# EDGAR Filing Document

**Accession Number:** 0001696729
**File Stem:** 0001133228-26-008848
**Filing Date:** 2026-6
**Character Count:** 370404
**Document Hash:** bcf170448d9bff064bd2fb2b52dbaf64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008848.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001133228-26-008848

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23282
- **FILM NUMBER:** 261064416

**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'? 2026-02-24195150_FirstAmericanMulti-ManagerDomesticEquityFund_InstitutionalClass_TSRSemiAnnual

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**

**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**

**(800) 527-5412**

Registrant's telephone number, including area code

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

Date of reporting period: **March 31, 2026**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img368452_202504251403228.jpg) | **First American Multi-Manager Domestic** **Equity Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img368452_202504251403228.jpg) | Institutional Class \| FAEQX  | ![image](img132882_202504221927195.jpg) |
| ![image](img368452_202504251403228.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img132882_202504221927195.jpg) |

---

This semi-annual shareholder report contains important information about the First American Multi-Manager Domestic Equity Fund for the period of October 1, 2025 to March 31, 2026. 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $17 | 0.34% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $1171939260 |
| **Number of Holdings** | 204 |
| **Portfolio Turnover** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

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

![image](ts7346img003.jpg)

\*\* Percentages above are inclusive of underlying exposures within the iShares Russell 1000 ETF, PIMCO RAE US Small Fund and Schwab U.S. Large Cap ETF and may differ from percentages reflected in the Schedule of Investments.

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.

**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 1 TSR-SAR-71719T208

30.612.910.110.19.89.75.03.82.45.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img368454_202504251405497.jpg) | **First American Multi-Manager** **International Equity Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img368454_202504251405497.jpg) | Institutional Class \| FAIEX  | ![image](img132882_202504221927195.jpg) |
| ![image](img368454_202504251405497.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img132882_202504221927195.jpg) |

---

This semi-annual shareholder report contains important information about the First American Multi-Manager International Equity Fund for the period of October 1, 2025 to March 31, 2026. 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $30 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $922332876 |
| **Number of Holdings** | 423 |
| **Portfolio Turnover** | 46% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

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

![image](ts7348img003.jpg)

---

| | |
|:---|:---|
| **Region Breakdown\*\*** | **(%)** |
|  EM Asia  | 23.6% |
|  EMU  | 21.3% |
|  Pacific  | 18.9% |
|  Europe ex EMU  | 18.0% |
|  North America  | 7.4% |
|  EM Latin America  | 4.2% |
|  EM Europe, Middle East & Africa  | 3.5% |
|  Middle East  | 1.0% |
|  Cash Equivalents and Other  | 2.1% |

---

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

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.

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

------

**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 2 TSR-SAR-71719T505

22.016.015.29.28.66.16.15.94.66.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img368453_202504251404885.jpg) | **First American Multi-Manager** **Fixed-Income Fund**  | ![image](img132882_202504221927195.jpg) |
| ![image](img368453_202504251404885.jpg) | Institutional Class \| FAFIX  | ![image](img132882_202504221927195.jpg) |
| ![image](img368453_202504251404885.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img132882_202504221927195.jpg) |

---

This semi-annual shareholder report contains important information about the First American Multi-Manager Fixed-Income Fund for the period of October 1, 2025 to March 31, 2026. 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $24 | 0.47% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $1566629596 |
| **Number of Holdings** | 2089 |
| **Portfolio Turnover** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

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

![image](ts7347img003.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.

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 1 TSR-SAR-71719T802

28.727.822.410.24.52.81.71.10.8 ------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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 and affiliated 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 Management Investment Companies.</u>**

(a) ![](first_american_funds_bc_02.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** 

Semi-Annual Financial Statements and Additional Information

March 31, 2026 (unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Domestic Equity Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager International Equity Fund](#soi2) | [5](#soi2) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Fixed-Income Fund](#soi3) | [14](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [61](#sal) |
| [Statements of Operations](#sop) | [62](#sop) |
| [Statements of Changes in Net Assets](#scna) | [63](#scna) |
| [Financial Highlights](#fihi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Domestic Equity Fund](#fihi1) | [65](#fihi1) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager International Equity Fund](#fihi2) | [66](#fihi2) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Fixed-Income Fund](#fihi3) | [67](#fihi3) |
| [Notes to Financial Statements](#note) | [68](#note) |
| [Other Information (unaudited)](#info) | [80](#info) |

---

------

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

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

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — 21.7%** | **COMMON STOCKS — 21.7%** |  |
| **COMMUNICATION SERVICES — 2.1%** | **COMMUNICATION SERVICES — 2.1%** |  |
| Alphabet, Inc. - Class A  | 25296 | $7274118  |
| Alphabet, Inc. - Class C  | 20875 | 5988203  |
| AT&T, Inc.  | 32060 | 929419  |
|  Charter Communications, Inc. - Class A<sup>(b)(c)</sup> | 961 | 207461  |
| Meta Platforms, Inc. - Class A  | 12657 | 7241449  |
| Netflix, Inc.<sup>(b)</sup> | 21125 | 2031169  |
|  New York Times Co. (The) - Class A  | 4389 | 367491  |
| Universal Music Group NV  | 9364 | 181570  |
| Walt Disney Co.  | 8140 | 784533  |
| &nbsp;&nbsp;&nbsp; **Total Communication** <br>**Services** |  | 25005413  |
| **CONSUMER DISCRETIONARY — 2.3%** | **CONSUMER DISCRETIONARY — 2.3%** |  |
| ADT, Inc.  | 26686 | 175327  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 936 | 118198  |
| Amazon.com, Inc.<sup>(b)</sup> | 44244 | 9214698  |
| Best Buy Co., Inc.  | 4865 | 312333  |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 4415 | 646179  |
| Cava Group, Inc.<sup>(b)(c)</sup> | 6310 | 510479  |
| eBay, Inc.  | 2692 | 245026  |
| General Motors Co.<sup>(c)</sup> | 30215 | 2251018  |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. - <br>Class B  | 191 | 201937  |
| Hilton Worldwide Holdings, Inc.  | 2766 | 841085  |
| Home Depot, Inc. (The)  | 6171 | 2029580  |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, <br>Inc.<sup>(b)</sup> | 41315 | 1113026  |
| Lowe's Cos., Inc.<sup>(c)</sup> | 5056 | 1194632  |
|  Marriott International, Inc./MD - Class A<sup>(c)</sup> | 5823 | 1904529  |
| McDonald's Corp.  | 2324 | 722276  |
| Mohawk Industries, Inc.<sup>(b)(c)</sup> | 1722 | 169548  |
| NIKE, Inc. - Class B  | 3732 | 197124  |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 18288 | 1688165  |
| PulteGroup, Inc.<sup>(c)</sup> | 6898 | 811274  |
| Tesla, Inc.<sup>(b)</sup> | 5635 | 2094811  |
| Vail Resorts, Inc.  | 1543 | 197998  |
| Viking Holdings Ltd.<sup>(b)</sup> | 9800 | 720104  |
| &nbsp;&nbsp;&nbsp; **Total Consumer** <br>**Discretionary** |  | 27359347  |
| **CONSUMER STAPLES — 1.1%**<br>|  |  |
| Casey's General Stores, Inc.<sup>(c)</sup> | 572 | 416336  |
| Coca-Cola Co. (The)  | 19178 | 1458487  |
| Costco Wholesale Corp.  | 2849 | 2838829  |
| Darling Ingredients, Inc.<sup>(b)</sup> | 48440 | 2996014  |
| Hershey Co. (The)  | 1295 | 269218  |
| Keurig Dr Pepper, Inc.<sup>(c)</sup> | 12457 | 327993  |
| Kimberly-Clark Corp.  | 2330 | 224775  |
| Kroger Co.<sup>(c)</sup> | 3196 | 231263  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
|  Molson Coors Beverage Co. - Class B<sup>(c)</sup> | 4920 | $211855  |
| &nbsp;&nbsp;&nbsp; Performance Food Group <br>Co.<sup>(b)</sup> | 4447 | 380930  |
| Procter & Gamble Co. (The)  | 5533 | 799186  |
| Target Corp.<sup>(c)</sup> | 3642 | 441410  |
| Turning Point Brands, Inc.  | 4425 | 384046  |
| Walmart, Inc.  | 11448 | 1422757  |
| **Total Consumer Staples** |  | 12403099  |
| **ENERGY — 0.7%**<br>|  |  |
| Antero Resources Corp.<sup>(b)</sup> | 59473 | 2524034  |
| Baker Hughes Co.  | 34855 | 2127898  |
| ConocoPhillips  | 6724 | 887568  |
| Exxon Mobil Corp.<sup>(c)</sup> | 10427 | 1769045  |
| Permian Resources Corp.  | 23460 | 500167  |
| Williams Cos., Inc. (The) | 4132 | 300727  |
| **Total Energy** |  | 8109439  |
| **FINANCIALS — 3.1%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(b)</sup> | 4580 | 209855  |
| Ameriprise Financial, Inc.<sup>(c)</sup> | 5823 | 2587741  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br>Inc.  | 7761 | 864731  |
| Arch Capital Group Ltd.<sup>(b)</sup> | 7539 | 723669  |
| Assured Guaranty Ltd.  | 2973 | 242240  |
| Axos Financial, Inc.<sup>(b)</sup> | 12940 | 1101065  |
| Bank of America Corp.  | 63088 | 3075540  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon <br>Corp. (The)  | 10857 | 1287966  |
|  Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 4244 | 2033725  |
| Blackrock, Inc.  | 683 | 656848  |
| &nbsp;&nbsp;&nbsp; Chime Financial, Inc. - <br>Class A<sup>(b)</sup> | 15455 | 289472  |
| Chubb Ltd.  | 8618 | 2808865  |
| Citigroup, Inc.  | 15042 | 1705913  |
|  Coinbase Global, Inc. - Class A<sup>(b)</sup> | 1645 | 287233  |
| Fifth Third Bancorp  | 6732 | 312769  |
|  Goldman Sachs Group, Inc. (The)  | 2766 | 2340008  |
| Intercontinental Exchange, Inc. | 13975 | 2197988  |
| Jefferies Financial Group, Inc. | 2034 | 83943  |
| JPMorgan Chase & Co.  | 15719 | 4623901  |
| KKR & Co., Inc.  | 4015 | 371387  |
| Mastercard, Inc. - Class A  | 4389 | 2193008  |
| Morgan Stanley  | 2386 | 392664  |
| Palomar Holdings, Inc.<sup>(b)</sup> | 5410 | 646495  |
| PicS NV<sup>(b)</sup> | 2853 | 29814  |
| Raymond James Financial, Inc. | 7847 | 1136167  |
|  Starwood Property Trust, Inc. REIT | 19249 | 331468  |
| UMB Financial Corp.<sup>(c)</sup> | 4559 | 514210  |
| Visa, Inc. - Class A<sup>(c)</sup> | 9151 | 2765798  |
| **Total Financials** |  | 35814483  |

---

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

1<br>

------

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **HEALTH CARE — 2.7%**<br>|  |  |
| AbbVie, Inc.  | 5056 | $1099629  |
|  Adaptive Biotechnologies Corp.<sup>(b)</sup> | 105121 | 1459079  |
| Alignment Healthcare, Inc.<sup>(b)</sup> | 26170 | 461115  |
| Amgen, Inc.  | 1132 | 398294  |
| Artivion, Inc.<sup>(b)</sup> | 18025 | 660076  |
| AstraZeneca PLC  | 1912 | 377085  |
| AtriCure, Inc.<sup>(b)</sup> | 26375 | 752479  |
| Becton Dickinson & Co.<sup>(c)</sup> | 1378 | 216663  |
|  Bio-Rad Laboratories, Inc. - Class A<sup>(b)(c)</sup> | 917 | 255614  |
| Bio-Techne Corp.<sup>(c)</sup> | 33440 | 1747574  |
| Boston Scientific Corp.<sup>(b)</sup> | 15682 | 984045  |
| Cigna Group (The)<sup>(c)</sup> | 2974 | 793315  |
| Cogent Biosciences, Inc.<sup>(b)(c)</sup> | 11820 | 454952  |
| CVS Health Corp.  | 5917 | 424959  |
| Dexcom, Inc.<sup>(b)</sup> | 15177 | 953116  |
| Eli Lilly & Co.  | 3518 | 3235751  |
| Glaukos Corp.<sup>(b)</sup> | 7505 | 807988  |
| Guardant Health, Inc.<sup>(b)</sup> | 35611 | 3289388  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(b)</sup> | 2366 | 89104  |
| HCA Healthcare, Inc.  | 547 | 258862  |
| Hinge Health, Inc. - Class A<sup>(b)</sup> | 15855 | 611369  |
| Immunome, Inc.<sup>(b)(c)</sup> | 12289 | 268760  |
| Johnson & Johnson  | 5057 | 1236133  |
|  Kestra Medical Technologies Ltd.<sup>(b)</sup> | 25055 | 499346  |
| McKesson Corp.  | 1280 | 1107661  |
| Medline, Inc. - Class A<sup>(b)(c)</sup> | 1432 | 63724  |
| Medtronic PLC  | 2269 | 196609  |
| Merck & Co., Inc.  | 7729 | 929721  |
| &nbsp;&nbsp;&nbsp; PROCEPT BioRobotics <br>Corp.<sup>(b)</sup> | 7640 | 191076  |
| Regeneron Pharmaceuticals, Inc.  | 589 | 455085  |
| Repligen Corp.<sup>(b)</sup> | 6955 | 819438  |
| Tempus AI, Inc. - Class A<sup>(b)</sup> | 9456 | 427600  |
| Tenet Healthcare Corp.<sup>(b)</sup> | 2922 | 551411  |
| Thermo Fisher Scientific, Inc.  | 3999 | 1965628  |
| Twist Bioscience Corp.<sup>(b)</sup> | 17000 | 807840  |
| UnitedHealth Group, Inc.  | 2759 | 746558  |
| Vericel Corp.<sup>(b)</sup> | 31580 | 1015929  |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, <br>Inc.<sup>(b)(c)</sup> | 2714 | 1211910  |
| **Total Health Care** |  | 31824886  |
| **INDUSTRIALS — 2.1%**<br>|  |  |
| AMETEK, Inc.  | 11780 | 2525161  |
| API Group Corp.<sup>(b)</sup> | 25465 | 1031842  |
| Boeing Co. (The)<sup>(b)(c)</sup> | 3451 | 686852  |
|  Cardinal Infrastructure Group, Inc. - Class A<sup>(b)</sup> | 12815 | 508179  |
|  Casella Waste Systems, Inc. - Class A<sup>(b)</sup> | 11815 | 937402  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| CECO Environmental Corp.<sup>(b)</sup> | 17085 | &nbsp;&nbsp; $1017924  |
| Cintas Corp.  | 1050 | &nbsp;&nbsp; 177597  |
| Deere & Co.<sup>(c)</sup> | 762 | &nbsp;&nbsp; 429234  |
| FedEx Corp.  | 1354 | &nbsp;&nbsp; 482268  |
| GE Vernova, Inc.  | 214 | &nbsp;&nbsp; 186801  |
| General Electric Co.  | 4329 | &nbsp;&nbsp; 1228440  |
| Honeywell International, Inc.  | 7587 | &nbsp;&nbsp; 1714890  |
| Loar Holdings, Inc.<sup>(b)</sup> | 10430 | &nbsp;&nbsp; 597535  |
| Modine Manufacturing Co.<sup>(b)</sup> | 2575 | &nbsp;&nbsp; 558028  |
| Nextpower, Inc. - Class A<sup>(b)</sup> | 6485 | &nbsp;&nbsp; 781767  |
| Norfolk Southern Corp.  | 6949 | &nbsp;&nbsp; 1994363  |
| Northrop Grumman Corp.  | 762 | &nbsp;&nbsp; 519867  |
| Otis Worldwide Corp.<sup>(c)</sup> | 11544 | &nbsp;&nbsp; 889811  |
| Owens Corning<sup>(c)</sup> | 1115 | &nbsp;&nbsp; 120665  |
| RTX Corp.  | 2958 | &nbsp;&nbsp; 570598  |
| Snap-on, Inc.<sup>(c)</sup> | 572 | &nbsp;&nbsp; 207762  |
| Southwest Airlines Co.<sup>(c)</sup> | 24807 | &nbsp;&nbsp; 931999  |
| SPX Technologies, Inc.<sup>(b)</sup> | 3834 | &nbsp;&nbsp; 766570  |
| Trane Technologies PLC  | 5666 | &nbsp;&nbsp; 2361249  |
| Transcat, Inc.<sup>(b)</sup> | 7555 | &nbsp;&nbsp; 554915  |
| Union Pacific Corp.  | 4932 | &nbsp;&nbsp; 1196602  |
| United Rentals, Inc.<sup>(c)</sup> | 721 | &nbsp;&nbsp; 525292  |
| VSE Corp.  | 5476 | &nbsp;&nbsp; 1009774  |
| **Total Industrials** |  | &nbsp;&nbsp; 24513387  |
| **INFORMATION TECHNOLOGY — 6.4%** | **INFORMATION TECHNOLOGY — 6.4%** |  |
| Adobe, Inc.<sup>(b)</sup> | 765 | &nbsp;&nbsp; 185956  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 558 | &nbsp;&nbsp; 113514  |
| Amphenol Corp. - Class A  | 10722 | &nbsp;&nbsp; 1354725  |
| Analog Devices, Inc.<sup>(c)</sup> | 6895 | &nbsp;&nbsp; 2193575  |
| Apple, Inc.  | 57892 | &nbsp;&nbsp; 14692411  |
| Applied Materials, Inc.  | 6852 | &nbsp;&nbsp; 2341945  |
| Broadcom, Inc.  | 27829 | &nbsp;&nbsp; 8613354  |
| Cisco Systems, Inc.  | 18320 | &nbsp;&nbsp; 1421449  |
| Coherent Corp.<sup>(b)</sup> | 2284 | &nbsp;&nbsp; 544072  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 3170 | &nbsp;&nbsp; 1237600  |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 8740 | &nbsp;&nbsp; 749717  |
| Fabrinet<sup>(b)(c)</sup> | 1794 | &nbsp;&nbsp; 935607  |
| Fastly, Inc. - Class A<sup>(b)</sup> | 9465 | &nbsp;&nbsp; 275053  |
| Gartner, Inc.<sup>(b)</sup> | 803 | &nbsp;&nbsp; 127147  |
| Intapp, Inc.<sup>(b)</sup> | 3124 | &nbsp;&nbsp; 80256  |
| Intel Corp.<sup>(b)</sup> | 4803 | &nbsp;&nbsp; 211956  |
|  International Business Machines Corp.  | 2159 | &nbsp;&nbsp; 523320  |
| Lam Research Corp.  | 11258 | &nbsp;&nbsp; 2405384  |
| Lattice Semiconductor Corp.<sup>(b)</sup> | 7980 | &nbsp;&nbsp; 740225  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(b)</sup> | 2756 | &nbsp;&nbsp; 612025  |
| Micron Technology, Inc.  | 884 | &nbsp;&nbsp; 298651  |
| Microsoft Corp.  | 31204 | &nbsp;&nbsp; 11550785  |
| Novanta, Inc.<sup>(b)(c)</sup> | 8255 | &nbsp;&nbsp; 974998  |
| NVIDIA Corp.  | 92214 | &nbsp;&nbsp; 16082122  |
| Oracle Corp.  | 8898 | &nbsp;&nbsp; 1308985  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **INFORMATION TECHNOLOGY — (continued)** | **INFORMATION TECHNOLOGY — (continued)** | **INFORMATION TECHNOLOGY — (continued)** |
|  Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 2319 | $339223  |
| Qnity Electronics, Inc.  | 2182 | 251759  |
| QUALCOMM, Inc.  | 4198 | 540618  |
| Rambus, Inc.<sup>(b)</sup> | 6835 | 588015  |
| Salesforce, Inc.  | 3222 | 601451  |
| ServiceNow, Inc.<sup>(b)</sup> | 1070 | 111869  |
| ServiceTitan, Inc. - Class A<sup>(b)(c)</sup> | 4485 | 284618  |
| &nbsp;&nbsp;&nbsp; Silicon Motion Technology <br>Corp. - ADR  | 1405 | 157767  |
| SiTime Corp.<sup>(b)</sup> | 1988 | 686556  |
| Synopsys, Inc.<sup>(b)</sup> | 2681 | 1062963  |
| Twilio, Inc. - Class A<sup>(b)</sup> | 4970 | 625325  |
| Tyler Technologies, Inc.<sup>(b)(c)</sup> | 767 | 262605  |
| **Total Information Technology** |  | 75087601  |
| **MATERIALS — 0.3%**<br>|  |  |
| Amcor PLC<sup>(c)</sup> | 6779 | 269465  |
| Avery Dennison Corp.<sup>(c)</sup> | 10671 | 1842668  |
| DuPont de Nemours, Inc.  | 4523 | 207153  |
| Eastman Chemical Co.  | 1810 | 138139  |
| Freeport-McMoRan, Inc.  | 12657 | 743979  |
| Nucor Corp.  | 3548 | 599967  |
| **Total Materials** |  | 3801371  |
| **REAL ESTATE — 0.4%**<br>|  |  |
| AH Realty Trust, Inc. REIT | 35303 | 194166  |
| CBRE Group, Inc. - Class A<sup>(b)</sup> | 10146 | 1374377  |
| CoStar Group, Inc.<sup>(b)(c)</sup> | 3287 | 132598  |
| FirstService Corp.  | 5080 | 705815  |
|  Gaming and Leisure Properties, Inc. REIT  | 20279 | 899779  |
| Prologis, Inc. REIT  | 8405 | 1110973  |
| **Total Real Estate** |  | 4417708  |
| **UTILITIES — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., <br>Inc. | 8457 | 1150913  |
| Constellation Energy Corp.  | 2910 | 812618  |
| NextEra Energy, Inc.  | 23089 | 2144506  |
| NRG Energy, Inc.  | 6675 | 975485  |
| PG&E Corp.  | 59823 | 1051090  |
| **Total Utilities** |  | 6134612  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $214,194,924)** |  | 254471346  |
| **EXCHANGE-TRADED FUNDS — 75.1%** | **EXCHANGE-TRADED FUNDS — 75.1%** |  |
| iShares Russell 1000 ETF  | 4933 | 1758911  |
| &nbsp;&nbsp;&nbsp; Schwab US Large-Cap <br>ETF<sup>(a)</sup> | 34267244 | 878612136  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $742,920,709)** |  | 880371047 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **MUTUAL FUNDS — 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; PIMCO RAE US Small Fund - Institutional Class <br>(Cost $25,600,534) | 2314960 | $27200782  |
| **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** |  |
|  BlackRock Liquidity FedFund - Institutional Class, 3.55%<sup>(e)</sup> (Cost $15,697,214) | 15697214 | 15697214  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS** <br>**FROM SECURITIES LENDING — 1.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS** <br>**FROM SECURITIES LENDING — 1.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS** <br>**FROM SECURITIES LENDING — 1.9%** |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, LLC, 3.78%<sup>(e)(f)</sup> <br>(Cost $22,073,722) | 22073722 | 22073722 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 102.4%** <br>**(Cost $1,020,487,103)** |  | $1199814111  |
|  **OTHER ASSETS AND LIABILITIES, NET — (2.4)%** |  | (27874851)  |
| **NET ASSETS — 100.0%** |  | $1171939260 |

---

<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> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $22,137,834.

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

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2026.

<sup>(f)</sup> Affiliated security as defined by the Investment Company Act of 1940, as amended.

ADR American Depositary Receipt

ETF Exchange-Traded Fund

REIT Real Estate Investment Trust

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(concluded)** 

**March 31, 2026 (unaudited)** 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026 (see Note 2 to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $254289776 | $181570 | $— | $254471346  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 880371047 |  |  | 880371047  |
| &nbsp;&nbsp;&nbsp; Mutual Funds | 27200782 |  |  | 27200782  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15697214 |  |  | 15697214  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 22073722  |
| **Total Investments** | $1177558819 | $181570 | $— | $1199814111 |

---

\* See Schedule of Investments for additional detailed categorizations.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $22,073,722 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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

4<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — 48.2%** | **COMMON STOCKS — 48.2%** |  |
| **Australia — 0.9%**<br>|  |  |
| Aeris Resources Ltd.<sup>(a)</sup> | 199327 | $55685  |
| ANZ Group Holdings Ltd.  | 28559 | 717925  |
| Aristocrat Leisure Ltd.  | 85311 | 2710701  |
| BHP Group Ltd.  | 20037 | 732116  |
| BlueScope Steel Ltd.  | 5525 | 98261  |
| Brambles Ltd.  | 137834 | 2153785  |
| Capricorn Metals Ltd.  | 11583 | 92216  |
| Cogstate Ltd.  | 15498 | 23280  |
| GR Engineering Services Ltd.  | 29714 | 80153  |
| Horizon Oil Ltd.  | 215936 | 41612  |
| Macmahon Holdings Ltd.  | 136065 | 67807  |
| Orica Ltd.  | 8841 | 123738  |
| Origin Energy Ltd.  | 34655 | 296009  |
| Pro Medicus Ltd.  | 4170 | 344508  |
| Regis Resources Ltd.  | 17444 | 83502  |
| South32 Ltd.  | 91848 | 276088  |
| Whitehaven Coal Ltd.  | 13388 | 84610  |
| **Total Australia** |  | 7981996  |
| **Austria — 0.6%**<br>|  |  |
| Erste Group Bank AG  | 49459 | 5344355  |
| Fabasoft AG  | 1638 | 20522  |
| Palfinger AG  | 231 | 9128  |
| &nbsp;&nbsp;&nbsp; Raiffeisen Bank International <br>AG  | 9646 | 412604  |
| Zumtobel Group AG  | 1953 | 8593  |
| **Total Austria** |  | 5795202  |
| **Belgium — 0.4%**<br>|  |  |
| Groupe Bruxelles Lambert NV | 196 | 17717  |
| Home Invest Belgium SA  | 1112 | 23716  |
| KBC Group NV  | 5488 | 670879  |
| UCB SA  | 11409 | 3436533  |
| **Total Belgium** |  | 4148845  |
| **Brazil — 1.4%**<br>|  |  |
| Ambev SA  | 418600 | 1232401  |
| B3 SA - Brasil Bolsa Balcao  | 231900 | 823761  |
| Banco BTG Pactual SA  | 107655 | 1175718  |
| Banco do Brasil SA  | 160500 | 714524  |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo <br>SABESP - ADR  | 158685 | 4841481  |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 83377 | 2553359  |
| Natura Cosmeticos SA<sup>(a)</sup> | 465000 | 933618  |
| Vale SA  | 43600 | 694169  |
| **Total Brazil** |  | 12969031  |
| **Britain — 6.1%**<br>|  |  |
|  accesso Technology Group PLC<sup>(a)</sup> | 6576 | 21426  |
| AstraZeneca PLC  | 2712 | 534861  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| AstraZeneca PLC  | 25977 | $5073745  |
| Babcock International Group PLC  | 292242 | 4501547  |
| Barclays PLC - ADR  | 52328 | 1107260  |
| BP PLC - ADR  | 35700 | 1677900  |
| British American Tobacco PLC | 38980 | 2270597  |
| Centrica PLC  | 25486 | 71683  |
|  Coca-Cola Europacific Partners PLC  | 22300 | 2021941  |
| Convatec Group PLC<sup>(b)</sup> | 616398 | 1772446  |
| Diageo PLC  | 49700 | 923435  |
| dotdigital group PLC  | 46816 | 29077  |
| &nbsp;&nbsp;&nbsp; EKF Diagnostics Holdings <br>PLC<sup>(a)</sup> | 3419 | 1131  |
| Endeavour Mining PLC  | 636 | 38503  |
| GSK PLC - ADR  | 28081 | 1549790  |
| GSK PLC  | 154639 | 4240926  |
| Gym Group PLC<sup>(a)(b)</sup> | 7912 | 18366  |
| Haleon PLC - ADR  | 240689 | 2409297  |
| Haleon PLC  | 342300 | 1694350  |
| Halfords Group PLC  | 21670 | 37196  |
| Imperial Brands PLC  | 666 | 27106  |
| Kingfisher PLC  | 28016 | 105238  |
| NatWest Group PLC  | 119288 | 885118  |
| Next PLC  | 270 | 45532  |
| Odfjell Technology Ltd.  | 1907 | 14528  |
| RELX PLC  | 64577 | 2129039  |
| Rentokil Initial PLC  | 620546 | 3858302  |
| Rolls-Royce Holdings PLC  | 722494 | 11033100  |
| Speedy Hire PLC  | 27025 | 8085  |
| Standard Chartered PLC  | 27967 | 580810  |
| TechnipFMC PLC  | 30690 | 2121600  |
| Tesco PLC  | 400000 | 2522118  |
| Unilever PLC  | 18000 | 1014421  |
| Wise PLC - Class A<sup>(a)</sup> | 135000 | 1620295  |
| **Total Britain** |  | 55960769  |
| **Canada — 2.4%**<br>|  |  |
| Aecon Group, Inc.  | 1900 | 57105  |
| B2Gold Corp.  | 8700 | 39526  |
| Bonterra Energy Corp.<sup>(a)</sup> | 4600 | 21692  |
| Brookfield Corp.  | 70500 | 2856793  |
| Brookfield Corp.  | 80000 | 3237600  |
| Cameco Corp.<sup>(c)</sup> | 25000 | 2715250  |
| Cameco Corp.  | 30700 | 3338578  |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources <br>Ltd.  | 80000 | 3902523  |
| Capstone Copper Corp.<sup>(a)</sup> | 5600 | 42228  |
| Centerra Gold, Inc.  | 9100 | 161839  |
| CES Energy Solutions Corp. | 2100 | 27792  |
|  Constellation Software, Inc./Canada  | 2300 | 4037508  |
| Dexterra Group, Inc.  | 2275 | 19854  |
| Dynacor Group, Inc.  | 5600 | 23590  |
| Fortuna Mining Corp.<sup>(a)</sup> | 20224 | 201062  |
| Hudbay Minerals, Inc.  | 10900 | 228249  |

---

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(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **CANADA — (continued)** | **CANADA — (continued)** | **CANADA — (continued)** |
| Kinaxis, Inc.<sup>(a)</sup> | 600 | $60556  |
| Kinross Gold Corp.  | 30183 | 922783  |
| Martinrea International, Inc.  | 6179 | 41486  |
| Melcor Developments Ltd.  | 2000 | 26123  |
| Polaris Renewable Energy, Inc. | 8200 | 72209  |
| Russel Metals, Inc.  | 3100 | 106966  |
| Suncor Energy, Inc.  | 2900 | 191812  |
| **Total Canada** |  | 22333124  |
| **China — 3.1%**<br>|  |  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 22160 | 2469067  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 34250 | 476154  |
|  Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A  | 277800 | 620395  |
| Carpenter Tan Holdings Ltd.  | 41500 | 39667  |
| China Hongqiao Group Ltd.  | 642000 | 2924802  |
|  China Merchants Bank Co., Ltd. - Class A  | 164700 | 939876  |
|  China Xinhua Education Group Ltd.<sup>(a)(b)</sup> | 150000 | 11209  |
|  Contemporary Amperex Technology Co., Ltd. - Class A  | 55657 | 3262247  |
|  Haier Smart Home Co., Ltd. - Class H  | 327400 | 873534  |
| Kanzhun Ltd. - ADR  | 109290 | 1463393  |
|  Natural Food International Holding Ltd.  | 174681 | 33220  |
| &nbsp;&nbsp;&nbsp; New Hope Service Holdings <br>Ltd.  | 71000 | 17390  |
|  Ping An Insurance Group Co. of China Ltd. - Class H  | 77000 | 600475  |
|  Shenzhou International Group Holdings Ltd.  | 115200 | 700151  |
| &nbsp;&nbsp;&nbsp; Sungrow Power Supply Co., <br>Ltd. - Class A  | 117671 | 2587219  |
| Tencent Holdings Ltd.  | 66400 | 4191958  |
|  Weichai Power Co., Ltd. - Class H  | 141000 | 502623  |
| &nbsp;&nbsp;&nbsp; WuXi AppTec Co., Ltd. - <br>Class A  | 173958 | 2492378  |
| &nbsp;&nbsp;&nbsp; Wuxi Biologics Cayman, <br>Inc.<sup>(a)(b)</sup> | 657500 | 2803133  |
| Xin Point Holdings Ltd.  | 34000 | 18713  |
|  Yangzijiang Shipbuilding Holdings Ltd.  | 172100 | 511392  |
|  Zhejiang Longsheng Group Co., Ltd. - Class A  | 23000 | 43672  |
| &nbsp;&nbsp;&nbsp; Zhongsheng Group Holdings <br>Ltd.  | 452500 | 479191  |
| ZTO Express Cayman, Inc.  | 40300 | 991134  |
| **Total China** |  | 29052993  |
| **Curacao — 0.1%**<br>|  |  |
| HAL Trust  | 2776 | 560977  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **Denmark — 0.3%**<br>|  |  |
| AP Moller - Maersk A/S - Class B  | 157 | $389086  |
| Carlsberg AS - Class B  | 887 | 110675  |
| Columbus A/S  | 1227 | 1870  |
| Genmab A/S<sup>(a)</sup> | 1103 | 295120  |
| Novo Nordisk A/S - ADR  | 63000 | 2315250  |
| Vestas Wind Systems A/S  | 1497 | 44821  |
| **Total Denmark** |  | 3156822  |
| **Finland — 0.1%**<br>|  |  |
| Aspo Oyj  | 1828 | 13314  |
| Detection Technology Oy  | 1758 | 18619  |
| Nokia Oyj - ADR  | 18389 | 147848  |
| Orion Oyj  | 309 | 25058  |
| Wartsila OYJ Abp  | 22113 | 826846  |
| **Total Finland** |  | 1031685  |
| **France — 2.5%**<br>|  |  |
| AKWEL SADIR  | 736 | 6038  |
| BNP Paribas SA  | 13744 | 1309273  |
| Bouygues SA  | 4886 | 281887  |
| CBo Territoria  | 4714 | 21544  |
|  Cie Generale des Etablissements Michelin SCA  | 38800 | 1321237  |
| Dassault Aviation SA  | 48 | 17803  |
| Eiffage SA  | 3500 | 537369  |
| Engie SA  | 14744 | 475352  |
| Gaztransport Et Technigaz SA | 723 | 168496  |
| Klepierre SA  | 11863 | 447131  |
| L'Oreal SA  | 2903 | 1190426  |
|  LVMH Moet Hennessy Louis Vuitton SE  | 2000 | 1111736  |
| Manitou BF SA  | 530 | 11939  |
| NRJ Group  | 1377 | 10888  |
| Orange SA  | 198339 | 4052534  |
| Safran SA  | 10988 | 3593566  |
| Sanofi SA  | 1145 | 110442  |
| Societe Generale SA  | 94023 | 6865225  |
| TotalEnergies SE  | 21400 | 1975941  |
| **Total France** |  | 23508827  |
| **Germany — 3.0%**<br>|  |  |
| Aumovio SE<sup>(a)</sup> | 1939 | 74895  |
| BASF SE  | 10302 | 623959  |
| Bayer AG  | 56100 | 2550378  |
| Continental AG  | 10124 | 695961  |
| E.ON SE  | 197222 | 4310658  |
| ElringKlinger AG  | 2058 | 11742  |
| Evotec SE<sup>(a)</sup> | 253490 | 1250321  |
| Fresenius SE & Co. KGaA  | 34289 | 1756447  |
| GEA Group AG  | 199 | 14063  |
| Gesco SE  | 1042 | 16619  |
| HOCHTIEF AG  | 950 | 417817  |
| IVU Traffic Technologies AG  | 352 | 7344  |
| KSB SE & Co. KGaA  | 26 | 28881  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **Germany — (continued)** | **Germany — (continued)** | **Germany — (continued)** |
| Leifheit AG  | 1203 | $20766  |
| M1 Kliniken AG  | 1141 | 19413  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 7400 | 4609699  |
| Nemetschek SE  | 18500 | 1361662  |
| Nordex SE<sup>(a)</sup> | 2157 | 113608  |
| Siemens Energy AG  | 52614 | 8659019  |
| Symrise AG  | 9200 | 778953  |
| Technotrans SE  | 922 | 28773  |
| thyssenkrupp AG  | 7642 | 65418  |
| Zeal Network SE  | 608 | 34393  |
| **Total Germany** |  | 27450789  |
| **Greece — 0.1%**<br>|  |  |
| Alpha Bank SA  | 324316 | 1204874  |
| **Hong Kong — 1.7%**<br>|  |  |
| AIA Group Ltd.  | 389400 | 4374461  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. - <br>ADR  | 17430 | 2186768  |
| Alibaba Group Holding Ltd.  | 64500 | 1015393  |
| Allied Group Ltd.<sup>(a)</sup> | 50000 | 17722  |
| Bank of East Asia Ltd. (The)  | 86000 | 143480  |
| Cathay Pacific Airways Ltd.  | 208000 | 297628  |
| Chen Hsong Holdings  | 38098 | 7862  |
|  China Overseas Land & Investment Ltd.  | 523500 | 777911  |
| &nbsp;&nbsp;&nbsp; Galaxy Entertainment Group <br>Ltd.  | 234000 | 1054930  |
| Giordano International Ltd.  | 128000 | 23868  |
| &nbsp;&nbsp;&nbsp; Intron Technology Holdings <br>Ltd.  | 90000 | 18704  |
| Jardine Matheson Holdings Ltd. | 3000 | 215359  |
| Johnson Electric Holdings Ltd. | 13000 | 39047  |
| KLN Logistics Group Ltd.  | 173038 | 146029  |
| Man Wah Holdings Ltd.  | 771200 | 426925  |
| Midland Holdings Ltd.<sup>(a)</sup> | 204000 | 73053  |
| Pacific Basin Shipping Ltd.  | 2398000 | 886643  |
| PAX Global Technology Ltd.  | 138000 | 75543  |
| PC Partner Group Ltd.  | 16000 | 11386  |
| Pico Far East Holdings Ltd.  | 264607 | 83999  |
|  Queen's Road Capital Investment Ltd.  | 1300 | 13008  |
| &nbsp;&nbsp;&nbsp; Sa Sa International Holdings <br>Ltd.  | 132000 | 12680  |
|  Singamas Container Holdings Ltd.  | 276253 | 21966  |
|  SITC International Holdings Co., Ltd.  | 116043 | 512296  |
| Techtronic Industries Co., Ltd. | 147521 | 1963599  |
| VTech Holdings Ltd.  | 3200 | 24169  |
| WH Group Ltd.<sup>(b)</sup> | 808500 | 1065348  |
| Yue Yuen Industrial Holdings Ltd.  | 233158 | 455442  |
| **Total Hong Kong** |  | 15945219  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **Hungary — 0.3%**<br>|  |  |
| MOL Hungarian Oil & Gas PLC  | 41084 | $488639  |
| OTP Bank Nyrt  | 7778 | 838686  |
| Richter Gedeon Nyrt  | 21845 | 780562  |
| Wizz Air Holdings PLC<sup>(a)(b)</sup> | 39614 | 465067  |
| **Total Hungary** |  | 2572954  |
| **India — 0.4%**<br>|  |  |
| Bharti Airtel Ltd.  | 49134 | 934180  |
| HDFC Bank Ltd.  | 89675 | 713039  |
| ICICI Bank Ltd. — ADR  | 27441 | 710722  |
| REC Ltd.  | 115981 | 375962  |
| UPL Ltd.  | 119318 | 720602  |
| **Total India** |  | 3454505  |
| **Indonesia — 0.1%**<br>|  |  |
|  Bank Rakyat Indonesia Persero Tbk PT  | 3989900 | 786296  |
| **Ireland — 0.4%**<br>|  |  |
| Accenture PLC - Class A  | 6400 | 1269056  |
| Experian PLC  | 31700 | 1101840  |
| Origin Enterprises PLC  | 8956 | 46527  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 10440 | 1066759  |
| **Total Ireland** |  | 3484182  |
| **Israel — 0.6%**<br>|  |  |
| Bank Hapoalim BM  | 10803 | 252859  |
| Bank Leumi Le-Israel BM  | 3238 | 72160  |
|  Check Point Software Technologies Ltd.<sup>(a)</sup> | 3244 | 463405  |
|  Israel Discount Bank Ltd. - Class A  | 5790 | 58053  |
| Nova Ltd.<sup>(a)</sup> | 583 | 253185  |
|  Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 148000 | 4457760  |
| Wix.com Ltd.<sup>(a)</sup> | 2559 | 230489  |
| **Total Israel** |  | 5787911  |
| **Italy — 1.3%**<br>|  |  |
| Cementir Holding NV  | 142880 | 2554578  |
| Emak SpA  | 21988 | 21230  |
| Eni SpA  | 33248 | 944124  |
| Leonardo SpA  | 3980 | 267330  |
| Lottomatica Group SpA  | 175000 | 5051254  |
| Piquadro SpA  | 6750 | 20283  |
| Snam SpA  | 40374 | 307066  |
| UniCredit SpA  | 38177 | 2750950  |
| **Total Italy** |  | 11916815  |
| **Japan — 6.0%**<br>|  |  |
| Advantest Corp.  | 5300 | 717067  |
| Aisin Corp.  | 11000 | 152270  |
| Astellas Pharma, Inc.  | 6100 | 99595  |
| CTS Co., Ltd.  | 4600 | 26404  |

