rate + 1.60%, 06/13/2036 | 1825000 | 1915709  |
|  Macquarie Group Ltd., 3.76% to 11/28/2027 then 3 mo. Term SOFR + 1.63%, 11/28/2028<sup>(a)</sup> | 8000 | 7906  |
|  Meiji Yasuda Life Insurance Co., 5.80% to 09/11/2034 then 5 yr. CMT Rate + 3.03%, 09/11/2054<sup>(a)</sup> | 200000 | 204183  |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., 5.24% to 04/19/2028 then 1 yr. CMT Rate + 1.70%, <br>04/19/2029 | 655000 | 672690  |
|  Mizuho Financial Group, Inc., 5.78% to 07/06/2028 then 1 yr. CMT Rate + 1.65%, 07/06/2029 | 292000 | 304301  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 5.88% to 05/23/2032 then 5 yr. CMT Rate + 3.98%, 05/23/2042<sup>(a)</sup> | 1000000 | 1043358  |
| NatWest Group PLC <br>|  |  |
|  4.96% to 08/15/2029 then 1 yr. CMT Rate + 1.22%, 08/15/2030 | 202000 | 205723  |
|  8.13% to 05/10/2034 then 5 yr. CMT Rate + 3.75%, Perpetual | 1000000 | 1125755  |
|  NatWest Markets PLC, 4.79%, 03/21/2028<sup>(a)</sup> | 202000 | 205541  |
|  Nomura Holdings, Inc., 2.61%, 07/14/2031 | 200000 | 179609  |
|  Nordea Bank Abp, 5.38%, 09/22/2027<sup>(a)</sup> | 200000 | 205077  |
| OMERS Finance Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/19/2032<sup>(a)</sup> | 1000000 | 958683  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/19/2052<sup>(a)</sup> | 1000000 | 783714  |
| Royal Bank of Canada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.05%, 09/14/2026<sup>(a)</sup> | 1000000 | 973372  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/14/2026<sup>(a)</sup> | 1000000 | 1010849  |
|  4.72% to 03/27/2027 then SOFR + 0.81%, 03/27/2028 | 195000 | 196888  |
|  Santander UK Group Holdings PLC, 4.32% to 09/22/2028 then SOFR + 1.07%, 09/22/2029 | 260000 | 259276  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Societe Generale SA <br>|  |  |
|  5.52% to 01/19/2027 then 1 yr. CMT Rate + 1.50%, 01/19/2028<sup>(a)</sup> | $760000 | $770169  |
|  6.10% to 04/13/2032 then 1 yr. CMT Rate + 1.60%, 04/13/2033<sup>(a)</sup> | 390000 | 411016  |
|  5.44% to 10/03/2035 then SOFR + 1.73%, 10/03/2036<sup>(a)</sup> | 3325000 | 3316387  |
|  Sumitomo Mitsui Financial Group, Inc., 4.95% to 07/08/2032 then SOFR + 1.38%, 07/08/2033 | 1655000 | 1684420  |
| Sumitomo Mitsui Trust Bank Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/09/2026<sup>(a)</sup> | 245000 | 246561  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/10/2027<sup>(a)</sup> | 211000 | 212534  |
|  Swedbank AB, 1.54%, 11/16/2026<sup>(a)</sup> | 213000 | 207286  |
|  UBS AG/Stamford CT, 7.50%, 02/15/2028 | 250000 | 269163  |
| UBS Group AG <br>|  |  |
|  9.25% to 11/13/2028 then 5 yr. CMT Rate + 4.75%, Perpetual<sup>(a)</sup> | 625000 | 688446  |
|  5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030<sup>(a)</sup> | 1701000 | 1757454  |
|  5.62% to 09/13/2029 then 1 yr. SOFR Swap Rate USD + 1.34%, 09/13/2030<sup>(a)</sup> | 1000000 | 1044420  |
|  3.09% to 05/14/2031 then SOFR + 1.73%, 05/14/2032<sup>(a)</sup> | 285000 | 263730  |
|  9.25% to 11/13/2033 then 5 yr. CMT Rate + 4.76%, Perpetual<sup>(a)</sup> | 525000 | 625205  |
|  6.30% to 09/22/2033 then 1 yr. CMT Rate + 2.00%, 09/22/2034<sup>(a)</sup> | 1000000 | 1091876  |
|  7.00% to 08/05/2035 then USISSO05 + 3.30%, Perpetual<sup>(a)</sup> | 1650000 | 1682058  |
|  WLB Asset II C Pte Ltd., 3.90%, 12/23/2025<sup>(a)</sup> | 930259 | 918909  |
|  WLB Asset II D Pte Ltd., 6.50%, 12/21/2026<sup>(a)</sup> | 1000000 | 963661  |
| **Total Financial** |  | 76307131  |
| **Industrial — 0.2%**<br>|  |  |
|  Amcor Group Finance PLC, 5.45%, 05/23/2029 | 1000000 | 1033182  |
|  BAE Systems PLC, 5.13%, 03/26/2029<sup>(a)</sup> | 585000 | 602448  |
| Canadian Pacific Railway Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/30/2035 | 127000 | 130889  |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/01/2048 | 80000 | 71395  |

---

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **Industrial — (continued)** | **Industrial — (continued)** | **Industrial — (continued)** |
|  Embraer Netherlands Finance BV, 5.40%, 01/09/2038 | $88000 | $87615  |
|  GFL Environmental, Inc., 6.75%, 01/15/2031<sup>(a)</sup> | 90000 | 94178  |
| Mexico City Airport Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/31/2026<sup>(a)</sup> | 280000 | 278407  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/30/2028<sup>(a)</sup> | 200000 | 195082  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/31/2047<sup>(a)</sup> | 650000 | 562253  |
|  nVent Finance Sarl, 2.75%, 11/15/2031 | 290000 | 258761  |
|  Siemens Funding BV, 4.90%, 05/28/2032<sup>(a)</sup> | 202000 | 207331  |
|  Smurfit Westrock Financing DAC, 5.42%, 01/15/2035 | 200000 | 206094  |
|  Tyco Electronics Group SA, 5.00%, 05/09/2035 | 192000 | 194807  |
|  Waste Connections, Inc., 2.20%, 01/15/2032 | 169000 | 148552  |
| **Total Industrial** |  | 4070994  |
| **Utilities — 0.5%**<br>|  |  |
|  Abu Dhabi National Energy Co. PJSC, 2.00%, 04/29/2028<sup>(a)</sup> | 200000 | 189564  |
|  Alfa Desarrollo SpA, 4.55%, 09/27/2051<sup>(a)</sup> | 196895 | 156973  |
|  Algonquin Power & Utilities Corp., 5.37%, 06/15/2026<sup>(c)</sup> | 490000 | 493524  |
|  AltaGas Ltd., 7.20% to 10/15/2034 then 5 yr. CMT Rate + 3.57%, 10/15/2054<sup>(a)</sup> | 2225000 | 2301569  |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032<sup>(a)</sup> | 900000 | 922438  |
|  Comision Federal de Electricidad <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.69%, 05/15/2029<sup>(a)</sup> | 400000 | 394124  |
| &nbsp;&nbsp;&nbsp; 6.45%, 01/24/2035<sup>(a)</sup> | 1000000 | 1019739  |
|  Consorcio Transmantaro SA, 4.70%, 04/16/2034<sup>(a)</sup> | 430000 | 424714  |
|  Enel Finance International NV, 5.13%, 06/26/2029<sup>(a)</sup> | 1300000 | 1331744  |
|  Eskom Holdings, 6.35%, 08/10/2028<sup>(a)</sup> | 200000 | 205304  |
|  Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/2033<sup>(a)</sup> | 342250 | 353801  |
| **Total Utilities** |  | 7793494  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN CORPORATE BONDS** <br>**(Cost $114,373,652)** |  | 116091806  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT OBLIGATIONS — 6.5%** | **U.S. GOVERNMENT OBLIGATIONS — 6.5%** | **U.S. GOVERNMENT OBLIGATIONS — 6.5%** |
| U.S. Treasury Bonds <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041 | $350000 | $246053  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 | 500000 | 370449  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 3825000 | 2834385  |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 8055000 | 6766829  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2042 | 75000 | 58087  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 2500000 | 2264551  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043<sup>(n)</sup> | 6475000 | 6543797  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 54000 | 50123  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 3110000 | 3081087  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045 | 104000 | 104650  |
| &nbsp;&nbsp;&nbsp; 4.88%, 08/15/2045 | 21855000 | 22343323  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 5740000 | 3755664  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 2990000 | 1788043  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 6130000 | 3289128  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 1665000 | 951066  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 62000 | 36323  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 3215000 | 1818736  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 960000 | 595462  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 | 185000 | 163718  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053 | 92000 | 76062  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 78000 | 76635  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 289000 | 266783  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | 304000 | 292707  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 903000 | 887621  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 | 4631000 | 4645472  |
| U.S. Treasury Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 120000 | 120773  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 | 8368000 | 8350022  |
| &nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027 | 2755000 | 2584319  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2028 | 125000 | 126226  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028 | 1000000 | 931211  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 1583000 | 1572241  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 | 52000 | 52563  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 | 48400 | 49757  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/30/2029 | 315000 | 320069  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2030 | 97000 | 99054  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/31/2030 | 41000 | 41029  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030 | 104000 | 104626  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2030 | 7576000 | 7537528  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 72000 | 74033  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2030 | 125000 | 124863  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2031 | 280000 | 284255  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | 120000 | 121753  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/31/2031 | 145000 | 150030  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 177000 | 157032  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 67000 | 62990  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/2032 | 40000 | 40187  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 212000 | 197085  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/30/2032 | 5255000 | 5237757  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 183000 | 175780  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 32000 | 31735  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 160000 | 159581  |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT OBLIGATIONS — (continued)**  | **U.S. GOVERNMENT OBLIGATIONS — (continued)**  | **U.S. GOVERNMENT OBLIGATIONS — (continued)**  |
| U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | $237000 | $242481  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 65000 | 65734  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 173000 | 179785  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 4426000 | 4461961  |
| U.S. Treasury STRIP Coupon <br>|  |  |
|  Zero Coupon, 11/15/2040<sup>(g)</sup> | 305000 | 149043  |
|  Zero Coupon, 05/15/2041<sup>(g)(n)</sup> | 6840000 | 3253664  |
|  Zero Coupon, 11/15/2041<sup>(g)</sup> | 440000 | 203150  |
|  Zero Coupon, 02/15/2042<sup>(g)(n)</sup> | 1090000 | 496109  |
|  Zero Coupon, 05/15/2042<sup>(g)</sup> | 80000 | 35827  |
|  Zero Coupon, 11/15/2042<sup>(g)</sup> | 935000 | 406909  |
|  Zero Coupon, 05/15/2043<sup>(g)</sup> | 1975000 | 834706  |
|  Zero Coupon, 08/15/2043<sup>(g)</sup> | 480000 | 200187  |
|  Zero Coupon, 11/15/2043<sup>(g)</sup> | 270000 | 111028  |
|  Zero Coupon, 02/15/2044<sup>(g)</sup> | 1020000 | 413651  |
|  Zero Coupon, 05/15/2044<sup>(g)</sup> | 205000 | 81998  |
|  Zero Coupon, 08/15/2044<sup>(g)</sup> | 975000 | 384810  |
|  Zero Coupon, 11/15/2044<sup>(g)</sup> | 490000 | 191004  |
|  Zero Coupon, 02/15/2045<sup>(g)</sup> | 1265000 | 486327  |
|  Zero Coupon, 11/15/2045<sup>(g)</sup> | 560000 | 207070  |
|  Zero Coupon, 02/15/2046<sup>(g)</sup> | 405000 | 148048  |
|  Zero Coupon, 05/15/2046<sup>(g)</sup> | 235000 | 84982  |
|  Zero Coupon, 05/15/2050<sup>(g)</sup> | 185000 | 55061  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT OBLIGATIONS** <br>**(Cost $108,311,930)** |  | 104706788  |
| **MUNICIPAL BONDS — 2.1%**<br>|  |  |
| **Alaska — 0.1%**<br>|  |  |
|  City of Port Lions AK, 7.50%, 10/01/2052 | 1510000 | 1579372  |
| **Arizona — 0.2%**<br>|  |  |
|  Arizona Industrial Development Authority, 3.25%, 07/01/2031 (Obligor: KIPP NYC Public Charter Schools) | 650000 | 587759  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Salt River Project Agricultural Improvement & Power District, 4.84%, 01/01/2041 | $2500000 | $2455922  |
| **Total Arizona** |  | 3043681  |
| **California — 0.6%**<br>|  |  |
|  Bay Area Toll Authority, 6.26%, 04/01/2049 | 150000 | 158524  |
|  California Health Facilities Financing Authority, 4.35%, 06/01/2041 | 250000 | 230817  |
|  City & County of San Francisco CA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.77%, 06/15/2045 | 2500000 | 2542982  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2064 | 1000000 | 964712  |
|  City & County of San Francisco CA Community Facilities District No 2014-1, 3.48%, 09/01/2050 | 1000000 | 713076  |
| City of Los Angeles CA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2037 | 315000 | 275911  |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/01/2039 | 1000000 | 991527  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 | 1000000 | 976399  |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, 4.66%, 10/01/2027 | 1400000 | 1420473  |
|  San Jose Financing Authority, 4.66%, 05/01/2037 | 500000 | 488487  |
|  San Luis Obispo County Financing Authority, 5.57%, 09/01/2040 | 500000 | 519535  |
|  State of California, 7.35%, 11/01/2039 | 275000 | 323167  |
| **Total California** |  | 9605610  |
| **Connecticut — 0.1%**<br>|  |  |
|  Connecticut Green Bank, 2.90%, 11/15/2035 (Obligor: Connecticut Light & Power Co. (The)) | 1000000 | 883004  |
| **Hawaii — 0.1%**<br>|  |  |
|  City & County of Honolulu HI, 4.79%, 07/01/2032 | 1130000 | 1169114  |
|  State of Hawaii Department of Business Economic Development & Tourism, 3.24%, 01/01/2031 | 650632 | 639736  |
| **Total Hawaii** |  | 1808850  |
| **Indiana — 0.0%<sup>(k)</sup>** <br>|  |  |
|  City of Fort Wayne IN, 10.75%, 12/01/2029 (Obligor: Do Good Foods Fort Wayne Obligated Group)<sup>(b)</sup> | 234358 | 24  |

---

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **MUNICIPAL BONDS — (continued)**  | **MUNICIPAL BONDS — (continued)**  | **MUNICIPAL BONDS — (continued)**  |
| **Indiana — (continued)** | **Indiana — (continued)** | **Indiana — (continued)** |
|  Indiana Finance Authority, 3.05%, 01/01/2051 (Obligor: East End Crossing Partners LLC) | $215000 | $157731  |
| **Total Indiana** |  | 157755  |
| **Maryland — 0.2%**<br>|  |  |
|  Maryland Economic Development Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.43%, 05/31/2056 | 915000 | 886419  |
|  5.94%, 05/31/2057 (Obligor: University of Maryland) | 1000000 | 1014804  |
|  Montgomery County Housing Opportunities Commission, 5.42%, 12/01/2044 | 500000 | 491726  |
| **Total Maryland** |  | 2392949  |
| **Minnesota — 0.1%**<br>|  |  |
|  Minnesota Housing Finance Agency, 5.95%, 08/01/2054 | 750000 | 755751  |
|  University of Minnesota, 4.05%, 04/01/2052 | 380000 | 310622  |
| **Total Minnesota** |  | 1066373  |
| **New Hampshire — 0.2%**<br>|  |  |
|  New Hampshire Business Finance Authority <br>|  |  |
|  4.40%, 02/01/2029 (Obligor: Hanwha Q Cells USA, Inc.)<sup>(a)(d)</sup> | 1750000 | 1750000  |
|  5.69%, 11/01/2045 (Obligor: Abilene Christian University) | 750000 | 741459  |
| **Total New Hampshire** |  | 2491459  |
| **New Jersey — 0.0%<sup>(k)</sup>**<br>|  |  |
|  Morris County Improvement Authority, 1.05%, 06/15/2026 | 200000 | 196221  |
|  New Jersey Turnpike Authority, 7.41%, 01/01/2040 | 300000 | 362298  |
| **Total New Jersey** |  | 558519  |
| **New York — 0.2%**<br>|  |  |
|  City of New York NY, 5.09%, 10/01/2049 | 750000 | 716882  |
|  Freddie Mac Multifamily ML Certificates, 1.51%, 09/25/2037 | 9605261 | 1007355  |
|  Freddie Mac Multifamily Variable Rate Certificate <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/15/2036 | 979430 | 870509  |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/25/2038 | 969952 | 924905  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  New York City Housing Development Corp., 5.88%, 02/01/2055 | $1000000 | $998543  |
|  New York State Energy Research & Development Authority, 6.22%, 04/01/2040 | 600000 | 617619  |
| &nbsp;&nbsp;&nbsp; United Nations Development Corp., <br>6.54%, 08/01/2055 | 450000 | 480722  |
| **Total New York** |  | 5616535  |
| **Ohio — 0.1%**<br>|  |  |
|  Columbus Metropolitan Housing Authority, 5.05%, 04/01/2030 | 500000 | 504062  |
| &nbsp;&nbsp;&nbsp; Toledo Lucas County Public Library, <br>4.75%, 12/01/2033 | 325000 | 333613  |
|  Toledo-Lucas County Port Authority, 5.85%, 11/15/2049 | 1000000 | 977437  |
| **Total Ohio** |  | 1815112  |
| **Oregon — 0.1%**<br>|  |  |
|  State of Oregon, 5.83%, 05/01/2045 | 1000000 | 1042713  |
| **Pennsylvania — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Philadelphia Energy Authority (The), <br>5.39%, 11/01/2025 | 500000 | 500529  |
|  Redevelopment Authority of the City of Philadelphia, 5.23%, 09/01/2040 | 1000000 | 1011135  |
| **Total Pennsylvania** |  | 1511664  |
| **South Dakota — 0.0%<sup>(k)</sup>** <br>|  |  |
|  South Dakota Housing Development Authority, 5.46%, 05/01/2053 | 250000 | 254190  |
| **Wisconsin — 0.0%<sup>(k)</sup>** <br>|  |  |
|  Public Finance Authority, 5.29%, 07/01/2029 (Obligor: BlueHub Loan Fund, Inc.) | 550000 | 562159  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $34,388,602)** |  | 34389945  |
| **FOREIGN GOVERNMENT AGENCIES — 1.6%** | **FOREIGN GOVERNMENT AGENCIES — 1.6%** | **FOREIGN GOVERNMENT AGENCIES — 1.6%** |
| **Canada — 0.9%**<br>|  |  |
| Export Development Canada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/14/2028 | 1800000 | 1807911  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/20/2030 | 4075000 | 4112228  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/05/2034 | 1000000 | 1045654  |

---

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN GOVERNMENT AGENCIES — (continued)**  | **FOREIGN GOVERNMENT AGENCIES — (continued)**  | **FOREIGN GOVERNMENT AGENCIES — (continued)**  |
| **Canada — (continued)**  | **Canada — (continued)**  | **Canada — (continued)**  |
|  Province of British Columbia Canada, 4.20%, 07/06/2033 | $260000 | $258191  |
| Province of Ontario Canada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 10/07/2030 | 2500000 | 2184877  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/24/2034 | 1000000 | 1049013  |
| Province of Quebec Canada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/12/2027 | 1000000 | 984777  |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/21/2031 | 1000000 | 894644  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/08/2033 | 1000000 | 1012550  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/05/2034 | 2000000 | 1979089  |
| **Total Canada** |  | 15328934  |
| **France — 0.1%**<br>|  |  |
|  Caisse d'Amortissement de la Dette Sociale, 4.88%, 09/19/2026<sup>(a)</sup> | 1000000 | 1008949  |
| **Germany — 0.1%**<br>|  |  |
|  Landwirtschaftliche Rentenbank, 0.88%, 09/03/2030 | 1000000 | 870650  |
| **Honduras — 0.1%**<br>|  |  |
|  Central American Bank for Economic Integration, 4.75%, 01/24/2028<sup>(a)</sup> | 1000000 | 1016060  |
| **Italy — 0.0%<sup>(k)</sup>**<br>|  |  |
| Cassa Depositi e Prestiti SpA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/30/2029<sup>(a)</sup> | 200000 | 210881  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/01/2030<sup>(a)</sup> | 200000 | 200203  |
| **Total Italy** |  | 411084  |
| **Japan — 0.1%**<br>|  |  |
|  Japan Bank for International Cooperation, 4.38%, 10/05/2027 | 1000000 | 1011033  |
|  Japan International Cooperation Agency, 4.25%, 05/22/2030 | 470000 | 475749  |
| **Total Japan** |  | 1486782  |
| **Netherlands — 0.2%**<br>|  |  |
|  BNG Bank NV, 3.50%, 05/19/2028<sup>(a)</sup> | 1000000 | 994113  |
|  Nederlandse Waterschapsbank NV <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2028<sup>(a)</sup> | 1500000 | 1509406  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/28/2029<sup>(a)</sup> | 1000000 | 1019200  |
| **Total Netherlands** |  | 3522719  |
| **Saudi Arabia — 0.1%**<br>|  |  |
| Arab Energy Fund <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.48%, 10/06/2026<sup>(a)</sup> | 1200000 | 1166592  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.43%, 05/02/2029<sup>(a)</sup> | $1000000 | $1040035  |
| **Total Saudi Arabia** |  | 2206627  |
| **South Korea — 0.0%<sup>(k)</sup>**<br>|  |  |
| Korea National Oil Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/03/2026<sup>(a)</sup> | 200000 | 200576  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/03/2028<sup>(a)</sup> | 205000 | 208508  |
| **Total South Korea** |  | 409084  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**AGENCIES** <br>**(Cost $26,235,686)** |  | 26260889  |
| **SUPRANATIONAL BONDS — 0.9%** | **SUPRANATIONAL BONDS — 0.9%** | **SUPRANATIONAL BONDS — 0.9%** |
| African Development Bank <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/25/2027 | 1000000 | 1004601  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/18/2029 | 1000000 | 990921  |
|  Asian Development Bank, 3.13%, 09/26/2028 | 1500000 | 1476329  |
|  Asian Infrastructure Investment Bank (The), 4.88%, 09/14/2026 | 1000000 | 1009580  |
|  Corp. Andina de Fomento, 5.00%, 01/24/2029 | 365000 | 375414  |
| European Investment Bank <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/24/2027 | 1000000 | 978975  |
| &nbsp;&nbsp;&nbsp; 0.63%, 10/21/2027 | 700000 | 658284  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 | 1110000 | 1100898  |
| &nbsp;&nbsp;&nbsp; 0.75%, 09/23/2030 | 1000000 | 863358  |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank, <br>1.13%, 07/20/2028 | 383000 | 357278  |
|  International Bank for Reconstruction & Development <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/31/2027<sup>(g)</sup> | 1000000 | 941984  |
| &nbsp;&nbsp;&nbsp; 0.75%, 11/24/2027 | 345000 | 324335  |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/31/2028<sup>(g)</sup> | 1000000 | 983168  |
|  International Finance Facility for Immunisation Co., 1.00%, 04/21/2026<sup>(o)</sup> | 1000000 | 983360  |
|  Kreditanstalt fuer Wiederaufbau, 0.75%, 09/30/2030 | 1000000 | 863450  |
|  OPEC Fund for International Development (The), 4.50%, 01/26/2026<sup>(a)</sup> | 1000000 | 1000600  |
| &nbsp;&nbsp;&nbsp; **TOTAL SUPRANATIONAL BONDS** <br>**(Cost $14,200,488)** |  | 13912535  |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** |
| **Bermuda — 0.0%<sup>(k)</sup>**<br>|  |  |
|  Bermuda Government International Bond, 2.38%, 08/20/2030<sup>(a)</sup> | 200000 | 182200  |

---

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN GOVERNMENT OBLIGATIONS — (continued)**  | **FOREIGN GOVERNMENT OBLIGATIONS — (continued)**  | **FOREIGN GOVERNMENT OBLIGATIONS — (continued)**  |
| **Canada — 0.1%**<br>|  |  |
|  Canada Government International Bond, 4.00%, 03/18/2030 | $1000000 | $1010173  |
| **Colombia — 0.1%**<br>|  |  |
|  Colombia Government International Bond, 8.75%, 11/14/2053 | 1000000 | 1096650  |
| **Hungary — 0.0%<sup>(k)</sup>**<br>|  |  |
|  Hungary Government International Bond, 5.38%, 09/26/2030<sup>(a)</sup> | 460000 | 473210  |
| **Indonesia — 0.1%**<br>|  |  |
|  Indonesia Government International Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/11/2028 | 280000 | 276789  |
| &nbsp;&nbsp;&nbsp; 5.60%, 01/15/2035 | 1090000 | 1152487  |
| **Total Indonesia** |  | 1429276  |
| **Israel — 0.1%**<br>|  |  |
|  Israel Government International Bond, 5.38%, 02/19/2030 | 917000 | 945857  |
| **Italy — 0.1%**<br>|  |  |
|  Republic of Italy Government International Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/17/2049 | 1000000 | 752150  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/06/2051 | 200000 | 144889  |
| **Total Italy** |  | 897039  |
| **Mexico — 0.1%**<br>|  |  |
|  Mexico Government International Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/22/2033 | 200000 | 199400  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/07/2036 | 461000 | 471073  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/2037 | 933000 | 1006240  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/29/2038 | 200000 | 210202  |
| &nbsp;&nbsp;&nbsp; 4.28%, 08/14/2041 | 260000 | 210535  |
| **Total Mexico** |  | 2097450  |
| **Oman — 0.1%**<br>|  |  |
|  Oman Government International Bond, 4.75%, 06/15/2026<sup>(a)</sup> | 815000 | 815292  |
| **Panama — 0.0%<sup>(k)</sup>**<br>|  |  |
|  Panama Government International Bond, 6.70%, 01/26/2036 | 100000 | 105455  |
| **Peru — 0.0%<sup>(k)</sup>**<br>|  |  |
|  Peruvian Government International Bond, 2.78%, 01/23/2031 | 107000 | 98526  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **Poland — 0.0%<sup>(k)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government <br>International Bond, 5.38%, 02/12/2035 | $715000 | $741865  |
| **Romania — 0.1%**<br>|  |  |
|  Romanian Government International Bond, 5.75%, 09/16/2030<sup>(a)</sup> | 1770000 | 1804532  |
| **Saudi Arabia — 0.0%<sup>(k)</sup>**<br>|  |  |
|  Saudi Government International Bond, 5.13%, 01/13/2028<sup>(a)</sup> | 755000 | 771045  |
| **Serbia — 0.1%**<br>|  |  |
| Serbia International Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 12/01/2030<sup>(a)</sup> | 370000 | 323074  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/12/2034<sup>(a)</sup> | 850000 | 885786  |
| **Total Serbia** |  | 1208860  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**OBLIGATIONS** <br>**(Cost $13,455,337)** |  | 13677430  |
| **BANK LOANS — 0.1%**<br>|  |  |
| **Industrial — 0.1%**<br>|  |  |
|  LTR Intermediate Holdings, Inc., 8.97% (1 mo. Term SOFR + 4.50%), 05/08/2028 | 964824 | 960000  |
| **Utilities — 0.0%<sup>(k)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Constellation Renewables LLC, <br>Senior Secured First Lien, 6.45% (3 mo. SOFR US + 2.25%), 12/15/2027 | 795593 | 793604  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $1,751,452)** |  | 1753604 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value** |
| **EXCHANGE-TRADED FUNDS — 18.3%** | **EXCHANGE-TRADED FUNDS — 18.3%** | **EXCHANGE-TRADED FUNDS — 18.3%** |
|  iShares 10-20 Year Treasury Bond ETF | 800028 | 82394884  |
|  iShares Core U.S. Aggregate Bond ETF | 2123428 | 212873657  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $289,348,474)** |  | 295268541  |
| **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
| **Financial — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Gladstone Investment Corp., 4.88%, 11/01/2028 <br>(Cost $1,830,000) | 73200 | 1734840 |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity FedFund - Institutional Class, 4.03%<sup>(m)</sup> <br>(Cost $20,880,430) | 20880430 | $20880430  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.3%** <br>**(Cost $1,625,716,400)** |  | $1618983418  |
| &nbsp;&nbsp;&nbsp; **OTHER ASSETS AND** <br>**LIABILITIES,** <br>**NET — (0.3)%** |  | (4380241)  |
| **NET ASSETS — 100.0%** |  | $1614603177 |

---

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $425,366,499 or 26.3% of the Fund's net assets.