---

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

7<br>

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **Japan — (continued)** | **Japan — (continued)** | **Japan — (continued)** |
|  Daihatsu Diesel Manufacturing Co., Ltd.  | 1600 | $21134  |
| Dai-Ichi Cutter Kogyo KK  | 2800 | 26278  |
| Daiichi Sankyo Co., Ltd.  | 9600 | 169253  |
| Daikin Industries Ltd.  | 9600 | 1164632  |
| Denso Corp.  | 32300 | 401039  |
| Eisai Co., Ltd.  | 28000 | 870161  |
| ENEOS Holdings, Inc.  | 102700 | 916482  |
| FANUC Corp.  | 31300 | 1090159  |
| Fast Retailing Co., Ltd.  | 5200 | 2069665  |
| GMO GlobalSign Holdings KK | 900 | 11051  |
| Halmek Holdings Co., Ltd.  | 1500 | 14477  |
| Hoya Corp.  | 400 | 68998  |
| Ichikoh Industries Ltd.  | 4900 | 15543  |
| ID Holdings Corp.  | 3200 | 19130  |
| Idemitsu Kosan Co., Ltd.  | 40300 | 391783  |
| JAC Recruitment Co., Ltd.  | 2200 | 11824  |
| Japan Exchange Group, Inc.  | 314500 | 3651617  |
| Japan Post Bank Co., Ltd.  | 12300 | 202361  |
| Japan Post Holdings Co., Ltd. | 82800 | 949935  |
| Japan Steel Works Ltd.  | 36600 | 1992916  |
| Kanamoto Co., Ltd.  | 900 | 24960  |
| Kawasaki Heavy Industries Ltd.  | 117500 | 2229454  |
| Kioxia Holdings Corp.<sup>(a)</sup> | 23000 | 2923901  |
| Kita-Nippon Bank Ltd. (The)  | 800 | 23294  |
| Kuriyama Holdings Corp.  | 900 | 10651  |
| Makiya Co., Ltd.  | 1100 | 8365  |
| Mazda Motor Corp.  | 52500 | 354419  |
| Mitsubishi Corp.  | 4200 | 144233  |
| Mitsubishi Heavy Industries Ltd. | 74200 | 2024128  |
|  Mitsubishi UFJ Financial Group, Inc.  | 28100 | 474768  |
| Mitsui Fudosan Co., Ltd.  | 130600 | 1382344  |
| Mizuho Financial Group, Inc.  | 125600 | 5013305  |
| MonotaRO Co., Ltd.  | 119000 | 1279281  |
| Murata Manufacturing Co., Ltd.  | 6900 | 154703  |
| Nanyo Corp.  | 1600 | 14663  |
| NEOJAPAN, Inc.  | 1600 | 16032  |
| Nippon Shinyaku Co., Ltd.  | 1700 | 55443  |
| Nomura Holdings, Inc.  | 32200 | 254689  |
| Ono Pharmaceutical Co., Ltd.  | 9900 | 158194  |
| Otsuka Holdings Co., Ltd.  | 22900 | 1616433  |
|  Pan Pacific International Holdings Corp.  | 377500 | 2315669  |
| Recruit Holdings Co., Ltd.  | 14600 | 631609  |
| Resona Holdings, Inc.  | 115200 | 1281827  |
|  Rheon Automatic Machinery Co., Ltd.  | 3700 | 34153  |
| Ricoh Co., Ltd.  | 25000 | 211358  |
| SCREEN Holdings Co., Ltd.  | 600 | 35352  |
| Sekisui Kasei Co., Ltd.  | 5400 | 15162  |
| Sompo Holdings, Inc.  | 109600 | 4282436  |
| Sony Group Corp. - ADR<sup>(c)</sup> | 137000 | 2835900  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| Sony Group Corp.  | 212900 | $4391349  |
| Sumitomo Corp.  | 12900 | 480125  |
| Sumitomo Electric Industries Ltd. | 1700 | 95192  |
| Sumitomo Metal Mining Co., Ltd. | 2600 | 150731  |
|  Sumitomo Mitsui Financial Group, Inc.  | 35000 | 1153728  |
| Sysmex Corp.  | 23100 | 199189  |
| Taiko Bank Ltd. (The)  | 1500 | 22159  |
| Takaoka Toko Co., Ltd.  | 1900 | 58688  |
| TDK Corp.  | 24100 | 312469  |
| Tokyo Electron Ltd.  | 12500 | 3056901  |
| Trend Micro, Inc./Japan  | 12900 | 430786  |
| Trinity Industrial Corp.  | 1500 | 11684  |
| Yokogawa Electric Corp.  | 4500 | 139393  |
| Yokowo Co., Ltd.  | 2300 | 44216  |
|  Yushin Precision Equipment Co., Ltd.  | 5900 | 24792  |
| **Total Japan** |  | 55431902  |
| **Kazakhstan — 0.2%**<br>|  |  |
| Kaspi.KZ JSC - ADR  | 24648 | 1825677  |
| **Luxembourg — 0.1%**<br>|  |  |
| Globant SA<sup>(a)(c)</sup> | 11455 | 528190  |
| **Mexico — 0.3%**<br>|  |  |
|  Grupo Mexico SAB de CV - Class B  | 88212 | 943543  |
| Wal-Mart de Mexico SAB de CV | 579600 | 1889852  |
| **Total Mexico** |  | 2833395  |
| **Netherlands — 2.1%**<br>|  |  |
| ABN AMRO Bank NV  | 81640 | 2611279  |
| Akzo Nobel NV  | 13100 | 751749  |
| ASM International NV  | 380 | 289458  |
| ASML Holding NV  | 1512 | 1997095  |
| BE Semiconductor Industries NV  | 466 | 98321  |
| Heineken NV  | 12500 | 961921  |
| ING Groep NV  | 27287 | 712993  |
| Koninklijke Ahold Delhaize NV | 30968 | 1445711  |
| Koninklijke Philips NV  | 26460 | 724735  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 4195 | 61916  |
| Nebius Group NV<sup>(a)(c)</sup> | 38380 | 3982309  |
| NN Group NV  | 10559 | 825943  |
| Prosus NV  | 45090 | 2061210  |
| SBM Offshore NV  | 69559 | 2766483  |
| **Total Netherlands** |  | 19291123  |
| **New Zealand — 0.0%<sup>(d)</sup>**<br>|  |  |
| Aroa Biosurgery Ltd.<sup>(a)</sup> | 35869 | 14772  |
|  Fisher & Paykel Healthcare Corp. Ltd.  | 15570 | 333099  |
|  Fisher & Paykel Healthcare Corp. Ltd.  | 3954 | 85648  |
| Scales Corp. Ltd.  | 3335 | 11419  |
| **Total New Zealand** |  | 444938  |

---

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

8<br>

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **Norway — 0.1%**<br>|  |  |
| Aker BP ASA  | 7705 | $282872  |
| BW Offshore Ltd.  | 13379 | 71580  |
| Kongsberg Automotive ASA<sup>(a)</sup> | 94473 | 18910  |
| Noram Drilling AS  | 6101 | 30020  |
| Norsk Hydro ASA  | 5865 | 62189  |
| PhotoCure ASA<sup>(a)</sup> | 2143 | 13142  |
| Rogaland Sparebank  | 1462 | 22443  |
| Var Energi ASA  | 2689 | 14035  |
| Yara International ASA  | 6377 | 371206  |
| **Total Norway** |  | 886397  |
| **Peru — 0.4%**<br>|  |  |
| Credicorp Ltd.  | 11806 | 4004359  |
| **Portugal — 0.4%**<br>|  |  |
| Galp Energia SGPS SA  | 151887 | 3692620  |
| Ibersol SGPS SA  | 2340 | 29430  |
| Jeronimo Martins SGPS SA  | 13321 | 319559  |
| **Total Portugal** |  | 4041609  |
| **Saudi Arabia — 0.1%**<br>|  |  |
| Saudi Arabian Oil Co.<sup>(b)</sup> | 101250 | 738283  |
| **Singapore — 0.7%**<br>|  |  |
| BRC Asia Ltd.  | 14800 | 54134  |
| DBS Group Holdings Ltd.  | 60100 | 2670444  |
| Far East Orchard Ltd.  | 15300 | 13894  |
| Frencken Group Ltd.  | 177900 | 288631  |
| Hafnia Ltd.  | 3936 | 29931  |
| HRnetgroup Ltd.  | 101100 | 58668  |
| OKP Holdings Ltd.  | 93800 | 47028  |
| Raffles Medical Group Ltd.  | 16900 | 13324  |
| Singapore Exchange Ltd.  | 57800 | 886876  |
|  Singapore Technologies Engineering Ltd.  | 7900 | 67329  |
|  Singapore Telecommunications Ltd.  | 59200 | 229172  |
| Venture Corp. Ltd.  | 39100 | 470386  |
| Wilmar International Ltd.  | 408600 | 1231008  |
| **Total Singapore** |  | 6060825  |
| **South Africa — 0.5%**<br>|  |  |
| MTN Group Ltd.  | 338101 | 3923140  |
| Valterra Platinum Ltd.  | 7435 | 639166  |
| **South Africa** |  | 4562306  |
| **South Korea — 2.0%**<br>|  |  |
| Doosan Bobcat, Inc.  | 13583 | 511916  |
|  Hankook Tire & Technology Co., Ltd.  | 20251 | 722235  |
| KB Financial Group, Inc.  | 40970 | 3832954  |
| Kia Corp.  | 22621 | 2177328  |
| KT Corp. - ADR  | 22924 | 491720  |
| Orion Corp./Republic of Korea | 8490 | 714494  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| Samsung C&T Corp.  | 4443 | $754458  |
| Samsung Electronics Co., Ltd. | 38195 | 4290446  |
|  Samsung Electronics Co., Ltd. - GDR<sup>(e)</sup> | 880 | 2567273  |
|  Shinhan Financial Group Co., Ltd.  | 41289 | 2380897  |
| **Total South Korea** |  | 18443721  |
| **Spain — 1.0%**<br>|  |  |
|  ACS Actividades de Construccion y Servicios SA  | 25506 | 3156192  |
|  Banco Bilbao Vizcaya Argentaria SA  | 62059 | 1354526  |
| Banco Santander SA  | 15076 | 170591  |
| CaixaBank SA  | 103542 | 1242343  |
| Cellnex Telecom SA<sup>(b)</sup> | 20487 | 665164  |
| Endesa SA  | 15402 | 649513  |
| Grupo Empresarial San Jose SA  | 3607 | 33518  |
| Indra Sistemas SA  | 37691 | 2076908  |
| Inmocemento SA<sup>(a)</sup> | 2384 | 10463  |
| Naturhouse Health SAU  | 579 | 1714  |
| Repsol SA  | 11206 | 314847  |
| **Total Spain** |  | 9675779  |
| **Sweden — 0.7%**<br>|  |  |
| Assa Abloy AB - Class B  | 38700 | 1387797  |
| Boliden AB<sup>(a)</sup> | 13167 | 698919  |
| Cloetta AB - Class B  | 9157 | 51954  |
| Sandvik AB  | 72000 | 2751500  |
| Tele2 AB - Class B  | 14327 | 294511  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM <br>Ericsson - ADR<sup>(c)</sup> | 90490 | 1019822  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM <br>Ericsson - Class B  | 13299 | 150640  |
| Telia Co. AB  | 21104 | 107541  |
| **Total Sweden** |  | 6462684  |
| **Switzerland — 3.0%**<br>|  |  |
| ABB Ltd.  | 23588 | 1918475  |
| Alcon AG  | 18100 | 1357878  |
| Chubb Ltd.  | 6700 | 2183731  |
| Cie Financiere Richemont SA  | 6021 | 1072899  |
| Coca-Cola HBC AG  | 53054 | 3007562  |
| DSM-Firmenich AG  | 9200 | 657073  |
| Galderma Group AG  | 1033 | 200258  |
| Glencore PLC  | 317103 | 2416310  |
| Klingelnberg AG  | 360 | 4725  |
| Logitech International SA  | 8275 | 756076  |
| Multitude AG  | 1918 | 13519  |
| Novartis AG  | 16557 | 2513842  |
| Roche Holding AG  | 12210 | 4821312  |
| Sandoz Group AG  | 3062 | 240179  |
| Schindler Holding AG  | 2242 | 738338  |
| STMicroelectronics NV  | 84356 | 2831618  |
| Temenos AG  | 459 | 39602  |

---

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

9<br>

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  | **COMMON STOCKS — (continued)**  |
| **Switzerland — (continued)** | **Switzerland — (continued)** | **Switzerland — (continued)** |
| Trifork Group AG<sup>(a)</sup> | 1308 | $17309  |
| UBS Group AG  | 65000 | 2528111  |
| **Total Switzerland** |  | 27318817  |
| **Taiwan — 2.7%**<br>|  |  |
| Compal Electronics, Inc.  | 670000 | 575713  |
| Delta Electronics, Inc.  | 65000 | 2893000  |
|  Hon Hai Precision Industry Co., Ltd.  | 65000 | 391090  |
| Nien Made Enterprise Co., Ltd.  | 34000 | 355082  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR  | 26610 | 8992850  |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 200000 | 11275087  |
| **Total Taiwan** |  | 24482822  |
| **Thailand — 0.2%**<br>|  |  |
| Bangkok Bank PCL  | 174300 | 668555  |
| Indorama Ventures PCL - NVDR | 535300 | 417663  |
| SCB X PCL  | 178000 | 782304  |
| **Total Thailand** |  | 1868522  |
| **Turkey — 0.4%**<br>|  |  |
| Akbank TAS  | 365750 | 554095  |
|  Aselsan Elektronik Sanayi Ve Ticaret AS  | 375570 | 2709875  |
| **Total Turkey** |  | 3263970  |
| **United States — 1.4%**<br>|  |  |
| Bunge Global SA  | 23000 | 2925600  |
| Carnival PLC - ADR  | 8473 | 218349  |
|  Cognizant Technology Solutions Corp. - Class A  | 10710 | 657059  |
| Linde PLC  | 6170 | 3058839  |
| Philip Morris International, Inc.  | 7889 | 1304367  |
| SLB Ltd.  | 65260 | 3353712  |
| Sunbelt Rentals Holdings, Inc. | 27970 | 1786106  |
| **Total United States** |  | 13304032  |
| **Uruguay — 0.1%**<br>|  |  |
|  Arcos Dorados Holdings, Inc. - Class A  | 59055 | 487204  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $398,652,757)** |  | 445060371  |
| **PREFERRED STOCKS — 0.5%**<br>|  |  |
| **Brazil — 0.3%**<br>|  |  |
|  Cia Energetica de Minas Gerais, 0.00%  | 429400 | 1043688  |
| Itau Unibanco Holding SA, 0.00%  | 86300 | 724408  |
|  Petroleo Brasileiro SA - Petrobras, 0.00%  | 125400 | 1176083  |
| **Total Brazil** |  | 2944179  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **GERMANY — 0.1%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 8527 | $655155  |
| **South Korea — 0.1%**<br>|  |  |
|  Samsung Electronics Co., Ltd., 0.00%  | 8859 | 705367  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $3,997,189)** |  | 4304701  |
| **EXCHANGE-TRADED FUNDS — 45.4%** | **EXCHANGE-TRADED FUNDS — 45.4%** | **EXCHANGE-TRADED FUNDS — 45.4%** |
|  Schwab Emerging Markets Equity ETF<sup>(c)</sup> | 3621026 | 119312807  |
|  Schwab International Equity ETF<sup>(f)</sup> | 12121046 | 299995888  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $348,677,400)** |  | 419308695  |
| **MUTUAL FUNDS — 4.5%**<br>|  |  |
|  Driehaus Emerging Markets Growth Fund - Institutional Class (Cost $43,073,546) | 838986 | 41219387  |
| **SHORT-TERM INVESTMENTS — 1.5%** | **SHORT-TERM INVESTMENTS — 1.5%** |  |
|  BlackRock Liquidity FedFund - Institutional Class, 3.55%<sup>(g)</sup> (Cost $13,536,010) | 13536010 | 13536010  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING — 0.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING — 0.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING — 0.8%** |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, LLC, 3.78%<sup>(g)(h)</sup> <br>(Cost $7,066,214) | 7066214 | 7066214  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.9%** <br>**(Cost $815,003,116)** |  | $930495378  |
| &nbsp;&nbsp;&nbsp; **OTHER ASSETS AND** <br>**LIABILITIES, NET — (0.9)%**  |  | (8162502)  |
| **NET ASSETS — 100.0%** |  | $922332876 |

---

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

<sup>(b)</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 March 31, 2026, the value of these securities total $7,539,016 or 0.8% of the Fund's net assets.

<sup>(c)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $7,383,841.

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

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

10<br>

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

<sup>(e)</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 exempt registration. The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of March 31, 2026, the value of these securities totaled $2,567,273 or 0.3% of the Fund's net assets.

<sup>(f)</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>(g)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2026.

<sup>(h)</sup> Affiliated security as defined by the Investment Company Act of 1940, as amended.

ADR American Depositary Receipt

ASA Advanced Subscription Agreement

ETF Exchange-Traded Fund

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

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

11<br>

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026 (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 | $296009 | $7685987 | $— | $7981996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 5795202 |  | 5795202  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 4148845 |  | 4148845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 12969031 |  |  | 12969031  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Britain | 11600701 | 44360068 |  | 55960769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 22333124 |  |  | 22333124  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 3932460 | 25120533 |  | 29052993  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curacao |  | 560977 |  | 560977  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 2315250 | 841572 |  | 3156822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 147848 | 883837 |  | 1031685  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 23508827 |  | 23508827  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 696721 | 26754068 |  | 27450789  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 1204874 |  | 1204874  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 2497404 | 13447815 |  | 15945219  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 2572954 |  | 2572954  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 710722 | 2743783 |  | 3454505  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 786296 |  | 786296  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland. | 2335815 | 1148367 |  | 3484182  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel. | 5404839 | 383072 |  | 5787911  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 11916815 |  | 11916815  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 3035089 | 52396813 |  | 55431902  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 1825677 |  |  | 1825677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 528190 |  |  | 528190  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 2833395 |  |  | 2833395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands. | 5979404 | 13311719 |  | 19291123  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 444938 |  | 444938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 36478 | 849919 |  | 886397  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 4004359 |  |  | 4004359  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 4041609 |  | 4041609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 738283 |  | 738283  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 6060825 |  | 6060825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 4562306 |  | 4562306  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 491720 | 17952001 |  | 18443721  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 9675779 |  | 9675779  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 1421874 | 5040810 |  | 6462684  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2183731 | 25135086 |  | 27318817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 8992850 | 15489972 |  | 24482822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 1868522 |  | 1868522  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 3263970 |  | 3263970  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 11517926 | 1786106 |  | 13304032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 487204 |  |  | 487204  |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | 108577821 | 336482550 |  | 445060371  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 2944179 | 1360522 |  | 4304701 |

---

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

12<br>

------

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

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

**SCHEDULE OF INVESTMENTS (concluded)** 

**March 31, 2026 (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets: — (continued)** | **Assets: — (continued)** | **Assets: — (continued)** | **Assets: — (continued)** | **Assets: — (continued)** |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $419308695 | $— | $— | $419308695  |
| &nbsp;&nbsp;&nbsp; Mutual Funds | 41219387 |  |  | 41219387  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 13536010 |  |  | 13536010  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 7066214  |
| **Total Investments** | $585586092  | $337843072  | $— | $930495378 |