<sup>(b)</sup> Issuer is currently in default.

<sup>(c)</sup> Step coupon bond. Coupon rate increases or decreases in increments to maturity. Rate shown as of September 30, 2025. Maturity date shown is the final maturity.

<sup>(d)</sup> Adjustable or floating rate security. Rate shown reflects rate in effect at period-end. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

<sup>(e)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(f)</sup> Interest only security.

<sup>(g)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(h)</sup> Principal only security.

<sup>(i)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(j)</sup> This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2025.

<sup>(k)</sup> Represents less than 0.05% of net assets.

<sup>(l)</sup> Non-income producing security.

<sup>(m)</sup> The rate shown represents the seven-day annualized effective yield as of September 30, 2025.

<sup>(n)</sup> A portion of this security is pledged as collateral for open derivatives positions. At September 30, 2025, the value of these securities was $2,642,226, representing 0.2% of net assets.

<sup>(o)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption registration. The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of September 30, 2025, the value of these securities totaled $3,766,779 or 0.2% of the Fund's net assets. 

AMERIBOR American Interbank Offered Rate

ASA Advanced Subscription Agreement

CLO Collateralized Loan Obligation

CMT Constant Maturity Treasury Rate

ETF Exchange-Traded Fund

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

SOFR Secured Overnight Financing Rate

STRIP Separate Trading of Registered Interest and Principal

**Futures contracts open at September 30, 2025:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Type** | **Contracts** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Total** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **CONTRACTS PURCHASED — 6.2%** | **CONTRACTS PURCHASED — 6.2%** | **CONTRACTS PURCHASED — 6.2%** | **CONTRACTS PURCHASED — 6.2%** | **CONTRACTS PURCHASED — 6.2%** | **CONTRACTS PURCHASED — 6.2%** |
| U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp; Long | 92000 | 12/19/2025 | $10587187 | &nbsp;&nbsp; $119135  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; Long | 155000 | 12/19/2025 | 17437500 | &nbsp;&nbsp; (5350)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; Long | 232000 | 12/31/2025 | 24174219 | &nbsp;&nbsp; 20447  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; Long | 226000 | 12/31/2025 | 24678141 | &nbsp;&nbsp; 14525  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp; Long | 49000 | 12/19/2025 | 5713094 | &nbsp;&nbsp; 139421  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; Long | 151000 | 12/19/2025 | 18129437 | &nbsp;&nbsp; 234254  |
|  |  |  |  | $100719578 | &nbsp;&nbsp; $522432 |

---

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS(continued)** 

**September 30, 2025** 

**Swap contracts open at September 30, 2025:** 

**Centrally Cleared Credit Default Swap Agreements** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Obligations/Index** | **Financing** <br>**Rate** <br>**Received** <br>(Paid) by <br>**the Fund** | **Payment** <br>**Frequency** | **Credit** <br>**Spread at** <br>**September 30,** <br>**2025** <br>**(basis points)** | **Termination** <br>**Date** | **Notional** <br>**Amount** <br>(000s) | **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| CDX.NA.IG.44.V1 | &nbsp;&nbsp; 1.000% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;41.972 | 12/20/2030 | $13867 | $(313865) | $(316501) | &nbsp;&nbsp;&nbsp; $2636 |

---

**Centrally Cleared Interest Rate Swap Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made** <br>**by the Fund** | **Payment** <br>**Frequency** | **Termination** <br>**Date** | **Notional** <br>**Amount** <br>(000s) | **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 4.699%<br> 12M SOFR<sup>(a)</sup> | Monthly | 09/25/2026 | &nbsp;&nbsp; $515 | $(5237) | &nbsp;&nbsp;&nbsp;&nbsp; $31 | &nbsp;&nbsp;&nbsp; $(5268) |

---

<sup>(a)</sup> The current rate shown as of September 25, 2025 was 4.18%. 

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FIRST AMERICAN MULTI-MANAGER FIXED-INCOME FUND** 

**SCHEDULE OF INVESTMENTS (concluded)** 

**September 30, 2025** 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2025 (see Note 2 to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Corporate Bonds | $— | $338204102 | $— | $338204102  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies |  | 287744542 |  | 287744542  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 230290507 |  | 230290507  |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 134067459 |  | 134067459  |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds |  | 116091806 |  | 116091806  |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations |  | 104706788 |  | 104706788  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 34389945 |  | 34389945  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agencies |  | 26260889 |  | 26260889  |
| &nbsp;&nbsp;&nbsp; Supranational Bonds |  | 13912535 |  | 13912535  |
| &nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 13677430 |  | 13677430  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 1753604 |  | 1753604  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 295268541 |  |  | 295268541  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 1734840 |  |  | 1734840  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 20880430 |  |  | 20880430  |
| **Total Investments\*** | $317883811 | $1301099607 | $— | $1618983418  |
| **Other Financial Instruments\*\*:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $527782 | $— | $— | $527782  |
| &nbsp;&nbsp;&nbsp; Credit Default Swap Agreements |  | 2636 |  | 2636  |
| &nbsp;&nbsp;&nbsp; **Total - Other Financial** <br>**Instruments** | $527782 | $2636 | $— | $530418  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments\*\*:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(5350) | $— | $— | $(5350)  |
| &nbsp;&nbsp;&nbsp; Interest Rate Swap Agreements |  | (5268) |  | (5268)  |
| &nbsp;&nbsp;&nbsp; **Total - Other Financial** <br>**Instruments** | $(5350) | $(5268) | $— | $(10618) |

---

\* See Schedule of Investments for additional detailed categorizations.

\*\* Futures Contracts and Swap Contracts are valued at the unrealized appreciation (depreciation) of the instrument. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **First American** <br>**Multi-Manager** <br>**Domestic Equity** <br>**Fund** | **First American** <br>**Multi-Manager** <br>**International Equity** <br>**Fund** | **First American** <br>**Multi-Manager** <br>**Fixed-Income** <br>**Fund**  |
| **Assets:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in Securities, at Value <br>(Cost $1,009,244,705, $786,686,575 and $1,625,716,400, respectively) | $1229617234  | &nbsp;&nbsp; $963074218  | $1618983418  |
|  Foreign Currencies, at Value (Cost $—, $369,527 and $—, respectively) |  | &nbsp;&nbsp; 370330  | —  |
| Cash |  | &nbsp;&nbsp; 10274  | —  |
| Receivables: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities Sold |  | &nbsp;&nbsp; 4287681  | 700113  |
| &nbsp;&nbsp;&nbsp; Dividends | 85199  | &nbsp;&nbsp; 893167  | —  |
| &nbsp;&nbsp;&nbsp; Interest | 27403  | &nbsp;&nbsp; 45414  | 9722325  |
| &nbsp;&nbsp;&nbsp; Foreign Tax Reclaims | 3169  | &nbsp;&nbsp; 1077444  | 20815  |
| &nbsp;&nbsp;&nbsp; Prepaid Expenses | 4626  | &nbsp;&nbsp; 3570  | 5979  |
| Total Assets | 1229737631  | &nbsp;&nbsp; 969762098  | 1629432650  |
| **Liabilities:** <br>|  |  |  |
| Payables:<sup>(1)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities Purchased |  | &nbsp;&nbsp; 2762373  | 13925683  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable | 288928  | &nbsp;&nbsp; 391038  | 529123  |
| &nbsp;&nbsp;&nbsp; Net Variation Margin on Swap Contracts |  | &nbsp;&nbsp; — | 273  |
| &nbsp;&nbsp;&nbsp; Net Variation Margin on Futures Contracts |  | &nbsp;&nbsp; — | 84448  |
| &nbsp;&nbsp;&nbsp; Other Accrued Expenses | 186752  | &nbsp;&nbsp; 270484  | 289946  |
| Total Liabilities | 475680  | &nbsp;&nbsp; 3423895  | 14829473  |
| **Net Assets** | $1229261951  | &nbsp;&nbsp; $966338203  | $1614603177  |
| **Net Assets Consist of:**<br>|  |  |  |
| Paid-In Capital | $942189625  | &nbsp;&nbsp; $734582328  | $1707907631  |
| Total Distributable Earnings (Loss) | 287072326  | &nbsp;&nbsp; 231755875  | (93304454)  |
| **Net Assets** | $1229261951  | &nbsp;&nbsp; $966338203  | $1614603177  |
|  Capital Shares Outstanding (no par value, unlimited shares authorized; all shares outstanding are of each Fund's Institutional Class) | 91908109  | &nbsp;&nbsp; 73031658  | 180585575  |
|  Net Asset Value, Offering Price and Redemption Price per Share | $13.37  | &nbsp;&nbsp; $13.23  | $8.94 |

---

<sup>(1)</sup> There were no fees payable to the Trust's Independent Trustees at September 30, 2025.

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **First American** <br>**Multi-Manager** <br>**Domestic Equity** <br>**Fund** | **First American** <br>**Multi-Manager** <br>**International Equity** <br>**Fund** | **First American** <br>**Multi-Manager** <br>**Fixed-Income** <br>**Fund**  |
| **Investment Income:**<br>|  |  |  |
|  Dividends (net of foreign withholding taxes of $16,120, $956,327 and $—, respectively) | $13353939  | &nbsp;&nbsp; $17496350  | $11099151  |
|  Interest (net of taxes withheld of $—, $— and $2,883, respectively) | 381712  | &nbsp;&nbsp; 588133  | 63645268  |
| Total Investment Income | 13735651  | &nbsp;&nbsp; 18084483  | 74744419  |
| **Expenses:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees (Note 4) | 3393871  | &nbsp;&nbsp; 4250950  | 6134407  |
| &nbsp;&nbsp;&nbsp; Accounting Fees | 90987  | &nbsp;&nbsp; 94959  | 427832  |
| &nbsp;&nbsp;&nbsp; Administration Fees | 102659  | &nbsp;&nbsp; 97684  | 138799  |
| &nbsp;&nbsp;&nbsp; Audit and Tax Fees | 86881  | &nbsp;&nbsp; 163571  | 121311  |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 41101  | &nbsp;&nbsp; 319798  | 66497  |
| &nbsp;&nbsp;&nbsp; Insurance Premiums | 30308  | &nbsp;&nbsp; 23146  | 36616  |
| &nbsp;&nbsp;&nbsp; Legal Fees | 210084  | &nbsp;&nbsp; 157392  | 288076  |
| &nbsp;&nbsp;&nbsp; Registration Fees | 47148  | &nbsp;&nbsp; 35433  | 47519  |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 54066  | &nbsp;&nbsp; 43402  | 65435  |
| &nbsp;&nbsp;&nbsp; Trustees Fees | 91589  | &nbsp;&nbsp; 66531  | 125860  |
| &nbsp;&nbsp;&nbsp; Other Expenses | 10058  | &nbsp;&nbsp; 9025  | 14452  |
| Total Expenses  | 4158752  | &nbsp;&nbsp; 5261891  | 7466804  |
| Net Investment Income | 9576899  | &nbsp;&nbsp; 12822592  | 67277615  |
| **Net Realized and Unrealized Gain (Loss):**<br>|  |  |  |
| Net Realized Gain (Loss) From:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 66860110  | &nbsp;&nbsp; 65006787  | (11108564)  |
| &nbsp;&nbsp;&nbsp; Swap Contracts |  | &nbsp;&nbsp; — | (53581)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | &nbsp;&nbsp; — | (1457727)  |
| &nbsp;&nbsp;&nbsp; Foreign Currency Related Transactions | 644  | &nbsp;&nbsp; (256894) | —  |
| Net Realized Gain (Loss) | 66860754  | &nbsp;&nbsp; 64749893  | (12619872)  |
| Net Change in Unrealized Gain (Loss) From:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 101920983  | &nbsp;&nbsp; 70046789  | (4009301)  |
| &nbsp;&nbsp;&nbsp; Swap Contracts |  | &nbsp;&nbsp; — | 20607  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | &nbsp;&nbsp; — | 481066  |
| &nbsp;&nbsp;&nbsp; Translation of Assets and Liabilities Denominated in Foreign Currencies | 33  | &nbsp;&nbsp; 57928  | —  |
| Net Change in Unrealized Gain (Loss) | 101921016  | &nbsp;&nbsp; 70104717  | (3507628)  |
|  **Net Change in Net Assets Resulting From Operations** | $178358669  | &nbsp;&nbsp; $147677202  | $51150115 |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM Multi-Manager Series Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First American Multi-Manager**<br>**Domestic Equity Fund** | **First American Multi-Manager**<br>**Domestic Equity Fund** | **First American Multi-Manager**<br>**International Equity Fund**  | **First American Multi-Manager**<br>**International Equity Fund**  |
|  | **For the**<br>**Year Ended**<br>**September 30,** <br>**2025** | **For the**<br>**Year Ended**<br>**September 30,** <br>**2024** | **For the**<br>**Year Ended**<br>**September 30,** <br>**2025** | **For the**<br>**Year Ended**<br>**September 30,** <br>**2024**  |
| &nbsp;&nbsp;&nbsp; **Change in Net Assets Resulting** <br>**From Operations:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $9576899 | $10644946 | $12822592 | $15885248  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 66860754 | 245242395 | 64749893 | 38269814  |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) | 101921016 | 46908386 | 70104717 | 129270379  |
|  Net Change in Net Assets Resulting From Operations | 178358669 | 302795727 | 147677202 | 183425441  |
| **Distributions From:** <br>|  |  |  |  |
| Distributable Earnings | (251557623) | (11701237) | (27011057) | (12808915)  |
| **Capital Share Transactions:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 95713670 | 125238205 | 121288500 | 87192668  |
| &nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 251557623 | 11701237 | 27011057 | 12808915  |
| &nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | (228433855) | (216995438) | (224989793) | (64984042)  |
|  Net Change in Net Assets Resulting From Capital Share Transactions | 118837438 | (80055996) | (76690236) | 35017541  |
| **Total Change in Net Assets** | 45638484 | 211038494 | 43975909 | 205634067  |
| **Net Assets:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | $1183623467 | $972584973 | $922362294 | $716728227  |
| &nbsp;&nbsp;&nbsp; End of Year | $1229261951 | $1183623467 | $966338203 | $922362294  |
| **Share Transactions:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, Beginning of Year | 81728626 | 88166590 | 79404039 | 75898215  |
| &nbsp;&nbsp;&nbsp; Shares Subscribed | 7368817 | 9714097 | 10487919 | 8419288  |
| &nbsp;&nbsp;&nbsp; Shares Issued From Reinvestment of Distributions | 21354637 | 953646 | 2579853 | 1246003  |
| &nbsp;&nbsp;&nbsp; Shares Redeemed | (18543971) | (17105707) | (19440153) | (6159467)  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, End of Year | 91908109 | 81728626 | 73031658 | 79404039 |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM Multi-Manager Series Trust** 