---

\* See Schedule of Investments for additional detailed categorizations.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,066,214 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — 23.4%** | **U.S. CORPORATE BONDS — 23.4%** |  |
| **Basic Materials — 0.4%**<br>|  |  |
|  Air Products and Chemicals, Inc., 4.80%, 03/03/2033 | $1000000 | $1007494  |
| CF Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/26/2035  | 84000 | 83661  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/2044  | 181000 | 168638  |
| &nbsp;&nbsp;&nbsp; Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, <br>4.75%, 05/15/2030<sup>(a)</sup> | 370000 | 370530  |
| Cleveland-Cliffs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(a)</sup> | 115000 | 114990  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/2033<sup>(a)</sup> | 70000 | 68479  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2036  | 135000 | 133733  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/2054  | 2500000 | 2149785  |
|  DuPont de Nemours, Inc., 4.73%, 11/15/2028<sup>(a)</sup> | 312000 | 313176  |
| Eastman Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/20/2031  | 414000 | 404797  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/08/2033  | 114000 | 117833  |
| Ecolab, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2028  | 105000 | 106903  |
| &nbsp;&nbsp;&nbsp; 4.30%, 06/15/2028  | 58000 | 58140  |
| &nbsp;&nbsp;&nbsp; 2.70%, 12/15/2051  | 175000 | 104996  |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, <br>4.40%, 06/30/2028<sup>(a)</sup> | 51000 | 51059  |
| &nbsp;&nbsp;&nbsp; Novelis Corp., <br>6.88%, 01/30/2030<sup>(a)</sup> | 125000 | 126084  |
| &nbsp;&nbsp;&nbsp; Nucor Corp., <br>4.30%, 05/23/2027  | 123000 | 123120  |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc., <br>4.38%, 03/15/2031  | 153000 | 150641  |
| Steel Dynamics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2028  | 73000 | 72207  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/15/2034  | 70000 | 70639  |
| &nbsp;&nbsp;&nbsp; Westlake Corp., <br>3.38%, 08/15/2061  | 199000 | 116728  |
| **Total Basic Materials** |  | 5913633  |
| **Communications — 1.5%**<br>|  |  |
| Airbnb, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/16/2029  | 360000 | 359525  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/16/2031  | 113000 | 112745  |
| Alphabet, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.10%, 08/15/2030  | 2500000 | 2198348  |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/15/2033  | 133000 | 131343  |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/2045  | 89000 | 87023  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2056  | 220000 | 219292  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065  | 89000 | 82381  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/15/2075  | 136000 | 131807  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Amazon.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 11/20/2028  | $236000 | $234991  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/13/2033  | 696000 | 689301  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/13/2036  | 760000 | 753074  |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/22/2047  | 78000 | 62370  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/13/2056  | 455000 | 454634  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/20/2065  | 271000 | 256052  |
| &nbsp;&nbsp;&nbsp; 6.05%, 03/13/2076  | 189000 | 187892  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/01/2032  | 1320000 | 1153185  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/30/2033  | 92000 | 91128  |
| &nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033  | 255000 | 215791  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034  | 51000 | 52147  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035  | 115000 | 109004  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/15/2037  | 159000 | 152714  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2046  | 407000 | 341974  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053  | 630000 | 413114  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/01/2054  | 180000 | 168539  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056  | 107000 | 105372  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/2059  | 28000 | 18143  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/2060  | 62000 | 41714  |
| &nbsp;&nbsp;&nbsp; Beignet Investor LLC, <br>6.58%, 05/30/2049<sup>(a)</sup> | 1823000 | 1874329  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035  | 57000 | 57883  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041  | 92000 | 64514  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042  | 430000 | 294353  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/2047  | 470000 | 378203  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2050  | 503000 | 371897  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061  | 58000 | 33873  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., <br>5.10%, 02/24/2035  | 232000 | 235165  |
| Comcast Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/15/2033  | 2500000 | 2475175  |
| &nbsp;&nbsp;&nbsp; 5.17%, 01/15/2037<sup>(a)</sup> | 143000 | 139245  |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/15/2038  | 103000 | 94188  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048  | 252000 | 185521  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2064  | 101000 | 89449  |
| Cox Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 06/15/2031<sup>(a)</sup> | 625000 | 553439  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/2034<sup>(a)</sup> | 1320000 | 1266854  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/01/2054<sup>(a)</sup> | 88000 | 76774  |
| &nbsp;&nbsp;&nbsp; Fox Corp., <br>5.58%, 01/25/2049  | 114000 | 105067  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032  | 590000 | 584212  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/2035  | 210000 | 206019  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045  | 89000 | 84222  |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/15/2055  | 180000 | 168730  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064  | 59000 | 53027 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)**  |
|  Motorola Solutions, Inc., 5.55%, 08/15/2035  | $185000 | $189142  |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc., <br>4.20%, 03/02/2029  | 63000 | 62332  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/2043  | 27000 | 18745  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2044  | 71000 | 44927  |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, <br>5.15%, 03/20/2028<sup>(a)</sup> | 200000 | 200988  |
| Time Warner Cable LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 05/01/2037  | 4000 | 4033  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2041  | 217000 | 187022  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030  | 150000 | 146081  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2041  | 1481000 | 1082797  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060  | 102000 | 66202  |
|  Uber Technologies, Inc., 4.80%, 09/15/2035  | 250000 | 242589  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031  | 477000 | 433053  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033  | 177000 | 171678  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035  | 183000 | 183226  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/02/2037  | 21000 | 20923  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041  | 117000 | 89835  |
| &nbsp;&nbsp;&nbsp; 2.85%, 09/03/2041  | 84000 | 59088  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/30/2045  | 71000 | 69140  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/2052  | 117000 | 85306  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/30/2055  | 215000 | 209125  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/20/2060  | 219000 | 125903  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/30/2065  | 135000 | 130780  |
|  WPP 2025 LLC/Delaware, 6.50%, 03/30/2036  | 214000 | 210845  |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, <br>7.75%, 10/15/2030<sup>(a)</sup> | 990000 | 1046113  |
| **Total Communications** |  | 23295615  |
| **Consumer, Cyclical — 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>4.45%, 01/15/2029  | 1110000 | 1100772  |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, <br>5.00%, 03/19/2033<sup>(a)</sup> | 55000 | 54370  |
|  Caesars Entertainment, Inc., 7.00%, 02/15/2030<sup>(a)</sup> | 250000 | 253088  |
|  Daimler Truck Finance North America LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/19/2028<sup>(a)</sup> | 159000 | 160489  |
| &nbsp;&nbsp;&nbsp; 4.15%, 01/12/2029<sup>(a)</sup> | 155000 | 152829  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/12/2030<sup>(a)</sup> | 150000 | 149027  |
|  Darden Restaurants, Inc., 4.35%, 10/15/2027  | 77000 | 76821  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. / SkyMiles IP Ltd., <br>4.75%, 10/20/2028<sup>(a)</sup> | $1787500 | $1784918  |
|  Dick's Sporting Goods, Inc., 4.00%, 10/01/2029<sup>(a)</sup> | 350000 | 340558  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., <br>4.75%, 01/15/2043  | 156000 | 117839  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/17/2027  | 1200000 | 1208840  |
| &nbsp;&nbsp;&nbsp; 4.97%, 04/06/2029  | 208000 | 205434  |
| &nbsp;&nbsp;&nbsp; 5.11%, 05/03/2029  | 1500000 | 1485748  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/07/2029  | 400000 | 404996  |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/05/2031  | 205000 | 205904  |
| Gap, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/2029<sup>(a)</sup> | 50000 | 46705  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/2031<sup>(a)</sup> | 125000 | 113233  |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br>6.60%, 04/01/2036  | 840000 | 893219  |
|  General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 10/15/2028  | 1155000 | 1094886  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/18/2031  | 311000 | 318309  |
| &nbsp;&nbsp;&nbsp; 3.10%, 01/12/2032  | 60000 | 53832  |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/07/2035  | 87000 | 88556  |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc., <br>4.90%, 04/15/2029  | 90000 | 91707  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/06/2029<sup>(a)</sup> | 195000 | 194849  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029<sup>(a)</sup> | 445000 | 442776  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030<sup>(a)</sup> | 225000 | 221247  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/23/2032<sup>(a)</sup> | 111000 | 112978  |
|  Lennar Corp., 5.20%, 07/30/2030  | 73000 | 73872  |
| Lowe's Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/15/2041  | 1250000 | 880242  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2052  | 1150000 | 881435  |
| Marriott International, Inc./MD<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/15/2031  | 74000 | 67762  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2032  | 899000 | 826761  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2033  | 77000 | 74399  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2037  | 58000 | 57746  |
|  Mattel, Inc., 5.45%, 11/01/2041  | 200000 | 181102  |
| McDonald's Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/14/2028  | 279000 | 282416  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2049  | 136000 | 97882  |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, <br>4.50%, 03/10/2031<sup>(a)</sup> | 150000 | 148113  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030  | 60000 | 57595  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2032  | 35000 | 33494  |
|  O'Reilly Automotive, Inc., 3.60%, 09/01/2027  | 175000 | 173189  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Consumer, Cyclical — (continued)** | **Consumer, Cyclical — (continued)** | **Consumer, Cyclical — (continued)** |
| Qnity Electronics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2032<sup>(a)</sup> | $35000 | $35042  |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/15/2033<sup>(a)</sup> | 20000 | 20223  |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc., <br>4.70%, 04/15/2027  | 395000 | 395130  |
|  Southwest Airlines Co., 5.25%, 11/15/2035  | 216000 | 202739  |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., <br>5.13%, 08/01/2030<sup>(a)</sup> | 100000 | 98856  |
| &nbsp;&nbsp;&nbsp; Tenneco, Inc., <br>8.00%, 11/17/2028<sup>(a)</sup> | 200000 | 199289  |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc., <br>4.63%, 04/15/2029<sup>(a)</sup> | 35000 | 34339  |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, <br>5.05%, 03/27/2028<sup>(a)</sup> | 380000 | 382384  |
| &nbsp;&nbsp;&nbsp; Walmart, Inc., <br>1.80%, 09/22/2031  | 1175000 | 1040929  |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp., <br>6.13%, 06/15/2030  | 40000 | 39055  |
|  Wolverine World Wide, Inc., 4.00%, 08/15/2029<sup>(a)</sup> | 150000 | 138843  |
| **Total Consumer, Cyclical** |  | 17796767  |
| **Consumer, Non-Cyclical — 3.5%** | **Consumer, Non-Cyclical — 3.5%** | **Consumer, Non-Cyclical — 3.5%** |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc., <br>3.88%, 10/15/2029<sup>(a)</sup> | 400000 | 388597  |
| Abbott Laboratories<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2038  | 90000 | 87274  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2056  | 95000 | 93150  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031  | 119000 | 121563  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/15/2033  | 116000 | 113875  |
| &nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039  | 207000 | 181689  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2045  | 150000 | 134113  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049  | 377000 | 306023  |
| Agilent Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/15/2029  | 178000 | 168542  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/12/2031  | 272000 | 243962  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/02/2028  | 119000 | 120744  |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/19/2031  | 79000 | 77917  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033  | 140000 | 143672  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/19/2036  | 47000 | 46179  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/21/2040  | 455000 | 353886  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2041  | 55000 | 52144  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045  | 46000 | 38799  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053  | 165000 | 159809  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2063  | 87000 | 83686  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036  | $100000 | $97397  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046  | 235000 | 211775  |
| Ascension Health<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/15/2029  | 630000 | 592100  |
| &nbsp;&nbsp;&nbsp; 3.11%, 11/15/2039  | 120000 | 93790  |
| Astrazeneca Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/03/2028  | 161000 | 163470  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/26/2029  | 194000 | 197347  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/03/2030  | 175000 | 178632  |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., <br>4.45%, 09/09/2034  | 1000000 | 980483  |
| BAT Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.34%, 08/02/2030  | 130000 | 138772  |
| &nbsp;&nbsp;&nbsp; 2.73%, 03/25/2031  | 620000 | 566934  |
| &nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032  | 200000 | 205224  |
| &nbsp;&nbsp;&nbsp; 4.39%, 08/15/2037  | 730000 | 663233  |
|  Baxter International, Inc., 5.65%, 12/15/2035  | 62000 | 60551  |
| Becton Dickinson & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.69%, 02/13/2028  | 155000 | 155741  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/22/2032  | 70000 | 67849  |
| Bristol-Myers Squibb Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2031  | 173000 | 182683  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/01/2042  | 64000 | 48110  |
|  Bunge Ltd. Finance Corp., 2.75%, 05/14/2031  | 1450000 | 1320298  |
|  Capital Impact Partners, 5.34%, 08/01/2030  | 1000000 | 1012315  |
| Cardinal Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2030  | 75000 | 74604  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/2043  | 312000 | 268989  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2044  | 115000 | 96380  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2054  | 59000 | 57636  |
| Cencora, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2034  | 137000 | 138144  |
| &nbsp;&nbsp;&nbsp; 4.30%, 12/15/2047  | 89000 | 73422  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/13/2056  | 47000 | 45997  |
| Cigna Group (The)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2028  | 76000 | 75940  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2030  | 374000 | 345495  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031  | 218000 | 195871  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2047  | 66000 | 49512  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/15/2050  | 259000 | 177170  |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, <br>5.32%, 12/01/2034  | 1030000 | 1031678  |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., <br>7.00%, 10/01/2028  | 188000 | 197793  |
| &nbsp;&nbsp;&nbsp; Conservation Fund A Nonprofit Corp., <br>3.47%, 12/15/2029  | 1000000 | 954194  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)** |
|  Constellation Brands, Inc., 4.35%, 05/09/2027  | $80000 | $79896  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/01/2031  | 156000 | 160948  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038  | 365000 | 336361  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/21/2040  | 745000 | 524057  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045  | 616000 | 540696  |
| &nbsp;&nbsp;&nbsp; Dcli Bidco LLC, <br>7.75%, 11/15/2029<sup>(a)</sup> | 155000 | 156733  |
| &nbsp;&nbsp;&nbsp; Duke University Health System, Inc., <br>3.92%, 06/01/2047  | 70000 | 54960  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/2052  | 19000 | 19055  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2055  | 63000 | 59906  |
| Eli Lilly & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/15/2027  | 52000 | 51482  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/12/2030  | 102000 | 103848  |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/14/2034  | 106000 | 104928  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/09/2054  | 335000 | 305141  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/14/2064  | 125000 | 113636  |
| &nbsp;&nbsp;&nbsp; 5.65%, 10/15/2065  | 62000 | 60897  |
| EMD Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2028<sup>(a)</sup> | 400000 | 398128  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2035<sup>(a)</sup> | 150000 | 147998  |
|  Ford Foundation (The), 2.82%, 06/01/2070  | 2201000 | 1227027  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., <br>5.65%, 11/15/2027  | 200000 | 203973  |
| Gilead Sciences, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029  | 122000 | 124268  |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/15/2035  | 80000 | 80825  |
|  GlaxoSmithKline Capital, Inc., 4.50%, 04/15/2030  | 106000 | 106659  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/15/2032  | 100000 | 97071  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/15/2035  | 130000 | 125273  |
|  Haleon US Capital LLC, 4.00%, 03/24/2052  | 250000 | 191566  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029  | 66000 | 63900  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030  | 151000 | 143396  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2031  | 102000 | 104550  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032  | 112000 | 114817  |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/15/2036  | 150000 | 173496  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/2051  | 173000 | 114501  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2052  | 192000 | 153272  |
| &nbsp;&nbsp;&nbsp; Henry J Kaiser Family Foundation/CA, <br>4.21%, 12/01/2030  | 750000 | 743277  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Herc Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030<sup>(a)</sup> | $80000 | $82029  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2031<sup>(a)</sup> | 125000 | 123108  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2033<sup>(a)</sup> | 40000 | 40990  |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp., <br>4.80%, 03/30/2027  | 137000 | 137606  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2030  | 102000 | 101786  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/01/2033  | 124000 | 126701  |
|  Kaiser Foundation Hospitals, 2.81%, 06/01/2041  | 2500000 | 1813661  |
| &nbsp;&nbsp;&nbsp; Kellanova, <br>7.45%, 04/01/2031  | 226000 | 254836  |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc., <br>4.85%, 05/22/2032  | 108000 | 109150  |
| Kraft Heinz Foods Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2032  | 76000 | 76781  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/01/2046  | 160000 | 125095  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049  | 42000 | 34347  |
| Kroger Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2034  | 68000 | 67141  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2046  | 42000 | 31694  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/2054  | 128000 | 118871  |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/15/2064  | 221000 | 204909  |
| Lamb Weston Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/2030<sup>(a)</sup> | 75000 | 71403  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032<sup>(a)</sup> | 225000 | 209014  |
| Maple Parent Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/26/2029<sup>(a)</sup> | 1125000 | 1124819  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/26/2036<sup>(a)</sup> | 110000 | 109295  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/26/2056<sup>(a)</sup> | 1568000 | 1552675  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/20/2031<sup>(a)</sup> | 2687000 | 2705757  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(a)</sup> | 1320000 | 1332567  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045<sup>(a)</sup> | 110000 | 108627  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(a)</sup> | 284000 | 276921  |
|  Massachusetts Institute of Technology<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114  | 150000 | 123050  |
| &nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116  | 75000 | 50990  |
| &nbsp;&nbsp;&nbsp; Mather Foundation, <br>2.68%, 10/01/2031  | 1000000 | 891438  |
| &nbsp;&nbsp;&nbsp; McKesson Corp., <br>4.95%, 05/30/2032  | 189000 | 191969  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, <br>3.88%, 04/01/2029<sup>(a)</sup> | 175000 | 169288  |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc., <br>5.70%, 12/04/2065  | 63000 | 61208  |
| Mylan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/29/2043  | 180000 | 152259  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/2048  | 135000 | 106864  |
|  Nature Conservancy (The), 1.51%, 07/01/2029  | 300000 | 273624  |
|  NBM US Holdings, Inc., 6.63%, 08/06/2029<sup>(a)</sup> | 500000 | 499730  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)** |
| Novartis Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/18/2031  | $174000 | $173963  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/18/2031  | 99000 | 97531  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/18/2036  | 490000 | 488828  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/18/2056  | 388000 | 390768  |
| &nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, <br>4.09%, 10/01/2048  | 50000 | 39831  |
| PepsiCo, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/07/2028  | 122000 | 122978  |
| &nbsp;&nbsp;&nbsp; 3.60%, 02/18/2028  | 98000 | 97238  |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/23/2032  | 108000 | 108771  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/2049  | 1000000 | 644817  |
|  Pfizer, Inc., 3.88%, 11/15/2027  | 121000 | 120737  |
| Philip Morris International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028  | 575000 | 589662  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030  | 1165000 | 1188697  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/07/2030  | 480000 | 498445  |
| Pilgrim's Pride Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032  | 520000 | 472027  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033  | 310000 | 324626  |
|  President and Fellows of Harvard College<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/01/2038  | 210000 | 220608  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2039<sup>(a)</sup> | 105000 | 117481  |
| Procter & Gamble Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 10/29/2030  | 1150000 | 1006532  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/29/2034  | 1000000 | 1002023  |
| &nbsp;&nbsp;&nbsp; Providence St. Joseph Health Obligated Group, <br>2.53%, 10/01/2029  | 110000 | 102526  |
| Quanta Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030  | 116000 | 107596  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/15/2032  | 123000 | 107134  |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/09/2035  | 77000 | 75942  |
| &nbsp;&nbsp;&nbsp; 3.05%, 10/01/2041  | 104000 | 76042  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., <br>2.80%, 09/15/2050  | 600000 | 363167  |
| &nbsp;&nbsp;&nbsp; RELX Capital, Inc., <br>5.25%, 03/27/2035  | 115000 | 116350  |
| Roche Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.91%, 03/08/2031<sup>(a)</sup> | 200000 | 204197  |
| &nbsp;&nbsp;&nbsp; 4.37%, 12/02/2032<sup>(a)</sup> | 200000 | 197222  |
| S&P Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/01/2029  | 155000 | 149290  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2031<sup>(a)</sup> | 74000 | 73044  |
|  SSM Health Care Corp., 4.89%, 06/01/2028  | 450000 | 453775  |
| Sutter Health<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.16%, 08/15/2033  | 409000 | 414929  |
| &nbsp;&nbsp;&nbsp; 4.09%, 08/15/2048  | 125000 | 99380  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Sysco Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 02/15/2030  | $2500000 | $2290154  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/23/2030  | 95000 | 95755  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/25/2031  | 76000 | 73709  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2046  | 113000 | 91358  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2048  | 116000 | 91544  |
|  Tenet Healthcare Corp., 4.38%, 01/15/2030  | 200000 | 193715  |
| Thermo Fisher Scientific, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/2029  | 91000 | 92840  |
| &nbsp;&nbsp;&nbsp; 4.47%, 10/07/2032  | 107000 | 105878  |
|  Trustees of Boston College, 3.13%, 07/01/2052  | 169000 | 114247  |
|  Trustees of Dartmouth College, 4.27%, 06/01/2030  | 1000000 | 999399  |
|  Trustees of Princeton University (The)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/2039  | 495000 | 525535  |
| &nbsp;&nbsp;&nbsp; 2.52%, 07/01/2050  | 90000 | 55376  |
| Unilever Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 09/06/2029  | 675000 | 631626  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/12/2034  | 1950000 | 1927180  |
|  United Rentals North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2030  | 45000 | 44744  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031  | 62000 | 58284  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032  | 50000 | 45824  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2031  | 106000 | 107584  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2033  | 1560000 | 1523126  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2034  | 470000 | 470368  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/15/2040  | 70000 | 50915  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/15/2048  | 192000 | 152554  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2052  | 320000 | 269376  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2062  | 64000 | 53732  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064  | 120000 | 114266  |
|  University of Chicago (The), 2.76%, 04/01/2045  | 100000 | 78151  |
|  Utah Acquisition Sub, Inc., 5.25%, 06/15/2046  | 140000 | 112471  |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., <br>4.45%, 03/15/2031  | 114000 | 112104  |
|  Viatris, Inc., 3.85%, 06/22/2040  | 35000 | 26564  |
|  **Total Consumer, Non-Cyclical** |  | 54836433  |
| **Energy — 1.9%**<br>|  |  |
|  APA Corp., 5.35%, 07/01/2049  | 390000 | 328635  |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., <br>5.85%, 06/15/2056  | 141000 | 137975  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., <br>3.54%, 04/06/2027  | $314000 | $311847  |
| Cheniere Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/30/2033  | 500000 | 524155  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/30/2035  | 85000 | 86560  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., <br>6.00%, 07/30/2056<sup>(a)</sup> | 315000 | 313883  |
|  Colonial Enterprises, Inc., 3.25%, 05/15/2030<sup>(a)</sup> | 510000 | 477152  |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, <br>5.93%, 08/15/2030<sup>(a)</sup> | 215000 | 225042  |
| ConocoPhillips Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/2033  | 750000 | 761681  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2053  | 950000 | 879134  |
| &nbsp;&nbsp;&nbsp; Continental Wind LLC, <br>6.00%, 02/28/2033<sup>(a)</sup> | 787179 | 803441  |
| Coterra Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2035  | 184000 | 184587  |
| &nbsp;&nbsp;&nbsp; 5.90%, 02/15/2055  | 195000 | 185674  |
| DCP Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029  | 320000 | 325616  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2037<sup>(a)</sup> | 550000 | 595463  |
| Diamondback Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2029  | 93000 | 89736  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033  | 1395000 | 1488437  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/01/2035  | 975000 | 995008  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/24/2051  | 117000 | 93221  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053  | 53000 | 53603  |
| Energy Transfer LP<br>|  |  |
|  6.50% to 11/15/2026 then 5 yr. CMT Rate + 5.69%, Perpetual  | 500000 | 498997  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028  | 197000 | 198680  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/2028  | 115000 | 116161  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/2031<sup>(a)</sup> | 600000 | 622328  |
| &nbsp;&nbsp;&nbsp; 6.55%, 12/01/2033  | 760000 | 820543  |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/01/2043  | 135000 | 119489  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/2045  | 89000 | 79563  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/15/2047  | 110000 | 97062  |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/01/2047  | 264000 | 234591  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050  | 850000 | 705395  |
|  Enterprise Products Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/2031  | 75000 | 75122  |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/15/2042  | 200000 | 182060  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051  | 47000 | 33991  |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., <br>4.75%, 02/01/2032  | 274000 | 266977  |
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, <br>2.30%, 10/01/2031<sup>(a)</sup> | 355000 | 311954  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Gray Oak Pipeline LLC, 3.45%, 10/15/2027<sup>(a)</sup> | $192000 | $188340  |
| &nbsp;&nbsp;&nbsp; Hess Corp., <br>4.30%, 04/01/2027  | 400000 | 400232  |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp., <br>5.00%, 02/01/2028  | 100000 | 99992  |
|  Hilcorp Energy I LP / Hilcorp Finance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> | 125000 | 121671  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> | 100000 | 96783  |
|  Kinder Morgan Energy Partners LP, 5.50%, 03/01/2044  | 102000 | 96337  |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., <br>5.45%, 08/01/2052  | 96000 | 88624  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2031  | 180000 | 180412  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035  | 720000 | 716782  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/15/2048  | 245000 | 199136  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/2055  | 200000 | 190442  |
| &nbsp;&nbsp;&nbsp; Murray Energy Corp., <br>12.00%, 04/15/2024<sup>(a)(b)</sup> | 180991 | 0  |
|  Northwest Pipeline LLC, 4.00%, 04/01/2027  | 1655000 | 1648849  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036  | 170000 | 181645  |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040  | 380000 | 388107  |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/15/2046  | 192000 | 151828  |
| &nbsp;&nbsp;&nbsp; 6.05%, 10/01/2054  | 675000 | 656369  |
| &nbsp;&nbsp;&nbsp; ONEOK Partners LP, <br>6.65%, 10/01/2036  | 124000 | 133553  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/15/2030  | 610000 | 575217  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2031  | 203000 | 200844  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2048  | 300000 | 262957  |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc., <br>7.38%, 11/01/2031 | 231000 | 255535  |
|  Pioneer Natural Resources Co., 7.20%, 01/15/2028 | 400000 | 418247  |
|  Plains All American Pipeline LP / PAA Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 01/15/2036  | 61000 | 61198  |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/31/2043  | 450000 | 364814  |
| &nbsp;&nbsp;&nbsp; Repsol E&P Capital Markets US LLC, <br>5.98%, 09/16/2035<sup>(a)</sup> | 350000 | 356275  |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, <br>5.90%, 09/15/2037  | 63246 | 65945  |
|  Shell Finance US, Inc., 4.13%, 11/06/2030  | 81000 | 80205  |
| SM Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/01/2030<sup>(a)</sup> | 25000 | 26377  |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031<sup>(a)</sup> | 145000 | 151567  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)** |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(a)</sup> | $175000 | $174109  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/30/2034  | 860000 | 929632  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2035  | 150000 | 151334  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/30/2036  | 55000 | 54598  |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP / Targa Resources Partners Finance Corp., <br>4.88%, 02/01/2031  | 380000 | 379400  |
| Topaz Solar Farms LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/30/2039<sup>(a)</sup> | 256909 | 231218  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/30/2039<sup>(a)</sup> | 811303 | 803725  |
|  TotalEnergies Capital USA LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/13/2031  | 100000 | 99077  |
| &nbsp;&nbsp;&nbsp; 4.57%, 01/13/2033  | 775000 | 767153  |
|  Transcontinental Gas Pipe Line Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 05/15/2050  | 230000 | 172760  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2056<sup>(a)</sup> | 71000 | 69306  |
|  Valero Energy Partners LP, 4.50%, 03/15/2028  | 350000 | 350072  |
|  Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029<sup>(a)</sup> | 25000 | 23764  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030<sup>(a)</sup> | 400000 | 409129  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031<sup>(a)</sup> | 25000 | 23190  |
|  Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 02/01/2030<sup>(c)</sup> | 1210000 | 1175000  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/2035  | 877000 | 862472  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/2048  | 56000 | 47333  |
| Williams Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2030  | 1220000 | 1159436  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2033  | 119000 | 122896  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/24/2044  | 262000 | 254669  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/15/2045  | 200000 | 174948  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2056  | 69000 | 67909  |
| **Total Energy** |  | 30085176  |
| **Financial — 8.1%**<br>|  |  |
|  200 Park Funding Trust, 5.74%, 02/15/2055<sup>(a)</sup> | 2425000 | 2329838  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br>4.75%, 04/15/2035 | 135000 | 127665  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., <br>5.54% to 01/17/2030 then SOFR + 1.73%, 01/17/2031  | 210000 | 211407  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| American Express Co.<br>|  |  |
|  5.10% to 02/16/2027 then SOFR + 1.00%, 02/16/2028  | $316000 | $317721  |
|  5.09% to 01/30/2030 then SOFR + 1.02%, 01/30/2031  | 103000 | 104742  |
|  4.92% to 07/20/2032 then SOFR + 1.22%, 07/20/2033  | 73000 | 73133  |
|  5.67% to 04/25/2035 then SOFR + 1.79%, 04/25/2036  | 86000 | 88883  |
|  American Homes 4 Rent LP, 5.50%, 02/01/2034  | 1750000 | 1765312  |
| American Tower Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029  | 240000 | 244068  |
| &nbsp;&nbsp;&nbsp; 2.30%, 09/15/2031  | 156000 | 137337  |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/15/2032  | 50000 | 49131  |
|  American Tower Trust #1, 5.49%, 03/15/2028<sup>(a)</sup> | 1815000 | 1835131  |
| &nbsp;&nbsp;&nbsp; Americold Realty Operating Partnership LP, <br>5.60%, 05/15/2032  | 350000 | 346229  |
| Aon North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/2031  | 191000 | 194880  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2054  | 17000 | 16380  |
|  Arthur J Gallagher & Co., 5.75%, 03/02/2053  | 16000 | 15328  |
| Assurant, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/15/2032  | 420000 | 367054  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/2036  | 138000 | 138280  |
|  Athene Global Funding, 5.32%, 11/13/2031<sup>(a)</sup> | 509000 | 503212  |
| Bank of America Corp.<br>|  |  |
|  3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028  | 1367000 | 1360184  |
|  3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028  | 544000 | 534410  |
|  3.19% to 07/23/2029 then 3 mo. Term SOFR + 1.44%, 07/23/2030  | 445000 | 426782  |
|  5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031  | 221000 | 225211  |
|  2.65% to 03/11/2031 then SOFR + 1.22%, 03/11/2032  | 1675000 | 1519081  |
|  2.30% to 07/21/2031 then SOFR + 1.22%, 07/21/2032  | 555000 | 489918  |
|  4.57% to 04/27/2032 then SOFR + 1.83%, 04/27/2033  | 82000 | 80566  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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. (continued) | Bank of America Corp. (continued) | Bank of America Corp. (continued) |
|  5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034  | $745000 | $754055  |
|  5.43% to 08/15/2034 then SOFR + 1.91%, 08/15/2035  | 101000 | 100764  |
|  5.52% to 10/25/2034 then SOFR + 1.74%, 10/25/2035  | 345000 | 344992  |
|  5.74% to 02/12/2035 then SOFR + 1.70%, 02/12/2036  | 55000 | 55950  |
|  3.85% to 03/08/2032 then 5 yr. CMT Rate + 2.00%, 03/08/2037  | 432000 | 400160  |
|  4.08% to 04/23/2039 then 3 mo. Term SOFR + 1.58%, 04/23/2040  | 83000 | 72234  |
|  3.31% to 04/22/2041 then SOFR + 1.58%, 04/22/2042  | 111000 | 84646  |
|  Bank of New York Mellon Corp., 4.94% to 02/11/2030 then SOFR + 0.89%, 02/11/2031  | 177000 | 179335  |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc., <br>5.13%, 06/11/2030  | 292000 | 290782  |
|  Blackstone Secured Lending Fund, 2.85%, 09/30/2028 | 1300000 | 1209249  |
|  Blue Owl Credit Income Corp., 7.75%, 09/16/2027  | 1375000 | 1394278  |
| Bridge Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/15/2030  | 500000 | 465334  |
| &nbsp;&nbsp;&nbsp; 5.32%, 07/15/2035  | 600000 | 600774  |
|  Brixmor Operating Partnership LP, 4.05%, 07/01/2030  | 625000 | 608094  |
|  Broadstone Net Lease LLC, 2.60%, 09/15/2031  | 515000 | 452080  |
| &nbsp;&nbsp;&nbsp; Cantor Fitzgerald LP, <br>4.50%, 04/14/2027<sup>(a)</sup> | 1225000 | 1221027  |
|  Capital One Financial Corp., 7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031  | 260000 | 287169  |
| &nbsp;&nbsp;&nbsp; CBRE Services, Inc., <br>4.90%, 01/15/2033  | 75000 | 73959  |
|  Chubb INA Holdings LLC, 4.65%, 08/15/2029  | 210000 | 212361  |
| &nbsp;&nbsp;&nbsp; Citibank NA, <br>4.91%, 05/29/2030  | 252000 | 255929  |
| Citigroup, Inc.<br>|  |  |
| 4.45%, 09/29/2027  | 1506000 | 1506043  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030  | $330000 | $324674  |
|  4.54% to 09/19/2029 then SOFR + 1.34%, 09/19/2030  | 306000 | 304938  |
|  2.98% to 11/05/2029 then SOFR + 1.42%, 11/05/2030  | 160000 | 151121  |
|  2.56% to 05/01/2031 then SOFR + 1.17%, 05/01/2032  | 300000 | 268363  |
|  3.06% to 01/25/2032 then SOFR + 1.35%, 01/25/2033  | 1880000 | 1700154  |
| 5.88%, 02/22/2033  | 278000 | 290860  |
| 6.00%, 10/31/2033  | 243000 | 254462  |
|  5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036  | 104000 | 103094  |
|  5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039  | 271000 | 264728  |
| &nbsp;&nbsp;&nbsp; 2.90% to 11/03/2041 then SOFR + 1.38%, <br>11/03/2042  | 58000 | 41408  |
|  Citizens Financial Group, Inc., 5.72% to 07/23/2031 then SOFR + 1.91%, 07/23/2032  | 330000 | 339209  |
|  Community Preservation Corp., 2.87%, 02/01/2030 | 1000000 | 929914  |
| Crown Castle, Inc.<br>|  |  |
| 5.00%, 01/11/2028  | 108000 | 108774  |
| 5.60%, 06/01/2029  | 92000 | 94178  |
| &nbsp;&nbsp;&nbsp; Depository Trust Co., <br>4.55%, 03/27/2031<sup>(a)</sup> | 395000 | 395810  |
|  Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 5.95%, 09/17/2030<sup>(a)</sup> | 665000 | 624438  |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, <br>4.70%, 03/15/2033  | 430000 | 418223  |