**Statements of Changes in Net Assets (concluded)** 

---

| | | |
|:---|:---|:---|
|  | **First American Multi-Manager**<br>**Fixed-Income Fund**  | **First American Multi-Manager**<br>**Fixed-Income Fund**  |
|  | **For the** <br>**Year Ended**<br>**September 30,** <br>**2025** | **For the** <br>**Year Ended**<br>**September 30,** <br>**2024**  |
| **Change in Net Assets Resulting From Operations:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $67277615 | $56546532  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (12619872) | (7199435)  |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) | (3507628) | 102945578  |
| Net Change in Net Assets Resulting From Operations | 51150115 | 152292675  |
| **Distributions From:** <br>|  |  |
| Distributable Earnings | (68302789) | (58554326)  |
| Return of Capital | (364801)  |  |
| Change in Net Assets Resulting from Distributions | (68667590)  | (58554326) |
| **Capital Share Transactions:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 234804830 | 324213795  |
| &nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 68667590 | 58374448  |
| &nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | (170356087) | (73374831)  |
|  Net Change in Net Assets Resulting From Capital Share Transactions | 133116333 | 309213412  |
| **Total Change in Net Assets** | 115598858 | 402951761  |
| **Net Assets:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | $1499004319 | $1096052558  |
| &nbsp;&nbsp;&nbsp; End of Year | $1614603177 | $1499004319  |
| **Share Transactions:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, Beginning of Year | 165502539 | 129849494  |
| &nbsp;&nbsp;&nbsp; Shares Subscribed | 26619550 | 37329494  |
| &nbsp;&nbsp;&nbsp; Shares Issued From Reinvestment of Distributions | 7778092 | 6657893  |
| &nbsp;&nbsp;&nbsp; Shares Redeemed | (19314606) | (8334342)  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, End of Year | 180585575 | 165502539 |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**First American Multi-Manager Domestic Equity Fund** 

**Financial Highlights** 

**Selected data for a share of beneficial interest outstanding throughout the year is presented below:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net Asset Value, Beginning of Year** | $14.48 | $11.03 | $9.87 | $13.99 | $12.15  |
| **Investment Operations:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | 0.10 | 0.13 | 0.14 | 0.12 | 0.12  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | 1.91 | 3.45 | 1.52 | (2.10) | 3.58  |
| Total From Investment Operations | 2.01 | 3.58 | 1.66 | (1.98) | 3.70  |
| **Distributions From:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.12) | (0.13) | (0.11) | (0.12) | (0.15)  |
| &nbsp;&nbsp;&nbsp; Capital Gains | (3.00) |  | (0.39) | (2.02) | (1.71)  |
| Total Distributions to Shareholders | (3.12) | (0.13) | (0.50) | (2.14) | (1.86)  |
| **Net Asset Value, End of Year** | $13.37 | $14.48 | $11.03 | $9.87 | $13.99  |
| **Total Return<sup>(3)</sup>** | 16.80% | 32.70% | 17.30% | (17.97)% | 33.08%  |
| **Ratios/Supplemental Data:** <br>|  |  |  |  |  |
| Net Assets, End of Year (000's omitted) | $1229262 | $1183623 | $972585 | $774829 | $847016  |
| Ratios to Average Net Assets of: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped | 0.36% | 0.36% | 0.37% | 0.37% | 0.38%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Prior to Expenses Waived/<br>Reimbursed/Recouped | 0.36% | 0.36% | 0.37% | 0.36% | 0.37%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | 0.82% | 1.01% | 1.25% | 0.97% | 0.91%  |
| Portfolio Turnover Rate | 40% | 103% <sup>(4)</sup> | 52% | 45% | 60% |

---

<sup>(1)</sup> Based on average daily shares outstanding.

<sup>(2)</sup> Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

<sup>(3)</sup> Through September 30, 2023, the total return may reflect a waiver, or recovery of prior waiver, by the Adviser. Performance would be different prior to the impact of waivers or recovery of prior waivers.

<sup>(4)</sup> Portfolio turnover rate for the year ended September 30, 2024 increased primarily due to changes in the exchange-traded

funds in which a significant portion of the Fund was invested.

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**First American Multi-Manager International Equity Fund** 

**Financial Highlights** 

**Selected data for a share of beneficial interest outstanding throughout the year is presented below:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net Asset Value, Beginning of Year** | $11.62 | $9.44 | $8.16 | $12.00 | $9.70  |
| **Investment Operations:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | 0.18 | 0.20 | 0.18 | 0.22 | 0.15  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | 1.82 | 2.14 | 1.29 | (3.47) | 2.25  |
| Total From Investment Operations | 2.00 | 2.34 | 1.47 | (3.25) | 2.40  |
| **Distributions From:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.29) | (0.16) | (0.19) | (0.17) | (0.10)  |
| &nbsp;&nbsp;&nbsp; Capital Gains | (0.10) |  |  | (0.42) | —  |
| Total Distributions to Shareholders | (0.39) | (0.16) | (0.19) | (0.59) | (0.10)  |
| **Net Asset Value, End of Year** | $13.23 | $11.62 | $9.44 | $8.16 | $12.00  |
| **Total Return<sup>(3)</sup>** | 18.07% | 25.04% | 18.09% | (28.60)% | 24.86%  |
| **Ratios/Supplemental Data:** <br>|  |  |  |  |  |
| Net Assets, End of Year (000's omitted) | $966338 | $922362 | $716728 | $507129 | $680792  |
| Ratios to Average Net Assets of: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped | 0.62% | 0.62% | 0.64% | 0.65% | 0.66%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Prior to Expenses Waived/<br>Reimbursed/Recouped | 0.62% | 0.62% | 0.64% | 0.64% | 0.65%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | 1.51% | 1.94% | 1.87% | 2.06% | 1.31%  |
| Portfolio Turnover Rate | 70% | 105%<sup>(4)</sup> | 68% | 88% | 52% |

---

<sup>(1)</sup> Based on average daily shares outstanding.

<sup>(2)</sup> Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

<sup>(3)</sup> Through September 30, 2023, the total return may reflect a waiver, or recovery of prior waiver, by the Adviser. Performance would be different prior to the impact of waivers or recovery of prior waivers.

<sup>(4)</sup> Portfolio turnover rate for the year ended September 30, 2024 increased primarily due to changes in the exchange-traded funds in which a significant portion of the Fund was invested.

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**First American Multi-Manager Fixed-Income Fund** 

**Financial Highlights** 

**Selected data for a share of beneficial interest outstanding throughout the year is presented below:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net Asset Value, Beginning of Year** | $9.06 | $8.44 | $8.62 | $10.39 | $10.81  |
| **Investment Operations:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | 0.39 | 0.38 | 0.34 | 0.23 | 0.21  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | (0.11) | 0.63 | (0.19) | (1.71) | (0.08)  |
| Total From Investment Operations | 0.28 | 1.01 | 0.15 | (1.48) | 0.13  |
| **Distributions From:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | (0.40) | (0.39) | (0.33) | (0.24) | (0.22)  |
| &nbsp;&nbsp;&nbsp; Capital Gains |  |  |  | (0.05) | (0.33) |
| &nbsp;&nbsp;&nbsp; Return of Capital | —<sup>(3)</sup>  | —  | —  | —  | —  |
| Total Distributions to Shareholders | (0.40) | (0.39) | (0.33) | (0.29) | (0.55)  |
| **Net Asset Value, End of Year** | $8.94 | $9.06 | $8.44 | $8.62 | $10.39  |
| **Total Return<sup>(4)</sup>** | 3.18% | 12.23% | 1.71% | (14.52)% | 1.23%  |
| **Ratios/Supplemental Data:** <br>|  |  |  |  |  |
| Net Assets, End of Year (000's omitted) | $1614603 | $1499004 | $1096053 | $903782 | $823323  |
| Ratios to Average Net Assets of: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped | 0.49% | 0.49% | 0.51% | 0.51% | 0.55%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Prior to Expenses Waived/<br>Reimbursed/Recouped | 0.49% | 0.49% | 0.51% | 0.51% | 0.52%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | 4.39% | 4.32% | 3.88% | 2.41% | 2.00%  |
| Portfolio Turnover Rate | 76% | 103% | 100% | 124% | 107% |

---

<sup>(1)</sup> Based on average daily shares outstanding.

<sup>(2)</sup> Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

<sup>(3)</sup> Less than one cent per share.

<sup>(4)</sup> Through September 30, 2021, the total return may reflect a waiver, or recovery of prior waiver, by the Adviser. Performance would be different prior to the impact of waivers or recovery of prior waivers. 

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements** 

**September 30, 2025** 

1. Organization

PFM Multi-Manager Series Trust (Trust) was organized as a Delaware statutory trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (1940 Act), as an open-end management investment company. The Trust offers the following series: First American Multi-Manager Domestic Equity Fund (Domestic Equity Fund), First American Multi-Manager International Equity Fund (International Equity Fund) and First American Multi-Manager Fixed-Income Fund (Fixed-Income Fund) (each a Fund and, collectively, the Funds). Each Fund consists of Institutional Class, Advisor Class and Class R shares. As of September 30, 2025, only the Institutional Class has commenced operations. The Funds are diversified for the purposes of the 1940 Act.

The Domestic Equity Fund seeks to provide long-term capital appreciation. The International Equity Fund seeks to provide long-term capital appreciation. The Fixed-Income Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The Funds are investment companies and follow the accounting and reporting guidance in the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services-Investment Companies.

**Use of Estimates** 

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities, including the fair value of investments, and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**Investment Valuation** 

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with the investment.

The three levels of the fair value hierarchy are as follows:

**Level 1 –

Quoted prices in active markets for identical assets or liabilities.** 

**Level 2 –

Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly, including quoted prices for similar investments based on interest rates, credit risk and like factors. Securities traded primarily in non-U.S. markets which are fair valued are generally categorized as Level 2 in the hierarchy.** 

**Level 3 –

Inputs that are unobservable and significant to the entire fair value measurement, including the Fund's own assumptions for determining fair value.** 

The value of each Fund's investments according to the fair value hierarchy as of September 30, 2025, is disclosed in each Fund's respective Schedule of Investments.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

The Funds' investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculate the net asset value (NAV) per share as of 4:00 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading. Under compliance policies and procedures approved by the Trust's Board of Trustees (Board), the Board has designated the Adviser, U.S. Bancorp Asset Management, Inc. (USBAM or, the Adviser), as the Funds' valuation designee under Rule 2a-5 of the 1940 Act and as such the Adviser performs day-to-day valuation of investments held by the Funds, subject to oversight of the Board. The Adviser has established a Valuation Committee (VC) to serve as its formal oversight body for the valuation of each Fund's portfolio holdings in accordance with policies and procedures adopted by the Board. The VC provides administration and oversight of the Funds' valuation policy and the Adviser's valuation procedures. Among other things, these procedures allow the Adviser to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Portfolio securities that are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Adviser may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, after-market trading, or news events may have occurred in the interim. To account for this, the Adviser may value foreign securities using fair value prices based on third-party vendor modeling tools.