| &nbsp;&nbsp;&nbsp; Equitable America Global Funding, <br>4.30%, 12/15/2028<sup>(a)</sup> | 101000 | 100174  |
| &nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings, Inc., <br>3.13%, 10/15/2052  | 590000 | 355830  |
| &nbsp;&nbsp;&nbsp; F&G Global Funding, <br>2.00%, 09/20/2028<sup>(a)</sup> | 400000 | 372252  |
|  Fidus Investment Corp., 6.75%, 03/19/2030  | 680000 | 678236  |
|  Fifth Third Financial Corp., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030  | 701000 | 723332  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)**  |
|  First Citizens BancShares, Inc./NC<br>|  |  |
|  5.60% to 09/05/2030 then 5 yr. CMT Rate + 1.85%, 09/05/2035  | $195000 | $190588  |
|  6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040  | 90000 | 88002  |
|  First Horizon Corp., 5.51% to 03/07/2030 then SOFR + 1.77%, 03/07/2031  | 113000 | 114492  |
|  FNB Corp./PA, 5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030  | 259000 | 260608  |
|  Fortitude Global Funding, 4.63%, 10/06/2028<sup>(a)</sup> | 380000 | 376143  |
|  Franklin BSP Capital Corp., 6.00%, 10/02/2030<sup>(a)</sup> | 930000 | 885916  |
|  GA Global Funding Trust, 4.50%, 09/18/2030<sup>(a)</sup> | 400000 | 385021  |
| &nbsp;&nbsp;&nbsp; Gabx Leasing LLC, <br>4.63%, 04/15/2031<sup>(a)</sup> | 76000 | 74922  |
|  GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/2031<sup>(a)</sup> | 940000 | 769543  |
| Goldman Sachs Group, Inc.<br>|  |  |
|  4.15% (SOFR + 0.71%), 01/21/2029  | 318000 | 316038  |
|  3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029  | 925000 | 912479  |
|  4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029  | 1216000 | 1209139  |
|  4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030  | 69000 | 69054  |
|  5.21% to 01/28/2030 then SOFR + 1.08%, 01/28/2031  | 965000 | 980475  |
|  4.37% to 10/21/2030 then SOFR + 1.06%, 10/21/2031  | 107000 | 104916  |
|  2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032  | 770000 | 691655  |
|  2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032  | 142000 | 125354  |
|  5.07% to 01/21/2036 then SOFR + 1.19%, 01/21/2037  | 260000 | 254195  |
| 6.75%, 10/01/2037  | 531000 | 572777  |
|  3.21% to 04/22/2041 then SOFR + 1.51%, 04/22/2042  | 156000 | 115671  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  5.54% to 01/21/2046 then SOFR + 1.32%, 01/21/2047  | $83000 | $79095  |
| &nbsp;&nbsp;&nbsp; Goodman US Finance Six LLC, <br>5.13%, 10/07/2034<sup>(a)</sup> | 58000 | 57771  |
|  HA Sustainable Infrastructure Capital, Inc.<br>|  |  |
| 6.15%, 01/15/2031  | 1250000 | 1272281  |
| 6.38%, 07/01/2034  | 2000000 | 2013242  |
|  8.00% to 06/01/2031 then 5 yr. CMT Rate + 4.30%, 06/01/2056  | 650000 | 672608  |
|  7.13% to 11/15/2031 then 5 yr. CMT Rate + 3.48%, 11/15/2056  | 875000 | 870825  |
|  HAT Holdings I LLC / HAT Holdings II LLC, 3.75%, 09/15/2030<sup>(a)</sup> | 1000000 | 920146  |
| &nbsp;&nbsp;&nbsp; HNA 2015 LLC, <br>2.37%, 09/18/2027 | 85312 | 83997  |
|  Huntington Bancshares, Inc./OH<br>|  |  |
|  6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029  | 145000 | 150426  |
|  5.61% (5 yr. CMT Rate + 1.35%), 01/28/2041  | 133000 | 129795  |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, <br>5.55%, 07/02/2027<sup>(a)</sup> | 500000 | 504580  |
| JPMorgan Chase & Co.<br>|  |  |
|  6.07% (SOFR + 1.33%), 10/22/2027  | 2500000 | 2523834  |
|  3.78% to 02/01/2027 then 3 mo. Term SOFR + 1.60%, 02/01/2028  | 300000 | 298502  |
|  5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028  | 1875000 | 1897892  |
|  3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028  | 182000 | 180310  |
|  4.01% to 04/23/2028 then 3 mo. Term SOFR + 1.38%, 04/23/2029  | 1240000 | 1230192  |
|  2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029  | 830000 | 789741  |
|  6.88% to 06/01/2029 then 5 yr. CMT Rate + 2.74%, Perpetual  | 1250000 | 1296875  |
|  5.00% to 07/22/2029 then SOFR + 1.13%, 07/22/2030  | 2000000 | 2028394  |
|  2.74% to 10/15/2029 then 3 mo. Term SOFR + 1.51%, 10/15/2030  | 2250000 | 2119076 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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) |
|  2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032  | $405000 | $365982  |
|  2.55% to 11/08/2031 then SOFR + 1.18%, 11/08/2032  | 667000 | 592905  |
|  4.91% to 07/25/2032 then SOFR + 2.08%, 07/25/2033  | 86000 | 86059  |
|  5.77% to 04/22/2034 then SOFR + 1.49%, 04/22/2035  | 800000 | 833268  |
|  5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036  | 2156000 | 2183395  |
|  2.53% to 11/19/2040 then 3 mo. Term SOFR + 1.51%, 11/19/2041  | 686000 | 479357  |
|  5.53% to 11/29/2044 then SOFR + 1.55%, 11/29/2045  | 54000 | 53039  |
|  Keybank National Association, 4.90%, 08/08/2032  | 250000 | 245776  |
| KeyCorp<br>|  |  |
|  6.40% to 03/06/2034 then SOFR + 2.42%, 03/06/2035  | 185000 | 196145  |
|  5.31% (SOFR + 1.37%), 01/28/2037  | 76000 | 74431  |
| Kimco Realty OP LLC<br>|  |  |
| 2.25%, 12/01/2031  | 1100000 | 968667  |
| 4.60%, 02/01/2033  | 135000 | 132619  |
| Liberty Mutual Group, Inc.<br>|  |  |
| 4.57%, 02/01/2029<sup>(a)</sup> | 700000 | 696406  |
| 3.95%, 10/15/2050<sup>(a)</sup> | 120000 | 87095  |
| 3.95%, 05/15/2060<sup>(a)</sup> | 85000 | 58171  |
| &nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, <br>4.63%, 08/18/2030<sup>(a)</sup> | 380000 | 376014  |
|  Low Income Investment Fund, 3.39%, 07/01/2026  | 1000000 | 997096  |
| Lseg US Fin Corp.<br>|  |  |
| 4.25%, 03/23/2029<sup>(a)</sup> | 265000 | 263069  |
| 5.30%, 03/28/2034<sup>(a)</sup> | 590000 | 594110  |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, <br>07/30/2035 | 100000 | 99678  |
|  Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027  | 111000 | 111505  |
| Mastercard, Inc.<br>|  |  |
| 1.90%, 03/15/2031  | 1000000 | 889644  |
| 4.35%, 01/15/2032  | 148000 | 146853  |
| Morgan Stanley<br>|  |  |
| 3.95%, 04/23/2027  | 950000 | 944370  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| 3.59%, 07/22/2028<sup>(d)</sup> | $420000 | $415063  |
|  3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029  | 1155000 | 1139527  |
|  5.17% to 01/16/2029 then SOFR + 1.45%, 01/16/2030  | 323000 | 327543  |
|  4.43% to 01/23/2029 then 3 mo. Term SOFR + 1.89%, 01/23/2030  | 440000 | 438019  |
|  4.65% to 10/18/2029 then SOFR + 1.10%, 10/18/2030  | 51000 | 50979  |
|  3.62% to 04/01/2030 then SOFR + 3.12%, 04/01/2031  | 55000 | 52740  |
|  2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032  | 210000 | 183850  |
|  2.94% to 01/21/2032 then SOFR + 1.29%, 01/21/2033  | 2450000 | 2202888  |
|  5.32% to 07/19/2034 then SOFR + 1.56%, 07/19/2035  | 84000 | 84291  |
|  2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036  | 143000 | 123035  |
|  5.07% (SOFR + 1.18%), 01/30/2037  | 1830000 | 1792887  |
|  5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037  | 200000 | 199513  |
|  5.94% to 02/07/2034 then 5 yr. CMT Rate + 1.80%, 02/07/2039  | 141000 | 144137  |
|  5.31% (5 yr. CMT Rate + 1.17%), 01/18/2041  | 105000 | 101359  |
|  3.22% to 04/22/2041 then SOFR + 1.49%, 04/22/2042  | 156000 | 117608  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund, <br>4.50%, 02/11/2027  | 1310000 | 1303365  |
| Morgan Stanley Private Bank NA<br>|  |  |
|  4.21% to 02/08/2029 then SOFR + 0.76%, 02/08/2030  | 285000 | 282114  |
|  4.73% to 07/18/2030 then SOFR + 1.08%, 07/18/2031  | 1505000 | 1500338  |
| &nbsp;&nbsp;&nbsp; 4.47% to 11/19/2030 then SOFR + 1.02%, <br>11/19/2031 | 2525000 | 2485815  |
|  MPT Operating Partnership LP / MPT Finance Corp.<br>|  |  |
| 5.00%, 10/15/2027  | 150000 | 139625  |
| 3.50%, 03/15/2031  | 200000 | 130682  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)**  |
|  National Community Renaissance of California, 3.27%, 12/01/2032  | $1000000 | $874535  |
|  National Health Investors, Inc., 5.35%, 02/01/2033 | 32000 | 31445  |
|  New York Life Global Funding, 4.85%, 01/09/2028<sup>(a)</sup> | 77000 | 77774  |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp., <br>5.12% to 11/19/2035 then <br>5 yr. CMT Rate + 1.05%, 11/19/2040  | 200000 | 194722  |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding, <br>4.35%, 09/15/2027<sup>(a)</sup> | 103000 | 103095  |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co., <br>6.17%, 05/29/2055<sup>(a)</sup> | 62000 | 63685  |
| &nbsp;&nbsp;&nbsp; Omnis Funding Trust, <br>6.72%, 05/15/2055<sup>(a)</sup> | 3375000 | 3411866  |
|  OneMain Finance Corp., 3.88%, 09/15/2028  | 100000 | 95035  |
|  Pacific Life Insurance Co., 5.95%, 09/15/2055<sup>(a)</sup> | 133000 | 130494  |
| &nbsp;&nbsp;&nbsp; PennantPark Floating Rate Capital Ltd., <br>6.75%, 03/04/2029  | 530000 | 528182  |
|  PennyMac Financial Services, Inc., 4.25%, 02/15/2029<sup>(a)</sup> | 225000 | 213245  |
|  Pinnacle Bank/Nashville TN, 5.96% to 01/15/2031 then 5 yr. CMT Rate + 2.30%, 01/15/2036  | 252000 | 249570  |
|  PNC Bank NA, 4.54% to 05/13/2026 then SOFR + 0.63%, 05/13/2027  | 1125000 | 1125045  |
|  PNC Financial Services Group, Inc., 5.42% (5 yr. CMT Rate + 1.17%), 01/25/2041  | 46000 | 45064  |
|  Preservation Of Affordable Housing, Inc.<br>|  |  |
| 4.48%, 12/01/2032  | 1000000 | 953816  |
| 5.44%, 06/01/2036  | 1000000 | 969556  |
|  Principal Life Global Funding II, 1.25%, 08/16/2026<sup>(a)</sup> | 1000000 | 988960  |
|  Private Export Funding Corp., 4.30%, 12/15/2028  | 1000000 | 1011343  |
| &nbsp;&nbsp;&nbsp; Progressive Corp., <br>5.15%, 03/26/2036  | 445000 | 445627  |
| &nbsp;&nbsp;&nbsp; Protective Life Corp., <br>4.70%, 01/15/2031<sup>(a)</sup> | 750000 | 742774  |
|  Prudential Financial, Inc., 5.70% to 09/15/2028 then 3 mo. LIBOR USD + 2.67%, 09/15/2048<sup>(e)</sup> | 81000 | 80228  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Regions Financial Corp.<br>|  |  |
|  5.72% to 06/06/2029 then SOFR + 1.49%, 06/06/2030  | $119000 | $122040  |
| 7.38%, 12/10/2037  | 204000 | 230842  |
|  Reinvestment Fund, Inc., 3.88%, 02/15/2027  | 500000 | 494378  |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026<sup>(a)</sup> | 425000 | 420403  |
|  Sculptor Alternative Solutions LLC, Series B, 6.00%, 05/15/2029<sup>(a)</sup> | 1720000 | 1580852  |
|  Signature Bank, 9.33% (3 mo. AMERIBOR + 3.89%), 10/15/2030  | 150000 | 102000  |
| Starwood Property Trust, Inc.<br>|  |  |
| 5.25%, 10/15/2028<sup>(a)</sup> | 720000 | 711792  |
| 7.25%, 04/01/2029<sup>(a)</sup> | 1000000 | 1029629  |
| 6.00%, 04/15/2030<sup>(a)</sup> | 1445000 | 1442198  |
| 6.50%, 10/15/2030<sup>(a)</sup> | 2105000 | 2134920  |
|  Stellantis Financial Services US Corp., 4.95%, 09/15/2028<sup>(a)</sup> | 202000 | 200889  |
|  Sun Communities Operating LP, 2.70%, 07/15/2031  | 475000 | 424880  |
| Synchrony Financial<br>|  |  |
| 5.15%, 03/19/2029  | 200000 | 200485  |
|  4.95% to 02/25/2031 then SOFR + 1.53%, 02/25/2032  | 484000 | 469723  |
| &nbsp;&nbsp;&nbsp; Thirax 2 LLC, <br>2.32%, 01/22/2034  | 696915 | 637626  |
| Travelers Cos., Inc.<br>|  |  |
| 5.05%, 07/24/2035  | 1650000 | 1652645  |
| 2.55%, 04/27/2050  | 1475000 | 869638  |
|  Truist Bank, 4.14% to 10/23/2028 then SOFR + 0.91%, 10/23/2029  | 745000 | 737909  |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., <br>7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029  | 300000 | 318850  |
| Unum Group<br>|  |  |
| 5.25%, 12/15/2035  | 75000 | 73354  |
| 6.00%, 06/15/2054  | 130000 | 122682  |
|  US Bancorp, 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036 | 195000 | 168585  |
| USAA Capital Corp.<br>|  |  |
| 4.38%, 06/01/2028<sup>(a)</sup> | 154000 | 154445  |
| 2.13%, 05/01/2030<sup>(a)</sup> | 2500000 | 2280849  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., <br>5.75%, 02/01/2027<sup>(a)</sup> | 1100000 | 1106331  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)**  |
| Visa, Inc.<br>|  |  |
| 1.90%, 04/15/2027  | $1000000 | $979139  |
| 4.40%, 02/12/2033  | 87000 | 86204  |
| &nbsp;&nbsp;&nbsp; W R Berkley Corp., <br>4.00%, 05/12/2050  | 160000 | 120780  |
|  Webster Financial Corp., 5.78% to 09/11/2030 then 5 yr. CMT Rate + 2.13%, 09/11/2035  | 160000 | 162495  |
| Wells Fargo & Co.<br>|  |  |
|  5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028  | 735000 | 744481  |
|  5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029  | 1160000 | 1186648  |
|  4.08% to 09/15/2028 then SOFR + 0.88%, 09/15/2029  | 214000 | 211646  |
|  2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030  | 25000 | 23587  |
|  2.57% to 02/11/2030 then 3 mo. Term SOFR + 1.26%, 02/11/2031  | 779000 | 720558  |
|  5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034  | 435000 | 441515  |
|  6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034  | 380000 | 411446  |
|  5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035  | 75000 | 76346  |
|  5.21% to 12/03/2034 then SOFR + 1.38%, 12/03/2035  | 650000 | 647125  |
|  3.07% to 04/30/2040 then SOFR + 2.53%, 04/30/2041  | 843000 | 632885  |
| 5.61%, 01/15/2044  | 100000 | 95690  |
| 4.75%, 12/07/2046  | 46000 | 38562  |
| &nbsp;&nbsp;&nbsp; Western Alliance Bank, <br>6.54% to 11/15/2030 then 5 yr. CMT Rate + 2.85%, 11/15/2035  | 172000 | 168462  |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co., <br>4.00%, 03/09/2052  | 78000 | 57364  |
| Willis North America, Inc.<br>|  |  |
| 4.65%, 06/15/2027  | 214000 | 214353  |
| 4.55%, 03/15/2031  | 105000 | 103460  |
|  Wynnton Funding Trust II, 5.99%, 08/15/2055<sup>(a)</sup> | 2700000 | 2668240  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Zions Bancorp NA<br>|  |  |
|  4.70% to 08/18/2027 then SOFR + 1.16%, 08/18/2028  | $2000000 | $1982193  |
|  6.82% to 11/19/2034 then SOFR + 2.83%, 11/19/2035  | 250000 | 256782  |
| **Total Financial** |  | 127276839  |
| **Industrial — 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AECOM, <br>6.00%, 08/01/2033<sup>(a)</sup> | 30000 | 29967  |
| &nbsp;&nbsp;&nbsp; AGCO Corp., <br>5.45%, 03/21/2027  | 315000 | 317146  |
| Allegion US Holding Co., Inc.<br>|  |  |
| 5.41%, 07/01/2032  | 95000 | 96970  |
| 5.60%, 05/29/2034  | 95000 | 96954  |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., <br>2.69%, 05/25/2031  | 76000 | 68338  |
| Amphenol Corp.<br>|  |  |
| 3.90%, 11/15/2028  | 99000 | 98265  |
| 4.13%, 11/15/2030  | 104000 | 102465  |
| 5.30%, 11/15/2055  | 89000 | 83581  |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc., <br>4.75%, 03/30/2031  | 158000 | 156588  |
| Ball Corp.<br>|  |  |
| 6.00%, 06/15/2029  | 275000 | 278953  |
| 5.50%, 09/15/2033  | 190000 | 190109  |
| Boeing Co.<br>|  |  |
| 5.15%, 05/01/2030  | 114000 | 115908  |
| 3.60%, 05/01/2034  | 149000 | 133381  |
| 5.71%, 05/01/2040  | 1305000 | 1307052  |
| 3.38%, 06/15/2046  | 87000 | 59824  |
| 3.63%, 03/01/2048  | 565000 | 393701  |
| 3.75%, 02/01/2050  | 149000 | 105695  |
| 5.81%, 05/01/2050  | 65000 | 62837  |
| 5.93%, 05/01/2060  | 558000 | 535617  |
|  Burlington Northern Santa Fe LLC<br>|  |  |
| 4.45%, 03/15/2043  | 31000 | 27006  |
| 4.15%, 12/15/2048  | 141000 | 112915  |
| 4.45%, 01/15/2053  | 85000 | 69951  |
| 5.80%, 03/15/2056  | 53000 | 53470  |
|  Caterpillar Financial Services Corp.<br>|  |  |
| 4.40%, 03/03/2028  | 94000 | 94464  |
| 4.10%, 08/15/2028  | 117000 | 116898  |
| 3.95%, 11/14/2028  | 235000 | 233875  |
|  CNH Industrial Capital LLC, 4.50%, 10/16/2030  | 115000 | 113528  |
| &nbsp;&nbsp;&nbsp; Deere & Co., <br>5.45%, 01/16/2035  | 87000 | 90379  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)** |
|  Fedex Freight Holding Co., Inc.<br>|  |  |
| 4.30%, 03/15/2029<sup>(a)</sup> | $86000 | $84969  |
| 4.65%, 03/15/2031<sup>(a)</sup> | 760000 | 746977  |
| 5.25%, 03/15/2036<sup>(a)</sup> | 335000 | 324109  |
| &nbsp;&nbsp;&nbsp; Flowserve Corp., <br>2.80%, 01/15/2032  | 245000 | 216264  |
| GE Vernova, Inc.<br>|  |  |
| 4.88%, 02/04/2036  | 64000 | 63431  |
| 5.50%, 02/04/2056  | 94000 | 90428  |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc., <br>6.25%, 05/06/2029  | 95000 | 98485  |
| Honeywell Aerospace, Inc.<br>|  |  |
| 4.60%, 03/16/2033<sup>(a)</sup> | 268000 | 264925  |
| 4.95%, 03/16/2036<sup>(a)</sup> | 657000 | 651877  |
| 5.73%, 03/16/2056<sup>(a)</sup> | 132000 | 130475  |
|  Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030 | 1700000 | 1666586  |
| Jacobs Solutions, Inc.<br>|  |  |
| 4.75%, 03/03/2031  | 295000 | 290871  |
| 5.38%, 03/03/2036  | 64000 | 62416  |
| John Deere Capital Corp.<br>|  |  |
| 4.90%, 03/07/2031  | 93000 | 94937  |
| 4.40%, 09/08/2031  | 148000 | 147821  |
|  L3Harris Technologies, Inc., 5.40%, 07/31/2033  | 107000 | 109781  |
|  Martin Marietta Materials, Inc., 2.40%, 07/15/2031  | 35000 | 31151  |
|  MasTec, Inc., 5.90%, 06/15/2029  | 95000 | 98162  |
|  Owens Corning, 5.50%, 06/15/2027  | 449000 | 454337  |
|  Packaging Corp. of America, 5.70%, 12/01/2033  | 151000 | 156664  |
|  Penske Truck Leasing Co. LP / PTL Finance Corp.<br>|  |  |
| 3.40%, 11/15/2026<sup>(a)</sup> | 1450000 | 1439414  |
| 6.05%, 08/01/2028<sup>(a)</sup> | 133000 | 136864  |
| 5.35%, 03/30/2029<sup>(a)</sup> | 68000 | 69161  |
| 5.25%, 02/01/2030<sup>(a)</sup> | 156000 | 158340  |
| 6.20%, 06/15/2030<sup>(a)</sup> | 98000 | 103165  |
|  Quikrete Holdings, Inc., 6.38%, 03/01/2032<sup>(a)</sup> | 300000 | 304201  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, <br>6.13%, 02/01/2028<sup>(a)</sup> | 25000 | 25313  |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co., <br>4.60%, 09/01/2029  | 130000 | 129624  |
| Standard Industries, Inc./NY<br>|  |  |
| 4.75%, 01/15/2028<sup>(a)</sup> | 125000 | 123560  |
| 4.38%, 07/15/2030<sup>(a)</sup> | 175000 | 164949  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Stanley Black & Decker, Inc., 6.71% to 03/15/2030 then 5 yr. CMT Rate + 2.66%, 03/15/2060  | $200000 | $195327  |
| &nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, <br>7.63%, 02/15/2030<sup>(a)</sup> | 250000 | 231355  |
| &nbsp;&nbsp;&nbsp; Textron, Inc., <br>3.00%, 06/01/2030  | 1900000 | 1788577  |
|  Tote Shipholdings LLC, 3.40%, 10/16/2040  | 812000 | 727087  |
| &nbsp;&nbsp;&nbsp; Trimble, Inc., <br>6.10%, 03/15/2033  | 74000 | 77426  |
| Vertiv Holdings Co.<br>|  |  |
| 4.85%, 03/15/2036  | 22000 | 21392  |
| 5.65%, 03/15/2046  | 28000 | 26706  |
| &nbsp;&nbsp;&nbsp; Vontier Corp., <br>2.95%, 04/01/2031  | 223000 | 202777  |
|  Waste Management, Inc., 4.95%, 07/03/2027  | 149000 | 150442  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., <br>5.35%, 05/06/2030<sup>(a)</sup> | 1580000 | 1600940  |
| **Total Industrial** |  | 18607123  |
| **Technology — 0.9%**<br>|  |  |
|  Accenture Capital, Inc., 4.50%, 10/04/2034  | 82000 | 79282  |
| &nbsp;&nbsp;&nbsp; Adobe, Inc., <br>4.75%, 01/17/2028  | 111000 | 112361  |
| Apple, Inc.<br>|  |  |
| 3.00%, 06/20/2027  | 1000000 | 989210  |
| 1.40%, 08/05/2028  | 291000 | 274894  |
| 4.38%, 05/13/2045  | 110000 | 96265  |
| 2.65%, 05/11/2050  | 220000 | 134612  |
| 2.70%, 08/05/2051  | 88000 | 53895  |
| 2.80%, 02/08/2061  | 10000 | 5709  |
|  Applied Materials, Inc., 4.60%, 01/15/2036  | 87000 | 84511  |
| Booz Allen Hamilton, Inc.<br>|  |  |
| 4.00%, 07/01/2029<sup>(a)</sup> | 102000 | 98693  |
| 5.95%, 04/15/2035  | 223000 | 224818  |
| Broadcom, Inc.<br>|  |  |
| 5.05%, 07/12/2029  | 556000 | 567495  |
| 2.45%, 02/15/2031  | 237000 | 215241  |
| 4.90%, 07/15/2032  | 733000 | 739406  |
| 3.42%, 04/15/2033  | 809000 | 739769  |
| 3.14%, 11/15/2035<sup>(a)</sup> | 194000 | 164820  |
| 3.19%, 11/15/2036<sup>(a)</sup> | 584000 | 488025  |
| &nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp., <br>2.67%, 12/01/2026  | 815000 | 805494  |
|  Dell International LLC / EMC Corp.<br>|  |  |
| 4.75%, 04/01/2028  | 172000 | 173209  |
| 4.35%, 02/01/2030  | 203000 | 200931  |
| 8.10%, 07/15/2036  | 128000 | 152149  |
| 3.38%, 12/15/2041  | 197000 | 146876  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **Technology — (continued)** | **Technology — (continued)** | **Technology — (continued)** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc., <br>4.80%, 03/10/2031  | $76000 | $75403  |
|  Fiserv, Inc., 5.60%, 03/02/2033  | 2000000 | 2020974  |
|  Foundry JV Holdco LLC, 6.15%, 01/25/2032<sup>(a)</sup> | 340000 | 354955  |
|  Hewlett Packard Enterprise Co.<br>|  |  |
| 4.60%, 03/23/2029  | 81000 | 80926  |
| 4.40%, 10/15/2030  | 106000 | 104073  |
| Intel Corp.<br>|  |  |
| 4.15%, 08/05/2032  | 84000 | 80083  |
| 3.73%, 12/08/2047  | 195000 | 136260  |
| 5.70%, 02/10/2053  | 86000 | 79186  |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp., <br>4.60%, 02/03/2033  | 159000 | 155936  |
| &nbsp;&nbsp;&nbsp; Intuit, Inc., <br>5.50%, 09/15/2053  | 415000 | 381711  |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., <br>3.15%, 10/15/2031  | 106000 | 88367  |
| Oracle Corp.<br>|  |  |
| 4.45%, 09/26/2030  | 101000 | 97332  |
| 6.25%, 11/09/2032  | 2120000 | 2175362  |
| 5.50%, 08/03/2035  | 95000 | 90687  |
| 5.70%, 02/04/2036  | 440000 | 423055  |
| 3.80%, 11/15/2037  | 151000 | 119916  |
| 6.50%, 04/15/2038  | 174000 | 174396  |
| 5.88%, 09/26/2045  | 91000 | 78509  |
| 6.55%, 02/04/2046  | 164000 | 153005  |
| 4.00%, 11/15/2047  | 218000 | 144271  |
| 5.95%, 09/26/2055  | 184000 | 154794  |
| 6.70%, 02/04/2056  | 135000 | 125294  |
| 6.85%, 02/04/2066  | 65000 | 59756  |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc., <br>4.75%, 05/20/2032  | 78000 | 78424  |
|  Roper Technologies, Inc., 4.25%, 09/15/2028  | 84000 | 83452  |
| Salesforce, Inc.<br>|  |  |
| 4.65%, 03/15/2029  | 116000 | 116240  |
| 6.55%, 03/15/2056  | 518000 | 519797  |
|  Texas Instruments, Inc., 4.60%, 02/15/2028  | 107000 | 107805  |
| **Total Technology** |  | 14807634  |
| **Utilities — 4.8%**<br>|  |  |
| AEP Texas, Inc.<br>|  |  |
| 5.45%, 05/15/2029  | 290000 | 297406  |
| 5.85%, 10/15/2055  | 159000 | 153335  |
|  AEP Transmission Co. LLC, 4.25%, 09/15/2048  | 425000 | 337298  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| AES Corp.<br>|  |  |
| 2.45%, 01/15/2031  | $5065000 | $4480905  |
|  7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055  | 1000000 | 991918  |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., <br>3.75%, 03/01/2045  | 170000 | 130569  |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., <br>5.25%, 03/01/2035  | 1200000 | 1219297  |
| Arizona Public Service Co.<br>|  |  |
| 6.35%, 12/15/2032  | 630000 | 674872  |
| 3.75%, 05/15/2046  | 500000 | 371640  |
| &nbsp;&nbsp;&nbsp; Avangrid, Inc., <br>3.80%, 06/01/2029  | 1000000 | 976016  |
| &nbsp;&nbsp;&nbsp; Boston Gas Co., <br>5.84%, 01/10/2035<sup>(a)</sup> | 415000 | 434247  |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, <br>5.75%, 01/15/2034<sup>(a)</sup> | 1000000 | 982701  |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., <br>4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050  | 135000 | 130927  |
| Commonwealth Edison Co.<br>|  |  |
| 3.70%, 08/15/2028  | 320000 | 316383  |
| 2.75%, 09/01/2051  | 1000000 | 602165  |
| Connecticut Light and Power Co.<br>|  |  |
| 4.65%, 01/01/2029  | 1000000 | 1008419  |
| 4.00%, 04/01/2048  | 105000 | 81499  |
|  Consolidated Edison Co. of New York, Inc.<br>|  |  |
| 4.45%, 03/15/2044  | 65000 | 55460  |
| 4.50%, 12/01/2045  | 89000 | 74948  |
| 4.13%, 05/15/2049  | 110000 | 85618  |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, <br>3.75%, 03/01/2031<sup>(a)</sup> | 275000 | 262387  |
|  Consumers Energy Co., 4.60%, 05/30/2029  | 1000000 | 1006947  |
| Dominion Energy, Inc.<br>|  |  |
| 3.38%, 04/01/2030  | 230000 | 219602  |
| 4.90%, 08/01/2041  | 2000000 | 1784244  |
|  7.00% to 06/01/2034 then 5 yr. CMT Rate + 2.51%, 06/01/2054  | 625000 | 661056  |
| DTE Electric Co.<br>|  |  |
| 1.90%, 04/01/2028  | 1000000 | 957339  |
| 5.25%, 05/15/2035  | 200000 | 202849  |
| 3.95%, 03/01/2049  | 2175000 | 1682762  |
| &nbsp;&nbsp;&nbsp; DTE Energy Co., <br>4.88%, 06/01/2028  | 122000 | 123095  |
| Duke Energy Carolinas LLC<br>|  |  |
| 2.85%, 03/15/2032  | 1000000 | 910317  |
| 3.55%, 03/15/2052  | 58000 | 40912  |
| 5.40%, 01/15/2054  | 42000 | 39838 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)**  |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., <br>5.80%, 06/15/2054  | $88000 | $84256  |
| Duke Energy Florida LLC<br>|  |  |
| 3.80%, 07/15/2028  | 550000 | 544690  |
| 2.50%, 12/01/2029  | 1000000 | 937261  |
| 4.20%, 12/01/2030  | 225000 | 222530  |
| 4.20%, 07/15/2048  | 50000 | 39445  |
| 3.00%, 12/15/2051  | 1000000 | 628840  |
| 5.95%, 11/15/2052  | 58000 | 58684  |
| Duke Energy Indiana LLC<br>|  |  |
| 4.95%, 03/15/2036  | 48000 | 47254  |
| 2.75%, 04/01/2050  | 930000 | 565297  |
|  Duke Energy Ohio, Inc., 5.65%, 04/01/2053  | 40000 | 38716  |
|  Duke Energy Progress LLC, 4.00%, 04/01/2052  | 90000 | 67851  |
|  Emera US Finance LLC, 5.20%, 04/01/2033  | 83000 | 82537  |
| Emera US Finance LP<br>|  |  |
| 3.55%, 06/15/2026  | 225000 | 224483  |
| 4.75%, 06/15/2046  | 135000 | 111371  |
|  Entergy Arkansas LLC, 4.95%, 01/15/2036  | 43000 | 42175  |
|  Entergy Louisiana LLC, 4.90%, 04/15/2036  | 445000 | 434112  |
|  Entergy Mississippi LLC, 3.85%, 06/01/2049  | 66000 | 48821  |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc., <br>4.50%, 03/30/2039  | 488000 | 446052  |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc., <br>5.13%, 03/15/2036  | 340000 | 335251  |
|  Evergy Kansas Central, Inc., 5.25%, 03/15/2035  | 1395000 | 1406146  |
| &nbsp;&nbsp;&nbsp; Evergy, Inc., <br>4.25%, 03/15/2029  | 60000 | 59542  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., <br>4.85%, 07/15/2047<sup>(c)</sup> | 110000 | 93669  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., <br>5.20%, 04/01/2028<sup>(a)</sup> | 181000 | 183571  |
| Florida Power & Light Co.<br>|  |  |
| 5.15%, 06/15/2029  | 151000 | 154904  |
| 2.88%, 12/04/2051  | 570000 | 354461  |
| 5.60%, 02/15/2066  | 61000 | 58764  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., <br>3.25%, 03/15/2051  | 208000 | 138909  |
|  Indiana Michigan Power Co., 5.63%, 04/01/2053  | 51000 | 49090  |
|  Interstate Power and Light Co., 3.50%, 09/30/2049 | 109000 | 75858  |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp., <br>4.95%, 09/22/2027<sup>(a)</sup> | 450000 | 452117  |
|  Jersey Central Power & Light Co., 2.75%, 03/01/2032<sup>(a)</sup> | 70000 | 62883  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Kentucky Power Co., <br>7.00%, 11/15/2033<sup>(a)</sup> | $224000 | $240875  |
| &nbsp;&nbsp;&nbsp; Kentucky Utilities Co., <br>5.85%, 08/15/2055  | 44000 | 43748  |
|  KeySpan Gas East Corp., 5.99%, 03/06/2033<sup>(a)</sup> | 140000 | 146172  |
|  Liberty Utilities Finance GP 1, 2.05%, 09/15/2030<sup>(a)</sup> | 94000 | 84352  |
| MidAmerican Energy Co.<br>|  |  |
| 5.35%, 01/15/2034  | 875000 | 898309  |
| 5.85%, 09/15/2054  | 975000 | 978896  |
| 5.30%, 02/01/2055  | 1050000 | 973763  |
|  Narragansett Electric Co., 5.35%, 05/01/2034<sup>(a)</sup> | 99000 | 100397  |
|  National Rural Utilities Cooperative Finance Corp.<br>|  |  |
| 4.12%, 09/16/2027  | 107000 | 106784  |
| 3.95%, 12/10/2027  | 177000 | 176153  |
| 4.75%, 02/07/2028  | 55000 | 55407  |
| 4.15%, 08/25/2028  | 52000 | 51830  |
| 1.35%, 03/15/2031  | 1500000 | 1283226  |
| 4.15%, 12/15/2032  | 1000000 | 967715  |
| &nbsp;&nbsp;&nbsp; Nevada Power Co., <br>6.00%, 03/15/2054  | 200000 | 200279  |
|  New York State Electric & Gas Corp.<br>|  |  |
| 5.65%, 08/15/2028<sup>(a)</sup> | 1000000 | 1026159  |
| 2.15%, 10/01/2031<sup>(a)</sup> | 2500000 | 2182556  |
| 5.85%, 08/15/2033<sup>(a)</sup> | 93000 | 97025  |
|  NextEra Energy Capital Holdings, Inc.<br>|  |  |
| 4.69%, 09/01/2027  | 73000 | 73352  |
| 5.30%, 03/15/2032  | 160000 | 163862  |
| NiSource, Inc.<br>|  |  |
| 5.20%, 07/01/2029  | 505000 | 514989  |
| 5.85%, 04/01/2055  | 45000 | 43746  |
| &nbsp;&nbsp;&nbsp; Northern States Power Co./MN, <br>3.20%, 04/01/2052  | 1000000 | 678471  |
|  Northwest Natural Gas Co., 3.08%, 12/01/2051  | 1000000 | 612923  |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp., <br>5.07%, 03/21/2030<sup>(a)</sup> | 390000 | 396225  |
| &nbsp;&nbsp;&nbsp; NSTAR Electric Co., <br>5.40%, 06/01/2034  | 265000 | 270865  |
| &nbsp;&nbsp;&nbsp; Ohio Edison Co., <br>5.50%, 01/15/2033<sup>(a)</sup> | 930000 | 957449  |
|  Oncor Electric Delivery Co. LLC, 4.15%, 06/01/2032 | 119000 | 115390  |
| Pacific Gas and Electric Co.<br>|  |  |
| 4.30%, 03/15/2045  | 143000 | 111694  |
| 3.95%, 12/01/2047  | 797000 | 579978  |
| 4.95%, 07/01/2050  | 480000 | 397621  |
| 6.70%, 04/01/2053  | 1000000 | 1035084  |
| 6.10%, 10/15/2055  | 194000 | 186342  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp; PacifiCorp, <br>4.13%, 01/15/2049  | $935000 | $685436  |
| PG&E Recovery Funding LLC<br>|  |  |
| 4.84%, 06/01/2033  | 867887 | 880774  |
| 5.53%, 06/01/2049  | 2000000 | 1964584  |
|  PPL Capital Funding, Inc., 5.25%, 09/01/2034  | 52000 | 52368  |
| PPL Electric Utilities Corp.<br>|  |  |
| 4.85%, 02/15/2034  | 950000 | 946677  |
| 4.15%, 06/15/2048  | 85000 | 67661  |
|  Public Service Co. of Colorado<br>|  |  |
| 3.70%, 06/15/2028  | 596000 | 588103  |
| 5.35%, 05/15/2034  | 835000 | 850490  |
| 5.05%, 06/15/2036  | 445000 | 438628  |
| 4.10%, 06/15/2048  | 2269000 | 1770258  |
| 2.70%, 01/15/2051  | 327000 | 193369  |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma, <br>2.20%, 08/15/2031  | 1156000 | 1013991  |
|  Public Service Electric and Gas Co.<br>|  |  |
| 2.70%, 05/01/2050  | 420000 | 258677  |
| 5.13%, 03/15/2053  | 800000 | 729651  |
|  Puget Sound Energy, Inc., 5.69%, 06/15/2054  | 86000 | 84109  |
| RWE Finance US LLC<br>|  |  |
| 5.13%, 09/18/2035<sup>(a)</sup> | 2675000 | 2600648  |
| 6.25%, 04/16/2054<sup>(a)</sup> | 1000000 | 1005147  |
| 5.88%, 09/18/2055<sup>(a)</sup> | 156000 | 148620  |
| San Diego Gas & Electric Co.<br>|  |  |
| 4.95%, 08/15/2028  | 1000000 | 1015837  |
| 2.95%, 08/15/2051  | 1375000 | 863437  |
|  SCE Recovery Funding LLC, 2.94%, 11/15/2042  | 1627000 | 1379636  |
| &nbsp;&nbsp;&nbsp; Sempra, <br>5.25%, 03/15/2036  | 111000 | 109435  |
|  Solar Star Funding LLC, 5.38%, 06/30/2035<sup>(a)</sup> | 2269279 | 2277071  |
|  Southern California Edison Co.<br>|  |  |
| 4.88%, 02/01/2027  | 550000 | 551370  |
| 5.85%, 11/01/2027  | 685000 | 697658  |
| 2.75%, 02/01/2032  | 1000000 | 891833  |
| 5.20%, 06/01/2034  | 575000 | 570723  |
| 4.13%, 03/01/2048  | 110000 | 82329  |
| 3.65%, 06/01/2051  | 1000000 | 685383  |
| 5.88%, 12/01/2053  | 62000 | 58630  |
| 6.20%, 09/15/2055  | 89000 | 88262  |
|  Southern California Gas Co., 5.60%, 04/01/2054  | 54000 | 51471  |
|  Southwestern Electric Power Co., 5.90%, 04/01/2056 | 448000 | 435974  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Southwestern Public Service Co., 3.75%, 06/15/2049 | $360000 | $259273  |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co., <br>5.00%, 01/15/2031<sup>(a)</sup> | 78000 | 79234  |
| Union Electric Co.<br>|  |  |
| 2.63%, 03/15/2051  | 1000000 | 588406  |
| 3.90%, 04/01/2052  | 93000 | 69703  |
|  Virginia Electric and Power Co., 5.55%, 08/15/2054 | 40000 | 37803  |
|  Vistra Corp., 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, Perpetual<sup>(a)</sup> | 2000000 | 2002564  |
| Vistra Operations Co. LLC<br>|  |  |
| 5.63%, 02/15/2027<sup>(a)</sup> | 375000 | 375000  |
| 5.00%, 07/31/2027<sup>(a)</sup> | 100000 | 99647  |
| 4.30%, 10/15/2028<sup>(a)</sup> | 128000 | 126466  |
| 4.60%, 10/15/2030<sup>(a)</sup> | 305000 | 298958  |
|  Wisconsin Power and Light Co., 3.95%, 09/01/2032 | 84000 | 80041  |
|  XPLR Infrastructure Operating Partners LP<br>|  |  |
| 7.25%, 01/15/2029<sup>(a)</sup> | 1016000 | 1045633  |
| 7.75%, 04/15/2034<sup>(a)</sup> | 285000 | 294334  |
| **Total Utilities** |  | 74493450  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. CORPORATE BONDS** <br>**(Cost $376,448,992)** |  | 367112670  |
| **U.S. GOVERNMENT AGENCIES — 18.0%** | **U.S. GOVERNMENT AGENCIES — 18.0%** | **U.S. GOVERNMENT AGENCIES — 18.0%** |
|  BFLD Trust, Series 2024-WRHS, Class A, 5.16% (1 mo. Term SOFR + 1.49%), 07/15/2039<sup>(a)</sup> | 926997 | 926997  |
|  CHI Commercial Mortgage Trust, Series 2025-SFT, Class XA, 0.28%, 04/15/2042<sup>(a)(d)(f)</sup> | 7875000 | 65995  |
|  Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool A97420, <br>4.00%, 03/01/2041  | 65612 | 63448  |
| &nbsp;&nbsp;&nbsp; Pool C04420, <br>3.00%, 01/01/2043  | 332575 | 305103  |
| &nbsp;&nbsp;&nbsp; Pool C09044, <br>3.50%, 07/01/2043  | 97271 | 91616  |
| &nbsp;&nbsp;&nbsp; Pool C91967, <br>3.00%, 12/01/2037  | 155333 | 146503  |
| &nbsp;&nbsp;&nbsp; Pool G06784, <br>3.50%, 10/01/2041  | 41753 | 39662  |
| &nbsp;&nbsp;&nbsp; Pool G07025, <br>5.00%, 02/01/2042  | 77258 | 78177  |
| &nbsp;&nbsp;&nbsp; Pool G07028, <br>4.00%, 06/01/2042  | 116369 | 112506  |
| &nbsp;&nbsp;&nbsp; Pool G08654, <br>3.50%, 07/01/2045  | 88977 | 83653  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)  |
| &nbsp;&nbsp;&nbsp; Pool G08658, <br>3.00%, 08/01/2045  | $150785 | $136873  |
| &nbsp;&nbsp;&nbsp; Pool G08721, <br>3.00%, 09/01/2046  | 905096 | 817382  |
| &nbsp;&nbsp;&nbsp; Pool G08741, <br>3.00%, 01/01/2047  | 524915 | 471581  |
| &nbsp;&nbsp;&nbsp; Pool G08760, <br>3.00%, 04/01/2047  | 189036 | 170177  |
| &nbsp;&nbsp;&nbsp; Pool G08768, <br>4.50%, 06/01/2047  | 151705 | 148417  |
| &nbsp;&nbsp;&nbsp; Pool G08772, <br>4.50%, 07/01/2047  | 34590 | 33879  |
| &nbsp;&nbsp;&nbsp; Pool G16015, <br>3.00%, 01/01/2032  | 77105 | 75234  |
| &nbsp;&nbsp;&nbsp; Pool G16177, <br>2.00%, 01/01/2032  | 51632 | 49223  |
| &nbsp;&nbsp;&nbsp; Pool G61713, <br>3.50%, 01/01/2045  | 138327 | 130255  |
| &nbsp;&nbsp;&nbsp; Pool G67715, <br>4.50%, 08/01/2048  | 85506 | 84229  |
| &nbsp;&nbsp;&nbsp; Pool Q12052, <br>3.50%, 10/01/2042  | 219074 | 206746  |
| &nbsp;&nbsp;&nbsp; Pool Q49494, <br>4.50%, 07/01/2047  | 37661 | 37103  |
| &nbsp;&nbsp;&nbsp; Pool Q52081, <br>3.50%, 11/01/2047  | 109623 | 102044  |
| &nbsp;&nbsp;&nbsp; Pool QA7234, <br>3.00%, 02/01/2050  | 276985 | 246313  |
| &nbsp;&nbsp;&nbsp; Pool QC0039, <br>2.50%, 03/01/2051  | 225291 | 192239  |
| &nbsp;&nbsp;&nbsp; Pool QE0375, <br>4.00%, 04/01/2052  | 318523 | 304328  |
| &nbsp;&nbsp;&nbsp; Pool QE5182, <br>4.50%, 06/01/2052  | 291447 | 282637  |
| &nbsp;&nbsp;&nbsp; Pool QE5382, <br>4.50%, 07/01/2052  | 288197 | 279486  |
| &nbsp;&nbsp;&nbsp; Pool RA7211, <br>4.00%, 04/01/2052  | 427760 | 405578  |
| &nbsp;&nbsp;&nbsp; Pool RA9629, <br>5.50%, 08/01/2053  | 1116117 | 1124191  |
| &nbsp;&nbsp;&nbsp; Pool RQ0075, <br>5.00%, 12/01/2055  | 2744960 | 2708253  |
| &nbsp;&nbsp;&nbsp; Pool SD1059, <br>3.50%, 06/01/2052  | 464950 | 429210  |
| &nbsp;&nbsp;&nbsp; Pool SD1844, <br>3.00%, 06/01/2052  | 621805 | 549983  |
| &nbsp;&nbsp;&nbsp; Pool SD1937, <br>3.00%, 03/01/2052  | 288190 | 253741  |
| &nbsp;&nbsp;&nbsp; Pool SD4999, <br>5.00%, 08/01/2053  | 143538 | 142125  |
| &nbsp;&nbsp;&nbsp; Pool SD6925, <br>3.00%, 06/01/2052  | 2827590 | 2485757  |
| &nbsp;&nbsp;&nbsp; Pool SD7551, <br>3.00%, 01/01/2052  | 1047209 | 936245  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool SD8016, <br>3.00%, 10/01/2049  | $48151 | $42879  |
| &nbsp;&nbsp;&nbsp; Pool SD8090, <br>2.00%, 09/01/2050  | 1972235 | 1606670  |
| &nbsp;&nbsp;&nbsp; Pool SD8104, <br>1.50%, 11/01/2050  | 353228 | 273916  |
| &nbsp;&nbsp;&nbsp; Pool SD8128, <br>2.00%, 02/01/2051  | 2884339 | 2346107  |
| &nbsp;&nbsp;&nbsp; Pool SD8135, <br>2.50%, 03/01/2051  | 7983356 | 6785011  |
| &nbsp;&nbsp;&nbsp; Pool SD8189, <br>2.50%, 01/01/2052  | 575802 | 487630  |
| &nbsp;&nbsp;&nbsp; Pool SD8195, <br>3.00%, 02/01/2052  | 211065 | 185864  |
| &nbsp;&nbsp;&nbsp; Pool SD8213, <br>3.00%, 05/01/2052  | 2102093 | 1850545  |
| &nbsp;&nbsp;&nbsp; Pool SD8214, <br>3.50%, 05/01/2052  | 2703148 | 2481111  |
| &nbsp;&nbsp;&nbsp; Pool SD8226, <br>3.50%, 07/01/2052  | 716227 | 657394  |
| &nbsp;&nbsp;&nbsp; Pool SD8231, <br>4.50%, 07/01/2052  | 466075 | 451843  |
| &nbsp;&nbsp;&nbsp; Pool SD8233, <br>5.00%, 07/01/2052  | 1506043 | 1494561  |
| &nbsp;&nbsp;&nbsp; Pool SD8244, <br>4.00%, 09/01/2052  | 878720 | 832830  |
| &nbsp;&nbsp;&nbsp; Pool SD8245, <br>4.50%, 09/01/2052  | 2404982 | 2332530  |
| &nbsp;&nbsp;&nbsp; Pool SD8246, <br>5.00%, 09/01/2052  | 2268767 | 2248909  |
| &nbsp;&nbsp;&nbsp; Pool SD8265, <br>4.00%, 11/01/2052  | 5646037 | 5334601  |
| &nbsp;&nbsp;&nbsp; Pool SD8288, <br>5.00%, 01/01/2053  | 3582299 | 3550577  |
| &nbsp;&nbsp;&nbsp; Pool SD8300, <br>5.50%, 02/01/2053  | 651046 | 656584  |
| &nbsp;&nbsp;&nbsp; Pool SD8315, <br>5.00%, 04/01/2053  | 2419938 | 2398012  |
| &nbsp;&nbsp;&nbsp; Pool SD8329, <br>5.00%, 06/01/2053  | 1559162 | 1545035  |
| &nbsp;&nbsp;&nbsp; Pool SD8342, <br>5.50%, 07/01/2053  | 783054 | 789493  |
| &nbsp;&nbsp;&nbsp; Pool SD8383, <br>5.50%, 12/01/2053  | 1155706 | 1163180  |
| &nbsp;&nbsp;&nbsp; Pool SD8523, <br>5.00%, 04/01/2055  | 2763031 | 2726368  |
| &nbsp;&nbsp;&nbsp; Pool U90490, <br>4.00%, 06/01/2042  | 2487 | 2416  |
| &nbsp;&nbsp;&nbsp; Pool U99175, <br>4.50%, 06/01/2047  | 16204 | 15986  |
| &nbsp;&nbsp;&nbsp; Pool V83956, <br>4.50%, 02/01/2048  | 69763 | 68699  |
| &nbsp;&nbsp;&nbsp; Pool ZK5708, <br>2.50%, 06/01/2028  | 12340 | 12131  |
| &nbsp;&nbsp;&nbsp; Pool ZM2486, <br>3.50%, 01/01/2047  | 120238 | 111191  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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) |
| &nbsp;&nbsp;&nbsp; Pool ZS4755, <br>3.50%, 02/01/2048  | $2705857 | $2501151  |
| &nbsp;&nbsp;&nbsp; Pool ZT0536, <br>3.50%, 03/01/2048  | 460168 | 429728  |
| &nbsp;&nbsp;&nbsp; Series 2023-ML18, Class XCA, <br>1.44%, 09/25/2037<sup>(d)(f)</sup> | 9521188 | 991853  |
|  Federal National Mortgage Association<br>|  |  |
| 0.88%, 08/05/2030  | 1265000 | 1111792  |
| 0.00%, 03/17/2031<sup>(g)</sup> | 145000 | 118676  |
| &nbsp;&nbsp;&nbsp; Pool 310210, <br>4.00%, 05/01/2044  | 1782227 | 1731144  |
| &nbsp;&nbsp;&nbsp; Pool AB2459, <br>4.00%, 03/01/2041  | 145164 | 140202  |
| &nbsp;&nbsp;&nbsp; Pool AB6832, <br>3.50%, 11/01/2042  | 163404 | 153849  |
| &nbsp;&nbsp;&nbsp; Pool AE0481, <br>5.00%, 09/01/2040  | 63500 | 64176  |
| &nbsp;&nbsp;&nbsp; Pool AE1761, <br>4.00%, 09/01/2040  | 89015 | 86010  |
| &nbsp;&nbsp;&nbsp; Pool AE3049, <br>4.50%, 09/01/2040  | 89277 | 88354  |
| &nbsp;&nbsp;&nbsp; Pool AH3384, <br>3.50%, 01/01/2041  | 123007 | 116732  |
| &nbsp;&nbsp;&nbsp; Pool AL0028, <br>5.00%, 02/01/2041  | 53919 | 54493  |
| &nbsp;&nbsp;&nbsp; Pool AL0054, <br>4.50%, 02/01/2041  | 179789 | 177930  |
| &nbsp;&nbsp;&nbsp; Pool AL7343, <br>5.50%, 02/01/2042  | 28411 | 29199  |
| &nbsp;&nbsp;&nbsp; Pool AL8858, <br>4.00%, 07/01/2046  | 164803 | 158262  |
| &nbsp;&nbsp;&nbsp; Pool AL9072, <br>5.00%, 07/01/2044  | 120326 | 121655  |
| &nbsp;&nbsp;&nbsp; Pool AO7352, <br>3.50%, 08/01/2042  | 101355 | 95618  |
| &nbsp;&nbsp;&nbsp; Pool AS0212, <br>3.50%, 08/01/2043  | 71872 | 67580  |
| &nbsp;&nbsp;&nbsp; Pool AS4952, <br>3.00%, 05/01/2030  | 48697 | 47733  |
| &nbsp;&nbsp;&nbsp; Pool AS6311, <br>3.50%, 12/01/2045  | 119414 | 112037  |
| &nbsp;&nbsp;&nbsp; Pool AS7568, <br>4.50%, 07/01/2046  | 66790 | 65851  |
| &nbsp;&nbsp;&nbsp; Pool AS7660, <br>2.50%, 08/01/2046  | 358199 | 310148  |
| &nbsp;&nbsp;&nbsp; Pool AS7742, <br>3.50%, 08/01/2046  | 132705 | 124504  |
| &nbsp;&nbsp;&nbsp; Pool AS7847, <br>3.00%, 09/01/2046  | 84859 | 76645  |
| &nbsp;&nbsp;&nbsp; Pool AS7877, <br>2.50%, 09/01/2046  | 31837 | 27567  |
| &nbsp;&nbsp;&nbsp; Pool AS8073, <br>2.50%, 10/01/2046  | 97361 | 83827  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool AS8299, <br>3.00%, 11/01/2046  | $128276 | $116495  |
| &nbsp;&nbsp;&nbsp; Pool AS8583, <br>3.50%, 01/01/2047  | 73935 | 68761  |
| &nbsp;&nbsp;&nbsp; Pool AS8960, <br>4.00%, 03/01/2047  | 89269 | 85158  |
| &nbsp;&nbsp;&nbsp; Pool AT2725, <br>3.00%, 05/01/2043  | 256945 | 235229  |
| &nbsp;&nbsp;&nbsp; Pool AX7677, <br>3.50%, 01/01/2045  | 6994 | 6598  |
| &nbsp;&nbsp;&nbsp; Pool BA3907, <br>3.50%, 12/01/2045  | 168175 | 157916  |
| &nbsp;&nbsp;&nbsp; Pool BC0769, <br>4.00%, 12/01/2045  | 191962 | 184720  |
| &nbsp;&nbsp;&nbsp; Pool BC9096, <br>3.50%, 12/01/2046  | 63949 | 59227  |
| &nbsp;&nbsp;&nbsp; Pool BM1278, <br>3.00%, 05/01/2032  | 192283 | 186705  |
| &nbsp;&nbsp;&nbsp; Pool BM3148, <br>4.50%, 11/01/2047  | 29257 | 28791  |
| &nbsp;&nbsp;&nbsp; Pool BM3881, <br>4.50%, 05/01/2048  | 60287 | 59299  |
| &nbsp;&nbsp;&nbsp; Pool BM3904, <br>5.00%, 05/01/2048  | 31038 | 31216  |
| &nbsp;&nbsp;&nbsp; Pool BM4012, <br>4.50%, 05/01/2048  | 39291 | 38642  |
| &nbsp;&nbsp;&nbsp; Pool BM4716, <br>3.50%, 12/01/2030  | 13607 | 13443  |
| &nbsp;&nbsp;&nbsp; Pool BM5261, <br>4.00%, 01/01/2048  | 147395 | 141165  |
| &nbsp;&nbsp;&nbsp; Pool BM5654, <br>3.50%, 06/01/2048  | 115326 | 107558  |
| &nbsp;&nbsp;&nbsp; Pool BM5839, <br>3.50%, 11/01/2047  | 3562 | 3350  |
| &nbsp;&nbsp;&nbsp; Pool BM6038, <br>4.00%, 01/01/2045  | 7446 | 7224  |
| &nbsp;&nbsp;&nbsp; Pool BP2403, <br>3.50%, 04/01/2050  | 998928 | 923805  |
| &nbsp;&nbsp;&nbsp; Pool BT0267, <br>3.00%, 09/01/2051  | 244284 | 218330  |
| &nbsp;&nbsp;&nbsp; Pool BV2540, <br>4.50%, 06/01/2052  | 135498 | 131431  |
| &nbsp;&nbsp;&nbsp; Pool BW3382, <br>4.50%, 07/01/2052  | 125491 | 121711  |
| &nbsp;&nbsp;&nbsp; Pool CA0549, <br>4.00%, 10/01/2047  | 47450 | 45459  |
| &nbsp;&nbsp;&nbsp; Pool CA1020, <br>4.50%, 01/01/2048  | 87472 | 86044  |
| &nbsp;&nbsp;&nbsp; Pool CA1210, <br>4.50%, 02/01/2048  | 14696 | 14457  |
| &nbsp;&nbsp;&nbsp; Pool CA3861, <br>3.50%, 07/01/2049  | 2439732 | 2267867  |
| &nbsp;&nbsp;&nbsp; Pool CA5083, <br>3.50%, 01/01/2035  | 65879 | 64399 |
| &nbsp;&nbsp;&nbsp; Pool CA6414, <br>3.00%, 07/01/2050  | 2995699  | 2689996  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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) |
| &nbsp;&nbsp;&nbsp; Pool CB1301, <br>2.50%, 08/01/2051  | $238583 | $204710  |
| &nbsp;&nbsp;&nbsp; Pool CB2243, <br>2.50%, 11/01/2036  | 418346 | 397709  |
| &nbsp;&nbsp;&nbsp; Pool CB2795, <br>3.00%, 02/01/2052  | 358785 | 315901  |
| &nbsp;&nbsp;&nbsp; Pool CB3599, <br>3.50%, 05/01/2052  | 247974 | 228587  |
| &nbsp;&nbsp;&nbsp; Pool CB3715, <br>3.50%, 06/01/2037  | 602227 | 582881  |
| &nbsp;&nbsp;&nbsp; Pool CB3905, <br>3.50%, 06/01/2052  | 420966 | 386432  |