**Equity Securities** 

Equity securities, including restricted securities and preferred stocks, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third-party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to the valuation policy and procedures approved by the Board.

Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

**Debt Securities** 

Debt securities, including restricted securities, are valued based on evaluated prices received from third-party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

Asset backed securities, collateralized mortgage obligations and U.S. government agency mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third-party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

**Futures Contracts** 

The Funds use exchange-traded futures contracts to a limited extent with the objective of using uninvested cash to gain exposure to certain equity and fixed income markets, maintain liquidity, and minimize transaction costs. Futures contracts are valued at their quoted daily settlement prices and are categorized as Level 1 in the hierarchy. Fluctuations in the value of the contracts are recorded as an asset (liability).

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

**Forward Foreign Currency Exchange Contracts** 

The Funds use forward foreign currency exchange contracts to a limited extent with the objective of hedging against adverse movements in the foreign currencies in which portfolio securities are denominated. Forward foreign currency exchange contracts are marked-to-market daily using third-party pricing vendors who utilize matrix pricing which considers the terms of the contract, including notional amount and contract maturity, and other inputs including currency exchange rates, or counterparty-supplied prices. When independent prices are unavailable or unreliable, forward foreign currency exchange contracts may be valued utilizing pricing methodologies which consider similar factors that would be used by third-party vendors. Changes in value, if any, are recorded as unrealized appreciation or depreciation until the contract is exercised or expires. A Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Foreign currency exchange contracts are generally categorized as Level 2 in the hierarchy.

**Swap Contracts** 

Swap contracts are marked-to-market daily using third-party pricing vendor quotations, or counterparty or clearinghouse prices, and the change in value, if any, is recorded as an unrealized gain or loss. Interest rate swaps are valued by pricing vendors who utilize matrix pricing which considers a discounted cash flow model based on the terms of the contract, including the notional amount and contract maturity, and multiple inputs, including, where applicable, yield curves, prepayment rates, and currency exchange rates, or by counterparty or clearinghouse-supplied prices. Interest rate swaps are generally categorized in Level 2 of the fair value hierarchy. Credit default swaps are valued by pricing vendors who utilize matrix pricing which considers the terms of the contract, including the notional amount and contract maturity, and multiple inputs including yield curves, recovery rates, and credit spreads, or by counterparty or clearinghouse-supplied prices. Credit default swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

Upon entering into a swap contract, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty, or in some cases, segregated in a triparty account on behalf of the counterparty, which can be adjusted by any mark-to-market gains or losses pursuant to the contract. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

**Investment Transactions and Income Recognition** 

Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Estimated expenses are accrued daily. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of foreign taxes withheld at source, if any. In such cases, the dividend is recorded as soon as the information is received by the Funds. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Paydown gains and losses are recorded as an adjustment to interest income. Non-cash dividends received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Certain Funds invest in real estate investment trusts (REITs). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate the prior calendar year's REIT distributions to return of capital or capital gain distributions at year-end based on information provided by the REIT and estimates of such re-designations for which actual information has not yet been reported.

Common expenses incurred by the Trust are allocated among the Funds based on the ratio of net assets of each Fund to the combined net assets of the Trust. Certain Fund or class specific expenses are allocated directly to the Fund or class that incurred the expense.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

**Foreign Currency Translation** 

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period-end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Dividends and Distributions** 

The Fixed-Income Fund declares and distributes dividends from net investment income, if any, monthly. The Domestic Equity Fund and International Equity Fund each declare and distribute net investment income, if any, to shareholders as dividends at least annually. Each Fund makes distributions of its net realized capital gains, if any, at least annually. Unless a shareholder elects to receive dividends and distributions in cash, dividends and distributions will be reinvested in additional shares of the same share

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

class of the Fund at the NAV calculated as of the payment date. Distributions to shareholders are recorded on the ex-dividend date. The Funds pay distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the NAVs of the Funds' shares will be reduced by the amount of the payment.

**Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred by the Funds as of September 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**Segment Reporting** 

As of this reporting period, the Funds have adopted FASB Accounting Standards Update (ASU) 2023-07, *Segment Reporting (Topic 280),* which enhances disclosure requirements for public entities, including those with a single reportable segment. Each Fund operates as a single segment and this standard impacts only disclosures, consistent with its defined investment strategy. USBAM senior management serves as the Chief Operating Decision Maker (CODM). The CODM reviews financial metrics such as portfolio composition, total return, expense ratios, and changes in net assets to assess performance and allocate resources. The information reviewed by the CODM is consistent with that presented in the financial statements.

**Indemnifications** 

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements cannot be known; however, the Funds expect any risk of loss to be remote.

3. Federal Income Taxes

Each Fund intends to continue to qualify for treatment as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing their tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has reviewed each Fund's tax positions taken or to be taken on each Fund's federal income tax returns through the year ended September 30, 2025 and for all open tax years (years ended September 30, 2023, September 30, 2024 and September 30, 2025), and has concluded that no provision for federal income tax is required in the Funds' financial statements. Although the statute of limitations for examining a Fund's U.S. tax returns remains open for three years, no examination is currently in progress. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended September 30, 2025, the Funds did not incur any interest or tax penalties. The Funds did not record any tax benefit or expense in the current period.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

The tax-basis components of distributable earnings and loss as of year-end were as follows for each Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**  | **Undistributed** <br>**Long-Term** <br>**Capital Gains**  | **Late Year** <br>**Ordinary and** <br>**Post-October** <br>**Capital Loss** <br>**Deferrals**  | **Capital** <br>**Loss** <br>**Carryforward**  | **Other** <br>**Temporary** <br>**Differences**  | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Total** <br>**Distributable** <br>**Earnings (Loss)**  |
|  First American Multi-Manager Domestic Equity Fund  | $38779178  | $28973447  | $—  | $—  | $(42914)  | $219362615  | $287072326  |
|  First American Multi-Manager International Equity Fund  | 22673831  | 35201899  | —  | —  | (42914)  | 173923059  | 231755875  |
|  First American Multi-Manager Fixed-Income Fund  | —  | —  | —  | (84584037)  | (742820)  | (7977597)  | (93304454) |

---

Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods. During the year ended September 30, 2025, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities.

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings (Loss)**  | **Paid-In Capital**  |
| First American Multi-Manager Fixed-Income Fund  | &nbsp;&nbsp;&nbsp; $364801  | &nbsp;&nbsp; $(364801) |

---

The tax character of distributions declared for the year ended September 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Long-Term** <br>**Capital Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
|  First American Multi-Manager Domestic Equity Fund  | $28262974  | $223294649 | $—  | $251557623  |
|  First American Multi-Manager International Equity Fund | 24512234  | 2498823 | —  | 27011057  |
| &nbsp;&nbsp;&nbsp; First American Multi-Manager Fixed-Income <br>Fund  | 68302789  |  | 364801  | 68667590 |

---

The tax character of distributions declared for the year ended September 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Long-Term** <br>**Capital Gains**  | **Total** <br>**Distributions**  |
| First American Multi-Manager Domestic Equity Fund  | $11701237  | $—  | $11701237  |
| First American Multi-Manager International Equity Fund | 12808915  | —  | 12808915  |
| First American Multi-Manager Fixed-Income Fund  | 54554326  | —  | 54554326 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (Act), the Funds are permitted to carry forward capital losses incurred for an unlimited period. The capital loss carryforward information presented below, including any applicable limitations, is estimated as of fiscal year-end and is subject to adjustment. As of September 30, 2025, the estimated capital loss carryforwards were as follows:

---

| | | |
|:---|:---|:---|
|  | **Unlimited** <br>**Short-Term Losses** | **Unlimited** <br>**Long-Term Losses**  |
| First American Multi-Manager Domestic Equity Fund  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| First American Multi-Manager International Equity Fund  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| First American Multi-Manager Fixed-Income Fund  | &nbsp;&nbsp; (21702704) | &nbsp;&nbsp; (62881333) |

---

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

As of September 30, 2025, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **First American** <br>**Multi-Manager** <br>**Domestic** <br>**Equity Fund** | **First American** <br>**Multi-Manager** <br>**International** <br>**Equity Fund** | **First American** <br>**Multi-Manager** <br>**Fixed-Income** <br>**Fund**  |
| Cost of investments | $1010254652  | $789236751  | $1626955747  |
| Unrealized appreciation | 228370099  | 187117422  | 27465966  |
| Unrealized depreciation | (9007484)  | (13194363)  | (35443563)  |
| Net unrealized appreciation (depreciation) | $219362615  | $173923059  | $(7977597) |

---

During the fiscal year ended September 30, 2025, there were differences between book and tax accounting, primarily due to wash sales, REITs, passive foreign investment company (PFIC) inclusions, futures contracts mark to market, organizational expenses, return of capital distributions from corporations, defaulted bonds and premium amortization accruals.

4. Agreements

**Investment Adviser** 

USBAM serves as the investment adviser to the Funds. USBAM is a subsidiary of U.S. Bank, National Association (U.S. Bank), a separate entity and subsidiary of U.S. Bancorp. USBAM is registered as an investment advisor with the Securities and Exchange Commission (SEC) under the Investment Adviser Act of 1940 (Advisers Act).

USBAM has delegated responsibility for the day-to-day investment management of some or all of the Funds' assets to sub-advisers, subject to the oversight and supervision of the USBAM. USBAM maintains overall responsibility for the management and investment of the assets of the Funds and responsibility for all advisory services furnished by any sub-adviser, and supervises each sub-adviser in its performance of its duties for the applicable Fund. USBAM evaluates and selects the sub-advisers and makes recommendations to the Board about the hiring, termination and replacement of a sub-adviser and oversees, monitors and reviews the sub-advisers and their performance and compliance with the applicable Fund's investment policies and restrictions.

In return for providing management services to the Funds, each Fund pays USBAM an annual fee based on the following percentage of its average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **%** |
| Domestic Equity Fund | 0.29%  |
| International Equity Fund | 0.50%  |
| Fixed-Income Fund | 0.40% |

---

The sub-advisory fees are paid by USBAM, and are not an additional expense of the respective Fund.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

The Sub-Advisers to each Fund as of September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Fund** | **Sub-Advisers**  |
| Domestic Equity Fund\* | Aristotle Atlantic Partners, LLC<br>Putnam Investment Management, LLC  |
| International Equity Fund\*\* | Acadian Asset Management LLC<br>Aristotle Capital Management, LLC <br>Ninety One North America, Inc.  |
|  | WCM Investment Management LLC  |
| Fixed-Income Fund\*\*\* | Brown Brothers Harriman & Co.<br>PineBridge Investments LLC <br>PGIM, Inc.<br>Teachers Advisors, LLC |

---

\* *Vaughan Nelson Investment Management, L.P. and Jacobs Levy Equity Management, Inc. were sub-advisers to the Domestic Equity Fund through February 25, 2025 and September 26, 2025, respectively.* 

\*\* *Kayne Anderson Rudnick Investment Management, LLC and Schroder Investment Management North America Inc./Schroder Investment Management North America Limited were sub-advisers to the International Equity Fund through December 2, 2024 and September 26, 2025, respectively.*

\*\*\* *Penn Mutual Asset Management, LLC was a sub-adviser to the Fixed-Income Fund through August 8, 2025.*

**Distributor**

U.S. Bancorp Investments, Inc. (USBI or, the Distributor) serves as the Funds' Distributor. The Distributor is an affiliate of USBAM. The Distributor is not separately compensated for the services it provides to the Funds.

**Administration Fees**

U.S. Bank Global Fund Services (USBGFS) serves as the Funds' administrator pursuant to an administration agreement between USBGFS and the Trust. These services include administrative and accounting services. USBGFS is a subsidiary of U.S. Bank. The Funds pay USBGFS each Fund's pro rata share of an amount equal, on an annual basis, to 0.0100% on the first $1 billion of the aggregate average daily net assets of the Funds and 0.0090% of the aggregate average daily net assets in excess of $1 billion, subject to a minimum fee per Fund. All fees are computed daily and paid monthly. The Funds may reimburse USBGFS for out-of-pocket expenses incurred in providing fund administration services.

**Transfer Agent Fees**

USBGFS serves as the Funds' transfer agent pursuant to a transfer agent agreement between USBGFS and the Trust. The funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per Fund, based upon the number of accounts within each Fund. In addition to these fees, the funds pay USBGFS each Fund's pro rata share of an amount equal, on an annual basis, to 0.0025% of the aggregate average daily net assets of the Funds. All fees are computed daily and paid monthly. The Funds may reimburse USBGFS for out-of-pocket expenses incurred in providing transfer agent services.

**Custodian Fees**

U.S. Bank serves as the Funds custodian pursuant to a custodian agreement between U.S. Bank and the Trust. Pursuant to the custodian agreement, each Fund pays the custodian each Fund's pro rata share of an amount equal, on an annual basis, to 0.0020% of the aggregate average daily market value of all securities and cash held in the Fund, subject to a minimum annual fee per Fund, plus portfolio transaction fees. All fees are computed daily and paid monthly. Under the custodian agreement, the custodian may charge a fee for any cash overdrafts incurred by a particular Fund, which increases that Fund's custodian expenses.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

5. Capital Shares

The Funds will be continuously offering an unlimited number of shares through the Distributor. Shares are offered in a continuous offering at the current NAV per share of each class of the Funds.