| &nbsp;&nbsp;&nbsp; Pool FA0197, <br>4.00%, 02/01/2054  | 602214 | 570438  |
| &nbsp;&nbsp;&nbsp; Pool FM1001, <br>3.50%, 11/01/2048  | 150174 | 138670  |
| &nbsp;&nbsp;&nbsp; Pool FM1361, <br>3.50%, 12/01/2046  | 70785 | 66802  |
| &nbsp;&nbsp;&nbsp; Pool FM2309, <br>3.50%, 03/01/2049  | 130388 | 121737  |
| &nbsp;&nbsp;&nbsp; Pool FM3664, <br>4.00%, 03/01/2049  | 915454 | 870125  |
| &nbsp;&nbsp;&nbsp; Pool FM4216, <br>3.50%, 06/01/2049  | 53853 | 50157  |
| &nbsp;&nbsp;&nbsp; Pool FM4962, <br>3.00%, 02/01/2047  | 779305 | 713488  |
| &nbsp;&nbsp;&nbsp; Pool FM6272, <br>2.50%, 02/01/2051  | 159975 | 137554  |
| &nbsp;&nbsp;&nbsp; Pool FM6687, <br>2.50%, 04/01/2051  | 267318 | 229668  |
| &nbsp;&nbsp;&nbsp; Pool FM8325, <br>2.50%, 07/01/2035  | 472040 | 450329  |
| &nbsp;&nbsp;&nbsp; Pool FS0759, <br>3.50%, 02/01/2052  | 683058 | 634139  |
| &nbsp;&nbsp;&nbsp; Pool FS1533, <br>3.00%, 04/01/2052  | 247796 | 220428  |
| &nbsp;&nbsp;&nbsp; Pool FS1535, <br>3.00%, 04/01/2052  | 83389 | 74112  |
| &nbsp;&nbsp;&nbsp; Pool FS5179, <br>5.00%, 06/01/2053  | 383098 | 380355  |
| &nbsp;&nbsp;&nbsp; Pool FS5848, <br>2.50%, 12/01/2051  | 977756 | 830683  |
| &nbsp;&nbsp;&nbsp; Pool FS7057, <br>2.50%, 07/01/2052  | 498808 | 420582  |
| &nbsp;&nbsp;&nbsp; Pool FS8254, <br>2.00%, 08/01/2042  | 4723627 | 4120278  |
| &nbsp;&nbsp;&nbsp; Pool MA1178, <br>4.00%, 09/01/2042  | 17780 | 17249  |
| &nbsp;&nbsp;&nbsp; Pool MA1221, <br>4.50%, 09/01/2042  | 1680 | 1659  |
| &nbsp;&nbsp;&nbsp; Pool MA1439, <br>2.50%, 05/01/2043  | 163725 | 145048  |
| &nbsp;&nbsp;&nbsp; Pool MA1711, <br>4.50%, 12/01/2043  | 9302 | 9189  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool MA2806, <br>3.00%, 11/01/2046  | $158142 | $142558  |
| &nbsp;&nbsp;&nbsp; Pool MA2863, <br>3.00%, 01/01/2047  | 158723 | 143041  |
| &nbsp;&nbsp;&nbsp; Pool MA2959, <br>3.50%, 04/01/2047  | 219094 | 204731  |
| &nbsp;&nbsp;&nbsp; Pool MA3076, <br>2.50%, 07/01/2032  | 134384 | 128894  |
| &nbsp;&nbsp;&nbsp; Pool MA3114, <br>2.50%, 08/01/2032  | 150931 | 145038  |
| &nbsp;&nbsp;&nbsp; Pool MA3120, <br>3.50%, 09/01/2047  | 98722 | 92148  |
| &nbsp;&nbsp;&nbsp; Pool MA3121, <br>4.00%, 09/01/2047  | 113277 | 107682  |
| &nbsp;&nbsp;&nbsp; Pool MA3124, <br>2.50%, 09/01/2032  | 140406 | 134854  |
| &nbsp;&nbsp;&nbsp; Pool MA3182, <br>3.50%, 11/01/2047  | 30617 | 28450  |
| &nbsp;&nbsp;&nbsp; Pool MA3211, <br>4.00%, 12/01/2047  | 71370 | 68529  |
| &nbsp;&nbsp;&nbsp; Pool MA3307, <br>4.50%, 03/01/2048  | 50087 | 49266  |
| &nbsp;&nbsp;&nbsp; Pool MA3333, <br>4.00%, 04/01/2048  | 51597 | 49074  |
| &nbsp;&nbsp;&nbsp; Pool MA3383, <br>3.50%, 06/01/2048  | 110160 | 102369  |
| &nbsp;&nbsp;&nbsp; Pool MA3444, <br>4.50%, 08/01/2048  | 1646974 | 1618221  |
| &nbsp;&nbsp;&nbsp; Pool MA3593, <br>4.50%, 02/01/2049  | 397688 | 387653  |
| &nbsp;&nbsp;&nbsp; Pool MA3871, <br>3.00%, 12/01/2049  | 257033 | 228734  |
| &nbsp;&nbsp;&nbsp; Pool MA3937, <br>3.00%, 02/01/2050  | 645241 | 573790  |
| &nbsp;&nbsp;&nbsp; Pool MA4017, <br>3.00%, 05/01/2040  | 151473 | 140618  |
| &nbsp;&nbsp;&nbsp; Pool MA4027, <br>3.50%, 05/01/2040  | 50413 | 48059  |
| &nbsp;&nbsp;&nbsp; Pool MA4119, <br>2.00%, 09/01/2050  | 2482640 | 2019407  |
| &nbsp;&nbsp;&nbsp; Pool MA4156, <br>2.50%, 10/01/2035  | 978927 | 928449  |
| &nbsp;&nbsp;&nbsp; Pool MA4157, <br>1.50%, 10/01/2050  | 325150 | 252248  |
| &nbsp;&nbsp;&nbsp; Pool MA4159, <br>2.50%, 10/01/2050  | 248565 | 211230  |
| &nbsp;&nbsp;&nbsp; Pool MA4182, <br>2.00%, 11/01/2050  | 318764 | 259614  |
| &nbsp;&nbsp;&nbsp; Pool MA4204, <br>2.00%, 12/01/2040  | 378557 | 332653  |
| &nbsp;&nbsp;&nbsp; Pool MA4209, <br>1.50%, 12/01/2050  | 1498413 | 1161743  |
| &nbsp;&nbsp;&nbsp; Pool MA4236, <br>1.50%, 01/01/2051  | 427211 | 331089  |
| &nbsp;&nbsp;&nbsp; Pool MA4237, <br>2.00%, 01/01/2051  | 328722 | 267587  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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) |
| &nbsp;&nbsp;&nbsp; Pool MA4255, <br>2.00%, 02/01/2051  | $359829 | $292683  |
| &nbsp;&nbsp;&nbsp; Pool MA4268, <br>2.00%, 02/01/2041  | 316941 | 278035  |
| &nbsp;&nbsp;&nbsp; Pool MA4306, <br>2.50%, 04/01/2051  | 1247212 | 1057411  |
| &nbsp;&nbsp;&nbsp; Pool MA4325, <br>2.00%, 05/01/2051  | 4769261 | 3872340  |
| &nbsp;&nbsp;&nbsp; Pool MA4355, <br>2.00%, 06/01/2051  | 3717279 | 3017419  |
| &nbsp;&nbsp;&nbsp; Pool MA4377, <br>1.50%, 07/01/2051  | 517011 | 399868  |
| &nbsp;&nbsp;&nbsp; Pool MA4378, <br>2.00%, 07/01/2051  | 541532 | 439434  |
| &nbsp;&nbsp;&nbsp; Pool MA4398, <br>2.00%, 08/01/2051  | 3685140 | 2989395  |
| &nbsp;&nbsp;&nbsp; Pool MA4473, <br>1.50%, 11/01/2041  | 4251581 | 3583707  |
| &nbsp;&nbsp;&nbsp; Pool MA4512, <br>2.50%, 01/01/2052  | 456026 | 386336  |
| &nbsp;&nbsp;&nbsp; Pool MA4548, <br>2.50%, 02/01/2052  | 1494589 | 1265258  |
| &nbsp;&nbsp;&nbsp; Pool MA4565, <br>3.50%, 03/01/2052  | 1107822 | 1019507  |
| &nbsp;&nbsp;&nbsp; Pool MA4579, <br>3.00%, 04/01/2052  | 2797936 | 2463118  |
| &nbsp;&nbsp;&nbsp; Pool MA4580, <br>3.50%, 04/01/2052  | 5531255 | 5077196  |
| &nbsp;&nbsp;&nbsp; Pool MA4598, <br>2.50%, 05/01/2052  | 31909 | 27003  |
| &nbsp;&nbsp;&nbsp; Pool MA4600, <br>3.50%, 05/01/2052  | 1004548 | 922033  |
| &nbsp;&nbsp;&nbsp; Pool MA4626, <br>4.00%, 06/01/2052  | 5053005 | 4789129  |
| &nbsp;&nbsp;&nbsp; Pool MA4644, <br>4.00%, 05/01/2052  | 1224486 | 1159369  |
| &nbsp;&nbsp;&nbsp; Pool MA4655, <br>4.00%, 07/01/2052  | 966683 | 913503  |
| &nbsp;&nbsp;&nbsp; Pool MA4656, <br>4.50%, 07/01/2052  | 2254767 | 2182895  |
| &nbsp;&nbsp;&nbsp; Pool MA4684, <br>4.50%, 06/01/2052  | 3548308 | 3439589  |
| &nbsp;&nbsp;&nbsp; Pool MA4700, <br>4.00%, 08/01/2052  | 3341967 | 3155284  |
| &nbsp;&nbsp;&nbsp; Pool MA4701, <br>4.50%, 08/01/2052  | 3426949 | 3320543  |
| &nbsp;&nbsp;&nbsp; Pool MA4709, <br>5.00%, 07/01/2052  | 607204 | 601920  |
| &nbsp;&nbsp;&nbsp; Pool MA4732, <br>4.00%, 09/01/2052  | 6523125 | 6182465  |
| &nbsp;&nbsp;&nbsp; Pool MA4733, <br>4.50%, 09/01/2052  | 8705390 | 8438653  |
| &nbsp;&nbsp;&nbsp; Pool MA4737, <br>5.00%, 08/01/2052  | 901833 | 893986  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool MA4761, <br>5.00%, 09/01/2052  | $151117 | $149795  |
| &nbsp;&nbsp;&nbsp; Pool MA4783, <br>4.00%, 10/01/2052  | 3646319 | 3454579  |
| &nbsp;&nbsp;&nbsp; Pool MA4784, <br>4.50%, 10/01/2052  | 559186 | 542398  |
| &nbsp;&nbsp;&nbsp; Pool MA4785, <br>5.00%, 10/01/2052  | 3888111 | 3855276  |
| &nbsp;&nbsp;&nbsp; Pool MA4805, <br>4.50%, 11/01/2052  | 5560068 | 5387991  |
| &nbsp;&nbsp;&nbsp; Pool MA4807, <br>5.50%, 11/01/2052  | 2329146 | 2355542  |
| &nbsp;&nbsp;&nbsp; Pool MA4842, <br>5.50%, 12/01/2052  | 1691971 | 1708777  |
| &nbsp;&nbsp;&nbsp; Pool MA4868, <br>5.00%, 01/01/2053  | 453309 | 449504  |
| &nbsp;&nbsp;&nbsp; Pool MA4918, <br>5.00%, 02/01/2053  | 1502538 | 1489156  |
| &nbsp;&nbsp;&nbsp; Pool MA4919, <br>5.50%, 02/01/2053  | 724067 | 730301  |
| &nbsp;&nbsp;&nbsp; Pool MA4942, <br>6.00%, 03/01/2053  | 434172 | 445683  |
| &nbsp;&nbsp;&nbsp; Pool MA4978, <br>5.00%, 04/01/2053  | 2093425 | 2074564  |
| &nbsp;&nbsp;&nbsp; Pool MA5009, <br>5.00%, 05/01/2053  | 495477 | 490988  |
| &nbsp;&nbsp;&nbsp; Pool MA5011, <br>6.00%, 05/01/2053  | 1243518 | 1272804  |
| &nbsp;&nbsp;&nbsp; Pool MA5039, <br>5.50%, 06/01/2053  | 1969054 | 1985404  |
| &nbsp;&nbsp;&nbsp; Pool MA5106, <br>5.00%, 08/01/2053  | 1394895 | 1380532  |
| &nbsp;&nbsp;&nbsp; Pool MA5107, <br>5.50%, 08/01/2053  | 3397223 | 3423875  |
| &nbsp;&nbsp;&nbsp; Pool MA5138, <br>5.50%, 09/01/2053  | 1997860 | 2012618  |
| &nbsp;&nbsp;&nbsp; Pool MA5139, <br>6.00%, 09/01/2053  | 3247406 | 3318451  |
| &nbsp;&nbsp;&nbsp; Pool MA5165, <br>5.50%, 10/01/2053  | 6402727 | 6450024  |
| &nbsp;&nbsp;&nbsp; Pool MA5190, <br>5.50%, 11/01/2053  | 999139 | 1006519  |
| &nbsp;&nbsp;&nbsp; Pool MA5247, <br>6.00%, 01/01/2054  | 201253 | 205250  |
| &nbsp;&nbsp;&nbsp; Pool MA5327, <br>5.00%, 04/01/2054  | 1955128 | 1930189  |
| &nbsp;&nbsp;&nbsp; Pool MA5331, <br>5.50%, 04/01/2054  | 383526 | 385656  |
| &nbsp;&nbsp;&nbsp; Pool MA5353, <br>5.50%, 05/01/2054  | 2359681 | 2372786  |
| &nbsp;&nbsp;&nbsp; Pool MA5389, <br>6.00%, 06/01/2054  | 269104 | 274609  |
| &nbsp;&nbsp;&nbsp; Pool MA5497, <br>5.50%, 10/01/2054  | 744244 | 748112  |
| &nbsp;&nbsp;&nbsp; Pool MA5498, <br>6.00%, 10/01/2054  | 427272 | 435725  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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) |
| &nbsp;&nbsp;&nbsp; Pool MA5584, <br>4.50%, 01/01/2055  | $2149215 | $2075156  |
| &nbsp;&nbsp;&nbsp; Pool MA5611, <br>4.00%, 02/01/2055  | 4634782 | 4375337  |
| &nbsp;&nbsp;&nbsp; Pool MA5788, <br>3.50%, 07/01/2055  | 2916829 | 2676487  |
| &nbsp;&nbsp;&nbsp; Pool MA5878, <br>5.00%, 11/01/2055  | 7851987 | 7749402  |
| &nbsp;&nbsp;&nbsp; Pool MA5908, <br>4.50%, 12/01/2055  | 1476439 | 1425558  |
| &nbsp;&nbsp;&nbsp; Ginnie Mae I Pool, <br>Pool BU5340, <br>3.00%, 04/15/2050  | 133673 | 119408  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 4540, <br>4.50%, 09/20/2039  | 54516 | 54062  |
| &nbsp;&nbsp;&nbsp; Pool 4853, <br>4.00%, 11/20/2040  | 53057 | 51327  |
| &nbsp;&nbsp;&nbsp; Pool 5115, <br>4.50%, 07/20/2041  | 31690 | 31410  |
| &nbsp;&nbsp;&nbsp; Pool 5304, <br>3.50%, 02/20/2042  | 109064 | 103408  |
| &nbsp;&nbsp;&nbsp; Pool 785163, <br>3.50%, 10/20/2050  | 46538 | 43174  |
| &nbsp;&nbsp;&nbsp; Pool BX3679, <br>3.00%, 08/20/2050  | 173336 | 155270  |
| &nbsp;&nbsp;&nbsp; Pool BX3680, <br>3.00%, 08/20/2050  | 271776 | 243282  |
| &nbsp;&nbsp;&nbsp; Pool BX3681, <br>3.00%, 08/20/2050  | 160315 | 143459  |
| &nbsp;&nbsp;&nbsp; Pool BY0325, <br>2.50%, 10/20/2050  | 976027 | 837843  |
| &nbsp;&nbsp;&nbsp; Pool BY0330, <br>3.00%, 10/20/2050  | 86589 | 77348  |
| &nbsp;&nbsp;&nbsp; Pool BY0331, <br>3.00%, 10/20/2050  | 224768 | 200783  |
| &nbsp;&nbsp;&nbsp; Pool BY0338, <br>3.50%, 08/20/2050  | 116216 | 108102  |
| &nbsp;&nbsp;&nbsp; Pool BY0339, <br>3.50%, 08/20/2050  | 115864 | 108080  |
| &nbsp;&nbsp;&nbsp; Pool BY0340, <br>3.50%, 08/20/2050  | 115218 | 106747  |
| &nbsp;&nbsp;&nbsp; Pool MA0220, <br>3.50%, 07/20/2042  | 159444 | 151125  |
| &nbsp;&nbsp;&nbsp; Pool MA0534, <br>3.50%, 11/20/2042  | 72633 | 68841  |
| &nbsp;&nbsp;&nbsp; Pool MA0624, <br>3.00%, 12/20/2042  | 134673 | 123425  |
| &nbsp;&nbsp;&nbsp; Pool MA2964, <br>5.00%, 07/20/2045  | 75909 | 77075  |
| &nbsp;&nbsp;&nbsp; Pool MA3034, <br>3.50%, 08/20/2045  | 28578 | 26901  |
| &nbsp;&nbsp;&nbsp; Pool MA3105, <br>3.50%, 09/20/2045  | 28409 | 26741  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool MA3309, <br>3.00%, 12/20/2045  | $41735 | $37858  |
| &nbsp;&nbsp;&nbsp; Pool MA3455, <br>4.00%, 02/20/2046  | 114513 | 109720  |
| &nbsp;&nbsp;&nbsp; Pool MA3522, <br>4.00%, 03/20/2046  | 42623 | 40847  |
| &nbsp;&nbsp;&nbsp; Pool MA3597, <br>3.50%, 04/20/2046  | 40831 | 38434  |
| &nbsp;&nbsp;&nbsp; Pool MA3936, <br>3.00%, 09/20/2046  | 60643 | 54976  |
| &nbsp;&nbsp;&nbsp; Pool MA4125, <br>2.50%, 12/20/2046  | 59892 | 52548  |
| &nbsp;&nbsp;&nbsp; Pool MA4127, <br>3.50%, 12/20/2046  | 232867 | 218683  |
| &nbsp;&nbsp;&nbsp; Pool MA4261, <br>3.00%, 02/20/2047  | 149571 | 135095  |
| &nbsp;&nbsp;&nbsp; Pool MA4264, <br>4.50%, 02/20/2047  | 19964 | 19730  |
| &nbsp;&nbsp;&nbsp; Pool MA4381, <br>3.00%, 04/20/2047  | 100347 | 90905  |
| &nbsp;&nbsp;&nbsp; Pool MA4382, <br>3.50%, 04/20/2047  | 840767 | 790532  |
| &nbsp;&nbsp;&nbsp; Pool MA4452, <br>4.00%, 05/20/2047  | 61630 | 58934  |
| &nbsp;&nbsp;&nbsp; Pool MA4653, <br>4.00%, 08/20/2047  | 32103 | 30688  |
| &nbsp;&nbsp;&nbsp; Pool MA4654, <br>4.50%, 08/20/2047  | 29817 | 29417  |
| &nbsp;&nbsp;&nbsp; Pool MA4720, <br>4.00%, 09/20/2047  | 479222 | 457909  |
| &nbsp;&nbsp;&nbsp; Pool MA4837, <br>3.50%, 11/20/2047  | 76292 | 71694  |
| &nbsp;&nbsp;&nbsp; Pool MA4899, <br>3.00%, 12/20/2047  | 44386 | 40152  |
| &nbsp;&nbsp;&nbsp; Pool MA4961, <br>3.00%, 01/20/2048  | 94318 | 85303  |
| &nbsp;&nbsp;&nbsp; Pool MA4962, <br>3.50%, 01/20/2048  | 78733 | 73793  |
| &nbsp;&nbsp;&nbsp; Pool MA4964, <br>4.50%, 01/20/2048  | 91988 | 90738  |
| &nbsp;&nbsp;&nbsp; Pool MA5079, <br>4.50%, 03/20/2048  | 18605 | 18352  |
| &nbsp;&nbsp;&nbsp; Pool MA5331, <br>4.50%, 07/20/2048  | 37210 | 36670  |
| &nbsp;&nbsp;&nbsp; Pool MA5594, <br>3.50%, 11/20/2048  | 309862 | 290132  |
| &nbsp;&nbsp;&nbsp; Pool MA5876, <br>4.00%, 04/20/2049  | 1603121 | 1523572  |
| &nbsp;&nbsp;&nbsp; Pool MA5987, <br>4.50%, 06/20/2049  | 103163 | 101921  |
| &nbsp;&nbsp;&nbsp; Pool MA6090, <br>3.50%, 08/20/2049  | 958721 | 894104  |
| &nbsp;&nbsp;&nbsp; Pool MA6153, <br>3.00%, 09/20/2049  | 72311 | 64843  |
| &nbsp;&nbsp;&nbsp; Pool MA6338, <br>3.00%, 12/20/2049  | 145818 | 130620  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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) |
| &nbsp;&nbsp;&nbsp; Pool MA6409, <br>3.00%, 01/20/2050  | $338264 | $303213  |
| &nbsp;&nbsp;&nbsp; Pool MA6411, <br>4.00%, 01/20/2050  | 180868 | 171579  |
| &nbsp;&nbsp;&nbsp; Pool MA6476, <br>4.00%, 02/20/2050  | 261521 | 248551  |
| &nbsp;&nbsp;&nbsp; Pool MA6768, <br>4.00%, 07/20/2050  | 397122 | 376456  |
| &nbsp;&nbsp;&nbsp; Pool MA6931, <br>2.50%, 10/20/2050  | 3050701 | 2628248  |
| &nbsp;&nbsp;&nbsp; Pool MA7135, <br>2.00%, 01/20/2051  | 503564 | 416231  |
| &nbsp;&nbsp;&nbsp; Pool MA7194, <br>3.00%, 02/20/2051  | 192448 | 172098  |
| &nbsp;&nbsp;&nbsp; Pool MA7254, <br>2.00%, 03/20/2051  | 294502 | 243427  |
| &nbsp;&nbsp;&nbsp; Pool MA7369, <br>3.50%, 05/20/2051  | 1388008 | 1295066  |
| &nbsp;&nbsp;&nbsp; Pool MA7419, <br>3.00%, 06/20/2051  | 313273 | 279928  |
| &nbsp;&nbsp;&nbsp; Pool MA7768, <br>3.00%, 12/20/2051  | 947700 | 846896  |
| &nbsp;&nbsp;&nbsp; Pool MA7828, <br>3.00%, 01/20/2052  | 360092 | 321705  |
| &nbsp;&nbsp;&nbsp; Pool MA7829, <br>3.50%, 01/20/2052  | 707629 | 655020  |
| &nbsp;&nbsp;&nbsp; Pool MA7871, <br>2.50%, 02/20/2052  | 230674 | 194022  |
| &nbsp;&nbsp;&nbsp; Pool MA7883, <br>3.50%, 02/20/2052  | 1892347 | 1752237  |
| &nbsp;&nbsp;&nbsp; Pool MA7989, <br>3.50%, 04/20/2052  | 1779277 | 1647814  |
| &nbsp;&nbsp;&nbsp; Pool MA8149, <br>3.50%, 07/20/2052  | 2166766 | 2003659  |
| &nbsp;&nbsp;&nbsp; Pool MA8201, <br>4.50%, 08/20/2052  | 914562 | 890746  |
| &nbsp;&nbsp;&nbsp; Pool MA8267, <br>4.00%, 09/20/2052  | 5673538 | 5368352  |
| &nbsp;&nbsp;&nbsp; Pool MA8347, <br>4.50%, 10/20/2052  | 1428311 | 1391556  |
| &nbsp;&nbsp;&nbsp; Pool MA8428, <br>5.00%, 11/20/2052  | 496510 | 495274  |
| &nbsp;&nbsp;&nbsp; Pool MA8487, <br>3.50%, 12/20/2052  | 3031662 | 2796636  |
| &nbsp;&nbsp;&nbsp; Pool MA8489, <br>4.50%, 12/20/2052  | 1298253 | 1263845  |
| &nbsp;&nbsp;&nbsp; Pool MA8646, <br>4.50%, 02/20/2053  | 2258263 | 2196173  |
| &nbsp;&nbsp;&nbsp; Pool MA8647, <br>5.00%, 02/20/2053  | 1246770 | 1241972  |
| &nbsp;&nbsp;&nbsp; Pool MA8725, <br>5.00%, 03/20/2053  | 249794 | 248310  |
| &nbsp;&nbsp;&nbsp; Pool MA8879, <br>5.50%, 05/20/2053  | 3172219 | 3218809  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool MA9101, <br>3.00%, 08/20/2053  | $2526805 | $2270997  |
| &nbsp;&nbsp;&nbsp; Pool MA9104, <br>4.50%, 08/20/2053  | 489515 | 475628  |
| &nbsp;&nbsp;&nbsp; Pool MA9303, <br>4.50%, 11/20/2053  | 2821403 | 2731435  |
| &nbsp;&nbsp;&nbsp; Pool MA9966, <br>6.00%, 10/20/2054  | 589017 | 599789  |
| &nbsp;&nbsp;&nbsp; Pool MB0024, <br>4.50%, 11/20/2054  | 1393432 | 1348775  |
|  SCG Mortgage Trust, Series 2025-SNIP, Class A, 5.17% (1 mo. Term SOFR + 1.50%), 09/15/2042<sup>(a)</sup> | 1400000 | 1400000  |
| Tennessee Valley Authority<br>|  |  |
| 1.50%, 09/15/2031  | 105000 | 91858  |
| 5.25%, 02/01/2055  | 610000 | 600552  |
|  U.S. Department of Housing and Urban Development, 2.87%, 08/01/2027  | 1000000 | 985452  |
|  U.S. International Development Finance Corporation<br>|  |  |
| 1.65%, 04/15/2028  | 1000000 | 964424  |
| 1.05%, 10/15/2029  | 501377 | 474926  |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI<br>|  |  |
|  Series 2025-609M, Class A, 5.22% (1 mo. Term SOFR + 1.54%), 08/15/2042<sup>(a)</sup> | 750000 | 748125  |
|  Series 2025-609M, Class B, 5.51% (1 mo. Term SOFR + 1.84%), 08/15/2042<sup>(a)</sup> | 150000 | 149109  |
|  Series 2025-609M, Class C, 6.01% (1 mo. Term SOFR + 2.34%), 08/15/2042<sup>(a)</sup> | 100000 | 99294  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCIES** <br>**(Cost $286,632,278)** |  | 281688608  |
| **ASSET-BACKED SECURITIES — 14.0%** | **ASSET-BACKED SECURITIES — 14.0%** | **ASSET-BACKED SECURITIES — 14.0%** |
| &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund ABS Ltd., Series 2020-1A, Class A, <br>3.20%, 12/29/2030<sup>(a)</sup> | 862568 | 785884  |
| &nbsp;&nbsp;&nbsp; Adams Outdoor Advertising LP, Series 2023-1, Class A2, <br>6.97%, 07/15/2053<sup>(a)</sup> | 500000 | 505478  |
| Affirm, Inc.<br>|  |  |
|  Series 2025-2A, Class A, 4.67%, 07/15/2033<sup>(a)</sup> | 1200000 | 1203543  |
|  Series 2026-1A, Class A, 4.37%, 02/15/2034<sup>(a)</sup> | 1600000 | 1593579  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** |
|  AGL CLO Ltd., Series 2022-19A, Class A1R, 4.97% (3 mo. Term SOFR + 1.30%), 07/21/2038<sup>(a)</sup> | $3000000 | $3007464  |
| &nbsp;&nbsp;&nbsp; Air Canada 2015-1 Class A Pass Through Trust, Series 2015-1, <br>3.60%, 03/15/2027<sup>(a)</sup> | 2509389 | 2474626  |
| &nbsp;&nbsp;&nbsp; Air Canada 2015-2 Class AA Pass Through Trust, Series 2015-2, <br>3.75%, 12/15/2027<sup>(a)</sup> | 922851 | 911532  |
|  Air Canada 2020-2 Class A Pass Through Trust, Series 2020-2, Class A, 5.25%, 04/01/2029<sup>(a)</sup> | 1997390 | 2023232  |
| &nbsp;&nbsp;&nbsp; Alaska Airlines 2020-1 Class A Pass Through Trust, Series A, <br>4.80%, 08/15/2027<sup>(a)</sup> | 398205 | 398258  |
|  Aligned Data Centers Issuer LLC<br>|  |  |
|  Series 2022-1A, Class A2, 6.35%, 10/15/2047<sup>(a)</sup> | 1000000 | 996198  |
|  Series 2023-1A, Class A2, 6.00%, 08/17/2048<sup>(a)</sup> | 1180000 | 1185535  |
|  American Airlines 2025-1 Class A Pass Through Trust, Series 2025-1A, 4.90%, 05/11/2038  | 225000 | 218925  |
|  AmeriCredit Automobile Receivables Trust<br>|  |  |
|  Series 2021-3, Class C, 1.41%, 08/18/2027  | 69619 | 69372  |
|  Series 2023-2, Class C, 6.00%, 07/18/2029  | 500000 | 510809  |
|  Anchorage Capital CLO Ltd., Series 2023-26A, Class A1R, 5.19% (3 mo. Term SOFR + 1.52%), 03/19/2038<sup>(a)</sup> | 2250000 | 2251361  |
|  Apidos CLO, Series 2018-18A, Class A1R2, 5.00% (3 mo. Term SOFR + 1.33%), 01/22/2038<sup>(a)</sup> | 2500000 | 2501750  |
|  Ares Loan Funding IX Ltd., Series 2025-ALF9A, Class A1, 4.85% (3 mo. Term SOFR + 1.18%), 03/31/2038<sup>(a)</sup> | 2500000 | 2489988  |
| Atlas Senior Loan Fund Ltd.<br>|  |  |
|  Series 2016-7A, Class A2R, 5.48% (3 mo. Term SOFR + 1.81%), 11/27/2031<sup>(a)</sup> | 1500000 | 1499999  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2018-10A, Class B, 5.43% (3 mo. Term SOFR + 1.76%), 01/15/2031<sup>(a)</sup> | $864540 | $864692  |
| &nbsp;&nbsp;&nbsp; ATLX Trust, Series 2024-RPL1, Class A1, <br>3.85%, 04/25/2064<sup>(a)(c)</sup> | 520331 | 505990  |
| Avis Budget Car Rental LLC<br>|  |  |
|  Series 2021-2A, Class A, 1.66%, 02/20/2028<sup>(a)</sup> | 900000 | 883580  |
|  Series 2022-1A, Class A, 3.83%, 08/21/2028<sup>(a)</sup> | 1000000 | 994497  |
|  Series 2023-1A, Class A, 5.25%, 04/20/2029<sup>(a)</sup> | 1400000 | 1418944  |
|  Series 2023-2A, Class A, 5.20%, 10/20/2027<sup>(a)</sup> | 400000 | 401271  |
|  Series 2023-3A, Class A, 5.44%, 02/22/2028<sup>(a)</sup> | 600000 | 604286  |
|  Series 2023-4A, Class A, 5.49%, 06/20/2029<sup>(a)</sup> | 2000000 | 2037548  |
|  Series 2023-5A, Class A, 5.78%, 04/20/2028<sup>(a)</sup> | 1010000 | 1022400  |
|  Series 2024-1A, Class A, 5.36%, 06/20/2030<sup>(a)</sup> | 500000 | 510984  |
|  Bain Capital Credit CLO, Series 2022-4A, Class A1R, 5.05% (3 mo. Term SOFR + 1.38%), 10/16/2037<sup>(a)</sup> | 2500000 | 2501133  |
|  Bankers Healthcare Group, Inc.<br>|  |  |
|  Series 2022-C, Class B, 5.93%, 10/17/2035<sup>(a)</sup> | 216660 | 216905  |
|  Series 2023-B, Class B, 7.45%, 12/17/2036<sup>(a)</sup> | 337001 | 350014  |
| Barrow Hanley Ltd.<br>|  |  |
|  Series 2023-1A, Class A1R, 5.01% (3 mo. Term SOFR + 1.34%), 01/20/2038<sup>(a)</sup> | 2450000 | 2448819  |
|  Series 2024-3A, Class A1, 5.29% (3 mo. Term SOFR + 1.62%), 04/20/2037<sup>(a)</sup> | 3000000 | 3000549  |
|  Blue Stream Communications LLC, Series 2023-1A, Class A2, 5.40%, 05/20/2053<sup>(a)</sup> | 1300000 | 1304847  |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., Series 2024-B, Class A, <br>4.62%, 05/15/2031  | 1000000 | 1006038  |
| Business Jet Securities LLC<br>|  |  |
|  Series 2022-1A, Class B, 5.19%, 06/15/2037<sup>(a)</sup> | 358957 | 354097  |
|  Series 2024-1A, Class B, 6.92%, 05/15/2039<sup>(a)</sup> | 807661 | 826294  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** |
| CarMax Auto Owner Trust<br>|  |  |
|  Series 2022-1, Class C, 2.20%, 11/15/2027  | $300000 | $299708  |
|  Series 2022-1, Class D, 2.47%, 07/17/2028  | 100000 | 99904  |
|  Series 2025-3, Class A3, 4.35%, 07/15/2030  | 800000 | 801819  |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P2, Class A4, <br>5.21%, 06/10/2030  | 565000 | 574301  |
| &nbsp;&nbsp;&nbsp; CC Towers Guarantor LLC, Series 4.24100, <br>4.24%, 07/15/2028<sup>(a)</sup> | 600000 | 596155  |
|  CCG Receivables Trust, Series 2025-1A, Class A2, 5.50%, 03/26/2055<sup>(a)</sup> | 1050000 | 1027012  |
|  CFG Investments Ltd., Series 2025-1, Class A, 6.47%, 03/25/2036<sup>(a)</sup> | 1500000 | 1514433  |
| CIFC Funding Ltd.<br>|  |  |
|  Series 2018-2A, Class A1R, 5.04% (3 mo. Term SOFR + 1.37%), 10/20/2037<sup>(a)</sup> | 3250000 | 3251989  |
|  Series 2023-1A, Class A1R, 4.91% (3 mo. Term SOFR + 1.24%), 10/15/2038<sup>(a)</sup> | 4250000 | 4247739  |
|  Cogent Communications Holdings, Inc., Series 2024-1A, Class A2, 7.92%, 05/25/2054<sup>(a)</sup> | 2200000 | 2270615  |
|  COOPR Residential Mortgage Trust, Series 2025-CES2, Class A1A, 5.50%, 06/25/2060<sup>(a)(c)</sup> | 807959 | 810457  |
| Credit Acceptance Corp.<br>|  |  |
|  Series 2023-5A, Class C, 7.30%, 04/17/2034<sup>(a)</sup> | 1000000 | 1026994  |
|  Series 2024-2A, Class A, 5.95%, 06/15/2034<sup>(a)</sup> | 570000 | 576263  |
|  Series 2024-3A, Class B, 4.85%, 11/15/2034<sup>(a)</sup> | 520000 | 520740  |
|  Credit Suisse Mortgage Capital Certificates, Series 2018-RPL9, Class A, 3.85%, 09/25/2057<sup>(a)(d)</sup> | 86519 | 83122  |
|  Cyrusone Holdco LLC, Series 2025-1A, Class A2, 5.91%, 02/20/2050<sup>(a)</sup> | 880000 | 884161  |
|  DataBank Issuer, Series 2026-1A, Class A2, 5.81%, 02/25/2056<sup>(a)</sup> | 660000 | 655869  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines 2020-1 Class A Pass Through Trust, <br>2.50%, 06/10/2028  | $1710288 | $1646139  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines 2020-1 Class AA Pass Through Trust, <br>2.00%, 06/10/2028  | 335567 | 324494  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Series 2015-1, <br>3.88%, 07/30/2027  | 302374 | 298552  |
|  DigitalBridge Group, Inc., Series 2021-1A, Class A2, 3.93%, 09/25/2051<sup>(a)</sup> | 1020000 | 1000897  |
|  Ellington Financial Mortgage Trust, Series 2024-CES1, Class A1, 5.52%, 01/26/2060<sup>(a)(c)</sup> | 698949 | 701419  |
|  EnFin Residential Solar Receivables Trust, Series 2024-2A, Class A, 5.98%, 09/20/2055<sup>(a)</sup> | 868357 | 803550  |
| &nbsp;&nbsp;&nbsp; ExteNet LLC, Series 2024-1A, Class A2, <br>5.34%, 07/25/2054<sup>(a)</sup> | 750000 | 752118  |
| &nbsp;&nbsp;&nbsp; Federal Express Corp. 2020-1 Pass Through Trusts, Series 2020-1, <br>1.88%, 02/20/2034  | 49413 | 42534  |
|  First National Master Note Trust, Series 2025-1, Class A, 4.85%, 02/15/2030  | 1000000 | 1012371  |
| Ford Credit Auto Owner Trust<br>|  |  |
|  Series 2021-1, Class A, 1.37%, 10/17/2033<sup>(a)</sup> | 2000000 | 1997729  |
|  Series 2021-1, Class B, 1.61%, 10/17/2033<sup>(a)</sup> | 120000 | 119859  |
|  Series 2021-2, Class B, 1.91%, 05/15/2034<sup>(a)</sup> | 100000 | 98482  |
|  Series 2024-1, Class A, 4.87%, 08/15/2036<sup>(a)(c)</sup> | 2300000 | 2333290  |
|  Series 2025-2, Class A, 4.37%, 02/15/2038<sup>(a)(c)</sup> | 2821000 | 2813790  |
| Ford Credit Floorplan LLC<br>|  |  |
|  Series 2024-1, Class A1, 5.29%, 04/15/2029<sup>(a)</sup> | 2100000 | 2123646  |
|  Series 2024-3, Class A1, 4.30%, 09/15/2029<sup>(a)</sup> | 2500000 | 2502861  |
|  Galaxy CLO Ltd., Series 2018-25A, Class A1RR, 4.78% (3 mo. Term SOFR + 1.11%), 04/25/2036<sup>(a)</sup> | 5300000 | 5293735  |
|  General Motors Co., Series 2024-4A, Class A1, 4.73%, 11/15/2029<sup>(a)</sup> | 1000000 | 1007365  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** |
|  Global Sea Containers Two SRL<br>|  |  |
|  Series 2020-1A, Class A, 2.17%, 10/17/2040<sup>(a)</sup> | $458816 | $440826  |
|  Series 2020-2A, Class A, 2.26%, 11/19/2040<sup>(a)</sup> | 123252 | 118523  |
|  Series 2020-2A, Class B, 3.32%, 11/19/2040<sup>(a)</sup> | 102706 | 98653  |
|  GM Financial Consumer Automobile Receivables Trust<br>|  |  |
|  Series 2023-3, Class A3, 5.45%, 06/16/2028  | 407910 | 409939  |
|  Series 2023-4, Class B, 6.16%, 04/16/2029  | 500000 | 511217  |
|  Series 2023-4, Class C, 6.41%, 05/16/2029  | 300000 | 306929  |
|  GM Financial Revolving Receivables Trust<br>|  |  |
|  Series 2021-1, Class B, 1.49%, 06/12/2034<sup>(a)</sup> | 100000 | 98734  |
|  Series 2023-2, Class A, 5.77%, 08/11/2036<sup>(a)</sup> | 500000 | 514846  |
|  Series 2024-2, Class A, 4.52%, 03/11/2037<sup>(a)</sup> | 1200000 | 1209953  |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, <br>3.21%, 01/22/2029<sup>(a)</sup> | 172746 | 167115  |
|  Golub Capital Partners CLO Ltd., Series 2023-70A, Class A1R, 4.79% (3 mo. Term SOFR + 1.12%), 10/25/2037<sup>(a)</sup> | 3000000 | 2992218  |
|  GoodLeap Sustainable Home Solutions Trust<br>|  |  |
|  Series 2021-3CS, Class A, 2.10%, 05/20/2048<sup>(a)</sup> | 241997 | 187372  |
|  Series 2021-5CS, Class A, 2.31%, 10/20/2048<sup>(a)</sup> | 940246 | 752202  |
|  Series 2022-1GS, Class A, 2.70%, 01/20/2049<sup>(a)</sup> | 671332 | 577104  |
|  Series 2022-3CS, Class A, 4.95%, 07/20/2049<sup>(a)</sup> | 751763 | 677274  |
| GreenSky LLC<br>|  |  |
|  Series 2024-1, Class A2, 5.88%, 06/25/2059<sup>(a)</sup> | 67551 | 67700  |
|  Series 2024-1, Class A4, 5.67%, 06/25/2059<sup>(a)</sup> | 363469 | 368669  |
| HERO Funding Trust<br>|  |  |
|  Series 2016-1A, Class A, 4.05%, 09/20/2041<sup>(a)</sup> | 177121 | 169946  |
|  Series 2016-3A, Class A1, 3.08%, 09/20/2042<sup>(a)</sup> | 79466 | 73633  |
|  Series 2020-1A, Class A, 2.59%, 09/20/2057<sup>(a)</sup> | 330321 | 286301  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Hertz Corp., Series 2023-2A, Class C, 7.13%, 09/25/2029<sup>(a)</sup> | $900000 | $924677  |
|  Hertz Global Holdings, Inc., Series 2025-2A, Class A, 5.13%, 09/25/2031<sup>(a)</sup> | 810000 | 816168  |
|  Home Equity Asset Trust, Series 2003-1, Class M1, 5.29% (1 mo. Term SOFR + 1.61%), 06/25/2033  | 1148 | 1136  |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, Series 2021-3, Class A, <br>2.20%, 01/17/2041<sup>(a)</sup> | 316009 | 296744  |
|  Hotwire Funding LLC, Series 2024-1A, Class B, 6.67%, 06/20/2054<sup>(a)</sup> | 1500000 | 1525870  |
|  J.P. Morgan Mortgage Trust 2025-HE2, Series 2025-HE2, Class A1, 4.92% (30 day avg SOFR US + 1.25%), 11/20/2055<sup>(a)</sup> | 666237 | 666428  |
| Jamestown CLO Ltd.<br>|  |  |
|  Series 2016-9A, Class A1R3, 4.85% (3 mo. Term SOFR + 1.18%), 07/25/2034<sup>(a)</sup> | 3000000 | 2997039  |
|  Series 2019-14A, Class A1RR, 4.71% (3 mo. Term SOFR + 1.04%), 10/20/2034<sup>(a)</sup> | 3000000 | 2996970  |
|  JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 4.87% (30 day avg SOFR US + 1.20%), 02/25/2055<sup>(a)</sup> | 474960 | 475070  |
| Lendmark Funding Trust<br>|  |  |
|  Series 2024-1A, Class A, 5.53%, 06/21/2032<sup>(a)</sup> | 2000000 | 2015358  |
|  Series 2025-3A, Class A, 4.51%, 05/21/2035<sup>(a)</sup> | 1110000 | 1102301  |
| &nbsp;&nbsp;&nbsp; LIAS Administration Fee Issuer, Series 2018-1A, Class A, <br>5.96%, 07/25/2048<sup>(a)</sup> | 831249 | 808764  |
| Loanpal Solar Loan Ltd.<br>|  |  |
|  Series 2021-1GS, Class A, 2.29%, 01/20/2048<sup>(a)</sup> | 489357 | 404967  |
|  Series 2021-2GS, Class A, 2.22%, 03/20/2048<sup>(a)</sup> | 281997 | 222039  |
|  M&T Bank RV Trust, Series 2026-1A, Class A, 4.35%, 01/15/2046<sup>(a)</sup> | 909240 | 898955  |
| Madison Park Funding Ltd.<br>|  |  |
|  Series 2018-29A, Class A1R2, 4.85% (3 mo. Term SOFR + 1.18%), 03/25/2038<sup>(a)</sup> | 3830000 | 3816595  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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, 5.20% (3 mo. Term SOFR + 1.53%), 04/15/2037<sup>(a)</sup> | $3000000 | $2997447  |
|  Marble Point CLO, Series 2020-2A, Class A1R2, 4.88% (3 mo. Term SOFR + 1.21%), 03/15/2038<sup>(a)</sup> | 2500000 | 2492768  |
|  Mariner Finance Issuance Trust<br>|  |  |
|  Series 2021-AA, Class A, 1.86%, 03/20/2036<sup>(a)</sup> | 1675607 | 1656334  |
|  Series 2024-AA, Class A, 5.13%, 09/22/2036<sup>(a)</sup> | 320000 | 322579  |
|  Series 2025-AA, Class A, 4.98%, 05/20/2038<sup>(a)</sup> | 630000 | 634688  |
|  MFRA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060<sup>(a)(d)</sup> | 304736 | 278998  |
|  MMAF Equipment Finance LLC<br>|  |  |
|  Series 2019-B, Class A5, 2.29%, 11/12/2041<sup>(a)</sup> | 175878 | 175260  |
|  Series 2025-A, Class A3, 4.82%, 08/13/2032<sup>(a)</sup> | 2000000 | 2028239  |
|  Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, 2.82%, 04/22/2031<sup>(a)</sup> | 804393 | 746009  |
| &nbsp;&nbsp;&nbsp; MOO Securitization Trust, Series 2025-RM1, Class A1A, <br>4.50%, 12/25/2065<sup>(a)(d)</sup> | 780000 | 751430  |
| Mosaic Solar Loans LLC<br>|  |  |
|  Series 2020-1A, Class A, 2.10%, 04/20/2046<sup>(a)</sup> | 305316 | 269199  |
|  Series 2020-2A, Class A, 1.44%, 08/20/2046<sup>(a)</sup> | 343356 | 289998  |
|  Series 2021-1A, Class B, 2.05%, 12/20/2046<sup>(a)</sup> | 418193 | 326852  |
|  Series 2021-3A, Class A, 1.44%, 06/20/2052<sup>(a)</sup> | 900014 | 743449  |
|  Series 2021-3A, Class C, 1.77%, 06/20/2052<sup>(a)</sup> | 325750 | 185761  |
|  Series 2022-3A, Class A, 6.10%, 06/20/2053<sup>(a)</sup> | 685150 | 669183  |
|  Series 2025-1A, Class A, 6.12%, 08/22/2050<sup>(a)</sup> | 548581 | 541485  |
|  Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 08/15/2034<sup>(a)</sup> | 317300 | 290643  |
|  Nassau Global Credit Ltd., Series 2024-1A, Class A1, 5.27% (3 mo. Term SOFR + 1.60%), 07/20/2037<sup>(a)</sup> | 3000000 | 3000573  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Navient Student Loan Trust<br>|  |  |
|  Series 2019-CA, Class A2, 3.13%, 02/15/2068<sup>(a)</sup> | $26221 | $25970  |
|  Series 2019-FA, Class A2, 2.60%, 08/15/2068<sup>(a)</sup> | 1698861 | 1642958  |
|  Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(a)</sup> | 67714 | 64838  |
|  Series 2020-DA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 51514 | 49199  |
|  NextGear Floorplan Master Trust, Series 2025-2A, Class A2, 4.23%, 10/15/2030<sup>(a)</sup> | 500000 | 497681  |
|  Nissan Auto Lease Trust, Series 2025-A, Class A3, 4.75%, 03/15/2028  | 800000 | 805400  |
|  North Mill Equipment Finance LLC, Series 2022-B, Class B, 7.12%, 06/15/2029<sup>(a)</sup> | 755296 | 759163  |
| On Deck Capital, Inc.<br>|  |  |
|  Series 2024-2A, Class A, 4.98%, 10/17/2031<sup>(a)</sup> | 1090000 | 1092873  |
|  Series 2025-1A, Class C, 6.64%, 04/19/2032<sup>(a)</sup> | 980000 | 974094  |
|  Series 2025-2A, Class A, 4.84%, 11/17/2032<sup>(a)</sup> | 1050000 | 1048023  |
|  OneMain Direct Auto Receivables Trust<br>|  |  |
|  Series 2025-1A, Class A, 5.36%, 04/16/2035<sup>(a)</sup> | 1800000 | 1840151  |
|  Series 2026-1A, Class A, 4.49%, 12/14/2033<sup>(a)</sup> | 2100000 | 2083993  |
|  OneMain Financial Issuance Trust<br>|  |  |
|  Series 2020-2A, Class A, 1.75%, 09/14/2035<sup>(a)</sup> | 358732 | 353820  |
|  Series 2021-1A, Class A2, 4.43% (30 day avg SOFR US + 0.76%), 06/16/2036<sup>(a)</sup> | 600000 | 600187  |
|  Series 2023-2A, Class A1, 5.84%, 09/15/2036<sup>(a)</sup> | 1200000 | 1216993  |
|  Series 2023-2A, Class B, 6.17%, 09/15/2036<sup>(a)</sup> | 1070000 | 1093624  |
|  Series 2025-1A, Class A, 4.82%, 07/14/2038<sup>(a)</sup> | 2100000 | 2096711  |
| Oportun Financial Corp.<br>|  |  |
|  Series 2021-B, Class C, 3.65%, 05/08/2031<sup>(a)</sup> | 179111 | 177518  |
|  Series 2025-B, Class D, 6.45%, 05/09/2033<sup>(a)</sup> | 2100000 | 2104045  |
| Oxford Finance Funding Trust<br>|  |  |
|  Series 2023-1A, Class A2, 6.72%, 02/15/2031<sup>(a)</sup> | 1951556 | 1965382  |
|  Series 2025-1A, Class A2, 5.41%, 02/15/2035<sup>(a)</sup> | 550000 | 548574  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** |
|  Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, 4.31% (30 day avg SOFR US + 0.64%), 05/25/2070<sup>(a)</sup> | $181899 | $178666  |
| &nbsp;&nbsp;&nbsp; PHH Arval, Series 2024-1A, Class A1, <br>5.52%, 05/15/2036<sup>(a)</sup> | 224548 | 226684  |
|  QTS Issuer ABS LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055<sup>(a)</sup> | 1760000 | 1740406  |
|  Rad CLO, Series 2024-23A, Class A1, 5.27% (3 mo. Term SOFR + 1.60%), 04/20/2037<sup>(a)</sup> | 2500000 | 2500155  |
| RCKT Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class A1A, <br>6.59%, 05/25/2044<sup>(a)(d)</sup> | 598953 | 604669  |
|  Series 2025-CES1, Class A1A, 5.65%, 01/25/2045<sup>(a)(c)</sup> | 422053 | 425878  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES6, Class A1A, <br>5.47%, 06/25/2055<sup>(a)(c)</sup> | 925771 | 926928  |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust <br>2024-CES4, <br>Series 2024-CES5, Class A1A, <br>5.85%, 08/25/2044<sup>(a)(c)</sup> | 148481 | 149232  |
|  ReadyCap Commercial LLC, Series 2019-2, Class A, 6.25% (Prime Rate + (0.50%)), 12/27/2044<sup>(a)</sup> | 22533 | 22518  |
|  Regatta Funding Ltd., Series 2024-2A, Class A1, 5.22% (3 mo. Term SOFR + 1.55%), 04/25/2037<sup>(a)</sup> | 3000000 | 3001500  |
|  Regional Management Corp., Series 2025-2, Class A, 4.59%, 11/16/2037<sup>(a)</sup> | 1480000 | 1463734  |
| &nbsp;&nbsp;&nbsp; Renew, Series 2018-1, Class A, <br>3.95%, 09/20/2053<sup>(a)</sup> | 116663 | 107602  |
|  Renew Financial, Series 2021-1, Class A, 2.06%, 11/20/2056<sup>(a)</sup> | 485808 | 389916  |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust, Series 2024-B, Class B, <br>5.86%, 11/20/2037<sup>(a)</sup> | 1380000 | 1401551  |
|  ROMARK CLO LLC, Series 2018-1A, Class A1, 4.96% (3 mo. Term SOFR + 1.29%), 04/20/2031<sup>(a)</sup> | 31983 | 31985  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Sabey Data Center Issuer LLC<br>|  |  |
|  Series 2022-1, Class A2, 5.00%, 06/20/2047<sup>(a)</sup> | $600000 | $590011  |
|  Series 2026-1, Class A2, 5.48%, 01/20/2051<sup>(a)</sup> | 930000 | 922731  |
|  Santander Consumer USA Holdings, Inc.<br>|  |  |
|  Series 2023-4, Class C, 6.04%, 12/15/2031  | 600000 | 612551  |
|  Series 2023-5, Class C, 6.43%, 02/18/2031  | 900000 | 925079  |
|  Series 2023-6, Class B, 5.98%, 04/16/2029  | 300000 | 302654  |
|  Series 2023-6, Class C, 6.40%, 03/17/2031  | 100000 | 102651  |
|  Series 2024-2, Class C, 5.84%, 06/17/2030  | 500000 | 509106  |
|  Series 2024-3, Class C, 5.64%, 08/15/2030  | 1500000 | 1524350  |
|  Series 2024-4, Class C, 4.95%, 04/15/2030  | 800000 | 804234  |
|  Series 2025-3, Class C, 4.68%, 09/15/2031  | 900000 | 901283  |
|  Santander Consumer USA, Inc., Series 2023-1, Class C, 5.09%, 05/15/2030  | 149260 | 149991  |
| &nbsp;&nbsp;&nbsp; SBA Tower Trust, Series 2022-1, <br>6.60%, 01/15/2028<sup>(a)</sup> | 1000000 | 1016908  |
|  SCF Equipment Leasing LLC, Series 2025-1A, Class A3, 5.11%, 11/21/2033<sup>(a)</sup> | 1560000 | 1585388  |
|  SFS Auto Receivables Securitization Trust<br>|  |  |
|  Series 2023-1A, Class B, 5.71%, 01/22/2030<sup>(a)</sup> | 100000 | 101712  |
|  Series 2023-1A, Class C, 5.97%, 02/20/2031<sup>(a)</sup> | 100000 | 102017  |
|  SMB Private Education Loan Trust, Series 2017-A, Class B, 3.50%, 06/17/2041<sup>(a)</sup> | 1282006 | 1273812  |
|  SoFi Professional Loan Program LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, <br>3.69%, 06/15/2048<sup>(a)</sup> | 16470 | 16391  |
| &nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, <br>2.37%, 11/16/2048<sup>(a)</sup> | 53604 | 52175  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, <br>2.54%, 05/15/2046<sup>(a)</sup> | 106426 | 102838  |
|  Series 2020-C, Class AFX, 1.95%, 02/15/2046<sup>(a)</sup> | 63769 | 60040  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** |
|  Sotheby's Artfi Master Trust, Series 2026-1A, Class A1, 4.80%, 06/20/2033<sup>(a)</sup> | $910000 | $908584  |
|  Stack Infrastructure Issuer LLC, Series 2023-3A, Class A2, 5.90%, 10/25/2048<sup>(a)</sup> | 1270000 | 1276542  |
|  Structured Asset Investment Loan Trust, Series 2004-8, Class M1, 4.69% (1 mo. Term SOFR + 1.01%), 09/25/2034  | 5109 | 4915  |
|  Sunnova Energy International, Inc.<br>|  |  |
|  Series 2023-B, Class A, 5.30%, 08/22/2050<sup>(a)</sup> | 832808 | 759256  |
| &nbsp;&nbsp;&nbsp; Series 2023-GRID1, Class 1A, <br>5.75%, 12/20/2050<sup>(a)</sup> | 815728 | 797925  |
| Sunrun, Inc.<br>|  |  |
|  Series 2018-1, Class A, 5.31%, 04/30/2049<sup>(a)</sup> | 184644 | 178260  |
|  Series 2019-1A, Class A, 3.98%, 06/30/2054<sup>(a)</sup> | 243618 | 234079  |
|  Series 2021-2A, Class A, 2.27%, 01/30/2057<sup>(a)</sup> | 994704 | 902840  |
|  Series 2022-1A, Class A, 4.75%, 07/30/2057<sup>(a)</sup> | 881534 | 845034  |
|  Series 2023-2A, Class A1, 6.60%, 01/30/2059<sup>(a)</sup> | 1204419 | 1213399  |
|  Series 2024-1A, Class A, 6.27%, 02/01/2055<sup>(a)</sup> | 448254 | 448056  |
| Switch Ltd.<br>|  |  |
|  Series 2025-1A, Class A2, 5.04%, 03/25/2055<sup>(a)</sup> | 1000000 | 966812  |
|  Series 2025-2A, Class A21, 5.12%, 10/25/2055<sup>(a)</sup> | 730000 | 712910  |
|  Symphony CLO Ltd., Series 2012-9A, Class CR3, 6.43% (3 mo. Term SOFR + 2.76%), 07/16/2032<sup>(a)</sup> | 1840000 | 1842421  |
|  TCW CLO Ltd., Series 2019-2A, Class A1R2, 4.94% (3 mo. Term SOFR + 1.27%), 01/20/2038<sup>(a)</sup> | 3250000 | 3248401  |
| Tesla Auto Lease Trust<br>|  |  |
|  Series 2023-B, Class B, 6.57%, 08/20/2027<sup>(a)</sup> | 103888 | 103976  |
|  Series 2024-A, Class A3, 5.30%, 06/21/2027<sup>(a)</sup> | 348732 | 349421  |
|  Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, 06/20/2028<sup>(a)</sup> | 889238 | 895401  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Texas Debt Capital CLO Ltd., Series 2025-1A, Class A1, 4.81% (3 mo. Term SOFR + 1.14%), 04/24/2038<sup>(a)</sup> | $2500000 | $2490985  |
| Towd Point Mortgage Trust<br>|  |  |
|  Series 2018-5, Class M1, 3.25%, 07/25/2058<sup>(a)(d)</sup> | 2385000 | 2037867  |
|  Series 2020-4, Class A1, 1.75%, 10/25/2060<sup>(a)</sup> | 90602 | 82575  |
|  Series 2021-SJ1, Class A1, 2.25%, 07/25/2068<sup>(a)(d)</sup> | 153615 | 149214  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A1A, <br>2.25%, 12/25/2061<sup>(a)(d)</sup> | 218715 | 213842  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class A1, <br>6.29%, 05/25/2064<sup>(a)(d)</sup> | 332870 | 339103  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, <br>4.65%, 05/25/2038<sup>(a)</sup> | 1200000 | 1205749  |
|  Trinity Industries Leasing Co., Series 2025-1A, Class A, 5.09%, 10/19/2055<sup>(a)</sup> | 739737 | 736746  |
|  United Airlines 2019-1 Class AA Pass Through Trust, Series 2019-1, 4.15%, 08/25/2031  | 611334 | 597969  |
| &nbsp;&nbsp;&nbsp; Uniti Group LP, Series 2025-1A, Class A2, <br>5.88%, 04/20/2055<sup>(a)</sup> | 1460000 | 1478506  |
|  Vantage Data Centers Guarantor LLC, Series 2025-2A, Class A2, 5.24%, 11/15/2055<sup>(a)</sup> | 1200000 | 1181791  |
| &nbsp;&nbsp;&nbsp; VCP RRL ABS, Series 2021-1A, Class A, <br>2.15%, 10/20/2031<sup>(a)</sup> | 198191 | 185014  |
|  Verizon Master Trust, Series 2025-9, Class A1A, 3.96%, 10/21/2030  | 365000 | 363761  |
|  Vivant Solar Financing V Parent LLC<br>|  |  |
|  Series 2018-1A, Class A, 4.73%, 04/30/2048<sup>(a)</sup> | 200461 | 194823  |
|  Series 2018-1A, Class B, 7.37%, 04/30/2048<sup>(a)</sup> | 219392 | 215084  |
|  Voya CLO Ltd., Series 2019-3A, Class AR, 5.01% (3 mo. Term SOFR + 1.34%), 10/17/2032<sup>(a)</sup> | 1636463 | 1639973  |
|  Westlake Automobile Receivables Trust, Series 2025-2A, Class B, 4.63%, 01/15/2031<sup>(a)</sup> | 600000 | 602484  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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> | $244741 | $245837  |
|  Series 2025-2A, Class A1, 4.41%, 05/18/2040<sup>(a)</sup> | 1300000 | 1300075  |
|  Series 2025-3A, Class A1, 4.08%, 09/18/2040<sup>(a)</sup> | 2553000 | 2539165  |
| Zayo Group LLC<br>|  |  |
|  Series 2025-1A, Class A2, 5.65%, 03/20/2055<sup>(a)</sup> | 1190000 | 1198835  |
|  Series 2025-2A, Class B, 6.59%, 06/20/2055<sup>(a)</sup> | 930000 | 951634  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $220,729,485)** |  | 219901470  |
| **U.S. GOVERNMENT OBLIGATIONS — 10.4%** | **U.S. GOVERNMENT OBLIGATIONS — 10.4%** | **U.S. GOVERNMENT OBLIGATIONS — 10.4%** |
| U.S. Treasury Bonds<br>|  |  |
| 1.88%, 02/15/2041  | 350000 | 242471  |
| 2.25%, 05/15/2041  | 500000 | 364316  |
| 2.38%, 02/15/2042  | 625000 | 455444  |
| 3.25%, 05/15/2042  | 8055000 | 6637194  |
| 2.75%, 11/15/2042  | 75000 | 57044  |
| 3.88%, 02/15/2043  | 455000 | 404292  |
| 3.88%, 05/15/2043  | 2500000 | 2215723  |
| 4.38%, 08/15/2043  | 2265000 | 2137859  |
| 4.75%, 11/15/2043  | 6475000 | 6397098  |
| 4.13%, 08/15/2044  | 54000 | 48992  |
| 4.63%, 11/15/2044  | 3340000 | 3231841  |
| 5.00%, 05/15/2045  | 6340000 | 6422470  |
| 4.88%, 08/15/2045  | 621000 | 618962  |
| 4.63%, 11/15/2045  | 4945000 | 4769607  |
| 4.63%, 02/15/2046  | 30326000 | 29236159  |
| 2.00%, 02/15/2050  | 2990000 | 1740741  |
| 1.63%, 11/15/2050  | 3630000 | 1893981  |
| 1.88%, 02/15/2051  | 11725000 | 6510581  |
| 2.00%, 08/15/2051  | 62000 | 35299  |
| 1.88%, 11/15/2051  | 3215000 | 1766115  |
| 4.00%, 11/15/2052  | 405000 | 347968  |
| 3.63%, 02/15/2053  | 92000 | 73837  |
| 3.63%, 05/15/2053  | 13305000 | 10668427  |
| 4.63%, 05/15/2054  | 78000 | 74371  |
| 4.25%, 08/15/2054  | 3799000 | 3402479  |
| 4.63%, 02/15/2055  | 603000 | 575135  |
| 4.75%, 08/15/2055  | 1482800 | 1445035  |
| 4.63%, 11/15/2055  | 8715000 | 8326910  |
| 4.75%, 02/15/2056  | 45000 | 43889  |
| U.S. Treasury Notes<br>|  |  |
| 3.50%, 09/30/2027  | 235000 | 233853  |
| 0.50%, 10/31/2027  | 2755000 | 2614775  |
| 3.38%, 11/30/2027  | 1050000 | 1042248  |
| 3.38%, 12/31/2027  | 1000000 | 992305  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| 3.38%, 02/29/2028  | $785000 | $778806  |
| 3.88%, 03/31/2028  | 7699000 | 7710428  |
| 1.13%, 08/31/2028  | 1000000 | 938281  |
| 3.50%, 10/15/2028  | 1410000 | 1399040  |
| 3.50%, 01/15/2029  | 2600000 | 2577859  |
| 3.50%, 02/15/2029  | 555000 | 550187  |
| 3.50%, 03/15/2029  | 2668000 | 2644447  |
| 4.50%, 05/31/2029  | 48400 | 49338  |
| 3.63%, 09/30/2030  | 2980000 | 2942866  |
| 4.38%, 11/30/2030  | 72000 | 73302  |
| 3.63%, 12/31/2030  | 302000 | 297895  |
| 3.75%, 01/31/2031  | 388000 | 384696  |
| 3.50%, 02/28/2031  | 95000 | 93159  |
| 3.88%, 03/31/2031  | 5829000 | 5810329  |
| 4.13%, 10/31/2031  | 120000 | 120628  |
| 4.50%, 12/31/2031  | 145000 | 148444  |
| 1.88%, 02/15/2032  | 177000 | 156956  |
| 2.88%, 05/15/2032  | 67000 | 62661  |
| 4.00%, 07/31/2032  | 40000 | 39798  |
| 2.75%, 08/15/2032  | 212000 | 196075  |
| 3.88%, 09/30/2032  | 6645000 | 6558304  |
| 3.75%, 10/31/2032  | 915000 | 895949  |
| 3.75%, 11/30/2032  | 1300000 | 1272324  |
| 4.00%, 01/31/2033  | 899000 | 892117  |
| 3.75%, 02/28/2033  | 1725000 | 1685648  |
| 4.25%, 03/31/2033  | 3136000 | 3157560  |
| 3.38%, 05/15/2033  | 183000 | 174329  |
| 3.88%, 08/15/2033  | 32000 | 31414  |
| 4.00%, 02/15/2034  | 160000 | 157825  |
| 4.38%, 05/15/2034  | 237000 | 239500  |
| 4.25%, 11/15/2034  | 65000 | 64982  |
| 4.00%, 11/15/2035  | 325000 | 317027  |
| 4.13%, 02/15/2036  | 8348000 | 8217563  |
| U.S. Treasury STRIP Coupon<br>|  |  |
|  Zero Coupon, 11/15/2040<sup>(g)</sup> | 305000 | 149098  |
|  Zero Coupon, 05/15/2041<sup>(g)(i)</sup> | 6385000 | 3028151  |
|  Zero Coupon, 11/15/2041<sup>(g)</sup> | 440000 | 202448  |
|  Zero Coupon, 02/15/2042<sup>(g)</sup> | 1090000 | 493989  |
|  Zero Coupon, 05/15/2042<sup>(g)</sup> | 80000 | 35740  |
|  Zero Coupon, 11/15/2042<sup>(g)</sup> | 935000 | 405023  |
|  Zero Coupon, 05/15/2043<sup>(g)</sup> | 1850000 | 777442  |
|  Zero Coupon, 08/15/2043<sup>(g)</sup> | 935000 | 387269  |
|  Zero Coupon, 11/15/2043<sup>(g)</sup> | 270000 | 110210  |
|  Zero Coupon, 02/15/2044<sup>(g)</sup> | 1020000 | 410420 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT OBLIGATIONS — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — (continued)** |
| U.S. Treasury STRIP Coupon (continued)  | U.S. Treasury STRIP Coupon (continued)  | U.S. Treasury STRIP Coupon (continued)  |
|  Zero Coupon, 05/15/2044<sup>(g)</sup> | $330000 | $130936  |
|  Zero Coupon, 08/15/2044<sup>(g)</sup> | 975000 | 381057  |
|  Zero Coupon, 11/15/2044<sup>(g)</sup> | 490000 | 188964  |
|  Zero Coupon, 02/15/2045<sup>(g)</sup> | 1265000 | 481165  |
|  Zero Coupon, 11/15/2045<sup>(g)</sup> | 560000 | 204352  |
|  Zero Coupon, 02/15/2046<sup>(g)</sup> | 405000 | 145893  |
|  Zero Coupon, 05/15/2046<sup>(g)</sup> | 235000 | 83639  |
|  Zero Coupon, 05/15/2050<sup>(g)</sup> | 185000 | 53631  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT OBLIGATIONS** <br>**(Cost $170,622,726)** |  | 163336585  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — 8.0%** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — 8.0%** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — 8.0%** |
|  Alen Mortgage Trust, Series 2021-ACEN, Class C, 6.04% (1 mo. Term SOFR + 2.36%), 04/15/2034<sup>(a)</sup> | 500000 | 441250  |
|  Angel Oak Mortgage Trust LLC<br>|  |  |
|  Series 2021-8, Class A3, 2.84%, 11/25/2066<sup>(a)(d)</sup> | 100000 | 74187  |
|  Series 2025-13, Class M1, 5.74%, 10/25/2070<sup>(a)(d)</sup> | 100000 | 99167  |
| &nbsp;&nbsp;&nbsp; ATLXM Trust, <br>Series 2024-RPL2, Class A1, <br>3.85%, 04/25/2063<sup>(a)(c)</sup> | 1063887 | 1031648  |
| &nbsp;&nbsp;&nbsp; BAHA Trust, Series 2024-MAR, Class A, <br>5.57%, 12/10/2041<sup>(a)(d)</sup> | 1320000 | 1346919  |
| &nbsp;&nbsp;&nbsp; BANK-2018, Series 2018-BN15, Class A3, <br>4.14%, 11/15/2061  | 533355 | 528989  |
| BANK-2020  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3, <br>1.58%, 03/15/2063  | 1162000 | 1033370  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3, <br>1.74%, 11/15/2053  | 491157 | 434401  |
| &nbsp;&nbsp;&nbsp; BANK5 Trust, <br>Series 2025-5YR17, Class A3, <br>5.23%, 11/15/2058  | 1480000 | 1509373  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-5C23, Class A3, <br>6.68%, 12/15/2056<sup>(d)</sup> | $1900000 | $1988028  |
| &nbsp;&nbsp;&nbsp; Series 2023-C21, Class A2, <br>6.30%, 09/15/2056<sup>(d)</sup> | 757246 | 785463  |
| Benchmark Mortgage Trust<br>|  |  |
|  Series 2018-B4, Class A3, 3.89%, 07/15/2051  | 500000 | 497738  |
| &nbsp;&nbsp;&nbsp; Series 2019-B10, Class 3CCA, <br>3.90%, 03/15/2062<sup>(a)(d)</sup> | 250000 | 212307  |
|  Series 2019-B10, Class A3, 3.46%, 03/15/2062  | 837631 | 815309  |
|  Series 2020-B19, Class A4, 1.55%, 09/15/2053  | 1325000 | 1206074  |
|  Series 2020-B20, Class A4, 1.75%, 10/15/2053  | 1300000 | 1179671  |
|  Series 2020-B21, Class A4, 1.70%, 12/17/2053  | 800000 | 716766  |
|  Series 2020-IG3, Class A2, 2.48%, 09/15/2048<sup>(a)</sup> | 328597 | 323817  |
|  Series 2021-B24, Class A3, 2.01%, 03/15/2054  | 550000 | 503381  |
|  Series 2021-B24, Class A4, 2.26%, 03/15/2054  | 600000 | 542574  |
|  Series 2021-B25, Class A3, 1.91%, 04/15/2054  | 1181570 | 1087911  |
|  Series 2021-B30, Class A4, 2.33%, 11/15/2054  | 3000000 | 2649476  |
|  Series 2021-B31, Class A4, 2.42%, 12/15/2054  | 1500000 | 1325469  |
|  Series 2025-V17, Class A3, 5.07%, 09/15/2058  | 1900000 | 1924041  |
| &nbsp;&nbsp;&nbsp; Blue Owl Real Estate Capital LLC, Series 2023-NLP, Class A, <br>6.19%, 03/15/2040<sup>(a)(d)</sup> | 985809 | 972559  |
| BMO Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C1, Class 360B, <br>3.94%, 02/17/2055<sup>(a)(d)</sup> | 1000000 | 848276  |
|  Series 2022-C3, Class A5, 5.31%, 09/15/2054  | 1000000 | 1016656  |
| &nbsp;&nbsp;&nbsp; Series 2023-5C1, Class A3, <br>6.53%, 08/15/2056<sup>(d)</sup> | 1650000 | 1707259  |
| &nbsp;&nbsp;&nbsp; Series 2023-5C2, Class A3, <br>7.05%, 11/15/2056<sup>(d)</sup> | 2100000 | 2214472  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3, <br>5.57%, 11/15/2057<sup>(d)</sup> | 2100000 | 2156597  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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; BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, <br>6.38%, 04/25/2054<sup>(a)(c)</sup> | $589204 | $595111  |
|  BX Trust, Series 2022-AHP, Class C, 5.76% (1 mo. Term SOFR + 2.09%), 01/17/2039<sup>(a)</sup> | 1574266 | 1573774  |
|  Cantor Commercial Real Estate Lending LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-CF3, Class A3, <br>2.75%, 01/15/2053  | 800000 | 747358  |
|  Series 2020-P1, Class A1, 2.84%, 04/15/2052<sup>(a)(d)</sup> | 813000 | 803751  |
|  Capital Automotive LLC, Series 2024-3A, Class A1, 4.40%, 10/15/2054<sup>(a)</sup> | 2018180 | 1945252  |
|  Capital Automotive REIT, Series 2022-1A, Class A1, 3.35%, 03/15/2052<sup>(a)</sup> | 1055600 | 1003527  |
| Century Plaza Towers<br>|  |  |
|  Series 2019-CPT, Class A, 2.87%, 11/13/2039<sup>(a)</sup> | 485000 | 447938  |
|  Series 2019-CPT, Class E, 3.00%, 11/13/2039<sup>(a)(d)</sup> | 350000 | 304892  |
| CF Hippolyta Issuer LLC<br>|  |  |
|  Series 2020-1, Class B1, 2.28%, 07/15/2060<sup>(a)</sup> | 350786 | 215733  |
|  Series 2022-1A, Class A1, 5.97%, 08/15/2062<sup>(a)</sup> | 479277 | 476265  |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Corp., Series 2026-2, Class A9A, <br>5.50%, 12/25/2056<sup>(a)(d)</sup> | 118127 | 117453  |
| &nbsp;&nbsp;&nbsp; CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, <br>5.12%, 04/15/2042<sup>(a)(d)</sup> | 2000000 | 2026884  |
|  Citigroup Commercial Mortgage Trust<br>|  |  |
|  Series 2016-P4, Class A3, 2.65%, 07/10/2049  | 58143 | 58067  |
|  Series 2018-C6, Class A3, 4.15%, 11/10/2051  | 837000 | 828849  |
|  Series 2019-C7, Class A3, 2.86%, 12/15/2072  | 277650 | 262461  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust<br>|  |  |
|  Series 2016-CD2, Class B, 3.88%, 11/10/2049<sup>(d)</sup> | 500000 | 401390  |
| &nbsp;&nbsp;&nbsp; Series 2019-CD8, Class A3, <br>2.66%, 08/15/2057  | 858920 | 809601  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; CMFT Net Lease Master Issuer LLC, Series 2021-1, Class A2, <br>2.57%, 07/20/2051<sup>(a)</sup> | $2394262 | $2060835  |
|  Commercial Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-LC13, Class D, <br>5.01%, 08/10/2046<sup>(a)(d)</sup> | 479082 | 447917  |
|  Series 2022-HC, Class B, 3.17%, 01/10/2039<sup>(a)</sup> | 1000000 | 964958  |
|  Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-C50, Class A4, <br>3.47%, 05/15/2052  | 930258 | 906557  |
| &nbsp;&nbsp;&nbsp; Series 2024-SVEN, Class A, <br>6.01%, 06/10/2037<sup>(a)</sup> | 1000000 | 1021299  |
| &nbsp;&nbsp;&nbsp; CRSO TR 2023-BRND A 20400712 FLT, Series 2023-BRND, <br>7.12%, 07/12/2040<sup>(a)</sup> | 1000000 | 1029390  |
|  CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3, <br>4.15%, 11/15/2051  | 665234 | 659884  |
| &nbsp;&nbsp;&nbsp; Series 2021-C20, Class A2, <br>2.49%, 03/15/2054  | 1147051 | 1059808  |
| &nbsp;&nbsp;&nbsp; DC Commercial Mortgage Trust, Series 2023-DC, Class B, <br>6.80%, 09/12/2040<sup>(a)</sup> | 890000 | 899973  |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, Series 2023-1, Class M1, <br>6.64%, 02/25/2068<sup>(a)(d)</sup> | 150000 | 149569  |
|  Fannie Mae Connecticut Avenue Securities<br>|  |  |
|  Series 2022-R05, Class 2M2, 6.66% (30 day avg SOFR US + 3.00%), 04/25/2042<sup>(a)</sup> | 120000 | 121706  |
|  Series 2022-R06, Class 1M2, 7.51% (30 day avg SOFR US + 3.85%), 05/25/2042<sup>(a)</sup> | 625000 | 641894  |
|  Series 2022-R07, Class 1M2, 8.31% (30 day avg SOFR US + 4.65%), 06/25/2042<sup>(a)</sup> | 505000 | 524725  |
|  Series 2022-R08, Class 1M2, 7.26% (30 day avg SOFR US + 3.60%), 07/25/2042<sup>(a)</sup> | 160000 | 164731 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)** |
| Fannie Mae Connecticut Avenue Securities (continued)  | Fannie Mae Connecticut Avenue Securities (continued)  | Fannie Mae Connecticut Avenue Securities (continued)  |
|  Series 2022-R09, Class 2M2, 8.41% (30 day avg SOFR US + 4.75%), 09/25/2042<sup>(a)</sup> | $245000 | $256946  |
|  Series 2023-R01, Class 1M2, 7.41% (30 day avg SOFR US + 3.75%), 12/25/2042<sup>(a)</sup> | 1260000 | 1309774  |
|  Series 2023-R02, Class 1M2, 7.01% (30 day avg SOFR US + 3.35%), 01/25/2043<sup>(a)</sup> | 100000 | 103286  |
|  Series 2023-R05, Class 1M2, 6.76% (30 day avg SOFR US + 3.10%), 06/25/2043<sup>(a)</sup> | 1150000 | 1192324  |
|  Series 2023-R06, Class 1M2, 6.36% (30 day avg SOFR US + 2.70%), 07/25/2043<sup>(a)</sup> | 715000 | 730623  |
|  Fannie Mae or Freddie Mac, 5.00%, 04/15/2041<sup>(k)</sup> | 1500000 | 1479190  |
|  Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-P011, Class A1, <br>1.20%, 09/25/2031  | 427866 | 397251  |
| &nbsp;&nbsp;&nbsp; Series 2022-P013, Class A2, <br>2.76%, 02/25/2032<sup>(d)</sup> | 1000000 | 913349  |
| &nbsp;&nbsp;&nbsp; Series 2024-P016, Class A2, <br>4.62%, 09/25/2033<sup>(d)</sup> | 1000000 | 1000620  |
|  Series 405, Class C20, 4.00%, 05/25/2053<sup>(f)</sup> | 1189727 | 256087  |
|  Series 4748, Class Z, 4.00%, 11/15/2047  | 100383 | 95093  |
|  Series 4776, Class WZ, 4.00%, 03/15/2048  | 314662 | 297852  |
|  Series 4783, Class Z, 4.00%, 04/15/2048  | 277214 | 261904  |
|  Series 4835, Class AS, 3.78% (-2 x 30 day avg SOFR US + 9.66%), 10/15/2048<sup>(l)</sup> | 54146 | 46692  |
|  Series 4978, Class MI, 4.00%, 05/25/2040<sup>(f)</sup> | 444152 | 65188  |
|  Series 5017, Class VZ, 2.00%, 09/25/2050<sup>(m)</sup> | 318640 | 217754  |
|  Series 5021, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.55%), 10/25/2050<sup>(f)(l)</sup> | 789821 | 24207  |
|  Series 5160, Class ZG, 3.00%, 09/25/2050<sup>(m)</sup> | 75321 | 55338  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 5296, Class T, 5.00%, 11/25/2052  | $716562 | $714773  |
|  Series K-157, Class A2, 4.20%, 05/25/2033  | 2000000 | 1966946  |
|  Series K-170, Class A2, 5.00%, 02/25/2035<sup>(d)</sup> | 2000000 | 2057939  |
|  Federal National Mortgage Association<br>|  |  |
|  Series 2018-M8, Class A2, 3.31%, 06/25/2028<sup>(d)</sup> | 393279 | 387336  |
| &nbsp;&nbsp;&nbsp; Series 2019-M21, Class 3A1, <br>2.10%, 06/25/2034  | 27876 | 27694  |
|  Series 2020-101, Class AI, 3.50%, 01/25/2051<sup>(f)</sup> | 1288505 | 242856  |
|  Series 2020-24, Class SP, 2.27% (-1 x 30 day avg SOFR US + 5.94%), 04/25/2050<sup>(f)(l)</sup> | 203539 | 24235  |
|  Series 2020-56, Class LI, 2.00%, 08/25/2050<sup>(f)</sup> | 285288 | 35097  |
|  Series 2020-75, Class LI, 2.50%, 11/25/2050<sup>(f)</sup> | 433366 | 58724  |
|  Series 2021-17, Class EA, 1.50%, 04/25/2051  | 3164889 | 2653499  |
|  Series 2021-76, Class IY, 2.50%, 11/25/2051<sup>(f)</sup> | 193450 | 20377  |
|  Series 2022-18, Class DZ, 3.50%, 04/25/2052<sup>(m)</sup> | 638272 | 495123  |
|  Series 2026-18, Class SB, 0.48% (-1 x 30 day avg SOFR US + 4.15%), 04/25/2056<sup>(f)(l)</sup> | 2600000 | 37578  |
|  Series 2026-8, Class BS, 0.64% (-1 x 30 day avg SOFR US + 4.30%), 02/25/2056<sup>(f)(l)</sup> | 5390760 | 108991  |
| Flagstar Mortgage Trust<br>|  |  |
|  Series 2018-2, Class B4, 4.00%, 04/25/2048<sup>(a)(d)</sup> | 117332 | 107493  |
|  Series 2021-12, Class B3, 2.96%, 11/25/2051<sup>(a)(d)</sup> | 133993 | 108637  |
|  Series 2021-2, Class A4, 2.50%, 04/25/2051<sup>(a)(d)</sup> | 143802 | 118553  |
|  Series 2021-4, Class A21, 2.50%, 06/01/2051<sup>(a)(d)</sup> | 179138 | 147796  |
|  Series 2021-7, Class B3, 2.92%, 08/25/2051<sup>(a)(d)</sup> | 132758 | 109201  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>|  |  |
|  Series 2021-DNA5, Class M2, 5.31% (30 day avg SOFR US + 1.65%), 01/25/2034<sup>(a)</sup> | 11511 | 11511 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)**  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes (continued) | Freddie Mac Structured Agency Credit Risk Debt Notes (continued) |  |
|  Series 2022-DNA4, Class M1B, 7.01% (30 day avg SOFR US + 3.35%), 05/25/2042<sup>(a)</sup> | $125000 | $127656  |
|  Series 2022-DNA5, Class M1B, 8.16% (30 day avg SOFR US + 4.50%), 06/25/2042<sup>(a)</sup> | 345000 | 357882  |
|  Series 2022-DNA6, Class M2, 9.41% (30 day avg SOFR US + 5.75%), 09/25/2042<sup>(a)</sup> | 400000 | 425386  |
|  Series 2023-HQA1, Class M1B, 7.16% (30 day avg SOFR US + 3.50%), 05/25/2043<sup>(a)</sup> | 268000 | 279801  |
|  Series 2023-HQA3, Class M2, 7.01% (30 day avg SOFR US + 3.35%), 11/25/2043<sup>(a)</sup> | 325000 | 338916  |
|  Series 2025-DNA2, Class A1, 4.76% (30 day avg SOFR US + 1.10%), 05/25/2045<sup>(a)</sup> | 937500 | 937500  |
|  Government National Mortgage Association<br>|  |  |
|  Series 2010-9, Class UI, 5.00%, 01/20/2040<sup>(f)</sup> | 498022 | 96581  |
|  Series 2013-99, Class AX, 3.00%, 07/20/2043<sup>(c)</sup> | 112439 | 103185  |
| &nbsp;&nbsp;&nbsp; Series 2015-143, Class WA, <br>4.00%, 10/20/2045  | 97355 | 94637  |
|  Series 2018-121, Class KS, 0.07% (-1 x 1 mo. Term SOFR + 3.75%), 09/20/2048<sup>(f)(l)</sup> | 208480 | 4805  |
|  Series 2018-148, Class DS, 0.05% (-1 x 1 mo. Term SOFR + 3.73%), 10/20/2048<sup>(f)(l)</sup> | 265348 | 5918  |
|  Series 2018-151, Class SL, 0.01% (-1 x 1 mo. Term SOFR + 3.69%), 11/20/2048<sup>(f)(l)</sup> | 1615964 | 43859  |
|  Series 2018-76, Class IO, 4.00%, 06/20/2046<sup>(f)</sup> | 20482 | 2147  |
|  Series 2019-92, Class S, 0.00% (-1 x 1 mo. Term SOFR + 2.70%), 07/20/2049<sup>(f)(l)</sup> | 973949 | 17784  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2019-99, Class SA, 0.00% (-1 x 1 mo. Term SOFR + 3.24%), 08/20/2049<sup>(f)(l)</sup> | $425260 | $6762  |
|  Series 2020-126, Class BI, 3.00%, 08/20/2050<sup>(f)</sup> | 613118 | 101499  |
|  Series 2021-114, Class TI, 3.00%, 06/20/2051<sup>(f)</sup> | 675560 | 90270  |
|  Series 2021-165, Class ST, 0.00% (-1 x 1 mo. Term SOFR + 3.25%), 01/20/2050<sup>(f)(l)</sup> | 116318 | 43  |
|  Series 2021-209, Class Z, 3.00%, 11/20/2051<sup>(m)</sup> | 660695 | 480507  |
| &nbsp;&nbsp;&nbsp; Series 2022-124, Class QZ, <br>4.00%, 07/20/2052<sup>(m)</sup> | 138922 | 116835  |
|  Series 2022-125, Class CS, 2.32% (-1 x 30 day avg SOFR US + 5.99%), 07/20/2052<sup>(f)(l)</sup> | 521306 | 42906  |
|  Series 2022-126, Class CS, 0.09% (-1 x 30 day avg SOFR US + 3.76%), 07/20/2052<sup>(f)(l)</sup> | 1045794 | 20096  |
|  Series 2022-129, Class SA, 0.28% (-1 x 30 day avg SOFR US + 3.95%), 07/20/2052<sup>(f)(l)</sup> | 4115681 | 85994  |
|  Series 2022-133, Class SA, 0.28% (-1 x 30 day avg SOFR US + 3.95%), 07/20/2052<sup>(f)(l)</sup> | 402997 | 9198  |
|  Series 2022-148, Class DS, 0.00% (-1 x 30 day avg SOFR US + 3.60%), 08/20/2052<sup>(f)(l)</sup> | 422181 | 7418  |
|  Series 2022-178, Class SA, 1.23% (-1 x 30 day avg SOFR US + 4.90%), 10/20/2052<sup>(f)(l)</sup> | 4913847 | 217809  |
|  Series 2022-46, Class S, 0.00% (-1 x 30 day avg SOFR US + 3.50%), 03/20/2052<sup>(f)(l)</sup> | 290762 | 5882  |
|  Series 2022-51, Class SC, 0.00% (-1 x 30 day avg SOFR US + 3.50%), 03/20/2052<sup>(f)(l)</sup> | 868133 | 17274  |
|  Series 2022-66, Class SB, 0.18% (-1 x 30 day avg SOFR US + 3.85%), 04/20/2052<sup>(f)(l)</sup> | 282389 | 8911  |
|  Series 2022-68, Class SP, 0.18% (-1 x 30 day avg SOFR US + 3.85%), 04/20/2052<sup>(f)(l)</sup> | 232778 | 7258  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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) |  |
|  Series 2022-93, Class GS, 0.00% (-1 x 30 day avg SOFR US + 3.65%), 05/20/2052<sup>(f)(l)</sup> | $181337 | $3444  |
|  Series 2022-93, Class IO, 3.00%, 08/20/2051<sup>(f)</sup> | 2420180 | 251916  |
|  Series 2023-111, Class ZA, 3.00%, 02/20/2052<sup>(m)</sup> | 540239 | 373666  |
|  Series 2023-186, Class ZJ, 5.00%, 12/20/2053<sup>(m)</sup> | 369208 | 357400  |
|  Series 2023-81, Class IO, 5.00%, 04/20/2052<sup>(f)</sup> | 395073 | 70308  |
|  Series 2024-23, Class ID, 5.00%, 03/20/2040<sup>(f)</sup> | 337865 | 62184  |
|  Series 2024-69, Class AZ, 2.50%, 04/20/2054<sup>(m)</sup> | 340935 | 245874  |
| GS Mortgage Securities Corp. II | GS Mortgage Securities Corp. II |  |
| &nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A3, <br>4.26%, 07/10/2051<sup>(d)</sup> | 800000 | 798169  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC39, Class A3, <br>3.31%, 05/10/2052  | 906089 | 878919  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3, <br>2.75%, 09/10/2052  | 1230000 | 1162565  |
| &nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4, <br>2.12%, 05/12/2053  | 1400000 | 1282694  |
| &nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class A4, <br>1.72%, 12/12/2053  | 1100000 | 982995  |
|  GS Mortgage-Backed Securities Trust<br>|  |  |
|  Series 2020-PJ6, Class A4, 2.50%, 05/25/2051<sup>(a)(d)</sup> | 221872 | 183042  |
| &nbsp;&nbsp;&nbsp; Series 2021-GR1, Class A4, <br>2.50%, 11/25/2051<sup>(a)(d)</sup> | 138307 | 114105  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ10, Class A4, <br>2.50%, 03/25/2052<sup>(a)(d)</sup> | 166110 | 136943  |
|  Series 2021-PJ5, Class A4, 2.50%, 10/25/2051<sup>(a)(d)</sup> | 280713 | 231424  |
|  Series 2021-PJ6, Class A4, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 203990 | 167928  |
|  Series 2021-PJ7, Class A4, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 332072 | 273764  |
|  Series 2021-PJ8, Class A4, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 225978 | 186299  |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ4, Class A36, <br>3.00%, 09/25/2052<sup>(a)(d)</sup> | 77533 | 66597  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ5, Class A36, <br>3.00%, 10/25/2052<sup>(a)(d)</sup> | $227656 | $195853  |
| &nbsp;&nbsp;&nbsp; Series 2023-PJ1, Class A24, <br>3.50%, 02/25/2053<sup>(a)(d)</sup> | 258243 | 229951  |
| &nbsp;&nbsp;&nbsp; Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, <br>5.45%, 08/05/2034<sup>(a)(d)</sup> | 900000 | 835311  |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2022-NQM6, Class M1, <br>7.10%, 10/25/2067<sup>(a)(d)</sup> | 150000 | 149454  |
|  JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
|  Series 2016-JP4, Class A3, 3.39%, 12/15/2049  | 1036198 | 1030471  |
|  Series 2019-BKWD, Class A, 5.29% (1 mo. Term SOFR + 1.61%), 09/15/2029<sup>(a)</sup> | 154493 | 149859  |
| JP Morgan Mortgage Trust<br>|  |  |
|  Series 2015-1, Class B1, 5.01%, 12/25/2044<sup>(a)(d)</sup> | 29831 | 29455  |
|  Series 2017-2, Class A13, 3.50%, 05/25/2047<sup>(a)(d)</sup> | 5102 | 4639  |
|  Series 2017-5, Class A2, 4.70%, 10/26/2048<sup>(a)(d)</sup> | 51914 | 51559  |
|  Series 2018-5, Class A13, 3.50%, 10/25/2048<sup>(a)(d)</sup> | 25869 | 23255  |
|  Series 2018-7FRB, Class A2, 4.54% (1 mo. Term SOFR + 0.86%), 04/25/2046<sup>(a)</sup> | 9395 | 9265  |
|  Series 2018-8, Class A13, 4.00%, 01/25/2049<sup>(a)(d)</sup> | 3019 | 2809  |
|  Series 2018-9, Class A13, 4.00%, 02/25/2049<sup>(a)(d)</sup> | 1087 | 1022  |
|  Series 2019-1, Class A15, 4.00%, 05/25/2049<sup>(a)(d)</sup> | 2631 | 2457  |
|  Series 2020-1, Class B2, 3.81%, 06/25/2050<sup>(a)(d)</sup> | 29460 | 26534  |
|  Series 2021-10, Class A15, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 72760 | 59844  |
|  Series 2021-11, Class A15, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 150055 | 124270  |
|  Series 2021-14, Class A15, 2.50%, 05/25/2052<sup>(a)(d)</sup> | 93094 | 76748  |
|  Series 2021-15, Class A15, 2.50%, 06/25/2052<sup>(a)(d)</sup> | 646395 | 532897  |
|  Series 2021-4, Class B2, 2.88%, 08/25/2051<sup>(a)(d)</sup> | 109698 | 89552  |
|  Series 2021-7, Class A15, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 208399 | 171932  |
|  Series 2021-8, Class A15, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 97020 | 79985 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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 2021-8, Class B3, 2.84%, 12/25/2051<sup>(a)(d)</sup> | $150203 | $121307  |
| &nbsp;&nbsp;&nbsp; Series 2021-LTV2, Class A3, <br>2.93%, 05/25/2052<sup>(a)(d)</sup> | 67409 | 58211  |
|  Series 2022-2, Class A25, 3.00%, 08/25/2052<sup>(a)(d)</sup> | 75114 | 64484  |
|  Series 2022-3, Class A25, 3.00%, 08/25/2052<sup>(a)(d)</sup> | 337144 | 289414  |
|  Series 2022-3, Class B3, 3.09%, 08/25/2052<sup>(a)(d)</sup> | 58986 | 47832  |
|  Series 2022-4, Class A17A, 3.00%, 10/25/2052<sup>(a)(d)</sup> | 226813 | 194702  |
|  Series 2022-4, Class B3, 3.24%, 10/25/2052<sup>(a)(d)</sup> | 113779 | 91994  |
|  Series 2022-5, Class B3, 2.95%, 09/25/2052<sup>(a)(d)</sup> | 113120 | 89159  |
|  Series 2022-6, Class A17A, 3.00%, 11/25/2052<sup>(a)(d)</sup> | 1004952 | 860794  |
|  Series 2022-7, Class 1A17, 3.00%, 12/25/2052<sup>(a)(d)</sup> | 117536 | 100798  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class A1, <br>3.25%, 07/25/2052<sup>(a)(d)</sup> | 374959 | 333988  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV2, Class A6, <br>3.50%, 09/25/2052<sup>(a)(d)</sup> | 226672 | 201552  |
|  Series 2023-1, Class A15B, 5.50%, 06/25/2053<sup>(a)(d)</sup> | 98127 | 96405  |
|  Series 2024-3, Class A9, 3.00%, 05/25/2054<sup>(a)(d)</sup> | 844079 | 724580  |
|  Series 2024-7, Class A9, 3.00%, 04/25/2053<sup>(a)(d)</sup> | 276791 | 237605  |
|  JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 3.96%, 11/15/2047<sup>(a)(d)</sup> | 470000 | 358038  |
|  MCR Mortgage Trust, Series 2024-TWA, Class A, 5.92%, 06/12/2039<sup>(a)</sup> | 1000000 | 1007122  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, <br>3.00%, 05/15/2049<sup>(a)</sup> | 400000 | 345506  |
|  Morgan Stanley Capital I, Inc., Series 2018-L1, Class A3, 4.14%, 10/15/2051  | 2119268 | 2110450  |
|  Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
|  Series 2021-5, Class A9, 2.50%, 08/25/2051<sup>(a)(d)</sup> | 125244 | 103328  |
|  Series 2021-6, Class A4, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 96465 | 86612  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2021-6, Class A9, 2.50%, 09/25/2051<sup>(a)(d)</sup> | $115860 | $95586  |
|  Series 2023-1, Class A7, 4.00%, 02/25/2053<sup>(a)(d)</sup> | 238250 | 218352  |
|  MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C, 6.07% (1 mo. Term SOFR + 2.39%), 03/15/2039<sup>(a)</sup> | 1090000 | 1088638  |
|  Natixis Commercial Mortgage Securities Trust<br>|  |  |
|  Series 2019-MILE, Class D, 6.50% (1 mo. Term SOFR + 2.83%), 07/15/2036<sup>(a)</sup> | 1000000 | 830615  |
|  Series 2019-MILE, Class F, 8.00% (1 mo. Term SOFR + 4.33%), 07/15/2036<sup>(a)</sup> | 750000 | 529211  |
|  New Economy Assets LLC, Series 2021-1, Class B1, 2.41%, 10/20/2061<sup>(a)</sup> | 1730000 | 1088828  |
|  New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 4.54% (1 mo. Term SOFR + 0.86%), 01/25/2048<sup>(a)</sup> | 22021 | 21668  |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-300P, Class A, <br>4.88%, 07/13/2042<sup>(a)(d)</sup> | 2160000 | 2147083  |
|  One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054<sup>(a)</sup> | 3547000 | 3277218  |
| &nbsp;&nbsp;&nbsp; One Market Plaza Trust, Series 2017-1MKT, Class A, <br>3.61%, 02/10/2032<sup>(a)</sup> | 730448 | 703427  |
|  Onslow Bay Mortgage Loan Trust<br>|  |  |
|  Series 2021-J2, Class A19, 2.50%, 07/25/2051<sup>(a)(d)</sup> | 219345 | 180831  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, <br>5.44%, 05/25/2065<sup>(a)(d)</sup> | 934544 | 937455  |
|  Series 2025-NQM8, Class A1, 5.47%, 03/25/2065<sup>(a)(c)</sup> | 1049403 | 1052453  |
| RCKT Mortgage Trust<br>|  |  |
|  Series 2021-4, Class A21, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 267653 | 219807  |
|  Series 2021-5, Class B4, 2.92%, 11/25/2051<sup>(a)(d)</sup> | 178434 | 143290  |
|  Series 2022-2, Class A22, 2.50%, 02/25/2052<sup>(a)(d)</sup> | 334950 | 276338  |
|  Series 2022-3, Class A21, 3.00%, 05/25/2052<sup>(a)(d)</sup> | 123599 | 106107  |
|  Series 2022-4, Class A22, 3.50%, 06/25/2052<sup>(a)(d)</sup> | 191729 | 170786 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **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)**  |
|  SCOTT Trust 2023-SFS, Series 2023-SFS, Class A, 5.91%, 03/10/2040<sup>(a)</sup> | $1550000 | $1577852  |
| Sequoia Mortgage Trust<br>|  |  |
|  Series 2015-2, Class A1, 3.50%, 05/25/2045<sup>(a)(d)</sup> | 7608 | 7057  |
|  Series 2020-1, Class B4, 3.85%, 02/25/2050<sup>(a)(d)</sup> | 199617 | 156829  |
|  Series 2020-3, Class A19, 3.00%, 04/25/2050<sup>(a)(d)</sup> | 41554 | 36001  |
|  Series 2021-1, Class B3, 2.66%, 03/25/2051<sup>(a)(d)</sup> | 86964 | 72878  |
|  Series 2021-4, Class A19, 2.50%, 06/25/2051<sup>(a)(d)</sup> | 71317 | 58750  |
|  Series 2023-1, Class A19, 5.00%, 01/25/2053<sup>(a)(d)</sup> | 169663 | 162983  |
|  Series 2025-S2, Class A1, 4.00%, 11/25/2055<sup>(a)(d)</sup> | 304898 | 282681  |
|  Series 2026-1, Class A19, 5.50%, 02/25/2056<sup>(a)(d)</sup> | 239022 | 237090  |
| SLG Office Trust<br>|  |  |
|  Series 2026-OMA, Class A, 4.97%, 04/15/2041<sup>(a)(d)</sup> | 2500000 | 2507345  |
|  Series 2026-OMA, Class C, 5.45%, 04/15/2041<sup>(a)(d)</sup> | 500000 | 501019  |
|  Starwood Property Mortgage Trust, Series 2021-LIH, Class AS, 5.04% (1 mo. Term SOFR + 1.37%), 11/15/2036<sup>(a)</sup> | 1000000 | 998125  |
| STORE Master Funding LLC<br>|  |  |
|  Series 2019-1, Class A1, 2.82%, 11/20/2049<sup>(a)</sup> | 984026 | 971139  |
|  Series 2021-1A, Class A1, 2.12%, 06/20/2051<sup>(a)</sup> | 1122687 | 1054033  |
|  Tricon Residential Trust, Series 2025-SFR1, Class A, 4.77% (1 mo. Term SOFR + 1.10%), 03/17/2042<sup>(a)</sup> | 889261 | 887594  |
| &nbsp;&nbsp;&nbsp; TYSN 2023-CRNR Mortgage Trust, Series 2023-CRNR, Class A, <br>6.58%, 12/10/2033<sup>(a)(d)</sup> | 1000000 | 1039221  |
|  UBS Commercial Mortgage Trust<br>|  |  |
|  Series 2017-C4, Class A4, 3.56%, 10/15/2050  | 148558 | 145807  |
|  Series 2017-C7, Class A3, 3.42%, 12/15/2050  | 204198 | 201788  |
| &nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3, <br>4.05%, 05/15/2051  | 1290085 | 1274431  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 3.65%, 03/10/2046<sup>(a)(d)</sup> | $225000 | $182248  |
| Verus Securitization Trust<br>|  |  |
|  Series 2021-7, Class A3, 2.24%, 10/25/2066<sup>(a)(d)</sup> | 86240 | 76232  |
|  Series 2026-1, Class M1, 5.67%, 01/25/2071<sup>(a)(d)</sup> | 100000 | 98803  |
| &nbsp;&nbsp;&nbsp; WB Commercial Mortgage Trust, Series 2024-HQ, Class A, <br>5.54%, 03/15/2040<sup>(a)(d)</sup> | 500000 | 500732  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust 2024-1CHI, Series 2024-5C2, Class A3, <br>5.92%, 11/15/2057<sup>(d)</sup> | 2075000 | 2154987  |
|  Series 2019-2, Class A17, 4.00%, 04/25/2049<sup>(a)(d)</sup> | 4873 | 4608  |
|  Series 2020-4, Class A17, 3.00%, 07/25/2050<sup>(a)(d)</sup> | 212660 | 183616  |
|  Series 2021-2, Class A17, 2.50%, 06/25/2051<sup>(a)(d)</sup> | 265445 | 218836  |
|  Series 2022-2, Class A18, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 83597 | 68918  |
|  WF-RBS Commercial Mortgage Trust, Series 2013-C13, Class D, 3.93%, 05/15/2045<sup>(a)(d)</sup> | 167263 | 156593  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $128,659,158)** |  | 124774384  |
| **FOREIGN CORPORATE BONDS — 8.0%** | **FOREIGN CORPORATE BONDS — 8.0%** | **FOREIGN CORPORATE BONDS — 8.0%** |
| **Basic Materials — 0.3%**<br>|  |  |
| BHP Billiton Finance USA Ltd.<br>|  |  |
| 5.25%, 09/08/2033  | 980000 | 1000707  |
| 5.75%, 09/05/2055  | 88000 | 88050  |
|  Champion Iron Canada, Inc., 7.88%, 07/15/2032<sup>(a)</sup> | 175000 | 181765  |
|  Fortescue Treasury Pty Ltd., 6.13%, 04/15/2032<sup>(a)</sup> | 500000 | 510914  |
| Nutrien Ltd.<br>|  |  |
| 5.20%, 06/21/2027  | 75000 | 75723  |
| 5.40%, 06/21/2034  | 1000000 | 1017538  |
| OCP SA<br>|  |  |
| 6.10%, 04/30/2030<sup>(a)</sup> | 305000 | 309781  |
| 6.75%, 05/02/2034<sup>(a)</sup> | 426000 | 443175  |
| &nbsp;&nbsp;&nbsp; Rio Tinto Alcan, Inc., <br>7.25%, 11/01/2028  | 250000 | 265867  |
|  Rio Tinto Finance USA PLC, 5.25%, 03/14/2035  | 75000 | 76198  |
|  South32 Treasury Ltd., 4.35%, 04/14/2032<sup>(a)</sup> | 190000 | 182868  |
| **Total Basic Materials** |  | 4152586  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)** | **FOREIGN CORPORATE BONDS — (continued)** | **FOREIGN CORPORATE BONDS — (continued)** |
| **Communications — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., <br>5.50%, 07/16/2035<sup>(a)</sup> | $400000 | $405692  |
| Orange SA<br>|  |  |
| 4.00%, 01/13/2029<sup>(a)</sup> | 205000 | 202948  |
| 5.00%, 01/13/2036<sup>(a)</sup> | 435000 | 427269  |
|  Telefonica Emisiones SA, 5.21%, 03/08/2047  | 150000 | 130251  |
|  Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/2032<sup>(a)</sup> | 500000 | 509198  |
| Vodafone Group PLC<br>|  |  |
| 5.75%, 06/28/2054  | 92000 | 86935  |
| 5.75%, 02/10/2063  | 87000 | 80768  |
| 5.88%, 06/28/2064  | 120000 | 113914  |
| **Total Communications** |  | 1956975  |
| **Consumer, Cyclical — 0.0%<sup>(j)</sup>** | **Consumer, Cyclical — 0.0%<sup>(j)</sup>** | **Consumer, Cyclical — 0.0%<sup>(j)</sup>** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., <br>3.88%, 01/15/2028<sup>(a)</sup> | 125000 | 122185  |
|  Aptiv Swiss Holdings Ltd., 3.10%, 12/01/2051  | 135000 | 83282  |
|  Royal Caribbean Cruises Ltd., 5.63%, 09/30/2031<sup>(a)</sup> | 250000 | 252464  |
| &nbsp;&nbsp;&nbsp; Sands China Ltd., <br>5.40%, 08/08/2028<sup>(c)</sup> | 200000 | 201498  |
| **Total Consumer, Cyclical** |  | 659429  |
| **Consumer, Non-Cyclical — 0.2%** | **Consumer, Non-Cyclical — 0.2%** | **Consumer, Non-Cyclical — 0.2%** |
| BAT International Finance PLC<br>|  |  |
| 4.45%, 03/16/2028  | 740000 | 740296  |
| 5.93%, 02/02/2029  | 40000 | 41495  |
|  Imperial Brands Finance PLC, 5.50%, 02/01/2030<sup>(a)</sup> | 555000 | 569232  |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 5.63%, 03/10/2037<sup>(a)</sup> | 375000 | 376174  |
|  Pfizer Investment Enterprises Pte Ltd.<br>|  |  |
| 4.75%, 05/19/2033  | 128000 | 127512  |
| 5.11%, 05/19/2043  | 174000 | 164186  |
| 5.30%, 05/19/2053  | 130000 | 120818  |
| 5.34%, 05/19/2063  | 84000 | 76300  |
| Royalty Pharma PLC<br>|  |  |
| 5.15%, 09/02/2029  | 69000 | 70243  |
| 2.15%, 09/02/2031  | 191000 | 166447  |
| &nbsp;&nbsp;&nbsp; STERIS Irish FinCo UnLtd Co., <br>3.75%, 03/15/2051  | 442000 | 318058  |
| &nbsp;&nbsp;&nbsp; Triton Container International Ltd., <br>3.15%, 06/15/2031<sup>(a)</sup> | 446000 | 403274  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Triton Container International Ltd. / TAL International Container Corp.<br>|  |  |
| 3.25%, 03/15/2032  | $116000 | $104699  |
| 5.15%, 02/15/2033  | 165000 | 161556  |
| &nbsp;&nbsp;&nbsp; **Total Consumer,** <br>**Non-Cyclical** |  | 3440290  |
| **Energy — 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Future Energy Co. Pjsc Masdar, <br>4.88%, 05/21/2030<sup>(n)</sup>  | 1000000 | 993115  |
| Aker BP ASA<br>|  |  |
| 4.00%, 01/15/2031<sup>(a)</sup> | 500000 | 479644  |
| 3.10%, 07/15/2031<sup>(a)</sup> | 900000 | 821626  |
|  Canadian Natural Resources Ltd.<br>|  |  |
| 5.00%, 12/15/2029  | 265000 | 269065  |
| 5.85%, 02/01/2035  | 310000 | 323308  |
| 6.25%, 03/15/2038  | 200000 | 210357  |
| Cenovus Energy, Inc.<br>|  |  |
| 4.65%, 03/20/2031  | 975000 | 968255  |
| 5.25%, 06/15/2037  | 77000 | 74423  |
| 3.75%, 02/15/2052  | 80000 | 55824  |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, <br>8.63%, 01/19/2029  | 525000 | 554878  |
| Enbridge, Inc.<br>|  |  |
| 4.60%, 06/20/2028  | 58000 | 58152  |
| 6.00%, 11/15/2028  | 540000 | 560341  |
| Equinor ASA<br>|  |  |
| 5.13%, 06/03/2035  | 2500000 | 2545239  |
| 3.25%, 11/18/2049  | 1000000 | 687712  |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, <br>6.51%, 02/23/2042<sup>(a)</sup> | 200000 | 206578  |
| &nbsp;&nbsp;&nbsp; Harbour Energy PLC, <br>6.33%, 04/01/2035<sup>(a)</sup> | 355000 | 363799  |
| Petroleos Mexicanos<br>|  |  |
| 6.84%, 01/23/2030  | 270000 | 270596  |
| 6.70%, 02/16/2032  | 499000 | 488361  |
| 10.00%, 02/07/2033  | 170000 | 193673  |
| 6.75%, 09/21/2047  | 13000 | 10373  |
|  Sweihan PV Power Co. PJSC, 3.63%, 01/31/2049<sup>(a)</sup> | 894130 | 712626  |
| TotalEnergies Capital SA<br>|  |  |
| 5.49%, 04/05/2054  | 825000 | 791948  |
| 5.43%, 09/10/2064  | 2583000 | 2401692  |
| &nbsp;&nbsp;&nbsp; Var Energi ASA, <br>5.88%, 05/22/2030<sup>(a)</sup> | 1250000 | 1289559  |
| Woodside Finance Ltd.<br>|  |  |
| 5.40%, 05/19/2030  | 236000 | 240991  |
| 5.10%, 09/12/2034  | 2500000 | 2460662  |
| **Total Energy** |  | 18032797  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)** | **FOREIGN CORPORATE BONDS — (continued)** | **FOREIGN CORPORATE BONDS — (continued)** |
| **Financial — 5.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, <br>2.45%, 10/29/2026  | $150000 | $148348  |
|  African Development Bank, 5.75% to 08/07/2034 then 5 yr. CMT Rate + 1.58%, Perpetual  | 5000000 | 4870047  |
|  AIB Group PLC, 5.32% to 05/15/2030 then SOFR + 1.65%, 05/15/2031<sup>(a)</sup> | 1200000 | 1221577  |
|  Amazon Conservation DAC, 6.03%, 01/16/2042<sup>(a)</sup> | 2000000 | 2042000  |
| Arab Energy Fund<br>|  |  |
| 1.48%, 10/06/2026<sup>(a)</sup> | 1200000 | 1182000  |
| 5.43%, 05/02/2029<sup>(a)</sup> | 1000000 | 1025677  |
| Banco Santander SA<br>|  |  |
|  5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030  | 200000 | 204779  |
| 5.13%, 11/06/2035  | 1400000 | 1364832  |
| Bank of Montreal<br>|  |  |
|  4.44% to 01/14/2031 then SOFR + 0.97%, 01/14/2032  | 310000 | 305222  |
|  7.70% to 05/26/2029 then 5 yr. CMT Rate + 3.45%, 05/26/2084  | 1000000 | 1026955  |
| &nbsp;&nbsp;&nbsp; 6.88% to 11/26/2030 then <br>5 yr. CMT Rate + 2.98%, 11/26/2085  | 2500000 | 2522904  |
| Bank of Nova Scotia<br>|  |  |
|  4.81% to 02/02/2033 then SOFR + 1.05%, 02/02/2034  | 270000 | 266166  |
|  6.88% to 10/27/2035 then 5 yr. CMT Rate + 2.73%, 10/27/2085  | 2625000 | 2578688  |
|  Bank of Nova Scotia (The), 4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037  | 273000 | 261161  |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, <br>5.11%, 01/15/2036<sup>(a)</sup> | 265000 | 259294  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.28% to 11/24/2026 then <br>1 yr. CMT Rate + 1.05%, 11/24/2027  | 1430000 | 1408399  |
|  4.52% to 02/24/2031 then SOFR + 1.14%, 02/24/2032  | 206000 | 201487  |
|  3.56% to 09/23/2030 then 5 yr. CMT Rate + 2.90%, 09/23/2035  | 400000 | 372549  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| BB Blue Financing DAC<br>|  |  |
| 4.40%, 09/20/2029  | $1000000 | $971430  |
| 4.40%, 09/20/2037  | 1000000 | 969524  |
| BNP Paribas SA<br>|  |  |
|  1.68% to 06/30/2026 then SOFR + 0.91%, 06/30/2027<sup>(a)</sup> | 440000 | 436734  |
|  4.92% to 01/15/2033 then SOFR + 1.29%, 01/15/2034<sup>(a)</sup> | 257000 | 251300  |
| BPCE SA<br>|  |  |
|  5.88% to 01/14/2030 then SOFR + 1.68%, 01/14/2031<sup>(a)</sup> | 550000 | 566584  |
|  6.29% to 01/14/2035 then SOFR + 2.04%, 01/14/2036<sup>(a)</sup> | 3325000 | 3480074  |
|  5.42% to 01/13/2036 then SOFR + 1.57%, 01/13/2037<sup>(a)</sup> | 1030000 | 1004120  |
|  6.35% to 01/13/2046 then SOFR + 2.11%, 01/13/2047<sup>(a)</sup> | 400000 | 382746  |
|  Brookfield Asset Management Ltd., 6.08%, 09/15/2055 | 1000000 | 987907  |
|  CaixaBank SA, 6.68% to 09/13/2026 then SOFR + 2.08%, 09/13/2027<sup>(a)</sup> | 610000 | 615687  |
|  Canadian Imperial Bank of Commerce<br>|  |  |
|  6.95% to 01/28/2030 then 5 yr. CMT Rate + 2.83%, 01/28/2085  | 2500000 | 2494295  |
|  7.00% to 10/28/2030 then 5 yr. CMT Rate + 3.00%, 10/28/2085  | 2600000 | 2627557  |
|  Cooperatieve Rabobank UA/NY, 4.32%, 04/01/2029  | 250000 | 250634  |
|  Credit Agricole Corporate & Investment Bank SA, 4.57%, 08/25/2030  | 1000000 | 989748  |
| Credit Agricole SA<br>|  |  |
|  5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031<sup>(a)</sup> | 500000 | 506073  |
|  4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033<sup>(a)</sup> | 935000 | 915923  |
|  Deutsche Bank AG/New York NY<br>|  |  |
|  4.90% (SOFR + 1.22%), 11/16/2027  | 240000 | 240644  |
|  2.55% to 01/07/2027 then SOFR + 1.32%, 01/07/2028  | 180000 | 177200  |
| &nbsp;&nbsp;&nbsp; 6.82% to 11/20/2028 then SOFR + 2.51%, <br>11/20/2029  | 1100000 | 1154965 |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **Financial — (continued)** <br>|  |  |
| Deutsche Bank AG/New York NY (continued)  | Deutsche Bank AG/New York NY (continued)  | Deutsche Bank AG/New York NY (continued)  |
|  4.47% to 12/10/2030 then SOFR + 1.10%, 12/10/2031  | $150000 | &nbsp;&nbsp; $147485  |
|  3.73% to 01/14/2031 then SOFR + 2.76%, 01/14/2032  | 1210000 | &nbsp;&nbsp; 1124496  |
|  3.74% to 01/07/2032 then SOFR + 2.26%, 01/07/2033  | 225000 | &nbsp;&nbsp; 205069  |
| Fairfax Financial Holdings Ltd.<br>|  |  |
| 5.63%, 08/16/2032  | 500000 | &nbsp;&nbsp; 512936  |
| 6.00%, 12/07/2033  | 975000 | &nbsp;&nbsp; 1018644  |
|  Federation des Caisses Desjardins du Quebec<br>|  |  |
| 5.15%, 11/27/2028<sup>(a)</sup> | 600000 | &nbsp;&nbsp; 616696  |
| 4.57%, 08/26/2030<sup>(a)</sup> | 800000 | &nbsp;&nbsp; 795845  |
|  GPS Blue Financing DAC, 5.65%, 11/09/2041<sup>(a)</sup> | 1000000 | &nbsp;&nbsp; 987900  |
| HSBC Holdings PLC<br>|  |  |
|  5.24% to 05/13/2030 then SOFR + 1.57%, 05/13/2031  | 2400000 | &nbsp;&nbsp; 2433804  |
|  4.62% to 11/06/2030 then SOFR + 1.19%, 11/06/2031  | 200000 | &nbsp;&nbsp; 197222  |
|  5.73% to 05/17/2031 then SOFR + 1.52%, 05/17/2032  | 200000 | &nbsp;&nbsp; 206771  |
|  5.74% to 09/10/2035 then SOFR + 1.96%, 09/10/2036  | 2450000 | &nbsp;&nbsp; 2452717  |
|  5.28% to 03/10/2036 then SOFR + 1.55%, 03/10/2037  | 202000 | &nbsp;&nbsp; 198372  |
|  6.33% to 03/09/2043 then SOFR + 2.65%, 03/09/2044  | 200000 | &nbsp;&nbsp; 210801  |
| ING Groep NV<br>|  |  |
|  5.07% to 03/25/2030 then SOFR + 1.23%, 03/25/2031  | 800000 | &nbsp;&nbsp; 806769  |
|  5.53% to 03/25/2035 then SOFR + 1.61%, 03/25/2036  | 325000 | &nbsp;&nbsp; 328783  |
|  International Development Association<br>|  |  |
| 4.38%, 11/27/2029<sup>(a)</sup> | 1700000 | &nbsp;&nbsp; 1725323  |
| 4.50%, 02/12/2035<sup>(a)</sup> | 1425000 | &nbsp;&nbsp; 1440936  |
|  International Finance Corp., 4.38%, 01/15/2027  | 1000000 | &nbsp;&nbsp; 1003961  |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, <br>7.80%, 11/28/2053<sup>(a)</sup> | 1000000 | &nbsp;&nbsp; 1168179  |
| &nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank, <br>0.88%, 09/03/2030  | 1000000 | &nbsp;&nbsp; 876330  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Lloyds Banking Group PLC<br>|  |  |
|  5.72% to 06/05/2029 then 1 yr. CMT Rate + 1.07%, 06/05/2030  | $200000 | $206531  |
|  4.43% to 11/04/2030 then 1 yr. CMT Rate + 0.82%, 11/04/2031  | 385000 | 379587  |
|  Macquarie Group Ltd., 3.76% to 11/28/2027 then 3 mo. Term SOFR + 1.63%, 11/28/2028<sup>(a)</sup> | 8000 | 7888  |
|  Manulife Financial Corp., 4.99%, 12/11/2035  | 87000 | 84994  |
|  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 | 197673  |
|  Mitsubishi UFJ Financial Group, Inc.<br>|  |  |
|  5.24% to 04/19/2028 then 1 yr. CMT Rate + 1.70%, 04/19/2029  | 655000 | 664715  |
|  5.16% to 04/24/2030 then 1 yr. CMT Rate + 1.17%, 04/24/2031  | 370000 | 375265  |
|  4.51% to 01/14/2031 then 1 yr. CMT Rate + 0.80%, 01/14/2032  | 200000 | 197102  |
|  Mizuho Financial Group, Inc., 5.78% to 07/06/2028 then 1 yr. CMT Rate + 1.65%, 07/06/2029  | 292000 | 300052  |
|  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 | 1021895  |
|  Nationwide Building Society, 5.13%, 07/29/2029<sup>(a)</sup> | 300000 | 304805  |
| NatWest Group PLC<br>|  |  |
|  4.96% to 08/15/2029 then 1 yr. CMT Rate + 1.22%, 08/15/2030  | 202000 | 203795  |
|  8.13% to 05/10/2034 then 5 yr. CMT Rate + 3.75%, Perpetual  | 1000000 | 1082527  |
|  5.91% to 03/03/2046 then 1 yr. CMT Rate + 1.30%, 03/03/2047  | 209000 | 203604  |
| NatWest Markets PLC<br>|  |  |
| 4.79%, 03/21/2028<sup>(a)</sup> | 202000 | 203356  |
| 4.89%, 03/27/2031<sup>(a)</sup> | 950000 | 951966  |
|  Nippon Life Insurance Co., 5.05%, 04/02/2033<sup>(a)</sup> | 868000 | 869064  |
|  Nomura Holdings, Inc., 2.61%, 07/14/2031  | 200000 | 178370 |