6. Investment Transactions

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on bank loans for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **First American** <br>**Multi-Manager** <br>**Domestic** <br>**Equity Fund** | **First American** <br>**Multi-Manager** <br>**International** <br>**Equity Fund**  |
| Non-U.S. Government Purchases | $462126715  | $590066781  |
| Non-U.S. Government Sales | $583287867 | $677317890 |

---

---

| | |
|:---|:---|
|  | **First American** <br>**Multi-Manager** <br>**Fixed-Income Fund** |
| U.S. Government Purchases  | &nbsp;&nbsp;&nbsp;&nbsp; $669427779  |
| Non-U.S. Government Purchases  | &nbsp;&nbsp;&nbsp;&nbsp; $610530798  |
| U.S. Government Sales  | &nbsp;&nbsp;&nbsp;&nbsp; $696504110  |
| Non-U.S. Government Sales  | &nbsp;&nbsp;&nbsp;&nbsp; $452366287 |

---

7. Derivative Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include forward foreign currency exchange contracts, financial futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments as of September 30, 2025 is included in each respective Schedule of Investments. As of September 30, 2025, the Funds had sufficient cash and/or securities to cover commitments under these contracts. In the normal course of pursuing its investment objectives, the Funds are subject to the following risks:

**Equity Price Risk — The Domestic Equity and International Equity Funds may enter into equity index futures contracts to gain exposure to equity markets and to enhance returns.**

**Foreign Exchange Risk — The International Equity and Fixed-Income Funds hold foreign currency denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund may enter into forward foreign currency exchange contracts.**

**Interest Rate Risk — The Fixed-Income Fund utilizes various interest rate derivatives, including futures contracts and swaps contracts, to manage the duration of its portfolio and to hedge against fluctuations in securities prices due to interest rates.**

**Credit Risk — The Fixed-Income Fund may enter into credit default swaps to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which the Fund is not otherwise exposed.** 

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(continued)** 

**September 30, 2025** 

The following table summarizes the value of the Fund's derivative instruments as of September 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

**Fixed-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Interest Rate Risk | Net Variation Margin on Futures Contracts\* | $527782 | Net Variation Margin on Futures Contracts\* | $(5350)  |
| Interest Rate Risk | Net Variation Margin on Swap Contracts\* | $— | Net Variation Margin on Swap Contracts\* | $(5268)  |
| Credit Risk | Net Variation Margin on Swap Contracts\* | $2636 | Net Variation Margin on Swap Contracts\* | $— |

---

\* Includes cumulative unrealized appreciation (depreciation) of futures and swap contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the realized gain (loss) and change in unrealized appreciation (depreciation) of the Fund's derivative instruments for the year ended September 30, 2025 and the related location in the accompanying Statement of Operations, presented by primary underlying risk exposure:

**Fixed-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Change in Unrealized** <br>**Gain (Loss)**  | **Net Change in Unrealized** <br>**Gain (Loss)**  |
| Interest Rate Risk | Futures Contracts | $(1457727) | Futures Contracts | $481066  |
| Interest Rate Risk | Swap Contracts | $(32) | Swap Contracts | $7004  |
| Credit Risk | Swap Contracts | $(53549) | Swap Contracts | $13603 |

---

The average notional value of futures contracts and average notional amounts of swaps outstanding during the year ended September 30, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

**Fixed-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Futures** <br>**Contracts – Long** | **Futures** <br>**Contracts – Short** | **Swap** <br>**Contracts – Long**  |
| Interest Rate Risk | &nbsp;&nbsp; $72080153 | &nbsp;&nbsp;&nbsp;&nbsp; $(107198) | &nbsp;&nbsp;&nbsp; $515000  |
| Credit Risk | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9575417 |

---

8. Related Parties

As of September 30, 2025, certain officers of the Trust were also employees of the Adviser, the Administrator or their affiliates, however, such officers are not compensated by the Funds.

9. Risks

**Credit (or Default Risk) — Refers to the likelihood that an issuer will default in the payment of principal and/or interest on a security. Financial strength, solvency of an issuer, and lack of or inadequacy of collateral or credit enhancements for a fixed-income security, may affect credit risk. Credit risk of a security may change over time, and securities which are rated by rating agencies are often reviewed and may be subject to downgrade. Ratings are only opinions of the agencies issuing them and are not absolute guarantees as to quality.**

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements(concluded)** 

**September 30, 2025** 

**Counterparty Risk — Counterparty risk is the risk that the issuer or the guarantor of a fixed-income security will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. Additionally, when a Fund enters into cleared derivatives transactions, the Fund will be subject to the credit risk of the clearinghouse and clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transactions.**

**Market Risk — This is the risk that the value of the securities in which a Fund invests may go up or down in response to the prospects of individual issuers, real or perceived general economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, political or social developments, or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in the markets may negatively affect many issuers, which could adversely affect a Fund. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy; in these and other circumstances, such events or developments might affect companies world-wide and therefore could adversely affect the value of a Fund's investments. Recent examples include pandemic risks related to the global outbreak caused by a novel coronavirus known as COVID-19 which resulted in substantial market volatility and global business disruption, affecting the global economy and the financial health of individual companies in significant and unforeseen ways. Securities markets may experience great short-term volatility and may fall sharply at times.**

Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Different markets may behave differently from each other and a foreign market may move in the opposite direction from the U.S. market. The value of a Fund's investments may also go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within an industry. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. Price changes may be temporary or last for extended periods. The value of an investment in a Fund could decline over short periods due to fluctuation in a Fund's NAV in response to market movements, and over longer periods during market downturns.

**Emerging Markets Risk ― The risk that in addition to the risks of investing in foreign investments generally, emerging markets investments may be subject to greater risks arising from political or economic instability, market disruption, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by the U.S. government and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Because of the foregoing factors, the Fund's investments in emerging market countries may be subject to greater price volatility and illiquidity than investments in developed markets.** 

10. Subsequent Events

The Funds have evaluated subsequent events prior to the issuance of these financial statements. No events have taken place that meet the definition of a subsequent event that requires adjustment to or disclosure in these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Other Information (unaudited)** 

**Tax Information** 

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2025.

**Dividends Received Deduction** 

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

**Qualified Dividend Income** 

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2025 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual's tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

**Foreign Tax Credit** 

The Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by each Fund to its shareholders. For the fiscal year ended September 30, 2025, there were no foreign taxes to pass through to shareholders.

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Trustees, Officers and Others of Open-End Management Investment Companies**

The aggregate remuneration paid to trustees, officers and others is disclosed within the financial statements.

**Statement Regarding Basis for Approval of Investment Advisory Contracts**

The statement regarding basis for approval of investment advisory contracts can be found on the following pages.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT (unaudited)** 

**PFM MULTI-MANAGER SERIES TRUST** 

**First American Multi-Manager Fixed-Income Fund** 

**(the Fund)** 

At a meeting held on May 13, 2025 (Meeting), the Board of Trustees (Board) of PFM Multi-Manager Series Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), met to consider, among other things, the change in control of PineBridge Investments LLC (PineBridge) and the approval of a new sub-advisory agreement with PineBridge (the "New Agreement"). PineBridge serves as sub-adviser to the Fund.

The Independent Trustees reported that they reviewed responses provided by PineBridge in response to a supplemental 15(c) request regarding the proposed acquisition by MetLife Investment Management (MetLife) of the investment management business of PineBridge's parent company, PineBridge Investments, L.P. (the "Transaction"). As the Transaction would result in a change of control of PineBridge and cause the current sub-advisory agreement between U.S. Bancorp Asset Management, Inc. (Adviser), the investment adviser to the Fund, and PineBridge (the "Prior Agreement") to terminate, the Board was asked to approve the New Agreement for an initial two-year period.

The Independent Trustees and their independent legal counsel met separately from the "interested" Trustee and management to consider approval of the New Agreement. The Independent Trustees reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to approval of advisory arrangements including sub-advisory agreements. The Board considered information provided by PineBridge that the Transaction will not result in a change to the contractual sub-advisory fee paid by the Adviser to PineBridge (Sub-Advisory Fee) and is not expected to result in any diminution in the investment sub-advisory services provided to the Fund. The Board also considered that it had approved the Prior Agreement in September 2024.

The Board determined that, given the totality of the information provided with respect to the Transaction and the New Agreement, the Board had received sufficient information to approve the New Agreement. In approving the New Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the New Agreement are fair and reasonable and that the approval of the New Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services** 

The Board reviewed and considered information regarding the nature, extent and quality of services to be provided by PineBridge under the New Agreement. The Board considered information provided by PineBridge that the Transaction will not result in any diminution in the investment sub-advisory services provided to the Fund. The Board noted that the Transaction is not anticipated to result in any change to PineBridge's portfolio management team, or its investment strategies and policies, research capabilities, administrative personnel and other current resources. The Board further considered that approving the New Agreement would assure continuity of the sub-advisory services and allow PineBridge to continue to provide services uninterrupted after the closing of the Transaction. The Board concluded that these factors supported approval of the New Agreement.

The Board noted that the New Agreement is identical to the Prior Agreement, with the exception of the effective date and such other changes the Board finds to be immaterial. Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by PineBridge to the Fund and its shareholders.

**Fund Performance** 

With respect to performance, the Board considered that PineBridge indicated that its current portfolio management teams will continue to manage the Fund, albeit as MetLife employees, and that no changes to any of PineBridge's investment objectives and strategies are contemplated in connection with the Transaction.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT (unaudited)(concluded)** 

**Comparative Fees and Expenses** 

The Board reviewed and considered information regarding the Sub-Advisory Fee and noted that the Sub-Advisory Fee would be identical to the sub-advisory fee currently charged pursuant to the Prior Agreement. The Board noted that the Sub-Advisory Fee was the product of arm's-length negotiations between the Adviser and PineBridge and that the Sub-Advisory Fee had been determined to be reasonable in connection with the Fund's September 2024 annual contract renewal process. The Board concluded that the Sub-Advisory Fee is reasonable based on the information provided.

**Profitability and Economies of Scale** 

The Board determined that its conclusions regarding profitability and economies of scale reached in connection with the September 2024 annual contract renewal of the existing investment management agreement with the Adviser had not changed as a result of the proposal to approve the New Agreement.

**Conclusion** 

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the New Agreement for an initial two-year period.

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT (unaudited)** 

**PFM MULTI-MANAGER SERIES TRUST** 

**First American Multi-Manager Domestic Equity Fund** 

**(the Fund)** 

At a meeting held on September 25-26, 2025 (Meeting), the Board of Trustees (Board) of PFM Multi-Manager Series Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved a new investment sub-advisory agreement between U.S. Bancorp Asset Management, Inc. (Adviser) and Osterweis Capital Management, LLC (Sub-Adviser) on behalf of the Fund (Sub-advisory Agreement) for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the new Sub-advisory Agreement.

In considering the Sub-advisory Agreement, the Board reviewed and considered information provided by the Sub-Adviser at the Meeting specifically related to the Sub-advisory Agreement, as well as information about the management of the Fund by the Adviser and other sub-advisers provided throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Sub-Adviser provided in response to a detailed set of requests for information submitted to the Sub-Adviser by Independent Trustee counsel on behalf of the Independent Trustees in connection with the approval of the Sub-advisory Agreement. The Board reviewed and considered all of the factors it deemed relevant in approving the Sub-advisory Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by the Sub-Adviser; (ii) the costs of the services to be provided to the Fund; (iii) the extent to which economies of scale may be realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the Sub-advisory Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the Sub-advisory Agreement are fair and reasonable and that the approval of such Sub-advisory Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services** 

The Board reviewed and considered information regarding the nature, extent and quality of investment sub-advisory services expected to be provided by the Sub-Adviser to the Fund and its shareholders. The Board noted that the Fund employs a "manager of managers" structure pursuant to an exemptive order (Order) granted to the Adviser and the Trust from the U.S. Securities and Exchange Commission (SEC), whereby the Adviser is responsible for selecting sub-advisers (subject to Board and shareholder approval, as applicable); and subject to oversight of the Board for allocating the Fund's assets among such sub-advisers, and overseeing the sub-advisers' day-to-day management of a portion of the Fund's assets. The Board further noted the responsibilities that the Sub-Adviser will have with respect to the portion of the Fund's assets that will be allocated to the Sub-Adviser by the Adviser (Sub-Advised Portion), including, among others, security selection for the Sub-Advised Portion consistent with agreed upon investment guidelines. The information the Board reviewed and considered included, among other things, the Sub-Adviser's proposed investment strategy, and ability to implement such investment strategy, including, but not limited to, the Sub-Adviser's trading practices and investment decision processes. The Board also reviewed and considered, among other things, general information on the ownership structure, history, management, affiliations, financial condition and viability, and insurance coverage of the Sub-Adviser; the Sub-Adviser's professional staff, including the experience and responsibilities of the investment team and potential conflicts of interests; information on how portfolio transactions would be effected; the Sub-Adviser's risk management controls, including how the Sub-Adviser would comply with the Fund's investment guidelines; and the Sub-Adviser's compliance program. The Board also considered the Adviser's rationale for recommending the approval of the Sub-Adviser.

The Board further considered the Trust's Chief Compliance Officer's review of the Sub-Adviser's compliance program and capabilities as such program and capabilities relate to the operations of the Fund and the monitoring and testing of such program undertaken by the Trust's Chief Compliance Officer. The Board also considered the selection and due diligence process employed by the Adviser in selecting

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT (unaudited)(concluded)** 

and deciding to recommend retaining the Sub-Adviser as a sub-adviser to the Fund, including the due diligence undertaken with respect to the Sub-Adviser's compliance and risk management capabilities.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by the Sub-Adviser to the Fund and its shareholders.

**Fund Performance** 

Because the Sub-Adviser has not yet managed any assets of the Fund, the Board concluded that the Fund's current performance was not a relevant factor in its consideration of the Sub-advisory Agreement. Notwithstanding, the Board considered the historic performance of a composite for the Sub-Adviser, and noted that all accounts currently managed by the Sub-Adviser using a small cap growth investment strategy are subject to investment policies similar to those of the sleeve of the Fund that the Sub-Adviser proposed to manage.