---

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

52<br>

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **Financial — (continued)** <br>|  |  |
|  OMERS Finance Trust, 3.50%, 04/19/2032<sup>(a)</sup> | $1000000 | $954209  |
| Royal Bank of Canada<br>|  |  |
| 1.05%, 09/14/2026<sup>(a)</sup> | 1000000 | 986913  |
| 4.85%, 12/14/2026<sup>(a)</sup> | 1000000 | 1005711  |
|  4.72% to 03/27/2027 then SOFR + 0.81%, 03/27/2028  | 203000 | 203723  |
|  6.50% to 05/24/2033 then 5 yr. CMT Rate + 2.45%, 05/24/2086  | 405000 | 394788  |
|  Santander UK Group Holdings PLC<br>|  |  |
|  4.32% to 09/22/2028 then SOFR + 1.07%, 09/22/2029  | 260000 | 257561  |
|  4.86% to 09/11/2029 then SOFR + 1.55%, 09/11/2030  | 380000 | 380826  |
| Societe Generale SA<br>|  |  |
|  5.52% to 01/19/2027 then 1 yr. CMT Rate + 1.50%, 01/19/2028<sup>(a)</sup> | 760000 | 765059  |
|  4.45% to 04/12/2029 then SOFR + 1.10%, 04/12/2030<sup>(a)</sup> | 570000 | 564287  |
|  6.69% to 01/10/2033 then 1 yr. CMT Rate + 2.95%, 01/10/2034<sup>(a)</sup> | 390000 | 416532  |
|  Sumitomo Mitsui Financial Group, Inc.<br>|  |  |
|  4.49% to 01/15/2031 then SOFR + 1.02%, 01/15/2032  | 200000 | 196961  |
|  4.95% to 07/08/2032 then SOFR + 1.38%, 07/08/2033  | 1655000 | 1648689  |
|  Toronto-Dominion Bank, 4.93%, 10/15/2035  | 108000 | 106256  |
| UBS Group AG<br>|  |  |
|  9.25% to 11/13/2028 then 5 yr. CMT Rate + 4.75%, Perpetual<sup>(a)</sup> | 625000 | 666141  |
|  5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030<sup>(a)</sup> | 1701000 | 1737708  |
|  4.21% to 04/10/2029 then SOFR + 0.84%, 04/10/2030<sup>(a)</sup> | 200000 | 197464  |
|  5.62% to 09/13/2029 then 1 yr. SOFR Swap Rate USD + 1.34%, 09/13/2030<sup>(a)</sup> | 1000000 | 1030930  |
|  3.09% to 05/14/2031 then SOFR + 1.73%, 05/14/2032<sup>(a)</sup> | 285000 | 261367  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  4.84% to 11/06/2032 then SOFR + 1.29%, 11/06/2033<sup>(a)</sup> | $208000 | $204587  |
|  9.25% to 11/13/2033 then 5 yr. CMT Rate + 4.76%, Perpetual<sup>(a)</sup> | 525000 | 591276  |
|  6.30% to 09/22/2033 then 1 yr. CMT Rate + 2.00%, 09/22/2034<sup>(a)</sup> | 1000000 | 1063044  |
|  7.00% to 08/05/2035 then USISSO05 + 3.30%, Perpetual<sup>(a)</sup> | 1650000 | 1603929  |
|  WLB Asset II D Pte Ltd., 6.50%, 12/21/2026<sup>(a)</sup> | 978522 | 950136  |
| **Total Financial** |  | 90058149  |
| **Industrial — 0.3%**<br>|  |  |
|  Amcor Group Finance PLC, 5.45%, 05/23/2029  | 1000000 | 1024611  |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, <br>5.13%, 03/26/2029<sup>(a)</sup> | 585000 | 597016  |
|  Canadian Pacific Railway Co., 4.70%, 05/01/2048  | 83000 | 72016  |
|  Deere Funding Canada Corp., 4.15%, 10/09/2030  | 107000 | 105623  |
|  Embraer Netherlands Finance BV, 5.40%, 01/09/2038  | 47000 | 44926  |
|  GFL Environmental, Inc., 6.75%, 01/15/2031<sup>(a)</sup> | 65000 | 67264  |
| Mexico City Airport Trust<br>|  |  |
| 4.25%, 10/31/2026<sup>(a)</sup> | 280000 | 279118  |
| 3.88%, 04/30/2028<sup>(a)</sup> | 200000 | 196148  |
| 5.50%, 07/31/2047<sup>(a)</sup> | 650000 | 541047  |
| &nbsp;&nbsp;&nbsp; nVent Finance Sarl, <br>2.75%, 11/15/2031  | 302000 | 268407  |
| &nbsp;&nbsp;&nbsp; Siemens Funding BV, <br>4.90%, 05/28/2032<sup>(a)</sup> | 202000 | 205270  |
|  Smurfit Westrock Financing DAC, 5.19%, 01/15/2036 | 1000000 | 983880  |
| Tyco Electronics Group SA<br>|  |  |
| 5.00%, 05/09/2035  | 148000 | 147508  |
| 4.88%, 02/09/2036  | 112000 | 110539  |
|  Waste Connections, Inc., 2.20%, 01/15/2032  | 176000 | 154626  |
| **Total Industrial** |  | 4797999  |
| **Technology — 0.0%<sup>(j)</sup>**<br>|  |  |
|  IBM International Capital Pte Ltd., 4.75%, 02/05/2031 | 163000 | 163217  |
| **Utilities — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Abu Dhabi National Energy Co. PJSC, <br>2.00%, 04/29/2028<sup>(a)</sup> | 200000 | 189262  |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA, <br>4.55%, 09/27/2051<sup>(a)</sup> | 196173 | 149136  |

---

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)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **Utilities — (continued)** <br>|  |  |
|  Algonquin Power & Utilities Corp., 5.37%, 06/15/2026<sup>(c)</sup> | $340000 | $340280  |
|  AltaGas Ltd., 7.20% to 10/15/2034 then 5 yr. CMT Rate + 3.57%, 10/15/2054<sup>(a)</sup> | 2225000 | 2256099  |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, <br>6.38%, 02/15/2032<sup>(a)</sup> | 1900000 | 1856441  |
|  Comision Federal de Electricidad<br>|  |  |
| 4.69%, 05/15/2029<sup>(a)</sup> | 400000 | 392619  |
| 6.05%, 01/28/2034<sup>(a)</sup> | 1000000 | 969100  |
| 6.45%, 01/24/2035<sup>(a)</sup> | 1000000 | 997114  |
|  ENEL Finance International NV, 5.13%, 06/26/2029<sup>(a)</sup> | 1300000 | 1318436  |
| &nbsp;&nbsp;&nbsp; Eskom Holdings, <br>6.35%, 08/10/2028<sup>(a)</sup> | 200000 | 201068  |
|  Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/2033<sup>(a)</sup> | 318750 | 319069  |
| **Total Utilities** |  | 8988624  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN CORPORATE BONDS** <br>**(Cost $125,067,217)** |  | 124557472  |
| **MUNICIPAL BONDS — 2.7%**<br>|  |  |
| **Alaska — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Port Lions AK, <br>7.50%, 10/01/2052  | 1510000 | 1570434  |
| **Arizona — 0.3%**<br>|  |  |
|  Arizona Industrial Development Authority<br>|  |  |
|  3.25%, 07/01/2031 (Obligor: KIPP NYC Public Charter Schools)  | 650000 | 595325  |
|  4.94%, 10/01/2031 (Obligor: The Reinvestment Fund, Inc.)  | 1000000 | 1007722  |
|  Salt River Project Agricultural Improvement & Power District, 4.84%, 01/01/2041  | 2500000 | 2403714  |
| **Total Arizona** |  | 4006761  |
| **California — 0.9%**<br>|  |  |
|  Bay Area Toll Authority, 6.26%, 04/01/2049  | 150000 | 156517  |
|  City & County of San Francisco CA<br>|  |  |
| 3.70%, 06/15/2026  | 2500000 | 2499224  |
| 5.77%, 06/15/2045  | 2500000 | 2558063  |
| 5.45%, 06/15/2064  | 1000000 | 981082  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  City & County of San Francisco CA Community Facilities District No 2014-1, 3.48%, 09/01/2050  | $1000000 | $713547  |
| City of Los Angeles CA<br>|  |  |
| 3.50%, 09/01/2037  | 315000 | 275025  |
| 3.88%, 09/01/2038  | 1000000 | 907714  |
| 4.80%, 09/01/2039  | 1000000 | 974620  |
| 5.00%, 09/01/2042  | 1000000 | 953968  |
| 5.04%, 09/01/2045  | 1000000 | 927671  |
| &nbsp;&nbsp;&nbsp; City of Oakland CA, <br>5.79%, 07/15/2045  | 1000000 | 1011524  |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, 4.66%, 10/01/2027  | 1400000 | 1415810  |
|  San Jose Financing Authority, 4.66%, 05/01/2037  | 500000 | 485631  |
| &nbsp;&nbsp;&nbsp; San Luis Obispo County Financing Authority, <br>5.57%, 09/01/2040  | 500000 | 513247  |
| &nbsp;&nbsp;&nbsp; State of California, <br>7.35%, 11/01/2039  | 275000 | 317274  |
| **Total California** |  | 14690917  |
| **Colorado — 0.0%<sup>(j)</sup>**<br>|  |  |
|  Denver City & County Housing Authority, 4.13%, 06/01/2028 (Obligor: 4965 Washington Street Ll)  | 750000 | 751519  |
| **Connecticut — 0.1%**<br>|  |  |
|  Connecticut Green Bank, 2.90%, 11/15/2035 (Obligor: Connecticut Light & Power Co. (The))  | 1000000 | 887368  |
| **Hawaii — 0.1%**<br>|  |  |
|  City & County of Honolulu HI, 4.79%, 07/01/2032  | 1130000 | 1163469  |
|  State of Hawaii Department of Business Economic Development & Tourism, 3.24%, 01/01/2031  | 562108 | 554130  |
| **Total Hawaii** |  | 1717599  |
| **Indiana — 0.0%<sup>(j)</sup>**<br>|  |  |
|  City of Fort Wayne IN, 10.75%, 12/01/2029 (Obligor: Do Good Foods Fort Wayne Obligated Group)<sup>(b)</sup> | 234358 | 23  |
| **Maryland — 0.2%**<br>|  |  |
|  Maryland Economic Development Corp.<br>|  |  |
| 5.43%, 05/31/2056  | 915000 | 888923 |