**Comparative Fees and Expenses** 

The Board reviewed and considered information regarding the sub-advisory fee to be paid to the Sub-Adviser (Sub-Advisory Fee). The Board received confirmation that the Sub-Advisory Fee will be paid by the Adviser to the Sub-Adviser and is not an additional fee to be borne by the Fund. The Board noted that the Sub-Advisory Fee to be paid by the Adviser to the Sub-Adviser was the product of arm's-length negotiations between the Adviser and the Sub-Adviser. The Board concluded that the Sub-Advisory Fee is reasonable based on the information provided.

**Profitability and Economies of Scale** 

The Board reviewed and considered information it received at the Meeting regarding the expected impact of retaining the Sub-Adviser on the profitability of the Adviser consistent with the conditions of the Order. The Board determined that its conclusions regarding profitability and economies of scale reached in connection with the September 2025 annual contract renewal of the existing investment management agreement with the Adviser had not changed as a result of the proposal to approve the Sub-advisory Agreement.

**Conclusion** 

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the Sub-advisory Agreement for an initial two-year period.

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF** 

**INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (unaudited)** 

**PFM MULTI-MANAGER SERIES TRUST** 

**First American Multi-Manager Domestic Equity Fund** 

**First American Multi-Manager International Equity Fund** 

**First American Multi-Manager Fixed-Income Fund** 

(each a Fund, and collectively the Funds)

At a meeting held on September 25-26, 2025 (Meeting), the Board of Trustees (Board) of PFM Multi-Manager Series Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of the (i) investment management agreement (Advisory Agreement) between U.S. Bancorp Asset Management, Inc. (Adviser) and the Trust, on behalf of each Fund for an additional one-year period; and (ii) investment sub-advisory agreements (Sub-Advisory Agreements, and together with the Advisory Agreement, the Agreements) between the Adviser and each of the following investment sub-advisers (each a Sub-Adviser, and collectively the Sub-Advisers) for an additional one-year period.

---

| | |
|:---|:---|
| **Fund**  | **Sub-Adviser**  |
| **Domestic Equity Fund** | Aristotle Atlantic Partners, LLC  |
| **International Equity Fund** | Acadian Asset Management LLC  |
|  | Aristotle Capital Management, LLC  |
|  | Ninety One North America, Inc.  |
|  | WCM Investment Management, LLC  |
| **Fixed-Income Fund** | Brown Brothers Harriman & Co.  |
|  | PGIM, Inc.  |
|  | PineBridge Investments LLC  |
|  | Teachers Advisors, LLC |

---

Although the Agreements for the Funds were considered at the same Board Meeting, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the continuation of each Agreement.

In considering the continuation of each Agreement, the Board reviewed and considered information provided by the Adviser at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to the Adviser and each Sub-Adviser by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a contract renewal video conference meeting at which the Independent Trustees conferred amongst themselves and Independent Trustee counsel about contract renewal matters. The Board reviewed and considered all of the factors it deemed relevant in approving the continuance of each Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by the Adviser and each Sub-Adviser; (ii) the investment performance of each Fund; (iii) the costs of the services provided and profits realized by the Adviser and each applicable Sub-Adviser and their affiliates from the relationship with each Fund; (iv) the extent to which economies of scale are realized as each Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors. As part of this review, particular attention was given to the Adviser's process of selecting and overseeing the Sub-Advisers.

In approving the continuance of each Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Agreement are fair and reasonable and that the approval of such Agreement is in the best interests of the applicable Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

79<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF** 

**INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (unaudited)(continued)** 

**Nature, Extent and Quality of Services** 

The Board reviewed and considered information regarding the nature, extent and quality of investment management services provided by the Adviser and each Sub-Adviser and their affiliates, as applicable, to the respective Fund and its shareholders. The Board noted that each Fund employs a "manager of managers" structure pursuant to an exemptive order (Order) granted to the Adviser and the Trust from the U.S. Securities and Exchange Commission (SEC), whereby the Adviser is responsible for selecting sub-advisers (subject to Board and shareholder approval, as applicable) and, subject to oversight of the Board, for allocating the respective Fund's assets among such sub-advisers, and overseeing the sub-advisers' day-to-day management of their portions of the Funds' assets. The Board reviewed and considered information that included, among other things, descriptions of the Adviser's business, personnel, and operations, including the Adviser's business continuity plan, considerations related to cybersecurity and artificial intelligence, the experience and responsibilities of the Adviser's investment professionals, and compensation of investment professionals; the services the Adviser provides to the Funds, including management and oversight of the Funds' investment strategies and the Adviser's risk assessment process; the Adviser's compliance program; and information on the Adviser's oversight of Sub-Advisers, including monitoring of Sub-Advisers, allocation of Fund assets to Sub-Advisers, and the due diligence process for selecting and retaining Sub-Advisers.

With respect to the sub-advisory services provided by each Sub-Adviser, the Board noted the responsibilities that each Sub-Adviser has with respect to the portion of the respective Fund's assets allocated to the Sub-Adviser by the Adviser (Sub-Advised Portion), including, among others, security selection for the Sub-Advised Portion consistent with agreed-upon investment guidelines. The information the Board reviewed and considered included, among other things, general information on the ownership structure, history, management, affiliations, financial condition and viability, and insurance coverage of each Sub-Adviser; each Sub-Adviser's professional staff, including the experience and responsibilities of the investment team; information on how portfolio transactions are effected; each Sub-Adviser's risk management controls; and each Sub-Adviser's compliance programs. The Board also considered the Adviser's rationale for recommending the continuation of each Sub-Adviser's Sub-Advisory Agreement.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by the Adviser and each Sub-Adviser and their affiliates to the respective Funds and their shareholders.

**Fund Performance** 

The Board reviewed and considered the performance results of each Fund over the one-, three- and five-year periods and since inception ended June 30, 2025. The Board noted that while each Fund incepted on December 29, 2017, each Fund was not invested in accordance with the Fund's investment strategies until May 16, 2018. The Board considered the performance returns for each Fund in comparison to the performance returns of mutual funds deemed comparable to the Fund included in a universe (each a Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds included in a Performance Universe. The Board further reviewed and considered Fund and Sub-Adviser performance reports provided and discussions that occurred with portfolio managers at Board meetings throughout the year, including at the Meeting. A summary of the Funds' performance results is below.

<u>First American Multi-Manager Domestic Equity Fund</u> - The Performance Universe for the Fund consisted of the Fund and all institutional multi-cap core funds. The Board noted that the Fund's performance returns (net of fees) for the one-year period and since inception were above the medians of its Performance Universe, but for the three- and five-years periods were below the medians of its Performance Universe. The Board concluded that the Fund's performance was satisfactory.

<u>First American Multi-Manager International Equity Fund</u> - The Performance Universe for the Fund consisted of the Fund and all institutional international multi-cap core funds. The Board noted that the Fund's performance return (net of fees) for the one-, three- and five-year periods and since inception

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF** 

**INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (unaudited)(continued)** 

were below the medians of its Performance Universe. The Board discussed with management the Fund's performance and the actions taken/being taken by management in an effort to improve the performance of the Fund. The Board also noted that the Fund's performance returns (net of fees) for the one- and three-year periods were above the returns of its benchmark performance index. The Board concluded that the Fund's Agreements should be continued for a one-year period, while management's efforts continue to be closely monitored.

<u>First American Multi-Manager Fixed-Income Fund</u> - The Performance Universe for the Fund consisted of the Fund and all institutional core plus bond funds. The Board noted that the Fund's performance returns (net of fees) for the three- and five-year periods and since inception were above the medians of its Performance Universe, but for the one-year periods was below the median of its Performance Universe. The Board also noted that the Fund's performance returns (net of fees) for the one-, three- and five-year periods and since inception were above the returns of its benchmark performance index. The Board concluded that the Fund's performance was satisfactory.

**Comparative Fees and Expenses** 

The Board reviewed and considered information regarding each Fund's actual total expense ratio and its various components, including, as applicable, management fees; transfer agent expenses; underlying fund expenses; Rule 12b-1 and non-Rule 12b-1 service fees; and other non-management fees. The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate) of each Fund in comparison to the median expense ratio and median Management Rate, respectively, of other mutual funds deemed comparable to and with a similar expense structure to the Fund (Expense Group) selected by Broadridge. Broadridge fee and expense data is based upon information taken from each fund's most recent annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The actual total expense ratio, for comparative consistency, was shown for (i) Institutional Class for the First American Multi-Manager Domestic Equity Fund and Class A, Class I, Class S, Class Y and Institutional Class for each other fund in the Fund's Expense Group; (ii) Institutional Class for the First American Multi-Manager International Equity Fund and Class S, Class Y, Class Y-3 and Institutional Class for each other fund in the Fund's Expense Group; and (iii) Institutional Class for the First American Multi-Manager Fixed-Income Fund and Class I, Class P, Class S, Class Y, Class Y-3 and Institutional Class for each other fund in the Fund's Expense Group. The Board received a description of the methodology used by Broadridge to select the mutual funds included in an Expense Group.

The Board received confirmation that the sub-advisory fees are paid by the Adviser to each Sub-Adviser and are not additional fees borne by a respective Fund. The Board also noted that the sub-advisory fees paid by the Adviser to each Sub-Adviser are the product of arm's-length negotiations between the Adviser and each Sub-Adviser. In addition, the Board considered the allocation of the investment management fee charged to the respective Fund between the Adviser and each Sub-Adviser in light of the nature, extent and quality of the investment management services provided by the Adviser and each Sub-Adviser.

<u>First American Multi-Manager Domestic Equity Fund and First American Multi-Manager International</u> <u>Equity Fund</u> - The Expense Group for the First American Multi-Manager Domestic Equity Fund included the Fund and seven other multi-cap core funds. The Expense Group for the First American Multi-Manager International Equity Fund included the Fund and six other international multi-cap core funds. The Board noted that the Management Rate and actual total expense ratio for each of the First American Multi-Manager Domestic Equity Fund and First American Multi-Manager International Equity Fund were below the medians of each Fund's respective Expense Group. The Board further noted that each applicable Sub-Adviser was paid by the Adviser out of the management fee the Adviser received from a respective Fund. The Board concluded that the Management Rate charged to each Fund and the sub-advisory fees paid to each Sub-Adviser are reasonable.

81<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF** 

**INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (unaudited)(concluded)** 

<u>First American Multi-Manager Fixed-Income Fund</u> - The Expense Group for the Fund included the Fund, three other core plus bond funds and six core bond funds. The Board noted that the Management Rate and actual total expense ratio for the Fund were approximately three basis points and five basis points, respectively, above the medians of its Expense Group. The Board further noted that each applicable Sub-Adviser was paid by the Adviser out of the management fee the Adviser received from the Fund, and that the Sub-Advisory Agreements with PGIM, Inc. and Teachers Advisors, LLC were amended to reflect a reduction in the investment sub-advisory fees payable to each Subadviser. The Board concluded that the Management Rate charged to the Fund and the sub-advisory fees paid to each Sub-Adviser are reasonable.

**Profitability and Fall-Out Benefits** 

The Board reviewed and considered information regarding the profits realized by the Adviser and its affiliates in connection with the operation of each Fund. In this respect, the Board considered the Fund profitability analysis provided by the Adviser that addresses the profitability of the Adviser and its affiliates in providing investment management and other services to each Fund during the 12-month period ended June 30, 2025.

The Board noted management's report on the methodologies and estimates used in calculating Fund profitability, including a description of the methodology used to allocate certain expenses. The Board further noted management's belief that based on the growth and evolution of the Funds, the Adviser experienced overall net profit for each Fund, a modest net profit for the First American Multi-Manager International Equity Fund, and increasing levels of profit for the First American Multi-Manager Domestic Equity Fund and the First American Multi-Manager Fixed-Income Fund. In addition, the Board noted that management remains committed to growing its mutual fund business and continues to invest in personnel and technology to support and enhance the business and, in particular, the service to the Funds. The Board further noted management's efforts to continue to grow assets of the Funds through different distribution channels.

The Board also considered the extent to which the Adviser, each Sub-Adviser, and their affiliates might derive ancillary benefits from Fund operations, including revenues generated from services provided by affiliated service providers, and growth to the Adviser's overall outsourced chief investment officer business, among others. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by the Adviser and its affiliates from providing services to each of the Funds was not excessive in view of the nature, extent and quality of services provided to these Funds. The Board did not consider profitability with respect to each Sub-Adviser, as the sub-advisory fees paid to each Sub-Adviser were negotiated by the Adviser on an arm's-length basis.

**Economies of Scale** 

The Board reviewed and considered the extent to which the Adviser and each Sub-Adviser may realize economies of scale, if any, as each Fund grows larger and whether each Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board noted that each Fund began to invest in accordance with its investment strategies on May 16, 2018 and that management represented that fiscal year 2024 marked the first year of overall profitability for the Funds in the aggregate and individually, and that those profitability results continued in fiscal year 2025. The Board recognized that there would not likely be any further economies of scale until each Fund's assets grow.

**Conclusion** 

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuation of each Agreement for an additional one-year period.

82<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF** 

**INVESTMENT SUB-ADVISORY AGREEMENT (unaudited)** 

**PFM MULTI-MANAGER SERIES TRUST** 

**First American Multi-Manager International Equity Fund** 

**(the Fund)** 

At a meeting held on November 20, 2025 (Meeting), the Board of Trustees (Board) of PFM Multi-Manager Series Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved a new investment sub-advisory agreement between U.S. Bancorp Asset Management, Inc. (Adviser) and Pzena Investment Management, LLC (Sub-Adviser) on behalf of the Fund (Sub-advisory Agreement) for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the new Sub-advisory Agreement.

In considering the Sub-advisory Agreement, the Board reviewed and considered information provided by the Sub-Adviser at the Meeting specifically related to the Sub-advisory Agreement, as well as information about the management of the Fund by the Adviser and other sub-advisers provided throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Sub-Adviser provided in response to a detailed set of requests for information submitted to the Sub-Adviser by Independent Trustee counsel on behalf of the Independent Trustees in connection with the approval of the Sub-advisory Agreement. The Board reviewed and considered all of the factors it deemed relevant in approving the Sub-advisory Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by the Sub-Adviser; (ii) the costs of the services to be provided to the Fund; (iii) the extent to which economies of scale may be realized as the Fund grows; and (iv) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the Sub-advisory Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the Sub-advisory Agreement are fair and reasonable and that the approval of such Sub-advisory Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services** 

The Board reviewed and considered information regarding the nature, extent and quality of investment sub-advisory services expected to be provided by the Sub-Adviser to the Fund and its shareholders. The Board noted that the Fund employs a "manager of managers" structure pursuant to an exemptive order (Order) granted to the Adviser and the Trust from the U.S. Securities and Exchange Commission (SEC), whereby the Adviser is responsible for selecting sub-advisers (subject to Board and shareholder approval, as applicable); and subject to oversight of the Board for allocating the Fund's assets among such sub-advisers, and overseeing the sub-advisers' day-to-day management of a portion of the Fund's assets. The Board further noted the responsibilities that the Sub-Adviser will have with respect to the portion of the Fund's assets that will be allocated to the Sub-Adviser by the Adviser (Sub-Advised Portion), including, among others, security selection for the Sub-Advised Portion consistent with agreed upon investment guidelines. The information the Board reviewed and considered included, among other things, the Sub-Adviser's proposed investment strategy, and ability to implement such investment strategy, including, but not limited to, the Sub-Adviser's trading practices and investment decision processes. The Board also reviewed and considered, among other things, general information on the ownership structure, history, management, affiliations, financial condition and viability, and insurance coverage of the Sub-Adviser; the Sub-Adviser's professional staff, including the experience and responsibilities of the investment team and potential conflicts of interests; information on how portfolio transactions would be effected; the Sub-Adviser's risk management controls, including how the Sub-Adviser would comply with the Fund's investment guidelines; and the Sub-Adviser's compliance program. The Board also considered the Adviser's rationale for recommending the approval of the Sub-Adviser.

The Board further considered the Trust's Chief Compliance Officer's review of the Sub-Adviser's compliance program and capabilities as such program and capabilities relate to the operations of the Fund and the monitoring and testing of such program undertaken by the Trust's Chief Compliance Officer.

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BOARD APPROVAL OF** 

**INVESTMENT SUB-ADVISORY AGREEMENT (unaudited)(concluded)** 

The Board also considered the selection and due diligence process employed by the Adviser in selecting and deciding to recommend retaining the Sub-Adviser as a sub-adviser to the Fund, including the due diligence undertaken with respect to the Sub-Adviser's compliance and risk management capabilities.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by the Sub-Adviser to the Fund and its shareholders.

**Fund Performance** 

Because the Sub-Adviser has not yet managed any assets of the Fund, the Board concluded that the Fund's current performance was not a relevant factor in its consideration of the Sub-advisory Agreement. Notwithstanding, the Board considered the historic performance of a composite for the Sub-Adviser that employs the same emerging markets focused value strategy that is expected to be employed for the sleeve of the Fund that the Sub-Adviser is proposed to manage.

**Comparative Fees and Expenses** 

The Board reviewed and considered information regarding the sub-advisory fee to be paid to the Sub-Adviser (Sub-Advisory Fee). The Board received confirmation that the Sub-Advisory Fee will be paid by the Adviser to the Sub-Adviser and is not an additional fee to be borne by the Fund. The Board noted that the Sub-Advisory Fee to be paid by the Adviser to the Sub-Adviser was the product of arm's-length negotiations between the Adviser and the Sub-Adviser. The Board concluded that the Sub-Advisory Fee is reasonable based on the information provided.

**Profitability and Economies of Scale** 

The Board reviewed and considered information it received at the Meeting regarding the expected impact of retaining the Sub-Adviser on the profitability of the Adviser consistent with the conditions of the Order. The Board determined that its conclusions regarding profitability and economies of scale reached in connection with the September 2025 annual contract renewal of the existing investment management agreement with the Adviser had not changed as a result of the proposal to approve the Sub-advisory Agreement.

**Conclusion** 

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the Sub-advisory Agreement for an initial two-year period.

84<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Investment Adviser** 

U.S. Bancorp Asset Management, Inc.

800 Nicollet Mall

Minneapolis, MN 55402

**Distributor** 

U.S. Bancorp Investments, Inc.

60 Livingston Avenue

EP-MN-WN3C

Saint Paul, MN 55107

**Custodian** 

U.S. Bank, National Association

425 Walnut Street

Cincinnati, Ohio 45202

**Administrator & Transfer Agent** 

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

**Independent Registered Public Accounting Firm** 

Ernst & Young LLP

2005 Market Street, Suite 700

Philadelphia, Pennsylvania 19103

**Legal Counsel** 

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania 19103

**PFM Multi-Manager Series Trust** 

213 Market Street

Harrisburg, Pennsylvania 17101

1.800.527.5412 &nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form N-CSR.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

The information is disclosed as part of the Financial Statements and Financial Highlights included in Item 7(a) of this Form N-CSR.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

The information is disclosed as part of the Financial Statements and Financial Highlights included in Item 7(a) of this Form N-CSR.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's Board, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that
 the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended
 (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report, based
 on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b)
 or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

(a) Not applicable.

(b) Not applicable.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not applicable.

(b) Not applicable.

**<u>Item 19. Exhibits.</u>**

 

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [The Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2, is attached hereto.](pmmst-efp18770_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (3) [Certifications of the principal executive officer and principal financial and accounting officer of the Registrant, as required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002, are attached hereto.](pmmst-efp18770_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (5) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications of the principal executive officer and principal financial and accounting officer of the Registrant, as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002, are attached hereto.](pmmst-efp18770_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) PFM Multi-Manager
 Series Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Valentine James Link, Jr. |
|  | Valentine James Link, Jr. |
|  | President (Principal Executive Officer) |

---

Date <u> 12/5/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Valentine James Link, Jr. |
|  | Valentine James Link, Jr. |
|  | President (Principal Executive Officer) |

---

Date <u> 12/5/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Patrick Carmody |
|  | Patrick Carmody |
|  | Treasurer (Principal Financial Officer) |

---

Date <u> 12/5/2025</u>

## Ex-99.Codeeth

**EX.99.CODE ETH**

**PFM MULTI-MANAGER SERIES TRUST**

**(the "Trust")**

**<u>Code of Ethics for Principal Executive and Senior Financial Officers</u>**

**I. Covered Officers/Purpose of the Code**

This Code of Ethics (the "Code") is intended to serve as the Code of Ethics described in Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall apply to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers," each of whom is named in Exhibit A attached hereto), consistent with and in furtherance of their fiduciary duties, and for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files
with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest has the potential to interfere with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Covered Officers must avoid conduct that conflicts or appears to conflict, with their duties to the Trust. All Covered Officers should conduct themselves such that any reasonable observer would have no grounds for belief that a conflict of interest has not been appropriately addressed and resolved. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the programs and procedures or code of ethics of the Trust (adopted under Rule 17j-1 of the Investment Company Act of 1940, as amended (the "1940 Act")) or the Trust's investment adviser or a sub-adviser.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or the investment adviser), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should be properly disclosed to the Trust and resolved by persons who do not have a personal interest.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationship improperly to influence investment decisions
or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust or a series of
the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trust or a series of the Trust to take action, or fail to take action, for the improper personal
benefit of the Covered Officer rather than the benefit of the Trust or a series of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for
reports that are made in good faith of actual or of potential violations by the Trust or a series of the Trust or such affiliated persons
of applicable rules and regulations.

Questions regarding whether a particular situation may potentially create a conflict of interest for the Covered Officer prohibited under this Code or otherwise may be discuss with the Trust's Chief Compliance Officer. The Chief Compliance Officer is authorized to consult, as appropriate with the Chairman of the Audit Committee of the Board, counsel to the Funds and counsel to the Board members who are not "interested persons" of the Funds as defined in the 1940 Act ("Independent Trustees") and is encouraged to do so. Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director or trustee on the Board of a private or publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accepting directly or indirectly investment opportunities, gifts or other gratuities from individuals
conducting or seeking to conduct business with the Trust or the Trust's investment adviser or a sub-adviser. However, Covered Officers
may accept gifts from a single giver in aggregate amounts not exceeding $100, and may attend business meals, sporting events and other
entertainment events at the expense of a giver as long as the expense is reasonable and both the giver(s) and the Covered Officer(s) are
present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any direct or indirect ownership interest in, financial relationships with, or any consulting or employment
relationship with, any of the Trust's service providers; and

a direct or indirect financial interest in commissions, transaction charges or spreads paid by a series of the Trust for effecting portfolio transactions or for selling or redeeming shares.

III. Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Trust and should understand the Trust's Disclosure Controls and Procedures and Internal Control over Financial
Reporting policy and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should not knowingly or negligently misrepresent, or cause others to misrepresent,
facts about the Trust to others, whether within or outside the Trust, including to the Trust's Board, Audit Committee and independent
auditors, and to governmental regulators, self-regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult
with other officers and employees of the Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the
Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote and encourage professional integrity in all
aspects of the Trust 's operations.

IV. Reporting and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon becoming a Covered Officer) and receipt of this Code) sign and return a report in the form of Exhibit
B to the Trust's Chief Compliance Officer affirming that he or she has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually sign and return a report in the form of Exhibit C to the Trust's Chief Compliance Officer
affirming that he or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any employee or Covered Officer for reports of potential violations that are made
in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trust's Chief Compliance Officer promptly if he or she knows of any violation of this
Code. Failure to do so is itself a violation of this Code.

The Trust's Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation, including any approvals or waivers sought by a Covered Officer.

The Chief Compliance Officer will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer will take all appropriate actions to investigate any potential violations
reported to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no
further action is required. In the event the violation is material in nature, the Chief Compliance Officer will report it to the Audit
Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Audit Committee believes is a violation of this Code will be reported to the full
Board at its next regular meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Board concurs that a violation has occurred, it will consider appropriate action, which may include
review of, and appropriate modifications to, applicable policies and procedures; notification to the appropriate personnel of the investment
adviser, a sub-adviser, administrator or their boards; and possible dismissal of the Covered Officer as an officer of the Trust. No Covered
Person will be disciplined for reporting a concern in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC
rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or the Trust's investment adviser or a sub-adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's code of ethics under Rule 17j-1 under the 1940 Act and the codes of ethics of the investment adviser and investment sub-adviser and the investment adviser's and investment sub-adviser's other policies and procedures are separate requirements applying to the Covered Officers and others and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons".

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust's Board, Trust's Audit Committee, Trust's Chief Compliance Officer, legal counsel to the Trust, legal counsel to the Independent Trustees, and such other person as approved by a majority of the Board of Trustees of the Trust, including a majority of the Independent Trustees.

VIII. Internal Use

The Code is intended solely for internal use by the Trust and does not constitute an admission, by or on behalf of Trust, as to any fact, circumstance or legal conclusion.

The Code, and any waivers thereto, and any amendments thereto, must be disclosed to the public in one of three ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) filing a copy of the Code as an exhibit to the Trust's Form N-CSR (annual report);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) posting the Code on the Trust's website and disclosing on Form N-CSR the website address and the
fact that the Code is posted there; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) providing an undertaking in the Trust's Form N-CSR to provide a copy of the
Code to any person, without charge upon request, and explaining the manner in which the request should be made.

Adopted: November 22, 2017; Amended September 27, 2023; Amended and Adopted September 25, 2024; Updated: September 26, 2025.

**EXHIBIT A**

Persons Covered by this Code of Ethics:

Valentine J. Link, Jr. (Principal Executive Officer)

Patrick Carmody (Principal Financial Officer)

Recipient of reports under Article IV (Reporting and Accountability):

Leo Karwejna (Chief Compliance Officer)

**EXHIBIT B**

**INITIAL CERTIFICATION FORM**

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of PFM Multi-Manager Series Trust, adopted November 22, 2017, and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:  

Please print your name here:  

Please date here:  

**EXHIBIT C**

**ANNUAL CERTIFICATION FORM**

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of PFM Multi-Manager Series Trust adopted November 22, 2017, (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of the Code during the period of<u> </u> through<u> </u> .

Please sign your name here:  

Please print your name here:  

Please date here:

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Valentine James Link, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PFM Multi-Manager Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ Valentine James Link, Jr. |
|  |  | Valentine James Link, Jr. |
|  |  | President (Principal Executive Officer) |
|  |  | PFM Multi-Manager Series Trust |

---

**<u>CERTIFICATIONS</u>**

I, Patrick Carmody, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PFM Multi-Manager Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ Patrick Carmody |
|  |  | Patrick Carmody |
|  |  | Treasurer (Principal Financial Officer) |
|  |  | PFM Multi-Manager Series Trust |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

I, Valentine James Link, Jr., President, and I, Patrick Carmody, Treasurer of the PFM Multi-Manager Series Trust (the "Registrant"), each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

---

| | |
|:---|:---|
| /s/ Valentine James Link, Jr. | /s/ Patrick Carmody |
| Valentine James Link, Jr. | Patrick Carmody |
| President (Principal Executive Officer) | Treasurer (Principal Financial Officer) |
| PFM Multi-Manager Series Trust | PFM Multi-Manager Series Trust |

---

Date: <u>12/5/2025</u> Date: <u>12/5/2025</u>