---

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(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |
| **Maryland — (continued)** | **Maryland — (continued)** | **Maryland — (continued)** |
| Maryland Economic Development Corp.  | Maryland Economic Development Corp.  | Maryland Economic Development Corp.  |
|  5.94%, 05/31/2057 (Obligor: University of Maryland)  | $1000000 | $1003009  |
|  Montgomery County Housing Opportunities Commission, 5.42%, 12/01/2044  | 500000 | 484690  |
| **Total Maryland** |  | 2376622  |
| **Minnesota — 0.1%**<br>|  |  |
|  Minnesota Housing Finance Agency, 5.95%, 08/01/2054  | 750000 | 749557  |
|  University of Minnesota, 4.05%, 04/01/2052  | 380000 | 303928  |
| **Total Minnesota** |  | 1053485  |
| **New Hampshire — 0.2%**<br>|  |  |
|  New Hampshire Business Finance Authority<br>|  |  |
|  3.97%, 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 | 738222  |
| **Total New Hampshire** |  | 2488222  |
| **New Jersey — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Morris County Improvement Authority, <br>1.05%, 06/15/2026  | 200000 | 198882  |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, <br>7.41%, 01/01/2040  | 300000 | 354607  |
| **Total New Jersey** |  | 553489  |
| **New York — 0.4%**<br>|  |  |
| City of New York NY<br>|  |  |
| 5.09%, 10/01/2049  | 750000 | 700298  |
| 5.39%, 10/01/2055  | 705000 | 678626  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily ML Certificates, <br>4.05%, 08/25/2038  | 962839 | 910438  |
|  Freddie Mac Multifamily Variable Rate Certificate, 3.15%, 10/15/2036  | 969430 | 881812  |
|  New York City Housing Development Corp.<br>|  |  |
| 4.27%, 02/01/2030  | 250000 | 250961  |
|  5.88%, 08/01/2045 (Obligor: Bay View Pact Llc)  | 1200000 | 1200222  |
| 5.88%, 02/01/2055  | 1000000 | 990846  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; New York State Energy Research & Development Authority, <br>6.22%, 04/01/2040  | $600000 | $615114  |
| &nbsp;&nbsp;&nbsp; United Nations Development Corp., <br>6.54%, 08/01/2055  | 450000 | 474954  |
| **Total New York** |  | 6703271  |
| **Ohio — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Columbus Metropolitan Housing Authority, <br>5.05%, 04/01/2030  | 500000 | 505227  |
|  Toledo Lucas County Public Library, 4.75%, 12/01/2033  | 325000 | 333708  |
| &nbsp;&nbsp;&nbsp; Toledo-Lucas County Port Authority, <br>5.85%, 11/15/2049  | 1000000 | 967483  |
| **Total Ohio** |  | 1806418  |
| **Oregon — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State of Oregon, <br>5.83%, 05/01/2045  | 1000000 | 1041850  |
| **Pennsylvania — 0.1%**<br>|  |  |
|  Redevelopment Authority of the City of Philadelphia<br>|  |  |
| 5.10%, 11/01/2039  | 1000000 | 988858  |
| 5.23%, 09/01/2040  | 1000000 | 1001587  |
| **Total Pennsylvania** |  | 1990445  |
| **South Dakota — 0.0%<sup>(j)</sup>**<br>|  |  |
|  South Dakota Housing Development Authority, 5.46%, 05/01/2053  | 220000 | 224039  |
| **Wisconsin — 0.0%<sup>(j)</sup>**<br>|  |  |
|  Public Finance Authority, 5.29%, 07/01/2029 (Obligor: BlueHub Loan Fund, Inc.)  | 550000 | 552617  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $42,953,834)** |  | 42415079  |
| **FOREIGN GOVERNMENT AGENCIES — 1.6%** | **FOREIGN GOVERNMENT AGENCIES — 1.6%** | **FOREIGN GOVERNMENT AGENCIES — 1.6%** |
| **Canada — 1.0%**<br>|  |  |
| Export Development Canada<br>|  |  |
| 3.88%, 02/14/2028  | 1800000 | 1800619  |
| 4.00%, 06/20/2030  | 4075000 | 4082701  |
| 4.75%, 06/05/2034  | 1000000 | 1032620  |
| &nbsp;&nbsp;&nbsp; Province of British Columbia Canada, <br>4.20%, 07/06/2033  | 260000 | 256254  |
| Province of Ontario Canada<br>|  |  |
| 1.13%, 10/07/2030  | 2500000 | 2199190  |
| 5.05%, 04/24/2034  | 1000000 | 1039040  |

---

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

55<br>

------

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN GOVERNMENT AGENCIES — (continued)** | **FOREIGN GOVERNMENT AGENCIES — (continued)** | **FOREIGN GOVERNMENT AGENCIES — (continued)** |
| **Canada — (continued)**<br>|  |  |
| Province of Quebec Canada<br>|  |  |
| 2.75%, 04/12/2027  | $1000000 | $988366  |
| 1.90%, 04/21/2031  | 1000000 | 898495  |
| 4.50%, 09/08/2033  | 1000000 | 1003650  |
| 4.25%, 09/05/2034  | 2000000 | 1962178  |
| **Total Canada** |  | 15263113  |
| **France — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Caisse d'Amortissement de la Dette Sociale, <br>4.88%, 09/19/2026<sup>(a)</sup> | 1000000 | 1004306  |
| **Italy — 0.0%<sup>(j)</sup>**<br>|  |  |
| Cassa Depositi e Prestiti SpA<br>|  |  |
| 5.88%, 04/30/2029<sup>(a)</sup> | 200000 | 208573  |
| 4.38%, 10/01/2030<sup>(a)</sup> | 200000 | 198504  |
| **Total Italy** |  | 407077  |
| **Honduras — 0.1%**<br>|  |  |
|  Central American Bank for Economic Integration, 4.75%, 01/24/2028<sup>(a)</sup> | 1000000 | 1012190  |
| **Japan — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Japan Bank for International Cooperation, <br>4.38%, 10/05/2027  | 1000000 | 1005827  |
|  Japan International Cooperation Agency, 4.25%, 05/22/2030  | 470000 | 470970  |
| **Total Japan** |  | 1476797  |
| **Netherlands — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BNG Bank NV, <br>3.50%, 05/19/2028<sup>(a)</sup> | 1000000 | 992002  |
|  Nederlandse Waterschapsbank NV<br>|  |  |
| 4.00%, 06/01/2028<sup>(a)</sup> | 1500000 | 1503146  |
| 4.38%, 02/28/2029<sup>(a)</sup> | 1000000 | 1012342  |
| **Total Netherlands** |  | 3507490  |
| **Saudi Arabia — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arab Energy Fund, <br>5.43%, 05/02/2029<sup>(n)</sup> | 1695000 | 1737867  |
| **South Korea — 0.0%<sup>(j)</sup>**<br>|  |  |
| Korea National Oil Corp.<br>|  |  |
| 4.75%, 04/03/2026<sup>(a)</sup> | 200000 | 200006  |
| 4.88%, 04/03/2028<sup>(a)</sup> | 205000 | 207274  |
| **Total South Korea** |  | 407280  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT AGENCIES** <br>**(Cost $24,791,519)** |  | 24816120  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **SUPRANATIONAL BONDS – 1.1%** | **SUPRANATIONAL BONDS – 1.1%** | **SUPRANATIONAL BONDS – 1.1%** |
| African Development Bank<br>|  |  |
| 4.13%, 02/25/2027  | $1000000 | $1002370  |
| 3.50%, 09/18/2029  | 1000000 | 987325  |
|  Asian Development Bank, 3.13%, 09/26/2028  | 1500000 | 1475774  |
|  Asian Infrastructure Investment Bank (The), 4.88%, 09/14/2026  | 1000000 | 1004772  |
| Corp. Andina de Fomento<br>|  |  |
| 5.00%, 01/24/2029 | 305000 | 312284  |
| 4.25%, 02/03/2031 | 1400000 | 1366372  |
| European Investment Bank<br>|  |  |
| 2.38%, 05/24/2027  | 1000000 | 983885  |
| 0.63%, 10/21/2027  | 700000 | 666804  |
| 3.25%, 11/15/2027  | 1110000 | 1100446  |
| 0.75%, 09/23/2030  | 1000000 | 871100  |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank, <br>1.13%, 07/20/2028  | 383000 | 360432  |
|  International Bank for Reconstruction & Development<br>|  |  |
| 0.00%, 03/31/2027<sup>(g)</sup> | 1000000 | 959859  |
| 0.75%, 11/24/2027  | 345000 | 328292  |
| 0.00%, 03/31/2028<sup>(g)</sup> | 1000000 | 985540  |
| 1.12%, 03/31/2032<sup>(c)</sup> | 2500000 | 2479925  |
|  International Finance Facility for Immunisation Co., 1.00%, 04/21/2026<sup>(n)</sup> | 1000000 | 998529  |
| &nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, <br>0.75%, 09/30/2030  | 1000000 | 869952  |
| &nbsp;&nbsp;&nbsp; **TOTAL SUPRANATIONAL BONDS** <br>**(Cost $17,086,152)** |  | 16753661  |
| **FOREIGN GOVERNMENT OBLIGATIONS — 1.0%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.0%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.0%** |
| **Bermuda — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bermuda Government International Bond, <br>2.38%, 08/20/2030<sup>(a)</sup> | 200000 | 180300  |
| **Brazil — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Brazilian Government International Bond, <br>5.50%, 02/04/2033  | 1000000 | 981600  |
| **Canada — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Canada Government International Bond, <br>4.00%, 03/18/2030  | 1000000 | 1004161  |
| &nbsp;&nbsp;&nbsp; CDP Financial, Inc., <br>1.00%, 05/26/2026<sup>(a)</sup> | 1000000 | 995635  |

---

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

56<br>

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN GOVERNMENT OBLIGATIONS — (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS — (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS — (continued)** |
| **Canada — (continued)** | **Canada — (continued)** | **Canada — (continued)** |
|  OMERS Finance Trust, 4.00%, 04/19/2052<sup>(a)</sup> | $1000000 | $779806  |
| **Total Canada** |  | 2779602  |
| **Hungary — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hungary Government International Bond, <br>5.38%, 09/26/2030<sup>(a)</sup> | 460000 | 462580  |
| **Indonesia — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bond, <br>3.50%, 01/11/2028  | 280000 | 275621  |
| **Israel — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, <br>5.38%, 02/19/2030  | 917000 | 930443  |
| **Italy — 0.1%**<br>|  |  |
|  Republic of Italy Government International Bond<br>|  |  |
| 4.00%, 10/17/2049  | 1000000 | 761036  |
| 3.88%, 05/06/2051  | 200000 | 146089  |
| **Total Italy** |  | 907125  |
| **Ivory Coast — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, <br>6.75%, 02/25/2041<sup>(a)</sup> | 425000 | 373205  |
| **Mexico — 0.2%**<br>|  |  |
|  Mexico Government International Bond<br>|  |  |
| 5.38%, 03/22/2033  | 200000 | 195300  |
| 6.00%, 05/07/2036  | 461000 | 457842  |
| 6.88%, 05/13/2037  | 933000 | 977317  |
| 6.63%, 01/29/2038  | 200000 | 203800  |
| 6.13%, 02/09/2038  | 395000 | 384928  |
| 4.28%, 08/14/2041  | 260000 | 203255  |
| **Total Mexico** |  | 2422442  |
| **Oman — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Oman Government International Bond, <br>4.75%, 06/15/2026<sup>(a)</sup> | 815000 | 814429  |
| **Panama — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, <br>6.70%, 01/26/2036  | 100000 | 105341  |
| **Peru — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, <br>2.78%, 01/23/2031  | 107000 | 97407  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **Romania — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Romanian Government International Bond, <br>5.75%, 09/16/2030<sup>(a)</sup> | $1770000 | $1764501  |
| **Saudi Arabia — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bond, <br>5.13%, 01/13/2028<sup>(a)</sup> | 755000 | 761747  |
| **Serbia — 0.1%**<br>|  |  |
| Serbia International Bond<br>|  |  |
| 2.13%, 12/01/2030<sup>(a)</sup> | 370000 | 319091  |
| 6.00%, 06/12/2034<sup>(a)</sup> | 850000 | 851668  |
| **Total Serbia** |  | 1170759  |
| **South Korea — 0.1%**<br>|  |  |
|  Korea Electric Power Corp., 4.13%, 11/12/2030<sup>(a)</sup> | 1000000 | 990868  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT OBLIGATIONS** <br>**(Cost $15,456,448)** |  | 15017970  |
| **BANK LOANS — 0.1%**<br>|  |  |
| **UTILITIES — 0.1%**<br>|  |  |
|  Constellation Renewables LLC, Senior Secured First Lien, 5.67% (3 mo. SOFR US + 2.00%), 12/15/2027 (Cost $792,661) | 795593 | 795426 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 10.7%** | **EXCHANGE-TRADED FUNDS — 10.7%** |  |
|  iShares 10-20 Year Treasury Bond ETF<sup>(h)</sup> | 457942 | 46123918  |
|  iShares Core U.S. Aggregate Bond ETF  | 1216363 | 120748355  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $166,077,416)** |  | 166872273  |
| **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |  |
| **Financial — 0.1%**<br>|  |  |
|  CION Investment Corp., 7.50%, 03/31/2031 | 24850 | 606340  |
|  Gladstone Investment Corp., 4.88%, 11/01/2028 | 73200 | 1738500  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $2,451,250)** |  | 2344840  |
| **SHORT-TERM INVESTMENTS — 1.1%** | **SHORT-TERM INVESTMENTS — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity FedFund - Institutional Class, 3.55%<sup>(p)</sup> <br>(Cost $17,998,964) | 17998964 | 17998964 |

---

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

57<br>

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING — 0.0%<sup>(j)</sup>** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING — 0.0%<sup>(j)</sup>** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING — 0.0%<sup>(j)</sup>** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78%<sup>(p)(q)</sup> (Cost $729,525) | 729525 | $729525  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.2%** <br>**(Cost $1,596,497,625)** |  | $1569115047  |
|  **OTHER ASSETS AND LIABILITIES, NET — (0.2)%** |  | (2485451)  |
| **NET ASSETS — 100.0%** |  | $1566629596 |

---

<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 March 31, 2026, the value of these securities total $430,673,948 or 27.5% 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. The rate disclosed is as of March 31, 2026. 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> All or a portion of this security is on loan as of March 31, 2026. The fair value of this security was $715,112.

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

<sup>(i)</sup> A portion of this security is pledged as collateral for open derivatives positions. As of March 31, 2026, the value of these securities was $1,740,534, representing 0.1% of net assets.

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

<sup>(k)</sup> To-be-announced security.

<sup>(l)</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.

<sup>(m)</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 March 31, 2026.

<sup>(n)</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 March 31, 2026, the value of these securities totaled $3,729,511 or 0.2% of the Fund's net assets.

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

<sup>(p)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2026.

<sup>(q)</sup> Affiliated security as defined by the Investment Company Act of 1940, as amended.

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 March 31, 2026:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Type** | **Contracts** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Total** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **CONTRACTS PURCHASED — 5.7%** | **CONTRACTS PURCHASED — 5.7%** | **CONTRACTS PURCHASED — 5.7%** | **CONTRACTS PURCHASED — 5.7%** | **CONTRACTS PURCHASED — 5.7%** | **CONTRACTS PURCHASED — 5.7%** |
| U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp; Long | 92000 | 06/18/2026 | $10443437 | $(229708)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; Long | 179000 | 06/18/2026 | 19877391 | (241896)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; Long | 252000 | 06/30/2026 | 26138109 | (188309)  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; Long | 283000 | 06/30/2026 | 30614852 | (419142)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; Long | 17000 | 06/18/2026 | 1981563 | (69)  |
|  |  |  |  | $89055352 | $(1079124)  |
| **CONTRACTS SOLD — (0.1)%**<br>|  |  |  |  |  |
| U.S. Treasury Long Bonds |  | (9000) | 06/18/2026 | $(1024875) | $7237  |
|  |  |  |  | $88030477 | $(1071887) |

---

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

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

**SCHEDULE OF INVESTMENTS(continued)** 

**March 31, 2026 (unaudited)** 

**Swap contracts open at March 31, 2026:** 

**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>**March 31, 2026** <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.46.V1 | &nbsp;&nbsp; 1.000% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;63.159 | 06/20/2031 | $15615 | $269955 | $249214 | &nbsp;&nbsp; $20741 |

---

**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 | $515 | $(2311) | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $(2327) |

---

<sup>(a)</sup> The current rate shown as of March 25, 2026 was 3.64%. 

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

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

**SCHEDULE OF INVESTMENTS (concluded)** 

**March 31, 2026 (unaudited)** 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2026 (see Note 2 to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| U.S. Corporate Bonds | $— | $367112670 | $— | $367112670  |
| U.S. Government Agencies |  | 281688608 |  | 281688608  |
| Asset-Backed Securities |  | 219901470 |  | 219901470  |
| U.S. Government Obligations |  | 163336585 |  | 163336585  |
|  Commercial Mortgage-Backed Securities |  | 124774384 |  | 124774384  |
| Foreign Corporate Bonds |  | 124557472 |  | 124557472  |
| Municipal Bonds |  | 42415079 |  | 42415079  |
| &nbsp;&nbsp;&nbsp; Foreign Government <br>Agencies |  | 24816120 |  | 24816120  |
| Supranational Bonds |  | 16753661 |  | 16753661  |
| Foreign Government Obligations |  | 15017970 |  | 15017970  |
| Bank Loans |  | 795426 |  | 795426  |
| Exchange-Traded Funds | 166872273 |  |  | 166872273  |
| Preferred Stocks | 2344840 |  |  | 2344840  |
| Money Market Funds | 17998964 |  |  | 17998964  |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 729525  |
| **Total Investments\*** | $187216077 | $1381169445 | $— | $1569115047  |
| **Other Financial Instruments\*\*:**<br>|  |  |  |  |
| Futures Contracts | $7237 | $— | $— | $7237  |
| Credit Default Swap Agreements |  | 20741 |  | 20741  |
| **Total - Other Financial Instruments** | $7237 | $20741 | $— | $27978  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments\*\*:**<br>|  |  |  |  |
| Futures Contracts | $(1079124) | $— | $— | $(1079124)  |
| &nbsp;&nbsp;&nbsp; Interest Rate Swap <br>Agreements |  | (2327) |  | (2327)  |
| &nbsp;&nbsp;&nbsp; **Total - Other Financial** <br>**Instruments** | $(1079124) | $(2327) | $— | $(1081451) |

---

\* 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.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $729,525 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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

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**PFM MULTI-MANAGER SERIES TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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 Unaffiliated Securities, at Value <br>(Cost $998,413,381, $807,936,902 and $1,595,768,100, respectively) | $1177740389 | &nbsp;&nbsp; $923429164 | $1568385522 |
|  Investments in Affiliated Securities, at Value (Cost $22,073,722, $7,066,214 and $729,525, respectively) | 22073722 | &nbsp;&nbsp; 7066214 | 729525  |
|  Foreign Currencies, at Value (Cost $—, $152,788 and $—, respectively) |  | &nbsp;&nbsp; 151807 | —  |
| Receivables:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities Sold | 184017 | &nbsp;&nbsp; 4465776 | 3806620  |
| &nbsp;&nbsp;&nbsp; Dividends | 95054 | &nbsp;&nbsp; 1331570 | —  |
| &nbsp;&nbsp;&nbsp; Interest | 35475 | &nbsp;&nbsp; 37642 | 10765063  |
| &nbsp;&nbsp;&nbsp; Securities Lending Income | 685 | &nbsp;&nbsp; 223 | 23  |
| &nbsp;&nbsp;&nbsp; Foreign Tax Reclaims | 2964 | &nbsp;&nbsp; 1046857 | 22230  |
| &nbsp;&nbsp;&nbsp; Prepaid Expenses | 24095 | &nbsp;&nbsp; 14843 | 30507  |
| &nbsp;&nbsp;&nbsp; Net Variation Margin on Swap Contracts |  | &nbsp;&nbsp; — | 34108 |
| &nbsp;&nbsp;&nbsp; Net Variation Margin on Futures Contracts |  | &nbsp;&nbsp; — | 110078  |
| Total Assets | 1200156401 | &nbsp;&nbsp; 937544096 | 1583883676  |
| **Liabilities:**<br>|  |  |  |
| Payables:<sup>(1)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Collateral on Securities Loaned | 22073722 | &nbsp;&nbsp; 7066214 | 729525  |
| &nbsp;&nbsp;&nbsp; Investment Securities Purchased | 617953 | &nbsp;&nbsp; 4548847 | 10337402  |
| &nbsp;&nbsp;&nbsp; Fund Shares Redeemed | 5031939 | &nbsp;&nbsp; 2871281 | 5297182  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable | 294600 | &nbsp;&nbsp; 398860 | 537018  |
| &nbsp;&nbsp;&nbsp; Distributions Payable |  | &nbsp;&nbsp; — | 20985  |
| &nbsp;&nbsp;&nbsp; Other Accrued Expenses | 198927 | &nbsp;&nbsp; 326018 | 331968  |
| Total Liabilities | 28217141 | &nbsp;&nbsp; 15211220 | 17254080  |
| **Net Assets** | $1171939260 | &nbsp;&nbsp; $922332876 | $1566629596  |
| **Net Assets Consist of:**<br>|  |  |  |
| Paid-In Capital | $978639665 | &nbsp;&nbsp; $732885239 | $1678506907  |
| Total Distributable Earnings (Loss) | 193299595 | &nbsp;&nbsp; 189447637 | (111877311)  |
| **Net Assets** | $1171939260 | &nbsp;&nbsp; $922332876 | $1566629596  |
|  Capital Shares Outstanding (no par value, unlimited shares authorized; all shares outstanding are of each Fund's Institutional Class) | 94703588 | &nbsp;&nbsp; 73237297 | 177295711  |
|  Net Asset Value, Offering Price and Redemption Price per Share | $12.37 | &nbsp;&nbsp; $12.59 | $8.84 |

---

<sup>(1)</sup> There were no fees payable to the Trust's Independent Trustees at March 31, 2026.

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

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**PFM MULTI-MANAGER SERIES TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended March 31, 2026 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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>|  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of <br>$1,617, $418,815 and $—, respectively) | $7746560 | &nbsp;&nbsp;&nbsp; $17722692 | $4211998  |
| Interest | 176268 | &nbsp;&nbsp;&nbsp; 247427 | 34538706  |
| Securities Lending Income | 685 | &nbsp;&nbsp;&nbsp; 223 | 23  |
| Total Investment Income | 7923513 | &nbsp;&nbsp;&nbsp; 17970342 | 38750727  |
| **Expenses:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees (Note 4) | 1788468 | &nbsp;&nbsp;&nbsp; 2436767 | 3212026  |
| &nbsp;&nbsp;&nbsp; Accounting Fees | 45036 | &nbsp;&nbsp;&nbsp; 46375 | 210244  |
| &nbsp;&nbsp;&nbsp; Administration Fees | 46404 | &nbsp;&nbsp;&nbsp; 41184 | 69014  |
| &nbsp;&nbsp;&nbsp; Audit and Tax Fees | 28545 | &nbsp;&nbsp;&nbsp; 61197 | 43625  |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 21657 | &nbsp;&nbsp;&nbsp; 139225 | 32860  |
| &nbsp;&nbsp;&nbsp; Insurance Premiums | 14480 | &nbsp;&nbsp;&nbsp; 10807 | 18867  |
| &nbsp;&nbsp;&nbsp; Legal Fees | 92967 | &nbsp;&nbsp;&nbsp; 62892 | 91749  |
| &nbsp;&nbsp;&nbsp; Registration Fees | 9777 | &nbsp;&nbsp;&nbsp; 17293 | 13023  |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 26115 | &nbsp;&nbsp;&nbsp; 22525 | 32703  |
| &nbsp;&nbsp;&nbsp; Trustees Fees | 45941 | &nbsp;&nbsp;&nbsp; 32335 | 61755  |
| &nbsp;&nbsp;&nbsp; Other Expenses | 341 | &nbsp;&nbsp;&nbsp; — | 1378  |
| Total Expenses | 2119731 | &nbsp;&nbsp;&nbsp; 2870600 | 3787244  |
| Net Investment Income | 5803782 | &nbsp;&nbsp;&nbsp; 15099742 | 34963483  |
| **Net Realized and Unrealized Gain (Loss):**<br>|  |  |  |
| Net Realized Gain (Loss) From:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 14050477 | &nbsp;&nbsp;&nbsp; 79723554 | 2591903  |
| &nbsp;&nbsp;&nbsp; Swap Contracts |  | &nbsp;&nbsp;&nbsp; — | (50342)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | &nbsp;&nbsp;&nbsp; — | 612995  |
| &nbsp;&nbsp;&nbsp; Foreign Currency Related Transactions | (37) | &nbsp;&nbsp;&nbsp; (276310) | —  |
| Net Realized Gain (Loss) | 14050440 | &nbsp;&nbsp;&nbsp; 79447244 | 3154556  |
| Net Change in Unrealized Gain (Loss) From:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (41045521) | &nbsp;&nbsp;&nbsp; (60895381) | (20649596)  |
| &nbsp;&nbsp;&nbsp; Swap Contracts |  | &nbsp;&nbsp;&nbsp; — | 21046  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | &nbsp;&nbsp;&nbsp; — | (1594319)  |
| &nbsp;&nbsp;&nbsp; Translation of Assets and Liabilities Denominated in Foreign Currencies | (14) | &nbsp;&nbsp;&nbsp; (48576) | —  |
| Net Change in Unrealized Gain (Loss) | (41045535) | &nbsp;&nbsp;&nbsp; (60943957) | (22222869)  |
|  **Net Change in Net Assets Resulting From Operations** | $(21191313) | &nbsp;&nbsp;&nbsp; $33603029 | $15895170 |

---

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

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**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>**Six Months Ended** <br>**March 31, 2026** <br>(unaudited) | **For the** <br>**Year Ended** <br>**September 30,** <br>**2025** | **For the**<br>**Six Months Ended** <br>**March 31, 2026** <br>(unaudited) | **For the** <br>**Year Ended** <br>**September 30,** <br>**2025**  |
| &nbsp;&nbsp;&nbsp; **Change in Net Assets Resulting** <br>**From Operations:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $5803782 | $9576899 | &nbsp;&nbsp; $15099742 | $12822592  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 14050440 | 66860754 | &nbsp;&nbsp; 79447244 | 64749893  |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) | (41045535) | 101921016 | &nbsp;&nbsp; (60943957) | 70104717  |
|  Net Change in Net Assets Resulting From Operations | (21191313) | 178358669 | &nbsp;&nbsp; 33603029 | 147677202  |
| **Distributions From:**<br>|  |  |  |  |
| Distributable Earnings | (72581418) | (251557623) | &nbsp;&nbsp; (75911267) | (27011057)  |
| **Capital Share Transactions:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 17664500 | 95713670 | &nbsp;&nbsp; 7695500 | 121288500  |
| &nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 72581418 | 251557623 | &nbsp;&nbsp; 75911268 | 27011057  |
| &nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | (53795878) | (228433855) | &nbsp;&nbsp; (85303857) | (224989793)  |
|  Net Change in Net Assets Resulting From Capital Share Transactions | 36450040 | 118837438 | &nbsp;&nbsp; (1697089) | (76690236)  |
| **Total Change in Net Assets** | (57322691) | 45638484 | &nbsp;&nbsp; (44005327) | 43975909  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | $1229261951 | $1183623467 | &nbsp;&nbsp; $966338203 | $922362294  |
| &nbsp;&nbsp;&nbsp; End of Period | $1171939260 | $1229261951 | &nbsp;&nbsp; $922332876 | $966338203  |
| **Share Transactions:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, Beginning of Period | 91908109 | 81728626 | &nbsp;&nbsp; 73031658 | 79404039  |
| &nbsp;&nbsp;&nbsp; Shares Subscribed | 1334233 | 7368817 | &nbsp;&nbsp; 576709 | 10487919  |
| &nbsp;&nbsp;&nbsp; Shares Issued From Reinvestment of Distributions | 5536340 | 21354637 | &nbsp;&nbsp; 6063200 | 2579853  |
| &nbsp;&nbsp;&nbsp; Shares Redeemed | (4075094) | (18543971) | &nbsp;&nbsp; (6434270) | (19440153)  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, End of Period | 94703588 | 91908109 | &nbsp;&nbsp; 73237297 | 73031658 |

---

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

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**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>**Six Months Ended** <br>**March 31, 2026** <br>(unaudited) | **For the** <br>**Year Ended** <br>**September 30,** <br>**2025**  |
| **Change in Net Assets Resulting From Operations:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $34963483 | $67277615  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 3154556 | (12619872)  |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) | (22222869) | (3507628)  |
| Net Change in Net Assets Resulting From Operations | 15895170 | 51150115  |
| **Distributions From:**<br>|  |  |
| Distributable Earnings | (34468027) | (68302789)  |
| Return of Capital |  | (364801)  |
| Change in Net Assets Resulting From Distributions | (34468027) | (68667590)  |
| **Capital Share Transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 20285800 | 234804830  |
| &nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 34447042 | 68667590  |
| &nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | (84133566) | (170356087)  |
|  Net Change in Net Assets Resulting From Capital Share Transactions | (29400724) | 133116333  |
| **Total Change in Net Assets** | (47973581) | 115598858  |
| **Net Assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | $1614603177 | $1499004319  |
| &nbsp;&nbsp;&nbsp; End of Period | $1566629596 | $1614603177  |
| **Share Transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, Beginning of Period | 180585575 | 165502539  |
| &nbsp;&nbsp;&nbsp; Shares Subscribed | 2263635 | 26619550  |
| &nbsp;&nbsp;&nbsp; Shares Issued From Reinvestment of Distributions | 3849236 | 7778092  |
| &nbsp;&nbsp;&nbsp; Shares Redeemed | (9402735) | (19314606)  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, End of Period | 177295711 | 180585575 |

---

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

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

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Six Months** <br>**Ended** <br>**March 31, 2026** <br>(unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**March 31, 2026** <br>(unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of** <br>**Period** | &nbsp;&nbsp;&nbsp; $13.37 | $14.48 | $11.03 | $9.87 | $13.99 | $12.15  |
| **Investment Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.10 | 0.13 | 0.14 | 0.12 | 0.12  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (0.27) | 1.91 | 3.45 | 1.52 | (2.10) | 3.58  |
| Total From Investment Operations | &nbsp;&nbsp;&nbsp; (0.21) | 2.01 | 3.58 | 1.66 | (1.98) | 3.70  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp; (0.10) | (0.12) | (0.13) | (0.11) | (0.12) | (0.15)  |
| &nbsp;&nbsp;&nbsp; Capital Gains | &nbsp;&nbsp;&nbsp; (0.69) | (3.00) |  | (0.39) | (2.02) | (1.71)  |
| Total Distributions to Shareholders | &nbsp;&nbsp;&nbsp; (0.79) | (3.12) | (0.13) | (0.50) | (2.14) | (1.86)  |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $12.37 | $13.37 | $14.48 | $11.03 | $9.87 | $13.99  |
| **Total Return<sup>(3)(4)</sup>** | &nbsp;&nbsp;&nbsp; (1.85)% | 16.80% | 32.70% | 17.30% | (17.97)% | 33.08%  |
| **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets, End of Period <br>(000's omitted) | &nbsp;&nbsp;&nbsp; $1171939 | $1229262 | $1183623 | $972585 | $774829 | $847016  |
| Ratios to Average Net Assets of:<sup>(5)</sup><br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped | &nbsp;&nbsp;&nbsp; 0.34% | 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 | &nbsp;&nbsp;&nbsp; 0.34% | 0.36% | 0.36% | 0.37% | 0.36% | 0.37%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp; 0.94% | 0.82% | 1.01% | 1.25% | 0.97% | 0.91%  |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp; 6%<sup>(6)</sup> | 40% | 103%<sup>(7)</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> Total return is not annualized for periods of less than one year.

<sup>(4)</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>(5)</sup> Ratios are annualized for periods less than one year.

<sup>(6)</sup> Portfolio turnover rate is not annualized.

<sup>(7)</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.

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

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Six Months** <br>**Ended** <br>**March 31, 2026** <br>(unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**March 31, 2026** <br>(unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp; $13.23 | $11.62 | $9.44 | $8.16 | $12.00 | $9.70  |
| **Investment Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.18 | 0.20 | 0.18 | 0.22 | 0.15  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 1.82 | 2.14 | 1.29 | (3.47) | 2.25  |
| Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 2.00 | 2.34 | 1.47 | (3.25) | 2.40  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; (0.32) | (0.29) | (0.16) | (0.19) | (0.17) | (0.10)  |
| &nbsp;&nbsp;&nbsp; Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | (0.10) |  |  | (0.42) | —  |
| Total Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (1.04) | (0.39) | (0.16) | (0.19) | (0.59) | (0.10)  |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.59 | $13.23 | $11.62 | $9.44 | $8.16 | $12.00  |
| **Total Return<sup>(3)(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; 3.11% | 18.07% | 25.04% | 18.09% | (28.60)% | 24.86%  |
| **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets, End of Period <br>(000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $922333 | $966338 | $922362 | $716728 | $507129 | $680792  |
| Ratios to Average Net Assets of:<sup>(5)</sup><br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | 0.62% | 0.62% | 0.64% | 0.64% | 0.65%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 1.51% | 1.94% | 1.87% | 2.06% | 1.31%  |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 46%<sup>(6)</sup> | 70% | 105%<sup>(7)</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> Total return is not annualized for periods of less than one year.

<sup>(4)</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>(5)</sup> Ratios are annualized for periods less than one year.

<sup>(6)</sup> Portfolio turnover rate is not annualized.

<sup>(7)</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.

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

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Six Months** <br>**Ended** <br>**March 31, 2026** <br>(unaudited) | **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,**  |
|  | **For the** <br>**Six Months** <br>**Ended** <br>**March 31, 2026** <br>(unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of** <br>**Period** | &nbsp;&nbsp;&nbsp; $8.94 | $9.06 | $8.44 | $8.62 | $10.39 | $10.81  |
| **Investment Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.39 | 0.38 | 0.34 | 0.23 | 0.21  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (0.10) | (0.11) | 0.63 | (0.19) | (1.71) | (0.08)  |
| Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.28 | 1.01 | 0.15 | (1.48) | 0.13  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp; (0.19) | (0.40) | (0.39) | (0.33) | (0.24) | (0.22)  |
| &nbsp;&nbsp;&nbsp; Capital Gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.05) | (0.33)  |
| &nbsp;&nbsp;&nbsp; Return of Capital | &nbsp;&nbsp;&nbsp; — | —<sup>(3)</sup> |  |  |  | —  |
| Total Distributions to Shareholders | &nbsp;&nbsp;&nbsp; (0.19) | (0.40) | (0.39) | (0.33) | (0.29) | (0.55)  |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $8.84 | $8.94 | $9.06 | $8.44 | $8.62 | $10.39  |
| **Total Return<sup>(4)(5)</sup>** | &nbsp;&nbsp;&nbsp; 1.02% | 3.18% | 12.23% | 1.71% | (14.52)% | 1.23%  |
| **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets, End of Period <br>(000's omitted) | &nbsp;&nbsp;&nbsp; $1566630 | $1614603 | $1499004 | $1096053 | $903782 | $823323  |
| Ratios to Average Net Assets of:<sup>(6)</sup><br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped | &nbsp;&nbsp;&nbsp; 0.47% | 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 | &nbsp;&nbsp;&nbsp; 0.47% | 0.49% | 0.49% | 0.51% | 0.51% | 0.52%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp; 4.35% | 4.39% | 4.32% | 3.88% | 2.41% | 2.00%  |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp; 42%<sup>(7)</sup> | 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> Total return is not annualized for periods of less than one year.

<sup>(5)</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.

<sup>(6)</sup> Ratios are annualized for periods less than one year.

<sup>(7)</sup> Portfolio turnover rate is not annualized.

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

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)** 

**March 31, 2026** 

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 March 31, 2026, 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 March 31, 2026, is disclosed in each Fund's respective Schedule of Investments.

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

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.

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

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.

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

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

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

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 March 31, 2026, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**Segment Reporting** 

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 period ended

March 31, 2026 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 period ended March 31, 2026, the Funds did not incur any interest or tax penalties. The Funds did not record any tax benefit or expense in the current period. The amount and character of tax-basis distributions and composition of distributable earnings (loss) are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

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 Funds' most recent fiscal year-end, 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  | $— | $—  |
| First American Multi-Manager International Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| First American Multi-Manager Fixed-Income Fund  | &nbsp;&nbsp; (21702704) | &nbsp;&nbsp; (62881333) |

---

As of September 30, 2025, the Funds' most recent fiscal year, 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.

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

**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

The Sub-Advisers to each Fund as of March 31, 2026 are as follows:

---

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

---

**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.

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.

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

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 period ended March 31, 2026, 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 | $77766499  | $445653705  |
| Non-U.S. Government Sales | $108514386 | $507575387 |

---

---

| | |
|:---|:---|
|  | **First American** <br>**Multi-Manager** <br>**Fixed-Income Fund** |
| U.S. Government Purchases  | &nbsp;&nbsp;&nbsp;&nbsp; $579290826  |
| Non-U.S. Government Purchases  | &nbsp;&nbsp;&nbsp;&nbsp; $92043153  |
| U.S. Government Sales  | &nbsp;&nbsp;&nbsp;&nbsp; $431929840  |
| Non-U.S. Government Sales  | &nbsp;&nbsp;&nbsp;&nbsp; $275899553 |

---

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 March 31, 2026 is included in each respective Schedule of Investments. As of March 31, 2026, 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.** 

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

The following table summarizes the value of the Fund's derivative instruments as of March 31, 2026 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\* | $7237 | Net Variation Margin on Futures Contracts\* | $(1079124)  |
| Interest Rate Risk | Net Variation Margin on Swap Contracts\* | $— | Net Variation Margin on Swap Contracts\* | $(2327)  |
| Credit Risk | Net Variation Margin on Swap Contracts\* | $20741 | 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 period ended March 31, 2026 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 | $612995 | Futures Contracts | $(1594319)  |
| Interest Rate Risk | Swap Contracts | $(16) | Swap Contracts | $2941  |
| Credit Risk | Swap Contracts | $(50326) | Swap Contracts | $18105 |

---

The average notional value of futures contracts and average notional amounts of swaps outstanding during the period ended March 31, 2026, 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; $94193378 | &nbsp;&nbsp;&nbsp;&nbsp; $(928524) | &nbsp;&nbsp; $515000  |
| Credit Risk | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $10479500 |

---

8. Related Parties

As of March 31, 2026, 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.**

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

**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 or political conditions, changes in the general outlook for revenues or corporate earnings, inflation, changes in interest or currency rates, changes in trade regulation or economic sanctions, lack of liquidity in the bond markets, volatility in the equity markets, regional or global instability and uncertainty, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, 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 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 has resulted in substantial market volatility and global business disruption, as well as market disruptions connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The foregoing may result in a negative impact on Fund performance and the value of an investment in a Fund, even beyond any direct investment exposure the Fund may have to issuers located in or with significant exposure to an impacted country or geographic region. 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. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. 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. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers. 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 greater market volatility, political, social or economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. Emerging markets companies may be subject to lower trading volume and greater price fluctuations than companies in developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation,** 

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(continued)** 

**March 31, 2026** 

expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. 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. Securities Lending

The Funds may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities, and 105% of the current market value of the loaned foreign securities, as marked to market each day that the NAV of the Funds is determined. USBAM administers the securities lending program and U.S. Bank N.A. acts as the securities lending agent. When the collateral falls below specified amounts, the Funds lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. The Funds receive compensation in the form of income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. The net amount of income earned, after the interest rebate and the allocation to the securities lending agent, is shown below. Collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC (Mount Vernon) of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. The Funds bear the risk of loss of the invested collateral. Securities lending exposes the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the net income generated from the securities lending transactions during the current fiscal period with respect to such secured loans were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Market Value** <br>**of Securities Loaned**  | **Market Value** <br>**of Collateral**  | **Income Received** <br>**from Securities Lending**  |
|  First American Multi-Manager Domestic Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $22137834  | $22073722  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $685  |
|  First American Multi-Manager International Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $7383841  | $7066214  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $223  |
|  First American Multi-Manager Fixed-Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $715112  | $729525  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23 |

---

11. Investments in Affiliates

Each Fund may invest a portion of its assets in securities of issuers that are considered affiliates under the 1940 Act.

At March 31, 2026, each Fund held an investment in Mount Vernon**,** an investment vehicle managed by USBAM. The value of this investment is included in each Fund's Schedule of Investments.

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**PFM MULTI-MANAGER SERIES TRUST** 

**Notes to Financial Statements (unaudited)(concluded)** 

**March 31, 2026** 

The table below summarizes each Fund's transactions with and income earned from investments in Mount Vernon for the period ending March 31, 2026. All purchases and sales of Mount Vernon were executed at values determined in accordance with the Funds' valuation policy, which is designed to reflect fair value.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Value at** <br>**Beginning** <br>**of Period**  | **Purchases**  | **Sales**  | **Realized** <br>**Gain** <br>(Loss)  | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Interest** <br>**Income**  | **Value at** <br>**End of** <br>**Period**  | **Percent of** <br>**Net Assets at** <br>**End of Period**  |
|  First American Multi-Manager Domestic Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $0  | $22073722  | &nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  | $685  | $22073722  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9%  |
|  First American Multi-Manager International Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $0  | $7066214  | &nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  | $223  | $7066214  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.8%  |
|  First American Multi-Manager Fixed-Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $0  | $729525  | &nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  | $23  | $729525  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%<sup>(1)</sup> |

---

<sup>(1)</sup> Represents less than 0.05% of net assets.

12. New Accounting Pronouncement

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management has evaluated each Fund's income taxes paid and does not expect adoption to have a significant impact to the financial statements or disclosures.

13. Subsequent Events

The Funds have evaluated subsequent events prior to the issuance of these financial statements. Aristotle Capital Management, LLC no longer serves as a sub-adviser of the International Equity Fund as of May 14, 2026. No other events have taken place that meet the definition of a subsequent event that requires adjustment to or disclosure in these financial statements.

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

**Other Information (unaudited)** 

**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**

Not applicable.

80<br>

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**[**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 Management 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 Management 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 Management 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>**

Not applicable.

**<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>**

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

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

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

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

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

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

(a) (1) Not applicable for semi-annual reports.

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

&nbsp;&nbsp;&nbsp;&nbsp;[(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-efp24842_ex99cert.htm)

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

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

[(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-efp24842_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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>June 4, 2026</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>June 4, 2026</u>

---

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

---

Date <u>June 4, 2026</u>

## 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: | June 4, 2026 | /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: | June 4, 2026 | /s/ Patrick Carmody |
|  |  | Patrick Carmody |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>June 4, 2026</u> Date: <u>June 4, 2026</u>